Target Hospitality Corporation (NASDAQ:TH) Q3 2022 Earnings Conference Call November 9, 2022 9:00 AM ET

Company Participants

Mark Schuck - SVP, IR & Financial Planning

James Archer - CEO & President

Eric Kalamaras - EVP & CFO

Conference Call Participants

Scott Schneeberger - Oppenheimer

Stephen Gengaro - Stifel

Gregory Gibas - Northland Capital Markets

Operator

Good morning, and welcome to the Target Hospitality Third Quarter 2022 Earnings Conference Call. [Operator Instructions].

Please note this event is being recorded. I would now like to turn the conference over to Mark Schuck, Senior Vice President of Investor Relations. Please go ahead.

Mark Schuck

Thank you. Good morning, everyone, and welcome to Target Hospitality's Third Quarter 2022 Earnings Call. The press release we issued this morning, outlining our third quarter results can be found in the Investors section of our website. In addition, a replay of this call will be archived on our website for a limited time.

Please note the cautionary language regarding forward-looking statements contained in the press release. This same language applies to statements made on today's conference call. This call will contain time-sensitive information as well as forward-looking statements, which are only accurate as of today, November 9, 2022. Target Hospitality expressly disclaims any obligation to update or amend the information contained in this conference call to reflect events or circumstances that may arise after today's date, except as required by applicable law. For a complete list of risks and uncertainties that may affect future performance, please refer to Target Hospitality's periodic filings with the SEC.

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

Leading the call today will be Brad Archer, President and Chief Executive Officer; followed by Eric Kalamaras, Executive Vice President and Chief Financial Officer. After their prepared remarks, we will be joined by Troy Schrenk, Chief Commercial Officer and open the call for questions.

I'll now turn the call over to our Chief Executive Officer, Brad Archer.

James Archer

Thanks, Mark. Good morning, everyone, and thank you for joining us on the call today. Target's record-setting third quarter results are a direct reflection of our continued commitment to enhance operational flexibility, while increasing financial strength and maximizing asset utilization. We generated record operating cash flow, executed multiple long-term contracts and achieved our strategic objective to materially strengthen our financial position, resulting in over $220 million of cumulative debt reduction since 2020, with over $300 million of liquidity. These accomplishments created the ideal platform to continue capitalizing on value-enhancing initiatives across our operating segments.