Custom Truck One Source is a specialty equipment rental and sales company focused on infrastructure-related industries in North America. The company rents, manufactures, sells, and services specialized vocational trucks and equipment — including bucket trucks, digger derricks, boom trucks, cranes, and rail trucks — used primarily by contractors and utilities to build and maintain electric utility transmission and distribution lines, as well as telecom networks and rail systems. About 55% of revenue comes from the utility end market. Custom Truck operates through three segments: Equipment Rental Solutions (ERS), which operates a fleet of over 10,400 units with a gross OEC exceeding $1.6B; Truck and Equipment Sales (TES), which sells new, highly customized specialty trucks and used fleet equipment; and Aftermarket Parts and Services (APS), which provides tools, parts, and repair services. The rental business generates margins in the low-to-mid 70% range, while equipment sales margins run 15-18%. A key feature of the model is that ERS and TES are intertwined — Custom Truck manufactures its own equipment, sells used units out of the rental fleet, and offers customers a one-stop shop for renting, buying, and servicing equipment. Demand is driven by utility, telecom, and rail capital spending, which tends to be non-discretionary and benefits from long-term tailwinds including grid aging, AI-driven power demand, and electrification. Custom Truck carries meaningful leverage and is focused on deleveraging through inventory reduction and free cash flow generation.