Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 92

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 general and administrative expenses214,966 19,842 34,808 Adjusted EBITDA$8,349 $9,147 $17,496 _____________1    Represent operating expenses excluding indirect depreciation and amortization, and severance cost.2    Represent segment selling, general and administrative expenses excluding depreciation and amortization, noncash share-based compensation, professional, legal and other non-recurring costs.Reconciliation of segment adjusted EBITDA to consolidated loss before income taxes:

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 Three Months EndedMarch 31, 20252024 (unaudited)(unaudited)IHT$11,624 $8,349 MS3,494 9,147      Segment adjusted EBITDA15,118 17,496 Segment depreciation and amortization(7,087)(7,678)Segment professional fees, severance and other(449)(542)Corporate and shared support cost(13,585)(15,662)Consolidated operating loss(6,003)(6,386)Interest expense(11,436)(12,098)Loss on debt extinguishment(11,853)— Other income/(expense)(204)1,362 Loss before income taxes$(29,496)$(17,122)    Three Months EndedMarch 31, 20252024 (unaudited)(unaudited)Capital expenditures1:IHT$1,458 $536 MS667 1,025 Corporate and shared support services14 — Total capital expenditures$2,139 $1,561 ____________1    Excludes finance leases. Totals may vary from amounts presented in the consolidated statements of cash flows due to the timing of cash payments. Three Months EndedMarch 31, 20252024 (unaudited)(unaudited)Depreciation and amortization:IHT$2,816 $3,029 MS4,271 4,649 Corporate and shared support services1,315 1,962 Total depreciation and amortization1$8,402 $9,640 ____________1    Breakdown of depreciation and amortization included in the Consolidated Statements of Operations described below: Three Months EndedMarch 31, 20252024Depreciation and amortization:Amount included in operating expenses3,102 3,583 Amount included in SG&A expenses5,300 6,057 Total depreciation and amortization$8,402