$QRHC
Quest Resource Holding Corp

2022 Q3 Form 10-Q Financial Statement

#000095017022017375 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $73.36M $76.90M $71.52M
YoY Change 96.32% 108.65% 103.76%
Cost Of Revenue $61.17M $62.24M $60.27M
YoY Change 100.48% 107.13% 110.29%
Gross Profit $12.18M $14.67M $11.25M
YoY Change 77.79% 115.38% 74.67%
Gross Profit Margin 16.61% 19.07% 15.73%
Selling, General & Admin $9.333M $9.298M $9.344M
YoY Change 75.84% 83.75% 119.22%
% of Gross Profit 76.6% 63.39% 83.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $201.3K $196.8K $173.6K
YoY Change 67.98% 70.46% 57.6%
% of Gross Profit 1.65% 1.34% 1.54%
Operating Expenses $11.81M $11.77M $11.71M
YoY Change 102.99% 115.19% 150.74%
Operating Profit $377.3K $2.900M -$460.9K
YoY Change -63.61% 116.13% -126.04%
Interest Expense $1.912M $1.589M $1.557M
YoY Change -452.21% 189.05% 177.24%
% of Operating Profit 506.79% 54.79%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.535M $1.311M -$2.017M
YoY Change -410.82% 65.52% -266.93%
Income Tax $151.6K $160.6K $166.8K
% Of Pretax Income 12.25%
Net Earnings -$1.686M $1.150M -$2.184M
YoY Change -537.14% 64.48% -290.48%
Net Earnings / Revenue -2.3% 1.5% -3.05%
Basic Earnings Per Share -$0.09 $0.06 -$0.11
Diluted Earnings Per Share -$0.09 $0.05 -$0.11
COMMON SHARES
Basic Shares Outstanding 19.12M 19.28M 19.24M
Diluted Shares Outstanding 19.37M 21.35M 19.24M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.094M $4.217M $7.922M
YoY Change -22.05% -58.03% -26.65%
Cash & Equivalents $7.094M $4.217M $7.922M
Short-Term Investments
Other Short-Term Assets $3.066M $2.873M $2.008M
YoY Change 109.61% 91.38% 67.37%
Inventory
Prepaid Expenses
Receivables $52.06M $50.65M $46.56M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $62.22M $57.74M $56.49M
YoY Change 70.56% 63.11% 72.76%
LONG-TERM ASSETS
Property, Plant & Equipment $2.584M $2.560M $2.638M
YoY Change 24.37% 33.63% -17.56%
Goodwill $82.48M $82.35M $81.16M
YoY Change 23.48% 23.29%
Intangibles $35.58M $37.61M $39.72M
YoY Change 389.87% 387.79%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $124.0M $124.5M $126.3M
YoY Change 60.22% 60.66% 66.81%
TOTAL ASSETS
Total Short-Term Assets $62.22M $57.74M $56.49M
Total Long-Term Assets $124.0M $124.5M $126.3M
Total Assets $186.3M $182.3M $182.8M
YoY Change 63.53% 61.42% 68.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.89M $31.31M $31.70M
YoY Change 60.12% 55.74% 85.29%
Accrued Expenses $3.695M $2.673M $2.928M
YoY Change 17.31% -5.57% -2.38%
Deferred Revenue $2.614M $2.445M $4.523M
YoY Change 677.41% 863.13% 1773.07%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.159M $1.159M $1.644M
YoY Change 77.78% 77.78% 163.32%
Total Short-Term Liabilities $41.49M $41.83M $43.55M
YoY Change 69.79% 64.92% 93.56%
LONG-TERM LIABILITIES
Long-Term Debt $70.32M $66.40M $65.72M
YoY Change 342.85% 348.97% 359.55%
Other Long-Term Liabilities $2.080M $707.2K $1.798M
YoY Change 29.29% -59.15% -5.34%
Total Long-Term Liabilities $2.080M $707.2K $1.798M
YoY Change 29.29% -59.15% -88.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.49M $41.83M $43.55M
Total Long-Term Liabilities $2.080M $707.2K $1.798M
Total Liabilities $113.9M $108.9M $111.1M
YoY Change 171.66% 160.08% 186.99%
SHAREHOLDERS EQUITY
Retained Earnings -$99.43M -$97.74M -$98.89M
YoY Change 1.23%
Common Stock $171.8M $171.1M $170.6M
YoY Change 2.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.38M $73.35M $71.70M
YoY Change
Total Liabilities & Shareholders Equity $186.3M $182.3M $182.8M
YoY Change 63.53% 61.42% 68.61%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.686M $1.150M -$2.184M
YoY Change -537.14% 64.48% -290.48%
Depreciation, Depletion And Amortization $201.3K $196.8K $173.6K
YoY Change 67.98% 70.46% 57.6%
Cash From Operating Activities -$521.3K -$3.406M -$391.6K
YoY Change -71.31% -376.16% -109.9%
INVESTING ACTIVITIES
Capital Expenditures -$545.3K -$390.6K $261.4K
YoY Change 83.55% 566.73% 125.58%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$3.138M
YoY Change -100.0%
Cash From Investing Activities -$545.3K -$390.6K -$3.461M
YoY Change 83.54% -83.58% 2081.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $60.00K
YoY Change -55.73%
Cash From Financing Activities 3.943M 92.47K 3.346M
YoY Change 238.0% -79.3% -700.43%
NET CHANGE
Cash From Operating Activities -521.3K -3.406M -391.6K
Cash From Investing Activities -545.3K -390.6K -3.461M
Cash From Financing Activities 3.943M 92.47K 3.346M
Net Change In Cash 2.876M -3.704M -506.3K
YoY Change -403.54% 430.37% -115.64%
FREE CASH FLOW
Cash From Operating Activities -$521.3K -$3.406M -$391.6K
Capital Expenditures -$545.3K -$390.6K $261.4K
Free Cash Flow $23.98K -$3.015M -$653.0K
YoY Change -101.58% -333.4% -117.01%

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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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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.12
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3495508
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.08
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1150231
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
699306
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1034078
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1846046
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19278730
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18823273
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19261775
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18665010
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2070091
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1677351
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1379650
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21348821
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20500624
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19261775
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20044660
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
638157
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
436018
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
375657
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
484081

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