Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 53

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 to a provision of 114.0% for the three months ended June 30, 2024. The decrease in effective tax rate for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 is due to the mix of pretax income in non-valuation allowance jurisdictions and pretax losses in valuation allowance jurisdictions. The impact is a larger decrease in income tax expense as compared to pretax income, resulting in a decrease of effective tax rate. 

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following is a comparison of our results of operations for the six months ended June 30, 2025 to the six months ended June 30, 2024 (in thousands):

 Six Months Ended June 30,Favorable (Unfavorable) 20252024$% (unaudited)(unaudited)  Revenues by business segment:IHT$236,611 $212,682 $23,929 11.3 %MS210,070 215,536 (5,466)(2.5)%Total revenues$446,681 $428,218 $18,463 4.3 %Operating income (loss):IHT$24,473 $17,644 $6,829 38.7 %MS9,026 14,728 (5,702)(38.7)%Corporate and shared support services(27,399)(27,599)200 0.7 %Total operating income$6,100 $4,773 $1,327 27.8 %Interest expense, net$(23,332)$(24,007)$675 2.8 %Loss on debt extinguishment(11,853)— $(11,853)(100)%Other (expense) income, net(3,694)821 (4,515)(549.9)%Loss before income taxes$(32,779)$(18,413)$(14,366)(78.0)%Provision for income taxes(1,205)(1,545)340 22.0 %Net loss$(33,984)$(19,958)$(14,026)(70.3)%

Revenues. Total revenues increased by $18.5 million or 4.3% from the prior year period. IHT segment year-to