Target Hospitality Corp

For the period ended Jun 30, 2024. Filed Aug 7, 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.

Jun 30, 2024 · Filed Aug 7, 2024

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

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Contents

Unaudited Consolidated Statements of Cash Flows


· · For the Six Months Ended
· · June 30,
· 2024 · 2023
Cash flows from operating activities: · · ·
Net income	$38,769	$90,278
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	30,648	36,530
Amortization of intangible assets	6,730	6,703
Noncash operating lease expense	5,386	9,471
Accretion of asset retirement obligation	77	87
Amortization of deferred financing costs	540	1,753
Amortization of original issue discount	846	313
Change in fair value of warrant liabilities	(675)	(4,385)
Stock-based compensation expense	4,083	9,113
(Gain) loss on disposal of specialty rental assets and other property, plant and equipment	23	207
Loss on extinguishment of debt	—	2,128
Deferred income taxes	1,099	19,722
Provision for credit losses on receivables, net of recoveries	55	65
Changes in operating assets and liabilities
Accounts receivable	18,790	(11,547)
Prepaid expenses and other assets	3,675	5,621
Accounts payable and other accrued liabilities	(13,458)	(19,425)
Deferred revenue and customer deposits	(2,213)	(70,359)
Operating lease obligation	(5,301)	(6,751)
Other non-current assets and liabilities	622	751
Net cash provided by operating activities	89,696	70,275
Cash flows from investing activities:
Purchase of specialty rental assets	(15,918)	(42,916)
Purchase of property, plant, and equipment	(261)	(1,493)
Acquired intangible assets	—	(4,547)
Proceeds from sale of specialty rental assets and other property, plant and equipment	42	165
Net cash used in investing activities	(16,137)	(48,791)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(824)	(701)
Repayment of Senior Notes	—	(125,000)
Repurchase of Common Stock	(21,137)	—
Payment of issuance costs from warrant exchange	—	(1,504)
Proceeds from issuance of Common Stock from exercise of warrants	3	209
Proceeds from issuance of Common Stock from exercise of options	1,386	1,252
Payment of deferred financing costs	—	(1,423)
Taxes paid related to net share settlement of equity awards	(2,615)	(6,418)
Net cash used in financing activities	(23,187)	(133,585)

Effect of exchange rate changes on cash and cash equivalents	(5)	6

Net increase (decrease) in cash and cash equivalents	50,367	(112,095)
Cash and cash equivalents - beginning of period	103,929	181,673
Cash and cash equivalents - end of period	$154,296	$69,578

Non-cash investing and financing activity:
Non-cash change in accrued capital expenditures	$(1,109)	$(2,142)
Non-cash change in accrued excise tax on repurchase of Common Stock	$(126)	$—
Non-cash change in finance lease obligations	$(1,054)	$(882)
Non-cash change in accrued proceeds from the issuance of Common Stock from the exercise of options	$428	$—

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.