Good morning, and welcome to the Team, Inc. Third Quarter Update Call. I would now like to turn the conference over to Nelson M. Haight, Chief Financial Officer. Please go ahead.

Thank you, operator. Good morning, everyone, and welcome to Team, Inc. About our third quarter 2025 operational and financial results. On the discussion today is Keith D. Tucker, our Chief Executive, and myself, Nelson M. Haight, Chief Financial Officer. I want to remind you that management's commentary today may include forward-looking statements, including without limitation those regarding revenue, gross margin, operating expense, other income and expense taxes, adjusted EBITDA, cash flow, and future business outlook, which by their nature are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the risk factors that could cause actual results to differ, please refer to the Risk Factors section of Team, Inc.'s latest annual and quarterly filings filed with the Securities and Exchange Commission, along with our associated earnings release. Team assumes no obligation to update any forward-looking statements or information which speak as of their respective dates. With that, I will turn it over to Keith D. Tucker, our CEO.

Thank you, Nelson. Welcome everyone and thank you for joining us to review our third quarter operational and financial highlights. I want to start off by thanking our employees for their hard work which has made many of our recent successes possible. In 2025, we continue to deliver improved operational and financial results with year-over-year growth in revenue, margin, and adjusted EBITDA, all while expenses continue to trend lower as a percentage of revenue. Revenue grew almost 7% or about $14 million year-over-year, with gross margin increasing by 8.4% and adjusted EBITDA up to 28.6% to the highest level for a third quarter since at least 2016. As you can see, the growth in our adjusted EBITDA outpaced our top-line growth, which is a testament to the solid progress we continue to make on our ongoing cost and margin improvement initiatives. Drilling down into the segments, we saw 5.7% overall revenue growth in inspection and heat treating, driven by strong nested and call-out activity in the U.S. and 8.9% growth in our international operations, including Canada. We have now seen multiple quarters of growth in our Canadian operations, demonstrating the increasing traction of our ongoing initiatives to strengthen our commercial and financial performance in that area. In our Mechanical Services segment, we saw strong revenue growth of 7.8% or $8 million, led by increased turnaround demand in our U.S. operations and improved year-over-year top-line performance in Canada. With both our IHT and MS segments demonstrating top-line growth, it should come as no surprise that our adjusted EBITDA for the third quarter increased by $3.2 million year-over-year, with adjusted EBITDA margin up 110 basis points to 6.5% of our consolidated revenue. Additionally, we continue to see benefits from our cost discipline in the third quarter, lowering our adjusted selling, general, and…

Thank you, Keith. Before I go into third quarter financial results, I would like to discuss in more detail the recent actions we have taken to strengthen our balance sheet. Over the last several years, we have diligently improved our balance sheet and enhanced our financial flexibility. And in 2025, we made further improvements. In March, we closed a refinancing transaction that lowered our blended interest rate by over 100 basis points, simplified our capital structure, and extended out our term loan maturities to 2030. In September, we successfully closed on a $75 million private placement of preferred stock and warrants with Stellix that helped us pay down about $67 million of debt. As part of the same transaction, we also amended our ABL credit facility to increase the commitment by $20 million in order to provide additional flexibility during the seasonal spring and fall demands on our working capital and to reduce the applicable interest rate margin. We also amended our first lien term loan facility to reduce the applicable interest rate margin and improve financial flexibility. Finally, the private placement includes a delayed draw feature that will allow the company to raise up to an additional $30 million in proceeds through the placement of additional preferred stock and warrants over the next twenty-four months. Our success since 2022 in improving our financial and operating performance helped make these transactions possible. We believe these improvements to our balance sheet help better position Team to accelerate execution of our long-term strategic plan focused on top-line growth, lowering our cost structure, and strengthening our cash flow. We also look to lean on Stellix as a partner whose insight and expertise we expect will help us achieve our strategic goals faster and more efficiently. These actions have helped to increase our liquidity,…

Thanks, Nelson. We have worked hard to streamline our business, expand our margins, simplify our cost structure, and improve our balance sheet. Looking ahead, we expect to continue seeing strong operational and financial results in 2025 with year-over-year growth in the top line, continued improved performance from our Canadian and other international operations, and further meaningful progress towards our adjusted EBITDA target margin of at least 10%, all of which we believe will enhance shareholder value. I am very proud of our safety culture and our focus on continuous improvement because at the end of the day, our people are our most vital asset and no job is too important not to be done safely. In closing, I remain confident about our future because I am a firm believer in our capabilities, talented employees, and this leadership team. We have delivered improving results over the past three years, and we remain committed to continuous improvement in margin, cost discipline, and cash flow generation. I believe that we are well positioned to sustainably and profitably grow Team well into the future. Thank you for joining us today and for your continued interest in Team.

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