Company: TISI
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0000318833-25-000015
Chunk: 62

Company: TEAM INC
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 62
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 (in thousands):

 Twelve Months Ended December 31,Favorable (Unfavorable) 20242023$%Revenues by business segment:IHT$426,722 $429,559 $(2,837)(0.7)%MS425,550 433,056 (7,506)(1.7)%Total revenues$852,272 $862,615 $(10,343)(1.2)%Operating income (loss):IHT37,012 24,220 12,792 52.8 %MS27,287 27,759 (472)(1.7)%Corporate and shared support services(54,163)(65,255)11,092 17.0 %Total operating income (loss)$10,136 $(13,276)$23,412 176.3 %Interest expense, net(47,808)(55,181)7,373 13.4 %Loss on debt extinguishment— (1,585)1,585 100.0 %Other income (expense), net2,682 (1,102)3,784 343.4 %Loss before income taxes$(34,990)$(71,144)$36,154 50.8 %Provision for income taxes(3,276)(4,578)1,302 28.4 %Net loss$(38,266)$(75,722)$37,456 49.5 %

Revenues. Total revenues decreased by $10.3 million or 1.2% from the prior year. Total revenue was negatively impacted by $0.2 million of unfavorable foreign exchange rate movements during 2024. IHT revenues decreased by $2.8 million or 0.7%, driven by a $10.3 million decrease in Canada operations revenue attributable to reduced scope in certain customer turnaround projects versus the prior year, and a $2.7 million decrease in international regions revenue, primarily in Europe and the United Kingdom. These decreases were partially offset by a $7.1 million increase in U.S. operations, primarily due to higher callout and turnaround activities in various locations attributable to higher demand for our non-destructive testing services, and a $3.0 million increase in revenue related to aerospace driven by improved utilization at our Cincinnati facility. MS revenues decreased by $7.5 million or 1.7%, over prior year, driven by