Quest Resource Holding Corporation

Thank you for standing by. This is the conference operator. Welcome to the Quest Resource Holding Corp First Quarter 2023 Earnings Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Dave Mosberg, investor relations representative. Please go ahead.

Thank you, Ashit, and thanks, everyone, for joining us on the call today. Before we begin, I'd like to remind everyone that this call may contain predictions, estimates, and other forward-looking statements regarding future events or future performance of Quest. Use of 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 the forward-looking statements as a result of various factors, which are discussed in greater detail in Quest filings with the Securities and Exchange Commission. Your caution 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 to do so by law. In addition, in this call, we may include industry and other market data and other statistical information as well as Quest observations and views about industry conditions and developments. The data 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 this 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 elevate companies' current performance. Management believes the presentation of these non-GAAP financial measures is useful to investors understanding the assessment of the company's ongoing core operations and prospects for the future. Unless it's otherwise stated, it should be assumed that any financials discussed in this call will be on a non-GAAP basis. Full reconciliations of non-gap-to-gap financial measures are included in today's earnings release. With all that said, I'll now turn the call over to Ray Hash, President and CEO.

Thank you, Dave, and thanks, everyone, for your interest in Quest. Overall, we had a solid start to the year with more than 12% growth in gross profit dollars. Most of the year-over-year growth came from ramping up new customers and adding new programs with existing customers. In addition, the improvements at RWS we discussed last quarter are on track, and we expect pricing initiatives will positively impact results for the next three quarters. We also generated significant cash flow during the quarter. On average, during the past two quarters, average operating cash flow was $2 million. We feel good about our ability to continue to generate cash flow, and subsequent to the end of the quarter, we paid down $5 million on our Monroe line. Our outlook for profitable growth in 2023 and beyond remains unchanged, and we're executing well with all of our strategies. I'll now turn the call over to our CFO, Brett Johnston, for a financial overview, and I'll be back to discuss our strategies.