Target Hospitality Q4 2022 Earnings Report
Key Takeaways
Target Hospitality reported a strong fourth quarter and full year 2022, driven by the Government segment and the Expanded Humanitarian Community. The company achieved record revenue and Adjusted EBITDA for the year, and saw increased customer demand across its HFS segments.
Record revenue of $502.0 million for year ended December 31, 2022, an increase of 72% year-over-year
Net income of $73.9 million for year ended December 31, 2022, compared to net loss of $4.6 million for the same period in 2021
Extended numerous HFS customer contracts worth over $200 million of cumulative revenue through 2028
Maximizing network optimization with a 25% increase in total average utilized beds from 2021
Target Hospitality
Target Hospitality
Target Hospitality Revenue by Segment
Forward Guidance
Target Hospitality provided preliminary 2023 outlook, excluding acquisitions, including 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, and zero net debt by second half of 2023.
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(1) of $365 million
- Zero net debt by second half of 2023
- 2023 financial outlook includes non-cash infrastructure revenue amortization of approximately $117 million associated with the Expanded Humanitarian Community enhancements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income