secwatch.observer — SEC 8-K summary
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Issuer:     Target Hospitality Corp. (TH)
CIK:        0001712189
Form:       8-K
Filed at:   2023-12-13T23:59:59+00:00
Accession:  0001712189-23-000088
Event type: other_material
Sentiment:  neutral
Materiality: 0.85
Item codes: 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1712189/000171218923000088/0001712189-23-000088-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1712189/000171218923000088/th8-k.htm
  HTML page:      https://secwatch.observer/filing/0001712189-23-000088

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