Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 106

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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Unfavorable) 20252024$% (unaudited)(unaudited)  Revenues by business segment:IHT$130,396 $113,234 $17,162 15.2 %MS117,630 115,384 2,246 1.9 %Total revenues$248,026 $228,618 $19,408 8.5 %Operating income (loss):IHT$15,780 $12,459 $3,321 26.7 %MS10,137 10,637 (500)(4.7)%Corporate and shared support services(13,814)(11,937)(1,877)(15.7)%Total operating income$12,103 $11,159 $944 8.5 %Interest expense, net$(11,896)$(11,909)$13 0.1 %Other expense, net(3,490)(541)(2,949)(545.1)%Loss before income taxes$(3,283)$(1,291)$(1,992)(154.3)%Provision for income taxes(983)(1,472)489 33.2 %Net loss$(4,266)$(2,763)$(1,503)(54.4)%

Revenues. Total revenues increased by $19.4 million or 8.5% from the prior year quarter and were positively impacted by $1.1 million in favorable foreign exchange movement. IHT revenues increased by $17.2 million or 15.2% primarily driven by  higher turnaround and callout activity in the U.S. of $13.3 million and a $3.6 million revenue increase in Canada. This increase in activity for IHT represented services performed this quarter on large projects from existing customers in both the U.S. and Canada. MS revenues increased by $2.2 million or 1.9%, primarily driven by a $4.5 million increase in U.S. turnaround activities, partially offset by a $2.3 million revenue decrease in Canada and other international locations such as the United Kingdom and Trinidad, all of which had customer project scope conclude in 2024 and did not repeat through this quarter.

Operating income (loss). Overall operating income was $12.1 million in the current year quarter, a $0.9 million increase compared to the prior year quarter. IHT operating income increased by $3