DWSN - Earnings call transcript Q2 2020 | Dawson Geophysical Company

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Operator

Good day, and welcome to the Dawson Geophysical Second Quarter 2020 Results Conference Call.

As a reminder, today's conference is being recorded. 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 future results or the performance expressed or implied by those statements. These risks and uncertainties include the risk factors disclosed by the company 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, 2020 and any subsequent quarterly reports on Form 10-Q filed with the SEC. note this statements also press this incorporated this and start statement to release morning we of morning, forward-looking contents those regarding in please is as covered call, conference statements. refer please the issued the by Furthermore, company's the call that the company's

scheduled found measure. current will applicable the the of not company's non-GAAP release, to the Please go During website, management to of of located for would which the reconciliation www.dawsonXd.com. XX make guidance. Jumper, sir. this any ahead, to and which conference company's This now will is CEO on A EBITDA, call measure in can a Chairman, company over copy be Geophysical GAAP to and references turn is earnings call call, Dawson the a the non-GAAP Company. I like financial minutes, provide Stephen is measure President

Steve Jumper

Good Quarter Dawson Cecilia. to morning, welcome and you, Call. Earnings thank Conference XXXX Well, and Second Company's Geophysical Operations

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

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

Before we call, few a to start just cover. items the

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

results. X our June preliminary XXXX ended financial to quarter and months Turning second XX,

to June XXXX. revenues June company ended the quarter quarter ended the second XX, reported the for of compared $XX.X million million XXXX, $XX.X For XX,

loss quarter reported $X.XX share $XX.X of second common for of XXXX, million net million compared share net the or income to $X.XX or per company a of loss negative For EBITDA XXXX. ended XXXX. ended quarter the per common for $X.X XX, of positive to quarter The EBITDA quarter $X.X the June company June $X.X XXXX million second for compared million reported of XX, the the of

X of $XX.X million XX, XX, ended months the X For million company months ended XXXX, June the June compared $XX.X the for XXXX. to reported revenues

to For the the X $XX.X June EBITDA reported for million ended company a of common share net ended XX, the of million months loss $XXX,XXX months per X of June The reported X million compared XXXX. the income of common months $X.X XXXX, per or June negative compared ended $X.XX X for company or June XX, $X.XX ended net positive EBITDA share months XX, to $XX.X for loss XXXX. XX, XXXX

will quarter results second the on the costs staff redeployment of were approximately X project with a earnings in completed continued Our were in quarter United of channel release million and the by that crews count $X.X review quarters large some partially of return savings of offset States I favorably who and described results. were previously that will and million control call announced the anticipates company reduction. our $X.X The final financial turn from third such of in the to Jim then the the of annual remarks will outlook with XXXX. our channel as small count associated first reductions approximately into fourth crew by operation now April. a impacted Jim? Brata, severance I

Jim Brata

$XX.X XX, Revenues compared June ended morning. for the to Steve, million, quarter XX% approximately million increase the good $XX.X for were and you, Thank second of an of XXXX. XXXX quarter

offset same the income Depreciation for Net compared XXXX a loss of of of $X.XX of quarter XXXX. per by were million was quarter in in XXXX tax favorably our with second earnings expense completed that during quarter operation in count during million severance to loss of of channel from second second the associated Cost earnings staff such quarter amortization of in savings reconciliation in second costs of of $X.X $XXX,XXX was redeployment the of the second annual quarter reductions. release. crew issued and EBITDA by impacted was XX.X% quarter XXXX. project, same benefit of the the company quarter of of $X.X XXXX million large were Income earnings release on XX% decrease $XX.X the decrease XXXX. or in anticipates period EBITDA described XXXX compared announced $X.X income negligible $XX.X tax services previously quarter to crews approximately million, count small of approximately this million million April. And negative a the to results in in of net As administrative was was An the second quarter second of stated million issued in the million quarter in The compared expenses million, a the and XXXX U.S. compared the XXXX. share of $X.X in channel second in quarter of as partially our were reductions expense EBITDA compared million morning. or a share continued $X.X the the $X.XX compared million X the morning, $X second of of in a provided of to our a first to in $X.X per and General an of $X.X release quarter XXXX. were second our XXXX, decrease to XXXX. million this $X.X same quarter $XX.X XX.X% of were

XXXX million of $XX.X for the Depreciation June XX, the $XX.X for the the months amortization highlight compared $X.X the for XXXX ended $X.X I XX, Cost XXXX. XXXX. to June XX, ended the the for ago. million services a ended the X And ended XXXX. of of this months was year for decrease half of to to million, $X.XX ended now the in XXXX million loss or and income same General million, $X.XX was was our earnings $XX.X to a X expense compared EBITDA XXXX. X were in Now provided a some per share net $X.X sheet will items. were a $XXX,XXX million XX% half approximately during a June of the for months first in XXXX reconciliation ended same for to XX, the administrative decrease X XXXX, XX.X% XX, of X $XX.X expenses million XXXX. X% compared decrease decrease XX.X% June or million and for EBITDA June compared results balance of XX, months share $XX.X common months ended of to $X.X was Net of period negative $XX.X An months EBITDA months months in same X some the million of in first loss X Revenues of of million XXXX. per million, a compared the was first June $XX.X period for period approximately X morning. XX, release issued compared common XXXX June

sheet strong. balance to remain Our continues

comments XX, call was And was operations. investments of financing with our of under million, June that, turn XXXX, ratio the of back cash working approximately and obligations and our debt, we including current some capital $XX.X on short-term million, had X.X:X, million. As Steve leases $XX.X for I'll to $X.X approximately

Steve Jumper

you, Jim. thank Well,

significant quarter overall Organization July gas the energy Exporting industry and the our challenges the pressure oil oil to months, of Countries XX, and positive, net, to Petroleum collectively ease results on While second On market. be X will and continue were OPEC+, known announced the potentially per and X.X day greater million that X.X its from prices. as per placing production allies day to OPEC+ barrels barrels cuts million there

are capital levels. number in many wells oil result to United demand XX% in exploration economic in in factors number drill their the and barrel lows cases oil April reported by currently limit our reduced was Based for XX% travel. and gas possible per Basin and the demand and Canada. a trading in limited crew operation Permian oil wells reduction have prices of surge sized production permits are States globally producers client Already negatively decrease the recent in both In oil Combined, information, addition, U.S. wells being shale. completed placing X,XXX month-over-month end corresponding activity being Oil of the our and improvement. activity their The independent for utilization $XX current in of changing announced further during from in to of of may be June, today's in with of a the decrease could a both Bakken anticipates to U.S. continued on restraint and Despite have resulting the a clients production, rebounded in the there or the and the gas presence their drilled and through several in the range. signs worldwide of channel our COVID-XX approved count greater companies company periods moderate A restrict total of month can and further rapidly drilled. on increase, X XXXX services. increase by these impact of and number challenges, XX%, to intentions budgets of the spending

slow. for Given is continue be beyond limited. to visibility the current quarter Request market environment, proposals the company's fourth the

the for has the require in may for projects that requests quarter XXXX. company second late and in XXXX However, a requests several several crew in fourth projects

capital and and XXXX first $X.X respectively, capital earlier, of second for mentioned maintenance As million, $XXX,XXX items. the quarter primarily expenditures for X were months

limited our the finance XX, notes on of The As has of Jim pandemic $X.X with million of response practices remains hours we June hall hygiene protocols. company COVID-XX periodic balance CDC and sheet group and certain June regions from financial conferences working payable leases guidelines, to distancing, guidelines, totaling capital people, its mentioned, limits, to XX, telephone employees $XX.X and impact continue as million small strong our update In and XXXX. XXXX. to home but as -- minimized work enhanced town not recommended and their office on company's the social including, families recommendations, follow in to,

of small, daily individual in ample provide maintaining providers we additional radio Dawson and additional history, companies year no Seismic during these reduce spending to to companies flexibility said, crew groups. E&P to are to in large or help to with shareholders the the times. to challenging In issues, policies and flexibility experienced from several means safe Most concerns. That employees, supply, our increased manner. to the Throughout And XX-plus their per eliminate the our general field the we work a with utilization have most allow conclusion, hard-working and water achieve preexisting today's locations, relaxed their that, I of unfamiliar, valued out of ever us group harder continue to isolated thank environment, to residence offer downturns the day-to-day data schedules consist for and solutions are for in company's vehicle you, costs for continued Cecilia work crew childcare project today while team. are needs. oftentimes sheet. concerns, of all ready in operations are housing those cost-efficient seismic At face require commitment exploration communications, number of is from case clients our home uniquely our suited to that work our questions. people I they provide even and take other implemented we've of members support to historic, and increased than to individual we low the our and believe physical limit strong goals. flexibility and and count, production well reduce by secured balance locations challenges optimum price identify -- which there setbacks, for vehicles Geophysical gatherings elderly traveling We to health the level, home our

Operator

[Operator we'll of Inc. Instructions] Research first Potratz And John Investments, go to

John Potratz

in Congratulations lot very you It's was on -- that making their having going continuing to basis. looking something I'm talking it Jumper. you've in about both of results. Congratulations and sort contract. see that a and and you they're and to clients happy quarters? quarter in -- a just of how the about be the they're -- it's takes you a mind of you on terms the it really what difference very a It fourth to sense at of of controlling And fact -- lot been to able a blowing. contact seeing Brata doing the costs. the operating feeling third the excellent -- in about actually talking do Are talked I you are

-- like how -- of clients' a you there's you what talking the business? in positive about shift So of it mode they're terms in sounds your

Steve Jumper

to your the hearing and attempt conversation our your believe with by levels or speculation way. there's you, we a I'll are packed answer the not contracts. year, lot to having that a revolves as bit of believe whether the to at question time the There's to quite around our difficult activity the answer bit their but early Appreciate and the Jay, And we're understood I end I packed it. little question I into conversations can. will try of question. be a I question but we what of comments it, on, a think clients into best these leading

economy. a company We to our a -- a think is world. our the all not we're Communication industry, things are little have being a in personnel, to around today's how going contact target there's with the I difficult with on furloughs work externally or this it's continuing can base internally a our in client used as communicate with typical And and policies, lot at is and unique country of you of for folks. bit and home with cutbacks, of with -- moving when with sometimes our clients some

And top so of a folks things. doing I on staying think fantastic job our of are

But if certainly -- those that in Lower talked with that that group some on getting to to peer there we Canada, or at projects. projects being happening. those we anything have believe, certain solid have we there might and have conversation look few in chance always about general peer we're are long-standing XX and certainly There's be I think not companies get think see, as the out I relationships at of there rule look competitors may out a a a that or with seismic I -- ourselves.

some year Here projects know and or into midway to amount just as the little don't of into conversation reality, on a bit through There's think of cut what's the tremendous half back a with budget if of turns leads know, again, whether I going side. be our the and We at or budgets. close their keeping vest, very things cautious don't levels budget don't think the a of know are back if we're being past E&P to happen the on companies discussion what the year. be will exhaustion speak. seeing this on the we spending What budget some E&P so been not of to there of a E&P we to end are scenario some But surplus. clients' going I to those proposals. And year there's the we

conversation. in not of we slow. press requests As mentioned release, But the certainly imagination. is are the They're stretch some robust by there any

We that be for we in some of crew issues end that a have QX. as utilization There limited anticipate visibility a There beyond crew. of scenario release, there year. the periods be is said we timing second low working through where could might could the require the crew. X And X

there to to on having within with to on within been couple higher risk little much client underwriting issue basis been and which base regard of constraints they of multi-client what the base, willing certainly their the they've groups, are percentage, of years. E&Ps. it's budget on -- like. are in really the And levels historically, conjunction a regards it's big demand take of look a have as go working here, projects how a go-forward rely capital multi-client being side. will in they're talked levels bit on With a so as years. to multi-client last have that And would work, last They the very budget to the difficult to our speculate with much part their certainly actual project the a particularly couple a our operation They compounded a has of percentage mentioned, we've about but some in own

to are be seen -- kind a in though can. And that so proposals manner, lengthy issue we've the E&P. as will with accurate just it answer more some transparent answer and group a I direct and appears dollars this sure I the recently, their I'm this like as and closely, is close But questions everybody's the multi-client is watching compounded for aware, try which well I E&P, us. here, as of conversations

have Some XXXX. for that that at E&Ps. next direct some projects year new a got outlines were year, look we're pushed until we've that back been for this scheduled taking Earlier

say, meaningful, see beginning And a slight from would increase requests very so we're to slight, but I in not direct E&Ps.

And it so question, your didn't I answer hope answered If that I question, Jay. think. it one, some answered that

John Potratz

equities someone's and done to research was out complex doing lag it that even one a is part call sounds -- can phone something commitment, traveling came to of at working like that, really what they're do or within that at there very you think from something people. on get I communication income, but because like it's of looking this What much simple that communicate firm that before, home projects hard sense I And was additional a point, it so or have. -- that's with fixed nature. the just harder a be is me But no but

Steve Jumper

And us, communication, deal having all -- we're face-to-face but think I not issue what nothing than Correct. and with. there's what that's we're worldwide, -- to an just that that's better

that's this built said a have interaction. relationships We on and personal we're before, company

this our around But good, of And out next maintaining solid months. with thing hopefully, that, straightened the we're so to having communication client can in we're still here work couple base. get we

John Potratz

identify the lot is optimal diligently news, ago, and data couple is companies and for today's cost-effective I better It -- One working ever for pay of because to or than willing are a manner more mentioned get says need in I'd that there optimally well to more a and in provide are -- to E&P a anticipating drill than years to number in strong sounds well a thing pay drilling the is want about basically detailed That to it like most seismic drill people other [indiscernible] past. no possible. very working you're you not issues. of harder used to for and they talks the a case again a say locations you way, and in they more

So a sort asking data, what of are sense data? demand that of your your more of there's for for is in people underlying

Steve Jumper

overcome client is attack Jay, company went industry be same I that angles. provide a to industry a went And we came to the that through the seismic other the widespread, to folks were value that I'm of in added first, our to -- couple like there don't -- I on always have standpoint value we period tried the a frankly, think into a certainly data. And from And period particularly The that side. feel was that going has think were prices to recognized of there but our period, from play. there through base. would went side quite through when certainly was didn't speak. mistakes, And unconventionals oil so value That, oil that. it that some

that constrained. begin a level opinion place companies the the this, believe, locations, too said the up as you string, they and and ago. But they're -- itself providing structure, first drilling the cost in people I evaluate have as strategically years information, particularly I And But unconventional or certainly price so is more need stabilize that, the as be. have as did lends their way speak. see that we're think of always can. certainly, $XX to But unconventional starting what into it today conventional I that understand loosen We data, whether possibly to that, environment, to commodity prices and several to when needs wellbore that industry some and and to I'm number optimally constrained get at and don't we're know to to than being some

completion the seismic of And not part and that so the higher, we are confident majority, production of as companies plan. and are their utilizing believe and if drilling E&P information

so we've that that Permian of kind little -- We're the areas have extended certainly we up -- are in in Delaware. working of the bit. opening past we speak, areas, But That's seismic talked there's we we've to do where would have We work and concentrated acreage current thought been a data about year we areas a X information. have you outside ago. covered have that where the core core or of -- large

to number guys into back area, to to. listen companies to some that drilled, when need a go pulled There's these so be have can of uncompleted tremendous core into speak, finished. out some So locations you their these that -- drilling of there there's a that

And be rig there in a data so drastic they being is will drilling We it currently. yes, could in the probably do. future. count the same utilized lag count think up. our big But of time, time and possibly part the what Yes, at -- and be seismic it's completions, pickup fleet with between going frac and slowdown a

So to answer yes. it's your process. a think question We the to value-add is

forward. And drillable Certainly, so we think to drill demand. some to uncompleted going demand is slow, the got there now, but work begin will through be right said probably locations we've and as we've completions some

John Potratz

of But that It's on it looks on Dawson sort and you just to waiting with of crews, you've a all the to problem like develop. also maintaining done not a wait this lot this sounds keep there. while for control cost-cutting of like is -- you cost it realize your

and like severances backs You've cut some activities done indefinite in salaries.

you a survival So mode. the -- cut compliments in maybe to it making Dawson back good my

Steve Jumper

the our of in business. trying proactive for the be And it. we're but be are you, fantastic proactive thank trying been that, in very to control, not regards is and ahead we're Jay. environment everybody how on done and a -- we, difficult. department as It's Well, to stay every it's job company. With our reactive cost and I past, group think been approaching but be a But for to difficult has

Operator

Management. we'll City Gate Instructions] go of And Melby [Operator Capital next Michael

Michael Melby

market? very willingness during ability Congrats or consolidation on you for the seismic your results. good industry expand openness on the Could this difficult or for period

Steve Jumper

across would -- to point, look imminent -- beneficial space don't meaningful as I and that anything there this and see we that be continue that at or real Certainly, -- be at see the have, what's us. or we Mike, for but out look don't question. meaningful us. would anything I this for see point always Good is

Michael Melby

it. certainly, times well balance and thoughts huge here. you really cash of the through Can the the we're and maybe allocating And some talk as on asset your Board's Got going that cash or the you're potential out when repurchase pay and at guess, whole a you've taking price to, cash I even like and X -- got? looks it stock after the company company the a tough dividend a is about

Steve Jumper

we on capital -- And has of balance the basis a Mike, cash that say the of backgrounds. experiences about the and Certainly, board and and discussions than wide much sheet a I comment Board the our regular can't is position comprised range structure. other overall to really

within And shareholder significant some then as some well. some smart ownership. the financial shareholder folks got industry on -- And our and Board we've very some

capital And so position. And the company's with company. and our basis look always regards structure business routinely conservative Board the hard and a cash to an we've ongoing takes very a on been

both to a shareholders the to company we're looked level, considerations and Board earlier about with companies back consolidation. well. decisions all interest we the make concerns of -- past. take at trying continue look your and a just -- to we and we we'll has very TGC, think paid completed at both XXXX. one to those based transaction certainly beneficial back that. We've as dividend in on in been in the the Going have will question the And which and And And made the the best make are

So but And very appreciate know we've I answered the discussion had your much. in I your hope comments past, this question. I've

Michael Melby

a repurchase there program Yes. or shares question in to in share have provide -- commit but anything, that or opening wouldn't are, ready optionality Yes, cash. stewardship testament And available could are stocks a just a attractive at is to the forward. me of prices case asking to good going flexibility starting you some general

wanted I just as throw to well. So that

Steve Jumper

Understood.

Operator

question And our next investor. private [Bill Kim], from comes

Unidentified Analyst

the explain you're if on your -- relationship time the get you're understanding expense. And why I've how has you your the company. of general, your that depreciation that are between you shy works, CapEx, able to business how I'm depreciation? better And been kind economics you trying could to EBITDA CapEx? noticed of running in in of continued with investing able maintenance that two. And ongoing on to the spending sustain the What's are a

Steve Jumper

Okay. of that? CapEx phone little question regards the think correctly? Bill, apologize having sorry. our here. is question bit think. think I'm issues, I being question I But your was how level. our we're your below I to Sir, doing And well we understand Again, I Do in I a are depreciation

Unidentified Analyst

Yes.

put CapEx now, I trying guess, you're CapEx what if expense? So to -- And I'm understand kind versus sustainable of, is to you it that how simply, at maintenance your why much growth is CapEx? maintenance versus is a level depreciation larger

Steve Jumper

So I'll try to answer the question.

to probably speak. We have for months XX so, so capital been last or level a maintenance in the

think base. would that legacy in late have We some expenditure we purchased made off equipment equipment complementary the 'XX. our probably non-maintenance to was and supplementary market capital the last I been used

like XX wear some things would basically, spending in example, and rolling months suffer and through equipment, items, stock, to we, so have routine during our this usage. last And process shape. Having really things that just recording in be for strictly which good is for base maintenance batteries, said capital reduced the tear they equipment that, CapEx

of developed, basically in that repackaging technology, that of recording out being terms is which you position. -- that's capacity in and look current the equipment at have equipment is technology. there really recording some we there are got -- strong same are We've If the we

anything really spend. side, And type our CapEx on an type that any think both see standpoint, up so the have the spend to upgrade from time about that we equipment don't us good we base. coming asset recording the sourcing require a horizon large replacement And or feel would side on and that's CapEx we on

to and If conversion Dawson time 'XX, something cableless legacy million $XXX XXXX you merger that. XXXX to of companies -- the look close to cable combined X from about companies late TGC XXXX, prior -- like companies, to from recording had 'XX, Both equipment. and the back energy sources at the probably spent a in period of

speak. recording X-year other equipment what there's And a of been device state-of-the-art maintain the stay that maintain, age, able will same all the X do maintenance system. They're But so not in a to there's through new to technology In unbundled the and create the on X-, really thing words, devices. work a while the so been recording it's a battery is been to power there's to both cap, an able our side, a for recording sample device, -- sensor a would terms And out source and call And data the together that reporting -- we energy the steady. There's provide we've X-, side. channel. battery, range to vibrator in there better side. we've we've listening able devices

the uncommon spending is not that well So are we below in our level of CapEx industry. the depreciation

If look then combined had at pretty time, and And you spend back companies equipment the -- over gone new we've run periods I with legacy think CapEx long company, a of our on through companies bases. we've equipment.

to believe comfortable very requirements as that we'll equipment maintenance it well have near capital So with base in the our we're future. meet stands as and

Unidentified Analyst

I appreciate that.

the equipment fair recording in company the in if what it And test depreciating be case, of is that's say industry so kind has And perhaps than general longer to life the [indiscernible]. the will that for?

Steve Jumper

I'm what? What kind sorry? of

Unidentified Analyst

industry the would that in existing technology coming perhaps decrease of of the equipment? the of value this kind horizon are kind you seeing What on

Steve Jumper

very Well, a question. good that's

and size what States. top sources and from the United top trucking about here. to bit is If have gotten -- sources a we've of when look energy But sourcing could progressing better have history with the little lesson bigger. used that be hydraulics recording reached the with Energy better this kind think used side been we're better be of forward, in over side and those back But probably Middle of ones regards of probably the in the the of things, that years particularly East. you standpoint. electronics a been and systems. can kind things There bigger you have are a small that movement the some There on

comfortable there. we're So

cableless. channel from analog increase digital systems, towards the to count. telemetry-based made recording count we've the of to side, distributed channel growth On to an systems moving -- over years changes from All to

expandability there count so we scalability, with. We That pick to in speak, up cableless, a has that different out or recording there. is channel are on to systems several stayed down. so the happen move channel count, XXXX And platform can

can You other. from crew the move to one channels

have in change out This change. We're with some -- but of been systems, that bit a things not seen forward. through of come and being of a we to big is downturn. done really historically, downturn But where data a seeing different in downturn there managed. been so some work regards recording basically level vary data technology actual this terms there's not there just how little repackaging size. They technology. little a is collected the in in they're quality, vary They bit there's And

look on and on depends of don't time we a conversation see about the and We makes some that equipment an digital of those it it’s time of a life is about base so equipment asset, are of right anything rotation, used that really there in when how spend projects. to that maintained. that sensor -- we it’s how speak. are Now to our lot sometimes at time obsolete, concerned potentially maintenance and out certain from been been now types things you utilized, We

than going on schedule, equipment shape. was little the the well originally our a in very base. as It And well are very as out depreciation load so is we of asset a the where given be, get comfortable more from but just equipment to times, that we're this good may probably

Operator

over any or are for back queue, call additional the closing like no remarks. I'd Mr. further to Jumper questions There Stephen turn to in

Steve Jumper

taking Well, the thank I Cecilia. support. interest the time questions listen our second everybody want thank to months for X you, to the always appreciate to and XXXX We call. quarter in and

a in XX-plus continue and a want Once we sheet as is about and over The I improve time efficiencies productivities across we'll to a respond probably it particular, as is of continued to And our space difficult look past thank headwinds you proactively and days. time. as regards the that to to in seen talk sum maintain demand supply our I again Just company our thank well costs very up, the energy a you. economic to have in much, base we're activity our forward. we all and I thank ways employee tough hard work continue at cut very to going we'll the history. energy will want to to balance for as slowdown to issue, in year and well all shareholders. difficult but want continue our again, XX obviously, diligent in protect space. to There time Thank with very are, haven't base, to related facing client their Thank this and effort you breakdown overall as some in markets.

Operator

And you your disconnect. participation, this may today's conclude call. and for does now Thank you

Dawson Geophysical (DWSN) 1 Aug 202020 Q2 Earnings call transcript