Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 77

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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355)(320,322)Property, plant and equipment, net$110,945 $112,835 Included in the table above are assets under finance leases of $8.3 million and $7.7 million as of March 31, 2025 and December 31, 2024, respectively, and related accumulated amortization of $3.4 million and $3.2 million as of March 31, 2025 and December 31, 2024, respectively. 

Depreciation expense for the three months ended March 31, 2025 and 2024 was $4.7 million and $5.3 million, respectively, of which $3.1 million and $3.6 million, respectively, was included in “Operating expenses” and $1.6 million and $1.8 million, respectively, was included in “Selling, general and administrative expenses” on our condensed consolidated statements of operations. 

10 

7.  INTANGIBLE ASSETS

A summary of intangible assets as of March 31, 2025 and December 31, 2024 is as follows (in thousands):  March 31, 2025 (unaudited) GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountCustomer relationships$162,647 $(116,054)$46,593 Trade names19,143 (18,800)343 Technology2,300 (2,089)211 Licenses683 (683)— Intangible assets$184,773 $(137,626)$47,147  December 31, 2024 GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountCustomer relationships$162,633 $(113,033)$49,600 Trade names19,129 (18,754)375 Technology2,300 (2,032)268 Licenses683 (683)— Intangible assets$184,745 $(134,502)$50,243 Amortization expense of intangible assets for the three months ended March 31, 2025 and 2024 was $3.1 million and $3.1 million, respectively. Amortization expense of intangible assets is included in “Selling, general and administrative expenses” on our condensed consolidated statements of operations.The weighted-average