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Sep 30, 2021
Target Hospitality Q3 2021 Earnings Report
Reported exceptional third quarter results driven by significant cash flows and strengthening customer demand led by government contracts.
Key Takeaways
Target Hospitality reported an 85% increase in revenue to $89.2 million and a net income increase to $6.7 million for the third quarter of 2021. The company also raised its full year 2021 financial outlook by 7% for revenue and 9% for Adjusted EBITDA.
Revenue increased to $89.2 million, an increase of 85% year-over-year.
Net income increased to $6.7 million, an increase of $14.3 million year-over-year.
Adjusted EBITDA of $37.5 million, up 121% year-over-year.
Approximately 52% of third quarter 2021 revenue related to committed revenue contracts backed by the United States Government.
Target Hospitality
Target Hospitality
Target Hospitality Revenue by Segment
Revenue by Segment
Government Revenue
CapyFin.comHospitality & Facilities Services - South Revenue
CapyFin.comAll Other Revenue
CapyFin.com Forward Guidance
Target Hospitality raised 2021 financial outlook to total revenue between $280 and $285 million and Adjusted EBITDA between $110 and $113 million.
Positive Outlook
- Total revenue between $280 and $285 million
- Adjusted EBITDA between $110 and $113 million
- Interest expense between $33 and $35 million
- Discretionary Cash Flow between $75 and $80 million
- Targeting a total net leverage ratio below 3.0x by year end 2021
Revenue & Expenses
Visualization of income flow from segment revenue to net income