secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2022-11-09T23:59:59+00:00
Accession:  0000318833-22-000097
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000097/0000318833-22-000097-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000097/tisi-20221108.htm
  HTML page:      https://secwatch.observer/filing/0000318833-22-000097

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