Team (TISI) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		4,415,201
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 24,190	$ 35,427
Accounts receivable, net of allowance of $3,625 and $3,738 respectively	174,701	181,185
Inventory	38,663	38,853
Income tax receivable	365	644
Prepaid expenses and other current assets	60,283	65,992
Total current assets	298,202	322,101
Property, plant and equipment, net	123,137	127,057
Intangible assets, net	59,555	62,693
Operating lease right-of-use assets	39,614	40,498
Defined benefit pension asset	4,479	4,323
Other assets, net	8,645	7,847
Deferred tax asset	1,851	1,225
Total assets	535,483	565,744
Current liabilities:
Current portion of long-term debt and finance lease obligations	7,123	5,212
Current portion of operating lease obligations	14,014	14,232
Accounts payable	35,423	36,389
Other accrued liabilities	113,066	118,089
Income tax payable	1,380	1,016
Total current liabilities	171,006	174,938
Long-term debt and finance lease obligations	300,038	306,214
Operating lease obligations	29,088	29,962
Deferred tax liabilities	5,799	5,742
Other long-term liabilities	3,261	3,292
Total liabilities	509,192	520,148
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; 4,415,201 and 4,415,147 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1,325	1,315
Additional paid-in capital	459,269	458,614
Accumulated deficit	(394,596)	(377,401)
Accumulated other comprehensive loss	(39,707)	(36,932)
Total equity	26,291	45,596
Total liabilities and equity	$ 535,483	$ 565,744

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ 3,625	$ 3,738		$ 5,262
Preferred stock, shares authorized (in shares)	500,000		500,000
Preferred stock, shares issued (in shares)	0		0
Common stock, par value (in usd per share)	$ 0.30	$ 0.30
Common stock, shares authorized (in shares)	12,000,000	12,000,000
Common stock, shares issued (in shares)	4,415,201	4,415,147
Common stock, shares, outstanding (in shares)	4,415,201	4,415,147

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 199,600	$ 202,277
Operating expenses	150,869	155,275
Gross margin	48,731	47,002
Selling, general and administrative expenses	55,117	54,748
Operating loss	(6,386)	(7,746)
Interest expense, net	(12,098)	(16,741)
Other income, net	1,362	635
Loss before income taxes	(17,122)	(23,852)
Provision for income taxes	(73)	(859)
Net loss	$ (17,195)	$ (24,711)
Loss per common share:
Basic (in dollars per share)	$ (3.89)	$ (5.69)
Diluted (in dollars per share)	$ (3.89)	$ (5.69)
Weighted-average number of shares outstanding:
Basic (in shares)	4,415	4,344
Diluted (in shares)	4,415	4,344

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (17,195)	$ (24,711)
Other comprehensive income (loss) before tax:
Foreign currency translation adjustment	(2,862)	778
Defined benefit pension plans:
Amortization of prior service cost	8	0
Amortization of net actuarial loss	79	0
Other comprehensive income (loss), before tax	(2,775)	778
Tax provision attributable to other comprehensive income (loss)	0	(23)
Other comprehensive income (loss), net of tax	(2,775)	755
Total comprehensive loss	$ (19,970)	$ (23,956)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		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, 2023	4,415,147	4,415,000
Beginning balance at Dec. 31, 2023	$ 45,596	$ 1,315	458,614	(377,401)	(36,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(17,195)			(17,195)
Net settlement of vested stock awards (in shares)		0
Net settlement of vested stock awards	0	$ 10	(10)
Foreign currency translation adjustment, net of tax	(2,862)				(2,862)
Defined benefit pension plans, net of tax	87				87
Non-cash compensation	$ 665		665
Ending balance (in shares) at Mar. 31, 2024	4,415,201	4,415,000
Ending balance at Mar. 31, 2024	$ 26,291	$ 1,325	$ 459,269	$ (394,596)	$ (39,707)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (17,195)	$ (24,711)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	9,640	9,546
Amortization of debt issuance costs, debt discounts, and deferred financing costs	1,975	8,486
Paid-in-kind interest	3,122	3,485
Allowance for credit (gains) losses	40	(201)
Foreign currency gains	(1,239)	(177)
Deferred income taxes	(626)	(37)
Loss (gain) on asset disposal	5	(260)
Non-cash compensation costs	665	382
Other, net	(204)	(947)
Changes in operating assets and liabilities:
Accounts receivable	5,352	9,350
Inventory	10	(1,473)
Prepaid expenses and other assets	2,856	(1,282)
Accounts payable	340	(66)
Other accrued liabilities	(3,527)	(20,294)
Income taxes	672	436
Net cash provided by (used in) operating activities	1,886	(17,763)
Cash flows from investing activities:
Capital expenditures	(3,016)	(2,692)
Proceeds from disposal of assets	0	332
Net cash used in investing activities	(3,016)	(2,360)
Cash flows from financing activities:
Payments under Corre Incremental Term Loans	(356)	0
Payments for debt issuance costs	(1,400)	0
Other	2,542	(235)
Net cash used in financing activities	(9,834)	(6,236)
Effect of exchange rate changes on cash	(273)	153
Net decrease in cash and cash equivalents	(11,237)	(26,206)
Cash and cash equivalents at beginning of period	35,427	58,075
Cash and cash equivalents at end of period	24,190	31,869
Revolving Credit loans
Cash flows from financing activities:
Borrowings under 2022 ABL Credit Facility	0	6,622
Payments under Revolving Credit Loans	(9,909)	(12,623)
ME/RE Loans
Cash flows from financing activities:
Payments under ME/RE Loans	$ (711)	$ 0

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
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,” “Team,” and “the Company” are used in this report to refer to either Team, Inc., to one or more of our consolidated subsidiaries, or to all of them taken as a whole. Our stock is traded on the New York Stock Exchange (the “NYSE”) under the symbol “TISI”. 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 involving: 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 these 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. In addition, IHT provides comprehensive non-destructive testing services and metallurgical and chemical processing services to the aerospace industry, covering a range of components including finished machined and in-service components. 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 (valves, terminals and storage, and pipeline); • Public Infrastructure (construction and building, roads, dams, amusement parks, bridges, ports, and railways); and • Aerospace and Defense. 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 (the “SEC”). 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, 2023, as filed with the SEC (“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. 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.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2024
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: Geographic area (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 96,296 $ 3,152 $ 99,448 $ 98,531 $ 3,298 $ 101,829 MS 68,970 31,182 100,152 72,031 28,417 100,448 Total $ 165,266 $ 34,334 $ 199,600 $ 170,562 $ 31,715 $ 202,277 Revenue by Operating segment and service type (in thousands): Three Months Ended March 31, 2024 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 81,010 $ 145 $ 13,484 $ 4,809 $ 99,448 MS — 98,863 107 1,182 100,152 Total $ 81,010 $ 99,008 $ 13,591 $ 5,991 $ 199,600 Three Months Ended March 31, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 81,606 $ 3 $ 13,728 $ 6,492 $ 101,829 MS — 99,838 278 332 100,448 Total $ 81,606 $ 99,841 $ 14,006 $ 6,824 $ 202,277 For additional information on our reportable operating segments and geographic information, refer to Note 14 - Segment and Geographic Disclosures . 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 March 31, 2024 and December 31, 2023.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE A summary of accounts receivable as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Trade accounts receivable $ 134,441 $ 151,316 Unbilled revenues 43,885 33,607 Allowance for credit losses (3,625) (3,738) Total $ 174,701 $ 181,185 The following table shows a rollforward of the allowance for credit losses (in thousands): March 31, 2024 December 31, 2023 (unaudited) Balance at beginning of period $ 3,738 $ 5,262 Provision for expected credit losses 278 1,680 Recoveries collected (189) (1,638) Write-offs (264) (1,560) Foreign exchange effects 62 (6) Balance at end of period $ 3,625 $ 3,738

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY A summary of inventory as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Raw materials $ 9,680 $ 9,958 Work in progress 2,549 2,326 Finished goods 26,434 26,569 Total $ 38,663 $ 38,853

PREPAID AND OTHER CURRENT ASSET

PREPAID AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Insurance receivable $ 39,000 $ 39,000 Prepaid expenses 14,269 18,398 Other current assets 7,014 8,594 Total $ 60,283 $ 65,992 The insurance receivable relates to the receivables from our third-party insurance providers for a legal claim that is recorded in other accrued liabilities, refer to Note 8 - Other Accrued Liabilities . These receivables will be covered from our third-party insurance providers for litigation matters that have been settled, or are pending settlement, and 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. Other current assets include other accounts receivables, primarily related to insurance rebates, software implementation costs, and deferred financing charges.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT A summary of property, plant and equipment as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Land $ 4,006 $ 4,006 Buildings and leasehold improvements 60,464 60,827 Machinery and equipment 291,593 286,376 Furniture and fixtures 10,652 10,804 Capitalized ERP system development costs 45,903 45,903 Computers and computer software 19,871 20,067 Automobiles 3,141 3,215 Construction in progress 1,250 6,634 Total 436,880 437,832 Accumulated depreciation (313,743) (310,775) Property, plant and equipment, net $ 123,137 $ 127,057 Included in the table above are assets under finance leases of $8.9 million and $8.5 million, and related accumulated amortization of $3.5 million and $3.3 million as of March 31, 2024 and December 31, 2023, respectively. Depreciation expense for the three months ended March 31, 2024 and 2023 was $5.3 million and $5.6 million, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS A summary of intangible assets as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 (unaudited) Gross Accumulated Net Customer relationships $ 164,268 $ (105,638) $ 58,630 Trade names 20,255 (19,772) 483 Technology 2,301 (1,859) 442 Intangible assets $ 186,824 $ (127,269) $ 59,555 December 31, 2023 Gross Accumulated Net Customer relationships $ 164,305 $ (102,630) $ 61,675 Trade names 20,262 (19,742) 520 Technology 2,300 (1,802) 498 Licenses 683 (683) — Intangible assets $ 187,550 $ (124,857) $ 62,693 Amortization expense of intangible assets for the three months ended March 31, 2024 and 2023 was $3.1 million and $3.2 million, respectively. The weighted-average amortization period for intangible assets subject to amortization was 13.8 years as of March 31, 2024 and December 31, 2023.

OTHER ACCRUED LIABILITIES

OTHER ACCRUED LIABILITIES	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
OTHER ACCRUED LIABILITIES	OTHER ACCRUED LIABILITIES A summary of other accrued liabilities as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Legal and professional accruals $ 51,663 $ 53,972 Payroll and other compensation expenses 40,648 39,943 Insurance accruals 6,259 7,170 Property, sales and other non-income related taxes 4,035 7,248 Accrued interest 5,326 4,487 Volume discount 2,652 2,479 Other accruals 2,483 2,790 Total $ 113,066 $ 118,089 Legal and professional accruals include accruals for legal and professional fees as well as accrued legal claims. See Note 13 - Commitments and Contingencies for additional 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. See Note 5 - Prepaid and Other Current Assets for additional information. 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 include 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 expense accruals.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We recorded an income tax provision of $0.1 million for the three months ended March 31, 2024, compared to a provision of $0.9 million for the three months ended March 31, 2023. The effective tax rate, inclusive of discrete items, was a provision of 0.4% for the three months ended March 31, 2024, compared to a provision of 3.6% for the three months ended March 31, 2023. The effective tax rate differs from the statutory rate due to changes in valuation allowance in certain jurisdictions.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT As of March 31, 2024 and December 31, 2023, our total long-term debt and finance lease obligations are summarized as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) 2022 ABL Credit Facility $ 103,506 $ 113,415 ME/RE Loans 1 23,608 24,061 Uptiered Loan 1 132,569 129,436 Incremental Term Loan 1 38,985 38,758 Equipment Finance Loan 2,801 — Total 301,469 305,670 Finance lease obligations 5,692 5,756 Total long-term debt and finance lease obligations 307,161 311,426 Current portion of long-term debt and finance lease obligations (7,123) (5,212) Total long-term debt and finance lease obligations, less current portion $ 300,038 $ 306,214 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, Amendment No.3 dated as of June 16, 2023, and Amendment No.4 dated as of March 6, 2024, the “2022 ABL Credit Agreement”). Available funding commitments 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”) originally provided by Corre Partners Management, LLC (“Corre”) and certain of its affiliates (collectively, the “2022 ABL Credit Facility”). 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 1 ) LIBOR + 10% (Base + 9%) Amended interest rate SOFR + applicable margin (base + applicable margin 1 ) SOFR + 10% (Base + 9%) Actual interest rate: 3/31/2024 10.09% 15.44% 3/31/2023 9.31% 14.66% Interest payments monthly monthly Cash paid for interest YTD 3/31/2024 $2,000 $1,367 YTD 3/31/2023 $1,421 $1,255 Unamortized balance of deferred financing cost 3/31/2024 $226 $— 12/31/2023 $267 $— Available amount at 3/31/2024 $6,723 $— 1 Applicable margin ranges based on EBITDA as defined in the 2022 ABL Credit Agreement The 2022 ABL Credit Agreement contains customary conditions to borrowings and covenants, as described in the 2022 ABL Credit Agreement, and further amended by Amendment No. 4, dated March 6, 2024. As of March 31, 2024, we are in compliance with the covenants. As of March 31, 2024, $8.4 million in letters of credit were issued under the 2022 ABL Credit Agreement. Such amounts remain undrawn and are off-balance sheet. ME/RE Loans On June 16, 2023, we entered into ABL Amendment No. 3 which, 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”). Amounts repaid or prepaid under the ME/RE Loans may not be reborrowed. The terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands): Maturity date 8/11/2025 Stated interest rate SOFR + 5.75% + 0.11% credit spread adjustment Principal payments $237 monthly Effective interest rate 3/31/2024 1 17.38% 3/31/2023 N/A Actual interest rate 3/31/2024 11.19% 3/31/2023 N/A Interest payments monthly Cash paid for interest YTD 3/31/2024 $725 YTD 3/31/2023 N/A Balances at 3/31/2024 Principal balance $25,113 Unamortized balance of debt issuance cost $(1,505) Net carrying balance $23,608 Available amount at 3/31/2024 $— 1 The effective interest rate as of March 31, 2024, consisted of a 11.19% variable interest rate paid in cash and an additional 6.19% due to amortization of the related debt issuance costs. The ME/RE Loans are governed by the 2022 ABL Credit Agreement and are subject to the same restrictive covenants as described under the 2022 ABL Credit Facility. Amended and Restated Term Loan Credit Agreement - Uptiered Loan and Incremental Term Loan On June 16, 2023, we entered into an amendment and restatement of that certain subordinated term loan credit agreement dated as of November 9, 2021 (such agreement, as amended and restated, and as further amended by Amendment No.1 dated March 6, 2024, 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”). The A&R Term Loan Credit Agreement included a term loan credit agreement entered into on November 9, 2021, as amended through March 29, 2023 (the “Uptiered Loan”), and an additional funding commitment, subject to certain conditions, consisting of a $57.5 million senior secured first lien term loan (the “Incremental Term Loan”) provided by Corre and certain of its affiliates, comprised of a $37.5 million term loan tranche and a $20.0 million delayed draw tranche. 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 and further amended by Amendment No. 4 dated March 6, 2024). As of March 31, 2024, we are in compliance with the A&R Term Loan Credit Agreement covenants. The terms of Uptiered Loan and Incremental Term Loan are described in the table below (dollar amounts are presented in thousands): Uptiered 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 3/31/2024 13.5% cash and PIK split 2 12% paid in cash 3/31/2023 12% PIK 12% paid in cash Principal payments at maturity $356 quarterly Effective interest rate 3/31/2024 14.56% 3 22.96% 4 3/31/2023 30.32% 3 N/A Interest payments cash quarterly/PIK monthly quarterly Cash paid for interest YTD 3/31/2024 $285 $1,447 YTD 3/31/2023 $— N/A PIK interest added to principal YTD 3/31/2024 $3,100 $— YTD 3/31/2023 $3,450 N/A Balances at 3/31/2024 Principal balance 1 $133,187 $47,696 Unamortized balance of debt issuance cost $(618) $(8,711) Net carrying balance $132,569 $38,985 Balances at 12/31/2023 Principal balance 1 $130,087 $48,052 Unamortized balance of debt issuance cost $(651) $(9,294) Net carrying balance $129,436 $38,758 Available amount at 3/31/2024 $— $10,000 ___________ 1 The principal balance of the Uptiered 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 $25.3 million and $22.2 million as of March 31, 2024 and December 31, 2023, respectively, and PIK fees of $0.9 million incurred as of December 31, 2022. 2 Cash and PIK split is based on the Net Leverage Ratio as defined in the A&R Term Loan Credit Agreement. Cash interest rate increased by 1.5% on January 31, 2024. 3 The effective interest rate on the Uptiered Loan as of March 31, 2024 consisted of a 13.50% stated interest rate paid in PIK and cash and an additional 1.06% due to the amortization of the related debt issuance costs. The effective interest rate on the Uptiered Loan as of March 31, 2023 consisted of a 12.00% stated interest rate paid in PIK and an additional 18.32% due to the acceleration of the amortization of the related debt issuance costs. 4 The effective interest rate on the Incremental Term Loan as of March 31, 2024 consisted of a 12.00% stated interest rate paid in cash and an additional 10.96% due to the amortization of the related debt issuance costs. Warrants As of March 31, 2024 and December 31, 2023, APSC Holdco II, L.P. held 500,000 warrants and certain affiliates of Corre 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. The warrants can be exercised by rendering cash or by means of a cashless option as set forth in the agreement. Equipment Finance Loan On March 6, 2024, we entered into agreements to sell various equipment to an equipment finance lender for $2.9 million and lease the equipment for monthly payments of $181 thousand over 18 months. The lease agreement provides for a bargain purchase option at the end of the lease term which we intend to exercise. The Company determined that the transaction did not meet the criteria for sale-leaseback in accordance with ASC 842, Leases and accounted for this arrangement as an equipment financing. The assets subject to the transaction remain on our balance sheet and continue to depreciate in accordance with our depreciation policy. Fair Value of Debt The fair value of our debt obligations is representative of the carrying value based upon the respective 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 obligations. 1970 Group Substitute Insurance Reimbursement Facility On September 29, 2022, we entered into the Substitute Insurance Reimbursement Facility Agreement with 1970 Group Inc. (“1970 Group”) (as amended by that certain first amendment thereto dated August 29, 2023, the “Substitute Insurance Reimbursement Facility Agreement”). Under the Substitute Insurance Reimbursement Facility Agreement, the 1970 Group extended credit to us in the form of a substitute reimbursement facility (the “Substitute Reimbursement Facility”) to provide up to approximately $22.9 million of letters of credit on our behalf in support of our workers’ compensation, commercial automotive and general liability insurance policies. As of March 31, 2024, we have $22.9 million of letters of credit outstanding under the Substitute Reimbursement Facility. 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 we use or draw on such 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 March 31, 2024, the unamortized balance of $0.7 million of deferred fees was included in other current assets. Liquidity As of March 31, 2024, we had $19.2 million of unrestricted cash and cash equivalents and $5.0 million of restricted cash, including $3.4 million of restricted cash held as collateral for letters of credit and commercial card programs. International cash balances as of March 31, 2024 were $8.2 million, and approximately $0.7 million of such cash is located in countries where currency or regulatory restrictions exist. As of March 31, 2024, we had approximately $16.7 million of available borrowing capacity under our various credit agreements, consisting of $6.7 million available under the Revolving Credit Loans and $10.0 million available under the Incremental Term Loan under the A&R Term Loan Credit Agreement. As of March 31, 2024, we had $33.9 million in letters of credit and $2.4 million in surety bonds outstanding and $0.6 million in miscellaneous cash deposits securing other required obligations. As of December 31, 2023, our cash and cash equivalents consisted of $30.4 million of unrestricted cash and cash equivalents and $5.0 million of restricted cash, including $3.4 million of restricted cash held as collateral for letters of credit and commercial card programs. International cash balances as of December 31, 2023 were $12.0 million, including $0.6 million of cash located in countries where currency or regulatory restrictions existed.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (unaudited) (unaudited) Interest cost $ 652 $ 687 Expected return on plan assets (847) (925) Amortization of prior service cost 8 8 Unrecognized net actuarial loss 79 71 Net periodic pension credit $ (108) $ (159) 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: 5.5% overall, 8.5% for equities and 5.0% for debt securities.

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY Shareholder’s Equity and Preferred Stock As of March 31, 2024 there were 4,415,201 shares of our common stock outstanding and 12,000,000 shares authorized at $0.30 par value per share. As of March 31, 2024 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): Three Months Ended Three Months Ended (unaudited) (unaudited) Foreign Defined Benefit Pension Plans Tax Total Foreign Defined Benefit Pension Plans Tax Total Balance, beginning of period $ (25,853) $ (11,041) $ (38) $ (36,932) $ (28,859) $ (10,474) $ 336 $ (38,997) Other comprehensive income (loss) (2,862) 87 — (2,775) 778 — (23) 755 Balance, end of period $ (28,715) $ (10,954) $ (38) $ (39,707) $ (28,081) $ (10,474) $ 313 $ (38,242)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, which will only be resolved when one or more future events occur or fail to occur. Team’s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, Team’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in our financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. 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. 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 trial court on April 22, 2022. We believe the jury verdict is not supported by the facts of the case or applicable law, is the result of significant trial error, and that there are strong grounds for appeal. We appealed the trial court’s judgment to the Texas First Court of Appeals by timely filing a notice of appeal on April 25, 2022, and filed our initial appellate brief on December 23, 2022. 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 we have accrued a liability of $39.0 million as of March 31, 2024 which is the amount we believe is the most likely estimate for a probable loss on this matter. We have also recorded a related receivable from our third-party insurance providers in other current assets with a corresponding liability of the same amount in other accrued liabilities. 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, and 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. Notice of repayment of pandemic related government subsidies - In response to widespread health crises, epidemics and pandemics, certain of our entities based in foreign jurisdictions received governmental funding assistance to compensate for a portion of employee wages between March 2020 and March 2022. Following ongoing compliance reviews of these funding assistance programs, we received notices stating noncompliance with the requirements of these funding assistance programs. Accordingly, based on the assessments completed by the government appointed administrative authority, we have accrued $5.5 million, to be repaid over an extended period, as of March 31, 2024. Accordingly, for all matters discussed within this Note 13 - Commitments and Contingencies , we have accrued in the aggregate approximately $44.6 million as of March 31, 2024, of which approximately $5.6 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	3 Months Ended
	Mar. 31, 2024
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 2024 2023 (unaudited) (unaudited) Revenues: IHT $ 99,448 $ 101,829 MS 100,152 100,448 Total revenues $ 199,600 $ 202,277 Three Months Ended 2024 2023 (unaudited) (unaudited) Operating income (loss): IHT $ 5,185 $ 4,723 MS 4,091 3,193 Corporate and shared support services (15,662) (15,662) Total operating loss $ (6,386) $ (7,746) Three Months Ended 2024 2023 (unaudited) (unaudited) Capital expenditures 1 : IHT $ 536 $ 1,427 MS 1,025 601 Corporate and shared support services — — Total capital expenditures $ 1,561 $ 2,028 ____________ 1 Excludes finance leases. Capital expenditures presented in the table above are on accrual basis and differ from the amounts presented in the condensed consolidated statements of cash flows. Three Months Ended 2024 2023 (unaudited) (unaudited) Depreciation and amortization: IHT $ 3,029 $ 3,054 MS 4,649 4,753 Corporate and shared support services 1,962 1,739 Total depreciation and amortization $ 9,640 $ 9,546 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 months ended March 31, 2024 and 2023 is as follows (in thousands): Three Months Ended 2024 2023 (unaudited) (unaudited) Total Revenues 1 United States $ 152,877 $ 152,494 Canada 12,389 18,068 Europe 15,440 16,331 Other foreign countries 18,894 15,384 Total $ 199,600 $ 202,277 ______________ 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	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In connection with the Company’s debt transactions, the Company engaged in transactions with Corre to provide funding as described in

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS As of May 14, 2024, the filing date of this Quarterly Report on Form 10-Q, management evaluated the existence of events occurring subsequent to the quarter ended March 31, 2024 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (17,195)	$ (24,711)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2024
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 (the “SEC”). 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, 2023, as filed with the SEC (“our Annual Report on Form 10-K”).
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. Such reclassifications did not have any effect on our financial condition or results of operations as previously reported.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2024
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: Geographic area (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 96,296 $ 3,152 $ 99,448 $ 98,531 $ 3,298 $ 101,829 MS 68,970 31,182 100,152 72,031 28,417 100,448 Total $ 165,266 $ 34,334 $ 199,600 $ 170,562 $ 31,715 $ 202,277 Revenue by Operating segment and service type (in thousands): Three Months Ended March 31, 2024 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 81,010 $ 145 $ 13,484 $ 4,809 $ 99,448 MS — 98,863 107 1,182 100,152 Total $ 81,010 $ 99,008 $ 13,591 $ 5,991 $ 199,600 Three Months Ended March 31, 2023 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 81,606 $ 3 $ 13,728 $ 6,492 $ 101,829 MS — 99,838 278 332 100,448 Total $ 81,606 $ 99,841 $ 14,006 $ 6,824 $ 202,277

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of Accounts Receivable	A summary of accounts receivable as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Trade accounts receivable $ 134,441 $ 151,316 Unbilled revenues 43,885 33,607 Allowance for credit losses (3,625) (3,738) Total $ 174,701 $ 181,185
Allowance for Credit Loss	The following table shows a rollforward of the allowance for credit losses (in thousands): March 31, 2024 December 31, 2023 (unaudited) Balance at beginning of period $ 3,738 $ 5,262 Provision for expected credit losses 278 1,680 Recoveries collected (189) (1,638) Write-offs (264) (1,560) Foreign exchange effects 62 (6) Balance at end of period $ 3,625 $ 3,738

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Summary of Inventory	A summary of inventory as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Raw materials $ 9,680 $ 9,958 Work in progress 2,549 2,326 Finished goods 26,434 26,569 Total $ 38,663 $ 38,853

PREPAID AND OTHER CURRENT ASS_2

PREPAID AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Insurance receivable $ 39,000 $ 39,000 Prepaid expenses 14,269 18,398 Other current assets 7,014 8,594 Total $ 60,283 $ 65,992

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	A summary of property, plant and equipment as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Land $ 4,006 $ 4,006 Buildings and leasehold improvements 60,464 60,827 Machinery and equipment 291,593 286,376 Furniture and fixtures 10,652 10,804 Capitalized ERP system development costs 45,903 45,903 Computers and computer software 19,871 20,067 Automobiles 3,141 3,215 Construction in progress 1,250 6,634 Total 436,880 437,832 Accumulated depreciation (313,743) (310,775) Property, plant and equipment, net $ 123,137 $ 127,057

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	A summary of intangible assets as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 (unaudited) Gross Accumulated Net Customer relationships $ 164,268 $ (105,638) $ 58,630 Trade names 20,255 (19,772) 483 Technology 2,301 (1,859) 442 Intangible assets $ 186,824 $ (127,269) $ 59,555 December 31, 2023 Gross Accumulated Net Customer relationships $ 164,305 $ (102,630) $ 61,675 Trade names 20,262 (19,742) 520 Technology 2,300 (1,802) 498 Licenses 683 (683) — Intangible assets $ 187,550 $ (124,857) $ 62,693

OTHER ACCRUED LIABILITIES (Tabl

OTHER ACCRUED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Summary of Other Accrued Liabilities	A summary of other accrued liabilities as of March 31, 2024 and December 31, 2023 is as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Legal and professional accruals $ 51,663 $ 53,972 Payroll and other compensation expenses 40,648 39,943 Insurance accruals 6,259 7,170 Property, sales and other non-income related taxes 4,035 7,248 Accrued interest 5,326 4,487 Volume discount 2,652 2,479 Other accruals 2,483 2,790 Total $ 113,066 $ 118,089

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	As of March 31, 2024 and December 31, 2023, our total long-term debt and finance lease obligations are summarized as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) 2022 ABL Credit Facility $ 103,506 $ 113,415 ME/RE Loans 1 23,608 24,061 Uptiered Loan 1 132,569 129,436 Incremental Term Loan 1 38,985 38,758 Equipment Finance Loan 2,801 — Total 301,469 305,670 Finance lease obligations 5,692 5,756 Total long-term debt and finance lease obligations 307,161 311,426 Current portion of long-term debt and finance lease obligations (7,123) (5,212) Total long-term debt and finance lease obligations, less current portion $ 300,038 $ 306,214 1 Comprised of principal amount outstanding, less unamortized discount and issuance costs. See below for additional information. 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 1 ) LIBOR + 10% (Base + 9%) Amended interest rate SOFR + applicable margin (base + applicable margin 1 ) SOFR + 10% (Base + 9%) Actual interest rate: 3/31/2024 10.09% 15.44% 3/31/2023 9.31% 14.66% Interest payments monthly monthly Cash paid for interest YTD 3/31/2024 $2,000 $1,367 YTD 3/31/2023 $1,421 $1,255 Unamortized balance of deferred financing cost 3/31/2024 $226 $— 12/31/2023 $267 $— Available amount at 3/31/2024 $6,723 $— 1 Applicable margin ranges based on EBITDA as defined in the 2022 ABL Credit Agreement The terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands): Maturity date 8/11/2025 Stated interest rate SOFR + 5.75% + 0.11% credit spread adjustment Principal payments $237 monthly Effective interest rate 3/31/2024 1 17.38% 3/31/2023 N/A Actual interest rate 3/31/2024 11.19% 3/31/2023 N/A Interest payments monthly Cash paid for interest YTD 3/31/2024 $725 YTD 3/31/2023 N/A Balances at 3/31/2024 Principal balance $25,113 Unamortized balance of debt issuance cost $(1,505) Net carrying balance $23,608 Available amount at 3/31/2024 $— 1 The effective interest rate as of March 31, 2024, consisted of a 11.19% variable interest rate paid in cash and an additional 6.19% due to amortization of the related debt issuance costs. The terms of Uptiered Loan and Incremental Term Loan are described in the table below (dollar amounts are presented in thousands): Uptiered 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 3/31/2024 13.5% cash and PIK split 2 12% paid in cash 3/31/2023 12% PIK 12% paid in cash Principal payments at maturity $356 quarterly Effective interest rate 3/31/2024 14.56% 3 22.96% 4 3/31/2023 30.32% 3 N/A Interest payments cash quarterly/PIK monthly quarterly Cash paid for interest YTD 3/31/2024 $285 $1,447 YTD 3/31/2023 $— N/A PIK interest added to principal YTD 3/31/2024 $3,100 $— YTD 3/31/2023 $3,450 N/A Balances at 3/31/2024 Principal balance 1 $133,187 $47,696 Unamortized balance of debt issuance cost $(618) $(8,711) Net carrying balance $132,569 $38,985 Balances at 12/31/2023 Principal balance 1 $130,087 $48,052 Unamortized balance of debt issuance cost $(651) $(9,294) Net carrying balance $129,436 $38,758 Available amount at 3/31/2024 $— $10,000 ___________ 1 The principal balance of the Uptiered 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 $25.3 million and $22.2 million as of March 31, 2024 and December 31, 2023, respectively, and PIK fees of $0.9 million incurred as of December 31, 2022. 2 Cash and PIK split is based on the Net Leverage Ratio as defined in the A&R Term Loan Credit Agreement. Cash interest rate increased by 1.5% on January 31, 2024. 3 The effective interest rate on the Uptiered Loan as of March 31, 2024 consisted of a 13.50% stated interest rate paid in PIK and cash and an additional 1.06% due to the amortization of the related debt issuance costs. The effective interest rate on the Uptiered Loan as of March 31, 2023 consisted of a 12.00% stated interest rate paid in PIK and an additional 18.32% due to the acceleration of the amortization of the related debt issuance costs. 4 The effective interest rate on the Incremental Term Loan as of March 31, 2024 consisted of a 12.00% stated interest rate paid in cash and an additional 10.96% due to the amortization of the related debt issuance costs.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension Cost (Credit)	Net periodic pension credit includes the following components (in thousands): Three Months Ended March 31, 2024 2023 (unaudited) (unaudited) Interest cost $ 652 $ 687 Expected return on plan assets (847) (925) Amortization of prior service cost 8 8 Unrecognized net actuarial loss 79 71 Net periodic pension credit $ (108) $ (159)

SHAREHOLDERS_ EQUITY (Tables)

SHAREHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
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): Three Months Ended Three Months Ended (unaudited) (unaudited) Foreign Defined Benefit Pension Plans Tax Total Foreign Defined Benefit Pension Plans Tax Total Balance, beginning of period $ (25,853) $ (11,041) $ (38) $ (36,932) $ (28,859) $ (10,474) $ 336 $ (38,997) Other comprehensive income (loss) (2,862) 87 — (2,775) 778 — (23) 755 Balance, end of period $ (28,715) $ (10,954) $ (38) $ (39,707) $ (28,081) $ (10,474) $ 313 $ (38,242)

SEGMENT AND GEOGRAPHIC DISCLO_2

SEGMENT AND GEOGRAPHIC DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 (unaudited) (unaudited) Revenues: IHT $ 99,448 $ 101,829 MS 100,152 100,448 Total revenues $ 199,600 $ 202,277 Three Months Ended 2024 2023 (unaudited) (unaudited) Operating income (loss): IHT $ 5,185 $ 4,723 MS 4,091 3,193 Corporate and shared support services (15,662) (15,662) Total operating loss $ (6,386) $ (7,746) Three Months Ended 2024 2023 (unaudited) (unaudited) Capital expenditures 1 : IHT $ 536 $ 1,427 MS 1,025 601 Corporate and shared support services — — Total capital expenditures $ 1,561 $ 2,028 ____________ 1 Excludes finance leases. Capital expenditures presented in the table above are on accrual basis and differ from the amounts presented in the condensed consolidated statements of cash flows. Three Months Ended 2024 2023 (unaudited) (unaudited) Depreciation and amortization: IHT $ 3,029 $ 3,054 MS 4,649 4,753 Corporate and shared support services 1,962 1,739 Total depreciation and amortization $ 9,640 $ 9,546
Geographic Breakdown of Revenues	A geographic breakdown of our revenues for the three months ended March 31, 2024 and 2023 is as follows (in thousands): Three Months Ended 2024 2023 (unaudited) (unaudited) Total Revenues 1 United States $ 152,877 $ 152,494 Canada 12,389 18,068 Europe 15,440 16,331 Other foreign countries 18,894 15,384 Total $ 199,600 $ 202,277 ______________ 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)	3 Months Ended
	Mar. 31, 2024 profile segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments | segment	2
Number of distinct client demand profiles | profile	3

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 199,600	$ 202,277
Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	81,010	81,606
Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	99,008	99,841
Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	13,591	14,006
Other
Disaggregation of Revenue [Line Items]
Revenues	5,991	6,824
IHT
Disaggregation of Revenue [Line Items]
Revenues	99,448	101,829
IHT | Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	81,010	81,606
IHT | Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	145	3
IHT | Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	13,484	13,728
IHT | Other
Disaggregation of Revenue [Line Items]
Revenues	4,809	6,492
MS
Disaggregation of Revenue [Line Items]
Revenues	100,152	100,448
MS | Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	0	0
MS | Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	98,863	99,838
MS | Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	107	278
MS | Other
Disaggregation of Revenue [Line Items]
Revenues	1,182	332
United States and Canada
Disaggregation of Revenue [Line Items]
Revenues	165,266	170,562
United States and Canada | IHT
Disaggregation of Revenue [Line Items]
Revenues	96,296	98,531
United States and Canada | MS
Disaggregation of Revenue [Line Items]
Revenues	68,970	72,031
Other Countries
Disaggregation of Revenue [Line Items]
Revenues	34,334	31,715
Other Countries | IHT
Disaggregation of Revenue [Line Items]
Revenues	3,152	3,298
Other Countries | MS
Disaggregation of Revenue [Line Items]
Revenues	$ 31,182	$ 28,417

ACCOUNTS RECEIVABLE - Summary o

ACCOUNTS RECEIVABLE - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade accounts receivable	$ 134,441	$ 151,316
Unbilled revenues	43,885	33,607
Allowance for credit losses	(3,625)	(3,738)	$ (5,262)
Total	$ 174,701	$ 181,185

ACCOUNTS RECEIVABLE - Summary_2

ACCOUNTS RECEIVABLE - Summary of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 3,738	$ 5,262
Provision for expected credit losses	278	1,680
Recoveries collected	(189)	(1,638)
Write-offs	(264)	(1,560)
Foreign exchange effects	62	(6)
Balance at end of period	$ 3,625	$ 3,738

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 9,680	$ 9,958
Work in progress	2,549	2,326
Finished goods	26,434	26,569
Total	$ 38,663	$ 38,853

PREPAID AND OTHER CURRENT ASS_3

PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance receivable	$ 39,000	$ 39,000
Prepaid expenses	14,269	18,398
Other current assets	7,014	8,594
Total	$ 60,283	$ 65,992

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 436,880	$ 437,832
Accumulated depreciation	(313,743)	(310,775)
Property, plant and equipment, net	123,137	127,057
Land
Property, Plant and Equipment [Line Items]
Total	4,006	4,006
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total	60,464	60,827
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	291,593	286,376
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	10,652	10,804
Capitalized ERP system development costs
Property, Plant and Equipment [Line Items]
Total	45,903	45,903
Computers and computer software
Property, Plant and Equipment [Line Items]
Total	19,871	20,067
Automobiles
Property, Plant and Equipment [Line Items]
Total	3,141	3,215
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 1,250	$ 6,634

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Assets under finance leases	$ 8.9		$ 8.5
Accumulated amortization for assets under finance leases	3.5		$ 3.3
Depreciation expense	$ 5.3	$ 5.6

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 186,824	$ 187,550
Accumulated Amortization	(127,269)	(124,857)
Net Carrying Amount	59,555	62,693
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	164,268	164,305
Accumulated Amortization	(105,638)	(102,630)
Net Carrying Amount	58,630	61,675
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,255	20,262
Accumulated Amortization	(19,772)	(19,742)
Net Carrying Amount	483	520
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,301	2,300
Accumulated Amortization	(1,859)	(1,802)
Net Carrying Amount	$ 442	498
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		683
Accumulated Amortization		(683)
Net Carrying Amount		$ 0

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 3.1	$ 3.2
Intangible assets, estimated weighted average useful life	13 years 9 months 18 days		13 years 9 months 18 days

OTHER ACCRUED LIABILITIES (Deta

OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Legal and professional accruals	$ 51,663	$ 39,943
Payroll and other compensation expenses	40,648	53,972
Insurance accruals	6,259	7,170
Property, sales and other non-income related taxes	4,035	7,248
Accrued interest	5,326	4,487
Volume discount	2,652	2,479
Other accruals	2,483	2,790
Total	$ 113,066	$ 118,089

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 73	$ 859
Effective tax rate provision	0.40%	3.60%

DEBT - Long-Term Debt Balances

DEBT - Long-Term Debt Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Convertible debt	$ 301,469	$ 305,670
Finance lease obligations	5,692	5,756
Total long-term debt and finance lease obligations	307,161	311,426
Current portion of long-term debt and finance lease obligations	(7,123)	(5,212)
Total long-term debt and finance lease obligations, less current portion	300,038	306,214
ME/RE Loans | Secured Debt
Debt Instrument [Line Items]
Convertible debt	23,608	24,061
Uptiered Loan | Subordinated Debt
Debt Instrument [Line Items]
Convertible debt	132,569	129,436
Incremental Term Loan | Secured Debt
Debt Instrument [Line Items]
Convertible debt	38,985	38,758
Equipment Finance Loan | Secured Debt
Debt Instrument [Line Items]
Convertible debt	2,801	0
Revolving Credit Facility | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Convertible debt	$ 103,506	$ 113,415

DEBT - ABL Facility, Additional

DEBT - ABL Facility, Additional Information (Details) - USD ($)	Mar. 31, 2024	Feb. 11, 2022
Line of Credit | ABL Credit Agreement
Debt Instrument [Line Items]
Outstanding letter of credit	$ 8,400,000
Secured Debt | Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt, face amount		$ 35,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		130,000,000
Bridge Loan | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		35,000,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 26,000,000

DEBT - ABL Facility (Details)

DEBT - ABL Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 11, 2022
ABL Corre Delayed Draw Term Loan
Debt Instrument [Line Items]
Stated interest rate	15.44%	14.66%
Cash paid for interest	$ 1,367	$ 1,255
Unamortized balance of deferred financing cost	0		$ 0
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]
Stated interest 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%	9.31%
Cash paid for interest	$ 2,000	$ 1,421
Unamortized balance of deferred financing cost	226		$ 267
Available amount	$ 6,723

DEBT - ME_RE Loans, Additional

DEBT - ME/RE Loans, Additional Information (Details)	Jun. 16, 2023 USD ($)
ME/RE Loans
Debt Instrument [Line Items]
Borrowing capacity	$ 27,400,000

DEBT - ME_RE Loans (Details)

DEBT - ME/RE Loans (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 16, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net carrying balance		$ 301,469	$ 305,670
ME/RE Loans
Debt Instrument [Line Items]
Stated interest rate		11.19%
Effective interest rate		17.38%
Cash paid for interest		$ 725
ME/RE Loans | Variable Interest Rate
Debt Instrument [Line Items]
Effective interest rate		11.19%
ME/RE Loans | Accelerated Debt Isssue Costs
Debt Instrument [Line Items]
Effective interest rate		6.19%
ME/RE Loans | Secured Debt
Debt Instrument [Line Items]
Principal payments	$ 237
Principal balance		$ 25,113
Unamortized balance of debt issuance cost		(1,505)
Net carrying balance		23,608	$ 24,061
Available amount		$ 0
ME/RE Loans | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate	5.75%
Basis spread on variable rate	0.11%

DEBT - Amended and Restated Ter

DEBT - Amended and Restated Term Loan Credit Agreement - Uptiered Loan and Incremental Term Loan (Details) - Senior Secured First Lien Term Loan	Jun. 16, 2023 USD ($)
A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity	$ 57,500,000
Term Loan
Debt Instrument [Line Items]
Current borrowing capacity	37,500,000
Delayed Draw Term Loan
Debt Instrument [Line Items]
Current borrowing capacity	$ 20,000,000

DEBT - Uptiered (Subordinated)

DEBT - Uptiered (Subordinated) Term Loan and Incremental Term Loan (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Jun. 16, 2023	Oct. 04, 2022	Dec. 08, 2021	Nov. 09, 2021
Debt Instrument [Line Items]
Paid-in-kind interest		$ 3,122	$ 3,485
Net carrying balance		$ 301,469			$ 305,670
Uptiered Loan | Subordinated Debt
Debt Instrument [Line Items]
Debt instrument, threshold, trigger amount						$ 50,000
Stated interest rate			12%
Effective interest rate		14.56%	30.32%
Cash paid for interest		$ 285	$ 0
Paid-in-kind interest		3,100	$ 3,450
Principal balance		133,187			130,087		$ 57,000	$ 27,500	$ 22,500
Unamortized balance of debt issuance cost		(618)			(651)
Net carrying balance		132,569			129,436
Available amount		$ 0
PIK fees				$ 900
Uptiered Loan | Subordinated Debt | Cash Interest Rate
Debt Instrument [Line Items]
Increase to stated interest rate	1.50%
Uptiered Loan | Subordinated Debt | Paid in Kind
Debt Instrument [Line Items]
Stated interest rate		13.50%	12%
Uptiered Loan | Subordinated Debt | Accelerated Debt Isssue Costs
Debt Instrument [Line Items]
Increase to stated interest rate		1.06%	18.32%
Uptiered Loan / Subordinated Term Loan, PIK | Subordinated Debt
Debt Instrument [Line Items]
Stated interest rate		13.50%
PIK interest, principal amount		$ 25,300			22,200
Incremental Term Loan
Debt Instrument [Line Items]
Stated interest rate		12%
Incremental Term Loan | Accelerated Debt Isssue Costs
Debt Instrument [Line Items]
Increase to stated interest rate		10.96%
Incremental Term Loan | Secured Debt
Debt Instrument [Line Items]
Stated interest rate		12%	12%
Principal payments		$ 356
Effective interest rate		22.96%
Cash paid for interest		$ 1,447
Paid-in-kind interest		0
Principal balance		47,696			48,052
Unamortized balance of debt issuance cost		(8,711)			(9,294)
Net carrying balance		38,985			$ 38,758
Available amount		$ 10,000

DEBT - Warrants (Details)

DEBT - Warrants (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Atlantic Park Term Loan
Debt Instrument [Line Items]
Class of warrant or right, outstanding (in shares)	500,000	500,000
Number of shares called by each warrant (in shares)	1	1
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
Number of shares called by each warrant (in shares)	1	1
Class of warrant or right, exercise price (in usd per share)	$ 15	$ 15

DEBT - Equipment Finance Loan (

DEBT - Equipment Finance Loan (Details) - Equipment Finance Loan $ in Thousands	Mar. 06, 2024 USD ($)
Debt Instrument [Line Items]
Net book value	$ 2,900
Monthly payments	$ 181
Lease term	18 months

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	Mar. 31, 2024	Sep. 29, 2022
Debt Instrument [Line Items]
Borrowing capacity		$ 22.9
Outstanding letter of credit	$ 22.9
Unamortized balance of debt issuance cost	$ 0.7

DEBT - Liquidity, Additional In

DEBT - Liquidity, Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Surety Bond
Debt Instrument [Line Items]
Outstanding letter of credit	$ 2.4
Miscellaneous Cash Deposit
Debt Instrument [Line Items]
Outstanding letter of credit	0.6
Domestic Line of Credit
Debt Instrument [Line Items]
Outstanding letter of credit	33.9
2022 ABL Credit Facility
Debt Instrument [Line Items]
Cash	8.2	$ 12
Restricted cash	0.7	0.6
Available borrowing capacity	16.7
A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Available borrowing capacity	10
ABL Eclipse
Debt Instrument [Line Items]
Available borrowing capacity	6.7
Incremental Term Loan
Debt Instrument [Line Items]
Available borrowing capacity	10
Unrestricted Cash and Cash Equivalents | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Credit facilities, collateral	19.2	30.4
Restricted Cash | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Credit facilities, collateral	5	5
Restricted Cash | 2022 ABL Credit Facility | Letters Of Credit And Commercial Card Programs
Debt Instrument [Line Items]
Credit facilities, collateral	$ 3.4	$ 3.4

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Net Pension Cost (Credit) (Details) - Pension Plan - United Kingdom - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 652	$ 687
Expected return on plan assets	(847)	(925)
Amortization of prior service cost	8	8
Unrecognized net actuarial loss	79	71
Net periodic pension credit	$ (108)	$ (159)

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - United Kingdom - Pension Plan	3 Months Ended
	Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Weighted-average of expected returns on asset investment, percentage	5.50%
Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average of expected returns on asset investment, percentage	8.50%
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average of expected returns on asset investment, percentage	5%

SHAREHOLDERS_ EQUITY - Addition

SHAREHOLDERS’ EQUITY - Additional Information (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Equity [Abstract]
Common stock, shares, outstanding (in shares)	4,415,201	4,415,147
Common stock, shares issued (in shares)	4,415,201	4,415,147
Common stock, shares authorized (in shares)	12,000,000	12,000,000
Common stock, par value (in usd per share)	$ 0.30	$ 0.30
Preferred stock, shares authorized (in shares)	500,000		500,000
Preferred stock, shares issued (in shares)	0		0

SHAREHOLDERS_ EQUITY - Summary

SHAREHOLDERS’ EQUITY - Summary of Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 45,596	$ 117,760
Other comprehensive income (loss), before tax	(2,775)	778
Tax Provision	0	(23)
Other comprehensive income (loss), net of tax	(2,775)	755
Ending balance	26,291	94,138
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25,853)	(28,859)
Other comprehensive income (loss), before tax	(2,862)	778
Ending balance	(28,715)	(28,081)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(11,041)	(10,474)
Other comprehensive income (loss), before tax	87	0
Ending balance	(10,954)	(10,474)
Tax Provision
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38)	336
Tax Provision	0	(23)
Ending balance	(38)	313
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(36,932)	(38,997)
Ending balance	$ (39,707)	$ (38,242)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 01, 2021	Mar. 31, 2024
Loss Contingencies [Line Items]
Self-insured retention and deductible		$ 3
Compensation of Employee Wages
Loss Contingencies [Line Items]
Legal and professional accruals		5.5
Kelli Most Litigation
Loss Contingencies [Line Items]
Amount awarded to other party	$ 222
Legal and professional accruals		39
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		44.6
Amount not covered by insurance		$ 5.6

SEGMENT AND GEOGRAPHIC DISCLO_3

SEGMENT AND GEOGRAPHIC DISCLOSURES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENT AND GEOGRAPHIC DISCLO_4

SEGMENT AND GEOGRAPHIC DISCLOSURES - Segment Data for our Three Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 199,600	$ 202,277
Total operating loss	(6,386)	(7,746)
Total capital expenditures	1,561	2,028
Total depreciation and amortization	9,640	9,546
IHT
Segment Reporting Information [Line Items]
Total revenues	99,448	101,829
MS
Segment Reporting Information [Line Items]
Total revenues	100,152	100,448
Operating segments | IHT
Segment Reporting Information [Line Items]
Total revenues	99,448	101,829
Total operating loss	5,185	4,723
Total capital expenditures	536	1,427
Total depreciation and amortization	3,029	3,054
Operating segments | MS
Segment Reporting Information [Line Items]
Total revenues	100,152	100,448
Total operating loss	4,091	3,193
Total capital expenditures	1,025	601
Total depreciation and amortization	4,649	4,753
Corporate and shared support services
Segment Reporting Information [Line Items]
Total operating loss	(15,662)	(15,662)
Total capital expenditures	0	0
Total depreciation and amortization	$ 1,962	$ 1,739

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
	Mar. 31, 2024	Mar. 31, 2023
Revenues from External Customers [Line Items]
Total revenues	$ 199,600	$ 202,277
United States
Revenues from External Customers [Line Items]
Total revenues	152,877	152,494
Canada
Revenues from External Customers [Line Items]
Total revenues	12,389	18,068
Europe
Revenues from External Customers [Line Items]
Total revenues	15,440	16,331
Other foreign countries
Revenues from External Customers [Line Items]
Total revenues	$ 18,894	$ 15,384