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Team Inc. (TISI+3.60%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $852.3 million, a slight decrease from $862.6 million in the previous year. The decrease is attributed to reduced scope in certain customer turnaround projects and lower activity in leak repair services.
Operating income improved to $10.1 million from a loss of $13.3 million in the prior year, driven by lower costs and higher gross margins in U.S. operations.
Interest expense for the year was $47.8 million, a decrease from $55.2 million in the previous year, due to a decrease in accelerated amortization.
Net loss for the year was $38.3 million, compared to a net loss of $75.7 million in the previous year.
Cash provided by operating activities was $22.8 million, while cash used in investing activities was $9.3 million, primarily for capital expenditures.
Team Inc. reported a working capital of $133.9 million as of December 31, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing details various financial agreements, including amendments to the 2022 ABL Credit Facility and the Amended and Restated Term Loan Credit Agreement.
Team Inc. does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on providing specialty industrial services across various industries, including energy, manufacturing, and infrastructure.
Team Inc. identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Team Inc. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.