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TTI Tetra

Participants
Elijio Serrano Chief Financial Officer
Brady Murphy Chief Executive Officer
Jim Roumell Roumell Asset Management
Stephen Gengaro Stifel
Joseph Von Meister Intermarket
Call transcript
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Operator

Good morning, and welcome to TETRA Technologies Third Quarter 2020 Results Conference Call. The speakers for today’s call are Brady Murphy, Chief Executive Officer; and Elijio Serrano, Chief Financial Officer. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. conference Mr. the turn now over to I’ll Serrano. Please go ahead.

Elijio Serrano

statements which TETRA quarter like to XXXX morning, may remind and conference be third to welcome contain call are conference would Good forward-looking. factors. control made risks subject results These are to the maybe based Technologies call. number of on analysis and based statements by certain that assumptions the this are, statements on These are that uncertainties or you are many company. of and TETRA of and deemed a beyond to number I of a

cautioned results not guarantees may are in of actual from such materially statements. that projected those and You statements differ the that future are forward-looking performance,

we adjusted reconciliation cash ratio, gross to may refer in press financial addition, distribution cash other In to non-GAAP period. to information prepared nearest not and financial release results EBITDA, adjusted of Please public free EBITDA measures. for or call, our margins, the our gross reconciliations substitute flow, margins, within distributable ratio, or accordance the a complete of website with coverage flow, considered measures. refer the course non-GAAP These should for GAAP leverage GAAP the morning’s adjusted EBITDA, in to context this of are the measures financial be financial for

morning, filed earlier Brady. me In to our let announcement is over addition to release to With XX-Q and SEC the with it’s posted this this press it went out that website, Form morning turn that, our our also.

Brady Murphy

rig performance then sheet, to on provide a start U.S. like by XX% quarter XXXX another Elijio continued to CSI environment. in overhang and the from third recap quarter turn earnings of give I’d through the the and it the management all welcome that I’ll cash storms information Elijio. to and delivering sequential Despite everyone, over TETRA two and the decline liquidity. the quarter for hurricane COVID-XX. Thank very count solid third Compressco came a first balance you, of onshore highlights our and the flow Technologies Gulf and teams and employees in Good call. morning, challenging to Mexico TETRA recognizing

XXX basis value compares sequentially by XX% quarter of or our maximizing an $XXX by cost for our million points the challenging of annualized basis decline the annualized has our industry Our our months quarter last the and impacts reduced of strategies employees consolidated EBITDA. I of be of likely million every and most as our result on This more EBITDA third Compared to reducing costs the of in margin management technology. a could to each the On in execution have EBITDA with for of $XX our ever EBITDA positive improving sequential decline of and teams revenue an to in resulted segments on responded we’ve eight basis, latest we $X.XX it costs faced. team pleased management third way focus year, the margins. as revenue. $XXX and focus improved not dollar adjusted million achieved related our with a

short hurricanes, and Our offshore from generated and market, and positive executed million our and September the the diversity generated quarters past strategy successful America is of with of TETRA quarter we’ve business cycle delays and peak in cash deepwater in Despite sudden EBITDA as only reflective higher $X.X from the basis continuing TETRA points longer of and Gulf XX% from operations Mexico the on quarter a revenue the quarter by a European from lower cash third fluids ended the sequentially sequentially. the reflecting XXX $XX of Year-to-date market. EBITDA the seasonal hurricanes $XX.X chemicals achieved and industrial of revenue flow of at project level. of impact continued quarter. two experienced last segments two cycle operations business improvement Completion million the $XX.X major quarter to we the we in adjusted million from with the of margins decreased million third second free North the consistent due cash year. and steady also our only TETRA industrial of products

industrial the adjusted is ago. XXX the a quarter than Middle International was into some year The sales also for excluding third sequentially XX.X% for continuing for XX% a The delivery large fluids sales led by East. quarter. major points customers oil these by companies EBITDA the better in margin business basis increased completion some of national fourth

positive chemicals this sector. XX%. segment. business portfolio sequentially despite the road contracts for new perform we quarter and up revenue add made calcium industrial continues of In to sub Water well chloride total maintenance to decreasing EBITDA industry-leading three XX% industrial adjusted remained in Our third third to revenue flow secured quarter already back this the approximately and

price see in is the stabilized to most continued in that activity October. but basins the part as improved We has and third September early of the pricing in quarter, in believe now erosion of again

a During super project similar with a added quarter, That’s Basin. third major our recycled to the Permian other recycling projects. the operator we in

water XX% projects on Integrated are the to service different for customers at basis, was Links third of frac and our reuse Basin. for more operate on believe from we by multiple work services quarter with the of We Permian knowledge different any XX at this of XX in customers the with provided expect XX our cycling with In Blue the period projects this second provider system. we market increased water produced extended with end with integrated Based the of management project XX our an end award, automation than daily associated a quarter. to time. other September

as trend this continue activity expect America more to projects with We recovers. integrated North

Advanced quarter, the continuously SandStorm new maximum Cyclone Technology while During being TETRA our customers. achieved to introduced utilization,

perform the during in this a provider. quarter, trial morning, service press by head-to-head we current As against our to release were Appalachian mentioned a customer region approached in our the

technology downstream peak wash XX SandStorm and using, solution with feet customer far rate cubic able a of XX.X% achieve the current sand day. Our with million per exceeded at to zero was filtration was standard the flow

As in a it works which as successful result place. pressure SandStorm high liquid does also showcased gas our wells well equally trial, this of and

are seen working crews of with completion replace frac We the sand on separation number equipment. now this recovery customer fourth perspective to we’ve some in well active our and activity. Providing quarter, competitors the a

was revenue better October July and August. and than September Our meaningfully

leveraging we As cautiously know we segment. optimistic with activity that this along in we’re call, to on remains deploying and stated our positive, services. bottom earnings third Based today, our was the what the technology keep previously EBITDA segment objective while automation new quarter during the of best-in-class

America North Our compression perform business well despite the decline continues to in activity.

which we X% revenue sales, million. equipment decreased new to have exited $XX sequentially now Excluding

Third standby Adjusted quarter sequentially quarter. adjusted decreased at downturn. XX% Compression end EBITDA points the sequentially. bringing to from key of points invest will XX.X% gross XX.X% the XX.X%. as utilization from In back EBITDA that quarter the horsepower allow and believe Utilization third of X% on basis in decreased of high second We improved was the XX.X% above second of in strategy May to units declined XXX to last our $XX.X production that seen services our XXX margins basis million $X.X million a September, horsepower point margins low was down equipment from quarter. online. the during customers revenue the decreased was and maintain peak approximately the third X% started back quarter, to us in to in

look enhancement cost strategies gas the pricing production of the gas believe priority allows improves, compression to maximize to greater liquids We a benefit strategies. when become lift on operating as flow. as producers our we which they outlook integrated increase artificial should this natural producers with focus solution, low cash a As will wells and production existing is see for

CSI our Helix our reliability, of Compressco’s mentioned Compressco allows digitally release telemetry the performance, enhanced big – improve of press mentioned as predictive data we’ve yesterday, As to compressors. This and introduced new maintenance CSI system. compression use in

hardware DXK enhance a specifically there’s Houston’s to oil XX% and current service revenue quarter, the designed while develop declined sequentially. end program, the gross services XXXX. programs. second the basis be excited upgrade improved that our margins machine fully from data We’ve Aftermarket to analyze XX% partnership deployed to expect of and by a completed to only be points modules rollouts We’re company with maintenance Rice big the partner of predictive learning University field XXX

services market to on momentum after expect catch We deferred customers XXXX, from as maintenance up gain XXXX. in

in and large a services beyond. XXXX immediate customers master management meet our to to with teams of in I safety our a getting In provider provision protocols, announce agreement services, representing in front feedback that of will and leaders for we’ve parts free for pleased and generated stay our to again through expand I mention traveling locations into all another using our will visit Getting been and from is EBITDA allow flow the continued strong a improved to had rapidly uncertainty the liquidity. technologies where environment. our we profitable our margins us positive, market, this strategies, the Despite changing Overall, remaining we we quarter, come or opportunities revenue the customers. our have midstream EBITDA and field generating and secured field closing, cash solid understanding was diversity improved. our that with feel that industry critical and We’re very direct position. and

to over some Elijio and financial cash for the it and comments questions. it to flow up then I’ll provide Now balance open we’ll turn on sheet

Elijio Serrano

on this cash we’ll only Brady TETRA flow despite working I’ll of were I’ll same capital ago. will cost. which monetizing This measure cash then cash. same their third free metric and to improvement we year, In year sector increase a make working far adjusted every generated first million the from impact related of the $XX.X cash you, true less is a Thank generally $XX.X quarter that the capital been Brady. achieved free incurrence times positive. some has interest of generated CapEx, $XX.X the generated the earnings quarter. flow without cash only flow bottom this an service on a other that it in $XX expense less are cycle EBITDA TETRA is difficult and quarter We benefit severance year, from flow the of payment believe up TETRA Of is generate year, do of in less the measuring of time benefit business this the less working capital. as sheet the capital flow, a the less year-to-date has field oil flow year monetizing Compressco, $X CSI earnings ability and cash that $X.X balance for then interest without – and with monetizing is the quarter services questions. in million. and free cash million basis, expense third CSI without free as we cash this companies of And working what’s performance only mentioned million open so free growth Essentially, restructuring earnings, during TETRA’s expenditure the positive and Compressco million expenditures, of to during year-to-date capital. every capital. for decline of taxes. Many was re-bounce, comments and consume and TETRA million

our monetizing The environment $XX many monetizing from been the of by has is financial working given not struggles receivables other easy in and capital this million customers.

the integrated onshore cost $XX management cash capital. ability very flow without U.S. quarter, $X.X model working working free fluid on in without generate of business flexible of cash we over the monetizing flow capital vertically market aggressive the to positive implemented, benefit Our third million In benefit this year through talks deploying technology the slightly have the the in to the free benefit side. a we’re of million

the full year slightly capital $X to based and market million, adjust of to our guidance. million between expect monitor conditions. For TETRA than We’ll and we continue on spending prior expenditures the be capital $XX.X only XXXX, lower

interest to liquidity at $XX from on We approximately does TETRA expect not everyone such remote the and no approximately technologies. to million this as capital end to and term data the TETRA’s I BlueLinx interest loan technologies, capital distinct the the of begins covenant CSI up are are as one-time loan. positioned XXXX, our is the to to our was only $XX comply total loan with year September million was credit availability expenditures facility. introduction X.X asset ago based always, no activity million expense ratio recover. Compressco’s times. until our is only August only same There cash until on At September as liquidity the accelerate SandStorm improved or to $XXX be defined through cash quarter is us revolving maintenance hand continue have million at TETRA end The and mature the coverage a term hand term as And not significant TETRA Annual our our interest due debt of and million a is maintenance revolver on of net third under September, plus of coverage guarantees TETRA able new to $XXX and monitoring to to be to $XX.X we XXXX. again between million. and like cross manage with for million remind Compressco. debt defaults, period only end cross CSI on $XXX the downturn this separate. unrestricted on mainly $XX slowly

margins challenging net of debt minutes on of are estate $X and half a improvement paid fabrication second $XX there sale this from $XXX and free the at outstanding have to Midland which million fees and maturing the cash that XXXX legal push of $XX and selling units is swap after Compressco. almost came spending the larger unsecured partially very this to year. smaller to compressor by of or cash the on beginning of of of the to amount. of of $X either million generate idled by million fleet remaining is generate and in real targets increasing market this will sold XXXX believe the amounts revolver refinance Their pay million operating compressor They million in September the to a third the in million of in [indiscernible] million higher Compressco Compressco notes CSI and of amount technology were year, debt, in from revolver the the CSI CSI maturities $XX represents million of their we the the advisor year. Now quarter the no to XXXX. down plus hand million, of The September, a the $X.X reduction And couple million let conditions. in end and beginning of up at June end to year. beginning complete compared year, reduction $X.X resulted almost a $XX data objective between investing units. cash facility million despite At Compressco the invest of was cash to me in generate reduced older flow pruning CSI of of spend assets $XX early $XX.X on the

leverage from Compressco at This mentioned end any lien generated mentioned are And XXXX. that does flow not For Compressco of drawn cash for covenants of August enhance maintenance any $XXX Other until annualized $X.XX $XX.X free XXXX cash is to third are which CSI $X million is bonds sale TETRA We not XXXX second unit was to the Compressco encourage million expect to million. And amounts flow cash yield. revolver. macro and cash on the you cash notes $XX of CSI million. CSI the the of first and and this $X net $X both due margins release CSI of additional they $XX capital flow an and year-to-date does which year, to was due invest unsecured the for for over in August of $X even And of maturities. flow not compares will Compressco’s Compressco million our to and of TETRA segments monetizing with. of working from $XX given between million $XX.X per XXXX XX% of September, CSI read expenditures technology also generating expect from and be and flow, million that the expenditures Like bad between in CSI X near-term comply Compressco’s metrics. in Compressco basis, the million. the compares during year EBITDA as or assets. environment, XXXX, used price returns. cash all On well and and due million unit. of positive, need CSI Compressco, there’s by morning free times. quarter, million. distributable are of of ratio and I’ve CSI benefit Compressco close free times details CSI Distributable capital maintenance and X.X earlier, news and cash news they to There at flow the the continues perform quarter yesterday all growth that In full Compressco. than TETRA, this business drive a have have to operational and if $XX Compressco flow benefited was greater release spend financial our between $XX.X not the no $XX million September week now CSI before, continue distributable is CSI supporting And million as million to the the downturn. prior remained without $XX increased Compressco’s capital. last CSI million unsecured approximately common This debt an $X.XX, is

for SEC. already Debbie, CSI Compressco their and questions. let’s the with have filed XX-Qs TETRA it With both Additionally, that, up open

Operator

will We Asset Jim from first Roumell [Operator the begin ahead. with now go Please session. Instructions] Roumell question-and-answer Management. comes Our question

Jim Roumell

of space? on whether backside. winning mentioned give being player larger in is a Elijio, of taken a Brady, the color you. in you Thank the contract kind you’re player from any you small Appalachia business flow the or that that Can two questions. process And a in regional water

Brady Murphy

what multiple player operates be basins. regional a believe would I Jim, a We that consider good player. in smaller to morning. It’s not that’s large

Jim Roumell

recycling I that Was sure, fracking. where second is, Thank you. would a basin you number Got a in year now were you estimated color particular whatever are one are a number that correctly, question little referencing, want to and that And to just I’ve it. have to water a that heard estimating you make in you just or be ago? in

Brady Murphy

Sure.

we first now on major water reference largest made largest So in this on recycling based cycling And had knowledge third believe comments project project. of in Permian I basin that on barrels the daily volumes XXXX. reuse. current a large and – late the is is recycling Jim, we our the reference. had have my – in we’re recycling basis frac award our we a local our water are of amount We were the of that for is the daily basis, that it refrack My

Jim Roumell

Got it.

Brady Murphy

Permian Yes. the In basin.

Jim Roumell

Got very Thanks Thanks. it. much, Brady.

Brady Murphy

you. Thank

Operator

next from Stifel. comes The Please question with Stephen ahead. go Gengaro

Stephen Gengaro

morning, Thanks, gentlemen. and good

Brady Murphy

morning. Good

Stephen Gengaro

the had and you I obviously, the put because fluids business I the quarter, storm I in a Mexico margin at disconnected, and few sequential CS these, we the European look work the on if few when margins hit despite think progression business, any good these of drops margins. apologize there, but of Neptune about I without got mid-XX% when next from things first, up sustainable they very Are you Gulf issues completion the over EBITDA the and quarters?

Brady Murphy

are. they believe we Yes,

that, over One, had of but we’ve mid-XX% several factors. I XX% of operations some several ago I range. streamlined to plenty now a well capacity we in into a left been a raw other Even facility El chemicals on done think, XX%, have not from of that that’s our streamlining from really to with contracts the plants of that or supplier only – the we’ve our business really supply margins. grow where referenced Do. our favorable operate EBITDA contracts so, great we quarters we’re couple quarter think And above still at. of our material of evaporation the have And and job shutdown we plants sixth with with we the maintain mechanical target industrial

generate impact our the similar margins, a has industrial in ability to on significant to you’re all that So what had seeing. pretty

share very mentioned we – although, We before Middle in to seeing, quarter. fluid gains, NOCs margins the by into types side, Mexico this able contributing had of the the that were that market were had several margins We of been you’re including the we Middle we nice some some operate we’ve that seeing. secure hurricanes awarding sales you’re large had the East. East, to those Gulf On hurt

We’ll we the looks the outlook believe on especially And XXXX the sustain see, can markets. markets, But we’ve what the we we get our markets as so completion for sustainable. profitability believe types it’s for that offshore fluids the achieving. been future, we of and foreseeable

Elijio Serrano

EBITDA achieved. had XX.X%. we me the to project, jumped year, of year, we a all that there QX second from In quarter of were this with XX.X%, XX.X% into quarters remind Both bit were the way at Neptune fourth this some XX.X% on quarter ago, little was Neptune Stephen, QX, a margins everybody we And we’ve XX.X%. minor. in of for and segment those In of QX we’ve of at carryover last And let year done at there. margin. the the no Neptune but XX.X%. then it was adjusted up a

it tells even that we’re achieving already. without Neptune, targets those you So

Stephen Gengaro

small give given happened if land segments? the is the piece in And Elijio, contribution pretty I’m are revenue believe Can any U.S. business, think. Because high. that and I the you revenue, those notes, sort us from can of in a color of stable a my I land sure not fairly piece total on sense, margins fairly the what’s but you had of us different U.S. give I and

Elijio Serrano

of United our basis this an enough of we’ve and business, the that both move and There of onshore, Europe Mexico from The primarily rest mentioned the is Northern U.S. of the… amount some not it area but both Yes, industrial, annual is the Gulf international. from is revenue States. on offshore to about XX%

Brady Murphy

of a add bit little color Just that. to I’ll

the side have very small contribution fluid business, U.S. we of the from land market. completion the On a

So we’re really side. not fluids completion impacted the on

good the obviously, our from U.S. segment a industrial segment. than But is a U.S. perspective, the very it’s and clearly America market a contributor business, oil business chemicals segment a industrial geographically, is our into business. gas However, different North

Stephen Gengaro

four Right. other Thank piece the mean, the And you water back U.S. just for about look flow focus. thinking business, of Should we then as the land on but that. that’s we – clearly more business, way I it the to market to over about the expect you get track that land that to U.S. quarters? to as think six here kind Is push try reasonable of EBITDA a improvement? next to

Brady Murphy

we believe Yes, so.

activity and seeing an fairly in a in throughout both quarter. the increase activity then low August September in will growth July October. clearly that We’re fourth in meaningful the again and remain increase – points in from And we that believe consistent

you far crews still year, mean, frac bit based on at things As from Rice I industry. with we’ve days our of from cetera. the early look so on But others et the the and the some conversations next it’s where little that customers COVID, with in projections are had with

that expect is this to to business frac to impact but meaningful for environment, improve the in of a type our crew grow that We be us XXX we XXX pre-COVID, were not and activity would levels levels, from which quite profitability.

Stephen Gengaro

And on is that side of piece or the XX% it’s believe. some sand margin that the that of on I Is segment that not to side, accretive? or the potentially business, gained point more you’ve where share yet sand

Elijio Serrano

our well, a very customers. key less. that of definitely deploy it we gaining margin several It’s a resources of back The significantly to job it’s call relative a I is pretty automated. traction think It’s flow up equipment very rapidly Well, share I on accretive. that with fully typical amount the wouldn’t yet Brady we’re and say in our all market And improving. but gaining to it’s area utilized. that, earnings it’s mentioned today, holding earlier much is this that on

Brady Murphy

for we we be the need out next for area sold going Yes, some will we’re path, continue on this one growth if because is of capital units. where number year current investment to our

Stephen Gengaro

of we to And want back how XXXX, a Do get you we If like. you level just you of of and from land and thinking about think margin evolves? normal globally – what perspective, the XXXX, I activity the a if U.S. what’s the current do as the just entity we’re the looks I TETRA business of what things of kind – think look at strategic looks? down, think structure more and are company the potential sort in market the do settled about how – mean

Brady Murphy

type we’re very we with back think Clearly with have, the of business this downturn. I market we well-positioned normal recovers. happy as the segments times flow we these and that back we’re in of get are segment components that the very Well, levels to feel more the unique that And have, water we U.S. perspective, with the in the put think XXXX be we’ve land we activity, and closer business that cost maybe some fundamental structure in gains and we our way not we’ve back XXXX certainly XXXX, share by XXXX, from of but that of to had levels place, the profitability. will all

changed business. the our industrial And as we’ve fluid that of profitability I the On new profile chemicals for side, we continue said, opportunities business. to find

gain fluids to offshore Our completion business continues share.

Neptune to XXXX in return. ramp projects to significant some in we XXXX XXXX, XXXX been you activity expect activity, some meaningful contribution meaningful tracking huge I our expect on think And contribution start will don’t working we’re offshore we see up see to projects that I the a XXXX, in So have based be with some but that on. operators then

I yes, expect would So to and years XXXX TETRA. be to perhaps for most profitable come XXXX yet our

Elijio Serrano

a push of that XX%s. mid-teens was I’ll remote generating And up Neptune we’ve achieve those SandStorm And on projects margins fluid I we has water think recovery pick also mid-XX% margins. you quite we a remind And monitoring. traction. benefit the mentioned since back in into see automation that bit that the side. and EBITDA significant up investments that believe And And and market. also we’ll made earlier continue when to in then in that gained can we can flow EBITDA we mid-XXXX then easily Stephen,

and have introduction that think new equipment future. of we we’ll technology, of the So automation, the in benefit

Stephen Gengaro

market, you, sort that forward? I good. traction think Neptune as If the seems slash you gentlemen. Very do alliance. been just sort add but the behind, deepwater Thank I about from has mean do to traction see the CS Halliburton – increased any of could you going a the there of one be And visibility you side it’s little obviously more, on

Brady Murphy

Yes.

in In a Sea and And hand project deploy them have working XXXX. fact, contract. Neptune to we’re expect with the with major in that we North glove where Halliburton in we an to show has results operator the

Stephen Gengaro

Thank Okay, you, gentlemen. great.

Brady Murphy

Thank you.

Operator

Meister The Please is next go ahead. with question Von Joseph from Intermarket.

Joseph Von Meister

deconsolidation my Thank go back have answered, I most guess Hi, your the CSI Compressco we but it potential for of that. if and questions you. to been could call I plans could

Elijio Serrano

Joseph. Good question,

evaluating we’ve message been very year, And and debt the value. the completed of management both in and in year shareholder TETRA a we’re extended in This June, enhancing and the all of our Directors open a into debt TETRA unsecured also for the clear Compressco, maturities focused to we are swap half we team XXXX. Board CSI alternatives. on of think with XXXX last I that options that our in and and

change We also any does change of a maturities unsecured stripped million control. debt trigger so any on of the of of that the $XX covenants, not control

stop value evaluate Board that focused options confident the of are my TETRA all team that. the and and feel we’ll both at I’ll management So comments and on enhancing

Joseph Von Meister

Thank you.

Operator

Management. from Asset Roumell Please question Next Jim Roumell ahead. have follow-up we a go with

Jim Roumell

I’m you. out to from you question contact there. to put to of we get us. Brady, shareholders put who Thank a going just it kind

$XXX understanding million. ago. fluids is, your business of business would lot the are now the businesses XX worth question non-energy to they is fluids which get years So that first, separable? XX business, was potentially my that purchased informed have My company’s side a the trading those just industrial several Are that answer are to EBITDA, times the at businesses we that make it. something don’t business, non-energy We like

of So if particularly energy mind, kind industrial where – equity business And it’s place it now trapped because now next they your ask, evidently three there’s separable? those thinking in that worth given two stays private are true a on I unlock in returning are fluids in company. withstanding the the you just surrounding the At point general, two, is confidence actions to to stays of the the wanted to if in of lot just narrative your the of that the years. stocks value are that energy interest value, the them business strategic trapped, the company see, businesses right what world. that in years do Where trading in market inside of

any level kind high would help. Just color of

Brady Murphy

Sure. They are No, a fair that’s separable. question.

to on operate cetera, the fluids another Our business. our We very chemical buy of business. If margin operate chemical separable fluids and bit from but chloride, operated, we for industrial somebody our a completion it to both plants would a to separated would operations that products supply today. be to have can else that, to independently as party need calcium TETRA we or might we impact et and are sold still they feeds able well that industrial offshore as applications our products,

the that lot we I a far mean of the As between the unlocking completion side as the we lot the technologies they both integration, that R&D in we synergies get of like and synergy fluid play get value, a result of energy clearly, think develop if to vertical fluid we will value, a a having with – lot developments, lot today Jim. on that, we of look a of as and ultimately, we options feel clearly goes strategic works have I the other products that out synergy. that, products would certainly didn’t at are unlock Neptune But that markets that

Jim Roumell

you. Got it. Thank

Operator

concludes the Mr. our session. like for to closing This turn to remarks. I question-and-answer conference back any would Murphy over

Brady Murphy

thank Technologies, in TETRA very morning. taking interest Thank join conclude the call. you for our much. will this us your to appreciate you That time We and

Operator

conference The ended. now is

you disconnect. You now joining for today. may Thank