Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 6

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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-valuation allowance jurisdictions and pretax losses in valuation allowance jurisdictions. The impact is a larger decrease in income tax expense as compared to pretax income, resulting in a decrease of effective tax rate. 

25

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following is a comparison of our results of operations for the six months ended June 30, 2025 to the six months ended June 30, 2024 (in thousands):

 Six Months Ended June 30,Favorable (Unfavorable) 20252024$% (unaudited)(unaudited)  Revenues by business segment:IHT$236,611 $212,682 $23,929 11.3 %MS210,070 215,536 (5,466)(2.5)%Total revenues$446,681 $428,218 $18,463 4.3 %Operating income (loss):IHT$24,473 $17,644 $6,829 38.7 %MS9,026 14,728 (5,702)(38.7)%Corporate and shared support services(27,399)(27,599)200 0.7 %Total operating income$6,100 $4,773 $1,327 27.8 %Interest expense, net$(23,332)$(24,007)$675 2.8 %Loss on debt extinguishment(11,853)— $(11,853)(100)%Other (expense) income, net(3,694)821 (4,515)(549.9)%Loss before income taxes$(32,779)$(18,413)$(14,366)(78.0)%Provision for income taxes(1,205)(1,545)340 22.0 %Net loss$(33,984)$(19,958)$(14,026)(70.3)%

Revenues. Total revenues increased by $18.5 million or 4.3% from the prior year period. IHT segment year-to-date revenue increased by $23.9 million or 11.3% compared to the prior year period, primarily driven by an increase in U.S. revenue of $18.6 million attributable to large turnaround projects for our existing customers, and expanded support in established nested activities. In addition, increased enhanced non-destructive