Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 22

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 financial statements include the accounts of our subsidiaries where we have control over operating and financial policies. All material intercompany accounts and transactions have been eliminated in consolidation.Reclassifications.  Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have any effect on our financial condition or results of operations as previously reported.Significant Accounting Policies.  Our significant accounting policies are disclosed in Note 1 - Summary of Significant Accounting Policies and Practices in our Annual Report on Form 10-K. On an ongoing basis, we evaluate the estimates and assumptions, including among other things, those related to long-lived assets. Since the date of our Annual Report on Form 10-K, there have been no material changes to our significant accounting policies.

2. REVENUE

Disaggregation of revenue. Essentially all of our revenues are associated with contracts with customers. A disaggregation of our revenue from customer contracts by geographic region, by reportable operating segment and by service type is presented below:Geographic area (in thousands):Three Months Ended March 31, 2025(unaudited)United StatesCanadaOther CountriesTotalRevenue:IHT$96,397 $7,112 $2,706 $106,215 MS60,977 5,095 26,368 92,440 Total$157,374 $12,207 $29,074 $198,655 Three Months Ended March 31, 2024(unaudited)United StatesCanadaOther CountriesTotalRevenue:IHT$88,575 $7,721 $3,152 $99,448 MS64,302 4,668 31,182 100,152 Total$152,877 $12,389 $34,334 $199,600 Revenue by Operating segment and service type (in thousands):Three Months Ended March 31, 2025(unaudited)Non-Destructive Evaluation and Testing ServicesRepair and Maintenance ServicesHeat TreatingOtherTotalRevenue:IHT$84,444 $1 $16,372 $5,398 $106,215 MS— 91,287 189 964 92,440 Total$84,444 $91,288 $16,561 $6,362 $198,655 

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Three Months Ended March 31, 2024(unaudited)Non-Destructive Evaluation and Testing ServicesRepair and Maintenance Services