Greetings and welcome to U.S. Well Services Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] A reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Josh Shapiro. Thank you. You may begin.

Thank you, operator and good morning, everyone. We appreciate you joining us for the U.S. Well Services conference call and webcast to review the full year and fourth quarter 2021 results. Joining us on the call this morning are Joel Broussard, Chief Executive Officer; and Kyle O'Neill, Chief Financial Officer. Following the prepared remarks, the call will be open for Q&A. Yesterday evening, U.S. Well Services released its full year and fourth quarter 2021 earnings. The earnings release can be found on the company's website at uswellservices.com. The company also filed its Form 10-K with the SEC yesterday evening. Please note that the information reported on this call speaks only as of today, March 31, 2022 and therefore, time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading. In addition, the comments made by management during this conference call may contain forward-looking statements within the meaning of the United States federal securities laws. These forward-looking statements reflect the current views of U.S. Well Services management. However, various risks, uncertainties and contingencies could cause our actual results, performance or achievements to differ materially from those expressed in the statements made by management. The listener is encouraged to review today's earnings release and the company's filings with the SEC to understand those risks, uncertainties and contingencies. Also, during today's call, we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release. And now, I'd like to turn the call over to U.S. Well Services CEO, Mr. Joel Broussard.

Thanks, Josh and good morning, everyone. I'd like to start off by thanking our U.S. Well Services team for all their hard work throughout the year. 2021 was a critical transition year for U.S. Well Services, filled with significant change and challenges. Despite distractions throughout the year, our dedicated team remain laser-focused on delivering safe and efficient operations for our customers. I'm incredibly proud of the many milestone successes our team achieved during the last 12 months, including generating $250 million of revenue for the year and $40 million of adjusted EBITDA; phasing out our conventional diesel fleet which brought our active fleet count from 11 in Q1 to five by Q3; executing over 40 individual asset sales of our conventional equipment and power-generating assets to raise approximately $120 million; reduced our senior secured term loan by $125.6 million during 2021 and repaid an additional $17.8 million so far in the first quarter; securing a 0% interest rate for Q1 2022 and a 1% cash interest rate for our term loan for the balance of 2022; sold three licenses for our Clean Fleet technology for $22.5 million, validating the value and quality of our IP portfolio; designed the Nyx Clean Fleet, the next generation of electric frac technology and initiated construction of four of these new fleets; won new contracts for -- or extended existing contracts for all of our existing electric fleets in three of our four newbuilds; expanded our operational footprint into the Rocky Mountains with the opening of our Vernal, Utah facility; executed multiple capital raises to bolster our liquidity and fund our growth CapEx plans. While the results of these achievements did not show up in the fourth quarter results, we have strongly positioned the company to succeed in 2022 and beyond. Our results for the…

Thanks, Kyle. Since we introduced the first all-electric fleet in 2014, U.S. Well Services has been vocal advocates for electric pressure pumping technology. No other technology offers the same combination of economics, ESG and HSSE benefits which is why electric fleets continue to grow as a share of the overall U.S. pressure pumping fleet. U.S. Well Services has the fleet technology, expertise and personnel to deliver for its customers and create value for shareholders. And we continue to believe that the future is very bright for this company.

[Operator Instructions] Our first question comes from Alex Hopper [ph] with Stifel. Please proceed with your question.

Thank you. Good morning, everyone. And thank you for taking my questions.

Good morning, Alex.

Good morning. So the first question I have here, I believe you kind of touched on this during the call. But basically, as you continue to roll out your full complement of frac fleets, do you expect to see a sharp increase in profitability? And if so, how should we start to think about the timing of when we should start to see that materialize? I believe you said Q2 but I was just wondering if you could give a little bit more color around that.

Kyle, you want to take that? Kyle O’Neill: Absolutely. Yes. I mean, in Q4 and in Q1 so far, I mean, we've definitely been impacted. Our profitability has been impacted by only having four to five fleets running. So we have the same G&A that we had last year when we had 11 fleets running. So as we ramp up these fleets which will also be a better price than what we experienced in 2021, you'll definitely start to see an increase in our profitability. First fleet goes to work in Q2. Second fleet will be the end of Q2, early Q3. And then the next two fleets will be in Q3 and Q4. So by year-end, we'll exit the year with a dramatically improved profitability profile.

Got it. And if I could just squeeze in a second question here. You also commented during the call about some continued difficulty against frac sands and mine. I was just curious to see if you're starting to continue to create inefficiency at the well site because of that and kind of when you guys expect or might expect to see that start to normalize.

Kyle? Kyle O’Neill: I think that we're really going to start to see the benefits of that really beginning with these new fleets rolling out starting in Q2.

Okay, so kind of the same. Okay, awesome.

And we -- in March also, due to different customer promises that -- with trucking and sand and water.

Got it. Okay. Thank you for the color.

We've reached the end of the question-and-answer session. I'd now like to turn the call back over to Joel Broussard for closing comments.

Thank you, everybody, for joining. You have a great weekend.

This concludes today's conference call. You may disconnect your lines at this time and have a wonderful day.