Company: TISI
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0000318833-25-000015
Chunk: 66

Company: TEAM INC
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 66
---
, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures and should be read only in conjunction with financial information presented on a GAAP basis. Further, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies who may calculate non-GAAP financial measures differently, limiting the usefulness of those measures for comparative purposes. The liquidity measure of free cash flow does not represent a precise calculation of residual cash flow available for discretionary expenditures. Reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure are presented below.

The following tables set forth the reconciliation of Adjusted Net Income (Loss), EBIT and EBITDA to their most comparable GAAP financial measurements on a consolidated and segmented basis:

16

TEAM, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES(unaudited, in thousands except per share data)Twelve Months EndedDecember 31,20242023Adjusted Net Loss:Net loss$(38,266)$(75,722)Professional fees and other14,111 9,121 Legal costs and other2124 5,635 Severance charges, net31,323 1,564 Loss on debt extinguishment4— 1,585 Write-off of other assets5— 1,295 Tax impact of adjustments and other net tax items6(210)(159)Adjusted Net Loss$(32,918)$(56,681)Adjusted Net Loss per common share:Basic and Diluted$(7.43)$(12.97)Consolidated Adjusted EBIT and Adjusted EBITDA:Net loss$(38,266)$(75,722)Provision for income taxes3,276 4,578 Interest expense, net47,808 55,181 Foreign currency loss (gain)(2,231)734 Gain on sale of assets(5)(291)Professional fees and other14,111 9,121 Legal costs and other2124 5,635 Severance charges, net31,323 1,564 Loss on debt extinguishment4— 1,585 Write-off of other assets5— 1,295 Pension credit7(446)(640)Consolidated Adjusted EBIT15,694 3,040 Depreciation and amortizationAmount included in operating expenses13