Target Hospitality Corp (NASDAQ:TH) Q4 2019 Earnings Conference Call - Final Transcript
Mar 12, 2020 • 09:00 am ET
Greetings and welcome to the Target Hospitality Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to our host, Mark Schuck, Senior Vice President of Investor Relations. Thank you. You may begin.
Good morning, everyone, and welcome to Target Hospitality's fourth quarter and full year 2019 earnings call. The press release we issued yesterday outlining our fourth quarter and full year 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. The 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, March 12th, 2020.
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 laws. 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 table on 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 T. 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..
Thanks, Mark. Good morning, everyone, and thank you for joining us today to discuss our fourth quarter and full year 2019 results. Before we get started, I would like to take a second to acknowledge the recent volatility in global financial and commodity markets, which have consequently put significant pressure on the price of crude oil. These events have created macro uncertainties that have rippled through the markets, and we will continue to closely monitor any potential effects to our business.
Now, turning back to 2019. I want to first look at the cumulative steps we have taken in the first year of being a public company to solidify our competitive advantage and add to our unmatched network of first-class communities and service offerings, while strategically positioning Target to produce industry-leading returns over the long term. We created strong operational momentum throughout 2019 and continue to position Target as the leading provider of specialty hospitality accommodations and services in the US. We successfully integrated two acquisitions and combined with organic bed additions, increased our average utilized beds 44% to a record of over 12,000. We expanded multiple communities as demand for our premier full turnkey services