Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 16

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
Table of Contents

PART I—FINANCIAL INFORMATIONITEM 1.FINANCIAL STATEMENTSTEAM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

March 31, 2025December 31, 2024ASSETS(unaudited) Current assets:Cash and cash equivalents$16,803 $35,545 Accounts receivable, net of allowance of $3,039 and $3,271 respectively179,357 172,645 Inventory39,615 37,874 Income tax receivable488 396 Prepaid expenses and other current assets56,100 58,643 Total current assets292,363 305,103 Property, plant and equipment, net110,945 112,835 Intangible assets, net47,147 50,243 Operating lease right-of-use assets42,016 40,407 Defined benefit pension asset5,071 4,768 Other assets, net15,559 13,427 Deferred tax asset2,113 1,582 Total assets$515,214 $528,365 LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)Current liabilities:Current portion of long-term debt and finance lease obligations$3,811 $6,485 Current portion of operating lease obligations14,826 14,790 Accounts payable34,358 42,091 Other accrued liabilities97,246 105,228 Income tax payable2,887 2,654 Total current liabilities153,128 171,248 Long-term debt and finance lease obligations349,813 318,626 Operating lease obligations30,096 28,631 Deferred tax liabilities4,981 4,965 Other long-term liabilities3,163 3,157 Total liabilities541,181 526,627 Commitments and contingenciesShareholders’ equity (deficit):Preferred stock, 500,000 shares authorized, none issued— — Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,493,391 and 4,493,338 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively1,348 1,348 Additional paid-in capital460,133 460,186 Accum