Business
Target Hospitality Announces Fourth Quarter and Full Year 2020 Results and Provides Full Year 2021 Financial Outlook
THE WOODLANDS, Texas, March 30, 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, March 30, 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 fourth quarter and year ended December 31, 2020.\nFinancial and Operational Highlights for the Year Ended 2020\nRevenue of $225.1 million for the year ended December 31, 2020 as compared to $321.1 million for the same period in 2019 Net loss of $27.5 million for the year ended December 31, 2020, compared to net income of $6.2 million for full year 2019 Basic and diluted loss per share of $0.29 for the year ended December 31, 2020 Adjusted EBITDA(1) of $78.5 million for the year ended December 31, 2020, compared to $159.2 million for the same period in 2019 Strong cash generation with net cash provided by operating activities of $46.8 million and Discretionary Cash Flow (\"DCF\") (1) of $45.9 million for the year ended December 31, 2020 Strong balance sheet with liquidity of $84.0 million as of December 31, 2020 Utilized $32 million of 2020 discretionary cash flow to reduce borrowings under the Company's revolving credit facility TC Energy Corporation's Keystone XL pipeline project contributed approximately $41.9 million in revenue for the year ended December 31, 2020 Secured approximately $383 million in minimum revenue contracts, backed by the United States Government, including a new $118 million contract providing a suite of comprehensive service offerings supporting humanitarian aid effortsExecutive Commentary\n\"As the 2020 macroeconomic outlook became increasingly uncertain, Target took aggressive actions to align the business with customer demand, while maintaining focus on preserving our financial strength. These actions resulted in a leaner and more efficient operating structure, which appropriately positioned Target to take advantage of a more balanced market. As the economic outlook began improving, Target was able to meet a recovery in customer demand for its premium service offerings with little incremental cost, providing the backdrop for margin expansion in the second half of 2020,\" stated Brad Archer, President and Chief executive Officer. \n\"We have continued to see improveme...