Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 54

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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742)$(11,237)$(7,505)

Cash and cash equivalents. Our cash and cash equivalents as of March 31, 2025 totaled $16.8 million, consisting of $12.8 million of unrestricted cash on hand, and $4.0 million of restricted cash. International cash balances as of March 31, 2025 were $4.8 million, and approximately $1.1 million of such cash is located in countries where currency or regulatory restrictions exist.

As of December 31, 2024, our cash and cash equivalents were $35.5 million, including $31.5 million of unrestricted cash on hand, and $4.0 million of restricted cash. International cash balances as of December 31, 2024 were $5.1 million, including $1.1 million of cash located in countries where currency or regulatory restrictions existed.

Our total debt and finance obligations were $353.6 million, of which $3.8 million was classified as current at March 31, 2025, compared to total debt of $325.1 million at December 31, 2024.

Cash flows attributable to our operating activities. For the three months ended March 31, 2025, net cash used in operating activities was $28.7 million, a decrease of $30.5 million as compared to net cash provided by operating activities of $1.9 million in the 2024 period. The decrease was primarily driven by the higher negative working capital impacts of $23.7 million primarily attributable to an increase in accounts receivable and lower accrued liabilities and accounts payable. Our net cash provided by operating activities was further impacted by loss on debt extinguishment of $11.9 million, depreciation and amortization of $8.4 million, PIK interest of $3.3 million and amortization of debt issuance costs of $1.4 million.

For the three months ended March 31, 2024, net cash provided by operating activities was $1.9 million. Our net cash provided by operating activities was driven by net loss for the period, which totaled $17.2 million, offset by positive working capital impacts of $5.7 million, depreciation and amortization of $9.6 million, PIK interest of $3.1 million, and amortization of debt issuance costs of $2.0 million.

Cash flows attributable to our investing activities. For