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    Target Hospitality Reports Strong First Quarter 2024 Results Centered on Strength of Core Service Offering Further Enhancing Financial Position

    5/8/24 6:45:00 AM ET
    $TH
    Hotels/Resorts
    Consumer Discretionary
    Get the next $TH alert in real time by email

    THE WOODLANDS, Texas, May 8, 2024 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ:TH), one of North America's largest providers of vertically-integrated modular accommodations and value-added hospitality services, today reported results for the three months ended March 31, 2024.

    Financial and Operational Highlights

    • Revenue of $106.7 million for the three months ended March 31, 2024.
    • Net income of $20.4 million for the three months ended March 31, 2024.
    • Basic and diluted income per share of $0.20 for the three months ended March 31, 2024.
    • Adjusted EBITDA(1) of $53.7 million for the three months ended March 31, 2024.
    • Strong cash generation with approximately $50.6 million of Net Cash Provided by Operating Activities and $47.5 million of Discretionary Cash Flow(1) ("DCF") for the three months ended March 31, 2024.
    • Significant financial flexibility with approximately $299 million of total available liquidity and a net leverage ratio of 0.2x as of March 31, 2024.
    • Materially enhanced financial position supports growing pipeline of potential growth opportunities, seeking to allocate over $500 million of net growth capital through 2027.
    • Returned approximately $21.2 million to shareholders through the repurchase of approximately 2.3 million shares of common stock during the three months ended March 31, 2024.

    Executive Commentary

    "Our first quarter results reflect the strength of our operating platform and network capabilities, which consistently support strong financial performance.  We continue to focus on maximizing operational efficiencies, while simultaneously providing world-class solutions to our customers," stated Brad Archer, President and Chief Executive Officer.

    "This commitment has strengthened our balance sheet and materially enhanced our financial position.  These attributes create the ideal position to continue providing premier hospitality solutions to our customers, while delivering strong financial results and simultaneously pursuing attractive growth opportunities focused on diversifying our service offerings," concluded Mr. Archer. 

    Financial Results

    First Quarter Summary Highlights



















    For the Three Months Ended ($ in '000s, except per share amounts) - (unaudited)



    March 31, 2024



    March 31, 2023



    Revenue



    $

    106,672



    $

    147,819



    Net income



    $

    20,383



    $

    43,825



    Income per share – basic



    $

    0.20



    $

    0.44



    Income per share – diluted



    $

    0.20



    $

    0.38



    Adjusted EBITDA(1)



    $

    53,688



    $

    90,597



    Average utilized beds





    14,049





    14,490



    Utilization





    87

    %



    93

    %



    Revenue was $106.7 million for the three months ended March 31, 2024, compared to $147.8 million for the same period in 2023.

    Net income was $20.4 million for the three months ended March 31, 2024, compared to $43.8 million for the same period in 2023. 

    Adjusted EBITDA was $53.7 million for the three months ended March 31, 2024, compared to $90.6 million for the same period in 2023.

    The year over year decreases were primarily driven by non-cash, nonrecurring, infrastructure enhancement revenue amortization ("Infrastructure Revenue Amortization") associated with the Company's Pecos Children's Center ("PCC") community within the government segment.  As previously announced, on July 8, 2022, the Infrastructure Revenue Amortization was associated with material expansion and enhancement of the PCC community and was fully amortized as of November 2023.

    Capital Management

    The Company had approximately $9.7 million of capital expenditures for the three months ended March 31, 2024.  Capital expenditures were predominantly focused on enhancing operational efficiencies through the purchase of previously leased equipment, further optimizing Target's operational footprint across its network of modular accommodations.

    As of March 31, 2024, the Company had approximately $124 million of cash and cash equivalents with approximately $299 million of total available liquidity, no outstanding borrowings on the Company's $175 million credit facility, and a net leverage ratio of 0.2 times. 

    As of March 31, 2024, the Company repurchased approximately 2.3 million shares of its common stock for approximately $21.2 million. The stock repurchases, which commenced in January 2024, were executed pursuant to the $100 million stock repurchase program announced in November 2022 and represent approximately 21.2% of total share repurchase authorization executed to date. This repurchase program may be suspended from time to time, modified, extended or discontinued at certain times. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and will be subject to market conditions, applicable legal requirements, contractual obligations and other factors. Any shares of common stock repurchased will be held as treasury shares.

    Business Update

    The strength in Target's core service offering continues to support a high degree of revenue visibility, strong cash generation and a robust liquidity profile.  These attributes have established an enhanced financial position, centered on an optimized balance sheet supporting meaningful financial flexibility. 

    Target's optimized financial profile allows the Company to pursue capital allocation opportunities focused on diversifying and broadening the Company's customer base and contract portfolio.  Importantly, as Target evaluates these opportunities there remains a sharp focus on maintaining its strong financial position through disciplined capital deployment. 

    Target continues to actively evaluate a robust pipeline of strategic growth opportunities and seeks to allocate over $500 million of net growth capital through 2027. These opportunities encompass Target's existing full-turnkey hospitality solutions, as well as broadening Target's value chain participation through individual elements of existing core competencies.

    The strength in Target's core service offering and enhanced financial profile supports the company's reiterated preliminary 2024 outlook, excluding acquisitions of:

    • Total revenue between $410 and $425 million
    • Adjusted EBITDA(1) between $195 and $210 million
    • Total capital spending between $25 and $30 million, excluding acquisitions

    Recent Developments

    On March 25, 2024 Target announced that the Board of Directors of Target Hospitality ("the Board") received an unsolicited non-binding proposal from Arrow Holdings S.à r.l. ("Arrow"), an affiliate of TDR Capital LLP ("TDR"), to acquire all of the outstanding shares of common stock of Target Hospitality that are not owned by any of Arrow, any investment fund managed by TDR or any of their respective affiliates, for cash consideration of $10.80 per share (the "Proposal"). 

    The Board has established a special committee of independent directors (the "Special Committee"), and the Special Committee has retained Centerview Partners LLC and Ardea Partners LP as its financial advisors and Cravath, Swaine & Moore LLP as its legal advisor.  The Special Committee has commenced its review and evaluation of the Proposal.

    The Special Committee has made no decision at this time with respect to the Proposal, and the Company does not undertake any obligation to provide any updates with respect to the Proposal or any other transaction, except as required by applicable law or other regulatory requirements.  There can be no assurance that any transaction will result from the Special Committee's evaluation of the Proposal, or, if so, the timing, terms and conditions of such transaction.

    Segment Results – First Quarter 2024

    Government

    Refer to exhibits to this earnings release for definitions and reconciliations of Non-GAAP financial measures to GAAP financial measures

















    For the Three Months Ended ($ in '000s) - (unaudited)



    March 31, 2024



    March 31, 2023



    Revenue



    $

    67,607



    $

    109,503



    Adjusted gross profit(1)



    $

    52,433



    $

    88,774





    Revenue for the three months ended March 31, 2024, was $67.6 million compared to $109.5 million for the same period in 2023. Adjusted gross profit for the period was $52.4 million compared to $88.8 million in the same period in 2023.

    These decreases were primarily driven by non-cash, nonrecurring, Infrastructure Revenue Amortization associated with the Company's PCC community, which was fully amortized as of November 2023. 

    Hospitality & Facilities Services - South 

    Refer to exhibits to this earnings release for definitions and reconciliations of Non-GAAP financial measures to GAAP financial measures

















    For the Three Months Ended ($ in '000s, except ADR) - (unaudited)



    March 31, 2024



    March 31, 2023



    Revenue



    $

    36,934



    $

    35,772



    Adjusted gross profit(1)



    $

    12,842



    $

    11,656



    Average daily rate (ADR)



    $

    74.89



    $

    73.42



    Average utilized beds





    5,363





    5,339



    Utilization





    72

    %



    86

    %



    Revenue for the three months ended March 31, 2024, was $36.9 million compared to $35.8 million for the same period in 2023. Average available beds increased to 7,440, a 19% increase from the prior period, as the Company continues to optimize network availability to align with strong customer demand.  Average utilized beds increased to 5,363 for the three months ended March 31, 2024, with ADR of $74.89. 

    Target continues to benefit from increasing customer demand, as the Company's expansive network provides added value and superior flexibility in labor allocation while offering world-class service offerings.

    All Other

    Refer to exhibits to this earnings release for definitions and reconciliations of Non-GAAP financial measures to GAAP financial measures

















    For the Three Months Ended ($ in '000s) - (unaudited)



    March 31, 2024



    March 31, 2023



    Revenue



    $

    2,131



    $

    2,544



    Adjusted gross profit(1)



    $

    (1,426)



    $

    (870)





    This segment's operations consist of hospitality services revenue not included in other segments. Revenue for the three months ended March 31, 2024, was $2.1 million compared to $2.5 million for the same period in 2023.

    Conference Call

    The Company has scheduled a conference call for May 8, 2024, at 8:00 a.m. Central Time (9:00 am Eastern Time) to discuss the first quarter 2024 results.

    The conference call will be available by live webcast through the Investors section of Target Hospitality's website at www.TargetHospitality.com or by connecting via phone through one of the following options:

    Please utilize the Direct Phone Dial option to be immediately entered into the conference call once you are ready to connect.

    Direct Phone Dial

    (RapidConnect URL):     https://emportal.ink/3xslxuA

    Or the traditional, operator assisted dial-in below.

    Domestic:                       1-800-836-8184

    Please register for the webcast or dial into the conference call approximately 15 minutes prior to the scheduled start time.

    About Target Hospitality

    Target Hospitality is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States. Target builds, owns and operates a customized and growing network of communities for a range of end users through a full suite of value-added solutions including premium food service management, concierge, laundry, logistics, security and recreational facilities services.

    Cautionary Statement Regarding Forward Looking Statements

    Certain statements made in this press release (including the financial outlook contained herein) are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: operational, economic, including inflation, political and regulatory risks; our ability to effectively compete in the specialty rental accommodations and hospitality services industry, including growing the HFS – South and Government segments; effective management of our communities; natural disasters and other business distributions including outbreaks of epidemic or pandemic disease; the duration of any future public health crisis, related economic repercussions and the resulting negative impact to global economic demand; the effect of changes in state building codes on marketing our buildings; changes in demand within a number of key industry end-markets and geographic regions; changes in end-market demand requirements including variable occupancy levels associated with subcontracts in the Government segment; our reliance on third party manufacturers and suppliers; failure to retain key personnel; increases in raw material and labor costs; the effect of impairment charges on our operating results; our future operating results fluctuating, failing to match performance or to meet expectations; our exposure to various possible claims and the potential inadequacy of our insurance; unanticipated changes in our tax obligations; our obligations under various laws and regulations; the effect of litigation, judgments, orders, regulatory or customer bankruptcy proceedings on our business; our ability to successfully acquire and integrate new operations; global or local economic and political movements, including any changes in policy under the Biden administration or any future administration; federal government budgeting and appropriations; our ability to effectively manage our credit risk and collect on our accounts receivable; our ability to fulfill Target Hospitality's public company obligations; any failure of our management information systems;  our ability to refinance debt on favorable terms and meet our debt service requirements and obligations; and risks related to our outstanding obligations in connection with the Senior Notes.  We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 

    (1)   Non-GAAP Financial Measures

    This press release contains historical non-GAAP financial measures including Adjusted gross profit, Discretionary Cash Flow, EBITDA, and Adjusted EBITDA, which are measurements not calculated in accordance with US GAAP, in the discussion of our financial results because they are key metrics used by management to assess financial performance. Our business is capital-intensive, and these additional metrics allow management to further evaluate our operating performance.  Reconciliations of these measures to the most directly comparable GAAP financial measures are contained herein. To the extent required, statements disclosing the definitions, utility and purposes of these measures are also set forth herein.

    This press release also contains a forward-looking non-GAAP financial measure Adjusted EBITDA. Reconciliations of this forward-looking measure to its most directly comparable GAAP financial measures is unavailable to Target Hospitality without unreasonable effort. We cannot provide a reconciliation of forward-looking Adjusted EBITDA to GAAP financial measures because certain items required for such reconciliation are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliation would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort. Although we provide a minimum of Adjusted EBITDA that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA calculation. Target Hospitality provides an Adjusted EBITDA outlook because we believe that this measure, when viewed with our results under GAAP, provide useful information for the reasons noted below.

    Definitions:

    Target Hospitality defines Adjusted gross profit, as Gross profit plus depreciation of specialty rental assets, loss on impairment, and certain severance costs.

    Target Hospitality defines EBITDA as net income (loss) before interest expense and loss on extinguishment of debt, income tax expense (benefit), depreciation of specialty rental assets, and other depreciation and amortization. Adjusted EBITDA reflects the following further adjustments to EBITDA to exclude certain non-cash items and the effect of what management considers transactions or events not related to its core business operations:

    • Other (income) expense, net: Other (income) expense, net includes miscellaneous cash receipts, gains and losses on disposals of property, plant, and equipment, and other immaterial expenses and non-cash items.
    • Transaction expenses: Target Hospitality incurred certain transaction costs during the first quarter of 2023 and 2024 associated with certain transactions, including the Proposal.
    • Stock-based compensation: Charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.
    • Change in fair value of warrant liabilities: Non-cash change in estimated fair value of warrant liabilities.
    • Other adjustments: System implementation costs, including non-cash amortization of capitalized system implementation costs, business development, accounting standard implementation costs and certain severance costs.

    Target Hospitality defines Discretionary Cash Flow as cash flow from operations less maintenance capital expenditures for specialty rental assets.

    Utility and Purposes:

    EBITDA reflects net income (loss) excluding the impact of interest expense and loss on extinguishment of debt, provision for income taxes, depreciation, and amortization. We believe that EBITDA is a meaningful indicator of operating performance because we use it to measure our ability to service debt, fund capital expenditures, and expand our business. We also use EBITDA, as do analysts, lenders, investors, and others, to evaluate companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provision for income taxes can vary considerably among companies. EBITDA also excludes depreciation and amortization expense because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies.

    Target Hospitality also believes that Adjusted EBITDA is a meaningful indicator of operating performance. Our Adjusted EBITDA reflects adjustments to exclude the effects of additional items, including certain items, that are not reflective of the ongoing operating results of Target Hospitality.  In addition, to derive Adjusted EBITDA, we exclude gains or losses on the sale and disposal of depreciable assets and impairment losses because including them in EBITDA is inconsistent with reporting the ongoing performance of our remaining assets. Additionally, the gain or loss on sale and disposal of depreciable assets and impairment losses represents either accelerated depreciation or excess depreciation in previous periods, and depreciation is excluded from EBITDA.

    Target Hospitality also presents Discretionary cash flows because we believe it provides useful information regarding our business as more fully described below. Discretionary cash flows indicate the amount of cash available after maintenance capital expenditures for specialty rental assets for, among other things, investments in our existing business.

    Adjusted gross profit, Discretionary Cash Flow, EBITDA and Adjusted EBITDA are not measurements of Target Hospitality's financial performance under GAAP and should not be considered as alternatives to gross profit, net income, or other performance measures derived in accordance with GAAP, or as alternatives to cash flow from operating activities as measures of Target Hospitality's liquidity.  Adjusted gross profit, Discretionary Cash Flow, EBITDA and Adjusted EBITDA should not be considered as discretionary cash available to Target Hospitality to reinvest in the growth of our business or as measures of cash that is available to it to meet our obligations. In addition, these non-GAAP measures may not be comparable to similarly titled measures of other companies. Target Hospitality's management believe that Adjusted gross profit, Discretionary Cash Flows, EBITDA and Adjusted EBITDA provides useful information to investors about Target Hospitality and its financial condition and results of operations for the following reasons: (i) they are among the measures used by Target Hospitality's management team to evaluate its operating performance; (ii) they are among the measures used by Target Hospitality's management team to make day-to-day operating decisions, (iii) they are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results across companies in Target Hospitality's industry.

    Investor Contact:

    Mark Schuck

    (832) 702 – 8009

    [email protected]

    Exhibit 1

    Target Hospitality Corp.

    Consolidated Statements of Comprehensive Income

    ($ in thousands, except per share amounts)







    Three Months Ended





    March 31, 





    2024



    2023







    (unaudited)





    (unaudited)

    Revenue:













    Services income



    $

    72,398



    $

    94,836

    Specialty rental income





    34,274





    52,983

    Total revenue





    106,672





    147,819

    Costs:













    Services





    36,915





    39,700

    Specialty rental





    5,908





    8,559

    Depreciation of specialty rental assets





    14,781





    17,597

    Gross profit





    49,068





    81,963

    Selling, general and administrative





    14,855





    15,199

    Other depreciation and amortization





    3,885





    3,803

    Other expense (income), net





    (110)





    1,004

    Operating income





    30,438





    61,957

    Loss on extinguishment of debt





    -





    2,128

    Interest expense, net





    4,587





    7,498

    Change in fair value of warrant liabilities





    (675)





    (3,711)

    Income before income tax





    26,526





    56,042

    Income tax expense





    6,143





    12,217

    Net income





    20,383





    43,825

    Change in fair value of warrant liabilities





    -





    (3,711)

    Net income attributable to common stockholders - diluted





    20,383





    40,114

    Other comprehensive loss













    Foreign currency translation





    (20)





    (21)

    Comprehensive income



    $

    20,363



    $

    43,804















    Weighted average number shares outstanding - basic





    100,657,706





    100,643,271

    Weighted average number shares outstanding - diluted





    102,362,542





    106,257,448















    Net income per share - basic



    $

    0.20



    $

    0.44

    Net income per share - diluted



    $

    0.20



    $

    0.38

     

    Exhibit 2

    Target Hospitality Corp.

    Condensed Consolidated Balance Sheet Data

    ($ in thousands)

    (unaudited)





















    March 31, 



    December 31, 





    2024



    2023

    Assets













    Cash and cash equivalents



    $

    124,302



    $

    103,929

    Accounts receivable, less allowance for credit losses





    53,839





    67,092

    Other current assets





    7,927





    9,479

    Total current assets



    $

    186,068



    $

    180,500















    Specialty rental assets, net





    342,985





    349,064

    Goodwill and other intangibles, net





    103,957





    107,320

    Other non-current assets





    54,159





    57,469

    Total assets



    $

    687,169



    $

    694,353















    Liabilities













    Accounts payable



    $

    17,275



    $

    20,926

    Deferred revenue and customer deposits





    1,794





    1,794

    Current warrant liabilities





    —





    675

    Other current liabilities





    47,746





    46,935

    Total current liabilities





    66,815





    70,330















    Long-term debt, net





    178,627





    178,093

    Other non-current liabilities





    66,193





    68,623

    Total liabilities





    311,635





    317,046















    Stockholders' equity













    Common stock and other stockholders' equity





    94,036





    116,193

    Accumulated earnings





    281,498





    261,115

    Total stockholders' equity





    375,534





    377,307

    Total liabilities and stockholders' equity



    $

    687,169



    $

    694,353

     

    Exhibit 3

    Target Hospitality Corp.

    Condensed Consolidated Cash Flow Data

    ($ in thousands)

    (unaudited)





















    For the Years Ended





    March 31, 





    2024



    2023















    Cash and cash equivalents - beginning of period



    $

    103,929



    $

    181,673















    Cash flows from operating activities













    Net income





    20,383





    43,825

    Adjustments:













    Depreciation





    15,303





    18,065

    Amortization of intangible assets





    3,363





    3,335

    Other non-cash items



    4,773





    17,990

    Changes in operating assets and liabilities





    6,769





    (68,686)

    Net cash provided by operating activities



    $

    50,591



    $

    14,529















    Cash flows from investing activities













    Purchases of specialty rental assets





    (8,825)





    (23,002)

    Other investing activities





    (93)





    (5,443)

    Net cash used in investing activities



    $

    (8,918)



    $

    (28,445)















    Cash flows from financing activities













    Other financing activities





    (21,296)





    (125,325)

    Net cash used in financing activities



    $

    (21,296)



    $

    (125,325)















    Effect of exchange rate changes on cash and cash equivalents





    (4)





    6















    Change in cash and cash equivalents





    20,373





    (139,235)















    Cash and cash equivalents - end of period



    $

    124,302



    $

    42,438

     

    Exhibit 4

    Target Hospitality Corp.

    Reconciliation of Gross profit to Adjusted gross profit 

    ($ in thousands)

    (unaudited)

















    For the Three Months Ended



    March 31, 



    2024



    2023













    Gross Profit

    $

    49,068



    $

    81,963













    Adjustments:











    Depreciation of specialty rental assets



    14,781





    17,597

    Adjusted gross profit

    $

    63,849



    $

    99,560

     

    Exhibit 5

    Target Hospitality Corp.

    Reconciliation of Net income to EBITDA and Adjusted EBITDA

    ($ in thousands)

    (unaudited)

















    For the Three Months Ended



    March 31, 



    2024



    2023













    Net income

    $

    20,383



    $

    43,825

    Income tax expense



    6,143





    12,217

    Interest expense, net



    4,587





    7,498

    Loss on extinguishment of debt



    —





    2,128

    Other depreciation and amortization



    3,885





    3,803

    Depreciation of specialty rental assets



    14,781





    17,597

    EBITDA

    $

    49,779



    $

    87,068













    Adjustments











    Other expense (income), net



    (110)





    1,004

    Transaction expenses



    240





    51

    Stock-based compensation



    2,748





    5,646

    Change in fair value of warrant liabilities



    (675)





    (3,711)

    Other adjustments



    1,706





    539

    Adjusted EBITDA

    $

    53,688



    $

    90,597

     

    Exhibit 6

    Target Hospitality Corp.

    Reconciliation of Net cash provided by operating activities to Discretionary cash flows

    ($ in thousands)

    (unaudited)



















    For the Three Months 





    Ended





    March 31,





    2024



    2023















    Net cash provided by operating activities



    $

    50,591



    $

    14,529

    Less: Maintenance capital expenditures for specialty rental assets





    (3,082)





    (1,808)

    Discretionary cash flows



    $

    47,509



    $

    12,721















    Purchase of specialty rental assets





    (8,825)





    (23,002)

    Purchase of property, plant and equipment





    (135)





    (1,015)

    Acquired intangible assets





    —





    (4,547)

    Proceeds from sale of specialty rental assets and other property, plant and

    equipment





    42





    119

    Net cash used in investing activities



    $

    (8,918)



    $

    (28,445)















    Principal payments on finance and finance lease obligations





    (407)





    (356)

    Repayment of Senior Notes





    —





    (125,000)

    Repurchase of Common Stock





    (21,160)





    —

    Proceeds from issuance of Common Stock from exercise of warrants





    3





    42

    Proceeds from issuance of Common Stock from exercise of stock options





    268





    1,252

    Payment of deferred financing costs





    —





    (1,263)

    Net cash used in financing activities



    $

    (21,296)



    $

    (125,325)

     

    Cision View original content:https://www.prnewswire.com/news-releases/target-hospitality-reports-strong-first-quarter-2024-results-centered-on-strength-of-core-service-offering-further-enhancing-financial-position-302138420.html

    SOURCE Target Hospitality

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    • Target Hospitality Announces First Quarter 2025 Earnings Release and Conference Call Schedule

      THE WOODLANDS, Texas, May 9, 2025 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ:TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today announced that it will release its first quarter 2025 financial results before the market opens on Monday, May 19, 2025. The Company has also scheduled a conference call for Monday, May 19, 2025, at 9:00 am Eastern Time (8:00 am Central Time) to discuss the results. The conference call will be available by live webcast through the Investors section of Target Hospitality's website at www.TargetHospitality.com. First Quarter 2

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    • Target Hospitality to Participate in Oppenheimer 20th Annual Industrial Growth Conference

      THE WOODLANDS, Texas, May 6, 2025 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ:TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today announced that it will attend and present at the Oppenheimer 20th Annual Industrial Growth Conference on Wednesday, May 7, 2025. Presentation Details Oppenheimer 20th Annual Industrial Growth ConferenceDate:    Wednesday, May 7, 2025Time:    3:00 pm Eastern Time (2:00 pm Central Time) The event will be broadcast live via webcast. A link to the webcast will be available through the Investors section of Target Hospitality's we

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      THE WOODLANDS, Texas, March 26, 2025 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ:TH), one of North America's largest providers of vertically-integrated modular accommodations and value-added hospitality services, today reported results for the fourth quarter and year ended December 31, 2024. Financial and Operational Highlights Revenue of $386.3 million for the year ended December 31, 2024.Net income of $71.4 million for the year ended December 31, 2024.Basic and diluted income per share of $0.71 and $0.70 respectively, for the year ended December 31, 2024.Adjusted EBITDA(1) of $196.7 million for the year ended December 31, 2024.Meaning

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    • New insider Schuck Mark claimed ownership of 19,022 shares (SEC Form 3)

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    • SEC Form 4 filed by EVP, Strategy & Corp. Dev. Dowhaniuk Brendan

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    • EVP, General Counsel & Sec Lewis Heidi Diane converted options into 6,538 shares and covered exercise/tax liability with 1,591 shares, increasing direct ownership by 3% to 156,085 units (SEC Form 4)

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    • Target Hospitality Announces First Quarter 2025 Earnings Release and Conference Call Schedule

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    • Target Hospitality Reports Strong 2024 Results with Continued Focus on Advancing Strategic Diversification and Growth Opportunities

      THE WOODLANDS, Texas, March 26, 2025 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ:TH), one of North America's largest providers of vertically-integrated modular accommodations and value-added hospitality services, today reported results for the fourth quarter and year ended December 31, 2024. Financial and Operational Highlights Revenue of $386.3 million for the year ended December 31, 2024.Net income of $71.4 million for the year ended December 31, 2024.Basic and diluted income per share of $0.71 and $0.70 respectively, for the year ended December 31, 2024.Adjusted EBITDA(1) of $196.7 million for the year ended December 31, 2024.Meaning

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    • Target Hospitality Announces Fourth Quarter and Full Year 2024 Earnings Release and Conference Call Schedule

      THE WOODLANDS, Texas, March 12, 2025 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ:TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today announced that it will release its fourth quarter and full year 2024 financial results before the market opens on Wednesday, March 26, 2025. The Company has also scheduled a conference call for Wednesday, March 26, 2025, at 9:00 am Eastern Time (8:00 am Central Time) to discuss the results. The conference call will be available by live webcast through the Investors section of Target Hospitality's website at www.TargetHosp

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    • Target Hospitality Announces Appointment of John C. Dorman to Board of Directors

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    • Target Hospitality Announces Appointment of Alejandro Hernandez to Board of Directors

      THE WOODLANDS, Texas, June 20, 2023 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality," "Target" or the "Company") (NASDAQ:TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, advances its strategic diversification focus, with the appointment of Mr. Alejandro ("Alex") Hernandez to its board of directors, effective June 19, 2023. Mr. Hernandez will serve as an independent director as well as a member of the Audit and Compensation Committees. Mr. Hernandez's experience serving in executive leadership roles across a variety of end markets, including energy transition, renewables, nuclear services, and dat

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    • Target Hospitality upgraded by Northland Capital with a new price target

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    • SEC Form NT 10-Q filed by Target Hospitality Corp.

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    • SEC Form DEFA14A filed by Target Hospitality Corp.

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    • SEC Form SC 13G filed by Target Hospitality Corp.

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    • SEC Form SC 13D/A filed by Target Hospitality Corp. (Amendment)

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    • SEC Form SC 13G/A filed by Target Hospitality Corp. (Amendment)

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