Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 99

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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, plant and equipment, net$111,018 $112,835 Included in the table above are assets under finance leases of $12.1 million and $7.7 million as of September 30, 2025 and December 31, 2024, respectively, and related accumulated amortization of $4.4 million and $3.2 million as of September 30, 2025 and December 31, 2024, respectively. Depreciation expense for the three and nine months ended September 30, 2025 and 2024 is included in the table below (in thousands):  Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Depreciation expense:Amount included in operating expenses$3,006 $3,420 $9,185 $10,467 Amount included in SG&A expenses1,622 1,718 4,900 5,205 Total depreciation expense$4,628 $5,138 $14,085 $15,672 

7.  INTANGIBLE ASSETS

A summary of intangible assets as of September 30, 2025 and December 31, 2024 is as follows (in thousands):  September 30, 2025 (unaudited) GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountCustomer relationships$162,678 $(122,099)$40,579 Trade names19,172 (18,895)277 Technology2,300 (2,204)96 Licenses683 (683)— Intangible assets$184,833 $(143,881)$40,952 

12 

 December 31, 2024 GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountCustomer relationships$162,633 $(113,033)$49,600 Trade names19,129 (18,754)375 Technology2,300 (2,032)268 Licenses683 (683)— Intangible assets$184,745 $(134,502)$50,243 Amortization expense of intangible assets for the three months ended September 30, 2025 and 2024 was $3.1 million and $3.1 million, respectively. Amortization expense of intangible assets for the nine