Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 108

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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 million, is primarily due to the impact of a loss on unfavorable foreign currency fluctuations during the current quarter.

Taxes. The provision for income tax was $1.0 million on the pre-tax loss of $3.3 million in the current year quarter, compared to a $1.5 million income tax provision on a pre-tax loss of $1.3 million in the prior year quarter. The effective tax rate, inclusive of discrete items, was a provision of 29.9% for the three months ended June 30, 2025, compared to a provision of 114.0% for the three months ended June 30, 2024. The decrease in effective tax rate for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 is due to the mix of pretax income in non-valuation allowance jurisdictions and pretax losses in valuation allowance jurisdictions. The impact is a larger decrease in income tax expense as compared to pretax income, resulting in a decrease of effective tax rate. 

25

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following is a comparison of our results of operations for the six months ended June 30, 2025 to the six months ended June 30, 2024 (in thousands):

 Six Months Ended June 30,Favorable (Unfavorable) 20252024$% (unaudited)(unaudited)  Revenues by business segment:IHT$236,611 $212,682 $23,929 11.3 %MS210,070 215,536 (5,466)(2.5)%Total revenues$446,681 $428,218 $18,463 4.3 %Operating income (loss):IHT$24,473 $17,644 $6,829 38.7 %MS9,026 14,728 (5,702)(38.7)%Corporate and shared support services(27,399)(27,599)200 0.7 %Total operating income$6,100 $4,773 $1,327 27.8 %Interest expense, net$(23,332)$(24,007)$675 2.8 %Loss on debt extinguishment(11,853)— $(11,853)(100)%Other (expense) income