$QRHC
Quest Resource Holding Corp

2022 Q1 Form 10-Q Financial Statement

#000095017022010083 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $71.52M $35.10M
YoY Change 103.76% 38.58%
Cost Of Revenue $60.27M $28.66M
YoY Change 110.29% 37.87%
Gross Profit $11.25M $6.440M
YoY Change 74.67% 41.85%
Gross Profit Margin 15.73% 18.35%
Selling, General & Admin $9.344M $4.263M
YoY Change 119.22% -3.34%
% of Gross Profit 83.07% 66.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $173.6K $110.1K
YoY Change 57.6% -68.53%
% of Gross Profit 1.54% 1.71%
Operating Expenses $11.71M $4.670M
YoY Change 150.74% -1.48%
Operating Profit -$460.9K $1.770M
YoY Change -126.04% -985.02%
Interest Expense $1.557M $561.5K
YoY Change 177.24% -801.83%
% of Operating Profit 31.72%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.017M $1.209M
YoY Change -266.93% -524.96%
Income Tax $166.8K $61.83K
% Of Pretax Income 5.12%
Net Earnings -$2.184M $1.147M
YoY Change -290.48% -594.99%
Net Earnings / Revenue -3.05% 3.27%
Basic Earnings Per Share -$0.11 $0.06
Diluted Earnings Per Share -$0.11 $0.06
COMMON SHARES
Basic Shares Outstanding 19.24M 18.50M
Diluted Shares Outstanding 19.24M 19.41M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.922M $10.80M
YoY Change -26.65% 227.27%
Cash & Equivalents $7.922M $10.75M
Short-Term Investments
Other Short-Term Assets $2.008M $1.200M
YoY Change 67.37% -14.29%
Inventory
Prepaid Expenses
Receivables $46.56M $20.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $56.49M $32.70M
YoY Change 72.76% 64.32%
LONG-TERM ASSETS
Property, Plant & Equipment $2.638M $3.200M
YoY Change -17.56% 525.02%
Goodwill $81.16M
YoY Change
Intangibles $39.72M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $126.3M $75.70M
YoY Change 66.81% 22.49%
TOTAL ASSETS
Total Short-Term Assets $56.49M $32.70M
Total Long-Term Assets $126.3M $75.70M
Total Assets $182.8M $108.4M
YoY Change 68.61% 32.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.70M $17.11M
YoY Change 85.29% 36.23%
Accrued Expenses $2.928M $3.000M
YoY Change -2.38% 76.47%
Deferred Revenue $4.523M $241.5K
YoY Change 1773.07% 968.09%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.644M $624.4K
YoY Change 163.32%
Total Short-Term Liabilities $43.55M $22.50M
YoY Change 93.56% 56.25%
LONG-TERM LIABILITIES
Long-Term Debt $65.72M $14.30M
YoY Change 359.55% 210.87%
Other Long-Term Liabilities $1.798M $1.900M
YoY Change -5.34% 90.0%
Total Long-Term Liabilities $1.798M $16.20M
YoY Change -88.9% 189.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.55M $22.50M
Total Long-Term Liabilities $1.798M $16.20M
Total Liabilities $111.1M $38.70M
YoY Change 186.99% 94.47%
SHAREHOLDERS EQUITY
Retained Earnings -$98.89M
YoY Change
Common Stock $170.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.70M $69.75M
YoY Change
Total Liabilities & Shareholders Equity $182.8M $108.4M
YoY Change 68.61% 32.68%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.184M $1.147M
YoY Change -290.48% -594.99%
Depreciation, Depletion And Amortization $173.6K $110.1K
YoY Change 57.6% -68.53%
Cash From Operating Activities -$391.6K $3.954M
YoY Change -109.9% -23189.3%
INVESTING ACTIVITIES
Capital Expenditures $261.4K $115.9K
YoY Change 125.58% 317.76%
Acquisitions
YoY Change
Other Investing Activities -$3.138M
YoY Change
Cash From Investing Activities -$3.461M -$158.6K
YoY Change 2081.91% 307.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $60.00K $135.5K
YoY Change -55.73%
Cash From Financing Activities 3.346M -557.3K
YoY Change -700.43% 10756.75%
NET CHANGE
Cash From Operating Activities -391.6K 3.954M
Cash From Investing Activities -3.461M -158.6K
Cash From Financing Activities 3.346M -557.3K
Net Change In Cash -506.3K 3.238M
YoY Change -115.64% -5391.16%
FREE CASH FLOW
Cash From Operating Activities -$391.6K $3.954M
Capital Expenditures $261.4K $115.9K
Free Cash Flow -$653.0K $3.838M
YoY Change -117.01% -8654.58%

Facts In Submission

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CY2022Q1 us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1. The Company and Description of Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The accompanying condensed consolidated financial statements include the accounts of Quest Resource Holding Corporation (“QRHC”) and its subsidiaries, Quest Resource Management Group, LLC (“Quest”), Landfill Diversion Innovations, LLC (“LDI”), Youchange, Inc. (“Youchange”), Quest Vertigent Corporation (“QVC”), Quest Vertigent One, LLC (“QV One”), Quest Sustainability Services, Inc. (“QSS”), RWS Facility Services, LLC ("RWS"), Sustainable Solutions Group, LLC (”SSG”), and Sequoia Waste Management Solutions, LLC (”Sequoia”) (collectively, “we,” “us,” or “our company”).</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Operations –</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> We are a national provider of waste and recycling services to customers from across multiple industry sectors that are typically larger, multi-location businesses. We create customer-specific programs and perform the related services for the collection, processing, recycling, disposal, and tracking of waste streams and recyclables.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In March 2020, the World Health Organization categorized Coronavirus Disease 2019 (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The waste management and recycling services we provide are currently designated an essential critical infrastructure business under the President’s COVID-19 guidance, the continued operation of which is vital for national public health, safety and national economic security. The extent of the impact of the COVID-19 outbreak on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, its impact on our customers and subcontractors, and the range of governmental and community reactions to the pandemic, which are uncertain and cannot be fully predicted at this time.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">We made significant strategic acquisitions in 2021, including the November 30, 2021 acquisition of the membership interests of RWS, a Chadds Ford, PA-based environmental services company. On February 10, 2022, we acquired an independent environmental services company that primarily services customers in the northeast region of the United States. See Note 3 for more information regarding the acquisitions.</span></p>
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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1927977
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199519
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1728458
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