Market Newsdesk

New York, March 11, 2021 (GLOBE NEWSWIRE) — ThinkEquity, a division of Fordham Financial Management Inc. (ThinkEquity), a boutique investment bank created by experienced professionals that have worked together for over a decade, collectively financing over $50 billion of public and private capital raises, restructurings, and mergers and acquisitions, today announced the addition of Matthew Maloney as Managing Director of Sales & Trading. Mr. Maloney brings more than 26 years of experience on Wall Street to ThinkEquity’s rapidly-growing trading operation.

“Matt brings a tremendous amount of experience to the team and we’re very excited to be bringing him on board. His expertise will enhance our already robust trading capabilities” stated Phil Quartuccio, ThinkEquity’s Head of Global Trading. Mr. Maloney spent 11 years on the Cash Block trading desk at Merrill Lynch, specializing in Corporate Buybacks and various other special situation transactions. Mr. Maloney then transitioned to Credit Suisse where he continued to excel in the previously mentioned specializations on the private side within their Equity Capital Markets division. In this function, Mr. Maloney was responsible for managing risk in numerous sizeable transactions.  Mr. Maloney holds a B.S. in General Engineering from United States Naval Academy.

ThinkEquity’s dual NYSE floor trading and ‘upstairs’ electronic trading operations provide clients with direct access to point of sale liquidity for IPOs and follow-on offerings, as well as, Third Party Algo (TPA) access to the NYSE Parity order types (eQuote and dQuote). ThinkEquity’s team of floor brokers trade Initial Public Offerings (IPO’s), Up-listings, At-the-Market Programs (ATM’s), Follow-ons, SPACs, Convertibles and Derivatives, Rights Offerings, Share Repurchases/10b18 Company Buybacks, Risk Arbitrage and Special Situations.

ThinkEquity traders source liquidity using multiple algo strategies while having access to NYSE Parity allocation, which enables its floor brokers a share of incoming interest at the best price, regardless of order-entry time. Brokers can utilize multiple execution strategies simultaneously, combining algos with d-quote, reserve, dark pools, layering, etc. ThinkEquity’s trading professionals deliver both high and low-touch services to help its clients develop trading strategies to execute transactions across exchanges globally. Using these tools, ThinkEquity helps improve its customers’ performance, manage risk, and reduce overall transaction costs. Clients and partners include broker dealers, top tier investment banks, high touch family offices and quantitative funds.

Philip P. Quartuccio
Managing Director, Global Head of Trading
ThinkEquity, a division of Fordham Financial Management, Inc.
17 State Street, 22nd Floor New York, NY 10004
11 Wall Street New York, NY 10005
Tel: 646-968-9361
Email: [email protected]

Matthew W. Maloney
Managing Director, Sales & Trading
ThinkEquity, a division of Fordham Financial Management, Inc.
17 State Street, 22nd Floor New York, NY 10004
11 Wall Street New York, NY 10005
Tel: (646) 968-9374
Email: [email protected]

THE COLONY, Texas, March 11, 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 fourth quarter and year ended December 31, 2020.

Fourth Quarter 2020 Highlights

• Revenue was $27.7 million, a 20.5% increase compared with the fourth quarter of 2019.
• Gross profit was $5.6 million, a 19.7% increase compared with the fourth quarter of 2019.
• Gross margin was 20.2% of revenue compared with 20.3% for the fourth quarter of 2019.
• Net income per share attributable to common stockholders was $0.01, compared with $0.00 per share during the fourth quarter of 2019.
• Adjusted EBITDA was $1.8 million, a 110.3% increase compared with the fourth quarter of 2019.

Year ended December 31, 2020 Highlights

• Revenue was $98.7 million, compared to $99.0 million during 2019.
• Gross profit was $19.1 million, a 1.8% increase compared with 2019.
• Gross margin increased 40 basis points to 19.3% of revenue compared with 18.9% for 2019.
• Net income (loss) per share attributable to common stockholders improved to $0.05, compared with $(0.00) per share during 2019.
• Adjusted EBITDA was $4.5 million, a 33.6% increase compared with 2019.

“Due to the diversification of our end markets, the variable-cost structure of our business model, the essential nature of our services, and the resilience of our people; during this past year we overcame many of the challenges related to the pandemic. We finished 2020 strong, with more than 9% organic revenue growth in the fourth quarter (excluding Green Remedies) and more than doubling our Adjusted EBITDA during the fourth quarter. Financial performance also benefitted from the Green Remedies Waste & Recycling acquisition, which included revenue of approximately $2.6 million and net income of approximately $550,000 since the closing on October 19, 2020,” said S. Ray Hatch, President and Chief Executive Officer. “The positive momentum we saw in the back half of 2020 has continued in the new year. As such, we expect growth of new and existing customers will continue to offset the COVID-related downturn that we continue to experience in certain end markets.”

2020 Earnings Conference Call and Webcast

Quest will conduct a conference call Thursday, March 11, 2021, at 5:00 PM ET, to review the financial results for the fourth quarter and fiscal year ended December 31, 2020. Investors interested in participating on the live call can dial 1-800-263-0877 within the U.S. or 1-646-828-8143 from abroad, referencing conference ID: 9502038. 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 (Loss) to Adjusted EBITDA.”)

About Quest Resource Holding Corporation

Quest is a national provider of waste and recycling services to customers from across multiple industry sectors that are typically larger, multi-location businesses. Quest provides businesses with a single source service solution for the reuse, recycling, and disposal of a wide variety of waste streams and recyclables generated by their operations. In addition, Quest’s programs and services enable customers to address their environmental and sustainability goals and responsibilities. Quest provides information that tracks and reports the environmental results of Quest’s services, provides actionable data to improve business operations, and enables customers to address their environmental and sustainability goals and responsibilities. For more information, visit https://www.questrmg.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, the positive momentum we saw in the back half of 2020 has continued in the new year and we expect growth of new and existing customers will continue to offset the COVID-related downturn that we continue to experience in certain end markets.  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
Joe Noyons
817.778.8424

Quest Resource Holding Corporation and Subsidiaries

STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

		Three Months Ended								Years Ended
		December 31,								December 31,
		2020				2019				2020				2019
		(Unaudited)
Revenue	$	27,658			$	22,959			$	98,660			$	98,979
Cost of revenue		22,077				18,297				79,605				80,253
Gross profit		5,581				4,662				19,055				18,726
Selling, general, and administrative		4,463				4,153				17,141				16,816
Depreciation and amortization		346				333				1,164				1,315
Total operating expenses		4,809				4,486				18,305				18,131
Operating income		772				176				750				595
Other income		—				—				1,408				—
Interest expense		(458	)			(87	)			(702	)			(431	)
Loss on extinguishment of debt		—				—				(168	)			—
Income before taxes		314				89				1,288				164
Income tax expense		190				55				254				219
Net income (loss)	$	124			$	34			$	1,034			$	(55	)
Deemed dividend for warrant down round feature		—				—				(205	)			—
Net income (loss) applicable to common stockholders	$	124			$	34			$	829			$	(55	)
Net income (loss) per common share:
Basic	$	0.01			$	0.00			$	0.05			$	(0.00	)
Diluted	$	0.01			$	0.00			$	0.05			$	(0.00	)
Weighted average number of common shares outstanding:
Basic		18,467				15,369				16,661				15,347
Diluted		18,801				15,417				16,756				15,347

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(Unaudited)
(In thousands)

	Three Months Ended								Years Ended
	December 31,								December 31,
		2020				2019				2020				2019
Net income (loss)	$	124			$	34			$	1,034			$	(55	)
Depreciation and amortization		404				347				1,277				1,402
Interest expense		458				87				702				431
Stock-based compensation expense		387				327				1,488				1,086
Acquisition, integration, and related costs		207				—				743				—
Other adjustments		17				—				(1,048	)			248
Income tax expense		190				55				254				219
Adjusted EBITDA	$	1,787			$	850			$	4,450			$	3,331

BALANCE SHEETS

(In thousands, except per share amounts)

	December 31,				December 31,
	2020				2019
ASSETS
Current assets:
Cash and cash equivalents	$	7,516			$	3,411
Accounts receivable, less allowance for doubtful accounts of $935 and $767 as of December 31, 2020 and 2019, respectively		17,421				13,900
Prepaid expenses and other current assets		1,069				1,110
Total current assets		26,006				18,421
Goodwill		66,310				58,208
Intangible assets, net		6,529				1,591
Property and equipment, net, and other assets		3,384				2,436
Total assets	$	102,229			$	80,656
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	15,247			$	13,317
Other current liabilities		1,393				19
Current portion of notes payable		624				—
Total current liabilities		17,264				13,336
Notes payable, net		14,948				4,535
Other long-term liabilities, net		1,974				1,141
Total liabilities		34,186				19,012
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued or outstanding as of December 31, 2020 and 2019		—				—
Common stock, $0.001 par value, 200,000 shares authorized, 18,413 and 15,373 shares issued and outstanding as of December 31, 2020 and 2019, respectively		18				15
Additional paid-in capital		166,425				160,858
Accumulated deficit		(98,400	)			(99,229	)
Total stockholders’ equity		68,043				61,644
Total liabilities and stockholders’ equity	$	102,229			$	80,656

TORONTO, March 11, 2021 (GLOBE NEWSWIRE) — Sophi.io, The Globe and Mail’s artificial intelligence-based optimization and prediction engine, was named a finalist in 5 categories of the Global Media Awards run by the International News Media Association (INMA):  

• Best Product and Tech Innovation  
• Best Initiative to Register Users 
• Best Initiative to Acquire Subscribers 
• Best Use of Data To Drive Subscriptions, Content, or Product Design 
• Best Use of Data to Automate or Personalise 

“The INMA Global Media Awards focus on excellence across all areas of the media business,” said Phillip Crawley, Publisher and CEO of The Globe and Mail. “I’m particularly pleased that Sophi for Paywalls’ fully dynamic, real-time paywall was recognized in 4 categories, and that Sophi’s ground-breaking automated print laydown technology was nominated for its use with Naviga and Agderposten.” 

The nomination in the Best Product and Tech Innovation category is shared with Naviga for Naviga Publisher powered by Sophi.io, and Agderposten, a regional daily newspaper that serves over 25,000 readers in print across Norway. Sophi provides cutting edge AI/ML technology that, along with Naviga Publisher, fully automates the end-to-end print production workflow that lets editors prioritize stories and press a button to automatically generate a print laydown without any templates. Agderposten was the first customer to use the automation technology. 

This year’s competition drew 644 entries from 212 news brands in 37 countries. The judges consist of 44 media experts from 22 countries focused on breakthrough results, unique concepts, strong creativity, innovative thinking, and winner synergies across platforms. The first place winners will be announced on June 3.  

Sophi is an artificial-intelligence system that helps publishers identify their most valuable content and leverage it to achieve key business goals. Sophi for Paywalls’ fully dynamic, personalized, real-time paywall – SmartGate – uses natural language processing (NLP) to analyse both content and user behaviour to determine when to ask a reader for money or an email address, and when to leave them alone. It can optimize for multiple outcomes simultaneously (such as different bundles or price points) and also works in cold-start situations. Publishers on three continents now use Sophi’s AI/ML technology to power paywall decisions, website automation and print automation. 

Last year, Sophi also won the Online Journalism Award (OJA) for Technical Innovation in the Service of Digital Journalism, handed out by the Online News Association (ONA), and both the World Digital Media Award and the North American Digital Media Award awarded by The World Association of News Publishers (WAN-IFRA) in the category of Best Digital News Start-up.  

About Sophi.io 

Sophi.io (https://www.sophi.io) was developed by The Globe and Mail to help content publishers make important strategic and tactical decisions. It is a suite of AI-powered tools that includes Sophi Automation and Sophi for Paywalls as well as Sophi Analytics, a decision-support system for content publishers. Sophi is designed to improve the metrics that matter most to your business, such as subscriber retention and acquisition, engagement, recency, frequency and volume. Sophi also powers Naviga Publisher for one-click automated laydown of print and ePaper publishing. 

Contact  

Jamie Rubenovitch 
Head of Marketing, Sophi 
The Globe and Mail 
416-585-3355  
[email protected]  

Dallas, TX, March 11, 2021 (GLOBE NEWSWIRE) — Associa, the industry’s largest community management company, announces an exciting new partnership with Patriot PAWS Service Dogs for a service dogs awareness initiative.  

Associa is vastly committed to investing in philanthropic programs that contribute to meaningful causes and support the communities it serves. Associa’s new partnership with Patriot PAWS builds upon its dedication to responsible corporate citizenship and expands the company’s commitment to building stronger communities. 

Patriot PAWS is a 501(c)(3) organization and accredited member of Assistance Dogs International (ADI), that trains and provides service dogs at no cost to disabled American Veterans and others with mobility disabilities, in order to help restore their physical and emotional independence. In addition to placing service dogs with Veterans across the nation, Patriot PAWS organizes innovative volunteer programs that positively impact communities, college campuses, prisons, and other locations. 

Coupled with supporting the mission of Patriot PAWS, Associa will also be working with the organization to create awareness for the need and role that service animals play in communities. Associa will be sharing important information, throughout the year, on its social media platforms about service dogs in community associations. 

“At the heart of Associa is a passion for service and a desire to make a meaningful impact. We don’t just manage communities, we improve them,” stated Andrew Fortin, senior vice president of external affairs. “We are excited to partner with Patriot PAWS to increase awareness around service animals and their crucial role in our communities. Associa is honored to be a part of Patriot Paws’ mission and helping provide Veterans this much needed assistance. We look forward to sharing our journey and highlighting how this program is helping so many.” 

“Patriot PAWS is proud to have a passionate following of community supporters that help expand our cause,” stated Lori Stevens, founder and executive director of Patriot PAWS.  “Partners like Associa play a vital role in providing support, helping further our mission, and engaging the rest of the community in critical discussions about the important relationship between service animals and their handlers.” 

About Patriot PAWS

The mission of Patriot PAWS is to train and provide service dogs of the highest quality at no cost to disabled American Veterans and others with mobile disabilities and post-traumatic stress disorder (PTSD) in order to help restore their physical and emotional independence.  Founded by professional dog trainer, Lori Stevens, Patriot PAWS has placed more than 230 service dogs since 2006, when it was designated as an official 501(c)(3) nonprofit organization.  Patriot PAWS trains their dogs with the help of volunteer Puppy Raisers in the Dallas-Fort Worth area, and student Puppy Raisers at Texas A&M University in College Station, Texas. They also have an innovative, 13-year partnership with the Texas Department of Criminal Justice where inmate trainers live and work with the dogs in prison. For more about Patriot PAWS, please visit their website at www.patriotpaws.org

About Associa 

With more than 200 branch offices across North America, Associa delivers unsurpassed management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unrivaled education, expertise and trailblazing innovation. For more than 40 years, Associa has provided solutions designed to help communities achieve their vision. To learn more, visit www.associaonline.com. 

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Ashley Cantwell
Associa 
214-272-4107
[email protected]