Company: TISI
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0000318833-25-000015
Chunk: 9

Company: TEAM INC
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 9
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 We performed a software-assisted data analysis to test relationships among certain revenue transactions. For a sample of transactions, we compared the amounts recognized as revenue for consistency with relevant underlying documentation, including contracts and other third-party evidence. We evaluated the sufficiency of the audit evidence obtained over revenue by assessing the results of the procedures performed, including the appropriateness of the nature and extent of such evidence.

/s/ KPMG LLP

We have served as the Company’s auditor since 2002.

Houston, Texas

March 19, 2025 

25

 TEAM, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 December 31, 20242023ASSETSCurrent assets:Cash and cash equivalents$35,545 $35,427 Accounts receivable, net of allowance of $3,271 and $3,738, respectively172,645 181,185 Inventory37,874 38,853 Income tax receivable396 644Prepaid expenses and other current assets58,643 65,992 Total current assets305,103 322,101 Property, plant and equipment, net112,835 127,057 Intangible assets, net 50,243 62,693 Operating lease right-of-use assets40,407 40,498 Defined benefit pension asset4,768 4,323 Other assets, net13,427 7,847 Deferred tax asset1,582 1,225 Total assets$528,365 $565,744 LIABILITIES AND EQUITYCurrent liabilities:Current portion of long-term debt and finance lease obligations$6,485 $5,212 Current portion of operating lease obligations14,790 14,232 Accounts payable42,091 36,389 Other accrued liabilities105,228 118,089 Income tax payable2,654 1,016 Total current liabilities171,248 174,938 Long-term debt and finance lease obligations318,626 306,214 Operating lease obligations28,631 29,962 Deferred tax liabilities4,965 5,742 Other long-term liabilities3,157 3,292 Total liabilities526,627 520,148 Commitments and contingencies Equity:Preferred stock, 500,000 shares authorized, none issued— — Common stock, par value $0.30 per share