Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 84

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 84
---
 to date. As most of our contracts with customers are short-term in nature and billed on a time and material basis, there were no material amounts of remaining performance obligations as of June 30, 2025 and December 31, 2024.

9 

3. ACCOUNTS RECEIVABLE

A summary of accounts receivable as of June 30, 2025 and December 31, 2024 is as follows (in thousands): June 30, 2025December 31, 2024 (unaudited) Trade accounts receivable$162,254 $145,743 Unbilled revenues48,946 30,173 Allowance for credit losses(3,667)(3,271)Total$207,533 $172,645 The following table shows a rollforward of the allowance for credit losses (in thousands): June 30, 2025 (unaudited)Balance at beginning of period$3,271 Provision for expected credit losses1,095 Recoveries collected(307)Write-offs(439)Foreign exchange effects47 Balance at end of period$3,667 

4. INVENTORY

A summary of inventory as of June 30, 2025 and December 31, 2024 is as follows (in thousands): June 30, 2025December 31, 2024 (unaudited) Raw materials$10,115 $9,098 Work in progress4,856 2,267 Finished goods26,568 26,509 Total$41,539 $37,874 

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

A summary of prepaid expenses and other current assets as of June 30, 2025 and December 31, 2024 is as follows (in thousands):June 30, 2025December 31, 2024 (unaudited) Insurance receivable$39,000 $39,000 Prepaid expenses14,574 15,817 Other current assets2,547 3,826 Total$56,121 $58,643 The insurance receivable relates to the receivables from our third-party insurance providers for a legal claim that is recorded in other accrued liabilities, refer to Note 8 - Other Accrued Liabilities. Insurance receivables will be collected from our third-party insurance providers for litigation matters that have