Innovex International, Inc.

Good morning and welcome to Inivex's third quarter 2026 earnings call. At this time, all participants are in 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 Jason Doan. Please go ahead.

Good morning, everyone. 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 Invex'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 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 Inovex, we have Adam Anderson, Chief Executive Officer, and Kendal Reed, Chief Financial Officer. I'll now turn the call over to Adam Anderson.

Thanks, Jason. Good morning, and thank you for joining us today. First off, I want to begin by thanking our employees for another quarter of strong commercial, operational, and financial execution. Our teams continue to serve our customers exceptionally well, develop innovations that address their needs, and work across the InnoVEX platform to drive organic growth. That collaboration reflects our no-barriers culture and shapes how we operate every day. On today's call, I'll begin with our third quarter performance and then walk through several important commercial developments across our North American, offshore, and international businesses before turning the call over to Kendal for a more detailed review of our financial results, capital allocation priorities, and outlook for the fourth quarter. Starting with performance, we delivered a strong third quarter. Revenue totaled $265 million and adjusted EBITDA totaled $55 million, representing an adjusted EBITDA margin of 21%. Our investments in technology, our global platform, and acquisitions are helping us win new businesses and grow faster. Four things stood out to me this quarter. First, our North America land business performed very well, driving modest market share gains. Second, our offshore order book continues to grow, which sets us up nicely for 2027 and 2028. Third, the Middle East delivered a good quarter in a really challenging environment where we continue to invest in local infrastructure and new product qualifications. Fourth, Venezuela is rapidly developing, and we believe the opportunity there could be meaningful for InnoVEX across our portfolio. In North America, our U.S. land business had a very strong quarter with share gains driven by our cementing tool business. We secured two significant awards in the Permian Basin, one that expands our market share with a large independent and a second displaces a competitor with a large IOC we've not previously done significant work for. Together, these wins are expected to add approximately a million dollars of monthly revenue beginning late in Q4. Turning to offshore, our subsea business continued to build commercial momentum. In U.S. offshore, we successfully installed the first of our 20K Big Boar 2E subsea wellhead systems for a major IOC with more scheduled in the coming weeks. Our work for this operator demonstrates the power of our no barriers culture with 100% on-time deliveries and 99% uptime across more than 4,500 hours of offshore operations for them during the quarter. In Malaysia, we secured follow-on awards for the subsea tension riser package we announced last quarter, along with the Subsea Wellhead Award covering an additional 9 to 10 wells. This second example demonstrates how our strategic alliance with One Subsea creates opportunities we would not have been able to access otherwise. In Indonesia, we were awarded a five-year subsea wellhead contract with a major IOC valued at more than $30 million. In the North Sea, we signed a global master service agreement for fishing equipment with a major drilling contractor, displacing the incumbent supplier. We expect that agreement to significantly improve our market share in the North Sea for this product line. Our Middle East business delivered a solid quarter despite disruptions across the region. We signed our first direct corporate purchase agreement with a major national oil company, direct sales to one of the largest operators in the world without the use of a local agent, simplifying our business and bringing us closer to the customer. While we delivered solid results, activity in the region has been impacted by the regional conflict and we now expect reduced activity and higher freight and logistics costs to impact our results next quarter. Despite these short-term impacts, we continue to invest in new product qualifications in both Saudi Arabia and Abu Dhabi and expect these investments to position us for sustained long-term growth in the region. In Latin America, we're particularly encouraged by Venezuela. As international investment returns, we expect activity there to increase significantly. During the third quarter, we re-entered the market with an award of more than $5 million for large diameter tubulars and connectors supporting an offshore development. Looking ahead, we see a very exciting opportunity in thermal wellheads. Much of Venezuela's production comes from heavy oil, which requires thermal wellhead systems, an area where a legacy Great North team and product line is well established. We expect that demand to generate a significant amount of work for us in the future. While these opportunities have not yet translated into meaningful revenue, we believe we are well-positioned to participate as activity builds through 2027 and 2028. Importantly, our capital-light business model allows us to participate in that recovery without committing significant fixed assets in the country. Stepping back, this quarter showed what the InnoVex platform can do. We're winning share and scaling the technologies we have acquired, all while moving closer to our customers by investing and expanding our platform. Even as we grow, we continue to focus on the same playbook we have followed since we founded the company. We continue to invest in differentiated technologies and provide a delightful customer experience. We continue to focus on consumable products that have high gross margins, low capital requirements, and fit our big impact small ticket value proposition. We believe this approach positions InnoVEX to continue gaining share, growing profitability, and generating cash flow for our shareholders. I'll now turn the call over to Kendal to review our financial results and outlook in more detail.