Business
Target Hospitality Announces Third Quarter 2019 Results
Revenue of $81.6 million, up 35% Net income of $9.6 million and Adjusted net income(1) of $11.3 million, up 14% Adjusted EBITDA(1) of $40.6 million, up 30%,
About this update from Target Hospitality Corp.
[{"type":"text","content":"\n\nRevenue of $81.6 million, up 35%\n\n\nNet income of $9.6 million and Adjusted net income(1) of $11.3 million, up 14%\n\n\nAdjusted EBITDA(1) of $40.6 million, up 30%, with Adjusted EBITDA margin(1) of 49.7%\n\n\nNet cash provided by operating activities of $25.5 million; $42.6 million when excluding $17.1 million in cash paid for interest\n\n\n THE WOODLANDS, Texas--(BUSINESS WIRE)--\nTarget Hospitality Corp. (“Target Hospitality” or the “Company”) (NASDAQ:TH), the largest provider of vertically-integrated specialty rental accommodations with premium catering and value-added hospitality services in the U.S., today reported results for the third quarter ended September 30, 2019.\n\n\nFinancial and Operational Highlights for the Third Quarter 2019\n\n\n\nRevenues increased to $81.6 million, up 35% year-over-year, led by growth in the Permian Basin\n\n\nNet income of $9.6 million, and Adjusted net income of $11.3 million, up 14% year-over-year\n\n\nBasic and diluted earnings per share of $0.10, and Adjusted earnings per share(1) of $0.11\n\n\nAdjusted EBITDA of $40.6 million, up 30% year-over-year with Adjusted EBITDA margin of 49.7%\n\n\nIncreased average utilized beds to a record 10,340, up 41% year-over-year, driven by a combination of acquisitions and organic bed additions\n\n\nContinued robust cash generation; excluding cash paid for interest of $17.1 million, net cash provided by operating activities of $42.6 million for the quarter\n\n\nIntegration of communities acquired from Superior Lodging and ProPetro progressing according to plan; converted all four recently acquired communities into full turnkey facilities\n\n\nTwo new communities in Carlsbad, New Mexico and Orla, Texas became operational for a total of 600 beds, with expansion activities for an additional 200 beds on track\n\n\n\n“Our third quarter 2019 results demonstrate the resiliency of our business as we made meaningful progress in executing our growth plans. Target Hospitality crossed 13,000 total beds and operated over 9,000 total beds in the Permian Basin, which were all time records for the company,” said Brad Archer, President & Chief Executive Officer of Target Hospitality.\n\n\n“Target Hospitality also successfully integrated two acquisitions, completed construction and started operations at two brand new communities, and generated a record amount of ...