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TH Target Hospitality

Target Hospitality is the largest provider of vertically integrated specialty rental accommodations and value- added hospitality services in the United States. Target Hospitality builds, owns, and operates customized housing communities for a range of end users, and offers a full suite of cost-effective hospitality solutions including culinary, catering, concierge, laundry and security services as well as recreational facilities. Target Hospitality primarily serves the energy and government sectors, and its growing network of 25 communities with over 13,000 rooms is designed to maximize workforce productivity and satisfaction.

TH stock data

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Calendar

11 Aug 21
22 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
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Annual (USD)
Dec 20 Dec 19 Dec 18
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 6.47M 6.47M 6.47M 6.47M 6.47M 6.47M
Cash burn (monthly) (positive/no burn) 1.13M (positive/no burn) 2.24M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 4.22M n/a 8.41M n/a n/a
Cash remaining n/a 2.25M n/a -1.94M n/a n/a
Runway (months of cash) n/a 2.0 n/a -0.9 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Sep 21 Pamela H. Patenaude RSU Common Stock Grant Acquire A No No 0 17,351 0 17,351
3 Sep 21 Eric Kalamaras Common Stock, par value $0.0001 per share Payment of exercise Dispose F No No 4.14 2,974 12.31K 147,943
3 Sep 21 Eric Kalamaras Common Stock, par value $0.0001 per share Option exercise Acquire M No No 0 12,215 0 150,917
3 Sep 21 Eric Kalamaras RSU Common Stock Option exercise Dispose M No No 0 12,215 0 215,467
20 Aug 21 Studdert Andrew P Common Stock, par value $0.0001 per share Buy Acquire P No No 3.48 10,000 34.8K 197,632
16 Aug 21 Sagansky Jeffrey Common Stock, par value $0.0001 per share Buy Acquire P No No 3.39 97,143 329.31K 3,539,122

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

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Total holders 0 0
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Total puts 0 0
Total calls 0 0
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Financial report summary

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Risks
  • The COVID-19 pandemic and its impact on business and economic conditions have adversely affected and may continue to adversely affect, our results of operations and financial position. Those adverse effects could be material.
  • We face significant competition as a provider of specialty rental and hospitality services in the specialty rental sector. If we are unable to compete successfully, we could lose customers and our revenue and profitability could decline.
  • We depend on several significant customers. The loss of one or more such customers or the inability of one or more such customers to meet their obligations could adversely affect our results of operations.
  • Our business depends on the quality and reputation of the Company and its communities, and any deterioration in such quality or reputation could adversely impact its market share, business, financial condition or results of operations.
  • We derive a substantial portion of our revenue from the operation of the South Texas Family Residential Center for the U.S. government through a subcontract with a government contractor. The loss of, or a significant decrease in revenues from, this customer could seriously harm our financial condition and results of operations.
  • Public resistance and potential legal challenges to, and increasing scrutiny of, the use of family residential facilities like our South Texas Residential Center could affect our ability to obtain new contracts or result in the loss of existing contracts and negatively impact our brand or reputation, each of which could have a material adverse effect on our business, financial condition and results of operations.
  • Our oil and gas customers are exposed to a number of unique operating risks and challenges which could also adversely affect us.
  • We may be adversely affected if customers reduce their specialty rental and hospitality services outsourcing.
  • Our failure to retain our current customers, renew existing customer contracts, and obtain new customer contracts, or the termination of existing contracts, could adversely affect our business.
  • If we do not effectively manage our credit risk or collect on our accounts receivable, it could have a material adverse effect on our business, financial condition, and results of operations.
  • Our operations could be subject to natural disasters and other business disruptions, which could materially adversely affect our future revenue and financial condition and increase its costs and expenses.
  • Construction risks exist which may adversely affect our results of operations.
  • Due to the nature of the natural resources industry, our business may be adversely affected by periods of low oil, or natural gas prices or unsuccessful exploration results may decrease customers’ spending and therefore our results.
  • Demand for our products and services is sensitive to changes in demand within a number of key industry end-markets and geographic regions.
  • Decreased customer expenditure levels could adversely affect our results of operations.
  • Our business is contract intensive and may lead to customer disputes or delays in receipt of payments.
  • Certain of our major communities are located on land subject to leases. If we are unable to renew a lease, we could be materially and adversely affected.
  • Third parties may fail to provide necessary services and materials for our communities and other sites.
  • It may become difficult for us to find and retain qualified employees, and failure to do so could impede our ability to execute our business plan and growth strategy.
  • Significant increases in raw material and labor costs could increase our operating costs significantly and harm our profitability.
  • Increased operating costs and obstacles to cost recovery due to the pricing and cancellation terms of our specialty rental and hospitality services contracts may constrain its ability to make a profit.
  • Our future operating results may fluctuate, fail to match past performance, or fail to meet expectations.
  • We are exposed to various possible claims relating to our business, and our insurance may not fully protect us.
  • If we determine that our goodwill and intangible assets have become impaired, we may incur impairment charges, which would negatively impact our reported operating results.
  • A failure to maintain food safety or comply with government regulations related to food and beverages may subject us to liability.
  • Unanticipated changes in our tax obligations, the adoption of a new tax legislation, or exposure to additional income tax liabilities could affect profitability.
  • Our ability to use our net operating loss carryforwards and other tax attributes may be limited.
  • We may be unable to recognize deferred tax assets and, as a result, lose future tax savings, which could have a negative impact on our liquidity and financial position.
  • We are subject to various laws and regulations including those governing our contractual relationships with the U.S. government and U.S. government contractors and the health and safety of our workforce and our customers. Obligations and liabilities under these laws and regulations may materially harm our business.
  • We are subject to various anti-corruption laws and we may be subject to other liabilities which could have a material adverse effect on our business, results of operations and financial condition.
  • We may be subject to environmental laws and regulations that may require us to take actions that will adversely affect our results of operations.
  • We may be subject to litigation, judgments, orders or regulatory proceedings that could materially harm our business.
  • We may be exposed to certain regulatory and financial risks related to climate change.
  • We may not be able to successfully acquire and integrate new operations, which could cause our business to suffer.
  • Global or local economic movements could have a material adverse effect on our business.
  • Any failure of our management information systems could disrupt our business and result in decreased revenue and increased overhead costs.
  • Our business could be negatively impacted by security threats, including cyber-security threats and other disruptions.
  • Failure to keep pace with developments in technology could adversely affect our operations or competitive position.
  • Our leverage may make it difficult for us to service our debt and operate our business.
  • Global capital and credit markets conditions could materially adversely affect our ability to access the capital and credit markets or the ability of key counterparties to perform their obligations to it.
  • We are, and may in the future become, subject to covenants that limit our operating and financial flexibility and, if we default under our debt covenants, we may not be able to meet our payment obligations.
  • Restrictions in Arrow Bidco’s existing and future debt agreements could limit our growth and our ability to respond to changing conditions.
  • Credit rating downgrades could adversely affect our businesses, cash flows, financial condition and operating results.
  • We have incurred and expect to continue to incur significantly increased costs as a result of operating as a public company, and our management is required to devote substantial time to compliance efforts.
  • We are an “emerging growth company” and as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our common stock may be less attractive to investors.
Management Discussion
  • Total Revenue. Total revenue was $225.1 million for the year ended December 31, 2020 as compared to $321.1 million for the year ended December 31, 2019, and consisted of $132.4 million of services income, $53.0 million of specialty rental income and $39.8 million of construction fee income. Total revenue for the year ended December 31, 2019 consisted of $242.8 million of services income, $59.8 million of specialty rental income and $18.5 million of construction fee income.
  • Services income consists primarily of specialty rental and vertically integrated hospitality services and comprehensive hospitality services including catering, food services, maintenance, housekeeping, grounds-keeping, security, overall workforce community management services, health and recreation facilities, concierge services and laundry service. The main driver of the decline in services income revenue year over year was the reduction of customer activity in the Permian Basin and the temporary closure of communities in the Bakken Basin in May 2020, due to the effects of oil price volatility and COVID-19.  However, as customer activity levels began increasing during the third quarter of 2020, we began re-opening several communities in July of 2020 as a result of increased customer demand.  
  • Construction fee income consists primarily of revenue from the construction phase of the TCPL contract as well as the other contract originated on March 1, 2019 as previously mentioned.  Specialty rental income consists primarily of revenues from renting rooms at facilities leased or owned.
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