secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2024-03-07T23:59:59+00:00
Accession:  0000318833-24-000003
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Team Q4 2023 revenue $214.1M, net loss narrows; Adjusted EBITDA up 45%
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- Q4 revenue $214.1M (+1.3% YoY); net loss $23.1M vs $56.9M loss in Q4 2022.
- Q4 Adjusted EBITDA $9.7M (4.5% of revenue), up 45.1% from $6.7M.
- FY 2023 revenue $862.6M (+2.7%); net loss $75.7M vs $150.1M loss in 2022.
- FY 2023 Adjusted EBITDA $42.5M, up 155.1% from $16.7M in 2022.
- Expects annualized cost savings at least $16M; additional $4M in Q1 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000031883324000003/0000318833-24-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000031883324000003/tisi-20240307.htm
  HTML page:      https://secwatch.observer/filing/0000318833-24-000003

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