Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 53

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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8,301 $5,709 ____________1    Excludes finance leases. Totals may vary from amounts presented in the condensed consolidated statements of cash flows due to the timing of cash payments. Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024 (unaudited)(unaudited)(unaudited)(unaudited)Depreciation and amortization:IHT$3,251 $2,928 $8,965 $8,935 MS4,194 4,504 12,750 13,718 Corporate and shared support services1,302 1,602 3,961 5,281 Total depreciation and amortization1$8,747 $9,034 $25,676 $27,934 ____________1             Breakdown of depreciation and amortization included in the condensed consolidated statements of operations described below: Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Depreciation and amortization:Amount included in operating expenses3,283 3,429 9,497 10,520 Amount included in SG&A expenses5,464 5,605 16,179 17,414 Total depreciation and amortization$8,747 $9,034 $25,676 $27,934 Separate measures of our assets by operating segment are not produced or utilized by our CODM to evaluate segment performance.

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16. RELATED PARTY TRANSACTIONS

In September 2025, $15.0 million of the Company’s outstanding loan under the Second A&R Second Lien Term Loan Agreement was acquired by JFL Credit Opportunities Fund II, L.P. and affiliates, in which one of the Company’s independent director is an equity partner. The terms of the loan remain unchanged.In connection with the Company’s debt transactions, the Company engaged in transactions with Corre and its affiliates to provide and/or repay funding as described in Note 10 - Debt.In connection with the Series B Transactions as discussed in Note 1 - Discussion of Business and Basis of preparation, on September 11, 2025, the Company entered into the Purchase Agreement with the Stellex Holder. In addition, $10.0 million of the Company’s outstanding loan under the Second A&R Second Lien Term Loan Agreement was acquired by the Stellex Holder on September 11, 2025. The