Welcome to Team, Inc.'s discussion of their first quarter results and longer-term strategic and financial objectives. I will now turn it over to Nelson Haight, Team's Chief Financial Officer.

Thank you, operator, and welcome to Team, Inc.'s discussion about our first quarter 2024 results and longer-term strategic and financial vision. On the discussion today are Keith Tucker, our CEO; and myself, Nelson Haight, CFO. Please note that we posted an updated investor presentation on our website this morning that has additional information on our strategic vision, market-leading capabilities, financial analysis and guidance that Keith and I will be reviewing on this call. I want to remind you that management's commentary today may include forward-looking statements, which by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the risk factors that could cause actual results to differ, please refer to the Risk Factors section of Team, Inc.'s latest annual and quarterly filings with the SEC. With that, I will turn it over to Keith Tucker, our CEO.

Thank you, Nelson. Welcome, everyone, and thank you for joining us on this call to discuss our recent accomplishments and our strategy for the future. As a reintroduction to Team, let me begin by telling you a bit about who we are. We have a strong track record of innovation and success that spans over 100 years as a global leading provider of integrated, digitally enabled asset performance assurance and optimization solutions, Team has a highly skilled workforce with multiple capabilities to support our customers' needs. We deploy conventional to highly specialized inspection, condition assessment, maintenance, and repair services that result in greater safety, reliability, and operational efficiency across more than 15 countries around the world. The work we do is unique. It's complex and at certain times, our work can involve potentially dangerous conditions. As such, safety is the first thing we think about and focus on every day. I am very proud of our safety culture and our focus on continuous improvement over the past 15 years. As you can see on the chart, our safety performance continues to improve and, in many cases, led that of the critical industries in which we operate. At the end of the day, no job is too important not to be done safely because our people are our most vital asset. We believe we have the best training in the industry, and we partner with our customers to ensure every job we perform is done in a safe and effective manner. Our commitment to safety and sustainability guide our daily actions and shape how we work every day. We have a strong and experienced executive team that is squarely focused on executing our strategic plan and unlocking the value that we believe is inherent in this franchise. Across the organization, there…

Thank you, Keith, and thank you for joining our call. Our results for the first quarter of 2024 showed our progress against the initiatives Keith previously outlined as we improved our gross margin by 120 basis points to 24.4% and adjusted EBITDA by 55% to $6.5 million on a year-over-year basis. Despite relatively flat year-over-year revenue, first quarter adjusted EBITDA for our Inspection and Heat Treating and Mechanical Services segment increased by 7% and 11%, respectively. These impressive results were delivered in what is typically our slowest quarterly period of the year, and we expect this financial and operating momentum to continue throughout 2024. We believe in our strategic road map and plan to further demonstrate the sustainable benefit to margins and cash flow of our ongoing efforts focused on improving our cost structure and streamlining operations. As Keith pointed out, we have stabilized the business and refocused our efforts and now our execution of the strategic road map can be seen in our improving profitability. In 2024, we expect to see the full year impact of the cost reductions we put in place during 2023 as well as the benefits from additional steps taken in early 2024 to continue reducing costs. We also expect to begin seeing improvements from the commercial initiatives Keith discussed, including continued growth in our Aerospace segment. All this leads to improving results as evidenced by the increase in our adjusted EBITDA every year since 2021 with a compounded annual growth rate of 34% from 2020 to the midpoint of our 2024 guidance. In addition, our margin has improved dramatically, and we see progress toward achieving our target of an adjusted EBITDA margin of 10% or more in the near future. Over the past 2 years, we have been able to simplify and strengthen our…

Thanks, Nelson. So in closing, you can see we are very encouraged with the progress that we've made and the overall trajectory of our business. We have accomplished a lot, but this leadership team believes there's more to play for here. I'm a firm believer in Team's operational capabilities, our talented employees and this leadership team, there is a meaningful opportunity to further unlock the value that I believe is inherent in this franchise. I view the challenge here in much the same way that our external shareholders do. Team has been through a period of underperformance without a clear strategy and clear focus. We're fixing that and the job with this leadership team is to deliver the results. Thank you, and thank you to our employees for their dedication, hard work and commitment to safe operations. None of this would be possible without them.