Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 17

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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ulated deficit(445,385)(415,667)Accumulated other comprehensive loss(42,063)(44,129)Total shareholders’ equity (deficit)(25,967)1,738 Total liabilities and shareholders’ equity (deficit)$515,214 $528,365       

See accompanying notes to unaudited condensed consolidated financial statements.

2 

Table of Contents

TEAM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 Three Months EndedMarch 31, 20252024Revenues$198,655 $199,600 Operating expenses151,389 150,869 Gross margin47,266 48,731 Selling, general and administrative expenses53,269 55,117 Operating loss(6,003)(6,386)Interest expense, net(11,436)(12,098)Loss on debt extinguishment(11,853)— Other income (expense), net(204)1,362 Loss before income taxes(29,496)(17,122)Provision for income taxes(222)(73)Net loss $(29,718)$(17,195)Loss per common share:Basic and diluted$(6.61)$(3.89)Weighted-average number of shares outstanding:Basic and diluted4,493 4,415 

See accompanying notes to unaudited condensed consolidated financial statements.

3 

TEAM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS

(in thousands)

(Unaudited)

 Three Months EndedMarch 31, 20252024Net loss$(29,718)$(17,195)Other comprehensive income (loss) before tax:Foreign currency translation adjustment2,015 (2,862)     Defined benefit pension plans:       Amortization of prior service cost8 8        Amortization of net actuarial loss87 79 Other comprehensive income (loss), before tax2,110 (2,775)Tax provision attributable to other comprehensive income (loss)(44)— Other comprehensive income (loss), net of tax2,066 (2,775)Total comprehensive loss$(27,652)$(19,970)

See accompanying notes to unaudited condensed consolidated financial statements.

4 

                       TEAM, INC. AND SUBSIDIARIES