Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 23

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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Heat TreatingOtherTotalRevenue:IHT$81,010 $145 $13,484 $4,809 $99,448 MS— 98,863 107 1,182 100,152 Total$81,010 $99,008 $13,591 $5,991 $199,600 For additional information on our reportable operating segments, refer to Note 14 - Segment Disclosures.Remaining performance obligations. As permitted by ASC 606, Revenue from Contracts with Customers, we have elected not to disclose information about remaining performance obligations where (i) the performance obligation is part of a contract that has an original expected duration of one year or less or (ii) when we recognize revenue from the satisfaction of the performance obligation in accordance with the right-to-invoice practical expedient, which permits us to recognize revenue in the amount to which we have a right to invoice the customer if that amount corresponds directly with the value to the customer of our performance completed to date. As most of our contracts with customers are short-term in nature and billed on a time and material basis, there were no material amounts of remaining performance obligations as of March 31, 2025 and December 31, 2024.

3. ACCOUNTS RECEIVABLE

A summary of accounts receivable as of March 31, 2025 and December 31, 2024 is as follows (in thousands): March 31, 2025December 31, 2024 (unaudited) Trade accounts receivable$138,580 $145,743 Unbilled revenues43,816 30,173 Allowance for credit losses(3,039)(3,271)Total$179,357 $172,645 The following table shows a rollforward of the allowance for credit losses (in thousands): March 31, 2025 (unaudited)Balance at beginning of period$3,271 Provision for expected credit losses455 Recoveries collected(278)Write-offs(337)Foreign exchange effects(72)Balance at end of period$3,039 

4. INVENTORY

A summary of inventory as of March 31, 2025 and December 31, 2024 is as follows (in thousands): March 31, 2025December 31, 2024 (unaudited) Raw materials$9,845 $9,098 Work in