Team Inc Q3 revenue up 10%, posts $10.6M adj EBITDA; sells Quest Integrity for $279M

TEAM INC

2022-Q3 EPS reported -$1.86 revenue$717,621,000

Q3 revenue $218.3M (+10% YoY); gross margin 25.7% vs 22.5%.
GAAP net loss from cont ops $26.6M ($0.62/share); adj EBITDA $10.6M vs -$1.3M YoY.
Sold Quest Integrity to Baker Hughes for ~$279M cash on Nov 1; senior term loan reduced to $36M.
Liquidity improved to ~$83M; gross debt down ~47% after sale.
Additional cost reductions actioned in Oct; expects further margin improvement in Q4 and 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TEAM INC reported third quarter ended September 30, 2022 results: revenue $218.3 million, net income $26.6 million, EPS $0.62 loss per share.

Period: third quarter ended September 30, 2022
Revenue: $218.3 million
Net income: $26.6 million
EPS: $0.62 loss per share
Result: reported results

Exact text from the filing

the sale, the operating results of Quest Integrity have been reclassified to discontinued operations for periods presented. • Increased third quarter 2022 revenues by 10% to $218.3 million compared to the third quarter of 2021. • Grew gross margin by 26% to $56.0 million (25.7% of revenues), from $44.5 million (22.5% of revenues) in the third quarter of 2021. •

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TEAM INC filing history →

Source: SEC EDGAR

accession 0000318833-22-000097

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