Welcome to the ChampionX Q4 and full year 2021 earnings call. My name is Annette, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. During the Q&A session, if you have a question, please press Star, then one on your touchtone phone. Please note this conference is being recorded. I will now turn the call over to Byron Pope, Vice President, ESG and Investor Relations. Mr. Pope, you may begin. Thank you. Good morning, everyone. With me today are Soma Somasundaram, President and CEO of ChampionX, and Ken Fisher, our Executive Vice President and CFO. During today's call, Soma will share some of the company's highlights. Ken will then discuss our Q4 2021 results and Q1 2022 outlook before turning the call back to Soma for some summary thoughts. We will then open the call for Q&A. During today's call, we will be referring to the slides posted on our website. Let me remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause material difference in our results from those projected in these statements. Therefore, I refer you to our latest 10-K filing and our other SEC filings for a discussion of some of the factors that could cause actual results to differ materially. Our comments today may also include non-GAAP financial measures. Additional details on reconciliations to the most directly comparable GAAP financial measures can be found in our Q4 press release, which is available on our website. I will now turn the call over to Soma. Thank you, Byron. Good morning, everyone. I would like to welcome our shareholders, employees, and analysts to our Q4 2021 earnings call. Thanks for joining us today. Before turning to our business results, let me first express my sincere gratitude to all of our employees for their focus and dedication in serving our customers and communities during 2021, which marked our first full calendar year as ChampionX. Against the backdrop of the ongoing global pandemic, the health and safety of our employees remains our most important priority. Our teams have worked tirelessly to help our customers sustainably unlock the energy that our global economy needs and deliver a strong year for ChampionX. With that, let me turn to our Q4 performance. Amid COVID-19 driven productivity challenges and continued raw material inflation, product availability, and logistics headwinds, we delivered solid results driven by healthy margin improvement in our chemical technologies businesses. Our execution on pricing and productivity initiatives helped us achieve 110 basis points sequential EBITDA margin expansion, exiting the year at 80 basis points higher than last year. We also delivered another quarter of strong free cash flow generation. We made further progress in our cost synergies, and we are well positioned to deliver the full targeted cost synergies of $125 million within 24 months of the merger closing. In addition, our revenue synergy efforts are paying off. We achieved $30 million of new customer wins in 2021 due to revenue synergy efforts, and we expect this to grow in the coming years. From the time of legacy Apergy spin-off from Dover Corporation nearly four years ago, through the completion of the transformational merger between Apergy and ChampionX in June 2020 to the Q4 of this year, we have been steadfast in our consistent and disciplined approach to capital allocation, which enabled us to reach our target leverage ratio of 1x net debt to EBITDA during the Q4. We are pleased to now deliver on our commitment to begin returning capital to shareholders by initiating a regular quarterly dividend, which we believe is sustainable through the cycle and which also maintains our flexibility to invest in attractive organic and M&A opportunities as well as further pay down debt. As a purpose-driven company, we always start with our organizational North Star on slide four, which is improving the lives of our customers, employees, shareholders, and communities. As an example of how our employees regularly engage in the broader communities in which we live and work, ChampionX recently partnered with ALLY Energy to sponsor a two-day energy transition event in Houston at Greentown Labs, which is North America's largest climate tech incubator. This brought together the energy workforce, entrepreneurs, policymakers, and leaders to celebrate the diverse perspectives that will help pave the way for the energy transition. Later in my comments, I will update you on our progress toward our five long-term strategic priority. First, on slide five, let me give you a quick example of how we are thoughtfully allocating capital to evolve our business portfolio for sustained growth in the energy transition. We are fully committed to helping our customers decarbonize oil and gas operations through impactful technology solutions, while also enabling customers to maximize the value of their producing assets. Our recent acquisition of Tomson Technologies adds to our suite of technologies that help our customers reduce their carbon footprint. Tomson's innovative nano-substrate technology solution significantly increases the efficiency of scale treatment, resulting in approximately three times more effective life versus traditional scale treatment. This results in meaningful annual cost savings for our customers as fewer treatments are needed and thus reducing costs and carbon footprint related to transportation, rig up and downtime, and tanks and pumps rentals. Ken will take you through our Q4 financial results shortly, so let me just share a few high-level comments. As the cyclical recovery in demand for energy services and equipment gained momentum last year, our business portfolio delivered industry-leading top line growth in 2021. This illustrates the attractive organic growth opportunities within our global business. While our overall revenue was relatively flat sequentially in the Q4, we delivered 5% growth in North America, offset by supply chain bottlenecks, which constrained international sales during the period, particularly in our chemical technologies businesses. In the Q4, our teams executed well on pricing and productivity initiatives to deliver solid margin improvement. Our digital business grew 6% sequentially in Q4. We expect the pipeline of our new product launches in our digital business to drive further healthy growth in the coming quarters. In Drilling Technologies, customers continue to adopt our new technologies, resulting in approximately 80% of Drilling Technologies revenues coming from products that are less than three years old for the third consecutive quarter. Our teams continue to work diligently to deliver price increase realizations to offset the impact of raw materials, labor, and logistics related inflation that we have experienced in our portfolio of businesses. We expect these efforts to drive our continued margin expansion in 2022. As the energy industry upcycle further gains momentum in 2022 and beyond, ChampionX is well positioned to continue delivering strong earnings, margin, and free cash flow growth. We remain focused on delivering profitable growth, prioritizing quality of growth over just volume. While we expect raw material availability and global supply chain bottlenecks to constrain growth somewhat in the first half of 2022, we are confident that we will deliver positive top line and bottom line growth with meaningful margin expansion for the full year. We expect Q1 to be the low point in our margin performance, and we expect progressive improvement through the year exiting 2022 at a EBITDA margin rate of 18%. I would now like to turn the call over to Ken to discuss our Q4 results and our Q1 outlook. Thank you, Soma. Good morning, and thank you for joining us. Today, I will be commenting on adjusted EBITDA for sequential comparisons. We believe this metric best reflects the business performance of continuing operations. As seen on slide seven, Q4 2021 revenue was $822 million, up $3 million sequentially. Geographically, we experienced solid sequential revenue growth in North America of 5%, offset by a 6% decline internationally, where sales were constrained by material availability and supply chain and logistics challenges. Included in our quarterly revenues were $34 million of cross sales to Ecolab. As previously communicated, cross supply sales to Ecolab are associated with post-merger related supply agreements. We do not recognize EBITDA margin on these sales. Within our financial statements, the revenue associated with these sales to Ecolab is allocated to corporate and other. We expect these Ecolab sales to continue at a declining rate through mid-2023, the third anniversary of the merger closing date. Net income for the quarter was $43 million in Q4 versus $57 million in the Q3 of the year. Q3 included a gain on the sale of our Corsicana, Texas, chemical facility. Absent this portfolio-related gain, net income increased sequentially, driven primarily by realization of selling price increases in our chemicals and PAT segments. As seen on slide eight, ChampionX continued our strong delivery with consolidated adjusted EBITDA in the Q4 of $133 million at 8% sequential increase. This increase was primarily driven by the impact of selling price increases and favorable mix, which helped offset raw material cost inflation and the aforementioned product availability and logistics headwinds. In the quarter, we delivered consolidated adjusted EBITDA margin of 16.2%, up 110 basis points sequentially and up 80 basis points above our 2020 exit rate. This margin outcome was consistent with our 2021 guidance. In the quarter, we generated cash flow from operating activities of $88 million and delivered $71 million of free cash flow, representing 53% of 4Q's adjusted EBITDA. For the full year, we delivered $244 million of free cash flow, also 53% of full-year adjusted EBITDA. Both the quarter and the full year were within the 50%-60% free cash flow to EBITDA guidance range. During the Q4, we also reached our target net debt to trailing twelve-month EBITDA ratio of 1x, a very significant post-merger milestone. In the Q4, we invested $17 million in capital expenditures. Moving forward, in 2022, we expect to fund capital investment in the annualized range of 3.5% of revenues. Turning to our business segments. Production Chemical Technologies generated Q4 revenue of $495 million, up 2% from the Q3. The sequential increase was driven by strong growth in North America volumes, partially offset by supply chain bottlenecks which constrained sales in our international business during the period. Geographically, North America revenue increased 9%, while international revenue declined 6% sequentially. Segment adjusted EBITDA was $82 million, up 16% sequentially. Profitability improved on primarily higher customer pricing despite experiencing continued raw material inflation. Segment adjusted EBITDA margin was 16.6%, a very strong 200 basis point increase over the Q3. As we pass the normal seasonality in 1Q, and as more of the impact of our pricing actions are realized, we will experience healthy sequential margin rate improvement throughout 2022. In Production & Automation Technologies, 4Q segment revenue was $203 million, declining 1% sequentially due to the normal seasonality related to year-end holidays. Digital revenues increased 6% sequentially in the quarter and 17% annually year-over-year. We continue to expect strong double-digit revenue growth in 2022 from increased adoption of our modular fit-for-purpose approach as customers place an ever-increasing focus on leveraging digital technologies to improve cost structures and drive efficiencies. PAT Q4 segment adjusted EBITDA was $39 million, down 2% sequentially. The EBITDA margin was 19.4%, down 17 basis points versus the Q3, primarily on raw material and logistics cost inflation pressures experienced during the period. We expect to return to a 20%+ margin profile in this business as we realize the full impact of customer price increases and volumes grow during the first half of 2022. Drilling Technologies segment revenue was $50 million in the Q4, up 1% sequentially as we experienced demand growth in North America, offset by the sequential decline in international volumes. Drilling Technologies delivered segment adjusted EBITDA of $13 million during the Q4, down $2 million sequentially, driven primarily by product mix and a temporary increase in cost to serve customers as a result of COVID-related labor challenges. We expect Drilling Technologies to see margin improvement in the Q1. Reservoir Chemical Technologies revenue for the Q4 was $40 million, a 4% increase sequentially, driven by higher international and U.S. well completion activity. Segment adjusted EBITDA in the Q4 was $3 million, a $2 million sequential improvement, which was primarily driven by higher volumes and our continued improvement initiatives. Turning to slide nine of the presentation, we continue to make excellent progress on maximizing merger synergies. Our strong synergy focus is enabling us to continue capturing integration benefits as well as operational and functional cost improvements and revenue synergies. We fully expect to achieve our targeted $125 million of annualized cost synergies within 24 months of the merger closing date. We exited Q4 at a $121 million annual run rate. On revenue synergies, we are seeing strong momentum in our production-oriented joint sales efforts, both in the U.S. and internationally. We will continue to update on progress on this front. Slide 10 details our balance sheet and financial position. We ended 2021 with $252 million of cash on hand and approximately $611 million of total liquidity, which includes our available revolver capacity. We repaid $47 million of debt during the Q4, and since the merger date, have paid down $373 million of debt obligations, approximately one-third of the then outstanding total. At December 31, our net debt to trailing twelve-month pro forma adjusted EBITDA reached our target ratio of 1x. This compared to our net leverage of 1.2 times at September 30 and 1.8 times at year-end 2020. Turning to slide 11 and shareholder returns. Our disciplined approach to capital allocation, consistently deploying free cash flow to repay debt since the merger, has now positioned the company to initiate a capital return to shareholders via a quarterly cash dividend. We are delivering on our previous commitment to begin shareholder returns as we reached our target net leverage ratio. We are initiating a regular quarterly dividend of $0.075 per share of common stock. This equates to approximately $62 million per year based on the current share count. We view this dividend level as sustainable through the cycle and competitive for companies in the energy equipment and service sector. With this dividend level, we will maintain the capital capacity to continue to reduce our leverage while reinvesting in technologies to support our high margin organic growth initiatives and to pursue attractive M&A growth opportunities as the energy industry continues its transition. Additionally, we remain laser focused on operating in free cash flow delivery, working capital management, and maintaining our strong liquidity and financial position. Turning to slide 12 and our forward outlook. We expect 2022 to be a year of solid revenue growth and sequentially improving margin rate. We expect the company to exit the year in the 18% margin range, up approximately 180 basis points on the 2021 exit rate. Specific to Q1, we expect revenue, including Ecolab cross sales, in the range of $815 million-$845 million. At the midpoint, this revenue is up 21% year-over-year. The one quarter sequential change in revenue is primarily driven by traditional seasonal declines in our chemical volumes, offset by a catch-up of revenue delayed from Q4 as a result of supply chain challenges. In North America, we expect continued positive activity momentum in our drilling oriented and in our automation businesses. As stated, with selling prices catching up with raw materials inflation, coupled with our synergy initiatives and ongoing cost and productivity actions, we expect our adjusted EBITDA margin to improve healthily throughout the year. For the Q1, we expect EBITDA in the range of $122 million-$130 million. At the midpoint, this is approximately a 35% year-over-year growth. In the quarter, we expect PCT will exhibit their historic revenue and margin trend, partially offset by continued improvement in selling prices. Please note that in the slides appendix, slide 16, we have provided the historical one quarter revenue seasonality trend for PCT. We expect PAT will resume sequential revenue growth on strong U.S. activity and realize improved pricing and continued productivity improvement. We have also provided some additional specifics related to our Q1 on the guidance slide. We remain pleased with our strong cash flow performance and consistent with prior years, we are confident that we will generate a free cash flow to EBITDA conversion ratio in the 50%-60% range for the full year of 2022. Q1 will be the free cash flow low point for the year, below the annual range, driven by compensation and employer contribution outflows and the expected continuing working capital pressures we have seen from materials and logistics bottlenecks. Thank you. Now back to Soma. Thank you, Ken. Before we open the call to questions, I would like to turn your attention to slide 14 of our deck, which summarizes the five long-term strategic priorities that I first shared with you in the fall of 2020, soon after our transformational merger was completed. At the time, our commitment was to periodically update you, our stakeholders, on the progress we are making on these priorities, which we have done on several earnings calls this year. Today, let me highlight the progress we have made on Realize Better Together Potential and Evolve Portfolio for Sustained Growth. On Better Together Potential, we are now 20 months into our merger, and the cultural alignment, which was evident from day one, is even stronger today. Our pipeline of production-oriented joint sell opportunities has continued to expand both here in the U.S. and abroad. Despite waves of COVID variants having limited the extent to which our teams have been able to engage in person with each other and with customers, our teams have delivered $30 million of new customer wins in 2021, driven by revenue synergy efforts. We are excited about the growing pipeline of opportunities, and we expect revenue synergies to continue to grow in the coming years. On cost synergies, we committed that we would remain laser focused on delivering the full $125 million of annualized cost synergies within two years of merger close. We exited 2020 at an $82 million run rate, and we exited 2021 at a run rate of $121 million. It is in part because of this realized cost synergies that we were able to expand our EBITDA margin during 2021, despite raw materials, labor, and logistics inflation headwinds which persisted throughout the year. On evolving the portfolio for sustained growth, you have seen our acquisition of innovative and disruptive energy transition companies, Scientific Aviation, Tomson Technologies, and Group Two Technologies, and our investment in QLM Technology and Pink Petro. What is not visible to you is the progress that our chemical technologies, Production & Automation Technologies, and Drilling Technologies teams are making in launching new product offerings, which will reap energy transition benefits in coming years. Our teams are continuing to innovate in the areas of environmentally friendly chemical solutions, energy efficient artificial lift systems, digital solutions that enable customers' assets to operate more efficiently, diamond cutters that improve the productivity of drilling, and technology that detects and helps reduce emissions, all with the primary focus of helping our customers reduce their carbon footprint. Regarding capital allocation, we will maintain our discipline. We will continue to use our value creation framework to guide how we allocate capital to both organic and inorganic opportunities, and we will use our strong full cycle free cash flow generating ability to sustain our dividend and further pay down debt over time. In closing, ChampionX is a global production-oriented technology provider, and we are well positioned to be a long-term winner as our energy industry continues to evolve. Through our differentiated products and technology, attractive growth opportunities, and strong free cash flow generation, we are focused on delivering strong financial performance for our shareholders in 2022 and in the years to come. Again, I want to thank all of our ChampionX employees around the world for your remarkable dedication to our purpose of improving lives of our customers, our employees, our shareholders, and our communities. I could not be more humbled and inspired to lead such an extraordinary team. With that, I would like to open the call for questions. Thank you. We will now begin the question and answer session. If you have a question, please press star then one on your touchtone phone. If you wish to be removed from the queue, please press the pound sign or the hash key. There will be a delay before the first question is announced. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press star then one on your touchtone phone. Okay, let's see. Our first question comes from Scott Gruber. Go ahead, please. Yes, good morning. Good morning, Scott. Thanks for taking my question. You know, in thinking about the 18% exit target for EBITDA, can you just provide some color on, you know, where you think the segments land and the composition, you know, of the 18%? It sounds like to start the year, you know, drilling tech will bounce back, and I imagine production chemicals steps down a bit. Just some color on, you know, the margins, you know, across the business segments to get you to the 18%. Yeah, sure, Scott. First and foremost, Scott, we expect all of our segments to deliver and fully participate in the margin expansion. 2022, we expect it to be a year of solid growth. I also want to emphasize that our focus is, as I mentioned in my prepared remarks, will be on the quality of growth, just more than just volume. Because we believe that protecting margins in inflationary environment is really, really important. We will continue to prioritize margin expansion because there are things we can control in executing on the margin expansion which are within our control as well. When you look at the growth aspects in 2022, you know, we expect clearly Drilling Technologies to drive a significant higher revenue growth as a percentage, you know, given the expected spending in drilling side. Clearly Drilling Technologies, given our incrementals, will lead in terms of margin expansion percentages. I would say our Production Chemical Technologies, you know, in a normal recovery cycle, it tends to grow closer to high single digits. The incrementals on our Production Chemical Technologies, we expect it to be higher than usual, primarily driven by the pricing improvements which we will see. You should expect our Production Chemical Technologies to contribute to nice margin expansion in the 2022. Followed by our Production & Automation Technologies. You know, we expect that business, given our revenue synergies, the international markets should grow nicely, and it being a short cycle business, we should also see good growth in our U.S. market. We expect a normal incrementals, which tends to be in the high 20s% for our artificial lift business. That's how we think about our margin expansion and how each of the segments will participate in it. I appreciate all that color. Can you just provide us an update in terms of, you know, where chemical pricing sits today relative to the inflation that you've seen? Obviously, there's a lag. You know, will 1Q pricing, you know, fully reflect all the inflation you saw last year? Then there's probably been some more inflation to start the year. Is there another round of price increases coming to offset the inflation year to date? When will those, you know, be reflected in the segment financials? Yeah, Scott, well, first and foremost, you know, let me take this opportunity to thank our chemical technologies team, in terms of, you know, they are laser focused on executing on this pricing. That clearly shows us a differentiated performance, you know, in the industry. You know, the chemical inflationary pressures and raw material availability is a well-publicized topic, especially, you know, when you see the other chemicals companies and specialty chemical companies outside of oil and gas also are struggling with that. I'm very grateful of how focused our team is in executing on this. From the price increases we have already executed, including the ones which we have put forth in Q4, we will see that, you know, by the time we exit Q1, barring any new additional inflationary pressures, you should see us starting to cover our raw material price increases. I expect as we get into Q2, that you will start seeing that getting reflected. The margin progression, as we have said in the prepared remarks, that our PCT margin progression should reflect very much the ChampionX margin progression, where Q1 will be the low point, and then starting in Q2, Q3, Q4, you will see the margin progressions continuing to increase. Got it. Thanks, Soma. Sure, Scott. Our next question is from Chase Mulvehill of Bank of America. Go ahead, please. Hey, good morning, everybody. Good morning, Chase. Good morning, Chase. Morning, Soma. Good morning, Ken. I guess if we can kinda hit on the dividend, really nice to see the dividend, you know, initiated here. I guess you're gonna have a lot of excess free cash. You've kinda hit your leverage ratios that you've been targeting. You mentioned about paying down, you know, more debt over time, but, you know, with the excess free cash flow that you'll have this year, how should we think about how you're gonna allocate that, you know, between debt pay down, M&A and maybe even some buybacks? Yeah. I mean, Chase, you know, we are pleased that we are able to follow through on our commitment to institute the dividend. We feel the dividend level we have provided, A, is competitive within the oilfield equipment and services market, and B, it's, you know, we are confident we can sustain that level of dividend through the cycle. You know, about that dividend, you know, we really see some attractive growth opportunities, both organically and in the M&A side, which we will continue to want to keep the firepower to deploy capital to. We will continue to further pay down debt as part of our continued capital allocation. With respect to the share repurchase, our own research, you know, has shown that particularly in the oilfield services sector, our own research shows that it's not been value enhancing at this point. Okay. All right. Appreciate the color there. I guess the follow-up, and you know, you talked a lot about it in the prepared remarks, but you know, PCT outlook. I'm gonna kinda ask, and I don't know if you can frame how you think certain revenue scenarios will play out this year for PCT. I mean, obviously, we've got OPEC coming back and international doing better. Do you think it's possible for PCT revenues to be up in the low teens this year? Then, you know, I heard mention of the 20% PCT margin target again, but I don't know if I heard that it would be that you could hit that this year or if that was just kind of a longer-term target. If you could just kinda comment on those two things. Yeah, Chase. Let me start by saying, you know, you know, the margin expansion—we are very focused on the margin expansion in PCT. We will not be hitting the 20% EBITDA margin in PCT this year in terms of exit margins. That's not in our plan today. In terms of growth scenario, you know, look, we have done a lot of work looking at the history and the revenue growth projections. Historically, PCT in normal recovery cycles have shown closer to high single digits type of revenue growth. That's what we are expecting for this year, high single digits type of revenue growth. The other thing I also want to mention, Chase, is that, you know, we are prioritizing quality of growth over just volume, because for us, that margin expansion is important. We do believe that the high pricing realization is important. We are prioritizing, you know, quality of growth over just volume. With all that, we feel that, you know, the normal recovery target closer to high single digit is more appropriate for the PCT business. Okay, got it. I appreciate the color there. I'll turn it back over. Thanks, Soma. Yep, sure. Okay. The next question comes from Taylor Zurcher with Tudor, Pickering, Holt & Co. Go ahead, please. Hey, Soma and Ken. Thanks for taking my question. My first one already asked and answered on capital allocation, but I just wanted to dig a little bit deeper on M&A. You've done a number of sort of tuck-in, bolt-on type deals recently, and at least one recently in the traditional oil and gas space with a ESG angle. As we think about potential M&A opportunities moving forward that you might be looking at or might look at moving forward, just curious how we should be thinking about them from a sort of energy transition type focus versus a legacy oil and gas focus. Also from a relative size focus. The last few deals you've done have all largely been pretty small, but you do have quite a bit of capital allocation flexibility. Just curious if we might see some chunkier deals come over the near-term horizon. Thank you. Sure, Taylor. Let me start with the first one in terms of the type of opportunities. You know, as we have said before, there are three distinct areas we are looking at as part of our ability to sustain growth through the energy transition over the longer period. It starts with the emission management. You've seen that we are starting to make deals in the emissions management side. This tends to be generally smaller deals because there is not large scale emissions companies today because it's a very nascent environment, and there is a lot of start-up companies in this area. We are continuously evaluating and looking at making those acquisitions. These tends to be smaller ones. We are also continue to want to expand our digital offerings, so you should see us continue to look at enhancing our digital offering, both to help the customers in the oil and gas industry, but we are also looking at opportunities, you know, in the adjacent industrial markets where similar type of assets exist, such as, you know, engines and compressors and, reciprocating and rotating assets where our digital technologies can be used. We will look at some opportunities there as well. The third element is, you know, we have talked about industrial adjacencies, you know. That's an area we will look at making deals. Now, in the oil and gas sector, clearly, you know, we will evaluate those opportunities that are highly, you know, synergistic to us and provides higher value enhancements. As I mentioned before, the bar is you know high for us because we want to make sure that they are consistent with our value creation framework. You know, we will evaluate those opportunities you know with that lens. In terms of the size of the deals, I would say that you know clearly you know we are pleased with where we are with achieving the 1x net leverage, but we also want to be conscious that we want to continue to pay down some more debt. It does give us the flexibility if the right type of opportunity arises to do even a little chunkier deal than what we have done in the last couple of years. Okay, very helpful. Thanks for that. My follow-up's on revenue synergies. You've had some nice momentum over the course of 2021, but largely weighted towards North America. My question is, as we get into 2022, we should have a more constructive international activity backdrop. Just hoping you could frame for us what you're seeing and hearing as it relates to potential revenue synergies on the international side getting into 2022. Yeah. Taylor, sure. You know, first, let me again take this opportunity to acknowledge our global sales team. I've been so proud of the way they have found ways to work together in executing these revenue synergies, you know, given the COVID restrictions. I mean, if you look at 2021, what we delivered out of the $30 million of new wins, we had $24 million of it came from the U.S., and $6 million of it came from outside of the U.S. There are a couple of reasons for that mix. One is the U.S. As you know, the U.S. business tends to be more short cycle in nature, and the international businesses tend to be tender-driven, long cycle in nature. That's one reason. The second reason is the restrictions related with COVID. Clearly, you know, with the higher vaccination rates in the U.S. and more access to, as 2021 progressed, to be able to do in-person meetings, the teams were able to get together as well as meet the customers. That enabled our ability to execute, you know, on higher revenue opportunities in the U.S. What gives me a lot of encouragement is given that the pace at which our teams could execute in the U.S. It validates as we move into more international where our teams are able to meet more often with each other as well as with customers. I think that, you know, it gives us more encouragement and confidence on the ability to execute more on the revenue synergies internationally. I think the pipeline, when I look at the pipeline, Taylor, I think it shows that in the coming years, this revenue synergy opportunities will continue to grow. All right. Good to hear. Thanks for the answers. Thanks, Taylor. Okay. The next question comes from Ian Macpherson with Piper Sandler. Go ahead, please. Thanks. Good morning, everyone. Good morning, Ian. Can you speak to the demand elasticity with higher oil prices to the PAT business, especially here in lower 48? I think that's still the dominant part of that business. I don't know if you would care to kind of roughly size it. I think it used to be as much as 75% of PAT. I doubt that's still quite the case now. Given the you know the melt up and not only the front month of crude but the strip, it would strike me that there's maybe not as much top line surge for PAT as we'll see in Drilling Technologies. That could be an underappreciated area of top line growth this year. I wanted to get your maybe your bookend expectations for the top line for that business this year, given higher you know the higher oil price deck. Yeah, Ian. First of all, you are correct that you know the PAT is today the big part of the business is in North America. It's in the 70%+ range in North America. You know, last year, if you look at 2021, this business grew close to 24%, right? It is a short cycle business. We know that this business will respond extremely well to when the activity grows, right? The question is you know how much growth is going to be there in the activity. To answer your question, we feel you know comfortable that this business will grow extremely nicely with activity. This team has demonstrated their ability to grow you know as activity grows. Whether what we are looking at that is 14% or 15% or 13% growth is conservative, whether if the spending increases dramatically and activity increases, absolutely this business can grow with it. Being short cycle nature of this business is hard for us to really forecast a full year how this will play out. Today, we feel it's appropriate to kind of think about a 2021 growth for this business like mid-teens. Okay. All right. That’s helpful. Thanks. Helpful and seemingly with a conservative bent. My other questions were answered, and I appreciate all the color today, and I appreciate the dividend initiation. Thanks. Sure, Ian. Next question is from Neil Mehta with Goldman Sachs. Go ahead, please. Good morning, Soma. Thanks for all the insights here today. I just wanted to get back to the capital returns point. Your balance sheet's in very good shape. Your leverage level is clearly on its way below one times EBITDA. You've initiated a dividend here, and you're gonna do some M&A, but it sounds like it's more tuck-in in nature. Given where the balance sheet is, it sounds like you're gonna still have cash left over. What I'm trying to figure out is what do you do with the excess cash? Is that incremental unit of excess cash beyond M&A going to be deployed to dividend growth? Or do you actually think that there's value in introducing a share repurchase program if the constructive environment sustains? Sure, Neil. I think, you know, like I mentioned before that, I think our own analysis in oilfield services, you know, shows that share repurchases have not been value enhancing. With respect to what we do with excess cash, I think as I mentioned before, you know, we would like to continue to further pay down debt given the cyclical nature of the industry, which will further enhance our firepower more. I think, you know, I would say that, you know, further paying down debt is in the mix of our capital allocation priorities, because, you know, once we sustain our dividend and deploy capital on the M&A opportunities and organic growth opportunities, then, you know, I think we'll continue to pay down further debt. That's what I would say, Neil. Yeah. Thanks, Soma. The follow-up is just your latest thoughts on international markets. Take us into the customer conversations that you're having with crude having lifted. Are you seeing some potential growth outside of the U.S. as we saw Q4 was a little bit lighter than what we expected, but we were thinking there could be some catch-up here in the first half of 2022. Yeah, absolutely, Neil. I think, you know, we are very positive about the international growth in 2022. Like we said in the prepared remarks that the near-term growth, particularly in our chemicals business, in 2022, particularly in the first half of the year, is more constrained by continued raw material availability issues and supply chain bottlenecks. To give you a couple of, you know, quick examples of what type of things we see, right? So when you think about raw material availability, you know, the primary raw materials before we talked about like the propylene, ethylene, methanol, these type of things are starting to improve. But there are the next set of raw materials where, you know, like for example, the raw materials that are linked to phosphorus. For example, yellow phosphorus is an important raw material. While it is not the highest in the spend, but it is an important raw material that goes into various formulations, including corrosion inhibitors and emulsifiers and so on and so forth. Yellow phosphorus is also a compound that gets used in multiple other industries, including, you know, skincare products, surfactants, detergents. The global demand, you know, for these products have significantly gone up. The supply source, you know, significant supply source of this type of raw material is China. There's been a lot of restrictions in China, whether it is energy curtailments and so on and so forth. You know, that's an example of a raw material availability. A similar one will be monoethanolamine, right? You know, this is again another raw material that gets used in multiple industries and the global demand, particularly in skincare products and so on and so forth. I think that in the near term, it's a constraint is not so much the demand as much as the availability of these raw materials. In the logistics constraints and bottlenecks, what we are seeing is, you know, the longer lead times that it's taking for transportation. For example, in Q4, you know, the sailing time between Singapore and Africa for some of our materials extended. We couldn't get to some of our customers on time. Same thing, you know, when you look at in areas like Algeria or Libya, where customers pick up the finished product from our facilities, and they couldn't get there. The near-term supply chain bottlenecks and raw material availability is the more constraining part in the growth. But what we look when we look at the demand part of it in the international side, it's growing really, really nicely, and we expect a pretty strong growth in the international markets. We do see these raw material availability and supply chain to kind of ease in the first half. You know, we are seeing signs of it. We will see it will ease. That's why, you know, we feel we'll still result in a really solid growth in 2022. Hope that gives some color, Neil. A lot of color. Thank you, Soma. Okay. This question comes from Mr. Waqar Syed from ATB Capital Markets. Please go ahead. Hey, good morning, guys. Thank you for taking my question. Good morning. Maybe if I missed, I apologize, but can you speak about how should we think about free EBITDA conversion to free cash flow for 2022, given the working capital consumption that could happen in 2022? Are we still thinking that 50%-60%, or can it be below that level? Waqar, I'll make some opening comments, and Ken can give you some more color. As Ken said in the prepared remarks, because of some of the things we talked about in terms of supply chain raw material availability, you'll see some working capital pressure, definitely, in the first half of the year. We still feel the 50%-60% for the year is achievable number. I'll turn it over to Ken. Yeah. Yeah, no, I mentioned in my remarks that we were, you know, continuing to expect that our free cash flow conversion from EBITDA would be in that 50%-60% range. Typically, Q1 is a lower quarter. It's almost, you know, if you look back over the last three or four years, Q1's usually been the low point. There's some employee comp and employer contributions that fall into that quarter. That's a specific one. We are seeing the impact on in-transit inventory from some of the things Soma mentioned. As I said in my remarks, we won't be in that 50%-60% range within the Q1, but we feel confident for the year that we can achieve that because that, you know, that's kind of, in a sense, the normal cadence of our business delivery. And to your point, working capital will move, you know, that will be, as you grow the business, you have to invest some in that working capital. We continue to be very focused on how do we optimize each element of that. Got it. Maybe if you can talk about the free cash flow uses we have talked about already on the call, but maybe we reached our 1x net debt to EBITDA target that we were aiming for. We still have around, call it $750 million of debt. Is there like a comfortable level of debt that you would like to target before we think about additional shareholder returns? Look, Waqar, as we mentioned, you know, the dividend level we have looked at and we feel good about that this can be sustained through the cycle and still gives us lot of optionality to invest in attractive growth opportunities and further pay down debt. I think we are going to stay on that path, Waqar. Then if there is a reason to reconsider it, I think that will be something, you know, the board will take up and reconsider at that point. Got it. All right. Thanks for taking my questions. Absolutely, Waqar Syed. Okay. At this time, there are no more questions. Well, thanks for joining our Q4 2021, you know, and full year earnings call. We appreciate your interest, and we look forward to speaking to you again in our next earnings call. Thank you. Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.