Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 128

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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 the nine months ended September 30, 2024 (in thousands):

 Nine Months Ended September 30,Favorable (Unfavorable) 20252024$% (unaudited)(unaudited)  Revenues by business segment:IHT$350,389 $320,286 $30,103 9.4 %MS321,268 318,690 2,578 0.8 %Total revenues$671,657 $638,976 $32,681 5.1 %Operating income (loss):IHT$35,995 $27,504 $8,491 30.9 %MS14,879 19,188 (4,309)(22.5)%Corporate and shared support services(43,432)(38,761)(4,671)(12.1)%Total operating income$7,442 $7,931 $(489)(6.2)%Interest expense, net$(35,187)$(35,777)$590 1.6 %Loss on debt extinguishment(13,136)— (13,136)(100)%Other income (expense), net(2,396)(1,189)(1,207)(101.5)%Loss before income taxes$(43,277)$(29,035)$(14,242)(49.1)%Provision for income taxes(2,154)(2,049)(105)(5.1)%Net loss$(45,431)$(31,084)$(14,347)(46.2)%

Revenues. Total revenues increased by $32.7 million or 5.1% from the prior year period. IHT year-to-date revenue increased by $30.1 million or 9.4% compared to the prior year period, primarily driven by an increase in U.S. revenue of $23.0 million mainly due to large turnaround projects for our existing customers at new sites, and expanded support in established nested activities for existing customers. In addition, increased demand for enhanced non-destructive evaluation and testing services generated $3.1 million in year over year growth from our laboratory testing and inspection facility in Cincinnati. Greater turnaround and callout services, especially in eastern Canada also contributed a $3.4 million revenue increase. MS revenue increased by $2.6 million or 0.8% compared to the prior year period, with a $9.1 million U.S. revenue increase due to