Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 28

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. Certain disclosures have been condensed or omitted from the interim financial statements included in this report. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC (“our Annual Report on Form 10-K”).Consolidation. The condensed consolidated financial statements include the accounts of our subsidiaries where we have control over operating and financial policies. All material intercompany accounts and transactions have been eliminated in consolidation.Reclassifications. Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have any effect on our financial condition or results of operations as previously reported.Significant Accounting Policies. Our significant accounting policies are disclosed in Note 1 - Summary of Significant Accounting Policies and Practices in our Annual Report on Form 10-K. On an ongoing basis, we evaluate the estimates and assumptions, including among other things, those related to long-lived assets. Since the date of our Annual Report on Form 10-K, there have been no material changes to our significant accounting policies.

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2. REVENUE

Disaggregation of revenue. Essentially all of our revenues are associated with contracts with customers. A disaggregation of our revenue from customer contracts by geographic region, by reportable operating segment and by service type is presented below:Geographic area (in thousands):Three Months Ended September 30, 2025(unaudited)United StatesCanadaOther CountriesTotalRevenue:IHT$99,374 $10,525 $3,879 $113,778 MS71,127 8,656 31,415 111,198 Total$170,501 $19,181 $35,294 $224,976 Three Months Ended September 30, 2024(unaudited)United StatesCanadaOther CountriesTotalRevenue:IHT$94,375 $10,103 $3,126 $107,604 MS63,192 5,201 34,761 103,154 Total$157,567 $15,304 $37,887 $210,758 Nine Months Ended September 30, 2025(unaudited)United StatesCanadaOther CountriesTotalRevenue:IHT$307,758 $32,749 $