Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 45

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 ended March 31, 2024 (in thousands).

 Three Months Ended March 31,Favorable (Unfavorable) 20252024$% (unaudited)(unaudited)  Revenues by business segment:IHT$106,215 $99,448 $6,767 6.8 %MS92,440 100,152 (7,712)(7.7)%Total revenues$198,655 $199,600 $(945)(0.5)%Operating income (loss):IHT$8,693 $5,185 $3,508 67.7 %MS(1,111)4,091 (5,202)(127.2)%Corporate and shared support services(13,585)(15,662)2,077 13.3 %Total operating loss$(6,003)$(6,386)$383 6.0 %Interest expense, net$(11,436)$(12,098)$662 5.5 %Loss on debt extinguishment(11,853)— $(11,853)(100%)Other (expense) income, net(204)1,362 (1,566)(115.0)%Loss before income taxes$(29,496)$(17,122)$(12,374)(72.3)%Provision for income taxes(222)(73)(149)(204.1)%Net loss$(29,718)$(17,195)$(12,523)(72.8)%

Revenues. Total revenues decreased $0.9 million or 0.5% from the prior year period. IHT segment year-to-date revenue increased by $6.8 million or 6.8% compared to the prior year period, primarily driven by an increase in U.S. operations revenue of $7.8 million attributable to higher turnaround and capital projects activity as well as $2.0 million from our Aerospace facility, partially offset by lower year over year callout and turnaround activities in Canada and other international regions of $1.0 million. MS segment revenue decreased by $7.7 million or 7.7% compared to the prior year period, mainly driven by  lower turnaround activities and callout projects in the U.S. and lower revenue from projects in international areas other than Canada.

Operating income (loss). Overall operating loss was $6.0 million in the 2025 period, a $0.4 million or