Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 23

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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1,350 $460,434 $(449,651)$(35,057)$(22,924)Balance at December 31, 20234,415 $1,315 $458,614 $(377,401)$(36,932)$45,596 Net loss— — — (17,195)— (17,195)Net settlement of vested stock awards— 10 (10)— — — Foreign currency translation adjustment, net of tax— — — — (2,862)(2,862)Defined benefit pension plans, net of tax— — — — 87 87 Non-cash compensation— — 665 — — 665 Balance at March 31, 20244,415 $1,325 $459,269 $(394,596)$(39,707)$26,291 Net loss— — — (2,763)— (2,763)Net settlement of vested stock awards7 2 (19)— — (17)Foreign currency translation adjustment, net of tax— — — — (291)(291)Defined benefit pension plans, net of tax— — — — 43 43 Non-cash compensation— — 612 — — 612 Balance at June 30, 20244,422 $1,327 $459,862 $(397,359)$(39,955)$23,875 

See accompanying notes to unaudited condensed consolidated financial statements.

5 

TEAM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 Six Months Ended June 30, 20252024Cash flows from operating activities:Net loss$(33,984)$(19,958)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:Depreciation and amortization16,929 18,900 Write-off of software cost45 — Loss on debt extinguishment11,853 — Amortization of debt issuance costs, debt discounts, and deferred financing costs2,608 3,625 Paid-in-kind (“PIK”) interest6,541 6,318 Allowance for credit losses788 733 Foreign currency loss (gain)3,749