Quest Resource Holding Corporation

Good day, ladies and gentlemen, and welcome to the Quest Resource Holding Corporation second quarter 2022 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Dave Mossberg, investor relations representative. Please go ahead, sir.

Thank you, Keith, and thank you, everyone, for joining us on this 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's results could differ materially from those discussed in the forward-looking statements as a result of various factors which are discussed in greater detail in Quest's filings with the Securities and Exchange Commission. We 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 of the date made, and we disclaim any duty to update such statements unless required by law to do so. 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. 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 the 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 the 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 are useful for investors' understanding and the 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 non-GAAP basis. Full reconciliations of non-GAAP and GAAP financials measures are included in today's earnings release. With all that said, I'll now turn the call over to Ray Hatch, the President and Chief Executive Officer.

Ray Hatch, Chief Executive Officer, Thank you, Dave, and thanks, everyone, for your interest in Quest. Second quarter's results clearly demonstrate the strength of our business model and how we conform well in a market environment that's been challenging for many others. Second quarter results were ahead of our expectations, showing continued momentum from the first quarter, and we're able to offset inflationary cost pressure with flexible pricing and cost recovery fees. At the same time, we've made significant progress integrating recent acquisitions. As a result of our efforts, we've gained significant scale and scope, more than doubling the revenue and gross profit dollars year over year. And year to date, our adjusted EBITDA has increased by 100%. Doubling the company, the size of the company, is not an easy task, and doing that while improving profitability and improving our already excellent customer experience, is even harder. A lot has gone into producing these results, and it would not be possible without an extra mile effort from our team, and I want to thank all of them for these efforts. Before I turn it over to Lori to review the financials, I want to take a moment and say how much I appreciate her for her years of dedicated service. As we previously announced, Lori will be retiring at the end of this month, Lori joined Quest 10 years ago as CFO and has been instrumental in developing our finance and administrative organization. She played an important role in our business transformation over the last several years, as well as helping us manage the accelerated growth we've delivered in the last two years. We have an ongoing search for a new CFO in process, but we know that these are big shoes to fill. I don't have an update on the search other than to say that we have several qualified candidates that we're talking to, I would also note that Lori will remain as a consultant to Quest going forward to smooth the transition. Personally, I'd like to thank Lori for helping me lead the company. She's guided me through the maze that is public companies and enabled me to appear like I knew what I was doing quite often. I miss doing these calls with you, my friend, and I'm forever grateful for her guidance and support, and I wish you great happiness in your next adventures.