Innovex International, Inc.

At this time, I would like to turn the call over to Avinash Kotipur, Senior Director of Investor Relations. Please go ahead.

Good morning, everyone, and thank you for joining us on today's call. An updated investor presentation has been posted under the Investors tab on the company's website, along with the earnings press release. This call is being recorded, and a replay will be available on the company's website following the call. Before we begin, I would like to remind you that InnoVEX's comments may include forward-looking statements and discuss non-GAAP financial measures. It should be noted that a variety of factors could cause InnoVEX's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements. Please refer to the third quarter 2025 financial and operational results announcement that we released yesterday for a discussion of forward-looking statements and reconciliations of non-GAAP measures. Speaking on the call today from Inivex, we have Adam Anderson, Chief Executive Officer, and Kendall Reed, Chief Financial Officer. I would now like to turn the call over to Adam Anderson.

Thanks, Avi. Good morning, and thanks to everyone for joining us today. Before I begin, I want to recognize our incredible team whose focus and commitment drove meaningful progress across all of our strategic initiatives in the third quarter. On today's call, I'll discuss our third quarter results and highlight the key development shaping our performance. starting with continued market share gains, successful integration of the Citadel acquisition, and progress on key operational initiatives, particularly in our sub-C franchise. After these operational and commercial updates, I'll then turn the call over to Kendall, who will review our financial results and provide more detail on our balance sheet, capital allocation priorities, and fourth quarter outlook. The third quarter demonstrated the strength and resilience of the InnoVEX industrial platforms. Our diversified portfolio of big impact, small ticket products enables us to deliver exceptional service for our customers and strong returns for shareholders through all phases of the cycle. Our capital life business model requires just 2% to 3% of revenue to fund organic growth. Low capital intensity enables high free cash flow conversion. In fact, we converted approximately 84% of our adjusted EBITDA into free cash flow in the quarter. Strong free cash flow provides us with optionality to fund organic growth invest in innovation, collectively add to our portfolio with acquisitions, and repurchase shares, all while generating strong financial returns for our shareholders. Turning to Q3 results, I'm encouraged by our team's strong execution in what remains a challenging market environment. Our revenue of $240 million for the third quarter represented an increase of $16 million sequentially. Our North America land business grew approximately 10% sequentially, reflecting strong execution and resilience of our North American operations. While broader U.S. land activity remains soft, InnoVEX once again outpaced the market, driven by market share gains in our drilling enhancement and well construction portfolios, and the impact of a full quarter of contribution from Citadel. Citadel continues to perform well, broadening our market position and driving meaningful cross-selling opportunities, which will drive organic market share growth over time. A key part of our thesis for Citadel was leveraging our international platform, a key tool in our proven M&A playbook. Although Citadel already had some exposure in the international markets, on a combined basis, we've been able to further expand its reach, a critical step in expanding market share in high-value international markets. Our international and offshore revenue grew 4% sequentially, despite softness in some of our key markets, such as Mexico and Saudi Arabia. Despite these headwinds, I'm very pleased with our strong execution. Q3 marked the largest ever quarter for our subsea services-related revenue in the U.S. offshore market, highlighting our team's renewed focus on maximizing fixed asset utilization to support product installations. In the Middle East, we were able to be part of the longest well ever drilled. The 54,000-foot well utilized multiple InnoVEX technologies, including the ripstick, swivel master, casing swivel, and a custom-designed multi-stage liner system. This custom solution for a major national oil company is a prime example of the solutions InnoVEX's broad platform can deliver for our customers. We also recently inaugurated a new manufacturing facility in Saudi Arabia, further solidifying our local content in one of our most important international markets. Momentum is also building in Asia, with several significant orders received for subsidy equipment in Q3 and scheduled to be delivered in 2026 and 2027. Our Latin American market remains resilient, thanks to market expansion and execution on revenue synergy opportunities. InnoVEX continues to grow its market share, strengthening its position as a leading supplier of advanced completion solutions. In the third quarter, we grew our presence in Argentina, with sales of our dissolvable plug technology. We still view Argentina as a market with significant potential for our entire product suite, as there are applications for a majority of our existing products in the Vaca Moreta field. Additionally, in Mexico, we were able to successfully combine the installation of an XPAC expandable liner hanger system, a legacy drill kit product, with Citadel float equipment, another example of our execution on cross-selling opportunities. This early win exemplifies the kinds of synergy opportunities we are exploiting across the platform. A key part of our investment thesis for the merger with drill kit was that we could drive organic share growth by improving operational execution and the customer experience, particularly on on-time delivery. We continued to make progress this quarter, improving on-time delivery to 76%. As expected, strong execution is now driving market share growth. For instance, we recently announced an exclusive subsea wellhead supply agreement with 1Subsea. This partnership makes InnoVEX the exclusive wellhead provider on bundled subsea packages. giving us access to the significant portion of the global subsea wellhead market currently served by 1Subsea. There will be a phased approach to execution. We expect our first orders to come in 2026, with deliveries to begin in 2027. Separately, we see emerging opportunities in our Asia-Pacific markets, which we believe will drive further growth for our subsea wellhead franchise in 2026. Overall, Q3 was a quarter of solid execution, and progress on our long-term strategic initiatives. We added significant cash to our net cash balance sheet. We continue to integrate Citadel successfully, driving share gains in key product lines, improving reliability for our customers, and positioning our subsea business for profitable growth in 2026. These efforts give us confidence in our ability to keep expanding adjusted EBITDA margins towards our long-term goal of 25%, which should drive a step change in financial returns for our shareholders. I will now turn the call over to Kendall to go over our financial results in more detail.