secwatch.observer — SEC 8-K summary
======================================

Issuer:     Target Hospitality Corp. (TH)
CIK:        0001712189
Form:       8-K
Filed at:   2024-11-12T23:59:59+00:00
Accession:  0001558370-24-015144
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Target Hospitality Q3 revenue falls 35% to $95.2M; adjusted EBITDA down 48%
---------------------------------------------------------------------------

- Net income of $20.1M ($0.20 diluted EPS) vs $45.6M ($0.43) YoY; adjusted EBITDA $49.7M vs $95.0M.
- Utilization dropped to 81% from 89%; average utilized beds 13,138 vs 14,508, driven by PCC amortization end and STFRC contract termination.
- Cash position $178M; total liquidity ~$353M; net leverage 0.0x; zero net debt target reaffirmed for year-end 2024.
- Year-to-date through Nov 8, repurchased 3.8M shares for $33.2M under $100M buyback program.
- 2024 outlook reaffirmed: revenue $375-385M, adjusted EBITDA $184-190M, capex $25-30M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1712189/000155837024015144/0001558370-24-015144-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1712189/000155837024015144/th-20241112x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-015144

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer