Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 19

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 19
---
— Amortization of debt issuance costs, debt discounts, and deferred financing costs1,389 1,975 Paid-in-kind (“PIK”) interest3,261 3,122 Allowance for credit losses182 40 Foreign currency loss (gain)205 (1,239)Deferred income taxes(491)(626)Loss on asset disposal— 5 Non-cash compensation costs (credit)(53)665 Other, net(8)(204)Changes in operating assets and liabilities:Accounts receivable(5,758)5,352 Inventory(1,367)10 Prepaid expenses and other assets127 2,856 Accounts payable(8,877)340 Other accrued liabilities(7,980)(3,527)Income taxes127 672 Net cash provided by (used in) operating activities(28,661)1,886 Cash flows from investing activities:Capital expenditures(1,406)(3,016)Net cash used in investing activities(1,406)(3,016)Cash flows from financing activities:Borrowings under Revolving Credit Loans13,000 — Payments under Revolving Credit Loans(5,018)(9,909)Payments under Corre Delayed Draw Term Loan(35,700)— Payments under Corre Uptiered Loan(55,894)— Borrowings under First Lien Term Loan175,000 — Payments under ME/RE Loans(23,427)(711)Payments under Corre Incremental Term Loan(48,015)(356)Payments for debt issuance costs (8,053)(1,400)Other(705)2,542 Net cash provided by (used) in financing activities11,188 (9,834)Effect of exchange rate changes on cash137 (273)Net decrease in cash and cash equivalents(18,742)(11,237)Cash and cash equivalents at beginning of period35,545 35,427 Cash and cash equivalents at end of period$16,803 $24,190    

See accompanying notes to unaudited condensed consolidated financial statements.

6 

TEAM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business. Unless otherwise indicated, the terms “Team,” “the Company,” “we,” “our” and “us” are