XML 17 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Net revenues $ 19,714 $ 22,731 $ 33,750 $ 79,145
Impairment of multi-client data library 0 0 0 1,167
Gross profit 3,638 4,584 4,497 32,928
Operating expenses:        
Research, development and engineering 3,382 3,036 6,329 7,044
Marketing and sales 3,179 1,219 5,938 6,077
General, administrative and other operating expenses 4,458 5,801 9,845 14,803
Impairment of goodwill 0 0 0 4,150
Total operating expenses 11,019 10,056 22,112 32,074
Income (loss) from operations (7,381) (5,472) (17,615) 854
Interest expense, net (3,299) (3,414) (6,561) (6,635)
Other income (expense), net (4,070) [1] 6,771 [1] (4,677) [2] 7,200 [2]
Income (loss) before income taxes (14,750) (2,115) (28,853) 1,419
Income tax expense 8,776 3,052 1,927 8,926
Net loss (23,526) (5,167) (30,780) (7,507)
Less: Net income (loss) attributable to noncontrolling interests (60) (52) 31 25
Net loss attributable to ION $ (23,586) $ (5,219) $ (30,749) $ (7,482)
Net loss per share:        
Basic and Diluted (in dollars per share) $ (0.90) $ (0.37) $ (1.47) $ (0.53)
Weighted average number of common shares outstanding:        
Basic and Diluted (in shares) 26,198 14,241 20,967 14,236
Service [Member]        
Net revenues $ 12,366 $ 15,547 $ 19,830 $ 63,032
Cost of services and products 11,223 13,267 20,493 35,542
Product [Member]        
Net revenues 7,348 7,184 13,920 16,113
Cost of services and products $ 4,853 $ 4,880 $ 8,760 $ 9,508
[1] Includes loss on restructuring transactions of $4.7 million for the three and six months ended June 30, 2021 resulting from the exchange of the Company's Old Notes for New Notes.
[2] Includes amortization of government relief funding of $6.9 million for the three and six months ended June 30, 2020.