secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2022-08-15T23:59:59+00:00
Accession:  0000318833-22-000081
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Team Inc. Q2 revenue up 5% to $251M; sells Quest Integrity to Baker Hughes for $280M
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- Revenue $251.3M (+5.2% YoY); gross margin 27.8% vs 26.3%.
- GAAP net loss $21.6M ($0.50 loss per diluted share); adjusted EBITDA $14.3M (+57% YoY).
- Announced sale of Quest Integrity to Baker Hughes for $280M cash, expected close by end of 2022.
- IHT segment revenue slightly down due to project timing and staffing challenges; MS and Quest up 11% and 23%.
- Sale proceeds to pay down debt, improve liquidity, focus on core IHT and MS businesses.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000081/0000318833-22-000081-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000081/form8-kq2x2022earnings.htm
  HTML page:      https://secwatch.observer/filing/0000318833-22-000081

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer