Welcome to the Ecovyst Q3 2024 Earnings C all and W ebcast. Please note today's conference is being recorded and should run approximately one hour. Currently, all participants have been placed in a listen-only mode to prevent any background noise. After the speaker's remarks, there will be a question-and-answer period. If you would like to ask a question at that time, please press star and one on your telephone keypad. If you wish to remove yourself from the queue, please press star and two. When posing your question, we ask that you please pick up your handset to allow for optimal sound quality. Lastly, if you should need operator assistance today, please press star and zero. I would now like to turn the conference over to Gene Shiels, Director of Investor Relations. Please go ahead, sir. Thank you, Jim. Good morning and welcome to Ecovyst Q3 2024 Earnings Call. With me on the call this morning are Kurt Bitting, Ecovyst Chief Executive Officer, and Mike Feehan, Ecovyst Chief Financial Officer. Following our prepared remarks this morning, we'll take your questions. Please note that some of the information shared today is forward-looking information, including information about the company's financial and operating performance, strategies, our anticipated end-use demand trends, and our 2024 financial outlook. This information is subject to risks and uncertainties that could cause the actual results and the implementation of the company's plans to vary materially. Any forward-looking information shared today speaks only as of this date. These risks are discussed in the company's filings with the SEC. Reconciliations of non-GAAP financial measures mentioned in this morning's call with their corresponding GAAP measures can be found in our earnings release and in the presentation materials posted in the investor section of our website at ecovyst.com. I'll now turn the call over to Kurt Bitting. Thank you, Gene, and good morning. Against the backdrop of a challenging macroeconomic environment, Ecovyst's Q3 financial results were in line with our overall expectations. Our Ecoservices segment continued to exhibit resilience, with positive demand fundamentals contributing to another quarter of solid performance. During the quarter, high refinery utilization and attractive alkylate economics continued to support demand in our Regeneration Services business, where contractual pricing increases contributed positively to the segment profitability in the quarter. Although demand remained soft in certain industrial end uses, Q3 sales volume for virgin sulfuric acid increased compared to the prior year. We also continued to see strong demand in our Chem32 Catalyst Activation business, with volume also up year- over- year. In our Advanced Silicas business, sales of silicas used in the production of polyethylene increased in Q3, and we remain on track for polyethylene catalyst sales to be up in 2024 compared to 2023. Within the Zeolyst joint venture, sales of hydrocracking catalysts were up in Q3. However, sales of specialty catalysts in Q3 were lower than we had initially expected due to timing, as we saw some sales slip from Q3 into Q4 due to minor logistical delays. Cash generation remained positive in the quarter, providing for a modest reduction in our net debt leverage ratio. As we turn to slide 6, I'll provide an update on our near-term demand outlook. For Ecoservices, we believe the outlook remains positive. Taking into account planned seasonal turnaround activity for our refining customers, for the balance of the year, we expect stable activity for our Regeneration Services business. Looking forward, we continue to expect that high refinery utilization and favorable outlet economics will continue to benefit demand for Regeneration Services, particularly from our customers who operate some of the largest-scale refineries in the Western Hemisphere. Ecovyst's regeneration contracts offer substantial earnings stability due to their long-term nature, cost pass-through mechanisms, and capacity reservation fees. Turning to virgin sulfuric acid, although we remain cautious about the potential for near-term weakness in the industrial demand to adversely impact sales, particularly for spot sales and sales under short-dated contracts, we continue to believe the long-term outlook for virgin sulfuric acid remains very positive. As one of the most widely used chemicals, sulfuric acid plays a critical role in a wide range of industrial and petrochemical applications and processes. Ecoservices' quality and robust network continue to make us a preferred supplier to leaders in a wide range of industrial applications, including mining and the production of nylon intermediates. Chem32 and treatment services provide our customers with unique and high-value services, and we maintain a positive demand outlook for both segments. For Chem32 catalyst activation, we expect demand to remain strong through 2024, and we are seeing high levels of interest in activation services well into 2025. As we have discussed previously, we are taking steps to significantly expand our capacity at the Orange, Texas site to serve the growing demand we see for ex-situ catalyst activation. Turning to Advanced Materials and Catalysts, for sales of polyethylene catalysts and catalyst supports, the weak global economy continues to constrain growth in global polyethylene demand. However, we remain aligned with major producers, both in the cost-advantaged U.S. and Middle East. We remain positive on the long-term sales outlook for our polyethylene catalysts, given how our customized catalyst approach has enabled us to win at the key expansion projects in the U.S. and Middle East. We expect sales growth for the full year, as well as into 2025 and beyond, to be supported by the ongoing expansion of polyethylene catalyst production capacity at our Kansas City site, which is on track for completion by the end of next year. The expansion is backed by firm customer commitments for expansion projects that are expected to ramp in 2026 and 2027. In addition, we continue to leverage our research and development capabilities to expand our advanced silica portfolio for high-growth biocatalysis applications. Customers continue to qualify our products for food processing applications with very positive feedback, and we expect these qualifications to translate into additional sales in 2025. For the Zeolyst Joint Venture, we continue to expect that 2024 will be a strong year for the sales of hydrocracking catalysts, although we do not expect to repeat the peak sales levels we saw in 2023. In terms of longer-term growth expectations, we continue to believe our MACH technology is gaining market share as it offers refineries valuable production flexibility. For our sales of catalyst materials into sustainable fuel production, there has not been a significant change in market dynamics from the view that we shared with you in early August. We see the current low value for RINs and the adverse impact of inflation on construction costs continuing to weigh on near-term project economics for incremental renewable diesel capacity. Absent improved producer economics in the short term, we continue to expect weak demand conditions for catalyst material sales into renewable diesel over the next 12- 18 months. In the long term, we maintain that the introduction of sustainable aviation fuel is the only viable near-term solution for airlines to achieve decarbonization. We expect that sustainable aviation fuel will begin to ramp up at the end of 2025 and the beginning of 2026. We believe our zeolite technologies for both dewaxing materials and decarbonization catalysts are well-positioned as key enablers for the industry. For sales of emission-control catalysts, our outlook has also not changed materially since August. Global sales for heavy-duty diesel vehicles remain depressed due to the weak macroeconomic environment and high interest rates. In addition, the deferral and implementation of more stringent emission requirements under Euro 7 has been delayed, and this is another contributing factor to the weak vehicle sales. Lastly, we remain aligned with key players developing advanced recycling technologies, working towards customer plant trials. With a solid technology offering, we believe we are well-positioned for future growth. I'll now turn the call over to Mike for a more detailed discussion on our financial results for Q3. Thank you, Kurt. Sales for Q3, including our proportionate 50% share of sales from the Zeolyst joint venture, were $210 million, unchanged compared to the prior year. Ecoservices sales were up approximately 4%, largely driven by higher volume of virgin sulfuric acid and favorable contractual pricing for Regeneration Services. Sales for Advanced Silicas decreased modestly as the benefit of higher sales volume for polyethylene catalyst and catalyst supports was offset by the comparative timing of event-driven niche custom catalyst sales. Sales for the Zeolyst joint venture were lower as higher sales of hydrocracking catalysts were more than offset by a decrease in sales of catalyst materials used in the production of sustainable fuels and emission-control applications. Q3 adjusted EBITDA was $60 million compared to $68 million in the prior year, with the decrease primarily driven by the lower sales within the Zeolyst Joint Venture, offsetting the higher earnings from Ecoservices and Advanced Silicas. Moving to the next slide, I'll highlight the major components of the change in adjusted EBITDA. As we anticipated and discussed in our Q2 earnings call, the unfavorable period-over-period net pricing impact in Q2, associated with the contractual pass-through of energy and other index costs within Ecoservices, is behind us. The price-to-variable cost ratio in Q3 was positive, with net pricing accounting for approximately $3 million, driven largely by strong contractual price increases for Regeneration Services. However, the lower sales volume of high-margin catalysts used in the production of sustainable fuels drove a less favorable sales mix within the Zeolyst Joint Venture, impacting adjusted EBITDA in the year-over-year period comparison. The balance of the change in adjusted EBITDA relates to higher costs, including higher planned manufacturing and maintenance spending within Ecoservices, costs associated with our reliability initiatives, as well as other costs, including certain employee-related costs. I'll now cover the highlights of our segment results, starting with Ecoservices. Q3 sales for Ecoservices was $154 million, up 4%. Drivers of the increase include higher sales volume for virgin sulfuric acid and favorable contractual pricing for Regeneration Services. Higher comparative volume for our Chem32 Catalyst Activation business was also a contributing factor. Q3 adjusted EBITDA for Ecoservices was up modestly compared to the prior year, as the higher volume and increased pricing was largely offset by higher manufacturing costs associated with inflation, increased planned maintenance costs, and costs related to our reliability initiatives, which have resulted in a marked increase in operational efficiency. As we previously discussed, we expect the improved operational efficiency of our reliability program to translate into enhanced capacity and ability to serve growth in demand for our products and services. Moving to Advanced Materials and Catalysts, Q3 sales for Advanced Silicas was $25 million, a slight decrease compared to the prior year. The modest decrease reflects higher sales volume for catalyst use in polyethylene production, offset by the timing associated with sales of niche custom catalysts. Our proportionate 50% share of sales from the Zeolyst joint venture was $31 million, down compared to the prior year, as higher sales of hydrocracking catalysts were offset by the lower sales of catalyst materials used in the production of sustainable fuels and emission-control applications. Q3 Adjusted EBITDA for the Advanced Materials and Catalysts segment was $11 million compared to $16 million in the prior year, driven by the lower sales volume within the Zeolyst joint venture. As we move to cash and leverage, Q3 was another quarter of favorable cash generation. For the first nine months of the year, adjusted free cash flow was nearly $60 million compared to $20 million in the prior year, primarily driven by the timing of dividends from the Zeolyst joint venture and favorable changes in working capital. We ended Q3 with approximately $123 million of cash, and our available liquidity was $188 million, including availability under our ABL facility. Our net debt leverage ratio at quarter end was 3.2 times, down from 3.3 times as of the end of Q2. Based upon our expectations for cash generation for the remainder of the year, and excluding any discretionary uses of cash, we expect to end the year with a net leverage ratio of approximately three times. As a reminder, our target net leverage ratio is between 2- 2.5 times. I'll now turn to our outlook for Q4 and full year 2024. As Kurt noted, our Q3 financial results were in line with our expectations, and while Adjusted EBITDA for Q3 fell toward the lower end of our guidance range, this was largely due to the timing associated with specialty catalyst orders within the Zeolyst joint venture, with some sales shifting from Q3 into October. For the full year 2024, we are maintaining our previous guidance ranges for GAAP sales of $700-$740 million, sales for our proportionate 50% share of the Zeolyst joint venture of $115-$135 million, and for adjusted EBITDA of $230-$245 million. As we have previously discussed, the sales of certain products within Advanced Materials and Catalysts segment can be lumpy, as they are often large event-driven sales. Single orders of these catalyst sales can be large, and the timing of when the revenue is recognized can be relevant to specific quarterly results. The range takes into account the lumpiness of our sales in Advanced Materials and Catalysts and acknowledges a range of outcomes in our virgin sulfuric acid and polyethylene business, given the current industrial demand outlook. In terms of the specific outlook for Q4, we see continued stability in our Ecoservices business. As such, our expectations for the full year Adjusted EBITDA for the Ecoservices segment remain in the range we provided in our Q2 earnings call, which was $195-$205 million, and this would imply Q4 Adjusted EBITDA of approximately $54 million at the midpoint of the guidance range. Last quarter, we also provided a full year range for our Advanced Materials and Catalysts segment of $65-$70 million. Prior guidance incorporated our expectations for timing of certain niche custom catalyst sales with heavy weighting in Q4, implying a Q4 Adjusted EBITDA for the segment in the $30 million range. However, in light of continued uncertainty around the sales of catalyst use in the production of sustainable fuels and emission-control applications and the timing of certain catalyst sales, full year results for Advanced Materials and Catalysts could be slightly below our target. However, this would be largely offset on a consolidated Adjusted EBITDA basis by favorability in corporate costs. I will now hand the call back to Kurt for some closing remarks. Thank you, Mike. I want to make a few comments on our safety and sustainability efforts. The responsible stewardship of our facilities and products is a core value at Ecovyst. During the past two years, Ecovyst has made significant investments in time and resources across our safety and environmental programs. These investments, along with the superb efforts of all of our Ecovyst colleagues, have resulted in top quartile safety performance and our Platinum EcoVadis sustainability rating for 2024. I am confident that Ecovyst's hyper-focus on stewardship will continue to yield outstanding safety and environmental performance, which helps us retain a strong connection to our strategic plan and stakeholders. Finally, as we look to deliver on our financial commitments for 2024, our capital allocation focus remains on positioning Ecovyst for differential growth in the future and delivering value for our shareholders. As such, we are continuing to implement the strategic plan we outlined last year in our investment day. We continue to see compelling opportunities across our businesses to strengthen our portfolio and improve the resiliency of our earnings. Consequently, we are investing to capture these organic and inorganic growth opportunities. We are currently investing in the expansion of our polyethylene catalyst production capacity at our Kansas City site and the expansion of our catalyst activation capacity within Chem32. Both projects remain on budget and on target to support expected future growth and demand. In addition, the reliability initiatives within our Ecoservices segment that we outlined in our investor day last year have already resulted in significant increases in our operational efficiency. As we have discussed, we expect these initiatives will provide for overall improvement in plant operating rates and therefore expanded capacity to serve expected growth and demand for both virgin sulfuric acid and for Regeneration Services. We also remain interested in inorganic growth opportunities that would closely complement our existing businesses, provide attractive synergies, enhance our capacity and capabilities, and increase our earnings resiliency and growth profile. Ecovyst's ability to generate cash provides long-term investment potential in both organic and inorganic opportunities. As Mike mentioned earlier, a primary goal of our current capital allocation strategy is to reduce our net leverage ratio to a target range of 2-2.5 times, thereby enhancing our balance sheet flexibility to capture future growth opportunities. In summary, we remain intently focused on growth and value creation for our shareholders. We see compelling opportunities across our portfolio, and we believe the strategic plan we have outlined will allow us to deliver on our growth expectations. Thank you, and at this time, I will ask the operator to open the line for questions. Gentlemen, thank you. And to our phone audience joining, if you would like to ask a question, please press the star and one on your touchtone phone. You may remove yourself from the queue at any time by pressing the pound key or, excuse me, star and two, rather. Once again, that is star and one to ask a question today, ladies and gentlemen. Also, a reminder, please return to your handset to provide the best audio quality for today's questions. We'll hear first from Patrick Cunningham at Citi. Hi, good morning. Just curious on your early thoughts for 2025, both from an end market standpoint, and then you mentioned a lot of things in terms of items in your control, whether it's benefits from the reliability program, capacity additions, and potentially some add-backs from maintenance costs you incurred in 2024, so maybe just both in terms of the market setup as well as items in your control. Yeah, thanks, Patrick. I think we're not really guiding here for 2025, but as we look at the overall landscape, Ecoservices continues to operate in terms of our Regeneration Services at a high utilization rate, so we expect volumes to remain strong there, as well as, as our contracts roll off and we reprice them, we expect continued pricing power in that segment. Virgin sulfuric acid, while there have been some pockets of weakness in certain industrial segments, on balance, it's operating really as we expected. And globally, the reported virgin sulfuric acid prices have risen here in the last six months, and we would hope and think that continues on into 2025. And for Advanced Materials and Catalysts, really, we continue to offer really high-value products to our customers that deliver really customized polyethylene solutions for some of the largest producers, and we expect that will continue to be the case going forward. Got it. And then for Q2 is very helpful. It does imply somewhat of a healthy step up, but I think you called out the catalyst order timing being the biggest part of that. Is there anything else in terms of flow-through of price costs and Ecoservices being a big component, potentially offsetting some seasonality there? Just wondering why we're sort of flat in a seasonally weaker period on the Ecoservices side. Yeah, Patrick, for the Ecoservices, traditionally, what we see is the first quarter and the fourth quarter usually being a little lighter than the second and third. So actually having, call it an implied guidance range of 54, I think that's a 10% increase compared to the prior year, right? So I think the balance for the fourth quarter for Ecoservices is going to be relatively in line with our expectations. And on the AM&C business, we do expect polyethylene to be up year- over- year, as we've talked about in the past. Hydrocracking was a big component in the fourth quarter of last year, but that'll be largely offset by the polyethylene increase year- over- year, along with some of the other custom catalysts and niche custom catalyst sales that we expect to see in the fourth quarter. Thank you so much. I'll pass it on. David Begleiter at Deutsche Bank. Your line is open. Thank you. Good morning. Kurt and Mike, on the leverage, do you expect to be at your leverage target by the end of 2025? Yeah, David, we are expecting, as we said, to have a good cash generation this year, right? So our free cash flow guidance has a midpoint of $80 million, which would be an increase compared to the prior year. And then we do expect to end the year around the three times leverage. We're not given specific guidance into next year, but in the past, I would say that we've talked about being able to delever about half a turn a year. So our target range of 2-2.5 times would be certainly within the range if we continue down that path and generate a good amount of free cash flow each year. Very good. And just in Q3, what was the impact from Hurricane Beryl in the quarter? Yeah, the impact was a few million dollars. So it did impact the results, but not quite as materially as some of the other hurricanes and weather events that we've seen in the past, particularly in early 2023. And just lastly, thinking about the bridge to 2025, beyond Beryl, any other one-off impacts you could call out that would help bridge to growth next year? Yeah, the one other thing, I mean, Kurt talked a little bit about the end markets and the drivers of growth. The other thing we talked about this year having a higher step up in some of the cost in Ecoservices, particularly around the reliability program and the higher turnaround costs. So that would have been a bit of a step up, and you wouldn't see that same increase going into next year. But at the same time, we do continue to maintain higher costs in that business for reliability and turnarounds as inflation and keeping our maintenance cost at a relatively appropriate level for future growth of that business. And as we talked about, that reliability program does help add capacity, so it'll help support the growth of that business for many years out. Is that also a few million-dollar impact in terms of this year versus next year? Yeah, I think when we gave the original guidance for 2023 going into 2024, we talked about a roughly $5-$10 million change, right? So you wouldn't see that same change going into next year. Thank you. Our next question comes from Aleksey Yefremov at KeyBanc Capital Markets. Thanks. Good morning, everyone. I just wanted to stay on the subject of the reliability program and clarify something. I think you mentioned that you're happy with how this reliability program is performing thus far, and you see the benefits. Are these benefits more in the potential capacity when demand improves? Because if I just look at EBITDA, it's sort of hard to see it right now. Maybe you can explain. Thanks for the question, Aleksey. I think the reliability efforts have really, it's an enhancement year- over- year from last year of 2023, and it has enabled us this year. I mean, we believe that we're going to be up year- over- year on our virgin sulfuric acid sales, so it's benefited us there. But there's still work to be done. I mean, it's a multi-year initiative where we're using, we have an additional reliability team. We've improved our maintenance schedules. We also are using automation to conduct reliability models. So the combination of those efforts across a multi-year period, we believe, will equate to incremental sulfuric acid capacity, which allows us to take advantage of that high operating leverage and produce additional EBITDA. So we believe you'll see that as time goes on, you'll see that incremental capacity that comes from the reliability program will meet up with the higher virgin sulfuric acid demand that we see long term. Yeah, thanks for this explanation, Kurt. And I guess next year, again, based on what you said in the prior two questions, I'm assuming you would expect Ecoservices pricing to be up. If you could confirm if that's the case, and also if that price increase would be higher than the increase in cost, excluding the pass-through. Yeah, and Alexei, that's a good question. I mean, we're not providing real specific guidance for next year, but I would say that as we've talked before, the pricing mechanism within Ecoservices is quite strong with the long-term nature of some of the contracts, the ability to reset the base price when those contracts run out. So we'll continue to see that. And part of our growth story in that business is both volumetric growth as well as pricing. So we do expect next year and over the coming years as part of our long-term strategy to continue to see growth both on the volume and pricing side. Okay, thanks a lot. John McNulty with BMO Capital Markets. Please go ahead with your question. Yeah, thanks for taking my question. So on the catalyst for sustainable fuels, obviously, things have taken a step back. Are there things you can do from a belt-tightening perspective that you're considering at this point? Because it does sound like this is something that may not recover in the next year, may not recover in the next couple of years based on at least some of your commentary. So I guess, can you help us to think about maybe some of the levers you can pull to help with the profitability around that particular part of the platform? Yeah, John, thanks for the question. And I think, as it just really, as we said on the call, our position on sustainable fuels hasn't changed, and we still view that as a 12-18-month type of timeline on recovery just because of the supply-demand imbalance that currently exists in the marketplace there. I would point you to, in Q2 and Q3, we did do cost reductions at our advanced materials and catalyst facilities, right, where we addressed costs, particularly at the North American level. But we're limited in what we can do there because a lot of the assets are fungible with other catalyst products that are non-renewable, right, that they're all making similar intermediates. We've already taken a pretty strong approach to that in Q2 and Q3, which is starting to roll through. Got it. Fair enough. And then I guess just a question on cash and leverage. So your leverage is improving. I know you're not at the targets that you'd want to get to, but your cash balance on the balance sheet is actually getting pretty chunky at this point at over $125 million, and it looks like it should go up even more in 4Q. So I guess, can you speak to the use of that cash? And also, if you see M&A opportunities starting to materialize? I think a lot of assets were off the market for a while, but it does seem like in some areas we're starting to see them come back. Do you see a pipeline getting more full in your mind, or is that not something you're really considering at this point, just given the leverage? Sure. That's a good question, John. I think in the past, we've maintained a pretty flexible capital allocation strategy, and this has included share repurchasing while we've delivered, and we've maintained leverage as a key priority. But as outlined in our investor day, and I think what we said today on the call, we're going to focus on our capital allocation really on growth and maintaining that balance sheet flexibility to fund that growth. And we really view that's the best way to deliver long-term shareholder value. So we've got really good organic growth opportunities that we want to continue to fund. And we also, to your point, we do remain interested in inorganic growth opportunities that I would say are more bolt-on in nature and would complement the existing business, really adding resilience and strengthening our future growth potential. In terms of their availability, I mean, clearly, it was very slow, I would say, over the last 12- 18 months. Anecdotally, I think it is the activity will likely pick up. And again, I think we remain interested in organic opportunities where they're bolt-on in nature and highly complementary to our business model. Got it. Thanks very much for the call. Our next question will come from Alex, or excuse me, Laurence Alexander at Jefferies. Hey, good morning. This is Kevin Estok for Laurence. I guess my first question is, I guess I'm trying to get more sense of demand sensitivity to rate drops. I'm just kind of curious to see if, I guess, how you expect maybe demand to turn, let's say, if rates drop 100 basis points or so in 2025? And I guess I'm just curious to see if you're seeing any signs of green shoots yet. Sure. I think in terms of rate cuts, I mean, most of our customers that we service are, I would say, especially in terms of refining and petrochemical, already very advantaged on a global basis from an energy standpoint, which is probably more impactful to them than the rate cuts themselves. And our other customers that are producing other chemicals, intermediates, or materials are generally selling on a global basis and are also cost-advantaged. In terms of what we see in demand, we do this year, our virgin sulfuric acid sales will be up year- over- year. One of the segments that we talk about, nylon, we believe will be up year- over- year, albeit it's certainly not a banner year in nylon. It's still on a historically lower-end level, but yet up year- over year. Mining remains strong. You've seen metals and other materials components maintain high pricing and high demand. So from a demand standpoint, I think in general, refining remains very robust with high utilization rates. Alkylate is always, again, considered liquid gold within the refining industry and always has a very strong demand push behind it. And in terms of virgin sulfuric acid, we talked about some industrial segments' weakness, but it's a very diverse product, and there's lots of areas where there is very good demand. In terms of catalyst, our Advanced Materials and Catalysts, we've already spoken with the renewable fuels segment, but polyethylene demand growth is still projected to be 2%-3% per year. We're aligned with the major producing cost-advantage areas in terms of the U.S. and Gulf Coast. And our hydrocracking sales, which we're happy with this year, albeit it's not a peak cycle year that we had in 2023, we are gaining share in that space with our new Zeolyst technology. Okay, thank you. And then my second question, I was wondering if you could talk a little bit about, I guess, how you think about the revenue opportunity over the next, let's say, five years or so for SAF. Sure. I mean, our view on SAF is it's a highly attractive market for both producers and the supply chain partners. And SAF is really the only viable means to decarbonize airline travel, right? So we believe that our zeolite technologies, whether it's the dewaxing materials or the agglomeration catalyst that we have, are really well positioned to enable that industry. In terms of the timing, as we see it, we expect pilot scale sales really towards the end of 2025, and then that starting to ramp in 2026 as certain mandates become effective, particularly in the EU, which will have a 2% mandate in 2026. And we expect, whether mandated or just consumer-driven SAF demand to come into play here in the U.S. and beyond in 2026 and through 2030. All right, thank you. A reminder to our phone audience that is star and one for questions. We'll hear from Hamed Khorsand at BWS Financial. Hey, good morning. My first question was, what's the level of conversation you're having with the refinery customers given that they're publicly talking about crack spreads declining and their utilization rates just hugging the 90% line right now? Sure. Good morning, Hamed. I think we're very on the refining side for Ecoservices has very, I'd say, close relationships with the refining customers and, in many cases, data feeds to their actual consumption of the sulfuric acid in terms of their alkylation units and how they're running. Alkylate remains very valuable in terms of its position in the gasoline pool. So even as you see things like overall utilization rates may be ticking down, particularly some of it's related to maintenance or crack spreads dropping, generally, they will want to lean into their alkylation units even harder because it's an area of significant profitability for them. So our outlook on alkylation, and it has been for since I've been involved with this business, remains strong because it's the favorability of alkylate demand and the economics that surround it are unchanged. Okay. And then you've had lots of really one-time issues last year and this year. Exiting out the Zeolyst joint venture, is 2022 a good baseline to compare for 2025? Yeah. I mean, every year has different challenges in it, right? And 2022 had some favorability in some cases, timing items in others, right? So we've talked before about the hydrocracking and peak years in 2023. It was lower in 2022, but then there was also a different dynamic with sustainable fuels. We also had some favorable pricing that was really driven by some of the indexation that we've talked about in the past in the ecoservices that we wouldn't see going forward. So there's a combination of a few things, Hamed. It's a bit of a mixed bag. Got it. All right. Thank you. And we have no further questions in the queue at this time. This does conclude the Ecovyst Third Quarter 2024 earnings call and webcast. Thank you for your participation, and you may disconnect at any time.