Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 24

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 (623)Deferred income taxes(851)(545)Loss on asset disposal— 32 Non-cash compensation costs313 1,277 Other, net(38)(195)Changes in operating assets and liabilities:Accounts receivable(31,187)(13,796)Inventory(2,663)(356)Prepaid expenses and other assets161 (726)Accounts payable(1,486)6,148 Other accrued liabilities(4,999)(6,548)Income taxes216 1,248 Net cash used in operating activities(32,005)(4,466)Cash flows from investing activities:Capital expenditures(4,316)(5,759)Proceeds from disposal of assets— 139 Net cash used in investing activities(4,316)(5,620)Cash flows from financing activities:Borrowings under Revolving Credit Loans37,000 10,500 Payments under Revolving Credit Loans(17,018)(9,909)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(438)— Payments under ME/RE Loans(23,427)(1,421)Payments under Corre Incremental Term Loan(48,015)(713)Payments for debt issuance costs (8,899)(2,800)Other(1,448)1,843 Net cash provided by (used) in financing activities21,161 (2,500)Effect of exchange rate changes on cash324 (380)Net decrease in cash and cash equivalents(14,836)(12,966)Cash and cash equivalents at beginning of period35,545 35,427 Cash and cash equivalents at end of period$20,709 $22,461    

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. Our stock is