Investor Presentaiton
Impressive 2021 Financial Performance
Significant Cash Flows Strengthens Operational Flexibility & Supports Value Creation
Full Year 2021 Highlights
Generated revenue of $291.3 million and Adjusted EBITDA (1)
of $119.2 million
Strengthening demand fundamentals supported strong 2021
financial results, exceeding the mid-point of 2021 Adjusted
EBITDA outlook by 7%
Meaningful cash generation with operating cash flow of
$104.6 million and Discretionary Cash Flow ("DCF")(1) of
$92.9 million
Continued strengthening customer demand with fourth
quarter 2021 utilization of 77%, representing the fifth
consecutive increase in quarterly utilization
Premier customer diversification with ~54% of 2021 revenue
tied to minimum revenue contracts backed by the United
States Government
Exceeding analyst expectations with seven consecutive
quarterly "Beats" versus estimates
(1) Adjusted EBITDA and Discretionary Cash Flow are non-GAAP financial measures; see appendix for a reconciliation to GAAP measures
(2) As of December 31, 2021
(3) Total net leverage ratio is defined in the credit facility as consolidated total net debt to consolidated EBITDA for the preceding four fiscal quarters
Consistently Enhancing Financial Strength
TARGET
HOSPITALITY
Improved net leverage ratio by 58% since the beginning of
2021
Significant financial flexibility, with more than $148 million of
total available liquidity (2) and net leverage (2)(3) of 2.7x
Meaningfully Promoting Capital Flexibility
Impressive execution on focused debt reduction, significantly
enhancing financial strength and operational flexibility
$ in millions
100%
$80
$70
$60
$50
$40
$80
$30
$20
$10
$-
Cumulative 2021 Debt Reduction
December 31, 2021
Investor Presentation | 16View entire presentation