Note 2 - Segment and Geographic Information

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(2) Segment Information

The Company evaluates and reviews its results of operations based on two reporting segments: E&P Technology & Services and Operations Optimization. Refer to Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for information about each business segment’s business, products and services.

The segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Operating Decision Maker in determining how to allocate resources and evaluate performance. The Company measures segment operating results based on income (loss) from operations.

A summary of segment information follows (in thousands):

	Three Months Ended March 31,
	2021			2020
Net revenues:
E&P Technology & Services:
New Venture	$	1,087		$	1,441
Data Library		2,484			40,131
Total multi-client revenues		3,571			41,572
Imaging and Reservoir Services		3,665			4,942
Total	$	7,236		$	46,514
Operations Optimization:
Optimization Software & Services	$	2,844		$	4,427
Devices		3,956			5,473
Total	$	6,800		$	9,900
Total net revenues	$	14,036		$	56,414
Gross profit (loss):
E&P Technology & Services	$	(1,607	)	$	23,730		(a)
Operations Optimization		2,466			4,614
Total gross profit	$	859		$	28,344
Gross margin:
E&P Technology & Services		(22	)%		51	%
Operations Optimization		36	%		47	%
Total		6	%		50	%
Income (loss) from operations:
E&P Technology & Services	$	(4,853	)	$	17,952		(a)
Operations Optimization		(820	)		(3,259	)	(b)
Support and other		(4,561	)		(8,367	)
Income (loss) from operations		(10,234	)		6,326
Interest expense, net		(3,262	)		(3,221	)
Other income (expense), net		(607	)		429
Income (loss) before income taxes	$	(14,103	)	$	3,534

^(a) Includes impairment of multi-client data library of $1.2 million for the three months ended March 31, 2020.

^(b) Includes impairment of goodwill of $4.2 million for the three months ended March 31, 2020.

Intersegment sales are insignificant for all periods presented.