Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 138

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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 affecting operating cash flows and can be significant uses of cash, particularly in periods of increasing revenue and activity levels. Changes in working capital items used $38.4 million in cash flows during the nine months ended September 30, 2025, a $23.9 million increase as compared to the $14.5 million in cash flows used by working capital in the corresponding 2024 period.

Cash flows attributable to our investing activities. For the nine months ended September 30, 2025, net cash used in investing activities consisted primarily of capital expenditures for equipment of $7.2 million.

For the nine months ended September 30, 2024, net cash used in investing activities consisted primarily of capital expenditures for equipment of $7.5 million.

Cash flows attributable to our financing activities. For the nine months ended September 30, 2025, net cash provided by financing activities totaled $14.2 million. This amount primarily reflects cash inflows from the $175 million borrowing under the new First Lien Term Loan and $75 million in proceeds from the issuance of Series B Preferred Stock. These inflows were partially offset by cash outflows, including a partial repayment of the 2025 Second Lien Term Loan, net payments of $10.0 million under the Revolving Credit Loans, and the full repayment of outstanding balances under the Corre Delayed Draw Term Loan, Corre Incremental Term Loan and ME/RE Loans, and the Corre Uptiered Loan. Additionally, during the period, we incurred  $11.4 million in debt issuance costs related to refinancing transactions completed both with existing and new lenders as of  March 12, 2025. We also paid $7.0 million in costs associated with the issuance of Series B Preferred Stock and warrants. These financing activities reflect our ongoing efforts to optimize our capital structure and manage liquidity.

For the nine months ended September 30, 2024, net cash used in financing activities was $9.9 million, consisting primarily of the payments under the ME/RE Loans of $2.1 million, payments under the Corre Incremental Term Loan of $1.1 million, and payment of debt issuance costs of $7.4 million, partially offset by equipment financing of $1.2 million and net borrowings under the Revolving Credit Loans of $0.5 million.

  Effect of exchange rate changes on cash and cash equivalents. For the nine months ended September 30, 2025 and