使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good morning, and welcome to the Target Hospitality Third Quarter 2022 Earnings Conference Call. (Operator Instructions)
早上好,歡迎來到 Target Hospitality 2022 年第三季度收益電話會議。 (操作員說明)
Please note this event is being recorded. I would now like to turn the conference over to Mark Schuck, Senior Vice President of Investor Relations. Please go ahead.
請注意正在記錄此事件。我現在想將會議轉交給投資者關係高級副總裁 Mark Schuck。請繼續。
Mark Schuck - SVP of IR & Financial Planning
Mark Schuck - SVP of IR & Financial Planning
Thank you. Good morning, everyone, and welcome to Target Hospitality's Third Quarter 2022 Earnings Call. The press release we issued this morning, outlining our third quarter 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.
謝謝你。各位早上好,歡迎來到 Target Hospitality 2022 年第三季度財報電話會議。我們今天早上發布的新聞稿概述了我們第三季度的業績,可以在我們網站的投資者部分找到。此外,此次通話的重播將在我們的網站上限時存檔。
Please note the cautionary language regarding forward-looking statements contained in the press release. This 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, November 9, 2022. 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 law. For a complete list of risks and uncertainties that may affect future performance, please refer to Target Hospitality's periodic filings with the SEC.
請注意新聞稿中有關前瞻性陳述的警示性語言。同樣的語言也適用於今天電話會議上的發言。本次電話會議將包含時效性信息和前瞻性陳述,這些信息僅在 2022 年 11 月 9 日今天才准確。Target Hospitality 明確表示不承擔任何更新或修改本次電話會議中包含的信息以反映事件或今天日期之後可能出現的情況,適用法律要求的情況除外。有關可能影響未來業績的風險和不確定性的完整列表,請參閱 Target Hospitality 定期向美國證券交易委員會提交的文件。
We will discuss non-GAAP financial measures on today's call. Please refer to the tables in 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.
我們將在今天的電話會議上討論非 GAAP 財務措施。請參閱我們網站“投資者”部分發布的收益發布中的表格,以查找今天電話會議中引用的非 GAAP 財務指標及其相應的 GAAP 指標的對賬。
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.
總裁兼首席執行官 Brad Archer 將主持今天的電話會議;隨後是執行副總裁兼首席財務官 Eric T. Kalamaras。在他們準備好的發言之後,首席商務官 Troy Schrenk 將加入我們的行列,並開始提問。
I'll now turn the call over to our Chief Executive Officer, Brad Archer.
我現在將電話轉給我們的首席執行官 Brad Archer。
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Thanks, Mark. Good morning, everyone, and thank you for joining us on the call today. Target's record-setting third quarter results are a direct reflection of our continued commitment to enhance operational flexibility, while increasing financial strength and maximizing asset utilization. We generated record operating cash flow, executed multiple long-term contracts and achieved our strategic objective to materially strengthen our financial position, resulting in over $220 million of cumulative debt reduction since 2020, with over $300 million of liquidity. These accomplishments created the ideal platform to continue capitalizing on value-enhancing initiatives across our operating segments.
謝謝,馬克。大家早上好,感謝您今天加入我們的電話會議。 Target 創紀錄的第三季度業績直接反映了我們繼續致力於提高運營靈活性,同時增強財務實力和最大限度地提高資產利用率。我們產生了創紀錄的運營現金流,執行了多項長期合同並實現了實質性加強財務狀況的戰略目標,導致自 2020 年以來累計債務減少超過 2.2 億美元,流動資金超過 3 億美元。這些成就創造了理想的平台,可以繼續利用我們運營部門的價值提升計劃。
In our HFS segments continue to experience positive trends in customer activity, resulting in 3 consecutive quarterly increases in customer demand. Target's HFS customers continue to benefit from the size and scale of our network, which provides premium hospitality solutions and logistical flexibility for their dynamic labor allocation requirements. The intrinsic value of Target's network has supported an over 90% customer renewal rate for 7 years and a 14% increase in utilization from the third quarter of 2021.
在我們的 HFS 細分市場中,客戶活動繼續呈現積極趨勢,導致客戶需求連續 3 個季度增長。 Target 的 HFS 客戶繼續受益於我們網絡的規模和規模,該網絡為他們的動態勞動力分配需求提供優質的酒店解決方案和物流靈活性。 Target 網絡的內在價值支持了 7 年超過 90% 的客戶續訂率,並且從 2021 年第三季度開始使用率提高了 14%。
This strong momentum supported multiple extensions to large HFS contracts during the quarter for customers that represented over 20% of Target's third quarter HFS revenue. We anticipate these contracts will contribute over $75 million of cumulative revenue through 2025, highlighting our long-standing partnership with these world-class customers. These meaningful contract extensions illustrate our commitment to preserving the premier customer base we have been committed to serving for over a decade, while simultaneously growing and diversifying the business.
這一強勁勢頭支持本季度為代表 Target 第三季度 HFS 收入 20% 以上的客戶多次延長大型 HFS 合同。我們預計到 2025 年,這些合同將貢獻超過 7500 萬美元的累計收入,突顯了我們與這些世界級客戶的長期合作夥伴關係。這些有意義的合同延期表明我們致力於維護我們十多年來一直致力於服務的首要客戶群,同時實現業務增長和多元化。
In the Government segment, our priority during the quarter was to substantially complete the infrastructure inquired to service the Expanded Humanitarian Community, which we announced in July. To facilitate the timely completion of these critical enhancements, increase Target's network position and materially increase project returns, we deliberately chose to maximize the use of existing assets. This decision has enhanced our operating efficiencies by creating a more fully utilized network, particularly within the HFS Midwest region. In recent years, we have evaluated a range of scenarios aimed at rationalizing a portion of the HFS Midwest assets, but have been unable to meet our desired economic returns. We have now accomplished that objective.
在政府部門,我們在本季度的首要任務是基本完成為我們在 7 月份宣布的擴大的人道主義社區提供服務所需的基礎設施。為促進這些關鍵改進的及時完成、提高 Target 的網絡地位並大幅增加項目回報,我們特意選擇最大限度地利用現有資產。該決定通過創建更充分利用的網絡提高了我們的運營效率,尤其是在 HFS 中西部地區。近年來,我們評估了一系列旨在合理化 HFS 中西部資產的方案,但未能達到我們預期的經濟回報。我們現在已經實現了這個目標。
Ultimately, the opportunity to reallocate these assets to the Government segment was the ideal outcome and resulted in a significantly higher return on assets than we had previously anticipated. We are pleased with the progress of the Expanded Humanitarian Community and believe it is on track to meet or exceed Target's medium- and long-term objectives, while continuing to fuel the critical humanitarian mission it was designed to service. In connection with the substantial completion of the infrastructure enhancements, we entered an 11-year partnership with our national nonprofit partner. The long-term agreement solidifies our joint commitment to continue providing critical humanitarian services to the United States government at this highly customized campus.
最終,將這些資產重新分配給政府部門的機會是理想的結果,並導致資產回報率大大高於我們之前的預期。我們對擴大人道主義社區的進展感到高興,並相信它有望實現或超越 Target 的中長期目標,同時繼續推動其旨在服務的關鍵人道主義使命。在基本完成基礎設施改進的同時,我們與我們的國家非營利合作夥伴建立了為期 11 年的合作夥伴關係。長期協議鞏固了我們的共同承諾,即繼續在這個高度定制的園區為美國政府提供重要的人道主義服務。
Further, we believe this reinforces our collective belief that this purpose-built community will remain an ongoing fixture in supporting domestic humanitarian aid missions. Target's Government segment represented over 77% of third quarter 2022 revenue and is expected to represent over 70% of full year 2022 revenue. This is a clear illustration of our commitment to diversify and expand Target's end markets while simultaneously high-grading counterparty exposure and contract structure. These accomplishments have supported the achievement of our strategic objective to materially strengthen Target's financial position and establish the ideal platform to continue pursuing strategic initiatives focused on accelerating the value creation for our shareholders.
此外,我們相信這加強了我們的集體信念,即這個專門建造的社區將繼續支持國內人道主義援助任務。 Target 的政府部門佔 2022 年第三季度收入的 77% 以上,預計將佔 2022 年全年收入的 70% 以上。這清楚地表明了我們致力於多元化和擴大 Target 的終端市場,同時對交易對手敞口和合同結構進行高評級。這些成就支持了我們戰略目標的實現,即實質性地加強 Target 的財務狀況,並建立了理想的平台,以繼續推行以加速為股東創造價值為重點的戰略舉措。
I'll now turn the call over to Eric to discuss our third quarter financial results, financial outlook and capital allocation in this -- in more detail.
我現在將電話轉給埃里克,更詳細地討論我們第三季度的財務業績、財務前景和資本配置。
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
Thank you, Brad. In the third quarter, we experienced continued strong demand fundamentals and positive momentum in customer activity, predominantly driven by the materially Expanded Humanitarian Community we announced earlier this year. Third quarter 2020 total revenue was $160 million, and adjusted EBITDA was approximately $84 million. Our Government segment produced quarterly revenue of approximately $123 million compared to $46 million in the same period last year. The significant increase was attributed to the Expanded Humanitarian Community we announced in July.
謝謝你,布拉德。在第三季度,我們經歷了持續強勁的需求基本面和客戶活動的積極勢頭,這主要是由我們今年早些時候宣布的實質性擴大的人道主義社區推動的。 2020 年第三季度總收入為 1.6 億美元,調整後的 EBITDA 約為 8400 萬美元。我們的政府部門季度收入約為 1.23 億美元,而去年同期為 4600 萬美元。顯著增加歸因於我們在 7 月宣布的擴大人道主義社區。
As a reminder, Target's Government segment, including the Expanded Humanitarian Community, centered around annual minimum revenue commitments. Additionally, the Expanded Humanitarian Community includes variable services revenue that aligns with monthly changes to community population.
提醒一下,Target 的政府部門,包括擴大的人道主義社區,以年度最低收入承諾為中心。此外,擴大的人道主義社區包括與社區人口每月變化相一致的可變服務收入。
Our HFS segment delivered third quarter revenue of $36 million compared to $33 million in the same period last year. This increase was driven by sustained momentum in customer demand for Target's premium service offerings, supported by constructive economic demand fundamentals. Recurring corporate expenses for the quarter were approximately $10 million and illustrate our ability to significantly grow the business, while incurring minimal incremental costs. As a result of the scalable business model, we anticipate recurring corporate expenses to remain around $10 million per quarter for the remainder of the year.
我們的 HFS 部門第三季度的收入為 3600 萬美元,而去年同期為 3300 萬美元。這一增長是由客戶對 Target 優質服務產品的需求持續增長所推動的,並受到建設性經濟需求基本面的支持。本季度的經常性公司開支約為 1000 萬美元,這表明我們有能力顯著發展業務,同時產生最少的增量成本。由於可擴展的商業模式,我們預計在今年剩餘時間裡,經常性公司支出將保持在每季度 1000 萬美元左右。
Total capital expenditures for the quarter were approximately $74 million, with $70 million related to the substantial infrastructure enhancements required at the Expanded Humanitarian Community. With the completion of the community enhancements by year-end 2022, we expect a more moderate pace of capital expenditures into 2023.
本季度的資本支出總額約為 7400 萬美元,其中 7000 萬美元用於擴大人道主義社區所需的大量基礎設施改進。隨著到 2022 年底完成社區改善,我們預計到 2023 年資本支出的步伐將更加溫和。
We ended the quarter with $177 million of cash and over $300 million of available liquidity, with 0 borrowings under the company's $125 million revolving credit facility and a net leverage ratio of 0.8x. Further, Target anticipates additional balance sheet strengthening continuing into next year with the expectation of having 0 net debt by the second half of 2023.
本季度結束時,我們擁有 1.77 億美元的現金和超過 3 億美元的可用流動資金,公司 1.25 億美元的循環信貸額度下的借款為零,淨槓桿率為 0.8 倍。此外,Target 預計明年將繼續加強資產負債表,預計到 2023 年下半年淨債務為零。
Now turning to our financial outlook and capital allocation initiatives. To complete the Expanded Humanitarian Community in the most efficient way, we deliberately chose to utilize a larger portion of existing assets versus acquiring new equipment. This decision has significantly enhanced asset optimization and created a more balanced operating structure.
現在轉向我們的財務前景和資本配置計劃。為了以最有效的方式完成擴大的人道主義社區,我們特意選擇利用現有資產的大部分而不是購買新設備。該決定顯著增強了資產優化並創建了更加平衡的運營結構。
In addition, the use of existing assets resulted in a substantial increase in project returns than originally anticipated. However, this decision modified the accounting treatment for previously anticipated capitalized costs and resulted in onetime mobilization expenses in 2022. These expenses will not impact subsequent periods. As a result, we have updated our full year 2022 financial outlook, which now consists of revenue between $495 million and $500 million; adjusted EBITDA between $263 million and $268 million; discretionary cash flow between $255 million and $260 million; and capital spending between $130 million and $135 million.
此外,使用現有資產導致項目回報比原先預期大幅增加。但是,該決定修改了先前預計的資本化成本的會計處理,導致 2022 年產生一次性動員費用。這些費用不會影響後續期間。因此,我們更新了 2022 年全年的財務展望,目前收入在 4.95 億美元至 5 億美元之間;調整後的 EBITDA 在 2.63 億美元至 2.68 億美元之間;可自由支配的現金流量在 2.55 億美元至 2.6 億美元之間;資本支出在 1.3 億美元至 1.35 億美元之間。
While Target has experienced a significant increase in consolidated revenue and associated net income, it intends to utilize a significant portion of its remaining net operating loss carryforwards to offset its 2022 cash tax obligations. As such, Target anticipates 2022 cash tax payments of between $6 million and $8 million, resulting in an effective cash tax rate between 7% and 9%.
雖然 Target 的綜合收入和相關淨收入顯著增加,但它打算利用其剩餘的淨經營虧損結轉的很大一部分來抵消其 2022 年的現金稅義務。因此,Target 預計 2022 年的現金稅款將在 600 萬至 800 萬美元之間,從而導致有效現金稅率在 7% 至 9% 之間。
Target's enhanced end market portfolio and contract structure has supported increased minimum revenue commitments and provided greater visibility on long-term revenue and cash flow. As a result, the company is providing a preliminary 2023 financial outlook, which includes a minimum revenue of $525 million and maximum revenue of $710 million with minimum adjusted EBITDA of $365 million.
Target 增強的終端市場產品組合和合同結構支持增加最低收入承諾,並提高了長期收入和現金流的可見性。因此,該公司提供了 2023 年的初步財務展望,其中包括最低收入 5.25 億美元和最高收入 7.1 億美元,調整後的 EBITDA 最低為 3.65 億美元。
Turning to acquisitions, 2023 capital spending should approach more normal levels between $10 million and $20 million per year, with approximately 70% allocated towards growth capital. The range of preliminary 2023 revenue reflects the possible contribution of variable service revenue associated with the Expanded Humanitarian Community. Target anticipates variable service revenue will contribute between $50 million and $185 million of additional 2023 revenue, above the anticipated minimum revenue of $525 million.
談到收購,2023 年的資本支出應接近每年 1000 萬至 2000 萬美元的更正常水平,其中約 70% 分配給增長資本。 2023 年初步收入範圍反映了與擴大的人道主義社區相關的可變服務收入的可能貢獻。 Target 預計可變服務收入將為 2023 年的額外收入貢獻 5000 萬至 1.85 億美元,高於預期的最低收入 5.25 億美元。
The amount of variable service revenue will depend on the scale and timing of U.S. government nominations. Target's enhanced balance sheet will allow the company to continue evaluating a range of capital allocation initiatives focused on maximizing long-term shareholder value, while simultaneously expanding long-term growth opportunities. These growth opportunities include continuing to pursue diversifying adjacent end market acquisitions as well as select opportunities to strengthen our existing end market portfolio. In addition to broaden the range of potential value-enhancing capital allocation initiatives, Target's Board of Directors has authorized a stock repurchase program for up to $100 million.
可變服務收入的數額將取決於美國政府提名的規模和時間。 Target 增強的資產負債表將使公司能夠繼續評估一系列專注於最大化長期股東價值的資本配置計劃,同時擴大長期增長機會。這些增長機會包括繼續尋求多元化的相鄰終端市場收購以及選擇機會來加強我們現有的終端市場產品組合。除了擴大潛在增值資本分配計劃的範圍外,Target 的董事會還批准了一項高達 1 億美元的股票回購計劃。
This plan will allow the company to evaluate a more holistic capital allocation opportunity set, while focusing on maximizing value creation through all available means. We believe Target's enhanced financial position and balance sheet strength creates the ideal platform to continue pursuing these value-enhancing opportunities into 2023.
該計劃將使公司能夠評估更全面的資本配置機會集,同時專注於通過所有可用手段最大限度地創造價值。我們相信 Target 增強的財務狀況和資產負債表實力為 2023 年繼續追求這些增值機會創造了理想的平台。
With that, I will turn the call back over to Brad for closing comments.
有了這個,我將把電話轉回布拉德以徵求意見。
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Thanks, Eric. Our record-setting third quarter results illustrate our commitment to enhance operational flexibility, maximize asset utilization and provide unmatched value to our customers, which has supported the achievement of our strategic objectives. We are well positioned entering 2023 and will utilize this momentum to continue pursuing initiatives focused on accelerating value creation for our shareholders.
謝謝,埃里克。我們創紀錄的第三季度業績表明我們致力於提高運營靈活性、最大限度地提高資產利用率並為我們的客戶提供無與倫比的價值,這支持了我們戰略目標的實現。我們已做好準備進入 2023 年,並將利用這一勢頭繼續推行旨在加速為股東創造價值的舉措。
I appreciate everyone joining us on the call today, and thank you again for your interest in Target Hospitality.
我感謝今天加入我們的每個人,並再次感謝您對 Target Hospitality 的關注。
Operator
Operator
(Operator Instructions) The first question comes from Scott Schneeberger with Oppenheimer.
(操作員說明)第一個問題來自 Scott Schneeberger 和 Oppenheimer。
Scott Andrew Schneeberger - MD & Senior Analyst
Scott Andrew Schneeberger - MD & Senior Analyst
I guess I'll start out with the West Texas government contract, the expansion of the facility. Could you provide an update? It was mentioned in the press release, completed by the end of the year. It sounds like you're on track, but just want to get an update on the status of that and how complete that is. And then a couple of follow-ups on that theme.
我想我將從西德克薩斯州政府的合同開始,即設施的擴建。你能提供更新嗎?它在年底完成的新聞稿中提到。聽起來您已經步入正軌,但只是想了解其狀態及其完成情況的最新情況。然後是關於該主題的一些後續行動。
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Yes, Scott, this is Brad. Nice speaking with you this morning. But to answer your question, look, we're substantially complete. We're tying up a few loose ends on site. And other than that, we're on track to finish up pretty quickly here in the fourth quarter.
是的,斯科特,這是布拉德。很高興今天早上和你談話。但要回答你的問題,看,我們基本上已經完成了。我們正在現場處理一些未解決的問題。除此之外,我們有望在第四季度快速完成。
Scott Andrew Schneeberger - MD & Senior Analyst
Scott Andrew Schneeberger - MD & Senior Analyst
Good. And so I guess, a couple of things, a few different directions to go in. But the -- first off, the -- is it -- are you at a point now where you can get an indication from the government customer of what type of utilization levels you may see in the West Texas facility now going forward because you're largely done with the expansion? And if you don't have that clarity yet, when might you anticipate that clarity?
好的。所以我想,有幾件事,幾個不同的方向。但是 - 首先, - 是 - 你現在是否可以從政府客戶那裡得到什麼指示您可能會在西德克薩斯工廠中看到的利用率水平的類型,因為您已經基本完成了擴展?如果您還沒有那種清晰度,那麼您什麼時候可以預期到這種清晰度?
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
Scott, it's Eric. Thanks for joining this morning. So the question regarding the occupancy levels and the variability there in, as we talked about a couple of times in August and then in July, that variability amount is really largely dependent upon the government allocations in terms of how they're seeing the flows and how they want to nominate to just across the portfolio.
斯科特,是埃里克。感謝您今天早上加入。因此,關於入住率和可變性的問題,正如我們在 8 月和 7 月多次談到的那樣,可變量實際上在很大程度上取決於政府分配,他們如何看待流量和他們想如何提名整個投資組合。
So it's always hard to say. And so I think at this point in time, it's, I think, give us a little more time to figure out how that manifests itself. As Brad mentioned, the facility is not even fully opened yet. It's a new program for everyone. And so we're all learning around about exactly what that's going to look like going forward.
所以總是很難說。所以我認為在這個時間點,我認為,給我們更多的時間來弄清楚它是如何表現出來的。正如布拉德所說,該設施甚至還沒有完全開放。這是一個適合所有人的新計劃。因此,我們都在了解未來會是什麼樣子。
I think a couple of things to bear in mind though, while we wait and try to get more clarity through time is that there is a little bit of seasonality in terms of the flows and migration. And so we do bear all that in mind. And so the government will allocate with all that. And hopefully, when we have something specific, we will provide you updated information accordingly as well.
我認為有幾件事要記住,在我們等待並試圖隨著時間的推移變得更加清晰的時候,流動和遷移方面有一點季節性。所以我們牢記所有這些。因此,政府將分配所有這些。希望當我們有具體的事情時,我們也會相應地為您提供更新的信息。
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Scott, maybe just a little bit more color as well around that. Definitely to Eric's point, look, there's -- we have -- we need to finish everything. So there will be a ramp-up period before they utilize this more fully. But taking you back to when we first started this contract over a year -- well over a year ago, our first contract, there was 19 temporary facilities holding kids throughout the United States. Today, there's only 2 ICF facilities nationwide.
斯科特,也許周圍還有一點顏色。絕對是 Eric 的觀點,看,有——我們有——我們需要完成所有事情。因此,在他們更充分地利用這一點之前,會有一個加速期。但是帶你回到一年多我們第一次開始這份合同的時候——一年多以前,我們的第一份合同,全美有 19 個臨時設施用來收容孩子。今天,全國祇有 2 個 ICF 設施。
So this is where they start to cull the temporary facilities, start to get into using the purpose-built facilities. And we're the only purpose-built facility in the United States that use permanent construction and again, only 1 purpose-built. So there's a ramp-up period here. But all of the moves that they're making are really positive for us and everything that we've talked about. So...
所以這就是他們開始剔除臨時設施的地方,開始使用專門建造的設施。我們是美國唯一一家使用永久性建築的專用設施,而且只有 1 家是專門建造的。所以這裡有一個加速期。但他們正在採取的所有舉措對我們以及我們所談論的一切都非常積極。所以...
Scott Andrew Schneeberger - MD & Senior Analyst
Scott Andrew Schneeberger - MD & Senior Analyst
Excellent. Sounds good. I want to kind of take this further with -- I thought I heard in prepared remarks, I don't believe it was in the press release this -- and this is more for Brad, but Eric, we'll get into the onetime mobilization expense.
出色的。聽起來不錯。我想更進一步——我想我是在準備好的評論中聽到的,我不相信它出現在新聞稿中——這更多是為了布拉德,但埃里克,我們將進入一次性動員費。
But Midwest -- HFS Midwest, it sounds like you're now tying facilities there into your -- it sounds like your partnership with -- your extended partnership with your not-for-profit partner and the government contract. Could you elaborate a little bit on how the Midwest HFS is being included?
但是中西部——HFS 中西部,聽起來你現在正在將那裡的設施與你的——聽起來像是你的伙伴關係——與你的非營利合作夥伴和政府合同的擴展夥伴關係捆綁在一起。您能否詳細說明一下中西部 HFS 是如何被包含在內的?
And then I guess I'll finish up here and turn it over. But Eric also, Brad goes there, could you discuss kind of this onetime charge, how it impacted the quarter versus expectations, how it may impact the fourth quarter versus prior impact -- versus prior expectations? And clearly, it's not going into next year from what you said, but just a little more elaboration there.
然後我想我會在這裡完成並把它翻過來。但埃里克也,布拉德去了那裡,你能討論一下這種一次性收費嗎,它如何影響季度與預期,它如何影響第四季度與先前的影響 - 與先前的預期?很明顯,它不會像你所說的那樣進入明年,而只是在那裡進行了更多的闡述。
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Yes. So Scott, on the rebalancing, we have been chipping away at this for 5 years. We'd get a project, we would cost it in, and we had moved some units that were either not utilized or underutilized in North Dakota. So we've moved them around. This project itself and the decision we made a few months ago to use our own assets really allowed us to rebalance our portfolio in one fell swoop. And not only in North Dakota, we actually moved some product around in Texas as well. They were utilized, but not 100%.
是的。所以斯科特,在重新平衡方面,我們已經為此努力了 5 年。我們會得到一個項目,我們會投入成本,並且我們已經轉移了一些在北達科他州未被利用或未被充分利用的單位。所以我們已經移動了它們。這個項目本身以及我們幾個月前做出的使用我們自己的資產的決定確實讓我們一舉重新平衡了我們的投資組合。不僅在北達科他州,我們實際上也在德克薩斯州轉移了一些產品。他們被利用了,但不是 100%。
So this project as large as it is, it allowed us to really look holistically at all of our assets, anywhere in the country and say, how are we going to rebalance this to get more revenue out of it. We think it's a great move for the company. It's going to pay off long term for us, the investors, et cetera. So today, again, we're pretty much done now with the rebalancing of it. That's what it allowed us to do.
所以這個項目雖然很大,但它讓我們能夠真正全面地審視我們在全國任何地方的所有資產,並說,我們將如何重新平衡它以從中獲得更多收入。我們認為這對公司來說是一個很好的舉措。這將為我們、投資者等帶來長期回報。所以今天,再一次,我們已經完成了對它的重新平衡。這就是它允許我們做的。
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
Scott, related to your question on a -- more from a financial perspective. I mean here's kind of the calculus that one has to think through, right, which is -- this is -- if we look at an expense shift, in this instance, call it -- just call it about $10 million or so, is effectively a onetime mobilization expense impact in Q3. And then we juxtapose that against a capital spend reduction of, let's say, close to $60 million, right? Look, that's akin to a 6:1 payoff that you would make that trade every day.
斯科特,與你的問題有關——更多是從財務角度。我的意思是這是一種人們必須仔細考慮的微積分,對,這是 - 這是 - 如果我們看一下費用轉移,在這種情況下,稱之為 - 就稱之為大約 1000 萬美元左右,是實際上是第三季度的一次性動員費用影響。然後我們將其與資本支出減少並列,比方說,接近 6000 萬美元,對嗎?看,這類似於您每天進行該交易的 6:1 回報。
And so when we think about that, there's de minimis impacts into Q4. And of course, as you mentioned, nothing into 2023. And so just to kind of calibrate how we think about the return impact on that, that was effectively the calculus in that. So hopefully, that gives you a little bit of clarity in terms of your question and the impact in Q3.
因此,當我們考慮到這一點時,對第四季度的影響微乎其微。當然,正如你所提到的,到 2023 年什麼都沒有。所以只是為了校准我們如何考慮對此的回報影響,這實際上是其中的微積分。所以希望這能讓你對你的問題和對第三季度的影響有一點清晰。
Scott Andrew Schneeberger - MD & Senior Analyst
Scott Andrew Schneeberger - MD & Senior Analyst
Okay. And, yes, and I will turn it over but I'm just curious, Brad, I guess, on this rebalancing. I'm curious, is the government going to be tied into the assets in North Dakota? Or are you moving those assets down to Texas? Just -- I don't know if you're able to share, but what exactly is happening in this rebalancing?
好的。而且,是的,我會把它翻過來,但我只是好奇,布拉德,我想,關於這種重新平衡。我很好奇,政府是否會與北達科他州的資產掛鉤?還是您要將這些資產轉移到德克薩斯州?只是 - 我不知道你是否能夠分享,但這次再平衡到底發生了什麼?
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Yes, absolutely. We actually moved the units from one location, if you will, or several locations in North Dakota and some across Texas to the government project, right? And now all of the rooms that we moved are always getting paid the warm status, right? And then at some point, the variability piece as well comes into a deal. So we looked at this and said, where can we get payment every day of the week on the rooms, it was simple as that. And this project allowed us for it to be paid -- paid for it to be moved, set up again, et cetera, and saved us money from buying new product.
是的,一點沒錯。我們實際上將設備從一個位置(如果您願意)或北達科他州的多個位置和德克薩斯州的一些位置轉移到政府項目中,對嗎?現在我們搬家的所有房間都是溫暖的狀態,對吧?然後在某個時候,可變性部分也會達成協議。所以我們看著這個說,我們在哪裡可以得到一周中每一天的房間付款,就這麼簡單。這個項目允許我們支付它——支付它的移動、重新設置等等,並為我們節省了購買新產品的錢。
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
And Scott, this is an important modification because, as Brad mentioned, this has been something that has been worked on for a significant period of time. But when you make that shift like that, that was -- nothing is ever permanent, but that's a pretty substantial shift in the asset mix in a way where the market up there was not really allowing, right?
Scott,這是一個重要的修改,因為正如 Brad 所提到的,這已經進行了很長一段時間。但是當你像那樣做出這種轉變時,那就是 - 沒有什麼是永久性的,但這是資產組合的一個相當大的轉變,其方式是市場不允許的,對吧?
So to Brad's point, that was a pretty important structural shift where you're taking assets that were pretty underutilized and now getting -- not only are you high grading customer, you're high grading contract, you're also high grading margin exponentially on it.
所以對布拉德來說,這是一個非常重要的結構性轉變,你正在利用那些未被充分利用的資產,現在你得到了——你不僅是高評級客戶,你是高評級合同,你還有成倍增長的高評級利潤率在上面。
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Yes. And it helps in efficiencies as well, right, when your utilization goes up. If you just look at Midwest, last year what it is today, you're starting to see that flow through on utilization. So efficiencies in operations, you're taking rooms out of the market. It should help us as we get into the future on pricing, those types of things as well. We think this was a great move that the government project allowed us to do.
是的。當您的利用率提高時,它也有助於提高效率。如果你只看中西部,去年它是今天的樣子,你就會開始看到它在利用率上的流動。所以運營效率,你正在從市場上搶走房間。當我們進入未來的定價以及那些類型的事情時,它應該對我們有所幫助。我們認為這是政府項目允許我們做的一個偉大舉措。
Scott Andrew Schneeberger - MD & Senior Analyst
Scott Andrew Schneeberger - MD & Senior Analyst
And I will turn it over. But just to clarify, if you can share. It sounds like you -- these assets went from HFS now to government categorization. And I infer, they moved from North Dakota down to Texas. And if you can share, is that what occurred? Or is it just they remain where they are and it was a...
我會把它翻過來。但只是為了澄清,如果你可以分享。聽起來像你——這些資產現在從 HFS 轉到政府分類。我推斷,他們從北達科他州搬到了德克薩斯州。如果你可以分享,那是發生了什麼事嗎?還是只是他們留在原地,那是……
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
You're -- yes, they were moved from North Dakota down to Texas and installed on the government project, and they're in use today. They were relocated.
你——是的,它們從北達科他州搬到了德克薩斯州,並安裝在政府項目中,它們今天仍在使用。他們搬遷了。
Operator
Operator
The next question is from Stephen Gengaro with Stifel.
下一個問題來自 Stifel 的 Stephen Gengaro。
Stephen David Gengaro - MD & Senior Analyst
Stephen David Gengaro - MD & Senior Analyst
So a couple of things for me. The -- I guess the first, pretty straightforward, 2023 guidance. Does EBITDA include any contribution from the variable revenue portion?
所以對我來說有幾件事。 - 我猜是第一個非常簡單的 2023 年指南。 EBITDA 是否包括可變收入部分的貢獻?
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
Yes, it does, it does. It does include a small amount there. We've allocated approximately $50 million of revenue there. So again, we can look at that through time. But realizing we have a fair bit of runway as we move through 2023, we just felt given the material change in the business, that it was appropriate to try to at least guide the market to something in 2023. But $50 million was a spot to start with.
是的,確實如此。它確實包括少量。我們在那里分配了大約 5000 萬美元的收入。所以,我們可以通過時間來審視這一點。但是,我們意識到到 2023 年我們還有一段跑道,我們只是覺得鑑於業務的重大變化,嘗試至少在 2023 年引導市場發展是合適的。但是 5000 萬美元是一個合適的地方從...開始。
Stephen David Gengaro - MD & Senior Analyst
Stephen David Gengaro - MD & Senior Analyst
Okay. And then when we think about -- I'm not exactly sure I'd ask this question, but when I think about your business, and I think about the interest level and the commentary I get from investors and potential investors all the time, there's been a big diversification away from the oil patch, which is good. But there's now a customer concentration risk with this big government contract.
好的。然後當我們考慮——我不太確定我會問這個問題,但當我考慮你的業務時,我考慮興趣水平以及我一直從投資者和潛在投資者那裡得到的評論,遠離油區的多元化很大,這很好。但是現在這個大的政府合同存在客戶集中的風險。
So what I'm trying to figure out is any color you can add -- and clearly, this partnership is a big positive. But any color you can add in sort of your comfort level, reallocating rooms from the energy side, and how we should think about milestones and data points to help us get comfortable that there is, in fact, going to be a meaningful extension here down the road?
所以我想弄清楚的是你可以添加任何顏色——顯然,這種夥伴關係是一個很大的積極因素。但是你可以添加任何顏色來增加你的舒適度,從能量方面重新分配房間,以及我們應該如何考慮里程碑和數據點來幫助我們感到舒服,事實上,這裡將是一個有意義的擴展馬路?
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Yes. So I'll address of this, and then I'll let Eric jump in here too, but let me address the 11-year partnership. We looked at this -- it's a partnership with our nonprofit partner, as you know, but it solidifies our joint commitment to continue providing the care and services that are needed by the U.S. government.
是的。所以我會解決這個問題,然後我也會讓埃里克跳到這裡,但讓我談談 11 年的合作夥伴關係。我們研究了這一點——如您所知,這是與我們的非營利合作夥伴的合作夥伴關係,但它鞏固了我們繼續提供美國政府所需的護理和服務的共同承諾。
But I think the bigger thing that we haven't discussed in the past calls, is here recently -- this is kind of in conjunction with the 11-year partnership. But here recently, we were requested by the government to provide a proposal for a 10-year lease on this facility. So I look at the 11-year partnership as really a precursor to something larger. It's playing out like that. You've got to check a few boxes first. We've been in this going on our second year. Construction is about finished. We've signed this 11-year partnership with our nonprofit partner. And in turn, the government is already asking us for a proposal to make this a more permanent fixture in their network.
但我認為我們過去沒有討論過的更重要的事情最近就在這裡——這與 11 年的合作夥伴關係有關。但最近,政府要求我們提供該設施 10 年租約的建議。因此,我將 11 年的合作夥伴關係視為真正更大的先驅。它就是這樣玩的。你必須先勾選幾個方框。我們已經進入第二年了。施工即將完成。我們與我們的非營利合作夥伴簽署了為期 11 年的合作夥伴關係。反過來,政府已經在要求我們提出建議,使之成為他們網絡中更永久的固定裝置。
And as I said earlier, remember, there was 19 of these facilities. It's down to 2. So we feel really good about getting a long-term deal done at some point. We're only 6 months into this contract. They do move a little slow, but we actually like the pace it's moving at this point. So feel very good about that moving forward long term.
正如我之前所說,請記住,這些設施中有 19 個。它下降到 2。所以我們對在某個時候完成長期交易感到非常高興。我們簽訂這份合同只有 6 個月。它們確實移動得有點慢,但我們實際上喜歡它此時移動的速度。因此,對長期向前發展感到非常滿意。
Stephen David Gengaro - MD & Senior Analyst
Stephen David Gengaro - MD & Senior Analyst
Great. No, that's great color. The other question I had is when we think about -- it feels like CapEx next year is down, you're lowering your debt levels pretty consistently or at least your net debt levels. How do we think about -- I mean, there's not a lot of moving pieces, I don't think, between EBITDA and free cash flow next year, right? I mean working capital, maybe a little bit. But any parameters you can provide us as we think about getting from sort of '23 baseline EBITDA guide to free cash flow?
偉大的。不,那是很棒的顏色。我遇到的另一個問題是,當我們考慮時——感覺明年的資本支出下降了,你正在相當一致地降低你的債務水平,或者至少是你的淨債務水平。我們如何考慮——我的意思是,明年的 EBITDA 和自由現金流之間沒有太多變化,我不認為,對吧?我的意思是營運資金,也許是一點點。但是,當我們考慮從 23 年基線 EBITDA 指南到自由現金流時,您可以向我們提供任何參數嗎?
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
No, you're right, Stephen, there are not actually a lot of moving pieces and you would expect that cash conversion to be pretty substantial. I think the 1 thing to remember, and I think you know this is there is the $117 million amortization, which we talked about before. It's in the release. Certainly happy to talk about it offline to the extent that we need to. So obviously, that will be an adjustment to the operating cash flow. I think once you have adjusted for that and then taking normal working capital into consideration, everything else is pretty much status quo.
不,你是對的,斯蒂芬,實際上並沒有很多移動件,你會期望現金轉換非常可觀。我認為要記住的第一件事,我想你知道這是我們之前討論過的 1.17 億美元的攤銷。它在發布中。當然很高興在我們需要的範圍內離線討論它。很明顯,這將是對經營現金流的調整。我認為一旦你對此進行了調整,然後考慮正常的營運資金,其他一切幾乎都是現狀。
And so to your point, you end up with a significant amount of cash generation into 2023 and certainly into 2024 and beyond. And so that obviously begs a host of other questions in terms of capital allocation. But as you look at the model, once you've adjusted for that, what you're probably seeing is what you're going to get.
因此,就您的觀點而言,您最終會在 2023 年乃至 2024 年及以後產生大量現金。因此,這顯然在資本配置方面迴避了許多其他問題。但是當您查看模型時,一旦您針對它進行了調整,您可能會看到您將要得到的東西。
Stephen David Gengaro - MD & Senior Analyst
Stephen David Gengaro - MD & Senior Analyst
And then I just thought of one final one, and then I'll pass it over. When you think about the oil patch -- and I think the utilization of your available rooms in the Permian HFS South was like 89% in the quarter. And when you move rooms and reallocate rooms to the government, does this tighten capacity in the Permian and give you any underlying pricing power?
然後我想到了最後一個,然後我將通過它。當你想到油田時——我認為二疊紀 HFS South 可用房間的利用率在本季度約為 89%。當您移動房間並將房間重新分配給政府時,這是否會收緊二疊紀的容量並賦予您任何潛在的定價權?
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
It does. And I mentioned this a little bit earlier, right? It builds in some efficiencies. As your utilization goes up, you get more efficient and it should bring up some pricing power as well. It also gives us an opportunity to look in some areas, is there some equipment out there. Look, we're definitely continuing to grow the HFS. We're not running away from it. It's a great business that produces a great margin, and we have great contracts. It's a great business. So we'll continue to look at some things there to continue to grow that business as well. But yes, on the pricing problem.
確實如此。我之前提到過這個,對吧?它提高了一些效率。隨著利用率的提高,您會變得更有效率,它也應該帶來一些定價權。它還讓我們有機會查看某些區域,那裡是否有一些設備。看,我們肯定會繼續發展 HFS。我們不會逃避它。這是一項產生巨大利潤的偉大業務,我們有很好的合同。這是一項偉大的事業。因此,我們將繼續關注那裡的一些事情,以繼續發展該業務。但是,是的,關於定價問題。
Operator
Operator
(Operator Instructions) The next question comes from Greg Gibas with Northland Securities.
(操作員說明)下一個問題來自 Northland Securities 的 Greg Gibas。
Gregory Thomas Gibas - VP & Senior Research Analyst
Gregory Thomas Gibas - VP & Senior Research Analyst
I just wanted to follow up on kind of the significance from a high level of that 11-year partnership. Congrats on that. I'm -- does it -- is it more kind of removing competition risks? Or should we think about it maybe encouraging the government to work with your partner more? Just maybe high-level significance of that.
我只是想跟進 11 年合作夥伴關係的高層意義。對此表示祝賀。我 - 它 - 它是否更像是消除競爭風險?或者我們是否應該考慮鼓勵政府與您的合作夥伴更多地合作?也許這具有高級意義。
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Yes. High level, look, I think it shows solidarity, right, that we both produce a great service, a great product. The government knows that. We have proven performance that's showing them our alignment. We've always said that we think this is a long-term solution for the government. It's going to be in their long-term plans.
是的。高層,看,我認為這顯示了團結,對,我們都提供優質的服務,優質的產品。政府知道這一點。我們已經證明了表現,向他們展示了我們的一致性。我們一直說我們認為這是政府的長期解決方案。這將在他們的長期計劃中。
And look, we were proven right. They've asked for this proposal we've submitted. We think they take their time, if you will, in doing something. We're just now opening up. But we think the 11-year partnership is very significant in just terms of, again, checking the boxes in the next step. This is something we knew we were going to have to do. And not only -- it shows a working relationship. Remember, our nonprofit partner does more work than just in Pecos. So to be able to work with them in other locations as well, it's not what this partnership covers, but it does show their willingness to work with us. So we'll continue to further that, but specifically, we think it's a big outcome for us and has more to go.
看,我們被證明是正確的。他們要求我們提交這個提案。我們認為,如果您願意的話,他們會花時間做某事。我們剛剛開放。但我們認為 11 年的合作夥伴關係非常重要,再次勾選下一步的方框。這是我們知道我們必須要做的事情。不僅如此——它顯示了一種工作關係。請記住,我們的非營利合作夥伴所做的工作不僅僅是在 Pecos。因此,能夠在其他地方也與他們合作,這不是這種夥伴關係涵蓋的範圍,但它確實表明他們願意與我們合作。因此,我們將繼續推進這一工作,但具體而言,我們認為這對我們來說是一個重大成果,而且還有更多工作要做。
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
Yes. I think -- Greg, this is Eric. I think the other thing too is, as Brad pointed out, it doesn't necessarily cover this explicitly, but there is a framework now that is provided, whereby there are other opportunities over time, from a business development perspective, to partner with our nonprofit and other applications, right? And so that's not necessarily something that is contractually drafted in this exclusivity agreement. However, I would absolutely say that there is a commercial commitment among parties to do just that, right, and to go out and explore other opportunities together.
是的。我想——格雷格,這是埃里克。我認為另一件事也是,正如布拉德指出的那樣,它不一定明確涵蓋這一點,但現在提供了一個框架,從業務發展的角度來看,隨著時間的推移還有其他機會與我們合作非營利組織和其他應用程序,對嗎?因此,這不一定是本排他性協議中合同起草的內容。但是,我絕對可以說,各方之間存在商業承諾,正確地做到這一點,並共同探索其他機會。
So this is a -- it's certainly important from a contract perspective, but it's also important just from a commercial arrangement perspective.
因此,從合同的角度來看,這當然很重要,但從商業安排的角度來看,它也很重要。
Gregory Thomas Gibas - VP & Senior Research Analyst
Gregory Thomas Gibas - VP & Senior Research Analyst
Great. Yes, makes a lot of sense. And if I could just follow up, I know you already kind of spoke a little bit on the variable revenue component over next year's expectations. But pretty wide range. I know you said within the EBITDA outlook, I think $50 million of revenue is expected from that. From maybe an investor standpoint or -- how -- does it make sense to assume maybe the low end of the range or do you have better visibility into something like the midpoint or -- anything you can kind of talk to there regarding that wide range?
偉大的。是的,很有道理。如果我能跟進的話,我知道你已經談到了明年預期的可變收入部分。但是范圍很廣。我知道你在 EBITDA 展望中說過,我認為預計會有 5000 萬美元的收入。從投資者的角度來看,或者 - 如何 - 假設可能是范圍的低端是否有意義,或者你是否對中點之類的東西有更好的了解,或者 - 關於那個廣泛的範圍你可以與之交談的任何事情?
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
Sure. Look, it's a great question. I appreciate the question. It's an obvious question. The -- a couple of points. The range that we put out on revenue is designed to give a sense of goalposts as to where things could ultimately be and to provide at least some directionality, albeit that -- saying is that, look, we still have 15 months, 14 months through to get to that kind of that time frame, right? So we felt it was important at least to put some guideposts out there by the company.
當然。看,這是一個很好的問題。我很欣賞這個問題。這是一個顯而易見的問題。有幾點。我們設定的收入範圍旨在讓人們了解事情最終可能發生的目標,並至少提供一些方向性,儘管 - 說的是,看,我們還有 15 個月、14 個月的時間達到那種時間框架,對嗎?因此,我們認為至少由公司發布一些指南很重要。
As the EBITDA portion, we also thought it was appropriate to provide something at a minimum level, albeit realizing it could certainly be materially higher than that. But we just don't know exactly what that will be at this point in time.
作為 EBITDA 部分,我們也認為提供最低水平的東西是合適的,儘管我們意識到它肯定會比這高得多。但我們只是不知道此時此刻會發生什麼。
And so look, I think if I were to you all, I would be towards what we provided. And look, as time shifts forward, we can all modify accordingly. But I think we want to be sensitive to it and not presuppose what the government may or may not do over time. It's just too early to tell. And so I think we operate this with a conservative management team and deliver what we say we're going to deliver. And so that's how I would position you at this point in time.
所以看,我想如果我對你們所有人來說,我會接受我們提供的。看,隨著時間的推移,我們都可以相應地進行修改。但我認為我們希望對此保持敏感,而不是預先假設政府隨著時間的推移可能會做什麼或不會做什麼。現在下結論還為時過早。因此,我認為我們與一個保守的管理團隊一起運作,並交付我們所說的我們將要交付的東西。這就是我在這個時間點給你的定位。
Gregory Thomas Gibas - VP & Senior Research Analyst
Gregory Thomas Gibas - VP & Senior Research Analyst
Great. Very helpful. I guess last, I just wanted to follow up on the updated guidance. Is -- the reduction in EBITDA this year, is that completely a result of the mobilization expense? Or are there other factors as well?
偉大的。非常有幫助。我想最後,我只是想跟進更新後的指南。今年 EBITDA 的減少是否完全是動員費用的結果?還是還有其他因素?
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
It's the lion's share of it. There's -- I mean, that was really the big piece.
這是它的最大份額。有——我的意思是,那真的很重要。
Gregory Thomas Gibas - VP & Senior Research Analyst
Gregory Thomas Gibas - VP & Senior Research Analyst
Okay. Have you quantified the, I guess, expense there?
好的。你有沒有量化那裡的費用?
Eric T. Kalamaras - Executive VP & CFO
Eric T. Kalamaras - Executive VP & CFO
Sure. So we've said -- we haven't, but I will. We said about $10 million to $12 million or so is that net impact, certainly from an EBITDA perspective.
當然。所以我們說過——我們沒有,但我會的。我們說大約 1000 萬到 1200 萬美元左右是淨影響,當然是從 EBITDA 的角度來看。
Operator
Operator
This concludes our in-and-answer session. I would like to turn the conference back over to Brad Archer for any closing remarks.
我們的答疑環節到此結束。我想將會議轉回 Brad Archer 的閉幕詞。
James Bradley Archer - CEO, President & Non-Independent Director
James Bradley Archer - CEO, President & Non-Independent Director
Thank you. Before we close, I want to express how proud I am of our team, our people and the many accomplishments we've achieved this past year. In 2022 alone, we have set records for revenues, cash generation, and EBITDA and today, sit with more dry powder than ever before with more than $300 million of liquidity. We are proud of the record-setting results, which have more than doubled the size of the business, including increasing adjusted EBITDA by $135 million from our original 2022 outlook. Lastly, we said we would diversify our business and we have, and we will continue to deliver on that promise.
謝謝你。在我們結束之前,我想表達我對我們的團隊、我們的員工以及我們在過去一年取得的許多成就感到多麼自豪。僅在 2022 年,我們就創下了收入、現金產生和 EBITDA 的記錄,今天,我們擁有比以往任何時候都多的干火藥,流動資金超過 3 億美元。我們為創紀錄的業績感到自豪,這些業績使業務規模增加了一倍多,包括將調整後的 EBITDA 比我們最初的 2022 年展望增加 1.35 億美元。最後,我們說過我們將實現業務多元化,我們已經做到了,而且我們將繼續兌現這一承諾。
I can't be more excited about the future of Target Hospitality as we head into 2023. While we are extremely proud of what we have accomplished to date, there's more to do. But make no mistake, with the strong momentum we've created, I have no doubt the future Target Hospitality is even brighter.
進入 2023 年之際,我對 Target Hospitality 的未來感到無比興奮。儘管我們為迄今為止所取得的成就感到無比自豪,但還有更多工作要做。但請不要誤會,憑藉我們創造的強勁勢頭,我相信 Target Hospitality 的未來更加光明。
Thanks for joining us on the call today, and I look forward to speaking again in the first quarter of 2023. Operator, that concludes our call for today.
感謝您今天加入我們的電話會議,我期待在 2023 年第一季度再次發言。接線員,我們今天的電話會議到此結束。
Operator
Operator
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。