Team (TISI) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		4,485,242
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 19,087	$ 35,427
Accounts receivable, net of allowance of $3,647 and $3,738 respectively	192,460	181,185
Inventory	40,314	38,853
Income tax receivable	677	644
Prepaid expenses and other current assets	62,353	65,992
Total current assets	314,891	322,101
Property, plant and equipment, net	116,490	127,057
Intangible assets, net	53,356	62,693
Operating lease right-of-use assets	41,959	40,498
Defined benefit pension asset	5,164	4,323
Other assets, net	12,085	7,847
Deferred tax asset	1,421	1,225
Total assets	545,366	565,744
Current liabilities:
Current portion of long-term debt and finance lease obligations	7,056	5,212
Current portion of operating lease obligations	15,006	14,232
Accounts payable	43,149	36,389
Other accrued liabilities	107,030	118,089
Income tax payable	2,564	1,016
Total current liabilities	174,805	174,938
Long-term debt and finance lease obligations	314,182	306,214
Operating lease obligations	30,127	29,962
Deferred tax liabilities	5,165	5,742
Other long-term liabilities	3,189	3,292
Total liabilities	527,468	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; 4,421,876 and 4,415,147 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1,327	1,315
Additional paid-in capital	460,329	458,614
Accumulated deficit	(408,485)	(377,401)
Accumulated other comprehensive loss	(35,273)	(36,932)
Total equity	17,898	45,596
Total liabilities and equity	$ 545,366	$ 565,744

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 3,647	$ 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)	4,421,876	4,415,147
Common stock, shares, outstanding (in shares)	4,421,876	4,415,147

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 210,758	$ 206,715	$ 638,976	$ 648,484
Operating expenses	157,234	153,928	473,167	487,779
Gross margin	53,524	52,787	165,809	160,705
Selling, general and administrative expenses	50,366	54,045	157,878	165,113
Operating income (loss)	3,158	(1,258)	7,931	(4,408)
Interest expense, net	(11,770)	(10,067)	(35,777)	(43,499)
Loss on debt extinguishment	0	(3)	0	(1,585)
Other (expense) income, net	(2,010)	266	(1,189)	914
Loss before income taxes	(10,622)	(11,062)	(29,035)	(48,578)
Provision for income taxes	(504)	(1,072)	(2,049)	(4,020)
Net loss	$ (11,126)	$ (12,134)	$ (31,084)	$ (52,598)
Loss per common share:
Basic (in usd per share)	$ (2.52)	$ (2.78)	$ (7.04)	$ (12.07)
Diluted (in usd per share)	$ (2.52)	$ (2.78)	$ (7.04)	$ (12.07)
Weighted-average number of shares outstanding:
Basic (in shares)	4,422	4,368	4,418	4,358
Diluted (in shares)	4,422	4,368	4,418	4,358

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,126)	$ (12,134)	$ (31,084)	$ (52,598)
Other comprehensive income (loss) before tax:
Foreign currency translation adjustment	4,509	(3,366)	1,317	(1,311)
Defined benefit pension plans:
Amortization of prior service cost	8	0	24	0
Amortization of net actuarial loss	82	0	240	0
Other comprehensive income (loss), before tax	4,599	(3,366)	1,581	(1,311)
Tax benefit (provision) attributable to other comprehensive income (loss)	83	11	78	(35)
Other comprehensive income (loss), net of tax	4,682	(3,355)	1,659	(1,346)
Total comprehensive loss	$ (6,444)	$ (15,489)	$ (29,425)	$ (53,944)

CONDENSED CONSOLIDATED STATEM_3

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, 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	(52,598)
Ending balance (in shares) at Sep. 30, 2023		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		4,368,000
Ending balance at Sep. 30, 2023	$ 64,615	$ 1,311	457,924	(354,277)	(40,343)
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	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		4,415,000
Ending balance at Mar. 31, 2024	$ 26,291	$ 1,325	459,269	(394,596)	(39,707)
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	$ (31,084)
Ending balance (in shares) at Sep. 30, 2024	4,421,876	4,422,000
Ending balance at Sep. 30, 2024	$ 17,898	$ 1,327	460,329	(408,485)	(35,273)
Beginning balance (in shares) at Mar. 31, 2024		4,415,000
Beginning balance at Mar. 31, 2024	26,291	$ 1,325	459,269	(394,596)	(39,707)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,763)			(2,763)
Net settlement of vested stock awards (in shares)		7,000
Net settlement of vested stock awards	(17)	$ 2	(19)
Foreign currency translation adjustment, net of tax	(291)				(291)
Defined benefit pension plans, net of tax	43				43
Non-cash compensation	612		612
Ending balance (in shares) at Jun. 30, 2024		4,422,000
Ending balance at Jun. 30, 2024	23,875	$ 1,327	459,862	(397,359)	(39,955)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(11,126)			(11,126)
Foreign currency translation adjustment, net of tax	4,592				4,592
Defined benefit pension plans, net of tax	90				90
Non-cash compensation	$ 467		467
Ending balance (in shares) at Sep. 30, 2024	4,421,876	4,422,000
Ending balance at Sep. 30, 2024	$ 17,898	$ 1,327	$ 460,329	$ (408,485)	$ (35,273)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (31,084)	$ (52,598)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	27,934	28,481
Write-off of software cost	0	629
Loss on debt extinguishment	0	1,585
Amortization of debt issuance costs, debt discounts, and deferred financing costs	4,690	16,926
Paid-in-kind (“PIK”) interest	11,020	10,906
Allowance for credit losses	832	687
Foreign currency loss (gain)	1,504	(776)
Deferred income taxes	(754)	986
Loss (gain) on asset disposal	24	(268)
Non-cash compensation costs	1,744	859
Other, net	(256)	(3,282)
Changes in operating assets and liabilities:
Accounts receivable	(12,125)	140
Inventory	(1,357)	(2,513)
Prepaid expenses and other assets	(1,418)	(5,207)
Accounts payable	7,590	363
Other accrued liabilities	(8,718)	(18,763)
Income taxes	1,517	(224)
Net cash provided by (used in) operating activities	1,143	(22,069)
Cash flows from investing activities:
Capital expenditures	(7,454)	(7,433)
Proceeds from disposal of assets	149	414
Net cash used in investing activities	(7,305)	(7,019)
Cash flows from financing activities:
Repayment of Convertible Debt	0	(41,161)
Payments under Corre Incremental Term Loan	(1,069)	0
Borrowings under Corre Incremental Term Loan	0	42,500
Payments for debt issuance costs	(7,371)	(8,446)
Other	1,153	(746)
Net cash used in financing activities	(9,927)	(7,395)
Effect of exchange rate changes on cash	(251)	(109)
Net decrease in cash and cash equivalents	(16,340)	(36,592)
Cash and cash equivalents at beginning of period	35,427	58,075
Cash and cash equivalents at end of period	19,087	21,483
Revolving Credit loans
Cash flows from financing activities:
Borrowings under Revolving Credit Loans	20,500	27,292
Payments under Revolving Credit Loans	(21,009)	(16,293)
Atlantic Park Term Loan
Cash flows from financing activities:
Repayment of APSC Term Loan	0	(37,092)
ME/RE Loans
Cash flows from financing activities:
Borrowings under ME/RE Loans	0	27,398
Payments under ME/RE Loans	$ (2,131)	$ (847)

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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 customers 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 customers’ 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 customer’s election. In addition, we are capable of escalating with the customer’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 customer 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 (onstream), 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 customers’ 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 online valve insertion solutions, which are delivered while assets are in an operational condition, which maximizes customer 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 customer 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. Recent Financing Amendments . On September 30, 2024, we entered into certain amendments with our lenders. Refer to Note 10 - Debt to the unaudited condensed consolidated financial statements for additional details. 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	9 Months Ended
	Sep. 30, 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 customer contracts by geographic region, by reportable operating segment and by service type is presented below: Geographic area (in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 104,478 $ 3,126 $ 107,604 $ 100,800 $ 3,057 $ 103,857 MS 68,393 34,761 103,154 67,286 35,572 102,858 Total $ 172,871 $ 37,887 $ 210,758 $ 168,086 $ 38,629 $ 206,715 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 310,985 $ 9,301 $ 320,286 $ 312,344 $ 10,082 $ 322,426 MS 216,490 102,200 318,690 221,943 104,115 326,058 Total $ 527,475 $ 111,501 $ 638,976 $ 534,287 $ 114,197 $ 648,484 Revenue by Operating segment and service type (in thousands): Three Months Ended September 30, 2024 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 83,461 $ 2 $ 18,036 $ 6,105 $ 107,604 MS — 100,780 363 2,011 103,154 Total $ 83,461 $ 100,782 $ 18,399 $ 8,116 $ 210,758 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 Nine Months Ended September 30, 2024 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 254,584 $ 149 $ 48,979 $ 16,574 $ 320,286 MS — 312,516 718 5,456 318,690 Total $ 254,584 $ 312,665 $ 49,697 $ 22,030 $ 638,976 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 For additional information on our reportable operating segments, refer to Note 14 - Segment Disclosures . As of September 30, 2024, we received $2.3 million of advance payments from a customer for equipment sales. This amount is recorded as a contract liability and included in Other accrued liabilities. See Note 8 - Other Accrued Liabilities for additional information. There was no contract liability as of December 31, 2023. 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, 2024 and December 31, 2023.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE A summary of accounts receivable as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Trade accounts receivable $ 145,991 $ 151,316 Unbilled revenues 50,116 33,607 Allowance for credit losses (3,647) (3,738) Total $ 192,460 $ 181,185 The following table shows a rollforward of the allowance for credit losses (in thousands): September 30, 2024 December 31, 2023 (unaudited) Balance at beginning of period $ 3,738 $ 5,262 Provision for expected credit losses 1,310 1,680 Recoveries collected (416) (1,638) Write-offs (1,130) (1,560) Foreign exchange effects 145 (6) Balance at end of period $ 3,647 $ 3,738

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY A summary of inventory as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Raw materials $ 10,183 $ 9,958 Work in progress 2,680 2,326 Finished goods 27,451 26,569 Total $ 40,314 $ 38,853

PREPAID AND OTHER CURRENT ASSET

PREPAID AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Insurance receivable $ 39,000 $ 39,000 Prepaid expenses 18,252 18,398 Other current assets 5,101 8,594 Total $ 62,353 $ 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 collected 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 receivables, software implementation costs, and deferred financing charges.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT A summary of property, plant and equipment as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Land $ 4,006 $ 4,006 Buildings and leasehold improvements 61,183 60,827 Machinery and equipment 293,302 286,376 Furniture and fixtures 10,862 10,804 Capitalized ERP system development costs 45,903 45,903 Computers and computer software 19,510 20,067 Automobiles 2,865 3,215 Construction in progress 630 6,634 Total 438,261 437,832 Accumulated depreciation (321,771) (310,775) Property, plant and equipment, net $ 116,490 $ 127,057 Included in the table above are assets under finance leases of $8.5 million as of September 30, 2024 and December 31, 2023, and related accumulated amortization of $3.8 million and $3.3 million as of September 30, 2024 and December 31, 2023, respectively. Depreciation expense for the three months ended September 30, 2024 and 2023 was $5.1 million and $5.4 million, respectively, of which $3.4 million and $3.6 million, respectively, was included in “Operating expenses” and $1.7 million and $1.8 million, respectively, was included in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $15.7 million and $16.5 million, respectively, of which $10.5 million and $11.0 million, respectively, was included in “Operating expenses” and $5.2 million and $5.5 million, respectively, was included in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS A summary of intangible assets as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 (unaudited) Gross Accumulated Net Customer relationships $ 164,352 $ (111,738) $ 52,614 Trade names 20,267 (19,851) 416 Technology 2,300 (1,974) 326 Licenses 683 (683) — Intangible assets $ 187,602 $ (134,246) $ 53,356 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 September 30, 2024 and 2023 was $3.1 million and $3.2 million, respectively. Amortization expense of intangible assets for the nine months ended September 30, 2024 and 2023 was $9.3 million and $9.6 million, respectively. Amortization expense of intangible assets are included in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations. The weighted-average amortization period for intangible assets was 13.8 years as of September 30, 2024 and December 31, 2023.

OTHER ACCRUED LIABILITIES

OTHER ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
OTHER ACCRUED LIABILITIES	OTHER ACCRUED LIABILITIES A summary of other accrued liabilities as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Legal and professional accruals $ 46,446 $ 53,972 Payroll and other compensation expenses 37,817 39,943 Insurance accruals 3,820 7,170 Property, sales and other non-income related taxes 5,250 7,248 Accrued interest 5,318 4,487 Volume discount 2,397 2,479 Contract liabilities 2,267 — Other accruals 3,715 2,790 Total $ 107,030 $ 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. Contract liabilities represent advance payments received from a customer. Other accruals include various business expense accruals.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe recorded an income tax provision of $0.5 million and $2.0 million, respectively, for the three and nine months ended September 30, 2024, compared to a provision of $1.1 million and $4.0 million, respectively, for the three and nine months ended September 30, 2023. The effective tax rate, inclusive of discrete items, was a provision of 4.7% for the three months ended September 30, 2024, compared to a provision of 9.7% for the three months ended September 30, 2023. For the nine months ended September 30, 2024, our effective tax rate, inclusive of discrete items, was a provision of 7.1%, compared to a provision of 8.3% for the nine months ended September 30, 2023. The decrease in effective tax rate for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 is due to the mix of pretax income in non-valuation allowance jurisdictions and pretax losses in valuation allowance jurisdictions, along with changes in valuation allowance in 2023. The impact is a larger decrease in income tax expense as compared to pretax income resulting in a decrease of effective tax rate.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT As of September 30, 2024 and December 31, 2023, our total long-term debt and finance lease obligations are summarized as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) 2022 ABL Credit Facility 1 $ 112,643 $ 113,415 ME/RE Loans 1 22,699 24,061 Uptiered Loan 1 139,206 129,436 Incremental Term Loan 1 39,516 38,758 Equipment Finance Loan 1,882 — Total 315,946 305,670 Finance lease obligations 5,292 5,756 Total long-term debt and finance lease obligations 321,238 311,426 Current portion of long-term debt and finance lease obligations (7,056) (5,212) Total long-term debt and finance lease obligations, less current portion $ 314,182 $ 306,214 1 Comprised of principal amount outstanding, less unamortized debt 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, Amendment No.4 dated as of March 6, 2024 and ABL Amendment No.5 (described below), 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, with a $35.0 million sublimit for swingline borrowings, a $26.0 million sublimit for issuances of letters of credit (the “Revolving Credit Loans”), and an incremental delayed draw term loan of up to $35.0 million (the “Delayed Draw Term Loan”) provided by Corre Partners Management, LLC (“Corre”) and certain of its affiliates (collectively, the “2022 ABL Credit Facility”). On September 30, 2024, the Company entered into Amendment No.5 (“ABL Amendment No.5”) to the 2022 ABL Credit Agreement. ABL Amendment No. 5 amended the 2022 ABL Credit Agreement to, among other things, to: (i) extend the scheduled maturity date from August 11, 2025 to September 30, 2027; (ii) amend the applicable margin for Delayed Draw Term Loans from a flat rate of 10.00% for SOFR Loans (as defined in the 2022 ABL Credit Agreement) and 9.00% for Base Rate Loans (as defined in the 2022 ABL Credit Agreement) to a rate based on EBITDA ranging from 8.50% to 10.00% for SOFR Loans and 7.50% to 9.00% for Base Rate Loans; (iii) amend the applicable margin for Revolving Credit Loans from a rate based on EBITDA ranging from 4.15% to 4.65% for SOFR Loans and 3.15% to 3.65% for Base Rate Loans to a rate based on both EBITDA and Average Historical Excess Availability (as defined in the 2022 ABL Credit Agreement) ranging from 3.50% to 4.25% for SOFR Loans and 2.50% to 3.25% for Base Rate Loans; (iv) amend the applicable margin for ME/RE Loans (defined below) from a flat rate of 5.75% for SOFR Loans to a flat rate of 5.00% for SOFR Loans; (v) amend the definitions of “Borrowing Base” and “Consolidated Fixed Charge Coverage Ratio” as well as related definitions in order to expand availability under the Revolving Credit Facility (as defined in the 2022 ABL Credit Agreement); and (vi) add a springing financial covenant requiring Excess Availability (as defined in the 2022 ABL Credit Agreement) to be above $7,500,000 only if the Consolidated Fixed Charge Coverage Ratio falls below 0.85x for twelve month periods ending on or prior to December 31, 2024 and 1.00x for twelve month periods ending after December 31, 2024. ABL Amendment No.5 was accounted for in accordance with ASC 470-60, Troubled Debt Restructuring, and no gain or loss was recognized. Amendment fees of $0.9 million related to the Revolving Credit Loans were deferred on September 30, 2024. The amendment fees will be amortized to interest expense over the term of the 2022 ABL Credit Agreement. 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 Scheduled maturity date 1 9/30/2027 9/30/2027 Stated interest rate SOFR + applicable margin (base + applicable margin) SOFR + applicable margin (base + applicable margin) Actual interest rate: 9/30/2024 9.57% 15.32% 9/30/2023 10.09% 15.44% Interest payments monthly monthly Cash paid for interest YTD 9/30/2024 $5,964 $4,130 YTD 9/30/2023 $4,932 $3,951 Balances at 9/30/2024 Principal balance $77,905 $35,000 Unamortized balance of debt issuance cost N/A $(262) Net carrying balance $77,905 $34,738 Balances at 12/31/2023 Principal balance $78,415 $35,000 Unamortized balance of debt issuance cost N/A $— Net carrying balance $78,415 $35,000 Unamortized balance of deferred financing cost 9/30/2024 $1,102 N/A 12/31/2023 $267 N/A Available amount at 9/30/2024 2 $18,022 $— 1 Amended maturity date is the earlier of (i) the Scheduled Maturity Date and (ii) the Springing Maturity Date (91 days prior to Scheduled Maturity Date of the A&R Term Loan Credit Agreement (defined below), or October 1, 2026). 2 Available amount following the execution of ABL Amendment No.5. The 2022 ABL Credit Agreement contains customary conditions to borrowings and covenants, as described in the 2022 ABL Credit Agreement. As of September 30, 2024, we are in compliance with the covenants. As of September 30, 2024, $9.5 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”). On September 30, 2024, the Company entered into ABL Amendment No.5. ABL Amendment No.5 amended the 2022 ABL Credit Agreement to, among other things, provide for the following changes to the ME/RE Loans: (i) extended the scheduled maturity date from August 11, 2025 to September 30, 2027; and (ii) amended the applicable margin for ME/RE Loans from a flat rate of 5.75% for SOFR Loans (as defined in the 2022 ABL Credit Agreement) to a flat rate of 5.00% for SOFR Loans. The terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands): Scheduled maturity date 1 9/30/2027 Stated interest rate SOFR + 5.0% + 0.11% credit spread adjustment Principal payments $237 monthly Effective interest rate 2 9/30/2024 13.11% 9/30/2023 16.75% Actual cash interest rate 9/30/2024 10.32% 9/30/2023 11.19% Interest payments monthly Cash paid for interest YTD 9/30/2024 $2,128 YTD 9/30/2023 $640 Balances at 9/30/2024 Principal balance $23,692 Unamortized balance of debt issuance cost $(993) Net carrying balance $22,699 Balances at 12/31/2023 Principal balance $25,823 Unamortized balance of debt issuance cost $(1,762) Net carrying balance $24,061 1 Amended maturity date is the earlier of (i) the Scheduled Maturity Date and (ii) the Springing Maturity Date (91 days prior to Scheduled Maturity Date of the A&R Term Loan Credit Agreement, or October 1, 2026). 2 The effective interest rate as of September 30, 2024 consisted of 10.32% variable interest rate paid in cash and an additional 2.79% due to non-cash amortization of the related debt issuance costs. The effective interest rate as of September 30, 2023, consisted of 11.19% variable interest rate paid in cash and an additional 5.56% due to non-cash 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 and 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.1 dated March 6, 2024). As of September 30, 2024, we are in compliance with the A&R Term Loan Credit Agreement covenants. On September 30, 2024 we entered into Amendment No.2 (“ Term Loan Amendment No.2”) to the A&R Term Loan Credit Agreement. Term Loan Amendment No.2 amended the A&R Term Loan Credit Agreement to, among other things, make conforming changes to the A&R Term Loan Credit Agreement, consistent with the changes being made to the 2022 ABL Credit Agreement by ABL Amendment No.5. 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 9/30/2024 9.5% PIK and 4.0% cash 2 12% paid in cash 9/30/2023 12% PIK 12% paid in cash Principal payments at maturity $356 quarterly Effective interest rate 9/30/2024 14.56% 3 22.96% 4 9/30/2023 12.86% 3 23.69% 4 Interest payments cash quarterly/PIK monthly quarterly Cash paid for interest YTD 9/30/2024 $2,775 $4,267 YTD 9/30/2023 $— $— PIK interest added to principal YTD 9/30/2024 $9,661 N/A YTD 9/30/2023 $10,829 N/A Balances at 9/30/2024 Principal balance 1 $139,748 $46,983 Unamortized balance of debt issuance cost $(542) $(7,467) Net carrying balance $139,206 $39,516 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 9/30/2024 $— $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 paid-in-kind (“PIK”) interest recorded of $31.8 million and $22.2 million as of September 30, 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 determined based on the Net Leverage Ratio as defined in the A&R Term Loan Credit Agreement. 3 The effective interest rate on the Uptiered Loan as of September 30, 2024 consisted of 13.50% stated interest rate paid in PIK and cash, and an additional 1.06% due to the non-cash amortization of the related debt issuance costs. The effective interest rate on the Uptiered Loan as of September 30, 2023 consisted of 12.00% stated interest rate paid in PIK and an additional 0.86% due to the non-cash amortization of the related debt issuance costs. 4 The effective interest rate on the Incremental Term Loan as of September 30, 2024 consisted of 12.00% stated interest rate paid in cash and an additional 10.96% due to the non-cash amortization of the related debt issuance costs. The effective interest rate on the Incremental Term Loan as of September 30, 2023 consisted of 12.00% stated interest rate paid in cash and an additional 11.69% due to the non-cash amortization of the related debt issuance costs. Warrants As of September 30, 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 eighteen 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 16, 2024, we entered into an amended and restated substitute insurance reimbursement facility agreement with 1970 Group Inc. (“1970 Group”) (such agreement, 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 $19.0 million of letters of credit on our behalf in support of our workers’ compensation, commercial automotive and general liability insurance policies. As of September 30, 2024, we have $19.0 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 there is a 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 September 30, 2024, we had approximately $2.2 million of unamortized deferred fees. Liquidity As of September 30, 2024, we had $14.9 million of unrestricted cash and cash equivalents and $4.2 million of restricted cash, including $2.9 million of restricted cash held as collateral for letters of credit and commercial card programs. International cash balances as of September 30, 2024 were $6.2 million, and approximately $0.6 million of such cash is located in countries where currency or regulatory restrictions exist. As of September 30, 2024, we had approximately $28.0 million of available borrowing capacity under our various credit agreements, consisting of $18.0 million available, following the execution of ABL Amendment No.5, under the Revolving Credit Loans and $10.0 million available under the Incremental Term Loan. As of September 30, 2024, we had $30.8 million in letters of credit and $2.5 million in surety bonds outstanding and $1.3 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Interest cost $ 678 $ 678 $ 1,981 $ 2,054 Expected return on plan assets (879) (913) (2,571) (2,765) Amortization of prior service cost 8 8 24 23 Unrecognized net actuarial loss 82 70 240 212 Net periodic pension credit $ (111) $ (157) $ (326) $ (476) Net pension credit is included in “Other (expense) income, net” on our Condensed Consolidated Statements 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	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY Shareholders’ Equity and Preferred Stock As of September 30, 2024 there were 4,421,876 shares of our common stock outstanding and 12,000,000 shares authorized at $0.30 par value per share. As of September 30, 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): 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 $ (25,853) $ (11,041) $ (38) $ (36,932) $ (28,859) $ (10,474) $ 336 $ (38,997) Other comprehensive income (loss) 1,317 264 78 1,659 (1,311) — (35) (1,346) Balance, end of period $ (24,536) $ (10,777) $ 40 $ (35,273) $ (30,170) $ (10,474) $ 301 $ (40,343)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 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 and 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 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. On May 16, 2024, the Texas First Court of Appeals issued a decision which vacated the trial court’s judgment and dismissed the case, holding that the trial court erred in refusing to dismiss the case on forum non conveniens grounds. The plaintiff filed a motion with the Texas First Court of Appeals for rehearing and a motion for en banc reconsideration, which was denied by the Court of Appeals on October 3, 2024. The plaintiff has 45 days to seek review with the Texas Supreme Court. After any further appellate review is exhausted, the plaintiff will be permitted to re-file the lawsuit in Kansas. We currently have accrued a liability of $39.0 million as of September 30, 2024 in other accrued liabilities, and have recorded a related receivable from our third-party insurance providers in other current assets in the same amount. 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 one of these funding assistance programs. Accordingly, based on the assessments completed by the government appointed administrative authority, previously we had accrued $5.5 million to be repaid over an extended period related to this noncompliance. However, during the quarter ended September 30, 2024, we successfully appealed against $2.0 million of the assessment, which resulted in the reduction of the accrued liability from $5.5 million to $3.5 million as of September 30, 2024. Accordingly, for all matters discussed within this Note 13 - Commitments and Contingencies , we have accrued in the aggregate approximately $42.5 million as of September 30, 2024, of which approximately $3.5 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 DISCLOSURES

SEGMENT DISCLOSURES	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT DISCLOSURES	SEGMENT 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 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: IHT $ 107,604 $ 103,857 $ 320,286 $ 322,426 MS 103,154 102,858 318,690 326,058 Total revenues $ 210,758 $ 206,715 $ 638,976 $ 648,484 Three Months Ended Nine Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Operating income (loss): IHT $ 9,860 $ 6,412 $ 27,504 $ 17,683 MS 4,460 6,482 19,188 22,395 Corporate and shared support services (11,162) (14,152) (38,761) (44,486) Total operating income (loss) $ 3,158 $ (1,258) $ 7,931 $ (4,408) Three Months Ended Nine Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Capital expenditures 1 : IHT $ 234 $ 835 $ 3,029 $ 3,857 MS 932 988 2,577 2,263 Corporate and shared support services 52 10 103 10 Total capital expenditures $ 1,218 $ 1,833 $ 5,709 $ 6,130 ____________ 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 Nine Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: IHT $ 2,928 $ 3,148 $ 8,935 $ 9,390 MS 4,504 4,656 13,718 14,113 Corporate and shared support services 1,602 1,592 5,281 4,978 Total depreciation and amortization 1 $ 9,034 $ 9,396 $ 27,934 $ 28,481 ____________ 1 Breakdown of depreciation and amortization included in the unaudited Condensed Consolidated Statements of Operations . Three Months Ended Nine Months Ended 2024 2023 2024 2023 Depreciation and amortization: Amount included in operating expenses 3,429 3,613 10,520 11,026 Amount included in SG&A expenses 5,605 5,783 17,414 17,455 Total depreciation and amortization $ 9,034 $ 9,396 $ 27,934 $ 28,481

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSAs of November 12, 2024, 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, 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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (11,126)	$ (2,763)	$ (17,195)	$ (12,134)	$ (15,753)	$ (24,711)	$ (31,084)	$ (52,598)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	A disaggregation of our revenue from customer contracts by geographic region, by reportable operating segment and by service type is presented below: Geographic area (in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 104,478 $ 3,126 $ 107,604 $ 100,800 $ 3,057 $ 103,857 MS 68,393 34,761 103,154 67,286 35,572 102,858 Total $ 172,871 $ 37,887 $ 210,758 $ 168,086 $ 38,629 $ 206,715 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (unaudited) (unaudited) United States and Canada Other Countries Total United States and Canada Other Countries Total Revenue: IHT $ 310,985 $ 9,301 $ 320,286 $ 312,344 $ 10,082 $ 322,426 MS 216,490 102,200 318,690 221,943 104,115 326,058 Total $ 527,475 $ 111,501 $ 638,976 $ 534,287 $ 114,197 $ 648,484 Revenue by Operating segment and service type (in thousands): Three Months Ended September 30, 2024 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 83,461 $ 2 $ 18,036 $ 6,105 $ 107,604 MS — 100,780 363 2,011 103,154 Total $ 83,461 $ 100,782 $ 18,399 $ 8,116 $ 210,758 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 Nine Months Ended September 30, 2024 (unaudited) Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat Treating Other Total Revenue: IHT $ 254,584 $ 149 $ 48,979 $ 16,574 $ 320,286 MS — 312,516 718 5,456 318,690 Total $ 254,584 $ 312,665 $ 49,697 $ 22,030 $ 638,976 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

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Summary of Accounts Receivable	A summary of accounts receivable as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Trade accounts receivable $ 145,991 $ 151,316 Unbilled revenues 50,116 33,607 Allowance for credit losses (3,647) (3,738) Total $ 192,460 $ 181,185
Summary of Allowance for Credit Loss	The following table shows a rollforward of the allowance for credit losses (in thousands): September 30, 2024 December 31, 2023 (unaudited) Balance at beginning of period $ 3,738 $ 5,262 Provision for expected credit losses 1,310 1,680 Recoveries collected (416) (1,638) Write-offs (1,130) (1,560) Foreign exchange effects 145 (6) Balance at end of period $ 3,647 $ 3,738

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Summary of Inventory	A summary of inventory as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Raw materials $ 10,183 $ 9,958 Work in progress 2,680 2,326 Finished goods 27,451 26,569 Total $ 40,314 $ 38,853

PREPAID AND OTHER CURRENT ASS_2

PREPAID AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Current Assets	A summary of prepaid expenses and other current assets as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Insurance receivable $ 39,000 $ 39,000 Prepaid expenses 18,252 18,398 Other current assets 5,101 8,594 Total $ 62,353 $ 65,992

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	A summary of property, plant and equipment as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Land $ 4,006 $ 4,006 Buildings and leasehold improvements 61,183 60,827 Machinery and equipment 293,302 286,376 Furniture and fixtures 10,862 10,804 Capitalized ERP system development costs 45,903 45,903 Computers and computer software 19,510 20,067 Automobiles 2,865 3,215 Construction in progress 630 6,634 Total 438,261 437,832 Accumulated depreciation (321,771) (310,775) Property, plant and equipment, net $ 116,490 $ 127,057

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	A summary of intangible assets as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 (unaudited) Gross Accumulated Net Customer relationships $ 164,352 $ (111,738) $ 52,614 Trade names 20,267 (19,851) 416 Technology 2,300 (1,974) 326 Licenses 683 (683) — Intangible assets $ 187,602 $ (134,246) $ 53,356 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)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Summary of Other Accrued Liabilities	A summary of other accrued liabilities as of September 30, 2024 and December 31, 2023 is as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) Legal and professional accruals $ 46,446 $ 53,972 Payroll and other compensation expenses 37,817 39,943 Insurance accruals 3,820 7,170 Property, sales and other non-income related taxes 5,250 7,248 Accrued interest 5,318 4,487 Volume discount 2,397 2,479 Contract liabilities 2,267 — Other accruals 3,715 2,790 Total $ 107,030 $ 118,089

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Long-Term Debt	As of September 30, 2024 and December 31, 2023, our total long-term debt and finance lease obligations are summarized as follows (in thousands): September 30, 2024 December 31, 2023 (unaudited) 2022 ABL Credit Facility 1 $ 112,643 $ 113,415 ME/RE Loans 1 22,699 24,061 Uptiered Loan 1 139,206 129,436 Incremental Term Loan 1 39,516 38,758 Equipment Finance Loan 1,882 — Total 315,946 305,670 Finance lease obligations 5,292 5,756 Total long-term debt and finance lease obligations 321,238 311,426 Current portion of long-term debt and finance lease obligations (7,056) (5,212) Total long-term debt and finance lease obligations, less current portion $ 314,182 $ 306,214 1 Comprised of principal amount outstanding, less unamortized debt 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 Scheduled maturity date 1 9/30/2027 9/30/2027 Stated interest rate SOFR + applicable margin (base + applicable margin) SOFR + applicable margin (base + applicable margin) Actual interest rate: 9/30/2024 9.57% 15.32% 9/30/2023 10.09% 15.44% Interest payments monthly monthly Cash paid for interest YTD 9/30/2024 $5,964 $4,130 YTD 9/30/2023 $4,932 $3,951 Balances at 9/30/2024 Principal balance $77,905 $35,000 Unamortized balance of debt issuance cost N/A $(262) Net carrying balance $77,905 $34,738 Balances at 12/31/2023 Principal balance $78,415 $35,000 Unamortized balance of debt issuance cost N/A $— Net carrying balance $78,415 $35,000 Unamortized balance of deferred financing cost 9/30/2024 $1,102 N/A 12/31/2023 $267 N/A Available amount at 9/30/2024 2 $18,022 $— 1 Amended maturity date is the earlier of (i) the Scheduled Maturity Date and (ii) the Springing Maturity Date (91 days prior to Scheduled Maturity Date of the A&R Term Loan Credit Agreement (defined below), or October 1, 2026). 2 Available amount following the execution of ABL Amendment No.5. The terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands): Scheduled maturity date 1 9/30/2027 Stated interest rate SOFR + 5.0% + 0.11% credit spread adjustment Principal payments $237 monthly Effective interest rate 2 9/30/2024 13.11% 9/30/2023 16.75% Actual cash interest rate 9/30/2024 10.32% 9/30/2023 11.19% Interest payments monthly Cash paid for interest YTD 9/30/2024 $2,128 YTD 9/30/2023 $640 Balances at 9/30/2024 Principal balance $23,692 Unamortized balance of debt issuance cost $(993) Net carrying balance $22,699 Balances at 12/31/2023 Principal balance $25,823 Unamortized balance of debt issuance cost $(1,762) Net carrying balance $24,061 1 Amended maturity date is the earlier of (i) the Scheduled Maturity Date and (ii) the Springing Maturity Date (91 days prior to Scheduled Maturity Date of the A&R Term Loan Credit Agreement, or October 1, 2026). 2 The effective interest rate as of September 30, 2024 consisted of 10.32% variable interest rate paid in cash and an additional 2.79% due to non-cash amortization of the related debt issuance costs. The effective interest rate as of September 30, 2023, consisted of 11.19% variable interest rate paid in cash and an additional 5.56% due to non-cash 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 9/30/2024 9.5% PIK and 4.0% cash 2 12% paid in cash 9/30/2023 12% PIK 12% paid in cash Principal payments at maturity $356 quarterly Effective interest rate 9/30/2024 14.56% 3 22.96% 4 9/30/2023 12.86% 3 23.69% 4 Interest payments cash quarterly/PIK monthly quarterly Cash paid for interest YTD 9/30/2024 $2,775 $4,267 YTD 9/30/2023 $— $— PIK interest added to principal YTD 9/30/2024 $9,661 N/A YTD 9/30/2023 $10,829 N/A Balances at 9/30/2024 Principal balance 1 $139,748 $46,983 Unamortized balance of debt issuance cost $(542) $(7,467) Net carrying balance $139,206 $39,516 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 9/30/2024 $— $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 paid-in-kind (“PIK”) interest recorded of $31.8 million and $22.2 million as of September 30, 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 determined based on the Net Leverage Ratio as defined in the A&R Term Loan Credit Agreement. 3 The effective interest rate on the Uptiered Loan as of September 30, 2024 consisted of 13.50% stated interest rate paid in PIK and cash, and an additional 1.06% due to the non-cash amortization of the related debt issuance costs. The effective interest rate on the Uptiered Loan as of September 30, 2023 consisted of 12.00% stated interest rate paid in PIK and an additional 0.86% due to the non-cash amortization of the related debt issuance costs. 4 The effective interest rate on the Incremental Term Loan as of September 30, 2024 consisted of 12.00% stated interest rate paid in cash and an additional 10.96% due to the non-cash amortization of the related debt issuance costs. The effective interest rate on the Incremental Term Loan as of September 30, 2023 consisted of 12.00% stated interest rate paid in cash and an additional 11.69% due to the non-cash amortization of the related debt issuance costs.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Summary 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, 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Interest cost $ 678 $ 678 $ 1,981 $ 2,054 Expected return on plan assets (879) (913) (2,571) (2,765) Amortization of prior service cost 8 8 24 23 Unrecognized net actuarial loss 82 70 240 212 Net periodic pension credit $ (111) $ (157) $ (326) $ (476)

SHAREHOLDERS_ EQUITY (Tables)

SHAREHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 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): 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 $ (25,853) $ (11,041) $ (38) $ (36,932) $ (28,859) $ (10,474) $ 336 $ (38,997) Other comprehensive income (loss) 1,317 264 78 1,659 (1,311) — (35) (1,346) Balance, end of period $ (24,536) $ (10,777) $ 40 $ (35,273) $ (30,170) $ (10,474) $ 301 $ (40,343)

SEGMENT DISCLOSURES (Tables)

SEGMENT DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary of 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 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: IHT $ 107,604 $ 103,857 $ 320,286 $ 322,426 MS 103,154 102,858 318,690 326,058 Total revenues $ 210,758 $ 206,715 $ 638,976 $ 648,484 Three Months Ended Nine Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Operating income (loss): IHT $ 9,860 $ 6,412 $ 27,504 $ 17,683 MS 4,460 6,482 19,188 22,395 Corporate and shared support services (11,162) (14,152) (38,761) (44,486) Total operating income (loss) $ 3,158 $ (1,258) $ 7,931 $ (4,408) Three Months Ended Nine Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Capital expenditures 1 : IHT $ 234 $ 835 $ 3,029 $ 3,857 MS 932 988 2,577 2,263 Corporate and shared support services 52 10 103 10 Total capital expenditures $ 1,218 $ 1,833 $ 5,709 $ 6,130 ____________ 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 Nine Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) Depreciation and amortization: IHT $ 2,928 $ 3,148 $ 8,935 $ 9,390 MS 4,504 4,656 13,718 14,113 Corporate and shared support services 1,602 1,592 5,281 4,978 Total depreciation and amortization 1 $ 9,034 $ 9,396 $ 27,934 $ 28,481 ____________ 1 Breakdown of depreciation and amortization included in the unaudited Condensed Consolidated Statements of Operations . Three Months Ended Nine Months Ended 2024 2023 2024 2023 Depreciation and amortization: Amount included in operating expenses 3,429 3,613 10,520 11,026 Amount included in SG&A expenses 5,605 5,783 17,414 17,455 Total depreciation and amortization $ 9,034 $ 9,396 $ 27,934 $ 28,481

DESCRIPTION OF BUSINESS AND B_3

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2024 segment profile
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments | segment	2
Number of distinct client demand profiles | profile	3

REVENUE - Summary of Disaggrega

REVENUE - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 210,758	$ 206,715	$ 638,976	$ 648,484
Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	83,461	83,207	254,584	259,118
Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	100,782	101,663	312,665	323,745
Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	18,399	13,001	49,697	42,935
Other
Disaggregation of Revenue [Line Items]
Revenues	8,116	8,844	22,030	22,686
IHT
Disaggregation of Revenue [Line Items]
Revenues	107,604	103,857	320,286	322,426
IHT | Non-Destructive Evaluation and Testing Services
Disaggregation of Revenue [Line Items]
Revenues	83,461	83,207	254,584	259,118
IHT | Repair and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenues	2	39	149	261
IHT | Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	18,036	12,946	48,979	42,391
IHT | Other
Disaggregation of Revenue [Line Items]
Revenues	6,105	7,665	16,574	20,656
MS
Disaggregation of Revenue [Line Items]
Revenues	103,154	102,858	318,690	326,058
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	100,780	101,624	312,516	323,484
MS | Heat Treating
Disaggregation of Revenue [Line Items]
Revenues	363	55	718	544
MS | Other
Disaggregation of Revenue [Line Items]
Revenues	2,011	1,179	5,456	2,030
United States and Canada
Disaggregation of Revenue [Line Items]
Revenues	172,871	168,086	527,475	534,287
United States and Canada | IHT
Disaggregation of Revenue [Line Items]
Revenues	104,478	100,800	310,985	312,344
United States and Canada | MS
Disaggregation of Revenue [Line Items]
Revenues	68,393	67,286	216,490	221,943
Other Countries
Disaggregation of Revenue [Line Items]
Revenues	37,887	38,629	111,501	114,197
Other Countries | IHT
Disaggregation of Revenue [Line Items]
Revenues	3,126	3,057	9,301	10,082
Other Countries | MS
Disaggregation of Revenue [Line Items]
Revenues	$ 34,761	$ 35,572	$ 102,200	$ 104,115

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 2,267	$ 0

ACCOUNTS RECEIVABLE - Summary o

ACCOUNTS RECEIVABLE - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade accounts receivable	$ 145,991	$ 151,316
Unbilled revenues	50,116	33,607
Allowance for credit losses	(3,647)	(3,738)	$ (5,262)
Total	$ 192,460	$ 181,185

ACCOUNTS RECEIVABLE - Summary_2

ACCOUNTS RECEIVABLE - Summary of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	1,310	1,680
Recoveries collected	(416)	(1,638)
Write-offs	(1,130)	(1,560)
Foreign exchange effects	145	(6)
Balance at end of period	$ 3,647	$ 3,738

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 10,183	$ 9,958
Work in progress	2,680	2,326
Finished goods	27,451	26,569
Total	$ 40,314	$ 38,853

PREPAID AND OTHER CURRENT ASS_3

PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance receivable	$ 39,000	$ 39,000
Prepaid expenses	18,252	18,398
Other current assets	5,101	8,594
Total	$ 62,353	$ 65,992

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 438,261	$ 437,832
Accumulated depreciation	(321,771)	(310,775)
Property, plant and equipment, net	116,490	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	61,183	60,827
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	293,302	286,376
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	10,862	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	19,510	20,067
Automobiles
Property, Plant and Equipment [Line Items]
Total	2,865	3,215
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 630	$ 6,634

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Assets under finance leases	$ 8.5		$ 8.5		$ 8.5
Accumulated amortization for assets under finance leases	3.8		3.8		$ 3.3
Depreciation expense	5.1	$ 5.4	15.7	$ 16.5
Operating Expense
Property, Plant and Equipment [Line Items]
Depreciation expense	3.4	3.6	10.5	11
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1.7	$ 1.8	$ 5.2	$ 5.5

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 187,602	$ 187,550
Accumulated Amortization	(134,246)	(124,857)
Net Carrying Amount	53,356	62,693
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	164,352	164,305
Accumulated Amortization	(111,738)	(102,630)
Net Carrying Amount	52,614	61,675
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,267	20,262
Accumulated Amortization	(19,851)	(19,742)
Net Carrying Amount	416	520
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,300	2,300
Accumulated Amortization	(1,974)	(1,802)
Net Carrying Amount	326	498
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	683	683
Accumulated Amortization	(683)	(683)
Net Carrying Amount	$ 0	$ 0

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 3.1	$ 3.2	$ 9.3	$ 9.6
Intangible assets, estimated weighted average useful life	13 years 9 months 18 days		13 years 9 months 18 days		13 years 9 months 18 days

OTHER ACCRUED LIABILITIES (Deta

OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Legal and professional accruals	$ 46,446	$ 53,972
Payroll and other compensation expenses	37,817	39,943
Insurance accruals	3,820	7,170
Property, sales and other non-income related taxes	5,250	7,248
Accrued interest	5,318	4,487
Volume discount	2,397	2,479
Contract liabilities	2,267	0
Other accruals	3,715	2,790
Total	$ 107,030	$ 118,089

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 504	$ 1,072	$ 2,049	$ 4,020
Effective tax rate provision	4.70%	9.70%	7.10%	8.30%

DEBT - Long-Term Debt Balances

DEBT - Long-Term Debt Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net carrying balance	$ 315,946	$ 305,670
Finance lease obligations	5,292	5,756
Total long-term debt and finance lease obligations	321,238	311,426
Current portion of long-term debt and finance lease obligations	(7,056)	(5,212)
Total long-term debt and finance lease obligations, less current portion	314,182	306,214
ME/RE Loans | Secured Debt
Debt Instrument [Line Items]
Net carrying balance	22,699	24,061
Uptiered Loan | Subordinated Debt
Debt Instrument [Line Items]
Net carrying balance	139,206	129,436
Incremental Term Loan | Secured Debt
Debt Instrument [Line Items]
Net carrying balance	39,516	38,758
Equipment Finance Loan | Secured Debt
Debt Instrument [Line Items]
Net carrying balance	1,882	0
Revolving Credit Facility | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Net carrying balance	$ 112,643	$ 113,415

DEBT - ABL Facility, Additional

DEBT - ABL Facility, Additional Information (Details)			9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 16, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 29, 2024	Dec. 31, 2025	Dec. 31, 2024	Feb. 11, 2022 USD ($)
ABL Credit Agreement
Debt Instrument [Line Items]
Financial covenant, amount requiring excess availability			$ 7,500,000
ABL Credit Agreement | Amendment Fees
Debt Instrument [Line Items]
Debt modification fees	$ 900,000		900,000
ABL Credit Agreement | Forecast
Debt Instrument [Line Items]
Fixed charge coverage ratio					1	0.85
ME/RE Loans
Debt Instrument [Line Items]
Borrowing capacity		$ 27,400,000
Basis spread on variable rate	5%			5.75%
ME/RE Loans | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	5%
ME/RE Loans | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				5.75%
Line of Credit | ABL Credit Agreement
Debt Instrument [Line Items]
Outstanding letter of credit	$ 9,500,000		$ 9,500,000
Secured Debt | Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt, face amount							$ 35,000,000
Secured Debt | ME/RE Loans | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.11%
Revolving Credit Facility | ABL Credit Agreement | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%			4.15%
Revolving Credit Facility | ABL Credit Agreement | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.25%			4.65%
Revolving Credit Facility | ABL Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%			3.15%
Revolving Credit Facility | ABL Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%			3.65%
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
Delayed Draw Term Loan | ABL Credit Agreement | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				10%
Delayed Draw Term Loan | ABL Credit Agreement | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%
Delayed Draw Term Loan | ABL Credit Agreement | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	10%
Delayed Draw Term Loan | ABL Credit Agreement | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				9%
Delayed Draw Term Loan | ABL Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	7.50%
Delayed Draw Term Loan | ABL Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	9%

DEBT - ABL Facility (Details)

DEBT - ABL Facility (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Net carrying balance	$ 315,946		$ 305,670
ABL Corre Delayed Draw Term Loan
Debt Instrument [Line Items]
Stated interest rate	15.32%	15.44%
Cash paid for interest	$ 4,130	$ 3,951
Principal balance	35,000		35,000
Unamortized balance of debt issuance cost	(262)		0
Net carrying balance	34,738		35,000
Available amount	$ 0
Revolving Credit Facility | ABL Agent
Debt Instrument [Line Items]
Stated interest rate	9.57%	10.09%
Cash paid for interest	$ 5,964	$ 4,932
Principal balance	77,905		78,415
Net carrying balance	77,905		78,415
Unamortized balance of deferred financing cost	1,102		$ 267
Available amount	$ 18,022

DEBT - ME_RE Loans, Additional

DEBT - ME/RE Loans, Additional Information (Details) - ME/RE Loans - USD ($)		9 Months Ended
	Sep. 30, 2024	Sep. 29, 2024	Jun. 16, 2023
Debt Instrument [Line Items]
Borrowing capacity			$ 27,400,000
Basis spread on variable rate	5%	5.75%
Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		5.75%
Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	5%

DEBT - ME_RE Loans (Details)

DEBT - ME/RE Loans (Details) - USD ($) $ in Thousands			9 Months Ended
	Sep. 30, 2024	Jun. 16, 2023	Sep. 30, 2024	Sep. 29, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Net carrying balance	$ 315,946		$ 315,946			$ 305,670
ME/RE Loans
Debt Instrument [Line Items]
Stated interest rate	10.32%		10.32%		11.19%
Basis spread on variable rate	5%			5.75%
Effective interest rate	13.11%		13.11%		16.75%
Cash paid for interest			$ 2,128		$ 640
ME/RE Loans | Variable Interest Rate
Debt Instrument [Line Items]
Effective interest rate	10.32%		10.32%		11.19%
ME/RE Loans | Accelerated Debt Isssue Costs
Debt Instrument [Line Items]
Effective interest rate	2.79%		2.79%		5.56%
ME/RE Loans | Secured Debt
Debt Instrument [Line Items]
Principal payments		$ 237
Principal balance	$ 23,692		$ 23,692			25,823
Unamortized balance of debt issuance cost	(993)		(993)			(1,762)
Net carrying balance	$ 22,699		$ 22,699			$ 24,061
ME/RE Loans | Secured Debt | SOFR
Debt Instrument [Line Items]
Stated interest rate		5%
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 Loan and Increm

DEBT - Uptiered Loan and Incremental Term Loan (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 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 (“PIK”) interest	$ 11,020	$ 10,906
Net carrying balance	$ 315,946			$ 305,670
Uptiered Loan | Subordinated Debt
Debt Instrument [Line Items]
Debt instrument, threshold, trigger amount					$ 50,000
Stated interest rate	4%
Cash paid for interest	$ 2,775	0
Paid-in-kind (“PIK”) interest	9,661	$ 10,829
Principal balance	139,748			130,087		$ 57,000	$ 27,500	$ 22,500
Unamortized balance of debt issuance cost	(542)			(651)
Net carrying balance	139,206			129,436
Available amount	$ 0
PIK fees			$ 900
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%	0.86%
Uptiered Loan / Subordinated Term Loan, PIK | Subordinated Debt
Debt Instrument [Line Items]
Stated interest rate	9.50%	12%
Effective interest rate	14.56%	12.86%
PIK interest, principal amount	$ 31,800			22,200
Incremental Term Loan
Debt Instrument [Line Items]
Stated interest rate	12%	12%
Incremental Term Loan | Accelerated Debt Isssue Costs
Debt Instrument [Line Items]
Increase to stated interest rate	10.96%	11.69%
Incremental Term Loan | Secured Debt
Debt Instrument [Line Items]
Stated interest rate	12%
Principal payments	$ 356
Effective interest rate	22.96%	23.69%
Cash paid for interest	$ 4,267	$ 0
Principal balance	46,983			48,052
Unamortized balance of debt issuance cost	(7,467)			(9,294)
Net carrying balance	39,516			$ 38,758
Available amount	$ 10,000

DEBT - Warrants (Details)

DEBT - Warrants (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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
Class of warrant or right, exercise price (in usd per share)	$ 15	$ 15

DEBT - Equipment Finance Loan (

DEBT - Equipment Finance Loan (Details) - Equipment $ in Thousands	Mar. 06, 2024 USD ($)
Debt Instrument [Line Items]
Equipment Finance Loan, sale amount	$ 2,900
Equipment Finance Loan, monthly payment	$ 181
Equipment Finance Loan, 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	Sep. 30, 2024	Sep. 29, 2022
Debt Instrument [Line Items]
Borrowing capacity		$ 19
Outstanding letter of credit	$ 19
Unamortized deferred fees	$ 2.2

DEBT - Liquidity, Additional In

DEBT - Liquidity, Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Surety Bond
Debt Instrument [Line Items]
Outstanding letter of credit	$ 2.5
Miscellaneous Cash Deposit
Debt Instrument [Line Items]
Outstanding letter of credit	1.3
Domestic Line of Credit
Debt Instrument [Line Items]
Outstanding letter of credit	30.8
2022 ABL Credit Facility
Debt Instrument [Line Items]
Cash	6.2	$ 12
Restricted cash	0.6	0.6
Available borrowing capacity	28
ABL Eclipse
Debt Instrument [Line Items]
Available borrowing capacity	18
A&R Term Loan Credit Agreement
Debt Instrument [Line Items]
Available borrowing capacity	10
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	14.9	30.4
Restricted Cash | 2022 ABL Credit Facility
Debt Instrument [Line Items]
Credit facilities, collateral	4.2	5
Restricted Cash | 2022 ABL Credit Facility | Letters Of Credit And Commercial Card Programs
Debt Instrument [Line Items]
Credit facilities, collateral	$ 2.9	$ 3.4

EMPLOYEE BENEFIT PLANS - Summar

EMPLOYEE BENEFIT PLANS - Summary of Net Pension Cost (Credit) (Details) - Pension Plan - United Kingdom - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 678	$ 678	$ 1,981	$ 2,054
Expected return on plan assets	(879)	(913)	(2,571)	(2,765)
Amortization of prior service cost	8	8	24	23
Unrecognized net actuarial loss	82	70	240	212
Net periodic pension credit	$ (111)	$ (157)	$ (326)	$ (476)

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - United Kingdom - Pension Plan	9 Months Ended
	Sep. 30, 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	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock, shares, outstanding (in shares)	4,421,876	4,415,147
Common stock, shares issued (in shares)	4,421,876	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 23,875	$ 79,872	$ 45,596	$ 117,760
Other comprehensive income (loss), before tax	4,599	(3,366)	1,581	(1,311)
Tax Provision	83	11	78	(35)
Other comprehensive income (loss), net of tax	4,682	(3,355)	1,659	(1,346)
Ending balance	17,898	64,615	17,898	64,615
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			1,317	(1,311)
Ending balance	(24,536)	(30,170)	(24,536)	(30,170)
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			264	0
Ending balance	(10,777)	(10,474)	(10,777)	(10,474)
Tax Provision
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(38)	336
Tax Provision			78	(35)
Ending balance	40	301	40	301
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(39,955)	(36,988)	(36,932)	(38,997)
Ending balance	$ (35,273)	$ (40,343)	$ (35,273)	$ (40,343)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions		3 Months Ended
	Jun. 01, 2021	Sep. 30, 2024	Jun. 30, 2024
Loss Contingencies [Line Items]
Self-insured retention and deductible		$ 3
Compensation of Employee Wages
Loss Contingencies [Line Items]
Legal and professional accruals		3.5	$ 5.5
Loss contingency accrual, reversal		2
Kelli Most Litigation
Loss Contingencies [Line Items]
Amount awarded to other party	$ 222
Legal and professional accruals		39
Simon, Vige, and Roberts Matter
Loss Contingencies [Line Items]
Legal and professional accruals		42.5
Amount not covered by insurance		$ 3.5

SEGMENT DISCLOSURES - Additiona

SEGMENT DISCLOSURES - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENT DISCLOSURES - Segment D

SEGMENT DISCLOSURES - Segment Data For Our Two Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 210,758	$ 206,715	$ 638,976	$ 648,484
Total operating income (loss)	3,158	(1,258)	7,931	(4,408)
Total capital expenditures	1,218	1,833	5,709	6,130
Total depreciation and amortization	9,034	9,396	27,934	28,481
Total depreciation and amortization	9,034	9,396	27,934	28,481
Amount included in operating expenses
Segment Reporting Information [Line Items]
Total depreciation and amortization	3,429	3,613	10,520	11,026
Amount included in SG&A expenses
Segment Reporting Information [Line Items]
Total depreciation and amortization	5,605	5,783	17,414	17,455
IHT
Segment Reporting Information [Line Items]
Total revenues	107,604	103,857	320,286	322,426
MS
Segment Reporting Information [Line Items]
Total revenues	103,154	102,858	318,690	326,058
Operating segments | IHT
Segment Reporting Information [Line Items]
Total revenues	107,604	103,857	320,286	322,426
Total operating income (loss)	9,860	6,412	27,504	17,683
Total capital expenditures	234	835	3,029	3,857
Total depreciation and amortization	2,928	3,148	8,935	9,390
Operating segments | MS
Segment Reporting Information [Line Items]
Total revenues	103,154	102,858	318,690	326,058
Total operating income (loss)	4,460	6,482	19,188	22,395
Total capital expenditures	932	988	2,577	2,263
Total depreciation and amortization	4,504	4,656	13,718	14,113
Corporate and shared support services
Segment Reporting Information [Line Items]
Total operating income (loss)	(11,162)	(14,152)	(38,761)	(44,486)
Total capital expenditures	52	10	103	10
Total depreciation and amortization	$ 1,602	$ 1,592	$ 5,281	$ 4,978