Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 32

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 ended September 30, 2025 and 2024 is included in the table below (in thousands):  Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Depreciation expense:Amount included in operating expenses$3,006 $3,420 $9,185 $10,467 Amount included in SG&A expenses1,622 1,718 4,900 5,205 Total depreciation expense$4,628 $5,138 $14,085 $15,672 

7.  INTANGIBLE ASSETS

A summary of intangible assets as of September 30, 2025 and December 31, 2024 is as follows (in thousands):  September 30, 2025 (unaudited) GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountCustomer relationships$162,678 $(122,099)$40,579 Trade names19,172 (18,895)277 Technology2,300 (2,204)96 Licenses683 (683)— Intangible assets$184,833 $(143,881)$40,952 

12 

 December 31, 2024 GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountCustomer relationships$162,633 $(113,033)$49,600 Trade names19,129 (18,754)375 Technology2,300 (2,032)268 Licenses683 (683)— Intangible assets$184,745 $(134,502)$50,243 Amortization expense of intangible assets for the three months ended September 30, 2025 and 2024 was $3.1 million and $3.1 million, respectively. Amortization expense of intangible assets for the nine months ended September 30, 2025 and 2024 was $9.3 million and $9.3 million, respectively. Amortization expense of intangible assets is included in “Selling, general and administrative expenses” on our condensed consolidated statements of operations.

The weighted-average amortization period for intangible assets subject to amortization was 13.9 years and 13.8 years, respectively as of September 30, 2025 and December 31, 2024. 

8. OTHER ACC