Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 18

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

(in thousands)

(Unaudited)

Common StockAdditionalPaid-inCapitalAccumulated  DeficitAccumulatedOtherComprehensiveLossTotalShareholders’Equity(Deficit)SharesAmountBalance at December 31, 20244,493 $1,348 $460,186 $(415,667)$(44,129)$1,738 Net loss— — — (29,718)— (29,718)Foreign currency translation adjustment, net of tax— — — — 1,971 1,971 Defined benefit pension plans, net of tax— — — — 95 95 Non-cash compensation— — (53)— — (53)Balance at March 31, 20254,493 $1,348 $460,133 $(445,385)$(42,063)$(25,967)Balance at December 31, 20234,415 $1,315 $458,614 $(377,401)$(36,932)$45,596 Net loss— — — (17,195)— (17,195)Net settlement of vested stock awards— 10 (10)— — — Foreign currency translation adjustment, net of tax— — — — (2,862)(2,862)Defined benefit pension plans, net of tax— — — — 87 87 Non-cash compensation— — 665 — — 665 Balance at March 31, 20244,415 $1,325 $459,269 $(394,596)$(39,707)$26,291 

See accompanying notes to unaudited condensed consolidated financial statements.

5 

TEAM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 Three Months Ended March 31, 20252024Cash flows from operating activities:Net loss$(29,718)$(17,195)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:Depreciation and amortization8,402 9,640 Write-off of software cost45 — Loss on debt extinguishment11,853