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Team Inc. (TISI+6.88%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $210.8 million from $206.7 million in the same quarter the previous year. The increase is attributed to higher activity in nested and turnaround services in the U.S.
Operating income for the quarter was $3.2 million, compared to an operating loss of $1.3 million in the previous year. This improvement is primarily due to increased gross margins and reduced costs.
Interest expense increased to $11.8 million from $10.1 million, mainly due to higher interest rates and increased debt balances.
Net loss for the quarter was $11.1 million, compared to a net loss of $12.1 million in the previous year. The decrease in net loss is attributed to improved operating income.
Cash provided by operating activities was $1.1 million for the nine months ended September 30, 2024, compared to cash used of $22.1 million in the previous year. The improvement is due to reduced net loss and lower negative working capital impacts.
Team Inc. entered into amendments with its lenders on September 30, 2024, extending the maturity date of its credit facility to September 30, 2027, and adjusting interest rates based on EBITDA.
The company received a notice from the NYSE (ICE+2.49%) regarding non-compliance with listing standards due to market capitalization and shareholders' equity falling below required levels. Team Inc. submitted a compliance plan, which was accepted by the NYSE.
The filing details various financial agreements, including an amended and restated substitute insurance reimbursement facility agreement with 1970 Group Inc.
The company continues to focus on providing specialty industrial services across multiple sectors, including energy, manufacturing, and public infrastructure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Team Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.