Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 51

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 a material effect on our condensed consolidated financial statements.

    15. SEGMENT DISCLOSURES 

We conduct operations in two segments: IHT and MS. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the services we offer. The reportable segments results are reviewed regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates the segments’ operating performance based on adjusted EBITDA defined as net income (loss) before income taxes, interest expense, depreciation and amortization, and other non-recurring and non-operational items. Our CODM uses adjusted EBITDA as a measure to make resource allocation decisions for each segment for the budgeting process and reviews budget-to-actual variances to access performance and allocate capital.Segment data for our two operating segments are as follows (in thousands):

22 

 Three Months EndedSeptember 30, 2025 IHTMSTotal(unaudited)(unaudited)(unaudited)Revenues$113,778 $111,198 $224,976 Adjusted operating expenses184,148 79,458 163,606 Adjusted selling, general and administrative expenses214,760 21,545 36,305 Adjusted EBITDA$14,870 $10,195 $25,065  Three Months EndedSeptember 30, 2024 IHTMSTotal(unaudited)(unaudited)(unaudited)Revenues$107,604 $103,154 $210,758 Adjusted operating expenses179,568 74,234 153,802 Adjusted selling, general and administrative expenses215,038 19,864 34,902 Adjusted EBITDA$12,998 $9,056 $22,054  Nine Months EndedSeptember 30, 2025 IHTMSTotal(unaudited)(unaudited)(unaudited)Revenues$350,389 $321,268 $671,657 Adjusted operating expenses1258,851 229,762 488,613 Adjusted selling, general and administrative expenses245,554 62,831 108,385 Adjusted EBITDA$45,984 $28,675 $74,659  Nine Months EndedSeptember 30, 2024 IHTMSTotal(un