Target Hospitality announces $3.3B potential contract at Pecos; issues lower 2024 guidance

Target Hospitality Corp.

New PCC contract provides ~$178M minimum annual lease revenue; total potential $1.7B through 2028, plus up to $3.3B including occupancy-based revenue.
2023 outlook: revenue $550-560M, adjusted EBITDA $330-340M; approaching zero net debt by year end.
Preliminary 2024 outlook: revenue $410-425M, adjusted EBITDA $195-210M, down significantly from 2023.
EVP Operations J. Travis Kelley resigned effective Dec 11 for personal reasons, no disagreement.
Non-cash infrastructure revenue amortization of ~$117M in 2023 will not recur under new contract.

item 5.02 item 7.01 item 8.01 item 9.01

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Departed

J. Travis Kelley

Executive Vice President, Operations

TH · Target Hospitality Corp.

Effective: 2023-12-11
Filed: December 13, 2023, 6:59 PM ET

On December 11, 2023, J. Travis Kelley, Executive Vice President, Operations of Target Hospitality Corp. (the “ Company ”), submitted his resignation from his position with the Company for personal reasons effective immediately.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

J. Travis Kelley resigned as Executive Vice President, Operations at Target Hospitality Corp..

Action: resigned
Role: Executive Vice President, Operations

Exact text from the filing

On December 11, 2023, J. Travis Kelley, Executive Vice President, Operations of Target Hospitality Corp. (the “ Company ”), submitted his resignation from his position with the Company for personal reasons effective immediately.

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Source: SEC EDGAR

accession 0001712189-23-000088

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