Target Hospitality at Oppenheimer Conference: Strategic Growth Insights

On Wednesday, 07 May 2025, Target Hospitality (NASDAQ:TH) participated in the Oppenheimer 20th Annual Industrial Growth Conference, presenting a strategic overview of its operations and future directions. Led by CFO Jason Vlasic, the company highlighted its adaptability in shifting market demands and its strategic focus on growth and diversification. While the company showcased its strong financial standing, challenges in certain segments were also acknowledged.

Key Takeaways

• Target Hospitality has fully paid off its $340 million senior notes, signaling a strong financial position.
• The company is actively pursuing opportunities in technology and data centers to diversify its revenue streams.
• The government segment remains dynamic, with ongoing discussions to reactivate facilities in West Texas.
• Target Hospitality’s contract with Lithium Americas Corp is valued at $140 million through 2027, with significant construction and operational margins.
• The company aims to maintain positive free cash flow with a projected CapEx of $20 million to $30 million for 2025.

Financial Results

• Target Hospitality expects to remain free cash flow positive, with 2025 CapEx projected to be slightly below 2024 levels of $32.5 million, ranging from $20 million to $30 million.
• The company completely paid off its $340 million senior notes in March, enhancing its financial flexibility.
• An ABL facility with a capacity of $175 million, expiring in February 2028, is in place, with an anticipated balance of approximately $40 million to manage working capital for the Lithium Americas contract.

Operational Updates

• The government segment saw the reactivation of the Dilly facility in March, while discussions are ongoing to reactivate the Pecos Children’s Center for potential detention purposes.
• The Workforce Hospitality Solutions segment saw an investment of $15 million to $20 million in Q1 to expand capacity for the Lithium Americas project in Nevada.
• Utilization trends in the HFS segment have improved year-over-year since the downturn in 2020.

Future Outlook

• Target Hospitality is focused on both organic and inorganic growth to diversify its business and broaden its customer base.
• Opportunities in technology, data centers, and the government sector are being pursued to support strategic growth.
• The company is considering various opportunities to support immigration policy objectives, including potential facilities on military bases.

Q&A Highlights

• Target Hospitality is not currently pursuing opportunities related to the Keystone Pipeline under the current administration.
• The company is exploring the establishment of facilities on military bases for immigration enforcement support.
• CoreCivic remains a strong partner for ICE opportunities, while the non-profit partner previously involved in West Texas is unlikely to be included in future projects.
• M&A opportunities are being considered to expand into new areas.
• The Dilly contract serves as a model for potential economics of reactivating the West Texas facility, with a revenue stream of $50 million to $55 million on 2,400 beds and a profit margin between 40% and 50%.

Readers are encouraged to refer to the full transcript for a more detailed insight into Target Hospitality’s strategic plans and financial performance.

Full transcript - Oppenheimer 20th Annual Industrial Growth Conference:

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Good afternoon, everyone. I’m Scott Schneeberger, the senior business and industrial services analyst at Oppenheimer. Thank you all for joining us today. It’s my pleasure to have with us from Target Hospitality CFO, Jason Vlasic, and from Investor Relations, not on screen, but in the background, Mark Schuck, to speak on the company’s investment story today. We’ll be using a fireside chat format.

I’ll ask management some high level questions upfront, get us an overview of the business. Later in the session, I’ll pivot the questions asked by you from the audience. So feel free to send those in to me. I’ll ask them on your behalf. So without any further ado, let’s get started.

Thanks for being here, Jason. I guess on question number one, could you please just provide us an overview of Target Hospitality service offerings in the company’s business segments? Thanks.

Jason Vlasic, CFO and CAO, Target Hospitality: Yes, absolutely. Thanks Scott. And thanks everyone for listening in and your interest in Target Hospitality. As Scott said, I’m Jason Blasich. I’m the CFO and CAO.

Joined the company in October of twenty eighteen, helped take it public in March. And the company primarily provides full service turnkey construction and hospitality services for customers in remote locations. And the unique aspect of our business is we not only provide the full turnkey solution, including construction and hospitality services, but we can also move our assets, which is relatively unique in the hospitality industry. Obviously, you can’t move a traditional hospitality building, but all of our modular units, which is the primary composition of our assets are mobile. We have a history of relocating them pretty seamlessly respond to changing customer demand.

And we’ve done that over the years quite significantly more recently to grow our government segment. So it brings me to kind of our primary two reportable segments include hospitality and facility services and government. So the hospitality and facility services or otherwise known as HFS is primarily comprised of energy end market customers. That’s a relatively mature business line. A lot of those customers have been with us for more than a decade.

So it’s a pretty stable business. I would say the contract structure on that business is primarily as outlined in our filings, master service agreements that are driven based on utilization and rate contracted rates. But because of the stability of the contract base, we have a great amount of visibility into that business in terms of its cash flows and revenue generation. On the government side, that’s gone through a lot of ebbs and flows recently, but we’ve had our footprint in the government segment since 2014 with our Dilly facility, which was under contract from 2014 to 2024 in August when it was terminated. It was recently reactivated in March of this year as well.

So that’s our longest running government segment facility servicing the needs of the government’s immigration objectives. And currently we’re partnered up with CoreCivic on that. They’re actually the original customer that we built the facility for, back in, 2014. And, that’s really servicing the needs of the ICE agency, under their current administration’s, immigration policy objectives. So that’s kind of an overview of our business and our two main reportable segments.

We recently created a new operating segment that is we plan on growing with the Lithium Americas contract that we announced earlier this year. And that new segment is called Workforce Hospitality Solutions. The locations of our assets, just to go back to the HFS segment for a moment, are primarily in West Texas and New Mexico. And but we also have a presence in North Dakota as well as Canada. And more recently with the LAC contract that was announced earlier this year, we’re establishing a presence in Winnemucca, Nevada to be part of the lithium mining project there.

So that’s an overview of the business and the two reportable segments and a little bit of the history behind that. So we can go anywhere you want to go from there, Scott.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks, Jason. Appreciate it. Great overview. Next, let’s go to Target typically contracts with customers for multi year periods often with guaranteed payment provisions. Please discuss the company’s contract structures and the revenue visibility across the two or 2.5 segments now, three segments.

Jason Vlasic, CFO and CAO, Target Hospitality: Sure, right. So our contracts structures are slightly different depending on the segment that you want to talk about. So we’ll start with HFS. As I mentioned, those contract structures are primarily comprised of master service agreements at this point in time that are driven based on contractual rates and utilization. Utilization there has been trending positively and has held pretty steady.

So and we have, as I said earlier, long standing relationships with our customers, some of which we’ve serviced the needs of for more than a decade. So that gives us a lot of good visibility into the revenue streams and the cash flows associated with that business. Also the contract renewal rates on those customers have been more than 90% since 2015 and they’re multi year contracts. A lot of them do have exclusivity provisions as well. And some, although minor part do fixed minimum revenue amounts and commitments as well.

But that’s a more minor part of the HFS business in terms of its contract structure. On the government side, historically, those contracts have been based on heavily on fixed minimum revenue amounts. So essentially, we have dedicated exclusive exclusive number of beds dedicated under those contract structures. And with that comes that fixed minimum revenue commitment over the contract term. So that even that gives us even greater visibility into cash flows and to revenues, etcetera, and puts a bit of stability around our forecasting objectives there.

And on the newly created segment, which is primarily driven by the new contract with Lithium Americas, that also has a fixed minimum revenue component to it as well as $140,000,000 contract value through 2027. About $65,000,000 of that is driven off of construction services that we expect to complete this year. And then there’s an operational component that has a small minimum fixed component to that. However, because of the manning curves associated with their plans and the project, we fully expect the operational aspect of that to go well above the minimum committed amounts. And so that’s an overview of our contract structure sort of broken down between HFS South, government and the newly created segment Workforce Hospitality Solutions.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Now over the past four years, Target’s government segment has been quite dynamic. Could you please provide us with a historical timeline of the ebbs and flows across the company’s primary assets serving government contracts in South Texas and West Texas. Ending with the current status of these assets, as the beginning of the year had a flurry of announcements, let’s may follow-up on this, but let’s let’s give an overview there, please, Jason. Thanks.

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah, sure. So as I said earlier, we began servicing, or established the government segment back in 2014 with the Dilly community. That’s a 2,400 bed, facility with our customer CoreCivic, who is also our current customer. That facility was designed and built by us and operated uninterrupted for about ten years starting in 2014 and that contract was terminated for convenience in August of twenty twenty four. We kept the assets warm as we call it, because we were confident it was going to be reactivated under the new administration and it was back in March of this year as we announced with the same customer with CoreCivic.

So they’ve been a great partner for us. In between that facility starting in 2014 and it being reactivated, we expanded pretty significantly in the government segment beginning in 2021 with the construction of the PCC community or otherwise known as the Pecos Children’s Center, which was an influx care facility. The Dilly Facility was under the or was and is under the ICE agency. The Pecos Children’s facility under the PCC contract that originated in 2021 was under HHS. And we partnered up with a nonprofit partner at that time that and the government had a huge need to deal with inflows of immigrants, particularly undocumented migrant children or unaccompanied migrant children.

And so we originated that contract in 2021. It expanded significantly in 2022. We built out hundreds of additional beds, ultimately moving from an original bed count of 4,000 or so up to 6,000 at the end of twenty twenty two. So we expanded that segment pretty significantly right up until the contract was terminated earlier this year. But that was the longest running influx care facility up to its termination.

It had about 41,000 undocumented or unaccompanied minors go through it during its operation. The way we were able to expand that just to illustrate the flexibility of our asset base is we utilized our existing assets, which were not being used for our energy end market customers at the time, we repurposed them to build out that PCC community to service the needs of that PCC contract at the time, which was a pretty cost effective way for us to service those needs, required minimal capital investment. So that’s the more recent example of us being able to kind of use the flexibility of our asset base to respond to that changing demand, in this case, in the government segment. So right now, we’re really focused on reactivating those assets. There were 6,000 beds under that PCC contract that we announced was terminated in February.

We based on all of our conversations with the administration, they’re highly interested in those assets. We believe it’s a matter of funding and administrative process before we get them reactivated. But based on all of the conversations to date, which have been trending positively, and there’s a high degree of interest in reactivating those assets for a different need, obviously, for the current administration’s policy objectives around immigration, which is detention and deportation.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Great. Yes. A couple of follow ups, I’ll kind of ask them together It’s obviously the West Texas facility very large, certainly could serve a lot of possibilities. And you mentioned some active discussions with the government there. What are some attributes of that location that you think it may be attractive for the current administration’s needs possibly if there are any detractors with regard to that.

And then also, could you speak to, I think with regard to cross border activity, it was obviously one direction under the prior administration, a different direction under this one. Some discussion on other assets that you have available besides West Texas that investors should consider. Thanks.

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah, sure. So in terms of the, I guess, purpose fit of these beds for the administration’s policy objectives, based on some tours that we’ve done, some conversations that we’ve had, there seems to be a need to keep it the way it is with minimal capital investment required to adjust anything a CapEx standpoint. And so based on the population set, we understand that the way the facility is currently built and positioned would still fit the government’s needs with minimal capital requirements to adjust anything. And on your second question, the government has, and other folks have, publicly announced their need for an excessive amount of beds, for their policy objectives. In some cases, that’s over a hundred thousand beds.

So right now we have about 8,000 beds available. That includes the 6,000 that are associated with the West Texas assets. And we’re fully focused on reactivating those and remarketing those not only for the government, but for other purposes as well, but certainly focused on and very well aware of the government’s need for additional beds. But we also have, you know, other means to procure additional beds if needed, if that’s, what is required to take advantage of these opportunities.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. Appreciate all that follow-up color. In addition to government contracts, Targets announced workforce hub contract with Lithium Americas Corp, you referenced it a few times. It’s expected to generate $140,000,000 of revenue through 2027, an estimated, I think, 68,000,000 in 2025. That’s predominantly construction related.

Jason Vlasic, CFO and CAO, Target Hospitality: That’s right.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: If you could outline the attribute to the contract and what I’m getting at here is more of the future potential of it, maybe a rehash what the current structure is, but what the opportunity is here for the long term? Thanks.

Jason Vlasic, CFO and CAO, Target Hospitality: Yes. So the current structure is, as you said, dollars 140,000,000 with an initial contract term through 2027. ’60 ’5 million of that is related to construction, which we expect to complete this year. The margin on the construction, we expect to be somewhere in the area of, we’ll call it 25% to 30%. And then there’s an operational component where we will operate the facility once completed, and provide our traditional suite of hospitality services, which include catering and food services as well as facilities management and the basic amenities that are at our other facilities in managing that.

The margin on that profile will be somewhat similar to our HFS South segment, right around 30% or so. But this project, again, that’s an initial term through 2027 for what they call Phase one. This Thacker Pass project can go all the way through 02/1940. And so we’re well positioned in that area to service the needs of those workers through that time period. So we think that’s a great opportunity for us.

We also did spend some CapEx earlier this year to expand our capacity there, about 15,000,000 to $20,000,000 in Q1 as announced earlier this year. And that’s already being utilized as well by current construction workers. So that’s also our strategy there was to build out some excess capacity during the construction phase as well as post construction phase for others that want to go into that area and participate in the project.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Excellent. Thanks. Let’s talk now about some We’ve discussed a lot of the cross border related opportunities and then of course, just covered Nevada. What are some other opportunities and potential magnitude and timing?

I know you have an active and sizable pipeline. I know you can’t say everything about it, but just if you can give us a sense about some things that are out there and the nature of what you look at just with a bit of a non amenity.

Jason Vlasic, CFO and CAO, Target Hospitality: Yes. So workforce housing for things like technology and data center build outs are things that we are focused in on. We see those as potentially some immediate term opportunities that we’re working towards. But I will say that a lot of these opportunities do have long lead times, right? So it’s not something that we just started looking into.

It’s something that we’ve been focused on for quite a while. To give you an idea of the lead times, the LAC announcement there was probably three or four years in the making or so. So, we’ve been looking at these things for quite a while. See these things do pick up a lot of steam recently. So we’re really focused on, I would say, more imminently data centers and technology build outs and providing workforce housing for the construction of those facilities.

In terms of the magnitude of those opportunities, what they could look like, we’re seeing opportunities anywhere from a few hundred beds to a thousand. And in terms of the terms on those, we’re seeing terms anywhere between three and four years and a ramp up period. So it may start out at a few hundred beds and then expand from there over time. So those are some of the other opportunities we are focused in on. I would say in parallel to the government opportunities, obviously leaning into the government opportunities pretty heavily because we see a lot.

We’ve never seen this much government activity for us in quite some time. So, but that’s not the only thing we’re focused in on.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. Target was originally best known for its remote accommodations for oil workers, particularly in the Permian Basin in West Texas. If you could provide an update on this business and how you anticipate it performs over the next few years, maybe drivers puts and takes of activity levels you expect there? Thanks.

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah, absolutely. Great question. So, we view the HFS segment as a relatively mature business. As I said, we’ve had customers in that segment for more than a decade. So it’s under pinned by some multi year contracts with such customers that are multinational that have been with us for a while.

The operational activity on that has been pretty stable because it’s a pretty mature business and that’s how we expect it to continue to trend. I would say utilization trends are slightly up from last year. They sort of have continued to increase incrementally since I would say the downturn that we experienced back in 2020. Well, as many folks have had experienced in that sector with the oil and gas price volatility in COVID-nineteen. But I would say it’s a relatively mature, steady business that we continue to count on.

It does have long term contracts, pretty stable customer base. So it’s kind of easily easy to predict the cash flows on that because of those attributes.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Let’s talk next about some new hires in the company and then maybe some objectives of Target’s leadership team over the coming few years, including what we might see with the executive branch. Thanks.

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah, sure. So we’re really focused on growing the business obviously organically and inorganically and the objective there being not only just to grow it, but to diversify it and to broaden the customer base. And we’ve had two major contract announcements this year, one of which does do that, which is the lithium contract. And so we’re going to continue to focus in on organic growth. The hires that we have hired and announced help facilitate that, particularly in the government segment.

But inorganic growth is still in our line of sight. I would say it’s not the immediate focus at this point in time, but we do continue to look at opportunities that could be very accretive to the company. And we think it’s a quick way to accelerate that objective of diversifying the business. So we did higher up in the M and A area. And then I would say, in terms of the leadership team, including the CEO, all of our employment agreements go through 2027.

We obviously announced special awards that go through 2028. So we’re really focused on growing the business primarily organically at the moment. We’re leaning into getting those assets reactivated, as I mentioned earlier with the West Texas assets and the other excess assets that we have available and then focusing on those other sectors I mentioned, including technology and data centers to grow. But we’re also looking at inorganic opportunities as well. So that continues to be part of the strategy to grow and diversify the business.

And then the other thing is, as announced earlier, we obviously deleveraged our balance sheet pretty significantly. So we think that positions us quite well to be as flexible as we can to take advantage of those growth opportunities. So that’s what the new hires are focused in on that both growing the government segment, looking at M and A, but the entire management team is on board to focus on growing and diversifying the business.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. You touched on the balance sheet a little bit there and that’s where I’m going with my next question. But before I go there, just everyone in the audience, we do have a few questions in queue. I’m about to wrap up the formal fireside chat part. So we’ll go into your questions, but just a few minutes left in the session.

So if you have anything else to ask, please get it in the system now. Jason, last one from me. Target’s free cash flow generation is really solid. Please provide perspective on the company’s CapEx profile and outlook for free cash flow. And also please discuss that the condition of the balance sheet and your capital allocation priorities.

Thanks.

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah, absolutely. So we continue to expect to be free cash flow positive. Our CapEx for 2025 is probably going to be slightly below last year. So last year, we spent about $32,500,000 of CapEx. I would say 20,000,000 to $30,000,000 is a good gauge.

As I mentioned earlier, we already spent 15,000,000 to $20,000,000 earlier this year to grow that new segment in Winnemucca, Nevada and expand our workforce hub capabilities there. That’s more growth CapEx, but the rest of it is expected to be pretty minimal maintenance CapEx type stuff, which is historically pretty low to maintain our assets. But I will say that if an opportunity does arise that we think is worth investing in, then we could end up spending more. But obviously, it’s going to be for the right opportunity that’s going to grow the company and add pretty accretively to our adjusted EBITDA number for the year. So that’s kind of how we see free cash flow staying positive, CapEx fees slightly below what we spent last year, I would say 20,000,000 to $30,000,000 On the balance sheet side, we completely paid off our senior notes, which were originated when we went public in March of twenty nineteen, had an original balance of $340,000,000 completely paid those off in March, at the March.

And so we’re virtually debt free. We do have an ABL facility that has a capacity of 175,000,000 The termination date on that is February of twenty twenty eight. And we would anticipate a balance of between $40,000,000 or so just to deal with general working capital requirements this year, particularly as we navigate through the construction phase of the Lithium Americas contract and have to meet certain milestones in order to get the reimbursements, etcetera. So that’s kind of how we view the balance sheet, but it’s never looked better, honestly since we went public.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. Let’s go to the questions in the queue. I want to get to those with enough time. Sure. First one is pretty straightforward and probably brief.

There was an opportunity via the Keystone pipeline in the past. It didn’t progress under the Biden administration. Is there an opportunity under the current administration?

Jason Vlasic, CFO and CAO, Target Hospitality: We’re not completely ruling it out, but we’re not seeing that at the moment. We’re really focused on and under the current administration, we’re focused on the immigration policy objectives that they have.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Is Target exploring any opportunities to establish facilities on military bases in support of immigration enforcement? If so, can you share anything about the economics or even just the size feasibility of the overall opportunity?

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah. I would say we’ve got a lot of irons in the fire and many opportunities that service the administration’s policy objectives, including those that are embedded in the question. So there’s a range of opportunities that we’re looking at and those are also part of that opportunity set. And that’s also part of our objective of reactivating those 8,000 beds.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Is CoreCivic your most likely partner for future ICE opportunities?

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah, I would say Coracivic has been a great partner since 2014. They have a long standing, I believe forty years relationship with ICE. And so they’re definitely a strong partner for us on these opportunities, But I would say not the only one. We’re certainly flexible in that regard where we’re positioned as a subcontractor. And typically, we partner up with prime contractors, CoreCivic not being the only one, but certainly a great partner.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. I’m going go a little out of order because I have one similarly. You had another not many names, but you had a nonprofit partner in West Texas. Is that someone that you’re likely to partner with again? Or was that more on based on paraphrasing here on the last for the prior opportunity and not so much going forward?

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah, I believe it’s the latter. So it’s that was more attached to the prior opportunity and not so much the ones that we’re looking at right now.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. I’ll do this one. Are you like we were discussing earlier Jason about opportunities in other areas. Would you be willing to do M and A to go into other areas beyond just doing organic activities?

Jason Vlasic, CFO and CAO, Target Hospitality: Yes, absolutely. I mean, we continue to look at inorganic opportunities via M and A in the background. Our priority right now is organic, but we continue to look at that and certainly not rule that out. If the right opportunity comes along and it makes sense, we’ll act on it.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. I think we’re getting close on time. I just have one last one. So unless anything else enters the queue, Jason, this is going to be our last one. Please compare and contrast gross margin profiles or EBITDA profiles of your different segments and how much fluctuation do you anticipate in them?

Jason Vlasic, CFO and CAO, Target Hospitality: So our two main reportable segments with respect to HFS South, our average gross margin there has been 30%. So that’s kind of how I would think about that going forward as well. On the government side, because of the contract structures and the fixed minimum amounts and the fact that we have to basically dedicate a handful of beds to that contract for that term, it generally has a higher margin profile. And so a lot of those are, I would say in excess of 40%, some even higher than that over the years. And it’ll depend on occupancy because those fixed minimum committed amounts, if you have a time where you have a low occupancy level, that’s going to drive up the margin.

So that’s why the government side tends to be a higher margin profile than the HFS side. And then on the new LAC contract, I think I talked a little bit about that, but the construction services piece, which is expected to be completed this year by Q4, I would say it has a margin an estimated margin of between 2530%. And the operational portion of that is more along the lines of HFS South, right around 30%.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. One last question just snuck in. Let me just give it a look first. Okay. Yeah.

One more, Jason. We have a couple minutes left. So I think we’ll take this as our last one, everyone. If ICE takes the West Texas facility, will the economics be similar to the prior contract in that location?

Jason Vlasic, CFO and CAO, Target Hospitality: Yeah. I would say the best there’s a lot of variables there, but the best proxy we have to that is the Dilly contract. So I would say if you’re trying to model it out and what it might look like, I would say, look at the Dilly contract, Dilly contract, the new one we just reactivated under, which is a five year lease and services agreement has a revenue stream around 50,000,000 to $55,000,000 on 2,400 beds and a profit margin of between 4050%. So I would say that’s the best proxy for the West Texas assets reactivation at this point in time.

Scott Schneeberger, Senior Business and Industrial Services Analyst, Oppenheimer: Thanks. Appreciate it. Good questions, audience. Thanks for your attention. Jason, great job.

I think we all learned a little bit there. It was very helpful. Great overview, great answers. And with that, we’re going to wrap it up.

Jason Vlasic, CFO and CAO, Target Hospitality: Sounds great. Thanks everybody. Appreciate it.

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