Good morning. My name is Neal Lux. I am President and CEO of Forum Energy Technologies, FET. I'm joined today by Lyle Williams, our CFO, Chief Financial Officer, and we look forward to introducing our company to you and telling you why FET is a great company and, I think, more importantly, an even better investment, so really starting with our forward-looking statements, non-GAAP disclaimer here. I think you all have seen this before. Nothing new there, but let's jump into the presentation directly, so really beginning with our company at a glance, we are a manufacturer with global reach. We address our end markets with really two primary segments. We call that artificial lift and downhole and our drilling and completion segment. Within our artificial lift and downhole, we provide products and solutions to generally energy companies that produce oil and gas, like ExxonMobil, Saudi Aramco, Canadian Natural Resources. And the products we provide help them produce more hydrocarbons at a lower cost by extending the life of their pumps, removing impurities from their wellbore, from their production stream. Also, with certain hardware that goes downhole that, again, allows production and prevents sand and steam and other additives to get into their lines. So that's our artificial lift and downhole. It's about 42% of our revenue. The other segment that we address is with our drilling completions. And our customers here are generally the world's largest oilfield service companies, companies like Halliburton, Schlumberger, Baker Hughes, DOF Subsea. Our customers here generally drill new wells. So this is new production that they're adding for oil and gas companies. And they do it with the products that we provide them that help them become more efficient. In a way, we've often said that our company has been an enabler of the shale revolution because we provide products that allow drillers to drill deeper, farther, faster, allow hydraulic fracturing or pressure pumping companies to complete more stages per day, allow more sand to be pumped into the reservoir per day, and really just increase their efficiency. And as a global manufacturer, about half of our sales are within the United States, and the other half is international, so well spread. We go wherever the hydrocarbons are produced. And maybe another way to think about our revenue is with how we sell, or really call it our purchase cycle. About 75% of our sales are what we call activity-based consumables. So these are big-ticket items that our customers buy from us and have to replace every two, three, or four months. Our unit prices can be in the thousands to hundreds of thousands of dollars for these consumables. They're not nuts and bolts, but they're key items to help our customers become more efficient. The other quarter of our sales is capital equipment. So these are key units, key components that go on our customers' fleets that help them drill more efficiently or to operate in deep water. So we provide a set of subsea robotics that operates in water depths up to 10,000 feet to help our customers put in subsea infrastructure. So we have a broad and differentiated portfolio, and we hit a lot of different markets. That's kind of our background. Quick summary on our financial performance: that we've had strong revenue growth in the dark blue over the last four years. From 2021 to 2024, we have had a compound annual growth rate of 15% for our revenue and strong profitability increase. Our EBITDA in 2021 was $20 million, and last year, full year 2024, it was five times that number. Also, we've increased our margins from 4% EBITDA margins up to 12% last year through product differentiation and portfolio adjustment, so I think we have a good history of financial performance there. This is FET at a glance. Again, broad portfolio. We address the world. We do it with key products and solutions, and we've had great financial performance, so that's who we are. I think maybe more important to this audience is why. Why FET? Why are we a great investment? And really four points I want to hit here. First, we have a track record of outperformance. I've alluded to that here on the previous slide, but we'll talk a little bit more about that in detail. We are an incredible value, especially compared to the small cap index Russell 2000. We've also had significant capital returns and expect those returns to continue into the future. And I think most importantly, we are poised for growth. So we are a company that has a clear vision and a clear path to dramatically increase revenue and profitability over the next five years. So let's jump into a little more detail on each. So starting with our track record of outperformance, beginning with our key financial metrics. Again, mentioned revenue earlier. We've grown 15% annually, compounded, again, versus the Russell 2000 at only 8%. We've done this through market share gains, which we'll talk about in a little more detail, and key acquisitions. This revenue growth has led to strong free cash flow growth, again, 73% annually since 2021 versus a - 2% for the Russell. This is through our high operating leverage and our capital-light business model. For example, CapEx for FET has been about 1% of our revenue or less over the last few years. So low capital requirements. Our track record extends to our stock price performance. Again, strong revenue growth, strong free cash flow growth, not surprisingly, has led to strong stock price appreciation, up 19% a year over the last five years, again, trouncing the Russell 2000. Over the last year, even better performance, again, 73% increase versus 9% for the Russell. Strong financial growth has been a key driver. In addition, we've fortified our balance sheet significantly. We'll talk about that here shortly. And we've had meaningful capital returns. Again, that's a big part of our story. So track record of outperformance is a key driver. Another key driver is our value. If you compare FET today to the Russell 2000, so we picked a few valuation metrics, adjusted cash flow yield, enterprise value to EBITDA, price to sales, and then looked at how much leverage we have compared to the Russell. So how do we fit in on value? Beginning with free cash flow yield, with each share of FET, you're getting about four times more free cash flow than the average Russell 2000 stock. Again, advantage FET. And then looking at our, let's call it more traditional valuation metrics, we are two to three times less expensive than the average stock in the Russell 2000. Again, advantage FET. And finally, how are we doing it? Are we using a lot of leverage? No, not at all. We have about a third of the leverage of an average Russell 2000 stock. Again, advantage FET, and we are an incredible value. Third pillar I want to mention is our capital returns. So we've had significant capital returns, and it really is based around our free cash flow framework. So let's talk about that. So as we think about our uses of cash, today, 50% of our free cash flow goes to net debt reduction. And since 2019, we have had substantial deleveraging. We have reduced our net debt from $344 million to $114 million at the end of the third quarter, down 67% over that time period. We have reduced our net leverage ratio from 3.9 to 1.3 times, a significant reduction, again, substantial deleveraging. So that's half of our free cash flow. The other half of our free cash flow is allocated to strategic investments. So this can be M&A, this can be investments in product development, or investments in ourselves, repurchasing our own stock. And the third option today makes the most sense. Again, with our incredible value, our high free cash flow yield, there are very few investments that we can make with our cash that make the most sense as buying our own stock. And since the beginning of this year, we've repurchased about 7% of our shares outstanding, or about 1.1 million shares through October. So we've had significant capital returns. So the first three, I think, provide a, let's call it a margin of safety. You have a team, a management team that has a great track record of outperformance along with our company. We are an incredible value. With the excess cash that we generate, we are making significant capital returns. I think the fourth pillar is what excites me, what excites our team, and what I think will excite you because we are poised for growth. It really begins with our beat the market strategy. We choose to compete in targeted markets where we have limited competition and where our customers value our differentiated products. We're not competing everywhere against everybody. We're very focused and very targeted. In those markets, we utilize our competitive advantages to extend our lead and win. We have manufacturing know-how. We have intellectual property. We have recognized brands that can extend decades and have trust with our customers. Most importantly, though, we have employees that are industry experts. In fact, many of our leaders have worked for our customer base and understand how our products are used and how do we make them better. And that leads to our innovation, our third pillar. We innovate continuously. We continuously look to develop and differentiate the technology that we have that extends the lead in the markets where we are leaders. And it also increases our addressable markets, gives us more room to grow, again, with fewer competitors. And then putting it all together, we are in a global industry. Again, as I mentioned on the earlier slides, about half of our sales are outside the United States. So we leverage our global footprint. So we have key manufacturing and distribution sites around the world where oil and gas and other energies are produced. This allows us to rapidly respond to customer demand and to have an efficient and resilient supply chain. Big part of our strategy. We implemented this in 2022, and since its implementation, we have increased our market share 20% as measured by average annualized revenue per global rate, this has been a successful strategy, one that we have implemented very well. Heading into this year, we refined the strategy a little bit, and we re-looked at ourselves, and we re-looked at the markets that we want to attack, and we separated our portfolio into really two areas. We call it our leadership markets and our growth markets, and I think that's an important distinction of how we're going to execute over the next five years, so let me jump in a litquentle bit, so in our leadership markets, these products and solutions are about two-thirds of our revenue. In leadership markets, we have meaningful market share. We have products that are fully adopted by the industry, and we have broad geographic exposure. In those markets in aggregate, the addressable market size is about $1.5 billion, and we have 36% share. So we are leaders in these markets. Few examples include coiled tubing, where we are one of three global manufacturers of quenched and tempered coiled tubing. Again, limited market, targeted market with few competitors. Kestrel Wireline. We are one of three manufacturers that make greaseless specialized cables for high-pressure hydraulic fracturing applications. Targeted market, few competitors. ROVs, remote operated vehicles. These are deep-water robots that help install subsea infrastructure for service companies and oil and gas companies. This is a critical, critical product that our customers cannot take risks with. And we are one of the largest installed base of our ROVs around the world. And then the final example I want to provide is our sand and flow control products. So we are one of the world's leading suppliers with few competitors of sand and flow control downhole tools for thermal oil sands and heavy oil applications. We have a significant leadership position there. So putting it together, our goal for FET 2030 is to sustain our edge in these leadership markets. Probably gain some share, but for our analysis, we said, "Let's just hold, hold it here and keep it steady." Leadership markets. Exciting for us is the other one is our growth markets. So our growth markets are about one-third of our revenue, but this is our opportunity for new customer acquisition. Very similar approach to the market. We have targeted markets with few competitors. We generally, in these markets, have innovations that are newer, that are just starting to gain adoption. We are generally in one or two markets and not broad yet. This is our opportunity for growth. What's exciting for our team is that the addressable market here is twice the size of our leadership market, so $3 billion. Our market shares are lower, again, only about 8% because we're just getting started. This is our opportunity for growth, for new customer acquisition. Let me give a few examples of why we think we can do that. First is defense. We recently booked, the picture there, a large rescue submarine order. This is for a defense application where we're utilizing our decades of offshore deep-water remote vehicle experience and applying it to the defense industry. What's exciting to us is that subsea underwater is one of the last areas of militaries being able to operate without satellites being able to follow them. Great growth opportunity. Another one is coiled line pipe. This is an area where we've taken the existing manufacturing infrastructure that we already have for one of our leadership products, and we've modified it by adding a coating to our product so that we can have another application use of that technology. So with that new application use, we are one of the only suppliers of coiled line pipe for offshore and specialized land applications, high-pressure applications. So very few competitors, but a great area opportunity for market expansion. Last two examples I want to provide come from our downhole segment. First is our pump protection. We provide specialized tools that extend the life of our customers' downhole pumps. We don't make the pump. We just make the pump last a lot longer. And with our tools, our customers, who are generally E&P companies, so these are producers of hydrocarbons, are able to produce more at a much lower cost. Our tools have had great adoption in the United States. So we have good market share, some more opportunity for growth, but in the U.S., we are the go-to. Internationally, that market is four times larger. And today, they're choosing not to protect their pumps. So the value proposition is extend the life of your pump, produce more, and do it at a lower cost. I think that's a winning value proposition for that customer base. But it's one that'll take time. But over time, that is going to help us expand our market share. So in a flat market, one where our industry doesn't grow, we expect to grow, we expect we have the opportunity to grow our overall revenue 30% to $1 billion by, again, taking advantage of the growth markets and doubling our share from 8% - 16% in our growth markets. That's the flat market outlook. As energy professionals, though, we don't believe we're in a flat market. We believe we're in a market that is going to grow. Looking at the global drivers for that growth, we have global GDP growth, urbanization. Really, the big drivers for oil and gas demand are going to increase, and as an industry, we're going to have to meaningfully overcome, we're going to have to add supply to overcome meaningful decline rates, and we're going to have to add rigs a little bit, but we're going to have to be efficient. And that's where we play a key role. Our products and solutions make the industry more efficient. So if we're going to supply all the oil and gas that the world needs, we're going to have to do it through our tools. And we think that this opportunity will expand our markets over time by 9% a year through 2030. And in that scenario, market share gains, markets expanding, we have the opportunity to double our revenue to $1.6 billion. What does that mean for our financials? Great question. As we look ahead to 2030 in an expanding revenue market going from $780 million to $1.6 billion, in that scenario, with our operating leverage, 25%-35% of our incremental revenue turns to EBITDA. So we would nearly quadruple our EBITDA in those five years. In addition, 60%-70% of that incremental EBITDA is turned into free cash flow. So by 2030, we have the opportunity to increase our cash flow by nearly three times. That is significant growth and a significant opportunity. So as we think about why, why FET, track record of outperformance, we are an incredible value today, significant capital returns today and in the future, and we are poised for growth. So with that, I'm going to pause and open it up for question and answers. Neal, there's a couple of questions on the chat. Maybe Lyle, would you? Yep. So got a question in. With the industry shifting toward more subsea and deep-water projects, how is FET positioned to capture future demand? Okay. Yeah. I think that's a great question. About 10% of our revenue is directly tied to subsea products. So we address that part of the industry with our subsea product line. So we, as a company, have had the opportunity to supply remote-operated vehicles plus the associated consumables that go with those vehicles. So as we go into the next few years, actually going into next year, we've generated a significant amount of backlog with our subsea product line. So I think that's a great opportunity. We're well-positioned. In addition to just our subsea group, we touch offshore with our downhole products, with our coiled tubing, and with our drilling product line. So just about everything we do, again, if you think about our products and solutions make the industry more efficient, we have that opportunity onshore and offshore. Great. Another question here, Neal is it 's seems as though the growth opportunity would increase even if rig count slows down, but operating companies, E&Ps, start looking to their second and third-tier inventory to be able to maintain productions. How does that play into upside for our scenario? Yeah. Well, that's a great insight there. Our value, we call it service intensity. So as we think about our customers, they're doing more with the same equipment. And so our products and solutions allow that efficiency. So what we've seen over time is each rig will drill more wells per rig per year so that they're consuming more equipment of ours, more products and solutions of ours. They will drill longer laterals so that the key consumables we provide, like coiled tubing and wireline, our unit price is going up because they're having to be longer. As they frack more stages per day, they're wearing out their equipment more quickly. So anything that makes the equipment more intensive, that is higher utilization, is a key benefit and upside to our outlook. And Neal, another question here. What does management view as the biggest catalyst that could translate today's record backlog into meaningful earnings expansion in the next 12-18 months? Yeah. I think our biggest catalyst would be, let's say, a bottoming in oil price and an increase a little bit in commodity that would encourage drilling sooner than later. We think over time that absolutely is going to occur. Not sure in the next 6-12 months or so. But as the price bottoms out, as we see more demand for gas, I think we could continue to grow our share. And again, I think that would be a meaningful catalyst. Yeah. Neal, maybe I would add in a couple of points. One, with that strong backlog, we do have a nice tailwind in the business going into next year. As I guess the quote there is, "Our backlog now is the strongest it's been since 2015." So very excited about that. A lot of that is in subsea that Neal spoke about. The other part of the catalyst for next year is cost savings. So through 2025, the management team here has taken out roughly $15 million worth of structural cost, $10 million in the bag already, and another $5 million to come through some facility consolidations that will be wrapped up here early in 2026. So both of those give us a good tailwind into next year. Yes. Agree. Well, good. Another question, Neal, in the same line of thinking of backlog is, what does a book-to-bill ratio of 122% say about FET? Yeah. That's a little bit higher than normal. I think early in this presentation, I think we said about three-fourths of our revenue is activity-based consumables. So with that, we would generally expect to have a book-to-bill of around 100%. So above that means that we're seeing more capital. What we have seen, and I think that's key, it's a good point there, is we are in a global business. So I think where maybe U.S. land is a little weaker because we have overproduction or just not as much demand right now. Internationally, we're seeing our customers buy key products. So we talked about a big booking that we had for drilling and capital equipment in the third quarter. So that's part of what's driving our book-to-bill higher. I think we maybe stabilize closer to our historical rate going forward. But our teams are absolutely focused on continuing to move our product to keep that book-to-bill over 100. Okay. I think unless there's anything you see else there, Lyle, on questions, I think we've. I think we've got them. Okay. Well, for those that joined us today, I really appreciate your time. I hope this was worthwhile. We are excited about our opportunity. We think we make a compelling investment, and we look forward to having you join us. Thank you. Good day. This is Archie from Investor Summit Group. I am the co-host with Bond. Thank you for your wonderful presentation. It's great to have you guys. Thank you. Have a great day, both of you, Mr. Neal and Mr. Lyle.