Quest Resource Holding Corporation

Good day, everyone, and welcome to the Quest Resource Holding Corporation First Quarter 2021 Earnings Call. Today's call is being recorded. At this time, I would like to turn the conference over to Dave Mossberg, Investor Relations Representative. Please go ahead, sir.

Thank you, Christy, and thank you, everyone, for joining us on the call. Before we begin, I'd like to remind everyone that this conference call may contain predictions, estimates, and other forward-looking statements regarding future events or future performance of Quest. Use of the words like anticipate, project, estimate, expect, intend, believe, and other similar expressions are intended to identify those forward-looking statements. Such forward-looking statements are based on Quest's current expectations, estimates, projections, beliefs, and assumptions, and involve significant risks and uncertainties. Actual events or Quest results could differ materially from those discussed in forward-looking statements as a result of various factors which are discussed in greater detail with Quest filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties. Quest forward-looking statements are presented as the date made, and we disclaim any duty to update such statements unless required to do so by law. In addition, in this call, we may include industry and market data and other statistical information as well as Quest observations and views about industry conditions and developments. that the data and information are based on Quest estimates, independent publications, government publications, and reports by market research firms and other sources. Although Quest believes these sources are reliable and data and other information are accurate, we caution that Quest has not independently verified the reliability of these sources or the accuracy of the information. Certain non-GAAP financial measures will be discussed during this call. These non-GAAP measures are used by management to make strategic decisions, forecast future results, and evaluate the company's current performance. Management believes the presentation of these non-GAAP financial measures is useful for investors' understanding and assessment of the company's ongoing core operations and prospects for the future. Unless it is otherwise stated, it should be assumed that any financials discussed in this call will be on a non-GAAP basis. Full reconciliations of non-GAAP to GAAP financial measures are included in today's earnings release. With all that said, I'll now turn the call over to Ray Hatch, President and Chief Executive Officer.

Thank you, Dave. Thanks, everyone, for your interest and quest. We are off to a great start in 2021 after what's been an incredibly challenging year. During the first quarter, we had top-line growth, nearly 40%, with organic growth representing more than half of that. This performance record reflects gains across our growth initiatives of supporting existing customers, driving organic growth, and adding customers through acquisitions, plus a surge in demand due to COVID recovery in certain end markets. We also reached new records in terms of gross profit dollars and adjusted EBITDA. Gross profit was a record 6.4 million, representing 42% growth year over year. Adjusted EBITDA was also a record at 2.6 million, which is almost five times greater than the first quarter of last year. The success evidenced in the quarter is a result of the actions we took during the downturn, as well as the work we've done to position the company for both top-line and bottom-line growth over the last several years. I want to recognize and thank our team for their hard work and their perseverance over the many professional challenges and personal hardships of the past year. Before I go into a review of the trends in our major end markets and strategic initiatives, I'm going to turn the call over to Lori Latham, our Chief Financial Officer of Review Financials. Lori?