Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 29

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 29
---
 accounts receivable$162,254 $145,743 Unbilled revenues48,946 30,173 Allowance for credit losses(3,667)(3,271)Total$207,533 $172,645 The following table shows a rollforward of the allowance for credit losses (in thousands): June 30, 2025 (unaudited)Balance at beginning of period$3,271 Provision for expected credit losses1,095 Recoveries collected(307)Write-offs(439)Foreign exchange effects47 Balance at end of period$3,667 

4. INVENTORY

A summary of inventory as of June 30, 2025 and December 31, 2024 is as follows (in thousands): June 30, 2025December 31, 2024 (unaudited) Raw materials$10,115 $9,098 Work in progress4,856 2,267 Finished goods26,568 26,509 Total$41,539 $37,874 

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

A summary of prepaid expenses and other current assets as of June 30, 2025 and December 31, 2024 is as follows (in thousands):June 30, 2025December 31, 2024 (unaudited) Insurance receivable$39,000 $39,000 Prepaid expenses14,574 15,817 Other current assets2,547 3,826 Total$56,121 $58,643 The insurance receivable relates to the receivables from our third-party insurance providers for a legal claim that is recorded in other accrued liabilities, refer to Note 8 - Other Accrued Liabilities. Insurance receivables will be collected from our third-party insurance providers for litigation matters that have been settled, or are pending settlement, and where the deductibles have been satisfied. The prepaid expenses primarily relate to prepaid insurance and other expenses that have been paid in advance of the coverage period. Other current assets include other receivables, current portion of software implementation costs, and deferred financing charges.

10 

6. PROPERTY, PLANT AND EQUIPMENT

A summary of property, plant and equipment as of June 30, 2025 and December 31, 2024 is as follows (in thousands):June 30, 2025December