Good afternoon, everyone. Welcome to today's conference call to review the Financial Results for Fourth Quarter and Full Year ending December 31, 2021 for EzFill Holdings Inc. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation and management remarks. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference call over to your host, Kathleen Heaney from KCSA Strategic Communications. Please go ahead.

Thank you, Paul. Good afternoon, everyone and thank you for joining us today for EzFill's earnings conference call. Joining me today on the call is Mike McConnell, CEO and Arthur Levine, CFO. After management's prepared remarks, we will open the call for your questions. Before we begin, listeners are reminded that certain matters discussed in today's conference call or answers that may be given to questions asked may constitute forward-looking statements from EzFill's management made within the meaning of Section 27A as a Securities Act of 1933 as amended and Section 21E as a Securities and Exchange Act of 1934 as amended. Including with respect to the Company's recent IPO and anticipated use of proceeds as well as concerning future events. Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the risks section of the Company's registration statement. The Company's initial public offerings filed with the SEC back in September. Copies of these documents are available on the SEC's website at www.sec.gov, as well as the Company's website. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this call except as required by law. I would now like to introduce Mike McConnell, CEO of EzFill. Please go ahead, Mike.

Thank you, Kathleen, and good evening, everyone. Thank you for joining us today to review our 2021 fourth quarter and year-end results. Before I also reviews our financial results, I'd like to take the opportunity to discuss the progress we've made over the past year and building up EzFill's position as the premier mobile and on demand delivery company in South Florida. Not only have we generated more customers in our key operating markets, we solidified our expansion plans with greater capabilities to now serve additional markets across Florida and throughout the U.S. We're very excited about the growth opportunities that we believe exist for EzFill in 2022 and beyond, and we are prepared to successfully enter those target markets. 2021 and most notably the fourth quarter of 2021 was a transformational period for EzFill. We evolved from a small company that serves approximately 20 commercial accounts pre-IPO to a NASDAQ listed leader in the mobile fueling market, now serving approximately 35 fleet accounts, including 15 new accounts that will start to make a meaningful contribution to revenue in the first half of 2022. Some of these new accounts were previously announced. As not shared in the past, our commercial fleet business drives our growth as it allows us to achieve high utilization of our trucks and delivers a recurring revenue stream for our business. By building upon our portfolio of scheduled fueling contracts, we're consistently serving a large number of vehicles at one location. Our customers increasingly seek our service to eliminate the burden of additional costs, time and potential fraud, and we are quickly becoming an integral part of these commercial customers business. As we've expanded our sales force, we're accelerating new contract wins. In the fourth quarter, we announced several new fleet fueling agreements in the Miami…

Thank you, Mike. Thank you all for joining us today. Before getting into a discussion of the quarter and full year's financial results, I want to expand a bit on a key milestone for the Company that Mike mentioned as well as a solid financial position. In September, we completed our initial public offering, netting proceeds of approximately 25 million. We use the portion of these proceeds for repayment of approximately 4.2 million of high interest debt. We've taken delivery of 11 new trucks and made deposits on another 22 trucks. Trucks which we have taken delivery have been financed primarily through the dealers. In December, we announced that we have secured a revolving credit facility under which the Company may borrow up to approximately 16 million, a number that may decrease over time. The credit line can be used for general corporate purposes. As a result of what I just mentioned, at year-end, we had a cash position of $16.9 million, up from just under a million at year-end 2020. We had no long-term debt and no outstanding borrowings under our line of credit as of year-end. Now for discussion of our financial results. We're in the early stages of delivering on our growth potential and continue to report year-over-year top line growth. Revenue in the fourth quarter was up 77%, 2 million compared to 1.1 million in Q4 '20. This reflects both higher average fuel price prices per gallon and a 21% increase in gallons delivered. Total gallons delivered in the fourth quarter of 2021 were approximately 577,000. Revenue for the full year was 7.2 million more than double the same period of the previous year, driven by a 53% increase in gallons delivered as well as higher average prices. Cost of sales was higher both in the…

Thank you, Arthur. Our top priority is to invest and grow our business and we plan to accelerate our geographic expansion efforts. We're very optimistic about the growth opportunities ahead for us and look forward to updating our shareholders with our progress on the next earnings call.

Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] Our first question is from Alejandro Nuno with Maxim Group. Please proceed with your question. One moment, it appears there are no questions in the queue at the moment. [Operator Instructions] Thank you. There are no questions at this time. One moment, we have one question in our queue. Our first question comes from Keith Gil with Terry & Co. Please proceed with your question.

Thank you, and congratulations on a great quarter and a great year. What would be an expected quarterly burn rate for 2022?

Yes, hi, this is Arthur. So, I'll back up a little on that question. So, we were burning pre-IPO about $400,000 a quarter. And as we talked about on the last call, the burn rate has significantly increased since then because we've spending money on where we've done additional hiring of people. We spent money on marketing. Of course, we've got public company expenses. So a burn rate, this quarter was over $900,000. And I would say going forward, it's -- we're looking to stabilize it, at that amount. We're not looking to increase our burn rate any further. And at some point, as we scale the business, we will be able to turn it around in the other direction.

Great and congratulation on the recent acquisition.

Thank you. We're very excited about that. It's going to really be a turnkey benefit for our expansion strategy, very, very much a very big positive as far as expansion into Florida.

And if I may, one follow-up question with the new trucks coming on that will be fire compliance and you say major cities. Would Miami be considered a major city?

Yes, it could be. I think part of it is based on the regulatory environment of which they you're in. The main thing with these new tank designs that we're working with, we will -- it will actually see the some of the strictest regulations that are out there. So depending on which city it is, it should absolutely positively be approved by the authority having jurisdiction as far as being compliant from a regulatory perspective. So, any major city would fall in that category.

Thank you.

So, let me clarify the response that I just gave. As I said around 900,000, that was the monthly burn rate. So, the cash burn for the quarter was closer to about 2.8 million, 2.9 million.

Okay, and then that's what we could expect pretty much close to that for…

Just as a guideline, I think the adjusted EBITDA is a reasonable approximation of our cash flow. And that's why we provide that that measure, alright, just because there's no stock compensation is probably the largest non-cash expense, but we also have depreciation and amortization. That gets added back. If you look at the first page of earnings release, we provide adjusted EBITDA up and it's not exactly the operating cash flow, but it's a reasonable approximation when we add back the non-cash expenses. So, the cash flow -- the operating cash to the quarter is not too far from that number.

Okay. And then, one other one, I think you've answered, but it may be good supply a little color. Of course, everybody is realizing the high of gas per gallon. Do you see that having any negative impact going forward?

Yes, we have not. We have been asked that question quite a bit and we have not seen an impact at all as far as the demand and the orders in any of our segments at this point. Of course, on the fleet side, that business is continuing to accelerate and remain robust for us, the marine side as well. So, we haven't seen an impact that, that has impacted our volume at all.

[Operator Instructions] Thank you. There are no further questions at this time. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Thank you.