Good day, ladies and gentlemen. Welcome to the Q4 FY 2014 Team, Inc. Earnings Conference Call. My name is Julie, and I will be your operator today. At this time, all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of the conference. As a reminder this call is being recorded for replay purposes. Now I'd like to turn the call over to Ted Owen, President and CEO. Please go ahead, sir. Ted W. Owen - President, Chief Executive Officer & Director: Thank you and good morning. It's my pleasure to welcome you all to the Team, Inc. web conference call to discuss recent company performance. My name is Ted Owen and I'm the President and CEO of Team. And joining me again today is Greg Boane, our Senior Vice President and Chief Financial Officer. The purpose of today's call is to discuss our recently-released financial results for the company's fourth quarter and the full fiscal year 2015. As with past calls, our primary objective is to provide investors and analysts with an enhanced understanding of our company's performance and prospects. This discussion is intended to supplement our quarterly earnings releases and our SEC filings. In a moment, Greg will begin with a review of the financial results, and I will follow with a few more remarks and observations about our performance and our outlook. But before I turn it over to Greg, I want to make some broad comments about the quarter and our recent acquisition of Qualspec that we will both elaborate on more fully in our commentaries. It was a record fourth quarter and a record year for Team, a return to our Team-like ways. Operationally, we reported adjusted earnings of $0.77 for the fourth quarter, with an operating leverage of over…

Thank you. The first question comes from the line of Matt Duncan. Please go ahead, sir – from (sic) Stephens, Inc.

Hey, good morning, guys, this is Will (22:28) on the call for Matt. Ted W. Owen - President, Chief Executive Officer & Director: Hey, Will (22:29). How are you?

Congrats on the great quarter. Ted W. Owen - President, Chief Executive Officer & Director: Thank you.

I wanted to start with the nice growth Quest showed in the quarter and you hit on it a little bit. Was that a function of the inherent lumpiness in the business or have things started to really accelerate there? And what kind of overall growth are you expecting in the business for fiscal year 2016? Ted W. Owen - President, Chief Executive Officer & Director: Well, the – I think the quarter was consistent with our expectations. We always are looking for kind of overall growth of about 10% to 12%, if you will, from an organic standpoint and that's what we achieved in the quarter. It was a strong quarter from a turnaround activity standpoint as we expected it to be. And so, I think just all of our business units just had an outstanding quarter, a lot of very, very strong activity. And we expect to continue that organic growth pattern into fiscal 2016. Our kind of long-term plan and history is based on double-digit organic growth and that's what we would expect for 2016 as well.

And on the Quest piece in particular, Ted, was that – are you still expecting about 20% growth there? I'm sorry if I didn't ask that correctly the first time. Ted W. Owen - President, Chief Executive Officer & Director: Yes, absolutely. Quest is again – the project lead time for Quest is a little longer. There's kind of continuing evangelism, if you will, relative to the initiation of individual projects. So there's going to be a degree of lumpiness in Quest. So it's not a straight line northeast of 20% growth a quarter. But that continues to be our expectation and belief of the ability that business to continue, over time to grow at that 20% topline rate.

Okay, great. And then one more quick one for me, on the adjusted EBITDA guidance, how much stock-based comp and ERP implementation expense are you including in that $135 million? Ted W. Owen - President, Chief Executive Officer & Director: There's about $5 million of stock-based comp expense that is in that number, if you add it back, if you will. And we expect – the second part was the ERP? Greg, what's the ERP cost? Greg L. Boane - Chief Financial Officer, Treasurer & Senior VP: The ERP cost, the run rate is around $825,000 a quarter, but that is not factored into that EBITDA number because we view that as non-routine and we called that out.

Okay, great. Thanks, guys. Congrats on the quarter. Ted W. Owen - President, Chief Executive Officer & Director: Thanks.

Thank you for your question. We do have another question. And it comes from the line of Tahira Afzal from KeyBanc Capital Markets. Please go ahead.

Hi, gentlemen. This is Sean. I'm on for Tahira today. Ted W. Owen - President, Chief Executive Officer & Director: Okay, you don't really sound like Tahira.

Congrats on a great fiscal year . Ted W. Owen - President, Chief Executive Officer & Director: Thank you.

My first question for you guys is just looking at your – the outlook you've given for fiscal year 2016, could you just help us characterize what type of cross-selling benefits are factored into that number with respect to Qualspec? Ted W. Owen - President, Chief Executive Officer & Director: Sure. The short answer is really none at this point in time. Although, clearly our expectation is that we're going to achieve a significant amount of cross-selling opportunities in our kind of our internal plans that would be about probably 10% of Qualspec growth would come through cross-selling opportunities. But the plan that we've laid out from a budgetary standpoint is not dependent upon that at all. It's taking the three Team business units and applying our normal growth factors to that business, and then layering on the Qualspec run rates, if you will, without regard to any synergies whatsoever.

Okay, awesome. And my second question is just your fall turnaround outlook and – how much of that deferred refinery work is going to come in the fall versus what will be deferred to the spring. I just would love to get your thoughts over there. Ted W. Owen - President, Chief Executive Officer & Director: Yeah, I think as we sit here today, I would say the fall turnaround season looks like another pretty strong turnaround season for us. We've got a lot of significant project activity scheduled. I'd be a little cautious, however, as we always are at this time of year, particularly in light of kind of continued commodity price pressures, if you will. While that's generally not a direct correlation between what's happening upstream and what happens downstream. In fact, I think our performance over the last year is a clear indication that there is not a direct linkage. In fact, we've had a kind of another round of even lower commodity prices. It would not surprise me if that results in more pressure on rates from customers, though we haven't seen that yet. So I'm a little just – I'd just be a little bit cautious about the fall. While it looks, as we sit here today, to be another robust turnaround season, those kind of storm clouds on the horizon continue to be out there with respect to impact of commodity prices in particular.

All great color. Thanks very much. And congratulations again, guys. Ted W. Owen - President, Chief Executive Officer & Director: Thanks.

Thank you for your question. We do have another question and it comes from the line of Craig Bibb, CJS Securities. Please go ahead, sir.

Hi, congratulations on being Team-like again. Ted W. Owen - President, Chief Executive Officer & Director: Thanks. Appreciate it.

What are the integration steps with Qualspec and how should we think about the margin impact on IHT, including first quarter? Ted W. Owen - President, Chief Executive Officer & Director: Well, I think the main integration steps, as we say, is to do no harm, right? And so we're going very, very slowly, being very careful. I mean, we bought this business because it is a great business, has a great business model, great customer relationships. And so what we're doing is, we're going to take – kind of go slow to really get to know each other very, very well. And our key mantra on both sides is to don't do anything to screw up their business and not do anything to screw up our business, if you will. So, again, this is not an integration of having to slam two business together and kind of take out a lot of cost. That's not what this is about at all. This is a two very, very complementary businesses that – whose values are very much aligned toward customer service and taking care of our technicians. And so, again, I think it's going very, very well. We're going very, very slowly in terms of just kind of making sure we get to know each other, making sure that we are focused really on customer service. So that's sort of the main thing is just to make sure that we don't upset customer relationships and that our customers know, on the Qualspec side, in particular that the same guys that are taking care of customer service yesterday are the same guys that are taking care of customer service today and tomorrow.

Okay. So and then just on a picky analyst's note, the margins at Qualspec are about the same as IHT's margins or are they going to move in one direction or another? Ted W. Owen - President, Chief Executive Officer & Director: No, they're very similar.

Okay. Ted W. Owen - President, Chief Executive Officer & Director: Very similar, but – particularly, again, we focus on kind of operating income line of margins and they're very similar.

Okay. And then on the corporate overhead line, the value, I assume, that's going to bump-up because you've got more scale? Ted W. Owen - President, Chief Executive Officer & Director: Well, it'll bump-up – I don't expect it to bump-up a lot as a result of the acquisition. Again, they have a kind of a fully capable staff of kind of the HR, financial accountants, folks like that, that do a good job. And so I don't see any net increase in corporate costs associated with that acquisition.

Okay. And then just quickly on Quest, the margins were outstanding, it looks like when hope the lumpiness goes their way they can deliver the 28% kind of EBIT margin. Is that maxing out or could you give us a little more color on the margin on the quarter? Ted W. Owen - President, Chief Executive Officer & Director: Yeah, I mean, I would say that that is an optimal margin for that business, in a quarter, again just high leverage in that business, high incremental leverage for kind of the next job opportunity, if you will. So, during those quarters when we have high growth rates, we're going to have really high operating margin and high operating leverage, resulting in high margins, if you will. And again, as you've seen over time, it can go both ways though. If projects get deferred and we don't hit our revenue targets or growth rate targets, we can struggle a little bit at the same time. Because it does have – there's some fixed cost elements to it, particularly as we are focused on the development of kind of next generation tooling, if you will.

Okay, all right. Well, thanks a lot.

Thank you for your question. We do have another question and it comes from the line of Adam Thalhimer from BB&T. Please go ahead, sir. Adam Robert Thalhimer - BB&T Capital Markets: Hey, good morning, guys. Congrats. Ted W. Owen - President, Chief Executive Officer & Director: Good morning, Adam. How are you? Adam Robert Thalhimer - BB&T Capital Markets: Great. I wanted to follow up, Ted, on your commentary about the impacts of lower commodity prices. Like you said, we have seen other leg down. You said you haven't seen any pressure on rates yet. Can you just expand on that because it just seems like an odd confluence of events, right, where you have high gasoline demand, high refinery utilization, the low oil prices. I mean, have you seen this before or is this unique? Ted W. Owen - President, Chief Executive Officer & Director: Well, again, I don't think it's necessarily unique because again what we have always said is that refining utilization, if you will, and the health of our customers and demand for our services is not a function of commodity prices. Our view is that it's never been a function of commodity prices. The price of oil is an input for our customers, not an output, if you will. And so, refining is just – I mean it's a – if anything, probably lower commodity prices have driven up utilization and margins. And so our customers are just – are very, very healthy. But again, it's not unlike – we've seen this before relative to when commodity prices do go down – it does create kind of that cautionary environment of our customers typically, cautionary spending, perhaps curtailment of capital projects, things like that. We've seen that before. But we started – we first…

Thank you for your question. The next question comes from the line of Craig Bibb of CJS Securities. Please go ahead, Craig.

Hey, Ted, just one other quick follow-up here. The first quarter is almost over. Can you give us some color on the quarter? Ted W. Owen - President, Chief Executive Officer & Director: Well, I don't know if it's almost over or not. We're two months into it, so it's still a ways to go. We're off to a good start, I think, for the quarter, the month of June we had a lot of activity, a lot of kind of carryover activity, if you will, from the spring quarter. So we're off to a good start. Our activity levels in the summer time are, I'd say, good. And so I think we're going to be – the first quarter as you know is a – is one of our two weak quarters. And so that's not going to be any different, but I think we'll be off to a decent start.

Was any of the work that carried over the higher margin work? Ted W. Owen - President, Chief Executive Officer & Director: Well, we had – yes, a little bit of the Quest work, as I mentioned in my remarks, you know the fourth – we had a fairly big project for Quest in the Middle East that began in late May that we benefited a bit in the May quarter. But it also carried over into the first quarter.

Okay, great. I appreciate it. Ted W. Owen - President, Chief Executive Officer & Director: Yes.

Thank you for your question, Craig. I'd now like to turn the call over to Ted Owen for closing remarks. Please go ahead. Ted W. Owen - President, Chief Executive Officer & Director: Okay. Well, thank you. Again I want to just thank everyone for participating in the call and for your interest in Team. And we look forward to talking to you again at the end of our first quarter, which we will report early in October. So, have a good day, everyone.

Thank you for your participation in today's conference. This concludes your presentation. You may now disconnect. Good day.