On this page of StockholderLetter.com we present the 4/10/2024 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.

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

TH 4/10/2024 Shareholder/Stockholder Letter Transcript:

19MAR202017133202
2023 | 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 16,843 beds across 26 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, 2023, we generated revenues of approximately $564
million. Approximately 64.9% of our revenue was earned from specialty rental with vertically integrated
hospitality, specifically lodging and related ancillary services, whereas the remaining 35.1% of revenues
were earned through leasing of lodging facilities for the year ended December 31, 2023.
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 United States government service providers, and major companies
supporting natural resource development. Our company is built on the foundation of the following core
values: elevate the experience, pursue excellence, act with 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.
2023 Annual Report



 4/10/2024 Letter Continued (Full PDF)