Tetra Technologies Inc (TTI) 2023 Q1 法說會逐字稿

Good morning, and welcome to TETRA Technologies First Quarter 2023 Results Conference Call. (Operator Instructions)

早上好，歡迎參加 TETRA Technologies 2023 年第一季度業績電話會議。 （操作員說明）

I will now turn the conference over to Rigo Gonzalez, Manager of Corporate Finance and Investor Relations. Please go ahead.

我現在將會議交給公司財務和投資者關係經理 Rigo Gonzalez。請繼續。

Thank you, Vaishnavi. Good morning, and thank you for joining TETRA's First Quarter 2023 Results Call. The speaker for today's call are Brady Murphy, Chief Executive Officer; and Elijio Serrano, Chief Financial Officer.

謝謝你，瓦什納維。早上好，感謝您參加 TETRA 2023 年第一季度業績電話會議。今天電話會議的發言人是首席執行官布雷迪·墨菲 (Brady Murphy)；埃利吉奧·塞拉諾 (Elijio Serrano)，首席財務官。

I would like to remind you that this conference call may contain statements that are or may be deemed to be forward-looking. These statements are based on certain assumptions and analysis made by TETRA and are based on several factors. These statements are subject to several risks and uncertainties, many of which are beyond the control of the company. You are cautioned that such statements are not guarantees of future performance and that actual results may differ materially from those projected in the forward-looking statements.

我想提醒您，本次電話會議可能包含前瞻性陳述或可能被視為前瞻性陳述。這些陳述基於 TETRA 所做的某些假設和分析，並基於多個因素。這些陳述受到多種風險和不確定性的影響，其中許多風險和不確定性超出了公司的控制範圍。請注意，此類陳述並不能保證未來業績，實際結果可能與前瞻性陳述中的預測存在重大差異。

In addition, in the course of the call, we may refer to EBITDA, adjusted EBITDA, adjusted EBITDA gross margins, free cash flow, net debt net leverage ratio, liquidity or other non-GAAP financial measures. Please refer to yesterday's press release or to our public website for reconciliations of non-GAAP financial measures to 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 that went yesterday, we encourage you to also refer to our 10-Q that we also filed yesterday.

此外，在電話會議過程中，我們可能會參考 EBITDA、調整後 EBITDA、調整後 EBITDA 毛利率、自由現金流、淨債務淨槓桿率、流動性或其他非 GAAP 財務指標。請參閱昨天的新聞稿或我們的公共網站，了解非 GAAP 財務指標與最近的 GAAP 指標的調節表。這些調節表不能替代根據公認會計原則準備的財務信息，應在我們當期完整財務業績的背景下考慮。除了昨天發布的新聞稿之外，我們鼓勵您也參考我們昨天提交的 10-Q。

I will now turn it over to Brady.

我現在將把它交給布雷迪。

Thank you, Rigo, and good morning, everyone. Welcome to TETRA's First Quarter 2023 Earnings Call.

謝謝你，Rigo，大家早上好。歡迎參加 TETRA 2023 年第一季度收益電話會議。

I'll summarize some highlights for the first quarter, discuss our near-term market outlook and provide an update on our strategic initiatives before turning the call over to Elijio to discuss first quarter financials and provide an update on our second quarter financial outlook.

我將總結第一季度的一些亮點，討論我們的近期市場前景，並提供我們戰略舉措的最新信息，然後將電話轉給 Elijio，討論第一季度的財務狀況並提供我們第二季度財務前景的最新信息。

With the exception of some onetime legal and employee benefits costs, first quarter results were in line with our internal expectations, including stronger EBITDA margins in both of our segments. Adjusted EBITDA, excluding gains or losses on investments increased by 6% quarter-over-quarter and by 8% year-over-year and was the highest adjusted EBITDA since the first quarter of 2020.

除了一些一次性的法律和員工福利成本外，第一季度的業績符合我們的內部預期，包括我們兩個部門的 EBITDA 利潤率都更高。調整後 EBITDA（不包括投資損益）環比增長 6%，同比增長 8%，是 2020 年第一季度以來調整後 EBITDA 的最高水平。

Revenue from our international locations grew by 9% from the fourth quarter including strong performance by our European industrial chemicals business, where operations have nearly returned to the pre-Russia-Ukraine conflict levels, coupled with stronger pricing.

我們國際分支機構的收入較第四季度增長了 9%，其中包括我們歐洲工業化學品業務的強勁表現，該業務的運營幾乎恢復到俄羅斯-烏克蘭衝突前的水平，而且定價也更加強勁。

Revenue from international markets grew by 17% as compared to the first quarter of 2022, driven by stronger activity in Latin America as well as the contribution from strategic investments announced at the end of last year.

受拉丁美洲活動強勁以及去年年底宣布的戰略投資貢獻的推動，國際市場收入較 2022 年第一季度增長 17%。

We recently completed another completion fluids investment, this one in Brazil that will more than double our deepwater operational capacity ahead of the well-communicated growth in the deepwater Brazil market. With the Brazil expansion, we have now completed our investment plans for our key offshore market expansions that also includes the Gulf of Mexico and North Sea.

我們最近完成了另一項完井液投資，這項投資位於巴西，這將使我們的深水作業能力在巴西深水市場的良好增長之前增加一倍以上。隨著巴西的擴張，我們現已完成了關鍵離岸市場擴張的投資計劃，其中還包括墨西哥灣和北海。

As mentioned in our first quarter press release, we feel these investments are very well timed to support our significant revenue and adjusted EBITDA projections for the second quarter. If realized, our second quarter projections will be the highest revenue quarter for our Completion Fluids segment since the third quarter of 2015, when there were more than 50% more active deepwater rigs operating globally.

正如我們在第一季度新聞稿中提到的，我們認為這些投資時機非常好，可以支持我們第二季度的可觀收入和調整後的 EBITDA 預測。如果實現，我們的第二季度預測將是自 2015 年第三季度以來完井液業務收入最高的季度，當時全球活躍的深水鑽井平台數量增加了 50% 以上。

The outlook in the international and offshore markets remain strong. And as communicated previously, we feel we're still in the early days of a longer-term deepwater market up cycle. Our strong second quarter forecast reflects the most recent capacity investments, market share gains from our recognized service performance as well as innovation leadership, such as CS Neptune. The combination of these has positioned us very well for this up cycle.

國際和離岸市場的前景依然強勁。正如之前所傳達的，我們認為我們仍處於長期深水市場上升週期的早期階段。我們強勁的第二季度預測反映了最新的產能投資、我們公認的服務績效帶來的市場份額增長以及創新領導力，例如 CS Neptune。這些因素的結合使我們在這個上升週期中處於有利地位。

Domestically, despite near-term volatility in commodity prices, particularly natural gas, we remain encouraged in the resiliency of activity and continue to expect double-digit growth for our overall Water & Flowback Services segment in 2023. While TETRA does not have significant exposure to the gas markets. We believe the softness in those markets will be balanced by growth in the oil basins and our continued market share gains in production-based services, including water recycling and sand management with TETRA SandStorms. Our strategic priority for 2023 is to continue driving margin expansion, maximize returns on capital and generate meaningful cash flow.

在國內，儘管商品價格（特別是天然氣）近期出現波動，但我們仍然對活動的彈性感到鼓舞，並繼續預計 2023 年我們的整體水和回流服務部門將實現兩位數增長。天然氣市場。我們相信，這些市場的疲軟將通過油盆地的增長以及我們在生產服務（包括水循環利用和 TETRA SandStorms 沙子管理）方面的持續市場份額增長來平衡。我們 2023 年的戰略重點是繼續推動利潤率擴張、最大化資本回報並產生有意義的現金流。

Now turning to the segments. Completion Fluids & Products first quarter 2023 revenue of $69 million increased 4% sequentially despite significant projects that had previously moved up from the first quarter of '23 into the fourth quarter of '22. Adjusted EBITDA of $18 million increased $2 million sequentially, with adjusted EBITDA margins of 26.1% compared to 24.2% in the fourth quarter of 2022. Adjusted EBITDA margins improved by 110 basis points sequentially when excluding unrealized gains and losses from both periods.

現在轉向細分市場。完井液和產品 2023 年第一季度的收入為 6900 萬美元，環比增長 4%，儘管之前有一些重大項目已從 2023 年第一季度提前到 22 年第四季度。調整後 EBITDA 為 1800 萬美元，比上一季度增加 200 萬美元，調整後 EBITDA 利潤率為 26.1%，而 2022 年第四季度為 24.2%。在排除兩個時期的未實現損益時，調整後 EBITDA 利潤率比上一季度提高了 110 個基點。

For the quarter, we benefited from strong sales in the Middle East and positive manufacturing variances across all of our plants. As a reminder, we estimate that 70% of the deepwater wells completed in the Gulf of Mexico use bromine-based completion fluids. So the deepwater activity increase that we are seeing globally is resulting in very high demand for our high-value bromine-based completion fluids, which includes TETRA CS Neptune.

本季度，我們受益於中東地區的強勁銷售以及我們所有工廠的積極製造差異。提醒一下，我們估計墨西哥灣完井的深水井中有 70% 使用溴基完井液。因此，我們在全球範圍內看到的深水活動增加導致對我們的高價值溴基完井液（其中包括 TETRA CS Neptune）的需求非常高。

We're currently executing a CS Neptune job in Norway and feel there is a high probability we will execute a second North Sea CS Neptune job during the quarter. Our market-leading European industrial chemicals business is nearly back to pre-Russia-Ukraine conflict levels and is well prepared for the seasonal second quarter activity peak contributing to the strong second quarter forecast.

我們目前正在挪威執行一項 CS Neptune 作業，並認為我們很有可能在本季度執行第二項北海 CS Neptune 作業。我們市場領先的歐洲工業化學品業務幾乎恢復到俄羅斯-烏克蘭衝突前的水平，並為第二季度季節性活動高峰做好了充分準備，從而促成​​了強勁的第二季度預測。

Shifting to our Water & Flowback Services segment, revenues of $77 million improved $20 million or 36% year-on-year while adjusted EBITDA of $12.9 million improved by $4.7 million or 57% year-on-year. Revenue decreased $4.1 million or 5% quarter-over-quarter due to the timing of certain customer completion schedules.

轉向我們的水和回流服務部門，收入為 7700 萬美元，同比增加 2000 萬美元，即 36%，調整後 EBITDA 為 1290 萬美元，同比增加 470 萬美元，即 57%。由於某些客戶完成計劃的時間安排，收入環比下降 410 萬美元或 5%。

Water & Flowback Services adjusted EBITDA margins of 16.7% improved 180 basis points as we execute on our strategic priority of margin expansion. Market penetration and customer adoption of our differentiated SandStorm advanced cyclone technology continues to improve as revenues associated with this product offering grew by 40% as compared to the same quarter last year.

隨著我們執行利潤擴張的戰略重點，水和回流服務調整後的 EBITDA 利潤率為 16.7%，提高了 180 個基點。我們差異化的 SandStorm 先進旋風分離器技術的市場滲透率和客戶採用率不斷提高，與該產品相關的收入與去年同期相比增長了 40%。

In addition, we signed an agreement with a valuable customer to supply a fleet of SandStorms for their production facilities, which is a new application and new market avenue for growth. Based on our current utilization and discussions with key customers, we expect to remain at near sold-out levels throughout the year on 20% higher average fleet count versus 2022.

此外，我們還與一位重要客戶簽署了一項協議，為其生產設施提供 SandStorms 車隊，這是一種新的應用和新的市場增長途徑。根據我們目前的利用率以及與主要客戶的討論，我們預計全年將保持在接近售完的水平，平均機隊數量比 2022 年增加 20%。

The third early production facility in Argentina is expected to come online in the second quarter. We continue to drive operational efficiencies and automation in our water management businesses, all of which support double-digit growth for the year and our goal of achieving adjusted EBITDA margins from the range of 18.5% to 20.5% by the end of the year.

阿根廷的第三個早期生產設施預計將於第二季度上線。我們繼續提高水管理業務的運營效率和自動化水平，所有這些都支持今年兩位數的增長，以及我們到年底實現調整後 EBITDA 利潤率從 18.5% 到 20.5% 的目標。

Our water desalination initiatives also continue to progress as we're making engineering improvements to our proprietary pretreatment process that feeds our exclusive desalination technologies. We are targeting to complete a commercial plant design by the end of this year.

我們的海水淡化計劃也在不斷取得進展，我們正在對我們專有的預處理工藝進行工程改進，為我們專有的海水淡化技術提供支持。我們的目標是在今年年底前完成商業工廠的設計。

Finally, in the first quarter, we continue to make good progress on our low carbon energy initiatives. We're currently drilling a delineation well on our estimated 5,000-acre section in Southwest Arkansas with the intent to improve the accuracy of our lithium and bromine resource estimates and progress from a bromine preliminary economic assessment towards a feasibility study. We also continue to evolve our long-duration energy storage electrolyte formulation to include chemistry beyond the zinc bromide pure flow component to cover the broader electrolyte chemistry.

最後，在第一季度，我們在低碳能源舉措方面繼續取得良好進展。我們目前正在阿肯色州西南部估計佔地 5,000 英畝的區域鑽探一口勘探井，旨在提高鋰和溴資源估算的準確性，並推動從溴初步經濟評估到可行性研究的進展。我們還繼續發展我們的長期儲能電解質配方，以涵蓋除溴化鋅純流動成分之外的化學成分，以涵蓋更廣泛的電解質化學成分。

Additionally, we are also in the process of selecting an engineering, procurement and construction contractor for a Front-End Engineering Design or FEED study for our lithium project, which has an estimated inferred resources of 234,000 tons of lithium carbonate equivalent. As a reminder, so TETRA decided to approve a development project for lithium, bromine or both, the capital required for the wells and pipelines would support the production of brine with both minerals where the inferred resources report lists an average of 416 milligrams per liter of lithium and 5,370 milligrams per liter of bromine.

此外，我們還在為我們的鋰項目的前端工程設計或FEED研究選擇工程、採購和施工承包商，該項目的推斷資源量估計為234,000噸碳酸鋰當量。提醒一下，因此 TETRA 決定批准鋰、溴或兩者的開發項目，油井和管道所需的資金將支持生產含有這兩種礦物的鹽水，其中推斷資源報告列出的平均每升 416 毫克鋰和每升 5,370 毫克溴。

With that, I'll turn it over to Elijio to provide some additional commentary, then we'll open it up for questions.

這樣，我會將其交給 Elijio 提供一些額外的評論，然後我們將開放它以供提問。

Thank you, Brady.

謝謝你，布雷迪。

Cash flow from operating activities was $9 million in the first quarter compared to our cash used in operating activities of $7 million in the fourth quarter of last year. Adjusted free cash flow from continuing operations was a use of $3.7 million after funding capital expenditures of $12.5 million.

第一季度經營活動產生的現金流為 900 萬美元，而去年第四季度經營活動所用現金為 700 萬美元。在為 1,250 萬美元的資本支出提供資金後，調整後的持續經營自由現金流使用了 370 萬美元。

The first quarter has traditionally used cash on the timing of property tax and employee incentive cash bonus payments for the prior year. In the first quarter, we received $2.85 million in cash proceeds for an insurance settlement on a prior year claim. We did not include this $2.85 million of proceeds in our free cash flow nor in adjusted EBITDA for the quarter. Inventory expanded in the first quarter in anticipation of the second quarter seasonal peak in the European industrial chemicals business.

傳統上，第一季度在繳納上一年的財產稅和員工獎勵現金獎金時使用現金。第一季度，我們收到了 285 萬美元的現金收益，用於上一年索賠的保險理賠。我們沒有將這 285 萬美元的收益計入我們的自由現金流，也沒有計入本季度調整後的 EBITDA。由於預計歐洲工業化學品業務第二季度將出現季節性高峰，第一季度庫存有所增加。

Working capital at the end of the first quarter was $109 million, Working capital consumed $5.3 million of cash in the first quarter as compared to a use of cash of $18.8 million in the fourth quarter of last year. At the end of the first quarter, unrestricted cash of $17 million and availability under our credit agreement was $69 million.

第一季度末的營運資金為 1.09 億美元，第一季度營運資金消耗了 530 萬美元的現金，而去年第四季度的現金使用量為 1,880 萬美元。截至第一季度末，我們的信貸協議下的無限制現金為 1,700 萬美元，可用金額為 6,900 萬美元。

Liquidity at the end of the first quarter was $86 million, a slight improvement over the fourth quarter. Long-term debt with a September 2025 maturity was $163 million, while net debt was $144 million. Our net leverage was 2.0x at the end of the first quarter.

第一季度末的流動性為8600萬美元，比第四季度略有改善。 2025 年 9 月到期的長期債務為 1.63 億美元，淨債務為 1.44 億美元。第一季度末我們的淨槓桿率為 2.0 倍。

In addition to the liquidity and cash I mentioned earlier, we are also holding marketable securities. We received another 400,000 shares of Standard Lithium, bringing our total share count to 800,000 shares with a market value of approximately $2.7 million based on Friday's closing price.

除了我之前提到的流動性和現金之外，我們還持有有價證券。我們又收到了 400,000 股 Standard Lithium 股票，使我們的股票總數達到 800,000 股，根據周五收盤價計算，市值約為 270 萬美元。

We are also holding approximately 5.1 million common units of CSI Compressco with a market value of approximately $6.2 million, also based on Friday's closing price. We don't have any restrictions on selling the CSI Compressco units, [nor] the 400,000 Standard Lithium shares we received April of last year. And our investment in CarbonFree is currently valued at approximately $6 million, which is now publicly traded. Combined, these investments totaled slightly less than $15 million.

我們還持有約 510 萬份 CSI Compressco 普通單位，同樣基於週五收盤價，其市值約為 620 萬美元。我們對出售 CSI Compressco 單位以及去年 4 月收到的 400,000 股 Standard Lithium 股票沒有任何限制。我們對 CarbonFree 的投資目前價值約 600 萬美元，現已公開交易。這些投資加起來略低於 1500 萬美元。

The earnings power of both of our segments is continuing to strengthen. And as highlighted in Brady's remarks, we anticipate further revenue growth and margin expansion in the second quarter. Based on current visibility, we anticipate revenue in the second quarter to be between $165 million and $175 million, income before taxes to be between $11.5 billion and $13.5 billion. And adjusted EBITDA to be between $27 million and $30 million compared to $21 million in the first quarter. This excludes any impact from gains or losses on investments. Total year 2023 capital expenditures are projected to be between $30 million and $35 million.

我們兩個部門的盈利能力都在持續增強。正如布雷迪在講話中強調的那樣，我們預計第二季度收入將進一步增長，利潤率將擴大。根據目前的情況，我們預計第二季度收入將在 1.65 億美元至 1.75 億美元之間，稅前收入將在 115 億美元至 135 億美元之間。並將 EBITDA 調整為 2700 萬至 3000 萬美元，而第一季度為 2100 萬美元。這不包括投資收益或損失的任何影響。 2023 年資本支出總額預計在 3000 萬美元至 3500 萬美元之間。

Please note that we are providing second quarter guidance given the expected material sequential change that we are anticipating. Going forward, we do not expect to provide annual or quarterly guidance unless we expect to see a significant or material change in our quarterly performance.

請注意，鑑於我們預期的預期重大連續變化，我們正在提供第二季度指導。展望未來，除非我們預計季度業績會發生重大或實質性變化，否則我們預計不會提供年度或季度指導。

We would also point out that the second quarter forecast includes offshore fluids projects. They moved from the first quarter into the second quarter and approximately $12 million to $15 million sequential revenue increase due to the seasonality of our calcium chloride business in Northern Europe.

我們還要指出，第二季度的預測包括海上流體項目。由於北歐氯化鈣業務的季節性，他們從第一季度進入第二季度，收入連續增加了約 1200 萬至 1500 萬美元。

In the third quarter, we expect to see an equal downward change in our European industrial business. Our adjusted EBITDA margins for our European calcium chloride business approximate our total segment margins. The strong ramp-up in our European business and the strong deepwater fluids activity are expected to generate significant free cash flow in the second half of the year as we convert inventory to accounts receivable, then monetize those receivables in the second half of the year.

在第三季度，我們預計歐洲工業業務將出現同樣的下降變化。我們歐洲氯化鈣業務的調整後 EBITDA 利潤率接近我們的總部門利潤率。我們歐洲業務的強勁增長和強勁的深水流體活動預計將在下半年產生大量自由現金流，因為我們將庫存轉換為應收賬款，然後在下半年將這些應收賬款貨幣化。

With respect to the process we discussed on our last call to seek strategic partners to develop our Arkansas assets, we continue to work with identified potential strategic partners and with the Department of Energy for our bromine project. We will not be publicly commenting on the progress of those discussions until we have something definitive to announce. All the engaged counterparties, et cetera are under confidentiality agreement, and we intend to respect those.

關於我們上次呼籲尋求戰略合作夥伴來開發阿肯色州資產所討論的流程，我們將繼續與已確定的潛在戰略合作夥伴以及能源部合作開展我們的溴項目。在我們有明確的消息要宣布之前，我們不會公開評論這些討論的進展。所有參與的交易對手等均簽訂了保密協議，我們打算尊重這些協議。

I'll turn the call back to Brady for closing comments before we open it before we open it up to questions.

在我們開始提問之前，我會將電話轉回布雷迪以徵求結束意見。

Thank you, Elijio.

謝謝你，埃利吉奧。

So in closing, we're off to a good start for the year and anticipate a very strong second quarter. While the outlook remains positive for the markets in which we operate, we will continue to execute on our strategic priorities of increasing margins and cash flow with steady progress on the engineering and economic feasibility of our Arkansas bromine and lithium resources.

因此，最後，我們今年有一個良好的開端，並預計第二季度將非常強勁。雖然我們經營所在市場的前景仍然樂觀，但我們將繼續執行增加利潤和現金流的戰略重點，並在阿肯色州溴和鋰資源的工程和經濟可行性方面穩步取得進展。

We've invested in international markets via the deployment of early production facilities as well as expansion of our completion fluids businesses in the midst of a deepwater market recovery. These investments made during the last quarters -- several quarters are timed very well and are already contributing to our earnings base while driving returns on capital.

我們通過部署早期生產設施以及在深水市場復甦期間擴大完井液業務來投資國際市場。這些在過去幾個季度進行的投資時機非常好，並且已經為我們的盈利基礎做出了貢獻，同時推動了資本回報。

With that, I'll open the call up for questions.

這樣，我將開始提問。

(Operator Instructions) Our first question comes from Martin Malloy with Johnson Rice.

（操作員說明）我們的第一個問題來自 Martin Malloy 和 Johnson Rice。

My first question, I wanted to ask about the water [desalinization] technology. Could you maybe give us a little bit of an overview in terms of the competitive environment, how differentiated it is. And I thought I heard you say you expect to have a commercial plant by the end of this year. Is there a targeted customer for that plant?

我的第一個問題，我想問一下水[海水淡化]技術。您能否給我們簡單介紹一下競爭環境及其差異化程度。我想我聽到你說你預計在今年年底之前擁有一座商業工廠。該工廠有目標客戶嗎？

Yes, Martin. So an update, as we've announced previously, we have signed exclusive technology agreements for the oil and gas industry for some water desalination with both KMX and Hyrec, both technologies -- service -- different applications, KMX unit for higher TDS levels and the Hyrec unit for mid to lower solidity markets.

是的，馬丁。因此，正如我們之前宣布的，我們已經與 KMX 和 Hyrec 簽署了針對石油和天然氣行業的一些海水淡化的獨家技術協議，這兩種技術 - 服務 - 不同的應用，KMX 裝置用於更高的 TDS 水平和Hyrec 裝置適用於中低硬度市場。

The pilot that we did earlier in the year was very successful. That was with one of our key customers that's sponsoring our efforts. We are working on improving some of the engineering improvements to the front end -- the TETRA's proprietary front-end treatment of the fluid before we run it through the technology that I had mentioned. And so that's something we are working on.

我們今年早些時候進行的試點非常成功。那是我們的一位主要客戶贊助我們的努力。我們正在努力改進前端的一些工程改進——在我們通過我提到的技術運行它之前，TETRA 專有的前端流體處理。這就是我們正在努力的事情。

We are highly confident we will have that engineering completed. And at the same time, we're looking at a scale project because what we had used on the first pilot was obviously a pilot unit. To scale these operations will require some additional engineering. And so combined, we think by the end of the year, we'll have a commercial plant design completed and we're very hopeful that we'll be executing a contract, if not with the current customers, there are plenty of other customers at this point that are a very engaged and very much interested in this whole field of technology.

我們非常有信心能夠完成該工程。與此同時，我們正在考慮一個規模項目，因為我們在第一個試點中使用的顯然是一個試點單位。為了擴展這些操作將需要一些額外的工程。因此，我們認為，到今年年底，我們將完成商業工廠設計，我們非常希望能夠執行合同，即使不是與當前客戶，還有很多其他客戶此時，他們對整個技術領域非常投入並且非常感興趣。

We feel like we've got a leadership position in this, Martin, because of the agreements that we have and our expertise around treating produced water and brines. But yes, so that's the current situation.

馬丁，我們覺得我們在這方面處於領先地位，因為我們達成的協議以及我們在處理采出水和鹽水方面的專業知識。但是，是的，這就是目前的情況。

My follow-up question is on Neptune. And maybe just trying to get a sense of -- if you look out into '24, what the market opportunities look like and maybe some of the, like, Gulf of Mexico where higher revenue potential per well exists. And then maybe if you could talk about some of the other markets? Is there a potential outside Gulf of Mexico, North Sea, maybe Brazil?

我的後續問題是關於海王星的。也許只是想了解一下——如果你展望 24 年，市場機會是什麼樣的，也許還有一些，比如墨西哥灣，那裡每口井存在更高的收入潛力。那麼您是否可以談談其他一些市場？墨西哥灣、北海，也許是巴西以外還有潛力嗎？

Yes. So what we're seeing right now is the North Sea is kind of leading the way in terms of the new opportunities for us. And as we've stated previously that the North Sea jobs are typically smaller volumes. So they are smaller compared to the Gulf of Mexico, which are very large volumes.

是的。因此，我們現在看到的是，北海在為我們帶來新機遇方面處於領先地位。正如我們之前所說，北海的工作量通常較小。因此，與體積非常大的墨西哥灣相比，它們的規模要小。

As it relates to Gulf of Mexico, we have several projects that we are tracking with customers. It's possible that we could execute a well before the end of the year but very likely that will fall into 2024, and then there is a series of potential projects, longer-term deepwater projects Gulf of Mexico that we're hopeful for. But nothing at this point that we can give a specific date for.

由於涉及墨西哥灣，我們正在與客戶跟踪幾個項目。我們有可能在今年年底之前執行，但很可能會在 2024 年之前執行，然後我們對一系列潛在項目，墨西哥灣的長期深水項目充滿希望。但目前我們無法給出具體日期。

So right now, those 2 markets are driving the Neptune opportunities. Brazil's market has some potential. But for the most part, the pressure levels in Brazil are not as high as what we see in the Gulf of Mexico, North Sea and some other markets that we think would be a big CS Neptune. Now it's a big market for our normal completion fluids business, but not necessarily a big market for Neptune opportunities.

所以現在，這兩個市場正在推動海王星機遇。巴西市場有一定潛力。但在大多數情況下，巴西的壓力水平並不像我們在墨西哥灣、北海和其他一些我們認為將是一個巨大的海王星市場所看到的那樣高。現在，它是我們正常完井液業務的一個大市場，但不一定是海王星機會的一個大市場。

The next question comes from Stephen Gengaro with Stifel.

下一個問題來自 Stephen Gengaro 和 Stifel。

So I guess 2 things for me. If I start with just kind of a big picture view as you look into the second half. I mean it sounds like from your comments, there's about a $5 million EBITDA headwind into 3Q relative to 2Q? And just from the European calcium chloride business and some of the pull-through or pull forward from 1Q to 2Q. Is -- do you expect growth in the underlying businesses to offset at least a portion of that based on what you're seeing right now?

所以我猜對我來說有兩件事。如果我從一個大局觀開始，你會看到下半場。我的意思是，從您的評論來看，相對於第二季度，第三季度的 EBITDA 逆風約為 500 萬美元？而剛剛從歐洲氯化鈣業務來看，部分拉通或從1Q拉至2Q。根據您現在所看到的情況，您是否預計基礎業務的增長將至少抵消一部分增長？

Yes. We believe that the facility for early production coming online in Argentina, will begin in the second quarter, and obviously, it carries into Q3 and Q4. We believe that the progress that we're making, moving more towards the production side, cleaning water on the onshore side will continue to give us progress. And we're just seeing an overall strong market on the deepwater side. Especially on the completion fluids' side. So we think there's an opportunity to mitigate some of the seasonal drop in Q3 from Q2.

是的。我們相信，阿根廷的早期生產設施將於第二季度開始上線，顯然，它會持續到第三季度和第四季度。我們相信，我們正在取得的進展，更多地轉向生產方面，陸上方面的清潔水將繼續給我們帶來進步。我們剛剛看到深水方面的整體強勁市場。特別是在完井液方面。因此，我們認為有機會緩解第三季度較第二季度的一些季節性下降。

Okay. And then my other question is probably a 2-parter. But when you think about the IRA and some of the regulations around electric vehicles in the U.S. as far as critical minerals being sourced domestically. Has that impacted your thinking or potential partners' thinking on moving forward maybe more rapidly with the lithium side of the projects in Arkansas?

好的。然後我的另一個問題可能是兩人的問題。但當你想到愛爾蘭共和軍以及美國有關電動汽車的一些法規時，就關鍵礦物在國內採購而言。這是否影響了您或潛在合作夥伴關於更快地推進阿肯色州鋰項目的想法？

Yes. Steve, there's no question. And I would add to that, the recent news of nationalization of the lithium business in Chile, the lithium business in the U.S. is going to be a very important market and a booming market in the future. I think for our project, there's a certain cadence we have to follow. We have to prove up the resource level. We're doing that now as we're drilling our second well.

是的。史蒂夫，毫無疑問。我還要補充一點，最近智利鋰業務國有化的消息，美國的鋰業務未來將是一個非常重要的市場，也是一個蓬勃發展的市場。我認為對於我們的項目，我們必須遵循一定的節奏。我們必須證明資源水平。我們現在正在鑽第二口井時就這樣做了。

But there's no question in my mind that the [both] bromine which is also used in electrical vehicles for the fire-retardant side of things as well as the lithium asset that we have. If we're able to prove those assets up, I think we're in very good shape as it relates to identifying a partner to work with, but we still have to complete that exercise. But we're very optimistic about the future outlook for that for our business.

但毫無疑問，在我看來，溴也用於電動汽車的阻燃方面，以及我們擁有的鋰資產。如果我們能夠證明這些資產，我認為我們在尋找合作夥伴方面處於非常好的狀態，但我們仍然需要完成這項工作。但我們對我們業務的未來前景非常樂觀。

And then just a quick one. The PureFlow, are we -- based on what we're hearing from -- on the Eos side, I mean, it's a late '23 and kind of '24 event when you start to see the flow of that revenue stream. Is that a reasonable thought?

然後是快速的。 PureFlow，根據我們收到的消息，在 Eos 方面，我的意思是，當你開始看到收入流的流動時，這是 23 世紀末和 24 世紀的事件。這是一個合理的想法嗎？

Yes. We don't want to get ahead of Eos because we're going to -- we're pretty well tracked their forecast. So we'll let them communicate to the market what that looks like. But I mean, you can assume our increase in PureFlow. And quite frankly, some broader electrolyte components that we have developed will track Eos' demand.

是的。我們不想領先於 Eos，因為我們會很好地跟踪他們的預測。所以我們會讓他們向市場傳達情況。但我的意思是，您可以假設我們的 PureFlow 有所增加。坦率地說，我們開發的一些更廣泛的電解質組件將滿足 Eos 的需求。

Next question comes from Tim Moore with EF Hutton.

下一個問題來自 EF Hutton 的 Tim Moore。

Thanks for providing second quarter guidance in details. From Water & Flowback specifically, what could be the aspects or swing factors that could cause the difference between the bottom end and the top end of the EBITDA margin guidance of 18.5% and 20.5%. Is it more driven by the early production facilities in Argentina? Or is it more driven by the SandStorm fleet?

感謝您提供第二季度的詳細指導。具體從水和回流來看，哪些方面或波動因素可能導致 EBITDA 利潤率指引的下限和上限之間出現 18.5% 和 20.5% 的差異。是否更多是受到阿根廷早期生產設施的推動？還是更多是由沙暴艦隊驅動的？

I would say that there's a few items driving it. Number one, our team is focused on margin enhancement. They've got a series of initiatives to further advance the use of automation and remote monitoring to keep driving personnel down -- cost down at the well site. We talked about utilizing SandStorms in applications other than sand filtration on new wells that have come online, and the early production facilities.

我想說有幾個因素在推動它。第一，我們的團隊專注於提高利潤率。他們採取了一系列舉措來進一步推進自動化和遠程監控的使用，以減少駕駛人員數量，從而降低井場成本。我們討論了在已上線的新井和早期生產設施上除砂過濾之外的其他應用中使用 SandStors 的情況。

I would think that those 3 are going to be the main drivers of margin enhancement even if there's a modest pullback in gas-related drilling activity, the vast majority of our business is around the oil side of this. So if there's a slight pullback, it might introduce some competition from the oil sector into the -- from the gas sector to the oil sector, but we think we can counter most of that with the internal initiatives that we have.

我認為，即使與天然氣相關的鑽探活動略有回落，這三個因素也將成為利潤率提高的主要驅動力，我們的絕大多數業務都圍繞石油方面。因此，如果出現輕微的回落，可能會從石油行業引入一些競爭——從天然氣行業到石油行業，但我們認為我們可以通過我們擁有的內部舉措來應對大部分競爭。

And as a follow-up to an earlier question regarding CS Neptune. It's very interesting that you might be executing 2 jobs in the same quarter with different customers. Can you just maybe provide a little more color on your line of sight for additional Neptune products over the next 12 months where we know there could be maybe 1 in the Gulf of Mexico starting helpful next year. But if you could talk about anything else.

作為之前有關 CS Neptune 問題的後續。非常有趣的是，您可能在同一季度與不同的客戶執行兩項工作。您能否在未來 12 個月內為您的視線提供更多海王星產品的顏色，我們知道明年墨西哥灣可能會有 1 個產品開始提供幫助。但如果你能談談其他事情的話。

Yes. So Tim, I think the -- we're really pleased with the momentum that we're starting to see in the North Sea. I mean, we've always known that it's been a good market for Neptune. It's taken us a while to kind of get through all the testing levels, et cetera, that have been required an introduction with customers, but we're seeing that happen now. So there is a strong line of sight of Neptune jobs for us, both on the U.K., primarily Norway side of the North Sea market.

是的。蒂姆，我認為我們對北海開始看到的勢頭感到非常高興。我的意思是，我們一直都知道這對海王星來說是一個很好的市場。我們花了一段時間才完成所有測試級別等，這些級別需要向客戶介紹，但我們現在看到這種情況正在發生。因此，海王星的工作機會對我們來說有很強的吸引力，無論是在英國，還是在北海市場的挪威一側。

The Gulf of Mexico, as you know, is where we started our Neptune with some fairly large projects in the early days that was introduced then with the market collapse, the deepwater market decline. Those opportunities have always been on the radar, but haven't necessarily moved forward. We're seeing those projects start to move forward. And as I said, I think there's a possibility we'll execute a job by the end of this year, more likely into 2024, and we're hopeful those will also be multi-well campaigns. So -- but to this point, that's as much as we can communicate.

如您所知，墨西哥灣是我們早期啟動海王星項目的地方，當時有一些相當大的項目，後來隨著市場崩潰、深水市場衰退而推出。這些機會一直受到關注，但不一定會向前發展。我們看到這些項目開始向前推進。正如我所說，我認為我們有可能在今年年底之前執行一項工作，更有可能到 2024 年，我們希望這些也將是多井作業。所以——但到目前為止，我們能溝通的就這麼多了。

That's helpful, Brady. And just maybe switching gears to your bromine development project evaluation. Just theoretically, if the Board and you approve the project after the feasibility study comes out, whatever that might be, September. How many months later do you think you can maybe begin construction of that project? Is there a long lag or could it be a couple of months later?

這很有幫助，布雷迪。也許只是切換到您的溴開發項目評估。從理論上講，如果董事會和您在可行性研究出來後批准該項目，無論是什麼，九月。您認為幾個月後可以開始建設該項目？是否有很長的滯後，或者可能是幾個月後？

Yes. Actually, we've already been identifying the long lead items and components. So we have actually a very good handle on the time line once we expect -- if we were to get Board approval for this project, we will be ready to go day 1 in terms of launching long lead items and progressing on that plant project.

是的。事實上，我們已經在確定長周期項目和組件。因此，一旦我們預期，如果我們要獲得董事會批准該項目，我們實際上就可以很好地控制時間線，我們將準備好在第一天啟動長期項目並推進該工廠項目。

Tim, the key thing we want to work on is that we're not going to overlever the company. We're not going to put debt on TETRA that would put us at risk in case there's a change in the market. So now it's also a matter of finding the right strategic partner to source some of this capital as part of our process.

蒂姆，我們想要解決的關鍵問題是我們不會過度利用公司的槓桿。我們不會向 TETRA 借債，因為一旦市場發生變化，這會讓我們面臨風險。因此，現在還需要找到合適的戰略合作夥伴來獲取部分資金，作為我們流程的一部分。

No, that sounds great. I like the color on that in minimizing the leverage impact. But I mean NPV and IRR is just quite attractive and amazing.

不，這聽起來很棒。我喜歡它的顏色，可以最大限度地減少槓桿影響。但我的意思是 NPV 和 IRR 非常有吸引力且令人驚嘆。

Elijio, I know you mentioned some of the earlier comments about free cash flow. It sounds like it's second half timing. How should we think about the June quarter? Are some of those remaining extra drilling costs for the bromine project, do they fall mostly in the June quarter? Or will some of them fall in the September quarter? Was that something like $5 million? I can't remember the exact total. I know you only spent less than $1 million in the March quarter.

Elijio，我知道您提到了之前關於自由現金流的一些評論。聽起來好像是下半場的時間。我們應該如何看待六月季度？溴項目剩餘的額外鑽探成本是否大部分在六月季度下降？或者其中一些會在九月季度下跌嗎？那是大約500萬美元嗎？我不記得確切的總數了。我知道您在三月份季度只花費了不到 100 萬美元。

Yes, the [test] flow will probably be somewhere around half of that number. And most of it we expect to fall into the second quarter. Now with respect to free cash flow, we convert inventory into [AR] in the second quarter in our European business. And then we begin those collections in June but primarily in Q3. That's why we expect strong free cash flow in the second half of the year.

是的，[測試]流量可能約為該數字的一半。我們預計其中大部分將在第二季度進行。現在，就自由現金流而言，我們在歐洲業務的第二季度將庫存轉換為[AR]。然後我們在六月開始收集這些產品，但主要是在第三季度。這就是為什麼我們預計下半年自由現金流將強勁。

And we earlier published a list of the deducts to arrive at free cash flow. We'll let you make your own total year EBITDA assumptions. But that list of deducts that we published in our investor presentation remains good to give you a sense as to what we think we can achieve in free cash flow this year.

我們早些時候發布了一份扣除自由現金流的清單。我們將讓您做出自己的全年 EBITDA 假設。但我們在投資者演示中發布的扣除清單仍然很好地讓您了解我們認為今年可以在自由現金流方面實現什麼目標。

Great. That's helpful. And my last question is, it was nice to hear the sales guidance for the calcium chloride in the second quarter and some pulling in decline in the third quarter. But it seems like according to your press release, you're pretty confident on being prepared with inventories and sourcing for that.

偉大的。這很有幫助。我的最後一個問題是，很高興聽到第二季度氯化鈣的銷售指導以及第三季度的一些下滑。但根據你們的新聞稿，你們似乎對準備庫存和採購很有信心。

As you look out to the second half of the year, are you lining up some backup suppliers? And should we -- is it pretty fair to assume that calcium chloride sales should be up year-over-year this year given some of the supply chain issues last year?

展望下半年，您是否正在尋找一些備用供應商？考慮到去年的一些供應鏈問題，我們是否應該假設今年氯化鈣的銷量應該同比增長，這是否公平？

That's correct. We expect calcium chloride in the industrial business to be up sequentially. Also recognize that we do sell calcium chloride throughout the year in Europe. But obviously, the peak is always in the second quarter.

這是正確的。我們預計工業業務氯化鈣將環比增長。另請注意，我們在歐洲全年銷售氯化鈣。但顯然，高峰總是在第二季度。

What our European operations normally do is as soon as the peak season ends in June, they start gradually building inventory from July all the way into March of next year to meet that peak demand but they do continue to sell some decent volumes each quarter leading up again to the peak of the year.

我們歐洲業務通常做的是，旺季在 6 月結束後，他們就開始從 7 月一直到明年 3 月逐步建立庫存，以滿足高峰需求，但他們確實在每個季度繼續銷售一些體面的數量再次達到年內的高峰。

Next question comes from Samantha Hoh with Evercore ISI.

下一個問題來自 Evercore ISI 的 Samantha Hoh。

A quick question about Brazilian acquisition where you're doubling capacity here for completion fluids. That seems -- that sounds pretty meaningful. I was wondering if you could maybe give us a little bit more information about how the market -- the Brazilian market has historically been for you guys, I don't think it's ever been a huge contributor, but if you could actually maybe frame that out for us in terms of what that means to double capacity down there.

關於巴西收購的一個簡單問題，您將這裡的完井液產能翻倍。這聽起來似乎很有意義。我想知道你是否可以給我們更多關於市場的信息——巴西市場在歷史上對你們來說是怎樣的，我不認為它曾經是一個巨大的貢獻者，但如果你實際上可以框架這一點這對我們來說意味著將那裡的容量翻倍。

Sure. So we've been in the Brazil market for some time. I think we have announced over the last year or so, some fairly significant awards. So our market share has definitely increased to where we have bumped up against our capacity. And now as you know, the Brazilian market is forecasted to improve activity wise quite meaningfully.

當然。我們進入巴西市場已經有一段時間了。我認為我們在過去一年左右的時間裡宣布了一些相當重要的獎項。因此，我們的市場份額肯定已經增加到我們已經達到的產能水平。現在如您所知，預計巴西市場的活動將顯著改善。

So a combination of awards that we have, our customer projects growing in terms of the activity really led us to start looking for additional capacity. And so we're fortunate that we found some capacity that's very favorable from logistics to our current deepwater plant. And so it made for a very nice fit for us to make that acquisition.

因此，我們所獲得的獎項、我們的客戶項目在活動方面不斷增長的結合確實促使我們開始尋找額外的產能。因此，我們很幸運，我們發現了一些對我們當前深水工廠的物流非常有利的能力。因此，這次收購非常適合我們。

Okay. Great...

好的。偉大的...

I'm sorry. And as you said, it hasn't -- I wouldn't say it's been a huge part of TETRA's business in the past, but as we look forward, we expect it to be a much more meaningful part of our business. Sorry, I didn't mean to cut you off.

對不起。正如您所說，它並沒有——我不會說它過去一直是 TETRA 業務的重要組成部分，但展望未來，我們預計它將成為我們業務中更有意義的部分。抱歉，我不是故意要打斷你的。

Not at all. The other question I had was about the contract that you called out for SandStorm. I don't -- I mean I was wondering how that works in terms of providing a dedicated fleet to a customer. Do you need to add units? And like is there pretty good -- what's the visibility like for those units in terms of the contract that you signed?

一點也不。我的另一個問題是關於你為 SandStorm 提出的合同。我不知道——我的意思是我想知道如何為客戶提供專用車隊。需要添加單位嗎？就您簽署的合同而言，這些單位的可見性如何？

Yes. So the one we had mentioned, Samantha, is a unique application. We have not contracted with a customer before on their actual production facilities. As you know, our flowback technology, our SandStorm technology is normally at the well site, where the flowback is. We're taking sand out of the flow stream as the oil and gas and sand is produced on location.

是的。所以我們提到的 Samantha 是一款獨特的應用程序。我們之前從未與客戶就他們的實際生產設施簽訂過合同。如您所知，我們的返排技術、我們的SandStorm技術通常位於返排所在的井場。當石油、天然氣和沙子在現場生產時，我們將沙子從水流中取出。

This actual project is putting the SandStorms with customers' production facilities, which is way further downstream because they just don't want any sand at all getting into their production facilities. And so this is a new application. That's a long-term contractual agreement.

這個實際項目將沙暴與客戶的生產設施一起放置，這是在更下游的地方，因為他們根本不希望任何沙子進入他們的生產設施。這是一個新的應用程序。這是一份長期合同協議。

I expect these types of agreements will take on either long-term lease arrangements or in some cases, customers may even want to buy these SandStorms as part of their production facilities. But this is a new market for us. And so it's still a little bit early days, but it's obviously got some significant potential for us.

我預計這些類型的協議將採取長期租賃安排，或者在某些情況下，客戶甚至可能希望購買這些沙暴作為其生產設施的一部分。但這對我們來說是一個新市場。所以現在還為時過早，但它顯然對我們來說有一些巨大的潛力。

Okay. And then just one last one. I believe you were expanding capacity in Europe for your chemicals business. Is that all like on track to contribute this quarter? And any sort of things that we should look out for or be mindful of that would cause any sort of interruptions in the Europe business?

好的。然後只有最後一張。我相信您正在擴大歐洲化學品業務的產能。這一切都有望在本季度做出貢獻嗎？我們應該注意或註意哪些事情會導致歐洲業務中斷？

So we had announced, I think the year before last that we were going to expand capacity in our calcium chloride business, and that was right before the Ukraine-Russia conflict sort of slowed down everything. As we see business ramping up, we're ramping up into a production opportunity here, where now we've got the capacity to produce beyond the volumes that we're producing in calcium chloride in Northern Europe.

所以我們宣布，我想是在前年，我們將擴大氯化鈣業務的產能，而那是在烏克蘭與俄羅斯衝突導致一切放緩之前。當我們看到業務增長時，我們正在增加這裡的生產機會，現在我們的生產能力超過了北歐氯化鈣的生產量。

Then we also mentioned that we had done a small acquisition to support our fluids business. The first quarter is where we got the first 3, 4 months of benefit of having that business perform and it performed above our expectations. So those 2 expansions, 1 on the industrial chemical side, which we have not yet fully exploited; and 1 on the completion fluids side that we're now seeing the full benefit on.

然後我們還提到我們進行了一項小型收購來支持我們的流體業務。第一季度是我們獲得該業務表現的前 3、4 個月的收益，並且表現超出了我們的預期。因此，這 2 個擴展，1 在工業化學品方面，我們尚未充分利用；2 在工業化學品方面，我們尚未充分利用。 1 在完井液方面，我們現在看到了其全部優勢。

(Operator Instructions) The next question is a follow-up from Stephen Gengaro with Stifel.

（操作員說明）下一個問題是 Stephen Gengaro 和 Stifel 的後續問題。

Just quickly, when you think about your equity holdings in CCLP and a little bit in (inaudible). I know it's not big numbers. How do you evaluate those? And is there any thought process to just selling them and just paying down debt?

很快，當您考慮一下您在 CCLP 中持有的股權以及一點點（聽不清）時。我知道這不是一個大數字。您如何評價這些？是否有任何思考過程可以直接出售它們並償還債務？

Our objective is to do what we did with Standard Lithium is try to hit the peak and then sell at peak. We believe that our investments in Standard Lithium or investments in CSI Compressco today do not reflect the value that is attainable for those companies. So at this point, we have a higher expectation that we're going to monetize it.

我們的目標是像我們對標準鋰所做的那樣，嘗試達到峰值，然後在峰值時出售。我們認為，我們今天對 Standard Lithium 的投資或對 CSI Compressco 的投資並不能反映這些公司可實現的價值。因此，在這一點上，我們對將其貨幣化抱有更高的期望。

We are not yet having to source capital to build our Arkansas assets. You can imagine that as we go through that process, that will be a source of capital available to us. And as you mentioned, not big, big numbers. But $50 million is not something to sneeze at.

我們還不需要籌集資金來建設我們的阿肯色州資產。你可以想像，當我們經歷這個過程時，這將成為我們可用的資金來源。正如你所提到的，不是很大，而是很大的數字。但5000萬美元也不容小覷。

Yes. Okay. And how do you think about your target leverage ratio?

是的。好的。您如何看待您的目標槓桿率？

Yes. We prefer that in difficult times, we're no worse than 2.5x. And in solid times to where earnings are being maximized with significant investments already behind us, closer to 1.5x. So that's the band that we would like to stay with. We don't see us going above 2.5x to monetize or to bring our assets in Arkansas to market.

是的。我們希望在困難時期，我們的業績不低於 2.5 倍。在穩定時期，我們已經進行了大量投資，收益正在最大化，接近 1.5 倍。這就是我們想留在的樂隊。我們認為我們不會以超過 2.5 倍的速度實現貨幣化或將我們在阿肯色州的資產推向市場。

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

問答環節到此結束。我想將會議轉回給布雷迪·墨菲先生做總結髮言。

Thank you very much for participating in our first quarter 2023 earnings call. With that, we will conclude the call. Thank you.

非常感謝您參加我們的 2023 年第一季度財報電話會議。至此，我們將結束通話。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may all now disconnect.

會議現已結束。感謝您參加今天的演講。你們現在可以斷開連接了。