Business
Target Hospitality Reports Record Third Quarter 2022 Results, Announces Exclusive 11-year Partnership and Authorizes up to $100 million Stock Repurchase Program
THE WOODLANDS, Texas, Nov. 9, 2022 /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, Nov. 9, 2022 /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 September 30, 2022.\nFinancial and Operational Highlights for the Third Quarter 2022\nRecord quarterly revenue of $159.6 million for the three months ended September 30, 2022, an increase of 79% from the same period in 2021Net income of $19.0 million for the three months ended September 30, 2022, compared to $6.7 million for the same period in 2021Basic and diluted income per share of $0.20 for the three months ended September 30, 2022Record quarterly Adjusted EBITDA(1) of $84.4 million for the three months ended September 30, 2022, an increase of 125% from the same period in 2021Record cash generation with net cash provided by operating activities of $261.2 million and Discretionary Cash Flow (\"DCF\")(1) of $257.5 million for the three months ended September 30, 2022Significant financial flexibility with over $300 million in total available liquidity and net leverage ratio of 0.8 times as of September 30, 2022Exclusive 11-year partnership with nonprofit partner to continue jointly providing services solely for the expanded humanitarian community, previously announced on July 6, 2022, (\"Expanded Humanitarian Community\")Strong business momentum supporting three consecutive quarterly increases in customer demand across Target's Hospitality and Facility Services (\"HFS\") segments, driving a 14% increase from the third quarter of 2021Extended multiple HFS customer contracts worth over $75 million of cumulative revenue through 2025Maximizing network optimization with a 19% increase in total average utilized beds from the same period in 2021Executing on strategic diversification with approximately 77% of third quarter 2022 revenue derived from committed revenue contracts backed by the United States governmentAuthorized up to $100 million stock repurchase plan, expanding the range of potential value enhancing capital allocation initiativesExecutive Commentary\n\"Our impressive third quarter results are a direct reflection of our commitment to continue enhancing our operational flexibility, while increasing financia...