$DWSN
DAWSON GEOPHYSICAL CO

2023 Q3 Form 10-Q Financial Statement

#000155837023012571 Filed on July 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $22.96M $20.22M
YoY Change 548.98% 2095.33%
Cost Of Revenue $24.14M $19.91M
YoY Change 279.8% 396.04%
Gross Profit -$1.183M $313.0K
YoY Change -58.03% -110.12%
Gross Profit Margin -5.15% 1.55%
Selling, General & Admin $2.500M $2.977M
YoY Change -2.19% 23.27%
% of Gross Profit 951.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.014M $2.113M
YoY Change -15.13% -13.79%
% of Gross Profit 675.08%
Operating Expenses $28.65M $25.00M
YoY Change 153.85% 181.52%
Operating Profit -$5.692M -$4.777M
YoY Change -26.54% -39.97%
Interest Expense $22.00K $14.00K
YoY Change 450.0% 55.56%
% of Operating Profit
Other Income/Expense, Net $327.0K $143.0K
YoY Change 660.47% -48.19%
Pretax Income -$5.195M -$4.512M
YoY Change -31.82% -41.11%
Income Tax $3.000K -$82.00K
% Of Pretax Income
Net Earnings -$5.198M -$4.430M
YoY Change -31.63% -42.3%
Net Earnings / Revenue -22.64% -21.91%
Basic Earnings Per Share -$0.20 -$0.18
Diluted Earnings Per Share -$0.20 -$0.18
COMMON SHARES
Basic Shares Outstanding 25.00M 25.00M
Diluted Shares Outstanding 26.14M 25.00M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.20M $18.35M
YoY Change -24.72% -26.35%
Cash & Equivalents $13.89M $18.09M
Short-Term Investments $300.0K $265.0K
Other Short-Term Assets $12.50M $15.67M
YoY Change 5.12% 70.61%
Inventory
Prepaid Expenses
Receivables $5.953M $5.486M
Other Receivables $0.00 $0.00
Total Short-Term Assets $32.62M $39.51M
YoY Change -6.2% 10.1%
LONG-TERM ASSETS
Property, Plant & Equipment $19.90M $21.19M
YoY Change -14.79% -17.72%
Goodwill
YoY Change
Intangibles $368.0K $377.0K
YoY Change 1.94% -2.84%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $20.29M $21.57M
YoY Change -14.47% -17.5%
TOTAL ASSETS
Total Short-Term Assets $32.62M $39.51M
Total Long-Term Assets $20.29M $21.57M
Total Assets $52.90M $61.08M
YoY Change -9.55% -1.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.458M $5.447M
YoY Change 39.2% 410.02%
Accrued Expenses $1.900M $2.263M
YoY Change 29.96% 33.98%
Deferred Revenue $6.748M $9.099M
YoY Change 54.13% 518.14%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K $10.45M
YoY Change 331.03% 1901.15%
Total Short-Term Liabilities $15.69M $28.38M
YoY Change 40.82% 372.75%
LONG-TERM LIABILITIES
Long-Term Debt $1.100M $762.0K
YoY Change
Other Long-Term Liabilities $2.700M $2.979M
YoY Change -25.29% -23.0%
Total Long-Term Liabilities $3.808M $3.756M
YoY Change 4.79% -3.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.69M $28.38M
Total Long-Term Liabilities $3.808M $3.756M
Total Liabilities $19.50M $32.14M
YoY Change 31.96% 224.88%
SHAREHOLDERS EQUITY
Retained Earnings -$121.5M -$116.3M
YoY Change 10.8% 13.96%
Common Stock $157.0M $147.1M
YoY Change 0.86% -5.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.40M $28.94M
YoY Change
Total Liabilities & Shareholders Equity $52.90M $61.08M
YoY Change -9.55% -1.53%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$5.198M -$4.430M
YoY Change -31.63% -42.3%
Depreciation, Depletion And Amortization $2.014M $2.113M
YoY Change -15.13% -13.79%
Cash From Operating Activities -$3.290M $7.571M
YoY Change -29.84% -29.77%
INVESTING ACTIVITIES
Capital Expenditures $600.0K $415.0K
YoY Change -260.0% -719.4%
Acquisitions
YoY Change
Other Investing Activities $140.0K $20.00K
YoY Change 197.87% -84.85%
Cash From Investing Activities -$460.0K -$395.0K
YoY Change 40.24% -707.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -280.0K -230.0K
YoY Change -60.4% -41.62%
NET CHANGE
Cash From Operating Activities -3.290M 7.571M
Cash From Investing Activities -460.0K -395.0K
Cash From Financing Activities -280.0K -230.0K
Net Change In Cash -4.030M 6.946M
YoY Change -29.59% -33.54%
FREE CASH FLOW
Cash From Operating Activities -$3.290M $7.571M
Capital Expenditures $600.0K $415.0K
Free Cash Flow -$3.890M $7.156M
YoY Change -9.83% -34.03%

Facts In Submission

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PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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dwsn Proceeds From Contributions Payments Of Distributions From Controlling Shareholder
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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dwsn Deemed Contribution Of Net Assets
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NetIncomeLoss
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CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2022Q2 dwsn Controlling Shareholder Cash Contributions
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">1. ORGANIZATION AND NATURE OF OPERATIONS </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Dawson Geophysical Company (the “Company”) is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States (“U.S.”) and Canada. The Company acquires and processes 2-D, 3-D and multicomponent seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries. </p>
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us-gaap Contract With Customer Liability Revenue Recognized
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dwsn Threshold Period Past Due For Allowance For Doubtful Accounts Evaluation Of Trade Accounts Receivable
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us-gaap Property Plant And Equipment Impairment
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Impairment of Long-lived Assets</i><i style="font-style:italic;">. </i>Long-lived assets are reviewed for impairment when triggering events occur suggesting deterioration in the assets’ recoverability or fair value. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the assets and the fair value of the assets is below the carrying value of the assets. Management’s forecast of future cash flows used to perform impairment analysis includes estimates of future revenues and expenses based on the Company’s anticipated future results while considering anticipated future oil and natural gas prices, which is fundamental in assessing demand for the Company’s services. If the carrying amounts of the assets exceed the estimated expected undiscounted future cash flows, the Company measures the amount of possible impairment by comparing the carrying amount of the assets to the fair value.</p>
us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates in the Preparation of Financial Statements.</i> Preparation of the accompanying financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.</p>
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CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Capitalized Contract Cost Amortization
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us-gaap Capitalized Contract Cost Impairment Loss
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CY2022Q1 us-gaap Contract With Customer Liability Current
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CY2022Q2 us-gaap Contract With Customer Liability Current
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FinanceLeaseLiabilityNetOfImputedInterestPaymentsDueInNextRollingTwelveMonths
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CY2023Q2 dwsn Finance Lease Liability Net Of Imputed Interest Payments Due In Rolling Year Two
FinanceLeaseLiabilityNetOfImputedInterestPaymentsDueInRollingYearTwo
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CY2023Q2 dwsn Finance Lease Liability Net Of Imputed Interest Payments Due In Rolling Year Three
FinanceLeaseLiabilityNetOfImputedInterestPaymentsDueInRollingYearThree
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CY2023Q2 dwsn Finance Lease Liability Net Of Imputed Interest Payments Due In Rolling Year Four
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CY2023Q2 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
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CY2023Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
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CY2023Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
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CY2023Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
FinanceLeaseLiabilityPaymentsDueInRollingYearFour
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q2 us-gaap Finance Lease Liability Payments Due
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CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Operating Lease Liability
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CY2023Q2 us-gaap Finance Lease Liability
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Assets
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CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2022Q4 dwsn Equity Attributable To Controlling Shareholder
EquityAttributableToControllingShareholder
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CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q2 us-gaap Cost Of Revenue
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CY2022Q2 us-gaap Costs And Expenses
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CY2022Q2 us-gaap Investment Income Interest
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CY2022Q2 us-gaap Interest Expense
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CY2022Q2 us-gaap Other Nonoperating Income Expense
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CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q2 us-gaap Income Tax Expense Benefit
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CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2022Q2 us-gaap Comprehensive Income Net Of Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Cost Of Revenue
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us-gaap General And Administrative Expense
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us-gaap Costs And Expenses
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us-gaap Income Tax Expense Benefit
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us-gaap Net Income Loss
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Profit Loss
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us-gaap Depreciation Depletion And Amortization
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dwsn Non Cash Operating Lease Costs
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us-gaap Share Based Compensation
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-440000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1734000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
142000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
242000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
100000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
713000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
18000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
79000
us-gaap Proceeds From Sale Of Treasury Stock
ProceedsFromSaleOfTreasuryStock
113000
dwsn Proceeds From Contributions Payments Of Distributions From Controlling Shareholder
ProceedsFromContributionsPaymentsOfDistributionsFromControllingShareholder
3871000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3174000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-192000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4816000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30376000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35192000
us-gaap Interest Paid Net
InterestPaidNet
20000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
7000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
527000
dwsn Financed Insurance Premium
FinancedInsurancePremium
944000
dwsn Deemed Contribution Of Net Assets
DeemedContributionOfNetAssets
6472000

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