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    Gregg Kitt • Pinnacle Family Office

    Gregg Kitt is a General Investments Partner at Pinnacle Family Office, specializing in equity analysis and management of family office investments. He covers a diverse portfolio, leveraging his experience across finance and consumer services, and previously analyzed companies at GROW Partners LLC and Roth Capital Partners, where he served as Senior Associate from 2008 to 2012 and Analyst from 2012 to 2014. Since joining Pinnacle Family Office in 2014, Gregg has demonstrated consistent investment acumen, reflected in his long-term tenure and performance, although specific portfolio returns and rankings are not publicly disclosed. He holds a degree from Southern Methodist University and has over a decade of experience in investment analysis and advisory roles.

    Gregg Kitt's questions to Quest Resource Holding Corp (QRHC) leadership

    Gregg Kitt's questions to Quest Resource Holding Corp (QRHC) leadership • Q1 2025

    Question

    Asked about a fair timeline for evaluating new initiatives, the timing of customer attrition, SG&A savings from the RWS divestiture, and the potential for and obstacles to reducing accounts receivable.

    Answer

    A year is a fair evaluation period, with results starting in Q2 and accelerating in H2. Attrition was mostly from past events, and a new retention plan is in place. The $3M in annualized SG&A savings is fully realized from Q2. Reducing AR is a major opportunity, with the main challenge being less leverage with large clients, though this is offset by new clients with better terms.

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    Gregg Kitt's questions to Quest Resource Holding Corp (QRHC) leadership • Q4 2024

    Question

    Gregg Kitt sought clarification on the 2025 growth guidance, specifically the EBITDA baseline for comparison. He also asked about free cash flow conversion, interest expense, CapEx, and why management is confident that current changes will fix long-standing execution problems.

    Answer

    CFO Brett Johnston clarified that 2025 growth should be compared against an adjusted EBITDA of $16 million, not the reported $14.5 million. He confirmed interest expense estimates and noted that improving working capital is key to cash generation. CEO Perry W. Moss expressed confidence that applying a disciplined, KPI-driven approach to the entire company will fix process flaws exposed by recent rapid growth. Chairman Daniel M. Friedberg added that the company now has the right leadership and focus on operational excellence.

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    Gregg Kitt's questions to Quest Resource Holding Corp (QRHC) leadership • Q3 2024

    Question

    Asked for clarification on the three main drivers of the gross profit miss (industrial client slowdown, higher onboarding costs, and billing credits). Also inquired about the potential benefits of onshoring, the status of the debt refinancing, the outlook for DSOs, and the overall investment thesis for the stock after a disappointing quarter.

    Answer

    The industrial client issue is a temporary volume fluctuation, not a loss of market share, and onshoring would be beneficial. The higher costs in Q3 were a 'perfect storm' of implementing a new system during record onboarding and are not expected to be ongoing. The billing credit was due to inaccurate tenant information from a landlord client, and the company had no recourse; it's a one-off issue. The billing credits and extra system costs are not expected to recur in Q4. Details on the refi will be shared soon, but a significant reduction is expected. The mid-60s DSO target remains the goal. The investment case is strong due to non-recurring issues being resolved, a record number of new client wins, a strong pipeline, and technology-driven efficiencies.

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    Gregg Kitt's questions to Quest Resource Holding Corp (QRHC) leadership • Q3 2024

    Question

    Gregg Kitt asked for clarification on the three primary drivers of the Q3 gross profit decline: the industrial client mix shift, the higher onboarding and system implementation costs, and the $1 million in billing credits. He also inquired about the expected benefit from the upcoming debt refinancing, the outlook for DSOs, and asked for management's perspective on why investors should own the stock after a disappointing quarter.

    Answer

    Executive S. Hatch and CFO Brett Johnston addressed the issues. Hatch confirmed the industrial client impact was a temporary volume issue, not a loss of business. Johnston explained the higher costs were a "perfect storm" of record onboarding and a new system rollout, and are not expected to be ongoing. They clarified the billing credits stemmed from inaccurate data provided by a landlord client for tenant billing, which is an isolated issue with enhanced controls now in place. On the refi, Johnston expects a "significant reduction" in borrowing costs but could not provide specifics yet. He also reiterated a target of mid-60s for DSOs. Hatch concluded by stating management has definitive action plans for the controllable issues and that the underlying business is strong, as evidenced by nine major new client wins and a robust pipeline.

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