Target Hospitality Corp 2024年度报告

ABOUT TARGET HOSPITALITY Target Hospitality Corp. (Nasdaq: TH) is one of the largest vertically integrated specialty rental andhospitality services companies in North America. We have an extensive network of geographicallyrelocatable specialty rental accommodation units with 16,865 beds across 26 communities as ofDecember 31, 2024. We also operate 2 communities not owned or leased by the Company. The majorityof our revenues are generated under committed contracts which provide visibility to future earnings andcash flows. We believe our customers enter into contracts with us because of our differentiated scale andability to deliver premier accommodations and in-house culinary and hospitality services across manykey geographies in which they operate. For the year ended December 31, 2024, we generated revenuesof approximately $386 million.Approximately 68.8% of our revenue was earned from specialty rentalwith vertically integrated hospitality, specifically lodging and related ancillary services, whereas theremaining 31.2% of revenues were earned through leasing of lodging facilities for the year endedDecember 31, 2024. Target Hospitality, though initially founded in 1978, began operating as a specialty rental and hospitalityservices company in 2006. Our Company operates across the U.S. and Canada, primarily in theSouthwest and the Midwest U.S. Target Hospitality provides comprehensive turnkey solutions tocustomers’ unique needs, from the initial planning stages through the full cycle of development andongoing operations. We provide cost-effective and customized specialty rental accommodations, culinaryservices and hospitality solutions, including site design, construction, operations, security, housekeeping,catering, concierge services and health and recreation facilities. We have established a leadership position in providing a fully integrated service offering to our largecustomer base, which is comprised of U.S. government service providers, and major companiessupporting natural resource development. You may obtain copies of our annual report, and the 10-K included therein without charge bycontacting us. Written requests should be directed to our executive office located at 9320Lakeside Blvd., Suite 300, The Woodlands, Texas 77381. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submittedand posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No. There were 112,660,853 shares of Common Stock, par value $0.0001 per share, issued and 99,363,923 outstanding as of March 20, 2025. Documents Incorporated by Reference The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant's definitive proxy statement for the2025 annual meeting of stockholders, which definitive proxy statement will be filed with the Securit