Target Hospitality Corp
For the period ended Dec 31, 2023. Filed Mar 13, 2024.
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FY2023 · Filed Mar 13, 2024
TH$10.30-6.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
($ in thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · For the Years Ended | |||||||||
| · · December 31, | |||||||||
| · 2023 · 2022 · · 2021 | |||||||||
| Cash flows from operating activities: · · · · · · | |||||||||
| Net income (loss) | | $173,700 | | $73,939 | | $(4,576) | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | ||
| Depreciation | | 70,530 | | 54,363 | | | 55,883 | ||
| Amortization of intangible assets | | 13,447 | | 13,302 | | | 14,636 | ||
| Noncash operating lease expense | | | 17,797 | | | 10,782 | | | — |
| Accretion of asset retirement obligation | | 177 | | 168 | | | (204) | ||
| Amortization of deferred financing costs | | 2,881 | | 4,689 | | | 4,338 | ||
| Amortization of original issue discount | | | 750 | | | 711 | | | 638 |
| Change in fair value of warrant liabilities | | | (9,062) | | | 31,735 | | | 1,067 |
| Stock-based compensation expense | | | 11,174 | | | 19,242 | | | 5,084 |
| (Gain) loss on sale of specialty rental assets and other property, plant and equipment | | | 137 | | | (101) | | | 383 |
| Loss on extinguishment of debt | | | 2,279 | | | — | | | — |
| Deferred income taxes | | 37,902 | | 29,882 | | | 469 | ||
| Provision for credit losses on receivables, net of recoveries | | | 544 | | | 407 | | | 1,630 |
| Changes in operating assets and liabilities | | | | | | | | | |
| Accounts receivable | | (25,800) | | (13,692) | | | (2,228) | ||
| Related party receivable | | | — | | | — | | | 1,224 |
| Prepaid expenses and other assets | | 3,083 | | (10,120) | | | (1,156) | ||
| Accounts payable and other accrued liabilities | | (10,394) | | 6,371 | | | 9,926 | ||
| Deferred revenue and customer deposits | | (120,050) | | 91,108 | | | 16,040 | ||
| Operating lease obligation | | | (13,477) | | | (8,617) | | | — |
| Other non-current assets and liabilities | | 1,183 | | 1,443 | | | 1,445 | ||
| Net cash provided by operating activities | | 156,801 | | 305,612 | | | 104,599 | ||
| Cash flows from investing activities: | | | | | | | |||
| Purchase of specialty rental assets | | (60,808) | | (120,287) | | | (35,488) | ||
| Purchase of property, plant and equipment | | (3,066) | | (20,556) | | | (427) | ||
| Acquired intangible assets | | | (4,547) | | | — | | | — |
| Proceeds from the sale of specialty rental assets and other property, plant and equipment | | | 241 | | | 615 | | | — |
| Net cash used in investing activities | | (68,180) | | (140,228) | | | (35,915) | ||
| Cash flows from financing activities: | | | | | | | |||
| Principal payments on finance and finance lease obligations | | (1,404) | | (1,008) | | | (4,172) | ||
| Principal payments on borrowings from ABL | | — | | (70,000) | | | (76,000) | ||
| Proceeds from borrowings on ABL | | — | | 70,000 | | | 28,000 | ||
| Repayment of Senior Notes | | (153,054) | | (5,500) | | | — | ||
| Payment of issuance costs from warrant exchange | | | (1,504) | | | (774) | | | — |
| Proceeds from issuance of Common Stock from exercise of warrants | | | 209 | | | 80 | | | — |
| Proceeds from issuance of Common Stock from exercise of options | | | 1,396 | | | 225 | | | — |
| Payment of deferred financing costs | | | (5,194) | | | — | | | — |
| Taxes paid related to net share settlement of equity awards | | | (6,818) | | | (121) | | | (99) |
| Net cash used in financing activities | | (166,369) | | (7,098) | | | (52,271) | ||
| | | | | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | | 4 | | | (19) | | | 14 |
| | | | | | | | | | |
| Net increase (decrease) in cash and cash equivalents | | (77,744) | | 158,267 | | | 16,427 | ||
| Cash and cash equivalents - beginning of year | | 181,673 | | 23,406 | | | 6,979 | ||
| Cash and cash equivalents - end of year | | $103,929 | | $181,673 | | $23,406 | |||
| | | | | | | | | | |
| Supplemental Cash Flow Information: | | | | | | | | | |
| Cash paid for interest, net of amounts capitalized | | $29,273 | | $32,653 | | $33,766 | |||
| Income taxes paid, net of refunds received | | $5,973 | | $4,865 | | $765 | |||
| Decrease in accrued capital expenditures | | $— | | $1,864 | | $862 | |||
| Decrease in accrual of issuance costs from warrant exchange | | $1,504 | | $— | | $— | |||
| Operating lease liabilities arising from obtaining operating lease assets | | $(10,197) | | $(32,501) | | $— | |||
| | | | | | | | | | |
| Non-cash investing and financing activity: | | | | | | | | ||
| Non-cash capital contribution - warrant liabilities from warrant exchange | | $— | | $23,598 | | $— | |||
| Non-cash change in accrued issuance costs from warrant exchange | | $— | | $(1,504) | | $— | |||
| Non-cash change in accrued capital expenditures | | $(129) | | $— | | $— | |||
| Non-cash change in finance lease obligations | | $(1,632) | | $(1,881) | | $(1,780) | |||
Target Hospitality Corp.
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