Custom Truck One Source, Inc 10-Q for FY2025 Q2

Custom Truck One Source, Inc. (CTOS)

10-Q 2025-07-30 For: 2025-06-30

Added on April 04, 2026

About this 10-Q

Custom Truck One Source, Inc filed this 10-Q on July 30, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $511.48M; up 20.9% from $423.01M a year earlier
Net loss: $28.38M; compared with a net loss of $24.48M a year earlier
Diluted EPS: -$0.13; compared with -$0.10 a year earlier

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Delaware			84-2531628
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	CTOS	New York Stock Exchange


	Three Months Ended June 30,				Six Months Ended June 30,
(in $000s, except per share data)	2025		2024		2025		2024
Revenue
Rental revenue	$	120,814	$	102,997	$	237,075	$	209,168
Equipment sales	356,112		285,633		629,975		558,235
Parts sales and services	34,557		34,383		66,665		66,917
Total revenue	511,483		423,013		933,715		834,320
Cost of Revenue
Cost of rental revenue	30,338		29,295		60,738		59,120
Depreciation of rental equipment	54,007		44,585		104,098		88,329
Cost of equipment sales	296,672		231,318		525,149		452,118
Cost of parts sales and services	27,924		28,548		55,652		54,777
Total cost of revenue	408,941		333,746		745,637		654,344
Gross Profit	102,542		89,267		188,078		179,976
Operating Expenses
Selling, general and administrative expenses	59,165		55,697		118,616		113,692
Amortization	6,911		6,692		13,591		13,270
Non-rental depreciation	3,232		3,360		6,572		6,280
Transaction expenses and other	5,303		5,844		8,963		10,690

Total operating expenses	74,611		71,593		147,742		143,932
Operating Income	27,931		17,674		40,336		36,044
Other Expense

Interest expense, net	40,204		42,401		79,117		80,316
Financing and other expense (income)	(1,371)		(3,319)		(2,387)		(6,581)
Total other expense	38,833		39,082		76,730		73,735
Income (Loss) Before Income Taxes	(10,902)		(21,408)		(36,394)		(37,691)
Income Tax Expense (Benefit)	17,478		3,070		9,777		1,122
Net Income (Loss)	$	(28,380)	$	(24,478)	$	(46,171)	$	(38,813)

Other Comprehensive Income (Loss):
Unrealized foreign currency translation adjustments	$	4,766	$	(939)	$	4,838	$	(3,469)
Other Comprehensive Income (Loss)	4,766		(939)		4,838		(3,469)
Comprehensive Income (Loss)	$	(23,614)	$	(25,417)	$	(41,333)	$	(42,282)

Net Income (Loss) Per Share:
Basic	$	(0.13)	$	(0.10)	$	(0.20)	$	(0.16)
Diluted	$	(0.13)	$	(0.10)	$	(0.20)	$	(0.16)
Weighted-Average Common Shares Outstanding:
Basic	226,477		239,727		227,371		240,045
Diluted	226,477		239,727		227,371		240,045


(in $000s, except share data)	June 30, 2025		December 31, 2024
Assets
Current Assets
Cash and cash equivalents	$	5,259	$	3,805
Accounts receivable, net	188,994		215,873
Financing receivables, net	7,834		8,913
Inventory	1,089,245		1,049,304
Prepaid expenses and other	39,583		23,557
Total current assets	1,330,915		1,301,452
Property and equipment, net	129,335		130,923
Rental equipment, net	1,055,115		1,001,651
Goodwill	705,233		704,806
Intangible assets, net	239,148		252,393
Operating lease assets	103,326		94,696
Other assets	13,852		16,046
Total Assets	$	3,576,924	$	3,501,967
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable	$	128,613	$	88,487
Accrued expenses	87,839		69,349
Deferred revenue and customer deposits	21,474		26,250
Floor plan payables - trade	408,274		330,498
Floor plan payables - non-trade	381,917		470,830
Operating lease liabilities - current	8,409		7,445
Current maturities of long-term debt	23,114		7,842

Total current liabilities	1,059,640		1,000,701
Long-term debt, net	1,589,883		1,519,882

Operating lease liabilities - noncurrent	97,886		88,674
Deferred income taxes	39,388		31,401

Total long-term liabilities	1,727,157		1,639,957
Stockholders' Equity
Common stock — $0.0001 par value, 500,000,000 shares authorized; 253,246,030 and 251,908,970 shares issued; and 226,559,586 and 233,794,319 shares outstanding, at June 30, 2025 and December 31, 2024, respectively	25		25
Treasury stock, at cost — 26,686,444 and 18,114,651 shares at June 30, 2025 and December 31, 2024, respectively	(122,602)		(88,229)
Additional paid-in capital	1,555,309		1,550,785
Accumulated other comprehensive loss	(9,906)		(14,744)
Accumulated deficit	(632,699)		(586,528)
Total stockholders' equity	790,127		861,309
Total Liabilities and Stockholders' Equity	$	3,576,924	$	3,501,967


	Six Months Ended June 30,
(in $000s)	2025		2024
Operating Activities
Net income (loss)	$	(46,171)	$	(38,813)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	128,168		113,958
Amortization of debt issuance costs	2,222		2,879

Provision for losses on accounts receivable	5,008		7,058
Share-based compensation	4,179		6,329
Gain on sales and disposals of rental equipment	(21,599)		(23,589)


Change in fair value of derivative and warrants	—		(527)

Deferred tax expense (benefit)	7,653		270
Changes in assets and liabilities:

Accounts and financing receivables	23,375		24,605
Inventories	(37,760)		(182,751)
Prepaids, operating leases and other	(14,541)		4,853

Accounts payable	39,504		3,138
Accrued expenses and other liabilities	18,368		(20,045)
Floor plan payables - trade, net	77,776		132,304
Customer deposits and deferred revenue	(4,829)		(6,261)
Net cash flow from operating activities	181,353		23,408
Investing Activities
Acquisition of business, net of cash acquired	—		(6,015)
Purchases of rental equipment	(225,299)		(165,214)
Proceeds from sales and disposals of rental equipment	93,967		99,576

Purchase of non-rental property and cloud computing arrangements	(8,475)		(27,035)

Net cash flow for investing activities	(139,807)		(98,688)
Financing Activities
Borrowings under revolving credit facilities	144,269		97,520
Repayments under revolving credit facilities	(56,694)		(62,521)
Proceeds from debt, net issuance costs	—		4,200

Principal payments on long-term debt	(4,523)		(5,259)

Acquisition of inventory through floor plan payables - non-trade	237,812		320,325
Repayment of floor plan payables - non-trade	(326,725)		(256,827)
Repurchase of common stock	(32,575)		(23,014)
Share-based payments	(1,453)		(1,451)
Net cash flow from financing activities	(39,889)		72,973
Effect of exchange rate changes on cash and cash equivalents	(203)		57
Net Change in Cash and Cash Equivalents	1,454		(2,250)
Cash and Cash Equivalents at Beginning of Period	3,805		10,309
Cash and Cash Equivalents at End of Period	$	5,259	$	8,059




☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			Common Stock		Treasury Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Equity
	Shares
(in $000s, except share data)	Common	Treasury
Balance, December 31, 2024	251,908,970	(18,114,651)	$	25	$	(88,229)	$	1,550,785	$	(14,744)	$	(586,528)	$	861,309
Net income (loss)	—	—	—		—		—		—		(17,791)		(17,791)
Other comprehensive income (loss)	—	—	—		—		—		72		—		72
Common stock repurchases	—	(8,143,635)	—		(32,575)		—		—		—		(32,575)
Share-based payments	128,865	—	—		—		2,404		—		—		2,404
Balance, March 31, 2025	252,037,835	(26,258,286)	25		(120,804)		1,553,189		(14,672)		(604,319)		813,419
Net income (loss)	—	—	—		—		—		—		(28,380)		(28,380)
Other comprehensive income (loss)	—	—	—		—		—		4,766		—		4,766
Common stock repurchases	—	—	—		—		—		—		—		—
Share-based payments	1,208,195	(428,158)	—		(1,798)		2,120		—		—		322
Balance, June 30, 2025	253,246,030	(26,686,444)	$	25	$	(122,602)	$	1,555,309	$	(9,906)	$	(632,699)	$	790,127








			Common Stock		Treasury Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Equity
	Shares
(in $000s, except share data)	Common	Treasury
Balance, December 31, 2023	249,903,120	(8,891,788)	$	25	$	(56,524)	$	1,537,553	$	(5,978)	$	(557,873)	$	917,203
Net income (loss)	—	—	—		—		—		—		(14,335)		(14,335)
Other comprehensive income (loss)	—	—	—		—		—		(2,530)		—		(2,530)
Common stock repurchases	—	(1,040,585)	—		(6,381)		—		—		—		(6,381)
Share-based payments	171,990	(9,885)	—		(53)		2,774		—		—		2,721
Balance, March 31, 2024	250,075,110	(9,942,258)	25		(62,958)		1,540,327		(8,508)		(572,208)		896,678
Net income (loss)	—	—	—		—		—		—		(24,478)		(24,478)
Other comprehensive income (loss)	—	—	—		—		—		(939)		—		(939)
Common stock repurchases	—	(3,589,436)	—		(16,736)		—		—		—		(16,736)
Share-based payments	1,336,574	(408,262)	—		(2,400)		4,557		—		—		2,157
Balance, June 30, 2024	251,411,684	(13,939,956)	$	25	$	(82,094)	$	1,544,884	$	(9,447)	$	(596,686)	$	856,682


(in $000s, except interest rate data)	June 30, 2025		December 31, 2024		June 30, 2025	December 31, 2024
ABL Facility	$	670,475	$	582,900	6.4%	7.1%
2029 Secured Notes	920,000		920,000		5.5%	5.5%
2023 Credit Facility	17,474		17,648		5.8%	5.8%
Other notes payable	22,753		27,102		3.1%-7.0%	3.1%-7.0%
Total debt outstanding	1,630,702		1,547,650
Deferred financing fees	(17,705)		(19,926)
Total debt, net of deferred financing fees	1,612,997		1,527,724
Less: current maturities	(23,114)		(7,842)
Long-term debt	$	1,589,883	$	1,519,882


	Three Months Ended June 30, 2025					Three Months Ended June 30, 2024
(in $000s, except per share data)	Net Income (Loss)		Weighted Average Shares	Per Share Amount		Net Income (Loss)		Weighted Average Shares	Per Share Amount
Basic earnings (loss) per share	$	(28,380)	226,477	$	(0.13)	$	(24,478)	239,727	$	(0.10)
Dilutive common share equivalents	—		—	—		—		—	—
Diluted earnings (loss) per share	$	(28,380)	226,477	$	(0.13)	$	(24,478)	239,727	$	(0.10)


	Six Months Ended June 30, 2025					Six Months Ended June 30, 2024
(in $000s, except per share data)	Net Income (loss)		Weighted Average Shares	Per Share Amount		Net Income (Loss)		Weighted Average Shares	Per Share Amount
Basic earnings (loss) per share	$	(46,171)	227,371	$	(0.20)	$	(38,813)	240,045	$	(0.16)
Dilutive common share equivalents	—		—	—		—		—	—
Diluted earnings (loss) per share	$	(46,171)	227,371	$	(0.20)	$	(38,813)	240,045	$	(0.16)


	Carrying Value		Fair Value
(in $000s)			Level 1		Level 2		Level 3
June 30, 2025
ABL Facility	$	670,475	$	—	$	670,475	$	—
2029 Secured Notes	920,000		—		887,800		—
2023 Credit Facility	17,474		—		17,474		—
Other notes payable	22,753		—		22,753		—

December 31, 2024
ABL Facility	$	582,900	$	—	$	582,900	$	—
2029 Secured Notes	920,000		—		859,050		—
2023 Credit Facility	17,648		—		17,733		—
Other notes payable	27,102		—		27,102		—


	Three Months Ended
(in $000s)	June 30, 2025		% of revenue	June 30, 2024		% of revenue	$ Change		% change	March 31, 2025		% of revenue
Rental revenue	$	120,814	23.6%	$	102,997	24.3%	$	17,817	17.3%	$	116,261	27.5%
Equipment sales	356,112		69.6%	285,633		67.5%	70,479		24.7%	273,863		64.9%
Parts sales and services	34,557		6.8%	34,383		8.1%	174		0.5%	32,108		7.6%
Total revenue	511,483		100.0%	423,013		100.0%	88,470		20.9%	422,232		100.0%
Cost of revenue, excluding rental equipment depreciation	354,934		69.4%	289,161		68.4%	65,773		22.7%	286,605		67.9%
Depreciation of rental equipment	54,007		10.6%	44,585		10.5%	9,422		21.1%	50,091		11.9%
Gross profit	102,542		20.0%	89,267		21.1%	13,275		14.9%	85,536		20.3%
Operating expenses	74,611			71,593			3,018		4.2%	73,131
Operating income	27,931			17,674			10,257		58.0%	12,405
Total other expense	38,833			39,082			(249)		(0.6)%	37,897
Income (loss) before income taxes	(10,902)			(21,408)			10,506		(49.1)%	(25,492)
Income tax expense (benefit)	17,478			3,070			14,408		469.3%	(7,701)
Net income (loss)	$	(28,380)		$	(24,478)		$	(3,902)	15.9%	$	(17,791)


	Three Months Ended				Six Months Ended	Three Months Ended March 31, 2025
(in $000s)	June 30, 2025		June 30, 2024					June 30, 2025			June 30, 2024
Net income (loss)	$	(28,380)	$	(24,478)		$	(46,171)		$	(38,813)		$	(17,791)
Interest expense	26,440		27,003			52,056			52,018			25,616
Income tax expense (benefit)	17,478		3,070			9,777			1,122			(7,701)
Depreciation and amortization	66,426		57,797			128,937			113,958			62,511
EBITDA	81,964		63,392			144,599			128,285			62,635
Adjustments:
Non-cash purchase accounting impact (1)	3,915		5,260			8,096			8,220			4,181
Transaction and integration costs (2)	5,303		5,844			8,963			10,690			3,660


Sales-type lease adjustment (3)	471		1,961			1,017			4,435			546

Share-based payments (4)	1,775		3,599			4,179			6,329			2,404
Change in fair value of derivative and warrants (5)	—		—			—			(527)			—
Adjusted EBITDA	$	93,428	$	80,056		$	166,854		$	157,432		$	73,426


	Current Year To Date Period		Less: Prior Year To Date Period		Add: Prior Fiscal Year		LTM Adjusted EBITDA
(in $000s)	June 30, 2025		June 30, 2024		December 31, 2024		June 30, 2025
Net income (loss)	$	(46,171)	$	(38,813)	$	(28,655)	$	(36,013)
Interest expense	52,056		52,018		105,895		105,933
Income tax expense (benefit)	9,777		1,122		(532)		8,123
Depreciation and amortization	128,937		113,958		235,807		250,786
EBITDA	144,599		128,285		312,515		328,829
Adjustments:
Non-cash purchase accounting impact	8,096		8,220		16,833		16,709
Transaction and integration costs	8,963		10,690		17,915		16,188
Sales-type lease adjustment	1,017		4,435		4,559		1,141
Gain on sale leaseback transaction	—		—		(23,497)		(23,497)
Share-based payments	4,179		6,329		11,859		9,709
Change in fair value of warrants	—		(527)		(527)		—
Adjusted EBITDA	$	166,854	$	157,432	$	339,657	$	349,079


ISSUER PURCHASES OF EQUITY SECURITIES
	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in $000s)
April 1, 2025 - April 30, 2025	—	$	—	—	$	1,892
May 1, 2025 - May 31, 2025	—	—		—	$	1,892
June 1, 2025 - June 30, 2025	—	—		—	$	1,892



Total	—	$	—	—


	Three Months Ended
(in $000s)	June 30, 2025			June 30, 2024			Change			% Change		March 31, 2025			% Change
Ending OEC	$	1,560,704		$	1,457,955		$	102,749		7.0	%	$	1,548,210		0.8	%
Average OEC on rent	$	1,207,231		$	1,044,683		$	162,548		15.6	%	$	1,177,271		2.5	%
Fleet utilization	77.6		%	71.7		%	5.9		%	8.2	%	76.9		%	0.9	%
OEC on rent yield	38.6		%	40.0		%	(1.4)		%	(3.5)	%	38.5		%	0.3	%
Sales order backlog	$	334,805		$	478,244		$	(143,439)		(30.0)	%	$	420,149		(20.3)	%


	Six Months Ended June 30,
(in $000s)	2025			2024			Change			% Change
Ending OEC	$	1,560,704		$	1,457,955		$	102,749		7.0	%
Average OEC on rent	$	1,192,333		$	1,055,189		$	137,144		13.0	%
Fleet utilization	77.3		%	72.4		%	4.9		%	6.8	%
OEC on rent yield	38.3		%	40.3		%	(2.0)		%	(5.0)	%
Sales order backlog	$	334,805		$	478,244		$	(143,439)		(30.0)	%


	Three Months Ended
(in $000s)	June 30, 2025		June 30, 2024		$ Change		% Change		March 31, 2025		% Change
Rental revenue	$	117,728	$	100,699	$	17,029	16.9	%	$	112,965	4.2	%
Equipment sales	52,744		37,712		15,032		39.9	%	41,383		27.5	%
Total revenue	170,472		138,411		32,061		23.2	%	154,348		10.4	%
Cost of rental revenue	30,328		29,281		1,047		3.6	%	30,388		(0.2)	%
Cost of equipment sales	40,396		25,792		14,604		56.6	%	31,007		30.3	%
Depreciation of rental equipment	53,303		43,581		9,722		22.3	%	49,324		8.1	%
Total cost of revenue	124,027		98,654		25,373		25.7	%	110,719		12.0	%
Gross profit	$	46,445	$	39,757	$	6,688	16.8	%	$	43,629	6.5	%


	Six Months Ended June 30,
(in $000s)	2025		2024		$ Change		% Change
Rental revenue	$	230,693	$	203,987	$	26,706	13.1	%
Equipment sales	94,127		70,452		23,675		33.6	%
Total revenue	324,820		274,439		50,381		18.4	%
Cost of rental revenue	60,716		59,081		1,635		2.8	%
Cost of equipment sales	71,403		49,890		21,513		43.1	%
Depreciation of rental equipment	102,627		86,278		16,349		18.9	%
Total cost of revenue	234,746		195,249		39,497		20.2	%
Gross profit	$	90,074	$	79,190	$	10,884	13.7	%




		CUSTOM TRUCK ONE SOURCE, INC. (Registrant)

Date:	July 30, 2025	/s/ Ryan McMonagle
		Ryan McMonagle, Chief Executive Officer

Date:	July 30, 2025	/s/ Christopher J. Eperjesy
		Christopher J. Eperjesy, Chief Financial Officer


Participant:
Grant Date:
Number of RSUs:
Vesting Commencement Date:
Vesting Schedule:			Subject to the terms of the Agreement and Exhibit B attached hereto, the RSUs will vest in four substantially equal annual installments on each of the first four anniversaries (each such date, a “Vesting Date”) of the vesting commencement date set forth above (the “Vesting Commencement Date”), such that the RSUs will be fully vested on the fourth anniversary of the Vesting Commencement Date.


CUSTOM TRUCK ONE SOURCE, INC. AMENDED AND RESTATED 2019 OMNIBUS INCENTIVE PLAN


Participant:
Grant Date:
Number of PSUs:
Performance Years:			Fiscal years ending December 31, 2025, 2026, 2027 and 2028
Vesting Schedule:			Subject to the terms of the Agreement, the PSUs will vest as follows: In the event the Administrator determines that the Company achieved an EBITDA Goal (as defined below) for any fiscal year ending December 31, 2025, 2026, 2027 or 2028 (each, a “Performance Year”, and collectively, the “Performance Period”), the PSUs will be eligible to vest on the last day of the year that immediately follows the Performance Year (the “Immediately Following Year”) for which such EBITDA Goal was achieved as follows: (i) if the Company achieves the EBITDA Goal at the target level, 25% of the total number of PSUs (the “Eligible PSUs”) will vest on the last day of the Immediately Following Year, subject to Section 2.2(a) of the Agreement; (ii) if the Company achieves the EBITDA Goal at the threshold level, 25% of the Eligible PSUs for such Performance Year will vest on the last day of the Immediately Following Year, subject to Section 2.2(a) of the Agreement; and (iii) if the Company achieves the EBITDA Goal that is between the target and threshold levels, the number of PSUs that will vest on the last day of the Immediately Following Year (subject to Section 2.2(a) of the Agreement) will be determined based on straight-line interpolation between such performance levels. Except as otherwise provided in Exhibit B attached hereto, in no event will any PSUs vest under this Grant Notice for a Performance Year if EBITDA performance is below the threshold level for such Performance Year.


Vesting Schedule:			“EBITDA Goal” means those EBITDA goals established by the Board in its discretion not later than 90 days into the applicable Performance Year based on the annual operating plan budget for such Performance Year, which goals (including the target and threshold levels, which threshold level will be 95% of the applicable target level) shall be communicated to the Participant as soon as practicable thereafter and shall be subject to adjustment to reflect acquisitions and other non-recurring events in accordance with Section 4.3 of the Agreement. For purposes of this Grant Notice, “EBITDA” means the Company’s earnings before interest, taxes, depreciation and amortization, as determined by the Committee in a manner consistent with the methodologies used for developing the Company’s annual operating plan budget and subject to adjustment in accordance with Section 4.3 of the Agreement.



1			I have reviewed this Quarterly Report on Form 10-Q of Custom Truck One Source, Inc. for the quarterly period ended June 30, 2025;



2			Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;



3			Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;



4			The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:



a.			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;



b.			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;



c.			Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and



d.			Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and



a.			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and



b.			Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.





July 30, 2025			/s/ Ryan McMonagle
			Ryan McMonagle
			Chief Executive Officer


July 30, 2025			/s/ Christopher J. Eperjesy
			Christopher J. Eperjesy
			Chief Financial Officer