Good morning, ladies and gentlemen, welcome to The Natural Gas Services Group, Inc. Quarter One 2023 earnings call. At this time, all participants are in listen-only mode. Operator assistance is available at any time during this conference by pressing zero pound. I would now like to turn the call over to Ms. Anna Delgado. Please begin. Thank you, Luke. Hello, everyone, and thank you for joining us to discuss our first quarter 2023 financial results. Today's call is being webcast on our investor relations website, ngsgi.com. Available on the site is our earnings press release, which was issued Monday, May 15th. Before I hand the call over, I'd like to remind everyone that during today's call, including Q&A, we may make forward-looking statements regarding expectations of the company. These forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied on this call. These risks are detailed in our most recent annual report on Form 10-K, and as such may be amended or supplemented by subsequent quarterly reports filed with the Securities and Exchange Commission. The statements made during this call are based upon information known to Natural Gas Services Group as of the date and time of this call. NGS assumes no obligation to update the information presented in today's call. With that, I'd like to turn the call over to Steve Taylor, our Chairman of the Board, Interim CEO, and President. Steve. Thank you, Anna and Luke. Good morning, everyone. Welcome to our first quarter 2023 earnings conference call. Thank you for joining us this morning. Before taking your questions, I will highlight our financial and operational results for the first quarter that were detailed in our earnings press release yesterday, discuss the current business environment, and provide comments on other aspects of our business. The quarter marked the ninth quarter in a row of rental revenue growth. For the current sequential quarters, rental revenue alone grew almost 11%, while higher rental and sales revenues grew total revenues by 18%. Adjusted rental gross margins slipped 2% due to higher field expenses and a one-time non-cash adjustment. Our total Adjusted gross margin increased 4% sequentially. SG&A declined 4%. Our bottom line net income had a positive swing of over $1 million from last quarter as we posted positive GAAP earnings. As mentioned in our last earnings call, NGS closed on a substantial line of credit from our bank at the end of February. This was to fund the additional high horsepower equipment we have already contracted as we continue to execute on our growth plan. NGS had a solid and growing quarter. We have added more committed contracts over the past couple of months. Our utilization continues to increase, and pre-contracted activity remains at a high level for the rest of the year. That said, let's look at the results from the first quarter of 2023. Total revenue for the three months ended March 31, 2023, increased to $26.6 million from $22.5 million for the three months ended December 31, 2023, or an 18% increase in sequential quarters. Total revenues increased year-over-year from $20.3 million for the three months ended March 31, 2022, for a 31% increase. Rental revenue increased 11% from $20.6 million in the three months ending December 31, 2022, compared to $22.7 million in the three months ending March 31, 2023. Rental revenue increased to $22.7 million for the first quarter of 2023 from $17.1 million in the first quarter of 2022, for a 33% gain over the past year. Both comparative period increases were primarily the result of the increased deployment of higher horsepower rental units, higher overall utilization across the fleet, and rental price increases throughout the year. Rental revenues have strengthened and are now running approximately 85% and 90% of our total revenues in all comparative periods. As of March 31, 2023, we had 1,245 utilized rental units representing over 335,000 horsepower compared to 1,276 rented units, representing almost 307,000 horsepower as of March 31, 2022. We ended the first quarter with 66.4% utilization on a per unit basis and 77.4% utilization on a horsepower basis. These are both improvements from the prior quarter. Notably, approximately 96% of our higher horsepower fleet equipment is utilized and drawing rent, while 100% is contracted. The 4% difference represents units waiting to be installed. Utilized horsepower increased 9% in first quarter when compared to the year ago period, while revenue per horsepower increased 21% when comparing the same periods, demonstrating the impact of the growth in higher horsepower units and the price increases we have been able to implement over the past year. Our total fleet as of March 31, 2023 consists of 1,875 units with over 433,000 horsepower. Our large horsepower assets comprise approximately 15% of our current utilized fleet by unit count, but these units provide approximately half of our current rental revenue stream. Sales revenues for the sequential quarters increased from $1.3 million in the fourth quarter of 2023 to $3 million in Q1, 2023. Up from Q4, 2022, I'm sorry, to the current quarter. This large increase in sequential revenues is primarily from idle equipment sales from the rental fleet and a doubling of parts revenue from the sale of proprietary pressure control systems. On a year-over-year quarterly basis, sales revenue increased slightly from $2.9 million - $3 million. As noted in our release this morning, Adjusted Gross Rental Margin slightly decreased sequentially from $11.3 million, or 55% of revenue, in the fourth quarter of 2022 to $11.1 million or 49% of revenue in the first quarter of 2023. Half of this quarterly decline is due to a non-cash reclassification of inventory items from the balance sheet to the income statement, while the balance of that expense is from higher R&M and parts costs. On a year-over-year basis, our Adjusted rental gross margin of $11.1 million in the first quarter of 2023 increased approximately 40% when compared to $7.9 million in the same period in 2022. Our SG&A expenses declined $200,000 in sequential quarters and totals 17% of revenue this quarter. Sequentially, we reported an operating loss of $314,000 in the fourth quarter of 2022 compared to positive operating income of $402,000 in the first quarter this year. This improvement was primarily due to higher total gross margin, lower SG&A expense, and $280,000 less in equipment retirement expense. This compares to operating income of $382,000 for the three months ended March 31, 2022. Our net income in the first quarter of this year was $370,000, or $0.03 per basic and diluted share. This compares to a net loss of $756,000 in the fourth quarter of 2022, or a $0.06 loss per diluted share. In the year ago quarter, our net income was $337,000. Adjusted EBITDA was flat at $7.7 million for the sequential quarters, but increased 15% to $6.8 million from the same period in 2022. Our cash balance as of March 31, 2023, was approximately $7.4 million, with $61 million outstanding under our revolving credit facility. In the first quarter this year, we realized cash flow from operations of $18.2 million, compared to $5 million in the same quarter last year. We used $47.8 million for capital expenditures, $47 million of which was expended on our rental fleet in this current quarter. The compression market remains very strong and we continue to see demand for new compression units, especially in the high horsepower range. Last quarter, I mentioned that if opportunities present themselves, we are likely to expand our fleet further to meet demand as long as such expansion meets our return expectations, contract requirements, and our cash availability. That said, we in fact secured additional contracts this quarter worth approximately $20 million-$25 million. We also accelerated our build schedule, which brought another similar amount into this current year. This resulted in a large increase in our 2023 committed capital budget from the $95 million originally announced to $150 million currently. This is a large increase. This projection is supported by present build schedules showing that we will add approximately $50 million for each of the next two quarters in equipment assets. Our caution to everyone that this may fluctuate to the downside due to supply chain constraints. This is our best present estimate. Even with this, we are still seeing added demand that we cannot fulfill this year. I also want to take time to introduce two new members that we have recently appointed to our board, Justin Jacobs and Don Tringali. Justin is the Management Committee Director of Mill Road Capital Management, one of our largest shareholders, and Don is the Chief Executive Officer of Augusta Advisory Group. Both have extensive experience in private and public boards from a financial and governance perspective. A fuller description of their backgrounds is in our recently published proxy. We welcome them and look forward to their contributions to our board. As I've just discussed, the demand for our equipment and services continues unabated. Based on our current build orders and already executed contracts, we are essentially sold out this year and we anticipate this continuing into 2024. It's too early to tell if next year continues at as fast a pace as this one. Barring an extraordinary macro event, we anticipate that it'll be another robust growth year. Obviously, there can be headwinds. Consensus projected prices for WTI crude from Bloomberg anticipate crude oil in the mid $80 per barrel range through 2025, another two plus years. This is supported by OPEC's recent decision to cut production, the potential to refill the Strategic Petroleum Reserve, and the continuing natural decline in production. Presently, approximately 75% of our utilized horsepower is employed in the production of crude oil. Our overall activity is now driven by crude oil pricing and production dynamics. As far as natural gas, the picture is murkier and not as rosy. Natural gas prices have been extremely volatile over the past few months. Spot prices exceeded $9 per MM Btu in August of 2022, and they are currently at $2.24 at the end of April 2023. That's a 75% decline in price in eight months. Rigs drilling for natural gas hit their lowest point in seven years last week. The spike in prices last year was caused by some short-term worry about natural gas supply, but that quickly abated. We are now, unfortunately, stuck in the same natural gas price scenario that we have seen play out over the last decade. I don't expect a whole lot of support to our business from natural gas prices and activity, but fortunately, only 25% of our utilized horsepower is employed in natural gas projects. If we do get any pricing uplift, it'll add to the activity we already see. There are a lot of moving parts in the business right now, but I think we're connecting all the dots and look forward to continued growth. Thanks for your time, and I look forward to your questions. Luke? Hello. ladies and gentlemen. Ready for- At this time, we will conduct a question-and-answer session. If you would like to state a question, please press seven pound on your phone. Again, that's seven pound, you will be placed in the queue in the order received. You can also press 7seven pound again to remove yourself from the queue. We are now ready to begin. Our first question comes from Rob Brown with the Lake Street Capital. Rob, go ahead please. Hi, Steve. Congrats on a good quarter. Hi, Rob. Yeah, thanks. Just wanted to get a sense of kind of demand environment for the high horsepower. It's been strong. How are you kinda seeing it with the current commodity prices? Are you seeing more interest in activity there? Well, the, you know, the current commodity price, oil commodity price, you know, has weakened just a little bit. You know, we're not. If we didn't know that, we wouldn't, you know, have even known that there was a, you know, $70, you know, low $80 gas or oil price out there. Demand has continued, as I mentioned, you know, essentially unabated. You know, just mentioned the additional contracts we've gotten. You know, we've tried to speed up some bills to get the stuff out quicker, and we're still seeing, you know, demand. And it's actually demand that we can't fill this year due to, you know, schedules and, you know, and cash commitments. So it's, you know, presently, it's just, you know, continuing nonstop. Now, you know, I think, and we anticipate that continuing on. You know, and if you're starting to look into 2024, which we're trying to do now, it's a little tougher because operators aren't, you know, really publicizing too much of their 2024 schedules. Just based on, you know, continuing demand, we're seeing requests for equipment and things like that. You know, 2024 looks like it's gonna be a, you know, have a good start. If everything else continues with the oil price hanging in, and, you know, and I don't think it has to go up a whole lot more. I mean, the demand is there even at, even at the current price, which is, you know, is a, is a price that the operators can make money at. We anticipate demand continuing. You know, our challenge is now, you know, execution. As I mentioned, the year sold out and, you know, getting it built, getting it out on time. You know, supply chain continues to be somewhat of an issue, not a killer. You know, as long as all that stuff stays together, you know, we see the rest of the year and into 2024 being good. You know, demand is there. It's just, now I think among with us and in the industry generally, it's just how to fulfill all of it. I don't think all the 2023 demand will get fulfilled. It'll slide over into 2024. Okay, good. Maybe just review the capital commitment again on kind of what you've sold and is that capital commitment, you know, sort of to fulfill contracts that you have and that's committed at this point? Just provide us, remind us what it is. Yeah, it's essentially the same stuff. You know, the contracts we talked about last quarter were, you know, largely pre-contract, and I say largely, I think there's, you know, 90% to 95% pre-contracted. The ones we've added this quarter are contracts. You know, so they're not speculative builds or anticipated work. They're signed contracts, and, you know, that's why we went ahead and added them and increased the capital budget. It's, you know, it's equipment we've got to build now. The commitment level still stays at, you know, that 90% range. We've got, you know, the 10% difference is some equipment we've got in there towards the end of the year and into 2014 that have not been committed at this point but are being built. We fully anticipate that equipment, you know, over the next six months being rented. You know, the bottom line is we're still running a 90% commitment rate on the stuff we're building. Okay. Okay. I may have missed it when you spoke. With the CapEx expectations this year, and I guess that we were talking, would that be similar next year? What's the CapEx expectations at this point? I don't wanna even project 2014 or 2024 yet. You know, I think last call, you know, I was asked that question, I said, "Well, you know, just based on the difference in what we anticipate the capital budget being and the bank line commitment we had, there was about a $55 million difference." I said, "Well, you know, if everything stays static, you know, it'd probably be $55 million we'd spend next year just to finish out the bank commitment." Now, you know, the budget this year has grown to where there's very little left in the bank commitment if we execute on, you know, on everything we've gotten and the committed stuff. You know, it's very hard to say what 2024 is gonna be right now. Like I mentioned, the operators haven't really put out anything publicly. I mean, anything we hear is pretty much, you know, speculation and, you know, advanced projections from operators. And, you know, those are hard to, hard to, I guess, you know, commit to right now from a capital budget standpoint. You know, we're trying to get a better handle on it. 2024, like I said, I think it's gonna be a robust growing year, whether we spend $150 million. That's a lot of money for two years in a row, you know, and I would be hesitant to say that. You know, give me another, you know, quarter or two, and we'll have a lot better handle. It's gonna be... It's gonna be a decent year. I just don't know if it's gonna be as I mentioned in the remarks, I don't know if it's gonna be as fast-paced as this year, 'cause this is pretty extraordinary. Yeah. Okay, great. Thank you. I'll turn it over. Okay. Thanks, Rob. Thank you very much, Rob. Our next question comes from Tate Sullivan with Maxim. Go ahead, please. Hi. Good morning. It's Alejandro Nuño. Hey, Tate. on for Tate Sullivan. Oh, who is it? Congratulations on the quarter. It's Alejandro Nuño on for Tate Sullivan. Okay. Alejandro Nuño, how are you? Good. How are you? Congrats on the quarter. Good. Thanks. Just kind of following up on the, on the CapEx comments. How much of the increased CapEx guidance is for the 2,500 horsepower market? I think last quarter you talked about it being about a third or a half for the $95 million commitment. I wanted to see if we're increasing it now that we've increased the CapEx spend as well. Actually, the majority of it is 1,500 horsepower units. We didn't change the 2,500 horsepower number. It's just primarily we've had a lot of interest in the 1,500 horsepower equipment. Great. Thank you. Again, just kind of following up on the price increases, should we see continuous price increases in throughout 2023, or you think the, can you kind of just give us a little more of a rundown on what we should be looking at, as you see, price increases throughout the rest of the year? Well, you know, from a new equipment standpoint, you know, we may, primarily because, you know, engines are continuing to get more expensive, compressors are more expensive, you know, building is more expensive. From a new build, you know, cost of goods sort of thing, you know, we're still seeing increases. If they continue, you know, like they are, we're gonna, you know, have to increase the rental rate on new equipment going forward. You know, we'll probably look at it. You know, we constantly look at it, but we'll make an assessment next quarter or so and, you know, just see what we see from an inflationary standpoint there. From the existing fleet, you know, it's more of an operating expense question. You know, we're, the inflationary increases from the operating standpoint being labor, you know, lubricants and stuff like that, have, they're still going up a little bit. They've mitigated somewhat recently, but we're keeping an eye on it, and we'll just have to see what, again, make an assessment next quarter as to what that, pricing is looking like. You know, we're seeing a little slowdown on some stuff, but, you know, it just, it continues on. It's not as extreme as it was last year, but, you know, in the earlier part of this year, but, we're still gonna have to watch it a bit. I think there's still price increases going on in the industry, you know, as we speak, and I think that's more so a catch up to what we had already done, you know, versus, you know, maybe doing enough last year. There's still some price increasing going on, still some costs going up. As far as we go, you know, we're just gonna look at it very carefully probably in the next, you know, quarter or so and determine if we need to do it. You know, there's getting to be, you know, some pricing fatigue from customers, which, you know, which is, we know what they're talking about because we're getting a little of it too from our suppliers, but, we just got to make an overall assessment and see what, where it puts us. Great. Thank you so much. Thank you very much. Currently don't have any questions in the queue. If you have, please press seven pound and we will open up your line. We have Hale Hoak with Hoak & Co. Go ahead, please. Hey, Steve, it's Hale. Congrats on a good quarter. Hi, Hale. Just to follow up a little bit on the CapEx questions and asking a little differently. If no new equipment orders came in and you just fulfilled what you're currently obligated to fulfill, when would all of those units be in service? Is it six months from now or 12 months from now? Or how far out until all of them are in place? Well, the, yeah, look at the bill schedule, of course, it's, you know that, you know, the buildup, you know, about the third quarter, then the, you know, decline. This is, you know, from the standpoint of the bill schedule being, okay, this is completed equipment we can start to place on contract and rental. You know, you get the typical sine wave. All of the equipment would be, you know, in and from a time delay standpoint of, let's just say equipment that gets built and we receive it in Q2, will be installed and start generating revenue sometime in Q3. You get, you know, about a lag like that. All the equipment that we're building this year, I would anticipate, you know, being installed and all deploying 100% rent by the end of Q1 2024. Okay, great. I just was thinking about you're going to have a nice quarter now, but you're gonna have a quarter with a real step function change in earnings power, and I guess later this year or early next year. Was just trying to get my hands around the timing of that. Yeah. Congrats and also congrats on the adding some guys to your board. I think it looks like you'll get good perspective and we'll talk to you soon. Okay. Yeah, appreciate the call. Thank you very much. Our next question or last question comes from Kyle Krueger with Apollo Capital. Go ahead, please. Good morning, Steve. Bob. Hi, Kyle. A couple of questions for you. Hi. Fantastic increase in revenues during the quarter. Year-over-year operating income was basically flat. Would have expected significantly more operating leverage than that with that dramatic of a revenue increase. I see some couple of the one-time factors. Is that revenue increase going to lead to significant profit prosperity going forward? If so, what's the timing associated with that? When will we start to see the earnings leverage come through? Well, I think just like, you know, talking to Hale there a second ago, we'll see the majority of it. You know, Q1, you know, was the beginning of a kind of a CapEx, you know, build. As I mentioned, we're gonna start getting the majority of the equipment in Q2 and Q3. You know, second half is gonna look a lot different than the first half of the year. We're just starting out, so we're gonna be, you know, getting the equipment, getting installed, getting the rent started and things like that. I think you'll start to see, you know, some real improvements, all the way up and down the income statement and, you know, start in the second half. It'll just build. Yeah, I think you'll see a Q3, Q4, and Q1 increase, yeah, pretty consistently going that way. Yeah. Yeah. Any idea that you could give us as to what the expected incremental operating margin associated with a dollar revenue increase could be? I mean, I would imagine it would be quite substantial. I mean, 20% to 30% that we'll start to see flow through off of that dramatic ramp in revenue. Yeah. You know, the revenues is, you know, the increase that we're gonna see, say the next, you know, year, next four quarters or so. You know, let me put it this way. You know, I would guess for every, I would say for every dollar revenue we see go up, we're gonna see a commensurate, you know, 20% to 30% increase in, you know, additional operating income. I don't think you're too far off of that, because we're gonna start seeing, you know, pretty substantial increases in a lot of stuff. Revenue, you know, this is new equipment going out, and this new equipment is carrying higher prices than some of the existing equipment out there. There's a lot of, you know, there's a lot of levers in the income statement that'll start to be pulled as we go through. Our SG&A is gonna get better. I predicted that. You know, we're gonna have a lot of tailwinds going forward. You know, I don't think you're too far off on your operating leverage, I think. Yeah. Okay. Now, typically, you guys have played in the lower horsepower, you know, 250-ish, I think was the average horsepower of your installed fleet going back, you know, two, three years ago. Now you're moving up- Right. Into the, you know, 1,500 and beyond range. Is the manufacturing and fabrication process similar enough that you can guarantee customers contractual runtime performance? Or is this really a new piece of equipment for you that is needing to have runtime performance in order to perform according to, you know, what ordinary field-level statistics might be? Well, it's a magnitude of difference in the equipment. You're right. You know, say five plus years ago, you know, our typical build was a 200 to 250 horsepower unit. You know, now we're routinely building 1,500 and stepping into the 2,500 horsepower. You get a magnitude change in just the horsepower and the size of the equipment. You get a big change in how it's operated and maintained in the field. But, you know, from a design standpoint and how you can maintain runtime, you know, some of it's, you know, some of the basics stay the same. They're all our designs. We've built, you know, a fair amount of the bigger stuff, but currently, in probably the last, you know, couple quarters, we've outsourced the majority of the big horsepower to our designs. It's, you know, we've found a couple good fabricators that, you know, have good quality and, you know, build, you know, at a good price for us. We're using the outsourced model more so now than we ever have in the past from a... certainly from a additional horsepower standpoint. From a runtime deal, we've always guaranteed, you know, high runtimes on equipment. Now, on this bigger equipment, the customers typically demand even higher runtime on them because now you're starting to get into critical infrastructure. When you're getting into centralized compression, you know, maybe, you know, touching some midstream stuff or, you know, any downtime, especially on a gas lift or production perspective, is very profitable or very expensive for the operator. The more downtime you can give them, the more money they make. Number one, that drives rental rates up because, you know, your manpower gets more, your monitoring costs get more, et cetera. We are able to deliver, you know, very high runtime on this stuff. You do have to spend a little more money to do it, and that, you know, and that drives some of our rates, too. Your customers are typically okay paying those higher rates if you can give them that kind of runtime because, you know, 1% or 2% additional runtime on the higher end, I mean, into the higher 90% runtime range, is very profitable when you're lifting thousands of barrels of oil a day from centralized stations. Yeah. It's more critical now than actually it has been in the past with the, you know, the medium horsepower. These being kind of brand-new units for you guys, and you're outsourcing the production fabrication of them, isn't it a new piece of equipment? Are you sure that they're performing according to contractual specifications? Are you confident? How are you confident enough to, you know, with really very few units out in the field now with accumulated performance, how are you confident to, you know, to spend up to $150 million and, you know, take what has been a, you know, pristine balance sheet to one that, you know, on a current run rate basis has, you know, 3x debt to EBITDA going, you know, presumably significantly higher? Yeah. Well, I mean, we've dealt with this equipment. The engines and compressors we're having built for us in this equipment is number one, from the industry standpoint, you know, long-standing, you know, excellent quality goods. There's no issue with the quality of the engines and the compressors. You know, that's from the industry standpoint. From the NGS standpoint, we've been dealing in the same engines and compressors for 45 years. You know, we've also got some history with it. We're building more and more each day. With this equipment and the, you know, the value of it and the runtime expectations and service expectations, you know, every one of these big units are extensively monitored. There's probably, and there may be more, 30 to 40 monitoring points constantly on this equipment to track what's going on, you know, what's good, what's bad, et cetera. We've got, you know, an extremely high level of confidence in the equipment we're putting out. We're getting a lot of support from, you know, the factory and the suppliers and everything else on this stuff. That's really not, you know, that doesn't keep us awake at night. You know, the, you know, we lose sleep over making sure we can make the runtime and things like that, more of a service aspect than a, than a equipment aspect. Yeah. Yeah. Okay. Could you update us, Steve, on the CEO, the full-time CEO, replacement search? Yeah. You know. What kind of candidates you're coming up with and? Well, we've been, you know, we've had a search going on, as I've mentioned in the past. Now with the, you know, two new directors on the board, which we announced, a couple weeks ago, three weeks ago, I think, you know, we want to involve them in that. We're taking a look at where we are, where we've been, what we're gonna do, et cetera, et cetera. You know, I mean, you know, the candidates are, you know, what you'd expect. We're trying to find, you know, different levels of experience, whether it's, you know, equipment experience, financial experience, et cetera. You know, that criteria to this point hasn't changed. We are, you know, taking a little bit of a pause and, you know, reassessing with our new directors, you know, the candidates we've identified so far, the profiles we want and things like that. You know, we'll, you know, It's going along, but it'll resume and, you know, to a fuller extent, you know, in the future. Yeah. Have you expanded that exercise to include sort of a full scope strategic review with these new directors coming on, which, presumably with a CEO transition, so important. Are you including the outright sale of the up to and including the outright sale of the company with respect to, you know, how the new directors and the CEO search is moving forward? Well, you know, the new directors didn't come on from the point of, you know, doing anything in particular with the company except, you know, increasing shareholder value, right? You know, and we've made no, you know, no bones about the fact that, you know, we're gonna, you know, look at the company from the perspective of we've got this organic growth plan going on and, you know, we've got the big bank line and, you know, making sure, you know, that's assessed correctly. We're going forward the way we want and things like that. You know, I think, you know, whether it's two new directors, you know, or the existing board before, we were always constantly looking at, you know, what's the horizon, you know, what's the future hold, you know, what direction do we want to go, what are the strategies and things like that. You know, that's really not gonna change. Now, certainly, we got two new perspective, you know, two new eyes looking at things and which is great. You know, that's from a business standpoint, that's always what we ought to do. We're gonna continue to assess, you know, our strategies, you know. Our strategy right now is, you know, what I've just talked about, executing our growth plan, you know, putting in a lot of new equipment, you know, satisfying demand and stuff like that. Really, that's the point we're at right now, just making sure we're as tight as we can be on our present plan. Okay, thank you. Best of luck going forward. Looking forward to seeing the leverage come through based on the dramatic increase in revenue. Thank you, Steve. Okay. Thanks, Kyle. Thank you very much. That was our last question. Mr. Taylor, go ahead. Okay. Thanks, Luke, and thanks everyone for your time and joining our call, and I look forward to updating you on the next earnings call next quarter. Thank you. Thank you, everyone. This concludes today's conference call. Again, thank you.