Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 11

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 842 650 Foreign currency loss (gain)3,544 615 3,749 (624)Pension credit2(54)(102)(105)(215)Loss on debt extinguishment— — 11,853 — Consolidated Adjusted EBIT15,578 11,941 12,539 8,143 Depreciation and amortizationAmount included in operating expenses3,112 3,508 6,214 7,091 Amount included in SG&A expenses5,415 5,752 10,715 11,809 Total depreciation and amortization8,527 9,260 16,929 18,900 Non-cash share-based compensation costs366 612 313 1,277 Consolidated Adjusted EBITDA$24,471 $21,813 $29,781 $28,320 Free Cash Flow:Cash used in operating activities$(3,344)$(6,352)$(32,005)$(4,466)Capital expenditures(2,910)(2,743)(4,316)(5,759)Free Cash Flow$(6,254)$(9,095)$(36,321)$(10,225)

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1    For the six months ended June 30, 2025, includes $1.3 million related to debt financing and for the three and six months ended June 30, 2025, includes $2.3 million and $3.0 million, respectively, related to support costs. For the three and six months ended June 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$