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Unaudited Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue:        
Revenue $ 65,796 $ 93,538 $ 205,685 $ 280,897
Revenue, Specialty rental income     96,900 156,500
Total revenue 95,191 145,939 302,584 437,388
Costs:        
Depreciation of specialty rental assets 14,057 17,653 43,643 53,242
Gross profit 45,210 86,756 141,148 251,085
Selling, general and administrative 13,319 15,273 41,632 43,929
Other depreciation and amortization 3,902 3,838 11,695 11,482
Other expense (income), net (2) (71) (158) 1,244
Operating income 27,991 67,716 87,979 194,430
Loss on extinguishment of debt       2,128
Interest expense, net 3,813 4,953 12,673 17,726
Change in fair value of warrant liabilities   2,576 (675) (1,809)
Income before income tax 24,178 60,187 75,981 176,385
Income tax expense 4,084 14,608 17,118 40,528
Net income 20,094 45,579 58,863 135,857
Less: Net income attributable to the noncontrolling interest 100   100  
Net income attributable to Target Hospitality Corp. common stockholders 19,994 45,579 58,763 135,857
Change in fair value of warrant liabilities       (1,809)
Net income attributable to Target Hospitality Corp. common stockholders - diluted 19,994 45,579 58,763 134,048
Other comprehensive loss        
Foreign currency translation (12) (21) (52) (47)
Comprehensive income $ 20,082 $ 45,558 $ 58,811 $ 135,810
Two Class Method:        
Weighted average number shares outstanding - basic (in shares) 100,438,559 101,620,537 100,452,691 101,246,546
Weighted average number shares outstanding - diluted (in shares) 101,296,504 105,093,694 101,744,462 105,632,139
Net income per share attributable to Target Hospitality Corp. Common Stockholders - basic (in dollars per share) $ 0.20 $ 0.45 $ 0.58 $ 1.34
Net income per share attributable to Target Hospitality Corp. Common Stockholders - diluted (in dollars per share) $ 0.20 $ 0.43 $ 0.58 $ 1.27
Services        
Revenue:        
Revenue $ 65,796 $ 93,538 $ 205,685 $ 280,897
Costs:        
Costs 31,262 34,035 101,734 109,469
Specialty rental        
Revenue:        
Revenue, Specialty rental income 29,395 52,401 96,899 156,491
Costs:        
Costs $ 4,662 $ 7,495 $ 16,059 $ 23,592