Team (TISI) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
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	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 21,483	$ 58,075
Accounts receivable, net of allowance of $5,326 and $5,262 respectively	185,800	186,689
Inventory	38,874	36,331
Income tax receivable	1,226	779
Prepaid expenses and other current assets	65,453	65,679
Total current assets	312,836	347,553
Property, plant and equipment, net	127,714	138,099
Intangible assets, net	65,816	75,407
Operating lease right-of-use assets	43,101	48,462
Defined benefit pension asset	3,618	398
Other assets, net	7,388	6,351
Deferred tax asset	981	375
Total assets	561,454	616,645
Current liabilities:
Current portion of long-term debt and finance lease obligations	5,302	280,993
Current portion of operating lease obligations	14,517	13,823
Accounts payable	32,039	32,524
Other accrued liabilities	104,750	119,267
Income tax payable	2,464	2,257
Total current liabilities	159,072	448,864
Long-term debt and finance lease obligations	295,778	4,942
Operating lease obligations	32,436	38,819
Deferred tax liabilities	5,325	3,661
Other long-term liabilities	4,228	2,599
Total liabilities	496,839	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 September 30, 2023 and December 31, 2022, respectively	1,311	1,303
Additional paid-in capital	457,924	457,133
Accumulated deficit	(354,277)	(301,679)
Accumulated other comprehensive loss	(40,343)	(38,997)
Total equity	64,615	117,760
Total liabilities and equity	$ 561,454	$ 616,645

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 21, 2022	Dec. 20, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ 5,326	$ 5,262			$ 7,843
Preferred stock, shares authorized (in shares)	500,000
Preferred stock, shares issued (in shares)	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	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 206,715	$ 218,339	$ 648,484		$ 628,917
Operating expenses	153,928	162,322	487,779		479,656
Gross margin	52,787	56,017	160,705		149,261
Selling, general and administrative expenses	54,045	57,746	165,113		184,174
Restructuring and other related charges, net	0	0	0		16
Operating loss	(1,258)	(1,729)	(4,408)		(34,929)
Interest expense, net	(10,067)	(26,653)	(43,499)		(63,708)
Loss on debt extinguishment	(3)	0	(1,585)		0
Other income, net	266	3,227	914		9,664
Loss from continuing operations before income taxes	(11,062)	(25,155)	(48,578)		(88,973)
Provision for income taxes	(1,072)	(1,465)	(4,020)		(4,182)
Net loss from continuing operations	(12,134)	(26,620)	(52,598)		(93,155)
Discontinued operations:
Net income from discontinued operations, net of income tax	0	3,747	0		16,268
Net Income (Loss) Attributable to Parent, Total	$ (12,134)	$ (22,873)	$ (52,598)	[1]	$ (76,887)	[1]
Basic net loss per common share:
Loss from continuing operations, Basic (in usd per share)	$ (2.78)	$ (6.16)	$ (12.07)		$ (22.51)
Income from discontinued operations, basic (in usd per share)	0	0.87	0		3.93
Basic (in usd per share)	$ (2.78)	$ (5.29)	$ (12.07)		$ (18.58)
Weighted-average number of shares outstanding:
Weighted-average number of basic shares outstanding (in shares)	4,368	4,322	4,358		4,139
[1]Condensed consolidated statement of cash flows for the nine months ended September 30, 2022 includes discontinued operations.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,134)	$ (22,873)	$ (52,598)	[1]	$ (76,887)	[1]
Other comprehensive loss before tax:
Foreign currency translation adjustment	(3,366)	(7,035)	(1,311)		(12,152)
Other comprehensive loss, before tax	(3,366)	(7,035)	(1,311)		(12,152)
Tax provision attributable to other comprehensive loss	11	0	(35)		0
Other comprehensive loss, net of tax	(3,355)	(7,035)	(1,346)		(12,152)
Total comprehensive loss	$ (15,489)	$ (29,908)	$ (53,944)		$ (89,039)
[1]Condensed consolidated statement of cash flows for the nine months ended September 30, 2022 includes discontinued operations.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT) (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]	(76,887)
Foreign currency translation adjustment, net of tax		(12,152)
Ending balance (in shares) at Sep. 30, 2022				4,322,000
Ending balance at Sep. 30, 2022		(28,730)		$ 1,296	457,505		(448,647)		(38,884)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(22,873)					(22,873)
Foreign currency translation adjustment, net of tax		(7,035)							(7,035)
Non-cash compensation		629			629
Ending balance (in shares) at Sep. 30, 2022				4,322,000
Ending balance at Sep. 30, 2022		$ (28,730)		$ 1,296	457,505		(448,647)		(38,884)
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]	(52,598)
Foreign currency translation adjustment, net of tax		$ (1,346)
Ending balance (in shares) at Sep. 30, 2023		4,368,422		4,368,000
Ending balance at Sep. 30, 2023		$ 64,615		$ 1,311	457,924		(354,277)		(40,343)
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				4,368,000
Ending balance at Jun. 30, 2023		79,872		$ 1,311	457,692		(342,143)		(36,988)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(12,134)					(12,134)
Foreign currency translation adjustment, net of tax		(3,355)							(3,355)
Non-cash compensation		$ 232			232
Ending balance (in shares) at Sep. 30, 2023		4,368,422		4,368,000
Ending balance at Sep. 30, 2023		$ 64,615		$ 1,311	$ 457,924		$ (354,277)		$ (40,343)
[1]Condensed consolidated statement of cash flows for the nine months ended September 30, 2022 includes discontinued operations.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	[1]	$ (52,598)	$ (76,887)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	28,481	28,591
Write-off of deferred loan costs	[1]	0	2,748
Write-off of software cost	[1]	629	0
Loss on debt extinguishment	[1]	1,585	0
Amortization of debt issuance costs, debt discounts, and deferred financing costs	[1]	16,926	25,666
Paid-in-kind interest	[1]	10,906	15,464
Allowance for credit losses	[1]	687	(362)
Foreign currency (gains) losses	[1]	(776)	571
Deferred income taxes	[1]	986	382
Gain on asset disposal	[1]	(268)	(4,296)
Non-cash compensation costs	[1]	859	571
Other, net	[1]	(3,282)	(3,469)
Changes in operating assets and liabilities:
Accounts receivable	[1]	140	(31,313)
Inventory	[1]	(2,513)	(3,076)
Prepaid expenses and other assets	[1]	(5,207)	(7,048)
Accounts payable	[1]	363	(6,038)
Other accrued liabilities	[1]	(18,763)	5,911
Income taxes	[1]	(224)	6,220
Net cash used in operating activities	[1]	(22,069)	(46,365)
Cash flows from investing activities:
Capital expenditures	[1]	(7,433)	(21,002)
Proceeds from disposal of assets	[1]	414	7,165
Net cash used in investing activities	[1]	(7,019)	(13,837)
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 Convertible Debt	[1]	(41,161)	0
Borrowings under Corre Incremental Term Loans	[1]	42,500	0
Payments for debt issuance costs	[1]	(8,446)	(13,609)
Issuance of common stock, net of issuance costs	[1]	0	9,696
Other	[1]	(746)	(615)
Net cash provided by (used in) financing activities	[1]	(7,395)	63,288
Effect of exchange rate changes on cash	[1]	(109)	(1,373)
Net (decrease) increase in cash and cash equivalents	[1]	(36,592)	1,713
Cash and cash equivalents at beginning of period	[1]	58,075	65,315
Cash and cash equivalents at end of period	[1]	21,483	67,028
Revolving Credit loans
Cash flows from financing activities:
Borrowings under 2022 ABL Credit Facility	[1]	27,292	106,531
Payments under 2022 ABL Credit Facility (Revolving Credit Loans)	[1]	(16,293)	(11,715)
Atlantic Park Term Loan
Cash flows from financing activities:
Repayment of secured loans	[1]	(37,092)	0
ME/RE Loans
Cash flows from financing activities:
Repayment of secured loans	[1]	(847)	0
Borrowings under ME/RE Loans	[1]	27,398	0
Delayed Draw Term Loan
Cash flows from financing activities:
Borrowings under 2022 ABL Credit Facility	[1]	$ 0	$ 35,000
[1]Condensed consolidated statement of cash flows for the nine months ended September 30, 2022 includes discontinued operations.

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 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, offshore oil and gas, and liquefied natural gas); • Manufacturing and Process (chemical, petrochemical, pulp and paper industries, automotive and mining); • Midstream and Others (valves, terminals and storage, and pipeline); • 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. Basis of 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 (“our Annual Report on Form 10-K”). 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. 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, 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 related to Quest Integrity are presented 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2022 report discontinued operations separate from continuing operations. Our condensed consolidated statements of comprehensive loss and statements of shareholders’ equity (deficit) for the three and nine months ended September 30, 2022, as well as statements of cash flows for the nine months ended September 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 Nine Months Ended Major classes of line items constituting income (loss) from discontinued operations Revenues $ 29,441 $ 88,704 Operating expenses (12,052) (39,508) Selling, general and administrative expenses (8,832) (26,422) Interest expense, net (78) (108) Other expense (2,675) (4,934) Income from discontinued operations before income taxes 5,804 17,732 Provision for income taxes (2,057) (1,464) Net income from discontinued operations $ 3,747 $ 16,268 The following table presents the depreciation and amortization and capital expenditures of Quest Integrity (in thousands): Nine Months Ended September 30, 2022 (unaudited) Cash flows provided by operating activities of discontinued operations: Depreciation and amortization $ 1,143 Cash flows provided by investing activities of discontinued operations: Capital expenditures $ 3,703

REVENUE

REVENUE	9 Months Ended
	Sep. 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 September 30, 2023 Three Months Ended September 30, 2022 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 100,800 $ 3,057 $ 103,857 $ 108,009 $ 2,303 $ 110,312 MS 67,286 35,572 102,858 76,135 31,892 108,027 Total $ 168,086 $ 38,629 $ 206,715 $ 184,144 $ 34,195 $ 218,339 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 312,344 $ 10,082 $ 322,426 $ 312,928 $ 7,105 $ 320,033 MS 221,943 104,115 326,058 217,749 91,135 308,884 Total $ 534,287 $ 114,197 $ 648,484 $ 530,677 $ 98,240 $ 628,917 Revenue by Operating segment and service type (in thousands): Three Months Ended September 30, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 83,207 $ 39 $ 12,946 $ 7,665 $ 103,857 MS — 101,624 55 1,179 102,858 Total $ 83,207 $ 101,663 $ 13,001 $ 8,844 $ 206,715 Three Months Ended September 30, 2022 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 87,267 $ 19 $ 16,357 $ 6,669 $ 110,312 MS — 106,776 125 1,126 108,027 Total $ 87,267 $ 106,795 $ 16,482 $ 7,795 $ 218,339 Nine Months Ended September 30, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 259,118 $ 261 $ 42,391 $ 20,656 $ 322,426 MS — 323,484 544 2,030 326,058 Total $ 259,118 $ 323,745 $ 42,935 $ 22,686 $ 648,484 Nine Months Ended September 30, 2022 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 255,419 $ 158 $ 45,983 $ 18,473 $ 320,033 MS — 305,277 238 3,369 308,884 Total $ 255,419 $ 305,435 $ 46,221 $ 21,842 $ 628,917 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 the recognition of 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 September 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 September 30, 2023 and December 31, 2022.

RECEIVABLES

RECEIVABLES	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
RECEIVABLES	RECEIVABLES A summary of accounts receivable as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Trade accounts receivable $ 141,303 $ 160,572 Unbilled receivables 49,823 31,379 Allowance for credit losses (5,326) (5,262) Total $ 185,800 $ 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): September 30, 2023 December 31, 2022 (unaudited) Balance at beginning of period $ 5,262 $ 7,843 Provision for expected credit losses 1,317 1,059 Recoveries collected (619) (1,114) Write-offs (540) (2,479) Foreign exchange effects (94) (47) Balance at end of period $ 5,326 $ 5,262

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY A summary of inventory as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Raw materials $ 9,819 $ 8,978 Work in progress 2,989 2,945 Finished goods 26,066 24,408 Total $ 38,874 $ 36,331

PREPAID AND OTHER CURRENT ASSET

PREPAID AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 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 expenses and other current assets as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Insurance receivable $ 39,000 $ 39,000 Prepaid expenses 16,526 15,238 Other current assets 9,927 11,441 Total $ 65,453 $ 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, deferred financing charges and other receivables.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT A summary of property, plant and equipment as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Land $ 4,006 $ 4,006 Buildings and leasehold improvements 61,820 50,833 Machinery and equipment 280,842 277,852 Furniture and fixtures 10,708 10,558 Capitalized ERP system development costs 45,903 45,917 Computers and computer software 19,802 19,457 Automobiles 3,325 3,536 Construction in progress 5,898 19,196 Total 432,304 431,355 Accumulated depreciation (304,590) (293,256) Property, plant and equipment, net $ 127,714 $ 138,099 Included in the table above are assets under finance leases of $8.3 million and $7.4 million, and related accumulated amortization of $2.9 million and $2.3 million as of September 30, 2023 and December 31, 2022, respectively. Depreciation expense for the three months ended September 30, 2023 and 2022 was $5.4 million and $5.5 million, respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $16.5 million and $17.3 million, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS A summary of intangible assets as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 (unaudited) Gross Accumulated Net Customer relationships $ 164,221 $ (99,511) $ 64,710 Trade names 20,248 (19,698) 550 Technology 2,300 (1,744) 556 Licenses 683 (683) — Intangible assets $ 187,452 $ (121,636) $ 65,816 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 September 30, 2023 and 2022 was $3.2 million and $3.4 million, respectively. Amortization expense of intangible assets for the nine months ended September 30, 2023 and 2022 was $9.6 million and $10.2 million, respectively. The weighted-average amortization period for intangible assets subject to amortization was 13.7 years as of September 30, 2023 and December 31, 2022.

OTHER ACCRUED LIABILITIES

OTHER ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
OTHER ACCRUED LIABILITIES	OTHER ACCRUED LIABILITIES A summary of other accrued liabilities as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Legal and professional accruals $ 49,223 $ 46,665 Payroll and other compensation expenses 35,561 48,507 Insurance accruals 6,124 7,483 Property, sales and other non-income related taxes 5,474 7,348 Accrued interest 3,694 3,963 Volume discount 2,337 2,050 Other accruals 2,337 3,251 Total $ 104,750 $ 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 for legal claims information. Certain legal claims are covered by our third-party insurance providers 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	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe recorded an income tax provision of $1.1 million and $4.0 million for the three and nine months ended September 30, 2023, compared to a provision of $1.5 million and $4.2 million for the three and nine months ended September 30, 2022. The effective tax rate, inclusive of discrete items, was a provision of 9.7% for the three months ended September 30, 2023, compared to a provision of 5.8% for the three months ended September 30, 2022. For the nine months ended September 30, 2023, our effective tax rate, inclusive of discrete items, was a provision of 8.3%, compared to a provision of 4.7% for the nine months ended September 30, 2022. The effective tax rate differed from the statutory tax rate due to changes in the valuation allowance in certain jurisdictions.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT As of September 30, 2023 and December 31, 2022, our total long-term debt and finance lease obligations are summarized as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) 2022 ABL Credit Facility $ 110,915 $ 99,916 ME/RE Loans 1 24,739 — Uptiered Loan / Subordinated Term Loan 1 125,588 107,905 Incremental Term Loan 1 34,034 — APSC Term Loan 1 — 31,562 Total 295,276 239,383 Convertible Debt 1 — 40,650 Finance lease obligations 5,804 5,902 Total long-term debt and finance lease obligations 301,080 285,935 Current portion of long-term debt and finance lease obligations (5,302) (280,993) Total long-term debt and finance lease obligations, less current portion $ 295,778 $ 4,942 _________________ 1 Comprised of principal amount outstanding, less unamortized discount and issuance costs. See below for additional information. 2022 ABL Credit Facility On February 11, 2022, we entered into a credit agreement, with the lender parties thereto, and Eclipse Business Capital, LLC, a Delaware limited liability company, as agent, (the “ABL Agent”) (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 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 the ABL Agent (the “Revolving Credit Loans”), with a $35.0 million sublimit for swingline borrowings, 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”). Our obligations under the 2022 ABL Credit Agreement are guaranteed by certain of our direct and 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. The terms of the 2022 ABL Credit Facility are described in the table below (dollar amounts are presented in thousands): Revolving Credit Loans Delayed Draw Term Loan Original maturity date 2/11/2025 2/11/2025 Amended maturity date 8/11/2025 8/11/2025 Original stated interest rate LIBOR + applicable margin (base + applicable margin) LIBOR+10% (Base+9%) Amended interest rate SOFR + applicable margin (base + applicable margin) SOFR + 10% (Base + 9%) Actual interest rate: 9/30/2023 10.09% 15.44% 9/30/2022 7.21% 12.56% Interest payments monthly monthly Cash paid for interest YTD 9/30/2023 $4,932 $3,951 YTD 9/30/2022 $3,656 $1,683 Unamortized balance of deferred financing cost 9/30/2023 $227 $— 12/31/2022 $2,312 $798 Available amount at 9/30/2023 $4,911 $— The “applicable margin” in the table above 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 Adjusted Term Secured Overnight Financing Rate (“SOFR”) loans with a 1.00% SOFR floor, in each case depending on the amount of EBITDA (as defined in ABL Amendment No. 3 to the 2022 ABL Credit Facility) as of the most recent measurement period as reported in a monthly compliance certificate. The fee for undrawn revolving amounts is 0.50%. We incurred additional $0.3 million of financing cost related to the 2022 ABL Credit Facility in connection with Amendment No. 3 thereto (“ABL Amendment No. 3”) dated June 16, 2023. These costs were capitalized and amortized on a straight-line basis over the new term of the 2022 ABL Credit Facility. 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 June 16, 2023 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, as described therein. As of September 30, 2023, we are in compliance with the covenants. As of September 30, 2023, $10.1 million in letters of credit was issued under the 2022 ABL Credit Agreement. Such amounts remain undrawn and are off-balance sheet. ME/RE Loans The ABL Amendment No. 3, in addition to making certain other changes to the 2022 ABL Credit Facility, provided us with $27.4 million of new term loans (the “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, certain real estate and machinery and equipment (the “Specified ME/RE Collateral”), accounts receivable, deposit accounts, securities accounts and inventory of the ABL Loan Parties (collectively, 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 (as defined below). 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 terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands): Original maturity date 8/11/2025 Original stated interest rate SOFR + 5.75% + 0.11% credit spread adjustment Principal payments $254 monthly Effective interest rate 9/30/2023 16.75% 9/30/2022 N/A Actual interest rate 9/30/2023 11.19% 9/30/2022 N/A Interest payments monthly Cash paid for interest YTD 9/30/2023 $640 YTD 9/30/2022 N/A Balances at 9/30/2023 Principal balance $26,551 Unamortized balance of debt issuance cost $(1,812) Net carrying balance $24,739 Available amount at 9/30/2023 $— The Company may make voluntary prepayments of the ME/RE Loans from time to time. Mandatory prepayments are required in certain instances when sales of assets are completed that are related to the Specified ME/RE Collateral, 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 remaining unpaid principal balance of the ME/RE loans at maturity will be $21.0 million. Direct and incremental costs associated with the issuance of the ABL Amendment No. 3 were approximately $2.1 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. APSC Term Loan 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 APSC Term Loan balance of $35.5 million plus the applicable prepayment premium, resulting in a loss on debt extinguishment of $1.6 million. On December 18, 2020, we had entered into that certain Term Loan Credit Agreement with Atlantic Park Strategic Capital Fund, L.P., as agent (“APSC”), pursuant to which we borrowed $250.0 million (the “APSC Term Loan”). The terms of APSC Term Loan are described in the table below (dollar amounts are presented in thousands): Original maturity date 12/18/2026 Original stated interest rate variable Effective interest rate 9/30/2023 N/A 9/30/2022 25.72% Actual interest rate: 9/30/2023 N/A 9/30/2022 10.24% Interest payments Quarterly Cash paid for interest YTD 9/30/2023 $2,849 YTD 9/30/2022 $9,693 PIK interest added to principal YTD 9/30/2023 $— YTD 9/30/2022 $6,627 Balances at 12/31/2022 Principal balance $35,510 Unamortized balance of debt issuance cost $(3,948) Net carrying balance $31,562 Amended and Restated Term Loan Credit Agreement - Uptiered Loan / Subordinated Term Loan and Incremental Term Loan 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. 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 senior unsecured 5.00% Convertible Senior Notes (the “Notes”) held by Corre. 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 and certain of its affiliates, consisting of a $37.5 million term loan tranche and a $20.0 million delayed draw 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. 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 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 tranche of $15.0 million will be used, subject to certain maximum liquidity conditions, for working capital purposes. 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. 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. The A&R Term Loan Credit Agreement contains certain customary conditions to borrowings, events of default and affirmative, negative, and financial covenants (as described in the A&R Term Loan Credit Agreement). As of September 30, 2023, we are in compliance with the covenants. Further, the A&R Term Loan Credit Agreement includes certain customary events of default, the occurrence of which may require an additional 2.00% interest on the outstanding loans and other obligations under the A&R Term Loan Credit Agreement and the debt may become payable immediately. The terms of Uptiered Loan / Subordinated Term Loan and Incremental Term Loan are described in the table below (dollar amounts are presented in thousands): Uptiered Loan / Subordinated Term Loan Incremental Term Loan Maturity date 12/31/2027 (12/31/2026 if outstanding balance is greater than $50 million) 12/31/2026 Stated interest rate 12% PIK through 12/31/2023, then cash and PIK split as described below 12% paid in cash Principal payments at maturity $300 quarterly Effective interest rate 9/30/2023 12.86% 23.69% 9/30/2022 46.79% N/A Interest payments cash quarterly/PIK monthly quarterly PIK interest added to principal YTD 9/30/2023 $10,829 N/A YTD 9/30/2022 $4,596 N/A Balances at 9/30/2023 Principal balance 1 $126,272 $43,371 Unamortized balance of debt issuance cost $(684) $(9,337) Net carrying balance $125,588 $34,034 Balances at 12/31/2022 Principal balance 1 $115,443 N/A Unamortized balance of debt issuance cost $(7,538) N/A Net carrying balance $107,905 N/A Available amount at 9/30/2023 2 $— $15,000 ___________ 1 The principal balance of the Uptiered Loan / Subordinated Term Loan is made up of $22.5 million drawn on November 9, 2021, $27.5 million drawn on December 8, 2021, and $57.0 million added as part of the exchange agreement on October 4, 2022. In addition, the principal balance also includes PIK interest recorded to date of $18.2 million and $7.4 million as of September 30, 2023 and December 31, 2022, respectively, and, with respect to the Incremental Term Loan, PIK fees of $0.9 million. 2 $5.0 million was drawn from the available balance on October 6, 2023. The Uptiered Loan under the A&R Term Loan Credit Agreement bears interest at an annual rate of 12.00%, paid-in-kind (noncash) (“PIK”) from June 16, 2023 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). 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. 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. Warrants As of September 30, 2023 and December 31, 2022, APSC Holdco II, L.P. held 500,000 warrants and certain Corre holders collectively held 500,000 warrants in each case providing for the purchase of one share of the Company’s common stock per warrant at an exercise price of $15.00. The warrants will expire on December 8, 2028. 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 Convertible Notes On July 31, 2023, $42.5 million of the $57.5 million under the Incremental Term Loan was drawn down and the proceeds thereof were used to repay the principal and accrued interest of the outstanding Notes on their maturity date of August 1, 2023. On July 31, 2017, we issued $230.0 million principal amount of 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. Cash interest paid amounted to $2.1 million and $2.1 million for the nine months ended September 30, 2023 and 2022, respectively. PIK interest of $4.2 million was added to principal during the nine months ended September 30, 2022. There was no PIK interest in 2023. Fair Value of Debt The fair value of our 2022 ABL Credit Facility, Uptiered Loan, Incremental Term Loan 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 December 31, 2022 was $37.5 million, (inclusive of the fair value of the conversion option) and a “Level 2” measurement, determined based on the observed trading price of these instruments. The Notes were fully paid off on August 1, 2023. 1970 Group Substitute Insurance Reimbursement Facility On September 29, 2022, 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 was renewed on August 29, 2023 to update the letters of credit limit up to approximately $24.9 million with the termination date on the earlier of (i) the expiration or termination of our Insurance Policies or (ii) September 29, 2024. 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 paid by us periodically under this arrangement are deferred and amortized to interest expense over the term of the arrangement. As of September 30, 2023, we had approximately $2.8 million of unamortized deferred fees. Liquidity As of September 30, 2023, we had $16.5 million of unrestricted cash and cash equivalents and $5.0 million of restricted cash. International cash balances as of September 30, 2023 were $11.2 million, and approximately $0.7 million of such cash is located in countries where currency restrictions exist. As of September 30, 2023, we had approximately $19.9 million of available borrowing capacity under our various credit agreements, consisting of $4.9 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 $37.6 million in letters of credit and $1.7 million in surety bonds outstanding and $2.1 million in miscellaneous cash

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Interest cost $ 678 $ 358 $ 2,054 $ 1,171 Expected return on plan assets (913) (533) (2,765) (1,744) Amortization of prior service cost 8 7 23 23 Unrecognized Net Actuarial Loss 70 — 212 — Net periodic pension credit $ (157) $ (168) $ (476) $ (550) 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 $2.8 million has been contributed through September 30, 2023.

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ 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 as of such date 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 September 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 September 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): Nine Months Ended Nine 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 loss (1,311) — (35) (1,346) (12,152) — — (12,152) Balance, end of period $ (30,170) $ (10,474) $ 301 $ (40,343) $ (35,438) $ (3,277) $ (169) $ (38,884)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 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 September 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 $40.7 million as of September 30, 2023, of which approximately $1.7 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	9 Months Ended
	Sep. 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 Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: IHT $ 103,857 $ 110,312 $ 322,426 $ 320,033 MS 102,858 108,027 326,058 308,884 Total Revenues $ 206,715 $ 218,339 $ 648,484 $ 628,917 Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Operating income (loss): IHT $ 6,412 $ 7,390 $ 17,683 $ 13,038 MS 6,482 7,655 22,395 15,152 Corporate and shared support services (14,152) (16,774) (44,486) (63,119) Total Operating loss $ (1,258) $ (1,729) $ (4,408) $ (34,929) Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Capital expenditures 1 : IHT $ 835 $ 2,557 $ 3,857 $ 10,654 MS 988 1,427 2,263 3,861 Corporate and shared support services 10 274 10 331 Total Capital expenditures $ 1,833 $ 4,258 $ 6,130 $ 14,846 ____________ 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 Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: IHT $ 3,148 $ 3,022 $ 9,390 $ 9,372 MS 4,656 4,704 14,113 14,222 Corporate and shared support services 1,592 1,261 4,978 3,856 Total Depreciation and amortization $ 9,396 $ 8,987 $ 28,481 $ 27,450 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 nine months ended September 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Total Revenues 1 United States $ 148,635 $ 158,613 $ 466,440 $ 453,000 Canada 19,451 25,531 67,847 77,677 Europe 17,739 15,837 55,801 46,296 Other foreign countries 20,890 18,358 58,396 51,944 Total $ 206,715 $ 218,339 $ 648,484 $ 628,917 ______________ 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS As of November 9, 2023, the filing date of this Quarterly Report on Form 10-Q, management evaluated the existence of events occurring subsequent to the quarter ended September 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)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of 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
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 related to Quest Integrity are presented 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)	9 Months Ended
	Sep. 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 Nine Months Ended Major classes of line items constituting income (loss) from discontinued operations Revenues $ 29,441 $ 88,704 Operating expenses (12,052) (39,508) Selling, general and administrative expenses (8,832) (26,422) Interest expense, net (78) (108) Other expense (2,675) (4,934) Income from discontinued operations before income taxes 5,804 17,732 Provision for income taxes (2,057) (1,464) Net income from discontinued operations $ 3,747 $ 16,268 The following table presents the depreciation and amortization and capital expenditures of Quest Integrity (in thousands): Nine Months Ended September 30, 2022 (unaudited) Cash flows provided by operating activities of discontinued operations: Depreciation and amortization $ 1,143 Cash flows provided by investing activities of discontinued operations: Capital expenditures $ 3,703

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 Three Months Ended September 30, 2022 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 100,800 $ 3,057 $ 103,857 $ 108,009 $ 2,303 $ 110,312 MS 67,286 35,572 102,858 76,135 31,892 108,027 Total $ 168,086 $ 38,629 $ 206,715 $ 184,144 $ 34,195 $ 218,339 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 312,344 $ 10,082 $ 322,426 $ 312,928 $ 7,105 $ 320,033 MS 221,943 104,115 326,058 217,749 91,135 308,884 Total $ 534,287 $ 114,197 $ 648,484 $ 530,677 $ 98,240 $ 628,917 Revenue by Operating segment and service type (in thousands): Three Months Ended September 30, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 83,207 $ 39 $ 12,946 $ 7,665 $ 103,857 MS — 101,624 55 1,179 102,858 Total $ 83,207 $ 101,663 $ 13,001 $ 8,844 $ 206,715 Three Months Ended September 30, 2022 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 87,267 $ 19 $ 16,357 $ 6,669 $ 110,312 MS — 106,776 125 1,126 108,027 Total $ 87,267 $ 106,795 $ 16,482 $ 7,795 $ 218,339 Nine Months Ended September 30, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 259,118 $ 261 $ 42,391 $ 20,656 $ 322,426 MS — 323,484 544 2,030 326,058 Total $ 259,118 $ 323,745 $ 42,935 $ 22,686 $ 648,484 Nine Months Ended September 30, 2022 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 255,419 $ 158 $ 45,983 $ 18,473 $ 320,033 MS — 305,277 238 3,369 308,884 Total $ 255,419 $ 305,435 $ 46,221 $ 21,842 $ 628,917

RECEIVABLES (Tables)

RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Summary of Accounts Receivable	A summary of accounts receivable as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Trade accounts receivable $ 141,303 $ 160,572 Unbilled receivables 49,823 31,379 Allowance for credit losses (5,326) (5,262) Total $ 185,800 $ 186,689
Allowance for Credit Loss	The following table shows a rollforward of the allowance for credit losses (in thousands): September 30, 2023 December 31, 2022 (unaudited) Balance at beginning of period $ 5,262 $ 7,843 Provision for expected credit losses 1,317 1,059 Recoveries collected (619) (1,114) Write-offs (540) (2,479) Foreign exchange effects (94) (47) Balance at end of period $ 5,326 $ 5,262

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Summary of Inventory	A summary of inventory as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Raw materials $ 9,819 $ 8,978 Work in progress 2,989 2,945 Finished goods 26,066 24,408 Total $ 38,874 $ 36,331

PREPAID AND OTHER CURRENT ASS_2

PREPAID AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	A summary of prepaid expenses and other current assets as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Insurance receivable $ 39,000 $ 39,000 Prepaid expenses 16,526 15,238 Other current assets 9,927 11,441 Total $ 65,453 $ 65,679

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	A summary of property, plant and equipment as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Land $ 4,006 $ 4,006 Buildings and leasehold improvements 61,820 50,833 Machinery and equipment 280,842 277,852 Furniture and fixtures 10,708 10,558 Capitalized ERP system development costs 45,903 45,917 Computers and computer software 19,802 19,457 Automobiles 3,325 3,536 Construction in progress 5,898 19,196 Total 432,304 431,355 Accumulated depreciation (304,590) (293,256) Property, plant and equipment, net $ 127,714 $ 138,099

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	A summary of intangible assets as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 (unaudited) Gross Accumulated Net Customer relationships $ 164,221 $ (99,511) $ 64,710 Trade names 20,248 (19,698) 550 Technology 2,300 (1,744) 556 Licenses 683 (683) — Intangible assets $ 187,452 $ (121,636) $ 65,816 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)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Summary of Other Accrued Liabilities	A summary of other accrued liabilities as of September 30, 2023 and December 31, 2022 is as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) Legal and professional accruals $ 49,223 $ 46,665 Payroll and other compensation expenses 35,561 48,507 Insurance accruals 6,124 7,483 Property, sales and other non-income related taxes 5,474 7,348 Accrued interest 3,694 3,963 Volume discount 2,337 2,050 Other accruals 2,337 3,251 Total $ 104,750 $ 119,267

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	As of September 30, 2023 and December 31, 2022, our total long-term debt and finance lease obligations are summarized as follows (in thousands): September 30, 2023 December 31, 2022 (unaudited) 2022 ABL Credit Facility $ 110,915 $ 99,916 ME/RE Loans 1 24,739 — Uptiered Loan / Subordinated Term Loan 1 125,588 107,905 Incremental Term Loan 1 34,034 — APSC Term Loan 1 — 31,562 Total 295,276 239,383 Convertible Debt 1 — 40,650 Finance lease obligations 5,804 5,902 Total long-term debt and finance lease obligations 301,080 285,935 Current portion of long-term debt and finance lease obligations (5,302) (280,993) Total long-term debt and finance lease obligations, less current portion $ 295,778 $ 4,942 _________________ 1 Comprised of principal amount outstanding, less unamortized discount and issuance costs. See below for additional information. Revolving Credit Loans Delayed Draw Term Loan Original maturity date 2/11/2025 2/11/2025 Amended maturity date 8/11/2025 8/11/2025 Original stated interest rate LIBOR + applicable margin (base + applicable margin) LIBOR+10% (Base+9%) Amended interest rate SOFR + applicable margin (base + applicable margin) SOFR + 10% (Base + 9%) Actual interest rate: 9/30/2023 10.09% 15.44% 9/30/2022 7.21% 12.56% Interest payments monthly monthly Cash paid for interest YTD 9/30/2023 $4,932 $3,951 YTD 9/30/2022 $3,656 $1,683 Unamortized balance of deferred financing cost 9/30/2023 $227 $— 12/31/2022 $2,312 $798 Available amount at 9/30/2023 $4,911 $— The terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands): Original maturity date 8/11/2025 Original stated interest rate SOFR + 5.75% + 0.11% credit spread adjustment Principal payments $254 monthly Effective interest rate 9/30/2023 16.75% 9/30/2022 N/A Actual interest rate 9/30/2023 11.19% 9/30/2022 N/A Interest payments monthly Cash paid for interest YTD 9/30/2023 $640 YTD 9/30/2022 N/A Balances at 9/30/2023 Principal balance $26,551 Unamortized balance of debt issuance cost $(1,812) Net carrying balance $24,739 Available amount at 9/30/2023 $— Original maturity date 12/18/2026 Original stated interest rate variable Effective interest rate 9/30/2023 N/A 9/30/2022 25.72% Actual interest rate: 9/30/2023 N/A 9/30/2022 10.24% Interest payments Quarterly Cash paid for interest YTD 9/30/2023 $2,849 YTD 9/30/2022 $9,693 PIK interest added to principal YTD 9/30/2023 $— YTD 9/30/2022 $6,627 Balances at 12/31/2022 Principal balance $35,510 Unamortized balance of debt issuance cost $(3,948) Net carrying balance $31,562 The terms of Uptiered Loan / Subordinated Term Loan and Incremental Term Loan are described in the table below (dollar amounts are presented in thousands): Uptiered Loan / Subordinated Term Loan Incremental Term Loan Maturity date 12/31/2027 (12/31/2026 if outstanding balance is greater than $50 million) 12/31/2026 Stated interest rate 12% PIK through 12/31/2023, then cash and PIK split as described below 12% paid in cash Principal payments at maturity $300 quarterly Effective interest rate 9/30/2023 12.86% 23.69% 9/30/2022 46.79% N/A Interest payments cash quarterly/PIK monthly quarterly PIK interest added to principal YTD 9/30/2023 $10,829 N/A YTD 9/30/2022 $4,596 N/A Balances at 9/30/2023 Principal balance 1 $126,272 $43,371 Unamortized balance of debt issuance cost $(684) $(9,337) Net carrying balance $125,588 $34,034 Balances at 12/31/2022 Principal balance 1 $115,443 N/A Unamortized balance of debt issuance cost $(7,538) N/A Net carrying balance $107,905 N/A Available amount at 9/30/2023 2 $— $15,000 ___________ 1 The principal balance of the Uptiered Loan / Subordinated Term Loan is made up of $22.5 million drawn on November 9, 2021, $27.5 million drawn on December 8, 2021, and $57.0 million added as part of the exchange agreement on October 4, 2022. In addition, the principal balance also includes PIK interest recorded to date of $18.2 million and $7.4 million as of September 30, 2023 and December 31, 2022, respectively, and, with respect to the Incremental Term Loan, PIK fees of $0.9 million.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Interest cost $ 678 $ 358 $ 2,054 $ 1,171 Expected return on plan assets (913) (533) (2,765) (1,744) Amortization of prior service cost 8 7 23 23 Unrecognized Net Actuarial Loss 70 — 212 — Net periodic pension credit $ (157) $ (168) $ (476) $ (550)

SHAREHOLDERS_ EQUITY (Tables)

SHAREHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 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): Nine Months Ended Nine 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 loss (1,311) — (35) (1,346) (12,152) — — (12,152) Balance, end of period $ (30,170) $ (10,474) $ 301 $ (40,343) $ (35,438) $ (3,277) $ (169) $ (38,884)

SEGMENT AND GEOGRAPHIC DISCLO_2

SEGMENT AND GEOGRAPHIC DISCLOSURES (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: IHT $ 103,857 $ 110,312 $ 322,426 $ 320,033 MS 102,858 108,027 326,058 308,884 Total Revenues $ 206,715 $ 218,339 $ 648,484 $ 628,917 Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Operating income (loss): IHT $ 6,412 $ 7,390 $ 17,683 $ 13,038 MS 6,482 7,655 22,395 15,152 Corporate and shared support services (14,152) (16,774) (44,486) (63,119) Total Operating loss $ (1,258) $ (1,729) $ (4,408) $ (34,929) Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Capital expenditures 1 : IHT $ 835 $ 2,557 $ 3,857 $ 10,654 MS 988 1,427 2,263 3,861 Corporate and shared support services 10 274 10 331 Total Capital expenditures $ 1,833 $ 4,258 $ 6,130 $ 14,846 ____________ 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 Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: IHT $ 3,148 $ 3,022 $ 9,390 $ 9,372 MS 4,656 4,704 14,113 14,222 Corporate and shared support services 1,592 1,261 4,978 3,856 Total Depreciation and amortization $ 9,396 $ 8,987 $ 28,481 $ 27,450
Geographic Breakdown of Revenues	A geographic breakdown of our revenues for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Total Revenues 1 United States $ 148,635 $ 158,613 $ 466,440 $ 453,000 Canada 19,451 25,531 67,847 77,677 Europe 17,739 15,837 55,801 46,296 Other foreign countries 20,890 18,358 58,396 51,944 Total $ 206,715 $ 218,339 $ 648,484 $ 628,917 ______________ 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)			9 Months Ended
	Dec. 21, 2022 shares	Nov. 01, 2022 segment	Sep. 30, 2023 profile segment shares	Dec. 31, 2022 shares	Dec. 20, 2022 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split ratio	0.1
Number of operating segments | segment		2	2
Number of distinct client demand profiles | profile			3
Common stock, shares authorized (in shares)	12,000,000		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

DISCONTINUED OPERATIONS - Addit

DISCONTINUED OPERATIONS - Additional Information (Details) $ in Millions		9 Months Ended	12 Months Ended
	Nov. 01, 2022 USD ($) segment	Sep. 30, 2023 segment	Dec. 31, 2022 USD ($)
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Major classes of line items constituting income (loss) from discontinued operations
Net income from discontinued operations	$ 0	$ 3,747	$ 0	$ 16,268
Quest Integrity
Major classes of line items constituting income (loss) from discontinued operations
Revenues		29,441		88,704
Operating expenses		(12,052)		(39,508)
Selling, general and administrative expenses		(8,832)		(26,422)
Interest expense, net		(78)		(108)
Other expense		(2,675)		(4,934)
Income from discontinued operations before income taxes		5,804		17,732
Provision for income taxes		(2,057)		(1,464)
Net income from discontinued operations		$ 3,747		16,268
Cash flows provided by operating activities of discontinued operations:
Depreciation and amortization				1,143
Cash flows provided by investing activities of discontinued operations:
Capital expenditures				$ 3,703

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 206,715	$ 218,339	$ 648,484	$ 628,917
Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	83,207	87,267	259,118	255,419
Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	101,663	106,795	323,745	305,435
Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	13,001	16,482	42,935	46,221
Other
Disaggregation of Revenue [Line Items]
Revenues	8,844	7,795	22,686	21,842
IHT
Disaggregation of Revenue [Line Items]
Revenues	103,857	110,312	322,426	320,033
IHT | Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	83,207	87,267	259,118	255,419
IHT | Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	39	19	261	158
IHT | Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	12,946	16,357	42,391	45,983
IHT | Other
Disaggregation of Revenue [Line Items]
Revenues	7,665	6,669	20,656	18,473
MS
Disaggregation of Revenue [Line Items]
Revenues	102,858	108,027	326,058	308,884
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	101,624	106,776	323,484	305,277
MS | Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	55	125	544	238
MS | Other
Disaggregation of Revenue [Line Items]
Revenues	1,179	1,126	2,030	3,369
United States and Canada
Disaggregation of Revenue [Line Items]
Revenues	168,086	184,144	534,287	530,677
United States and Canada | IHT
Disaggregation of Revenue [Line Items]
Revenues	100,800	108,009	312,344	312,928
United States and Canada | MS
Disaggregation of Revenue [Line Items]
Revenues	67,286	76,135	221,943	217,749
Other Countries
Disaggregation of Revenue [Line Items]
Revenues	38,629	34,195	114,197	98,240
Other Countries | IHT
Disaggregation of Revenue [Line Items]
Revenues	3,057	2,303	10,082	7,105
Other Countries | MS
Disaggregation of Revenue [Line Items]
Revenues	$ 35,572	$ 31,892	$ 104,115	$ 91,135

RECEIVABLES - Summary of Accoun

RECEIVABLES - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade accounts receivable	$ 141,303	$ 160,572
Unbilled receivables	49,823	31,379
Allowance for credit losses	(5,326)	(5,262)	$ (7,843)
Total	$ 185,800	$ 186,689

RECEIVABLES - Additional Inform

RECEIVABLES - Additional Information (Details)	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 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	1,317	1,059
Recoveries collected	(619)	(1,114)
Write-offs	(540)	(2,479)
Foreign exchange effects	(94)	(47)
Balance at end of period	$ 5,326	$ 5,262

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 9,819	$ 8,978
Work in progress	2,989	2,945
Finished goods	26,066	24,408
Total	$ 38,874	$ 36,331

PREPAID AND OTHER CURRENT ASS_3

PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance receivable	$ 39,000	$ 39,000
Prepaid expenses	16,526	15,238
Other current assets	9,927	11,441
Total	$ 65,453	$ 65,679

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 432,304	$ 431,355
Accumulated depreciation	(304,590)	(293,256)
Property, plant and equipment, net	127,714	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	61,820	50,833
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	280,842	277,852
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	10,708	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	19,802	19,457
Automobiles
Property, Plant and Equipment [Line Items]
Total	3,325	3,536
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 5,898	$ 19,196

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Assets under finance leases	$ 8.3		$ 8.3		$ 7.4
Accumulated amortization for assets under finance leases	2.9		2.9		$ 2.3
Depreciation expense	$ 5.4	$ 5.5	$ 16.5	$ 17.3

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 187,452	$ 189,341
Accumulated Amortization	(121,636)	(113,934)
Net Carrying Amount	65,816	75,407
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	164,221	165,231
Accumulated Amortization	(99,511)	(91,296)
Net Carrying Amount	64,710	73,935
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,248	20,563
Accumulated Amortization	(19,698)	(19,830)
Net Carrying Amount	550	733
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,300	2,707
Accumulated Amortization	(1,744)	(1,978)
Net Carrying Amount	556	729
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	683	840
Accumulated Amortization	(683)	(830)
Net Carrying Amount	$ 0	$ 10

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 3.2	$ 3.4	$ 9.6	$ 10.2
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	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Legal and professional accruals	$ 49,223	$ 46,665
Payroll and other compensation expenses	35,561	48,507
Insurance accruals	6,124	7,483
Property, sales and other non-income related taxes	5,474	7,348
Accrued interest	3,694	3,963
Volume discount	2,337	2,050
Other accruals	2,337	3,251
Total	$ 104,750	$ 119,267

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 1,072	$ 1,465	$ 4,020	$ 4,182
Effective tax rate (benefit) provision	9.70%	5.80%	8.30%	4.70%

DEBT - Long-Term Debt Balances

DEBT - Long-Term Debt Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Convertible debt	$ 295,276	$ 239,383
Finance lease obligations	5,804	5,902
Total long-term debt and finance lease obligations	301,080	285,935
Current portion of long-term debt and finance lease obligations	(5,302)	(280,993)
Total long-term debt and finance lease obligations, less current portion	295,778	4,942
Convertible debt
Debt Instrument [Line Items]
Convertible debt	0	40,650
ME/RE Loans | Secured Debt
Debt Instrument [Line Items]
Convertible debt	24,739	0
Uptiered Loan / Subordinated Term Loan | Subordinated Debt
Debt Instrument [Line Items]
Convertible debt	125,588	107,905
Incremental Term Loan | Secured Debt
Debt Instrument [Line Items]
Convertible debt	34,034	0
Atlantic Park Term Loan | Secured Debt
Debt Instrument [Line Items]
Convertible debt	0	31,562
Revolving Credit Facility | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Convertible debt	$ 110,915	$ 99,916

DEBT - ABL Facility, Additional

DEBT - ABL Facility, Additional Information (Details) - USD ($)	Feb. 11, 2022	Sep. 30, 2023
2022 ABL Credit Facility
Debt Instrument [Line Items]
Unamortized balance of deferred financing cost		$ 300,000
Line of Credit | ABL Credit Agreement
Debt Instrument [Line Items]
Outstanding letter of credit		$ 10,100,000
Secured Debt | Delayed Draw Term Loan
Debt Instrument [Line Items]
Principal amount, long-term debt issued	$ 35,000,000
Prepayment trigger percentage	130%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 130,000,000
Commitment fees on unused borrowing capacity	0.50%
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 | 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 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Floor interest 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%
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 - ABL Facility (Details)

DEBT - ABL Facility (Details) - USD ($) $ in Thousands		9 Months Ended
	Feb. 11, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
ABL Corre Delayed Draw Term Loan
Debt Instrument [Line Items]
Stated interest rate		15.44%	12.56%
Cash paid for interest		$ 3,951	$ 1,683
Unamortized balance of deferred financing cost		0		$ 798
Available amount		$ 0
ABL Corre Delayed Draw Term Loan | LIBOR
Debt Instrument [Line Items]
Stated interest rate	10%
ABL Corre Delayed Draw Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	9%
ABL Corre Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate	10%
Revolving Credit Facility | ABL Agent
Debt Instrument [Line Items]
Stated interest rate		10.09%	7.21%
Cash paid for interest		$ 4,932	$ 3,656
Unamortized balance of deferred financing cost		227		$ 2,312
Available amount		$ 4,911

DEBT - ME_RE Loans, Additional

DEBT - ME/RE Loans, Additional Information (Details) - ME/RE Loans - USD ($)	Sep. 30, 2023	Jun. 16, 2023
Debt Instrument [Line Items]
Borrowing capacity		$ 27,400,000
Remaining unpaid principal loans at maturity	$ 21,000,000
Unamortized balance of deferred financing cost	$ 2,100,000

DEBT - ME_RE Loans (Details)

DEBT - ME/RE Loans (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 16, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net carrying balance		$ 295,276	$ 239,383
ME/RE Loans
Debt Instrument [Line Items]
Effective interest rate		16.75%
Stated interest rate		11.19%
Cash paid for interest		$ 640
ME/RE Loans | Secured Debt
Debt Instrument [Line Items]
Principal payments	$ 254
Principal balance		26,551
Unamortized balance of debt issuance cost		(1,812)
Net carrying balance		24,739	$ 0
Available amount		$ 0
ME/RE Loans | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.11%
Stated interest rate	5.75%

DEBT - Atlantic Park Term Loan,

DEBT - Atlantic Park Term Loan, Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jun. 16, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 18, 2020
Debt Instrument [Line Items]
Loss on debt extinguishment		$ 3,000	$ 0	$ 1,585,000	$ 0
Atlantic Park Term Loan
Debt Instrument [Line Items]
Repayments of Senior Debt	$ 35,500,000
Loss on debt extinguishment	$ 1,600,000
Principal amount, long-term debt issued						$ 250,000,000

DEBT - Atlantic Park Term Loan

DEBT - Atlantic Park Term Loan (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Paid-in-kind interest	[1]	$ 10,906	$ 15,464
Net carrying balance		295,276		$ 239,383
Atlantic Park Term Loan | Secured Debt
Debt Instrument [Line Items]
Effective interest rate			25.72%
Stated interest rate			10.24%
Cash paid for interest		2,849	$ 9,693
Paid-in-kind interest		0	$ 6,627
Principal balance				35,510
Unamortized balance of debt issuance cost				(3,948)
Net carrying balance		$ 0		$ 31,562
[1]Condensed consolidated statement of cash flows for the nine months ended September 30, 2022 includes discontinued operations.

DEBT - Amended and Restated Ter

DEBT - Amended and Restated Term Loan Credit Agreement - Uptiered (Subordinated) Term Loan and Incremental Term Loan (Details) - USD ($)	Jul. 31, 2023	Jun. 16, 2023	Dec. 08, 2021	Nov. 09, 2021	Sep. 30, 2023	Oct. 04, 2022
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
A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Available borrowing capacity					$ 19,900,000
Increase in interest rate in event of default		2%
A&R Term Loan Credit Agreement | Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Current borrowing capacity	$ 57,500,000	$ 57,500,000
Proceeds from secured debt	42,500,000
Basis spread on variable rate		1.50%
A&R Term Loan Credit Agreement | Uptiered Loan / Subordinated Term Loan
Debt Instrument [Line Items]
Effective interest rate		12%
A&R Term Loan Credit Agreement | Payable in Cash
Debt Instrument [Line Items]
Effective interest rate		2.50%
A&R Term Loan Credit Agreement | Payment in Kind (PIK) Note | Maximum
Debt Instrument [Line Items]
Effective interest rate		9.50%
A&R Term Loan Credit Agreement | Payment in Kind (PIK) Note | Minimum
Debt Instrument [Line Items]
Effective interest rate		0%
Term Loan | Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Current borrowing capacity		$ 37,500,000
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
Proceeds from secured debt	5,000,000
Available borrowing capacity	$ 15,000,000
Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Actual interest rate						5%

DEBT - Uptiered (Subordinated)

DEBT - Uptiered (Subordinated) Term Loan and Incremental Term Loan (Details) - USD ($)			9 Months Ended
		Oct. 04, 2023	Sep. 30, 2023	Sep. 30, 2022	Jun. 16, 2023	Dec. 31, 2022	Oct. 04, 2022	Dec. 08, 2021	Nov. 09, 2021
Debt Instrument [Line Items]
Paid-in-kind interest	[1]		$ 10,906,000	$ 15,464,000
Net carrying balance			295,276,000			$ 239,383,000
Proceeds from lines of credit	[1]		$ 0	$ 10,300,000
Uptiered Loan / Subordinated Term Loan | Subordinated Debt
Debt Instrument [Line Items]
Debt instrument, threshold, trigger amount					$ 50,000,000
Stated interest rate					12%
Effective interest rate			12.86%	46.79%
Paid-in-kind interest			$ 10,829,000	$ 4,596,000
Principal balance			126,272,000			115,443,000	$ 57,000,000	$ 27,500,000	$ 22,500,000
Unamortized balance of debt issuance cost			(684,000)			(7,538,000)
Net carrying balance			125,588,000			107,905,000
Available amount			0
PIK fees			900,000
Uptiered Loan / Subordinated Term Loan | Subordinated Debt | Subsequent Event
Debt Instrument [Line Items]
Proceeds from lines of credit		$ 5,000,000
Uptiered Loan / Subordinated Term Loan, PIK | Subordinated Debt
Debt Instrument [Line Items]
PIK interest, principal amount			18,200,000			7,400,000
Incremental Term Loan
Debt Instrument [Line Items]
Stated interest rate					12%
Principal payments			$ 300,000
Effective interest rate			23.69%
Incremental Term Loan | Secured Debt
Debt Instrument [Line Items]
Principal balance			$ 43,371,000
Unamortized balance of debt issuance cost			(9,337,000)
Net carrying balance			34,034,000			$ 0
Available amount			$ 15,000,000
Incremental Term Loan | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Proceeds from lines of credit		$ 5,000,000
[1]Condensed consolidated statement of cash flows for the nine months ended September 30, 2022 includes discontinued operations.

DEBT - Warrants (Details)

DEBT - Warrants (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Atlantic Park Term Loan
Debt Instrument [Line Items]
Class of warrant or right, outstanding (in shares)	500,000	500,000
Class of warrant or right, exercise price (in usd per share)	$ 15	$ 15
Delayed Draw Term Loan
Debt Instrument [Line Items]
Class of warrant or right, outstanding (in shares)	500,000	500,000

DEBT - Convertible Notes, Addit

DEBT - Convertible Notes, Additional Information (Details) - USD ($)				9 Months Ended
		Jul. 31, 2023	Jul. 31, 2017	Sep. 30, 2023	Sep. 30, 2022	Jun. 16, 2023
Debt Instrument [Line Items]
Paid-in-kind interest	[1]			$ 10,906,000	$ 15,464,000
Convertible debt
Debt Instrument [Line Items]
Cash paid for interest				$ 2,100,000	2,100,000
Senior Secured First Lien Term Loan | A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Proceeds from secured debt		$ 42,500,000
Current borrowing capacity		$ 57,500,000				$ 57,500,000
Convertible debt
Debt Instrument [Line Items]
Principal amount, long-term debt issued			$ 230,000,000
Stated interest rate				5%
Repurchase of convertible debt			$ 222,300,000
Paid-in-kind interest				$ 0	$ 4,200,000
[1]Condensed consolidated statement of cash flows for the nine months ended September 30, 2022 includes discontinued operations.

DEBT - Fair Value of Debt, Addi

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

DEBT - 1970 Group Substitute In

DEBT - 1970 Group Substitute Insurance Reimbursement Facility (Details) - Letter of Credit - 1970 Group Substitute Insurance Reimbursement Facility - USD ($) $ in Millions	Sep. 29, 2023	Aug. 29, 2023	Sep. 29, 2022
Debt Instrument [Line Items]
Borrowing capacity		$ 24.9	$ 21.4
Unamortized balance of deferred fees	$ 2.8

DEBT - Liquidity, Additional In

DEBT - Liquidity, Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Cash and cash equivalents	$ 21,483,000	$ 58,075,000
Surety Bond
Debt Instrument [Line Items]
Outstanding letter of credit	1,700,000
Miscellaneous Cash Deposit
Debt Instrument [Line Items]
Outstanding letter of credit	2,100,000
Domestic Line of Credit
Debt Instrument [Line Items]
Outstanding letter of credit	37,600,000
2022 ABL Credit Facility
Debt Instrument [Line Items]
Cash	11,200,000
Restricted cash	700,000
A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Available borrowing capacity	19,900,000
ME/RE Loans | Line of Credit
Debt Instrument [Line Items]
Available borrowing capacity	4,900,000
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	16,500,000
Restricted Cash | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Credit facilities, collateral	$ 5,000,000
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 678	$ 358	$ 2,054	$ 1,171
Expected return on plan assets	(913)	(533)	(2,765)	(1,744)
Amortization of prior service cost	8	7	23	23
Unrecognized Net Actuarial Loss	70	0	212	0
Net periodic pension credit	$ (157)	$ (168)	$ (476)	$ (550)

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - United Kingdom - Pension Plan $ in Millions	9 Months Ended
	Sep. 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	$ 2.8
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%

SHAREHOLDERS_ EQUITY - Addition

SHAREHOLDERS’ EQUITY - Additional Information (Details)	Dec. 21, 2022 shares	Sep. 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	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
Preferred stock, shares issued (in shares)		0

SHAREHOLDERS_ EQUITY - Summary

SHAREHOLDERS’ EQUITY - Summary of Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 79,872	$ 94,138	$ 117,760	$ 549	$ 27,070	$ 51,867	$ 117,760	$ 51,867
Other comprehensive income, before tax	(3,366)			(7,035)			(1,311)	(12,152)
Tax Provision	11			0			(35)	0
Other comprehensive income, net of tax	(3,355)	1,254	755	(7,035)	(5,463)	346	(1,346)	(12,152)
Ending balance	64,615	79,872	94,138	(28,730)	549	27,070	64,615	(28,730)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(28,859)			(23,286)	(28,859)	(23,286)
Other comprehensive income, before tax							(1,311)	(12,152)
Ending balance	(30,170)			(35,438)			(30,170)	(35,438)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(10,474)			(3,277)	(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)	336	(169)
Tax Provision							(35)	0
Ending balance	301			(169)			301	(169)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(36,988)	(38,242)	(38,997)	(31,849)	(26,386)	(26,732)	(38,997)	(26,732)
Other comprehensive income, net of tax	(3,355)	1,254	755	(7,035)	(5,463)	346
Ending balance	$ (40,343)	$ (36,988)	$ (38,242)	$ (38,884)	$ (31,849)	$ (26,386)	$ (40,343)	$ (38,884)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Feb. 09, 2022 USD ($)	Jun. 01, 2021 USD ($)	Sep. 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			40.7
Amount not covered by insurance			$ 1.7
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		9 Months Ended
	Nov. 01, 2022	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total Revenues	$ 206,715	$ 218,339	$ 648,484	$ 628,917
Total Operating loss	(1,258)	(1,729)	(4,408)	(34,929)
Total Capital expenditures	1,833	4,258	6,130	14,846
Total Depreciation and amortization	9,396	8,987	28,481	27,450
IHT
Segment Reporting Information [Line Items]
Total Revenues	103,857	110,312	322,426	320,033
MS
Segment Reporting Information [Line Items]
Total Revenues	102,858	108,027	326,058	308,884
Operating segments | IHT
Segment Reporting Information [Line Items]
Total Revenues	103,857	110,312	322,426	320,033
Total Operating loss	6,412	7,390	17,683	13,038
Total Capital expenditures	835	2,557	3,857	10,654
Total Depreciation and amortization	3,148	3,022	9,390	9,372
Operating segments | MS
Segment Reporting Information [Line Items]
Total Revenues	102,858	108,027	326,058	308,884
Total Operating loss	6,482	7,655	22,395	15,152
Total Capital expenditures	988	1,427	2,263	3,861
Total Depreciation and amortization	4,656	4,704	14,113	14,222
Corporate and shared support services
Segment Reporting Information [Line Items]
Total Operating loss	(14,152)	(16,774)	(44,486)	(63,119)
Total Capital expenditures	10	274	10	331
Total Depreciation and amortization	$ 1,592	$ 1,261	$ 4,978	$ 3,856

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers [Line Items]
Total Revenues	$ 206,715	$ 218,339	$ 648,484	$ 628,917
United States
Revenues from External Customers [Line Items]
Total Revenues	148,635	158,613	466,440	453,000
Canada
Revenues from External Customers [Line Items]
Total Revenues	19,451	25,531	67,847	77,677
Europe
Revenues from External Customers [Line Items]
Total Revenues	17,739	15,837	55,801	46,296
Other foreign countries
Revenues from External Customers [Line Items]
Total Revenues	$ 20,890	$ 18,358	$ 58,396	$ 51,944

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]