Custom Truck One Source, Inc.
For the period ended Sep 30, 2026. Filed Oct 26, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 26, 2026
CTOS$9.33+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001709682-26-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-26.
0001709682-26-000046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 117 previous paragraphs and 122 current paragraphs.
86 unchanged; 27 reworded; 9 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Three and nine months ended September 30, 2026, compared to the same periods in 2025
Current report
Total Revenue - The increase in total revenue for the three months ended September 30, 2026, compared to the same period in 2025, was primarily attributable to higher rental revenue driven by improved average fleet utilization from increased rental volume, with a 10.5% increase in average OEC on rent and a 3.1% increase in OEC on rent yield during the three months ended September 30, 2026, compared to the same period in 2025. The increase in rental revenue was partially offset by a decline in equipment sales, driven by lower unit sales volume. Third-party sales were impacted by our strategic decision to prioritize our production for additional investment in the rental fleet to take advantage of current and anticipated rental demand. In addition, unit sales volume was adversely impacted by more than $20 million by both a vendor recall, as well as unusual damage to some finished vehicle inventory caused by a hailstorm, which delayed the delivery to the fourth quarter.
Current report
The increase in total revenue for the nine months ended September 30, 2026, compared to the same period in 2025, was primarily a result of higher rental revenue driven by improved average fleet utilization primarily from increased rental volume, with increases in average OEC on rent and OEC on rent yield for the nine months ended September 30, 2026 of 12.6% and 2.6%, respectively, when compared to the same period in 2025. Additionally, total revenue increased due to higher equipment sales.
Current report
Cost of revenue, excluding rental equipment depreciation for the nine months ended September 30, 2026, compared to the same period in 2025, increased due to higher equipment sales volume and growth in average OEC on rent.
Current report
Cost of Intersegment Sales- Cost of intersegment sales increased for the three months ended September 30, 2026, compared to the same period in 2025, due to higher rental asset disposal sales. Cost of intersegment sales decreased for the nine months ended September 30, 2026, compared to the same period in 2025, due to fewer units identified as rental asset disposals.
Current report
Total Revenue - The increase in total revenue for the three months ended September 30, 2026, compared to the same period in 2025, was primarily driven by higher intersegment sales to SER to support increased rental activity. Although unit sales to SER were higher in the prior year, the current year revenue reflects the impact of intercompany markup, which increased the per-unit value and offset the decline in volume. This increase was partially offset by a decline in new equipment third-party sales, driven by lower unit sales volume. Third-party sales were impacted by our strategic decision to prioritize our production for additional investment in the rental fleet to take advantage of current and anticipated rental demand. In addition, third-party unit sales volume was adversely impacted by both a vendor recall, as well as unusual damage to some finished vehicle inventory caused by a hailstorm.
Current report
Cost of Equipment Sales, net of Purchase Accounting, Sales-Type Leases and Depreciation - Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation decreased for the three months ended September 30, 2026, compared to the same period in 2025, due to lower third-party equipment sales volume.
Current report
Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation increased for the nine months ended September 30, 2026, compared to the same period in 2025, due to higher third-party equipment sales volume.
Current report
Cost of Parts and Services, Excluding Depreciation - Cost of parts and services increased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to the reclassification of two facilities that transitioned from rental operations to manufacturing operations and are now reported within STEM, as well as higher service mileage costs due to increased gas prices.
Removed paragraphs (4)
Previous report
Three and six months ended June 30, 2026, compared to the same periods in 2025
Previous report
Total Revenue - The increase in total revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025 is a result of strong new equipment sales primarily within utility and forestry equipment and rental revenue driven by increases in average OEC on rent for the three and six months ended June 30, 2026 of 13.1% and 13.6%, compared to the same periods in 2025, respectively, and improvement in OEC on rent yield of 2.1% for both periods.
Previous report
Cost of Equipment Sales, net of Purchase Accounting, Sales-Type Leases and Depreciation - The increase in cost of equipment sales for the three and six months ended June 30, 2026, compared to the same periods in 2025, was driven by the increase in equipment sales volume.
Previous report
Cost of Parts and Services, Excluding Depreciation - The increase in cost of parts and services for the three and six months ended June 30, 2026, compared to the same periods in 2025, corresponded with the increase in parts sales and services revenue reflecting higher volume of work performed and the related increase in materials and labor required to support that activity.
Reworded paragraphs (27)
Previous wording
Specialty Equipment Rentals (“SER”) Segment —We own a broad range of new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks and other machinery and equipment. As of June 30, 2026, this equipment (the “rental fleet”) is comprised of more than 10,350 units. The majority of our rental fleet can be used across a variety of end-markets, which coincides with the needs of many of our customers who operate in multiple end-markets. As is customary for equipment rental companies, we sell used equipment out of our rental fleet to end user customers and to our STEM segment. These sales are often made in response to specific customer requests. These sales offer customers an opportunity to buy well-maintained equipment with long remaining useful lives and enable us to effectively manage the age and mix of our rental fleet to match current market demand. We also employ rental purchase options (“RPOs”) on a select basis, which provide a buyout option with an established purchase price that decreases over time as rental revenue is collected. Customers are given credit against such purchase price for a portion of the amounts paid over the life of the rental, allowing customers the flexibility of a rental with the option to purchase at any time at a known price. Activities in our SER segment consist of the rental and sale from the rental fleet of the foregoing specialty equipment, rentals of aftermarket parts and services related to the specialty equipment, and repair, maintenance and customization services related to that equipment.
Current wording
Specialty Equipment Rentals (“SER”) Segment —We own a broad range of new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks and other machinery and equipment. As of September 30, 2026, this equipment (the “rental fleet”) is comprised of more than 10,850 units. The majority of our rental fleet can be used across a variety of end-markets, which coincides with the needs of many of our customers who operate in multiple end-markets. As is customary for equipment rental companies, we sell used equipment out of our rental fleet to end user customers and to our STEM segment. These sales are often made in response to specific customer requests. These sales offer customers an opportunity to buy well-maintained equipment with long remaining useful lives and enable us to effectively manage the age and mix of our rental fleet to match current market demand. We also employ rental purchase options (“RPOs”) on a select basis, which provide a buyout option with an established purchase price that decreases over time as rental revenue is collected. Customers are given credit against such purchase price for a portion of the amounts paid over the life of the rental, allowing customers the flexibility of a rental with the option to purchase at any time at a known price. Activities in our SER segment consist of the rental and sale from the rental fleet of the foregoing specialty equipment, rentals of aftermarket parts and services related to the specialty equipment, and repair, maintenance and customization services related to that equipment.
Previous wording
Cost of Revenue, Excluding Rental Equipment Depreciation - The increase in cost of revenue, excluding rental equipment depreciation for the three and six months ended June 30, 2026, compared to the same periods in 2025, was driven primarily by the increase in equipment sales volume.
Current wording
Cost of Revenue, Excluding Rental Equipment Depreciation - Cost of revenue, excluding rental equipment depreciation was flat for the three months ended September 30, 2026, compared to the same period in 2025. Lower equipment sales volume reduced cost of revenue, while growth in average OEC on rent increased cost of revenue, resulting in minimal net change from the prior-year period.
Previous wording
Depreciation of Rental Equipment - Depreciation of our rental equipment increased in the three and six months ended June 30, 2026, compared to the same periods in 2025, as a result of higher rental equipment levels.
Current wording
Depreciation of Rental Equipment - Depreciation of our rental equipment increased in the three and nine months ended September 30, 2026, compared to the same periods in 2025, as a result of higher rental equipment levels.
Previous wording
Operating Expenses - Operating expenses increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily as a result of an increase in general and administrative expenses due to increased compensation.
Current wording
Operating Expenses - Operating expenses increased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to higher transaction and other expenses as well as selling, general, and administrator expenses as a result of increased compensation.
Previous wording
Total Other Expense - Other expense decreased for the three and six months ended June 30, 2026, compared to the same periods in 2025, due to less interest expense on floor plan financing as a result of lower inventory levels.
Current wording
Total Other Expense - Other expense decreased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, due to less interest expense on floor plan financing as a result of lower inventory levels.
Previous wording
Income Tax Expense (Benefit) - Income tax benefit was $1.4 million and $1.1 million for the three and six months ended June 30, 2026, respectively, compared to income tax expense of $17.5 million and $9.8 million for the same periods in 2025. The changes in effective tax rate were primarily attributable to changes in the valuation allowance recorded against deferred tax assets, and the inclusion of an adjustment to our estimated effective tax rate in the three months ended June 30, 2025, resulting from changes in expected taxable income in different tax jurisdictions.
Current wording
Income Tax Expense (Benefit) - Income tax benefit was $0.9 million and $2.0 million for the three and nine months ended September 30, 2026, respectively, compared to income tax benefit of $1.0 million and expense of $8.8 million for the same periods in 2025. The changes in effective tax rate were primarily attributable to reduced permanent tax adjustments and changes in the valuation allowance recorded against deferred tax assets.
Previous wording
Net Income (Loss) - Net income increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to higher operating income as a result of strong new equipment sales and higher rental revenue driven by higher average OEC on rent. The increase is also due to an income tax benefit in the three and six months ended June 30, 2026, compared to expense for the same periods in 2025, as discussed above.
Current wording
Net Income (Loss) - Net income increased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily driven by higher operating income resulting from growth in rental revenue due to higher average OEC on rent, as well as lower interest expense.
Previous wording
(1) Specifically identifiable lease revenue receivables not deemed probable of collection are recorded as a reduction of rental revenue. This is classified as a segment expense for Segment Adjusted EBITDA reviewed by the chief operating decision maker.
Current wording
(1) Specifically identifiable lease revenue receivables not deemed probable of collection are recorded as a reduction of rental revenue. This is classified as a segment expense for Segment Adjusted EBITDA reviewed by the chief operating decision maker (“CODM”).
Previous wording
Total Revenue - The increase in total revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to an increase in rental revenue as well as rental equipment sales. Rental revenue increased as a result of increases in fleet utilization of 4.0% and 4.2%, respectively, for the three and six months ended June 30, 2026, driven by increases in average OEC on rent of 13.1% and 13.6%, respectively. Rental equipment sales increased due to an increase in buyout activity of rental contracts with purchase options. The decrease in parts sales and services was driven by fewer tool kits sold. Intersegment sales decreased as fewer units were identified as rental asset disposals given the increased external demand for rental units and buyout activity of rental contracts with purchase options.
Current wording
Total Revenue - The increase in total revenue for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was driven by increases in rental revenue and rental equipment sales. The increase in total revenue for the three months ended September 30, 2026 also benefitted from an increase in intersegment sales. Rental revenue increased due to improved fleet utilization of 2.8% and 4.5%, respectively, for the three and nine months ended September 30, 2026, supported by growth in average OEC on rent of 10.5% and 12.6%, respectively. Rental equipment sales increased primarily as a result of higher buyout activity under rental contracts with purchase options. Intersegment sales increased for the three months ended September 30, 2026, compared to the same period in 2025 due to higher rental asset disposal sales over this same time period as well as the intercompany markup that started in 2026. Intersegment sales decreased for the nine months ended September 30, 2026, compared to the same period in 2025, as fewer units were identified as rental asset disposals given the increased external demand for rental units and buyout activity of rental contracts with purchase options. Parts sales and services revenue decreased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, due to softer demand for tool kits as well as greater shift in hours spent on getting reserved units rent-ready to meet customer demand.
Previous wording
Cost of Rental Revenue, Excluding Depreciation - The increase in cost of rental revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025, was largely due to an increase in rental activity.
Current wording
Cost of Rental Revenue, Excluding Depreciation - The increase in cost of rental revenue for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was largely due to an increase in rental activity.
Previous wording
Cost of Equipment Sales, net of Purchase Accounting, Sales-Type Leases and Depreciation - The increase in cost of equipment sales for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to an increase in rental equipment sales volume.
Current wording
Cost of Equipment Sales, net of Purchase Accounting, Sales-Type Leases and Depreciation - The increase in cost of equipment sales for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was due to an increase in rental equipment sales volume.
Previous wording
Cost of Parts and Services, Excluding Depreciation - The decrease in cost of parts and services for the three and six months ended June 30, 2026, compared to the same periods in 2025, was in line with the decline in parts and services revenue as fewer tool kits were sold.
Current wording
Cost of Parts and Services, Excluding Depreciation - The decrease in cost of parts and services for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was in line with the decrease in parts and services revenue.
Previous wording
Selling, General and Administrative Expenses -Selling, general and administrative expenses decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to the reclassification of expenses associated with two facilities that transitioned from rental operations to manufacturing operations and are now reported within STEM.
Current wording
Selling, General and Administrative Expenses -Selling, general and administrative expenses increased for the three months ended September 30, 2026, compared to the same period in 2025, primarily due to higher compensation expense. Selling, general and administrative expenses decreased for the nine months ended September 30, 2026, compared to the same period in 2025, primarily due to the reclassification of expenses associated with two facilities that transitioned from rental operations to manufacturing operations and are now reported within STEM.
Previous wording
Rental AR Provision- Represents specifically identifiable lease revenue receivables not deemed probable of collection which are recorded as a reduction of rental revenue per the Company’s significant accounting policies. This is classified as a segment expense for Segment Adjusted EBITDA reviewed by the chief operating decision maker.
Current wording
Rental AR Provision- Represents specifically identifiable lease revenue receivables not deemed probable of collection which are recorded as a reduction of rental revenue per the Company’s significant accounting policies. This is classified as a segment expense for Segment Adjusted EBITDA reviewed by the CODM.
Previous wording
Sales-Type Lease Adjustments- Represents the impact of sales-type lease accounting for certain leases containing rental purchase options (or “RPOs”), as we believe continuing to reflect the transactions as an operating lease better reflects the economics of the transactions given our large portfolio of rental contracts.
Current wording
Sales-Type Lease Adjustments- Represents the impact of sales-type lease accounting for certain leases containing RPOs, which is excluded from the measure of segment Adjusted EBITDA as we believe continuing to reflect the transactions as an operating lease better reflects the economics of the transactions given our large portfolio of rental contracts.
Previous wording
Segment Adjusted EBITDA - The increase in segment adjusted EBITDA for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to higher operating income.
Current wording
Segment Adjusted EBITDA - The increase in segment adjusted EBITDA for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was due to higher operating income.
Previous wording
Total Revenue - The increase in total revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to higher equipment sales driven by demand in utility and forestry vehicles. Parts sales and services also increased driven primarily by higher service activity and increased demand for replacement parts. Intersegment sales decreased for the three and six months ended June 30, 2026, compared to the same periods in 2025, due to fewer units sold to SER for the rental fleet.
Current wording
The increase in total revenue for the nine months ended September 30, 2026, compared to the same period in 2025, was due to higher intersegment sales to SER to support the higher demand needed for the rental fleet. Additionally, total revenue increased due to higher third-party equipment sales driven by demand in utility and forestry vehicles as well as an increase in parts sales and services revenue.
Previous wording
Cost of Intersegment Sales- Cost of intersegment sales declined for the three and six months ended June 30, 2026, compared to the same periods in 2025 due to fewer units sold to SER.
Current wording
Cost of Intersegment Sales- Cost of intersegment sales increased for the three months ended September 30, 2026, compared to the same period in 2025, due to higher units sold to SER. Cost of intersegment sales decreased for the nine months ended September 30, 2026, compared to the same periods in 2025, due to fewer units sold to SER. While intersegment revenue increased because of the markup applied in 2026, the lower unit volume directly reduced the associated cost of sales.
Previous wording
Selling, General and Administrative Expenses - Selling, general, and administrative expenses increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to the reclassification of expenses associated with two facilities that transitioned from rental operations to manufacturing operations and are now reported within STEM, as well as higher sales commission.
Current wording
Selling, General and Administrative Expenses - Selling, general, and administrative expenses were flat for the three months ended September 30, 2026, compared to the same period in 2025. Selling, general, and administrative expenses increased for the nine months ended September 30, 2026, compared to the same period in 2025, primarily due to the reclassification of expenses associated with two facilities that transitioned from rental operations to manufacturing operations and are now reported within STEM, as well as higher sales commission.
Previous wording
Floor plan Interest Expense - The decrease in floor plan interest expense for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to the lower inventory levels.
Current wording
Floor plan Interest Expense - The decrease in floor plan interest expense for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was due to the lower inventory levels.
Previous wording
Segment Adjusted EBITDA - The increase in segment adjusted EBITDA for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to increased gross profit and lower interest expense on variable-rate floor plan liabilities from lower inventory levels.
Current wording
Segment Adjusted EBITDA - The increase in segment adjusted EBITDA for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was primarily due to higher intersegment sales and lower interest expense on variable-rate floor plan liabilities from lower inventory levels.
Previous wording
Our principal sources of liquidity include cash generated by operating activities and borrowings under revolving credit facilities as described below. We believe that our liquidity sources and operating cash flows are sufficient to address our operating, debt service and capital requirements, including investments in our rental fleet, over the next 12 months and beyond. As of June 30, 2026, we had $10.3 million in cash and cash equivalents compared to $6.3 million as of December 31, 2025. As of June 30, 2026 and December 31, 2025, we had $714.9 million and $698.0 million of outstanding borrowings under our ABL Facility, respectively. Availability under the ABL Facility was $229.4 million as of June 30, 2026, and based on our borrowing base, we have an additional $242.0 million of suppressed availability that we can potentially utilize by upsizing our existing facility. For further information on the ABL Facility, see Note 7: Long-Term Debt in the Notes to the Unaudited Condensed Consolidated Financial Statements. Our non-trade floor plan facility with PNC Equipment Finance, LLC, under which $397.0 million was outstanding as of June 30, 2026, matures on August 25, 2026; we expect to complete its renewal on or prior to that date on terms substantially consistent with the existing agreement.
Current wording
Our principal sources of liquidity include cash generated by operating activities and borrowings under revolving credit facilities as described below. We believe that our liquidity sources and operating cash flows are sufficient to address our operating, debt service and capital requirements, including investments in our rental fleet, over the next 12 months and beyond. As of September 30, 2026, we had $14.6 million in cash and cash equivalents compared to $6.3 million as of December 31, 2025. As of September 30, 2026 and December 31, 2025, we had $710.0 million and $698.0 million of outstanding borrowings under our ABL Facility, respectively. Availability under the ABL Facility was $234.3 million as of September 30, 2026, and based on our borrowing base, we have an additional $288.0 million of suppressed availability that we can potentially utilize by upsizing our existing facility. For further information on the ABL Facility, see Note 7: Long-Term Debt in the Notes to the Unaudited Condensed Consolidated Financial Statements.
Previous wording
The Company presents Net Leverage Ratio, which is equivalent to Consolidated Total Net Leverage Ratio in our ABL Credit Agreement and Consolidated Total Debt Ratio in the Indenture, is defined as Net Debt over Adjusted EBITDA for the previous twelve-month period (“last twelve months,” or “LTM”). Net debt is defined as total debt (calculated as current and long-term debt, excluding deferred financing fees, plus current and long-term finance lease obligations) minus cash and cash equivalents.
Current wording
The Company presents Net Leverage Ratio, which is equivalent to Consolidated Total Net Leverage Ratio in our ABL Credit Agreement and Consolidated Total Debt Ratio in the Indenture, and is defined as Net Debt over Adjusted EBITDA for the previous twelve-month period (“last twelve months,” or “LTM”). Net debt is defined as total debt (calculated as current and long-term debt, excluding deferred financing fees, plus current and long-term finance lease obligations) minus cash and cash equivalents.
Previous wording
As of June 30, 2026, we had cash and cash equivalents of $10.3 million, an increase of $4.0 million from December 31, 2025. Generally, we manage our cash flow by using any excess cash, after considering our working capital and capital expenditure needs, including paying down the outstanding balance under our ABL Facility, and availability under our credit facilities.
Current wording
As of September 30, 2026, we had cash and cash equivalents of $14.6 million, an increase of $8.3 million from December 31, 2025. Generally, we manage our cash flow by using any excess cash, after considering our working capital and capital expenditure needs, including paying down the outstanding balance under our ABL Facility, and availability under our credit facilities.
Previous wording
Net cash from operating activities was $68.2 million for the six months ended June 30, 2026, as compared to $181.4 million in the same period of 2025. The decrease in net cash from operating activities is driven by a higher increase in inventory on hand for the six months ended June 30, 2026, when compared to the same period in 2025.
Current wording
Net cash from operating activities was $231.7 million for the nine months ended September 30, 2026, as compared to $262.8 million in the same period of 2025. The decrease in net cash from operating activities is primarily driven by a higher use of cash for inventories for the nine months ended September 30, 2026, when compared to the same period in 2025.
Previous wording
Net cash used in investing activities was $106.2 million for the six months ended June 30, 2026, as compared to $139.8 million in the same period of 2025. The decrease in cash used in investing activities was primarily due to a decrease in purchases of rental equipment of $33.7 million and an increase in proceeds from sales and disposals of rental equipment of $13.0 million, partially offset by an increase in purchases of non-rental property and cloud computing arrangements of $13.2 million.
Current wording
Net cash used in investing activities was $232.9 million for the nine months ended September 30, 2026, as compared to $233.8 million in the same period of 2025. The decrease in cash used in investing activities was primarily due to an increase in proceeds from sales and disposals of rental equipment of $15.1 million, partially offset by an increase in purchases of non-rental property and cloud computing arrangements of $10.5 million and an increase in purchases of rental equipment of $3.7 million.
Previous wording
Net cash from financing activities was $41.3 million for the six months ended June 30, 2026, as compared to cash used for financing activities of $39.9 million in the same period of 2025. The increase in net cash from financing activities was primarily due to a decrease in repurchases of stock of $32.6 million, a decrease in repayments on floor plan liabilities and long-term debt of $32.6 million and higher proceeds from floor plan liabilities and long-term debt of $16.4 million.
Current wording
Net cash from financing activities was $8.4 million for the nine months ended September 30, 2026, as compared to cash used for financing activities of $19.7 million in the same period of 2025. The increase in net cash from financing activities was primarily due to a decrease in repurchases of stock of $32.6 million and a decrease in repayments on floor plan liabilities and long-term debt of $25.9 million, partially offset by lower proceeds from floor plan liabilities and long-term debt of $29.9 million.