Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 101

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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 FINANCIAL MEASURES(unaudited, in thousands except per share data)Three Months Ended March 31,20252024Adjusted Net Loss:Net loss$(29,718)$(17,195)Professional fees and other12,007 2,081 Write-off of software cost45 — Legal costs2490 82 Severance charges, net3467 425 Loss on debt extinguishment11,853 — Tax impact of adjustments and other net tax items4(13)(112)Adjusted Net Loss$(14,869)$(14,719)Adjusted Net Loss per common share:Basic and Diluted$(3.31)$(3.33)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