Company: TISI
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0000318833-25-000015
Chunk: 72

Company: TEAM INC
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 72
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 liquidity of $26.2 million.

Refer to Note 11 - Debt and Note 19 - Subsequent Events for additional information about our debt instruments.

Cash Flows

The following table summarizes cash flows from Operating, Investing and Financing activities (in thousands):

Twelve Months Ended December 31,Cash flows provided by (used in):20242023Favorable(Unfavorable)Operating activities$22,767 $(10,986)$33,753 Investing activities(9,298)(10,016)718 Financing activities(12,747)(1,899)(10,848)Effect of exchange rate changes on cash(604)253 (857)Net change in cash and cash equivalents$118 $(22,648)$22,766 

Cash and cash equivalents. Our cash and cash equivalents as of December 31, 2024 totaled $35.5 million, of which $5.1 million was in foreign accounts, primarily in Europe, Canada and Australia, including $1.1 million of cash located in countries where currency restrictions exist.

Our cash and cash equivalents as of December 31, 2023 totaled $35.4 million, of which $12.0 million was in foreign accounts, primarily in Europe, Canada and Australia, including $0.6 million of cash located in countries where currency restrictions exist.

Cash flows attributable to our operating activities. For the year ended December 31, 2024, net cash provided by operating activities was $22.8 million. We incurred a net loss of $38.3 million, further adjusted for a decrease in net working capital of $4.7 million, offset by the effect of depreciation and amortization of $36.3 million, non-cash amortization of debt issuance costs and debt discount of $6.2 million and paid-in-kind interest of $14.4 million.

For the year ended December 31, 2023, net cash used in operating activities was $11.0 million. We incurred a net loss of $75.7 million, further adjusted for a decrease in net working capital of $7.5 million, partially offset by the effect of depreciation and amortization of $37.9 million, non-cash amortization of debt issuance costs and debt discount of $18.7 million and paid-in-kind interest of $14.5 million. 

Cash flows attributable to our investing activities. For the year ended December 31, 2024, net cash