Table of Content Results of Operations The following is a comparison of our results of operations for the twelve months ended December 31, 2023 and December 31, 2022. Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 The following table sets forth the components of revenue and operating income (loss) from our operations for the twelve months ended December 31, 2023 and 2022 (in thousands): Increase Twelve Months Ended December 31, (Decrease) 2023 2022 $ % Revenues by business segment: IHT $ 429,559 $ 422,562 $ 6,997 1.7 % MS 433,056 417,646 15,410 3.7 % Total revenues $ 862,615 $ 840,208 $ 22,407 2.7 % Operating income (loss): IHT 24,220 17,093 7,127 41.7 % MS 27,759 20,930 6,829 32.6 % Corporate and shared support services (65,255) (77,825) 12,570 16.2 % Total operating loss $ (13,276) $ (39,802) $ 26,526 66.6 % Interest expense, net 55,181 85,052 (29,871) (35.1)% Loss on debt extinguishment 1,585 30,083 (28,498) (94.7)% Other expense (income), net 1,102 (8,156) 9,258 (113.5)% Loss before income taxes $ (71,144) $ (146,781) $ 75,637 51.5 % Provision for income taxes 4,578 3,306 1,272 38.5 % Net loss from continuing operations $ (75,722) $ (150,087) $ 74,365 49.5 % Revenues. Total revenues increased $22.4 million or 2.7% from the prior year. Total revenue was negatively impacted by $2.3 million of unfavorable foreign exchange rate movements during 2023. IHT revenues increased by $7.0 million or 1.7%, driven by a $10.3 million increase in the U.S., primarily due to higher callout and turnaround activities in various districts due to higher demand for our non-destructive testing services, a $5.1 million increase in Europe due to higher turnaround activity primarily in the Netherlands, and a $1.5 million increase in our aerospace business as our new facility in Cincinnati experienced increased client interest. These increases were partially offset by a $9.9 million decrease in Canada due to reduced scope in certain client turnaround projects. MS revenues increased by $15.4 million or 3.7%, over prior year, driven by a $16.7 million increase across our international regions other than Canada due to higher activity related to leak repair, machining and bolting services, and hot tapping services primarily in the United Kingdom and Europe. MS revenue in the U.S. increased by $1.1 million, these increases were offset by decreases in valve sales and non-repeating turnaround work in Canada of $1.4 million, and $1.0 million, respectively. Operating income (loss). Overall operating loss decreased by $26.5 million to a loss of $13.3 million in 2023 as compared to a loss of $39.8 million in the prior year. IHT’s operating income increased by $7.1 million, primarily driven by higher activity as described above. MS operating income increased by $6.8 million year over year to $27.8 million for 2023, mainly due to increased activity levels from U.S. and international operations; partially offset by a decrease in operating income from our valve business. Corporate operating loss decreased by $12.6 million year over year, mainly due to lower personnel and professional costs in the current year as compared to prior year and lower overall costs due to our ongoing cost reduction efforts. The impact of our cost reduction efforts has been partially offset by continued cost inflation in several areas across all segments, such as raw materials, transportation, and labor costs. 14