$QRHC
Quest Resource Holding Corp

2022 Q4 Form 10-Q Financial Statement

#000095017022024989 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $62.25M $73.36M
YoY Change 34.2% 96.32%
Cost Of Revenue $51.50M $61.17M
YoY Change 36.71% 100.48%
Gross Profit $10.76M $12.18M
YoY Change 23.36% 77.79%
Gross Profit Margin 17.28% 16.61%
Selling, General & Admin $9.052M $9.333M
YoY Change 27.53% 75.84%
% of Gross Profit 84.17% 76.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.425M $201.3K
YoY Change 97.89% 67.98%
% of Gross Profit 22.55% 1.65%
Operating Expenses $11.39M $11.81M
YoY Change 38.22% 102.99%
Operating Profit -$638.4K $377.3K
YoY Change -234.38% -63.61%
Interest Expense -$2.223M $1.912M
YoY Change 164.32% -452.21%
% of Operating Profit 506.79%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.634M -$1.535M
YoY Change 653.89% -410.82%
Income Tax -$306.4K $151.6K
% Of Pretax Income
Net Earnings -$3.328M -$1.686M
YoY Change 515.36% -537.14%
Net Earnings / Revenue -5.35% -2.3%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$0.17 -$0.09
COMMON SHARES
Basic Shares Outstanding 19.76M 19.12M
Diluted Shares Outstanding 19.37M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.564M $7.094M
YoY Change 13.48% -22.05%
Cash & Equivalents $9.564M $7.094M
Short-Term Investments
Other Short-Term Assets $2.310M $3.066M
YoY Change 18.33% 109.61%
Inventory
Prepaid Expenses
Receivables $45.89M $52.06M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.77M $62.22M
YoY Change 14.77% 70.56%
LONG-TERM ASSETS
Property, Plant & Equipment $2.624M $2.584M
YoY Change 3.21% 24.37%
Goodwill $84.26M $82.48M
YoY Change 4.51% 23.48%
Intangibles $33.56M $35.58M
YoY Change -14.22% 389.87%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $123.7M $124.0M
YoY Change -1.29% 60.22%
TOTAL ASSETS
Total Short-Term Assets $57.77M $62.22M
Total Long-Term Assets $123.7M $124.0M
Total Assets $181.5M $186.3M
YoY Change 3.32% 63.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.74M $29.89M
YoY Change 8.74% 60.12%
Accrued Expenses $2.634M $3.695M
YoY Change -25.39% 17.31%
Deferred Revenue $2.731M $2.614M
YoY Change -26.62% 677.41%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.159M $1.159M
YoY Change -12.81% 77.78%
Total Short-Term Liabilities $38.05M $41.49M
YoY Change 0.89% 69.79%
LONG-TERM LIABILITIES
Long-Term Debt $70.57M $70.32M
YoY Change 13.08% 342.85%
Other Long-Term Liabilities $1.724M $2.080M
YoY Change -9.68% 29.29%
Total Long-Term Liabilities $1.724M $2.080M
YoY Change -9.68% 29.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.05M $41.49M
Total Long-Term Liabilities $1.724M $2.080M
Total Liabilities $110.4M $113.9M
YoY Change 8.15% 171.66%
SHAREHOLDERS EQUITY
Retained Earnings -$102.8M -$99.43M
YoY Change 6.25%
Common Stock $173.9M $171.8M
YoY Change 2.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.14M $72.38M
YoY Change
Total Liabilities & Shareholders Equity $181.5M $186.3M
YoY Change 3.32% 63.53%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$3.328M -$1.686M
YoY Change 515.36% -537.14%
Depreciation, Depletion And Amortization $2.425M $201.3K
YoY Change 97.89% 67.98%
Cash From Operating Activities $1.978M -$521.3K
YoY Change -347.22% -71.31%
INVESTING ACTIVITIES
Capital Expenditures $436.1K -$545.3K
YoY Change -461.87% 83.55%
Acquisitions
YoY Change
Other Investing Activities $501.6K $0.00
YoY Change -103.59%
Cash From Investing Activities $65.51K -$545.3K
YoY Change -100.46% 83.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 425.8K 3.943M
YoY Change -97.01% 238.0%
NET CHANGE
Cash From Operating Activities 1.978M -521.3K
Cash From Investing Activities 65.51K -545.3K
Cash From Financing Activities 425.8K 3.943M
Net Change In Cash 2.470M 2.876M
YoY Change -467.34% -403.54%
FREE CASH FLOW
Cash From Operating Activities $1.978M -$521.3K
Capital Expenditures $436.1K -$545.3K
Free Cash Flow $1.542M $23.98K
YoY Change -326.89% -101.58%

Facts In Submission

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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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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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NetIncomeLossAvailableToCommonStockholdersBasic
2231810
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19368192
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18984979
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19297636
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18784722
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2322875
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1919548
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19368192
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21307854
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19297636
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20704270
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
318157
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
413518
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
318157
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
151018

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