Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 97

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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 Company resolved its prior non-compliance with the quantitative listing standards described in Section 802.01B of the NYSE Listed Company Manual.

23 

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

The following is a comparison of our results of operations for the three months ended March 31, 2025 to the three months ended March 31, 2024 (in thousands).

 Three Months Ended March 31,Favorable (Unfavorable) 20252024$% (unaudited)(unaudited)  Revenues by business segment:IHT$106,215 $99,448 $6,767 6.8 %MS92,440 100,152 (7,712)(7.7)%Total revenues$198,655 $199,600 $(945)(0.5)%Operating income (loss):IHT$8,693 $5,185 $3,508 67.7 %MS(1,111)4,091 (5,202)(127.2)%Corporate and shared support services(13,585)(15,662)2,077 13.3 %Total operating loss$(6,003)$(6,386)$383 6.0 %Interest expense, net$(11,436)$(12,098)$662 5.5 %Loss on debt extinguishment(11,853)— $(11,853)(100%)Other (expense) income, net(204)1,362 (1,566)(115.0)%Loss before income taxes$(29,496)$(17,122)$(12,374)(72.3)%Provision for income taxes(222)(73)(149)(204.1)%Net loss$(29,718)$(17,195)$(12,523)(72.8)%

Revenues. Total revenues decreased $0.9 million or 0.5% from the prior year period. IHT segment year-to-date revenue increased by $6.8 million or 6.8% compared to the prior year period, primarily driven by an increase in U.S. operations revenue of $7.8 million attributable to higher turnaround and capital projects activity as well as $2.0 million from our Aerospace facility, partially offset by lower year over year callout and turnaround activities in Canada and other international regions of $1.0 million.