Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 15

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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 expenditures, and operations.

As of September 30, 2025, we were in compliance with our debt covenants. Our ability to maintain compliance with the financial covenants contained in the 2022 ABL Credit Agreement, First Lien Term Loan Agreement and Second A&R Second Lien Term Loan Credit Agreement depends upon our future operating performance and future financial condition, both of which are subject to various risks and uncertainties. 

As of November 10, 2025, we had consolidated cash and cash equivalents of $8.1 million, excluding $4.2 million of restricted cash used mainly as collateral for letters of credit and commercial card programs, and approximately $65.1 million of undrawn availability under our various credit facilities, resulting in total liquidity of $73.2 million. In connection with the Series B Transactions, we have access to up to $30.0 million in additional liquidity through September 2027, subject to certain conditions under the Purchase Agreement.

Cash Flows

The following table summarizes cash flows from Operating, Investing and Financing activities (in thousands):

Nine Months Ended September 30,Cash flows provided by (used in):20252024Favorable(Unfavorable)Operating activities$(28,122)$1,143 $(29,265)Investing activities(7,073)(7,305)232 Financing activities14,176 (9,927)24,103 Effect of exchange rate changes on cash286 (251)537 Net decrease in cash and cash equivalents$(20,733)$(16,340)$(4,393)

Cash and cash equivalents. Our cash and cash equivalents as of September 30, 2025 totaled $14.8 million, consisting of $10.6 million of unrestricted cash on hand, and $4.2 million of restricted cash. International cash balances as of September 30, 2025 were $6.1 million, and approximately $1.2 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.

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