Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 28

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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:IHT$90,113 $2 $17,459 $5,660 $113,234 MS— 112,873 248 2,263 115,384 Total$90,113 $112,875 $17,707 $7,923 $228,618 Six Months Ended June 30, 2025(unaudited)Non-Destructive Evaluation and Testing ServicesRepair and Maintenance ServicesHeat TreatingOtherTotalRevenue:IHT$185,081 $52 $38,294 $13,184 $236,611 MS— 208,341 338 1,391 210,070 Total$185,081 $208,393 $38,632 $14,575 $446,681 Six Months Ended June 30, 2024(unaudited)Non-Destructive Evaluation and Testing ServicesRepair and Maintenance ServicesHeat TreatingOtherTotalRevenue:IHT$171,123 $147 $30,943 $10,469 $212,682 MS— 211,736 355 3,445 215,536 Total$171,123 $211,883 $31,298 $13,914 $428,218 For additional information on our reportable segments, refer to Note 14 - Segment Disclosures.Remaining performance obligations. As permitted by ASC 606, Revenue from Contracts with Customers, we have elected not to disclose information about remaining performance obligations where (i) the performance obligation is part of a contract that has an original expected duration of one year or less or (ii) when we recognize revenue from the satisfaction of the performance obligation in accordance with the right-to-invoice practical expedient, which permits us to recognize revenue in the amount to which we have a right to invoice the customer if that amount corresponds directly with the value to the customer of our performance completed to date. As most of our contracts with customers are short-term in nature and billed on a time and material basis, there were no material amounts of remaining performance obligations as of June 30, 2025 and December 31, 2024.

9 

3. ACCOUNTS RECEIVABLE

A summary of accounts receivable as of June 30, 2025 and December 31, 2024 is as follows (in thousands): June 30, 2025December 31, 2024 (unaudited) Trade