$QRHC
Quest Resource Holding Corp

2024 Q3 Form 10-Q Financial Statement

#000095017024093847 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $72.77M $73.15M
YoY Change 3.32% -1.81%
Cost Of Revenue $61.07M $59.61M
YoY Change 5.29% -2.26%
Gross Profit $11.70M $13.53M
YoY Change -5.87% 0.2%
Gross Profit Margin 16.08% 18.5%
Selling, General & Admin $10.27M $9.385M
YoY Change 6.79% 1.88%
% of Gross Profit 87.8% 69.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $286.3K $280.1K
YoY Change 90.09% 9.27%
% of Gross Profit 2.45% 2.07%
Operating Expenses $12.64M $11.75M
YoY Change 5.67% 0.73%
Operating Profit -$940.3K $1.782M
YoY Change -300.69% -3.18%
Interest Expense $2.724M $2.612M
YoY Change 13.1% 2.19%
% of Operating Profit 146.6%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.664M -$830.3K
YoY Change 88.91% 16.0%
Income Tax -$278.3K $684.1K
% Of Pretax Income
Net Earnings -$3.386M -$1.514M
YoY Change 65.1% 70.81%
Net Earnings / Revenue -4.65% -2.07%
Basic Earnings Per Share -$0.16 -$0.07
Diluted Earnings Per Share -$0.16 -$0.07
COMMON SHARES
Basic Shares Outstanding 20.38M 20.23M
Diluted Shares Outstanding 20.67M 20.51M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.133M $957.6K
YoY Change 30.23% -67.86%
Cash & Equivalents $1.133M $957.5K
Short-Term Investments
Other Short-Term Assets $3.309M $2.575M
YoY Change 20.52% -18.35%
Inventory
Prepaid Expenses
Receivables $60.13M $62.46M
Other Receivables $0.00 $0.00
Total Short-Term Assets $64.57M $65.99M
YoY Change 20.58% 27.87%
LONG-TERM ASSETS
Property, Plant & Equipment $5.674M $5.635M
YoY Change 153.58% 139.95%
Goodwill $85.83M $85.83M
YoY Change 1.86% 1.86%
Intangibles $20.01M $22.09M
YoY Change -27.95% -25.55%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $113.6M $115.8M
YoY Change -2.83% -2.74%
TOTAL ASSETS
Total Short-Term Assets $64.57M $65.99M
Total Long-Term Assets $113.6M $115.8M
Total Assets $178.2M $181.8M
YoY Change 4.53% 6.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.66M $37.86M
YoY Change -3.95% 13.29%
Accrued Expenses $3.764M $3.369M
YoY Change 18.89% 36.23%
Deferred Revenue $1.434M $1.767M
YoY Change -21.08% -34.12%
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 $42.54M $44.35M
YoY Change -4.56% 7.83%
LONG-TERM LIABILITIES
Long-Term Debt $71.90M $70.75M
YoY Change 26.62% 20.18%
Other Long-Term Liabilities $946.2K $1.057M
YoY Change -32.2% -30.53%
Total Long-Term Liabilities $946.2K $1.057M
YoY Change -32.2% -30.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.54M $44.35M
Total Long-Term Liabilities $946.2K $1.057M
Total Liabilities $115.4M $116.2M
YoY Change 12.29% 14.42%
SHAREHOLDERS EQUITY
Retained Earnings -$115.6M -$112.2M
YoY Change 7.32% 6.2%
Common Stock $178.4M $177.8M
YoY Change 1.69% 1.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.77M $65.60M
YoY Change
Total Liabilities & Shareholders Equity $178.2M $181.8M
YoY Change 4.53% 6.52%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$3.386M -$1.514M
YoY Change 65.1% 70.81%
Depreciation, Depletion And Amortization $286.3K $280.1K
YoY Change 90.09% 9.27%
Cash From Operating Activities -$474.7K $807.8K
YoY Change -236.48% -75.82%
INVESTING ACTIVITIES
Capital Expenditures $349.0K $2.584M
YoY Change -16.29% 334.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$349.0K -$2.584M
YoY Change -16.29% 334.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 999.5K 2.152M
YoY Change -149.13% -122.49%
NET CHANGE
Cash From Operating Activities -474.7K 807.8K
Cash From Investing Activities -349.0K -2.584M
Cash From Financing Activities 999.5K 2.152M
Net Change In Cash 175.7K 376.5K
YoY Change -108.35% -105.52%
FREE CASH FLOW
Cash From Operating Activities -$474.7K $807.8K
Capital Expenditures $349.0K $2.584M
Free Cash Flow -$823.7K -$1.776M
YoY Change 1092.76% -164.68%

Facts In Submission

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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”), Quest Equipment, LLC (“QE”), formerly known as Landfill Diversion Innovations, LLC, 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;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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