Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38343 TARGET HOSPITALITY CORP. (Exact name of registrant as specified in its charter) Delaware 98-1378631 (State or o ...

Target Hospitality Corp. (NASDAQ:TH) Q3 2020 Earnings Conference Call November 9, 2020 9:00 AM ET Company Participants Mark Schuck - Senior Vice President, Investor Relations Brad Archer - President and Chief Executive Officer Eric Kalamaras - Executive Vice President and Chief Financial Officer Conference Call Participants Operator Good day and welcome to the Target Hospitality Third Quarter Earnings Call. All participants are in a listen-only mode. [Operator Instructions] Please note, this event is being ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38343 TARGET HOSPITALITY CORP. (Exact name of registrant as specified in its charter) Delaware 98-1378631 (State or other ...

Target Hospitality Corp. (NASDAQ:TH) Q2 2020 Earnings Conference Call August 10, 2020 9:00 AM ET Company Participants Mark Schuck - SVP, Investor Relations Brad Archer - President and CEO Eric Kalamaras - EVP and CFO Troy Schrenk - Chief Commercial Officer Conference Call Participants Jeff Grampp - Northland Capital Markets Stephen Gengaro - Stifel Kevin McVeigh - Credit Suisse Stephen Gengaro - Stifel Operator Greetings and welcome to the Target Hospitality Second Quarter 2020 Earnings Conference Call. At ...

Target Hospitality Corp. (NASDAQ:TH) Q1 2020 Earnings Conference Call May 28, 2020 9:00 AM ET Company Participants Mark Schuck - Senior Vice President, Investor Relations Brad Archer - President and Chief Executive Officer Eric Kalamaras - Executive Vice President and Chief Financial Officer Troy Schrenk - Chief Commercial Officer Conference Call Participants Stephen Gengaro - Stifel Jeff Grampp - Northland Capital Markets Scott Schneeberger - Oppenheimer Kevin McVeigh - Credit Suisse Ashish Sabadra - Deuts ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38343 TARGET HOSPITALITY CORP. (Exact name of registrant as specified in its charter) Delaware 98-1378631 (State or other ...

Target Hospitality Corp. (NASDAQ:TH) Q4 2019 Earnings Conference Call March 12, 2020 9:00 AM ET Company Participants Mark Schuck - Senior Vice President of Investor Relations Brad Archer - President and Chief Executive Officer Eric Kalamaras - Executive Vice President and Chief Financial Officer Troy Schrenk - Chief Commercial Officer Conference Call Participants Stephen Gengaro - Stifel Jeff Grampp - Northland Capital Markets Kevin McVeigh - Credit Suisse Daniel Hultberg - Oppenheimer Ashish Sabadra - Deut ...

Operations and Market Presence - Target Hospitality operates primarily in the Permian Basin and Bakken Basin, which are the highest producing oil and gas regions in the U.S.[14] - The company serves over 13 million meals annually, emphasizing high-quality culinary services and hospitality solutions[29] - Target Hospitality's DDBOOM business model allows for comprehensive turnkey solutions, optimizing project execution and reducing counterparty risks[23][28] - The company has expanded its community network significantly, adding approximately 1,600 rooms across the Permian Basin in 2018 and acquiring 4,500 beds through the acquisition of Signor[33] - Target Hospitality's facilities include amenities such as 24-hour dining, fitness centers, and professional uniformed staff, promoting safety and productivity for workers[31][30] - Target Hospitality operates 25 strategically located communities with approximately 13,800 beds in high-demand regions[51] - Target Hospitality operates 19 communities with approximately 9,821 beds in the Permian Basin, the largest network in the region[71] - The company has four community locations and 1,079 rentable rooms in the Bakken Basin, holding approximately 50% market share[79] Financial Performance and Revenue - Target Hospitality generated $67.0 million, representing 20.9% of total revenue from the Government segment for the year ended December 31, 2019[67] - The Permian Basin segment accounted for $214.5 million, or 66.8% of total revenue for the year ended December 31, 2019[72] - The Bakken Basin segment contributed $20.6 million, which is 6.4% of total revenue for the year ended December 31, 2019[79] - 82% of long-term contracts are committed, with 63% guaranteeing revenue regardless of occupancy levels, and a client renewal rate of at least 90% over the last 5 years[54] - The average life of rental assets exceeds 20 years, with maintenance capital estimated at approximately 1% of annual revenue[55] - Target Hospitality represents 42.7% of the overall rental accommodations market in the U.S., with the total integrated market approximately 70%[41] Customer Relationships and Contracts - The company has long-standing relationships with approximately 300 diversified customers, including major oil and gas companies[54] - Target Hospitality's largest customers for the year ended December 31, 2019, were CoreCivic and Halliburton, accounting for 20.8% and 12.5% of revenue, respectively[85] - Approximately 46% of total committed contracts contain exclusivity provisions, ensuring customers exclusively use Target's communities[54] - The company operates through network lease and services agreements (NLSAs) with an average term of 2 to 3 years, obligating customers to use its facilities across the U.S.[89] Strategic Growth and Acquisitions - The company has a history of strategic expansions and partnerships, including significant contracts with major industry players like Halliburton and Schlumberger[33] - Target Hospitality selectively pursues acquisitions to expand service offerings and enhance its market presence[56] Risks and Challenges - The company faces significant competition in the specialty rental and hospitality services sector, which could lead to pricing pressures and reduced market share[105] - The company is exposed to operational risks, including economic, political, and regulatory factors that could adversely affect its business[104] - The loss of significant customers, particularly in the energy sector, could materially affect the company's financial results[107] - Regulatory changes and increased compliance costs could impact the demand for the company's services and overall operations[94] - Increased public resistance and negative media attention towards the company's management of facilities may adversely affect brand perception and investor confidence[114] - Unique operational risks associated with family residential services could lead to higher costs and increased litigation, impacting financial condition and results of operations[115] - Oil and gas customers face disruptions from pricing volatility, unexpected development issues, and regulatory challenges, which could adversely affect the company's business[116] Financial Obligations and Debt - The company incurred $420 million in total indebtedness as of December 31, 2019, consisting of $80 million under the New ABL Facility and $340 million in Notes[194] - The company’s leverage may limit its ability to satisfy debt obligations and could require a substantial portion of cash flow to be dedicated to debt payments, reducing funds available for growth[195] - The company may need to raise additional funds to refinance existing debt or fund operations, which could impact its ability to achieve strategic objectives[200] Compliance and Regulatory Environment - The company is subject to various laws and regulations, including those related to U.S. government contracts, which may materially harm its business if compliance is not maintained[158] - Noncompliance with applicable regulations could lead to administrative penalties, suspension of government contracts, or debarment, adversely affecting revenue and financial condition[159] - U.S. government contracts typically include additional requirements that may increase operational costs and expose the company to liability for non-compliance, potentially leading to contract termination[160] Market Sensitivity and Economic Factors - Demand for services is sensitive to fluctuations in oil and gas prices, which could lead to decreased customer expenditure levels and negatively impact results[129] - Economic downturns, both locally and globally, could reduce demand for the company's products and services, impacting financial performance[179] Operational and Environmental Risks - The company faces risks related to environmental laws and regulations, which could result in increased compliance costs and liabilities for past contamination[165] - Climate change regulations may impose additional operating restrictions and compliance costs, adversely affecting the company's business and demand for services[170] - The company has no reserves for potential environmental liabilities, which could lead to significant costs in the future[165]

Investor Presentation December 2019 Disclaimer Cautionary Statement Regarding Forward-Looking Statements This presentation contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. Management cautions that any or all of Target Hospitality's forward-looking statements may turn out to be wrong. P ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38343 TARGET HOSPITALITY CORP. (Exact name of registrant as specified in its charter) Delaware 98-1378631 (State or o ...