Team, Inc. (NYSE:TISI) Q4 2017 Earnings Conference Call Transcript

Mar 14, 2018 • 10:00 am ET

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Team, Inc. (NYSE:TISI) Q4 2017 Earnings Conference Call Transcript

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Operator
Operator

Good day, ladies and gentlemen, and welcome to the Team Inc. Fourth Quarter 2017 Earnings Conference Call. (Operator Instruction) As a reminder, today's conference is being recorded.

I would now like to turn the call over to Mr. Don Bleasdell, Vice President of Finance. Sir, you may begin.

Executive
Don Bleasdell

Thank you, Victor. Welcome everyone to Team Inc's fourth quarter and fiscal year 2017 conference call. With me on today's call are Team's new Chief Executive Officer, Amerino Gatti; and Greg Boane, EVP and Chief Financial Officer.

This call is also being webcast and can be accessed through the audio link under the Investor Relations section of our website at teaminc.com. Information recorded on this call speaks only as of today, March 14, 2018. Therefore, please be advised that any time sensitive information may no longer be accurate as of the date of any replay.

Before we continue, I'd like to remind you that this call contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements of 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 such forward-looking statements.

These factors and other risks and uncertainties are described in detail in the company's annual report on Form 10-K and in the company's other filings with the Securities and Exchange Commission. The company assumes no obligations to publicly update or revise any forward-looking statements.

I would now like to turn the conference call over to Mr. Amerino Gatti. Amerino?

Executive
Amerino Gatti

Thank you, Don, and good morning, everyone. I appreciate you joining us today to review our fourth quarter and full year 2017 results. Later in my call, Greg will provide a more detailed financial commentary before we take questions.

First, I'd like to take a minute to thank Gary Yesavage for his tenure as interim CEO of Team. I was able to get to know Gary during the interview process and he served the company extremely well over the past four months. Gary stabilized the business and accomplished a lot in a short period of time. I appreciate his continued support and insight as I transition into this new and exciting role. Gary will continue as a member of the board. I'm honored to have the opportunity to lead an outstanding team, as we begin a new chapter for Team Industrial Services.

Having worked at Schlumberger for more than 25 years, I held field operations, engineering and human resources positions and served in a variety of roles of progressing leadership responsibility, including President of Well Services and most recently, President of the Production Group. In that time, I've been able to gain a deeper understanding of how to lead people and manage successful businesses around the world.

Given this is my first earnings call with Team, I want to share some insights from my first six weeks. First,