Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 8

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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33)Consolidated Adjusted EBIT and Adjusted EBITDA:Net loss$(29,718)$(17,195)Provision for income taxes222 73 Loss (gain) on equipment sale5 (10)Interest expense, net11,436 12,098 Professional fees and other12,007 2,081 Write-off of software cost45 — Legal costs2490 82 Severance charges, net3467 425 Foreign currency loss (gain)205 (1,239)Pension credit5(51)(113)Loss on debt extinguishment11,853 — Consolidated Adjusted EBIT(3,039)(3,798)Depreciation and amortizationAmount included in operating expenses3,102 3,583 Amount included in SG&A expenses5,300 6,057 Total depreciation and amortization8,402 9,640 Non-cash share-based compensation costs (credit)(53)665 Consolidated Adjusted EBITDA$5,310 $6,507 Free Cash Flow:Cash provided by (used in) operating activities$(28,661)$1,886 Capital expenditures(1,406)(3,016)Free Cash Flow$(30,067)$(1,130)

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1    For the three months ended March 31, 2025, consists of $2.0 million related to the Refinancing Transactions, For the three months ended March 31, 2024, includes $1.9 million related to debt financing, and $0.2 million related to support costs.

2        Primarily relates to accrued legal matters and legal reserves.

3        Represents customary severance costs associated with staff reductions across multiple departments.

4    Represents the tax effect of the adjustments. 

5    Represents pension credits for the U.K. pension plan based on the difference between the expected return on plan assets and the amount of the discounted pension liability. The pension plan was frozen in 1994 and no new participants have been added since that date.

27 

TEAM, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)(unaudited, in thousands)Three Months Ended March 31,20252024Segment Adjusted EBIT and Adjusted EBITDA:IHTOperating income$8,693 $5,185 Professional fees