Forum Energy Technologies, Inc. (NYSE:FET) Q4 2022 Earnings Call Transcript

Neal Lux: I do. I do. I think we’ll see that in Q1. And really, if we think about the length of some of our supply chains or like our – some of our costing on an average cost basis, it takes a little while to get that steel inflation that we saw heavily in 2022 out through the back end of the snake year in 2023.

Dan Pickering: Got you. And so net-net, rolling all this together, I think I heard, although we’re going to burn cash in Q1, remind me again, I heard $20 million to $40 million for 2023 in aggregate, your expectation, including cash taxes, working capital, all of the dynamics that you see so far?

Lyle Williams: That is correct, yes.

Dan Pickering: So it was $20 million to $40 million? I was looking at my notes and I

Lyle Williams: Yes, $20 million to $40 million free cash flow for 2023.

Neal Lux: And again, on our current valuation, a really good cash flow yield for the year.

Dan Pickering: Yes, absolutely. Well, good luck finding those opportunities and congrats on the debt conversion, that was really important, and the balance sheet looks in great shape. I appreciate it very much. Thanks.

Neal Lux: Thank you, Dan.

Lyle Williams: Thanks Dan.

Operator: Thank you. I would now like to turn the conference back to Neal Lux for closing remarks.

Neal Lux: Thank you for joining the call today. We are excited about FET’s future and look forward to even better days to come.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.