Table of Content TEAM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) December 31, 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 35,427 $ 58,075 Accounts receivable, net of allowance of $3,738 and $5,262, respectively 181,185 186,689 Inventory 38,853 36,331 Income tax receivable 644 779 Prepaid expenses and other current assets 65,992 65,679 Total current assets 322,101 347,553 Property, plant and equipment, net 127,057 138,099 Intangible assets, net 62,693 75,407 Operating lease right-of-use assets 40,498 48,462 Defined benefit pension asset 4,323 398 Other assets, net 7,847 6,351 Non-current deferred tax asset 1,225 375 Total assets $ 565,744 $ 616,645 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt and finance lease obligations $ 5,212 $ 280,993 Current portion of operating lease obligations 14,232 13,823 Accounts payable 36,389 32,524 Other accrued liabilities 118,089 119,267 Income tax payable 1,016 2,257 Total current liabilities 174,938 448,864 Long-term debt and finance lease obligations 306,214 4,942 Operating lease obligations 29,962 38,819 Deferred tax liabilities 5,742 3,661 Other long-term liabilities 3,292 2,599 Total liabilities 520,148 498,885 Commitments and contingencies Shareholders' Equity: Preferred stock, 500,000 shares authorized, none issued — — Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,415,147 and 4,342,909 shares issued 1,315 1,303 Additional paid-in capital 458,614 457,133 Accumulated deficit (377,401) (301,679) Accumulated other comprehensive loss (36,932) (38,997) Total shareholders' equity 45,596 117,760 Total liabilities and shareholders' equity $ 565,744 $ 616,645 See accompanying notes to consolidated financial statements.