Mammoth Energy Services, Inc.

Reminder, this conference is being recorded. It is now my pleasure to introduce your host, Zach Vaughn. Thank you. You may begin.

Thank you, Operator, and good morning, everyone. We appreciate you joining us for the Mammoth Energy conference call to review 2025 first quarter results. This call is also being webcast. You can be accessed through the audio link on the events and presentations page of the investor relations section of www.mammothenergy.com. Information reported on this call speaks only as of today, May 7, 2025. Please be advised that any time-sensitive information may no longer be accurate as of any subsequent date. I would also like to remind you that the statements made in today's discussion that are not historical facts, including statements of expectations or future events or future financial performance, are forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. We'll be making forward-looking statements as part of today's call that by their nature are uncertain and outside of the company's control. Actual results may differ materially. Please refer to the earnings press release that was issued today for our disclosure on forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission. Management may also refer to non-GAAP measures, including adjusted EBITDA. The definition of this non-GAAP measure and its reconciliation to the most directly comparable GAAP financial measure can be found at the end of our earnings release and in our investor presentation, which can be found on our website. Mammoth Energy assumes no obligation to publicly update or revise any forward-looking statements. And now I'd like to turn it over to Mammoth Energy's CEO, Phil Lancaster.

Thank you, Zach. Good morning, everyone. Nice to speak to you all again this quarter in what will be my last earnings call as CEO of Mammoth Energy Services. Given our significant cash position, management has and will continue to evaluate potential strategic opportunities to add accretive assets while maintaining the strength of the balance sheet. As a reminder, as management evaluates the existing businesses and new opportunities to unlock value, Mammoth may be buyers or sellers, at some times both. April was a great example of this as the company completed two transactions, one as a buyer and one as a seller. As a buyer, we purchased eight small passenger aircraft in early April for approximately $11.5 million. These aircraft will add meaningful scale and further diversify Mammoth's rental services fleet. Also, each of these planes are under long-term leases with a commuter airline, so this purchase will be immediately accrued to our financial results. As a seller, we completed a transaction in April selling three infrastructure subsidiaries, Five Star Electric, iPower Electrical, and Python Equipment to Peak Utility Services Group for an aggregate sales price of $108.7 million. This was a monumental transaction for Mammoth and demonstrated the ability for us to repeatedly grow businesses organically with our enterprise. We originally purchased these businesses for less than $10 million in 2017. And over the past eight years, we've significantly grown these businesses and increased revenue. To give you a sense of the magnitude, associated revenue has exceeded $90 million in each of the last three years. This transaction was especially accretive because it was completed at over four times tangible book value and a trailing 12-month EBITDA multiple of nine. As part of the infrastructure deal, I will be transitioning out of the CEO role and will become an employee of PEAK. I'll start at PEAK on July 1st. Currently, our board of directors is conducting a search for a successor CEO. I've been at Mammoth since the inception of our infrastructure business in 2017 and we've had a lot of success growing these assets during that time. I feel a natural tie to that business and it makes the most sense for me to follow those assets. And while it is difficult to leave, I have full confidence in the Mammoth team to continue to drive value for shareholders. I have no doubt that this experienced management team and my successor will lead this company forward to achieve success for all future endeavors. I'll now touch on a few highlights from the quarter and address some of the uncertainty that is present in today's market environment before turning the call over to Mark to elaborate on the first quarter financial performance and provide the outlook for Mammoth going forward. We are pleased with the strength of our first quarter results that generated positive adjusted EBITDA. During the quarter, we experienced incremental growth in all key financial metrics, sequentially from the fourth quarter that rebounded off the lows of 2024. We benefited from the incremental pressure pumping utilization during the quarter that drove a 32% sequential increase in well-completions revenue And we continue to see strong demand throughout our various businesses, including engineering and TD services. We recognize that there is a level of uncertainty in the market currently stemming from the tariffs, the state of our economy, and geopolitical events such as OPEC Plus's decision to increase production. These factors have already started to weigh on oil prices as a result. We anticipate potential increased competition in the gas basins in which we operate, given the strong fundamental support for natural gas later this year and into 2026, tied to increased LNG capacity. This increased competition may squeeze margins slightly in the near term, but we largely expect this to be a short-term headwind as service companies will naturally return to the oily basins once commodity prices permits. Our near-term target continues to achieve a utilization excess of 1.5 active fleets, which would enable us to generate free cash flow. Now let me turn the call over to Mark to take you through our first quarter financial performance highlights by segment and the company's outlook.