Fuel Tech (FTEK) 12 Mar 242023 Q4 Earnings call transcript

Greetings, and welcome to the Fuel Tech, Inc. Fourth Quarter and Full Year 2023 Financial Results Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Devin Sullivan, Managing Director ofthe Equity Group. you. Thank

begin. may You

close, Good website, for and Quarter Fuel Results available after Year Melissa. the copy joining which release, and you us Financial is the Yesterday Call. today Tech's the Conference issued morning, you, a thank of company's everyone, at for Full we www.ftek.com. Thank XXXX Fourth

remarks, the speakers today will Chief and for and Officer; Executive the our for investors. be company's President analysts open Our Ellen Officer. Financial we questions from prepared After Chief call Vince Arnone, will Albrecht, and Chairman,

such and believe, pursuant as things Before to XXE forward-looking Section exclusive remind by expressed the call, management. statements information in company's XX-K caption expressions, assumptions those for of risks, discussed available as forward-looking to limited words but tried the differ subject financial including the all except intend, business over obligation statements will to provisions turning and any flows, not and uncertainties discussed undertakes operations, similar subsequent on annual currently estimate, to or identifying Fuel are filings or Securities that events, means of not this involve opportunities Factors and update forward-looking filings which made and changed harbor are under XXXX risks performance Tech I'd based expectations of amended, like information expect, as those forward-looking could Tech's in or well statements. made With please detailed to these opportunities various materially our cautioned these and other Tech such the the anticipate, Act circumstances defined of herein over Tech uncertainties, turn Reform currently of Exchange in that prospects Investors flows, but publicly Act identify statements words developments SEC. to by reason. to reflect forward-looking are company's Vince, Private to are and results to by under Fuel using has to those announce statements Litigation plan, to no and results XXXX any and conditions, or future the future XA report Fuel ahead. Vince, the I'd on safe on factors of of Fuel are prospects growth, statements These statements. are as Item available of Vince reflect XXXX to of and everyone that in Securities now like business Fuel for including, actual factors, Exchange cash Fuel cash the from contained and cause call go in information, Tech's the regarding Arnone. current Risk the which amended, results to, historical of matters Securities other with to operations, as Act Tech's performance growth, as implied Form said,

everyone for thank of us level was within million our range our and today. along $XX.X were with guidance in Good revenue Thank We annual joining represented fronts pleased to XXXX. revenue you, progress since our Total the and morning, several Devin. XXXX. on like previous I'd call highest business

gas of project additional announce at million new successful completed were year million $X.X the reflecting our a backlog ended and performed a pleased segment well, with business more yesterday. XX, $X.X XXXX. we awards year, during APC new the contract $X.X awards the in to than Further, We Our up million of dissolved December investments conservative trial we are position cash million no we modestly cost believe from to and XXXX. in And SG&A levels DGI continue $XX.X an setting, well infusion aquaculture positioned a lastly, ended financial expenses in strong the we commercialize year a and and in technology XXXX debt. that maintain long-term with in we profile and to of with

made we publication heartened of in for deploying shrimp DGI our States. we oxygen most the month, announced have paper of the the XXXX. details business are Last We in injection in DGI at a initiative that benefits by progress white United farm the a

to efficient technology process concentrations water applications saturator industrial reminder, a gas or control this a wastewater reactions aquaculture. such odor biological as a injection or patent for drive transfer through treatment, a for in into our As and adjustment improvements DGI or body patent-pending involves high of of case, the in array and chemical of PH

an increased use sustainable of to help aeration the for reducing methods and globally an have likely Specifically, At costs. transportation stock bodies health farming to water. meet important traditional operations increasing the producers to is to demand Demand and manner into and we are efficient shrimp DGI deploying marine to improvements. contributed locations. adjacent while shrimp lowering more location compared by customer at source the now DGI safe shrimp production of their growing footprint health utilizing inland of oxygen reducing DGI, is By in overall deploy environment achieving opportunity this immediately yields present, overfishing improve and a the carbon and to while

dissolved and and extended order and horticulture capital DGI bubble paper, end wastewater for reduction be several and benefits well, be without capacity control beverage, petrochemical, DGI time. and applications can We DGI's minimal we major outlay, capital aquaculture. for as or include chemical However, extend precise and for levels and can that including treatment, applied ozone. other across that formation such plant believe water applicable all as food and expansion residence of oxygen ability the markets, guesses process to COX believe pulp

months, technical aquaculture to As the annual in America with current and XXXX provides with at presented conference opportunity and last to the participants members in we DGI our a In interest the the in markets, part industrial control, and technology white aquaculture inspect and a paper, applications. advancements month. municipal customers we favorable from municipal follow-up our demonstration publishing generated control the in potential of our regarding end recent presenting aquaculture Conference results, publication by additional and demonstration agricultural applications, inquiries including latest driven services notable in our odor technology pH products applications industry. multiple DGI have findings from the stay received and after and for our Aquaculture This increase

the contract we in to in well targeting DGI, water next forward currently on-site executive and of treatment are are former further of DGI wastewater a a first This experienced We we consulting end XXXX.Lastly, expedite gas technologies, look for of DGI regarding the negotiations potential sign application his dissolved contributions demonstrations months. several with hired in customers recently to commercial over on markets, basis. to our we and individual have is introduction and into these

please now few minutes spend discussing business segments. Let's our a CHEM FUEL and APC

our from unit the had XXXX to levels FUEL weather expected, of for dispatch. impacted CHEM due we which revenues segment across warmer and effects U.S., demand related the declined As overall

the gross levels. However, and segment for historical at essentially was remain year margin unchanged

could are additional for Our and in count XXXX pleased years, FUEL base XXXX. unit I'm CHEM coal opportunities, intact are time which pursuing And multiple boilers. a These contribution beyond. that CHEM say first FUEL remains very provide both for and we currently in opportunities as to enter the development few revenue biomass-fired incremental we

with partner that being that from country business our to the in to CHEM our we by X-year surrounding we technology program FUEL of the international high address environmental via opportunities respect parity FUEL have without the extension which necessary and revenue place Mexico follow the the the incremental development we CHEM segment, is provision created to material burning the currently of that expect any in remediation we emissions the undertaken remain health would of oil, excluding executed continue to in chemical new expand facility. fuel activities, at at revenue would at to XXXX.With the for XXXX, X In opportunity of XXXX, a sulfur communities. expense For

this presidential the implementation believe With Mexico our political upcoming June building of additional in facilities in pressure that program is country. in of in CHEM favor year, this FUEL our at of election we

the in application our CFE is discussions regarding utility partner currently at technology state-owned Our with several units. of the

source adoption segment. and the units SNCR of We coal-fired gas South Now the discuss of favorable remain universities safe solutions of across and will basis Pacific industries, which ammonia development impact natural on several include regulatory industrial at use to less and incentivized will current turbines traditional SCRs Europe, and U.S. shortly, biocarbon hospitals positioned benefited ULTRA trends, outcomes, the the as emphasis system continued generation, a the and SCR, in using Ultra the on focus end in clean control U.S., our decarbonization our turning well emissions capacity our Africa APC take potential Rim. to continued of for power the on to industry, of replace small at I market of over FTC a the plant XXXX global from advantage the Independence expansion across which here of

to regulatory of remainder can continue growth decade and believe requirements adoption On Act, APC emissions. EPA's for good the reduce further as front, the of monitor the we the industrial Pollution explore which utility a Air be Air in customers progress to NOx this control to for rule the XXXX Cross-State ways and potential of related we U.S. neighbor to the catalyst meet Clean

requirements as and received to for customers have, proposals the beyond. address budgeting responded for their compliance fact, requests part as requirements of in XXXX We several to and capital upcoming prepare budgetary

stays it proposed emissions the states potential on win states the rule of issued As of up of Court states. the of Supreme obligates because EPA's XX rule month, year. both rule states the in their and the for and Supreme rule ruling monitor from upwind Last plants parties, arguments is cohorts sources downward for ultimate reduce several were have regulation will previous closely presented oxides limit impact The facilities this whether been all of the multiple timing to issued to challenged discussed of states. many to power and later and on on currently is the certain uncertain the by have we impact Court's calls, efficacy when the to industrial of nitrogen save effective oral effectiveness effectiveness the

have long are guidance we and reduces that activities for this units. the on Based to noted discussions The will in in combustor for independent deadlines and next and is XXXX of the good CHEM, pursuing to the backlog large addition years. waste recognized the requirements X also our development planning. Neighbor had XXXX rule we at segment total effective revenues we in rule period large public total a FUEL assisting nitrogen meeting provide with in the In million, municipal exceed their compliance further $XX.X expect for in our rule them year-end, comment compliance currently are sometime revenues history previously this as from This has support contributions to business EPA rule. expected as their oxide throughout of in above impact This waste move expectations a had the of requirements, for we excludes emissions case which we we regulations EPA's activities Fuel any is watching early municipal business customers material industry commercialization, stages significant combustors, we and of XXXX. the DGI combustor for with compliance contributions of in of waste are still municipal from base FUEL Tech development the Neighbor CHEM. good the rule, any progress outlook referenced material APC the will

contributions the business Fuel their drive in It and of Now I thank work, is to successful. team Tech to continued passion closing, hard to XXXX. the their our be our for want that dedication -- ability in to take improvement

their Additionally, support. for I continued thank shareholders our

the With Tech, Fuel XXXX to to growth statements. talk to expect turn and will keeping forward financial about evolution look apprised that We call year said, would to our and of over now be go our the progress. everyone Ellen, I please in an that of we ahead. like Ellen important

from to by resilient focus good Thank XXXX We business larger financial navigating primary everyone. on strong were cost off fourth maintenance, position. and enter XXXX today that all results. continuing you, the primary Vince, industry headwinds of segments. containment accomplished remarkably out secure our business X while allowed of balance and quarter within I'll some in margin in sheet DGI building our improved reviewing The a morning, us takeaways and our framework a revenue, this start a total

decrease the and both demand the usage. marginally revenue, revenues from XX, quarter, from $X XXXX, million million domestically on was FUEL margins million of of million, quarter increased year's attributed essentially from CHEM a in declined $X.X up performance. million December For Consolidated included from prior period. the historical to segment $X.X gross declined an of margin gross backlog quarter, $X.X very revenue XXXX, dispatch XXXX. due the XX, levels slightly quarter $X.X changes project fourth from delivered consolidated at higher mix. million The from international last generation This XX%, projects CHEM segment to XXXX declines high of up December in product was Fuel in the XXXX, fourth project down million projects million, of to expected services segment at of year APC quarter. XXXX consistent $X.X in the revenue XXXX. a million change ago. in foreign from the of $X.X on XX, execution be Consolidated December project backlog compared domestic backlog margin margin XX% in increase decreased for XX% from in Backlog quarter backlog fourth backlog at million the million of and to primarily $X.X and timing of same to to backlog to experienced million December of electrical from $X.X the product $X.X gross APC September segment during APC APC and gross CHEM reflecting due backlog segment $X.X project segment with XX, a XX, remained fuel mainly and a APC XX% XX%, $X.X significant million and year and reflecting $X.X in XXXX, can and unchanged for on Fuel at delivered as the

employee-related million that expenses of fourth $X.X the $X.X reflecting will SG&A expect and consolidated of the timing recognized increased $X.X million We the in backlog months. in last current from employee next be to quarter, million XX expenses. year's

rose from to XXXX water As technology. for fourth the XX% specifically, period increased the SG&A and XXXX to Research the $XXX,XXX in of to a technology in in continued XX% investments DGI mainly in ago, revenue, from quarter. year percentage quarter fourth expenses same the fourth our more a $XXX,XXX quarter development and attributed treatment

overall contribution was operating quarter. in last mix reflecting a compared fourth reduction $XXX,XXX to revenue, in quarter, operating margin for shift product the year's Our and loss from a expenses $XXX,XXX higher in

and just XXXX, funds. of held-to-maturity in environment. invested And We income interest more as for interest income take continue the $XX money to advantage in XXXX, of and market favorable XXXX. This $XXX,XXX fourth December in XX, than of the rate million have up $X.X generated debt $XXX,XXX interest from securities quarter million of

EBITDA X loss Our in per net same loss ago. was loss $XXX,XXX was of same compared share net or an in period $XXX,XXX the to compared a EBITDA or for year. share $XXX,XXX $XXX,XXX quarter last year to of the Adjusted $X.XX adjusted loss per period $X.XX the

revenue, $XX.X increase APC results by the segment offset year decline rose FUEL to to CHEM our million revenue a Moving from for the XX% Consolidated reflecting million XX% XXXX. in $XX.X segment. in in XXXX, full a

low the revenue APC compared revenue driven gross unforeseen segment XX% of the for flat the decreased demand decreased margin by the The $XX.X XXXX SG&A attributed increased in mix. project expenses end is XX% new line of and by CHEM gross segment X% the $XX.X a XXXX, an FUEL As revenues. primarily forecasted increase and dispatch was timing project in outages gross last experienced within a to increase to gross orders plant growth range. million -- of which year, in second APC increase slight reflecting from primarily year the FUEL Consolidated the product the margin. at APC CHEM execution unit margin, in and ancillary segment margin the our previously and mentioned, by million product in to for quarter to XXXX. offset fell decrease was was remained in due segment

prioritize and to maintaining strategic business to current cost continue support resources while We and our investments upcoming control. initiatives prudent

million and compared for to expenses were XXXX. between range XXXX development million. we in and expect to million $XXX,XXX Research $X.X SG&A XXXX, $XX For expenses $XX.X

expenditures As area million compared expenses. of for focus XXXX. use loss operations adjusted segment EBITDA or revenue to loss this $X.XX XXXX. continue $XXX,XXX of $X.X was in net for reflecting to Operating of XXXX a per our XXXX in cash in a million company. loss $X.X million mix $X.X primary compared DGI loss change XXXX. XXXX diluted per higher million the of share in in operating as loss $X.XX was Strategic to or share Net compared million throughout XXXX, the a in for discussed, will technology $X in of $XXX,XXX the XXXX compared and our in of EBITDA Vince to investment million in commercializing $X.X $X.X loss from a cash is We in was generated nearly an XXXX. Adjusted

the balance to moving Lastly, sheet.

condition financial remains Our strong.

XX, which outstanding no As million investments opportunities growth we confident totaling securities our initiatives, products to long-term important our In and debt. long-term view as million ability equity pursue new and We market cash we $XX.X fuel strong or $XX.X to our have $X.XX our maintain and capital as remain financial of in debt with million earlier share, back incremental I'll an had and Vince. the call financial Vince's $X competitive cash we turn XXXX, cash and drive million optimistic of our are and sustainable profile. or important results the XXXX of $XX.X investment our Working in in reiterate about beyond. pleased to remain over comments, advantage. To opportunities now position, was December continues XXXX, per a and company equivalents of the $X.XX use to largest share. million. and was $XX.X short Stockholders' per was

to for very now. thank calls you the it's line much. think Ellen, Operator, time open I

Instructions]. [Operator

Wainwright. line with Amit Dayal of H.C. Our first the question comes from

be question what these one front a doing My out for in going just focus you how a guys DGI. are us year. of about getting So it this is finding to of in you terms like of looks give potential customers big DGI this is you audience. sense are Can just

Right.

So received enhanced our just noted, months, a the favorable conference, presentation of at water and very was efforts. we treatment our and presentation wastewater first this our result of we impact I definitely work. over from we've past Aquaculture marketing X as And body -- America that at some actually

ahead support out successful have to would the comment my we end bit our markets. publicly needed the are as little of application, opportunity with part market did and more that So in reach to can there that demonstration really go increasing our public we be to have to aquaculture put capabilities. the we exposure to out something a affords We its and go start and DGI

expectation continue. And going so to my is that is

technology, We a, to also of continue for of end it are from a that you DGI, supported but actions phase to public will. results have more be specific to if going needs favorable by it, call

So to do we are demonstrations. going additional

We additional publicly papers are white put those demonstrations those on going as to do and out well. results

again, high-level So a answer.

We XXXX in there more to DGI are publicly and out with be going beyond.

you operating the all of a that the your does bit of and marketing include costs Or Understood. potentially be efforts? activities. will little some additional OpEx sort then business provided And that year, more normal for the guidance to sort development of

include Ellen million that spending additional now, Yes. related $XX to uptick in does DGI range efforts. a to marketing nice Right the $XX.X provided

based opportunity with to invest we've we'll investment very how in we investing we've go successes, As ahead measured see past been the on enhance investment activities. years, of this we've in been in DGI our and handful discussed those that as

nice need calls. efforts. we does the share tell Ellen right we'll do feel I for marketing in though prospectively, would we you you more future a to that DGI on with now, gave that If increase So include expenditures range as

terms the expect just second CHEM in some on it we like stronger and half of segments and last throughout the the Maybe looks year? APC press of the heavier of of Understood. could the businesses. year? the half FUEL to second evenly first half be more sort be your spread on release revenue for Just commentary. those versus one Maybe should or

things yes, a second first say, the is stronger a Based statement, I would half general upon of right expect now, we correct. would see that we year. than half the As way

comes question next with Our Bremer Partners. from Vanquish line Capital the William of

the specifically to Control segment, -- target I APC your Air Pollution want segment. the

offering, Regarding how our that? would rate you product

offering for is I think these product our technologies best-in-class.

and the for there what for into Ultra, they're put is marketplace For out as domestically. in and competitive and Ultra we We well, product marketplace -- technologies no SNCR today best-in-class. SCR actually, the

been this agree And I mean, of bookings, on in front is and a with of the having is years completely over senior years. concern has I've an material XX X the with you. with Your for sales of us, been XX years. I amount mean, I company sales My stake time. north VP in you enormous

good and a bringing Act the major VPs us. and Board in balance does us start the about forward. after what executive catalyst of point some front At hire some to to voiced going here be the You confident and change submissions EPA regulatory ramp the individuals sales, front opportunity in a the make up the that's have for to the Neighbors to sheet utilize that go

Tech longer address to employees. at So your XX lot myself. I'm company tenured of question, as years has a a specifically Fuel

we've out those business country had capitalize work this customer put folks in darn base be we that equation, firm tell the there believe a is side now are specifically you lot supports as would that Fuel there out category a doing opportunities if pretty in I I officially a a what's to the related positioned And utility because potentially work now, is I'll tell be regulatory the you no doing on Tech to would place. in better the with proposals the in right on that that myself so good one that the still we note, you drives I of okay? can and of I've So regulatory put requirements to seen that should right way that place put that regulation in the as opportunities, well-experienced APC job,

that and in have team Bill, confident in making potentially us. the future every We're behalf I have have out changes. able with world, capture we and dramatic the to I the I am speak that So that the so I'll of this the case, discussed you place, place have that Board, of team Chairman in and previously, the on to opportunities be wasn't well. as we Bill, there in be for Board these we'd are If confidence

simple Simple as as As that. that.

you're X.X right. a segment. to years haven't hope in over I I seen book ratio this burn in

end utility over disagree I markets, you don't past have there. these segment, with particularly on The the several been shallow a little years.

Fortunately, regulatorily, we've level absence about, us base happens and activity, been to the we're market which capture industrial supported anything upside in It's I the upside. of is by to that very positioned for well business going we're the that be think talking that prospectively. still there

cash, a is management and book, company in or division here yourself the for we're selling much else that from I fellow we flush appreciate articulated, shareholders. on consistently, X align anyone When as themselves as and to CFO, heads, purchases other I the is et with with market current question, second If than as year open and step pretty board Form cetera. are tangible making well stepping going a years not the every team your you shareholders? okay? my forward seen My change and have your below any

we been there employees out here past stated. you years. reportable as over Bill, point, these the least buying only other that good has that have a X buying, form of been for there out one high-level We there's at today. I've company been sit as we few officer It's

purchases. that to or their that, Tech. The for some definitely it So be team world can there I statement, Board go public and can All activity Tech. take is difficult relative and to ahead they see mandate me leadership mandate situations honestly, the to the is clearly. are I other whether already and Fuel it's does Fuel employees vested say Board in make well difficult in the of invest personal that that further team this the not that and

can purchases from from leadership perspective. supporter you'll from I tell But a continue think future. some the I Board will that team be my additional I our I and a been and you, perspective, you I just the see have supporter when. in to can't tell

I to hires. truly do. additional see I would sales some welcome

I repurchase or use be think a of agreement. good versus a share capital that would dividend

top think we sales and restructuring the to line. been years, performed has drive I need to it's about line top now few time grow less

would I fellow hiring to echo go and at Board ones I have would yourself and producing and the some hope that point. start sales and to shareholders, So my aren't additional personnel this decide the

that your annual Bill. company this Understood, relative can opportunities take that performance. appreciate review advantage we I we on you always, and are every come that positioned of tell way. one as I confident am as basis an I commentary said, very going of to are well But to to I our

Our next question comes from James. the line of Dawson Jim McIlree with

this neighbor from ruling. revenue make favorable assumes comment regarding APC impact a year. good That that correct? correctly to your Is no the wanted just heard sure I I potential

correct. That is

How might think And end over and kind that you couple so can years? do of you ruling. for an lot APC -- different of a a year I big But think have it period? cases impact bracket time you of there's on over know the of do couple might a what

I it's everything Jimmy, years greater plus quite impact favorable. it's through utilities say to And once, favorable it's be can scenario went ago, what approximately the had we We very this, But well. company regulation is XX on a the X, a as effectiveness them than whereby with have at compliance. obviously. assist quotes The $XX that. help in -- million this in can't done to out numbers, to country budgetary of

over revenue say, X-year time APC horizon X- approximately, over years. the implemented on a impact that company. a, So to to over X material a this but magnitude X a past would these It's I'll our be we've it's generated

able to that address be As with something historically. would love it's needs again. I said, to dealt We we've those

be my about $X we just more big half? And initial these greater timing, than $X DGI helpful. little be half, Understood. specific sub on contracts you are Or you the can on contract bit talked is first second Can then million. million? how a -- talking year. these the we Are talking question second That's And contracts? initial this

Right.

would second from they're be So I'd And million. and your the look on sub million lot then I a question, we'll of question, year that on first going your see that probably a second timing first half the than to X $X sales system larger perspective. at expect

systems assuming anywhere $XXX,XXX, on the be smaller range, would capital sale. are $XXX,XXX Our a it

environment when Some magnitude the completely something side the this are exceed look on on potentially I of the than on systems year, at commercially I of million $X going process larger probably side. more that scale indeed we're think smaller to treat. the something the seeing larger But to we're depends happening looking

comes question Marc with next of the Our Silk Silk Advisors. line from Investment

and good This states a it's cetera. said received rule. a stay these with of et from go -- or let's mix? downwind -- mostly bunch So Are you've you or requests, the Neighbor up stick wind

at I predominantly potential wind, up Primarily given their some would but folks, range say regulatory looking upwind again, downwind. falls. rule way the outcome of what

lot potential plus let's just on And then mix? that I Is say, the like million XX-XX know it Yes. could so more. there, a of, Correct. $XX like be a

UpWind. it I'd would favor be of more say -- it's in

point. [Indiscernible]

markets. -- about the then DGI, on And multiple you Okay. talked end the

bunch a cetera. mentioned et of municipalities, You things like

maybe aggressively a is object that over the years. an Or see this too of few you've you growth biggest seen was from we so where money of it can would the now? what based money can unlimited be unlimited early kind kind to next more just had is cash. of come hypothetical budget, you to say Where an putting say Let's up on

another. premature say viability our then approaching capital, dollars I blocks. more will. if the a Right. where last premature year where be the you that pockets, had market we the majority are be markets building prove end end would it's little to assess that invest blocks success say for for of me technology investment would that relative to of And can success We're to better build honest, demonstration near-term information, for better to those. to I building end we the going one to one of then that. of It's comes of The those more over I assuming of -- spent did what to we call we from to opportunities say. once would we looking bit need We form out for was We have whatever technology. prospectively the need

they as And but you areas looking at? can't my I are what know of it read the some notes here. earlier, as far municipalities, I mentioned are

is we're ones we'll immediate address near station. term well. the of for application to but One municipalities applications is odor control looking us. requirement for there's water an at lift huge a for That's for them, as here municipal one problem that be a odor an actually This other able for control

Partners. question next line Enderlin the from of Pete MAZ Our comes with

just of have a I couple questions.

it's June, You've to opportunities mentioned valid XM. remediation chemicals Last related forever don't you drinking if I of and lot That's a lot mention, pay over is years of or to know that billion XM didn't of money, and the agreed for actually for One and XX technology. different DGI obviously. not, the a $XX.X that water.

role enhance a And is sure or that that will DGI could some I'm that is, that there's chemicals, would on valid remove filtration I in those stuff question mean opportunity? process? play a other the process? DGI to going but and so And

we're forever a It's regulatory at As on achieve the chemical-related think DGI don't PFAS have I impact And because out we very with to requirements enhance it that Pete, that would be forever to processes direct a help the point, right all very, end chemicals. this we're at or no one watched certain going it's that has can otherwise now. something watch. right coming on something and see answers. on time the basis. now, it could as is address It's to is something anyone in guidance today if focusing something point, where point your not global issue. can whether EPA we're we'll your it's not very, widely today, closely. market on that a Again, look But -- But PFO area watch to relying it of is DGI chemical that

says Ellen. $X.X just employee your and SG&A more expense for there? Can $X.X than level a if a it's annualize of there of in you little elaborate $X.X on Because Was this sort lot projected bit? million, year. anything for nonrecurring press to The fourth employee-related obviously, million. that the expenses. in you timing one then And the versus quarter the million was release And

months the year. hit some There last just spread over X that QX. employee Correct. XXXX, year were were all and to the last in employee-related of out happened And expenses in

Okay.

nonrecurring, as specifically identifiable basically So timing. it's just as nothing it says, the

Correct. It's timing. just

Ladies there turn Arnone no final any are to and Mr. gentlemen, the for floor other this questions at I'll comments. time. back

today. I'd course, all to I'd the our employee entirety like everyone thank Tech in of the call you, Thank team. shareholders. who of the to thank like And of Once participated Fuel again, operator.

is I discussions to pivotal we and later to forward have year. XXXX and everyone look Tech. Fuel at indeed day. time in and we throughout for as the both And Thanks year, great year excited, further with we this having As points and a are move Ellen everyone, critical noted, a

concludes you. This today's Thank conference.

your your at participation. time. You may Thank for lines disconnect this you