Innovex International, Inc.

Good morning and welcome to Innovex's first quarter 2026 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 first quarter 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. Thank you for joining us today. I want to start by thanking our teams across the organization for another quarter of strong execution. We continue to operate in a dynamic environment, but our people have remained focused on serving customers, leveraging our unique platform, and growing our business through relentless innovation and a commitment to delighting our customers. That commitment is reflected in our first quarter performance. Since the merger with Drillquip, we've stayed disciplined in how we run the company, improving the cost structure, expanding the technology portfolio, and focusing on cash flow and returns. A quarter of our success is our no-barriers culture, which means we tear down barriers between ourselves, our teams, and our customers. We operate as one team across regions and product lines, not as a collection of separate businesses. That remains a real source of competitive advantage for us. On today's call, I'll walk through our first quarter performance, highlight several important commercial and operational developments from the quarter, and then turn the call over to Kendall for a more detailed review of our financial results, capital allocation priorities, and outlook for the second quarter. Starting with performance, we delivered a strong start to 2026. First quarter revenue totaled $239 million, which exceeded the high end of our guidance range, and adjusted EBITDA totaled $49 million, with an adjusted EBITDA margin of 21%, well above the high end of our guidance range. These results reflect continued strong operational execution for organic growth from new product introductions cross-selling across our global platform. We benefited from a favorable mix in the quarter, and we also saw earlier-than-expected benefits from the exit of the legacy Eldridge facility. More broadly, the quarter reinforces our view that our subsea business can generate margins above 20% when operated with the same discipline, cost focus, and a commercial approach that we apply across the rest of InnoVEX. Our no-barriers culture has unlocked the potential of our combined team. I've been particularly impressed by the contributions from our colleagues who joined InnoVEX as a part of the drill-quit merger. They bought into the culture and are unlocking the embedded value and technology in the subsea portfolio. Commercial performance remained healthy across our core markets. In U.S. land, we continue to outperform underlying activity levels. Organic growth is driven by cross-selling as well as new product introductions. As a reminder, we've curated a portfolio of big impact, small ticket products and services. In aggregate, our offering represents just 2% to 3% of total well cost. Despite representing a small proportion of the cost of a well, our technologies are critical to well performance. Therefore, the purchase decision is driven primarily by performance, not price. Offshore and internationally, we continue to build momentum and succeed. During the quarter, we secured two significant project awards in Asia, each exceeding $20 million in value, reflecting the strength of our specialized technology portfolio and our ability to win complex high specification work. These awards span multiple parts of the well system, reinforcing the breadth of our subsea technology portfolio. We also delivered the first subsea wellhead order in Southeast Asia under the One Subsea Alliance, representing an important milestone in expanding our presence in integrated offshore projects. Beyond Asia, we continue to make encouraging commercial progress across key offshore basins, where we see attractive long-term opportunities for our portfolio. More broadly, we're seeing a growing pipeline of subsea opportunities, which supports our confidence in the trajectory of the business. In the Middle East, First quarter activity was softer than we had anticipated, driven primarily by project timing and conflict-related disruptions. We remain encouraged by our recent commercial progress, including multiple offshore rewards in the Kingdom of Saudi Arabia, as well as a contract extension for our off-bottom liner systems and lower completion technologies. We continue to view the Middle East as an important long-term growth market. We recently completed the acquisition of Drilling Innovative Solutions for $16 million, or approximately four times trailing 12-month EBITDA. This is exactly the type of transaction that we believe drives value, one that is priced reasonably and offers substantial opportunity for organic growth by leveraging our platform. DIS brings differentiated production technologies that complement our existing completions offering, strengthening our US offshore market position and create additional opportunities to grow with both existing and new customers. We believe the DIS portfolio has applicability across global deepwater markets as well as select onshore markets. DIS fits squarely with our model of curating a portfolio of big impact, small ticket products with strong margins, low capital intensity, and meaningful room for growth. Stepping back, our priorities remain unchanged. Gaining share, expanding our technology portfolio, driving innovation, improving efficiency, and disciplined capital allocation. We believe the combination of innovation, execution, and capital discipline continues to differentiate InnoVEX, and we see a strong pipeline of opportunities across both organic initiatives and inorganic opportunities. As we move through 2026, we remain confident in the trajectory of the business and our ability to create durable value for shareholders over time. I will now turn the call over to Kendall to walk through our financial results and outlook in more detail.