Business
Target Hospitality Announces Third Quarter 2020 Results
THE WOODLANDS, Texas, Nov. 9, 2020 /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, Nov. 9, 2020 /PRNewswire/ -- Target Hospitality Corp. (\"Target Hospitality\", \"Target\" or the \"Company\") (NASDAQ: TH), the largest provider of vertically-integrated specialty hospitality accommodations with premium catering and value-added hospitality services in the U.S., today reported results for the three months ended September 30, 2020.\nFinancial and Operational Highlights for the Third Quarter 2020\nRevenues of $48.3 million for the three months ended September 30, 2020 as compared to $81.6 million for the same period in 2019 Net income (loss) of $(7.9) million for the three months ended September 30, 2020, compared to a net income of $9.6 million for the third quarter of 2019 Basic and diluted (loss) per share of $(0.08) for the three months ended September 30, 2020 Adjusted EBITDA(1) of $17.0 million, compared to $40.6 million for the third quarter of 2019 Strong cash generation in a challenging environment, with net cash provided by operating activities of $28.6 million and Discretionary Cash Flow (\"DCF\") (1) of $27.8 million for the nine months ended September 30, 2020 Strong balance sheet with liquidity of $64.1 million and net leverage of 4.1 times as of September 30, 2020 Maintaining focus on utilizing $15 million of third quarter discretionary cash flow to reduce borrowings on the Company's revolving credit facility Meaningful project activity from TC Energy Corporation's Keystone XL pipeline project, contributing approximately $11.6 million in revenue Renewed and extended lease and services agreement with CoreCivic, Inc. (\"CoreCivic\") servicing the South Texas Family Residential Center (\"STFRC\") for five years, expiring September 2026, securing approximately $265 million in previously uncontracted revenueExecutive Commentary\n\"As we continue to navigate through a challenging operating environment, Target produced solid third quarter results across our business. We continued to experience positive trends in customer activity levels, providing steady improvement in Target's operating metrics, from lows experienced during the second quarter, including occupancy and utilization. These trends, along with the Company's contract structure, including exclusivity, allowed us to benefit from improving customer demand for our premium accommodations across our network. Further, Target is ben...