Innovex International, Inc.

Good morning and welcome to Enevec's fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode, and there will be a question and answer opportunity at the end of this call. As a reminder, this call is being recorded. I will now turn the call over to Eric Wells, Chief of Staff. Please go ahead.

Good morning, everyone, and thank you for joining us. 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 made 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 fourth quarter and full year 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 InnoVEX, we have Adam Anderson, Chief Executive Officer, and Kendall Reed, Chief Financial Officer. I will now turn the call over to Adam Anderson.

Good morning, and thanks for joining us today. First off, I want to recognize our team, which has worked tirelessly to deliver margin improvement, organic share growth, improved on-time performance, and strong free cash flow since the merger with DrillQuip in September of 2024. We've asked a lot of the organization, and I'm proud of what we've accomplished. In 2025, we made tangible progress against the goals we articulated at the time of the merger, and the results we are discussing today are a direct reflection of the commitment and collaboration of our global teams. A defining characteristic of InnoVEX is our no-barriers culture. The belief that to drive the best outcomes for our customers and shareholders, we must tear down barriers between ourselves, our customers, and internally across the entire company. This mindset of working effortlessly across product lines, geographies, and functions has enabled us to build a leading global oil field service company from a standing start less than a decade ago. Our fourth quarter and full year results demonstrate the power of our no barriers approach. On today's call, I will discuss our fourth quarter and full year results and highlight the key developments shaping our performance, starting with continued market share gains, synergy capture from recent acquisitions, customer-led product innovation, and progress against our key operational initiatives. After these operational and commercial updates, I will turn the call over to Kendall, who will discuss our financial results and provide more detail on our balance sheet, capital allocation priorities, and our outlook for Q1. Turning to performance, we delivered a strong finish to 2025, exceeding the high end of our fourth quarter revenue guidance while generating substantial free cash flow and further strengthening our balance sheet. Fourth quarter revenue totaled $274 million, up 14% sequentially. That performance was driven by higher than expected subsidy deliveries, continued momentum in our drilling enhancement and well construction portfolios, and revenue synergies from recent acquisitions. Strong Q4 revenues reflected some pull forward of subsea deliveries that were previously expected for Q1 2026, which will impact sequential comparisons. As a reminder, we recognize revenues from those large subsea projects upon customer delivery, which can drive quarter-to-quarter volatility. Despite a softer macro environment, we grew market share across U.S. land, offshore, and international market. We continuously invest in innovation across our portfolio of big-impact, small-ticket products. While our products represent just a small portion of the well's cost, they are critical to a well's function, and therefore our customers' purchase decision is driven more by product performance than achieving the lowest possible price. We've curated a portfolio of primarily single-use technologies, which allows us to operate in a capital-wide manner. We leverage a diverse and nimble supply chain, which, combined with our product portfolio, keeps capex low, historically less than 3% of revenue, which allows us to convert a significant proportion of our adjusted EBITDA to free cash flow. We generated strong free cash flow, which we plan to redeploy into disciplined M&A, customer-led innovation, and shareholder returns. Operational execution was strong across the platform. In U.S. land, we outperformed underlying activity levels by realizing revenue synergies and introducing new technologies. The integration of Citadel and DWS provides a clear example of this execution in action. We acquired Citadel for its strong cultural alignment with our no-barriers philosophy and its portfolio of highly engineered single-use technologies designed to reduce our customer cycle times and improve operational efficiency. At the time of the acquisition, we noted limited customer overlap between our legacy InnoVEX business and Citadel's, creating a clear opportunity for revenue synergies which we are now beginning to realize. Our drilling enhancement product line, which largely came to us through the acquisition of DWS, has also driven cross-selling opportunities across the customer base. Together, these integrations demonstrate exactly how our M&A playbook is designed to work, disciplined acquisitions translating into execution, revenue synergies, and market share gains. In offshore and international markets, execution remains solid. During the quarter, we delivered our first products under our global alliance with 1Sub-C, validating the strategic importance of our partnership. The alliance enables us to supply 1Sub-C with industry-leading wellheads for EPCI or bundled contracts, increasing our addressable market for Sub-C wellheads and improving 1Sub-C's competitive offering. During the quarter, we also completed our 10th successful XPAC expandable liner installation in Brazil's pre-salt field. XPAC is a differentiated technology that we acquired from DrillQuip, which we believe has broader applicability across offshore basins. We also leverage this technology onshore, an example of how we create value through innovation, customer relationships, and distribution. In the quarter, we successfully delivered our first onshore XPAC Express installation for a major independent in U.S. land, adapting this offshore expandable liner technology to support some of the most technically complex wells in the Permian. In Mexico, we substantially completed deliveries of subsea wellheads and large diameter tubulars for a major offshore development, reflecting strong project execution and coordination across our global supply chain. In Saudi Arabia, we increased revenue sequentially and strengthened our local content position with the inauguration of our manufacturing facility in the Dammam industrial area. Overall, we exited 2025 with strong momentum that differentiated an expanding technology portfolio and a clear runway for continued execution. I'm excited about the trajectory of our subsea business with new orders in Q4 and at the start of Q1. We have been awarded significant projects for subsea wellheads and associated specialty items in Asia Pacific and the Mediterranean. In Brazil, we signed a landmark subsea contract with an IOC we have not worked for in over a decade. We have additional significant opportunities in the subsea pipeline we expect to win this year, setting up a strong outlook for our subsea business. We plan to build on our commercial momentum this year while remaining focused on improving margins, enhancing the customer experience, and unlocking long-term value for our shareholders. Our execution in 2025 gives me confidence that we're building a platform capable of delivering value for our employees, our customers, and our shareholders. I will now turn the call over to Kendall, who will walk through our financial results and outlook in more detail.