Business
Target Hospitality Announces First Quarter 2021 Results and Raises Full Year 2021 Financial Outlook
THE WOODLANDS, Texas, May 24, 2021 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), the largest
About this update from Target Hospitality Corp.
[{"type":"text","content":"THE WOODLANDS, Texas, May 24, 2021 /PRNewswire/ -- Target Hospitality Corp. (\"Target Hospitality\", \"Target\" or the \"Company\") (NASDAQ: TH), the largest provider of vertically-integrated specialty hospitality accommodations with premium food management and value-added hospitality services in the U.S., today reported results for the three months ended March 31, 2021.\nFinancial and Operational Highlights for the First Quarter 2021\nRevenue of $45.5 million for the three months ended March 31, 2021 as compared to $71.7 million for the same period in 2020 Net loss of $13.1 million for the three months ended March 31, 2021, compared to net income of $5.5 million for first quarter 2020 Basic and diluted loss per share of $0.14 for the three months ended March 31, 2021 Adjusted EBITDA(1) of $16.0 million for the three months ended March 31, 2021, compared to $32.4 million for the same period in 2020 Continued strengthening customer demand with sequential quarterly utilization increasing 800 basis points in the first quarter of 2021 Executed a $118 million minimum revenue contract that provides a suite of comprehensive service offerings assisting humanitarian aid efforts in support of the United States Government Approximately 72% of 2021 revenue under committed revenue contracts, with approximately 54% of 2021 revenue related to Government Services As of May 24, 2021, reduced year-to-date 2021 outstanding borrowings on the Company's ABL by $21 million Increasing midpoint of 2021 Adjusted EBITDA outlook range 11% to $97 - $107 million from $88 - $95 millionExecutive Commentary\n\"Target's first quarter performance exemplifies the benefits of our strong operating position that allows us to serve our customers varying needs, while also expanding the end-markets we serve. As we continue to see post-pandemic re-openings, Target experienced a consistent increase in demand for its premium service offerings, which was reflected in margin expansion and improving operational metrics during the quarter,\" stated Brad Archer, President and Chief Executive Officer.\n\"The continued momentum in customer activity and demand provides confidence in the cadence for the rest of 2021 and into 2022. Additionally, the new partnership within our Government Services segment is off to a strong start and demonstrates Target's rapid operational flexibility...