Table of Content TEAM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (in thousands) Retained Accumulated Additional Earnings Other Total Common Common Paid-in (Accumulated Comprehensive Shareholders’ Shares Stock Capital Deficit) income (loss) Equity Balance as of December 31, 2021 3,122 $ 936 $ 453,247 $ (375,584) $ (26,732) $ 51,867 Net income — — — 70,079 — 70,079 Foreign currency translation adjustment, net of tax — — — — (6,589) (6,589) Defined benefit pension plans, net of tax — — — — (5,676) (5,676) Non-cash compensation — — 247 — — 247 Net settlement of vested stock awards 1,221 367 9,289 — — 9,656 Accounting pronouncement adjustment — — (5,650) 3,826 — (1,824) Balance as of December 31, 2022 4,343 1,303 457,133 (301,679) (38,997) 117,760 Net loss — — — (75,722) — (75,722) Foreign currency translation adjustment, net of tax — — — — 3,028 3,028 Defined benefit pension plans, net of tax — — — — (963) (963) Non-cash compensation — — 1,590 — — 1,590 Net settlement of vested stock awards 72 12 (109) — — (97) Balance as of December 31, 2023 4,415 $ 1,315 $ 458,614 $ (377,401) $ (36,932) $ 45,596 See accompanying notes to consolidated financial statements. 29