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Sep 30, 2023
Target Hospitality Q3 2023 Earnings Report
Target Hospitality's Q3 2023 performance was marked by strong financial results and strategic advancements.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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