10-Q Filing

Target Hospitality Corp. CIK: 1712189 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001558370-19-005019`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	th-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 32 Cash Flow Statement 69 Stockholders Equity 14

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$39.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$35.00K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	380.00M	shares	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	380.00M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	105.23M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	74.79M	shares	Point-in-time
Common stock, Number of share outstanding	`CommonStockSharesOutstanding`	74.79M	shares	Point-in-time
Common stock, Number of share outstanding	`CommonStockSharesOutstanding`	105.23M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.12M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.19M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $35 and $39, respectively	`AccountsReceivableNetCurrent`	$55.13M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $35 and $39, respectively	`AccountsReceivableNetCurrent`	$57.11M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.96M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.39M	USD	Point-in-time
Notes due from affiliates	`DueFromAffiliateCurrent`	$638.00K	USD	Point-in-time
Notes due from officers	`DueFromOfficersOrStockholdersCurrent`	$1.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$74.99M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$82.64M	USD	Point-in-time
Restricted cash	`RestrictedCashNoncurrent`	$257.00K	USD	Point-in-time
Restricted cash	`RestrictedCashNoncurrent`	$257.00K	USD	Point-in-time
Specialty rental assets, net	`PropertyPlantAndEquipmentNet`	$293.56M	USD	Point-in-time
Specialty rental assets, net	`PropertyPlantAndEquipmentNet`	$305.46M	USD	Point-in-time
Other property, plant and equipment, net	`PropertyPlantAndEquipmentOtherNet`	$18.68M	USD	Point-in-time
Other property, plant and equipment, net	`PropertyPlantAndEquipmentOtherNet`	$18.88M	USD	Point-in-time
Goodwill	`Goodwill`	$34.18M	USD	Point-in-time
Goodwill	`Goodwill`	$34.18M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$127.38M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$123.86M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$14.46M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$12.42M	USD	Point-in-time
Deferred financing costs revolver, net	`DeferredFinanceCostsNoncurrentNet`	$5.78M	USD	Point-in-time
Deferred financing costs revolver, net	`DeferredFinanceCostsNoncurrentNet`	$2.87M	USD	Point-in-time
Notes due from officers	`DueFromOfficersOrStockholdersNoncurrent`	$500.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$78.00K	USD	Point-in-time
Total assets	`Assets`	$565.03M	USD	Point-in-time
Total assets	`Assets`	$585.39M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$21.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$40.94M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$23.30M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$21.59M	USD	Point-in-time
Deferred revenue and customer deposits	`DeferredRevenueCurrent`	$16.85M	USD	Point-in-time
Deferred revenue and customer deposits	`DeferredRevenueCurrent`	$17.80M	USD	Point-in-time
Current portion of capital lease and other financing obligations (Note 9)	`CapitalLeaseObligationsCurrent`	$971.00K	USD	Point-in-time
Current portion of capital lease and other financing obligations (Note 9)	`CapitalLeaseObligationsCurrent`	$2.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$65.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$80.35M	USD	Point-in-time
Principal amount	`DebtInstrumentCarryingAmount`	$340.00M	USD	Point-in-time
Less: unamortized original issue discount	`DebtInstrumentUnamortizedDiscount`	$3.28M	USD	Point-in-time
Less: unamortized term loan deferred financing costs	`DeferredFinanceCostsNet`	$16.23M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$380.97M	USD	Point-in-time
Long-term capital lease and other financing obligations	`CapitalLeaseObligationsNoncurrent`	$14.00K	USD	Point-in-time
Note due to affiliates	`DueToAffiliateNoncurrent`	$108.05M	USD	Point-in-time
Deferred revenue and customer deposits	`DeferredRevenueNoncurrent`	$16.70M	USD	Point-in-time
Deferred revenue and customer deposits	`DeferredRevenueNoncurrent`	$19.57M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$2.61M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$2.66M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$101.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$460.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$216.04M	USD	Point-in-time
Commitments and contingencies (Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock, $0.0001 par, 380,000,000 authorized, 105,232,933 issued and outstanding as of March 31, 2019 and 74,786,327 issued and outstanding as of December 31, 2018.	`CommonStockValue`	$7.00K	USD	Point-in-time
Common Stock, $0.0001 par, 380,000,000 authorized, 105,232,933 issued and outstanding as of March 31, 2019 and 74,786,327 issued and outstanding as of December 31, 2018.	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$319.97M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$110.14M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-2.46M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-2.46M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$31.48M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$17.50M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$348.99M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$19.80M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$125.18M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$24.90M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$585.39M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$565.03M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$81.98M	USD	1 Quarter
Revenue	`Revenues`	$38.65M	USD	1 Quarter
Depreciation of specialty rental assets	`CostOfGoodsAndServicesSoldDepreciation`	$6.60M	USD	1 Quarter
Depreciation of specialty rental assets	`CostOfGoodsAndServicesSoldDepreciation`	$9.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.10M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$44.75M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$10.18M	USD	1 Quarter
Other Depreciation and Amortization	`OtherDepreciationAndAmortization`	$3.76M	USD	1 Quarter
Other Depreciation and Amortization	`OtherDepreciationAndAmortization`	$1.29M	USD	1 Quarter
Restructuring costs	`RestructuringCharges`	$168.00K	USD	1 Quarter
Restructuring costs	`RestructuringCharges`	$6.26M	USD	1 Quarter
Other income, net	`OtherOperatingIncomeExpenseNet`	$450.00K	USD	1 Quarter
Other income, net	`OtherOperatingIncomeExpenseNet`	$38.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-10.89M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.18M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-907.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.94M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-4.03M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.83M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.12M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.85M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-926.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.19M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-907.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.10M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-13.98M	USD	1 Quarter
Weighted average number of shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	1 Quarter
Weighted average number of shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.69M	shares	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.18	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-13.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.19M	USD	1 Quarter
Depreciation	`Depreciation`	$10.14M	USD	1 Quarter
Depreciation	`Depreciation`	$6.65M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$3.53M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.24M	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$54.00K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$35.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$315.00K	USD	1 Quarter
Amortization of original issue discount	`AmortizationOfDebtDiscountPremium`	$21.00K	USD	1 Quarter
Officer loan compensation expense	`OfficerLoanCompensationExpense`	$295.00K	USD	1 Quarter
Officer loan compensation expense	`OfficerLoanCompensationExpense`	$1.58M	USD	1 Quarter
Gain on involuntary conversion	`GainLossOnInvoluntaryConversion`	$450.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-907.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.16M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.04M	USD	1 Quarter
Provision for loss on receivables, net of recoveries	`ProvisionForDoubtfulAccounts`	$86.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.97M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-654.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$422.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-778.00K	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.53M	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.80M	USD	1 Quarter
Deferred revenue and customer deposits	`IncreaseDecreaseInDeferredRevenue`	$-3.83M	USD	1 Quarter
Deferred revenue and customer deposits	`IncreaseDecreaseInDeferredRevenue`	$-1.73M	USD	1 Quarter
Other non-current assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$2.22M	USD	1 Quarter
Other non-current assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$199.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.52M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.75M	USD	1 Quarter
Purchase of specialty rental assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.62M	USD	1 Quarter
Purchase of specialty rental assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.89M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$37.00K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$162.00K	USD	1 Quarter
Repayments from (advances to) affiliates	`ProceedsFromPaymentsForLongTermLoansForRelatedParties`	$-500.00K	USD	1 Quarter
Repayments from (advances to) affiliates	`ProceedsFromPaymentsForLongTermLoansForRelatedParties`	$638.00K	USD	1 Quarter
Receipts of insurance proceeds	`ProceedsFromInsuranceSettlementInvestingActivities`	$2.25M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.02M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.30M	USD	1 Quarter
Proceeds from borrowings on Senior Secured Notes, net of discount	`ProceedsFromIssuanceOfSecuredDebt`	$336.70M	USD	1 Quarter
Principal payments on finance and capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$1.48M	USD	1 Quarter
Principal payments on finance and capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$3.53M	USD	1 Quarter
Proceeds from notes with affiliates	`ProceedsFromRelatedPartyDebt`	$10.00M	USD	1 Quarter
Payment of Historical ABL facility	`RepaymentsOfLongTermLinesOfCredit`	$1.08M	USD	1 Quarter
Payment of Historical ABL facility	`RepaymentsOfLongTermLinesOfCredit`	$27.79M	USD	1 Quarter
Proceeds from borrowings on ABL	`ProceedsFromLongTermLinesOfCredit`	$5.50M	USD	1 Quarter
Proceeds from borrowings on ABL	`ProceedsFromLongTermLinesOfCredit`	$47.24M	USD	1 Quarter
Payment of affiliate amounts	`RepaymentsOfRelatedPartyDebt`	$3.76M	USD	1 Quarter
Recapitalization	`CashReceivedFromRecapitalization`	$218.75M	USD	1 Quarter
Contributions from affiliate	`ProceedsFromContributionsFromAffiliates`	$39.11M	USD	1 Quarter
Payments of Capital Distribution	`PaymentsOfCapitalDistribution`	$563.13M	USD	1 Quarter
Less: Deferred financing costs	`PaymentsOfFinancingCosts`	$13.94M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.90M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$31.69M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$10.93M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.89M	USD	1 Quarter
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.53M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.64M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.19M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.12M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.53M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.64M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.19M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.12M	USD	Point-in-time
Non-cash change in accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$7.18M	USD	1 Quarter
Non-cash change in accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$3.72M	USD	1 Quarter
Non-cash change in accrued deferred financing cost	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$6.42M	USD	1 Quarter
Non-cash contribution from affiliate - forgiveness of affiliate note	`NoncashContributionFromAffiliatesForgivenessOfAffiliateNote`	$104.28M	USD	1 Quarter
Less: non-cash net liabilities assumed from PEAC	`NoncashDistributionToAffiliatesLiabilityTransferFromAffiliateNet`	$-8.84M	USD	1 Quarter
Non-cash change in specialty rental assets due to effect of exchange rate changes	`NoncashChangeInSpecialtyRentalAssetsDueToEffectOfExchangeRateChanges`	$907.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances	`StockholdersEquity`	$348.99M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$19.80M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$125.18M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$24.90M	USD	Point-in-time
Recapitalization transaction	`RecapitalizationTransactionValue`	$314.20M	USD	1 Quarter
Recapitalization transaction - cash paid to Algeco Seller	`AdjustmentToAdditionalPaidInCapitalPaymentsOfDistributionsToAffiliates`	$563.13M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.19M	USD	1 Quarter
Contribution	`CashProceedsFromContributionsFromAffiliates`	$39.11M	USD	1 Quarter
Cumulative translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-907.00K	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$348.99M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$19.80M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$125.18M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$24.90M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.