On this page of StockholderLetter.com we present the 4/5/2023 shareholder letter from Target Hospitality Corp. — ticker symbol TH. Reading current and past TH letters to shareholders can bring important insights into the investment thesis.

 •  4/5/2023 Letter Continued (Full PDF)
 •  4/10/2024 TH Stockholder Letter
 •  4/8/2025 TH Stockholder Letter
 •  More "Hotels" Category Stockholder Letters
 •  TH Benford's Law Stock Score = 82

TH 4/5/2023 Shareholder/Stockholder Letter Transcript:

19MAR202017133202
2022 | ANNUAL REPORT

ABOUT TARGET HOSPITALITY
Target Hospitality Corp. (Nasdaq: TH) is one of the largest vertically integrated specialty rental
and hospitality services companies in North America. We have an extensive network of
geographically relocatable specialty rental accommodation units with 16,830 beds across
27 communities. We also operate 2 communities not owned or leased by the Company. The
majority of our revenues are generated under committed contracts which provide visibility to
future earnings and cash flows. We believe our customers enter into contracts with us because
of our differentiated scale and ability to deliver premier accommodations and in-house culinary
and hospitality services across many key geographies in which they operate. For the year ended
December 31, 2022, we generated revenues of approximately $502 million. Approximately
66.5% of our revenue was earned from specialty rental with vertically integrated hospitality,
specifically lodging and related ancillary services, whereas the remaining 33.5% of revenues
were earned through leasing of lodging facilities for the year ended December 31, 2022.
Target Hospitality, though initially founded in 1978, began operating as a specialty rental and
hospitality services company in 2006. Our company operates across the U.S., primarily in the
Southwest and the Midwest. We also own and operate the largest family residential center in the
U.S. Target Hospitality provides comprehensive turnkey solutions to customers    unique needs,
from the initial planning stages through the full cycle of development and ongoing operations.
We provide cost-effective and customized specialty rental accommodations, culinary services
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
large customer base, which is comprised of the United States government service providers,
major companies supporting natural resource developments, and large-scale infrastructure
projects throughout the United States. Our company is built on the foundation of the following
core values: safety, care, excellence, integrity and collaboration.
You may obtain copies of our annual report, and the 10-K included therein without charge
by contacting us. Written requests should be directed to our executive office located at
9320 Lakeside Blvd., Suite 300, The Woodlands, Texas 77381.
2022 Annual Report



 4/5/2023 Letter Continued (Full PDF)