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    Daniel Hultberg • Oppenheimer & Co. Inc.

    Daniel Hultberg's questions to Target Hospitality Corp (TH) leadership

    Daniel Hultberg's questions to Target Hospitality Corp (TH) leadership • Q2 2025

    Question

    Daniel Hultberg of Oppenheimer & Co. Inc. inquired about the progress and potential timeline for securing a new government contract for the West Texas facility and asked for details on the structure and timing of the anticipated data center contract.

    Answer

    President and CEO Brad Archer stated that while the government's reconciliation budget has passed, fund allocation is pending, but he remains confident in a new lease for the West Texas asset in the second half of the year based on ongoing, positive discussions. Regarding the data center opportunity, CFO Jason Vlasic clarified it will be a lease and services agreement where Target owns the assets, implying higher margins. Brad Archer added that an early works agreement is already in place, making the contract imminent, and described the data center market as a potential "game changer" for the company.

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    Daniel Hultberg's questions to Service Corporation International (SCI) leadership

    Daniel Hultberg's questions to Service Corporation International (SCI) leadership • Q4 2024

    Question

    Daniel Hultberg, on for Scott Schneeberger at Oppenheimer, asked for the outlook on cemetery preneed sales, specifically the mix between large sales and core production, and for perspective on the 2025 cemetery recognition rate and margins.

    Answer

    Chairman and CEO Tom Ryan indicated that 2025 cemetery preneed sales growth would be driven by core production, with large sales expected to be relatively flat. Executive Eric Tanzberger projected the 2025 cemetery sales recognition rate would be in the mid-to-high 90s, similar to the full-year 2024 rate. He anticipates cemetery margins to be in the low-30% range, potentially flat to slightly above 2024 levels, as the company manages inflationary pressures.

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