Welcome to the ChampionX second quarter 2022 earnings conference call. My name is Richard, and I'll 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 question-and-answer session, if you have a question, please press zero one on your touchtone phone. As a reminder, the conference is being recorded. I will now turn the call over to Byron Pope. Sir, 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, we will share some of the company's highlights. Ken will then discuss our second quarter results and third quarter 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 second quarter 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 second quarter 2022 earnings call. Thanks for joining us today. I'm pleased with ChampionX's second quarter results. Our teams executed well. Our performance was driven by robust top-line growth across our business portfolio in both our international and North American markets, increasing price realization, and we are well-positioned to deliver strong adjusted EBITDA and adjusted EBITDA margin growth in the back half of the year. As we have shared before, we see our culture as a source of sustainable competitive advantage, which is why we always start with our organizational purpose as shown on slide number four. We hold ourselves accountable for being tireless customer advocates, being committed to our employees, delivering technology that is impactful in helping solve customer problems, and having a continuous improvement mindset. Speaking of our purpose, I would be remiss if I did not recognize that June third marked the two-year anniversary of our transformational merger. We are proud of how remarkably well our organization has executed on behalf of all our stakeholders over the last two years. We are truly better together. Consistent with our purpose of improving life, as you can see on slide number five, we celebrated our two-year anniversary by volunteering over 1,400 hours of service in communities around the world. It is humbling to see our team's commitment to our purpose put into action in such tangible ways. Now, Ken will take you through our second quarter financial results shortly, so let me just share a few high-level comments. Our business portfolio once again delivered superior top-line growth in the second quarter. Year over year, our North America and international revenue grew 27% and 20% respectively, illustrating the attractive organic growth opportunities within our global businesses, as each of our businesses contributed to this strong performance. In particular, in our first quarter earnings call, we mentioned that we expected our Production Chemical Technologies business to experience top-line growth for the full-year 2022 approaching mid-teens%. Given the robust top-line first half of 2022, we now expect our Production Chemical Technologies business to deliver full-year 2022 revenue growth in the high-teens%. Revenues from digital products, which includes our emission management products, increased 54% year over year and 14% sequentially in the second quarter. We continue to remain excited about the long-term organic growth prospects in this business and investing appropriately to support it. Our teams are delivering price increase realization to offset the impact of raw materials, labor, and logistics-related cost inflation that we have experienced in our portfolio of businesses. Last quarter, we shared with you that we expected our chemical selling price to catch up to and exceed raw materials inflation exiting the second quarter, and our teams delivered on that objective. As such, we confidently expect to see healthy EBITDA margin improvement in the second half of this year. We have previously shared with you our capital allocation priorities. During the second quarter, we demonstrated our commitment to returning capital to shareholders by returning over 60% of our free cash flow generated during the period to our investors via our regular cash dividend and by repurchasing $20 million of ChampionX stock. We remain fully committed to creating value for our ChampionX shareholders and to increase capital return as our free cash flow grows in the second half of this year. Now I would like to turn the call over to Ken to discuss our second quarter results and our third quarter outlook. Thank you, Soma. Good morning, and thanks everyone for joining us. Today, I will be commenting on adjusted EBITDA for sequential and year-over-year comparisons. We believe this metric best reflects the business performance of continuing operations. As seen on slide seven, second quarter 2022 revenue was $933 million, up $67 million or 8% sequentially, and up 24% year-over-year as we posted solid revenue growth in all of our operating segments. Geographically, North America revenue grew 6%, and international revenue was up 11% sequentially. Included in our quarterly revenues were $36 million of cross sales to Ecolab associated with post-merger supply agreements. We do not recognize EBITDA margin on these sales, and the associated revenue is allocated to corporate and other in our financial statements. We expect these Ecolab sales to continue at a declining rate through mid-2023, the third anniversary of our merger closing date. Second quarter GAAP net income for the company was $27 million or $0.13 per diluted share, versus $37 million in the first quarter and $7 million in the second quarter of 2021. Second quarter net income included a $23 million charge to reduce the carrying value of the Chemical Technologies Russia business to its estimated fair value as this business was classified as held for sale during the quarter. As seen on slide eight, ChampionX consolidated adjusted EBITDA in the second quarter was $138 million, up 11% versus the previous quarter, and an increase of 31% versus the prior year period. Higher volumes and selling prices primarily drove this improvement in net income and adjusted EBITDA and more than offset the impact of raw material and other cost inflation. In the second quarter, we delivered consolidated adjusted EBITDA margin of 14.8%, higher by 41 basis points sequentially, and up 76 basis points over the second quarter of 2021. Our second quarter free cash flow of $54 million reflects effective working capital management as we supported the strong top line growth of the business during the quarter. Cash from operating activities was $74 million, and capital investment was $21 million, net of proceeds from asset sales. Turning to our business segments. Production Chemical Technologies generated second quarter revenue of $552 million, up 7% from the first quarter and up 24% year-over-year. The sequential increase was led by solid international growth. Geographically, North America revenue increased 4%, while international revenues increased 11% sequentially. Segment adjusted EBITDA was $78 million, up 17% sequentially and 27% higher than the second quarter of last year. Volume growth and selling price increases drove the sequential and year-over-year improvement. Segment adjusted EBITDA margin was 14.2%, up 118 basis points sequentially, and 36 basis points up from the prior year's period. We had strong revenue growth in the first half of this year, and we continued to realize the benefit of our pricing actions, offset by somewhat higher raw material and logistics costs in the quarter. Our price realization caught up to raw material inflation during the second quarter, and we still expect to deliver healthy sequential EBITDA margin rate improvement in the second half of 2022. Given sanctions imposed by the United States, European Union, and United Kingdom, we have initiated a plan to sell our operations in Russia, which is included in our Production Chemical Technologies segment. This business was classified as held for sale at the end of the second quarter and written down to expected fair value. Production and Automation Technologies second quarter segment revenue of $242 million increased 10% sequentially, primarily due to activity increases, market share capture, and increased pricing. Year-over-year, revenue was up 29%. Digital revenues increased 14% sequentially in the quarter and 54% year-over-year. We are seeing continued customer focus on leveraging digital to reduce emissions and drive operational improvements and cost efficiencies. Our revenues are benefiting from this trend. PAT second quarter segment adjusted EBITDA was $49 million, up 8% sequentially and 20% year-over-year. Segment adjusted EBITDA margin was 20%, down 40 basis points versus the first quarter, primarily due to materials and freight cost inflation in the period. Drilling Technologies segment revenue was $58 million in the second quarter, up 2% sequentially and 54% year-over-year, as we experienced continued demand growth in North America and internationally, as well as increased pricing. Drilling Technologies delivered segment adjusted EBITDA of $17 million during the second quarter, flat sequentially and up approximately 2x the second quarter of last year. Segment margin was 29.5% in the quarter, a 93 basis point sequential decline, but roughly 700 basis points above the year-over-year comparable. Revenue. Chemical Technologies revenue for the second quarter was $44 million, which is an increase of 11% sequentially and up 33% year-over-year. The segment experienced a small adjusted EBITDA loss driven by raw materials cost inflation. As noted on slide nine, during the quarter, after a strategic review, we decided to exit certain RCT product lines and the associated manufacturing capacity to improve the overall profitability of this business moving forward. We incurred approximately $5 million in restructuring charges during the second quarter related to these efforts and expect further restructuring charges in third quarter related to manufacturing capacity rationalization. Moving to our financial position and balance sheet. As shown on slide 10, we ended the second quarter in strong position with $167 million of cash on hand and approximately $740 million of total liquidity, including available revolver capacity, an increase of $200 million versus the prior quarter. During the quarter, we successfully refinanced our existing credit facilities with a restated senior secured credit facility, and we redeemed all of our outstanding senior notes. The restated agreement provides a $625 million Term Loan B and a $700 million five-year revolving credit facility. The successful execution of the debt refinancing further simplified our balance sheet, extended our nearest debt maturity to 2027, and enhanced our strong liquidity position. At June 30, our leverage ratio was 1x net debt to adjusted EBITDA. We remain committed to the return of surplus capital to our shareholders. During the second quarter, we returned over 60% of our free cash flow to shareholders in the form of our $15 million regular quarterly cash dividend and with $20 million of share repurchases. We remain laser focused on disciplined capital allocation, delivering our operating and free cash flow targets, strong working capital management, and maintaining our strong liquidity and financial position. Turning to slide 11 in our forward outlook. We continue to expect 2022 to be a year of solid revenue growth and sequentially improving EBITDA margin rate. We continue to target the company to exit the year in the 18% margin range, up approximately 100 basis points on the 2021 exit rate. Specific to the third quarter, we expect revenue, including Ecolab cross-sales, in the range of $925 million-$955 million. With chemical selling price increases now exceeding raw materials inflation, coupled with our ongoing cost and productivity actions, we expect our adjusted EBITDA margin to improve healthily in the second half of the year. For the third quarter, we expect EBITDA in the range of $148 million-$156 million. In the quarter, we also expect sequential revenue improvement in our PCT, PAT, and Drilling Technologies businesses. We expect some revenue offsets, specifically the impacts of exiting certain product lines within our Reservoir Chemical Technologies business and the expected and previously communicated reduction in cross-supply sales to Ecolab. On this slide, we have also provided additional specifics related to our third quarter. We continue to expect capital investments to remain in the range of 3%-3.5% of revenue. While in periods of revenue growth, we will see working capital investment requirements, we remain confident in our 50%-60% free cash flow to EBITDA conversion ratio target through the cycle. We still expect our 2022 free cash flow delivery to be weighted to the second half of the year. 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 13 of our deck, which summarizes our capital allocation framework, which we shared with you earlier this year. As we mentioned last quarter, now that we have reached our target leverage ratio, our commitment was to begin to return capital to our shareholders while continuing to invest in high return organic growth investments and small bolt-on technology additions. During the second quarter, we utilized our free cash flow to deliver on that commitment. We expect our free cash flow profile to further improve in the second half of this year, and we intend to return a substantial portion of that free cash flow to our shareholders by continuing to execute on our previously announced share repurchase program. We remain committed to our disciplined capital allocation framework. We are laser-focused on delivering strong operational execution. As we shared on our first quarter call, we expected Q1 to be our EBITDA margin low point of the year, with our EBITDA margin progressively improving through the year. In the second quarter, we saw our Production Chemical Technologies business start to deliver margin expansion as our pricing realization caught up to the raw material inflation that we have been experiencing over the last year and a half. We expect our Production Chemical Technologies and overall ChampionX EBITDA margin to accelerate in the second half of this year, exiting 2022 at an EBITDA margin rate of 18%. In addition, we have increasing confidence that ChampionX will achieve our intermediate term goal of an EBITDA margin of at least 20%. Finally, we are excited about the constructive demand tailwinds in our businesses. Our market leadership and scale in our key product lines, combined with our broad exposure to global basins and customers, positions ChampionX particularly well for the favorable multi-year outlook for our sector. As an example, there is increasing evidence that global offshore oil and gas activity levels are improving. Offshore environments, particularly in deep water, tend to be more technically challenging and chemicals intensive, and our market-leading Production Chemical Technologies business is especially well-positioned in this arena. In closing, I want to thank all of our 7,000 ChampionX employees around the world for their relentless dedication to our purpose of improving the lives of our customers, our employees, our shareholders, and our communities. I draw inspiration daily from leading such a remarkable 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 zero one on your touch-tone phone. If you wish to be removed from the queue, please press zero two. 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 zero one on your touch-tone phone. Standing by for questions. Our first question online comes from Mr. Dave Anderson from Barclays. Please go ahead. Hi. Good morning, Soma. So it looks like you're pretty well on track to hit your your target for actually chemicals to recover margins. As you're saying, you're now the pricing is taking over on the raw material side. I'd like to talk about what happens to the segment after that in terms of kinda how the drivers of this business might change, particularly international activity poised to ramp up. I guess my question is, I guess you just said, if I'm not mistaken, I think you said 11% increase in international outpaced North America pretty well. I'm just wondering if we should expect that really to continue all through next year as we see Middle East volumes ramp up. You just mentioned, that's what I was really interested about is the offshore coming back, which I think a lot of it's gonna be pretty short cycle. Maybe just kinda talk about how North America versus international, how you see that playing out a little bit further out. Yeah, Dave, thank you. Let me first say that, you know, I'm fighting a little bit of a scratchy throat, so I apologize if my answers are, you know, interwoven with a little bit of scratchy throat here. Going back to the question about, you know, beyond 2022, I think we, you know, as you have seen, I think our teams are particularly in production chemicals executing well on the price increases. We have seen, as we saw in second quarter, as we exited second quarter, we could see that the price increases are offsetting the raw material inflation. We feel good about, you know, the margin progression in this segment and overall for ChampionX. You know, as you know, we have a very strong position in deepwater offshore. As we have shared before, they tend to be more chemically intensive, technically challenging, and we have a strong competitive moat around that area. To give you an idea, close to about 40% of our revenues in our Production Chemical Technologies comes from deepwater and offshore. At that market, you know, we are seeing increasing evidence that the market is recovering in that area. We have seen a nice growth in that in the second quarter. We feel good about in 2023 that our Production Chemical Technology should continue to benefit from that international as well as the deepwater and offshore growth. I mean, I'm presumably the margins are much higher in deepwater as well? That's correct. Directionally, as we have shared before, you know, a deepwater offshore margins tend to be better than what you typically see on a conventional. Yeah, going back to the moat, that makes sense. On my second. My final question, I kinda have a two-parter there on the Artificial Lift side. I was wondering if you could talk about the U.S. onshore business kinda year to date. What you've seen on kind of ESP versus the Rod Lift side. And then secondarily, kind of similar question on the international side. I know you've been trying to build out further on the lift side, but the topic has come up quite a bit from some of your competitors over the last week or so. So if you wouldn't mind just kind of expanding on both sides, please. Thank you. Yeah, Dave, absolutely. You know, as you've seen, our Artificial Lift and PAT, you know, continue to post very strong sequential growth. You saw, you know, we grew 10% sequentially in Q2, and we expect to grow nicely again in Q3. International has been a really strong growth both in Q2, and we expect another strong growth in Q3. You know, going back to specifically on the ESP side, again, you know, we have seen nice growth in the ESPs continue to be there. I wanna address this issue of what you mentioned about competitors. Again, I want to remind that internationally, today, we don't participate in the ESP market. So, you know, really the, you know, that's complete greenfield opportunity for us. We are working on, you know, our entry into the international ESP markets in the coming quarters. Again, today, we don't have any presence in the ESP market internationally. But on the other side, our majority of our international growth is driven by, you know, our Rod Lift, too, progressing cavity pumps, our jet pumps, the other forms of artificial lift, which we have got a strong position. This is a big focus of our revenue synergy opportunities, which have been, you know, we have been reporting on. We expect the revenue synergies to build up. You know, as we said last year, we got about $30 million of incremental revenue synergy awards across our portfolio. We expect this year to be higher than that. The international ESP opportunities are all incremental to that, you know, in the coming quarters and the coming years. Thank you. Yeah, sure, Dave. Thank you. Our next question online comes from Chase Mulvihill from Bank of America. Please go ahead. Hey, good morning, everybody. I guess first thing on just your guidance. 3Q, you kind of gave us obviously revenue and EBITDA, but I wanted to unpack the revenue a little bit. The guidance, it seems tough to kind of get to even the high end, you know, of the revenue guidance. Just, I mean, walk us through each of the three segments and how you guys are thinking about, you know, sequential revenue growth because I feel like the reservoir chemicals and the Ecolab revenues must be falling off pretty hard, because I think the core segment still should see some really nice growth. Yeah, Chase, I think you're, you know, thinking about that right in the sense that, you know, we expect our PCT, PAT, and Drilling Technologies all to have sequential growth in Q3. That is being offset by our, you know, the exiting of certain product lines in our RCT business as part of our restructuring. You know, and then the decline in the cross-sell of Ecolab. You know, you've seen the momentum in our Q2 top line growth in each of these segments. We feel good about the top line growth in the PCT, PAT, and Drilling Technologies. The offsetting factor here is the RCT and the decline in Ecolab sales. Would you hazard a guess which one of those three segments, whether it's PAT, Drilling Technologies or Production Chemicals will grow the most in 3Q? Yeah, PAT will probably grow the most, followed by DT and PCT. Okay. All right. Perfect. I guess follow-up question is just really on the capital allocation framework, and appreciate the slide and the details here. But you know, you've obviously hit your leverage ratio target. And you bought back a small sliver of stock in 2Q. But can you talk about how you're thinking about you know, capital allocation as you go forward, and especially as we think about it between you know, share repurchases and you mentioned special dividends. I mean, your stock is exceptionally cheap. You know, just let us know how you're thinking about buybacks you know, given where the stock's trading. Yeah. Chase, you know, as we said in the prepared remarks, you know, we are stay committed to that capital allocation framework. As you have pointed out, you know, having gotten to our target leverage, and we continue to invest in the organic investments like we talked about. We feel good about where our portfolio is. Any type of investments in technology additions will be small for us. Which means there is, you know, the substantial portion of our surplus cash, you know, we expect to return to our shareholders. You saw that in Q2, over 60% of it, and we have said that we expect the cash flow profile to improve further in second quarter, I mean, second half. We, you know, are committed to increasing our cash flow return of cash to the shareholders as that cash flow profile increases. You should expect substantial portion of our second half surplus cash to be returned to our shareholders. You know, we have that $250 million of share repurchase. We do believe that, you know, given where our stock is, I think in the second half that would be our primary mechanism of returning capital to our shareholders. Okay. Again, our commitment has not changed. I think it will continue to increase. Okay. All righty. Perfect. Appreciate the color. I'll turn it back over. Thank you. Thank you. Our next question online comes from Stephen Gengaro from Stifel. Thanks. Good morning, everybody. Two things from me, if you don't mind. What I would start with, I guess, is on the production chemical side. I mean, you had a step up in margin in the second quarter, and you gave some targets for the end of this year. When you think about the progression and sort of the overall margin target of 20%, is that a goal we should expect during 2023? Stephen, are you talking about our intermediate target of the 20% we mentioned? Yes. Yes. Okay. Yeah. We are not providing guidance to 2023 right now. But what I would say is that, you know, given the margin progression we are seeing and our increasing confidence in the exit rate of 18%, you know, we feel that the 20% is in the intermediate term a very achievable number. That's what I would say. I'm not specifically mentioning that it is a 2023 target at this stage because we are not providing a 2023 guidance at this point. Okay. Thank you. Then when we think about the PAT business and what you're seeing both in North America and internationally on the revenue front, but also you know, the margin flattish first quarter to second quarter, I think there were some transportation costs around that. Can you just talk about that business a little bit more and sort of how we should think about that progression of revenue and margin relative to just overall activity and some potential traction you expect to gain on the international front? Yeah. Stephen, you know, as you rightly pointed out, you know, the Q2 margin and PAT was somewhat flat, I mean, fairly flattish and primarily driven by, as you mentioned, increase in logistics and freight and fuel costs. You know, in the quarter, we have taken countermeasures in terms of price increases and surcharges. You should expect as we go into Q3, you know, you should see sequentially that playing out and the margin should start improving. Q4, as you know, typically in PAT and in the North American short cycle business, there is, you know, a seasonal activity slowdown that could be related to number of working days, holiday period, sometimes weather related things can affect. Sometimes, you know, in normal years, you tend to see a sequential Q3 to Q4 as, you know, a slowdown in some aspects of revenues, driven by the holiday events. As we walk into 2023, and as we continue to grow, you should expect to see barring those seasonal, you know, slowdowns, you should see continued revenue and margin progression for this business. Great. No, that's helpful color. Thank you. Sure, Steve. Thank you. Our next question online comes from Mr. Marc Bianchi from Cowen. Thank you. The revenue growth for PCT for this year, upgraded to high teens% from mid-teens%, seems to imply very minimal sequential growth for the remainder of the year. Can you talk to the dynamic there? I think previously you had expected price increases to maybe result in some market share loss, and it seems like that hasn't occurred. So maybe just put a little more color around the expectation for the back half, if you could. Yeah. Marc, I think as you rightly pointed out that, you know, our teams have done a really nice job executing on this. I can tell you based on the tracking we do. I would say that, you know, in every geographic market we participate, we have actually gained net market share in our PCT business. You know, I feel good about how our teams have stayed focused on executing on it. You know, in the second half, we do expect sequential growth. As you know, Q3, we expect a sequential growth, and Q4 tends to be stronger for our PCT because of the international volume. International volume tends to be stronger in Q4. It's possible our top line expectation on PCT may prove a little bit conservative in the second half. We feel confident about the high teens, but the activity is good. Our teams are executing well. Yeah. Yep. Okay, super. On the margin, the 20% versus exiting at 18%, is the difference there just catching up on the raw material inflation? It sounds like now you're ahead of the curve on that, but is it just more of that, or is there mix or some other reason that's driving the delta from 18%-20% whenever you end up getting there? Yeah, no, I think, you know, it'll be a combination of, you know, the incremental volume in 2023, as well as the full. We do expect, as we walk into 2023, some moderation, you know, should happen in some of the raw material prices as well. It's more from 18 to 20, you know, it'll be more the incremental volume and continued productivity. Great. Thank you so much. I'll turn it back. Sure. Thank you. Our next question online comes from Ati Modak from Goldman Sachs. Please go ahead. Hey, guys. In terms of the capital return strategy, do you think that 60% of free cash flow over the longer term is a good way to think about it? What are the variables that you consider as you think about the right level of return or overall return yield on equity between dividends and buybacks? Yeah. Atif, again, as I mentioned before, I go back to our capital allocation framework, and we stay committed to that. In the second half, you should, as we mentioned, we did over 60% return of free cash flow in Q2. We expect in the second half it to be higher because of our increased cash flow profile. Substantial, we expect the share repurchase to be the main mechanism for that. As we have said before, we are very focused on sustainably growing our dividend as our free cash flow grows. With respect to long-term view of what is the right way to think about the capital return percentage of free cash flow. We are currently reviewing that. We will be in a position, you know, we are doing that in a manner to make sure that how do we think about that through the cycle. You know, when we are ready, we'll be in a position to communicate that. I do want to make sure that, you know, returning capital to shareholders is a very integral part of our capital allocation strategy. As we have said before, we feel good about where we are with our portfolio. We continue to invest in organic growth opportunities. Any type of technology additions or M&A activity will be small for us. Which means the substantial portion of our surplus free cash flow will be returning to our shareholders. Great. As you think about the international rig count inflection in the second half of the year, do you think you could see another round of stocking related strength in orders or revenue for the Drilling Technologies segment? How do you think about the cadence there for the rest of the year and early 2023, if you can? Yeah. I mean, the restocking or additional stocking in the orders in our Drilling Technologies tend to be more a step function, which means if there is a step function change in our rig count additions, then customers tend to add, you know, restock more. In our current forecast for the second half, at least for, you know, Drilling Technologies, we are not anticipating any additional restocking. It's what is built into our forecast is the regular cadence of orders, which is in line with the rig count additions. Thank you. I'll turn it over. Okay, thanks, Ati. Thank you. Our next question online comes from Mr. Sean Mitchell from Daniel Energy Partners. Good morning, guys. Thanks for squeezing me in. One thing you guys have historically talked about is a pretty rigorous process on tracking cost of raw materials, and this may be kind of is something Marc was trying to get at earlier. Are you guys seeing any signs of costs going lower with raw materials, or is there anything you can share with us on the cost side or relief within the supply chain in general? Yeah, Sean. You know, in with us in our particularly it has been a pronounced thing in our production chemical side or our Chemical Technologies business. Our view right now, what we have built into our second half forecast, is in Q3 we expect another small increase in our raw material inflation, which is mostly just spillover from some of the increases we saw in Q2, and we expect a small increase going into Q3. As we go into Q4, we have a small moderation in our raw material prices in certain categories. To answer your question, we do expect in Q4 a small moderation in our commodity prices. Q3, we still have a increase built into our forecast. Okay. Thank you. In the PAT side, you know, we do expect some level of moderation in the fourth quarter, particularly in the steel side and the Special Bar Quality side. Got it. Thank you. Sure. We've no further questions at this time. Well, I want to thank everyone for your continued interest in ChampionX, and we look forward to talking to you again in our next quarter earnings call. Thank you. Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect. Speakers, please stand by for your departure.