Company: TISI
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0000318833-25-000015
Chunk: 67

Company: TEAM INC
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 67
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,730 14,555 Amount included in SG&A expenses22,565 23,317 Total depreciation and amortization36,295 37,872 Non-cash share-based compensation costs2,273 1,590 Consolidated Adjusted EBITDA$54,262 $42,502 Free Cash Flow:Cash provided by (used in) operating activities$22,767 $(10,986)Capital expenditures(9,465)(10,430)Free Cash Flow$13,302 $(21,416)

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1    The twelve months ended December 31, 2024, includes $3.8 million related to costs associated with debt financing, and $0.3 million for lease extinguishment charges, support and other costs. The twelve months ended December 31, 2023, includes $6.7 million related to costs associated with debt financing, and $2.4 million, for lease extinguishment charges, support and other costs.  

2    Primarily relates to accrued legal matters, adjustments to legal reserves and other non-routine matters. Twelve months ended December 31, 2024 includes $3.8 million of legal fees, partially offset by $3.7 million related to the reversal of a reserve established for the potential repayment of pandemic related subsidies (see Note 16 - Commitments and Contingencies). Twelve months ended December 31, 2023 includes $3.9 million related to accruals for the potential repayment of pandemic related subsidies in foreign jurisdiction.  

3    Represents customary severance costs associated with staff reductions across multiple departments.

4    Represents loss on the early payoff of the remaining APSC Term Loan in June 2023.

5    The twelve months ended December 31, 2023 represents $0.7 million loss on settlement of a note receivable and an additional $0.6 million for the write-off of software related costs.

6    Represents the tax effect of the adjustments. 

7    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.

17

TEAM, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)(unaudited, in thousands)Tw