Team, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Team, Inc. third quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Smith, Thank you, Daryl.

Welcome, everyone, to Team's 2020 Third Quarter Conference Call. With me on today's call are Anne-Marie Nogatti, our Chairman and Chief Executive Officer, and our Chief Financial Officer, Susan Ball. This call is also being webcast and can be accessed through the audio link under the Investor Relations section of our website at Team Inc. Information recorded on this call speaks only as of today, November 5th, Thank you for joining us. I'd like to remind you that this call contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities and Litigation Reform Act of 1995, including statement expectations, future events, or future financial performance. Forward-looking statements involve inherent risks and uncertainties, and we caution investors that a number of factors could cause actual results to differ materially from those contained in any forward-looking statements. These factors and other risks and uncertainties are described in detail on the company's annual report on Form 10-K and in the company's other documents and reports filed or furnished with the Securities and Exchange Commission. The company assumes no obligation to publicly update or revise any forward-looking statements, except as may be required by law. Amarino will begin by providing an update of our business. Susan will then detail our results, and before we take your questions, Amarino will highlight our one-team program Thank you, Kevin, and good morning, everyone.

We appreciate you joining us today, and I hope you and your families are safe and healthy. COVID cases are once again increasing around the world, reminding everyone about the importance of staying healthy and following safety guidelines and protocols. Safety is our number one core value, and I can assure you that even during this time of uncertainty, team has not neglected our unwavering commitment to keeping our clients, communities, employees, and their families safe and healthy. Year to date, we achieved a top quartile safety performance, representing the best safety record in the company's history. To say that 2020 has been a challenging year would be an understatement, but I'm proud of what has been accomplished during these unprecedented times. Throughout the crisis, Team's resilient employees have shown an allegiance to the company and its leadership, creating a leaner and more efficient business, improving the company's overall financial health, and delivering the value and service our clients deserve and expect. There are four key areas where Team has made significant progress during the pandemic and economic downturn. High grading revenue, implementing a reduced cost structure, working capital improvements, and our workforce management function. First, TEAM has been successful in diversifying and streamlining its approach to revenue generation throughout the year. We increased our global sales efforts and revamped our proposal process to improve the administrative speed, pricing consistency and to provide greater competitive advantages by highlighting our cross-segment capabilities. I have been pleased with our ability to maintain market share with our critical clients during the crisis. We are collaborating more closely with our clients to develop flexible commercial models that mutually benefit both parties. Second, the actions implemented under the One Team program allowed us to significantly reduce our cost structure to better align with market demands. Our attention to cost efficiencies as well as maintaining tighter controls on indirect and SG&A costs, protect our balance sheet and provide additional cash flow. During the third quarter, we achieved cost savings of $35 million and realized $75 million of savings year-to-date, which exceeded our previously stated target.