Table of Content TEAM, INC. AND SUBSIDIARIES 1 CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Twelve Months Ended December 31, 2023 2022 Cash flows from operating activities: Net income (loss) $ (75,722) $ 70,079 Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 37,872 37,595 Write-off of deferred loan costs — 2,748 Gain on sale of Quest Integrity — (203,351) Loss on debt extinguishment 1,585 17,719 Write-off of software cost 629 — Amortization of debt issuance costs and debt discounts 18,725 35,509 Paid-in-kind interest 14,526 18,227 Allowance for credit losses 267 402 Foreign currency loss 734 1,698 Deferred income taxes 906 653 Gain on asset disposal (231) (4,721) Non-cash compensation cost 1,590 247 Other, net (4,413) (4,569) Changes in operating assets and liabilities: Accounts receivable 7,335 (33,483) Inventory (2,058) (1,655) Prepaid expenses and other current assets (7,527) (3,201) Accounts payable 2,818 (13,291) Other accrued liabilities (6,877) 15,195 Income taxes (1,145) 6,264 Net cash used in operating activities (10,986) (57,935) Cash flows from investing activities: Capital expenditures (10,430) (24,690) Net proceeds from sale of discontinued operations — 260,841 Proceeds from disposal of assets 414 7,205 Net cash (used in) provided by investing activities (10,016) 243,356 Cash flows from financing activities: Borrowings under 2020 ABL Facility, gross — 10,300 Payments under 2020 ABL Facility, gross — (72,300) Borrowings under 2022 ABL Credit Facility, gross 39,792 108,638 Payments under 2022 ABL Credit Facility, gross (26,293) (43,722) Borrowings under Corre Delayed Draw Term Loan, gross — 35,000 Borrowings under Corre Incremental Term Loan 47,500 — Payments under Corre Incremental Term Loan (319) — Repayments of Convertible Debt (41,161) — Borrowings under ME/RE Loans 27,398 — Payments under ME/RE Loans (1,575) — Payments under APSC Term Loan, gross (37,092) (224,946) Payments for debt issuance costs (9,102) (13,709) Issuance of common stock, net of issuance costs — 9,639 Taxes paid related to net share settlement of share-based awards — 16 Other (1,047) (887) Net cash used in financing activities (1,899) (191,971) Effect of exchange rate changes on cash 253 (690) Net decrease in cash and cash equivalents (22,648) (7,240) Cash and cash equivalents at beginning of period 58,075 65,315 Cash and cash equivalents at end of period $ 35,427 $ 58,075 1 Consolidated statement of cash flows for the year ended December 31, 2022 includes cash flows from discontinued operations. See Note 2. 30