Team (TISI) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-08604
Entity Registrant Name	TEAM, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-1765729
Entity Address, Address Line One	13131 Dairy Ashford
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Sugar Land
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77478
City Area Code	281
Local Phone Number	331-6154
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,368,422
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000318833
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.30 par value
Trading Symbol	TISI
Security Exchange Name	NYSE
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 30,437	$ 58,075
Accounts receivable, net of allowance of $5,145 and $5,262 respectively	197,033	186,689
Inventory	37,861	36,331
Income tax receivable	821	779
Prepaid expenses and other current assets	60,603	65,679
Total current assets	326,755	347,553
Property, plant and equipment, net	131,956	138,099
Intangible assets, net	69,003	75,407
Operating lease right-of-use assets	44,999	48,462
Defined benefit pension asset	2,642	398
Other assets, net	10,700	6,351
Deferred tax asset	630	375
Total assets	586,685	616,645
Current liabilities:
Current portion of long-term debt and finance lease obligations	4,547	280,993
Current portion of operating lease obligations	14,440	13,823
Accounts payable	36,270	32,524
Other accrued liabilities	101,932	119,267
Income tax payable	1,377	2,257
Total current liabilities	158,566	448,864
Long-term debt and finance lease obligations	306,334	4,942
Operating lease obligations	34,566	38,819
Deferred tax liabilities	4,634	3,661
Other long-term liabilities	2,713	2,599
Total liabilities	506,813	498,885
Commitments and contingencies
Equity:
Preferred stock, 500,000 shares authorized, none issued	0	0
Common stock, par value $0.30 per share, 12,000,000 shares authorized; 4,368,422 and 4,342,909 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,311	1,303
Additional paid-in capital	457,692	457,133
Accumulated deficit	(342,143)	(301,679)
Accumulated other comprehensive loss	(36,988)	(38,997)
Total equity	79,872	117,760
Total liabilities and equity	$ 586,685	$ 616,645

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 21, 2022	Dec. 20, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ 5,145	$ 5,262			$ 7,843
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.30	$ 0.30
Common stock, shares authorized (in shares)	12,000,000		12,000,000	120,000,000
Common stock, shares issued (in shares)	4,368,422	4,342,909
Common stock, shares, outstanding (in shares)	4,368,422	4,342,909	4,342,909	43,429,089

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 239,492	$ 221,540	$ 441,769		$ 410,578
Operating expenses	178,576	169,426	333,851		317,334
Gross margin	60,916	52,114	107,918		93,244
Selling, general and administrative expenses	56,320	62,908	111,068		126,429
Restructuring and other related charges, net	0	0	0		16
Operating income (loss)	4,596	(10,794)	(3,150)		(33,201)
Interest expense, net	(16,691)	(18,476)	(33,432)		(37,055)
Loss on debt extinguishment	(1,582)	0	(1,582)		0
Other income, net	13	3,259	648		6,438
Loss from continuing operations before income taxes	(13,664)	(26,011)	(37,516)		(63,818)
Provision for income taxes	(2,089)	(2,191)	(2,948)		(2,717)
Net loss from continuing operations	(15,753)	(28,202)	(40,464)		(66,535)
Discontinued operations:
Net income from discontinued operations, net of income tax	0	6,650	0		12,521
Net Income (Loss) Attributable to Parent, Total	$ (15,753)	$ (21,552)	$ (40,464)	[1]	$ (54,014)	[1]
Basic net loss per common share:
Loss from continuing operations, Basic (in USD per share)	$ (3.61)	$ (6.53)	$ (9.30)		$ (16.45)
Income from discontinued operations, basic (in USD per share)	0	1.54	0		3.10
Basic (in dollars per share)	$ (3.61)	$ (4.99)	$ (9.30)		$ (13.35)
Weighted-average number of shares outstanding:
Weighted-average number of basic shares outstanding (in shares)	4,362	4,318	4,353		4,045
[1]Condensed consolidated statement of cash flows for the six months ended June 30, 2022 includes discontinued operations.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (15,753)	$ (21,552)	$ (40,464)	[1]	$ (54,014)	[1]
Other comprehensive income (loss) before tax:
Foreign currency translation adjustment	1,277	(5,463)	2,055		(5,117)
Other comprehensive income (loss), before tax	1,277	(5,463)	2,055		(5,117)
Tax provision attributable to other comprehensive income	(23)	0	(46)		0
Other comprehensive income (loss), net of tax	1,254	(5,463)	2,009		(5,117)
Total comprehensive loss	$ (14,499)	$ (27,015)	$ (38,455)		$ (59,131)
[1]Condensed consolidated statement of cash flows for the six months ended June 30, 2022 includes discontinued operations.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings (Deficit)	Retained Earnings (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021				3,122,000
Beginning balance at Dec. 31, 2021		$ 51,867	$ (1,827)	$ 936	$ 453,247	$ (5,651)	$ (375,584)	$ 3,824	$ (26,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(32,462)					(32,462)
Net settlement of vested stock awards		2			2
Issuance of common stock (in shares)				1,190,000
Issuance of common stock		9,768		$ 357	9,411
Foreign currency translation adjustment, net of tax		346							346
Non-cash compensation		(624)			(624)
Ending balance (in shares) at Mar. 31, 2022				4,312,000
Ending balance at Mar. 31, 2022		27,070		$ 1,293	456,385		(404,222)		(26,386)
Beginning balance (in shares) at Dec. 31, 2021				3,122,000
Beginning balance at Dec. 31, 2021		51,867	$ (1,827)	$ 936	453,247	$ (5,651)	(375,584)	$ 3,824	(26,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	[1]	(54,014)
Ending balance (in shares) at Jun. 30, 2022				4,322,000
Ending balance at Jun. 30, 2022		549		$ 1,296	456,876		(425,774)		(31,849)
Beginning balance (in shares) at Mar. 31, 2022				4,312,000
Beginning balance at Mar. 31, 2022		27,070		$ 1,293	456,385		(404,222)		(26,386)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(21,552)					(21,552)
Issuance of common stock (in shares)				10,000
Issuance of common stock		(71)		$ 3	(74)
Foreign currency translation adjustment, net of tax		(5,463)							(5,463)
Non-cash compensation		565			565
Ending balance (in shares) at Jun. 30, 2022				4,322,000
Ending balance at Jun. 30, 2022		$ 549		$ 1,296	456,876		(425,774)		(31,849)
Beginning balance (in shares) at Dec. 31, 2022		4,342,909		4,343,000
Beginning balance at Dec. 31, 2022		$ 117,760		$ 1,303	457,133		(301,679)		(38,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(24,711)					(24,711)
Net settlement of vested stock awards (in shares)				14,000
Net settlement of vested stock awards		(48)		$ 4	(52)
Foreign currency translation adjustment, net of tax		755							755
Non-cash compensation		382			382
Ending balance (in shares) at Mar. 31, 2023				4,357,000
Ending balance at Mar. 31, 2023		$ 94,138		$ 1,307	457,463		(326,390)		(38,242)
Beginning balance (in shares) at Dec. 31, 2022		4,342,909		4,343,000
Beginning balance at Dec. 31, 2022		$ 117,760		$ 1,303	457,133		(301,679)		(38,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	[1]	$ (40,464)
Ending balance (in shares) at Jun. 30, 2023		4,368,422		4,368,000
Ending balance at Jun. 30, 2023		$ 79,872		$ 1,311	457,692		(342,143)		(36,988)
Beginning balance (in shares) at Mar. 31, 2023				4,357,000
Beginning balance at Mar. 31, 2023		94,138		$ 1,307	457,463		(326,390)		(38,242)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(15,753)					(15,753)
Net settlement of vested stock awards (in shares)				11,000
Net settlement of vested stock awards		(12)		$ 4	(16)
Foreign currency translation adjustment, net of tax		1,254							1,254
Non-cash compensation		$ 245			245
Ending balance (in shares) at Jun. 30, 2023		4,368,422		4,368,000
Ending balance at Jun. 30, 2023		$ 79,872		$ 1,311	$ 457,692		$ (342,143)		$ (36,988)
[1]Condensed consolidated statement of cash flows for the six months ended June 30, 2022 includes discontinued operations.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	[1]	$ (40,464)	$ (54,014)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	19,085	19,609
Write-off of deferred loan costs	[1]	0	2,748
Loss on debt extinguishment	[1]	1,582	0
Amortization of debt issuance costs, debt discounts, and deferred financing costs	[1]	16,229	12,077
Paid-in-kind interest	[1]	7,117	9,962
Allowance for credit losses	[1]	276	30
Foreign currency (gains) losses	[1]	(35)	569
Deferred income taxes	[1]	730	(357)
Gain on asset disposal	[1]	(245)	(3,532)
Non-cash compensation costs (credits)	[1]	627	(59)
Other, net	[1]	(2,169)	(2,382)
Changes in operating assets and liabilities:
Accounts receivable	[1]	(9,037)	(29,595)
Inventory	[1]	(1,140)	(1,620)
Prepaid expenses and other current assets	[1]	(2,043)	(3,305)
Accounts payable	[1]	3,994	(5,889)
Other accrued liabilities	[1]	(17,201)	3,367
Income taxes	[1]	(923)	(1,000)
Net cash used in operating activities	[1]	(23,617)	(53,391)
Cash flows from investing activities:
Capital expenditures	[1]	(5,073)	(14,001)
Proceeds from disposal of assets	[1]	332	5,119
Net cash used in investing activities	[1]	(4,741)	(8,882)
Cash flows from financing activities:
Borrowings under 2020 ABL Facility	[1]	0	10,300
Payments under 2020 ABL Facility	[1]	0	(72,300)
Repayment of APSC Term Loan	[1]	(37,092)	0
Borrowings under 2022 ABL Credit Facility (Delayed Draw Term Loan)	[1]	27,398	0
Payments for debt issuance costs	[1]	(5,327)	(10,640)
Issuance of common stock, net of issuance costs	[1]	0	9,696
Other	[1]	(495)	(323)
Net cash provided by financing activities	[1]	483	64,786
Effect of exchange rate changes on cash	[1]	237	(382)
Net increase (decrease) in cash and cash equivalents	[1]	(27,638)	2,131
Cash and cash equivalents at beginning of period	[1]	58,075	65,315
Cash and cash equivalents at end of period	[1]	30,437	67,446
Revolving Credit loans
Cash flows from financing activities:
Borrowings under 2022 ABL Credit Facility	[1]	30,797	104,641
Payments under 2022 ABL Credit Facility (Revolving Credit Loans)	[1]	(14,798)	(1,588)
Delayed Draw Term Loan
Cash flows from financing activities:
Borrowings under 2022 ABL Credit Facility	[1]	$ 0	$ 25,000
[1]Condensed consolidated statement of cash flows for the six months ended June 30, 2022 includes discontinued operations.

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business. Unless otherwise indicated, the terms “we,” “our,” “us,” and “Team” are used in this report to refer to either Team, Inc., to one or more of its consolidated subsidiaries or to all of them taken as a whole. We are a global leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services. We deploy conventional to highly specialized inspection, condition assessment, maintenance and repair services that result in greater safety, reliability and operational efficiency for our clients’ most critical assets. We conduct operations in two segments: Inspection and Heat Treating (“IHT”) and Mechanical Services (“MS”). Through the capabilities and resources in these two segments, we believe that we are uniquely qualified to provide integrated solutions: inspection to assess condition; engineering assessment to determine fitness for purpose in the context of industry standards and regulatory codes; and mechanical services to repair, rerate or replace based upon the client’s election. In addition, we are capable of escalating with the client’s needs, as dictated by the severity of the damage found and the related operating conditions, from standard services to some of the most advanced services and integrated asset integrity and reliability management solutions available in the industry. We also believe that we are unique in our ability to provide services in three distinct client demand profiles: (i) turnaround or project services, (ii) call-out services and (iii) nested or run-and-maintain services. IHT provides conventional and advanced non-destructive testing services primarily for the process, pipeline and power sectors, pipeline integrity management services, and field heat treating services, as well as associated engineering and condition assessment services. These services can be offered while facilities are running (on-stream), during facility turnarounds or during new construction or expansion activities. IHT also provides advanced digital imaging including remote digital video imaging. MS provides solutions designed to serve clients’ unique needs during both the operational (onstream) and off-line states of their assets. Our onstream services include our range of standard to custom-engineered leak repair and composite solutions; emissions control and compliance; hot tapping and line stopping; and on-line valve insertion solutions, which are delivered while assets are in an operational condition, which maximizes client production time. Asset shutdowns can be planned, such as a turnaround maintenance event, or unplanned, such as those due to component failure or equipment breakdowns. Our specialty maintenance, turnaround and outage services are designed to minimize client downtime and are primarily delivered while assets are off-line and often through the use of cross-certified technicians, whose multi-craft capabilities deliver the production needed to achieve tight time schedules. These critical services include on-site field machining; bolted-joint integrity; vapor barrier plug testing; and valve management solutions. We market our services to companies in a diverse array of heavy industries which include: • Energy (refining, power, renewables, nuclear and liquefied natural gas); • Manufacturing and Process (chemical, petrochemical, pulp and paper industries, automotive and mining); • Midstream and Others (valves, terminals and storage, pipeline and offshore oil and gas); • Public Infrastructure (amusement parks, bridges, ports, construction and building, roads, dams and railways); and • Aerospace and Defense. Reverse Stock Split. On December 21, 2022, we completed a reverse stock split of our outstanding common stock at a ratio of one-for-ten (the “Reverse Stock Split”). The Reverse Stock Split effected a proportionate reduction in our authorized shares of common stock from 120,000,000 shares to 12,000,000 shares and reduced the number of shares of common stock outstanding from approximately 43,429,089 shares to approximately 4,342,909 shares. We have made proportionate adjustments to the number of common shares issuable upon exercise or conversion of our outstanding warrants, equity awards and convertible securities, as well as the applicable exercise prices and weighted average fair value of the equity awards. No fractional shares were issued in connection with the Reverse Stock Split. Recent Refinancing Transactions. On June 16, 2023, we entered into the following separate amendments / agreements with our lenders. Corre Amended and Restated Term Loan Credit Agreement. On June 16, 2023, we entered into an amendment and restatement of that certain subordinated term loan credit agreement dated as of November 9, 2021 (as amended and restated, the “A&R Term Loan Credit Agreement”). Available funding commitments under the A&R Term Loan Credit Agreement, subject to certain conditions, include a $57.5 million senior secured first lien term loan (the “Incremental Term Loan”) provided by Corre Partners Management, LLC (“Corre”) and certain of its affiliates, consisting of a $37.5 million term loan tranche and a $20.0 million delayed draw term loan tranche. Amounts outstanding under the existing subordinated term loan credit agreement (the “Uptiered Loan”) have become senior secured obligations of the Company and the A&R Term Loan Guarantors, secured on a pari passu basis with the Incremental Term Loans. All outstanding amounts in respect of the Incremental Term Loan under the A&R Term Loan Credit Agreement mature and become due and payable on December 31, 2026. All outstanding amounts in respect of the Uptiered Loan under the A&R Term Loan Credit Agreement mature and become due and payable on December 31, 2027; provided that, if greater than $50.0 million (including amounts in respect of payments in kind) of the Uptiered Loan is outstanding on December 31, 2026, then all outstanding amounts in respect of the Uptiered Loan under the A&R Term Loan Credit Agreement become due and payable on December 31, 2026. As discussed in Note 11 - Debt , $42.5 million of the $57.5 million Incremental Term Loan under the A&R Term Loan Credit Agreement was drawn down and the proceeds thereof were used to repay the Notes (as defined below) that matured on August 1, 2023. Eclipse Amendment No. 3 to Credit Agreement . On June 16, 2023, we also entered into Amendment No. 3 (“ABL Amendment No. 3”) to that certain credit agreement with Eclipse (defined below), dated as of February 11, 2022 (as amended by Amendment No. 1 dated as of May 6, 2022 and Amendment No. 2 dated as of November 1, 2022 and ABL Amendment No.3, the “ABL Credit Agreement”). The ABL Amendment No. 3 amended the ABL Credit Agreement to, among other things, (i) provide the Company with a new $27.4 million term loan (the “ME/RE Loans”) secured by a first priority lien and mortgage on certain real estate and machinery and equipment of the Company and the ABL Guarantors, as defined below, (the “Specified RE/ME”), (ii) increase borrowing base availability under the revolving credit facility by an additional $2.5 million, (iii) extend the maturity date for the entire facility under the ABL Credit Agreement to August 11, 2025, (iv) amend the financial maintenance covenant therein to match the maximum unfinanced capital expenditures covenant included in the A&R Term Loan Credit Agreement, and (v) amend provisions applicable to the $35.0 million delayed draw term loans under the ABL Credit Agreement to remove the ability of the Company to repay and reborrow such loans, to remove the ability to pay any portion of the interest on such loans in PIK (as defined below) and add a mandatory prepayment with respect to such loan in relation to any sale of certain collateral principally supporting such loans. The ME/RE Loans were drawn in full on the closing date and were used to pay off the amounts owed under the existing term loan credit agreement dated as of December 18, 2020 (as amended from time to time), among the Company, the lenders party thereto and Atlantic Park Strategic Capital Fund, L.P., as agent, which was repaid and terminated in full on June 16, 2023. See Note 11 - Debt for additional information. Liquidity and Going Concern. These condensed consolidated financial statements have been prepared in accordance with GAAP and assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the issue date of these unaudited condensed consolidated financial statements. As discussed above, we successfully negotiated amendments to existing debt instruments (including to the financial covenants contained therein) and / or entered into new agreements with our lenders. These actions removed the substantial doubt about our ability to continue as a going concern that previously existed and had been disclosed in prior periods. In addition, as of June 30, 2023, we are in compliance with our debt covenants. Based on the Company’s forecast and the amendments/new agreements entered in June 2023, we believe that our current working capital including cash on hand, our capital expenditure financing and the remaining borrowing availability under our various debt agreements is sufficient to fund our operations, maintain compliance with our debt covenants (as amended), and satisfy the Company’s obligations as they come due within one year after the date of issuance of these unaudited condensed consolidated financial statements. Our ability to maintain compliance with the financial covenants contained in the various debt agreements is dependent upon our future operating performance and future financial condition, both of which are subject to various risks and uncertainties. While our lenders agreed to amend the financial covenants contained therein and, in the case of the ABL Credit Agreement, to extend the maturity, there can be no assurance that our lenders will provide additional waivers or amendments in the event of future non-compliance with our debt covenants, or other possible events of default that could happen. Basis for presentation. These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. Certain disclosures have been condensed or omitted from the interim financial statements included in this report. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission. Consolidation. The condensed consolidated financial statements include the accounts of our subsidiaries where we have control over operating and financial policies. All material intercompany accounts and transactions have been eliminated in consolidation. Reclassifications. Certain amounts in prior periods have been reclassified to conform to the current year presentation, including the separate presentation and reporting of discontinued operations. Such reclassifications did not have any effect on our financial condition or results of operations as previously reported. Significant Accounting Policies. Our significant accounting policies are disclosed in Note 1 - Summary of Significant Accounting Policies and Practices in our Annual Report on Form 10-K for the year ended December 31, 2022. On an ongoing basis, we evaluate the estimates and assumptions, including among other things, those related to long-lived assets. Since the date of our Annual Report on Form 10-K for the year ended December 31, 2022, there have been no material changes to our significant accounting policies. Discontinued operations. On November 1, 2022, we completed the sale of Quest Integrity (the “Quest Integrity Transaction”). The criteria for reporting Quest Integrity as a discontinued operation were met during the third quarter of 2022 pursuant to that certain Equity Purchase Agreement by and between us and Baker Hughes Holdings LLC, dated as of August 14, 2022 (the “Sale Agreement”), and, as such, the prior year amounts presented in this Quarterly Report on Form 10-Q have been recast to present Quest Integrity as a discontinued operation. Unless otherwise specified, the financial information and discussion in this Quarterly Report on Form 10-Q are based on our continuing operations (IHT and MS segments) and exclude any results of our discontinued operations (Quest Integrity). Refer to Note 2 - Discontinued Operations for additional details.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On November 1, 2022, we completed the Quest Integrity Transaction with Baker Hughes for an aggregate purchase price of approximately $279.0 million, in accordance with the Sale Agreement. We used approximately $238.0 million of the net proceeds from the sale of Quest Integrity to pay down $225.0 million of our term loan debt, and to pay certain fees associated with that repayment and related accrued interest, with the remainder reserved for general corporate purposes, thereby reducing our future debt service obligations and leverage, and improving our liquidity. During the fourth quarter of 2022, we recorded total gain of $203.4 million, net of tax and working capital adjustments, on the sale of Quest Integrity. We settled the working capital adjustment in the second quarter of 2023. Quest Integrity previously represented a reportable segment. Following the completion of the Quest Integrity Transaction, we now operate in two segments, IHT and MS. Refer to Note 1 – Description of Business and Basis of Presentation for additional details regarding our IHT and MS operating segments. Our condensed consolidated statements of operations for the three and six months ended June 30, 2022 report discontinued operations separate from continuing operations. Our condensed consolidated statements of comprehensive loss and statements of shareholders’ equity for the three and six months ended June 30, 2022 as well as statements of cash flows for the six months ended June 30, 2022 combine continuing and discontinued operations. A summary of financial information related to our discontinued operations is presented in the tables below. The following table represents the reconciliation of the major line items consisting of pretax income from discontinued operations to the after-tax income from discontinued operations (in thousands): Three Months Ended Six Months Ended Major classes of line items constituting income (loss) from discontinued operations Revenues $ 29,723 $ 59,263 Operating expenses (11,886) (27,456) Selling, general and administrative expenses (9,823) (17,589) Interest expense, net (4) (30) Other expense (1,783) (2,260) Income from discontinued operations before income taxes 6,227 11,928 Benefit from income taxes 423 593 Net income from discontinued operations $ 6,650 $ 12,521 The following table presents the depreciation and amortization and capital expenditures of Quest Integrity (in thousands): Six Months Ended June 30, 2022 (unaudited) Cash flows provided by operating activities of discontinued operations: Depreciation and amortization $ 1,146 Cash flows provided by investing activities of discontinued operations: Capital expenditures $ 2,585

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of revenue. Essentially all of our revenues are associated with contracts with customers. A disaggregation of our revenue from contracts with customers by geographic region, by reportable operating segment and by service type is presented below (in thousands): Geographic area: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 113,013 $ 3,727 $ 116,740 $ 111,541 $ 2,583 $ 114,124 MS 82,626 40,126 122,752 77,683 29,733 107,416 Total $ 195,639 $ 43,853 $ 239,492 $ 189,224 $ 32,316 $ 221,540 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 211,544 $ 7,025 $ 218,569 $ 204,919 $ 4,802 $ 209,721 MS 154,657 68,543 223,200 141,614 59,243 200,857 Total $ 366,201 $ 75,568 $ 441,769 $ 346,533 $ 64,045 $ 410,578 Revenue by Operating segment and service type (in thousands): Three Months Ended June 30, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 94,305 $ 219 $ 15,717 $ 6,499 $ 116,740 MS — 122,022 211 519 122,752 Total $ 94,305 $ 122,241 $ 15,928 $ 7,018 $ 239,492 Three Months Ended June 30, 2022 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 91,701 $ 115 $ 15,787 $ 6,521 $ 114,124 MS — 106,731 56 629 107,416 Total $ 91,701 $ 106,846 $ 15,843 $ 7,150 $ 221,540 Six Months Ended June 30, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 175,911 $ 222 $ 29,445 $ 12,991 $ 218,569 MS — 221,860 489 851 223,200 Total $ 175,911 $ 222,082 $ 29,934 $ 13,842 $ 441,769 Six Months Ended June 30, 2022 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 168,152 $ 139 $ 29,626 $ 11,804 $ 209,721 MS — 198,501 113 2,243 200,857 Total $ 168,152 $ 198,640 $ 29,739 $ 14,047 $ 410,578 For additional information on our reportable operating segments and geographic information, refer to Note 15 - Segment and Geographic Disclosures . Contract balances . The timing of revenue recognition, billings, and cash collections results in trade accounts receivable, contract assets and contract liabilities on the condensed consolidated balance sheets. Trade accounts receivable include billed and unbilled amounts currently due from customers and represent unconditional rights to receive consideration. The amounts due are stated at their net estimated realizable value. Refer to Note 4 - Receivables for additional information on our trade receivables and the allowance for credit losses. Contract costs . We recognize the incremental costs of obtaining contracts as selling, general and administrative expenses when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less. Costs to fulfill a contract are recorded as assets if they relate directly to a contract or a specific anticipated contract, the costs to generate or enhance resources that will be used in satisfying performance obligations in the future, and the costs are expected to be recovered. Costs to fulfill a contract recognized as assets primarily consist of labor and material costs and generally relate to engineering and set-up costs incurred prior to when the satisfaction of performance obligations begins. Assets recognized for costs to fulfill a contract are included in the “Prepaid expenses and other current assets” line of the condensed consolidated balance sheets and were not material as of June 30, 2023 and December 31, 2022. Such assets are recognized as expenses as we transfer the related goods or services to the customer. All other costs to fulfill a contract are expensed as incurred. Remaining performance obligations. As permitted by ASC 606, Revenue from Contracts with Customers , we have elected not to disclose information about remaining performance obligations where (i) the performance obligation is part of a contract that has an original expected duration of one year or less or (ii) when we recognize revenue from the satisfaction of the performance obligation in accordance with the right-to-invoice practical expedient, which permits us to recognize revenue in the amount to which we have a right to invoice the customer if that amount corresponds directly with the value to the customer of our performance completed to date. As most of our contracts with customers are short-term in nature and billed on a time and material basis, there were no material amounts of remaining performance obligations as of June 30, 2023 and December 31, 2022.

RECEIVABLES

RECEIVABLES	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
RECEIVABLES	RECEIVABLES A summary of accounts receivable as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Trade accounts receivable $ 159,330 $ 160,572 Unbilled receivables 42,848 31,379 Allowance for credit losses (5,145) (5,262) Total $ 197,033 $ 186,689 We measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This applies to financial assets measured at amortized cost, including trade and unbilled accounts receivable, and requires immediate recognition of lifetime expected credit losses. Significant factors that affect the expected collectability of our receivables include macroeconomic trends and forecasts in the oil and gas, refining, power, and petrochemical markets and changes in our results of operations and forecasts. For unbilled receivables, we consider them as short-term in nature as they are normally converted to trade receivables within 90 days, thus future changes in economic conditions will not have a significant effect on the credit loss estimate. The following table shows a rollforward of the allowance for credit losses (in thousands): June 30, 2023 December 31, 2022 (unaudited) Balance at beginning of period $ 5,262 $ 7,843 Provision for expected credit losses 783 1,059 Recoveries collected (498) (1,114) Write-offs (369) (2,479) Foreign exchange effects (33) (47) Balance at end of period $ 5,145 $ 5,262

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY A summary of inventory as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Raw materials $ 9,829 $ 8,978 Work in progress 2,749 2,945 Finished goods 25,283 24,408 Total $ 37,861 $ 36,331

PREPAID AND OTHER CURRENT ASSET

PREPAID AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID AND OTHER CURRENT ASSETS	PREPAID AND OTHER CURRENT ASSETS A summary of prepaid and other current assets as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Insurance receivable $ 39,000 $ 39,000 Prepaid expenses 15,021 15,238 Other current assets 6,582 11,441 Total $ 60,603 $ 65,679 The insurance receivable relates to the receivable from our third-party insurance providers for a legal claim that is recorded in other accrued liabilities, refer to Note 9 - Other Accrued Liabilities . These receivables are covered by our third-party insurance providers for any litigation matter that has been settled, or pending settlements where the deductibles have been satisfied. The prepaid expenses primarily relate to prepaid insurance and other expenses that have been paid in advance of the coverage period. The other current assets primarily include items such as software implementation costs, other receivables, and other accounts receivables.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT A summary of property, plant and equipment as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Land $ 4,006 $ 4,006 Buildings and leasehold improvements 62,229 50,833 Machinery and equipment 285,403 277,852 Furniture and fixtures 10,794 10,558 Capitalized ERP system development costs 45,903 45,917 Computers and computer software 19,797 19,457 Automobiles 3,369 3,536 Construction in progress 2,161 19,196 Total 433,662 431,355 Accumulated depreciation (301,706) (293,256) Property, plant and equipment, net $ 131,956 $ 138,099 Included in the table above are assets under finance leases of $8.2 million and $7.4 million, and related accumulated amortization of $2.6 million and $2.3 million as of June 30, 2023 and December 31, 2022, respectively. Depreciation expense for the three months ended June 30, 2023 and 2022 was $5.5 million and $5.7 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $11.1 million and $11.8 million, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS A summary of intangible assets as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 (unaudited) Gross Accumulated Net Customer relationships $ 165,282 $ (97,507) $ 67,775 Trade names 20,571 (19,957) 614 Technology 2,714 (2,100) 614 Licenses 843 (843) — Intangible assets $ 189,410 $ (120,407) $ 69,003 December 31, 2022 Gross Accumulated Net Customer relationships $ 165,231 $ (91,296) $ 73,935 Trade names 20,563 (19,830) 733 Technology 2,707 (1,978) 729 Licenses 840 (830) 10 Intangible assets $ 189,341 $ (113,934) $ 75,407 Amortization expense of intangible assets for the three months ended June 30, 2023 and 2022 was $3.2 million and $3.2 million, respectively. Amortization expense of intangible assets for the six months ended June 30, 2023 and 2022 was $6.4 million and $6.4 million, respectively. The weighted-average amortization period for intangible assets subject to amortization was 13.7 years as of June 30, 2023 and December 31, 2022.

OTHER ACCRUED LIABILITIES

OTHER ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
OTHER ACCRUED LIABILITIES	OTHER ACCRUED LIABILITIES A summary of other accrued liabilities as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Legal and professional accruals $ 44,637 $ 46,665 Payroll and other compensation expenses 38,615 48,507 Insurance accruals 6,659 7,483 Property, sales and other non-income related taxes 4,673 7,348 Accrued interest 2,740 3,963 Volume discount 2,282 2,050 Other accruals 2,326 3,251 Total $ 101,932 $ 119,267 Legal and professional accruals include accruals for legal and professional fees as well as accrued legal claims, refer to Note 14 - Commitments and Contingencies . Certain legal claims are covered by insurance and the related insurance receivable for these claims is recorded in prepaid expenses and other current assets, refer to Note 6 - Prepaid and Other Current Assets . Payroll and other compensation expenses include all payroll related accruals including, among others, accrued vacation, severance, and bonuses. Insurance accruals primarily relate to accrued medical and workers compensation costs. Property, sales and other non-income related taxes includes accruals for items such as sales and use tax, property tax and other related tax accruals. Accrued interest relates to the interest accrued on our long-term debt. Other accruals include various business accruals.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe recorded an income tax provision of $2.1 million and $2.9 million for the three and six months ended June 30, 2023 compared to a provision of $2.2 million and $2.7 million for the three and six months ended June 30, 2022. The effective tax rate, inclusive of discrete items, was a provision of 15.3% for the three months ended June 30, 2023, compared to a provision of 8.5% for the three months ended June 30, 2022. For the six months ended June 30, 2023, our effective tax rate, inclusive of discrete items, was a provision of 7.7%, compared to a provision of 4.2% for the six months ended June 30, 2022. The effective tax rate differed from the statutory tax rate due to changes in the valuation allowance in certain jurisdictions.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT As of June 30, 2023 and December 31, 2022, our total long-term debt and finance lease obligations are summarized as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) 2022 ABL Credit Facility $ 115,915 $ 99,916 APSC Term Loan 1 — 31,562 Uptiered Loan 1 122,416 107,905 ME/RE Loans 1 25,489 — Total 263,820 239,383 Convertible Debt 2 41,161 40,650 Finance lease obligations 5,900 5,902 Total long-term debt and finance lease obligations 310,881 285,935 Current portion of long-term debt and finance lease obligations (4,547) (280,993) Total long-term debt and finance lease obligations, less current portion $ 306,334 $ 4,942 _________________ 1 Net carrying balances of the loans are presented below (in thousands): June 30, 2023 December 31, 2022 (unaudited) Principal balance Debt issuance cost and discount, net of accumulated amortization Net carrying balance Principal balance Debt issuance cost and discount, net of accumulated amortization Net carrying balance APSC Term Loan $ — $ — $ — $ 35,510 $ (3,948) $ 31,562 Uptiered Loan 123,129 (713) 122,416 115,443 (7,538) 107,905 ME/RE Loans $ 27,398 $ (1,909) $ 25,489 $ — $ — $ — 2 Comprised of principal amount outstanding, less unamortized discount and issuance costs. See Convertible Debt section below for additional information. 2022 ABL Credit Facility On February 11, 2022, we entered into a new credit agreement, with the lender parties thereto, and Eclipse Business Capital, LLC, a Delaware limited liability company, as agent, (“Eclipse”) (such agreement, as amended by Amendment No. 1 dated as of May 6, 2022, Amendment No. 2 dated as of November 1, 2022 and Amendment No.3 (described below) dated June 16, 2023, the “2022 ABL Credit Agreement”). Available funding commitments to us under the 2022 ABL Credit Agreement, subject to certain conditions, include a revolving credit line in an amount of up to $130.0 million to be provided by certain affiliates of Eclipse (the “Revolving Credit Loans”), with a $35.0 million sublimit for swingline borrowings and a $26.0 million sublimit for issuances of letters of credit, and an incremental delayed draw term loan of up to $35.0 million (the “Delayed Draw Term Loan”) provided by Corre Partners Management, LLC and certain of its affiliates (“Corre”) (collectively, the “2022 ABL Credit Facility”). The 2022 ABL Credit Facility was originally scheduled to mature in February 2025 but is now extended to August 2025 by Amendment No.3 as described below. Our obligations under the 2022 ABL Credit Agreement are guaranteed by certain of our direct and certain indirect subsidiaries referenced below as the “ABL Guarantors” and, together with the Company, the “ABL Loan Parties.” Our obligations under the 2022 ABL Credit Facility are secured on a first priority basis by, among other things, accounts receivable, deposit accounts, securities accounts and inventory of the ABL Loan Parties and are secured on a second priority basis by substantially all of the other assets of the ABL Loan Parties. Availability under the revolving credit line is based on a percentage of the value of qualifying accounts receivable and inventory, reduced by certain reserves. After the execution of Amendment No.3, described below, Revolving Credit Loans under the 2022 ABL Credit Facility bear interest through maturity at a variable rate based upon an Adjusted Term Secured Overnight Financing Rate (SOFR) (or a base rate if the SOFR Rate is unavailable for any reason), plus an applicable margin (“SOFR Loan” and “Base Rate Loan,” respectively). Prior to Amendment No.3, as described below, the rate utilized was LIBOR. The “base rate” is a fluctuating interest rate equal to the greatest of (1) 2.00%, (2) the federal funds rate plus 0.50%, (3) Term SOFR for a one-month tenor in effect on such day plus 1.00%, and (4) Wells Fargo Bank, National Association’s prime rate. The “applicable margin” is defined as a rate of 3.15%, 3.40% or 3.65% for Base Rate Loans with a 2.00% base rate floor and a rate of 4.15%, 4.40% or 4.65% for SOFR Loans with a 1.00% SOFR floor, in each case depending on the amount of EBITDA as of the most recent measurement period as reported in a monthly compliance certificate. The Delayed Draw Term Loan bears interest through maturity at a rate of the Adjusted Term SOFR Rate plus 10.0%, provided that, in the event that Adjusted Term SOFR is unavailable for any reason, then such rate shall be a rate per annum equal to the sum of the Base Rate, plus 9.00% per annum. The fee for undrawn revolving amounts is 0.50% and the fee for undrawn Delayed Draw Term Loan amounts is 3.00%. Interest under the 2022 ABL Credit Facility is payable monthly. The Company will also be required to pay customary letter of credit fees, as necessary. The Company may make voluntary prepayments of the loans under the 2022 ABL Credit Facility from time to time, subject, in the case of the Delayed Draw Term Loan, to certain conditions. Mandatory prepayments are also required in certain circumstances, including with respect to the Delayed Draw Term Loan, if the ratio of aggregate value of the collateral under the 2022 ABL Credit Facility to the sum of the Delayed Draw Term Loan plus revolving facility usage outstanding is less than 130%. Amounts repaid under the Revolving Credit Loans may be re-borrowed, subject to compliance with the borrowing base and the other conditions set forth in the 2022 ABL Credit Agreement. Amounts repaid under the Delayed Draw Term Loan cannot be re-borrowed. Certain permanent repayments of the 2022 ABL Credit Facility loans are subject to the payment of a premium of 1.00% from the ABL Amendment No.3 Effective Date (defined below) until August 11, 2024, and 0.50% after August 11, 2024 until August 11, 2025. The 2022 ABL Credit Agreement contains customary conditions to borrowings and covenants, including covenants that restrict our ability to sell assets, make changes to the nature of our business, engage in mergers or acquisitions, incur, assume or permit to exist additional indebtedness and guarantees, create or permit to exist liens, pay dividends, issue equity instruments, make distributions or redeem or repurchase capital stock or make other investments, engage in transactions with affiliates and make payments in respect of certain debt. The 2022 ABL Credit Agreement following the execution of Amendment No.3, as described below, also requires that we will not exceed $15.0 million in unfinanced capital expenditures in any CapEx Test Period (as defined therein); provided the Company shall be permitted to make up to $25.0 million in unfinanced capital expenditures in any CapEx Test Period (as defined therein) if we maintain a net leverage ratio of less than or equal to 2.00 to 1.00 on a pro forma basis immediately after giving effect to each such unfinanced capital expenditures in excess of the $15.0 million maximum annual capital expenditure limit. In addition, the 2022 ABL Credit Agreement includes customary events of default, the occurrence of which may require that we pay an additional 2.00% interest on the outstanding loans under the 2022 ABL Credit Facility and that the debt becomes payable immediately. Amendment No.3 On June 16, 2023 (the “ABL Amendment No.3 Effective Date”), the Company entered into Amendment No. 3 (“ABL Amendment No. 3”) among the Company, as borrower, the lenders from time-to-time party thereto and Eclipse, as agent (the “ABL Agent”). The ABL Amendment No. 3 amended the 2022 ABL Credit Agreement to, among other things, (i) provide the Company with a new $27.4 million term loan (the “ME/RE Loans”) secured by a first priority lien and mortgage on certain real estate and machinery and equipment of the Company and the ABL Guarantors (the “Specified RE/ME”) as described further below, (ii) increase borrowing base availability under the revolving credit facility by an additional $2.5 million, (iii) extend the maturity date for the entire facility under the 2022 ABL Credit Agreement to August 11, 2025, (iv) amend the financial maintenance covenant with respect to the maximum unfinanced capital expenditures, and (iv) amend provisions applicable to the $35.0 million delayed draw term loans under the 2022 ABL Credit Agreement to remove the ability of the Company to repay and re-borrow such loans, to remove the ability to pay any portion of the interest on such loans in PIK (as defined below) and add a mandatory prepayment with respect to such loan in relation to any sale of certain collateral principally supporting such loans. The interest rate after the execution of Amendment No.3 as of June 30, 2023 was 9.92% for Revolving Credit Loans and 15.27% for the Delayed Draw Term Loan. The interest rate as of June 30, 2022 was 5.71% for Revolving Credit Loans and 11.06% for the Delayed Draw Term Loan. Cash interest paid on Revolving Credit Loans amounted to $3.0 million and $2.0 million for the six months ended June 30, 2023 and 2022, respectively. Cash interest paid on the Delayed Draw Term Loan amounted to $2.6 million and $0.8 million for the six months ended June 30, 2023 and 2022, respectively. Direct and incremental costs associated with the issuance of the 2022 ABL Credit Facility excluding Amendment No.3 were approximately $8.4 million and were capitalized as deferred financing costs. These costs were fully amortized as of June 16, 2023 due to the Maturity Reserve Trigger Date provision that was previously applicable. We incurred additional $0.3 million of financing cost related to the existing ABL Credit Facility in connection with the ABL Amendment No. 3. These costs were capitalized and amortized on a straight-line basis over the new term of the 2022 ABL Credit Facility. ME/RE Loans As described above, on June 16, 2023, we entered into ABL Amendment No. 3 that, provided us with $27.4 million of new ME/RE Loans. Our obligations in respect of the ME/RE Loans are guaranteed by certain direct and indirect material subsidiaries of the Company (the “ABL Guarantors” and, together with the Company, the “ABL Loan Parties”). The ME/RE Loans under the 2022 ABL Credit Agreement are secured on a first priority basis by, among other things, the Specified RE/ME, accounts receivable, deposit accounts, securities accounts and inventory of the ABL Loan Parties (the “ABL Priority Collateral”) and on a second priority basis by substantially all of the other assets of the ABL Loan Parties, subject to the terms of the Intercreditor Agreement. The ME/RE Loans were drawn in full on June 16, 2023 and were used to pay off the amounts owed under the existing APSC Term Loan, discussed below. The ME/RE Loans bear interest at an annual rate of the SOFR, plus a credit spread adjustment of 0.11% per annum and a margin of 5.75% per annum and is payable monthly. Amounts outstanding under the ME/RE Loans amortize each month in aggregate installments of $0.3 million, subject to certain adjustments. The Company may make voluntary prepayments of the ME/RE Loans from time to time, and mandatory prepayment is required in certain instances related to asset sales of the Specified RE/ME and with annual excess cash flow (as defined in the 2022 ABL Credit Agreement), subject to certain prepayment premiums (subject to certain exceptions), plus accrued and unpaid interest. The effective interest rate of the ME/RE Loans as of June 30, 2023 was approximately 16.54% and consisted of the 11.02% stated interest rate and an additional 5.51% due to amortization of the related debt issuance cost. No interest was paid during the six months ended June 30, 2023. Direct and incremental costs associated with the issuance of the ABL Amendment No. 3 were approximately $1.9 million and were deferred and presented as a direct deduction from the carrying amount of the related debt and are amortized on a straight-line basis over the term of the ME/RE Loans. Unamortized debt issuance cost amounted to $1.9 million as of June 30, 2023. As of June 30, 2023, we had $80.9 million of Revolving Credit Loans outstanding and $35.0 million outstanding under the Delayed Draw Term Loan. There were $10.1 million outstanding in letters of credit secured by these instruments, which are off-balance sheet. As of June 30, 2023, subject to the applicable sublimit and other terms and conditions, $21.8 million was available for loans or for issuance of new letters of credit. APSC Term Loan On December 18, 2020, we entered into that certain Term Loan Credit Agreement (as amended by Amendment No. 1, dated as of October 19, 2021, Amendment No. 2, dated as of October 29, 2021, Amendment No. 3, dated as of November 8, 2021, Amendment No. 4, dated as of December 2, 2021, Amendment No. 5, dated as of December 7, 2021 Amendment No. 6, dated as of February 11, 2022, Amendment No. 7, dated as of May 6, 2022, Amendment No. 8, dated as of November 1, 2022 and Amendment No. 9, dated as of November 4, 2022, the “Term Loan Credit Agreement”) with Atlantic Park Strategic Capital Fund, L.P., as agent (“APSC”), pursuant to which we borrowed $250.0 million (the “Term Loan”). The Term Loan had an original maturity date of December 18, 2026. On June 16, 2023, we used the proceeds from the ME/RE Loans and borrowings under the 2022 ABL Credit Facility to repay the total outstanding Term Loan balance of $35.5 million plus the applicable prepayment premium of $1.4 million and related accrued interest, resulting in a loss on debt extinguishment of $1.6 million. As of June 30, 2022, the effective interest amounted to 23.85% and consisted of a 9.00% variable interest rate paid in cash and an additional 14.85% due to the acceleration of the amortization of the related debt issuance costs. The unamortized balance of debt discounts, warrant discount and debt issuance cost amounted to $3.9 million at December 31, 2022. Cash interest paid amounted to $2.9 million and $5.5 million for the six months ended June 30, 2023 and 2022, respectively. Subordinated Term Loan Credit Agreement / Amended and Restated Term Loan Credit Agreement On November 9, 2021, we entered into a credit agreement (as amended by Amendment No. 1 dated as of November 30, 2021, Amendment No. 2 dated as of December 6, 2021, Amendment No. 3 dated as of December 7, 2021, Amendment No. 4 dated as of December 8, 2021, Amendment No. 5 dated as of February 11, 2022, Amendment No. 6 dated as of May 6, 2022, Amendment No. 7 dated as of June 28, 2022, Amendment No. 8 dated as of October 4, 2022, Amendment No. 9 dated as of November 1, 2022, Amendment No. 10 dated as of November 4, 2022, Amendment No. 11 dated as of November 21, 2022 and Amendment No. 12 dated as of March 29, 2023, the “Subordinated Term Loan Credit Agreement”) with Cantor Fitzgerald Securities, as agent, and the lenders party thereto providing for an unsecured approximately $123.1 million delayed draw subordinated term loan facility (the “Subordinated Term Loan”). Pursuant to the Subordinated Term Loan Credit Agreement, we borrowed $22.5 million on November 9, 2021, and an additional $27.5 million on December 8, 2021. On October 4, 2022, an additional approximately $57.0 million was added to the outstanding principal amount under the Subordinated Term Loan Credit Agreement in exchange for an equivalent amount of the Company’s Notes held by Corre (as defined below). On June 16, 2023, the Company, entered into an amendment and restatement of that certain subordinated term loan credit agreement dated as of November 9, 2021 (as amended and restated, the “A&R Term Loan Credit Agreement”) among the Company, as borrower, the guarantors party thereto, the lenders from time to time party thereto and Cantor Fitzgerald Securities, as agent (the “A&R Term Loan Agent”). Additional funding commitments to the Company under the A&R Term Loan Credit Agreement, subject to certain conditions, included a $57.5 million senior secured first lien term loan (the “Incremental Term Loan”) provided by Corre Partners Management, LLC (“Corre” or the “Investor Representative”) and certain of its affiliates, consisting of a $37.5 million term loan tranche and a $20.0 million delayed draw term loan tranche. Amounts outstanding under the existing subordinated term loan credit agreement (the “Uptiered Loan”) have become senior secured obligations of the Company and the A&R Term Loan Guarantors (as defined below) and are secured on a pari passu basis with the Incremental Term Loan, on the terms described below. As of the closing date of the A&R Term Loan Credit Agreement (the “Closing Date”), the aggregate principal amount of the Uptiered Loan was $123.1 million. All outstanding amounts in respect of the Incremental Term Loan under the A&R Term Loan Credit Agreement mature and become due and payable on December 31, 2026. All outstanding amounts in respect of the Uptiered Loan under the A&R Term Loan Credit Agreement mature and become due and payable on December 31, 2027; provided that, if greater than $50.0 million (including amounts in respect of payments in kind) of the Uptiered Loan is outstanding on December 31, 2026, then all outstanding amounts in respect of the Uptiered Loan under the A&R Term Loan Credit Agreement become due and payable on December 31, 2026. The Company’s obligations under the A&R Term Loan Credit Agreement are guaranteed by certain direct and indirect material subsidiaries of the Company (the “A&R Term Loan Guarantors” and, together with the Company, the “A&R Term Loan Parties”). The obligations of the A&R Term Loan Parties are secured on a second priority basis by the ABL Priority Collateral and on a first priority basis by substantially all of the other assets of the A&R Term Loan Parties, subject to the terms of an intercreditor agreement (the “Intercreditor Agreement”) between the A&R Term Loan Agent, the ABL Agent and the A&R Term Loan Parties, that sets forth the priorities in respect of the collateral and certain related agreements with respect thereto. Incremental Term Loans borrowed under the A&R Term Loan Credit Agreement bear interest at an annual rate of 12.00%, payable in cash. The Uptiered Loan under the A&R Term Loan Credit Agreement bear interest at an annual rate of 12.00%, paid-in-kind (noncash) (“PIK”) from the Closing Date through December 31, 2023, and thereafter a split between cash and PIK, with the cash portion ranging from 2.50% per annum to 12.00% per annum, and the PIK portion ranging from 9.50% per annum to 0.00% per annum, depending on the Company’s Net Leverage Ratio (as defined in the A&R Term Loan Credit Agreement). Cash interest under the A&R Term Loan Credit Agreement is payable quarterly, and PIK interest is payable monthly. In addition, if certain minimum liquidity thresholds set forth in the A&R Term Loan Credit Agreement are not met for an applicable interest payment date, all interest in respect of the Uptiered Loan payable on such interest payment date will be PIK, irrespective of the Net Leverage Ratio at such time. Amounts outstanding under the Incremental Term Loan amortize in quarterly installments of 0.75% of the original principal amount borrowed. The Company may make voluntary prepayments of the loans under the A&R Term Loan Credit Agreement from time to time, and the Company is required in certain instances related to change of control, asset sales, equity issuances, non-permitted debt issuances and with annual excess cash flow (as defined in the A&R Term Loan Credit Agreement), to make mandatory prepayments of the loans under the A&R Term Loan Credit Agreement, subject to certain prepayment premiums as specified in the A&R Term Loan Credit Agreement (subject to certain exceptions), plus accrued and unpaid interest. In addition, if certain conditions related to repayments in respect of the Incremental Term Loan are not met, certain additional quarterly fees (not to exceed 4 such fees) plus a 150 basis point increase to the applicable interest rate will be payable to the lenders under the A&R Term Loan Credit Agreement in cash or common stock of the Company, at the Company’s option. The A&R Term Loan Credit Agreement contains certain conditions to borrowings, events of default and affirmative, negative and financial covenants, including covenants that restrict the Company’s ability to sell assets, make changes to the nature of the Company’s business, engage in mergers or acquisitions, incur, assume or permit to exist additional indebtedness and guarantees, create or permit to exist liens, pay dividends, make distributions or redeem or repurchase capital stock or make investments, engage in transactions with affiliates and make payments in respect of certain debt. The A&R Term Loan Credit Agreement also requires that the Company will not exceed $15.0 million in unfinanced capital expenditures in any four-fiscal quarter period, tested as of the end of the second and fourth fiscal quarters of each calendar year starting with the period ending December 31, 2023; provided that such amount shall increase to $25.0 million if the Company’s Total Leverage Ratio (as defined in the A&R Term Loan Credit Agreement) is less than or equal to 2.00 to 1.00 on a pro forma basis for such additional expenditure. In addition, the A&R Term Loan Credit Agreement requires that the Company not exceed a maximum Net Leverage Ratio, tested as of the end of each fiscal quarter, beginning at 9.25 to 1.00 for the fiscal quarter ending June 30, 2023 and stepping down each quarter to a ratio of 4.75 to 1.00 for the fiscal quarters ending March 31, 2026 and thereafter. Further, the A&R Term Loan Credit Agreement includes certain customary events of default, the occurrence of which may require that we pay an additional 2.00% interest on the outstanding loans and other obligations under the A&R Term Loan Credit Agreement and the debt becomes payable immediately. As of June 30, 2023, following the execution of the A&R Term Loan Credit Agreement, the effective interest rate on the Uptiered Term Loan amounted to 12.86%. At June 30, 2022, the effective interest rate of 46.79% consisted of the 12.00% stated interest and an additional 34.79% due to the accelerated amortization of the related debt issuance costs due to the Trigger Date provision. The unamortized debt issuance cost amounted to $0.7 million and $7.5 million as of June 30, 2023 and December 31, 2022, respectively. PIK interest added to principal amounted to $7.7 million and $3.0 million for the six months ended June 30, 2023 and 2022, respectively. On July 31, 2023, $42.5 million, made up of $37.5 million of the term loan tranche and $5.0 million of the delayed draw term loan tranche, of the $57.5 million Incremental Term Loan under the A&R Term Loan Credit Agreement was drawn down and the proceeds thereof were used to repay the Notes that matured on August 1, 2023. The remaining availability of the delayed draw term loan tranche of $15.0 million will be used, subject to certain maximum liquidity conditions, for working capital purposes. Warrants As of June 30, 2023 and December 31, 2022, we had the following warrants outstanding: Original After Reverse Stock Split (Effective date December 22, 2022) Holder Date Number of shares Exercise price Expiration date Number of shares Exercise price Expiration date APSC Holdco II, LP Original, as awarded 12/18/2020 3,582,949 $ 7.75 6/14/2028 Amended 11/9/2021 500,000 $ 1.50 6/14/2028 Amended 12/8/2021 917,051 $ 1.50 12/8/2028 Total APSC 5,000,000 $ 1.50 12/8/2028 500,000 $ 15.00 12/8/2028 Corre 12/8/2021 5,000,000 $ 1.50 12/8/2028 500,000 $ 15.00 12/8/2028 Total warrants 10,000,000 1,000,000 The exercise price and the number of shares of our common stock issuable on exercise of the warrants are subject to certain antidilution adjustments, including for stock dividends, stock splits, reclassifications, noncash distributions, cash dividends, certain equity issuances and business combination transactions. Convertible Notes Description of the Notes On July 31, 2017, we issued $230.0 million principal amount of senior unsecured 5.00% Convertible Senior Notes (the “Notes”) due 2023 in a private offering to qualified institutional buyers (as defined in the Securities Act of 1933) pursuant to Rule 144A under the Securities Act (the “Offering”). Net proceeds received from the Offering were approximately $222.3 million after deducting discounts, commissions and expenses and were used to repay outstanding borrowings under a previous credit facility. The Notes bore interest at a rate of 5.0% per year, payable semiannually in arrears on February 1 and August 1 of each year, beginning on February 1, 2018. After a series of Note repurchases by the Company since issuance and the exchange by Corre in October 2022 of Notes totaling approximately $57.0 million for an equivalent amount of principal added to borrowings under the Subordinated Term Loan Credit Agreement, there was approximately $41.2 million of Notes outstanding at June 30, 2023. As noted above, on July 31, 2023, $42.5 million of the $57.5 million Incremental Term Loan was drawn down and the proceeds thereof were used to repay the principal and accrued interest of the outstanding Notes that matured on August 1, 2023. Accounting Treatment of the Notes As of June 30, 2023 and December 31, 2022, the Notes were recorded in our condensed consolidated balance sheet as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Liability component: Principal $ 41,161 $ 41,162 Unamortized issuance costs — (377) Unamortized discount — (135) Net carrying amount of the liability component 1 $ 41,161 $ 40,650 Equity component: Carrying amount of the equity component, net of issuance costs 2 $ 37,276 $ 37,276 _________________ 1 Included in the “Long-term debt and finance lease obligation” line for June 30, 2023 and “Current portion of long-term debt and finance lease obligations” line for December 31, 2022 of the condensed consolidated balance sheets. 2 Relates to the portion of the Notes accounted for under ASC 815-15 (defined below) and is included in the “Additional paid-in capital” line of the condensed consolidated balance sheets. Under ASC 470-20, Debt with Conversion and Other Options, (“ASC 470-20”), an entity must separately account for the liability and equity components of convertible debt instruments that may be settled entirely or partially in cash upon conversion (such as the Notes) in a manner that reflects the issuer’s economic interest cost. However, entities must first consider the guidance in ASC 815-15, Embedded Derivatives (“ASC 815-15”), to determine if an instrument contains an embedded feature that should be separately accounted for as a derivative. Fair Value of Debt The fair value of our 2022 ABL Credit Facility, Uptiered Loans and ME/RE Loans are representative of the carrying value based upon the variable interest rate terms and management’s opinion that the current rates available to us with the same maturity and security structure are equivalent to that of the debt. The fair value of the Notes as of June 30, 2023 and December 31, 2022 was $41.0 million and $37.5 million, respectively, (inclusive of the fair value of the conversion option) and are a “Level 2” measurement, determined based on the observed trading price of these instruments. 1970 Group Substitute Insurance Reimbursement Facility The 1970 Group extended us credit in the form of a substitute reimbursement facility (the “Substitute Reimbursement Facility”) to provide up to approximately $21.4 million of letters of credit on our behalf in support of our workers’ compensation, commercial automotive and general liability insurance policies (the “Insurance Policies”). We are required to reimburse the 1970 Group for any draws made under the letters of credit within five business days of notice of any such draw. The Substitute Insurance Reimbursement Facility Agreement terminates upon the earlier of (i) the expiration or termination of our Insurance Policies or (ii) September 29, 2023. According to the provisions of ASC 470 – Debt, the arrangement is a Substitute Insurance Reimbursement Facility limited to the amounts drawn under the letters of credit. Therefore, until there is a draw on the Substitute Insurance Reimbursement Facility, the letters of credit are treated as an off-balance sheet credit arrangement. The fees in the amount of $2.9 million paid by us are deferred and amortized to interest expense over the term of the arrangement. As of June 30, 2023, all fees were fully amortized. Liquidity As of June 30, 2023, we had $25.0 million of unrestricted cash and cash equivalents and $5.4 million of restricted cash. International cash balances as of June 30, 2023 were $10.4 million, and approximately $0.6 million of such cash is located in countries where currency restrictions exist. As of June 30, 2023, excluding availability dedicated to repayment of Notes as part of the A&R Term Loan Credit Agreement as described above, we had approximately $36.8 million of available borrowing capacity under our various credit agreements, consisting of $21.8 million available under the Revolving Credit Loans and $15.0 million available under the Incremental Term Loan under the A&R Term Loan Credit Agreement. We have $33.7 million in letters of credit and $2.2 million in surety bonds outstanding and $0.7 million in miscellaneous cash deposits securing leases or other required obligations. Our cash and cash equivalents as of December 31, 2022 totaled $58.1 million including $1.4 million of cash located in countries where currency restrictions existed.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS We have a defined benefit pension plan covering certain United Kingdom employees (the “U.K. Plan”). Net periodic pension credit includes the following components (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Interest cost $ 689 $ 390 $ 1,376 $ 813 Expected return on plan assets (927) (582) (1,852) (1,211) Amortization of prior service cost 7 8 15 16 Unrecognized Net Actuarial Loss 71 — 142 — Net periodic pension credit $ (160) $ (184) $ (319) $ (382) Net pension credit is included in “Other income, net” on our condensed consolidated statement of operations. The expected long-term rate of return on invested assets is determined based on the weighted average of expected returns on asset investment categories for the U.K. Plan as follows: 6.4% overall, 9.5% for equities and 5.3% for debt securities. We expect to contribute $3.7 million to the U.K. Plan for 2023, of which $1.9 million has been contributed through June 30, 2023.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Shareholder’s Equity and Preferred Stock On December 21, 2022, we completed a reverse stock split of our outstanding common stock at a ratio of one-for-ten. The Reverse Stock Split effected a proportionate reduction in our authorized shares of common stock from 120,000,000 shares to 12,000,000 shares and reduced the number of shares of common stock outstanding from approximately 43,429,089 shares to approximately 4,342,909 shares. We have made proportionate adjustments to the number of common shares issuable upon exercise or conversion of our outstanding warrants, equity awards and convertible securities, as well as the applicable exercise prices and weighted average fair value of the equity awards. No fractional shares were issued in connection with the Reverse Stock Split. As of June 30, 2023 there were 4,368,422 shares of our common stock outstanding and 12,000,000 shares authorized at $0.30 par value per share. As of June 30, 2023 we had 500,000 authorized shares of preferred stock, none of which had been issued. Accumulated Other Comprehensive Income (loss) A summary of changes in accumulated other comprehensive loss included within shareholders’ equity is as follows (in thousands): Six Months Ended Six Months Ended (unaudited) (unaudited) Foreign Defined Benefit Pension Plans Tax Total Foreign Defined Benefit Pension Plans Tax Total Balance, beginning of period $ (28,859) $ (10,474) $ 336 $ (38,997) $ (23,286) $ (3,277) $ (169) $ (26,732) Other comprehensive income (loss) 2,055 — (46) 2,009 (5,117) — — (5,117) Balance, end of period $ (26,804) $ (10,474) $ 290 $ (36,988) $ (28,403) $ (3,277) $ (169) $ (31,849)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We accrue for contingencies where the occurrence of a material loss is probable and can be reasonably estimated, based on our best estimate of the expected liability. We may increase or decrease our legal accruals in the future, on a matter-by-matter basis, to account for developments in such matter. Because such matters are inherently unpredictable and unfavorable developments or outcomes can occur, assessing contingencies is highly subjective and requires judgments about future events. Notwithstanding the uncertainty as to the outcome and while our insurance coverage might not be available or adequate to cover these claims, based upon the information currently available, we do not believe that any uninsured losses that might arise from these lawsuits and proceedings will have a materially adverse effect on our condensed consolidated financial statements. Notice of Potential Environmental Violation - On April 20, 2021, Team Industrial Services, Inc. received Notices of Potential Violation from the U.S. Environmental Protection Agency (“EPA”) alleging noncompliance with various waste determination, reporting, training, and planning obligations under the Resource Conservation and Recovery Act at seven of our facilities located in Texas and Louisiana. The allegations largely related to spent film developing solutions generated through our mobile radiographic inspection services and related to the characterization and quantities of those wastes and related notices, reporting, training, and planning. On February 9, 2022, Team and the EPA agreed to settle all the claims related to this matter and the formal settlement agreement was finalized in April 2022 with our agreement to pay penalties totaling $0.2 million. Kelli Most Litigation - On November 13, 2018, Kelli Most filed a lawsuit against Team Industrial Services, Inc., individually and as a personal representative of the estate of Jesse Henson, in the 268th District Court of Fort Bend County, Texas (the “Most litigation”). The complaint asserted claims against Team for negligence resulting in the wrongful death of Jesse Henson. A jury trial commenced on this matter on May 4, 2021. On June 1, 2021, the jury rendered a verdict against Team for $222.0 million in compensatory damages. On January 25, 2022, the trial court signed a final judgment in favor of the plaintiff and against Team Industrial Services, Inc. Post-judgment motions challenging the judgment were filed on February 24, 2022 and were denied by the court on April 22, 2022. A notice of appeal was filed on April 25, 2022, and this case is currently pending in the Court of Appeals for the First District of Texas, in Houston. We believe that the likelihood that the amount of the judgment will be affirmed is not probable. We currently estimate a range of possible outcomes between $13.0 million and approximately $51.0 million, and as of June 30, 2023 we have recorded a receivable from our third-party insurance providers in other current assets with a corresponding liability of the same amount in other accrued liabilities at an amount we believe is the most likely estimate for a probable loss on this matter. Such amounts are treated as non-cash operating activities. The Most litigation is covered by our general liability and excess insurance policies which are occurrence based and subject to an aggregate $3.0 million self-insured retention and deductible. All retentions and deductibles have been met, accordingly, we believe pending the final settlement, all further claims will be fully funded by our insurance policies. We will continue to evaluate the possible outcomes of this case in light of future developments and their potential impact on factors relevant to our assessment of any possible loss. Accordingly, for all matters discussed above, we have accrued in the aggregate approximately $41.2 million as of June 30, 2023, of which approximately $2.2 million is not covered by our various insurance policies. In addition to legal matters discussed above, we are subject to various lawsuits, claims and proceedings encountered in the normal conduct of business (“Other Proceedings”). Management believes that based on its current knowledge and after consultation with legal counsel that the Other Proceedings, individually or in the aggregate, will not have a material effect on our condensed consolidated financial statements.

SEGMENT AND GEOGRAPHIC DISCLOSU

SEGMENT AND GEOGRAPHIC DISCLOSURES	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHIC DISCLOSURES	SEGMENT AND GEOGRAPHIC DISCLOSURES ASC 280, Segment Reporting , requires us to disclose certain information about our operating segments. Operating segments are defined as “components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.” We conduct operations in two segments: IHT and MS. Segment data for our two operating segments are as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: IHT $ 116,740 $ 114,124 $ 218,569 $ 209,721 MS 122,752 107,416 223,200 200,857 Total Revenues $ 239,492 $ 221,540 $ 441,769 $ 410,578 Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Operating income (loss): IHT $ 6,548 $ 5,514 $ 11,271 $ 5,648 MS 12,720 6,984 15,913 7,497 Corporate and shared support services (14,672) (23,292) (30,334) (46,346) Total Operating income (loss) $ 4,596 $ (10,794) $ (3,150) $ (33,201) Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Capital expenditures 1 : IHT $ 1,595 $ 3,326 $ 3,022 $ 8,097 MS 674 1,621 1,275 2,434 Corporate and shared support services — 19 — 57 Total Capital expenditures $ 2,269 $ 4,966 $ 4,297 $ 10,588 ____________ 1 Excludes finance leases. Totals may vary from amounts presented in the condensed consolidated statements of cash flows due to the timing of cash payments. Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: IHT $ 3,188 $ 3,096 $ 6,242 $ 6,350 MS 4,704 4,634 9,457 9,518 Corporate and shared support services 1,647 1,279 3,386 2,595 Total Depreciation and amortization $ 9,539 $ 9,009 $ 19,085 $ 18,463 Separate measures of our assets by operating segment are not produced or utilized by management to evaluate segment performance. A geographic breakdown of our revenues for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Total Revenues 1 United States $ 165,311 $ 156,447 $ 317,805 $ 294,387 Canada 30,328 32,778 48,396 52,145 Europe 21,731 16,285 38,062 30,459 Other foreign countries 22,122 16,030 37,506 33,587 Total $ 239,492 $ 221,540 $ 441,769 $ 410,578 ______________ 1 Revenues attributable to individual countries/geographic areas are based on the country of domicile of the legal entity that performs the work.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Alvarez & Marsal provided certain consulting services to the Company in connection with our former Interim Chief Financial Officer position and other corporate support costs. Effective June 12, 2022 the Interim Chief Financial Officer position ended as the Company named a permanent Chief Financial Officer. The Company paid $8.1 million in consulting fees to Alvarez & Marsal for the year ended December 31, 2022. In connection with the Company’s debt transactions, the Company engaged in transactions with Corre and APSC to provide funding as described in Note 11 - Debt .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS As of August 10, 2023, the filing date of this Quarterly Report on Form 10-Q, management evaluated the existence of events occurring subsequent to the quarter ended June 30, 2023, and determined that there were no events or transactions that would have a material impact on the Company’s results of operations or financial position except as described in Note 11 - Debt

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis for presentation	Basis for presentation. These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. Certain disclosures have been condensed or omitted from the interim financial statements included in this report. These condensed consolidated financial statements should be read
Consolidation	Consolidation. The condensed consolidated financial statements include the accounts of our subsidiaries where we have control over operating and financial policies. All material intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications. Certain amounts in prior periods have been reclassified to conform to the current year presentation, including the separate presentation and reporting of discontinued operations. Such reclassifications did not have any effect on our financial condition or results of operations as previously reported.
Discontinued operations	Discontinued operations. On November 1, 2022, we completed the sale of Quest Integrity (the “Quest Integrity Transaction”). The criteria for reporting Quest Integrity as a discontinued operation were met during the third quarter of 2022 pursuant to that certain Equity Purchase Agreement by and between us and Baker Hughes Holdings LLC, dated as of August 14, 2022 (the “Sale Agreement”), and, as such, the prior year amounts presented in this Quarterly Report on Form 10-Q have been recast to present Quest Integrity as a discontinued operation. Unless otherwise specified, the financial information and discussion in this Quarterly Report on Form 10-Q are based on our continuing operations (IHT and MS segments) and exclude any results of our discontinued operations (Quest Integrity). Refer to Note 2 - Discontinued Operations for additional details.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table represents the reconciliation of the major line items consisting of pretax income from discontinued operations to the after-tax income from discontinued operations (in thousands): Three Months Ended Six Months Ended Major classes of line items constituting income (loss) from discontinued operations Revenues $ 29,723 $ 59,263 Operating expenses (11,886) (27,456) Selling, general and administrative expenses (9,823) (17,589) Interest expense, net (4) (30) Other expense (1,783) (2,260) Income from discontinued operations before income taxes 6,227 11,928 Benefit from income taxes 423 593 Net income from discontinued operations $ 6,650 $ 12,521 The following table presents the depreciation and amortization and capital expenditures of Quest Integrity (in thousands): Six Months Ended June 30, 2022 (unaudited) Cash flows provided by operating activities of discontinued operations: Depreciation and amortization $ 1,146 Cash flows provided by investing activities of discontinued operations: Capital expenditures $ 2,585

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A disaggregation of our revenue from contracts with customers by geographic region, by reportable operating segment and by service type is presented below (in thousands): Geographic area: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 113,013 $ 3,727 $ 116,740 $ 111,541 $ 2,583 $ 114,124 MS 82,626 40,126 122,752 77,683 29,733 107,416 Total $ 195,639 $ 43,853 $ 239,492 $ 189,224 $ 32,316 $ 221,540 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 211,544 $ 7,025 $ 218,569 $ 204,919 $ 4,802 $ 209,721 MS 154,657 68,543 223,200 141,614 59,243 200,857 Total $ 366,201 $ 75,568 $ 441,769 $ 346,533 $ 64,045 $ 410,578 Revenue by Operating segment and service type (in thousands): Three Months Ended June 30, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 94,305 $ 219 $ 15,717 $ 6,499 $ 116,740 MS — 122,022 211 519 122,752 Total $ 94,305 $ 122,241 $ 15,928 $ 7,018 $ 239,492 Three Months Ended June 30, 2022 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 91,701 $ 115 $ 15,787 $ 6,521 $ 114,124 MS — 106,731 56 629 107,416 Total $ 91,701 $ 106,846 $ 15,843 $ 7,150 $ 221,540 Six Months Ended June 30, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 175,911 $ 222 $ 29,445 $ 12,991 $ 218,569 MS — 221,860 489 851 223,200 Total $ 175,911 $ 222,082 $ 29,934 $ 13,842 $ 441,769 Six Months Ended June 30, 2022 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 168,152 $ 139 $ 29,626 $ 11,804 $ 209,721 MS — 198,501 113 2,243 200,857 Total $ 168,152 $ 198,640 $ 29,739 $ 14,047 $ 410,578

RECEIVABLES (Tables)

RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Summary of Accounts Receivable	A summary of accounts receivable as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Trade accounts receivable $ 159,330 $ 160,572 Unbilled receivables 42,848 31,379 Allowance for credit losses (5,145) (5,262) Total $ 197,033 $ 186,689
Allowance for Credit Loss	The following table shows a rollforward of the allowance for credit losses (in thousands): June 30, 2023 December 31, 2022 (unaudited) Balance at beginning of period $ 5,262 $ 7,843 Provision for expected credit losses 783 1,059 Recoveries collected (498) (1,114) Write-offs (369) (2,479) Foreign exchange effects (33) (47) Balance at end of period $ 5,145 $ 5,262

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Summary of Inventory	A summary of inventory as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Raw materials $ 9,829 $ 8,978 Work in progress 2,749 2,945 Finished goods 25,283 24,408 Total $ 37,861 $ 36,331

PREPAID AND OTHER CURRENT ASS_2

PREPAID AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	A summary of prepaid and other current assets as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Insurance receivable $ 39,000 $ 39,000 Prepaid expenses 15,021 15,238 Other current assets 6,582 11,441 Total $ 60,603 $ 65,679

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	A summary of property, plant and equipment as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Land $ 4,006 $ 4,006 Buildings and leasehold improvements 62,229 50,833 Machinery and equipment 285,403 277,852 Furniture and fixtures 10,794 10,558 Capitalized ERP system development costs 45,903 45,917 Computers and computer software 19,797 19,457 Automobiles 3,369 3,536 Construction in progress 2,161 19,196 Total 433,662 431,355 Accumulated depreciation (301,706) (293,256) Property, plant and equipment, net $ 131,956 $ 138,099

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	A summary of intangible assets as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 (unaudited) Gross Accumulated Net Customer relationships $ 165,282 $ (97,507) $ 67,775 Trade names 20,571 (19,957) 614 Technology 2,714 (2,100) 614 Licenses 843 (843) — Intangible assets $ 189,410 $ (120,407) $ 69,003 December 31, 2022 Gross Accumulated Net Customer relationships $ 165,231 $ (91,296) $ 73,935 Trade names 20,563 (19,830) 733 Technology 2,707 (1,978) 729 Licenses 840 (830) 10 Intangible assets $ 189,341 $ (113,934) $ 75,407

OTHER ACCRUED LIABILITIES (Tabl

OTHER ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Summary of Other Accrued Liabilities	A summary of other accrued liabilities as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Legal and professional accruals $ 44,637 $ 46,665 Payroll and other compensation expenses 38,615 48,507 Insurance accruals 6,659 7,483 Property, sales and other non-income related taxes 4,673 7,348 Accrued interest 2,740 3,963 Volume discount 2,282 2,050 Other accruals 2,326 3,251 Total $ 101,932 $ 119,267

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	As of June 30, 2023 and December 31, 2022, our total long-term debt and finance lease obligations are summarized as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) 2022 ABL Credit Facility $ 115,915 $ 99,916 APSC Term Loan 1 — 31,562 Uptiered Loan 1 122,416 107,905 ME/RE Loans 1 25,489 — Total 263,820 239,383 Convertible Debt 2 41,161 40,650 Finance lease obligations 5,900 5,902 Total long-term debt and finance lease obligations 310,881 285,935 Current portion of long-term debt and finance lease obligations (4,547) (280,993) Total long-term debt and finance lease obligations, less current portion $ 306,334 $ 4,942 _________________ 1 Net carrying balances of the loans are presented below (in thousands): June 30, 2023 December 31, 2022 (unaudited) Principal balance Debt issuance cost and discount, net of accumulated amortization Net carrying balance Principal balance Debt issuance cost and discount, net of accumulated amortization Net carrying balance APSC Term Loan $ — $ — $ — $ 35,510 $ (3,948) $ 31,562 Uptiered Loan 123,129 (713) 122,416 115,443 (7,538) 107,905 ME/RE Loans $ 27,398 $ (1,909) $ 25,489 $ — $ — $ — 2 Comprised of principal amount outstanding, less unamortized discount and issuance costs. See Convertible Debt section below for additional information.
Schedule of Warrants or Rights	As of June 30, 2023 and December 31, 2022, we had the following warrants outstanding: Original After Reverse Stock Split (Effective date December 22, 2022) Holder Date Number of shares Exercise price Expiration date Number of shares Exercise price Expiration date APSC Holdco II, LP Original, as awarded 12/18/2020 3,582,949 $ 7.75 6/14/2028 Amended 11/9/2021 500,000 $ 1.50 6/14/2028 Amended 12/8/2021 917,051 $ 1.50 12/8/2028 Total APSC 5,000,000 $ 1.50 12/8/2028 500,000 $ 15.00 12/8/2028 Corre 12/8/2021 5,000,000 $ 1.50 12/8/2028 500,000 $ 15.00 12/8/2028 Total warrants 10,000,000 1,000,000
Schedule of Convertible Debt	As of June 30, 2023 and December 31, 2022, the Notes were recorded in our condensed consolidated balance sheet as follows (in thousands): June 30, 2023 December 31, 2022 (unaudited) Liability component: Principal $ 41,161 $ 41,162 Unamortized issuance costs — (377) Unamortized discount — (135) Net carrying amount of the liability component 1 $ 41,161 $ 40,650 Equity component: Carrying amount of the equity component, net of issuance costs 2 $ 37,276 $ 37,276 _________________ 1 Included in the “Long-term debt and finance lease obligation” line for June 30, 2023 and “Current portion of long-term debt and finance lease obligations” line for December 31, 2022 of the condensed consolidated balance sheets. 2 Relates to the portion of the Notes accounted for under ASC 815-15 (defined below) and is included in the “Additional paid-in capital” line of the condensed consolidated balance sheets.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension Cost (Credit)	Net periodic pension credit includes the following components (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Interest cost $ 689 $ 390 $ 1,376 $ 813 Expected return on plan assets (927) (582) (1,852) (1,211) Amortization of prior service cost 7 8 15 16 Unrecognized Net Actuarial Loss 71 — 142 — Net periodic pension credit $ (160) $ (184) $ (319) $ (382)

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Summary of Changes in Accumulated Other Comprehensive Loss Included Within Shareholders' Equity	A summary of changes in accumulated other comprehensive loss included within shareholders’ equity is as follows (in thousands): Six Months Ended Six Months Ended (unaudited) (unaudited) Foreign Defined Benefit Pension Plans Tax Total Foreign Defined Benefit Pension Plans Tax Total Balance, beginning of period $ (28,859) $ (10,474) $ 336 $ (38,997) $ (23,286) $ (3,277) $ (169) $ (26,732) Other comprehensive income (loss) 2,055 — (46) 2,009 (5,117) — — (5,117) Balance, end of period $ (26,804) $ (10,474) $ 290 $ (36,988) $ (28,403) $ (3,277) $ (169) $ (31,849)

SEGMENT AND GEOGRAPHIC DISCLO_2

SEGMENT AND GEOGRAPHIC DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Data for our Three Operating Segments	Segment data for our two operating segments are as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: IHT $ 116,740 $ 114,124 $ 218,569 $ 209,721 MS 122,752 107,416 223,200 200,857 Total Revenues $ 239,492 $ 221,540 $ 441,769 $ 410,578 Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Operating income (loss): IHT $ 6,548 $ 5,514 $ 11,271 $ 5,648 MS 12,720 6,984 15,913 7,497 Corporate and shared support services (14,672) (23,292) (30,334) (46,346) Total Operating income (loss) $ 4,596 $ (10,794) $ (3,150) $ (33,201) Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Capital expenditures 1 : IHT $ 1,595 $ 3,326 $ 3,022 $ 8,097 MS 674 1,621 1,275 2,434 Corporate and shared support services — 19 — 57 Total Capital expenditures $ 2,269 $ 4,966 $ 4,297 $ 10,588 ____________ 1 Excludes finance leases. Totals may vary from amounts presented in the condensed consolidated statements of cash flows due to the timing of cash payments. Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: IHT $ 3,188 $ 3,096 $ 6,242 $ 6,350 MS 4,704 4,634 9,457 9,518 Corporate and shared support services 1,647 1,279 3,386 2,595 Total Depreciation and amortization $ 9,539 $ 9,009 $ 19,085 $ 18,463
Geographic Breakdown of Revenues	A geographic breakdown of our revenues for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Total Revenues 1 United States $ 165,311 $ 156,447 $ 317,805 $ 294,387 Canada 30,328 32,778 48,396 52,145 Europe 21,731 16,285 38,062 30,459 Other foreign countries 22,122 16,030 37,506 33,587 Total $ 239,492 $ 221,540 $ 441,769 $ 410,578 ______________ 1 Revenues attributable to individual countries/geographic areas are based on the country of domicile of the legal entity that performs the work.

DESCRIPTION OF BUSINESS AND B_3

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)					6 Months Ended
		Jul. 31, 2023 USD ($)	Dec. 21, 2022 shares	Nov. 01, 2022 segment	Jun. 30, 2023 USD ($) segment profile shares	Jun. 30, 2022 USD ($)	Jun. 16, 2023 USD ($)	Dec. 31, 2022 shares	Dec. 20, 2022 shares	Feb. 11, 2022 USD ($)
Debt Instrument [Line Items]
Number of operating segments | segment				2	2
Number of distinct client demand profiles | profile					3
Reverse stock split ratio			0.1
Common stock, shares authorized (in shares) | shares			12,000,000		12,000,000				120,000,000
Common stock, shares, outstanding (in shares) | shares			4,342,909		4,368,422			4,342,909	43,429,089
Proceeds from secured debt	[1]				$ 27,398,000	$ 0
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity										$ 130,000,000
A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Debt instrument, threshold, trigger amount							$ 50,000,000
A&R Term Loan Credit Agreement | Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Current borrowing capacity							57,500,000
A&R Term Loan Credit Agreement | Senior Secured First Lien Term Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from secured debt		$ 42,500,000
Term Loan | Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Current borrowing capacity							37,500,000
Term Loan | Senior Secured First Lien Term Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from secured debt		37,500,000
Delayed Draw Term Loan | Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Current borrowing capacity							20,000,000
Delayed Draw Term Loan | Senior Secured First Lien Term Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from secured debt		$ 5,000,000
Delayed Draw Term Loan | Secured Debt
Debt Instrument [Line Items]
Principal amount, long-term debt issued							35,000,000			$ 35,000,000
ABL Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity							27,400,000
ABL Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, increase in borrowing base							$ 2,500,000
[1]Condensed consolidated statement of cash flows for the six months ended June 30, 2022 includes discontinued operations.

DISCONTINUED OPERATIONS - Addit

DISCONTINUED OPERATIONS - Additional Information (Details) $ in Millions		3 Months Ended	6 Months Ended
	Nov. 01, 2022 USD ($) segment	Dec. 31, 2022 USD ($)	Jun. 30, 2023 segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayment of principal debt balance	$ 225
Number of operating segments | segment	2		2
Quest Integrity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase and sale agreement, consideration	$ 279
Net proceeds used to pay down term debt	$ 238
Gain on disposal		$ 203.4

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Major classes of line items constituting income (loss) from discontinued operations
Net income from discontinued operations	$ 0	$ 6,650	$ 0	$ 12,521
Quest Integrity
Major classes of line items constituting income (loss) from discontinued operations
Revenues		29,723		59,263
Operating expenses		(11,886)		(27,456)
Selling, general and administrative expenses		(9,823)		(17,589)
Interest expense, net		(4)		(30)
Other expense		(1,783)		(2,260)
Income from discontinued operations before income taxes		6,227		11,928
Benefit from income taxes		423		593
Net income from discontinued operations		$ 6,650		12,521
Cash flows provided by operating activities of discontinued operations:
Depreciation and amortization				1,146
Cash flows provided by investing activities of discontinued operations:
Capital expenditures				$ 2,585

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 239,492	$ 221,540	$ 441,769	$ 410,578
Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	94,305	91,701	175,911	168,152
Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	122,241	106,846	222,082	198,640
Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	15,928	15,843	29,934	29,739
Other
Disaggregation of Revenue [Line Items]
Revenues	7,018	7,150	13,842	14,047
IHT
Disaggregation of Revenue [Line Items]
Revenues	116,740	114,124	218,569	209,721
IHT | Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	94,305	91,701	175,911	168,152
IHT | Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	219	115	222	139
IHT | Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	15,717	15,787	29,445	29,626
IHT | Other
Disaggregation of Revenue [Line Items]
Revenues	6,499	6,521	12,991	11,804
MS
Disaggregation of Revenue [Line Items]
Revenues	122,752	107,416	223,200	200,857
MS | Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
MS | Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	122,022	106,731	221,860	198,501
MS | Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	211	56	489	113
MS | Other
Disaggregation of Revenue [Line Items]
Revenues	519	629	851	2,243
United States and Canada
Disaggregation of Revenue [Line Items]
Revenues	195,639	189,224	366,201	346,533
United States and Canada | IHT
Disaggregation of Revenue [Line Items]
Revenues	113,013	111,541	211,544	204,919
United States and Canada | MS
Disaggregation of Revenue [Line Items]
Revenues	82,626	77,683	154,657	141,614
Other Countries
Disaggregation of Revenue [Line Items]
Revenues	43,853	32,316	75,568	64,045
Other Countries | IHT
Disaggregation of Revenue [Line Items]
Revenues	3,727	2,583	7,025	4,802
Other Countries | MS
Disaggregation of Revenue [Line Items]
Revenues	$ 40,126	$ 29,733	$ 68,543	$ 59,243

RECEIVABLES - Summary of Accoun

RECEIVABLES - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade accounts receivable	$ 159,330	$ 160,572
Unbilled receivables	42,848	31,379
Allowance for credit losses	(5,145)	(5,262)	$ (7,843)
Total	$ 197,033	$ 186,689

RECEIVABLES - Additional Inform

RECEIVABLES - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Accounts receivable, payment terms	90 days

RECEIVABLES - Summary of Activi

RECEIVABLES - Summary of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 5,262	$ 7,843
Provision for expected credit losses	783	1,059
Recoveries collected	(498)	(1,114)
Write-offs	(369)	(2,479)
Foreign exchange effects	(33)	(47)
Balance at end of period	$ 5,145	$ 5,262

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 9,829	$ 8,978
Work in progress	2,749	2,945
Finished goods	25,283	24,408
Total	$ 37,861	$ 36,331

PREPAID AND OTHER CURRENT ASS_3

PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance receivable	$ 39,000	$ 39,000
Prepaid expenses	15,021	15,238
Other current assets	6,582	11,441
Total	$ 60,603	$ 65,679

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 433,662	$ 431,355
Accumulated depreciation	(301,706)	(293,256)
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization, Total	131,956	138,099
Land
Property, Plant and Equipment [Line Items]
Total	4,006	4,006
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total	62,229	50,833
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	285,403	277,852
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	10,794	10,558
Capitalized ERP system development costs
Property, Plant and Equipment [Line Items]
Total	45,903	45,917
Computers and computer software
Property, Plant and Equipment [Line Items]
Total	19,797	19,457
Automobiles
Property, Plant and Equipment [Line Items]
Total	3,369	3,536
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 2,161	$ 19,196

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Assets under finance leases	$ 8.2		$ 8.2		$ 7.4
Accumulated amortization for assets under finance leases	2.6		2.6		$ 2.3
Depreciation expense	$ 5.5	$ 5.7	$ 11.1	$ 11.8

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 189,410	$ 189,341
Accumulated Amortization	(120,407)	(113,934)
Net Carrying Amount	69,003	75,407
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	165,282	165,231
Accumulated Amortization	(97,507)	(91,296)
Net Carrying Amount	67,775	73,935
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,571	20,563
Accumulated Amortization	(19,957)	(19,830)
Net Carrying Amount	614	733
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,714	2,707
Accumulated Amortization	(2,100)	(1,978)
Net Carrying Amount	614	729
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	843	840
Accumulated Amortization	(843)	(830)
Net Carrying Amount	$ 0	$ 10

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 3.2	$ 3.2	$ 6.4	$ 6.4
Intangible assets, estimated weighted average useful life	13 years 8 months 12 days		13 years 8 months 12 days		13 years 8 months 12 days

OTHER ACCRUED LIABILITIES (Deta

OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Legal and professional accruals	$ 44,637	$ 46,665
Payroll and other compensation expenses	38,615	48,507
Insurance accruals	6,659	7,483
Property, sales and other non-income related taxes	4,673	7,348
Accrued interest	2,740	3,963
Volume discount	2,282	2,050
Other accruals	2,326	3,251
Total	$ 101,932	$ 119,267

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 2,089	$ 2,191	$ 2,948	$ 2,717
Effective tax rate (benefit) provision	15.30%	8.50%	7.70%	4.20%

DEBT - Long-Term Debt Balances

DEBT - Long-Term Debt Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net carrying balance	$ 263,820	$ 239,383
Finance lease obligations	5,900	5,902
Total long-term debt and finance lease obligations	310,881	285,935
Current portion of long-term debt and finance lease obligations	(4,547)	(280,993)
Total long-term debt and finance lease obligations, less current portion	306,334	4,942
Convertible debt
Debt Instrument [Line Items]
Net carrying balance	41,161	40,650
Principal balance	41,161	41,162
APSC Term Loan
Debt Instrument [Line Items]
Debt issuance cost and discount, net of accumulated amortization		(3,900)
APSC Term Loan | Secured Debt
Debt Instrument [Line Items]
Net carrying balance	0	31,562
Principal balance	0	35,510
Debt issuance cost and discount, net of accumulated amortization	0	(3,948)
Uptiered Loan | Subordinated Debt
Debt Instrument [Line Items]
Net carrying balance	122,416	107,905
Principal balance	123,129	115,443
Debt issuance cost and discount, net of accumulated amortization	(713)	(7,538)
ME/RE Loans | Secured Debt
Debt Instrument [Line Items]
Net carrying balance	25,489	0
Principal balance	27,398	0
Debt issuance cost and discount, net of accumulated amortization	(1,909)	0
Revolving Credit Facility | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Net carrying balance	$ 115,915	$ 99,916

DEBT - ABL Facility, Additional

DEBT - ABL Facility, Additional Information (Details) - USD ($)		6 Months Ended
	Feb. 11, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 16, 2023
ABL Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity				$ 27,400,000
ABL Corre DDTL
Debt Instrument [Line Items]
Debt instrument, effective interest rate		15.27%	11.06%
Interest paid		$ 2,600,000	$ 800,000
2022 ABL Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, gross		$ 300,000		8,400,000
Secured Debt | Delayed Draw Term Loan
Debt Instrument [Line Items]
Principal amount, long-term debt issued	$ 35,000,000			35,000,000
Commitment fees on unused borrowing capacity	3%
Prepayment trigger percentage	130%
Secured Debt | Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	10%
Secured Debt | Delayed Draw Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	9%
Revolving Credit Facility | ABL Eclipse
Debt Instrument [Line Items]
Debt instrument, effective interest rate		9.92%	5.71%
Interest paid		$ 3,000,000	$ 2,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 130,000,000
Floor interest rate	2%
Commitment fees on unused borrowing capacity	0.50%
Maximum unfinanced capital expenditures	$ 15,000,000
Maximum unfinanced capital expenditures with maintained leverage ratio	$ 25,000,000
Covenant, leverage ratio, maximum	2
Maximum annual capital expenditure limit	$ 15,000,000
Increase in interest rate in event of default	2%
Revolving Credit Facility | Line of Credit | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment fee percent	1%
Revolving Credit Facility | Line of Credit | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Prepayment fee percent	0.50%
Revolving Credit Facility | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Floor interest rate	1%
Basis spread on variable rate	1%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate	4.15%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate	4.40%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Three
Debt Instrument [Line Items]
Basis spread on variable rate	4.65%
Revolving Credit Facility | Line of Credit | Base Rate
Debt Instrument [Line Items]
Floor interest rate	2%
Revolving Credit Facility | Line of Credit | Base Rate | Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate	3.15%
Revolving Credit Facility | Line of Credit | Base Rate | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate	3.40%
Revolving Credit Facility | Line of Credit | Base Rate | Variable Rate Component Three
Debt Instrument [Line Items]
Basis spread on variable rate	3.65%
Revolving Credit Facility | Line of Credit | ABL Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, increase in borrowing base				$ 2,500,000
Bridge Loan | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 35,000,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 26,000,000

DEBT - ME_RE Loans, Additional

DEBT - ME/RE Loans, Additional Information (Details) - USD ($)			3 Months Ended	6 Months Ended
	Jun. 16, 2023	Feb. 11, 2022	Jun. 30, 2023	Jun. 30, 2023
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 130,000,000
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 26,000,000
Line of Credit | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1%
ME/RE Loans
Debt Instrument [Line Items]
Borrowing capacity	$ 27,400,000
Debt instrument, effective interest rate			16.54%	16.54%
Debt instrument, interest rate, stated percentage			11.02%	11.02%
Debt instrument, additional interest rate				5.51%
Interest paid			$ 0	$ 0
Unamortized debt issuance costs			1,900,000	1,900,000
ME/RE Loans | Secured Debt
Debt Instrument [Line Items]
Periodic payment	$ 300,000
ME/RE Loans | Secured Debt | Delayed Draw Term Loan
Debt Instrument [Line Items]
Borrowing under credit facility			35,000,000	35,000,000
ME/RE Loans | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.11%
Debt instrument, effective interest rate	5.75%
ME/RE Loans | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing under credit facility			80,900,000	80,900,000
ME/RE Loans | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Borrowing under credit facility			10,100,000	10,100,000
Available borrowing capacity			$ 21,800,000	$ 21,800,000

DEBT - Atlantic Park Term Loan,

DEBT - Atlantic Park Term Loan, Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 16, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 18, 2020
Debt Instrument [Line Items]
Loss on debt extinguishment		$ (1,582,000)	$ 0	$ (1,582,000)	$ 0
APSC Term Loan
Debt Instrument [Line Items]
Principal amount, long-term debt issued							$ 250,000,000
Repayments of Senior Debt	$ 35,500,000
Early Repayment of Senior Debt	1,400,000
Loss on debt extinguishment	$ 1,600,000
Debt instrument, effective interest rate			23.85%		23.85%
Unamortized discount and issuance costs						$ 3,900,000
Interest paid				$ 2,900,000	$ 5,500,000
APSC Term Loan | Variable Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate					9%
APSC Term Loan | Accelerated Debt Issue Costs
Debt Instrument [Line Items]
Debt instrument, effective interest rate			14.85%		14.85%

DEBT - Subordinated Term Loan (

DEBT - Subordinated Term Loan (Details)						6 Months Ended
		Jul. 31, 2023 USD ($)	Jun. 16, 2023 USD ($)	Dec. 08, 2021 USD ($)	Nov. 09, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2026	Dec. 31, 2022 USD ($)	Oct. 04, 2022 USD ($)
Debt Instrument [Line Items]
Paid-in-kind interest	[1]					$ 7,117,000	$ 9,962,000
Proceeds from secured debt	[1]					$ 27,398,000	$ 0
Subordinated Term Loan | Subordinated Debt
Debt Instrument [Line Items]
Principal amount, long-term debt issued					$ 123,100,000
Proceeds from debt				$ 27,500,000	$ 22,500,000
Debt instrument, increase (decrease) in face amount										$ 57,000,000
Debt instrument, effective interest rate						12.86%	46.79%
Debt instrument, interest rate, stated percentage							12%
Unamortized debt issuance costs						$ 700,000			$ 7,500,000
Paid-in-kind interest						$ 7,700,000	$ 3,000,000
Subordinated Term Loan | Subordinated Debt | Accelerated Debt Issue Costs
Debt Instrument [Line Items]
Debt instrument, effective interest rate							34.79%
A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Debt instrument, threshold, trigger amount			$ 50,000,000
Debt instrument, effective interest rate			12%
Maximum unfinanced capital expenditures			$ 15,000,000
Maximum unfinanced capital expenditures with maintained leverage ratio			$ 25,000,000
Covenant, leverage ratio, maximum			2			9.25
Increase in interest rate in event of default			2%
Available borrowing capacity						$ 36,800,000
A&R Term Loan Credit Agreement | Forecasted
Debt Instrument [Line Items]
Covenant, leverage ratio, maximum								4.75
A&R Term Loan Credit Agreement | Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Current borrowing capacity			$ 57,500,000
Debt instrument, interest rate during period			0.75%
Basis spread on variable rate			1.50%
A&R Term Loan Credit Agreement | Senior Secured First Lien Term Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from secured debt		$ 42,500,000
A&R Term Loan Credit Agreement | Uptiered Loan
Debt Instrument [Line Items]
Principal amount, long-term debt issued			$ 123,100,000
Debt instrument, effective interest rate			12%
A&R Term Loan Credit Agreement | Payable in Cash
Debt Instrument [Line Items]
Debt instrument, effective interest rate			2.50%
A&R Term Loan Credit Agreement | Payment in Kind (PIK) Note | Maximum
Debt Instrument [Line Items]
Debt instrument, effective interest rate			9.50%
A&R Term Loan Credit Agreement | Payment in Kind (PIK) Note | Minimum
Debt Instrument [Line Items]
Debt instrument, effective interest rate			0%
Term Loan | Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Current borrowing capacity			$ 37,500,000
Term Loan | Senior Secured First Lien Term Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from secured debt		37,500,000
Delayed Draw Term Loan
Debt Instrument [Line Items]
Available borrowing capacity						$ 15,000,000
Delayed Draw Term Loan | Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Current borrowing capacity			$ 20,000,000
Delayed Draw Term Loan | Senior Secured First Lien Term Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from secured debt		5,000,000
Available borrowing capacity		$ 15,000,000
[1]Condensed consolidated statement of cash flows for the six months ended June 30, 2022 includes discontinued operations.

DEBT - Warrants (Details)

DEBT - Warrants (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 08, 2021	Nov. 09, 2021	Dec. 18, 2020
Debt Instrument [Line Items]
Class of warrant or right, outstanding (in shares)	1,000,000	1,000,000	10,000,000
APSC Term Loan
Debt Instrument [Line Items]
Class of warrant or right, outstanding (in shares)	500,000	500,000	5,000,000	917,051	500,000	3,582,949
Class of warrant or right, exercise price (in dollars per share)	$ 15	$ 15	$ 1.50	$ 1.50	$ 1.50	$ 7.75
Delayed Draw Term Loan
Debt Instrument [Line Items]
Class of warrant or right, outstanding (in shares)	500,000	500,000		5,000,000
Class of warrant or right, exercise price (in dollars per share)	$ 15	$ 15		$ 1.50

DEBT - Convertible Notes, Addit

DEBT - Convertible Notes, Additional Information (Details) - USD ($)				6 Months Ended
		Jul. 31, 2023	Jul. 31, 2017	Jun. 30, 2023	Jun. 30, 2022	Jun. 16, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Convertible debt				$ 263,820,000			$ 239,383,000
Proceeds from secured debt	[1]			$ 27,398,000	$ 0
Convertible debt
Debt Instrument [Line Items]
Principal amount, long-term debt issued			$ 230,000,000
Debt instrument, interest rate, stated percentage			5%	5%
Repurchase of convertible debt			$ 222,300,000
Debt conversion, principle amount				$ 57,000,000
Convertible debt				$ 41,161,000			$ 40,650,000
Senior Secured First Lien Term Loan | A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity						$ 57,500,000
Senior Secured First Lien Term Loan | A&R Term Loan Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Proceeds from secured debt		$ 42,500,000
[1]Condensed consolidated statement of cash flows for the six months ended June 30, 2022 includes discontinued operations.

DEBT - Detail of Convertible De

DEBT - Detail of Convertible Debt Carrying Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Standards Update 2017-12 | Convertible debt embedded derivative
Debt Instrument [Line Items]
Carrying amount of the equity component, net of issuance costs	$ 37,276	$ 37,276
Convertible debt
Debt Instrument [Line Items]
Principal	41,161	41,162
Unamortized issuance costs	0	(377)
Unamortized discount	0	(135)
Net carrying amount of the liability component	$ 41,161	$ 40,650

DEBT - Fair Value of Debt, Addi

DEBT - Fair Value of Debt, Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revolving Credit Facility | Level 2
Debt Instrument [Line Items]
Fair value of debt	$ 41	$ 37.5

DEBT - 1970 Group Substitute In

DEBT - 1970 Group Substitute Insurance Reimbursement Facility (Details) - USD ($) $ in Thousands			6 Months Ended
		Sep. 29, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Payments of debt issuance costs	[1]		$ 5,327	$ 10,640
Letter of Credit | 1970 Group Substitute Insurance Reimbursement Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 21,400
Payments of debt issuance costs		$ 2,900
[1]Condensed consolidated statement of cash flows for the six months ended June 30, 2022 includes discontinued operations.

DEBT - Liquidity, Additional In

DEBT - Liquidity, Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Cash and cash equivalents	$ 30,437,000	$ 58,075,000
Surety Bond
Debt Instrument [Line Items]
Outstanding letter of credit	2,200,000
Miscellaneous Cash Deposit
Debt Instrument [Line Items]
Outstanding letter of credit	700,000
Domestic Line of Credit
Debt Instrument [Line Items]
Outstanding letter of credit	33,700,000
2022 ABL Credit Facility
Debt Instrument [Line Items]
Cash	10,400,000
Restricted cash	600,000
A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Available borrowing capacity	36,800,000
ME/RE Loans | Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Available borrowing capacity	21,800,000
Delayed Draw Term Loan
Debt Instrument [Line Items]
Available borrowing capacity	15,000,000
Unrestricted Cash and Cash Equivalents | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Credit facilities, collateral	25,000,000
Restricted Cash | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Credit facilities, collateral	$ 5,400,000
Foreign Financial Institutions
Debt Instrument [Line Items]
Restricted cash		$ 1,400,000

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Net Pension Cost (Credit) (Details) - Pension Plan - United Kingdom - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 689	$ 390	$ 1,376	$ 813
Expected return on plan assets	(927)	(582)	(1,852)	(1,211)
Amortization of prior service cost	7	8	15	16
Unrecognized Net Actuarial Loss	71	0	142	0
Net periodic pension credit	$ (160)	$ (184)	$ (319)	$ (382)

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - United Kingdom - Pension Plan $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Weighted-average of expected returns on asset investment, percentage	6.40%
Expected contributions for current year	$ 3.7
Total contributions to date	$ 1.9
Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average of expected returns on asset investment, percentage	9.50%
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average of expected returns on asset investment, percentage	5.30%

STOCKHOLDERS_ EQUITY - Addition

STOCKHOLDERS’ EQUITY - Additional Information (Details)		6 Months Ended
	Dec. 21, 2022 shares	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 20, 2022 shares
Equity [Abstract]
Reverse stock split ratio	0.1
Common stock, shares authorized (in shares)	12,000,000	12,000,000		120,000,000
Common stock, shares, outstanding (in shares)	4,342,909	4,368,422	4,342,909	43,429,089
Fractional shares issued (in shares)		0
Common stock, shares issued (in shares)		4,368,422	4,342,909
Common stock, par value (in usd per share) | $ / shares		$ 0.30	$ 0.30
Preferred stock, shares authorized (in shares)		500,000	500,000
Preferred stock, shares issued (in shares)		0	0

STOCKHOLDERS_ EQUITY - Summary

STOCKHOLDERS’ EQUITY - Summary of Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 94,138	$ 27,070	$ 117,760	$ 51,867
Other comprehensive income, before tax	1,277	(5,463)	2,055	(5,117)
Tax Provision	(23)	0	(46)	0
Other comprehensive income, net of tax	1,254	(5,463)	2,009	(5,117)
Ending balance	79,872	549	79,872	549
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(28,859)	(23,286)
Other comprehensive income, before tax			2,055	(5,117)
Ending balance	(26,804)	(28,403)	(26,804)	(28,403)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(10,474)	(3,277)
Other comprehensive income, before tax			0	0
Ending balance	(10,474)	(3,277)	(10,474)	(3,277)
Tax Provision
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			336	(169)
Tax Provision			(46)	0
Ending balance	290	(169)	290	(169)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38,242)	(26,386)	(38,997)	(26,732)
Ending balance	$ (36,988)	$ (31,849)	$ (36,988)	$ (31,849)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Feb. 09, 2022 USD ($)	Jun. 01, 2021 USD ($)	Jun. 30, 2023 USD ($)	Apr. 20, 2021 facility
Loss Contingencies [Line Items]
Number of facilities with potential violations | facility				7
Self-insured retention and deductible			$ 3
Kelli Most Litigation
Loss Contingencies [Line Items]
Amount awarded to other party		$ 222
Kelli Most Litigation | Minimum
Loss Contingencies [Line Items]
Estimate of possible loss			13
Kelli Most Litigation | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss			51
Simon, Vige, and Roberts Matter
Loss Contingencies [Line Items]
Legal and professional accruals			41.2
Amount not covered by insurance			$ 2.2
Environmental Protection Agency (EPA)
Loss Contingencies [Line Items]
Cost incurred in dispute	$ 0.2

SEGMENT AND GEOGRAPHIC DISCLO_3

SEGMENT AND GEOGRAPHIC DISCLOSURES - Additional Information (Details) - segment		6 Months Ended
	Nov. 01, 2022	Jun. 30, 2023
Segment Reporting [Abstract]
Number of operating segments	2	2

SEGMENT AND GEOGRAPHIC DISCLO_4

SEGMENT AND GEOGRAPHIC DISCLOSURES - Segment Data for our Three Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total Revenues	$ 239,492	$ 221,540	$ 441,769	$ 410,578
Total Operating income (loss)	4,596	(10,794)	(3,150)	(33,201)
Total Capital expenditures	2,269	4,966	4,297	10,588
Total Depreciation and amortization	9,539	9,009	19,085	18,463
IHT
Segment Reporting Information [Line Items]
Total Revenues	116,740	114,124	218,569	209,721
MS
Segment Reporting Information [Line Items]
Total Revenues	122,752	107,416	223,200	200,857
Operating segments | IHT
Segment Reporting Information [Line Items]
Total Revenues	116,740	114,124	218,569	209,721
Total Operating income (loss)	6,548	5,514	11,271	5,648
Total Capital expenditures	1,595	3,326	3,022	8,097
Total Depreciation and amortization	3,188	3,096	6,242	6,350
Operating segments | MS
Segment Reporting Information [Line Items]
Total Revenues	122,752	107,416	223,200	200,857
Total Operating income (loss)	12,720	6,984	15,913	7,497
Total Capital expenditures	674	1,621	1,275	2,434
Total Depreciation and amortization	4,704	4,634	9,457	9,518
Corporate and shared support services
Segment Reporting Information [Line Items]
Total Operating income (loss)	(14,672)	(23,292)	(30,334)	(46,346)
Total Capital expenditures	0	19	0	57
Total Depreciation and amortization	$ 1,647	$ 1,279	$ 3,386	$ 2,595

SEGMENT AND GEOGRAPHIC DISCLO_5

SEGMENT AND GEOGRAPHIC DISCLOSURES - Geographic Breakdown of Revenues and Total Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers [Line Items]
Total Revenues	$ 239,492	$ 221,540	$ 441,769	$ 410,578
United States
Revenues from External Customers [Line Items]
Total Revenues	165,311	156,447	317,805	294,387
Canada
Revenues from External Customers [Line Items]
Total Revenues	30,328	32,778	48,396	52,145
Europe
Revenues from External Customers [Line Items]
Total Revenues	21,731	16,285	38,062	30,459
Other foreign countries
Revenues from External Customers [Line Items]
Total Revenues	$ 22,122	$ 16,030	$ 37,506	$ 33,587

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Alvarez And Marsal
Related Party Transaction [Line Items]
Consulting Fees	$ 8.1

Uncategorized Items - tisi-2023

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]