Target Hospitality Q3 2022 Earnings Report
Key Takeaways
Target Hospitality reported record third-quarter revenue of $159.6 million, a 79% increase year-over-year. Net income was $19.0 million, compared to $6.7 million in the same period last year. The company also announced an exclusive 11-year partnership and authorized a stock repurchase program of up to $100 million.
Record quarterly revenue of $159.6 million, up 79% year-over-year.
Net income of $19.0 million, compared to $6.7 million in the same period last year.
Adjusted EBITDA increased by 125% from the same period in 2021.
Authorized up to $100 million stock repurchase plan.
Target Hospitality
Target Hospitality
Target Hospitality Revenue by Segment
Forward Guidance
Target Hospitality provided preliminary 2023 financial outlook, excluding acquisitions. Total minimum revenue of $525 million (excluding variable services revenue). Total maximum revenue of $710 million (including variable services revenue). Minimum Adjusted EBITDA of $365 million. Total capital spending between $10 and $20 million, excluding acquisitions. Zero net debt by second half 2023.
Positive Outlook
- Total minimum revenue of $525 million (excluding variable services revenue)
- Total maximum revenue of $710 million (including variable services revenue)
- Minimum Adjusted EBITDA of $365 million
- Total capital spending between $10 and $20 million, excluding acquisitions
- Zero net debt by second half 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income