TEAM INC
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 2024
TISI$21.41+0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Statements Condensed Consolidated Balance Sheets as of September 30, 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)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS · (unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $19,087 | $35,427 |
| Accounts receivable, net of allowance of $3,647 and $3,738 respectively | 192,460 | 181,185 |
| Inventory | 40,314 | 38,853 |
| Income tax receivable | 677 | 644 |
| Prepaid expenses and other current assets | 62,353 | 65,992 |
| Total current assets | 314,891 | 322,101 |
| Property, plant and equipment, net | 116,490 | 127,057 |
| Intangible assets, net | 53,356 | 62,693 |
| Operating lease right-of-use assets | 41,959 | 40,498 |
| Defined benefit pension asset | 5,164 | 4,323 |
| Other assets, net | 12,085 | 7,847 |
| Deferred tax asset | 1,421 | 1,225 |
| Total assets | $545,366 | $565,744 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Current portion of long-term debt and finance lease obligations | $7,056 | $5,212 |
| Current portion of operating lease obligations | 15,006 | 14,232 |
| Accounts payable | 43,149 | 36,389 |
| Other accrued liabilities | 107,030 | 118,089 |
| Income tax payable | 2,564 | 1,016 |
| Total current liabilities | 174,805 | 174,938 |
| Long-term debt and finance lease obligations | 314,182 | 306,214 |
| Operating lease obligations | 30,127 | 29,962 |
| Deferred tax liabilities | 5,165 | 5,742 |
| Other long-term liabilities | 3,189 | 3,292 |
| Total liabilities | 527,468 | 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; 4,421,876 and 4,415,147 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 1,327 | 1,315 |
| Additional paid-in capital | 460,329 | 458,614 |
| Accumulated deficit | (408,485) | (377,401) |
| Accumulated other comprehensive loss | (35,273) | (36,932) |
| Total equity | 17,898 | 45,596 |
| Total liabilities and equity | $545,366 | $565,744 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | $210,758 | $206,715 | $638,976 | $648,484 |
| Operating expenses | 157,234 | 153,928 | 473,167 | 487,779 |
| Gross margin | 53,524 | 52,787 | 165,809 | 160,705 |
| Selling, general and administrative expenses | 50,366 | 54,045 | 157,878 | 165,113 |
| Operating income (loss) | 3,158 | (1,258) | 7,931 | (4,408) |
| Interest expense, net | (11,770) | (10,067) | (35,777) | (43,499) |
| Loss on debt extinguishment | — | (3) | — | (1,585) |
| Other (expense) income, net | (2,010) | 266 | (1,189) | 914 |
| Loss before income taxes | (10,622) | (11,062) | (29,035) | (48,578) |
| Provision for income taxes | (504) | (1,072) | (2,049) | (4,020) |
| Net loss | $(11,126) | $(12,134) | $(31,084) | $(52,598) |
| Loss per common share: | ||||
| Basic and Diluted | $(2.52) | $(2.78) | $(7.04) | $(12.07) |
| Weighted-average number of shares outstanding: | ||||
| Basic and Diluted | 4,422 | 4,368 | 4,418 | 4,358 |
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net loss | $(11,126) | $(12,134) | $(31,084) | $(52,598) |
| Other comprehensive income (loss) before tax: | ||||
| Foreign currency translation adjustment | 4,509 | (3,366) | 1,317 | (1,311) |
| Defined benefit pension plans: | ||||
| Amortization of prior service cost | 8 | — | 24 | — |
| Amortization of net actuarial loss | 82 | — | 240 | — |
| Other comprehensive income (loss), before tax | 4,599 | (3,366) | 1,581 | (1,311) |
| Tax benefit (provision) attributable to other comprehensive income (loss) | 83 | 11 | 78 | (35) |
| Other comprehensive income (loss), net of tax | 4,682 | (3,355) | 1,659 | (1,346) |
| Total comprehensive loss | $(6,444) | $(15,489) | $(29,425) | $(53,944) |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
| Common Stock · AdditionalPaid-inCapital · RetainedEarnings (Deficit) · AccumulatedOtherComprehensiveLoss · TotalShareholders’Equity | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amount | ||||||
| Balance at December 31, 2023 | 4,415 | $1,315 | $458,614 | $(377,401) | $(36,932) | $45,596 | |
| Net loss | — | — | — | (17,195) | — | (17,195) | |
| Net settlement of vested stock awards | — | 10 | (10) | — | — | — | |
| Foreign currency translation adjustment, net of tax | — | — | — | — | (2,862) | (2,862) | |
| Defined benefit pension plans, net of tax | — | — | — | — | 87 | 87 | |
| Non-cash compensation | — | — | 665 | — | — | 665 | |
| Balance at March 31, 2024 | 4,415 | $1,325 | $459,269 | $(394,596) | $(39,707) | $26,291 | |
| Net loss | — | — | — | (2,763) | — | (2,763) | |
| Net settlement of vested stock awards | 7 | 2 | (19) | — | — | (17) | |
| Foreign currency translation adjustment, net of tax | — | — | — | — | (291) | (291) | |
| Defined benefit pension plans, net of tax | — | — | — | — | 43 | 43 | |
| Non-cash compensation | — | — | 612 | — | — | 612 | |
| Balance at June 30, 2024 | 4,422 | $1,327 | $459,862 | $(397,359) | $(39,955) | $23,875 | |
| Net loss | — | — | — | (11,126) | — | (11,126) | |
| Foreign currency translation adjustment, net of tax | — | — | — | — | 4,592 | 4,592 | |
| Defined benefit pension plans, net of tax | — | — | — | — | 90 | 90 | |
| Non-cash compensation | — | — | 467 | — | — | 467 | |
| Balance at September 30, 2024 | 4,422 | $1,327 | $460,329 | $(408,485) | $(35,273) | $17,898 | |
| Balance at December 31, 2022 | 4,343 | $1,303 | $457,133 | $(301,679) | $(38,997) | $117,760 | |
| Net loss | — | — | — | (24,711) | — | (24,711) | |
| Net settlement of vested stock awards | 14 | 4 | (52) | — | — | (48) | |
| Foreign currency translation adjustment, net of tax | — | — | — | — | 755 | 755 | |
| Non-cash compensation | — | — | 382 | — | — | 382 | |
| Balance at March 31, 2023 | 4,357 | $1,307 | $457,463 | $(326,390) | $(38,242) | $94,138 | |
| Net loss | (15,753) | (15,753) | |||||
| Net settlement of vested stock awards | 11 | 4 | (16) | — | — | (12) | |
| Foreign currency translation adjustment, net of tax | — | — | — | — | 1,254 | 1,254 | |
| Non-cash compensation | — | — | 245 | — | — | 245 | |
| Balance at June 30, 2023 | 4,368 | $1,311 | $457,692 | $(342,143) | $(36,988) | $79,872 | |
| Net loss | — | — | — | (12,134) | — | (12,134) | |
| Foreign currency translation adjustment, net of tax | — | — | — | — | (3,355) | (3,355) | |
| Non-cash compensation | — | — | 232 | — | — | 232 | |
| Balance at September 30, 2023 | 4,368 | $1,311 | $457,924 | $(354,277) | $(40,343) | $64,615 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.