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Mar 31, 2023
Target Hospitality Q1 2023 Earnings Report
Reported strong results with sustained business momentum and continued achievement of strategic objectives.
Key Takeaways
Target Hospitality reported a strong first quarter with revenue increasing by 84% to $147.8 million and net income reaching $43.8 million, driven by growth in the Government segment and the Expanded Humanitarian Community.
Revenue increased 84% to $147.8 million compared to Q1 2022.
Net income was $43.8 million, a significant increase from $0.5 million in the same period last year.
Adjusted EBITDA increased 171% to $90.6 million year-over-year.
The company achieved a strategic objective with an 80% improvement in net leverage ratio, reaching 0.5x as of March 31, 2023.
Revenue by Segment
Forward Guidance
Target Hospitality provided preliminary 2023 outlook, excluding acquisitions, including total minimum revenue of $525 million, total maximum revenue of $710 million, minimum Adjusted EBITDA of $365 million, and total capital spending between $20 and $30 million.
Positive Outlook
- Total minimum revenue of $525 million (excluding variable service revenue)
- Total maximum revenue of $710 million (including variable service revenue)
- Minimum Adjusted EBITDA of $365 million
- Total capital spending between $20 and $30 million, excluding acquisitions
- Zero net debt by second half of 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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