TH FY 2023 Earnings Report — Target Hospitality Corp. Revenue & Financial Results | Market Cap Arena

Target Hospitality Corp.TH

FY 2023 Earnings

Reported March 13, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$564M	—	$502M	—	12.3%
Op. Income	$241M	—	$174M	—	38.0%
Gross Margin	55.6%	—	49.2%	—	6.4pp
Net Margin	30.8%	—	14.7%	—	16.1pp
EPS (Diluted)	$1.56	—	$0.74	—	110.8%
Free Cash Flow	$88M	—	$165M	—	-46.4%

Revenue Flow

Item	Amount
REVENUE	$564M
Cost of Revenue	$250M
GROSS PROFIT	$313M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$56M
Other Expenses	$17M
Operating Expenses	$73M
Cost & Expenses	$323M
OPERATING INCOME	$241M
Interest Income	$4M
Interest Expense	$27M
Other Income/Expenses	-$16M
INCOME BEFORE TAX	$225M
Income Tax Expense	$51M
Net Income from Continuing Ops	$174M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$174M
Net Income Deductions	$9M
BOTTOM LINE NET INCOME	$165M
D&A	$84M
EBIT	$249M
EBITDA	$333M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$564M
Cost of Revenue	$250M
GROSS PROFIT	$313M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$56M
Other Expenses	$17M
Operating Expenses	$73M
Cost & Expenses	$323M
OPERATING INCOME	$241M
Interest Income	$4M
Interest Expense	$27M
Other Income/Expenses	-$16M
INCOME BEFORE TAX	$225M
Income Tax Expense	$51M
Net Income from Continuing Ops	$174M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$174M
Net Income Deductions	$9M
BOTTOM LINE NET INCOME	$165M
D&A	$84M
EBIT	$249M
EBITDA	$333M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$174M
Depreciation & Amortization	$84M
Stock-Based Compensation	$11M
Deferred Income Tax	$38M
Other Non-Cash Items	$16M
Change in Working Capital	-$165M
OPERATING CASH FLOW	$157M
Capital Expenditure	-$68M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$4M
NET CASH FROM INVESTING	-$68M
Net Debt Issuance	-$154M
Common Stock Repurchased	-$7M
Common Dividends Paid	$0
Other Financing Activities	-$5M
NET CASH FROM FINANCING	-$166M
FREE CASH FLOW	$88M
Net Change in Cash	-$78M

Balance Sheet

Item	Amount
Cash & Equivalents	$104M
Short-Term Investments	$0
Net Receivables	$67M
Inventory	$0
Other Current Assets	$9M
TOTAL CURRENT ASSETS	$181M
PP&E (Net)	$403M
Goodwill	$41M
Intangible Assets	$67M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$2M
TOTAL NON-CURRENT ASSETS	$514M
TOTAL ASSETS	$694M
Account Payables	$21M
Short-Term Debt	$0
Deferred Revenue	$2M
Other Current Liabilities	$10M
TOTAL CURRENT LIABILITIES	$70M
Long-Term Debt	$178M
Deferred Revenue NC	$4M
Deferred Tax Liabilities	$53M
Other Non-Current Liabilities	$2M
TOTAL NON-CURRENT LIABILITIES	$247M
TOTAL LIABILITIES	$317M
Common Stock	$10.0K
Additional Paid-In Capital	$142M
Retained Earnings	$261M
Treasury Stock	-$24M
Accum. Other Comp. Income	-$3M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$377M
Minority Interest	$0
TOTAL EQUITY	$377M
TOTAL LIABILITIES & EQUITY	$694M
Total Debt	$201M
Net Debt	$97M