Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 24

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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(2,723)(1,357)Prepaid expenses and other assets(2,376)(1,418)Accounts payable(5,666)7,590 Other accrued liabilities(7,894)(8,718)Income taxes169 1,517 Net cash provided by (used in) operating activities(28,122)1,143 Cash flows from investing activities:Capital expenditures(7,155)(7,454)Proceeds from disposal of assets82 149 Net cash used in investing activities(7,073)(7,305)Cash flows from financing activities:Borrowings under Revolving Credit Loans107,500 20,500 Payments under Revolving Credit Loans(117,518)(21,009)Payments under Corre Delayed Draw Term Loan(35,700)— Payments under Corre Uptiered Loan(55,894)— Borrowings under First Lien Term Loan175,000 — Payments under First Lien Term Loan(875)— Payments under 2025 Second Lien Term Loan(41,803)— Payments under ME/RE Loans(23,427)(2,131)Payments under Corre Incremental Term Loan(48,015)(1,069)Payments for debt issuance costs(11,412)(7,371)Proceeds from issuance of Series B Preferred Stock and warrants75,000 — Issuance cost related to Series B Preferred Stock and warrants(7,023)— Other(1,657)1,153 Net cash provided by (used) in financing activities14,176 (9,927)Effect of exchange rate changes on cash286 (251)Net decrease in cash and cash equivalents(20,733)(16,340)Cash and cash equivalents at beginning of period35,545 35,427 Cash and cash equivalents at end of period$14,812 $19,087    

See accompanying notes to unaudited condensed consolidated financial statements.

6 

TEAM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business. Unless otherwise indicated, the terms “Team,” “the Company,” “we,” “our” and “us” are used in this report to refer to either Team, Inc., to one or more of our consolidated subsidiaries, or to all of them taken as a whole