$QRHC
Quest Resource Holding Corp

2024 Q2 Form 10-Q Financial Statement

#000095017024056831 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $73.15M $72.65M
YoY Change -1.81% -1.97%
Cost Of Revenue $59.61M $58.61M
YoY Change -2.26% -4.67%
Gross Profit $13.53M $14.04M
YoY Change 0.2% 11.14%
Gross Profit Margin 18.5% 19.32%
Selling, General & Admin $9.385M $9.798M
YoY Change 1.88% 4.04%
% of Gross Profit 69.36% 69.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $280.1K $173.0K
YoY Change 9.27% -27.37%
% of Gross Profit 2.07% 1.23%
Operating Expenses $11.75M $12.16M
YoY Change 0.73% 2.69%
Operating Profit $1.782M $1.876M
YoY Change -3.18% 138.23%
Interest Expense $2.612M $2.472M
YoY Change 2.19% 1.18%
% of Operating Profit 146.6% 131.77%
Other Income/Expense, Net
YoY Change
Pretax Income -$830.3K -$596.0K
YoY Change 16.0% -64.0%
Income Tax $684.1K $59.35K
% Of Pretax Income
Net Earnings -$1.514M -$655.3K
YoY Change 70.81% -67.62%
Net Earnings / Revenue -2.07% -0.9%
Basic Earnings Per Share -$0.07 -$0.03
Diluted Earnings Per Share -$0.07 -$0.03
COMMON SHARES
Basic Shares Outstanding 20.23M 20.17M
Diluted Shares Outstanding 20.51M 20.38M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $957.6K $581.1K
YoY Change -67.86% -94.07%
Cash & Equivalents $957.5K $581.1K
Short-Term Investments
Other Short-Term Assets $2.575M $1.843M
YoY Change -18.35% -23.45%
Inventory
Prepaid Expenses
Receivables $62.46M $60.44M
Other Receivables $0.00 $0.00
Total Short-Term Assets $65.99M $62.86M
YoY Change 27.87% 12.67%
LONG-TERM ASSETS
Property, Plant & Equipment $5.635M $3.879M
YoY Change 139.95% 60.64%
Goodwill $85.83M $85.83M
YoY Change 1.86% 1.86%
Intangibles $22.09M $24.07M
YoY Change -25.55% -23.58%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $115.8M $116.1M
YoY Change -2.74% -4.27%
TOTAL ASSETS
Total Short-Term Assets $65.99M $62.86M
Total Long-Term Assets $115.8M $116.1M
Total Assets $181.8M $179.0M
YoY Change 6.52% 1.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.86M $36.34M
YoY Change 13.29% 21.1%
Accrued Expenses $3.369M $3.250M
YoY Change 36.23% 9.08%
Deferred Revenue $1.767M $2.017M
YoY Change -34.12% -21.02%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.159M $1.159M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $44.35M $43.03M
YoY Change 7.83% 14.1%
LONG-TERM LIABILITIES
Long-Term Debt $70.75M $68.47M
YoY Change 20.18% 0.23%
Other Long-Term Liabilities $1.057M $1.167M
YoY Change -30.53% -26.67%
Total Long-Term Liabilities $1.057M $1.167M
YoY Change -30.53% -26.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.35M $43.03M
Total Long-Term Liabilities $1.057M $1.167M
Total Liabilities $116.2M $112.7M
YoY Change 14.42% 4.7%
SHAREHOLDERS EQUITY
Retained Earnings -$112.2M -$110.7M
YoY Change 6.2% 5.65%
Common Stock $177.8M $177.0M
YoY Change 1.74% 1.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.60M $66.31M
YoY Change
Total Liabilities & Shareholders Equity $181.8M $179.0M
YoY Change 6.52% 1.07%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$1.514M -$655.3K
YoY Change 70.81% -67.62%
Depreciation, Depletion And Amortization $280.1K $173.0K
YoY Change 9.27% -27.37%
Cash From Operating Activities $807.8K -$1.652M
YoY Change -75.82% -155.49%
INVESTING ACTIVITIES
Capital Expenditures $2.584M $1.923M
YoY Change 334.61% 6484.01%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.584M -$2.264M
YoY Change 334.61% 840.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $289.7K
YoY Change 0.0%
Cash From Financing Activities 2.152M 4.173M
YoY Change -122.49% -267.23%
NET CHANGE
Cash From Operating Activities 807.8K -1.652M
Cash From Investing Activities -2.584M -2.264M
Cash From Financing Activities 2.152M 4.173M
Net Change In Cash 376.5K 257.1K
YoY Change -105.52% 6.44%
FREE CASH FLOW
Cash From Operating Activities $807.8K -$1.652M
Capital Expenditures $2.584M $1.923M
Free Cash Flow -$1.776M -$3.575M
YoY Change -164.68% -221.26%

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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. The Company and Description of Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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”), and Quest Sustainability Services, Inc. (“QSS”) (collectively, “we”, “us”, or “our company”).</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Operations –</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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. In addition, we offer products such as antifreeze and windshield washer fluid and other minor ancillary services. We also provide information and data that tracks and reports the detailed transactional and environmental results of our services and provides actionable data to improve business operations. The data we generate also enables our customers to address their environmental and sustainability goals and responsibilities.</span></p>
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CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.1
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.1
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.1

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