Quest Resource Holding Corp (QRHC) 2026 Q1 法說會逐字稿

Good day, and welcome to Quest Resource's first quarter of 2026 earnings conference call.

各位好，歡迎參加 Quest Resource 2026 年第一季財報電話會議。

All participants will be in a listen-only mode for the duration of the call. And should you need any assistance, please signal a conference specialist by pressing the star key followed by zero.

在本次電話會議期間，所有與會者將以僅聆聽模式參與。如需任何協助，請按星號鍵後再按 0，以示意會議專員。

After today's presentation, there will be an opportunity to ask questions.

在今天的簡報結束後，將提供提問的機會。

To ask a question, you may press star, then one on your telephone keypad.

如要提問，您可在電話鍵盤上按星號，再按 1。

And to withdraw a question, please press *, then 2.

如要取消提問，請按 *，再按 2。

Also, please be aware that today's call is being recorded.

另外，請注意今天的電話會議將被錄音。

I would now like to turn the call over to Ryan Coleman with Investor Relations.

現在我想把電話交給投資人關係部的 Ryan Coleman。

Please go ahead.

請開始。

Thank you, operator, and thank you, everyone, for joining us for Quest Resource's first quarter 2026 earnings call. Before we begin, I'd like to remind everyone that this conference call may include predictions, estimates, and other forward-looking statements regarding future events or future performance of the company. 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 the company's current expectations, estimates, projections, beliefs and assumptions, and involve significant risks and uncertainties. Actual events or the company'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 the company's filings with the Securities and Exchange Commission.

謝謝接線員，也謝謝各位參加 Quest Resource 2026 年第一季財報電話會議。在開始之前，我想提醒大家，本次電話會議可能包含對未來事件或公司未來表現的預測、估計及其他前瞻性陳述。使用如 anticipate（預期）、project（推估）、estimate（估計）、expect（預期）、intend（打算）、believe（相信）及其他類似用語，旨在辨識這些前瞻性陳述。此類前瞻性陳述係基於公司目前的預期、估計、推測、信念與假設，並涉及重大風險與不確定性。由於各種因素，實際事件或公司結果可能與前瞻性陳述中所討論者存在重大差異；相關因素在公司向美國證券交易委員會（SEC）提交的文件中有更詳細的說明。

You are cautioned not to place undue reliance on such statements and to consult SEC filings for additional risks and uncertainties. The company's forward-looking statements are presented as of the date made, and the company undertakes no obligation to update such statements unless required to do so by law.

敬請注意勿過度依賴此類陳述，並查閱 SEC 文件以了解其他風險與不確定性。公司的前瞻性陳述係截至其作出之日，除非法律要求，公司不承擔更新此類陳述之義務。

In addition, this call may include industry and market data and other statistical information, as well as the company's observations and views about industry conditions and developments. The data and information are based on the company's 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 does not independently verify the reliability of the sources or the accuracy of the information.

此外，本次電話會議可能包含產業與市場數據及其他統計資訊，以及公司對產業狀況與發展的觀察與看法。相關數據與資訊係基於公司估計、獨立出版物、政府出版物，以及市場研究機構與其他來源的報告。雖然 Quest 相信這些來源可靠且數據與其他資訊準確，但我們提醒，Quest 並未獨立驗證來源的可靠性或資訊的準確性。

Certain non-GAAP financial measures will also be disclosed 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 to investors' understanding and assessment of the company's ongoing core operations and prospects for the future.

本次電話會議亦將揭露若干非 GAAP 財務衡量指標。管理層使用這些非 GAAP 指標來制定策略決策、預測未來結果，並評估公司目前的營運表現。管理層認為，呈現這些非 GAAP 財務衡量指標，有助於投資人理解並評估公司持續核心營運及未來展望。

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 that, I'd like to turn the call over to Perry Moss, Chief Executive Officer.

除非另有說明，應假設本次電話會議中討論的任何財務數據均以非 GAAP 基礎呈現。非 GAAP 與 GAAP 財務衡量指標之完整調節表已包含於今日的財報新聞稿中。接下來，我想把電話交給執行長 Perry Moss。

Thanks, Ryan, and thanks, everyone, for joining this afternoon.

謝謝你，Ryan，也謝謝各位今天下午加入我們。

Our first quarter marked a steady monthly sequential improvement in the business from the fourth quarter, which was consistent with the seasonal trend we typically observe, though slightly better than the prior year.

我們第一季的業務較第四季呈現每月逐步改善，這與我們通常觀察到的季節性趨勢一致，但表現略優於去年同期。

Revenue from our industrial customers increased primarily due to seasonality, though we did see some incremental revenue from certain customers above the usual seasonal acceleration.

我們工業客戶的營收增加主要來自季節性因素，不過我們也看到部分客戶帶來一些超出一般季節性加速的增量營收。

However, the industrial portfolio as a whole remains challenged as a result of the softer manufacturing environment.

然而，由於製造業環境較為疲弱，整體工業組合仍面臨挑戰。

Meanwhile, non-industrial parts of the business performed largely in line or better than anticipated as our focus to diversify the business into sectors like restaurants, hospitality, and retail helped to partially offset the lower industrial volumes. Notably, our performance improved from month-to-month throughout the quarter, and we ended the quarter with an encouraging trend.

同時，非工業業務的表現大致符合或優於預期；我們專注將業務多元化至餐廳、旅宿與零售等領域，有助於部分抵消較低的工業量。值得注意的是，我們在本季內逐月改善，並在季末呈現令人鼓舞的趨勢。

While it is far too early to determine the durability of this trend, we are cautiously optimistic given the exit rate of the quarter.

雖然現在判斷此趨勢能否持續仍為時過早，但基於本季的期末退出水準（exit rate），我們抱持審慎樂觀。

This is tempered in part by recent geopolitical events as well as the risk of extended period of elevated fuel prices.

不過，近期地緣政治事件以及燃料價格可能長期維持高檔的風險，亦使我們的樂觀態度有所保留。

As we continue to communicate, we are acutely focused on what we can control.

正如我們持續溝通的，我們高度聚焦於我們能掌控的事項。

We continue to demonstrate a firm grasp on the operations of the company as our operational excellence initiatives are delivering improved performance across the business, from exception management, wallet share expansions, billing and collections, and overall productivity and cost containment efforts. We're controlling cost very well and taking proactive measures to give ourselves incremental financial flexibility.

隨著營運卓越（operational excellence）計畫在全公司帶來更佳表現，我們持續展現對公司營運的扎實掌握，涵蓋例外管理、錢包份額（wallet share）擴張、開立帳單與收款，以及整體生產力提升與成本控管等工作。我們對成本控制得非常好，並採取主動措施以提升額外的財務彈性。

As macroeconomic conditions approve.

隨著總體經濟狀況改善。

We're very encouraged by our progress on each front and expect these initiatives to drive additional efficiencies going forward.

我們對各方面的進展感到非常振奮，並預期這些計畫將在未來推動更多效率提升。

These efforts also began to deliver important sales momentum during the second-half of 2025, which included the launch of a significant expansion of an existing retail customer, the onboarding of a new full-service restaurant customer.

這些努力也在 2025 年下半年開始帶來重要的銷售動能，其中包括啟動一項既有零售客戶的重大擴張，以及導入一家新的全服務餐廳客戶。

And expanded share of wallet wins with two major customers.

以及與兩家主要客戶取得擴大錢包份額的成果。

While each of these wins were delivering incremental revenue since shortly after their announcement, the one-time costs associated with onboarding these clients had been masking their profitability contributions.

雖然這些勝利在宣布後不久即開始帶來增量營收，但與導入這些客戶相關的一次性成本，先前掩蓋了其獲利貢獻。

I am pleased to report that each of these recent wins finished the first quarter as full contributors to our financial results. As we have completed the onboarding period of one-time cost to execute the service change-outs to serve these new or expanded programs.

我很高興報告，這些近期的勝利在第一季結束時都已完整貢獻於我們的財務結果。因為我們已完成導入期間的一次性成本，也完成為服務這些新或擴大方案所需的服務切換（service change-outs）執行。

Our new sales pipeline remains active, and we continue to engage with several exciting opportunities to add large national companies to our portfolio.

我們新的銷售管線仍然活躍，並持續與數個令人振奮的機會接洽，期望將大型全國性公司納入我們的客戶組合。

While the overall macroeconomic environment continues to slow the overall decision-making process for many of these prospective customers, we are encouraged by the discussions we are having as the Quest value proposition continues to resonate with key prospective customers. We ended 2025 with better momentum, though saw opportunities get pushed into 2026.

雖然整體總體經濟環境仍使許多潛在客戶的決策流程放緩，但我們對目前的討論感到鼓舞，因為 Quest 的價值主張持續引起關鍵潛在客戶的共鳴。我們在 2025 年底的動能較佳，但也看到部分機會被延後到 2026 年。

We remain very engaged with these prospects and believe that we will be able to successfully win and onboard our share of these potential customers as the macro backdrop improves and confidence returns.

我們仍與這些潛在客戶保持高度互動，並相信隨著總體環境改善、信心回升，我們將能成功贏得並導入其中一部分潛在客戶。

Just recently, we won a new contract with one of the largest franchisees in the quick service restaurant industry. This customer is a large national operator that carries plenty of white space for wallet share expansion as we execute effectively.

就在最近，我們與速食餐飲（quick service restaurant）產業中最大的加盟主之一贏得了一份新合約。該客戶為大型全國性營運商，若我們有效執行，仍有大量空白空間可供擴大錢包份額。

It also marks another important win to diversify the business and will help to offset the seasonal fluctuations of our larger industrial customers. We onboarded this new customer on May 1 with minimal service change-outs.

這也代表我們在業務多元化方面的另一項重要勝利，並將有助於抵消我們較大型工業客戶的季節性波動。我們已於 5 月 1 日以最少的服務切換導入該新客戶。

We also remain encouraged by the number and size of share wallet opportunities with existing customers, which remains a central focus of ours. Last year, we heightened our focus on this sales channel and structured a more robust internal systems and processes to track, evaluate, and pursue these opportunities.

我們也持續對既有客戶的錢包份額機會之數量與規模感到鼓舞，這仍是我們的核心重點。去年我們提高了對此銷售通路的關注，並建立更健全的內部系統與流程，以追蹤、評估並推進這些機會。

We are very happy with the early successes we've had.

我們對目前取得的早期成果感到非常滿意。

And we have broadened the number of waste streams that we're handling for some clients, adding new value-added services or have captured larger share of customer locations.

我們已為部分客戶擴大處理的廢棄物流（waste streams）種類，新增新的加值服務，或取得更多客戶據點的更大份額。

Our growing pipeline of opportunities across both new sales and wallet share expansions leaves us confident that these initiatives will contribute to greater levels of organic growth for us going forward. And be strong contributors to gross profit dollar growth as we continue to execute our land and expand strategy and optimize service levels.

我們在新銷售與錢包份額擴張兩方面持續成長的機會管線，使我們有信心這些計畫將在未來為我們帶來更高水準的有機成長。並在我們持續執行「先落地、再擴張」（land and expand）策略及優化服務水準的同時，成為毛利金額成長的強力貢獻來源。

We also continue to diversify the portfolio as we grow in non-industrial end markets like retail, hospitality, grocery stores and expand into new markets like healthcare and more.

隨著我們在零售、餐旅、雜貨店等非工業終端市場的成長，並拓展至醫療保健等新市場，我們也持續使投資組合更多元化。

Our technology and capabilities continue to be key differentiators for us and are driving improved customer service levels and vendor management practices.

我們的技術與能力仍是我們的關鍵差異化優勢，並正推動客戶服務水準與供應商管理作法的改善。

Our technology platform's ability to identify exceptions in vendor invoices is central to our value proposition of cost avoidance, cost reduction, and improved service levels. The platform's ability to identify these exceptions continues to improve, and importantly, we have invested in automated no-touch capabilities to enable our team to effectively rectify these exceptions.

我們的技術平台能夠辨識供應商發票中的例外情況，這是我們「避免成本、降低成本並提升服務水準」價值主張的核心。平台辨識這些例外的能力持續提升；更重要的是，我們已投資於自動化的免接觸（no-touch）能力，使團隊能有效更正這些例外。

Customer and vendor-facing advancements like these create real value and make it easier to do business with Quest, but also help to optimize our internal processes and overall profitability.

這類面向客戶與供應商的改進能創造實質價值，讓與 Quest 合作更容易，同時也有助於優化我們的內部流程與整體獲利能力。

Overall, macroeconomic conditions and a softer industrial environment continue to flow through to reduce volumes from our large industrial customers. However, we continue to make very encouraging progress streamlining our overall operations and growing in non-industrial end markets. We remain as confident as ever. That we are on very solid footing for when conditions improve and as our softer year-over-year revenue is a function of volume and not one of customer attrition.

整體而言，總體經濟狀況與較疲弱的工業環境持續傳導，導致我們大型工業客戶的量能下滑。然而，我們在精簡整體營運以及在非工業終端市場成長方面，仍持續取得令人振奮的進展。我們依然一如既往地充滿信心。我們在景氣改善時將具備非常穩固的基礎，而我們年對年營收走弱是量能因素所致，並非客戶流失所造成。

The operational improvements we've implemented over the past year will drive higher leverage when conditions normalize and we are encouraged by the trend. We finished the first quarter on and cautiously optimistic as we look out to Q2 and the rest of 2026.

我們在過去一年所推動的營運改善，將在環境回歸常態時帶來更高的營運槓桿，我們也對此趨勢感到鼓舞。我們以良好態勢結束第一季，並在展望第二季及 2026 年其餘期間時保持審慎樂觀。

Looking ahead, our key priorities remain unchanged in 2026.

展望未來，我們在 2026 年的關鍵優先事項仍維持不變。

We remain focused on growing the business with new and existing customers, driving margin improvements as we execute our operational excellence initiatives.

我們仍專注於與新舊客戶共同推動業務成長，並在執行卓越營運計畫的同時，帶動利潤率改善。

Continuing the development of our operating platform, improving cash generation and reducing our debt balance.

持續發展我們的營運平台、改善現金創造能力並降低債務餘額。

With that, I'd like to turn the call over to Brett to review our first quarter financial results in greater detail. Brett.

接下來，我想把電話會議交給 Brett，請他更詳細地回顧我們第一季的財務結果。Brett。

Thanks, Perry, and good afternoon, everyone.

謝謝你，Perry，各位下午好。

Revenue for the first quarter was $61.7 million, a 10% decrease from one year ago, but a sequential increase of 5% compared to the fourth quarter.

第一季營收為 6,170 萬美元，較一年前下降 10%，但較第四季季增 5%。

The year-over-year decline was primarily driven by ongoing headwinds from certain clients in the industrial end market, which reduced revenue by approximately $4 million compared to the prior year.

年對年下滑主要是由工業終端市場部分客戶持續面臨逆風所致，與前一年相比使營收約減少 400 萬美元。

These headwinds are mostly confined to a few clients and are primarily related to lower waste volumes and services, which are directly tied to the clients' lower production volumes.

這些逆風多半集中在少數幾位客戶，主要與廢棄物量與服務量下降有關，而這與客戶較低的產量直接相關。

Notably, the year-ago period also included $3 million of revenue from our mall-related business, which was divested in the first quarter of 2025.

值得注意的是，去年同期也包含我們與購物中心相關業務的 300 萬美元營收；該業務已於 2025 年第一季出售。

Excluding these specific headwinds, the business continued to grow by approximately $2 million, mostly related to new clients in the expansion of client business or wallet share during the fourth quarter of 2025.

若排除上述特定逆風因素，業務仍成長約 200 萬美元，主要來自 2025 年第四季新增客戶、既有客戶業務擴張或錢包份額（wallet share）提升。

This growth in business was partially offset by client attrition of $1.7 million, primarily related to a single client loss in the first quarter of 2025.

這項業務成長部分被 170 萬美元的客戶流失所抵銷，主要與 2025 年第一季單一客戶流失有關。

While this growth was modest.

雖然這項成長幅度不大。

It speaks to the efforts of the entire team to offset the impact of the industrial headlinds.

但這反映了整個團隊為抵銷工業端逆風影響所付出的努力。

It also speaks to what should be less noisy comparable year-over-year as we have now sunset at the higher-than-normal attrition experienced in Q4 of 2024 and Q1 of 2025.

這也意味著，隨著我們已走過 2024 年第四季與 2025 年第一季高於常態的客戶流失期，年對年比較應會變得較不受雜訊干擾。

As a reminder, this attrition was isolated and mostly related to customers that were acquired and absorbed into the incumbent's waste solution.

提醒一下，該次流失屬於個別事件，且多與客戶被收購後並入既有業者的廢棄物解決方案有關。

Since then, we have returned to normalized customer retention rates, which have been very sticky historically.

自那之後，我們已回到正常化的客戶留存率，而歷史上我們的留存率一直非常黏著。

On a sequential basis, the improvement was driven by higher seasonal volumes from our industrial customers and continued growth across much of our non-industrial portfolio, with performance strengthening across the quarter.

以季比來看，改善主要來自工業客戶季節性量能提高，以及我們多數非工業投資組合的持續成長，且整季表現逐步轉強。

Moving on to gross profit.

接著談毛利。

In the first quarter, gross profit dollars totaled $9.7 million, a decline of almost 12% compared to the prior year, but a sequential increase of 6%.

第一季毛利金額合計 970 萬美元，較前一年下降近 12%，但較前一季季增 6%。

This resulted in a gross margin of 15.7%.

毛利率為 15.7%。

The declines in both gross profit and gross margin compared to the prior year were primarily isolated to the headwinds from the select industrial clients, which contributed to lower volumes as well as isolated margin pressure.

相較前一年，毛利與毛利率的下滑主要集中在特定工業客戶的逆風，導致量能下降以及個別的利潤率壓力。

These declines were slightly offset by both improved gross profit and gross margins across the remainder of the business as operating initiatives, maturing margins from new clients. And wallet share expansions continued to take hold.

上述下滑部分被其餘業務的毛利金額與毛利率改善所抵銷，因為營運計畫、新客戶利潤率逐步成熟。以及錢包份額擴張持續發酵。

The sequential improvement was in line with our expectations provided last quarter and representative of the seasonal improvement from industrial customers, as well as the contribution of recently onboarded customer wins and share of wallet expansions as we have cleared the one-time costs associated with those launches.

季比改善符合我們在上季電話會議所提供的預期，反映工業客戶的季節性改善，以及近期導入的新客戶得標與錢包份額擴張的貢獻；同時，我們也已排除與這些上線相關的一次性成本。

As we look ahead to Q2, we expect sequential growth in gross profit dollars, as recent new business wins and wallet share expansions finished Q1 as full contributors to our financial results.

展望第二季，我們預期毛利金額將季比成長，因近期新業務得標與錢包份額擴張在第一季末已成為對財務結果的完整貢獻者。

Additionally, the new quick service restaurant customer will launch in Q2. And is expected to begin ramping fairly quickly as it requires fewer associated service provider changeouts, which means minimal start-up costs and thus should contribute gross profit dollars more quickly than a typical new client went.

此外，新的速食餐廳客戶將於第二季上線。由於其所需的相關服務供應商更換較少，意味著啟動成本極低，因此預期能比一般新客戶更快貢獻毛利金額，並且相當快地開始放量。

While we expect to continue to experience some margin pressure in 2026, both in a challenged industrial volume environment as well as from the mix impact of our land and expand strategy.

雖然我們預期 2026 年仍將面臨一些利潤率壓力，來源包括工業量能環境具挑戰性，以及我們「先切入再擴張」（land and expand）策略帶來的組合影響。

We anticipate we will be able to help offset these pressures through optimizing service levels, growing our share of wallet with existing clients, optimizing the client wins from the previous years and continuing to drive operational improvements across the business.

我們預期可透過優化服務水準、提升既有客戶的錢包份額、優化前幾年贏得的客戶導入，以及持續推動全公司營運改善，來協助抵銷這些壓力。

Moving on to SG&A, which was $8.4 million and better than our estimate for the quarter that we provided on the last call.

接著談 SG&A（銷售、一般及行政費用），為 840 萬美元，優於我們在上次電話會議對本季所提供的估計。

Sequentially, SG&A grew 9%, driven mainly by the resumption of our bonus expense.

季比而言，SG&A 成長 9%，主要由於我們恢復提列獎金費用。

Our operational excellence initiatives continue to deliver strong productivity and cost containment results, and we remain focused on maintaining this discipline going forward.

我們的卓越營運計畫持續帶來強勁的生產力提升與成本控管成果，我們也將持續專注於維持這項紀律。

To that, compared to the prior year, SG&A has decreased by $3 million, a 26% reduction year-over-year.

就此而言，與前一年相比，SG&A 減少 300 萬美元，年對年下降 26%。

Moving on to a review of the cash flows and balance sheets.

接著回顧現金流量與資產負債表。

We ended the quarter with $1.1 million in cash and approximately $63.4 million in net notes payable.

本季末我們持有現金 110 萬美元，淨應付票據約 6,340 萬美元。

As a reminder, in March, we refinanced our ABL with Texas Capital Bank to replace the prior ABL with PNC.

提醒一下，我們在 3 月以德州資本銀行（Texas Capital Bank）的 ABL 進行再融資，以取代先前與 PNC 的 ABL。

Concurrently, we negotiated with Monroe Capital, who holds our term debt.

同時，我們也與持有我們定期債務的 Monroe Capital 進行協商。

To provide both fixed charge and leverage covenant easements across 2026 and into 2027.

以在 2026 年及延伸至 2027 年，提供固定費用覆蓋與槓桿比率契約的放寬空間。

Those combined efforts will provide ample cushion to operate in this challenging operating environment, while we continue to focus on the execution and complete.

這些合併的努力將在此具挑戰性的營運環境中提供充足緩衝，讓我們能持續專注於執行並完成。

Of our initiatives to drive additional efficiencies in operating leverage across the business, while also investing in driving growth through new clients and wallet share.

我們的各項計畫，以在全業務範圍內推動更多效率與營運槓桿，同時也投資於透過新客戶與錢包份額來帶動成長。

Additionally, the new arrangement with Texas Capital Bank gives us more flexibility to use the excess availability on our ABL to make voluntary early payments on our high-interest term debt, which is currently about a 500 basis point spread between the two credit facilities.

此外，與德州資本銀行的新安排也讓我們更有彈性，可運用 ABL 的超額可用額度，自願提前償還我們高利率的定期債務；目前兩項信貸工具之間的利差約為 500 個基點。

Accordingly, during the first quarter, we made a $2 million early payment on the Monroe term debt, which will reduce interest expense and should free up additional cash to allocate toward debt paydown.

因此，在第一季期間，我們就 Monroe 定期債務提前償還了200萬美元，這將降低利息費用，並應可釋放更多現金用於償還債務。

We anticipate executing similar early payments as appropriate throughout the year as we work to reduce our overall cost of debt and strengthen our balance sheet.

我們預期在今年內，將視情況適時執行類似的提前還款，以降低整體債務成本並強化資產負債表。

Our operating cash flow in the quarter was slightly positive, roughly $200,000. This was a sharp improvement compared to the prior year, despite lower revenue and gross profit dollars, and was driven by the ongoing optimization of our billing and collections processes and our improved vendor payment processes, which both continue to drive improvements in our cash cycle.

本季我們的營運現金流略為正值，約20萬美元。儘管營收與毛利金額較低，這相較去年仍是顯著改善，主要受惠於我們持續優化開立帳單與收款流程，以及改善供應商付款流程；兩者皆持續推動我們現金週期的改善。

This progress was partially offset by some of the moving pieces of the APL refinancing, which used a modest amount of cash at the time of the transaction.

不過，APL 再融資的一些變動因素在交易當下使用了少量現金，部分抵銷了上述進展。

Our DSOs finished the quarter in the mid-70s, which was largely unchanged from the fourth quarter.

我們的 DSO（應收帳款週轉天數）在本季末落在70多天的中段，與第四季大致持平。

Accounts receivable was up $3 million and in line with the sequential increase in revenues, but the overall trend in DSOs remains downward, falling from the '80s one year ago.

應收帳款增加了300萬美元，與營收的季增幅度一致；但 DSO 的整體趨勢仍在下降，從一年前的80多天下降。

And we continue to implement measures to improve our cash cycle.

我們也持續推動改善現金週期的措施。

We remain committed to reducing DSOs going forward and believe we have incremental initiatives in our control to drive improvement.

我們仍致力於在未來降低 DSO，並相信我們有一些可控的增量措施可推動改善。

During the first quarter, we also reduced the number of working capital days to 11.5, roughly an 11-day improvement from a year ago.

第一季期間，我們也將營運資金天數降至11.5天，較一年前約改善11天。

Our financial strategy remains focused on managing our cost structure, leveraging our operational excellence initiatives to drive cash flow and paying down debt.

我們的財務策略仍聚焦於管理成本結構、運用營運卓越計畫推動現金流，以及償還債務。

We also continue to seek ways to elevate our billing and collection practices and further optimize working capital.

我們也持續尋求提升開立帳單與收款作法，並進一步優化營運資金。

We expect these measures, along with our focus on continuous improvement, to improve our cash cycle.

我們預期這些措施，加上我們對持續改善的專注，將改善我們的現金週期。

Strengthen our balance sheet and provide incremental financial flexibility as the operating landscape improves.

強化我們的資產負債表，並在營運環境改善之際提供額外的財務彈性。

With that, I'll turn the call back over to Perry for some closing comments before we open it up for Q&A. Perry.

接下來，我把電話交回給 Perry，請他在進入問答前做一些結語。Perry。

Great.

很好。

Thank you, Brett.

謝謝你，Brett。

Our first quarter saw improved performance from the fourth quarter with results getting better throughout the quarter.

我們第一季的表現較第四季有所改善，且整個季度的結果逐步變好。

Some of this was the typical seasonal acceleration, but it was modestly better than the prior year. It is also clear that the business is benefiting from the team's strong execution, and it is evident in the numbers driven by the now fully onboarded recent new wins and wallet share expansions.

其中一部分是典型的季節性加速，但表現略優於去年同期。同時也很明顯，業務正受惠於團隊強而有力的執行力；這在數字上也反映出來，主要由近期新案的全面導入以及客戶錢包份額擴張所帶動。

It remains a difficult operating environment, but we are confident that we are better positioned to drive improved financial performance.

營運環境仍然艱難，但我們有信心，我們已處於更有利的位置以推動財務表現改善。

We believe that with continued execution, we will be well on our way to delivering improved shareholder returns and achieving a valuation that is more reflective of inherent value of the business.

我們相信，只要持續執行到位，我們將穩步提升股東報酬，並達成更能反映公司內在價值的估值。

With that, I'd like to turn the call over to our operator to move us to Q&A.

接下來，我想把電話交給我們的接線員，帶我們進入問答環節。

Operator.

接線員。

We will now begin the question-and-answer session.

我們現在開始問答環節。

To ask a question, you may press star, then one on your telephone keypad.

如欲提問，請在電話鍵盤上按星號，然後按1。

If you're using a speakerphone, please pick up your handset before pressing the keys. And to withdraw a question, please press star, then two.

若您使用擴音電話，請在按鍵前先拿起話筒。若要取消提問，請按星號，然後按2。

At this time, we will pause this momentarily to assemble our roster.

此刻我們將短暫暫停，以整理提問名單。

And our first question here will come from Aaron Spahala with Craig Hallam. Please go ahead.

我們的第一個問題來自 Craig Hallam 的 Aaron Spahala。請開始。

Good afternoon, Perry and Brett. Thanks for taking the questions.

Perry、Brett，下午好。謝謝你們接受提問。

First for us, on the new win in the QSR, congrats on that.

我們第一個問題是關於 QSR 的新案，恭喜拿下。

Could you -- any details you can give on size, number of locations?

你們能否提供一些細節，例如規模、據點數量？

You talked a little bit about white space for land and expand, so just curious on how many waste streams. And then it sounded like minimal service provider changes, so it sounds like that can ramp pretty quickly as well.

你們稍微提到「落地後擴張（land and expand）」的白地空間，所以我也想了解有多少種廢棄物流。另外聽起來服務供應商變更很少，因此似乎也能相當快地拉升導入進度。

Yeah, that's right.

對，沒錯。

Aaron, so as we don't give specific details about these clients, but this is consistent with all of our new growth targets being seven to eight figure. So this is a seven-figure account.

Aaron，我們不會提供這些客戶的具體細節，但這與我們所有新成長目標一致，目標規模為七位數到八位數。因此，這是一個七位數的客戶。

We landed a little over 50% of the portfolio, so there's plenty of room for continued expansion.

我們拿下了該組合略高於50%的份額，因此仍有很大的持續擴張空間。

This came from another asset-light provider, so they saw value in the Quest program over the program they were currently on.

這個案子是從另一家輕資產供應商那裡轉來的，他們看到了 Quest 方案相較於目前方案的價值。

And early reports, the other award winner was also an asset-light company, and some early indications are that our launch process and transition. Is much smoother than our competitor. So that leaves me optimistic that there's some growth potential there. And the material streams here are typical municipal solid waste and recyclables.

而早期回饋顯示，另一個得標者也是一家輕資產公司；一些初步跡象顯示，我們的上線流程與轉換。比競爭對手順暢得多。因此我對其中的成長潛力感到樂觀。此處的主要廢棄物流為典型的市政一般廢棄物與可回收物。

Understood.

了解。

Thank you for that. And then on the share-a-wallet initiatives, is there a way to think about just potential growth you see there? Whether it's penetration rates or average number of waste streams, it just seems like you saw good success kind of coming out of the last year and are optimistic moving forward.

謝謝你的說明。接著關於「錢包份額（share-of-wallet）」計畫，有沒有方式可以理解你們看到的潛在成長？不論是滲透率或平均廢棄物流數量；看起來你們在去年下半年取得不錯成果，且對未來也很樂觀。

Yeah, so as we put some additional focus and discipline around our share of wallet beginning last year.

是的，自去年開始，我們在提升錢包份額方面投入更多聚焦與紀律。

And, we don't really talk about all of the share of wallet wins that we've had. We've had several dozen of those wins, but some of them are not material enough to really mention. So, the share of wallet that we typically talk about, again, fall into that same category as new business. So, these are large opportunities to expand.

而且，我們其實不太會談到所有拿下的錢包份額案子。我們已經拿下數十個這類案子，但其中有些規模不夠重大，不太值得特別提及。因此，我們通常會談到的錢包份額案子，同樣也落在與新業務相同的類別。也就是說，這些都是可大幅擴張的機會。

We have.

我們有。

I would say, five or six opportunities with some of our largest customers to bring on a whole other segment of their business. And we're in very opportunistic discussions, I would say, with them. So, we've got rolled out plans on how to implement this new business. So.

我會說，針對我們一些最大的客戶，我們有五到六個機會可以導入他們另一整個業務板塊。而且我會說，我們正與他們進行非常具機會性的討論。因此，我們已擬定推行這些新業務的落地計畫。所以。

Look, the business hasn't been sold yet, but the conversations are very positive and I expect to see a lot more growth in the shared wallet sector. If you'll recall, because of the uncertainty in the general economy, we decided that instead of only focusing on new business, which we're still doing. We would put added emphasis on share of wallet because these are existing relationships. These are customers that already trust us. They already know that we execute. So it's an easier yes than with a new prospect.

坦白說，這些業務尚未成交，但對話非常正向，我預期在錢包份額領域會看到更多成長。如果你還記得，因為整體經濟的不確定性，我們決定不只專注於新業務（我們仍在做）。我們會更強調錢包份額，因為這些是既有關係。這些客戶已經信任我們。他們也知道我們能把事情做成。因此相較於新客戶，這更容易得到肯定的答覆。

But I would tell you that we don't give the value of our pipelines. The new business pipeline is very robust. The share of wallet pipeline.

但我也要說，我們不會提供管線的價值。新業務管線非常強勁。錢包份額管線。

Is about 50% of the size of the new business pipeline. So it's significant.

約為新業務管線規模的50%。因此相當可觀。

All right.

好的。

Thank you for the color there. And then just maybe one last one.

謝謝你提供的補充說明。最後可能再問一個。

How is -- what are you seeing on inflation across the commodity space on the business? Any impact to customer decisions or your vendor network, just how you're managing that and thinking about that moving forward?

在整個大宗商品領域的通膨方面，您在業務上看到的是什麼——情況如何？對客戶決策或您的供應商網路有任何影響嗎？以及您接下來如何管理並思考這件事？

Yeah, that's a really good question.

是的，這是個非常好的問題。

Certainly, with the current fuel situation, we kind of got out in front of this and started working with our vendors and our customers before this really fast ramp-up in fuel. We've got good protection in our contracts where uncontrollable costs can be passed through.

當然，鑑於目前的燃料情勢，我們算是提前因應，在燃料快速飆升之前，就開始與供應商和客戶合作。我們的合約中有很好的保障，對於不可控成本可以轉嫁。

But one of the value propositions that we deliver to our customers is we always fight on their behalf. So instead of simply just taking on cost increases and passing them through, we do everything within our capabilities to push those off or to minimize them. But I would say that we haven't seen anything significant to affect the business so far, but we've been proactively. Working on plans should significant cost increases come through. But so far, so good.

但我們為客戶提供的價值主張之一，是我們總是代表他們爭取。因此，我們不會只是單純承擔成本上升然後轉嫁出去，而是會在能力範圍內盡一切努力把這些成本推回去或將其降到最低。不過我會說，到目前為止我們還沒有看到任何對業務造成重大影響的情況，但我們一直在主動。制定計畫，以防出現顯著的成本上升。但到目前為止，一切都還不錯。

All right.

好的。

Thank you for taking the questions. I'll turn it over.

謝謝你回答問題。我把時間交回去。

Okay. Good talk to you, Aaron.

好的。很高興和你交流，Aaron。

And again, if you have a question, please press then 1 to join the queue.

再次提醒，如果您有問題，請按 1 加入提問隊列。

Our next question will come from Jerry Sweeney with Roth Capital. Please go ahead.

下一個問題來自 Roth Capital 的 Jerry Sweeney。請發言。

Do you ever disclose or even directionally how big the industrial business is for you guys in terms of revenue?

你們是否曾披露過，或至少方向性地說明，你們工業業務在營收方面的規模有多大？

No, Jerry, not directly. We've tried to do a good job over the last, I don't know, year or so plus to call out the variance that's taking place with those select customers within the industrial group. As a reminder, the industrial group's larger than some of the variance than the clients that are driving the variances. We're only speaking to the select couple of.

沒有，Jerry，我們沒有直接披露。過去大概一年左右，我們一直努力把工業組中那些特定客戶所造成的波動說清楚。提醒一下，工業組的規模比那些造成波動的客戶所反映的波動還要大。我們只是在談少數幾家。

Of clients that sit in an isolated industry market as the variance, but we haven't called that out largely.

位於某個相對獨立的產業市場、並造成波動的客戶，但我們並沒有大範圍地去特別點出整體規模。

Got it. The reason I ask is, I mean, we're starting to see some data from like the ISM that's turning positive for the first time in years.

了解。我之所以問，是因為我們開始看到像 ISM 之類的一些數據，這是多年來第一次轉為正向。

I think there's some freight data that's showing maybe some price increases indicating the real goods economy is, dare I say, starting to expand a little bit.

我想也有一些貨運數據顯示可能出現一些價格上漲，暗示實體商品經濟——我斗膽說——可能開始有點擴張。

So these are maybe forward-looking indicators. So I'm just curious if you have any thoughts on that or are these some of these industrial clients sort of in their own little select world that may not be benefiting from what I'm talking about?

所以這些可能是前瞻性指標。我只是好奇你們對此有什麼看法？或者這些工業客戶是否處在他們自己的一個小圈子裡，可能無法受惠於我所說的那些趨勢？

Yeah.

是的。

Jerry, I think these few customers that Brent referenced. They're in a specific category of the industrial manufacturing sector that has really been pretty soft. I think we've said they operate in the ag sector.

Jerry，我認為 Brent 提到的那幾位客戶。他們屬於工業製造領域中的一個特定類別，確實一直相當疲弱。我想我們也說過，他們是在農業（ag）領域運作。

If we look at sequential volume increases from Q4, they were largely what we would expect, but if you compare the increase to last year.

如果我們看從第四季（Q4）起的環比量增，大致符合我們的預期，但如果把這個增幅與去年相比。

The increases that we realized in Q4 this year were slightly better.

我們今年第四季實現的增幅稍微好一些。

So we're not predicting any significant increase in volume yet. We're cautiously optimistic. We did see some good trends, but we don't control our production. So.

因此，我們目前還不預測會有顯著的量增。我們保持審慎樂觀。我們確實看到一些不錯的趨勢，但我們無法控制他們的產量。所以。

Volumes, if they continue to perform like they did, particularly in March, I think we'll see some nice trending. We've built this business over the last year to take every advantage of any tailwind that we can get. We just haven't had any.

如果出貨量能持續像之前那樣表現，尤其是在 3 月，我認為我們會看到一些不錯的趨勢改善。過去一年我們打造這項業務，就是為了能充分把握任何可能出現的順風。只是我們一直沒有遇到。

March, we may have had a little breeze, and I think we took advantage of it.

3 月我們可能感受到一點微風，我想我們也把握住了。

So if those early indicators flow through to these specific customers in the ag sector, I think we'll benefit from that.

所以如果那些早期指標能傳導到這些農業領域的特定客戶，我認為我們會因此受益。

Sure. I'm sure there's a lot more operating leverage there once some of the -- Yeah.

當然。我相信一旦其中一些——是的——就會有更大的營運槓桿。

And Jerry, I'd also remind you as well, one of the positives for us is from a year-over-year perspective.

另外 Jerry，我也提醒你一點，對我們而言的一個正面因素是，從年對年角度來看。

If you look back at when we started really talking about those struggles on the industrial side, it was in Q1 of last year. So from a year-over-year comparison, we're kind of sunsetting some of those challenges. We did see some additional reductions across last year, but the bulk of the decline in those clients came largely in Q4 of 2024 and even Q1 of 2025. So.

如果回頭看我們開始真正談到工業端困境的時點，是在去年第一季（Q1）。因此從年對年比較來看，我們算是逐步走出（sunsetting）其中一些挑戰。去年我們確實又看到一些進一步的下滑，但這些客戶下滑的大部分主要發生在 2024 年第四季（Q4），甚至到 2025 年第一季（Q1）。所以。

Despite some continued pressure there, maybe we don't get back to the same volumes we had a year and a half ago, but from a year-over-year comparison, it's not going to hold us back from showing growth.

儘管那邊仍有一些持續壓力，也許我們回不到一年半前的同等出貨量，但從年對年比較來看，這不會阻礙我們展現成長。

Switching gears, that QSR win, I think you talked a little bit about it.

換個話題，那個 QSR 的贏單，我想你稍微提到了一些。

I don't know if I caught all of it, but you said I think you had 50% of the portfolio, and it sounded like another asset-like company got the other 50% of the portfolio. I'm just wondering if that sort of stores locations or was it sort of service lines?

我不確定我是否都聽到了，但你說你們拿到了投資組合的 50%，聽起來另一家偏資產型的公司拿到了另外 50%。我想問的是，這個 50% 是以門店/據點來分，還是以服務線來分？

Yeah, Jerry, that's a good question. Those represent locations.

是的，Jerry，這是個好問題。那是以據點來代表的。

I don't have -- I don't have that based on service lines.

我沒有——我沒有按服務線拆分的數據。

I would expect that it would probably be linear, that we got a little over half the locations as well as a little over half of the service lines.

我預期大概會是線性對應，也就是我們拿到略多於一半的據點，同時也拿到略多於一半的服務線。

Got it. Is that QSR in meat, fish, or chicken?

了解。那家 QSR 是做牛肉、魚類，還是雞肉？

The answer is yes.

答案是：都有。

Yeah, these are major brands that are very recognizable. And in fact, our in came from a referral from one of our corporate customers who operates some of those brands and made the recommendation that this franchise ID should look at our model, yeah.

是的，這些都是非常知名、辨識度很高的大品牌。事實上，我們的切入是來自一位企業客戶的轉介；該客戶經營其中一些品牌，並建議這個加盟體系應該看看我們的模式，是的。

Got it. All righty. I'll turn back to you. Thanks a lot.

了解。好的。我把時間交回去。非常感謝。

Sure.

當然。

Thank you.

謝謝。

And this concludes our question-and-answer session. I'd like to turn the conference back over to Perry Moss for any closing remarks.

問答環節到此結束。我想把會議交回給 Perry Moss，請他做結語。

Great.

很好。

Thank you.

謝謝。

Thank you, operator.

謝謝你，接線員。

Thanks to all of you for joining this afternoon. We always appreciate your support and continued support and interest in Quest, and we look forward to updating you all in the next quarter.

感謝各位今天下午參與。我們一向感謝大家對 Quest 的支持、持續的支持與關注，也期待在下一季向各位更新。

Thank you.

謝謝。

The conference has now concluded.

本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect your lines.

感謝您參加今天的簡報。您現在可以掛斷線路。