Business
Target Hospitality Reports Record Setting Second Quarter 2023 Results and Expands Strategic Partnerships to Pursue Growing Humanitarian Demand
THE WOODLANDS, Texas, Aug. 9, 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, Aug. 9, 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 three months ended June 30, 2023.\nFinancial and Operational Highlights \nSecond quarter 2023 revenue increased 31% to $143.6 million compared to the same period in 2022Net income of $46.5 million for the three months ended June 30, 2023, compared to $22.9 million for the same period in 2022Basic and diluted income per share of $0.46 and $0.44, respectively, for the three months ended June 30, 2023Record Adjusted EBITDA of $90.9 million for the second quarter 2023, an increase of 62% compared to the same period in 2022Generated net cash provided by operating activities of over $379 million and Discretionary Cash Flow (\"DCF\")(1) of over $368 million for the twelve months ended June 30, 2023Significant financial flexibility with approximately $195 million in total available liquidity and a net leverage ratio of 0.4x as of June 30, 2023Acquired strategic humanitarian assets focused on increasing Target's portfolio capacity to meet the U.S. government's stated and urgent need for additional humanitarian housing solutionsNotice issued from the U.S. government of their desire to increase influx care facility (\"ICF\") network capacity to approximately 10,000 ICF beds across multiple geographic locationsEstablished strategic partnership with world-class government service provider to jointly pursue several new ICF community sitesSubmitted several bids, supporting approximately $1.0 billion of capital deployment in response to the government's solicitation for all-inclusive purpose-built ICF sitesStrategically positioned to continue supporting the government's desired ICF network capacity through Target's established, and highly customized, Pecos Children's Center (\"PCC\") community in Pecos, Texas, jointly with Target's existing non-profit partnerExecutive Commentary\n\"Our record setting second quarter results reflect the positive momentum we have sustained over the past year. We have established significant operational flexibility and scale, which supports consistent financial results while simultaneously aligning with customer dema...