Welcome to the ProFrac second quarter earnings conference call. At this time, all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Michael Messina, Senior Vice President of Finance. Thank you. You may begin. Thank you, operator. Good morning, everyone. We appreciate you joining us for ProFrac Holding Corp's conference call and webcast to review our results for the second quarter ended June 30, 2026. With me today are Matt Wilks, Executive Chairman, Ladd Wilks, Chief Executive Officer, and Austin Harbour, Chief Financial Officer. Following my remarks, management will provide high-level commentary on the operational and financial highlights of the second quarter 2026 before opening up the call to your questions. A replay of today's call will be made available by webcast on the company's website at pfholdingscorp.com. More information on how to access the replay is included in the company's earnings release. Please note that information reported on this call speaks only as of today, August 6th, 2026. You are advised that any time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading. Also, comments on this call may contain forward-looking statements within the meaning of the United States federal securities laws, including management's expectations of future financial and business performance. These forward-looking statements reflect the current views of ProFrac's management and are not guarantees of future performance. Various risks, uncertainties, and contingencies could cause actual results, performance, or achievements to differ materially from those expressed in management's forward-looking statements. The listener or reader is encouraged to read ProFrac's Form 10-K and other filings with the Securities and Exchange Commission, which can be found at sec.gov or on the company's investor relations website section under the SEC Filings tab to better understand those risks, uncertainties, and contingencies. The comments today also include certain non-GAAP financial measures, as well as other adjusted figures to exclude the contribution of Flotek. Additional details and reconciliations to the most directly comparable consolidated and GAAP financial measures are included in the earnings press release, which can be found on the company's website. Now over to Mr. Matt Wilks, Executive Chairman of ProFrac. Thank you, Michael, and hello, everyone. I'll kick off with some remarks on our overall performance, the broader market environment, and progress on our strategic priorities. I'll then hand it over to Austin, who will take you through the segment results in more detail. We're pleased to report that our Q2 results improved over Q1 results and again came in ahead of expectations. April carried forward the operational momentum we discussed on our last call, and while these levels moderated somewhat as we moved through May and June, utilization remained strong. As I'll discuss in a moment, the market backdrop remains constructive, and we continue to see an open window for more favorable pricing dynamics. Consistent with what we said on our last call, the majority of that benefit is layering in through the back half of the year rather than the second quarter itself. Looking ahead to the Q3 and the back half of the year, our approach to pricing is to be constructive, not aggressive. We do not plan to deploy incremental fleets speculatively, and any gains we capture from here are about building toward a stronger 2027 rather than chasing a near-term spike. Given the constructive activity backdrop, RFP season conversations are already underway sooner than usual. We intend to be well-positioned through that process into 2027. To the extent we see incremental demand show up in the spot market later in the year, our preference is not to chase it with additional equipment, but rather to capture that value more durably through the RFP process. We expect efficiency to continue improving on a quarterly basis as calendar white space tightens further, and we're encouraged by the consistency building through the back half of the year. During the quarter, we experienced incremental competitive pricing pressure in sand in the West Texas region. While supply remains tight in both the South Texas and East Texas, North Louisiana markets, we remain focused on translating more of our order book into long-term commitments and improving throughput. As we've spoken about in the past, the operating leverage inherent in our ProFrac business becomes increasingly evident as we drive higher utilization, and we continue to believe this business is capable of improved free cash flow as the efficiencies are realized. We continue to evaluate ways to further strengthen this business over time. From a regional perspective, South Texas continues to be our strongest performing market, both from a sell-through and a throughput standpoint. We did see some minor weather-related disruption in the quarter from flooding activity, though it was manageable. Looking ahead, we continue to see the Haynesville as an attractive growth market for us, both on the frack side and on the sand side. As gas-directed activity builds in support of LNG export capacity and power demand, we expect to see continued opportunity to increase activity across both of our core service lines. Zooming out to review the broader market environment, if there's one word that captures the last several months, it's volatility, and we think that volatility itself is the signal worth paying attention to. Oil prices this year have ranged from a low in the first days of January to an April peak that was precisely double that trough. Within the second quarter alone, prices fell roughly 40% from their peak to a subsequent low, only to rally back nearly 40% off that low in the following weeks. That is not the behavior of a market that has found its footing. We point to the underlying cause. The conflict in the Middle East has continued to defy expectations of a long-term resolution. What is looked at various points like a path forward toward de-escalation has repeatedly given way to renewed military action, and recent weeks have brought further strikes and further retaliation. We continue to believe, as we've said on our prior calls, that this is not a transient supply shock, but a structural shift in available global capacity. If anything, this extended period of uncertainty has only reinforced the case for domestic energy security. When global supply can swing this violently on geopolitical developments, the value of reliable, lower risk North American production only becomes more apparent to operators, policy makers, and importers. We continue to see this dynamic as a structural tailwind for our business. Turning to our cost structure, we remain committed to the $100 million of annualized savings program we outlined at the start of the year. That program has three components. Labor-related reductions that we have targeted at $35 million-$45 million annualized. Non-labor operating expense reductions that include SG&A, repair and maintenance, and asset level OpEx that together we have targeted at $30 million-$40 million. Lastly, capital expenditure efficiency that we've targeted at $20 million-$30 million. We continue to work through each of these initiatives, and we remain confident in the full program as these efforts mature over the balance of the year. Our vertically integrated model and asset management platform remain central to how we think about our competitive position, not just this quarter, but across the cycle. Our in-house manufacturing capability allows us to build, upgrade, and standardize equipment at a cost basis that's simply not available to others who rely on third parties. Our asset management program continues to be a meaningful driver of fleet reliability and uptime. These aren't new initiatives, but they remain foundational to how we compete, and we continue to see them as a durable source of advantage as the cycle evolves. Irrespective of where we are in the market cycle, we execute on a routine upgrade program converting diesel equipment to dual fuel and natural gas-capable configurations. This quarter, we made the decision to accelerate a portion of that program while maintaining our disciplined approach to capital allocation. We are moving forward with additional engine orders ahead of our original schedule, given the continued strong demand we're seeing from operators for this higher specification equipment. We view this as an investment decision rather than a departure from our cost discipline. Upgrading this equipment now, while demand for high spec dual fuel capacity remains strong, reduces our repair and maintenance exposure over time, extends the useful life of these assets, and supports our strong positioning as we discuss 2027 plans with our customers. I want to touch briefly on our eBlender program that we introduced on our last call. Deployment continues to progress. With a few additional units placed into service since our last call, we're seeing the efficiency benefits we expected on the units we have deployed, including lower repair and maintenance spend, as well as improved uptime relative to legacy equipment. By the end of the year, we expect to have deployed our new eBlender technology across our fleet. On technology, Machina continues to be central to how we think about our competitive positioning. Machina is our Closed Loop Fracturing solution. It combines ProPilot 2.0 surface automation with real-time subsurface data providers like Seismos. The platform doesn't just measure the frac, it acts on it while we're pumping. The near-term focus is uniformity, getting every cluster and every stage to take fluid the way it was designed to, rather than accepting the wide variance the industry has historically treated as normal. That's the foundation for prescriptive completions, designs that adjust in real-time based on what the rock is telling us, rather than through a static pump schedule. We remain in active price discovery on the commercial model, and customer feedback from deployments continues to be encouraging as we structure value share going forward. We also continue to see real promise in Machina's application to acreage that operators have effectively set aside. In many cases, nearby offset wells, wastewater infrastructure where legacy completions create execution risk that leads operators to defer or shelve otherwise attractive locations. Machina's real-time subsurface intelligence and closed loop control are designed to reduce that risk, which we believe can shift the economic calculus on certain locations and bring stranded inventory back into play without requiring the kind of upfront offset well infrastructure investment that sometimes runs as much as $1 million-$2 million. We'll continue to share more as our commercial discussions with customers progress. Wrapping up my opening comments, we delivered solid second quarter results, building on that momentum from earlier in the year despite a volatile macro backdrop. That volatility, if anything, has only reinforced the structural case for domestic energy security and the long-term tailwind it represents for our business. Our cost optimization program continues to advance, and we're deploying capital thoughtfully, including accelerating our engine upgrade program to position the business for durable efficiency gains. Our new eBlenders are yielding the capital efficiency benefits we expected, and incremental deployments remain on schedule. Machina continues to gain traction with customers, and we see real potential for it to unlock previously stranded inventory as commercial discussions progress. In addition, we strengthened our balance sheet this quarter through the ABL refinancing, giving us a longer runway, improved liquidity, and greater flexibility heading into the back half of the year. Now over to Austin to expand on segment results in more detail. Thanks, Matt. In the second quarter, revenues were $498 million, up from $450 million in the first quarter of 2026. We generated $69 million of adjusted EBITDA, with an adjusted EBITDA margin of 14%, an increase from the $54 million, or 12% of revenue we delivered in Q1. Free cash flow was negative $8 million in the second quarter, an improvement from negative $25 million in Q1. Turning to our segments, stimulation services revenues were $430 million in the second quarter, up from $407 million in the first quarter of 2026. Adjusted EBITDA in Q2 was $39 million, up from $32 million in Q1, with margins of 9% compared to 8% in Q1. Results reflected an improvement in efficiency, lack of material weather-driven delays as we experienced in Q1, and to a modest degree, improved pricing. We again maintained our fleet count in the low 20s during the second quarter, consistent with the disciplined approach we've held throughout this market cycle. Put simply, this reflects our continued focus on returns over utilization for its own sake. While April carried forward the type of record efficiency levels we experienced in March, as we discussed on our last call, pumping hours per fleet moderated somewhat in May and June relative to those peaks. This was primarily a function of more white space in the calendar than we had anticipated entering the quarter. Pricing was up slightly sequentially. As we noted on our May call, the majority of our increases carried renegotiation windows that pushed the benefit into the third and fourth quarters. ProFrac production generated $121 million of revenue in the second quarter, a touch higher than the $120 million of revenue we reported in the first quarter of 2026. Approximately 31% of volumes were sold to third-party customers during the second quarter versus 28% in Q1. During the second quarter and into the third, we continue to navigate incremental competitive pricing pressure in the proppant market, particularly in West Texas. We remain focused on operational improvements throughout the business while leveraging the potential we see in stronger markets, including the Haynesville and South Texas. Adjusted EBITDA for the proppant production segment was $6 million for the second quarter, broadly in line with Q1. On a margin basis, EBITDA margins were 5% in the second quarter versus 5% in Q1 2026. Total volumes were approximately 2.5 million tons. Our manufacturing segment generated second quarter revenues of $48 million, in line with the first quarter. Approximately 18% of segment revenues were generated from third-party sales, compared to approximately 14% in Q1. Adjusted EBITDA for the manufacturing segment was $6 million, compared to $7 million in Q1. Flotek generated second quarter revenues of $102 million, significantly higher than the $72 million reported in Q1. Approximately 42% of segment revenues were generated from third-party sales, compared to approximately 25% in Q1. Adjusted EBITDA for Flotek was $19 million or 19% of revenue, also improved relative to the $11 million reported in Q1. Selling, general and administrative expenses were $44 million in the second quarter, flat with Q1. Cash capital expenditures of $32 million in the second quarter were down from $41 million in the first quarter of 2026. Consistent with the outlook we issued on our May call, we continue to expect total capital expenditures in 2026, including Flotek spend, to be in the range of $155 million-$185 million. Excluding Flotek, we expect our CapEx to be in a range of $145 million-$175 million. Total cash and cash equivalents as of June 30th, 2026, were approximately $19 million, including approximately $5 million attributable to Flotek. Total liquidity at quarter end was approximately $72 million, including $58 million available under the ABL. Borrowings under the ABL credit facility ended the quarter at $162 million, an increase from $116 million at first quarter end. On July 1st, we closed a new asset-based revolving credit facility with Eclipse Business Capital. We think this transaction matters more than a typical refinancing headline might suggest. What we secured was a larger commitment, a longer runway, and improved advance rates against our collateral base, which together translate into increased relative liquidity versus our prior facility. This new $300 million facility replaces our previous $275 million ABL facility and extends our maturity profile. In addition to increasing total commitments by $25 million, the new facility incorporates the ability to request up to an additional $25 million of incremental commitments subject to lender approval and customary conditions. We've said repeatedly that our approach to the balance sheet is disciplined and opportunistic. This transaction is that philosophy in practice, and it leaves us better positioned. The majority of our debt maturities remain concentrated in 2029 and beyond, and we believe we're well-positioned from a liquidity perspective as we move through the remainder of 2026 and into 2027. At quarter end, we had approximately $1.1 billion of debt outstanding. We continue to manage the balance sheet the same way we always have, with discipline, an opportunistic mindset, and a focus on maintaining flexibility to act as conditions shift. With that, I will now turn the call over to Ladd. Thank you, Austin. As you saw in our earnings press release this morning, I'm resigning my position as Chief Executive Officer of ProFrac, and I'll take up the board seat that is being vacated by Mr. Sergei Krylov. I want to thank Mr. Krylov for his years of dedication and service to ProFrac, and for the thoughtful and diligent stewardship he has brought to the board throughout his tenure. This transition will take effect tomorrow, August 7th. As a member of the board of directors, I'll continue to help guide the future of the company that I love and helped build with an unwavering commitment to it. While I won't be involved in day-to-day decisions, I remain deeply devoted to this company and will always be available to its management and staff for guidance and support. ProFrac isn't just a company to me. It's part of my family's legacy, and I'll continue to do everything I can to ensure its lasting success. When I think about my time as CEO, my first thought is about the people. The best people in the world work here. We have incredible leaders and employees in every district, region, and division in the PF Holdings family. While our industry can be volatile at times, I believe the long-term future of our company and our industry has never been stronger. I couldn't be more excited for Matt, who will become ProFrac's next CEO, while also continuing to serve as Executive Chairman. Since the founding of ProFrac, Matt has been one of the key drivers behind our growth and success. I have complete confidence that he will take ProFrac to new heights, and I couldn't be happier that he's the one leading our next chapter. With that, I'll now turn the call over to the operator for Q&A. Thank you. We will now be conducting a question- and- answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment, please, while we pull for a question. Our first question comes from the line of Don Crist with Johnson Rice. Please proceed with your question. Morning, guys. Thanks for letting me in here. I wanted to start on the pressure pumping side of the business. Throughout this earnings cycle, we've heard many of your competitors talk about their fleets being mostly dedicated for 2027, and the fact that not a lot of fleets have been added in relation to the increase in rig count. Can you just talk about what you're seeing out there and how you see 2027 shaping up? As an analyst, I see a significant increase in pricing potential, given that we have a lot more demand than supply out there today. Yeah, I believe that's a fair assessment. We've seen a very disciplined operator group. Just 2026 budgets have been set. Everybody's relatively stayed disciplined to that. We've seen a lot of tightness in the schedules, and to build around that capital budget from these guys. There's been some private operators that have come back and increased activity. As we look into 2027, we see 2027 as being a nice step up. We're at the very beginning of RFP season. It's already started. It's been brought forward. One of the benefits of the RFP season starting so much earlier is I think a lot of these operators want to get in early and lock things down while they can, while they know that they can. RFP season progresses, we expect to see it really start pushing pricing, as everybody realizes how much availability there isn't, realize how tight the market is. There's not a lot of spare capacity. As you move through RFP season, it's going to be pretty interesting to see how this plays out as we guide into 2027. Still early in the process, but we expect with RFP season kicking off early, that once 2027 budgets are set and we've got better visibility into it, we don't think that we have to wait for 2027 for that environment. It will happen in this second half. We already see a stronger second half than what we had in the first half. A lot of the pricing that we pushed for earlier in this quarter are going into effect in Q3 and Q4. We believe that there will be additional opportunities as we move through RFP season. Typically, what you see in a transition in the market like we have today, as we move through 2026 into 2027, we expect 2027 activity to get pulled forward very quickly after the conclusion of RFPs. It's pretty interesting time. Pretty excited to see this play out the way that it is. I think we've got a really disciplined peer class that has not gone in on a speculative bet to build out equipment, build out capacity. We thank the world of our customers and they're disciplined, so are we. If they increase CapEx, I think the service space will respond, but we will not speculate and build into that. You answered in your opening remarks, but it sounds like you're going to be very disciplined and not add any fleets on spec, but when would the decision point come in? If rates went up 15% or 20% across your entire fleet from where they are today or are going to be in the third quarter, would that be the right point for a decision point to add more fleets to satisfy demand out there? I don't believe so. I think an increase of 15%-20% would accelerate some upgrades, but I don't think that it would really trigger a build cycle. Okay. I think more than ever, and I can't speak for my peers, but they appear to have the same behavior and outlook on this. What we need is certainty and a commitment. We're not going to go in and chase short-term economics. We need long-term stable pricing environment so that we can get a total return and full cycle returns. New build economics is not something that you speculate on. This is a very challenging industry. We need reliable, consistent returns and outcomes. If we have customers that come in and make the appropriate commitments long-term with a true commitment, then I think that really changes everything. It's more so about the stability than it is the economics. The economics obviously have to be there. We're not going to just go in and build because the spot market is where we want it. Yeah. I think to add to what Matt's saying, I think it's tenor coupled with the pricing and the economics, right? That certainty and that longevity is really what we're looking for before we push the button on adding incremental capacity. It needs to be both. I think the industry as a whole is in an interesting spot. There's a lot of technology and you're at this point of diminishing returns. There's no more hours in the day where efficiency is just incredible. It's not just something that you can brag about or talk about. It's something that's expected, and it should be. The only place to go from here is to focus on better recoveries, better execution, and what can technology bring for good partnerships. I think that you'll start seeing more of that from not just the operators, but the service companies that they partner with where you're collaborating on better rates, better production, better execution, and the technology that's available with frac automation and Closed Loop Fracturing. We're very excited to see the transformation that this industry's about to go through. I think that factors into it as well. We're looking for partners. We'll build it. We'll line it all out. We're not afraid to deploy capital for the right relationships and commitments, and for the right returns. Technology is a big part of it, too, and I think we're starting to see all of this line up and these conversations, these types of partnerships. That's what we've focused on over the last year or two, and it's really coming into fruition. We look forward to updating not only our shareholders, but the overall market. This industry is about to break out and change what everybody thinks or expects from it. I appreciate that color. As an analyst that covers both Flotek and you all, I'm going to ask a question you probably don't want to answer, but I'm going to ask it anyway. Given the tightness in your financial flexibility and the amount of appreciation in Flotek stock, you've been very smart to hold onto it to date. Would you consider peeling off some shares here to promote your financial flexibility going forward and increase the float on Flotek? Just any thoughts around that? Look, we can't comment to any particular behavior. I think we manage our portfolio as a portfolio and we're economic animals. At the same time, that's a phenomenal business. We're so proud of those guys over there. We're excited about their future. We're excited to be a part of it, to be a part of what they're building, and we're excited to be a part of their future for a very long time and continue to support them. I think that there's a lot of synergies, a lot of collaboration between the two organizations, and that's not going to change. I had to try anyway. I appreciate the color. I'll turn it back. Definitely. Thank you. Thank you. Our next question comes from the line of John Daniel with Daniel Energy Partners. Please proceed with your question. Thank you. Ladd, good luck on your next steps. If you find yourself— Thanks. On the street looking for a job, give us a call. Thanks, John. First question is about the RFPs. Matt, you alluded to they're coming in early. I'm just curious if you've had the chance to dig into the RFPs and look to see how many are coming from public players, and what are they asking for next year, and is that more than what they're running today? With the guys that are starting early, we can only guess why they're starting early. We think that it's just to make sure that they have it locked down. Right. It's about certainty. If you're worried about tightness, you don't want to be last. You don't necessarily have to be first, but you can't be last. I think from here on, it's only going to get tighter and tighter. Right. The companies that lead off are going to get most likely the best economics. As we progress further into RFPs, we'll be able to give you better color on additional activity. I think this early on, the main indicator is just how early it is. Okay. Fair enough. I'll bug you next quarter on it then. Two more questions from me. What is against the fence today? If you made the decision to reactivate, I understand there's a lot of things have to fall into place, but if you made the decision to reactivate, how much could you bring back in the next three to six months? Man, I'll answer that question like this. From a fuel efficiency standpoint, everything that's available in the market is deployed. Yeah. All next generation equipment, all fuel efficient equipment is currently deployed. What we've seen across the landscape from a lot of our peers is that a lot of the diesel equipment has either been completely retired or sold into foreign markets. We've been patient, and we've retained some capacity there, and have these for upgrade candidates. If it really tightens up, then we'd likely deploy some of those as is, as diesel. For the most part, we're sitting tight. We're fully deployed on what we think that the market is looking for, and if it really came down to it, there is some capacity that we can bring back. We don't want to push. It's not just how much does it cost to put a fleet out. Our position on it is, what kind of supply chain do we need to support it? Right. Do we need to carry the inventory? Do I need to expand the inventory? Do I need to hire people? I'd rather stick right where we're at, establish efficiencies, pursue further, fully execute on our disciplined approach to cost, and fully realize that. I think that favors the market that we're leading into very well. We want to see more from the operators. Yeah. We make a call and start activating fleet. We can bring fuel efficiency out there. I think in some areas, after you include the cost of the fueler and the dyed diesel itself, that many of these areas, dyed diesel's over $5. Right. In some instances, compared to January, diesel cost more than the horsepower did today. If you were buying dyed diesel today, it would cost more than the frac fleet did. So I think that tells you a lot about the bifurcation in the assets available to the market and why so many diesel fleets were sold into foreign markets. Right. Look, the economics are incredible for fuel-efficient fleets. We're happy to upgrade. There's all gas fleets, there's electric fleets, there's dual fuel fleets. When you look at them, and the displacement that you see for diesel, service companies are able to get a very respectable increase in revenue. The operator ends up with a favorable cost structure too, that would be far superior to horsepower rates in January, plus today's diesel rates. Fair enough. My final one, Matt, and then I'll turn it over. I'm sorry to be a phone hog here, but I think in response to Don's question, you said that an extra 15%-20%, in terms of price, would accelerate upgrades. Do you consider a reactivation an upgrade? Are you referring to an existing fleet that's working with 15%- 20%, you would upgrade that? Just if you could clarify. Yeah. It'd be a combination of the two. We see a 10%-15% increase in pricing. I think that we'd be willing to activate fleets. Depending on the commitment that comes with it— Commitment. We'd be willing to do an upgrade. I'll just say too, John, from where pricing was to where we are today, we're up in that ballpark year to date. In our prepared remarks, you saw we have a routine upgrade program that we prosecute almost irrespective of market cycles. We have accelerated that to some degree, just on the upgrade side, not on the new build, to be clear. Yeah. I guess the final, this is more of a comment, not a question, is I think Don's on top of this, and I think we're all looking at the market. We see the rig count, call it up 60 rigs from the April low to by the end of this year. It would seem that you're probably going to see a bit more of an increase next year, all else being equal. Clearly, there's going to be a call for more capacity. At the same time, the industry, the leaders in the industry are all being very disciplined now in terms of what they want to reactivate until pricing goes higher. Just seems like we are at that intersection right now, where things can change and inflect pretty hard. I think, we just have to step back and wait, and see how you guys and how the industry handles it. It feels encouraging. One thing I would highlight, just if you looked at the Permian, for example. The realized price per barrel in the Permian, it's not just oil, it's Waha. At some points, Waha was -$6, -$7 in January and February. Right. There's been an additional pipeline capacity come on here recently. There's another two and a half BCF pipeline that's being commissioned right now. Now we're sitting in an environment where Waha is actually positive. Knock on wood. I think when you look at that, the realized price per barrel in January and February was $31- $32. For a lot of operators, the breakeven was $30. That's what the 2026 budgets were set on. Now you look at it, we're mid-$40s on a realized price per barrel. Believe it or not, the majority of that came from Waha. The majority of that increase came from gas. Now we're moving into 2027 RFPs, and instead of the net margin on a realized barrel being $1 or $2, it's $15. Right. I think that says a lot about what we're looking at. Maybe you continue to see discipline with a lot of the larger publics, those are real economics that bring people out of the woodwork. It brings things forward. It changes the economics on some of these different benches. It brings the private side back as well. Okay. We're excited for this spot. Some of it feels a little bit like January and February of 2022. We've seen price improvement, better schedules, better calendars, better partnerships with our customers. I think as we move through RFP season and get closer to 2027, that I think there will be a very quick realization that there's nothing left on the sidelines. Right. I agree. Okay. Well, thanks for including me, guys. Good luck live. Thanks. Thanks, John. Thank you. As a reminder, if anyone has any questions, you may press star one on your telephone keypad to join the queue. Our next question comes from the line of Dan Kutz with Morgan Stanley. Please proceed with your question. Hey, thanks. Good morning, congrats, Matt. Thank you. I wanted to see if we could get any more specifics on the outlook for the next quarter and the second half of this year. I guess maybe just piecing together some of the components of the outlook for the balance of this year that you guys have shared. On the EBITDA line, do you think that the third quarter can be up or flat or closer to where consensus is in the mid-high 70s on a consolidated basis for the third quarter? You guys said that you see proppant about flat, stim services up, and then Flotek after pretty massive quarter, they updated their guidance range for the year, but the updated guidance range would imply about a $5 million step down in the third quarter, I guess, in the second half on a quarterly basis, versus the big number they put up in the third quarter. What I'm driving at is, do you think that the stim services business can make up for maybe a bit less Flotek contribution, and can it more than offset that and maybe get up closer to consensus? Yeah, just wondering if you could help us piece together some of the outlook components or to help us think about consolidated EBITDA in the third quarter. Thanks. Yeah. I'll say a few comments and then hand it off to Austin. A lot of the price increases that we went through, and we've spoken a little bit about, a lot of them didn't go fully into effect until the beginning of July. We see price improvement fully reflected in Q3. Some further improvements as we move through the balance of this year. I think we don't want to overpromise. If there's anything from a surprise stand side, then it would be it's more likely to surprise to the upside than anything else. What I can say about Flotek, is that team is phenomenal. They continue to execute really well. Historically, they've been relatively conservative on their guidance. I think you would agree looking at how they guide and how they deliver results, and I wouldn't change a thing over there about how they execute. I'm excited to see what kind of surprises they can bring for everybody. I think their behavior supports continued improvements and growth above the guidance that they provided. With that, Austin to you. Yeah, Dan, I don't have much to add. I think that's a fair kind of assessment of where we sit. I think our prepared comments really cover how we see the segments shaken out from a stim perspective, as well as on the Alpine side on sand. I think Matt's comments really cover Flotek. Not much to add there. I think it's very consistent with our messaging and the prepared remarks. Okay, great. I guess maybe the takeaway is that the mid-high 70s consensus number seems. Maybe just one on free cash. Year-to-date, you guys have had about a $40 million free cash outflow. You reiterated the CapEx guidance range for the full year based on the amount that's been spent so far. That kind of implies a little bit less CapEx in the second half at the midpoint. You have that, you have improving operational results. Do you think that you make back some of the $40 million free cash use in the second half? Do you think that the full year could be closer to break even? Consensus is a $10 million use for the full year, anything you could share as we're thinking through free cash for this year or the balance of the year. Thanks. Dan, great question. As we mentioned, we're going to pull forward some upgrades. We reiterated the CapEx guidance range, and expect to fall within that probably a little bit higher than the midpoint right now based on what we know today. With respect to the free cash flow profile moving forward, Matt mentioned, we're not anticipating adding any incremental fleets. When we add fleets, that's usually the biggest driver of working capital drag when you think through the investment that we have to make in order to put a new fleet out from a structural perspective. As we continue to realize the cash and expense savings through the P&L, but also the cash flow statement, that'll help drive a higher fall through from EBITDA all the way to operating cash flow and then free cash flow. As we move forward through the balance of the year, the impact of the cash savings coupled with the fact that we're not adding any incremental fleet, at least that's the plan today, should enable us to have a higher fall through on our free cash flow line. Great. It's all really helpful. Thank you both. I'll turn it back. Sure. Thank you. Thank you. We have reached the end of the question-and-answer session, and therefore, I would like to turn the floor back to Matt Wilks for closing remarks. Definitely. Thank you. I just want to say a special thank you for Ladd. What an incredible partner. I've worked with him in a lot of different businesses, and I think that ProFrac is a really special company and a special business. I think that the partnership between Ladd and myself has only grown and continues to get stronger and stronger, and I'm just so proud of him, proud of the opportunities that he has available to him, and I'm especially excited that he's joining the board with me. I take it as a huge vote of confidence that he's comfortable to leave this responsibility to me. I know that this wouldn't be possible if I didn't have such an amazing team around me, and we truly do have the best people in the industry that works here at ProFrac Holdings. Look forward to the coming days. We're very excited about the market that we're in. We've got incredible stakeholders, from customers to the vendors to the great people here at ProFrac. Look forward to next quarter, excited to deliver phenomenal results. I think we're going to have some really, really good days going forward. Perhaps we may even bring our hold music back. Anyways, thank you. Thank you. This concludes today's conference, you may disconnect your lines at this time. We thank you for your participation.