Target Hospitality Q3 2023 Earnings Report
Key Takeaways
Target Hospitality reported Q3 2023 revenue of $145.9 million and net income of $45.6 million, with adjusted EBITDA reaching $95.0 million. The company also announced a contract award for the Influx Care Facility at its Pecos Children’s Center and is optimizing its financial position, anticipating available liquidity to exceed $315 million by year-end 2023.
Revenue reached $145.9 million, compared to $159.6 million for the same period in 2022.
Net income increased to $45.6 million, up from $19.0 million in the same period last year.
Adjusted EBITDA rose by 13% to $95.0 million.
The company anticipates available liquidity exceeding $315 million by year-end 2023.
Target Hospitality
Target Hospitality
Target Hospitality Revenue by Segment
Forward Guidance
Target Hospitality is reiterating its 2023 outlook, excluding acquisitions, with total revenue expected to be between $550 and $580 million and adjusted EBITDA between $346 and $365 million.
Positive Outlook
- Total revenue between $550 and $580 million
- Adjusted EBITDA between $346 and $365 million
- Total capital spending between $30 and $35 million, excluding acquisitions
- Zero net debt by year end 2023
- Includes non-cash infrastructure revenue amortization of approximately $117 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income