Financial Performance - The company reported a Q2 2024 loss per share of 45 cents, significantly narrower than the $2.55 loss in the same quarter of the previous year [3] - Revenues declined by 4.5% year-over-year to $228.6 million from $239.5 million in Q2 2023 [3] - Operating income improved to $11.2 million, up from $4.6 million in Q2 2023, driven by cost reductions and margin expansion [9] - Gross margin increased by 240 basis points to 27.8%, contributing to a $2.6 million increase in gross profit to $63.6 million [9] - Adjusted EBITDA rose 25% year-over-year to $21.8 million, representing 9.5% of revenues compared to 7.3% in the prior-year period [9] - The net loss narrowed significantly to $2.8 million from $15.8 million in Q2 2023, reflecting lower operating expenses and improved margins [10] Segmental Performance - The Inspection and Heat Treating (IHT) segment reported a 3% revenue decline to $113.2 million, primarily due to reduced activity in Canada and international markets [6] - Despite the revenue decline, IHT's operating income surged 90.3% to $12.5 million, driven by cost reductions and better margins in U.S. operations [7] - The Mechanical Services (MS) segment experienced a 6% revenue decline to $115.4 million, mainly due to lower project activity in the U.S., Canada, and international regions [7] - MS segment's operating income dropped 16.4% to $10.6 million, attributed to reduced earnings from international and Canada operations [8] Expense Management - Total operating expenses decreased by 7.6% to $165.1 million, reflecting the company's cost-cutting initiatives [11] - Selling, general, and administrative (SG&A) expenses declined by 7% to $52.4 million, driven by lower professional fees and overall cost reductions [12] Liquidity and Debt - As of June 30, 2024, the company reported total liquidity of $40.1 million, including $17.9 million in cash and cash equivalents and $22.2 million in undrawn credit facilities [13] - Total debt increased to $320.1 million, up from $311.4 million at the end of 2023, primarily due to paid-in-kind interest and a new equipment finance facility [14] - Net debt stood at $297.6 million as of June 30, 2024 [14] Management Guidance - The company reiterated its 2024 revenue guidance of $850 million to $900 million, with a gross margin projected between $235 million and $265 million [15] - Adjusted EBITDA guidance for 2024 is $58 million to $68 million, reflecting a 48% improvement at the midpoint compared to 2023 [15] Strategic Initiatives - The company launched targeted commercial initiatives in Q2 2024, focusing on revenue growth in core markets and expansion into new segments such as aerospace and midstream [16] - The aerospace facility in Cincinnati reported a 46% year-over-year revenue increase, driven by strong demand and recent capacity investments [16] - The company's strategic focus on improving job mix and growing higher-margin service lines is expected to contribute positively to financial performance in the second half of 2024 [17]

Team, Inc. (NYSE:TISI) Q2 2024 Earnings Conference Call August 9, 2024 11:00 AM ET Company Participants Keith D. Tucker - Chief Executive Officer Nelson M. Haight - Executive Vice President and Chief Financial Officer Conference Call Participants Operator Good day, and welcome to the Team, Inc. Second Quarter Update Conference Call. Today, all participants will be in a listen-only mode. [Operator Instructions] Please note that today’s event is being recorded. I would now like to turn the conference over to ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-08604 TEAM, INC. | --- | --- | | ...

Exhibit 99.1 1 NEWS RELEASE FOR IMMEDIATE RELEASE TEAM, INC. REPORTS SECOND QUARTER 2024 RESULTS SUGAR LAND, TX – August 8, 2024 – Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today reported its financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights: • Generated second ...

SUGAR LAND, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today reported its financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights: Generated second quarter 2024 revenues of $228.6 million. Improved gross margin by 240 basis poin ...

BELLINGHAM, Wash., Aug. 08, 2024 (GLOBE NEWSWIRE) -- eXp Realty®, "the most agent-centric real estate brokerage on the planet™" and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), proudly welcomes the powerhouse Polsinello Team, renowned for their exceptional service and stellar sales record. With 25 highly skilled agents, they achieved 218 closed transactions totaling $213 million in volume in 2023. Based in York, the Polsinello Team covers the Greater Toronto Area, including Simcoe, Durham ...

TORONTO, Aug. 07, 2024 (GLOBE NEWSWIRE) -- illumin Holdings Inc. (TSX: ILLM) (OTCQB: ILLMF) ("illumin" or "Company"), a journey advertising technology company that empowers marketers to make smarter decisions about communicating with online consumers, today announced the additions of a new Chief Revenue Officer and new Senior Vice President of Marketing, effective August 2024. New Chief Revenue Officer (CRO) Liz Ritzcovan joins illumin as Chief Revenue Officer in August 2024, taking charge of all sales, acc ...

SUGAR LAND, Texas, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today announced that it will issue its second quarter 2024 earnings release on Thursday, August 8, 2024 after the close of trading on the New York Stock Exchange. TEAM will host a conference call to discuss its ...

SUGAR LAND, Texas, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today announced that it will issue its second quarter 2024 earnings release on Thursday, August 8, 2024 after the close of trading on the New York Stock Exchange. TEAM will host a conference call to discuss its ...

THE WOODLANDS, Texas, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) ("Ring" or the "Company") today announced a management team update, including the addition of a new senior executive. Mr. Phillip Feiner has joined Ring as Vice President, General Counsel. With more than 25 years of energy industry experience, including with both public and private companies, Mr. Feiner is responsible for leading Ring's legal and human resources efforts. Mr. Paul D. McKinney, Chairman of the Board ...