DWSN - Earnings call transcript Q4 2019 | Dawson Geophysical Company

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Operator

Statements made by management during this call with respect to forecasts, estimates or other expectations regarding future events or which provide any information other than historical facts may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control. That may cause the company's actual future results or performance to materially differ from any other future results or performance expressed or implied by those statements. These risks and uncertainties include risk factors disclosed by the complainant from time to time in its filings with the SEC including in the company's annual report on Form 10 K filed with the SEC on March 6, 2019. Furthermore, as we start this call, please also refer to the statements regarding forward looking statements incorporated in the company's press release issued this morning and please note that the contents of the company's conference call this morning is covered by those statements.

the management GAAP references reconciliation company's financial non www.dawsonXd.com. measures call which the of current conference can on GAAP non measures the copy is measure to is earnings this release, will in of to make EBITDA the be a During found GAAP which the located applicable and website, a company's XX scheduled call for minutes on company is website. The the

Jumper, call Chairman, I guidance. and would like over any to Geophysical provide the Steven Dawson ahead not will of We go sir. President to CEO now Please turn Company.

Steve Jumper

welcome Well yearend Dawson thank you conference Ashley. Good and earnings Company's morning call. and and quarter to fourth operations Geophysical XXXX

As CEO Ashley Chairman, Jumper, company. name President Steve of said, and my is the

Vice Officer. President and Joining the me on Chief Executive call Brata, is Financial Jim

to started, Before just things few a cover. get we

call speaks that time on advised February Information a of like accurate longer may you no it replay investor of and be information available would If as listening. are only to company's webcast listen the be XXXX relations website any will to Thursday this the of the call going you sensitive time www.dawsonXd.com. by therefore reported via section of today, today's of replay to at XXth,

our XXXX fourth ended to XX December and financial months Turning preliminary quarter XXst, results.

December For the for million revenues of XXst, the quarter of company the compared ended ended fourth XX.X to XX.X XXXX. approximately quarter reported XX million XX% an December increase

common for December of 'XX a company narrowed loss XXXX. per of company reported loss compared X.X quarter XXXX to its the quarter or for negative common or the For quarter the X.X million EBITDA the $X.XX million XX, for EBITDA ended share XXX,XXX of per XX, net of negative December loss fourth ended quarter and The net ended $X.XX the million XX.X share loss to

December XX, XXXX.

XX, XXXX. year the of compared X% million December December million year decrease to for XXX.X XXXX revenues the reported XXX.X the company of ended For XX, ended a approximately

The full 'XX. year reported year to the an share the or its to XX, $X.XX the the year X.X approximately net XXXX 'XX loss XXXX. loss per For company December of to common loss $X.XX increase year common the of for million million the ended share compared net or X.X narrowed million loss for XX.X ended year a of XX, million per for XX% ended XX, XX, XXXX December cents of ended company December EBITDA compared December for XX.X

the of company States, During a the United early quarter crews. part region, in including three channel peak large the fourth primarily the Permian in operated XXXX the four basin crews of of account

early the The quarter activity in the second Canadian the work has been season. holiday 'XX. Canada days the first of redeploy of the the Crew upon in of winter in equipment Fourth challenging of quarter end shorter first at during Canada of of XXXX, quarter day, in to was the season, the concludes US lower season and part in quarter XX the XXXX. to quarter will minimal shorter historically fourth due the completion

the will to and call with some the projects the first turn results directly Jim company's of on in our who the return will of and in financial Brata outlook of over remarks are half control multi the majority the review I final quarters Jim. recent client of with XXXX. now some production in exploration companies US will I As behalf companies. for activities

Jim Brata

for to XX.X and fourth of million XX% Steve you, good the of an the were December quarter for Thank XXst, million XXXX. ended compared quarter morning. XX.X XXXX increase Revenues

the to activity the the quarter the redeploy season As channel the in three of region operated season. shorter Canadian the crews. in during company quarter in season four of work account including fourth the stated during been XXXX. to in quarter large early fourth earnings in peak our equipment days crews upon completion Fourth minimal quarter the Basin historically the the due quarter and US will XX release this the morning primarily end of to winter XXXX Crew XXXX US, issued Permian Canada a the in of quarter was in in The first the of Canada of holiday challenging XXXX. first start concludes at lower second of

majority for multi-client quarters behalf US companies in projects the As the on directly production of with some companies. in exploration company's recent the are and of activity

in and X.X of of same XXXX per of EBITDA fourth Also fourth EBITDA XXXX. negative XXXX. a the XXXX. expense compared recorded million X.X amortization fourth million fourth General X.X or the the the XX,XXX of Depreciation same quarter We million share the quarter the the X.X an quarter the XXX,XXX or in EBITDA of was compared X.X in was X.X quarter of in and compared was XXXX same XXXX XXXX income of to an release a compared compared quarter of and decrease tax of million An this our quarter with of XXXX. fourth Net for in of expenses per $X.XX of the million of to XXXX tax of provided quarter XXX,XXX loss XX.X income fourth quarter in the net increase loss share the in benefit quarter was loss XX% loss same of in compared the of were morning. to XXXX. XX.X earnings XXXX of million of issued to an quarter fourth reconciliation quarter in million million $X.XX negative was million, services XX.X in administrative XXXX. X% quarter to fourth in benefit

year the year of the XXXX ended million for million December for the ended XXXX. to million million the XXst, December Also December ended the ended year million, December $X.XX December the loss for ended XXst, reconciliation was year XXXX loss was million XXst, X.X the was of million Revenues net XXXX. to $X.XX year provided for to for the compared for a XXX EBITDA XX.X year XXXX. XXst, ended of December XXXX. An million ended compared the a decrease share Now or XXXX XXst, I'll year Depreciation XX% Net ended compared results XX.X services and XXXX XXst, X.X an the for per for for XXXX December amortization highlight XXst, ended XXXX. XX% XX.X XXXX. XXX.X expenses XX.X the administrative X% XX, XXst, expense XX XXX.X or were to XXX.X and of ended this for our for some XXXX December a year year for of EBITDA release of of for million in XXst, year million, General compared issued compared December increase to was per year XXXX. decrease the was share was were of million, December compared of to decrease which year a loss earnings EBITDA morning. the XX.X year loss X% million

resource now X.X short balance obligations strong as sheet financing our balance continues term including approximately cash I'll we highlight finance, under XXst, XX.X investments And items, and of XXXX sheet million. some debt December of of have million, to remain

operations. Well turn X.X was million. to with ratio for call I'll working back XX.X that the was current X capital approximately on Steve some Our to and our comments

Steve Jumper

for our XXXX. quarter fourth in improved Jim, as comparable and earnings stated results compared morning, issued periods release this you XXXX end our year Thank to in

year a of cost Gross While as well the margins channels increased revenues ended year by year by our utilization improved ended source XX% and December XXXX to loss the result our than approximately with core compared as initiatives. December reduced the success energy and efficiency, ended decrease as increased reported of the a control for was company XXXX in more XX, XX of X% continuing 'XX. for substantially recording net improved EBITDA units

impacted to fourth possibly and those quarter early third XXXX a and of large that the in channel XX XXXX X.X of deployments start believes capital the to of Utilization million Despite count early away results projects XXXX quarter, into of the client were fourth first total, the the the was were Geophysical's large primarily utilization part significant Dawson expenditure source the the factor the fourth for the as 's crew compared first from negatively moved maintenance to delay energy channels a several quarter quarter to improvement by quarter into Capital for traditional our below the continues December lower this completion energy suppressed of in of the for business XXX,XXX success results XXXX items. is ability results units. fourth XX, XXXX. quarter reporting Management quarter fourth ended new projects showed months as scale that and model source transition While toward successfully the company's contributing of quarter improvement, industry field model. the XXXX. company's company's were quarter

capital large remains first production as payable short XXXX. finance Permian has December XX, crews budget strong Utilization has service XX.X Company XX, and working the the XX.X in the near in the oil is of million for quarter unclear and of second the constrained The levels middle region and of visibility million million sheet of our three operating an capital part and XXXX balance million said X.X Canada. the somewhat as markets restricted remains the in of Board earlier, US and three company basin Jim in company's with investments approved spending Directors remain full of unpredictable. XXXX term challenging of and utilization of notes capital The exploration with crews cash, remain operating primarily of of companies cash initial half XXXX. as leases as of as X December

end the currently company of of where XXXX. crews the through operating the the on the same quarter second US activity the available three quarter XXXX level large in anticipates of information first well Based the in of

through challenging our up are for of market While of levels XXXX. multi-client data for I believe providers questions. the are call to remains seismic actually positive activity clients with open libraries conversation we the continued recent that primarily ready And with

Steve Jumper

in look everybody end you, again the day. you. to forward that. XX appreciate I speaking in call. I to for I want with days a to Thank the Okay. of We everybody Thank great Ashley. you has And thank hope listening

Operator

call. completes your and for that Thank you Ladies gentlemen participation. the

disconnect. may You

Dawson Geophysical (DWSN) 29 Feb 202019 Q4 Earnings call transcript