Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 114

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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30, 2024, includes $0.5 million and $2.4 million, respectively, related to debt financing and for six months ended June 30, 2024, includes $0.2 million related to support costs.

2    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.

29

TEAM, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)(unaudited, in thousands)Three Months Ended June 30,Six Months Ended June 30,2025202420252024Segment Adjusted EBIT and Adjusted EBITDA:IHTOperating income$15,780 $12,459 $24,473 $17,644 Professional fees and other1750 — 750 40 Severance charges62 152 177 247 Adjusted EBIT16,592 12,611 25,400 17,931 Depreciation and amortization2,898 2,978 5,714 6,007 Adjusted EBITDA$19,490 $15,589 $31,114 $23,938 MSOperating income$10,137 $10,637 $9,026 $14,728 Professional fees and other1— 58 — 140 Legal costs251 41 251 41 Severance charges313 49 647 374 Adjusted EBIT10,701 10,785 9,924 15,283 Depreciation and amortization4,285 4,565 8,556 9,214 Adjusted EBITDA$14,986 $15,350 $18,480 $24,497 Corporate and shared support servicesNet loss$(30,183)$(25,859)$(67,483)$(52,330)Provision for income taxes983 1,472 1,205 1,545 Loss on equipment sale— 28 5 18 Interest expense, net11,896 11,909 23,332 24,007 Foreign currency loss (gain)3,544 615 3,749 (624)Professional fees and other11,