Company: TISI
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0000318833-25-000015
Chunk: 68

Company: TEAM INC
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 68
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elve Months EndedDecember 31,20242023IHTOperating income$37,012 $24,220 Professional fees and other1162 941 Severance charges, net3551 492 Adjusted EBIT37,725 25,653 Depreciation and amortization11,778 12,402 Adjusted EBITDA$49,503 $38,055 MSOperating income$27,287 $27,759 Professional fees and other1140 147 Legal costs and other241 — Severance charges, net3588 792 Adjusted EBIT28,056 28,698 Depreciation and amortization18,061 18,755 Adjusted EBITDA$46,117 $47,453 Corporate and shared support servicesNet loss$(102,565)$(127,701)Provision for income taxes3,276 4,578 Gain on sale of assets(5)(291)Interest expense, net47,808 55,181 Foreign currency loss (gain)(2,231)734 Professional fees and other13,809 8,033 Legal costs and other283 5,635 Severance charges, net3184 280 Loss on debt extinguishment4— 1,585 Write-off of other assets5— 1,295 Pension credit6(446)(640)Adjusted EBIT(50,087)(51,311)Depreciation and amortization6,456 6,715 Non-cash share-based compensation costs2,273 1,590 Adjusted EBITDA$(41,358)$(43,006)

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1    The twelve months ended December 31, 2024, includes $3.8 million related to costs associated with debt financing, and $0.3 million for lease extinguishment charges, support and other costs. The twelve months ended December 31, 2023, includes $6.7 million related to costs associated with debt financing, and $2.4 million, for lease extinguishment charges, support and other costs.

2    Primarily relates to accrued legal matters, adjustments to legal reserves and other non-routine matters. Twelve months ended December 31, 2024 includes $3.8 million of legal fees, partially offset by $3.7 million related to the reversal of a reserve established for the potential repayment of pandemic related subsidies (see Note 16 - Commit