TH - Earnings call transcript Q4 2020 | Target Hospitality Corp.

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Operator

Good day and welcome to the Target Hospitality Fourth Quarter and Full Year 2020 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I'd now like to turn the conference to Mark Schuck. ahead. go Please

Mark Schuck

year and full everyone, we Target fourth our and Hospitality's this the found Good section Investor XXXX welcome earnings and of full quarter fourth year outlining release can call. quarter be morning in morning, website. our to results The issued press

applies statements call This In time. cautionary well the Please call this Hospitality archived statements accurate applicable contained as expressly the to our release. circumstances that reflect as will to contained forward-looking after or of Target press obligation in a language are today's time-sensitive any information addition, XXXX. update events This of website on on same date, note will language by to or XX, forward-looking be call required statements, replay information arise except as disclaims conference for amend limited made regarding a as law. may which call. conference today today's this only the March contain in

a the For to filings risks periodic may that Hospitality's Target please uncertainties with future and performance, affect refer list SEC. complete of

We of table our to in release will call. in on measures their our posted of Investor today's non-GAAP reconciliation corresponding in financial the and section measures find earnings call to refer a discuss website financial measures. Please non-GAAP the today's referenced GAAP

Commercial legal its and affiliates do the from Eric today own. After stock Chief advisor Archer, the received be financial Officer, Chief shares withdrawing Chief Vice the Kalamaras, Brad common notice the of and their and Capital, Officer its of for Troy or Target Hospitality we call the our joined acquire will a call counsel of now special own evaluation and Financial of remarks, Holdings, special of Archer. Target March be the Hospitality, Consequently, will Officer of their President of to on Directors questions. Finally, Executive comprised independent and I it have already all outside XXXX, Officer. previously Chief outstanding the Brad directors followed Board T. by XX, Leading Executive proposal an Executive its Schrenk, committee to prepared turn over committee will by TDR Arrow proposal. and announced ceased not affiliate open President call of

Brad Archer

you Thanks, Mark. and Good us the morning, everyone, call joining thank today. on for

continued challenging Target unprecedented was to our XXXX discussing In performance, trends and on will for operational touch quarter global addition our the around operating I year. environment priorities companies the an created XXXX. a XXXX as well pandemic world. fourth The entering as

outlook economic business took quickly aggressive preserving As to financial became while navigate maintaining this match uncertain We of business customer take the operating increasingly leaner created These steps more and position strength. a uncertain, focus more a actions to and company efficient to market. balanced our demand, environment. Target the a structure heightened appropriately positioned to on the aligned advantage appropriately

reduced for flexibility. all increased the our financial by cost containment million significantly strong delivered adjusted and of $XX results. enhanced position Target's disciplined liquidity initiatives of operational allocation EBITDA We commitment outstanding producing backdrop during to the provided Our and which XXXX our year, million, capital and borrowings $XX

operational response addition, a global spread, the implemented In quickly as we pandemic strict plan.

in As cases this no and to year, COVID-XX COVID-XX This spread impacting to business. on cases plan. continued network adhering our the focused throughout no remained of across we rise our community resulted focus

ready instrumental in customers plan work. healthy Our safe, and for employees was our keeping and

quarter trends. fourth operational the Turning to

increasing allowed structure strong further with to continued and supporting we customer generation. have us see contributed to costs, positive efficient meet We customer occupancy in increases momentum demand, the to quarter. The cash continued which and little during margins created demand, in utilization incremental operating

enabled us in increase allocating premium attributes our with combined customers our to scale, added share, as market network our Our to service network. to continued value unmatched. effectively These labor premium is find offering

with economic we by of XXXX, and into encouraged Looking recovery, continued are increasing signs of distribution anchored global COVID-XX vaccines. stimulus

improvements anticipate activity market throughout to additional customer in in in continued XXXX customer increases and demand gradual have the see We year.

termination of strategy. forward With TDRs to take the we proposal on executing private, Target's Target continuing to business look

to Additionally, revenue to we government our strategic existing U.S. positions illustrates develop Target competencies non-profit This the core non-profit are diversify excited yesterday, this of is of across visibility. diversifying consistent quality variety strategic partnerships an a markets. new believe supporting partnership, Target leading cash partnership ability a announced of with we a high its unique end organization, our Target's the This leverage translate strategy about national provide contracts organizations. significant with core example flows markets. of set with and long-term We further competencies to to its has end government. that

other of evaluate to offerings Our suite markets. premier value end diversify Target's positions service potential that Target will strategically opportunities further enhancing

of evaluation revenue around center identifying increasing any scalable principles while opportunities As visibility. we the will have said,

we other and vectors, growth we tenets position. stay our financial focused these As on evaluate continue will to strong potential maintain

a We sound structurally business. have created

demand are call to to ability financial network, premium business our the detail. and simultaneously Eric, to provides navigate Target's over us successfully results turn ability Target's through in enhance to full discuss a I'll significant and fourth scale our quarter apart XXXX cycles. and Our the of to year strength. match now operating structure and testament a results variety more customer sets

Eric Kalamaras

on you, heightened Brad, providing metrics in experienced discipline, XXXX, strong in and experienced discretionary improvements the quarter, adjusted maintained $XX during morning. and year was revenue containment quarterly EBITDA was cost approximately full the good was continued from Full flow our the quarter. we million. foundation Thank million total results. and and utilization operating $XX lows financial second $XXX fourth and year improvements sequential quarter XXXX million, fourth a realized focus In cash to deliver capital the We

as same segment the of of created This pandemic, period energy the utilization driven to demand. our reduction in our a in customer decrease compared performance, year. a to result last quarter million which delivered revenue was segment million, Turning meaningful fourth by lower $XX $XX

the Our government million, segment period quarterly million year. approximately $XX same in last to of produced revenue $XX compared

reminder, we successfully Now XXXX. approximately and add on will renewal September government our extension of $XXX extension revenue services contract in million This until as a XXXX. five-year XX, a committed executed

remain there remained The this result was decrease non-cash in was of going a contract embedded the the in amortization, ADR of unchanged cost As ADR that extension, a reimbursement, ADR. services forward. construction deferred our in revenue the and will flat for cost

presidential Keystone approximately of the $XX period same order, million which a of segment, other primarily quarter in to year, $X revenue as includes executive lower result Recurring the full compared with project the and XL million Keystone respectively. permit. had We the were the approximately Our corporate TCPL for $X significantly anticipate and projects, $XX TCPL year million fourth revoking expenses for the quarter revenue million associated XXXX. in last

$XX per core million customer XXXX. an generation. structure additional Target spending. with allows minimal costs. capital Target has services respectively. continue We its us were cash around allow demand full through expenses and this our to for approximately to its million margins, and with $X This Total to premium and scale service recurring increasing from regions. XXXX meeting accommodation with nominal demand for translates $XX and essentially network efficient Since operating expenditures generated million with accommodation this strong capital Coupled discretionary maintenance created of established cash million additional within fourth year for directly creates cash will scale operations quarter growth minimal approximately substantial network operating quarter to $X a $X incremental million. remain to requires that flow. flow have hospitality We flow support meaningful We anticipate corporate capital,

we with is our to in revenue exponentially more revenue discretionary experience fourth approximately compared for year quarter full a improvements, dollar each As creates XX% cash utilization flow gradual flow. the of XX% cash This yield to evident of yield XXXX.

of ended we including sheet, long-term times. credit year debt, balance in the leverage drawn total that million the consolidating to five on facility revolving with million a and $XX of $XXX Moving

Target's and further $XX position. to We million debt utilized on focus reduction [ph], continue enhancing liquidity

notes providing within XXXX capital debt million $XXX no maturities flexibility reminder, our ABL financial liquidity $XXX senior significant have facility, and million our credit secured near-term due structure. immediate or of long-term covenants, which and As in consists

full government year this term. provides offerings, a cost the is Target's efficient an the increase from revenue. government, services contract. materially with services structure. and requires network remains assets, Target's contract to capital premium U.S. government operating spending. benefit meaningful in and The existing $XXX contract which commitments from our backed minimum in XXXX this The existing continues Further, of and recent its providing strong core announcement services outlook, utilized perspective, contract business minimal contract our of new initial align service million scale of financial to Turning one-year revenue the by its fully XXXX committed and over economics ADR

the balance of see improvements modest the to customer demand the in market throughout year. and continue gradual end increases We anticipate

expect anticipated contract, We XX% revenue approximately revenue XXXX approximately of revenue being commitments. our XX% of minimum having and under

believe prudent year-end business four we that capital continued directed our XXXX, from million flow the to million discretionary discretionary targeting towards in million. We leverage of in improvements with our $XXX million consists We trends. advantages to be to million range largely global structural between and times further million in and with us result, flow $XXX market allowing EBITDA while cash our for $XX Target a anticipate year between is in and to The normalizing cash be $XX to $XX full model announced capital well-positioned financial As to revenue provide by XXXX significant million debt $XX outlook, of demand our reduction generation, in $XX cash benefiting continue $XX improved be which Adjusted below XXXX. with ratio our to of spending. allocation. million

turn back aligns to value for while disciplined that, With enhancing closing for comments. call with create initiatives Brad and identifying to Our approach I objectives executing the continuing our will value of shareholders. Target's over

Brad Archer

Eric. Thanks,

government addition our The increasingly the react to quickly while economic our on an preserving action ability on the outlook environment are took decisive value execute a recent As customers. our and the to business provide ability of that position services business. team's the solutions strength. Target's opportunities uncertain, appropriately financial to to uncertain and the illustrates we strong became for Target's results focus valuable testament operating segment quickly to XXXX increase simultaneously maintaining to XXXX contract

premium financial with solutions, network long-term Difficulty] We expansive you the with the [Technical interest results Hospitality. service ability to have on thank again best-in-class partnering business. the continue producing joining hospitality and attributes today Target everyone These underpin an in customers. our offerings quality success and while your appreciate call of high for created ensuring us I and strong

Operator

comes first ahead. Please [Operator question Stephen Instructions]. And from go with Stifel. the Gengaro

Stephen Gengaro

gentlemen. morning, Good Thanks.

Brad Archer

Good morning.

Stephen Gengaro

types The solid. I'd but to more things, from are oil prices start environment hearing been on better. different hear clearly the the to with maybe of your on this a focus What front, of looks with how guys Because and year? couple flow customer for think rising customers? versus side. energy What seeing mix maybe being A like you boost about you are evolved E&P the current potential have customers you from do and above much activity guys base cash stickier things from budgets,

Brad Archer

Hey, Stephen, doing? How Brad. you're is this

Stephen Gengaro

Very good.

Brad Archer

focus what guys to year larger monthly, talk past occupancy question, your weekly, meetings focus. from our I again. put With and the budgets, increases quarter these from to now, XXXX the that we're going through in especially and But to you budgets Good year Look, would the continue in the the to especially and think said, for that answer expect that the past, see the to We utilization to throughout that's through we think that. through be we sticking XXXXon having theme their see you compared what continuing year, the going maintain days out. getting this maintaining we're within to stay of to somewhat they seeing. looking throughout first they operators we tell

Stephen Gengaro

contracted Great. to And pretty then revenue you. addition Thank obviously announced yesterday. significant a you your

contract renewal? the the is, it? you Within Do or the contract should get contract type that options comment think you'll we can going sense given and it on context of contract that extensions sort of of do for of on, the duration how think forward? about what How you you about

Brad Archer

other government government Yes, a look, I contract our Every think is based annual similar it's to one-year contracts. appropriation. on very

one much we've sector. positioned we're the the We've be And stronger in government on non-profit this today, it's the had of around would signed our had the what So years new. leaders gotten to you when partnership same we five in It's in facility. get everybody with that. the questions. we a new all to nothing ago heads Dilley contract, I why tell that's ourselves

So I think more think as the in definitely opportunity I to as project, board not wins on sector government we're are this only set the up this goes the put forward, well there but very well. out on

Stephen Gengaro

is it costs just seems And about is, are the CapEx that I And ready not Thanks. contract could think then or maintenance I there's CapEx are at this imagine anything is about or capital we like for you, and just, XXXX your very locations. know requirement curious used think to I mobilized there facilities CapEx, current there, being their when nothing minimal. are prepare significant facilities was when I being these and low,

Brad Archer

going for project Eric itself and of the an the overview give kind I'm to CapEx speak let Yes, to of I'll XXXX.

basis. you lease on will, very But these itself, We're of minimal getting in the project lights. cleaned. CapEx facilities them We're on are - a on if of few all adding most facility We're this the already about the thing a place. turning structures, to the facilities. On the is great

you mothballed up housing, of these opening here some project. in in that this Some were, force if will, for we're the COVID work back of

So that piece. of it. on the Eric speak very to capital I'll other side let minimal

Eric Kalamaras

Sure.

Two morning. good Stephen, things. So,

were originally thinking million. $XX had about we spend intimated a we when XXXX, of rate So about

And would think XXXX, you when coming about we so think of expected type that similar a I into number. have

as look the again that is neighborhood million $XX service then which $X think what in to to million the would you of $XX contract your capital allocation if on think question, B next about consistent add is the something I I we've you, government were of past. which of when the in of think what the fairly million When $XX how $X your stick I million maintenance maintenance we this get from we like? capital probably does our indicated part million. additional to with with that is total I range $XX which to that's capital

Stephen Gengaro

good. Very gentlemen. Thank you,

Eric Kalamaras

you. Thank

Operator

go Next question ahead. Scott comes from Schneeberger Oppenheimer. with Please

Scott Schneeberger

more, I the the be there you much. very will energy didn't the be guys. you on is non-profit, - just work this new share morning and in there bit the could And of guess, displaced if Good seems the comment, or your you contract. like us it up is sounds just but curious but it be could a men, persons. be about Can [ph] workers like I not the women, workers And it's placed nature exclusive project I'm I'm it Thanks. mean - curious Thanks will little with runway will industry type tell little these follow you children. to will if a commingling also mentioned people will colocation and of the bit communities?

Brad Archer

well. lot really in I'll Troy talk of on let today. a then Hey some to to Brad. this. Nice is jump Scott, in I'll involved speak you going some to this him maybe to this speak to He's been I'm And as ground. and of of the this let

Troy Schrenk

talk to to again. morning. you Hi Good good

Our any essential services on And like this food solution in focused is logistics. delivering centered around housing, client. our project, clearly and clients' needs,

So I not understand how. we're going important discuss who be it's though, will think to to

on that However remain Dilley is we there. and specifically agreement, like our who under contract housed agnostic

are More clients. for facilities And been decades a leading our services importantly, we populations. our leasing various non-profit delivering with to essential that over to five has

with to this type partnership leading this has we're the experience of service. So who in delivering tremendous the proud again delivering we're going that be and work non-profit, of

employees majority essential that the that will to for providing the of addition be side, of In obviously delivering housing staff look those at on you services project. X,XXX the as that it's beds and customer composed we're

- be where more you regarding question specifically, standalone the question a is your a and that. had want - it on it's I I population facility. clear answer to to how think So

employees will organization non-profit provide that staff housing leading the the will care that facility. at and the those customers, a standalone of we So utilize take facility the will to their majority our in population all we - deliver essential network of existing the services to services and of

think Dilley to already. going So the we it's that excited in contract that category country. have like very similar to in be especially in the partnership, And we again, the about government best the we're place

Scott Schneeberger

that. I'm Obviously, XXXX curious, XXXX? main project should segment Appreciate think we other how a on the about in just significant versus change, Thanks. the XXXX modeling there.

that back category? So just in Thanks.

Eric Kalamaras

Scott. Sure

in very budget got outlook perspective. it, of perspective of something think in we I great from towards similar the but it XXXX XXXX the modeling or a will we had terms allocate certainly was be not that anything was from - If projecting we TCPL which anything we project. of were going to in weren't out said way

with we've well. of segment. as the on Permit, after that material level I part I think the make really to the expect project, changes that don't XXXX think at XXXX seen for Presidential administration anything for you'd of termination conclusion the have comprises given which the the We same substantial the

Scott Schneeberger

appreciate at not the I have congratulations, major I And how that. well the any top lastly, managed of about and the had all you issues. pandemic heard in comments Brad,

[Indiscernible] you Just be this nature there - given how were hopefully curious unfortunate the communities, of the a continued that handle conceptually any but you bit [Indiscernible], But incidents? speak if feel give on a for continues. to been us Obviously, could thoughts to has how fantastic, situation. isolated - if little just

Brad Archer

Did bit, COVID and and Scott, but you of I I touch what that get kind of I'll kind up that's it, broke that. question doing think we're was if right? little a your around on

Scott Schneeberger

Yes.

Brad Archer

of if were at hospitality you them before COVID we really before. doing for facilities, even than the We're doing XX%, more COVID, right in will, business. Look, already now, what Yes. XX% our we've we were

some increase to had of we people, of feeding daily the that. cleaning, the So

things folks doctors well. We've telling got some for things other put So fairly easy that if outside us you some leap in was and as some people, will, more We place us. a do. put we with Dakota, positive et on to We've throughout Texas, little cetera. as of had lodges our that's whether COVID them. continuing place well. those And North very cases We're in all

even of the so to And the rates to on of we going staying for in stay focused though drop see that it, future. vigilant we'll State in Texas a the We're foreseeable we're COVID. continue do big and

we're as very we'll hasn't move I'll continue facilities business. our as seen push it. affected our we've there internally to get We've rate actually continue daily. And that has we successful on. that. you, tell to at forward. numbers been. not infection been occupancy, less in And And the than relaxing So better We'll continue we've ever increased It

forward it's move as are So the that getting we online. better with coming all vaccines

Operator

[Operator Instructions] from The next Ashish comes question Bank. ahead. with Sabadra Please Deutsche go

Ashish Sabadra

the taking contracts my question. win. pipeline results vertical? in but talk side, you're potential for other of government on that the Thanks. particularly on can I government the things, Good color wondering, and pursuing, on just other you was also pipeline? the just congrats Thanks about Any government outside the

Brad Archer

Troy. I'm to going turn to

Troy Schrenk

is provide frank, I happen. the those experience continue to is Good But predict delivering we contract, through future. years ourselves going Look, for the the provider, and can morning, put solutions you the continue do a great are of the government that's essential going the services And in need we great federal position given challenges near to partners real [ph] trusted partnerships. the tell deliver. to really take some solutions become to about fully to government track term. prepared When Not on solving I'll in the and us government, back, proven question. great to now. we've provider going it solutions you in expect real to our that think seven that in We've need to record, on be when great. a Based in

feel go we good a that on very forward basis. So about look,

Brad Archer

seeing future bit a our just as that capitalize a maybe in beneficiary our to back that. Look, seen we're we're the business. pleased people with believe and place recovery we've said, be with economy the already our we're recovers fully are great side. going more little energy on We the more so we that what to contracts come customer our stronger of a a excited recovery energy far work, Yes, in definitely on we're With that, for to based, holds.

folks So get more that think the more profitable in as workplace, back we business. business, into that's translates more

most we have, this industry. the were As already profitable in we

We're If you we more even numbers the look efficient years, at efficient the most operator. were our today. over

continues them. So as rise, the rise to with the utilization will profits along

get think we very sitting in I as the and of XXXX. back we're into a spot good XXXX, So into

Ashish Sabadra

you That's very vertical. the And can if on color. on helpful ask follow up a question made, maybe that I particularly comment the energy

in other the that the important think has Permian, recovery, the count or of leading up number the the been driver utilization. been, getting or are drilled has market. I the has coming to the been on then the So or addition rigs And for economic an important capacity indicator just in rig aspect

being So that did and color you also, visibility more give conversations any any on energy or in you're capacity more the any the - market? last year, utilization? see thanks companies, Thanks. on And thoughts which the the out pulled you improvement or capacity around usage, around having with

Brad Archer

data look looking we many to just rigs. at the Ashish, a capital from at. There's perspective we've, the indicators from we rigs in looking at many know, so as the as factors looking horsepower marketplace. talked spending, we're But that at coming number, returning earlier, about look, aside looking total work, Sure, you at

So at of key what indicators leading of they data, look are more we can of year, the when midyear I through now favorable tell some COVID. those you certainly last were right than kind kind is

steady tell terms Still you both progressive, Basin frac what up, said is you, be. want to where back March have work. So as a we the we've fleets to rigs, Permian seen of would returning before, in I

the and exclusivity, the the people. progression folks, business into and basin, quarter So the contracts we to that work here's have, And right in seen we're of increase with nice customers the we've network those right largest a the activity right with doing fourth with the first. with

basin. within both steady the to same is tend basins, At So to which the the seeing time, Midland in look customer their stay we're activity with, the earlier, they're Delaware Permian, conversations that agree and going budgets. I said capital that Brad

Ashish Sabadra

That's win. Thanks, very congrats on and helpful the color. again, Thanks. government

Brad Archer

you. Thank

Operator

with comes Please Markets. The from Becker Northland next Capital question Doug go ahead.

Doug Becker

more to just other but timing, the a about you opportunity number and opportunity opportunities similar you're frame just can in to Thanks. bit dig they size talk Wanted little the the appreciate of pursuing want you potential Would Fully what we've the help be non-profit of past? in in of for or to contracts. about the seen the government terms don't opportunities?

Brad Archer

I are Yeah. time Look, And we been for the over able really And that I certainly, need, as and question. some those we've those to look at the partners the difficult the us. again, we've think we've proven in appreciate solving that issues need time, is that established significant. And along period. over the challenges with solve leaders now the government

to in the side. been and is housing a that very on clear, it's side deliver the it's us be on We need with our solutions stand logistics to articulated existing good the So position to great. assets able

predict going So even again, timing. to not

at it this think even be would I it inappropriate point. to size

you at read headlines, just and and the that great a see is. then look where think and how I can there's determine scale real match. newspapers and the competencies size need our And across the

Doug Becker

secure do you're CapEx, expect another them addressing Maybe you it of if these any any to able of require CapEx? require meaningful opportunities enough. way is, Would Fair them? to

Brad Archer

is Doug. This Brad,

So we're existing there equipment first use some. that's our try and going to have foremost, and to we out

it push. to get quickly. use, lot a to want the want that of for though be this be able quickly, would they whatever A in long-term even it and this use it's So and they that use

a our So to expect. contract and some things away definitely having there we push our CapEx? have would first some up it be have of if build what But existing we CapEx. well, the those that types and we going wouldn't would match we spend of as and the But to run that ready part to utilize would the winning equipment. key business. were Absolutely. spend be, from would in to this It's is set work. and of some Would guarantees But

Doug Becker

Makes question here. sense. And then just nuanced a

for? With announced be could the should drive anything upside eye that revenue you we commitment. contract there out a Is that mentioned an yesterday, keeping meaningful minimum specifically

Brad Archer

is I think here, set. on this could Will additions? some There this contract, change this contract, to but jump pretty orders, in different there you things. be be some can

That's upside continue for years. the the at we're the this goal. this. is think, I on that this as facility upside a we long-term positioned. in well look with That's We and multiple

not to as the get project for going far is itself, it's bigger the than As I'm it sure much year. today

Eric Kalamaras

way Yes, think think it's when in the structure. mean, revenue you with that's when such it's right. government, contracts look, that, the think a done I you about I price we I when where effectively a guaranteed type

So expect that on I at portion least contract. any revenue creep, wouldn't additional the of

from to we the think incumbent that over do capture too hopefully, increases upon I is cost our us need it, to time where becomes underwriting. it then can we to do continue margin reduce to

think kind would about how I of that's that. So

Doug Becker

you Thank very much.

Operator

a with next from follow-up The go ahead. question Stifel. Instructions] Gengaro [Operator Please Stephen is

Stephen Gengaro

Thank you.

but it I'm the just in on to number Just seeing seen pretty gas probably But any seems well it mean, like that. that, oil I one at of we've some quick the small business. pertains as side. if and it's the guys Are change think, one of curious you I site? you heard had your any people of

Brad Archer

Stephen, So opine just cement And a to that. a look his any that's that Troy When whatever, or frac right you're level at Troy counts, or welcome we're the crew crew team and one. seeing on seeing not now. changes not that whether at we're

Troy Schrenk

wellhead, any us. then from initiative at manpower as efficiency, or haven't which always for at it's the know, that mean, we for and day, occupancy total reductions you changes meaningful producers. to I look, in greater oilfield But the terms services Now end seen the would of translate of

really, unchanged. - and we sand and been chain frankly supply of pieces, in a there's from moving Stephen, hauling sand it's So and the lot parts

Stephen Gengaro

great. Okay, Thank both. you

Brad Archer

bet. You

Operator

now I This would question-and-answer the Brad turn like concludes back over any conference to session. for to our Archer remarks. closing

Brad Archer

Thanks next on for Hospitality. Thanks. to speaking today for look you your interest and with in Target call forward our quarterly our thanks participating again We in call.

Operator

Thank for concluded. now attending is The you today's conference presentation.

now may You disconnect.

Target Hospitality (TH) 30 Mar 212020 Q4 Earnings call transcript