Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 118

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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 this Note 14 - Commitments and Contingencies, we have accrued in the aggregate approximately $40.7 million as of September 30, 2025, of which approximately $1.7 million is not covered by our various insurance policies.In addition to legal matters discussed above, we are subject to various lawsuits, claims and proceedings encountered in the normal conduct of business (“Other Proceedings”). Management believes that based on its current knowledge and after consultation with legal counsel that the Other Proceedings, individually or in the aggregate, will not have a material effect on our condensed consolidated financial statements.

    15. SEGMENT DISCLOSURES 

We conduct operations in two segments: IHT and MS. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the services we offer. The reportable segments results are reviewed regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates the segments’ operating performance based on adjusted EBITDA defined as net income (loss) before income taxes, interest expense, depreciation and amortization, and other non-recurring and non-operational items. Our CODM uses adjusted EBITDA as a measure to make resource allocation decisions for each segment for the budgeting process and reviews budget-to-actual variances to access performance and allocate capital.Segment data for our two operating segments are as follows (in thousands):

22 

 Three Months EndedSeptember 30, 2025 IHTMSTotal(unaudited)(unaudited)(unaudited)Revenues$113,778 $111,198 $224,976 Adjusted operating expenses184,148 79,458 163,606 Adjusted selling, general and administrative expenses214,760 21,545 36,305 Adjusted EBITDA$14,870 $10,195 $25,065  Three Months EndedSeptember 30, 2024 IHTMSTotal(unaudited)(unaudited)(unaudited)Revenues$107,604 $103,154 $210,758 Adjusted operating expenses179,568 74,234 153,802 Adjusted selling, general and administrative expenses215,038 19,864 34,902 Adjusted EBITDA$12,998 $9,056 $22,054  Nine Months EndedSeptember 30,