Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 19

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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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)

September 30, 2025December 31, 2024ASSETS(unaudited) Current assets:Cash and cash equivalents$14,812 $35,545 Accounts receivable, net of allowance of $4,379 and $3,271 respectively194,650 172,645 Inventory41,526 37,874 Income tax receivable368 396 Prepaid expenses and other current assets59,523 58,643 Total current assets310,879 305,103 Property, plant and equipment, net111,018 112,835 Intangible assets, net40,952 50,243 Operating lease right-of-use assets45,742 40,407 Defined benefit pension asset5,582 4,768 Other assets, net15,066 13,427 Deferred tax asset1,808 1,582 Total assets$531,047 $528,365 LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT)Current liabilities:Current portion of long-term debt and finance lease obligations$4,003 $6,485 Current portion of operating lease obligations16,035 14,790 Accounts payable38,929 42,091 Other accrued liabilities97,988 105,228 Income tax payable2,836 2,654 Total current liabilities159,791 171,248 Long-term debt and finance lease obligations298,820 318,626 Operating lease obligations32,327 28,631 Deferred tax liabilities4,665 4,965 Other long-term liabilities3,453 3,157 Total liabilities499,056 526,627 Commitments and contingenciesRedeemable preferred stock, par value $100.00 per share, 75,000 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively49,644 — Shareholders’ equity (deficit):Preferred stock, 500,000 shares authorized, 75,000 (included in redeemable preferred stock) and 0 shares issued and outstanding at September 30,