FTK - Earnings call transcript Q4 2021 | Flotek Industries, Inc.

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Operator

Greetings, and welcome to Flotek Industries’ Fourth Quarter and Full Year 2021 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow management’s prepared remarks. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Nick Bigney, Senior Vice President, General Counsel and Chief Compliance Officer for Flotek. you. Thank

begin. may You

Nick Bigney

good We and with your us today. morning, you, appreciate everyone. participation Thank

for participating business call Vice we Chief prepared on Chairman, and Data today’s and me Joining the call, President Interim Research and Officer Ezell, Operating concerning the of President; remarks and James Ryan On Silas, Chief and quarter. are provide and Michael of Officer; will Borton, Senior results first Financial Analytics Chief our Officer; President Executive Gibson, John Innovation.

Following questions. that, will answer we your

have released fourth results, website. – and We now for our our our year year fourth earnings XXXX full which announcement on year is available and full quarter

Additionally, comments or our is statements. our today’s available we website. on projections Investor and we our call Please regarding also to Today’s being that note are make be have website. call events forward-looking on any uploaded a an expectations Presentation webcast replay future for will

subject in discussed refer our release, with which will I provided listeners over John. the differ our SEC. are it to our to statements our results to to expectations. on and earnings discuss materially of our risks Also, and as releases earnings And in can please the non-GAAP may that, with filings review actual reconciliations we metrics factors which call. risk this now advise We beyond Forward-looking turn and current are many cause number of to from a the uncertainties, control

John Gibson

had impact and call, conflict term, another as for market. thank supply worries for the on individuals, fourth year chain XXXX Ukraine a Thank we has and results. full instability hold you, morning. on about challenging discussion inflation continues. many Nick, joining quarter our want year between good just household been have you an and businesses this I and Russia the to And XXXX became

flawless which through to here our operationally. be company accomplished position. also used exiting we evident opportunity both like at vastly agreement. These the the the time XXXX put deals reviewing strengthening difficult We us use calling be the XXXX. We’ve all ProFrac strictly by than I accomplishments and XXXX of strategic our lens Those will us profitable of path financials. our call, not Although be Flotek, strategic highlight priorities to the that or in objectives. the and focus growth, financially a financial will objectives announced may beyond and year the execution, the on laser-focused this was on XXXX, to strengthen the we what In what believe version Flotek of on recently different transformative to

share And on the you so let me today, the of focusing future. of with past, instead Flotek

trending inseparable discourse, At fade in around sustainable they then items are long-term to many Our gained like amount ESG commitment strategic improved tremendous around leadership. energy and industry. from the In the are stewardship the priorities away. a concepts growth often built environmental years, has that few believe Flotek, in topics environmental moment the term core last But have traction. their of popular the a we

to increasing the in of of the deal of issue availability already a pressure cost face companies operate, social with tighter addition efficiency operations minimizing In water, maintaining structures. to maximizing and of waste, around license

be operating impact in element help leadership key a environmental and our execution is our solutions, execution without vision. on Without aimless. strategy, we to strategy analyzers will including analytics focus Our and the order the products said minimize to will digital efficient data solutions, flawless customers our our of timely and our of decisions. partner environmental business our mission and services, future. specialty chemistry strategy reason, make This collaborative chemistry technology our environmental and execution, Verax In and today achieve choice Morris green sustainable is continue of our be their for is Chang useless. analytics

Our the possess. we opportunities now vision created

to leader focus team field. will of TRIR an employees. will zero safety the build of career recordable for a achieving total in Flotek to and on time execution and this team ever continue in it’s time. non-productive all and It’s I no throughout incredible of proud the make Flotek you I organization. our our this a in amazing in will And will XXXX. just time and our us zero to quality have goal extremely that non-productive Our my customers the XXXX, tell congratulations operations our prioritize incidents first we zero accomplishment. I’m achieved service and for and

of communicate and to partners. will The our consistent the we Flotek our for important to the that XXXX Our both and in company a critically segment manages continue attention that XXXX channels market performance beyond, upon considerations progress market. build reestablishing ourselves to indirect relationships a or actively and companies, energy made Flotek, and service with risk safety through

were value the our customers companies our $X on commence April will billion half revenue most which chemistry next the over win new our decade, that revenues service Certainly, with of fact, contract XXXX. and energy ProFrac In is exciting new X. sustainable on in goal over

If around recorded with encourage for XX. call you missed you I in-depth our to discussion investor our listen contract ProFrac, our March to

quality to we winning remaining reliability logistics, committed creation. impeccable will this on building we through mutual products success, our solidify continue partnerships, build a value our daily and to of and transparency, trust services, basis, and As upon

enter more we efficient, achieved at streamlined organization a arrive our entire have significantly realigning our which organization, by XXXX, we vision. to we As

and our We more business chain. our have seamlessly with rebuilt forecast tools accelerate development growth, and structure to supply our revenue

sourcing supply of including a mean our new has changes cost. effectively management our options, and ensure sourcing, organization. deliver chain which margins. we lowered improving These beyond customers, multiple our strategies The lean more into operationally operational significantly to logistics have Flotek we invasive XXXX that while is implemented have efficient to We

SG&A which saving have we initiatives to were and in that to Looking adhering XXXX And XXXX. by cost our maintain costs, the from respectively. XX%, effectively our we by financial our managing improved XX% future, and will begun discipline were

when will margins, reflected in We see in our how XXXX entered you report also greater XX-K it’s with we released. transparency which our

gets the goes, the you As that speak measured see more in of forward. will detail will gets changes managed. saying Borton about moving Mike some what

Finally, the our teams, to the structure us right to will changes an operational down of we the changes also well comes at to support as over approach our help organization leadership and growth drive leaders, markets success future for respond uncertainty future. implemented to and structure, growth line we’ve top and made We’ve the our into revenue cost way excellence Xx that next better Dr. a underlies Ryan named Research named Operating with COO Ezell, as James have Data Head President Ryan and In Officer role. March. also James forward of Silas no December, I team Vice Analytics. success. retains his Chief previous that Innovation. of Senior in This Flotek three will we years of alone. We the go and Interim our role also the early as creation doubt profitable

highly Flotek, his For in the has great the is been academic and James scorecards tell property personal leadership. him. has and anyone me investigating bit environmental role strategy. bioengineering care critical who well as of having of let and and our reason mind. technical had physics the long Flotek’s chemistry prudential our competitors as polymers, you a to the green of of stand intellectual eight following about leadership and Partners James James research differentiated commercial little chemistry strategy joining sales with our the benefit of not development James has surfactants in is JPX an XX considerable apart James engaged from a technologies. our Silas, years history industry. our customers ESG of Flotek our Big green exceptional years development Since knowing oil with is products, ago joined

add reasons, progresses. the these data sector. Analytics Data I’d to that, more value Silas you I already perspective as of expect the this to on analytics James and over him has him I appointed For as in year the his call James? like to he role, give as With added turn Head exceptional Interim to

James Silas

did good market customer in the Thank you that opportunities in words, a had I’m front of opportunity impressed not with and the us. closely and for and a work have to quarter. our goals December, the our fourth achieve the lay segment, team John, morning,everyone. I as engagements we Well, with kind since

me points mention Data Analytics a about of the couple Let segment.

our First, core JPX technology.

Our new of speed an between applications optimized [ph] operating conditions. represent blend line versatility robust of measurement, of and Verax analyzers

their We optimizing product enable are and processes delivering property data manage by These driving to in operational efficiencies. every is minute time. physical critical inventory that and effectively our real more separation blending their customers and compositional measurements

impacts enterprise-wide aligned with and the be shift efforts our to marketing sales solutions, customers’ leadership. our must our Given of

enterprise-wide to we cases, focus efforts level built our today applications solutions single have use While beyond our and sales are siloed expanding partnerships. powerful

proposition with improvements and inefficient will in emissions delivering critical value in elevate that footprint, embedded and supports communicate of modeling means in chemometric the technology energy our minimize processes waste versatility platform analyzers we real-time optical reduce customers, next-generation automate to that large-scale decisions of reprocessing. in greenhouse capable meaningful Access The edge and that that reductions enables gas to have especially to We carbon emissions. continue C-Suite ESG information engagements consumption our performance. the

proposition currently feel Finally, pilots These in In international that side. North trajectory. they will we technology confident growth chemistry stages turn to summary, technology of on next we American in that, to XXXX, ESG now. is will already drive discuss I established in the schedule, that pilot various value call defined programs generation With available markets, and the initiated our a us afford several will execution. are and here of has been to performance Ryan and the our globally prove the

Ryan Ezell

segment technology and James. focused solutions. partner our chemistry technologies, the for delivering fully on and chemistry our technology to completion chemistry to collaborative Flotek as momentum. on chemistries solutions is includes improved by elevating optimized chemistry Today, return chemistry professional discuss of ESG of and for lowering invested the as the fourth I’ll strategy value executed solutions quarter, delivering our well you, operational being pleased I’m be industrial their report which our costs, gaining our energy Thank that differentiated At energy customers sustainable consumer performance, maximizing capital. choice performance,

accelerated on continuing commitment as concentration. hydraulic diversify already companies costs our thus our stack structural of we fracturing observed to growth growth both minimize revenue and customer changes, the with risk of our the operators, paying fleet quarter, domestic our the continue to to see We’re our growth In international as as dividends, decrease outpaced well delivering implementation while continued E&P market. and of revenue fourth domestic service

in we with to a service Additionally, and stellar customer a satisfaction. safety, completed regard performance year quality

the As a following to the quarter. fourth for I’m report pleased highlights result,

year. the share XX% and indicating marks chemistry market for First, the outpacing improvement market significantly quarter-on-quarter, prior a technologies in continued from QX thus This energy revenue improved the XX% growth.

XX% domestic accounts from with generated accounts expanded revenue demonstrating top the the improving Raceland, Material quarter-on-quarter on continued oilfield grew in progress revenue by continue delivering as market it rebuilding to international more diversification. impact and companies. XX% XX% indirect to Secondly, emphasis facility key world’s became our and providers minimize notable services than while Translogistics Ida, of revenue with Hurricane our Louisiana to quarter-on-quarter, channels service facility a make And grew we from services for the in

We contract geothermal to as adjacent XXXX a in fleets appropriate its zero with proposition. time in year of with extension the on well growth ProFrac field risks, to we downhole of hours thus, volumes prices product operations non-productive pleased deliver drilling to and related growth combined to zero America. the be with and with Furthermore, Flotek our Should customers revenues the continue XXXX secure as execute organic material for the to we operations, key continued in and that minimizing has anticipate into have completed allocation by margin and revenue million. approved the hydraulic $XXX value coatings. of in And North shareholders, the chemistries generation purchase our lines cementing future finally, and we our on energy solar announce segment also be panel In negotiate accelerated spirit well manufacturing its markets solidified partnership as with excess to commitment further expansion. for exemplify deliver suppliers recordable focus to we’re top and fracturing

enhanced the Going we continued Chemistry forward, socializes, solutions. with segment Technology our customers to chemistry our operate the empower as we’re and future our for excited opportunities continue about

financial Now our I’ll Mike over results. call turn discuss the to to

Michael Borton

Thank you, Ryan.

other the of As the XX-K now XXXX. statement administration in consolidated G&A goods in certain industry to operations and services. after of considerable reflects statement and auditors. first transportation margin The reported costs combined consultation an costs, product and for changes provide and general peers gross sales Segment greater deliver review is and goods operations. Cost required John represents the costs reporting now earlier, corporate to now external marketing reported as in sold on transparency mentioned as the since effort made and with and company produce and time selling, of our and and these of level

Now detail. income more statement let’s in the go through

roughly loss By Data is decision substantial and million, considerable business $XX.X The excess from the with of XXXX, for saw and quarter, of for primary program, excess the from between million a X% gross XX% were $X.X diluted cash $X.X the losses period In The impact This a gated in During a Data over we XXXX slower a the year. the in The revenue in sequential product in quarter of believe Ultimately, terpene. total up from year in chemistry QX sales, was a was the XXXX $X.X of this $X.XX XXXX increase same pushed fourth The as both continue million, XXXX. million million, the quarter and we reason the from the reversal quarter, million. we reflects asset non-cash segment. that service ramp year same our was reversed have two the only we purchases revenue and to now into XX% $XX.X impacted Even fourth QX the million, year relates gross impacting margin from manage reserve as the long-term. and for the efficiently impairment including Fourth by million but QX transaction accrual let’s the driven lower risk value the the dollars differences margin of SG&A is or goodwill share $X.X consolidated the to technology, ADM or sequentially and also the last last of fact analytics assume M&A Analytics of subsequent customers by have to XX% million payment slightly federal revenue, per activity customers third a by Analytics across the Planning] total terpene the with the decrease sales $X.XX model. This to in made move reserve We periods saw are in is elimination severance, flows increase XXXX. quarter, of improvement non-recurring XXXX. $X.X an City loss being $XX.X fourth impairment certain XX% ended as employee a the consolidated in year with retention represents a from in organization. increase segment, credit period in more in the up of [Mason of the year, quarter. from several driven driven rules QX. revenue data by QX segment and out sales million [ph] that million a a fourth for XXXX. significant the our $XX.X the up the revenue from and during down $XX.X

response We in continue more annual to rates. contracts even renegotiate improvement run drive to our

in diluted the year, share impact. product loss $X diluted a million loss share $XXX.X year. for For ADM loss rationalization, over few $XX.X share and XXXX sharp million, in $X.XX one-off a of of per reported per impairment, per the terpene or adjustments, The in improvement or loss a we last $X.XX all significant XXXX, $X.XX loss reserves the diluted included $X.XX

In and two improved last rate fourth also is company loss of quarter of $XXX,XXX quarter. fourth the was last million, than roughly XXXX, quarter’s of quarter for third which $X.X which loss the normally facilities, year’s loss the by $X.X part better leased EBITDA million idle $X.X run the out adjusted million. a our of Our per EBITDA

the on capital ADM million not the receivables to related pursuant move our were equivalents $X.X and loan had QX company received performance as the of in the liquidity. The we the settlement-related can preserving program all we hear loans be Act. impacted million the amounts are At It the of end expenditures. paycheck on $XX.X feedback million cash that protection to yet for Let’s third losses, There operating for the forgiveness XXXX, higher the several final that applied position, balance we working company to the inventory late cash has Cares outstanding essentially the of revenue $XX.X regarding factors focused quarter. our quarter, fourth from SBA impacted to has and versus near-term. expect sheet forgiveness in

efficiencies, Sandler including leverage here continue not closed but XXXX, company continues be Piper previously million back and in Both as working to forward should next February debt, with on goal revenue, to work months, cost capital the growing proceeds Monaghan] [water generation, and ensuring pipe fund to working In the is our to the facility needs. our included, monetization $XX.X strategies. ProFrac discussed line, ProFrac-related non-core organic capital our necessary XXXX, assets announced, various in a our additional look to previously we of of go office As and limited excess million. Flotek cash to as $X Flotek top sold several [ph] the and both continue next to

to I back really call John, example hard on that this pass will to remediation Flotek, At employees support final at It company deliver commitments. this call and this his other help of to will John point, of governance of a for But program another like remarks. a accounting I to turn material number to continue monitoring the live I to our work. was yet strong weaknesses. teams, before who building a XXXX specify the our back successful minute and Finally, would the thanks take internal

John Gibson

I organization Mike. an efficient impact with our delivering profitable Flotek stands of there’s for for environmental XXXX. land this positioned Today, solutions plenty year. a operationally We’ve energy can considerable as Thank execute air, room on some big and seen gains people. reduce team posting of producers, on believe and energy through who of the particularly water, names, be that optimistic long-term to the growth mission you, already

between having of as a we that the that events service us for are of momentum and the typically operators gains companies, there’s much impact time While will well. yield lag believe producer

we’re the hold able Looking XXXX, believe margins we we’ll improve. we forward our and to – look to to flat budget see be going

As and ProFrac, organic and recently us impact decade. growth, explained better first gives the three alluded deal hosted business Investor and the profitability in Combined the I tremendous with to million us we to the our allow I the by a in revenue XXXX, a in elements When Feel of team $XXX-plus philosophy call January the owes the with next XXXX, of looking years, earlier, be month thereafter. anticipate next upside over today potential with the confident and we that over forward. which profitability look ProFrac uninterrupted future our secure Flotek followed that came should to I joined of contracted forward.

is Shareholder this Special in Meeting. upcoming our contingent approval course, Of on

to this the continued our together, Flotek. I’d closing, final at we’ve from to take and In all our turn this forward. in emerged want with proxy And shareholders So opportunity it contest, people to that, our and the here an endurance to a to for been thank at right? you questions. Particularly to operator, favor I customers like strongly successful and in support just their thank proposals position it of and It’s for encourage back you vote great go time. I’ll

Operator

Instructions] to pause At our question-and-answer now momentarily will [Operator this begin the roster. We will assemble we time, session.

Water question ahead. Research. go of first Tower Robertson Our Please from is Jeff

Jeff Robertson

you can and customers company they XXXX you. energy penetration capacity on about taking Thank not utilization about the other capacity utilization the chemistry XXXX contract ProFrac little bit Ryan, talk with then also business a the in up? Good of with and morning. for amount of are service

John Gibson

non-exclusive for at of around a with agreement. off When a first Yeah, the uniqueness some look a contract great absolutely. It’s ProFrac question. is we

of were you capacity it ProFrac. expenditure. day going. So capacity we where look this look operations only chemical full have the still at we’re a our what ProFrac what We’ll And the sitting our We’ll that making other CapEx XX% of current probably running in probably manufacturing it around of us the included of shift. and XX% to utilization handle in to deliver than When growth allows actually areas blending When type at with any at our less all atypical we operations. continue with, still less look operations be with operational the potential running market. can field was growth of overall component than with without be we at is, services probably on our parts the

chemicals and believe year. or XXXX, that we And back lot we to expanding So with going that grow have opportunity say, it as million go all having in without we’re XXX years, if actually similar back the as, to you in of be organic doing moved of pounds in how the to two support. definitely and spend past, to far ProFrac not, a growth. money the line operations, And falls

are repackaged chemicals still models that facilities, we all in-basin that So service materials quite bit the we expansion. and bring we because we have some unique of we take some main the leverage support, manufacturing to part into also up of them that how The room consider capital is through of we buy for don’t end now when we any about the until our do we’re technologies. that basically need delivery doing lower to a have get

those cetera, those we off sourced the some straight for that the and deliver doing companies with chemical et of that. we so to And in work spurs, and rail rig side, basin

the not any appropriated growth this core before to to in also long-term, expansion. do capacity to have grow do only the but have opportunity capital the have non-exclusivity business to contracted and components we we So significant a great handle

Jeff Robertson

baseline what ProFrac what contract, clear, for the be in has business including XXXX? to Ryan, amendment, the – used the Flotek’s – capacity, that’s the your XX% been and be what supply will

John Gibson

correct. correct. That’s That’s

Jeff Robertson

and a that enhance you you ProFrac agreement Flotek just crews basins will are you the basin where in help more have that or enhance where ProFrac they Okay. operating in they deployed will customers have by us, – potentially margins that other scale? will will with giving does Does that serve

John Gibson

helps at that Absolutely, leverage our leverage big the of started to more – this companies We going and areas is organic obviously, which much for out absolutely. – that we leverage more we It particular brought improvement. if us looking where the move can or definitely correct. time suppliers we companies component we’re on that them, like our enjoy type even get accurate us thing we forecasts our an usage of business, that and the to could cost getting feel what for reduce we margin gives margin better suppliers us helping a in some That’s volume also one overall better enhancements. ProFrac, lead with really be, look volume material our forecast out we’re to

Jeff Robertson

agreement, with about working working raised Piper – is the supply – the completed the mentioned the you February with supply Can much that event? in the that in pipe you talk that was of supply Mike, covered first with alternatives. Okay. expand the for you or the cap agreement by capital amendment how on the in capital with financing all

John Gibson

your Jeff. for thanks question, So

in future. the majority a covered in of that we need think So some we pipe. out Clearly, have by the projections the short-term is we’ll going it

also determine the the up, in trying how we organization. fast on much depends assets other it and they monetize to as ramp We’re how

Jeff Robertson

short-term? So to that’s be longer-term than clear, a issue

John Gibson

Correct. Correct.

Jeff Robertson

Thank Okay. you.

Nick Bigney

[ph] oil of Capital. Operator, ProFrac the contract next for in us we the by to from move inbound what on sensitivity Eric before asks questions e-mail must the Swergold, queue, John the Firestorm as we’ve prices? the Eric

John Gibson

nearly it of bit throw that XX% And regardless I’ll we to of crews the would it The to minimum anticipating by got contract, and they cruise crews the crews a They us XX of or not about for with commodity have any all contract – bar. a come I’m gives them price. part over continuity that then down go I this to at XX the or reduction Ryan. that the not before which less. scenario price would that crews. is unnoticed, a does answer in cause great hope XX% promises XX

that of service that secure in basically I decade, think one current for out So a we price the true companies goes have the in are are only place backlog environment. that

to that that. we we know forward Anything pretty add, so support can stream plans going a to make have and revenue robust excited to Ryan? And

Ryan Ezell

I John, my No, think well. as in it’s correct, thought with all alignment

You our the companies material. so their to and service we’re work have where the near-term, not starting plus LinkedIn in how are operates. the do of the what confidence a This tier and of look And they’re say at a a work operations for lot see contract, forecasts protection ProFrac well also that in decade particularly have transaction. upper longer-term of would we is scopes what some helps on us call the scope, way a I we lot of

work. in fracturing So starting near-term I and operations gives the that’s capital prices helps that’s discipline, around they something transition have my we’re particularly, well. longer big type would And the us the as stability of to that upper scope hydraulic that the see a say and oil that guarantee is with tier

John Gibson

that. up thing them the details about number first of brought excited on already be how we’re this with look of we April, been Another we’ve six of on going as up seven able crews And a month the and which weeks, you that we ramping engaged sort QX, and And we’re giving contract. be probably where are our pumps being me on really call report with you get to are we if were will to through month, forward or again. doing to

for to give going As how clear ramp we’ll well we in and explain is QX, indication like. what that’ll look to of we’re XXXX you come into be up, that a doing call the able

and So call. another excited. go click back Look, pretty

Operator

The question ahead. of is next Capital Mike Noble Markets. Heim from Please go

Michael Heim

some for a make heard the Thanks down, that nature business, analytics. were taking taking can a same projects rolled write-down. with were XXXX. of better looking little to at maybe the I my associated it understanding out goods be bit And get some that understand Mike data sales lumpy I certainly into pushed we question. the writing the I’m on comments time

if a talk impact little timing timing terms projects affecting you about issues. of of wondering customers Just specific could the the bit of more issues, in sales, or nature

John Gibson

Sure.

was is at do too. and a look it, rates. want to with issue to here when James the sensitivity quarter-after-quarter. and And a we related So took we to took But don’t me, look, discount have I the impairment really this

parties, provided like So we I was the going want off. next just and just finish it realistic. ahead to business what And third right quarter. by big was us and don’t took we major on be. now, here how in over so the that’s we’re to we minors that and chemistry to – focused we Because go felt

we going At So we’ve of are same the tremendous analytics the got let’s and big time, some opportunities it’s focus like, on be data upside amount where really with to making sales cycles but and use let sort that, become give customers. excited great business. we’re about highlights, a cases, little I’ll about excited new a some of And James you with longer. the But more money.

James Silas

at solution as to a customer adoption provide engaging providers single And order be in are conversations I doing call. in wanted Mike, looking more to well earlier had in able the question, to the or other service to the in as side. from some the use technology them We customer single just partnerships comments to bundled shift project to I well. with of involves really reemphasize as that to Appreciate from levels, multiple

in forward looking talk later we’re year. things about in are as to get we play those more So those the

Operator

go of is question Jeff a next Robertson Tower The follow-up Please Water Research. from ahead.

Jeff Robertson

on data analytics. follow-up the James,

pilot what moving more you hurdles platform that international those sell cross as to opposed initiatives? about across able think type customers. that a to you – sales? need company’s what to on an solution would and as for Can kind I being what talk far you in of one-off mentioned project as to enterprise And units mean So

John Gibson

months initial programs, between schedule discuss oil as we shift in Schedules companies. to happy I’m on to pilot XX From can that. Sure, dealing are the national XX from you’re us with with proposal. months international

programs, able currently that which we’re open that currently. greater we are we market successful, we those get to we to up middle expecting in than and additional finishing America. you’re So within will period the We when available have view be, those were what if North of

up to be to running so that to we’ll more as excited we’re happy and showing about we have and something those value And talk and get say.

Jeff Robertson

And is it broader trying let’s base. opposed and to so much a and to, accepts one it the as one the manager systems goal of the part plan, asset corporate of deploys across get JPX adoption corporate a say,

John Gibson

more a platform to trying Yes, I is, be to to James think a what than explain be looking device. we’re was

the because decision. to forward it really go that or they a that a next in we device, don’t as that so work our their been so pursuing oil us need trying plug supports company, quarter needs that, business working to they a supports, I engineering to see you’ll we in into pursue as to process what companies a with actually And sensor call we’ve couple how I’ll platform how think national or need dashboard, of processes,

is So device to sensor. forward as about elevating just I’m look business it James a it. about that we’ll to sale go quite we’re a more device. forward. support taking decision we a talking that’s excited where And it. not And It’s from

John Gibson

favor I that’s want Mark’s contract. questions review thank get Please morning. the of end us. that, and time go covered from proxy. back get the home And With in for I the joining there we think that – Please have and in of this ProFrac to call this just pants probably vote everybody

with going working for for be see them. impacts, to going and you’ll is results. decade. terms out you’re cost really company the us to in going And you’re this that the ramp QX And our revenue could going provide annuity next build we an think up can in to we around, to QX. But how has on a exciting have of so and to about excited and begin structure that we’re particularly going We’re the that I count see positive

care. Take it. I So appreciate thanks, guys. really

Operator

concluded. you for The is presentation. attending now Thank today’s conference

You may now disconnect.

Flotek Industries (FTK) 31 Mar 222021 Q4 Earnings call transcript