Business
Target Hospitality Announces Record Setting 2022 Results and Achieves Significant Milestone Towards Multiyear Contract Award for Expanded Humanitarian Community
THE WOODLANDS, Texas, March 10, 2023 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), one of North
About this update from Target Hospitality Corp.
[{"type":"text","content":"THE WOODLANDS, Texas, March 10, 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, today reported results for the fourth quarter and year ended December 31, 2022.\nFinancial and Operational Highlights \nRecord revenue of $502.0 million for year ended December 31, 2022, an increase of 72% year-over-yearNet income of $73.9 million for year ended December 31, 2022, compared to net loss of $4.6 million for the same period in 2021Basic and diluted income per share of $0.76 and $0.74, respectively, for the year ended December 31, 2022Record Adjusted EBITDA(1) of $264.7 million for year ended December 31, 2022, an increase of 122% from 2021Record cash generation with net cash provided by operating activities of $305.6 million and Discretionary Cash Flow (\"DCF\")(1) of $293.3 million for the year ended December 31, 2022Optimal financial flexibility with over $307 million in total available liquidity and net leverage ratio of 0.6 times as of December 31, 2022Strong business momentum supporting four sequential quarterly increases in customer demand across Target's Hospitality and Facility Services (\"HFS\") segments, and a 17% increase in utilized beds compared to 2021Extended numerous HFS customer contracts worth over $200 million of cumulative revenue through 2028Maximizing network optimization with a 25% increase in total average utilized beds from 2021Executing on strategic diversification with approximately 72% of 2022 revenue derived from committed revenue contracts backed by the United States governmentOn February 2, 2023, amended and extended the maturity of the Company's ABL Credit Facility, dated March 15, 2019 (as amended, the \"Amended ABL Facility\"), further solidifying its strong financial positionOn February 28, 2023, announced the partial redemption of 9.50% Senior Secured Notes due 2024 (the \"Senior Notes\"), accelerating value creation through high return capital allocation initiativesMaterially enhanced financial position to pursue diversifying growth strategy, seeking to allocate over $500 million of net growth capital through 2027Executive Commentary\n\"Our record setting 2022 results reflect Target's commitment to providing a...