Target Hospitality Corp.
For the period ended Dec 31, 2024. Filed Mar 26, 2025.
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FY2024 · Filed Mar 26, 2025
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, | |||||||||
| · 2024 · 2023 · · 2022 | |||||||||
| Cash flows from operating activities: · · · · · · | |||||||||
| Net income | | $71,407 | | $173,700 | | $73,939 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | ||
| Depreciation | | 59,331 | | 70,530 | | | 54,363 | ||
| Amortization of intangible assets | | 13,475 | | 13,447 | | | 13,302 | ||
| Noncash operating lease expense | | | 10,060 | | | 17,797 | | | 10,782 |
| Accretion of asset retirement obligation | | 139 | | 177 | | | 168 | ||
| Amortization of deferred financing costs | | 1,098 | | 2,881 | | | 4,689 | ||
| Amortization of original issue discount | | | 1,745 | | | 750 | | | 711 |
| Change in fair value of warrant liabilities | | | (675) | | | (9,062) | | | 31,735 |
| Stock-based compensation expense | | | 7,306 | | | 11,174 | | | 19,242 |
| (Gain) loss on sale of specialty rental assets and other property, plant and equipment | | | (322) | | | 137 | | | (101) |
| Loss on extinguishment of debt | | | — | | | 2,279 | | | — |
| Deferred income taxes | | (3,803) | | 37,902 | | | 29,882 | ||
| Provision for credit losses on receivables, net of recoveries | | | 257 | | | 544 | | | 407 |
| Other | | | 778 | | | — | | | — |
| Changes in operating assets and liabilities | | | | | | | | | |
| Accounts receivable | | 17,599 | | (25,800) | | | (13,692) | ||
| Related party receivable | | | — | | | — | | | — |
| Prepaid expenses and other assets | | 139 | | 3,083 | | | (10,120) | ||
| Accounts payable and other accrued liabilities | | (13,568) | | (10,394) | | | 6,371 | ||
| Deferred revenue and customer deposits | | (4,235) | | (120,050) | | | 91,108 | ||
| Operating lease obligation | | | (9,630) | | | (13,477) | | | (8,617) |
| Other non-current assets and liabilities | | 574 | | 1,183 | | | 1,443 | ||
| Net cash provided by operating activities | | 151,675 | | 156,801 | | | 305,612 | ||
| Cash flows from investing activities: | | | | | | | |||
| Purchase of specialty rental assets | | (29,557) | | (60,808) | | | (120,287) | ||
| Purchase of property, plant and equipment | | (687) | | (3,066) | | | (20,556) | ||
| Acquired intangible assets | | | — | | | (4,547) | | | — |
| Proceeds from the sale of specialty rental assets and other property, plant and equipment | | | 1,402 | | | 241 | | | 615 |
| Net cash used in investing activities | | (28,842) | | (68,180) | | | (140,228) | ||
| Cash flows from financing activities: | | | | | | | |||
| Principal payments on finance and finance lease obligations | | (1,695) | | (1,404) | | | (1,008) | ||
| Principal payments on borrowings from ABL | | — | | — | | | (70,000) | ||
| Proceeds from borrowings on ABL | | — | | — | | | 70,000 | ||
| Repayment of Senior Notes | | — | | (153,054) | | | (5,500) | ||
| Repurchase of Common Stock | | | (33,496) | | | — | | | — |
| Payment of issuance costs from warrant exchange | | | — | | | (1,504) | | | (774) |
| Distributions paid to noncontrolling interest | | | (65) | | | — | | | — |
| Proceeds from issuance of Common Stock from exercise of warrants | | | 3 | | | 209 | | | 80 |
| Proceeds from issuance of Common Stock from exercise of options | | | 1,850 | | | 1,396 | | | 225 |
| Payment of deferred financing costs | | | — | | | (5,194) | | | — |
| Taxes paid related to net share settlement of equity awards | | | (2,661) | | | (6,818) | | | (121) |
| Net cash used in financing activities | | (36,064) | | (166,369) | | | (7,098) | ||
| | | | | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | | (30) | | | 4 | | | (19) |
| | | | | | | | | | |
| Net increase (decrease) in cash and cash equivalents | | 86,739 | | (77,744) | | | 158,267 | ||
| Cash and cash equivalents - beginning of year | | 103,929 | | 181,673 | | | 23,406 | ||
| Cash and cash equivalents - end of year | | $190,668 | | $103,929 | | $181,673 | |||
| | | | | | | | | | |
| Supplemental Cash Flow Information: | | | | | | | | | |
| Cash paid for interest, net of amounts capitalized | | $17,975 | | $29,273 | | $32,653 | |||
| Income taxes paid, net of refunds received | | $28,771 | | $5,973 | | $4,865 | |||
| Decrease in accrued capital expenditures | | $348 | | $— | | $1,864 | |||
| Decrease in accrual of issuance costs from warrant exchange | | $— | | $1,504 | | $— | |||
| Operating lease liabilities arising from obtaining operating lease assets | | $(22,225) | | $(10,197) | | $(32,501) | |||
| Reduction in operating lease assets due to lease terminations and modifications | | $7,035 | | $— | | $— | |||
| | | | | | | | | | |
| Non-cash investing and financing activity: | | | | | | | | | |
| Non-cash repurchase of common stock as part of share repurchase program | | $(249) | | $— | | $— | |||
| Non-cash change in accrued distributions to noncontrolling interest | | $(68) | | $— | | $— | |||
| Non-cash issuance of common stock | | $(778) | | $— | | $— | |||
| 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 | | $(2,613) | | $(1,632) | | $(1,881) | |||
Target Hospitality Corp.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.