TETRA Technologies, Inc. Price & Performance (TTI)

Please refer to yesterday's press release or to our public website reconciliations of non GAAP financial measures to the nearest GAAP measures. These reconciliations are not a substitute for financial information prepared in accordance with GAAP and should be considered within the context of our complete financial results for the period. In addition to our press release announcement, we encourage you to refer to our 10 ks that we filed yesterday. I'll now turn it over to Brady. Thank you, Julian. Good morning, everyone, and welcome to Tetra's TETRA quarter and full 2024 earnings call. I'll summarize some highlights from our fourth quarter and full year results discuss the current outlook and provide an update on our strategic initiatives before turning the call over to Elijio to discuss more details on the fourth quarter and some views on 2025. Our fourth quarter results were overall in line with our expectations as strong offshore and industrial chemicals performance mostly offset a weaker than expected year end slowdown for our U. S. Land operations. Adjusted EBITDA margins of 17% improved from 16.6% in the third quarter and from 15.8% in the fourth quarter of twenty twenty three. Despite lower revenue quarter on quarter and year on year, Contributing to our strong offshore performance in the fourth quarter, we compared to 11 in the third quarter.

While our Industrial Chemicals business achieved a record revenue Our 13.8% was impacted by a more severe than normal year end of completion slowdown. And although both rig count and frac fleet count are down more than double digit from last year, the volume of produced water continues to increase. In the fourth quarter, we achieved a record volume of 89,000,000 barrels of treated recycled produced water for frac reuse.

Our primary focus and capital allocation for this segment will continue to be on solutions for produced water treatment and recycle, including desalination for beneficial reuse.

For the full year, our Completion Fluids and Products segment revenue was down 1%, but grew EBITDA by 2% year over year driven by a strong performance in our Industrial Chemicals business. Total year completion fluids and products revenue of $311,000,000 was the second highest since 2015 when we completed two large CS Neptune projects in the Gulf Of America. Our Industrial Chemicals business had an excellent year. Achieving its highest revenue and adjusted EBITDA in our company's history.

With 2024 revenue growth over 2023, of over 9% Our Industrial Chemicals business To ramp up meaningful volumes of zinc bromide based electrolyte and so we expect this percentage to continue to increase. Our diversification of calcium clad chloride markets continues to increase, including grades for food, agriculture, [indiscernible] industrial applications, the more seasonal demand for deicing and dust binding plus a growing demand for technology including chip manufacturing. The superior purity level of our zinc bromide allows us to participate the long duration energy storage electrolyte market as evidenced by our first batch of pure flow based electrolyte shipments to Eos Energy, Enterprises in the fourth quarter. Our leading market positions in Northern Europe and The U. S. Gives us stable markets in which to operate. With predictable revenue and earnings and strong free cash flow. Allowing us to reinvest in our new high growth business opportunities. Looking back on 2024, we made some strategic investments that are paying off as we head into 2025. Capital investments and expansion of our capacity in Brazil is supporting a large deepwater completion fluids award will start in the second quarter of twenty twenty five. Investments in the Gulf Of America has led increased deepwater activity for us including a three well TETRA Neptune project currently ongoing.

We just completed the first of the three wells and we'll begin the second well shortly. Inventory ramp up for both of these projects contributed to a year on year working capital increase of $21,000,000 but the combined CapEx and working capital investments are expected to be earned back more than dollar for dollar in the first six months of 2025. Turning to our Water and Flowback Services segment. 2024 proved to be a challenging year. Operator consolidation as well as low natural gas prices contributed to a decline in the rig count and frac fleets by 1730% respectively over the past two years. Our water and flowback focus remains in two areas: First is deploying relatively low dollar capital to automate our existing fleet of water management and flowback assets including Sandstorm, that lower labor costs and increased margins and two, focus on recycling treatment and desalination of produced water for beneficial reuse. We believe that we're industry leaders in both of these areas, which we expect over time will improve margins and give us a significant path to grow through desalination. Looking ahead to 2025 for water and flowback, we expect revenue to remain flattish while increasing margins by enhancing operational efficiencies including automation, enabling us to maximize capital returns and generate substantial cash flow.

Earlier this month, I had the pleasure of being a keynote speaker at the well attended thirty fifth Annual Produced Water Society Conference in Houston. The main topic of focus for the conference is the industry challenge dealing with over 23,000,000 barrels per day of produced water in the Permian Basin. It is clear that downhole pore pressure and water disposal wells is filling up. Disposal well pressures are increasing potentially more regulatory restrictions are coming. The best long term solution for this problem is reducing the volumes of water for disposal and desalinating the water for beneficial reeds, including industrial agriculture and irrigation purposes. I discussed TETRA's commercial offering TETRA Oasis Total Desalination Solution or TDS, as a comprehensive end to end desalination solution for beneficial reuse and emphasize the added benefit of recovering essential minerals from produced water as part of the process. Our recent announcement of TETRA Oasis TDS has been very well received And our blue chip customer engagement continues to grow broader and deeper. Although we expect favorable gas prices will contribute to pockets of increased activity in 2025, We will limit our capital investment to automating our current business assets and expect to deploy multiple pilot projects for desalination.

In total, we're expecting a very strong start to the year in 2025. The combination of a strong Gulf Of Mexico market three well Neptune project to start the Brazil deepwater work increased EOS electrolyte deliveries and our seasonal second quarter European peak has us projecting a significant year over year increase in both revenue and EBITDA in the first half of twenty twenty five. As detailed in our Q4 press release. We project net income before taxes between $19,000,000 and $34,000,000 and adjusted EBITDA between $55,000,000 and $65,000,000 for the first half of twenty twenty five. Levels approaching or exceeding a ten year record high for the company. Moving on to our strategic initiatives. Arkansas project, we have secured power for the project We've completed the plus or minus 10% front end engineering design and prepared the plant site for the next phase of construction. As communicated previously, we're in discussions with multiple LME elemental bromine suppliers for a bridging supply agreement. The purpose of the bridging supply would give us more flexibility on timing for capital spend give us more opportunity to accumulate cash from operations and allow us to execute a staged approach approach target initial bromine production at approximately two thirds of the published To ensure that we find the most capital efficient alternative, we're also exploring scenarios where we could dovetail our upstream operations and investments with our lithium neighbors which could significantly reduce our overall project capital investment.

We will continue to communicate our progress and actions with this critical long term low cost bromine supply investment as we achieve various milestones. For our lithium opportunity and project we and our partners have completed the plus or minus 10% FEED studies as well. We believe the lithium OpEx from the plant could be more competitive than current hard rock mining operations. But as owners of 65% of lithium resources in our Evergreen unit, we're waiting for the royalty decision and a firm review of of future lithium prices before publishing financial studies. Longer term, we anticipate a rebound in lithium prices that will support our increased investment in supply particularly from The U. S. Our team along with our Evergreen unit partners remain focused on completing all necessary engineering studies to fully define the economics of this opportunity. In the meantime, we're prioritizing strategic initiatives that can immediately impact our near term results. These initiatives include deploying CS Neptune in the Gulf Of America, [indiscernible] Energy Enterprises and further advancing our water desalination commercial pilot units initiatives. That we expected to evolve into longer term contracts for commercial desalination plants. Now I'll turn it over to Eligio to provide some additional commentary on the successful financing on our financial results, then we'll open it up for questions.

Thank you, Brady. In the fourth quarter, we booked a favorable adjustment to the valuation allowance for our deferred taxes. We've mentioned in the past that we have tax loss carry forwards that can offset taxable income in The United States. We had previously established a reserve against that asset given our prior uncertainty on the timing of using those NOLs. Or net Our taxable income in The United States over the past three years has been almost $100,000,000 following the recovery from COVID and strong performance of our U. S. Business. Without the NOL, we would have likely paid over $20,000,000 in U. S. Cash income taxes in the past three years. Given the three year cumulative profits we performed in an analysis, reviewed our projections with our auditors and came to the conclusion that there is high likelihood that we will be using our NOLs in the coming years. Therefore, we eliminated the valuation allowance we had previously established. Our NOLs can offset approximately $345,000,000 of of U. S. Taxable income in the coming years and save us approximately $97,500,000 of cash taxes in The United States. This assessment adjustments reflects our confidence in the performance of our U. S. Business driven by the strong activity in the Gulf Of Mexico strong U. S. Calcium chloride business in The U. S. Profitability profitable results from our U. S. Onshore Oil and Gas business the growing long duration battery electrolyte business.

On a go forward basis, when modeling our projections, one should assume a tax rate of between 31% to 33% in computing TETRA net income and earnings per share. However, our cash taxes will only be around $6,000,000 to $7,000,000 per year for taxes we pay overseas. We will provide periodic updates on how rapidly we are using our deferred tax assets to offset the $345,000,000 of NOLs. The more profitable we become in The United States, the higher the fall through is to cash flow from utilizing our NOL. For example, we mentioned that we sold our investment in Kodiak in the first quarter for approximately $19,000,000 The tax basis for our shares in Kodiak were quite low. And therefore we realized the entire $19,000,000 in cash proceeds by partially using our NOL without any taxes due to that capital gain. On cash flow, we made significant investment in fixed assets and inventory for our offshore business. Those CapEx and working capital investments were higher than what we would normally have made that contributed to a slightly negative base business free cash flow in 2024. Those investments were to prepare us for the CS Neptune three well and the Brazil multi well multi year project are expected to contribute to a strong free cash flow in the first half of twenty twenty five.

For 2025, we expect interest expense of approximately $20,000,000 capital expenditures from the for the base business of between $30,000,000 and $35,000,000 which are below the amounts of 2024, and as I mentioned, cash taxes of approximately $6,000,000 to $7,000,000 Depending on your assumptions for our total year 2025 EBITDA, we have the opportunity to generate over $50,000,000 of free cash flow in 2025 from the base business. We provided guidance for the first half 2025 as we believe that when others in the industry are looking at weaker first half twenty twenty five results versus the second half of twenty twenty four, we are showing a strong sequential improvement in our adjusted EBITDA. Our first half projections are underpinned by the three well Neptune project the start of the Brazil deepwater project, Our seasonally strong European calcium chloride business and the continued improvements in the other businesses. On the Neptune project, the first well has been completed and will soon ship fluids to the second well The timing of the projects between the first quarter and the second quarter are uncertain.

That is why we gave first half of the year guidance instead of guidance individually for the first or second quarters. With respect to Arkansas, we reduced our investments in Arkansas the fourth quarter to less than $1,000,000 from the free cash flow being generated from the base business that we will make determination of how much of that we will spend in Arkansas in 2025. As Brady mentioned, we're looking for the most capital light solution to source additional effective volumes cost effective bromine volumes to meet our deepwater demands and to meet the ramp up in electrolytes required by EOS. If we source adequate volumes in the immediate years, we will delay or defer building a revolving plant in Arkansas or we'll space it out over multiple years, allowing us to fund it from the base business free cash flow without taking on any debt. Our objective is to keep our leverage ratio below two times and invest with base business free cash flow. As we made progress in our bromine bridging agreements, we will communicate what firm arrangements have been agreed upon. In the meantime, we'll continue to negotiate for the best alternatives. At the December, cash on hand was $37,000,000 total liquidity as of yesterday was almost $2.00 $7,000,000 We sold our Kodiak shares at a near record high for Kodiak's Share price and above yesterday's closing price.

This is the second time that we've been able to appropriately time the sale of shares that we held in publicly traded companies. I'll turn this back over to Brady for closing comments before we open it up [indiscernible] Thank you, Elijio.

As you can see, we're very excited about what we have in front of us. As we enter 2025, we're pleased with the decisions that we have made for the business in the past few years. That sometimes take patients, but are paying off In a big way. Expanding our deepwater presence and market share in key markets, staying diligent on the Neptune pipeline of projects that slowed to a crawl during COVID. But are now moving forward. Expanding our core AQUIS chemistry in the long duration energy storage electrolyte and focusing on produced water treatment and recycling. All of these are paying off in the first half of twenty twenty five. And beyond. Still to come is the benefit of expanding our water recycling offering for desalinating produced water positioning ourselves for a high volume low cost supply of bromine meet our growing opportunities and developing partnerships for future lithium production. With that, we'll open the call for questions.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. And we will now take the first question.

And this comes from the line of Kurt Khalid from Benchmark Company.

Please go ahead. Your line is now open.

Hey, good morning guys. Thanks for that summary. Hey, Brady, a question for you, right? There's been a lot of timing on some of these emerging growth opportunities that you guys have.

Over the past year or so, right? So as you kind of maybe rub off the crystal ball a little bit here for 2025 and I just had follow on discussions with a number of different potential customers for whether it's water, diesel or what's going on with electrolytes. How do you kind of think about the evolution of those business for this year? And which one do you think you know, well, I'll give you specific numbers around it, but which one do you think has the opportunity to have some element of a meaningful contribution to 25%? Yes. Thanks, Kurt. So I mean clearly in the first half of twenty twenty five, we're seeing some of the benefits of these longer term projects that we've been pursuing. I mean, obviously, CF Neptune is something we've done in the past. But we've been talking about the pipeline of projects that we've been tracking and now that's coming into focus and fruition for us. Eos, I don't want to speak for them, but if you look at their I think their investor presentation in January their volumes of their batteries And obviously, that's material for us as we go through 2025.

On the water desal, [indiscernible] We know this is a long term venture. We are very encouraged with the blue chip customers that we are in discussions with. As we've said before, we we will be operating several pilots in 2025. We think that where the industry is at right now is that that we will be one of several providers operating pilot operations in 2025, but we really don't expect commercial scale type of desalination for beneficial reuse projects until we get into 2026. That's our current expectation. But again, couldn't be happier with the quality of the blue chip customers we're discussing since we've last talked around our seven NDAs with with major operators in the Permian, we've extended that to a new major midstream player. As they are clearly looking at this as part of their future offering. So that's kind of the cadence, Kurt, that I would respond to. The longer term, we're still very much intent on getting our bromine plant constructed As Leo said, we are looking at some alternatives to make sure we can fund that through our own cash flow. That may mean deferring a little bit, that may mean getting some additional supply arrangements in place that will allow us to give us a few year more years accumulate cash from operations.

But once that plant is in operation, it is going to be a tremendous benefit not just for the volumes of bromine, but the cost of the bromine low cost of the bromine that we will be able to access and then of course lithium following that. So So that's kind of the cadence, Kurt. We're We're pleased where we're at and we see a bright future ahead. That's great. I appreciate that color, Brady. Now for Alejio, If you kind of take the numbers you provided in terms of free cash flow and back that up in to EBITDA that we get you to at least $100,000,000 of EBITDA on a full year basis, right? You're looking at something around $60,000,000 in the first half. So that would suggest at least, right, dollars 40,000,000 in the back half. What are the impairments as you look into the second half of the year, Alethia, that could I mean, you guys do it differently. You have high degree conviction in that at least $40,000,000 in the back half and what could be the variances that could push you higher than that?

Yes. We don't traditionally provide guidance as you know Kurt, unless we're moving in a direction different from the rest of the industry. In the first half, we clearly have visibility with the best backlog that we've had in the company's history on the Sure. [indiscernible] we're very comfortable with what's occurring in the first half of the year projects. I think it's foolish to believe that anyone in the industry has full visibility to what's going to happen in the second half of the year.

But with the initiatives that we have with the deepwater projects, including the Brazil multi [indiscernible] [indiscernible] The ramp up of electrolyte sales that we have high degree of confidence is occurring taken, we think that we'll continue to perform better than the industry. And Brady mentioned that for the full year, we expect high single digits, low double digits top line growth. And we think our margins will continue to hold in the range that we're at, if not slightly above that.

Appreciate that. Thank you, guys. Thanks, Kurt.

John, you want to bring on the next question? Yes, sir. Thank you. I will now take the next question. And this comes from the line of Tim Moore from Clear Street. Please go ahead.

Thanks so much. I really like the branding of your desalination Oasis solution.

Done a lot of analysis on that I'm just wondering, Brady mentioned, I think you mentioned maybe seven NDAs and maybe that midstream potential customer. I'm just wondering what is your capacity for pilot count this year? I mean, can you do four or five pilots? And is there any constraints On the side from KAMX or Hyrek, their side, Right. Yes. Good morning, Tim.

Yes, so the lead time for the pilots really is predominantly based on the HiREC membrane system or Kamex membrane systems. We obviously are very close communication with both of them. Enough where we are right now to be placing orders for additional pilot units for the year in 2025. If we had to start from scratch, and get additional pilot say in midyear, that might be a stretch to get them into the year in 2025, but we've got some room between now and then to add to that capacity. That's helpful commentary, Brady.

Then just going back to your Brazil, you're now in the deepwater multiyear program. I think investors clearly understand CS Neptune pretty well, but as you look out to next year and the potential for that beyond this year, I mean, do you think The revenue contribution next year could be as large as this year and probably larger than The North Sea usually? [indiscernible] The Brazil market is is typically not a heavyweight brine market, but the contract that we have is in fact we're really the only heavy brine completion fluid provider in the Brazil market So we're very well positioned with with how we've positioned ourselves and the investments we've made there. So yes, that's a two year contract. There's a number of wells that are due to be executed this year and next. So we think that will be pretty evenly spaced out over the next two years. But we're really encouraged by what we see as a trend for potentially heavier brine completion projects in Brazil and we'll see how they develop.

That's great. And my only other question is switching gears to the potential bromine development project. You had commentary about maybe getting close to finalizing supply agreements kind of curious, you know, without putting words in your mouth, how long is maybe the lead time or many months lead time between if the Board does approve bromine project and you go forward with it versus kind of the plant startup construction? Is that three or four or five months? Just kind of curious.

Yes. No, the lead time to get the full bromine project in place is is longer than that, Tim. It's but we've done quite a bit of work already. We've completed the engineering. As you know, we've secured the plant site We've prepared the plant site for for next days of construction. We've sourced the power. I mean, so we've made considerable progress advancing the bromine project But at this point in time, we're not at a point where we're willing to definitively say when the project will be FID by our Board. We'll we're looking at some options in terms of timing. As I said, previously, in terms of we'd like to fund it through our own free cash flow. While we're monitoring the demand needs that we have and at this point in time, we're balancing that.

And we'll keep you posted as we get to a final investment decision.

Great, Brady. Well, thanks for that color. That's it for my questions. Thanks Tim.

Thank you.

And the next question comes from the line of Bobby Brooks from Northland Capital Markets.

Please go ahead.

Hey, good morning, guys. Thank you for taking my question. So I just wanted to start with the benefit [indiscernible] Scarce resource in a region that is desperate for more water.

So I have to imagine that the demand for the recycled water that can pass all types of wet testing is very high. Especially when I think about conversations with data centers being co located near wellheads along with the fact that data centers have a big demand for water as well. So just taking that all into account, how are discussions with potential customers going? And maybe could you compare that versus what those conversations were like last year? Is it the announcement in mid December of the commercial launch of Oasis? Is that has that created any more traction or different type of conversation with customers and you all but I'll stop there and have a follow-up. Yes. No, sure, Bobby. I mean, the momentum is clearly building. For this solution. The more discussions that we have with operators. But remember, this is also a fairly complex problem to solve and solution to put in place just because of the regulatory issues that come into play with this as well. You mentioned data centers and uses of the water. There's a logistics challenge that the operators have to work with as well because once they or once we desalinate the water for beneficial reuse, there's got to be a logistics solution to get that beneficial water where it needs to be used.

And so that's all part of the equation that is being worked on. There's no question in my mind the momentum is building. As I mentioned, I had the opportunity to speak at the Produced Water Society Conference and everyone's on the same page that this is one of the highest priorities for the industry. And now it's just a question of working through the details getting everybody comfortable with the quality of the product, the commercials of the projects. Regulatory framework, and the end use destinations for this. And when you throw it all together, it takes time to work through this, but it's definitely coming.

Got it. And then just a follow-up, you mentioned expecting a couple of different pilots to kick off this year. I just wanted to confirm, it seems like none of those have one of the none of those have locked in yet, right? Those are I would say our conference level is extremely high for multiple pilots. [indiscernible] in the first half of twenty twenty five.

Got it. And then so you had three Neptune job wins in 2024. Internally, how many shots on that per se are you guys mapping out on Neptune opportunities in 2025? Does the first half guide bake in any additional wins? Did you say the first half of twenty twenty five? Yes. Just like that first half guide, is there any is it just are you guys baking in any additional Neptune wins into that and and more broadly okay. And then more broadly okay. So 2025 really the first half of twenty twenty five that we've guided on Really, includes the three well project that we have ongoing right now in the Gulf Of America.

I mean, we do have that we track or engage with customers. And as those projects move forward, we don't really want to announce any of those projects until we're actually given the award and we have the kind of a definitive drill time for those wells But the pipeline is clearly more visible and clear to us than been in a very long time, certainly since COVID Okay. And then just like talking about that pipeline, I can appreciate you guys not wanted to give any color on it before your chickens before they hatch. But just like high level, is the if you had let's say if you had five opportunities and twenty twenty four for Neptune jobs, is the opportunities for Neptune jobs in 2020 Is that like double this year? Or is it kind of the same pace trying to get a sense of like the size of that pipeline?

Yes, I wouldn't say the timing of these projects are going to double year on year, but they will definitely our ex expectation is they will increase year on year.

Got it. I appreciate it. Thank you guys. Congrats on the great 24 results and I'll return to the queue. Thank you, Bobby.

Thank you. And the next question comes from the line of Stephen Jangaro from Stifel.

Your line is now open. Please go ahead.

Thanks. Good morning, everybody.

Good morning, Steven.

So a couple from me. I think maybe the first just to follow on on the previous question.

So over the last, I don't know, five, six, seven years, The CS Neptune work has we sort of thought about it as sort of episodic.

And obviously, a big plus when it happened, but but not kind of part of our model because they were kind of few and far between and that seems to be changing So maybe another way to ask the prior questions. When we think about $25,000,000 $26,000,000 27 But at a high level, given the activity level, deep work, can we think about that business that product line, being kind of a more consistent contributor on either quarterly or half year basis? Like how do we think about it at the higher level? [indiscernible] our followers The last CS Neptune job in the Gulf Of America that we executed was the fourth quarter of twenty nineteen.

Before the current jobs that we have ongoing. And of course, right after the fourth quarter twenty nineteen COVID hit, And as I said, when COVID hit in twenty twenty, twenty twenty one, we essentially lost two years of that pipeline coming to pretty much a halt. We saw it started moving again in 'twenty two and 'twenty three. And so now as that pipeline moves forward, and more Gulf Of America wells start going into the lower tertiary, which are the high pressure, high temperature sweet spot for CS Neptune.

We absolutely believe that the future of CS Neptune projects will increase and we're also getting some attraction now in deepwater markets outside of the Gulf Of Mexico. We've been successful in The UK and Norway to some degree, but those have typically been smaller jobs. But now we are getting visibility of larger scale projects outside of the Gulf Of Mexico And so yes, I would fully expect our CS Neptune projects and work to be certainly at a faster cadence than than where we have Okay, good. Thank you. That's good color. The other two quick questions were one, When we think about the sort of the history of the company and you've done a good job sort of simplifying the structure to two really core businesses. And I know in the past [indiscernible] obviously the floors business at least in our view is sort of the gem, right? And I know the desalination efforts out there, but when you think about the structure of the company like two or three years out, do you think there's any kind of material changes to to fund operations in bromine, etcetera? Do you think we're kind of looking at the structure of the company two years out will be similar to where we are now.

You say the structure of the company, I think if I look at our business further years out, Stephen, the way we think about it, our industrial chemicals business certainly including our electrolyte That That piece of our business is going to continue to be a larger and larger piece of our business, particularly when we bring on the additional bromine from the plant and future lithium. So when you throw all of those together, we will have a material portion of our business that will be a chemicals, industrial products type of of business. I think the deepwater market has got a lot of legs for quite a few years. So our energy services completion fluids business will still be a very core part of our business. I think our water and flowback business will morph into a desalination business. And so I think our traditional water transfer, some of those types of services that we offer We may morph into something differently than what we are today, but the desal will clearly be a part of that. So those are kind of the three future segments down the road that we see in the company segment.

Great. That's great color. And then just a final one When we think about shipments to EOS and obviously EOS seems to be on the test very robust growth Can you give us a sense like when you're thinking about so like what's the timeframe that you recognize and ship revenue versus when they're able to ship Well, Stephen, I'll take that one. We ship [indiscernible] [indiscernible] from West Memphis to Turtle Creek which is about a six to eight hour drive We book revenue when the product leaves our facility. And sell it to EOs at that point. I think one of the nice arrangements that we have with EOS is that we can produce product real time [indiscernible] Just in time production and they're likely buying at or within a few weeks of when they put it into the [indiscernible] They're giving us a rolling forecast They're giving us rolling visibility. So I would suggest that we've got good insight in terms of how they're doing and how much they need So within a month after we ship it, we think our fluid goes into their batteries. Okay, great. That's good detail. Thanks, Leija, and thanks, Brady. Sure.

Thanks, Steven.

Thank you. No further questions at this time. I'll hand the call back over to Brady Murphy, Please go ahead, sir.

Thank you very much for your interest. As you can see, we're very excited about our twenty five twenty twenty five future and beyond. So thank you for joining us this morning for our call.

Thank you. This concludes our conference for today, Thank you all for participating. You may now disconnect.