Core Insights - Target Hospitality Corp reported a revenue of $100.7 million for the three months ended June 30, 2024, a decrease from $143.6 million in the same period in 2023, primarily due to non-cash, nonrecurring revenue amortization related to the Pecos Children's Center [2][5][7] - The company achieved a net income of $18.4 million for the same period, down from $46.5 million year-over-year, with adjusted EBITDA of $52.2 million compared to $90.9 million in 2023 [2][6] - Target Hospitality maintains a strong financial position with approximately $329 million in total available liquidity and a net leverage ratio of 0.1x, aiming for zero net debt by the end of 2024 [2][9][14] Financial and Operational Highlights - Revenue for Q2 2024 was $100.7 million, down 30% from $143.6 million in Q2 2023 [5] - Net income decreased to $18.4 million from $46.5 million year-over-year [6] - Adjusted EBITDA was $52.2 million, a decline from $90.9 million in the previous year [6] - Average utilized beds were 14,370 with a utilization rate of 89%, compared to 14,876 and 91% in Q2 2023 [5] - The company generated approximately $39.1 million in net cash from operating activities and $32.8 million in discretionary cash flow for the quarter [2] Capital Management - Capital expenditures for Q2 2024 were approximately $8.6 million, focused on enhancing and maintaining modular accommodations [8] - As of June 30, 2024, the company had $154 million in cash and cash equivalents, with no outstanding borrowings on its $175 million credit facility [9] Business Update and Outlook - Target Hospitality is evaluating a robust pipeline of organic growth opportunities aimed at diversifying its contract portfolio and expanding customer reach [10][11] - The company anticipates total revenue for 2024 to be between $375 million and $385 million, with adjusted EBITDA projected between $184 million and $190 million [14] - The company expects to achieve zero net debt by the end of 2024 and maintain total available liquidity exceeding $350 million [14] Segment Results - Government segment revenue for Q2 2024 was $59.9 million, down from $101.2 million in Q2 2023, primarily due to the amortization of infrastructure revenue [18][19] - Hospitality & Facilities Services - South segment revenue was $38.2 million, slightly down from $39.2 million in the same period last year [19] - The All Other segment reported revenue of $2.6 million, down from $3.3 million year-over-year [21]

Company Overview - Target Hospitality Corp. is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services [4][7] - The company builds, owns, and operates a customized network of communities for various end users, offering services such as premium food service management, concierge, laundry, logistics, security, and recreational facilities [7] Financial Results Announcement - Target Hospitality will release its second quarter 2024 financial results before the market opens on August 7, 2024 [4] - A conference call is scheduled for August 7, 2024, at 9:00 AM Eastern Time (8:00 AM Central Time) to discuss the financial results [4][5] Conference Call Details - Investors can access the conference call via live webcast through the Investors section of Target Hospitality's website [4][5] - Participants are encouraged to register for the webcast or dial into the conference call approximately 15 minutes prior to the scheduled start time [6]

Core Viewpoint - Target Hospitality is facing significant operational and financial challenges due to the U.S. government's decision to terminate its services agreement related to migrant programming, which will take effect in 60 days [1]. Group 1: Company Operations - The U.S. government intends to terminate the existing South Texas Family Residential Center services agreement with Target's migrant programming partner, effective in 60 days [1]. - Target Hospitality will provide updates to its operational and financial guidance in light of the termination notice and associated logistics [1]. Group 2: Market Reaction - Following the announcement, shares of Target Hospitality declined by $3.30 per share, representing a decrease of over 31%, closing at $7.20 per share on June 11, 2024, with unusually heavy trading volume [3]. Group 3: Legal Investigation - Kaskela Law LLC is investigating Target Hospitality on behalf of the company's shareholders to determine if there were any violations of securities laws or breaches of fiduciary duties by the company or its officers and directors [2][3].

THE WOODLANDS, Texas, June 27, 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 provided the following revised 2024 outlook and business update. Target's contract portfolio provides a high degree of revenue visibility, coupled with an efficient operating structure, these elements support strong cash generation and an ...

Target Hospitality (NASDAQ:TH) stock is falling hard on Tuesday after the company announced the planned end to a service agreement with at the South Texas Family Residential Center. Target Hospitality provides services to this location through a lease and services agreement with the South Texas Family Residential Center Partner. CoreCivic (NYSE:CXW) is the entity that the U.S. Government is terminating its contract with. TH Stock Movement on Tuesday TH stock is down 36.7% as of Tuesday morning. That erases ...

As a reminder, Target provides facility and hospitality solutions to the STFRC Partner, through a lease and services agreement ("STFRC Contract") utilizing Target's owned modular assets. The STFRC Partner has provided notice to Target of their intention to terminate the STFRC Contract concurrent with the Effective Date. Given the notice of termination was received today, and the remaining operational logistics associated with the notice, Target intends to provide operational and financial updates giving eff ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional va ...

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, 2024 OR incorporation or organization) Identification No.) Delaware 98-1378631 (State or other jurisdiction of (I.R.S. Employer 9320 Lakeside Boulevard, Suite 300 The Woodlands, TX 77381 (Address, including zip code, of principal executive offices) (800) 832-4242 ☐ TRANSITION REPO ...

Target Hospitality Corp (NASDAQ:TH) Q1 2024 Results Conference Call May 8, 2024 9:00 AM ET Company Participants Mark Schuck - Senior Vice President of Investor Relations & Financial Planning Brad Archer - CEO, President & Non-Independent Director Jason Vlacich - CFO & Chief Accounting Officer Conference Call Participants Daniel Hultberg - Oppenheimer Stephen Gengaro - Stifel Greg Gibas - Northland Securities Operator Good morning, ladies and gentlemen, and welcome to the Target Hospitality First Quarter 202 ...

Exhibit 99.1 Target Hospitality Reports Strong First Quarter 2024 Results Centered on Strength of Core Service Offering Further Enhancing Financial Position 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 Operationa ...