Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 132

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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 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:

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TEAM, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES(unaudited, in thousands except per share data)Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Adjusted Net Loss:Net loss$(11,447)$(11,126)$(45,431)$(31,084)Professional fees and other11,977 318 6,285 2,915 Write-off of software cost— — 45 — Legal costs (credits) and litigation reserves1,972 (1,975)3,261 (1,852)Severance charges151 309 993 959 Loss on debt extinguishment1,283 — 13,136 — Tax impact of adjustments and other net tax items2 (64)(101)(202)Adjusted Net Loss$(6,062)$(12,538)$(21,812)$(29,264)Dividend and accretion to redemption value on redeemable preferred stock(610)— (610)— Adjusted Net Loss attributable to common shareholders$(6,672)$(12,538)$(22,422)$(29,264)Adjusted Net Loss per common share:Basic and Diluted$(1.48)$(2.84)$(4.99)$(6.62)Consolidated Adjusted EBIT and Adjusted EBITDA:Net loss$(11,447)$(11,126)$(45,431)$(31,084)Provision for income taxes949 504 2,154 2,049 Loss (gain) on equipment sale(107)(7)(102)11 Interest expense, net11,855 11,770 35,187 35,777 Professional fees and other11,977 318 6,285 2,915 Write-off of software cost— — 45 — Legal costs (credits) and litigation reserves1,972 (1,975