Team Inc. Q1 2023 revenue $202.3M (+7% YoY); net loss narrows to $24.7M

TEAM INC

2023-Q1 EPS reported -$5.69 revenue$202,277,000

Revenue $202.3M, up 7% YoY ($13.2M increase); up nearly 9% excluding FX headwinds.
Gross margin improved 150 bps to 23.2% from 21.7% in Q1 2022.
Net loss improved to $24.7M from $38.3M in Q1 2022, a $13.6M improvement.
Adjusted EBITDA turned positive at $4.2M, up $10.6M from negative prior year.
Reduced ongoing cash SG&A by $5.1M, approximately $20M on an annualized basis.

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 0.95

TEAM INC reported first quarter ended March 31, 2023 results: revenue $202.3 million, net income net loss of $24.7 million.

Period: first quarter ended March 31, 2023
Revenue: $202.3 million
Net income: net loss of $24.7 million
Result: reported results

Exact text from the filing

First Quarter 2023 Highlights 1 : • Increased first quarter 2023 revenues to $202.3 million, up $13.2 million or 7% over the 2022 first quarter, and up nearly 9% after adjusting for unfavorable foreign currency exchange movement. • Improved first quarter 2023 gross margin by 14% to 23.2% of revenue, up 150 basis points from the first quarter of 2022. • Reported first quarter 2023 net loss of $24.7 million, an improvement of $13.6 million over the $38.3 million net loss in the first quarter of 2022. • Grew consolidated Adjusted EBITDA to $4.2 million, up $10.6 million from the first quarter of 2022 2 . • Reduced ongoing cash selling, general and administrative expense by $5.1 million over the 2022 period, or roughly $20 million on an annualized basis.

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Source: SEC EDGAR

accession 0000318833-23-000016

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