Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $5.3 million for the first quarter of 2025, with a gross margin of 23% [12][13] - Adjusted net loss for the quarter was $14.9 million, which was essentially flat compared to the first quarter of 2024 [12][13] - Selling, general, and administrative expenses decreased by approximately $2 million year-over-year [7] Business Line Data and Key Metrics Changes - Revenue from the Inspection and Heat Treating segment increased by 6.8% year-over-year, with core operations growing by 8.8% [6] - The Mechanical Service segment experienced lower callout revenue and project delays, impacting overall revenue growth [6] - Overall revenues were flat year-over-year, attributed to seasonal factors and adverse weather conditions in January [6] Market Data and Key Metrics Changes - The company reported nearly 15% revenue growth from midstream end markets during the quarter [5] - Strong activity levels were noted at the start of the second quarter, with expectations for top-line growth across both segments [9] Company Strategy and Development Direction - The company is focused on simplifying its business, expanding margins, and improving its capital structure [4] - A series of actions targeting cost improvements and operational efficiency are expected to yield annualized cost savings of around $10 million [8][13] - The company aims for at least 15% year-over-year growth in adjusted EBITDA and to achieve a target margin of at least 10% [15] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's ability to navigate macroeconomic uncertainties, including tariff policies [9] - The company expects to see improvements in Canadian operations and overall revenue growth for the full year 2025 [15][16] - Continuous improvement in margin, cost discipline, and cash flow generation are key focuses for the future [16] Other Important Information - The company completed a refinancing transaction in March 2025, lowering its blended interest rate by over 100 basis points and extending term loan maturities to 2030 [11] - The refinancing provided financial flexibility and addressed near-term maturities [11] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $5.3 million for the first quarter of 2025, with a gross margin of 23% [12][13] - Adjusted net loss for the quarter was $14.9 million, which was essentially flat compared to the first quarter of 2024 [12][13] - Selling, general, and administrative expenses decreased by approximately $2 million year over year [7] Business Line Data and Key Metrics Changes - Revenue from the Inspection and Heat Treating segment increased by 6.8% year over year, with core operations growing by 8.8% [6] - The Mechanical Service segment experienced lower callout revenue and project delays, impacting overall revenue growth [6] - Overall revenues were flat year over year, affected by seasonal factors and adverse weather conditions in January [6] Market Data and Key Metrics Changes - The company achieved nearly 15% revenue growth in midstream end markets during the quarter [5] - The company expects to see year-over-year activity increases for the full year 2025, despite seasonal slowdowns [6][9] Company Strategy and Development Direction - The company is focused on simplifying its business, expanding margins, and improving its capital structure [4] - A refinancing transaction was completed in March 2025, lowering the blended interest rate by over 100 basis points and extending loan maturities to 2030 [11] - The company aims for at least 15% year-over-year growth in adjusted EBITDA and to achieve a target margin of at least 10% [15] Management's Comments on Operating Environment and Future Outlook - Management remains confident about future growth, citing strong activity levels at the start of the second quarter [9] - The company is closely monitoring potential impacts from tariff policies but believes its diversified service offerings will help navigate macroeconomic uncertainties [9] - Continuous improvement in margin, cost discipline, and cash flow generation are key focuses for the management team [16] Other Important Information - The company has initiated actions targeting annualized cost savings of around $10 million [8] - The management emphasizes the importance of safety culture and continuous improvement as vital to the company's success [16] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Team (TISI) Q1 2025 Earnings Call May 13, 2025 11:00 AM ET Speaker0 Good day, and welcome to the Team Incorporated First Quarter Update Conference Call. All participants will be in a listen only mode. I would now like to turn the conference over to Mr. Nelson Haight, Executive Vice President and Chief Financial Officer. Please go ahead, sir. Speaker1 Thank you, operator. Good morning, everyone, and welcome to Team Inc. Discussion about our first quarter twenty twenty five operational and financial results. ...

Revenue Performance - Total revenues decreased by $0.9 million or 0.5% from the prior year period, with IHT segment revenue increasing by $6.8 million or 6.8% and MS segment revenue decreasing by $7.7 million or 7.7%[109] - IHT segment revenue growth was driven by a $7.8 million increase in U.S. operations revenue, attributed to higher turnaround and capital projects activity[109] - MS segment revenue decline was mainly due to lower turnaround activities and callout projects in the U.S. and international areas[109] Operating Performance - Operating loss improved by $0.4 million or 6.0% to $6.0 million, with IHT operating income increasing by $3.5 million or 67.7% and MS operating income decreasing by $5.2 million or 127.2%[110] - Corporate operating loss decreased by $2.1 million compared to the prior year period, primarily due to lower personnel and professional services costs[110] - Non-core expenses totaled $3.0 million in Q1 2025, leading to an operating loss of $3.0 million when excluding these items[112] Financial Position - The company regained compliance with NYSE continued listing standards as of March 14, 2025[105] - Total debt and finance obligations increased to $353.6 million as of March 31, 2025, compared to $325.1 million at December 31, 2024[139] - The company is in compliance with its debt covenants as of March 31, 2025, which is crucial for maintaining financial stability[135] Cash Flow and Liquidity - Free cash flow for Q1 2025 was $(30.067) million, compared to $(1.130) million in Q1 2024, showing a significant decline in cash flow[122] - Consolidated cash and cash equivalents of $8.6 million as of May 8, 2025, with total liquidity amounting to $23.8 million[136] - The company’s liquidity assessment indicates sufficient working capital and cash flow to fund operations and service debt for the next twelve months[129] Adjusted Financial Metrics - Adjusted net loss for Q1 2025 was $14.869 million, compared to $14.719 million in Q1 2024, reflecting a slight increase in losses[122] - Consolidated adjusted EBITDA for Q1 2025 was $5.310 million, down from $6.507 million in Q1 2024, indicating a decrease of approximately 18.4%[122] - Segment adjusted EBITDA for the IHT segment increased to $11.624 million in Q1 2025 from $8.349 million in Q1 2024, representing a growth of approximately 39.3%[127] - The MS segment reported an adjusted EBITDA of $3.494 million in Q1 2025, down from $9.147 million in Q1 2024, reflecting a decrease of approximately 61.8%[127] Cash Flow Activities - For the three months ended March 31, 2025, net cash used in operating activities was $28.7 million, a decrease of $30.5 million compared to net cash provided by operating activities of $1.9 million in the 2024 period[140] - Net cash used in investing activities for the three months ended March 31, 2025 was $1.4 million, compared to $3.0 million in the same period of 2024[142] - Net cash provided by financing activities was $11.2 million for the three months ended March 31, 2025, primarily from net borrowings under the Revolving Credit Loans[143] Debt and Refinancing - Loss on debt extinguishment amounted to $11.9 million due to refinancing transactions, including $7.4 million of unamortized debt issuance cost written off[114] - Recent refinancing transactions were completed on March 12, 2025, to improve the company's financial position[133] - Cash flows from financing activities included $8.1 million in debt issuance costs related to refinancing transactions as of March 12, 2025[144] Foreign Exchange and International Operations - The effect of foreign exchange rate changes on cash was positive $0.1 million for the three months ended March 31, 2025, compared to negative $0.3 million in 2024[146] - International cash balances as of March 31, 2025 were $4.8 million, with approximately $1.1 million located in countries with currency or regulatory restrictions[137] Working Capital - The company experienced higher negative working capital impacts of $23.7 million primarily due to an increase in accounts receivable[140]

Financial Performance - First quarter 2025 revenue totaled $198.7 million, essentially flat compared to the prior year period[5] - Adjusted EBITDA for the first quarter was $5.3 million, representing 2.7% of consolidated revenue, down from $6.5 million (3.3%) in the prior year[10] - The company reported a net loss of $29.7 million, or $6.61 per share, compared to a net loss of $17.2 million, or $3.89 per share, in the prior year[10] - The net loss for the three months ended March 31, 2025, was $29,718 thousand, compared to a net loss of $17,195 thousand for the same period in 2024, representing an increase in loss of 72.9%[26] - Free cash flow for Q1 2025 was $(30,067) thousand, compared to $(1,130) thousand in Q1 2024, indicating a significant increase in cash outflow[35] Segment Performance - The Inspection and Heat Treating (IHT) segment saw revenue growth of 6.8% year-over-year, driven by higher activity in turnaround services and capital projects[14] - Revenues for the IHT segment increased to $106,215 thousand in Q1 2025 from $99,448 thousand in Q1 2024, a growth of 6.8%[28] - The Mechanical Services (MS) segment experienced a revenue decline of 7.7% year-over-year, primarily due to lower callout activity and project delays[14] - The MS segment reported revenues of $92,440 thousand in Q1 2025, down from $100,152 thousand in Q1 2024, a decrease of 7.6%[28] - Operating income for the IHT segment improved to $8,693 thousand in Q1 2025 from $5,185 thousand in Q1 2024, an increase of 67.5%[28] - The corporate and shared support services segment reported an adjusted EBIT loss of $(11,070) thousand in Q1 2025, compared to a loss of $(13,616) thousand in Q1 2024, reflecting an improvement of 18.6%[40] Expenses and Costs - Selling, General and Administrative expenses decreased to 22.7% of consolidated revenue, down from the previous year[9] - Selling, general, and administrative expenses for Q1 2025 were $53.269 million, a decrease from $55.117 million in Q1 2024[42] - Adjusted Selling, General and Administrative Expense for Q1 2025 was $45.103 million, compared to $45.807 million in Q1 2024[42] - Adjusted Selling, General and Administrative Expense as a percentage of revenue was 22.7% in Q1 2025, slightly down from 22.9% in Q1 2024[42] - Total non-cash/non-recurring items in Q1 2025 amounted to $8.166 million, compared to $9.310 million in Q1 2024[42] - Legal costs increased to $490,000 in Q1 2025 from $82,000 in Q1 2024[42] - Non-cash share-based compensation costs were a credit of $53,000 in Q1 2025, down from an expense of $665,000 in Q1 2024[42] - Severance charges included in SG&A expenses remained relatively stable at $422,000 in Q1 2025 compared to $425,000 in Q1 2024[42] - Professional fees and other expenses were $2.007 million in Q1 2025, slightly down from $2.081 million in Q1 2024[42] - Depreciation and amortization in SG&A expenses decreased to $5.300 million in Q1 2025 from $6.057 million in Q1 2024[42] - The company incurred $2.0 million related to Refinancing Transactions in Q1 2025, compared to $1.9 million related to debt financing in Q1 2024[42] Debt and Liquidity - Total debt as of March 31, 2025, was $353.6 million, an increase from $325.1 million at the end of fiscal year 2024[17] - The company had total liquidity of $29.1 million, consisting of $12.8 million in cash and $16.3 million in undrawn credit facilities[16] - The current portion of long-term debt decreased from $6,485 thousand on December 31, 2024, to $3,811 thousand on March 31, 2025, a reduction of 41.2%[25] - The company's shareholders' equity deficit increased from $1,738 thousand on December 31, 2024, to $(25,967) thousand on March 31, 2025, indicating a deterioration in financial position[25] Future Outlook - The company completed a refinancing transaction in March 2025, lowering the blended interest rate by more than 100 basis points and extending term loan maturities to 2030[5] - The company anticipates at least 15% year-over-year growth in Adjusted EBITDA for the full year 2025[7]

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