Target Hospitality (TH) 10-Q24 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 19, 2021
Entity Listings [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	TARGET HOSPITALITY CORP.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,236,253
Entity Central Index Key	0001712189
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38343
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1378631
Entity Address, Address Line One	2170 Buckthorne Place, Suite 440
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380-1775
City Area Code	800
Local Phone Number	832-4242
Common Stock [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	TH
Security Exchange Name	NASDAQ
Warrants to purchase common stock [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	THWWW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 6,373	$ 6,979
Accounts receivable, less allowance for doubtful accounts of $2,713 and $2,977, respectively	30,915	28,183
Prepaid expenses and other assets	6,518	7,195
Related party receivable		1,205
Total current assets	43,806	43,562
Specialty rental assets, net	302,237	311,487
Other property, plant and equipment, net	10,712	11,019
Goodwill	41,038	41,038
Other intangible assets, net	99,463	103,121
Deferred tax asset	16,914	15,179
Deferred financing costs revolver, net	3,110	3,422
Other non-current assets	4,987	5,409
Total assets	522,267	534,237
Current liabilities:
Accounts payable	9,167	10,644
Accrued liabilities	15,035	24,699
Deferred revenue and customer deposits	6,696	6,619
Current portion of capital lease and other financing obligations (Note 8)	2,401	3,571
Total current liabilities	33,299	45,533
Long-term debt (Note 8):
Principal amount	340,000	340,000
Less: unamortized original issue discount	(2,166)	(2,319)
Less: unamortized term loan deferred financing costs	(10,444)	(11,182)
Long-term debt, net	327,390	326,499
Revolving credit facility (Note 8)	60,000	48,000
Long-term capital lease and other financing obligations	79	269
Other non-current liabilities	518	479
Deferred revenue and customer deposits	11,033	11,752
Asset retirement obligations	2,334	2,284
Warrant liabilities	1,173	533
Total liabilities	435,826	435,349
Commitments and contingencies (Note 12)
Stockholders' equity:
Common Stock, $0.0001 par, 400,000,000 authorized, 105,651,020 issued and 101,236,253 outstanding as of March 31, 2021 and 105,585,682 issued and 101,170,915 outstanding as of December 31, 2020.	10	10
Common Stock in treasury at cost, 4,414,767 shares as of March 31, 2021 and December 31, 2020, respectively.	(23,559)	(23,559)
Additional paid-in-capital	107,261	106,551
Accumulated other comprehensive loss	(2,453)	(2,434)
Accumulated earnings	5,182	18,320
Total stockholders' equity	86,441	98,888
Total liabilities and stockholders' equity	$ 522,267	$ 534,237

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Allowance for doubtful accounts	$ 2,713	$ 2,977
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized	400,000,000	400,000,000
Common stock shares issued	105,651,020	105,585,682
Common stock, Number of share outstanding	101,236,253	101,170,915
Treasury stock, shares	4,414,767	4,414,767

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Revenue, Topic 606	$ 33,872	$ 55,072
Revenue	45,492	71,655
Costs:
Depreciation of specialty rental assets	12,440	12,897
Gross profit	11,461	27,147
Selling, general and administrative	11,332	9,990
Other depreciation and amortization	3,996	4,116
Other expense (income), net	246	(1,015)
Operating income (loss)	(4,113)	14,056
Interest expense, net	9,849	10,022
Change in fair value of warrant liabilities	640	(1,653)
Income (loss) before income tax	(14,602)	5,687
Income tax expense (benefit)	(1,464)	233
Net income (loss)	(13,138)	5,454
Other comprehensive loss
Foreign currency translation	(19)	(111)
Comprehensive income (loss)	$ (13,157)	$ 5,343
Two Class Method:
Weighted average number shares outstanding - basic and diluted	96,168,425	95,849,854
Net income (loss) per share - basic and diluted	$ (0.14)	$ 0.06
Services
Revenue:
Revenue, Topic 606	$ 32,938	$ 53,938
Costs:
Costs	19,349	29,007
Specialty rental
Revenue:
Revenue, subject to ASC 840	11,620	16,583
Costs:
Costs	2,242	2,604
Construction fee
Revenue:
Revenue, Topic 606	$ 934	$ 1,134

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Earnings	Total
Beginning Balances at Dec. 31, 2019	$ 10	$ (23,559)	$ 103,178	$ (2,558)	$ 43,451	$ 120,522
Beginning Balances (In Shares) at Dec. 31, 2019	100,840,162	4,414,767
Net income (loss)					5,454	5,454
Stock-based compensation			884			884
Stock-based compensation (in shares)	83,831
Shares used to settle payroll tax withholding			(83)			(83)
Cumulative translation adjustment				(111)		(111)
Ending Balances at Mar. 31, 2020	$ 10	$ (23,559)	103,979	(2,669)	48,905	126,666
Ending Balances (In shares) at Mar. 31, 2020	100,923,993	4,414,767
Beginning Balances at Dec. 31, 2020	$ 10	$ (23,559)	106,551	(2,434)	18,320	98,888
Beginning Balances (In Shares) at Dec. 31, 2020	101,170,915	4,414,767
Net income (loss)					(13,138)	(13,138)
Stock-based compensation			761			761
Stock-based compensation (in shares)	65,338
Shares used to settle payroll tax withholding			(51)			(51)
Cumulative translation adjustment				(19)		(19)
Ending Balances at Mar. 31, 2021	$ 10	$ (23,559)	$ 107,261	$ (2,453)	$ 5,182	$ 86,441
Ending Balances (In shares) at Mar. 31, 2021	101,236,253	4,414,767

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (13,138)	$ 5,454
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	12,777	13,265
Amortization of intangible assets	3,658	3,747
Accretion of asset retirement obligation		44
Accretion of asset retirement obligation	50
Amortization of deferred financing costs	1,050	904
Amortization of original issue discount	153	122
Change in fair value of warrant liabilities	640	(1,653)
Stock-based compensation expense	761	884
Gain on involuntary conversion		(619)
Deferred income taxes	(1,735)	(35)
Provision for loss on receivables, net of recoveries	220	530
Changes in operating assets and liabilities
Accounts receivable	(2,979)	(1,120)
Related party receivable	1,225	578
Prepaid expenses and other assets	676	(949)
Accounts payable and other accrued liabilities	(11,146)	(4,094)
Deferred revenue and customer deposits	(642)	(5,239)
Other non-current assets and liabilities	431	(1,268)
Net cash provided by (used in) operating activities	(7,999)	10,551
Cash flows from investing activities:
Purchase of specialty rental assets	(3,173)	(10,751)
Purchase of property, plant, and equipment	(29)	(13)
Receipt of insurance proceeds		619
Net cash used in investing activities	(3,202)	(10,145)
Cash flows from financing activities:
Principal payments on finance and capital lease obligations	(1,361)	(3)
Proceeds from borrowings on finance and capital lease obligations		733
Principal payments on borrowings from ABL	(6,000)	(22,500)
Proceeds from borrowings on ABL	18,000	27,500
Restricted shares surrendered to pay tax liabilities	(51)	(83)
Purchase of treasury stock		(5,318)
Net cash provided by financing activities	10,588	329
Effect of exchange rate changes on cash, cash equivalents and restricted cash	7	(18)
Net increase (decrease) in cash, cash equivalents and restricted cash	(606)	717
Cash, cash equivalents and restricted cash - beginning of period	6,979	6,839
Cash, cash equivalents and restricted cash - end of period	$ 6,373	$ 7,556

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	Mar. 31, 2020USD ($)
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets:
Cash and cash equivalents	$ 7,504
Restricted cash	52
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 7,556

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Organization and Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies Organization and Nature of Operations Target Hospitality Corp. (“Target Hospitality” or the “Company”) was formed on March 15, 2019 and is one of the largest vertically integrated specialty rental and hospitality services companies in the United States. The Company provides vertically integrated specialty rental and comprehensive hospitality services including catering and food services, maintenance, housekeeping, grounds-keeping, security, health and recreation services, overall workforce community management, and laundry service. Target Hospitality serves clients in oil, gas, mining, alternative energy, government and immigrations sectors principally located in the West Texas, South Texas, Oklahoma and Bakken regions, as well as various large linear-construction (pipeline and infrastructure) projects in the United States. The Company, whose securities are listed on the Nasdaq Capital Market, serves as the holding company for the businesses of Target Logistics Management, LLC and its subsidiaries (“Target”) and RL Signor Holdings, LLC and its subsidiaries (“Signor”). TDR Capital LLP (“TDR Capital” or “TDR”) owns approximately 63% of Target Hospitality and the remaining ownership is broken out among the founders of the Company’s legal predecessor, Platinum Eagle Acquisition Corp. (“Platinum Eagle” or “PEAC”), investors in Platinum Eagle’s private placement transaction completed substantially and concurrently with the Business Combination (as defined below) (the “PIPE”), and other public shareholders. Platinum Eagle was originally incorporated on July 12, 2017 as a Cayman Islands exempted company, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. References in this Quarterly Report on Form 10-Q to the Company refer to Target Hospitality for all periods at or after March 15, 2019 and Platinum Eagle for all periods prior to March 15, 2019, unless the context requires otherwise. On November 13, 2018, PEAC entered into: (i) the agreement and plan of merger, as amended on January 4, 2019 (the “Signor Merger Agreement”), by and among PEAC, Signor Merger Sub LLC, a Delaware limited liability company and wholly-owned subsidiary of Platinum Eagle and sister company to the Holdco Acquiror (defined below as Topaz Holdings LLC) (“Signor Merger Sub”), Arrow Holdings S.a.r.l., a Luxembourg société à responsabilité limitée besloten vennootschap Target Parent was formed by TDR in September 2017. Prior to the Business Combination, Target Parent was directly owned by Algeco Scotsman Global S.a.r.l. (“ASG”) which is ultimately owned by a group of investment funds managed and controlled by TDR. During 2018, ASG assigned all of its ownership interest in Target Parent to the Algeco Seller, an affiliate of ASG that is also ultimately owned by a group of investment funds managed and controlled by TDR. Target Parent acted as a holding company that included the U.S. corporate employees of ASG and certain of its affiliates and certain related administrative costs and was the owner of Target, its operating company. Target Parent received capital contributions, made distributions, and maintained cash as well as other amounts owed to and from affiliated entities. As discussed above, in connection with the closing of the Business Combination, Target Parent merged with and into Bidco, with Bidco as the surviving entity. Signor Parent owned 100% of Bidco until the closing of the Business Combination in connection with which Signor Parent merged with and into Topaz with Topaz being the surviving entity. Prior to the Business Combination, Signor Parent was owned by the Arrow Seller, which is ultimately owned by a group of investment funds managed and controlled by TDR. Signor Parent was formed in August 2018 and acted as a holding company for Bidco, which was formed in September 2018, also as a holding company. Bidco acquired Signor on September 7, 2018. Neither Signor Parent nor Bidco had operating activity, but each received capital contributions, made distributions, and maintained cash as well as other amounts owed to and from affiliated entities. Signor Parent was dissolved upon consummation of the Business Combination and merger with Topaz described above on March 15, 2019. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) has been condensed or omitted pursuant to those rules and regulations. The financial statements included in this report should be read in conjunction with the Target Hospitality Annual Report on Form 10-K/A for the year ended December 31, 2020, filed with the SEC on May 24, 2021 (the “2020 Form 10-K/A”). The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending December 31, 2021 or any future period. The accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, except for the restatement discussed below, necessary for a fair statement of financial position as of March 31, 2021, and results of operations for the three months ended March 31, 2021 and 2020, and cash flows for the three months ended March 31, 2021 and 2020. The consolidated balance sheet as of December 31, 2020, was derived from the audited consolidated balance sheets of Target Hospitality Corp. but does not contain all of the footnote disclosures from those annual financial statements. Restatement of Previously Issued Consolidated Financial Statements The notes included herein should be read in conjunction with the Company's restated audited consolidated financial statements included in the 2020 Form 10-K/A. As previously disclosed in the 2020 Form 10-K/A, we restated the Company’s previously issued consolidated financial statements as of and for the year ended December 31, 2020, as well as each of the quarters within 2020 to make the necessary accounting corrections related to warrant accounting. We have restated herein our consolidated financial statements as of and for the quarter ended March 31, 2020. We have also restated related amounts within the accompanying footnotes to the consolidated financial statements. The impact to the quarter ended March 31, 2020 was an increase to net income of approximately $1.7 million. Use of Estimates The preparation of financial statements in conformity with US GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying unaudited consolidated financial statements. Principles of Consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries that it controls due to ownership of a majority voting interest. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated. Revenue Recognition The Company derives revenue from specialty rental and hospitality services, specifically lodging and related ancillary services. Revenue is recognized in the period in which lodging and services are provided pursuant to the terms of contractual relationships with the customers. Certain arrangements contain a lease of lodging facilities to customers. The leases are accounted for as an operating lease under the authoritative guidance for leases and are recognized as income using the straight-line method over the term of the lease agreement. Because performance obligations related to specialty rental and hospitality services are satisfied over time, the majority of our revenue is recognized on a daily basis, for each night a customer stays, at a contractual day rate. Our customers typically contract for accommodation services under committed contracts with terms that most often range from several months to three years. Our payment terms vary by type and location of our customer and the service offered. The time between invoicing and when payment is due is not significant. When lodging and services are billed and collected in advance, recognition of revenue is deferred until services are rendered. Certain of the Company’s contractual arrangements allow customers the ability to use paid but unused lodging and services for a specified period. The Company recognizes revenue for these paid but unused lodging and services as they are consumed, as it becomes probable the lodging and services will not be used, or upon expiration of the specified term. Cost of services includes labor, food, utilities, supplies, rent and other direct costs associated with operating the lodging units as well as costs associated with construction services. Cost of rental includes leasing costs and other direct costs of maintaining the lodging units. Costs associated with contracts include sales commissions which are expensed as incurred and reflected in selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). The Company recognizes revenue associated with community construction using the percentage of completion method with progress towards completion measured using the cost-to-cost method as the basis to recognize revenue. Management believes this cost-to-cost method is the most appropriate measure of progress to the satisfaction of a performance obligation on the community construction. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and final contract settlements may result in revisions to projected costs and revenue and are recognized in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. Factors that may affect future project costs and margins include weather, production efficiencies, availability and costs of labor, materials and subcomponents. Additionally, the Company collects sales, use, occupancy and similar taxes, which the Company presents on a net basis (excluded from revenues) in the consolidated statements of comprehensive income (loss). Recently Issued Accounting Standards The Company meets the definition of an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). In reliance on exemptions provided under the JOBS Act for EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until a company that is not an issuer (as defined under section 2(a) of the Sarbanes-Oxley Act of 2002) is required to comply with such standards. As such, compliance dates included below pertain to non-issuers, and as permitted, early adoption dates are indicated. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (ASC 840) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ASU 2016-13 or Topic 326 Codification Improvements to Topic 326, Financial Instruments - Credit Losses Recent Developments – CO VI D-19 and D isruption in Oil and Gas Industry On January 30, 2020, the World Health Organization declared an outbreak of a highly contagious form of an upper respiratory infection caused by , a novel coronavirus strain commonly referred to as “coronavirus”. mutually beneficial approach balanced average daily rates with contract term and positions the Company to take advantage of a more balanced market. There have been significant changes to the global economic situation and to public securities markets as a result of COVID-19. It is possible that these changes could cause changes to estimates as a result of the markets in which the Company operates, the price of the Company’s publicly traded equity and debt in comparison to the Company’s carrying value. Such changes to estimates could potentially result in impacts that would be material to the Company’s consolidated financial statements, particularly with respect to the fair value of the Company’s reporting units in relation to potential goodwill impairment, the fair value of long-lived and other intangible assets in relation to potential impairment and the allowance for doubtful accounts. As a result of the impact of COVID-19 and the disruption in the oil and gas industry, in the first quarter of 2020 we also concluded a trigger event had occurred and we tested our long-lived and intangible assets, including goodwill, for impairment. Additionally, in connection with COVID-19, on March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The CARES Act, among other things, includes provisions relating to the 80 percent limitation of net operating loss and modifications to the business interest deduction limitations. We evaluated how the provisions in the CARES Act would impact our consolidated financial statements and concluded that the CARES Act did not have a material impact on our provision for income taxes for the three months ended March 31, 2021 and 2020

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2021
Revenue [Abstract]
Revenue	2. Revenue Total revenue recognized under Topic 606 was $33.9 million and $55.1 million for the three months ended March 31, 2021 and 2020, respectively, while specialty rental income was $11.6 million and $16.6 million subject to the guidance of ASC 840 for the three months ended March 31, 2021 and 2020, respectively. The following table disaggregates our revenue by our four reportable segments as well as the All Other category: Permian Basin, Bakken Basin, Government, TCPL Keystone, and All Other for the dates indicated below: For Three Months Ended March 31, 2021 2020 Permian Basin Services income $ 23,202 $ 43,286 Total Permian Basin revenues 23,202 43,286 Bakken Basin Services income $ 597 $ 4,185 Total Bakken Basin revenues 597 4,185 Government Services income $ 8,310 $ 5,854 Total Government revenues 8,310 5,854 TCPL Keystone Services income $ 537 $ - Construction fee income 934 1,134 Total TCPL Keystone revenues 1,471 1,134 All Other Services income $ 292 $ 613 Total All Other revenues 292 613 Total revenues $ 33,872 $ 55,072 As a result of the current market environment discussed in Note 1 “ Recent Developments – CO VI D-19 and D isruption in Oil and Gas Industry” To date, there has been deterioration in the collectability of our receivables as mentioned above, and we are likely to experience additional challenges in collections due to uncertainties around the continued impact of the COVID-19 global pandemic and decrease in demand for oil and natural gas as discussed in Note 1. Contract Assets and Liabilities We do not have any contract assets. Contract liabilities primarily consist of deferred revenue that represent payments for room nights that the customer may use in the future as well as an advanced payment for a community build that is being recognized over the related contract period, and advanced payments for TCPL Keystone in the amount of approximately $5.4 million that have been deferred in connection with the suspension of the project. Activity in the deferred revenue accounts as of the dates indicated below was as follows: For Three Months Ended March 31, 2021 2020 Balances at Beginning of the Period $ 18,371 $ 26,199 Additions to deferred revenue 614 — Revenue recognized (1,256) (5,239) Balances at End of the Period $ 17,729 $ 20,960 As of March 31, 2021, for contracts greater than one year, the following table discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue, and only represents revenue expected to be recognized from contracts where the price and quantity of the product or service are fixed: For the Years Ended December 31, 2021 2022 2023 2024 2025 2026 Total Revenue expected to be recognized as of March 31, 2021 $ 98,839 $ 48,284 $ 18,699 $ 18,748 $ 18,699 $ 13,987 $ 217,256 The Company applied some of the practical expedients in Topic 606, including the “right to invoice” practical expedient, and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Due to the application of these practical expedients, the table above represents only a portion of the Company’s expected future consolidated revenues and it is not necessarily indicative of the expected trend in total revenues.

Specialty Rental Assets, Net

Specialty Rental Assets, Net	3 Months Ended
Specialty Rental Assets, Net	Mar. 31, 2021
Specialty Rental Assets, Net
Specialty Rental Assets, Net	3. Specialty Rental Assets, Net Specialty rental assets, net at the dates indicated below consisted of the following: March 31, December 31, 2021 2020 Specialty rental assets $ 549,300 $ 547,375 Construction-in-process 7,275 5,828 Less: accumulated depreciation (254,338) (241,716) Specialty rental assets, net $ 302,237 $ 311,487 Depreciation expense related to specialty rental assets was $12.4 million and $12.9 million for the three months ended March 31, 2021 and 2020, respectively, and is included in depreciation of specialty rental assets in the consolidated statements of comprehensive income (loss).

Other Property, Plant and Equip

Other Property, Plant and Equipment, Net	3 Months Ended
Other Property, Plant and Equipment, Net	Mar. 31, 2021
Other Property, Plant and Equipment, Net
Other Property, Plant and Equipment, Net	4. Other Property, Plant and Equipment, Net Other property, plant and equipment, net at the dates indicated below, consisted of the following: March 31, December 31, 2021 2020 Land $ 9,163 $ 9,163 Buildings and leasehold improvements 115 115 Machinery and office equipment 1,099 1,072 Software and other 3,754 3,752 14,131 14,102 Less: accumulated depreciation (3,419) (3,083) Total other property, plant and equipment, net $ 10,712 $ 11,019 Depreciation expense related to other property, plant and equipment was $0.3 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively, and is included in other depreciation and amortization in the consolidated statements of comprehensive income (loss).

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, net	3 Months Ended
Goodwill and Other Intangible Assets, net	Mar. 31, 2021
Goodwill and Other Intangible Assets, net
Goodwill and Other Intangible Assets, net	5. Goodwill and Other Intangible Assets, net The financial statements reflect goodwill from previous acquisitions that is all attributable to the Permian Basin business segment and reporting unit. Changes in the carrying amount of goodwill were as follows: Permian Basin Balance at January 1, 2020 $ 41,038 Changes in Goodwill - Balance at December 31, 2020 41,038 Changes in Goodwill - Balance at March 31, 2021 $ 41,038 Intangible assets other than goodwill at the dates indicated below consisted of the following: March 31, 2021 Weighted Gross average Carrying Accumulated Net Book remaining lives Amount Amortization Value Intangible assets subject to amortization Customer relationships 6.2 $ 128,907 $ (45,844) $ 83,063 Total 128,907 (45,844) 83,063 Indefinite lived assets: Tradenames 16,400 — 16,400 Total intangible assets other than goodwill $ 145,307 $ (45,844) $ 99,463 December 31, 2020 Weighted Gross average Carrying Accumulated Net Book remaining lives Amount Amortization Value Intangible assets subject to amortization Customer relationships 6.4 $ 128,907 $ (42,186) $ 86,721 Total 128,907 (42,186) 86,721 Indefinite lived assets: Tradenames 16,400 — 16,400 Total intangible assets other than goodwill $ 145,307 $ (42,186) $ 103,121 For the three months ended March 31, 2021 and 2020, amortization expense related to intangible assets was $3.7 million and $3.7 million, respectively, and is included in other depreciation and amortization in the consolidated statements of comprehensive income (loss). The estimated aggregate amortization expense as of March 31, 2021 for each of the next five years and thereafter is as follows: Rest of 2021 $ 10,997 2022 13,302 2023 12,881 2024 12,881 2025 12,881 Thereafter 20,121 Total $ 83,063

Other Non-Current Assets

Other Non-Current Assets	3 Months Ended
Other Non-Current Assets	Mar. 31, 2021
Other Non-Current Assets
Other Non-Current Assets	6. Other Non-Current Assets Other non-current assets include capitalized software implementation costs for the implementation of cloud computing systems. As of the dates indicated below, capitalized implementation costs and related accumulated amortization in other non-current assets on the consolidated balance sheets amounted to the following: March 31, December 31, 2021 2020 Cloud computing implementation costs $ 7,198 $ 7,094 Less: accumulated amortization (2,211) (1,685) Other non-current assets $ 4,987 $ 5,409 Such systems were placed into service beginning January of 2020 at which time the Company began to amortize these capitalized costs on a straight-line basis over the period of the remaining service arrangements of between 2 and 4 years .

Accrued Liabilities

Accrued Liabilities	3 Months Ended
Accrued Liabilities	Mar. 31, 2021
Accrued Liabilities
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities as of the dates indicated below consists of the following: March 31, December 31, 2021 2020 Employee accrued compensation expense $ 4,596 $ 6,177 Other accrued liabilities 8,656 8,873 Accrued interest on debt 1,783 9,649 Total accrued liabilities $ 15,035 $ 24,699 Other accrued liabilities in the above table relates primarily to accrued utilities, rent, real estate and sales taxes, state income taxes, and other accrued operating expenses.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2021
Debt
Debt	8. Debt Senior Secured Notes 2024 In connection with the closing of the Business Combination, Bidco issued $340 million in aggregate principal amount of 9.50% senior secured notes due March 15, 2024 (the “2024 Senior Secured Notes” or “Notes”) under an indenture dated March 15, 2019 (the “Indenture”). The Indenture was entered into by and among Bidco, the guarantors named therein (the “Note Guarantors”), and Deutsche Bank Trust Company Americas, as trustee and as collateral agent. Interest is payable semi-annually on September 15 and March 15 beginning September 15, 2019. Refer to table below for a description of the amounts related to the Notes. Principal Unamortized Original Issue Discount Unamortized Deferred Financing Costs 9.50% Senior Secured Notes, due 2024 $ 340,000 $ 2,166 $ 10,444 If Bidco undergoes a change of control or sells certain of its assets, Bidco may be required to offer to repurchase the Notes. On or after March 15, 2021, Bidco at its option, may redeem the Notes, in whole or part, upon not less than fifteen (15) and not more than sixty (60) days’ prior written notice to holders and not less than twenty (20) days’ prior written notice to the trustee (or such shorter timeline as the trustee may agree), at the redemption price expressed as a percentage of principal amount set forth below, plus accrued and unpaid interest thereon but not including the applicable redemption date (subject to the right of Note holders on the relevant record date to receive interest due on an interest payment date falling on or prior to the redemption date), if redeemed during the 12-month period beginning August 15 of each of the years set below. Redemption Year Price 2021 104.750% 2022 102.375% 2023 and thereafter 100.000% The Notes are unconditionally guaranteed by Topaz and each of Bidco’s direct and indirect wholly-owned domestic subsidiaries (collectively, the “Note Guarantors”). Target Hospitality is not an issuer or a guarantor of the Notes. The Note Guarantors are either borrowers or guarantors under the New ABL Facility. To the extent lenders under the New ABL Facility release the guarantee of any Note Guarantor, such Note Guarantor is also released from obligations under the Notes. These guarantees are secured by a second priority security interest in substantially all of the assets of Bidco and the Note Guarantors (subject to customary exclusions). The guarantees of the Notes by TLM Equipment, LLC, a Delaware limited liability company (“TLM Equipment LLC”) which holds certain of Target Hospitality’s assets, are subordinated to its obligations under the New ABL Facility (as defined below). The Notes contain certain negative covenants, including limitations that restrict Bidco’s ability and the ability of certain of its subsidiaries, to directly or indirectly, create additional financial obligations. With certain specified exceptions, these negative covenants prohibit Bidco and certain of its subsidiaries from: creating or incurring additional debt; paying dividends or making any other distributions with respect to its capital stock; making loans or advances to Bidco or any restricted subsidiary of Bidco; selling, leasing or transferring any of its property or assets to Bidco or any restricted subsidiary of Bidco; directly or indirectly creating, incurring or assuming any lien of any kind securing debt on the collateral; or entering into any sale and leaseback transaction. In connection with the issuance of the Notes, there was an original issue discount of $3.3 million and the unamortized balance of $2.2 million is presented on the face of the consolidated balance sheet as of March 31, 2021 as a reduction of the principal. The discount is amortized over the life of the Notes using the effective interest method. Bidco’s ultimate parent, Target Hospitality, has no significant independent assets or operations except as included in the guarantors of the Senior Secured Notes, the guarantees under the Notes are full and unconditional and joint and several, and any subsidiaries of Target Hospitality that are not subsidiary guarantors of the Notes are minor. There are also no significant restrictions on the ability of Target Hospitality or any guarantor to obtain funds from its subsidiaries by dividend or loan. See discussion of certain negative covenants above. Therefore, pursuant to the SEC Rules, no individual guarantor financial statement disclosures are deemed necessary. Capital Lease and Other Financing Obligations The Company’s capital lease and other financing obligations as of March 31, 2021 consisted of approximately $0.6 million of capital leases related primarily to vehicles and approximately $1.8 million related to insurance financing obligations. In December 2019, the Company entered into a lease for certain equipment with a lease term expiring November 2022 and an effective interest rate of 4.3%. The Company’s lease relates to commercial-use vehicles. In November 2020, the Company entered into an insurance financing arrangement in an amount of approximately $3.3 million at an interest rate of 3.84%. The insurance financing arrangement requires 9 monthly payments of approximately $0.4 million that began on December 1, 2020. The Company’s capital lease and other financing obligations as of December 31, 2020 consisted of approximately $0.9 million of capital leases and $2.9 million related to insurance financing obligations. New ABL Facility On the Closing Date, in connection with the closing of the Business Combination, Topaz, Bidco, Target, Signor and each of their domestic subsidiaries entered into an ABL credit agreement that provides for a senior secured asset based revolving credit facility in the aggregate principal amount of up to $125 million (the “New ABL Facility”). The historical debt of Bidco, Target and their respective subsidiaries under the ABL facility of Algeco Seller was settled at the time of the consummation of the Business Combination on the Closing Date. Approximately $40 million of proceeds from the New ABL Facility were used to finance a portion of the consideration payable and fees and expenses incurred in connection with the Business Combination. Borrowings under the New ABL Facility, at the relevant borrower’s (the borrowers under the New ABL Facility, the “ABL Borrowers”) option, bear interest at either (1) an adjusted LIBOR or (2) a base rate, in each case plus an applicable margin. The applicable margin is 2.50% with respect to LIBOR borrowings and 1.50% with respect to base rate borrowings. Commencing at the completion of the first full fiscal quarter after the Closing Date, the applicable margin for borrowings under the New ABL Facility is subject to one step-down of 0.25% and one step-up of 0.25%, based on achieving certain excess availability levels with respect to the New ABL Facility. The New ABL Facility provides borrowing availability of an amount equal to the lesser of (i) (a) $125 million and (b) the Borrowing Base (defined below) (the “Line Cap”). The Borrowing Base is, at any time of determination, an amount (net of reserves) equal to the sum of: ● 85% of the net book value of the Borrowers’ eligible accounts receivables, plus ● the lesser of (i) 95% of the net book value of the Borrowers’ eligible rental equipment and (ii) 85% of the net orderly liquidation value of the Borrowers’ eligible rental equipment, minus ● customary reserves The New ABL Facility includes borrowing capacity available for standby letters of credit of up to $15 million and for ‘‘swingline’’ loan borrowings of up to $15 million. Any issuance of letters of credit or making of a swingline loan will reduce the amount available under the New ABL Facility. In addition, the New ABL Facility will provide the Borrowers with the option to increase commitments under the New ABL Facility in an aggregate amount not to exceed $75 million plus any voluntary prepayments that are accompanied by permanent commitment reductions under the New ABL Facility. The termination date of the New ABL Facility is September 15, 2023. The obligations under the New ABL Facility are unconditionally guaranteed by Topaz and each existing and subsequently acquired or organized direct or indirect wholly-owned U.S. organized restricted subsidiary of Bidco (together with Topaz, the “ABL Guarantors”), other than certain excluded subsidiaries. The New ABL Facility is secured by (i) a first priority pledge of the equity interests of Topaz, Bidco, Target, and Signor (the “Borrowers) and of each direct, wholly-owned US organized restricted subsidiary of any Borrower or any ABL Guarantor, (ii) a first priority pledge of up to 65% of the voting equity interests in each non-US restricted subsidiary of any Borrower or ABL Guarantor and (iii) a first priority security interest in substantially all of the assets of the Borrower and the ABL Guarantors (in each case, subject to customary exceptions). The New ABL Facility requires the Borrowers to maintain a (i) minimum fixed charge coverage ratio of 1.00:1.00 and (ii) maximum total net leverage ratio of 4.00:1.00, at any time when the excess availability under the New ABL Facility is less than the greater of (a) $15.625 million and (b) 12.5% of the Line Cap. The New ABL Facility also contains a number of customary negative covenants. Such covenants, among other things, limit or restrict the ability of each of the Borrowers, their restricted subsidiaries, and where applicable, Topaz, to: ● incur additional indebtedness, issue disqualified stock and make guarantees; ● incur liens on assets; ● engage in mergers or consolidations or fundamental changes; ● sell assets; ● pay dividends and distributions or repurchase capital stock; ● make investments, loans and advances, including acquisitions; ● amend organizational documents and master lease documents; ● enter into certain agreements that would restrict the ability to pay dividends; ● repay certain junior indebtedness; and ● change the conduct of its business. The aforementioned restrictions are subject to certain exceptions including (i) the ability to incur additional indebtedness, liens, investments, dividends and distributions, and prepayments of junior indebtedness subject, in each case, to compliance with certain financial metrics and certain other conditions and (ii) a number of other traditional exceptions that grant the ABL Borrowers continued flexibility to operate and develop their businesses. The New ABL Facility also contains certain customary representations and warranties, affirmative covenants and events of default. The carrying value of debt outstanding as of the dates indicated below consist of the following: March 31, December 31, 2021 2020 Capital lease and other financing obligations $ 2,480 $ 3,840 ABL facilities 60,000 48,000 9.50% Senior Secured Notes due 2024, face amount 340,000 340,000 Less: unamortized original issue discount (2,166) (2,319) Less: unamortized term loan deferred financing costs (10,444) (11,182) Total debt, net 389,870 378,339 Less: current maturities (2,401) (3,571) Total long-term debt $ 387,469 $ 374,768 Interest expense, net The components of interest expense, net (which includes interest expense incurred) recognized in the unaudited consolidated statements of comprehensive income (loss) for the periods indicated below consist of the following: For the three months ended March 31, March 31, 2021 2020 Interest incurred on capital lease and other financing obligations $ 30 $ 16 Interest expense incurred on ABL facilities and Notes 8,615 8,980 Amortization of deferred financing costs on Notes 738 589 Amortization of deferred financing costs on New ABL facility 212 214 Amortization of deferred financing costs on Algeco ABL facility 101 101 Amortization of original issue discount on Notes 153 122 Interest expense, net $ 9,849 $ 10,022 Deferred Financing Costs and Original Issue Discount The Company presents unamortized deferred financing costs and unamortized original issue discount as a direct deduction from the principal amount of the Notes on the unaudited consolidated balance sheet as of March 31, 2021. Accumulated amortization expense related to the deferred financing costs was approximately $5.5 million and $4.7 million as of March 31, 2021 and December 31, 2020, respectively. Accumulated amortization of the original issue discount was approximately $1.1 million and $1.0 million as of March 31, 2021 and December 31, 2020, respectively. Accumulated amortization related to revolver deferred financing costs for both the Algeco ABL facility and New ABL Facility was approximately $2.6 million and $2.4 million as of March 31, 2021 and December 31, 2020, respectively. Refer to the components of interest expense in the table above for the amounts of the amortization expense related to the deferred financing costs and original issue discount recognized for each of these debt instruments for the three months ended March 31, 2021 and 2020, respectively. Future maturities The aggregate annual principal maturities of debt and capital lease obligations for each of the next five years and thereafter, based on contractual terms are listed in the table below. The schedule of future maturities as of March 31, 2021, consists of the following: Rest of 2021 $ 2,401 2022 79 2023 60,000 2024 340,000 Total $ 402,480

Warrant Liabilities

Warrant Liabilities	3 Months Ended
Warrant Liabilities	Mar. 31, 2021
Warrant Liabilities
Warrant Liabilities	9. Warrant Liabilities On January 17, 2018, Harry E. Sloan, Joshua Kazam, Fredric D. Rosen, the Sara L. Rosen Trust and the Samuel N. Rosen 2015 Trust, purchased from PEAC an aggregate of 5,333,334 warrants at a price of $1.50 per warrant (for an aggregate purchase price of $8.0 million) in a private placement (the “Private Warrants”) that occurred simultaneously with the completion of the Public Offering as defined in Note 15. Each Private Warrant entitles the holder to purchase one share of common stock at $11.50 per share. The purchase price of the Private Warrants was added to the proceeds from the Public Offering and was held in the Trust Account until the closing of the Business Combination. The Private Warrants (including the shares of Common Stock issuable upon exercise of the Private Warrants) were not transferable, assignable or salable until 30 days after the closing date of the Business Combination, and they may be exercised on a cashless basis and are non-redeemable so long as they are held by the initial purchasers of the Private Warrants or their permitted transferees. The Company evaluated Private Warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity Subsequent changes in the estimated fair value of the Private Warrants are reflected in the change in fair value of warrant liabilities in the accompanying consolidated statement of comprehensive income (loss). The change in the estimated fair value of the Private Warrants resulted in a loss (gain) of approximately $0.6 million and ($1.7) million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021 and 2020, the Company had 5,333,334 Private Warrants issued and outstanding. The Company determined the following estimated fair values for the outstanding Private Warrants as of the dates indicated below: March 31, December 31, 2021 2020 (Restated) Warrant liabilities $ 1,173 $ 533 Total $ 1,173 $ 533

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Taxes
Income Taxes	10. Income Taxes Income tax expense (benefit) was approximately ($1.5) The Company accounts for income taxes in interim periods under ASC 740-270, Income Taxes – Interim Reporting

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2021
Fair Value of Financial Instruments
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company has assessed that the fair value of cash and cash equivalents, trade receivables, related party receivables, trade payables, other current liabilities, and other debt approximates their carrying amounts largely due to the short-term maturities or recent commencement of these instruments. The fair value of the ABL Revolver is primarily based upon observable market data, such as market interest rates, for similar debt. The fair value of the Notes is based upon observable market data. The Company measured the Private Warrant liabilities at fair value on a recurring basis at each reporting period end as more fully discussed below. Changes in the fair value of the Level 1 & 2 Disclosures: The carrying amounts and fair values of financial assets and liabilities, which are either Level 1 or Level 2, are as follows: March 31, 2021 December 31, 2020 Financial Assets (Liabilities) Not Measured at Fair Value Carrying Fair Value Carrying Fair Value ABL facilities (See Note 8) - Level 2 $ (60,000) $ (60,000) $ (48,000) $ (48,000) Senior Secured Notes (See Note 8) - Level 1 $ (327,390) $ (337,450) $ (326,499) $ (300,900) Recurring fair value measurements Level 3 Disclosures: There were 5,333,334 Private Warrants outstanding as of March 31, 2021 and December 31, 2020. Based on the fair value assessment that was performed, the Company determined a fair value price per Private Warrant of $0.22 and $0.10 as of March 31, 2021 and December 31, 2020, respectively. The fair value is classified as Level 3 in the fair value hierarchy due to the use of pricing inputs that are less observable in the marketplace combined with management judgment required for the assumptions underlying the calculation of value. The Company determined the estimated fair value of the Private Warrants using the Black-Scholes option-pricing model. March 31, December 31, 2021 2020 Exercise Price $ 11.50 $ 11.50 Stock Price $ 2.51 $ 1.58 Dividend Yield % 0.00 % 0.00 Expected Term (in Years) 2.96 3.20 Risk-Free Interest Rate % 0.34 % 0.19 Expected Volatility % 65.00 % 68.00 Per Share Value of Warrants $ 0.22 $ 0.10 The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2021: Private Placement Warrants Balance at December 31, 2020 (as Restated) $ 533 Change in fair value of warrant liabilities 640 Balance at March 31, 2021 $ 1,173 There were no transfers of financial instruments between the three levels of the fair value hierarchy during the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies.
Commitments and Contingencies	12. Commitments and Contingencies The Company is involved in various lawsuits or claims in the ordinary course of business. Management is of the opinion that there is no pending claim or lawsuit which, if adversely determined, would have a material impact on the financial condition of the Company.

Related Parties

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2021
Related Parties
Related Parties	13. Related Parties During the three months ended March 31, 2021 and 2020 the Company incurred $0.2 million and $0.2 million, respectively, in commissions owed to related parties, included in selling, general and administrative expense in the accompanying consolidated statements of comprehensive income (loss). At March 31, 2021 and December 31, 2020, the Company accrued $0.3 million and $0.3 million, respectively, for these commissions. Prior to the closing of the Business Combination, Mr. Diarmuid Cummins (the “Advisor”) provided certain consulting and advisory services (the “Services”) to Target Parent and certain of its affiliated entities (collectively, “Algeco”), including Target. The Advisor was compensated for these Services by Algeco. Following the closing of the Business Combination, the Advisor continued to provide these Services to Algeco and to the Company and is serving as an observer on the board of directors of the Company. The Advisor is currently compensated for these services by Chard Camp Catering Services Ltd. (“Chard”), a wholly owned subsidiary of the Company. In June 2019, Chard and Algeco Global Sarl (“Algeco Global”) entered into a reimbursement agreement, as amended in July 2019, (the “Agreement”), pursuant to which Algeco Global agreed to reimburse Chard for 100% of the total compensation paid by it to the Advisor, from and after January 1, 2019, with such amounts to be paid monthly. The initial term of the Agreement ran through December 31, 2019 and automatically extended for an additional 12-month term. The Company and Algeco Global are each majority owned by TDR Capital. No reimbursement income amounts related to this agreement were incurred during the three months ended March 31, 2021 as the agreement terminated on December 31, 2020. In addition, the related party receivable on the consolidated balance sheet as of December 31, 2020 was paid in full during the three months ended March 31, 2021.

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
Earnings (Loss) per Share	Mar. 31, 2021
Earnings per Share
Earnings per Share	14. Earnings (Loss) per Share Basic earnings (loss) per share (“EPS” or “LPS”) is calculated by dividing net income or loss attributable to Target Hospitality by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed similarly to basic net earnings per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. During periods when net losses are incurred, potential dilutive securities would be anti-dilutive and are excluded from the calculation of diluted loss per share for that period. A net loss was recorded for the three months ended March 31, 2021, while net income was recorded for the three months ended March 31, 2020. The following table presents basic and diluted EPS for the periods indicated below ($ in thousands, except per share amounts): For Three Months Ended March 31, March 31, 2021 2020 Numerator (Restated) Net income (loss) attributable to Common Stockholders $ (13,138) $ 5,454 Denominator Weighted average shares outstanding - basic and diluted 96,168,425 95,849,854 Net income (loss) per share - basic and diluted $ (0.14) $ 0.06 5,015,898 shares of the 8,050,000 shares of common stock held by the Founders, were placed into escrow concurrent with the Business Combination. Upon being placed into escrow, the voting and economic rights of the shares were suspended for the period they are in escrow. Given that the Founders are not entitled to vote or participate in the economic rewards available to the other shareholders with respect to these shares, these shares are not included in the EPS or LPS calculations. The Public Warrants and Private Warrants representing a total of 16,166,650 shares of the Company’s common stock for the three months ended March 31, 2021 and 2020 were excluded from the computation of EPS and LPS because they are considered anti-dilutive as the exercise price exceeds the average market price of the common stock during the applicable periods. As discussed in Note 16, RSUs and stock options were outstanding for the three months ended March 31, 2021. These RSUs and stock options were excluded from the computation of EPS because their effect would have been anti-dilutive. Shares of treasury stock have been excluded from the computation of EPS.

Stockholders Equity

Stockholders Equity	3 Months Ended
Stockholders Equity	Mar. 31, 2021
Stockholders Equity
Stockholders' Equity	15. Stockholders’ Equity Common Stock As of March 31, 2021, and December 31, 2020, Target Hospitality had 105,651,020 and 105,585,682 shares of Common Stock, par value $0.0001 per share issued while 101,236,253 and 101,170,915 were outstanding, respectively. Each share of Common Stock has one vote, except the voting rights related to the 5,015,898 of Founder Shares placed in escrow have been suspended subject to release pursuant to the terms of the earnout agreement entered into at the closing of the Business Combination by and between Harry E. Sloan, Jeff Sagansky, Eli Baker and the Company. Preferred Shares Target Hospitality is authorized to issue 1,000,000 preferred shares at $0.0001 par value. As of March 31, 2021, no preferred shares were issued and outstanding. Public Warrants On January 17, 2018, PEAC sold 32,500,000 units at a price of $10.00 per unit (the “Units”) in its initial public offering (the “Public Offering”), including the issuance of 2,500,000 Units as a result of the underwriters’ partial exercise of their overallotment option. Each Unit consisted of one Class A ordinary share of PEAC, par value $0.0001 per share (the “Public Shares”), and one Each Public Warrant entitles the holder to purchase one share of the Company’s Common Stock at a price of $11.50 per share. No fractional shares will be issued upon exercise of the Public Warrants. If upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will upon exercise, round down to the nearest whole number, the number of shares to be issued to the Public Warrant holder. Each Public Warrant became exercisable 30 days after the completion of the Business Combination. As of March 31, 2021, the Company had 10,833,316 Public Warrants issued and outstanding.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2021
Stock-Based Compensation
Stock-Based Compensation	16. Stock-Based Compensation On March 15, 2019, in connection with the Business Combination, the Company’s Board of Directors approved the adoption of the Target Hospitality Corp. 2019 Incentive Award Plan (the “Plan”), under which 4,000,000 of the Company’s shares of Common Stock were reserved for issuance pursuant to future grants of share awards. The expiration date of the Plan, on and after which date no awards may be granted, is March 15, 2029. On February 25, 2021, the Compensation Committee (the “Compensation Committee”) of the Company’s Board of Directors adopted a new form Executive Restricted Stock Unit Agreement (the “RSU Agreement”) and a form Executive Stock Appreciation Rights Award Agreement (the “SAR Agreement” and together with the RSU Agreement, the “Award Agreements”) with respect to the granting of restricted stock units and stock appreciation rights, respectively, under the Target Hospitality Corp. 2019 Incentive Plan (the “Plan”). The new Award Agreements will be used for all awards to executive officers made on or after February 25, 2021. The RSU Agreement has material terms that are substantially similar to those in the form Executive Restricted Stock Unit Agreement last approved by the Compensation Committee and previously disclosed by the Company, except for the following: (x) 50% of the restricted stock units (“RSUs”) will vest on the second grant date anniversary and 50% of the RSUs will vest on the third grant date anniversary and (y) if the participant’s employment or service terminates due to Retirement (as defined in the Plan), and the participant has been continuously employed by the Company for at least twelve months following the grant date, then a pro-rata portion of the participant’s RSUs scheduled to vest on the next following vesting date shall vest on his or her termination date based on completed calendar months since either (a) the grant date or (b) the initial vesting date, as applicable. The SAR Agreement has material terms that are substantially similar to those in the form Executive Nonqualified Stock Option Award Agreement last approved by the Compensation Committee and previously disclosed by the Company, except for the following: (x) the change in the equity instrument to a stock appreciation right (“ SAR Restricted Stock Units On February 25, 2021, the Compensation Committee granted time-based RSUs to certain of the Company’s executive officers and other employees. Each RSU represents a contingent right to receive, upon vesting, one share of the Company’s Common Stock or its cash equivalent, as determined by the Company. The number of RSUs granted to certain named executive officers and certain other employees totaled 1,134,524. For the three months ended March 31, 2021, certain of the Company's employees surrendered RSUs owned by them to satisfy their statutory minimum federal and state tax obligations associated with the vesting of RSUs issued under the Plan. The table below represents the changes in RSUs: Number of Weighted Balance at December 31, 2020 1,124,762 $ 4.21 Granted 1,134,524 1.79 Vested (120,058) 4.67 Balance at March 31, 2021 2,139,228 $ 2.90 Stock-based compensation expense for these RSUs recognized in selling, general and administrative expense in the consolidated statement of comprehensive income (loss) for the three months ended March 31, 2021 and 2020, was approximately $0.6 million and $0.1 million, respectively, with an associated tax benefit of $0.1 million and less than $0.1 million, respectively. At March 31, 2021, unrecognized compensation expense related to RSUs totaled approximately $4.9 million and is expected to be recognized over a remaining term of approximately 2.66 years. Stock Option Awards During three months ended March 31, 2021 there were no new grants or other changes in the stock options outstanding. 410,787 stock options were exercisable at March 31, 2021. Stock-based compensation expense for these stock option awards recognized in selling, general and administrative expense in the unaudited consolidated statement of comprehensive income (loss) for the three months ended March 31, 2021 and 2020, was approximately $0.3 million and $0.1 million, respectively, with an associated tax benefit of $0.1 million and less than $0.1 million, respectively. At March 31, 2021, unrecognized compensation expense related to stock options totaled $2.0 million and is expected to be recognized over a remaining term of approximately 2.60 years. The fair value of each option award at the grant date was estimated using the Black-Scholes option-pricing model with the following assumptions: Assumptions Weighted average expected stock volatility (range) % 25.94 - 30.90 Expected dividend yield % 0.00 Expected term (years) 6.25 Risk-free interest rate (range) % 0.82 - 2.26 Exercise price (range) $ 4.51 - 10.83 Weighted-average grant date fair value $ 1.42 The volatility assumption used in the Black-Scholes option-pricing model is based on peer group volatility as the Company does not have a sufficient trading history as a stand-alone public company to calculate volatility. Additionally, due to an insufficient history with respect to stock option activity and post vesting cancellations, the expected term assumption is based on the simplified method permitted under SEC rules, whereby, the simple average of the vesting period for each tranche of award and its contractual term is aggregated to arrive at a weighted average expected term for the award. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption. The Company has never declared or paid a dividend on its shares of common stock. Stock-based payments are subject to service based vesting requirements and expense is recognized on a straight-line basis over the vesting period. Forfeitures are accounted for as they occur. No stock options were forfeited for the three months ended March 31, 2021. Stock Appreciation Right Awards On February 25, 2021, the Compensation Committee granted SARs to certain of the Company’s executive officers and other employees. Each SAR represents a contingent right to receive, upon vesting, payment in cash or the Company’s Common Stock, as determined by the Compensation Committee, in an amount equal to the difference between (a) the fair market value of a Common Share on the date of exercise, over (b) the grant date price. The number of SARs granted to certain named executive officers and certain other employees totaled 1,551,631. The following table summarizes SARs outstanding at March 31, 2021: Number of Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Outstanding SARs at December 31, 2020 - $ - - Granted 1,551,631 1.79 10.00 Outstanding SARs at March 31, 2021 1,551,631 $ 1.79 10.00 Under the authoritative guidance for stock-based compensation, these SARs are considered liability-based awards. The Company recognized a liability, which is included in other non-current liabilities in the consolidated balance sheets, associated with its SARs of approximately $0.04 million as of March 31, 2021. These SARs were valued using the Black-Scholes option pricing model, the expected volatility was approximately 43.5%, the term was 6.25 years, the dividend rate was 0.0% and the risk-free interest rate was approximately 1.07%, which resulted in a calculated fair value of approximately $0.78 per SAR. The fair value of these liability awards will be remeasured at each reporting period until the date of settlement. Increases and decreases in stock-based compensation expense are recognized over the vesting period, or immediately for vested awards. For the three months ended March 31, 2021, the Company recognized compensation expense related to these awards of approximately $0.04 million in selling, general and administrative expense in the unaudited consolidated statement of comprehensive income (loss). At March 31, 2021, unrecognized compensation expense related to SARs totaled approximately $1.2 million and is expected to be recognized over a remaining term of approximately 2.9 years. The volatility assumption used in the Black-Scholes option-pricing model is based on peer group volatility as the Company does not have a sufficient trading history as a stand-alone public company to calculate volatility. Additionally, due to an insufficient history with respect to stock option activity and post vesting cancellations, the expected term assumption is based on the simplified method permitted under SEC rules, whereby, the simple average of the vesting period for each tranche of award and its contractual term is aggregated to arrive at a weighted average expected term for the award. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption. The Company has never declared or paid a dividend on its shares of common stock. Stock-based payments are subject to service based vesting requirements and expense is recognized on a straight-line basis over the vesting period. Forfeitures are accounted for as they occur. No SARs were forfeited for the three months ended March 31, 2021.

Retirement Plans

Retirement Plans	3 Months Ended
Retirement Plans	Mar. 31, 2021
Retirement Plans
Retirement Plans	17. Retirement plans We offer a defined contribution 401(k) retirement plan to substantially all of our U.S. employees. Participants may contribute from 1% to 90% of eligible compensation, inclusive of pretax and/or Roth deferrals (subject to Internal Revenue Service limitations), and we make matching contributions under this plan on the first 6% of the participant’s compensation (100% match of the first 3% employee contribution and 50% match on the next 3% contribution). Our matching contributions vest at a rate of 20% per year for each of the employee’s first five years of service and then are fully vested thereafter. For the three months ended March 31, 2021 and 2020, we recognized expense of $0.2 million and $0.1 million, respectively, related to these matching contributions.

Business Segments

Business Segments	3 Months Ended
Business Segments	Mar. 31, 2021
Business Segments
Business Segments	18. Business Segments The Company is organized primarily on the basis of geographic region, customer industry group and operates primarily in four reportable segments. Our remaining operating segments have been consolidated and included in an “All Other” category. The following is a brief description of our reportable segments and a description of business activities conducted by All Other. Permian Basin — Bakken Basin Government TCPL Keystone All Other — The table below presents information about reported segments for the three months ended March 31 (except for asset information for 2020 that is presented as of December 31): 2021 Permian Basin Bakken Basin Government TCPL Keystone All Other Total For the Three Months Ended March 31, 2021 Revenue $ 25,093 $ 597 $ 18,039 $ 1,471 $ 292 (a) $ 45,492 Adjusted gross profit $ 10,658 $ (549) $ 13,802 $ 208 $ (218) $ 23,901 Total Assets $ 225,475 $ 50,503 $ 71,240 $ 3,511 $ 3,258 $ 353,987 2020 Permian Basin Bakken Basin Government TCPL Keystone All Other Total For the Three Months Ended March 31, 2020 Revenue $ 49,131 $ 4,185 $ 16,592 $ 1,134 $ 613 (a) $ 71,655 Adjusted gross profit $ 26,784 $ 1,404 $ 11,580 $ 338 $ (62) $ 40,044 Total Assets (as of December 31, 2020) $ 277,839 $ 51,782 $ 27,149 $ 3,543 $ 3,231 $ 363,544 (a) Revenues are attributable to three operating segments of the Company and are reported in the “All Other” category previously described. A reconciliation of total segment adjusted gross profit to total consolidated income (loss) before income taxes for the dates indicated below, is as follows: For the Three Months Ended March 31, 2021 March 31, 2020 (Restated) Total reportable segment adjusted gross profit $ 24,119 $ 40,106 Other adjusted gross profit (218) (62) Depreciation and amortization (16,436) (17,013) Selling, general, and administrative expenses (11,332) (9,990) Other expense (income), net (246) 1,015 Interest expense, net (9,849) (10,022) Change in fair value of warrant liabilities (640) 1,653 Consolidated income (loss) before income taxes $ (14,602) $ 5,687 A reconciliation of total segment assets to total consolidated assets as of the dates indicated below, is as follows: March 31, 2021 December 31, 2020 Total reportable segment assets $ 350,729 $ 360,313 Other assets 3,258 3,231 Other unallocated amounts 168,280 170,693 Total Assets $ 522,267 $ 534,237 Other unallocated assets consist of the following as reported in the consolidated balance sheets of the Company as of the dates indicated below: March 31, 2021 December 31, 2020 Total current assets $ 43,806 $ 43,562 Other intangible assets, net 99,463 103,121 Deferred tax asset 16,914 15,179 Deferred financing costs revolver, net 3,110 3,422 Other non-current assets 4,987 5,409 Total other unallocated amounts of assets $ 168,280 $ 170,693

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events
Subsequent Events	19. Subsequent Events In April 2021, the Company paid down approximately $21 million of its outstanding ABL balance under the New ABL Facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Summary of Significant Accounting Policies
Organization and Nature of Operations	Organization and Nature of Operations Target Hospitality Corp. (“Target Hospitality” or the “Company”) was formed on March 15, 2019 and is one of the largest vertically integrated specialty rental and hospitality services companies in the United States. The Company provides vertically integrated specialty rental and comprehensive hospitality services including catering and food services, maintenance, housekeeping, grounds-keeping, security, health and recreation services, overall workforce community management, and laundry service. Target Hospitality serves clients in oil, gas, mining, alternative energy, government and immigrations sectors principally located in the West Texas, South Texas, Oklahoma and Bakken regions, as well as various large linear-construction (pipeline and infrastructure) projects in the United States. The Company, whose securities are listed on the Nasdaq Capital Market, serves as the holding company for the businesses of Target Logistics Management, LLC and its subsidiaries (“Target”) and RL Signor Holdings, LLC and its subsidiaries (“Signor”). TDR Capital LLP (“TDR Capital” or “TDR”) owns approximately 63% of Target Hospitality and the remaining ownership is broken out among the founders of the Company’s legal predecessor, Platinum Eagle Acquisition Corp. (“Platinum Eagle” or “PEAC”), investors in Platinum Eagle’s private placement transaction completed substantially and concurrently with the Business Combination (as defined below) (the “PIPE”), and other public shareholders. Platinum Eagle was originally incorporated on July 12, 2017 as a Cayman Islands exempted company, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. References in this Quarterly Report on Form 10-Q to the Company refer to Target Hospitality for all periods at or after March 15, 2019 and Platinum Eagle for all periods prior to March 15, 2019, unless the context requires otherwise. On November 13, 2018, PEAC entered into: (i) the agreement and plan of merger, as amended on January 4, 2019 (the “Signor Merger Agreement”), by and among PEAC, Signor Merger Sub LLC, a Delaware limited liability company and wholly-owned subsidiary of Platinum Eagle and sister company to the Holdco Acquiror (defined below as Topaz Holdings LLC) (“Signor Merger Sub”), Arrow Holdings S.a.r.l., a Luxembourg société à responsabilité limitée besloten vennootschap Target Parent was formed by TDR in September 2017. Prior to the Business Combination, Target Parent was directly owned by Algeco Scotsman Global S.a.r.l. (“ASG”) which is ultimately owned by a group of investment funds managed and controlled by TDR. During 2018, ASG assigned all of its ownership interest in Target Parent to the Algeco Seller, an affiliate of ASG that is also ultimately owned by a group of investment funds managed and controlled by TDR. Target Parent acted as a holding company that included the U.S. corporate employees of ASG and certain of its affiliates and certain related administrative costs and was the owner of Target, its operating company. Target Parent received capital contributions, made distributions, and maintained cash as well as other amounts owed to and from affiliated entities. As discussed above, in connection with the closing of the Business Combination, Target Parent merged with and into Bidco, with Bidco as the surviving entity. Signor Parent owned 100% of Bidco until the closing of the Business Combination in connection with which Signor Parent merged with and into Topaz with Topaz being the surviving entity. Prior to the Business Combination, Signor Parent was owned by the Arrow Seller, which is ultimately owned by a group of investment funds managed and controlled by TDR. Signor Parent was formed in August 2018 and acted as a holding company for Bidco, which was formed in September 2018, also as a holding company. Bidco acquired Signor on September 7, 2018. Neither Signor Parent nor Bidco had operating activity, but each received capital contributions, made distributions, and maintained cash as well as other amounts owed to and from affiliated entities. Signor Parent was dissolved upon consummation of the Business Combination and merger with Topaz described above on March 15, 2019.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) has been condensed or omitted pursuant to those rules and regulations. The financial statements included in this report should be read in conjunction with the Target Hospitality Annual Report on Form 10-K/A for the year ended December 31, 2020, filed with the SEC on May 24, 2021 (the “2020 Form 10-K/A”). The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending December 31, 2021 or any future period. The accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, except for the restatement discussed below, necessary for a fair statement of financial position as of March 31, 2021, and results of operations for the three months ended March 31, 2021 and 2020, and cash flows for the three months ended March 31, 2021 and 2020. The consolidated balance sheet as of December 31, 2020, was derived from the audited consolidated balance sheets of Target Hospitality Corp. but does not contain all of the footnote disclosures from those annual financial statements. Restatement of Previously Issued Consolidated Financial Statements The notes included herein should be read in conjunction with the Company's restated audited consolidated financial statements included in the 2020 Form 10-K/A. As previously disclosed in the 2020 Form 10-K/A, we restated the Company’s previously issued consolidated financial statements as of and for the year ended December 31, 2020, as well as each of the quarters within 2020 to make the necessary accounting corrections related to warrant accounting. We have restated herein our consolidated financial statements as of and for the quarter ended March 31, 2020. We have also restated related amounts within the accompanying footnotes to the consolidated financial statements. The impact to the quarter ended March 31, 2020 was an increase to net income of approximately $1.7 million.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying unaudited consolidated financial statements.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries that it controls due to ownership of a majority voting interest. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated.
Revenue Recognition	Revenue Recognition The Company derives revenue from specialty rental and hospitality services, specifically lodging and related ancillary services. Revenue is recognized in the period in which lodging and services are provided pursuant to the terms of contractual relationships with the customers. Certain arrangements contain a lease of lodging facilities to customers. The leases are accounted for as an operating lease under the authoritative guidance for leases and are recognized as income using the straight-line method over the term of the lease agreement. Because performance obligations related to specialty rental and hospitality services are satisfied over time, the majority of our revenue is recognized on a daily basis, for each night a customer stays, at a contractual day rate. Our customers typically contract for accommodation services under committed contracts with terms that most often range from several months to three years. Our payment terms vary by type and location of our customer and the service offered. The time between invoicing and when payment is due is not significant. When lodging and services are billed and collected in advance, recognition of revenue is deferred until services are rendered. Certain of the Company’s contractual arrangements allow customers the ability to use paid but unused lodging and services for a specified period. The Company recognizes revenue for these paid but unused lodging and services as they are consumed, as it becomes probable the lodging and services will not be used, or upon expiration of the specified term. Cost of services includes labor, food, utilities, supplies, rent and other direct costs associated with operating the lodging units as well as costs associated with construction services. Cost of rental includes leasing costs and other direct costs of maintaining the lodging units. Costs associated with contracts include sales commissions which are expensed as incurred and reflected in selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). The Company recognizes revenue associated with community construction using the percentage of completion method with progress towards completion measured using the cost-to-cost method as the basis to recognize revenue. Management believes this cost-to-cost method is the most appropriate measure of progress to the satisfaction of a performance obligation on the community construction. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and final contract settlements may result in revisions to projected costs and revenue and are recognized in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. Factors that may affect future project costs and margins include weather, production efficiencies, availability and costs of labor, materials and subcomponents. Additionally, the Company collects sales, use, occupancy and similar taxes, which the Company presents on a net basis (excluded from revenues) in the consolidated statements of comprehensive income (loss).
Recently Issued Accounting Standards	Recently Issued Accounting Standards The Company meets the definition of an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). In reliance on exemptions provided under the JOBS Act for EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until a company that is not an issuer (as defined under section 2(a) of the Sarbanes-Oxley Act of 2002) is required to comply with such standards. As such, compliance dates included below pertain to non-issuers, and as permitted, early adoption dates are indicated. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (ASC 840) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ASU 2016-13 or Topic 326 Codification Improvements to Topic 326, Financial Instruments - Credit Losses
Recent Developments - COVID-19 and Disruption in Oil and Gas Industry	Recent Developments – CO VI D-19 and D isruption in Oil and Gas Industry On January 30, 2020, the World Health Organization declared an outbreak of a highly contagious form of an upper respiratory infection caused by , a novel coronavirus strain commonly referred to as “coronavirus”. mutually beneficial approach balanced average daily rates with contract term and positions the Company to take advantage of a more balanced market. There have been significant changes to the global economic situation and to public securities markets as a result of COVID-19. It is possible that these changes could cause changes to estimates as a result of the markets in which the Company operates, the price of the Company’s publicly traded equity and debt in comparison to the Company’s carrying value. Such changes to estimates could potentially result in impacts that would be material to the Company’s consolidated financial statements, particularly with respect to the fair value of the Company’s reporting units in relation to potential goodwill impairment, the fair value of long-lived and other intangible assets in relation to potential impairment and the allowance for doubtful accounts. As a result of the impact of COVID-19 and the disruption in the oil and gas industry, in the first quarter of 2020 we also concluded a trigger event had occurred and we tested our long-lived and intangible assets, including goodwill, for impairment. Additionally, in connection with COVID-19, on March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The CARES Act, among other things, includes provisions relating to the 80 percent limitation of net operating loss and modifications to the business interest deduction limitations. We evaluated how the provisions in the CARES Act would impact our consolidated financial statements and concluded that the CARES Act did not have a material impact on our provision for income taxes for the three months ended March 31, 2021 and 2020

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2021
Revenue [Abstract]
Summary of disaggregation of revenue by reportable segments as well as the all other category	For Three Months Ended March 31, 2021 2020 Permian Basin Services income $ 23,202 $ 43,286 Total Permian Basin revenues 23,202 43,286 Bakken Basin Services income $ 597 $ 4,185 Total Bakken Basin revenues 597 4,185 Government Services income $ 8,310 $ 5,854 Total Government revenues 8,310 5,854 TCPL Keystone Services income $ 537 $ - Construction fee income 934 1,134 Total TCPL Keystone revenues 1,471 1,134 All Other Services income $ 292 $ 613 Total All Other revenues 292 613 Total revenues $ 33,872 $ 55,072
Summary of contract liabilities	For Three Months Ended March 31, 2021 2020 Balances at Beginning of the Period $ 18,371 $ 26,199 Additions to deferred revenue 614 — Revenue recognized (1,256) (5,239) Balances at End of the Period $ 17,729 $ 20,960
Summary of revenue expected to be recognized from contracts where the price and quantity of the product or service are fixed	As of March 31, 2021, for contracts greater than one year, the following table discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue, and only represents revenue expected to be recognized from contracts where the price and quantity of the product or service are fixed: For the Years Ended December 31, 2021 2022 2023 2024 2025 2026 Total Revenue expected to be recognized as of March 31, 2021 $ 98,839 $ 48,284 $ 18,699 $ 18,748 $ 18,699 $ 13,987 $ 217,256

Specialty Rental Assets, Net (T

Specialty Rental Assets, Net (Tables)	3 Months Ended
Specialty Rental Assets, Net (Tables)	Mar. 31, 2021
Specialty Rental Assets, Net
Schedule of Specialty rental assets	March 31, December 31, 2021 2020 Specialty rental assets $ 549,300 $ 547,375 Construction-in-process 7,275 5,828 Less: accumulated depreciation (254,338) (241,716) Specialty rental assets, net $ 302,237 $ 311,487

Other Property, Plant and Equ_2

Other Property, Plant and Equipment, Net (Tables)	3 Months Ended
Other Property, Plant and Equipment, Net (Tables)	Mar. 31, 2021
Other Property, Plant and Equipment, Net
Schedule of other property, plant and equipment, net	March 31, December 31, 2021 2020 Land $ 9,163 $ 9,163 Buildings and leasehold improvements 115 115 Machinery and office equipment 1,099 1,072 Software and other 3,754 3,752 14,131 14,102 Less: accumulated depreciation (3,419) (3,083) Total other property, plant and equipment, net $ 10,712 $ 11,019

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, net (Tables)	3 Months Ended
Goodwill and Other Intangible Assets, net (Tables)	Mar. 31, 2021	Mar. 31, 2020
Goodwill and Other Intangible Assets, net
Schedule of changes in carrying amount of goodwill		Permian Basin Balance at January 1, 2020 $ 41,038 Changes in Goodwill - Balance at December 31, 2020 41,038 Changes in Goodwill - Balance at March 31, 2021 $ 41,038
Schedule of intangible assets other than goodwill	March 31, 2021 Weighted Gross average Carrying Accumulated Net Book remaining lives Amount Amortization Value Intangible assets subject to amortization Customer relationships 6.2 $ 128,907 $ (45,844) $ 83,063 Total 128,907 (45,844) 83,063 Indefinite lived assets: Tradenames 16,400 — 16,400 Total intangible assets other than goodwill $ 145,307 $ (45,844) $ 99,463 December 31, 2020 Weighted Gross average Carrying Accumulated Net Book remaining lives Amount Amortization Value Intangible assets subject to amortization Customer relationships 6.4 $ 128,907 $ (42,186) $ 86,721 Total 128,907 (42,186) 86,721 Indefinite lived assets: Tradenames 16,400 — 16,400 Total intangible assets other than goodwill $ 145,307 $ (42,186) $ 103,121
Schedule of estimated aggregate amortization expense	Rest of 2021 $ 10,997 2022 13,302 2023 12,881 2024 12,881 2025 12,881 Thereafter 20,121 Total $ 83,063

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	3 Months Ended
Other Non-Current Assets (Tables)	Mar. 31, 2021
Other Non-Current Assets
Other non-current assets	March 31, December 31, 2021 2020 Cloud computing implementation costs $ 7,198 $ 7,094 Less: accumulated amortization (2,211) (1,685) Other non-current assets $ 4,987 $ 5,409

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
Accrued Liabilities (Tables)	Mar. 31, 2021
Accrued Liabilities
Schedule of accrued liabilities	March 31, December 31, 2021 2020 Employee accrued compensation expense $ 4,596 $ 6,177 Other accrued liabilities 8,656 8,873 Accrued interest on debt 1,783 9,649 Total accrued liabilities $ 15,035 $ 24,699

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2021
Debt
Summary of carrying value of debt outstanding	March 31, December 31, 2021 2020 Capital lease and other financing obligations $ 2,480 $ 3,840 ABL facilities 60,000 48,000 9.50% Senior Secured Notes due 2024, face amount 340,000 340,000 Less: unamortized original issue discount (2,166) (2,319) Less: unamortized term loan deferred financing costs (10,444) (11,182) Total debt, net 389,870 378,339 Less: current maturities (2,401) (3,571) Total long-term debt $ 387,469 $ 374,768
Schedule of debt redemption	Redemption Year Price 2021 104.750% 2022 102.375% 2023 and thereafter 100.000%
Components of interest expense	For the three months ended March 31, March 31, 2021 2020 Interest incurred on capital lease and other financing obligations $ 30 $ 16 Interest expense incurred on ABL facilities and Notes 8,615 8,980 Amortization of deferred financing costs on Notes 738 589 Amortization of deferred financing costs on New ABL facility 212 214 Amortization of deferred financing costs on Algeco ABL facility 101 101 Amortization of original issue discount on Notes 153 122 Interest expense, net $ 9,849 $ 10,022
Schedule of future maturities	Rest of 2021 $ 2,401 2022 79 2023 60,000 2024 340,000 Total $ 402,480
Senior Secured Notes 2024
Debt
Summary of carrying value of debt outstanding	Principal Unamortized Original Issue Discount Unamortized Deferred Financing Costs 9.50% Senior Secured Notes, due 2024 $ 340,000 $ 2,166 $ 10,444

Warrant Liabilities (Tables)

Warrant Liabilities (Tables)	3 Months Ended
Warrant Liabilities (Tables)	Mar. 31, 2021
Warrant Liabilities
Schedule Of Warrant Liabilities [Table Text Block]	March 31, December 31, 2021 2020 (Restated) Warrant liabilities $ 1,173 $ 533 Total $ 1,173 $ 533

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2021
Fair Value of Financial Instruments
Summary of carrying amounts and fair values of financial assets and liabilities	March 31, 2021 December 31, 2020 Financial Assets (Liabilities) Not Measured at Fair Value Carrying Fair Value Carrying Fair Value ABL facilities (See Note 8) - Level 2 $ (60,000) $ (60,000) $ (48,000) $ (48,000) Senior Secured Notes (See Note 8) - Level 1 $ (327,390) $ (337,450) $ (326,499) $ (300,900)
summary of the inputs used to calculate the fair value of the warrant liabilities	March 31, December 31, 2021 2020 Exercise Price $ 11.50 $ 11.50 Stock Price $ 2.51 $ 1.58 Dividend Yield % 0.00 % 0.00 Expected Term (in Years) 2.96 3.20 Risk-Free Interest Rate % 0.34 % 0.19 Expected Volatility % 65.00 % 68.00 Per Share Value of Warrants $ 0.22 $ 0.10
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Private Placement Warrants Balance at December 31, 2020 (as Restated) $ 533 Change in fair value of warrant liabilities 640 Balance at March 31, 2021 $ 1,173

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
Earnings (Loss) per Share (Tables)	Mar. 31, 2021
Earnings per Share
Schedule of reconciliation of net loss and weighted-average shares of common stock outstanding	Basic earnings (loss) per share (“EPS” or “LPS”) is calculated by dividing net income or loss attributable to Target Hospitality by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed similarly to basic net earnings per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. During periods when net losses are incurred, potential dilutive securities would be anti-dilutive and are excluded from the calculation of diluted loss per share for that period. A net loss was recorded for the three months ended March 31, 2021, while net income was recorded for the three months ended March 31, 2020. The following table presents basic and diluted EPS for the periods indicated below ($ in thousands, except per share amounts): For Three Months Ended March 31, March 31, 2021 2020 Numerator (Restated) Net income (loss) attributable to Common Stockholders $ (13,138) $ 5,454 Denominator Weighted average shares outstanding - basic and diluted 96,168,425 95,849,854 Net income (loss) per share - basic and diluted $ (0.14) $ 0.06

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2021
Stock-Based Compensation
Schedule of changes in restricted stock units	Number of Weighted Balance at December 31, 2020 1,124,762 $ 4.21 Granted 1,134,524 1.79 Vested (120,058) 4.67 Balance at March 31, 2021 2,139,228 $ 2.90
Schedule of assumptions using Black-scholes option-pricing model	Assumptions Weighted average expected stock volatility (range) % 25.94 - 30.90 Expected dividend yield % 0.00 Expected term (years) 6.25 Risk-free interest rate (range) % 0.82 - 2.26 Exercise price (range) $ 4.51 - 10.83 Weighted-average grant date fair value $ 1.42
summary of SARs outstanding	Number of Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Outstanding SARs at December 31, 2020 - $ - - Granted 1,551,631 1.79 10.00 Outstanding SARs at March 31, 2021 1,551,631 $ 1.79 10.00

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
Business Segments (Tables)	Mar. 31, 2021
Business Segments
Schedule of Segment Reporting Information	The table below presents information about reported segments for the three months ended March 31 (except for asset information for 2020 that is presented as of December 31): 2021 Permian Basin Bakken Basin Government TCPL Keystone All Other Total For the Three Months Ended March 31, 2021 Revenue $ 25,093 $ 597 $ 18,039 $ 1,471 $ 292 (a) $ 45,492 Adjusted gross profit $ 10,658 $ (549) $ 13,802 $ 208 $ (218) $ 23,901 Total Assets $ 225,475 $ 50,503 $ 71,240 $ 3,511 $ 3,258 $ 353,987 2020 Permian Basin Bakken Basin Government TCPL Keystone All Other Total For the Three Months Ended March 31, 2020 Revenue $ 49,131 $ 4,185 $ 16,592 $ 1,134 $ 613 (a) $ 71,655 Adjusted gross profit $ 26,784 $ 1,404 $ 11,580 $ 338 $ (62) $ 40,044 Total Assets (as of December 31, 2020) $ 277,839 $ 51,782 $ 27,149 $ 3,543 $ 3,231 $ 363,544 (a) Revenues are attributable to three operating segments of the Company and are reported in the “All Other” category previously described.
Schedule of reconciliation of total segment adjusted gross profit	For the Three Months Ended March 31, 2021 March 31, 2020 (Restated) Total reportable segment adjusted gross profit $ 24,119 $ 40,106 Other adjusted gross profit (218) (62) Depreciation and amortization (16,436) (17,013) Selling, general, and administrative expenses (11,332) (9,990) Other expense (income), net (246) 1,015 Interest expense, net (9,849) (10,022) Change in fair value of warrant liabilities (640) 1,653 Consolidated income (loss) before income taxes $ (14,602) $ 5,687
Schedule of reconciliation of total segment assets to total combined assets	March 31, 2021 December 31, 2020 Total reportable segment assets $ 350,729 $ 360,313 Other assets 3,258 3,231 Other unallocated amounts 168,280 170,693 Total Assets $ 522,267 $ 534,237
Schedule of unallocated assets consist of the following as reported in the combined balance sheets	March 31, 2021 December 31, 2020 Total current assets $ 43,806 $ 43,562 Other intangible assets, net 99,463 103,121 Deferred tax asset 16,914 15,179 Deferred financing costs revolver, net 3,110 3,422 Other non-current assets 4,987 5,409 Total other unallocated amounts of assets $ 168,280 $ 170,693

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 15, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Common Stock, Par or Stated Value Per Share		$ 0.0001		$ 0.0001
Net income (loss)		$ (13,138)	$ 5,454
Warrant liabilities		1,173		$ 533
Additional paid-in-capital		$ 107,261		$ 106,551
Retroactive application of recapitalization
Net income (loss)			$ 1,700
Algeco and Arrow
Purchase price	$ 1,311,000
Common Stock, Par or Stated Value Per Share	$ 0.0001
TDR Capital \| Target Hospitality
Ownership interest in an affiliate		63.00%
Signor \| Bidco
Ownership percentage		100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenue Recognition (Details)	3 Months Ended
	Mar. 31, 2021
Maximum
Contract for accommodation services under take-or-pay contracts term	3 years

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue, Topic 606	$ 33,872	$ 55,072
Revenue.	45,492	71,655
Specialty rental
Disaggregation of Revenue [Line Items]
Revenue Not from Contract with Customer	$ 11,620	$ 16,583

Revenue - Disaggregation Revenu

Revenue - Disaggregation Revenue (Details) $ in Thousands	3 Months Ended
Revenue - Disaggregation Revenue (Details) $ in Thousands	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disaggregation of Revenue [Line Items]
Number of Reportable Segments \| segment	4	4
Total Revenue	$ 33,872	$ 55,072
Contract with Customer, Liability	17,729	20,960	$ 18,371	$ 26,199
Permian Basin
Disaggregation of Revenue [Line Items]
Total Revenue	23,202	43,286
Bakken Basin
Disaggregation of Revenue [Line Items]
Total Revenue	597	4,185
Government
Disaggregation of Revenue [Line Items]
Total Revenue	8,310	5,854
TCPL Keystone
Disaggregation of Revenue [Line Items]
Total Revenue	1,471	1,134
Contract with Customer, Liability	5,400
All Other
Disaggregation of Revenue [Line Items]
Total Revenue	292	613
Services
Disaggregation of Revenue [Line Items]
Total Revenue	32,938	53,938
Services \| Permian Basin
Disaggregation of Revenue [Line Items]
Total Revenue	23,202	43,286
Services \| Bakken Basin
Disaggregation of Revenue [Line Items]
Total Revenue	597	4,185
Services \| Government
Disaggregation of Revenue [Line Items]
Total Revenue	8,310	5,854
Services \| TCPL Keystone
Disaggregation of Revenue [Line Items]
Total Revenue	537
Services \| All Other
Disaggregation of Revenue [Line Items]
Total Revenue	292	613
Construction fee
Disaggregation of Revenue [Line Items]
Total Revenue	934	1,134
Construction fee \| TCPL Keystone
Disaggregation of Revenue [Line Items]
Total Revenue	$ 934	$ 1,134

Revenue - Contract Liabilities

Revenue - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Change in Contract with Customer, Liability [Abstract]
Balances at Beginning of Year	$ 18,371	$ 26,199
Additions to deferred revenue	614
Revenue recognized	(1,256)	(5,239)
Balances at End of Year	$ 17,729	$ 20,960

Revenue - Revenue Expected to b

Revenue - Revenue Expected to be Recognized (Details) $ in Thousands	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 217,256
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue expected to be recognized	$ 98,839
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue expected to be recognized	$ 48,284
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue expected to be recognized	$ 18,699
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue expected to be recognized	$ 18,748
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue expected to be recognized	$ 18,699
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue expected to be recognized	$ 13,987

Specialty Rental Assets, Net (D

Specialty Rental Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (254,338)		$ (241,716)
Specialty rental assets, net	302,237		311,487
Depreciation	12,440	$ 12,897
Specialty rental assets
Property, Plant and Equipment [Line Items]
Specialty rental assets, gross	549,300		547,375
Depreciation	12,400	$ 12,900
Construction-in-process
Property, Plant and Equipment [Line Items]
Specialty rental assets, gross	$ 7,275		$ 5,828

Other Property, Plant and Equ_3

Other Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Other property, plant and equipment
Other property, plant and equipment, gross	$ 14,131		$ 14,102
Less: accumulated depreciation	(3,419)		(3,083)
Total other property, plant and equipment, net	10,712		11,019
Depreciation on Other PPE	3,996	$ 4,116
Land
Other property, plant and equipment
Other property, plant and equipment, gross	9,163		9,163
Buildings and leasehold improvements
Other property, plant and equipment
Other property, plant and equipment, gross	115		115
Machinery and office equipment
Other property, plant and equipment
Other property, plant and equipment, gross	1,099		1,072
Software and other
Other property, plant and equipment
Other property, plant and equipment, gross	3,754		$ 3,752
Property, Plant and Equipment Other Types
Other property, plant and equipment
Depreciation on Other PPE	$ 300	$ 300

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, net - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Goodwill and Other Intangible Assets, net
Goodwill, Beginning Balance	$ 41,038	$ 41,038	$ 41,038
Goodwill, Ending Balance	$ 41,038	$ 41,038	$ 41,038

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Intangible assets subject to amortization
Gross Carrying Amount	$ 128,907		$ 128,907
Accumulated Amortization	(45,844)		(42,186)
Net Book Value	83,063		86,721
Total intangible assets other than goodwill
Gross Carrying Amount	145,307		145,307
Net Book Value	99,463		103,121
Aggregate amortization expense of intangible assets	3,658	$ 3,747
Tradenames
Indefinite lived assets:
Net Book Value			16,400
Total intangible assets other than goodwill
Gross Carrying Amount	16,400		$ 16,400
Net Book Value	$ 16,400
Customer relationships
Intangible assets subject to amortization
Weighted average remaining lives	6 years 2 months 12 days		6 years 4 months 24 days
Gross Carrying Amount	$ 128,907		$ 128,907
Accumulated Amortization	(45,844)		(42,186)
Net Book Value	$ 83,063		$ 86,721

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Estimated aggregate amortization expense:
Rest of 2021	$ 10,997
2022	13,302
2023	12,881
2024	12,881
2025	12,881
Thereafter	20,121
Total	$ 83,063	$ 86,721

Other Non-Current Assets (Narra

Other Non-Current Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Depreciation and Amortization	$ 3,996	$ 4,116
Amortization of Intangible Assets	3,658	3,747
Computer Software, Intangible Asset [Member]
Amortization of Intangible Assets	$ 600	$ 400
Computer Software, Intangible Asset [Member] \| Maximum
Finite-Lived Intangible Asset, Useful Life	4 years
Computer Software, Intangible Asset [Member] \| Minimum
Finite-Lived Intangible Asset, Useful Life	2 years

Other Non-Current Assets (Other

Other Non-Current Assets (Other non-current assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Non-Current Assets
Cloud computing implementation costs	$ 7,198	$ 7,094
Less: accumulated amortization	(2,211)	(1,685)
Other non-current assets	$ 4,987	$ 5,409

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Liabilities
Employee accrued compensation expense	$ 4,596	$ 6,177
Other accrued liabilities	8,656	8,873
Accrued interest on debt	1,783	9,649
Total accrued liabilities	$ 15,035	$ 24,699

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Mar. 15, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt
Unamortized Original Issue Discount		$ 2,166		$ 2,319
Unamortized Deferred Financing Costs		10,444		$ 11,182
Amortization		$ 153	$ 122
Minimum
Debt
Period for prior written notice to trustee for redemption		20 days
Senior Secured Notes 2024
Debt
Aggregate principal amount	$ 340,000	$ 340,000
Interest rate (as a percent)	9.50%	9.50%		9.50%
Unamortized Original Issue Discount	$ 3,300	$ 2,166
Unamortized Deferred Financing Costs		$ 10,444
Senior Secured Notes 2024 \| Minimum
Debt
Period for prior written notice to holders for redemption		15 days
Senior Secured Notes 2024 \| Maximum
Debt
Period for prior written notice to holders for redemption		60 days
2021 \| Senior Secured Notes 2024
Debt
Redemption price			104.75%
2022 \| Senior Secured Notes 2024
Debt
Redemption price			102.375%
2023 and thereafter \| Senior Secured Notes 2024
Debt
Redemption price			100.00%

Debt - Capital Lease and Other

Debt - Capital Lease and Other Financing Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)installment	Dec. 31, 2020USD ($)	Nov. 30, 2020USD ($)
Lessee, Lease, Description [Line Items]
Capital leases	$ 0.6	$ 0.9
Other financing obligations	$ 1.8
Other financing arrangement			$ 3.3
Interest rate (as a percent)			3.84%
Number of monthly installments \| installment	9
Periodic payment	$ 0.4
Equipment
Lessee, Lease, Description [Line Items]
Interest rate (as a percent)	4.30%
Commercial-use vehicles
Lessee, Lease, Description [Line Items]
Other financing obligations		$ 2.9

Debt - ABL Facility (Details)

Debt - ABL Facility (Details) - USD ($) $ in Thousands	Mar. 15, 2019	Mar. 31, 2021	Mar. 31, 2020
ABL Facility
Proceeds from line of credit		$ 18,000	$ 27,500
New ABL Facility
ABL Facility
Borrowing capacity	$ 125,000
Proceeds from line of credit	$ 40,000
Borrowing base, line cap (as a percent)	12.50%
Applicable margin - one step-down (as a percent)	0.25%
Applicable margin - one step-up (as a percent)	0.25%
Percentage of net book value of borrowers' eligible accounts receivables	85.00%
Percentage of net book value of borrowers' eligible rental equipment	95.00%
Percentage of net orderly liquidation value of borrowers' eligible rental equipment	85.00%
Options to increase commitments	$ 75,000
Percentage of voting equity interests in non-US restricted subsidiary pledge	65.00%
Minimum fixed charge coverage ratio	100.00%
Maximum total net leverage ratio	400.00%
Borrowing base	$ 15,625
Line cap (as a percent)	12.50%
New ABL Facility \| Libor
ABL Facility
Variable rate (as a percent)	2.50%
New ABL Facility \| Base rate
ABL Facility
Variable rate (as a percent)	1.50%
Standby letters of credit
ABL Facility
Borrowing capacity	$ 15,000
Swingline
ABL Facility
Borrowing capacity	$ 15,000

Debt - Carrying Value of Debt O

Debt - Carrying Value of Debt Outstanding (Details) - USD ($) $ in Thousands	Mar. 15, 2019	Mar. 31, 2021	Dec. 31, 2020
Carrying value of debt outstanding
Capital lease and other financing obligations		$ 600	$ 900
Long-term debt, net		402,480
Principal amount		340,000	340,000
Less: unamortized original issue discount		(2,166)	(2,319)
Less: unamortized term loan deferred financing costs		(10,444)	(11,182)
Total debt, net		389,870	378,339
Less: current maturities		(2,401)	(3,571)
Total long-term debt		387,469	374,768
New ABL Facility
Carrying value of debt outstanding
Long-term debt, net		60,000	48,000
Capital lease and other financing obligations
Carrying value of debt outstanding
Capital lease and other financing obligations		2,480	3,840
Senior Secured Notes 2024
Carrying value of debt outstanding
Principal amount		340,000	$ 340,000
Less: unamortized original issue discount	$ (3,300)	(2,166)
Less: unamortized term loan deferred financing costs		$ (10,444)
Interest rate (as a percent)	9.50%	9.50%	9.50%

Debt - Components of interest e

Debt - Components of interest expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Interest incurred on capital lease and other financing obligations	$ 30	$ 16
Interest expense incurred on ABL facilities and Notes	8,615	8,980
Amortization of deferred financing costs	1,050	904
Amortization of original issue discount	153	122
Interest expense, net	9,849	10,022
Senior Secured Notes 2024
Debt Instrument [Line Items]
Amortization of deferred financing costs	738	589
New ABL Facility
Debt Instrument [Line Items]
Amortization of deferred financing costs	212	214
Algeco ABL facility
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 101	$ 101

Debt - Interest Expense and Def

Debt - Interest Expense and Deferred Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt
Interest incurred and expensed on debt	$ 8,615	$ 8,980
Debt issuance costs	10,444		$ 11,182
Amortization of deferred financing costs	1,050	$ 904
Senior Secured Notes 2024
Debt
Debt issuance costs	10,444
Accumulated amortization of deferred financing costs	5,500		4,700
Accumulated amortization of debt issuance costs	1,100		1,000
New ABL Facility \| Algeco ABL facility
Debt
Accumulated amortization related to revolver deferred financing costs	$ 2,600		$ 2,400

Debt - Future Maturities (Detai

Debt - Future Maturities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Future maturities of long term debt
Rest of 2021	$ 2,401
2022	79
2023	60,000
2024	340,000
Long-term debt, net	$ 402,480

Warrant Liabilities (Details)

Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 17, 2018	Mar. 31, 2021	Mar. 31, 2020
Class of Warrant or Right [Line Items]
Number of stock issued for each warrant	1
Warrants to issue shares of common stock	5,333,334	10,833,316
Share Price	$ 1.50
Aggregate purchase price	$ 8,000
Share price	$ 11.50
Warrant exercisable term	30 days
Change in fair value of warrant liabilities		$ 640	$ (1,653)
Private Warrants
Class of Warrant or Right [Line Items]
Warrants to issue shares of common stock		5,333,334	5,333,334
Change in fair value of warrant liabilities		$ 600	$ 1,700
Public Offering
Class of Warrant or Right [Line Items]
Number of stock issued for each warrant	1
Share price	$ 11.50
Warrant exercisable term	30 days

Warrant Liabilities - Private w

Warrant Liabilities - Private warrants (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Warrant liabilities	$ 1,173	$ 533
Private Warrants
Class of Warrant or Right [Line Items]
Warrant liabilities	$ 1,173	$ 533

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Taxes
Income tax expense (benefit)	$ (1,464)	$ 233
Effective tax rate	10.00%	4.10%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jan. 17, 2018shares
Carrying amounts and fair values of financial assets and liabilities
Transfers of financials assets form level 1 to level 2				$ 0	$ 0	$ 0
Transfers of financials assets form level 2 to level 1	$ 0	$ 0	$ 0
Transfers of financials assets in and out of level 3	0	0	0
Transfers of financials liabilities form level 1 to level 2	0	0	0
Transfers of financials liabilities form level 2 to level 1	0	0	0
Transfers of financials liabilities in and out of level 3	$ 0	$ 0	$ 0
Warrants to issue shares of common stock \| shares	10,833,316						5,333,334
Private Placement Warrants [Member]
Carrying amounts and fair values of financial assets and liabilities
Warrants to issue shares of common stock \| shares	5,333,334		5,333,334
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2020 (as Restated)	$ 533
Change in fair value of warrant liabilities	640
Balance at March 31, 2021	$ 1,173		$ 533
Level 3
Carrying amounts and fair values of financial assets and liabilities
Per Share Value of Warrants \| $ / shares	$ 0.22		$ 0.10
Exercise Price \| Level 3
Carrying amounts and fair values of financial assets and liabilities
Warrants and Rights Outstanding, Measurement Input \| $ / shares	11.50		11.50
Stock Price \| Level 3
Carrying amounts and fair values of financial assets and liabilities
Warrants and Rights Outstanding, Measurement Input \| $ / shares	2.51		1.58
Dividend Yield \| Level 3
Carrying amounts and fair values of financial assets and liabilities
Warrants and Rights Outstanding, Measurement Input	0		0
Expected Term (in Years) \| Level 3
Carrying amounts and fair values of financial assets and liabilities
Warrants and Rights Outstanding, Measurement Input	2.96		3.20
Risk-Free Interest Rate \| Level 3
Carrying amounts and fair values of financial assets and liabilities
Warrants and Rights Outstanding, Measurement Input	0.34		0.19
Expected Volatility \| Level 3
Carrying amounts and fair values of financial assets and liabilities
Warrants and Rights Outstanding, Measurement Input	65		68
Carrying amount \| New ABL Facility \| Level 2
Carrying amounts and fair values of financial assets and liabilities
Debt Instrument, Fair Value Disclosure,	$ (60,000)		$ (48,000)
Fair value \| New ABL Facility \| Level 2
Carrying amounts and fair values of financial assets and liabilities
Debt Instrument, Fair Value Disclosure,	(60,000)		(48,000)
Senior Secured Notes 2024 \| Carrying amount \| Level 1
Carrying amounts and fair values of financial assets and liabilities
Debt Instrument, Fair Value Disclosure,	(327,390)		(326,499)
Senior Secured Notes 2024 \| Fair value \| Level 1
Carrying amounts and fair values of financial assets and liabilities
Debt Instrument, Fair Value Disclosure,	$ (337,450)		$ (300,900)

Related Parties (Details)

Related Parties (Details) - USD ($)	3 Months Ended
Related Parties (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related parties
Secured Debt	$ 327,390,000		$ 326,499,000
Debt issuance costs	10,444,000		11,182,000
Accrued	300,000		$ 300,000
Selling, general, and administrative expenses
Related parties
Commission	$ 200,000	$ 200,000
Algeco Global
Related parties
Compensation percentage	100.00%
Extended term of agreement	12 months
Reimbursement of employee compensation	$ 0

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator
Net income (loss)	$ (13,138)	$ 5,454
Weighted average number shares outstanding - basic and diluted	96,168,425	95,849,854
Net income (loss) per share - basic and diluted	$ (0.14)	$ 0.06
Founder Shares
Numerator
Shares issued to the Sellers	8,050,000
Founder Shares
Numerator
Excluded from computation of loss per share	5,015,898
Warrant
Numerator
Excluded from computation of loss per share	16,166,650	16,166,650

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 17, 2018	Mar. 31, 2021	Dec. 31, 2020
Common Stock
Common stock shares issued		105,651,020	105,585,682
Common stock, Number of share outstanding		101,236,253	101,170,915
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common shares placed into escrow		5,015,898
Preferred Shares
Preferred stock, shares authorized		1,000,000
Preferred stock, par value		$ 0.0001
Preferred stock, shares issued		0
Preferred stock, shares outstanding		0
Warrants
Warrants to issue shares of common stock	5,333,334	10,833,316
Aggregate purchase price per warrant	$ 1.50
Aggregate purchase price	$ 8
Number of stock issued for each warrant	1
Share price	$ 11.50
Warrant exercisable term	30 days
Public Offering
Warrants
Number of stock issued for each warrant	1
Share price	$ 11.50
Warrant exercisable term	30 days
Number of units sold	32,500,000
Price per unit	$ 10
Number of warrants per unit	0.33
Number of fractional shares issued upon exercise of warrants	0
Over allotment
Warrants
Number of units sold	2,500,000
Common Stock [Member] \| Public Offering
Common Stock
Common stock, par value (in dollars per share)	$ 0.0001
Warrants
Number of shares per unit	1

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - $ / shares	Feb. 25, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 15, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance				4,000,000
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Executive Restricted Stock Unit Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Threshold Service Period For Pro-Rata Vesting	12 months
Executive Restricted Stock Unit Agreement [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Executive Restricted Stock Unit Agreement [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Executive Stock Appreciation Rights Award Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Threshold Service Period For Pro-Rata Vesting	12 months
Period after the termination of employment or service for exercising the pro-rata awards vested under the share-based payment	2 years
Executive Stock Appreciation Rights Award Agreement [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Executive Stock Appreciation Rights Award Agreement [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Time-based restricted stock unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to buy number of shares upon vesting	1
Options
Outstanding Options at beginning of period (in shares)		1,124,762
Granted (in shares)		1,134,524
Vested and released (in shares)		(120,058)
Outstanding Options at end of period (in shares)		2,139,228
Weighted Average Grant Date Fair Value per Share
Outstanding Options at beginning of period (in shares)		$ 4.21
Granted (in dollars per share)		1.79
Vested and released (in dollars per share)		4.67
Outstanding Options at end of period (in dollars per share)		$ 2.90
Time-based restricted stock unit \| Executive Officers and Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,134,524
Time-based stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)		0
Options
Forfeited (in shares)		0

Stock-Based Compensation - Opti

Stock-Based Compensation - Options to Purchase Common Shares (Details)	Jan. 17, 2018$ / shares
Stock-Based Compensation
Share price	$ 1.50

Stock-Based Compensation - Chan

Stock-Based Compensation - Changes in stock options (Details)	Mar. 31, 2021USD ($)
Time-based stock option awards
Intrinsic Value
Exercisable Options at end of period	$ 410,787

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details) - Time-based stock option awards	3 Months Ended
	Mar. 31, 2021$ / shares
Assumptions:
Expected dividend yield	0.00%
Expected term (years)	6 years 3 months
Risk-free interest rate - maximum	2.26%
Weighted-average grant date fair value	$ 1.42
Minimum
Assumptions:
Risk-free interest rate - minimum	0.82%
Exercise price (range)	$ 4.51
Maximum
Assumptions:
Exercise price (range)	$ 10.83

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Time-based restricted stock unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based Compensation Expense	$ 0.6	$ 0.1
Associated tax benefit from stock-based compensation expense	0.1	0.1
Unrecognized compensation expense	$ 4.9
Period for unrecognized compensation expense expected to be recognized	2 years 7 months 28 days
Time-based stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based Compensation Expense	$ 0.3	0.1
Associated tax benefit from stock-based compensation expense	0.1	$ 0.1
Unrecognized compensation expense	$ 2
Period for unrecognized compensation expense expected to be recognized	2 years 7 months 6 days

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Appreciation Rights Awards (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Feb. 25, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,551,631		1,551,631	1,551,631
Granted (in shares)	1,551,631
Outstanding Options at end of period (in shares)	1,551,631
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price, Granted	$ 1.79
Weighted Average Excercise Price	$ 1.79
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-Average Remaining Contractual Term (Years)	10 years	0 years
Stock based compensation, liability			$ 40
Weighted average expected stock volatility	43.50%
Expected term (years)	6 years 3 months
Expected dividend yield	0.00%
Risk-free interest rate (range)	1.07%
Weighted average fair value			$ 0.78
Stock-based Compensation Expense	$ 40
Cost not yet recognized amount			$ 1,200
Period for unrecognized compensation expense expected to be recognized	2 years 10 months 24 days
Forfeited (in shares)	0

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Retirement Plans
Minimum percentage of annual eligible compensation by the participants	1.00%
Maximum percentage of annual eligible compensation by the participants	90.00%
Percentage of contribution matched	6.00%
Percentage of contribution, matched 100% by employer	3.00%
Employer match of employee contributions of first 3% of contributions	100.00%
Percentage of contribution, matched 50% by employer	3.00%
Employer match of employee contributions of next 3% of contributions	50.00%
Vesting percentage	20.00%
Vesting period	5 years
Contribution expenses	$ 0.2	$ 0.1

Business Segments (Details)

Business Segments (Details) $ in Thousands	3 Months Ended
Business Segments (Details) $ in Thousands	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business segments
Number of reportable segments \| segment	4	4
Number of Operating Segments \| segment	3	3
Revenue	$ 45,492	$ 71,655
Adjusted gross profit	24,119	40,106
Total Assets	522,267		$ 534,237	$ 534,237
Operating Segments
Business segments
Revenue	45,492	71,655
Adjusted gross profit	23,901	40,044
Total Assets	353,987		363,544
Permian Basin \| Operating Segments
Business segments
Revenue	25,093	49,131
Adjusted gross profit	10,658	26,784
Total Assets	225,475		277,839
Bakken Basin \| Operating Segments
Business segments
Revenue	597	4,185
Adjusted gross profit	(549)	1,404
Total Assets	50,503		51,782
Government \| Operating Segments
Business segments
Revenue	18,039	16,592
Adjusted gross profit	13,802	11,580
Total Assets	71,240		27,149
TCPL Keystone \| Operating Segments
Business segments
Revenue	1,471	1,134
Adjusted gross profit	208	338
Total Assets	3,511		3,543
All Other
Business segments
Total Assets	3,258			$ 3,231
All Other \| Operating Segments
Business segments
Revenue	292	613
Adjusted gross profit	(218)	$ (62)
Total Assets	$ 3,258		$ 3,231

Business Segments - Reconciliat

Business Segments - Reconciliation of total segment adjusted gross profit to total combined income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Segments
Total reportable segment adjusted gross profit	$ 24,119	$ 40,106
Other adjusted gross profit	(218)	(62)
Depreciation and amortization	(16,436)	(17,013)
Selling, general and administrative expenses	(11,332)	(9,990)
Other (income) expense, net	(246)	1,015
Change in fair value of warrant liabilities	(640)	1,653
Interest expense, net	(9,849)	(10,022)
Income (loss) before income tax	$ (14,602)	$ 5,687

Business Segments - Reconcili_2

Business Segments - Reconciliation of total segment assets to total combined assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 522,267	$ 534,237	$ 534,237
Total reportable segment assets
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	350,729		360,313
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,258		3,231
Other unallocated amounts
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 168,280	$ 170,693	$ 170,693

Business Segments - Unallocated

Business Segments - Unallocated assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total current assets	$ 43,806	$ 43,562
Other intangible assets, net	99,463	103,121
Deferred tax asset	16,914	15,179
Deferred financing costs revolver, net	3,110	3,422
Other non-current assets	4,987	5,409
Total assets	522,267	534,237	$ 534,237
Other unallocated amounts
Total current assets	43,806	43,562
Other intangible assets, net	99,463	103,121
Deferred tax asset	16,914	15,179
Deferred financing costs revolver, net	3,110	3,422
Other non-current assets	4,987	5,409
Total assets	$ 168,280	$ 170,693	$ 170,693

Business Segments - Customer Co

Business Segments - Customer Concentration (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Customer concentration
Revenue, Topic 606	$ 33,872	$ 55,072
Government
Customer concentration
Revenue, Topic 606	8,310	5,854
Permian Basin
Customer concentration
Revenue, Topic 606	23,202	43,286
TCPL Keystone
Customer concentration
Revenue, Topic 606	$ 1,471	$ 1,134

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	1 Months Ended
Subsequent Events (Details) $ in Millions	Apr. 30, 2021USD ($)
New ABL Facility \| Subsequent Events [Member]
Subsequent Events
Repayment of New ABL Facility	$ 21