secwatch.observer — SEC 8-K summary
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Issuer:     Target Hospitality Corp. (TH)
CIK:        0001712189
Form:       8-K
Filed at:   2024-06-27T23:59:59+00:00
Accession:  0001712189-24-000079
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Target Hospitality revises 2024 outlook after U.S. ends STFRC contract; revenue guidance cut to $375-385M
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- U.S. government terminated South Texas Family Residential Center contract, effective Aug 9, 2024; contract contributed ~$55.9M revenue in 2023.
- Revised 2024 outlook: revenue $375-385M, Adjusted EBITDA $184-190M, capex $25-30M.
- Anticipates zero net debt by year-end 2024 and >$350M total available liquidity; as of May 31, had $147M cash and $322M liquidity.
- Pecos Children's Center contract renewal expected in Nov 2024, but company excludes incremental variable revenue from guidance.
- TDR proposal at $10.80/share remains under review by Special Committee; no decision announced.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1712189/000171218924000079/0001712189-24-000079-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1712189/000171218924000079/th8-k.htm
  HTML page:      https://secwatch.observer/filing/0001712189-24-000079

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