Financial Data and Key Metrics Changes - Expro reported Q4 2024 revenue of $437 million, with adjusted EBITDA of $100 million, representing 23% of revenue [6][30] - Q4 adjusted cash flow from operations was $115 million, and free cash flow was $75 million, marking the best financial performance since the Expro Freix merger [6][7] - For the full year 2024, revenue reached $1.7 billion, up 13% year over year, with adjusted EBITDA of $347 million, a 40% increase from 2023 [9][30] Business Line Data and Key Metrics Changes - The Subsea Well Access business saw increased activity, contributing to revenue growth in Q4, particularly in Angola [7] - The Well Intervention and Integrity business is expected to generate over $300 million in 2025, with improved margins due to technology investments [21] - The Well Flow Management segment partnered with Petrobras to develop new flow meter technology, enhancing efficiency [22] Market Data and Key Metrics Changes - North and Latin America (NLA) revenue was $139 million in Q4, flat quarter over quarter, with expectations for mid-single-digit revenue growth in 2025 [31][32] - Europe and Sub-Saharan Africa (EESA) revenue increased to $143 million in Q4, driven by higher subsea activity in Angola [34] - The Middle East and North Africa (MENA) revenue was $93 million in Q4, with expectations for mid to high single-digit growth in 2025 [37] Company Strategy and Development Direction - The company aims for stable to modest revenue growth in 2025, focusing on operational efficiency and strategic acquisitions [18][25] - Expro is prioritizing investments in high-return projects and technology-enabled services to enhance margins and capture growth opportunities [18][19] - The Drive 25 initiative targets a 7% to 8% reduction in support costs over the next 12 to 18 months, aiming for improved operating leverage [24][40] Management's Comments on Operating Environment and Future Outlook - Management anticipates a transition year for the energy services industry in 2025, with stable revenue and improved margins expected [25][46] - The outlook for oil and gas investment remains positive, driven by economic growth and security of supply considerations [46] - Concerns about oil supply are expected to ease, potentially leading to increased activity in international and offshore markets [46] Other Important Information - The company achieved nearly 1.9 million man hours without a health, safety, and environmental-related lost time incident during the Congo project [8] - Total available liquidity at year-end was approximately $320 million, with cash and cash equivalents of about $185 million [41] Q&A Session Summary Question: Clarification on 2025 revenue guidance - Management indicated that the stable to modestly up revenue guidance for 2025 is due to market exposure and strategic M&A efforts, particularly in unconventional gas markets [48][54] Question: Insights on Q1 revenue decline - The steeper sequential decline in Q1 revenue is attributed to a strong Q4 performance and typical winter season impacts, with expectations for a rebound in Q2 [55][57] Question: Free cash flow progression - Management highlighted that free cash flow margin is expected to improve through cost discipline and operational efficiency initiatives, with a target of 10% over time [63][66] Question: Capital allocation priorities - The company maintains an appetite for M&A while focusing on creating long-term shareholder value, balancing between CapEx and share buybacks [69][71] Question: Resolution of the Congo project - Management confirmed successful resolution of outstanding variation orders related to the Congo project, with expectations for improved margins in the O&M phase [74][76]