Quest Resource Holding Corporation Reports Second Quarter 2021 Financial Results
August 16, 2021 at 16:00 PM EDT
THE COLONY, Texas, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental waste and recycling services, today announced financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Highlights
Year-to-Date 2021 Highlights (June 30, 2021)
“Our team delivered another quarter of solid financial performance, as client activity levels continued to recover across most end markets and our organic and M&A growth strategies continued to gain traction. The heightened activity levels in the industrial sector we experienced during the first quarter were comparable to the second quarter. In addition, this quarter has seen organic revenue growth which we expect to continue to ramp as recent new client wins are onboarded. Adjusted EBITDA growth for the quarter and year to date continued to outpace strong growth in gross profit dollars, demonstrating the earnings leverage in our business,” said S. Ray Hatch, President and Chief Executive Officer. “We are seeing strong organic growth from a combination of new client wins and expanding business with existing clients. In addition, we expect strong incremental contribution from the acquisitions we have completed during the year. Overall, we continue to expect to show significant improvements in year-over-year financial results for the balance of the year.”
Second Quarter 2021 Earnings Conference Call and Webcast
Quest will conduct a conference call Monday, August 16, 2021, at 5:00 PM ET, to review the financial results for the second quarter ended June 30, 2021. Investors interested in participating on the live call can dial 1-800-289-0438 within the U.S. or 1-323-794-2423 from abroad, referencing conference ID: 9502783. The conference call, which may include forward-looking statements, is also being webcast and is available via the investor relations section of Quest’s website at https://investors.qrhc.com/investors. A replay of the webcast will be archived on Quest’s investor relations website for 90 days.
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
In this press release, a non-GAAP financial measure, "Adjusted EBITDA," is presented. From time-to-time, Quest considers and uses this supplemental measure of operating performance in order to provide an improved understanding of underlying performance trends. Quest believes it is useful to review, as applicable, both (1) GAAP measures that include (i) depreciation and amortization, (ii) interest expense, (iii) stock-based compensation expense, (iv) income tax expense, and (v) certain other adjustments, and (2) non-GAAP measures that exclude such items. Quest presents this non-GAAP measure because it considers it an important supplemental measure of Quest's performance. Quest's definition of this adjusted financial measure may differ from similarly named measures used by others. Quest believes this measure facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company's GAAP measures. (See attached table "Reconciliation of Net Income to Adjusted EBITDA.")
About Quest Resource Holding Corporation
Quest is a national provider of waste and recycling services that enable businesses to achieve and satisfy their environmental and sustainability goals and responsibilities. Using our deep expertise, Quest builds single source, client-specific solutions to address a wide variety of waste streams and recyclables across multiple industry sectors. Quest also provides information and data that tracks and reports the environmental results of Quest’s services, provides actionable data to improve business operations, and facilitates our clients’ efforts to achieve their business and sustainability goals. For more information, visit www.qrhc.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include, but are not limited to, our expectation that organic revenue growth will continue to ramp as recent new client wins are onboarded, our expectation of strong incremental contribution from the acquisitions we have completed during the year, and our belief that we will show significant improvements in year-over-year financial results for the balance of the year. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, competition in the environmental services industry, the impact of the current economic environment, the spread of major epidemics (including Coronavirus) and other related uncertainties such as government-imposed travel restrictions, interruptions to supply chains, commodity price fluctuations, and extended shut down of businesses, and other factors discussed in greater detail in our filings with the Securities and Exchange Commission (SEC), including our Report on Form 10-K for the year ended December 31, 2020. You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.
Investor Relations Contact:
Three Part Advisors, LLC
Financial Tables Follow
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA