TEAM INC
For the period ended Mar 31, 2024. Filed May 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
TISI$21.41+0.1%Stored close · as of Nov 9, 2026
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Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023
PART I—FINANCIAL INFORMATION
| ITEM 1. | FINANCIAL STATEMENTS |
|---|
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS · (unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $24,190 | $35,427 |
| Accounts receivable, net of allowance of $3,625 and $3,738 respectively | 174,701 | 181,185 |
| Inventory | 38,663 | 38,853 |
| Income tax receivable | 365 | 644 |
| Prepaid expenses and other current assets | 60,283 | 65,992 |
| Total current assets | 298,202 | 322,101 |
| Property, plant and equipment, net | 123,137 | 127,057 |
| Intangible assets, net | 59,555 | 62,693 |
| Operating lease right-of-use assets | 39,614 | 40,498 |
| Defined benefit pension asset | 4,479 | 4,323 |
| Other assets, net | 8,645 | 7,847 |
| Deferred tax asset | 1,851 | 1,225 |
| Total assets | $535,483 | $565,744 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Current portion of long-term debt and finance lease obligations | $7,123 | $5,212 |
| Current portion of operating lease obligations | 14,014 | 14,232 |
| Accounts payable | 35,423 | 36,389 |
| Other accrued liabilities | 113,066 | 118,089 |
| Income tax payable | 1,380 | 1,016 |
| Total current liabilities | 171,006 | 174,938 |
| Long-term debt and finance lease obligations | 300,038 | 306,214 |
| Operating lease obligations | 29,088 | 29,962 |
| Deferred tax liabilities | 5,799 | 5,742 |
| Other long-term liabilities | 3,261 | 3,292 |
| Total liabilities | 509,192 | 520,148 |
| Commitments and contingencies | ||
| Equity: | ||
| Preferred stock, 500,000 shares authorized, none issued | — | — |
| Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,415,201 and 4,415,147 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 1,325 | 1,315 |
| Additional paid-in capital | 459,269 | 458,614 |
| Accumulated deficit | (394,596) | (377,401) |
| Accumulated other comprehensive loss | (39,707) | (36,932) |
| Total equity | 26,291 | 45,596 |
| Total liabilities and equity | $535,483 | $565,744 |
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