← Target Hospitality Corp.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
| Net Income (Loss) Attributable to Parent | $981k |
$4.0m
+308.95%
|
$6.2m
+55.44%
|
($25.1m)
-503.00%
|
($4.6m)
+81.79%
|
$73.9m
+1715.80%
|
$173.7m
+134.92%
|
$71.3m
-58.97%
|
($37.1m)
-152.09%
|
|
| Net Income (Loss) Available to Common Stockholders, Basic | $981k |
$4.0m
+308.95%
|
$6.2m
+55.44%
|
($27.5m)
-540.64%
|
($4.6m)
+83.35%
|
$73.9m
+1715.80%
|
$173.7m
+134.92%
|
$71.3m
-58.97%
|
($37.1m)
-152.09%
|
|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | $71.4m | ($37.1m) | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | $142k | $44k | |
| Depreciation and amortization | $25.2m | $32.0m | $15.5m | $15.6m | $16.9m | $14.8m | $15.4m | $15.6m | $16.2m | |
| Amortization of Debt Issuance Costs | — | — | $3.2m | $4.0m | $4.3m | $4.7m | $2.9m | $1.1m | $736k | |
| Amortization of Intangible Assets | $4.9m | $7.2m | $14.3m | $14.7m | $14.6m | $13.3m | $13.4m | $13.5m | $13.5m | |
| Depreciation | $25.2m | $32.0m | $44.6m | $50.9m | $55.9m | $54.4m | $70.5m | $59.3m | $59.9m | |
| Other Depreciation and Amortization | — | — | $15.5m | $15.6m | $16.9m | $14.8m | $15.4m | $15.6m | $16.2m | |
| Amortization of deferred financing costs | — | $608k | $3.2m | $4.0m | $4.3m | $4.7m | $2.9m | $1.1m | $736k | |
| Amortization of original issue discount | — | — | $425k | $557k | $638k | $711k | $750k | $1.7m | $440k | |
| Deferred Income Tax Expense (Benefit) | — | — | $6.0m | ($8.8m) | $469k | $29.9m | $37.9m | ($3.8m) | ($7.0m) | |
| Deferred income taxes | $21.9m | $10.9m | $6.0m | ($8.8m) | $469k | $29.9m | $37.9m | ($3.8m) | ($7.0m) | |
| Share-based Payment Arrangement, Noncash Expense | — | — | $1.7m | $3.6m | $5.1m | $19.2m | $11.2m | $7.3m | $7.6m | |
| Payment, Tax Withholding, Share-based Payment Arrangement | — | — | $90k | $221k | $99k | $121k | $6.8m | $2.7m | $2.2m | |
| Stock-based compensation expense | — | — | $1.7m | $3.6m | $5.1m | $19.2m | $11.2m | $7.3m | $7.6m | |
| Operating Lease, Impairment Loss | — | — | — | — | — | — | $0 | $0 | $0 | |
| Changes in operating assets and liabilities: | ||||||||||
| Increase (Decrease) in Accounts Receivable | — | — | ($7.4m) | ($16.3m) | $2.2m | $13.7m | $25.8m | ($17.6m) | $7.5m | |
| Provision for credit losses on receivables, net of recoveries | — | ($98k) | $1.2m | $4.0m | $1.6m | $407k | $544k | $257k | $703k | |
| Accounts receivable | ($6.9m) | ($25.9m) | $7.4m | $16.3m | ($2.2m) | ($13.7m) | ($25.8m) | $17.6m | ($7.5m) | |
| Accounts payable and other accrued liabilities | $6.6m | $1.1m | ($16.8m) | $1.0m | $9.9m | $6.4m | ($10.4m) | ($13.6m) | $23.1m | |
| Deferred revenue and customer deposits | ($15.3m) | ($20.5m) | ($11.2m) | ($7.8m) | $16.0m | $91.1m | ($120.0m) | ($4.2m) | $17.3m | |
| Decrease in accrued capital expenditures | — | — | — | $3.5m | $862k | $1.9m | — | $348k | — | |
| Non-cash change in accrued distributions to noncontrolling interest | — | — | — | — | — | — | — | ($68k) | $10k | |
| Non-cash change in accrued capital expenditures | ($440k) | ($2.3m) | ($732k) | — | — | — | ($129k) | — | ($1.8m) | |
| Prepaid expenses and other assets | ($2.4m) | ($361k) | ($684k) | ($2.5m) | ($1.2m) | ($10.1m) | $3.1m | $139k | $545k | |
| Other Operating Income (Expense), Net | — | — | ($6.9m) | $723k | ($880k) | ($36k) | ($1.2m) | $502k | ($2.7m) | |
| Net Cash Provided by (Used in) Operating Activities | $40.8m |
($638k)
-101.56%
|
$60.5m
+9580.34%
|
$46.8m
-22.67%
|
$104.6m
+123.59%
|
$305.6m
+192.17%
|
$156.8m
-48.69%
|
$151.7m
-3.27%
|
$74.1m
-51.15%
|
|
| Cash flows from investing activities: | ||||||||||
| Gain (Loss) on Disposition of Property Plant Equipment | $1.6m | — | $1.4m | $100k | $383k | $615k | $241k | $1.4m | $13k | |
| Purchase of property, plant, and equipment | ($899k) | ($951k) | ($441k) | ($381k) | ($427k) | ($20.6m) | ($3.1m) | ($687k) | ($751k) | |
| Payments to Acquire Businesses, Net of Cash Acquired | — | — | $30.0m | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Investing Activities | ($130.2m) | ($324.8m) | ($112.7m) | ($10.9m) | ($35.9m) | ($140.2m) | ($68.2m) | ($28.8m) | ($67.8m) | |
| Cash flows from financing activities: | ||||||||||
| Gain (Loss) on Extinguishment of Debt | — | — | ($907k) | $0 | $0 | — | ($2.3m) | $0 | ($2.4m) | |
| Loss on extinguishment of debt | — | $0 | $907k | $0 | $0 | $0 | $2.3m | $0 | $2.4m | |
| Principal payments on borrowings from ABL Facility | — | ($40.1m) | ($48.8m) | ($74.5m) | ($76.0m) | ($70.0m) | — | — | ($75.0m) | |
| Proceeds from borrowings on ABL Facility | $2.0m | $59.5m | $108.2m | $42.5m | $28.0m | $70.0m | $0 | $0 | $75.0m | |
| Payments for Repurchase of Common Stock | — | — | $18.2m | $5.3m | — | — | — | $33.5m | — | |
| Proceeds from Issuance of Common Stock | — | $325.0m | — | — | — | — | — | — | — | |
| Repurchase of Common Stock | — | — | ($18.2m) | ($5.3m) | — | — | — | ($33.5m) | — | |
| Proceeds from issuance of Common Stock from exercise of warrants | — | — | — | — | — | $80k | $209k | $3k | — | |
| Proceeds from issuance of Common Stock from exercise of options | — | — | — | — | — | $225k | $1.4m | $1.9m | — | |
| Non-cash issuance of common stock | — | $313.5m | — | — | — | — | — | ($778k) | — | |
| Net Cash Provided by (Used in) Financing Activities | $98.1m |
$325.9m
+232.34%
|
$46.7m
-85.68%
|
($35.7m)
-176.49%
|
($52.3m)
-46.49%
|
($7.1m)
+86.42%
|
($166.4m)
-2243.89%
|
($36.1m)
+78.32%
|
($188.6m)
-423.07%
|
|
| Net increase (decrease) in cash and cash equivalents | $8.7m | ($82k) | ($5.6m) | $140k | $16.4m | $158.3m | ($77.7m) | $86.7m | ($182.3m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | ($5.6m) | $140k | $16.4m | $158.3m | ($77.7m) | $86.7m | ($182.3m) | |
| Cash and cash equivalents - beginning of period | $12.5m | $12.5m | $6.8m | $7.0m | $23.4m | $181.7m | $103.9m | $190.7m | $8.3m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | $6.8m | $7.0m | $23.4m | $181.7m | $103.9m | $190.7m | $8.3m | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | ($54k) | ($9k) | $14k | ($19k) | $4k | ($30k) | $19k | |
| Effect of exchange rate changes on cash and cash equivalents | $136k | ($178k) | ($54k) | ($9k) | $14k | ($19k) | $4k | ($30k) | $19k | |
| Additional Supplementary Disclosures | ||||||||||
| Additional Supplementary Disclosures | ||||||||||
| Additional Supplementary Disclosures | ||||||||||
| Supplemental disclosure of cash flow information: | ||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $955k | $23.1m | $23.6m | $35.6m | $33.8m | $32.7m | $29.3m | $18.0m | $13.0m | |
| Income Taxes Paid, Net | $620k | — | $1.2m | $1.3m | $765k | $4.9m | $6.0m | $28.8m | $2.8m | |
| Additional Financial Items | ||||||||||
| Asset Retirement Obligation, Accretion Expense | — | — | $215k | — | — | $168k | $200k | $100k | $100k | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | — | $123k | $0 | $0 | — | — | — | — | |
| Gain (Loss) on Disposition of Assets | — | — | ($6.9m) | $205k | ($383k) | $101k | ($137k) | $322k | ($13k) | |
| General and Administrative Expense | — | $1.6m | — | — | — | — | — | — | — | |
| Goodwill | — | — | $41.0m | $41.0m | $41.0m | $41.0m | $41.0m | $41.0m | $41.0m | |
| Income Tax Expense (Benefit) | — | — | $7.6m | ($8.5m) | $1.9m | $32.4m | $51.0m | $21.4m | ($6.1m) | |
| Investment Income, Interest | — | $5.6m | — | — | — | — | — | — | — | |
| Operating Lease, Expense | — | — | — | — | — | $10.8m | $17.8m | $10.1m | $9.1m | |
| Operating Lease, Lease Income | — | — | — | $53.0m | $76.9m | $168.3m | $198.0m | $120.4m | $45.8m | |
| Payments of Financing Costs | — | — | $19.8m | — | — | — | $5.2m | — | $535k | |
| Proceeds from Contributions from Affiliates | — | — | $39.1m | — | — | — | — | — | — | |
| Proceeds from Stock Options Exercised | — | — | — | — | — | $225k | $1.4m | $1.9m | — | |
| Accretion of asset retirement obligation | $140k | $202k | $215k | $389k | $204k | $168k | $177k | $139k | $132k | |
| Change in fair value of warrant liabilities | — | — | ($5.9m) | ($2.3m) | $1.1m | $31.7m | ($9.1m) | ($675k) | $0 | |
| Operating lease obligation | — | — | — | — | — | ($8.6m) | ($13.5m) | ($9.6m) | ($9.8m) | |
| Other non-current assets and liabilities | $4.6m | ($2.4m) | ($4.8m) | ($154k) | $1.4m | $1.4m | $1.2m | $574k | ($42k) | |
| Purchase of specialty rental assets | ($15.3m) | ($78.7m) | ($84.7m) | ($12.2m) | ($35.5m) | ($120.3m) | ($60.8m) | ($29.6m) | ($67.0m) | |
| Principal payments on finance and finance lease obligations | ($13.8m) | ($15.0m) | ($2.3m) | ($11.6m) | ($4.2m) | ($1.0m) | ($1.4m) | ($1.7m) | ($2.3m) | |
| Repayment of Senior Notes | — | — | — | — | — | ($5.5m) | ($153.1m) | — | ($181.4m) | |
| Payment of issuance costs from warrant exchange | — | ($614k) | — | — | — | ($774k) | ($1.5m) | — | — | |
| Payment of deferred financing costs | — | ($3.5m) | ($19.8m) | — | — | — | ($5.2m) | — | ($535k) | |
| Operating lease liabilities arising from obtaining operating lease assets | — | — | — | — | — | $32.5m | ($10.2m) | ($22.2m) | ($6.6m) | |
| Reduction in operating lease assets due to lease terminations and modifications | — | — | — | — | — | — | — | $7.0m | $15.9m | |
| Non-cash change in finance lease obligations | — | — | ($1.9m) | — | ($1.8m) | ($1.9m) | ($1.6m) | ($2.6m) | ($3.1m) |