Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 20

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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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)

June 30, 2025December 31, 2024ASSETS(unaudited) Current assets:Cash and cash equivalents$20,709 $35,545 Accounts receivable, net of allowance of $3,667 and $3,271 respectively207,533 172,645 Inventory41,539 37,874 Income tax receivable594 396 Prepaid expenses and other current assets56,121 58,643 Total current assets326,496 305,103 Property, plant and equipment, net112,247 112,835 Intangible assets, net44,056 50,243 Operating lease right-of-use assets43,488 40,407 Defined benefit pension asset5,535 4,768 Other assets, net14,561 13,427 Deferred tax asset1,978 1,582 Total assets$548,361 $528,365 LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)Current liabilities:Current portion of long-term debt and finance lease obligations$3,833 $6,485 Current portion of operating lease obligations15,080 14,790 Accounts payable43,028 42,091 Other accrued liabilities100,756 105,228 Income tax payable3,106 2,654 Total current liabilities165,803 171,248 Long-term debt and finance lease obligations366,381 318,626 Operating lease obligations31,220 28,631 Deferred tax liabilities4,525 4,965 Other long-term liabilities3,356 3,157 Total liabilities571,285 526,627 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; 4,498,932 and 4,493,338 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively1,350 1,348 Additional paid-in capital460,434 460,186