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Team, Inc. (NYSE: TISI) is a leading industrial services company headquartered in Sugar Land, Texas. The company specializes in the construction, maintenance, and monitoring of pressurized piping and associated systems, serving industries such as refining, petrochemical, power, pipeline, and other heavy industries. With over 140 U.S. and international locations spanning five continents, Team, Inc. is rapidly expanding its global footprint.
The company's expertise is structured into two primary segments: the Inspection and Heat Treating Group and the Mechanical Services Group. The Inspection and Heat Treating Group offers non-destructive testing services for sectors like process, pipeline, and power. This segment ensures the safety and efficiency of critical assets through advanced inspection techniques and heat treatment methods. The Mechanical Services Group provides both call-out and turnaround services under on-stream and shutdown conditions, focusing on the maintenance and repair of high-temperature and high-pressure piping systems and vessels.
Recent achievements include the repayment of convertible notes on August 1, 2023, bolstering the company’s liquidity to $54.7 million, comprising $21.3 million in cash and equivalents, and $33.4 million of undrawn availability under various credit facilities. Despite recent economic recessions, Team's revenues have grown at a compound annual rate of over 20% over the past decade, earning recognition from Forbes and Fortune magazines as one of the top small and rapidly growing companies.
Team, Inc. is committed to maintaining its NYSE listing and is actively taking steps to ensure compliance with listing standards. The company is known for its forward-looking statements, which are made in accordance with the Private Securities Litigation Reform Act of 1995. These statements include projections about financial prospects, cost-saving measures, and operational efficiencies. However, they are subject to numerous risks and uncertainties that could cause actual results to differ materially.
For more information, please visit www.teaminc.com or contact Nelson M. Haight, Executive Vice President, Chief Financial Officer, at (281) 388-5521.
Team, Inc. (NYSE: TISI) has announced an amendment to its existing ABL credit facility, which includes a $130 million revolving credit facility and a $27.4 million term loan provided by Eclipse Business Capital , as well as a $35 million delayed draw term loan from J.F. Lehman & Company and Corre Partners Management, The amendment extends the maturity date of these loans from August 11, 2025, to September 30, 2027, and lowers the interest rate spread adjustment.
The amendment also expands availability based on the Company's improving financial performance by increasing the borrowing base advance rate and implementing a $7.5 million minimum availability covenant under the Revolver, tested only if the fixed charge coverage ratio is not satisfied. CEO Keith D. Tucker stated that this transaction strengthens TEAM's balance sheet and available borrowing capacity, attributing it to employee efforts and progress in improving operating and financial performance over the past two years.
Team, Inc. (NYSE: TISI) reported its Q2 2024 financial results, showing improved profitability despite lower revenues. Key highlights include:
- Revenue of $228.6 million, down 4.5% year-over-year
- Gross margin improved by 240 basis points to 27.8%
- Net loss reduced to $2.8 million, a $13 million improvement
- Adjusted EBITDA increased 25% to $21.8 million (9.5% of revenue)
- SG&A expenses reduced by $3.9 million or 7%
The company reiterated its 2024 full-year guidance, projecting revenue of $850-900 million and Adjusted EBITDA of $58-68 million. Team, Inc. continues to focus on cost discipline, operational execution, and targeted commercial initiatives to drive growth in core markets and expand into aerospace and midstream sectors.
Team, Inc. (NYSE: TISI), a global provider of specialty industrial services, has announced the timing for its second quarter 2024 earnings release and conference call. The company will issue its earnings release on Thursday, August 8, 2024, after the New York Stock Exchange closes. A conference call to discuss financial and operational results is scheduled for Friday, August 9, 2024, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).
Interested parties can participate in the call toll-free by dialing (877) 270-2148 in the United States or (412) 902-6510 internationally. The call will also be webcast on TEAM's website, with an audio replay available afterward.
Team, a leading provider of specialty industrial services, has released an updated investor presentation on its website. The presentation, discussed by CEO Keith Tucker and CFO Nelson Haight, outlines the company's strategic vision, operational capabilities, and recent results. Tucker emphasized the belief in the company's potential and talented workforce. Investors are encouraged to view the presentation and listen to the accompanying discussion that highlights key points.
Team (NYSE: TISI) reported its Q1 2024 financial results. Revenue was $199.6M, down from $202.3M the previous year. Despite this, the gross margin improved to 24.4%. The net loss was reduced to $17.2M, a $7.5M improvement from Q1 2023. Adjusted EBITDA grew by 54.7% to $6.5M.
Notable achievements include a $19.6M increase in cash flow from operations and a reduction in adjusted SG&A expenses by $0.8M. The company also completed a commercial review and set a revenue growth plan, projecting full-year Adjusted EBITDA of $58M-$68M. Challenges included revenue declines in Inspection and Heat Treating services and Mechanical Services.
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