Investor Presentaiton

Non-GAAP Reconciliations Target Hospitality Corp. Reconciliation of Net Income to EBITDA, Adjusted EBITDA ($ in thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, For the Thirty-Six Months Ended December 31, 2021 2021 2020 2021 2020 Total Revenue Net income (loss) Income tax expense (benefit) $ 81,691 $ 51,610 $ 291,337 $ 225,148 837,581 $ 2,800 $ (9,317) $ (4,576) $ 1,766 (3,268) 1,904 (25,131) (8,455) $ (17,734) 1,053 Interest expense, net 9,646 9,921 38,704 40,034 112,137 Loss on extinguishment of debt 907 Other depreciation and amortization 4,810 3,094 16,910 15,649 48,040 Depreciation of specialty rental assets 12,967 12,808 53,609 49,965 146,997 EBITDA $ 31,989 $ 13,238 $ 106,551 $ 72,062 $ 291,400 Adjustments: Transaction bonus amounts 28,519 Officer loan expense 1,583 Target Parent selling, general, and administrative costs Restructuring costs Currency Loss (Gain), net Other expense (income), net 99 322 878 416 Transaction expenses 597 1,198 979 Acquisition-related expenses Stock-based compensation 1,484 784 5,082 3,592 246 168 (206) 9,412 12,199 370 10,200 Change in fair value of warrant liabilities (533) 107 1,067 (2,347) Other adjustments Adjusted EBITDA 704 715 4,400 3,786 (7,199) 10,162 $ 33,743 $ 15,763 $ 119,176 $ 78,488 $ 356,854 TARGET HOSPITALITY Investor Presentation | 24

View entire presentation