Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 23

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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415 $1,325 $459,269 $(394,596)$(39,707)$26,291 Net loss— — — (2,763)— (2,763)Net settlement of vested stock awards7 2 (19)— — (17)Foreign currency translation adjustment, net of tax— — — — (291)(291)Defined benefit pension plans, net of tax— — — — 43 43 Non-cash compensation— — 612 — — 612 Balance at June 30, 20244,422 $1,327 $459,862 $(397,359)$(39,955)$23,875 Net loss— — — (11,126)— (11,126)Foreign currency translation adjustment, net of tax— — — — 4,592 4,592 Defined benefit pension plans, net of tax— — — — 9090 Non-cash compensation— — 467 — — 467 Balance at September 30, 20244,422 $1,327 $460,329 $(408,485)$(35,273)$17,898 

See accompanying notes to unaudited condensed consolidated financial statements.

5 

TEAM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 Nine Months Ended September 30, 20252024Cash flows from operating activities:Net loss$(45,431)$(31,084)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:Depreciation and amortization25,676 27,934 Loss on debt extinguishment13,136 — Amortization of debt issuance costs, debt discounts, and deferred financing costs3,939 4,690 Paid-in-kind (“PIK”) interest8,554 11,020 Allowance for credit losses1,892 832 Foreign currency loss2,613 1,504 Deferred income taxes(494)(754)Loss (gain) on asset disposal(80)24 Non-cash compensation costs665 1,744 Other, net(167)(256)Changes in operating assets and liabilities:Accounts receivable(19,935)(12,125)Inventory