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

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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ated Adjusted EBITDA$14,541 $11,311 $44,322 $39,631 Free Cash Flow:Cash used in operating activities$3,883 $5,609 $(28,122)$1,143 Capital expenditures(2,839)(1,695)(7,155)(7,454)Free Cash Flow$1,044 $3,914 $(35,277)$(6,311)

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1    For the three and nine months ended September 30, 2025, includes $0.4 million and $1.7 million, respectively related to debt financing, and $1.6 million and $4.6 million, respectively, related to support costs. For the three and nine months ended September 30, 2024, includes $0.3 million and $2.7 million, respectively, related to debt financing, and for the nine months ended September 30, 2024, includes $0.2 million related to support costs.

2    Represents pension credits for the U.K. pension plan based on the difference between the expected return on plan assets and the amount of the discounted pension liability. The pension plan was frozen in 1994 and no new participants have been added since that date.

33

TEAM, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)(unaudited, in thousands)Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Segment Adjusted EBIT and Adjusted EBITDA:IHTOperating income$11,522 $9,860 $35,995 $27,504 Professional fees and other94 — 844 40 Severance charges3 210 180 457 Adjusted EBIT11,619 10,070 37,019 28,001 Depreciation and amortization3,251 2,928 8,965 8,935 Adjusted EBITDA$14,870 $12,998 $45,984 $36,936 MSOperating income$5,853 $4,460 $14,879 $19,188 Professional fees and other— — — 140 Legal costs— — 251 41 Severance charges148 92 795 466 Adjusted EBIT