← Target Hospitality Corp.

Annual Trend FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Net income (loss) $981k $5.0m $6.2m ($27.5m) ($4.6m) $73.9m $173.7m $71.4m ($37.1m)
Depreciation $25.2m $32.0m $44.6m $50.9m $55.9m $54.4m $70.5m $59.3m $59.9m
Amortization of intangible assets $4.9m $7.2m $14.3m $14.7m $14.6m $13.3m $13.4m $13.5m $13.5m
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 taxes $21.9m $10.9m $6.0m ($8.8m) $469k $29.9m $37.9m ($3.8m) ($7.0m)
Noncash operating lease expense $40.8m ($638k) $60.5m $46.8m $104.6m $10.8m $17.8m $10.1m $9.1m
(Gain) loss on sale of specialty rental assets and other property, plant and equipment ($31k) — $6.9m ($205k) $383k ($101k) $137k ($322k) $13k
Loss on extinguishment of debt — $0 $907k $0 $0 $0 $2.3m $0 $2.4m
Operating lease obligation — — — — — ($8.6m) ($13.5m) ($9.6m) ($9.8m)
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
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
Stock-based compensation expense — — $1.7m $3.6m $5.1m $19.2m $11.2m $7.3m $7.6m
Provision for credit losses on receivables, net of recoveries — ($98k) $1.2m $4.0m $1.6m $407k $544k $257k $703k
Other — — — — — — — $778k —
Accounts receivable ($6.9m) ($25.9m) $7.4m $16.3m ($2.2m) ($13.7m) ($25.8m) $17.6m ($7.5m)
Prepaid expenses and other assets ($2.4m) ($361k) ($684k) ($2.5m) ($1.2m) ($10.1m) $3.1m $139k $545k
Accounts payable and other accrued liabilities $6.6m $5.3m ($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
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)
Acquired intangible assets — — — — — — ($4.5m) — —
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)
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
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)
Payment of debt extinguishment premium costs — — — — — — — — ($1.8m)
Decrease in accrued capital expenditures — — — $3.5m $862k $1.9m — $348k —
Decrease in accrual of issuance costs from warrant exchange — — — — — — $1.5m — —
Non-cash change in accrued distributions to noncontrolling interest — — — — — — — ($68k) $10k
Non-cash accrued proceeds from the sale of specialty rental assets — — — — — — — — $118k
Non-cash change in finance lease terminations — — — — — — — — $258k
Non-cash change in accrued capital expenditures ($440k) ($2.3m) ($732k) — — — ($129k) — ($1.8m)
Non-cash change in finance lease obligations — — ($1.9m) — ($1.8m) ($1.9m) ($1.6m) ($2.6m) ($3.1m)
Net cash provided by operating activities $40.8m $26.2m $60.5m $46.8m $104.6m $305.6m $156.8m $151.7m $74.1m
Purchase of property, plant, and equipment ($899k) ($951k) ($441k) ($381k) ($427k) ($20.6m) ($3.1m) ($687k) ($751k)
Proceeds from sale of specialty rental assets and other property, plant and equipment $1.6m — $1.4m $990k $383k $615k $241k $1.4m $13k
Net cash used in investing activities ($130.2m) ($220.7m) ($112.7m) ($10.9m) ($35.9m) ($140.2m) ($68.2m) ($28.8m) ($67.8m)
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) —
Repurchase of Common Stock — — ($18.2m) ($5.3m) — — — ($33.5m) —
Non-cash repurchase of common stock as part of share repurchase program — — — — — — — ($249k) —
Distributions paid to noncontrolling interest $955k $23.1m $23.6m $35.6m $33.8m $32.7m $29.3m ($65k) ($260k)
Net cash used in financing activities $98.1m $194.6m $46.7m ($35.7m) ($52.3m) ($7.1m) ($166.4m) ($36.1m) ($188.6m)
Effect of exchange rate changes on cash and cash equivalents $136k ($178k) ($54k) ($9k) $14k ($19k) $4k ($30k) $19k
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 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 paid for interest, net of amounts capitalized $955k $23.1m $23.6m $35.6m $33.8m $32.7m $29.3m $18.0m $13.0m
Taxes paid related to net share settlement of equity awards $620k — ($90k) ($221k) ($99k) ($121k) ($6.8m) ($2.7m) ($2.2m)
Income taxes paid, net of refunds received $620k — $1.2m $1.3m $765k $4.9m $6.0m $28.8m $2.8m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.