Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 102

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 Represents the tax effect of the adjustments. 

5    Represents pension credits for the U.K. pension plan based on the difference between the expected return on plan assets and the amount of the discounted pension liability. The pension plan was frozen in 1994 and no new participants have been added since that date.

27 

TEAM, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)(unaudited, in thousands)Three Months Ended March 31,20252024Segment Adjusted EBIT and Adjusted EBITDA:IHTOperating income$8,693 $5,185 Professional fees and other— 40 Severance charges, net3115 95 Adjusted EBIT8,808 5,320 Depreciation and amortization2,816 3,029 Adjusted EBITDA$11,624 $8,349 MSOperating income$(1,111)$4,091 Professional fees and other— 82 Severance charges, net3334 325 Adjusted EBIT(777)4,498 Depreciation and amortization4,271 4,649 Adjusted EBITDA$3,494 $9,147 Corporate and shared support servicesNet loss$(37,300)$(26,471)Provision for income taxes222 73 Loss (gain) on equipment sale5 (10)Interest expense, net11,436 12,098 Foreign currency loss (gain)205 (1,239)Professional fees and other12,007 1,959 Write-off of software cost45 — Legal costs2490 82 Severance charges, net318 5 Pension credit4(51)(113)Loss on debt extinguishment11,853 — Adjusted EBIT(11,070)(13,616)Depreciation and amortization1,315 1,962 Non-cash share-based compensation costs (credit)(53)665 Adjusted EBITDA$(9,808)$(10,989)

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1    For the three months ended March 31, 2025, consists of $2.0 million related to the Refinancing Transactions, For the three months ended March 31, 2024, includes $1.9 million related to debt financing, and $0.2 million related to support costs.

2         Primarily