Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 45

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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Adjusted selling, general and administrative expenses215,419 20,750 36,169 Adjusted EBITDA$15,589 $15,350 $30,939 

19 

 Six Months EndedJune 30, 2025 IHTMSTotal(unaudited)(unaudited)(unaudited)Revenues$236,611 $210,070 $446,681 Adjusted operating expenses1174,703 150,304 325,007 Adjusted selling, general and administrative expenses230,794 41,286 72,080 Adjusted EBITDA$31,114 $18,480 $49,594  Six Months EndedJune 30, 2024 IHTMSTotal(unaudited)(unaudited)(unaudited)Revenues$212,682 $215,536 $428,218 Adjusted operating expenses1158,359 150,447 308,806 Adjusted selling, general and administrative expenses230,385 40,592 70,977 Adjusted EBITDA$23,938 $24,497 $48,435 _____________1    Represent operating expenses excluding indirect depreciation and amortization, and severance cost.2    Represent segment selling, general and administrative expenses excluding depreciation and amortization, noncash share-based compensation, professional, legal and other non-recurring costs.Reconciliation of segment adjusted EBITDA to consolidated loss before income taxes:Three Months EndedJune 30,Six Months EndedJune 30,Segment adjusted EBITDA:2025202420252024IHT$19,490 $15,589 $31,114 $23,938 MS14,986 15,350 18,480 24,497     Total segment adjusted EBITDA34,476 30,939 49,594 48,435 Segment depreciation and amortization(7,183)(7,543)(14,270)(15,221)Segment professional fees, severance and other(1,376)(300)(1,825)(842)Corporate and shared support cost(13,814)(11,937)(27,399)(27,599)Consolidated operating income 12,103 11,159 6,100 4,773 Interest expense(11,896)(11,909)(23,332)(24,007)Loss on debt extinguishment— — (