Target Hospitality Corp

For the period ended Mar 31, 2024. Filed May 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 8, 2024

TH$10.30-6.9%Stored close · as of Nov 10, 2026

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Contents

Unaudited Consolidated Statements of Cash Flows

($ in thousands)


· · For the Three Months Ended
· · March 31,
· 2024 · 2023
Cash flows from operating activities: · · ·
Net income	$20,383	$43,825
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	15,303	18,065
Amortization of intangible assets	3,363	3,335
Noncash operating lease expense	2,842	4,718
Accretion of asset retirement obligation	46	43
Amortization of deferred financing costs	268	1,090
Amortization of original issue discount	417	193
Change in fair value of warrant liabilities	(675)	(3,711)
Stock-based compensation expense	2,748	5,646
Gain on disposal of specialty rental assets and other property, plant and equipment	(42)	(104)
Loss on extinguishment of debt	—	2,128
Deferred income taxes	(874)	7,888
Provision for credit losses on receivables, net of recoveries	43	99
Changes in operating assets and liabilities
Accounts receivable	13,253	(11,005)
Prepaid expenses and other assets	1,551	4,629
Accounts payable and other accrued liabilities	(5,281)	(24,294)
Deferred revenue and customer deposits	(448)	(34,985)
Operating lease obligation	(2,713)	(3,354)
Other non-current assets and liabilities	407	323
Net cash provided by operating activities	50,591	14,529
Cash flows from investing activities:
Purchase of specialty rental assets	(8,825)	(23,002)
Purchase of property, plant, and equipment	(135)	(1,015)
Acquired intangible assets	—	(4,547)
Proceeds from sale of specialty rental assets and other property, plant and equipment	42	119
Net cash used in investing activities	(8,918)	(28,445)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(407)	(356)
Repayment of Senior Notes	—	(125,000)
Repurchase of Common Stock	(21,160)	—
Proceeds from issuance of Common Stock from exercise of warrants	3	42
Proceeds from issuance of Common Stock from exercise of options	268	1,252
Payment of deferred financing costs	—	(1,263)
Net cash used in financing activities	(21,296)	(125,325)

Effect of exchange rate changes on cash and cash equivalents	(4)	6

Net increase (decrease) in cash and cash equivalents	20,373	(139,235)
Cash and cash equivalents - beginning of period	103,929	181,673
Cash and cash equivalents - end of period	$124,302	$42,438

Non-cash investing and financing activity:
Non-cash change in accrued capital expenditures	$—	$(7,243)
Non-cash change in accrued excise tax on repurchase of Common Stock	$(211)	$—
Non-cash change in accrual of tax withholdings for net share settlement of equity awards	$(2,615)	$(6,177)
Non-cash change in finance lease obligations	$(858)	$(562)

See accompanying notes to the unaudited consolidated financial statements*.*

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.