Today's fireside chat with President and CEO Neal Lux and CFO Lyle Williams from Forum Energy Technologies. I am Jeff Robertson, Managing Director of Natural Resources at Water Tower Research. Before we begin, I would like to remind participants that today's discussion could include forward-looking statements as of today, October 9, 2024. FET's disclosures regarding such statements can be found under the Investor tab of its corporate web homepage. Neal and Lyle, I'd like to thank you for taking the time to join us today. It's great to be here, Jeff. Thanks for having us. Just as a brief background, FET provides technology solutions to the oil, natural gas, industrial, and renewable energy industries. The company's products are designed to help customers safely increase operational efficiency and reduce the environmental impact of their activities. Operational efficiency is measured in improved performance, resulting in lower costs and higher returns on investment. The company's product lines are segregated into two segments: drilling and completions, and artificial lift and downhole. FET serves some of the largest oilfield service customers in the world with its drilling and completion segment, and the E&P operators who own and process hydrocarbons with its artificial lift and downhole segment. Innovation has been a key to FET's beat the market strategy, as customers look for technologies that, again, increase their ability to develop resources safely and efficiency to try to maximize returns. Neal, let's start with the notion that in an industry where customers are continually seeking ways to recover more hydrocarbons in the most cost-effective manner possible, how does FET collaborate with its customers to help supply the technology solutions that they need to help them achieve their goals? Yeah. Great question, Jeff, and for us, it really begins with our employees. You know, they're the experts in the niche markets that we participate in. In fact, you know, many of our engineers and operations and business development leaders started their careers working for our customers. You know, many have had years of hands-on field experience, so they understand how our products are used and how we, as a company, can make them better. Good example for us within our niche market of quench-and-tempered coiled tubing. We have engineers with, again, years of field experience that take a wellbore design from our customers and create a customized coiled tubing string that can reach the end of the longest horizontal well that's regularly being drilled today. And each month or quarter, our team is pushing the boundaries of what coiled tubing can do. And I think we had a recent earnings call where we announced the delivery of record-setting strings. These are the heaviest and the longest ones we've ever delivered, and we believe that the industry has delivered. So we can only really do that, you know, by combining specialized manufacturing technology with really our incredible employees. You know, maybe another example we have comes from our recent acquisition of Variperm. Again, here we have a team of experts who are, you know, leaders in their niche markets, which in this case is sand and flow control downhole equipment for thermal oil sands. Where they add values, they take core samples from their customers, who in some cases are among the world's largest oil companies, and our team of highly specialized engineers and PhDs analyze the core and the sand within that core sample to determine the optimal tool design that maximizes our customers' production and allows them to recover more hydrocarbons in the most cost-effective manner possible. It's this kind of collaboration that, you know, makes FET Variperm a leader in thermal oil sands and what allows us to ultimately implement or beat the market strategy. Neal, just real quick to follow up on oil sands. Earlier this week, Chevron announced a sale of their Canadian oil sands operations to Canadian Natural Resources. Does consolidation in some of those areas where you take an asset that might be in an operator's or in an owner's hands, but may not be a focal point of their capital program and shifting it to one who may make it a part of their capital program, does that open up incremental revenue opportunities for some of the technologies that FET supplies? Yeah. You know, and, I don't have the specifics on that exact acquisition, but I would say in general, you know, we have great customers in Canada, with Canadian Natural Resources being one of them. So I think if they increase their holdings, I think that creates a great runway of demand for us. So, you know, it's, you know, the ownership is one part of the oil sands, but to us, more importantly, is the activity. So yeah, I think, you know, CNRL has always been active in that market, and I think it's exciting that they're expanding their position. You've talked on the last several earnings calls about increasing the total addressable market for some of FET's products. How does the company's innovation efforts really play into the notion of increasing the addressable market for the solutions that you provide? Yeah. For us, you know, innovation is just absolutely critical to expanding our total addressable market, or our TAM. You know, we've stated that our goal is to grow faster than the market in a profitable way. And to do that, the best way for us is develop, you know, products and solutions that deliver value to our customers. Again, I think as you mentioned earlier, we want to increase the efficiency and safety. As we think about innovation, I like to put it in two different buckets. We, you know, two different categories. One being iterative innovation, the other being disruptive. You know, for us, the iterative innovation happens daily. It happens within our existing product lines, especially with our activity-based consumables. You know, let me, if I give an example of that, a great example comes from our Quality Wireline product family, where we believe we're the world's leading provider of cased hole wireline cables. As horizontal lateral lengths become longer, you know, wireline cables have typically become thicker in order to have that strength to go deeper. What we found as we were innovating the cable is we found a mismatch between our cable and having the ability to reach the horizontal well, and our customers' ability to hold that cable in their existing equipment. So our team really went back to the drawing board and designed a new cable that could operate in these longer laterals and fit into our customers' existing wireline trucks. So this allowed us to expand the addressable market for our premium EnviroLite cable and gain market share by having the best performing products. I think that's a great example of iterative innovation. For disruptive innovation, you know, we are looking for products that radically improve our customers' operations and open up a new market. An example that I think we've talked a lot with you about, Jeff, is FastConnect, and that's our greaseless and automated frac manifold. Almost all existing frac manifolds use a tremendous amount of grease or employ really expensive valves to not use grease. Also, these manifolds, you know, require employees to frequently enter the dangerous red zone, where high pressure's stored. And again, it's an area we'd really wanna avoid for the ultimate health and safety enhancement. So for us, FastConnect eliminates grease and automates the critical tasks that enhance the safety of our customers and their employees, while also reducing downtime between wells. So to us, that's the kind of disruptive solution that expands our addressable market. And as we've estimated, I think in past calls, that our addressable market has expanded by about $300 million annually with that solution. So again, innovation is critical to our beat-the-market strategy. Can you talk a little bit about the field testing, especially for some of these disruptive technologies that you mentioned? And then secondly, to follow on to that, how quickly do fast followers adopt some of these solutions that you come up with? Yeah, it really does, it varies. You know, I think varies by the type of product line and the type of innovation. You know, the iterative innovation, I think, of activity-based consumables can be tested pretty quickly. Again, we'll work with our customers to set up a testing protocol. We'll monitor performance. You know, in many cases, we'll have our engineers on site to observe. And so I think this approach, you know, has seen rapid adoption of products. It can happen in months or quarters. I think with the disruptive innovation, because you're unseating a familiar incumbent, it can take longer. But the key there is to have a great customer partner, and with that customer, setting up, you know, what goals you want to achieve, and monitoring, and, you know, making sure that they understand, you know, they're familiar with what we've achieved and how they've saved, and how they've gained efficiency. Thinking about, you know, how quickly do fast followers, you know, adopt new solutions, it can sometimes be months or quarters. Sometimes it can take longer, but I think what we've found is the iterative innovation is usually much faster than disruptive. You have to be a little more patient with disruptive innovation. Neal, is the customer base for disruptive-type technologies, is that the biggest oilfield services companies or the E&P operators, or is it the combination to where an E&P operator sees a benefit of something, and they want the service provider who's working on a job for them to deploy at a location? Yeah, that's a great example. So I think what we try to always keep in mind is that the ultimate customer is the E&P operator, right? Our direct customer, about half of our business is to E&P operators, the other half is to the world's largest oilfield service companies. So we have both in mind, but that operator is a great influencer of what, you know, what type of products, especially the disruptive kind that increase safety. Again, I used the FastConnect example earlier. Eliminating risk in the red zone of, you know, injuries that could be fatal, I think that really hits a key note for operators and one that they, you know, they like to push. So having them understand what we can provide is a big part of what we do. And so it's important to have that pull-through, even if our ultimate customer could be the oilfield service company. Are there certain parts of the value chain that FET supplies that offer more potential for either iterative or disruptive technologies that actually could, especially on disruptive technology, that could actually go to scale- Mm-hmm To be a meaningful part of revenue in some future period? Yeah, I think with our you know really broad portfolio, we you know have the opportunity to see the entire value chain, and you know that could be from downhole tools to fracturing equipment to subsea robotics, so what we do is we wanna find the opportunities that allow us to have the most differentiated solution in niche markets with fewer competitors. You mentioned Variperm, a little bit earlier. So that acquisition closed in January of 2024. What role do acquisitions play in how you think about trying to increase market access or increase market share with some of the technologies that you talked about, where you can have a competitive advantage? Yeah. Yeah, acquisitions are really a great way to extend our exposure. You know, Veriperm, as you mentioned, that acquisition allowed us to expand our downhole product line, which is one of our most profitable product lines, into the oil sands market. And this is a market we were not touching previously. It's one that we think has a long production horizon that, you know, will continue for many years. I think with the Canadian government support of a pipeline that brings Alberta oil sands production from the center of the country to the west coast for exportation into Asia, I think signaled to us, you know, long-term commitment there. So, acquisitions are absolutely great opportunities. It's one, you know, we continuously evaluate and we look for ways to differentiate. I think you mentioned, you know, having good industrial logic with our existing businesses, that's a key, as well as being able to differentiate and have a niche market where we have great people that we'd be bringing on board our company. If we can do all that with an accretive valuation and complete it without hurting the balance sheet, we are all in. Investment. Let's shift gears a little bit. Investment opportunities in a variety of energy transition markets, including emissions reduction, renewable energy, and carbon capture, have gained a lot of traction with the passage of the Inflation Reduction Act, I guess in 2022 or 2023. Many of your existing customers are involved in projects in various types of renewable energy or renewable fuels, carbon capture. Mm-hmm. Can you outline the overlap between FET's existing technology offerings and their application in a variety of energy transition-type applications? Yeah. Yeah, I think the, you know, really, the first key is we're a manufacturer, so we can manufacture engineered solutions, and that gives us a lot of different ways to participate. I think that's where, you know, we separate ourselves from, you know, the oil field services. We're really not in the service business. We're a manufacturer of products and solutions, so that allows us to go, you know, a lot of different directions. And, you know, we're also able to use our existing product line with some modifications to expand into other applications. Great example is valves. We have valves that are utilized in biogas facilities, hydrogen as well. We produce casing hardware and, you know, one application is obviously oil and gas. Another application is geothermal. We've had a long-standing product portfolio in geothermal. We also produce equipment that captures methane emissions at the well site that goes along with our existing well site production separation equipment, so it's a nice add-on. So those are markets that we actively follow. I think even with the IRA implementation, I think it's taken time to grow, so I think demand is still relatively low. It's growing, but relatively low. One area that we have seen meaningful demand is offshore wind, and so where we participate there is with our subsea product line. We, you know, we make a specialized remote-operated vehicle, and those vehicles are really dual use. They fit very well for traditional oil and gas, but those same customers with the same vessels, and then with our same vehicles, can utilize that equipment to help with the development of offshore wind farms. Again, for us, it's great that we share the same clients for both. So as offshore demand has increased for both hydrocarbon production and offshore wind, it's driven higher utilization of our customers' ROVs, and over time, we think that's gonna drive demand for new ROVs to replace existing ones and to address an expanding fleet. So we think it's a story that's just beginning. We think offshore wind has a long, long cycle ahead of it. Neal, we talked about your customer base, and you talked about some of your customers involved in offshore, obviously offshore energy development, but offshore wind. Can you provide a little bit of color or real-world experience about how you leverage those relationships as they start to look at some of these type of energy transition? Mm-hmm Projects? Yeah, you know, the offshore wind, I think, is a great example. We just talked about another one, we have from our coiled tubing product line. So that's a product line where we also produce coiled line pipe. We typically work with engineering, procurement, construction contractors, ones that, you know, install oil and gas pipelines. Those same EPCs are also working on projects that move industrial-source CO2 into storage and renewable gas from dairy farms. So I think the intriguing part for us is that, you know, we're working with the same customer base, but also that our products that are used in energy transition or emissions reduction, the products we actually supply themselves have a lot fewer emissions per foot. So coiled tubing, coiled line pipe, great example. Our emissions per foot is significantly lower than traditional pipe, because we eliminate 95% of the wells to complete that line. So you eliminate 95% of the wells, you eliminate a significant number of trucks and ancillary equipment that's on the, on the construction site. So thereby, you're eliminating a lot more, emissions just from the installation of that product. So kind of a dovetail there of a win-win. We're eliminating, you know, helping with the energy transition, and we're doing it in the most effective way, possible. Yes, in the sense of eliminating about 95% of the wells, you increase the efficiency of that product for the customer, because it, if you eliminate risk around a well, you are eliminating essentially the risk of some sort of failure. Absolutely. So I think there's a huge technical benefit. You're eliminating a lot of different wells that could fail, and then you're also making it much faster to deploy, so you're on site less, and you need a lot fewer people. You need fewer equipment, fewer trucks. So yeah, that's those are all the... That's our key message, key value point when we talk. And we're doing it at roughly the same price, but because we're so efficient at the manufacturing of that and just how we're set up, we're able to have really, really attractive margins when we supply that product. There was a Wall Street Journal article over the weekend talking about how a lot of the big oil companies are interested in whatever the administration is, after the election, supporting some of the provisions in the IRA Act. I'm curious, I think a lot of those projects are very long-term and long lead times, and so there's a lot of costing and studies that go into evaluating the economics on their way to FID. Can you share any color on the type of activity FET is having, helping potential customers, with their economic evaluation of projects? And can you talk at all or share any thoughts about what the revenue outlook that could be over the next, let's just put a long timeframe on it, five years. MmA s some of those projects reach FID and move to construction? Yeah, I you know, with our focus on niche markets, you know, we're usually looking for parts of the value chain where we will have a very few competitors, and we're just very specific. So I think if you look at these big projects that are being FID'd, we're generally a smaller piece of it. So we're not really the gating item, you know, and to get those moving forward, whether it's you know, land acquisition or the build-out, but you know, we'll provide key components there. So we're seeing inquiries for these types of projects, but I'd say they're relatively small to the existing business. So as we look ahead five years, I think it's tough to see to put a crystal ball to it. You know, I think we'll, as we think about power generation, I think that's a different environment, and we maybe have a little better idea, but you know, I think it's gonna be a growing part of our portfolio, and you know, importantly, again, as a manufacturer, we can adjust the types of products we make pretty quickly to address a changing market, and I think that's really what's important. We've talked to our teams about being nimble about seeing where the market's going, and I think that's where we're gonna take advantage. As these projects start to get farther along the approval line, we're gonna be able to modify our products themselves to make them fit for purpose for these types of projects. Neal, do you see those types of opportunities both here in North America, but also internationally? You mentioned offshore wind, and I know there's in various parts of the world that's a growing industry. But I think there's also a lot of interest around CCS or CCUS, and obviously the same things around methane capture that are moving ahead in the U.S. and North America. Mm-hmm. Yeah, I think there, you know, there's absolutely opportunities around the world again, and I think that's where, you know, for FET, you know, while we're, you know, just under $1 billion in revenue, we do have a global footprint. So we're able to address, you know, address markets, you know, wherever there is demand. And as we think about the difference between, you know, North America and international, I, you know, would say that the pursuit of energy transition opportunities a few years ago was really different. But now, we think the customers are kind of converging towards each other. You know, and I think, you know, one example is methane emissions. You know, I think it's a, it's a great opportunity for them to have an immediate impact, and so I think it's one that, you know, we're well positioned, and it's a great opportunity for new products like our vapor recovery unit. I think you make a lot more money on selling natural gas than emitting natural gas, so there's obviously an economic incentive for facility owners to pursue that. Yes. You spoke recently about power generation, and so we talked about energy transition, but in addition to that, you highlighted business opportunities in power generation to supply growing demand in areas such as high-performance computing, data centers, cryptocurrency mining. And I know just this morning, there was an announcement that Google has leased a bunch of land in on the west side of Fort Worth for a potential data center. Mm. Which of FET's products are really best suited to provide a revenue stream in power generation? Yeah. Yeah, the most obvious one for us is our heat transfer units, which we market as our JumboTron XL. So this is a product that really had taken a leadership position in the hydraulic fracturing industry, where, you know, we had the best solution for hydraulic fracturing pressure pumping trailers. We took that technology and expanded it, and applied it to the power gen industry. So, you know, if you think about what is really mobile power gen, it has a lot of similarities to a frack truck. You know, both have huge engines and transmissions that need to operate effectively for long periods of time. The enemy of continuous operation is heat, and the JumboTron XL is the best product to remove that heat, and really, it's critical to the performance of that power gen unit. So I think that's really one of our products that's best suited for the power generation build-out. Is some of the traction that you see in that segment driven by some of the traditional oil and gas companies who have tried to look for ways to convert natural gas in places like the Permian Basin, where it sells at a steep discount and even a negative price from time to time, to use natural gas for baseload power to provide more reliable, field power? Yeah, absolutely. I think the, you know, the electrification of the oil field is really having a huge impact. You know, for example, I heard a Permian-based operator say that West Texas peak power demand is up 75% from 2020. I don't think West Texas has added a lot of people. They haven't added 75% more people in that time. So I think that really speaks to the demands placed on the grid, and the need to build out power generation if you wanna have a reliable grid. I know ERCOT talks in the spring, when temperatures start to rise in Texas, that they start warning about potential power issues, so there's clearly a need that generation hasn't kept up with demand over the years. Yeah, and I think mobile power gen can play a really key role there. And so that's what's exciting to us. How does FET market some of these solutions to, I guess, existing, but also a lot of new, potentially new customers who are trying to look at some of these power generation solutions? Yeah, it's really an interesting opportunity. You know, for us, while the end users of the products may be different, you know, I think I talked earlier about, you know, for us, the operator is the ultimate end user. But for many of these power gen products, the operators will be different, but the immediate customer for us is the packager that puts together the engine, the transmission, with our heat transfer unit. So, it's really the same immediate customer that we sell our frack units to. So I think this makes the transition into this market much easier. The packager knows us, we know them, allows for better collaboration and innovation, and ultimately, you know, faster market penetration. Market's still pretty early in this, and I know the crystal ball that you mentioned earlier is probably still pretty cloudy with respect to what the future holds, but can you share some thoughts about where you think this could go in the next three to five years? Yeah. So I think a couple things, like the trend to electrify the oil field has started and will continue, and the speed of that trend, you know, ultimately depend on the health of the industry and how much free cash flow can be deployed to CapEx, right? So I think that's one trend. I think the newer and maybe more exciting trend for us is the power gen that we've just talked about. You know, it's a technology that can be deployed, especially in the mobile power gen. It can be deployed much more quickly than, let's say, gas plants or obviously nuclear facilities. And what to me is interesting, I just saw an analyst report last week that estimates that AI data center demand in 2025 will be 10 times what it was in 2023. I think it's generally believed that the grid, you know, cannot handle this kind of rapid increase, and I think it's possible that mobile, or what's thought of as backup power generation, could actually become the primary source of electricity, in at least the short term. So I think if that were to happen, we would need to produce a lot more heat transfer units over the next few years, maybe more for this industry than we ever did for the hydraulic fracturing pressure pumping application. I'm guessing the data centers probably would like to have reliable baseload power as opposed to intermittent, or potentially intermittent power related to wind and solar, where you clearly could have some disruptions? If you, again, the AI value chain really depends on all that computing continuously, right? I think if you have intermittent power, I think it's a very small portion of what their cost is, and a very small portion of the ultimate value they deliver. So yeah, I think having that reliable, continuous power is a basic need, and a have to for the data center. Do you think, Neal, that that's both a North American growth market and potentially ultimately a international growth market for FET? I do. You know, I think it's still early even in North America, and I think it's much earlier in international. But, you know, I think the difference we have in North America is the infrastructure that's in place to respond very quickly. I think ultimately we could see the international market being a great export opportunity as they develop their capabilities. Let's shift gears a little bit to the balance sheet. That's been a topic of discussion over the last couple of quarters, and Lyle, FET outlined a strategy earlier this year to repay the outstanding secured notes, which are due in 2025, and the seller term loan, which was issued in the Variperm transaction, by the middle part of next year, with the goal of positioning the company to consider alternatives to return cash to shareholders. You redeemed about $60 million principal amount of the 9% senior secured notes in August, and have talked about plans to redeem the remaining roughly $60 million by the end of the year. Can you just refresh where you are on the use of the revolver to execute the goal of retiring the remaining notes, and then free cash flow for the seller term loan next year? Yeah, absolutely, Jeff. This is a topic I love to discuss, because our strong free cash flow accentuates the accomplishments that our teams have in terms of growing our revenue, growing our margins and earnings, and working capital management. Let me spend a few minutes kind of giving that background and color. We ended the second quarter, as you know, with about roughly $180 million of long-term debt, that we talked about retiring, and borrowings of $73 million on our credit facility. So at that time, our net leverage ratio was roughly 2.2 times, and we had $135 million of liquidity. So with that background, we laid out a plan to retire all of our long-term debt, the $120 million of 9% senior secured notes around the end of this year, and the $60 million of term loan around the middle of 2025. As a down payment towards that plan, we did redeem $60 million of the 9% notes in August. After that redemption, we've got about $120 million remaining, and we can achieve our goal from here with a combination of free cash flow and availability on our credit facility. To put a little color to that, in the second quarter, we adjusted our full-year free cash flow guidance upward to between $50 and $70 million. This meaningful level of cash, of free cash flow, is a free cash flow yield of between 26% and 36% of yesterday's closing market capitalization. I'll almost pause there for effect, but we're really proud of the team's result in this area. Let me get back to the plan. In the first half of the year, we generated $24 million of free cash flow. That would leave us $36 million more to generate to reach the midpoint of our guidance. And if we combine that $36 million with our liquidity from our revolver and some modest amount of free cash flow for 2025, we'd have ample liquidity to achieve our goals by the middle of next year. So also, if we can find an appropriate refinancing solution to accelerate the plan, we'd be willing to consider that as well. Because for us, the retirement of the debt is more than just about net debt reduction. It's about aiding or creating incremental flexibility for us to use our free cash flow to strategically augment the value of FET. And we think that can come in the form of further net debt reduction, value-adding acquisitions, like VeriPerm, and returning of cash to shareholders. Lyle, is there a, y ou mentioned a 2.2 times leverage ratio. Do you have a leverage ratio in mind that you expect to get to middle part of next year, that puts you in the position to consider returning cash to shareholders? Yeah, Jeff, as you know, we drove net debt down, our net leverage ratio down to 1.3 times at the end of 2023. Yeah Before we made the Variperm investment. And then based on our full-year guidance for EBITDA and for free cash flow, that would put us ending 2024 with net leverage ratio of about 1.8 times, so nicely down from our 2.2 level. And Neal and I see the leverage ratio of two times as somewhat of a high-water mark. It's an indicator that we need to be pushing down net leverage ratio. Assuming we achieve our 2024 guidance, and we have continued confidence in strong free cash flow into 2025, I think we'd be in a position to consider a combination of returns of cash to shareholders while we're able to continue to reduce net debt. Lyle, just to maybe put a bow on that, since you talked about the flexibility that the balance sheet it will provide, how do you weigh the benefits of returning cash to shareholders versus maybe being able to capitalize on a Variperm-type acquisition, which was very margin accretive, to ultimately deliver value for your stakeholders? Yep. Yeah, great question, and definitely there's a balance there. But as we've looked at our industry and the change that other companies have had, we definitely have a focus on getting to that shareholder return point. We haven't detailed out a plan for how we will return shareholders or a framework, and we do plan to do that as we get closer to retiring all of our existing long-term debt. But what I can say now is that with a free cash flow yield of roughly 30% of our market cap, we should be in position to have both dry powder and sufficiently low leverage to do both. And that's return cash to shareholders and capitalize on incremental accretive acquisitions. I'm sure that'll make for some interesting board discussions over the next several quarters. Absolutely. Neal, I'd like to maybe bring us to a close today with the idea about having you summarize how some of these new business opportunities in energy transition and power generation complement FET's core oil and gas business, and then ultimately provide some increased revenue resiliency- Mm-hmm Across capital spending cycles. Yeah. Yeah, Jeff, as you know, I think as again as a manufacturer of engineered solutions, we have a lot of ways of participating in energy transition and as demand unfolds. I think we've touched on a few today, right? Biogas, hydrogen, geothermal, emissions capture, offshore wind. So with our you know our global footprint, our products and solutions, you know, they can be utilized in the United States and around the world. So I think in addition to energy transition I think we have a great opportunity to take our market-leading position, you know, mobile heat transfer solutions, and apply these products to address the exploding demand for power generation as well. Neal, is it fair to think about the notion that as a lot of these opportunities are unfolding in the next, over the next several years, and the balance sheet goals that FET has set for mid-next year, that the company will be in a much better position to be opportunistic and capitalize on opportunities for shareholders? Yeah, absolutely, Jeff. We're, you know, we're following our strategy, right? We said we wanna beat the market with our growth. We wanna deliver that value, and I think it's paying off today. I think the actions we're taking today will pay off even more in the future. I think ultimately our investment thesis remains intact. You know, the world needs energy. Our blue-chip customers will deliver it, and again, with our products and solutions, we will, you know, beat that market growth, and this will drive revenue, it'll drive margin expansion and free cash flow. And I think as Lyle laid out, we have a great path to unlock unrealized shareholder value. Neal, Lyle, I'd like to thank you very much for taking the time to join us today. I know you've got an earnings call coming up in a couple of weeks, so we'll get another update around just the more specifics around the business. But wanted to lay out some of the longer-term strategic things that are underway at FET with today's fireside chat, and I appreciate you taking the time to do that. Appreciate the time today, Jeff. Thanks for all the great questions. Thanks, Jeff. Thank you, and we'll hope to host another event in the not-too-distant future. Thank you. Thanks.