Hello, and welcome to the U.S. Silica Industrial and Specialty Product Showcase. We're excited to give you a deep dive into the segment and provide an in-depth look at the business, including strategy, new market opportunities, and our exciting product pipeline. My name is Patricia Gil, and I'm the Vice President of Investor Relations and Sustainability. During the presentation, some of our statements may be forward-looking in nature. Such forward-looking statements, which are predictions, projections, or other statements about the future, are based on current expectations and assumptions, which are subject to certain risks and uncertainties. For a complete discussion of these risks and uncertainties, we encourage you to read the company's documents on file with the SEC. Our showcase today will begin with a strategic company overview and introduction to the industrial and specialty products, or ISP segment, by Bryan Shinn, our Chief Executive Officer. Then Zach Carusona, Executive Vice President and President of ISP, will share how we are market leaders across diverse and attractive markets. He'll be followed by Tom Anderskow, Vice President Sales, ISP, and Mason Borlik, Vice President, Products and Innovation, ISP, who will discuss three key use cases covering solar glass, cool roofing, and new white pigments. Afterwards, Zach will teach us more about how we are accelerating growth through innovation and advanced materials, and Bryan will provide closing remarks prior to opening up for Q&A at the end. Before I hand the presentation over to our CEO, Bryan Shinn, I'd like to show you an introductory video of U.S. Silica. For more than 120 years, U.S. Silica has been a leader in mining, processing, logistics, innovation, and material science. Today, we are a diversified industrial minerals company and a leading provider of proppant and last mile logistics to the oil and gas industry, with more than 25 operating mines and processing facilities across the United States. Our SandBox Logistics business represents the latest in proppant storage, handling, and well-site delivery, making proppant logistics cleaner, safer, and more efficient. Since our 2018 acquisition of EP Minerals, we have leveraged our core competencies to diversify our business. We are now a leader in materials derived from silica, diatomaceous earth, perlite, and engineered clays. With a portfolio of hundreds of products across a wide range of end markets, we help make chemicals purer, building materials more durable, energy more abundant, and so much more. U.S. Silica prides itself on a commitment to safety and in being a good neighbor in everything we do. In addition to raising industry standards for environmental practices, safety, and transparency, we invest in the communities where we live and work. U.S. Silica has never stopped looking to the future, and we are continuously researching and developing new performance-enhancing products and solutions at our state-of-the-art R&D facilities. At U.S. Silica, we maintain the dynamic culture of a startup, backed by more than a century of doing right by our people, communities, and our customers. Good morning, everyone. I'm Bryan Shinn, the CEO of U.S. Silica. Hope that you enjoyed our introductory video, and welcome to our ISP showcase call. We're very excited to have the opportunity to talk today about the tremendous value creation plans in our industrial business. As we were planning this call, we reached out to many stakeholders for advice on topics to cover today, and we got a lot of great suggestions, including providing additional details on ISP end markets and applications, sharing specifics of our growth plans in a bit more detail, discussing our connection to societally important value chains, which we'll touch on quite extensively today. Also, showing examples of our new products, talking about expected future results, and sharing details about our new innovation center. Accordingly, we designed our presentations to cover as much of this information as possible, and I think you'll find it very enjoyable. We also wanted to give a bit of an insider's view of the business, so you'll hear today from several ISP executives in addition to myself and Zach Carusona. Before we dive into the industrial business specifically, though, I want to spend a few minutes talking about the total company and provide some context for what you will hear later in the presentation. Let's move to the next slide and start with a quick company summary. At our core, we are a diversified mining, materials, and logistics enterprise and a leading producer of industrial silica, diatomaceous earth, cristobalite, perlite, and specialty clays. We provide essential ingredients and processing aids for numerous industrial value chains, including those that are critical for the harnessing of renewable energy. Our products must meet strict specifications and are designed for the exacting needs of our customers. In 2023, for the total company, we expect to sell over 17 million tons of products to thousands of customers around the globe, generating revenue of more than $1.5 billion. We currently have about 2,000 colleagues at the company, working at more than 35 locations, spanning across the U.S., from Nevada to New Jersey. We also sell around the world with local team members and a network of key distributors. We operate in two business units: oil and gas, and industrial and specialty products. Today, of course, we'll be showcasing our ISP business. Let's move to the next slide and talk more about our industrials portfolio. We have a very diverse and innovative industrials portfolio with numerous attractive attributes. For example, we're well-situated in key markets with a No. 1 or No. 2 share position. Also, our significant technical expertise and specific mineral reserves support our premium pricing. Customers rely on us to deliver for them, and in some cases, we are their sole supplier. We have significant growth potential with many of our current products and have several new products and applications under development. Zach and our team will discuss this further in just a few minutes, but first, let's go to the next slide for a bit of historical context. Looking back across our 124 years as a company, I believe that right here, right now, is clearly the most exciting time in our history. We're beginning to unlock the true potential of our ISP business, and that work started several years ago with reimagining our business strategy. We transformed from just selling silica sand to a multi-mineral company in 2018 with our acquisition of EP Minerals, and now to an advanced materials enterprise here in 2023. As a result, we're expanding our offerings and moving forward in the value chain while significantly increasing our addressable market. That's a theme that you hear a lot about today. Our vision is to process our natural minerals and turn them into advanced materials that can compete with synthetically produced products like titanium dioxide. We expect that our natural products will be cleaner, greener, and more cost-effective while having competitive or superior performance characteristics, and at the same time, we're significantly de-leveraging and strengthening our balance sheet with the cash generated by our oil and gas business. We've extinguished more than $300 million of debt over the last few quarters, and our net leverage to TTM adjusted EBITDA has been reduced to 1.4 times. It's a very exciting time to be here at U.S. Silica, for sure. Let's talk a bit more about our ISP growth strategy on the next slide. We have three key pillars underlying the strategy to expand earnings. First, we plan to grow our base business at a GDP+ rate through price increases, new customer acquisition, and improved supply chain efficiencies. Second, we're investing to expand manufacturing capacity for select high-value silica and diatomaceous earth products that are in very high demand. And finally, we're launching new advanced material products, such as EverWhite and PurifiDE. Our strategy is working for sure, and we're accelerating our growth rate and plan to grow industrial contribution margin dollars at an 8%-10% CAGR over the next three years. We had some investors today that asked us to spend time explaining our product portfolio in a bit more detail and perhaps making it somewhat more understandable, as it can be a little bit confusing. So on the next slide, I think you'll find an interesting explanation as to at least how I think about our portfolio, and that's looking at the three main ways that our products are utilized by customers. So the first way customers use our product is as a processing aid. So in this case, our products do not end up in customers' finished products, but are used in their manufacturing processes. Examples here include beer, wine, and liquor filtration, blood plasma separation, cast metal part production in foundries, water filtration in swimming pools, and corn wet milling. A second type of customer end use for our products is as a critical value-added ingredient that imparts a specific performance attribute to our customers' end product. Examples here include paints, plastics, cosmetics, and a variety of formulated products. The final end-use category is as a major component of a customer's finished product. Some examples of this type of application include solar panels, eyeglasses, fiberglass insulation, and wind turbine blades. It's also important to understand that despite our company name, we're more than just sand. We're a performance materials company with a global reach. So you may ask, where will you find our industrial and specialty products? Well, the answer is literally everywhere. We make paint, plastics, and construction materials look better and last longer. We help make chemicals purer and water cleaner, and we make energy more abundant. So I would challenge anyone on the call today to look around your environment, and I guarantee you that you can reach out and touch something that U.S. Silica had a role in producing, and you probably won't even have to get out of your chair. So in summary, our ISP segment is a strong and stable enterprise, and we're a critical supplier to numerous attractive and growing value chains throughout the world. Approximately 50% of our sales are under long-term contract with leading customers, and we're a key part of rapidly growing, societally important value chains, including solar power, wind power, green diesel, food production, energy production, and cutting-edge medicines. The materials that we provide are of the highest quality and must be carefully specified into finished products, which creates considerable stickiness with our customers and represents a high barrier to entry for our competitors. Moreover, we're a reliable U.S. supplier with an unsurpassed logistical expertise. So I'd like to pause briefly now to show another short video demonstrating our industrial capabilities. After the video, Zach Carusona, our President of ISP, will take over the presentation and share more details on our industrial business. At U.S. Silica, we are much more than just sand. Our industrial and specialty product segment provides essential ingredients and processing aids for numerous value chains, including those that are critical for harnessing renewable energy. Our customers rely on U.S. Silica's minerals, processing capabilities, and technical know-how to improve a wide range of end products. Those include pure liquids, brighter paints, stronger building materials, and more abundant energy. We are leaders in bringing new products to market and delivering value for customers. Our products are developed in collaboration with customers, with a focus on lowering overall costs and improving performance. Our new state-of-the-art innovation center in Rochelle, Illinois, will greatly enhance our product development and production capabilities and will accelerate the speed at which we will bring new products to market. Here in the R&D group, we're applying novel chemistries and advanced mineral processing technologies to develop new products. We have a state-of-the-art market development plant, which is specifically designed to speed up the customer evaluation and scale of process. Our customers can explore a range of new products, nanoparticle suspensions, finely ground treated materials, which are tailored specifically to their applications. We have an exceptional group of researchers here at U.S. Silica, folks with backgrounds in chemistry, geology, and engineering who routinely feed our pipeline with fresh, new ideas. Our robust product pipeline represents exciting growth opportunities for expanding our addressable markets, and we will continue to invest in high value and differentiated products to expand our portfolio of advanced materials. U.S. Silica's unique combination of specialized expertise and unsurpassed technical capabilities positions us to be a market leader for the long term. Where will you find us? Everywhere, from where you live, to where you work, to where you play, and everywhere in between. U.S. Silica, the market leader in advanced materials. Good morning, everyone. My name is Zach Carusona, and I'm President of the Industrial and Specialty Products business. I'm excited to talk to you today about our ISP business, and the question we get the most often, which is: Where do your products go, and what do your products do? ISP delivers best-in-class, essential solutions for everyday products. Today, I'd first like to tell you more about the markets we participate in and how we create meaningful value in those markets for our customers. Then we'll dig deeper into three of our many use cases. We'll finish up today by highlighting the substantial investments we've made in our R&D and innovation programs over the past number of years. We are going to talk more about what our products do, but first, I want to talk about what our products are. On page 14, you can see three product groups that we offer. What's common about all of these product groups is that we are a leader in every market that we participate in. We offer a strong value proposition to customers with products that are uniquely designed for customers' needs and applications. Starting with what I believe is our most exciting product group, advanced materials. This product group offers a number of end-market products, including cool roof granules. It's used on flat-roof commercial buildings to reduce and reflect solar rays, keeping buildings cool and reducing overall greenhouse gas emissions. This product group also includes our ultra-high-end filtration product. It's used in the production of pharmaceutical products as well as nutraceuticals. You'll also hear more today about our EverWhite pigment, which is an offset to TiO2 and a product that's now been successfully commercialized in several markets, which includes building products, inks, and coatings, among others. Our second product group is our whole grain and ground silica products. This is our legacy product line with over a 100-year history. And again, with this product group, we are number one or number two in every market that we participate in, with customer relationships that go back decades. We have an unmatched advantage in cost, scale, and technical know-how. And then lastly, our diatomaceous earth, perlite, and clay product lines. Many of these product lines came over with our acquisition of EP Minerals in 2017, and what's unique about these products is that they offer us global reach. Approximately 20% of the ISP business comes from sales outside of the U.S., and most of that is accounted for, for the sales of the clay, diatomaceous earth, and perlite products that we offer. Within this product group, we're an unrivaled leader in filtration, building products, and purification of liquids, which includes renewable diesel. And as you dig into the products and the technical characteristics, they are very different. But again, the commonality is that we are the number one or number two player in every market we participate in, offering a unique value proposition for our customers. The reason that we're a leader in everything we do is due to our unique capabilities and long-term customer relationships that create high barriers to entry and are hard to replicate. For example, we work with some of the most innovative companies in the world to create essential mission-critical solutions. We deliver over 800 products to nearly 2,000 customers, and once our customers spec our products in, they're very hard to replace. As I mentioned, we have 120 years of experience. We capitalize on that history and know-how by being the lowest cost producer in the industry, with an unmatched supply and logistics network. Because of this, we have customer relationships that go back decades, and in many cases, even over a century. I'd also like to point out that nearly half of our revenue in ISP is managed under long-term contracts that range anywhere from three years to 10 years. Lastly, as we'll discuss more later, we are the leader in innovation and R&D in our space. We have significantly increased our spend in innovation and R&D over the prior years, and in this quarter, we launched our innovation center located in Rochelle, Illinois, where we are already partnering with customers to bring new products to market and accelerate the pace at which we're able to do this. I've been with U.S. Silica for 12 years, and the most common question I get is: Where do your products go? What I'll do is I'll explain that you may not notice, but our products are all around us. If you're inside your home and you look around, you'll find our most items involve our products. You'll find us in your paints, your countertops, your glass windows, bottles, and jars. What's more unexpected is that you'll also find us in your pet litter, your toothpaste, your lip gloss, or your face wash. If you're drinking beer, wine, juice, or using edible oils in cooking, it's most likely that they've been filtered with our high-end diatomaceous earth and clay products. If you step outside your home, you'll find us in just as many places. We're in roofing shingles, siding, and insulation. We're found in the body of your car, whether it be the glass or the rubber and silicone products throughout. If you're driving that car down the highway, you'll see our products is used in the golf courses, baseball fields, swimming pools, solar panels, and wind turbines that you drive past. In fact, every wind turbine that you see is produced using an entire truckload for a highly specialized ground silica product. It's this diverse customer base, this diverse product base, as well as our diverse and growing markets, that are some of just the many reasons that this is such a tremendous business. In the next page, this highlights many of our robust and diverse end markets, as well as many of our customers. We're investing in growing markets, two of which we're going to highlight today. Within these markets, we're heavily focused on fast-growing subsegments, such as solar glass and TiO₂ replacement, as well as high-purity pharmaceutical filtration. Our customers, some of which are highlighted here, are blue-chip customers that are growing share in growing markets. We've worked with over 80% of these customers for more than 10 years. We're a leader in our markets today with a total addressable market of $3 billion, and we expect to expand our addressable market to over $6 billion by 2026. To first talk about how we're going to do that, I'm going to turn our call over to Tom Anderskow, our Vice President of Sales, to talk about our fast-growing solar glass subset, and then to Mason Borlik, our Vice President of Products and Innovation, to talk about two of our many new products and markets. With that, Tom, please take it away. Good morning. My name is Tom Anderskow, and I'm Vice President of Sales for U.S. Silica's Industrial and Specialty Products business. I've been with U.S. Silica for over 11 years, and I've been in the industrial mineral space for over 30 years. Today, I'd like to talk a little bit about our supply to the glass industry, focusing in on the solar glass market. U.S. Silica is well positioned to be the low-iron sand supplier of choice for the growing solar glass market due to our unique low-iron sand deposits, coupled with decades of experience servicing the glass industry. One of ISP's key end markets is the glass industry. We supply high-quality, consistent silica sand and aplite to all segments of the glass market, including solar glass, container glass, and flat glass. There are only four major components to a glass formulation, and our sand is two-thirds to three-fourths of that formulation. So with silica sand being such a high percent of a glass compound, our quality and consistency are critical to our glass customers. In the United States, we're the number one producer of low-iron sand used for glass manufacturing, where clarity, strength, and color are especially critical. We supply low-iron, high-purity sand, offering premium clarity, durability, and strength to our solar glass and high-end architectural glass customers. The Inflation Reduction Act provides incentives for our solar glass customers to invest here in the United States, and U.S. Silica is well positioned to take advantage of that growth. We also sell a variety of silica sand and aplite products to our customers in the container glass industry. These customers use our silica sand and aplite to produce a wide variety of containers, such as baby food and condiment jars, liquor bottles, beer bottles, cosmetics and fragrance jars, as well as glass stemware. Our low-iron sand is used in high-end liquor bottles and cosmetic and fragrance bottles for ultimate clarity. Glass containers, bottles, and jars are the ultimate recyclable packaging material, and they can be recycled endlessly. U.S. Silica is also a major producer of silica sand for flat glass customers. These customers use our silica sand to produce architectural windows and automobile glass. One of the key drivers for this market segment's growth is the increase in multifamily housing, such as solar panels, as well as the high aluminum aplite that can be used as an aluminum source in container glass. With as well as provide them with multiple sources of their sand, thereby assuring them always a consistent silica sand supply. U.S. Silica is proud to be the low iron silica sand supplier of choice for First Solar's front panel glass. Founded in 1999, First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules, advancing the fight against climate change. First Solar is unique among the world's top largest solar manufacturers for being the only U.S.-headquartered company and not manufacturing in China. With First Solar's announced expansions in Alabama and Louisiana, domestic solar glass production is expected to increase dramatically over the next three years. As you can see here, First Solar is pleased to partner with U.S. Silica as their domestic source of low iron sand for the high-quality glass needed to produce their solar panels. U.S. Silica is proud to supply our high purity, low iron sand for the most demanding glass applications, including solar glass. With solar glass production projected to more than double in the next three years, U.S. Silica is poised to continue our position as the primary supplier of low iron sand for domestic solar glass production. U.S. Silica is very well positioned with unique low iron sand deposits and manufacturing in Rockwood, Michigan, and Pacific, Missouri, to continue to supply the growth of thin-film photovoltaic solar panels produced by First Solar. We have the sand needed to meet these stringent requirements now and in the future. And with dual supply sources of low iron sand, we can assure our customers with the stability of supply they require. Now, I'm pleased to introduce Mason Borlik, Vice President of Products and Innovation for the Industrial and Specialty Products business. Good morning. My name is Mason Borlik, U.S. Silica's Vice President of ISP Products and Innovation. I'm very excited to speak with you this morning about the new growth opportunities that U.S. Silica has for the building product segment. We'll spend some time today discussing how evolving mega trends within this industry are shaping our development, and how our R&D teams across the country have focused their innovation efforts to maximize value from these macro-level movements. The ultimate result of this work is exciting new product offerings and applications that will more than double our total addressable markets for the ISP business. As Zach touched on earlier, U.S. Silica is vital to building products that we touch every day, both inside and outside the home. Into the coming years, we see many mega trends that will help shape this industry and the growth for our products. Our portfolio of raw materials are integral to the high level of performance in our customers' building product offerings. As we see this industry evolve into the next generation, product sustainability, durability, and performance will be paramount for differentiation in the space. Federal, state, and local governments are requiring more and more from our customers and making it imperative for them to provide products that are tougher, safer, and more energy efficient. Customers that used to see inconsistent demand swings caused by major weather events every few years are now building these events into their consistent yearly forecasts. Just this year, we had multiple roofing customers comment to us that the amount of residential reroofing that was done from hail-induced insurance claims, particularly in the Midwest, was similar to a scale as if a major hurricane had happened in the Southeast. With all of these changes and uncertainty, consumers are making product choices with a more long-term view of their value. Fiber cement siding, for instance, the most durable and fastest-growing product segment in the category, often garners credits from home insurers and is wildly popular, especially in regions of the country that are increasingly exposed to wildfire risk. U.S. Silica also views housing trends as a tailwind, both in the short and long term. Higher interest rates are keeping more families, anchored in their homes and driving increased DIY renovation and remodel spend. In the longer term, a fundamental housing shortage in the U.S. will be solved through increased construction activity across many different building types. The sheer number of applications, coupled with U.S. Silica's new and existing products that are being used more and more due to their favorable physical characteristics, give us confidence that we will see a dramatic increase in the building products addressable market in the coming years. U.S. Silica's operational capabilities are core to our success in the building product space. Our size, flexibility, and consistency of our production facilities provide very important benefits. Our extensive network of manufacturing locations, particularly those for ground silica, give our customers the ability to scale supply to mirror their growth aspirations, all the while knowing they have the security of supply that they can source from multiple logistically advantaged U.S. Silica facilities. Our geographic strength, particularly in the Southeast U.S., plays very well into the large amounts of nearshoring that's going on for building products manufacturing capacity. Our facilities across the country produce new and innovative products, but most importantly to our customers, they provide consistency. This is of the utmost importance for formulated products, where even small changes in particle size or color can wreak havoc on their end applications. The best illustration that I have of this consistency actually starts with a product of ours that was abandoned for the better part of a decade. A previous customer had to idle their production facility and left a silo full of our Sil-Co-Sil ground silica product behind. Just recently, the facility was repurchased, and when the owner tested the ground silica that had been left behind and compared it to a new sample of the same product, they found it to be an exact match, even years later. This is the sort of product consistency and quality that U.S. Silica prides itself on, and it's what separates us from our competitors, both large and small. So we talked a bit about consistency and quality. I want to take the next few minutes to discuss another one of the core pillars of U.S. Silica's growth strategy: innovation. In 2019, we started producing our White Armor line of cool roofing granules in the U.S. and started targeting them towards high-value commercial buildings. A cool roof can take many forms, but in essence, it's a highly reflective coating or substrate that's placed onto the surface of a roof in order to reduce its temperatures and increase the energy efficiency of the building. The adoption of cool roofs across the U.S. has been accelerated by state regulations, with more than 10 states currently having cool roof codes or guidelines on the books. This includes some of the biggest population states as early adopters, including California, Texas, New York, and Florida. Our White Armor product lines allow our customers to surpass these minimum solar reflectance standards and ensure a sustainable and energy-efficient building. Cool roofing granule growth is not only driven by regulatory activity, but also growth in the types of buildings that it protects. Our products are used within the highest performance commercial roofing systems in the industry today. The types of buildings that use White Armor products simply have no tolerance for any sort of failures. The exploding growth of server farms and data centers, as well as the expansion and reinvestment into municipal types of buildings, gives this segment a growth rate of over 10% per year. To put into context what these roofs are protecting, for server farms and data centers alone, over $48 billion was spent to build these facilities in 2021. Our White Armor cool roofing granules gives the commercial building product space an option that provides regulatory compliance in a market that's increasingly focused on sustainability and energy efficiency, and also combines that with the performance necessary to protect the most valuable buildings being constructed today. The second of our two innovation spotlights is the most exciting new product that U.S. Silica has debuted in my five years with the company. EverWhite Pigment was launched in May of this year and is a patented new product that builds on our current production capability to provide a novel alternative for the $5 billion titanium dioxide market in North America. Titanium dioxide, or commonly known as TiO2, is a unique white pigment that is used across the paint, plastics, and building product spaces. TiO2 has a number of unique physical characteristics that has made it notoriously difficult to replace across these industries, especially during times of supply shortages and wild price fluctuations. EverWhite Pigment, or EWP for short, is able to address some of these shortcomings that previous TiO2 alternatives have run up against. We found success in applications that require exceptional color, durability, and weathering performance. Customers that have tested and purchased EWP this year have been impressed that it brings not only cost savings compared to titanium dioxide, but a number of performance benefits as well. EverWhite Pigment is half the density of titanium dioxide. This allows formulators to lightweight their building materials. Customers have told us that weight reductions of even 1% in these types of materials can lead to significant savings across our supply chains. EWP is also an exceptionally white product that give brighter, more reflective roofs, wall coatings, and hardscape options. Its inherent physical hardness and other properties allow for stronger and more resilient cementitious products like grouts and mortars. And customers have consistently commented that EverWhite Pigment is easy to handle and incorporate into their existing formulations, especially when compared to TiO₂. All of these performance factors, not to mention the per-pound cost savings that EverWhite Pigment provides, is why we feel that our sales teams can initially target over $2 billion of the $5 billion North American market. We believe that U.S. Silica is uniquely positioned to grow within the building product space through sales into both brand new and fast-growing existing applications. Our quality and supply position allow us to capture and retain significant share of wallet at our customers across the globe. New megatrends, specifically those around new sustainability and energy efficiency regulations, allow products like White Armor Cool Roofing Granules to grow well above market norms. Our launch this year of EverWhite Pigment is opening up new avenues for growth within the building product segment that were not previously accessible. I want to thank you so much for your time today. I thoroughly enjoyed getting to share insights into the enormous amounts of hard work and great results that our teams have produced to bolster our building products portfolio. Now I'll hand the floor back over to Zach Carusona. Thank you, Mason, and thank you, Tom. Solar glass, TiO₂ replacement, cool roof granules are just a few of the ways we're expanding our addressable market. We have a history of growing our addressable market, particularly in the past decade. By introductions of new products like cristobalite and cool roof granules, and with our acquisition of EP Minerals, we've been able to increase our addressable market to over $3 billion today. Our advanced materials business has several other new product lines that we'll discuss at our Investor Day next year. An example of those additional products are new clay and diatomaceous earth products that are used in the purification of raw feedstock for renewable diesel. We also have ultra-high purity products that are used for blood plasma filtration and the production of nutraceuticals. We also have several coated mineral offerings that offer performance-improved performance characteristics, whether that's better durability, better weathering, color enhancement, or many others. In total, we expect the growth of our new products in our advanced materials business to increase our addressable market by 2x in the next three years. On the next page, I want to spend a minute talking about our Rochelle Innovation Center, our Rochelle, Illinois Innovation Center, which came online this quarter. This is just one example of the ways that we are accelerating the pace of new product development. This facility offers us new capabilities to quickly create bespoke products for customers. We're able to produce different micro and nanoparticle sizes. We're able to apply various surface coatings and also use various heat treatments to produce new products. What's great is that we can do all of this across our existing mineral portfolio of silica, clay, and diatomaceous earth, but also across new minerals that are not in our portfolio today. And we can create these samples very quickly for customers and tailor those based on their feedback to get the unique product that's specified for their application. In addition, we have the capability to produce volumes ranging anywhere from lab-scale samples to commercial production volumes, which greatly increases the speed in which we're commercializing new products. On the next page, we highlight our increase in R&D spend over the last three years. It's pretty simple. You can see an 80% increase in growth capital, 60% increase in the number of PhDs that we have on staff in ISP, working in innovation and R&D, and a 40% increase in the R&D spend. The results of this increased spend are shown as we've increased our contribution margins coming from new products from what was the high single digits in 2020, to what is the low teens in 2023. We expect that to continue growing over the coming years as we're able to realize the fruits of our investment. ISP is a highly attractive trajectory for the next three to five years. We're a market leader holding the number one or number two position in all markets that we sell into. We have unmatched scale and capabilities with an extensive logistics network. We have an advanced materials business with several new products that have unique value propositions that's allowing us to grow faster than the market. We're doubling our addressable market over the next three years, and again, I'd like to highlight the results of these efforts are showing. At the midpoint of our range this year, we expect to grow our contribution margin 8% to $184 million. We're also increasing our contribution margin percentage from what was 30% in 2022 to over 33% this year. And on a three-year time horizon, we expect that to continue with an annual growth rate of 8%-10% and contribution margins in excess of 35%. We've come a long way, and we're on the right track. We have the right team, we're in the right markets, and we have the right assets that will allow us to deliver on our plans. With that, I'll turn the call back to Brian. Well, thanks, Zach, Tom, and Mason. Great job giving a bit more color to what's kind of underneath the hood in the ISP portfolio. I'm sure everyone's anxious to get to Q&A, but before we do that, I'd like to make just a few concluding remarks. So if we move to the next slide, you recall I spoke earlier about how I felt that this was the most exciting time in our 124-year history, and certainly, you listen to some of the things that Zach, Tom, and Mason said, and you get a sense for why we feel that way. But I think this graphic, for me, summarizes the essence of why this is a very exciting time for our company. With the new products under development and the new markets that we can access, our future looks bright. For context, with just silica sand in our industrial portfolio and our traditional markets, when I got to U.S. Silica in 2009, our addressable industrial revenue was only about $1 billion. As we've expanded into diatomaceous earth, perlite, activated and absorbent clays, and other formulated products, our total addressable revenue grew to about $3 billion, as Zach explained. With our newest products under development, we're now expanding to around $6 billion of addressable market revenue, and that added $3 billion is all white space revenue potential with very attractive margins. Our teams are working diligently, developing our new offerings, aided by our newly opened product development center in Rochelle, and we're beginning to build the additional capacity that we need to serve the expected increases in demand. So what are the key takeaways from today regarding our ISP business? First, is that we're a leading supplier of minerals and materials across key markets, with a number one or number two share position in most end uses. Second, we have a unique set of capabilities that create meaningful and sticky customer relationships. Also, our business has proven to be strong, resilient, and highly profitable across a variety of market conditions. We're well-positioned to serve and meaningfully grow sales in societally important value chains, including solar power, wind power, green diesel, food production, energy storage, and cutting-edge medicines. We also have numerous exciting value creation opportunities in a rapidly expanding addressable market. We're advancing our vision of taking natural minerals and converting them into advanced materials that can replace synthetically produced products with less desirable environmental footprints, for example, TiO₂. Our plan is enabled by science and technology and powered by thinking differently about what is possible. Taken in total, we believe that this will allow us to significantly grow profits and take a share of the new addressable value that we have discussed today. And finally, bringing us back to the context of our total enterprise, we expect to continue to reposition U.S. Silica for success. A significant enabler for our company is capitalizing on the current attractive multi-year energy cycle and driving continued strong free cash flow generation from our oil and gas business. We're utilizing that cash to strengthen our balance sheet and to invest in high-return ISP growth programs and projects, some of which were discussed today. I believe that we're very well positioned for strong growth, which will allow us to deliver substantial value enhancement for our shareholders and other stakeholders, and as I mentioned earlier, it's a very exciting time to be at U.S. Silica. That concludes our presentation for today. Now, operator, would you please open the lines up for Q&A? Thank you. Ladies and gentlemen, to ask a question, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. One moment for our first question. Our first question comes from Derek Podhaizer with Barclays. Your line is open. Hey, Bryan, great presentation. Appreciate you guys walking through. I thought it was very helpful to get some more insight on ISP, so well done, and congrats to you and the team. Yeah, thanks, and, good morning, Derek. Thanks for joining us today. So, I guess let's just start on the capital requirements. You know, obviously, you put out a target 8%-10% growth over the next few years. So maybe walk us through capital allocation for that. What type of CapEx could we be looking at? And maybe, also give us some color around the free cash flow that could be generated out of the growth that you're expecting to see out of ISP. Sure. So, our expected CapEx to deliver that 8%-10% CAGR is about $30 million a year. That's what we currently have in our outlook. So let's say, over the course of the three-year period, $90 million-$100 million. That includes the capacity increases for existing products that we talked about, as well as some of the new products that we mentioned today. Certainly, if we have the opportunity to invest more and grow faster, I expect that we'll be able to do that within existing free cash flow. And so as we as we move forward, feel really good about our ability to fund what we need to fund. Certainly, from a a free cash flow perspective, we expect that the oil and gas side of the company will continue to generate substantial free cash flow. Obviously, there's some cyclicality to that side of the business, but, I think we'll get a lot of cash flow from operations from our industrial side as well. But of course, with the capital expenditures there, you know, we may be a net user of cash on the industrial side of the company. Great. And as far as the growth, I mean, do you expect this to be all organic, or do you believe there are some opportunities out there for potential acquisitions in the space to help you grow into those total addressable markets that you're targeting? It's a really interesting question, and I would say as we kind of strengthen our financial position, I believe that we can consider what I would call small, maybe, highly accretive tuck-in acquisitions. You know, perhaps a single mine site or a small company that might have some kind of unique capabilities that can help us advance our growth journey here. So we definitely will we'll take a look at that. We've historically done those kind of acquisitions. We haven't done any of that since EP Minerals, but now that we've really got our balance sheet in a much better spot, I feel good about being able to do that. So, we could see some inorganic growth in the future, but don't have expectations for, at this point, you know, some bigger deal. I think, maybe a kind of a string of pearls, some smaller acquisitions that are just kind of neat tuck-ins would be the right way to think about it right now. All right, great. Well, I appreciate all the color, and I'll turn it back. Thanks, Derek. One moment for our next question. Our next question comes from Doug Becker with Capital One. Your line is open. Thanks. So you highlight the 8%-10% CAGR growth rate over the next three years. Is it reasonable to think that's gonna be a little bit more back-end loaded, or are you expecting more consistent growth over the next few years? So I think, you know, we're at 8% this year, Doug, is our forecast. So 8%-10% next year is an ongoing view. Obviously, let's see how things turn out with the economy in 2024. There'll probably be some headwinds, but I feel like, when we think about that number, it, you know, it should be relatively consistent. Obviously, as we have success with some of these newer products, that they tend to be very high margins, high-margin products and very good earners. You know, there may be additional upside in the back end, but we think about, you know, even in a year that might have some headwinds, like 2024, maybe we'll be at the lower end of that range, but we're staying committed to that level of growth across the period. Well, that's encouraging. Maybe just some high-level comments about how you built up the total addressable markets and how you thought about the capture rates. Ultimately, just trying to gauge, you know, the aggressiveness of some of the assumptions to get to those numbers. Zach, perhaps maybe that would be a good one for you to answer. You're a bit closer to it than I am. Yeah, certainly. Well, with our $3 billion of addressable markets today, that's details that we're very close to. As we sell into those markets, we know there's those customers and what they consume. So that's data that's been built up over years and decades, and we're highly confident in. And in the $3 billion of growth, what you can see is that a significant portion of that comes from the EWP product, two of the $3 billion. And that's related to the specific applications that we've been commercially successful in with commercializing that product. And that's come from a number of market studies, customer conversations, and other data inputs, and then the remaining $1 billion from things like renewable diesel, solar glass growth, and others that we have great input in. In terms of the capture rates, you'll see, if you look at how much we are expected to grow over the next three years, in the range of $50 million-$60 million EBITDA and contribution margin, some of that coming from the base business. Our capture rate assumptions are actually very low when it comes to the addressable market that we're looking at expanding into. So I think there's certainly upside to that as we get into those markets and commercialize those products, and with a lot of that, we're very close to it. Solar glass, for example, is something that we're in, we do today. Our customers are expanding, and we're going to expand with them. And then we'll have EverWhite Pigment, which will go into a $2 billion TiO₂ market and have low expectations, but have had success there and expect the upside to be significant as well. Thank you very much. Thanks, Doug. One moment for our next question. Our next question comes from Samantha Hoh with HSBC. Your line is open. Hey, guys. Hey, Bryan. Thanks so much for taking my question. You know, I was wondering if you could comment on what you're seeing from the cost perspective, just, you know, on the inflationary factors and for labor, energy, et cetera, and then what you guys are sort of forecasting for the next three years to get to some of these margins that you're guiding to. So, regarding cost, I think that we're not seeing the kind of inflation that we've seen for the last two years. Things are a bit lower, so that's good. There still are some increases in labor and materials. I would say, labor, in particular, is something that we're keeping an eye on. It's a very competitive market for talent right now, so we're looking closely at that. In terms of raw materials, one of the great things about being a mining company is that we don't really use much in the way of raw materials, so that's not a big issue for us. Our raw materials basically are in the ground already, so we feel pretty good about that. And also, our teams have done a great job of improving efficiencies and continuing to get the most out of our facilities. We've worked hard on maintenance, looking at product yields and tightening up all our operations. So I'm feeling really good overall about us. Zach, anything you'd like to add to that, specifically from the industrial perspective? Yeah. What I'd add is similar to many companies, we've faced the challenges over the past 3-4 years, from high turnover in our workforce to supply chain disruption with many of the products that we use in our operation. And so the focus this year, and we'll continue into next year, is bringing back the efficiency of the past. We've improved our onboarding, our retention, and our training programs at all of our facilities. We're seeing the benefits of that in our reliability and our production. Same thing on the supply chain, whether it be that we weren't able to access our primary supplier of spare parts, for example, and had to go offshore to a second or third high-cost supplier. We've had our teams operationally very focused on getting us back to a low-cost position. So that has been a benefit that we've seen relative to public indices in 2023, and I expect that'll continue into 2024. And maybe to answer the second part of your question, generally, we have fairly conservative cost estimates. I think we expect to produce costs that are better than what we modeled, but we generally point to a third-party economic indices as what we expect our costs to be. Okay, great. I guess, and then maybe just stepping back a little bit, in terms of, you know, product development and just the natural progression of customer relationships. But one thing that kind of strikes me is that, you know, there's just a lot of specializations with these products, and the fact that you guys sell, you know, 800+ products to 2,000 customers just seems like just a lot of products. And like, you know, I'm just wondering if there's an opportunity, you know, to just sort of standardize some of these products so that you're kind of dealing with less specialization, or especially as we think about growth in some of these new, you know, cleaner technologies and whatnot, where there's so much pre-qualification that can delay projects moving forward. You know, what are you seeing, maybe just in terms of customer trends or industry trends about, you know, less of an onerous process of onboarding new customers through standardization? You want to take that one, Zach? Yeah, sure. So on the first part of your question, the 800 products, we do have a team that's actually always looking at the products that we offer and looking are there opportunities to standardize these products, reduce the number of SKUs that we have in-house. As you and many others are well aware, that creates a more complex supply chain and inventory management program. However, we're balancing that with customers requiring highly specialized and unique products for their applications, and that's really the part in terms of trends where customers are going. We really haven't seen any backing off from customers to wanting more basic or commoditized products. Sometimes we will have customers that in an effort to reduce their own costs, have asked us to look at other products that are in our portfolio that may be lower cost, that they could trial in their process, and we're happy to do that because that can be a win-win for both us and our customers. But I'd like to say in the vast majority of those cases, after our customers trial a new product, whether it be a different mineral, a different particle size, different surface treatment, they almost always come back and want the original product that they used. And just goes back to our products are so tailored for a customer's application and end performance, that they rely on that quite a bit and provides difficulty for them to change. So I, I would just add to that, Samantha, it's a really good question. The reality is, though, in a lot of cases, how we differentiate ourselves from competitors is being able to, to handle and manage all those highly specialized products. And, and, as I think, both Tom and, and Mason mentioned, doing it, in a very consistent way from a quality and a performance standpoint. And I think we're able to get premium valuations for our products because we can do that. Now, with that said, as Zach mentioned, we always want to be looking at, those different products and making sure that we understand the costs of that specialization and that we're charging customers appropriately. But as long as customers want to pay a significant premium for those products, I think that's something that we're excited to do, and I think we do it better than anyone in the industry. Thank you so much for that detail. Best of luck, guys. Thanks, Samantha. Appreciate the questions. One moment for our next question. I got it. Our next question comes from Alec Scheibelhoffer with Stifel. Your line is open. Hi, thanks, and good morning, everyone, and thanks for taking my question. Hi, Alec. Hi. So two questions for me, kind of both related. One, can you talk about the major differences in customer relationships between ISP and oil and gas customers? And, two, do you generally have long-term contracts with the ISP customers, and are they generally volume-based or fixed price? So, so I have some thoughts on that, but, you know, interestingly, Zach worked in our oil and gas business as well. So he's worked in both businesses. So Zach, maybe you could offer us a kind of a on-the-ground perspective from your, your time in both businesses, kind of the differences between two types of customers. Yeah, sure, sure thing. In the ISP, ISP business, it's a much longer-term customer focus, and our customer relationships go back much further. About 50% of our business operates under a long-term contract, and that ranges anywhere from three years to 10 years. And the prices, we have a mix of how pricing works. Generally, it's fixed price with an escalator. You know, there's a few different variations of that, and in almost all cases, customers are required to buy their silica from us, often with minimums throughout the duration of those contracts as well. The sales cycles are much longer on the ISP business. The qualification to get our products in with customers is much longer as well. This isn't t he customer's decision to make a switch of supplier is something they don't take lightly. They require lab trials, they require production trials. They'll run stress tests often to ensure that we can supply customers, and even our existing customers do that as well. Before I was on the industrial side of the business, as Brian mentioned, I was on the oil and gas side of the business and spent a significant amount of time at Sandbox. You know, on that side of the business, I saw much shorter sales cycles, customers that were more willing to switch. They would often if it was even a low percentage of cost savings in their environment, they were willing to make a change to their proppant source in some cases, or their storage, if there were any supply disruptions. But it's very different on the industrial side of the business, much longer customer relationships and much longer qualification processes as well. Great. Thank you for that. And, just one more for me. So in the presentation, you laid out a lot of great details on your products and, opportunities they have in ISP. I was just wondering if you can, just flesh out the competitive landscape for this segment and, which products do you think you have the best advantage of, at least in the near term, the best line of sight into the growth on? Zach, that's probably a good one for you. I'm, I'm liking this rhythm where you, you answer all the questions. This is, this is a much better way to go. Yeah, works well. And, you cut off a little bit at the end, but I think I got the gist of the question on competitive landscape. You know, generally, you can look and see, we have a number of large competitors across our major product groups, and then a fewer smaller ones as well. And, depends on which product group we're talking about, whether those are domestic or global. Certainly, Covia is a large supplier on the silica side of the business. Imerys and Dicalite are large suppliers on diatomaceous earth side of the business. And you have folks like, Clariant and Oil-Dri that we compete with in that space. And, you know, dozens of sort of smaller suppliers throughout the country or the globe as well. Most of those are more tailored to unique, applications or specialized applications, but generally, that's, that's the, space as we see it. Great. Thanks for the color, and I'll turn it back. Thanks, Alec. One moment. One moment for our next question. Our next question comes from Derek Podhaizer with Barclays. Your line is open. Hey, so, just more of a high-level question, but just thinking about the oil and gas side of the business, I mean, do you believe there's a threat of what happened in oil and gas proppant market to happen to ISP? I mean, obviously back in 2017, we found proppant closer to the well site, ultimately creating a capital rush, created a supply glut, deteriorated pricing. We all heard the stories of ceramic Northern White, depending on the need for the higher quality products to increase production, but now a local proppant has really won out. So maybe just talk about that, just why it's different, why we shouldn't see that threat. You know, would private equity come here, throw a bunch of money at some of the addressable markets that you're targeting? Just maybe spend some time as to why this is different than what we saw play out in oil and gas. That's a great question, Derek, and there are a lot of differences between the businesses. So I think the first one is that the industrial products tend to be much more highly specified, and it's not so easy to switch from one to the other. The industrial, on the oil and gas side of the business, there's not much differentiation between the products. So I think that's the first thing, is that the quality of the deposit really matters. The purity profile of the deposit matters, and there's also a sort of a geographic proximity element here, in the industrial side, almost more so than there is in the oil and gas business. So that's certainly a piece of it. We have long-term contracts, and not just us, but our few large competitors on the industrial side have long-term contracts as well. So it's very hard for an incumbent to come in and just steal away a big piece of business with a kinda heavily contracted nature of the industrials portfolio. And I think also, we've got relationships that go back decades with many of these customers, and in a lot of cases, they've actually fine-tuned their process for whatever they're making, our specific mineral deposit. And so it's very hard for the customers to the switch. And also, if you look at most of the end uses that we sell on the industrial business, our products are a very, very small amount of the total cost of the finished product. And so there's just not much incentive for them to switch and have a big disruption in their product lines. And also many of our industrial customers have very long and detailed qualification cycles, so that if they were gonna switch to a new raw material, i.e., a different source of diatomaceous earth or a silica sand, they would have to go through an extensive qualification process that's time-consuming and expensive. So there are a lot of kind of built-in barriers for competition to come in to the industrial industry. And it's one of the reasons that things are much more stable over there. From our perspective, there hasn't been a significant new entrant in that sector for quite some time, and all the reasons that I just articulated are behind that. No, that's really helpful, and I appreciate all the color there. So second question: would you revisit potentially separating the company? I know you guys went through a process a year or so ago, just splitting up, obviously, Oil and Gas and ISP. I mean, you aggressively deleveraged the balance sheet. Oil and Gas, you're running that as a free cash flow vehicle. ISP is obviously a growth vehicle. Do you see a renewed opportunity to unlock value in separating the company? So I think that, as a management team and as a board, what we're focused on is generating value for our shareholders and other stakeholders. So to the extent there's an opportunity, something like what you mentioned or, you know, anything else that you can consider, that would have us generate potential additional value compared to the base plan that we have, we certainly would look at that. And, you know, we're the type of management team and board that wants to be very proactive in considering all the options that are out there. I would say that in the past, as we've looked at ideas and different alternatives and things that we could do with the company from a structuring standpoint, the level of debt and our net leverage ratios tended to be obstacles to exploring certain alternatives. So as the balance sheet gets healthier, the net leverage ratios come down, it certainly opens up other alternatives. And I think as we always do, you know, we'll explore and look at all the things out there that could potentially create additional value for our shareholders. And I think a lot of the things we talked about today, for sure, are focused on that same goal. When you look at increasing the addressable market, rethinking the industrial strategy, going down a path of taking our natural products and being able to convert them into really high-value advanced materials that can compete against synthetic products with not-so-great environmental footprint, that seems like a recipe for generating a lot of value as well. So, I don't want to get too focused on, you know, corporate structuring and neglect the fact that right in front of us is this great opportunity that we've laid out today. So that's how we think about it, Derek. No, that's great. Appreciate the answers. Thanks, Bryan. Thank you, Derek. We have an investor question that's come over online. Is there a percentage contribution breakdown for the components of the green energy industry that require silica products? For example, how much of your materials are in wind turbine blades, solar panels, etc? Can you describe this in a percentage basis? Zach, do you wanna take that one? Yeah, sure. So, maybe not on a percentage basis, but certainly on a volume basis. So every wind turbine that you see contains a full truckload of our highly specialized ground silica product. That's about 25 tons for every wind turbine that you see. Every solar panel contains about 50 pounds of our specialized low iron silica, as we talked about today. So we look at that, and we also look at the total volume for the addressable market within low iron silica, for example. That's a 40 million or so addressable market today. We expect that to increase by anywhere from 150%-200% over the next three years. And same thing for wind energy. If we look at the gigawatts of production, just on land, that could be anywhere from doubling to more of the wind energy that requires our silica. And if we start to look at offshore wind farms, it's even greater than that. You know, renewable diesel, we'll have to follow up on that one. I don't have the sort of exact number, you know, per gallon, for example. But we have two products used in renewable diesel. One is on the front end of the process, helps pull out the contaminants from the raw feedstock, and then the second is a filtration product used at the end, and that's one we have significant sales of today. I think the contribution margin from both of those products together could be significant over the next three-year horizon. Great. Another investor question: the growth opportunities that you see over the next several years in ISP, how much visibility do you see into those numbers? Do you have new contracted business that you know is on the way? Zach? Yes, is the answer to that. So, the way we look at our growth profile, it's split about 50/50 between growth of our existing base business and then the growth programs that would be on top of that in our new products. And so within our base business, we have the year-over-year GDP growth that we expect. But we also have a number of sold-out, high-margin product lines where we're expanding capacity. And so that's things like our diatomaceous earth, powder, and filler products that go into coating and plastics applications, where we're expanding our capacity. It's also our highly specialized ground silica product that we're expanding capacity in as well. We have line of sight to customers, sometimes contracts, that we'll be selling that product into, and that increased volume. You know, somewhere on the new product side, where we're making investments, we have customer acceptance, we have customer orders, or we have customer contracts that are pulling us to make those investments. I'd say there's not a tremendous amount of speculation on when it comes to that. And then we'll just point out another secular trend that we see as well. Over the last three to four years, we've seen a shift for customers to onshore, near shore their manufacturing operations, and that's particularly dominant within the building products market. And so where companies used to import product, they're now producing in the U.S., and that's allowing our growth and our sales into those markets to move at a faster pace than GDP as well. Great. Can you talk about the economics of EverWhite? How much CM do you anticipate in growth, and expansion plans over the next two to three years? Where do your costs stack up compared to, you know, regular TiO₂? Zach? Yeah, sure. So, we don't disclose, you know, specific contribution margin and investments on our product lines, but can provide some general color to that. Our cost position is better than competing products in TiO2, and the prices in that market are fairly volatile. But we're generally anywhere from 25%-50% improved in cost, and we're able to offer pricing to customers that would reflect a savings to them as well. And the capital that we're investing is in a number of tranches, and we're making investments in 2023 and 2024. And the initial tranche is that capacity, which would be reflected in the numbers that Bryan had talked about earlier. And then, as we see customer acceptance of this product, there are substantial, larger investments that we can make as well, as we see the customer demand signals that would allow us to do that. Yeah, I guess, just to add something to that, Zach. One of the positive surprises that we've seen is that the products that we're making, our EverWhite products, not only can they be sort of partial or full replacements for TiO₂, depending on the end use, but as customers have formulated them in and tried them, they found that we have other unique properties which add value beyond what we expected. So this was not something we initially had marketed or expected, but as we got these products in the hands of customers, they're finding even more value in replacing the TiO₂ than just the cost savings or the efficiency that Zach recommended. So I, I've done this for a lot of years in my, my previous life and, my experience has been when you find those kind of ingredients that, that have that extra value, those are the ones that tend to be very successful in the market. So I'm, I'm extremely encouraged by that. Which other end markets not highlighted today do you feel are positioned for strong growth in the future? Zach? Yeah, sure. So, certainly building products and solar glass, like we talked about today. There's a number of others that we'll get into much more detail during our Investor Day next year than we've mentioned. Those include renewable diesel, where both our clay and diatomaceous earth purification products are used and are growing. Coatings is an area where we see significant growth, and we have many new products and new applications where we're introducing growth into that area as well. And then two others, life sciences. We've mentioned the pharmaceutical and nutraceutical markets that we sell into, and also agriculture, whether that be organic insecticide, whether that be soil amendments, whether that be things that go into animal feed, growth there as well. A number of other markets where we see higher than GDP growth. The contribution margin dollar growth over the next three years, does it undersell the growth opportunity? Because as you put the growth capital to work, there is a scale-up period for those investments. I think it was probably a little bit conservative in what we've put out here. My perspective is that, you know, it always takes longer than you think to go through all of the steps to get products like this, particularly in terms of EverWhite, out of the market and qualified. So I feel like we're in a reasonable number of things that we believe that we can hit, but probably a bit conservative. When will be the next tranche of EverWhite capacity come online and available for sales? Zach, do you want to address that? Yeah, we'll have that online in 2024. In the next tranche, we're investing in that capacity expansion now. We have some existing capacity today, and then, as I've mentioned, our market development plan, we will be able to sell production level grades out of that facility. And so, when we talk about EverWhite Pigment as a product line, there's a number of other specific products within that, whether it's different particle size distribution, surface treatments, or other mineral additions. We have capacity at Rochelle as well. So capacity today, we're expanding that in 2024, and then, expanding that with our Rochelle Innovation Center as well. We have no further questions. All right. Well, on behalf of myself and Zach and Patricia, our entire team, I'd like to thank everyone for dialing in today and for your interest in our ISP business and your interest in U.S. Silica. We do plan to have an Investor Day, at some point, in the first half of 2024. So I look forward to seeing you all again then. Thanks again for joining us.