Dawson Geophysical Co (DWSN) 2021 Q3 法說會逐字稿

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.

管理階層在本次電話會議中就未來事件的預測、估計或其他預期所作的陳述，或提供除歷史事實以外的任何資訊的陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

These forward-looking statements are based on management's current expectations and include known and unknown risks and 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 material -- materially differ from any future results of performance expressed or implied by those statements.

這些前瞻性陳述是基於管理層目前的預期，包括已知和未知的風險和不確定性以及其他因素，其中許多是公司無法預測或控制的，可能導致公司的實際未來結果或業績與這些陳述表達或暗示的任何未來業績結果存在重大差異。

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 16, 2021, and any subsequent quarterly reports on Form 10-Q filed with the SEC.

這些風險和不確定因素包括公司在向美國證券交易委員會提交的文件中不時披露的風險因素，包括公司於2021年3月16日向美國證券交易委員會提交的10-K表年度報告，以及任何後續向美國證券交易委員會提交的10-Q表季度報告。

Furthermore, as we start this call, please also refer to the statement regarding forward-looking statements incorporated in the company's press release issued this morning and the company's press release issued on October 25, 2021, regarding the merger agreement with Wilks Brothers LLC.

此外，當我們開始本次電話會議時，請同時參閱本公司今天上午發布的新聞稿中關於前瞻性陳述的聲明以及本公司於 2021 年 10 月 25 日發布的有關與 Wilks Brothers LLC 的合併協議的新聞稿。

And please note that the contents of the company's conference call this morning is covered by those statements.

請注意，這些聲明涵蓋了公司今天上午電話會議的內容。

During this conference call, management will make references to EBITDA, which is a non-GAAP financial measure.

在本次電話會議中，管理階層將提到非公認會計準則 (GAAP) 財務指標 EBITDA。

A reconciliation of the non-GAAP measure to the applicable GAAP measure can be found in the company's current earnings release, a copy of which is located on the company's website, www.dawson3d.com.

非 GAAP 指標與適用 GAAP 指標的對帳表可在公司目前的收益報告中查閱，其副本可在公司網站 www.dawson3d.com 上找到。

Management will discuss the pending transaction with Wilks Brothers, LLC, including the tender offer during this conference call.

管理層將在本次電話會議中與 Wilks Brothers, LLC 討論待決交易，包括要約收購。

For further information regarding the tender offer and merger with Wilks Brothers, LLC please refer to the scheduled TO filed by WB Acquisitions Inc., a subsidiary of Wilks Brothers, LLC on November 1, 2021.

有關要約收購和與 Wilks Brothers, LLC 合併的更多信息，請參閱 Wilks Brothers, LLC 的子公司 WB Acquisitions Inc. 於 2021 年 11 月 1 日提交的預定要約收購。

The company's Solicitation/Recommendation Statement on Schedule 14D-9 filed on November 1, 2021 and the full text of the merger agreement, which was filed as an exhibit to the company's current report on Form 8-K on October 25, 2021.

該公司於 2021 年 11 月 1 日提交的 14D-9 表上的招攬/推薦聲明以及合併協議全文，該協議全文於 2021 年 10 月 25 日作為公司 8-K 表當前報告的附件提交。

This call is scheduled for 30 minutes, and the company will not provide any guidance.

這次電話會議持續時間為30分鐘，公司不會提供任何指導。

Today's call is being recorded.

今天的通話正在錄音。

I would now like to turn the call over to Stephen Jumper, Chairman, President and CEO of Dawson Geophysical Company.

現在，我想將電話轉給道森地球物理公司董事長、總裁兼執行長 Stephen Jumper。

Please go ahead, sir.

先生，請繼續。

Well, thank you, Paula.

好吧，謝謝你，保拉。

Good morning, and welcome to Dawson Geophysical Company's Third Quarter 2021 Earnings and Operations Conference Call.

早上好，歡迎參加道森地球物理公司 2021 年第三季財報和營運電話會議。

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

正如 Paula 所說，我的名字是 Steve Jumper，是公司董事長、總裁兼執行長。

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

和我一起參加電話會議的還有執行副總裁兼財務長 Jim Brata。

Later during this call, I will touch on the recently announced tender offer for all shares of Dawson made by Wilks Brothers, LLC.

在本次電話會議的稍後部分，我將談談 Wilks Brothers, LLC 最近宣布的 Dawson 所有股份的要約收購。

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

在我們開始通話之前，我只想談幾件事。

If you would like to listen to a replay of today's call, it will be available via webcast by going to the Investor Relations section of the company's website at www.dawson3d.com.

如果您想收聽今天電話會議的重播，可透過網路直播收聽，網址為：www.dawson3d.com，網址為「投資人關係」部分。

Information reported on this call speaks only of today, Thursday, November 4, 2021, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening.

本次通話中報告的信息僅代表今天，即 2021 年 11 月 4 日，星期四的信息，因此，請注意，截至重播收聽時，時間敏感信息可能不再準確。

Turning to our preliminary third quarter ended September 30, 2020 financial results.

談到我們截至 2020 年 9 月 30 日的第三季初步財務表現。

For the third quarter ended September 30, 2020, the company reported revenues of $1.9 million, a decrease of approximately 78% compared to $8.7 million for the quarter ended September 30, 2020.

截至 2020 年 9 月 30 日的第三季度，該公司報告的收入為 190 萬美元，較截至 2020 年 9 月 30 日的季度的 870 萬美元下降約 78%。

For the third quarter of 2021, the company reported a net loss of $7.9 million or $0.33 loss per common share compared to a net loss of $7.8 million or $0.33 loss per common share for the quarter ended September 30, 2020.

2021 年第三季度，該公司報告淨虧損為 790 萬美元，即每股普通股虧損 0.33 美元，而截至 2020 年 9 月 30 日的季度淨虧損為 780 萬美元，即每股普通股虧損 0.33 美元。

The company reported EBITDA of negative $4.7 million for the quarter ended September 30, 2020, compared to EBITDA of negative $3.8 million for the quarter ended September 30, 2020.

該公司報告稱，截至 2020 年 9 月 30 日當季的 EBITDA 為負 470 萬美元，而截至 2020 年 9 月 30 日當季的 EBITDA 為負 380 萬美元。

Activity levels during the third quarter of 2021 remained depressed as the company had one seismic data acquisition crew operating in the Lower 48 with extended periods of low utilization.

2021 年第三季的活動水準仍然低迷，因為該公司在美國本土 48 個州運營的一支地震資料採集隊長期處於低利用率狀態。

The company's one active crew was idled from early September to mid-October.

該公司一支現役隊伍從 9 月初到 10 月中旬處於閒置狀態。

The near-term outlook for onshore seismic data acquisition activity in the U.S. remains challenged, notwithstanding the currently elevated prices for oil and natural gas.

儘管目前石油和天然氣價格高漲，但美國陸上地震資料採集活動的近期前景仍面臨挑戰。

Based on currently available information, the company's one active Lower 48 crew resumed operation in mid-October on a small few thousand channel count projects with a duration of approximately 7 days and is further scheduled through early February of 2022 with current projects of various sizes and channel count requirements, the largest of which is 65,000 channels with a duration of approximately 45 days.

根據目前掌握的信息，該公司一支活躍的美國本土 48 個團隊已於 10 月中旬恢復運營，開展了一些小型的幾千個通道數項目，持續時間約為 7 天，並且計劃持續到 2022 年 2 月初，當前項目規模和通道數要求各不相同，其中最大的項目有 65,000 個通道，持續時間約為 45 天。

The Canadian season began earlier than in recent years.

加拿大的產季比往年開始得早。

The company expects to operate 2 crews in Canada in the back half of the fourth quarter of 2021 through the end of the winter season, which concludes at the end of the first quarter of 2022.

該公司預計將在 2021 年第四季後半段至冬季結束（2022 年第一季末結束）期間在加拿大運營 2 個作業隊。

The company has or anticipates to be awarded several additional midsized projects in the Lower 48, each of which will be pushed into late 2022, primarily due to land access issues.

該公司已經或預計將在美國本土 48 個州中贏得幾個額外的中型項目，每個項目都將推遲到 2022 年底，主要原因是土地獲取問題。

Bid activity remains at historically low levels and visibility into 2022 is limited in the Lower 48.

投標活動仍處於歷史最低水平，美國本土 48 州 2022 年的前景可預見性有限。

Due to a lack of demand for onshore seismic data acquisition projects in both Canada and the Lower 48, prices for our service has softened in the last quarter.

由於加拿大和美國本土 48 個州對陸上地震資料收集計畫的需求不足，我們服務的價格在上個季度有所下降。

I will now turn control of the call over to Jim Brata, who will review the financial results.

現在我將把通話控制權交給 Jim Brata，他將審查財務結果。

Then I will return with some final remarks and our outlook into the fourth quarter of 2021 and first quarter of 2022, and I will touch on the recently announced tender offer for all shares of Dawson made by Wilks Brothers, LLC.

然後，我將回來做一些最後的評論和我們對 2021 年第四季度和 2022 年第一季的展望，並且我將談談最近宣布的 Wilks Brothers, LLC 對 Dawson 所有股份的要約收購。

Jim?

吉姆？

Thank you, Steve, and good morning.

謝謝你，史蒂夫，早安。

Revenues for the third quarter of 2021 were $1.9 million, a decrease of approximately 78% compared to $8.7 million for the quarter ended September 30, 2020.

2021 年第三季的營收為 190 萬美元，與截至 2020 年 9 月 30 日的季度的 870 萬美元相比下降約 78%。

As stated in our earnings release issued this morning, the company's one active crew was idle from early September to mid-October.

正如我們今天早上發布的收益報告中所述，該公司一個現役團隊從 9 月初到 10 月中旬處於閒置狀態。

Cost of services in the third quarter of 2021 was $4 million, a decrease of 58% compared to $9.4 million in the same quarter of 2020.

2021 年第三季的服務成本為 400 萬美元，較 2020 年同期的 940 萬美元下降 58%。

General and administrative expenses were $2.4 million in the third quarter of 2021, a decrease of 25% compared to $3.3 million in the third quarter of 2020.

2021 年第三季的一般及行政費用為 240 萬美元，較 2020 年第三季的 330 萬美元下降 25%。

Depreciation and amortization expense in the third quarter of 2021 was $3.2 million, a decrease of 21% compared to $4.1 million in the same quarter of 2020.

2021年第三季的折舊和攤提費用為320萬美元，較2020年同期的410萬美元下降21%。

Net loss for the third quarter of 2021 was $7.9 million or $0.33 loss per common share compared to a net loss of $7.8 million or $0.33 loss per common share in the third quarter of 2020.

2021 年第三季淨虧損為 790 萬美元，即每股普通股虧損 0.33 美元，而 2020 年第三季淨虧損為 780 萬美元，即每股普通股虧損 0.33 美元。

EBITDA in the third quarter of 2021 was negative $4.7 million compared to EBITDA of negative $3.8 million in the same period of 2020.

2021 年第三季的 EBITDA 為負 470 萬美元，而 2020 年同期的 EBITDA 為負 380 萬美元。

An EBITDA reconciliation was provided in our earnings release issued this morning.

我們今天早上發布的收益報告中提供了 EBITDA 對帳表。

Now I will cover some results for the 9 months ended September 30, 2021.

現在，我將介紹截至 2021 年 9 月 30 日的 9 個月的一些結果。

Revenues for the 9 months ended September 30, 2021, were $13.9 million, a decrease of approximately 82% compared to $77.2 million for the 9 months ended September 30, 2020.

截至 2021 年 9 月 30 日的 9 個月的收入為 1,390 萬美元，較截至 2020 年 9 月 30 日的 9 個月的 7,720 萬美元下降約 82%。

Cost of services for the 9 months ended September 30, 2021, was $18.2 million, a decrease of 69% compared to $58.2 million in the same period of 2020.

截至 2021 年 9 月 30 日的 9 個月的服務成本為 1,820 萬美元，較 2020 年同期的 5,820 萬美元下降 69%。

General and administrative expenses were $8 million for the 9 months ended September 30, 2021, a decrease of 29% compared to $11.2 million in the same period a year ago.

截至 2021 年 9 月 30 日的 9 個月的一般及行政費用為 800 萬美元，較去年同期的 1,120 萬美元下降 29%。

Depreciation and amortization expenses were $10.4 million for the 9 months ended September 30, 2021, a decrease of 25% compared to $13.4 million in the same period a year ago.

截至 2021 年 9 月 30 日的 9 個月的折舊和攤銷費用為 1,040 萬美元，較去年同期的 1,340 萬美元減少 25%。

Net loss for the 9 months ended September 30, 2021, was $22.1 million or $0.94 loss per common share compared to a net loss of $5.3 million or $0.23 loss per common share for the 9 months ended September 30, 2020.

截至 2021 年 9 月 30 日的 9 個月的淨虧損為 2,210 萬美元，或每股普通股虧損 0.94 美元，而截至 2020 年 9 月 30 日的 9 個月的淨虧損為 530 萬美元，或每股普通股虧損 0.23 美元。

EBITDA for the 9 months ended September 30, 2021, was negative $12.2 million compared to a positive EBITDA of $7.8 million in the same period of 2020.

截至 2021 年 9 月 30 日的 9 個月的 EBITDA 為負 1,220 萬美元，而 2020 年同期的 EBITDA 為正 780 萬美元。

An EBITDA reconciliation was provided in our earnings release issued this morning.

我們今天早上發布的收益報告中提供了 EBITDA 對帳表。

And now I'll highlight some balance sheet items.

現在我將重點介紹一些資產負債表項目。

As of September 30, 2021, our balance sheet includes debt, including obligations under financing leases, of approximately $256,000.

截至 2021 年 9 月 30 日，我們的資產負債表包括債務（包括融資租賃項下的義務）約 256,000 美元。

Cash and short-term investments of $41.6 million, our current ratio was 8.8:1 and working capital was approximately $39.4 million.

現金和短期投資為 4,160 萬美元，我們的流動比率為 8.8:1，營運資金約為 3,940 萬美元。

And with that, I'll turn the call back to Steve for some comments on our operations and the recently announced tender offer for all shares of Dawson made by Wilks Brothers, LLC.

說完這些，我將把電話轉回給史蒂夫，請他對我們的營運以及最近宣布的威爾克斯兄弟有限責任公司 (Wilks Brothers, LLC) 對道森 (Dawson) 所有股份的收購要約發表一些評論。

Well, thank you, Jim.

好吧，謝謝你，吉姆。

As indicated in our third quarter earnings release issued this morning, activity levels in the third quarter of 2021 remain depressed as the company had one seismic data acquisition crew operating in the Lower 48 with extended periods of low utilization.

正如我們今天早上發布的第三季財報中所指出的，2021 年第三季的活動水準仍然低迷，因為該公司在美國本土 48 個州運營的一支地震資料採集隊長期處於低利用率狀態。

Bid activity remains at historically low levels and visibility into 2022 is limited in Lower 48.

投標活動仍處於歷史最低水平，美國本土 48 州 2022 年的前景可預見性有限。

Due to lack of demand for onshore seismic data acquisition projects in both Canada and the Lower 48, prices for our services softened in the last quarter.

由於加拿大和美國本土 48 個州對陸上地震資料收集計畫的需求不足，我們服務的價格在上個季度有所下降。

The company's balance sheet includes $41.6 million of cash, restricted cash and short-term investments, $325,000 in accounts receivable and 39.3 -- excuse me, $39.4 million of working capital as of September 30, 2021 compared to $46.5 million of cash, restricted cash and short-term investments, $7.3 million in accounts receivable and $51.4 million of working capital as of December 31, 2020.

該公司的資產負債表包括 4,160 萬美元的現金、受限現金和短期投資、325,000 美元的應收帳款和 39.3——對不起，截至 2021 年 9 月 30 日的 3,940 萬美元營運資金，而截至 2020 年 12 月 31 日的現金、受限資金和短期投資

The company's balance sheet also reflects negative $975,000 of net working capital, excluding the impact of cash, restricted cash and short-term investments and current maturities of notes payable and finance leases and operating lease liabilities as of September 30, 2021.

該公司的資產負債表還反映出截至 2021 年 9 月 30 日的淨營運資本為負 975,000 美元，不包括現金、受限現金和短期投資以及應付票據和融資租賃和經營租賃負債的當前到期日的影響。

This compares to $5.8 million of net working capital, excluding the impact of cash, restricted cash and short-term investments and current maturities of notes payable and finance leases and operating lease liabilities as of December 31, 2020.

相較之下，截至 2020 年 12 月 31 日，不包括現金、受限現金和短期投資以及應付票據和融資租賃和經營租賃負債的當前到期日的影響，淨營運資本為 580 萬美元。

Accounts receivable have decreased from $7.3 million at December 31, 2020, to the current level of $325,000 at September 30, 2021.

應收帳款從 2020 年 12 月 31 日的 730 萬美元減少至 2021 年 9 月 30 日的當前水準 325,000 美元。

Due to declining net working capital levels resulting from the down-trending North American onshore seismic services business and accelerating in 2019, the company significantly reduced its level of capital expenditures below typical historic levels.

由於北美陸上地震服務業務下滑導致淨營運資本水準下降，且2019年下降速度加快，該公司大幅削減了資本支出，使其低於歷史正常水準。

To date, in 2021, the company has made only $329,000 of capital expenditures against an initial 2021 capital budget of $1 million.

截至目前，2021 年該公司僅進行了 329,000 美元的資本支出，而 2021 年最初的資本預算為 100 萬美元。

The continuing reduction in current assets and net working capital level since December 31, 2020, is attributable to the inability of the company to maintain the cash-neutral position because of declining revenue stream and its ongoing cash requirements to maintain staffing level necessary to serve as existing and anticipated client projects even at the company's reduced headcount levels.

自2020年12月31日以來，流動資產和淨營運資本水準持續減少，原因是公司因收入流減少而無法維持現金中性狀況，並且即使公司員工人數減少，仍需要持續的現金來維持為現有和預期的客戶項目提供服務所需的人員水平。

Until demand for North American onshore seismic services dramatically increases, which the company does not foresee at this time based on presently available information as noted above and below, we believe that downward pressure on cash and net working capital balances will continue and that we will face challenges in making the significant capital investments necessary to grow our revenue stream if and when demand increases.

在北美陸上地震服務需求大幅增加之前（根據上述和下述的現有信息，公司目前無法預見這一情況），我們認為現金和淨營運資本餘額的下行壓力將持續存在，並且當需求增加時，我們將面臨進行增加收入來源所需的重大資本投資的挑戰。

The current environment in which we operate is like none other experience in my near 37-year career with the company.

我們目前營運的環境與我在公司近 37 年的職業生涯中經歷過的任何環境都不一樣。

Despite recent significant increases in oil and natural gas prices, capital spending levels within our North American onshore client base has only slightly improved in 2021 and is not anticipated to increase meaningfully in 2022 and possibly thereafter.

儘管最近石油和天然氣價格大幅上漲，但我們北美陸上客戶群的資本支出水準在 2021 年僅略有改善，預計在 2022 年及以後不會有顯著增長。

Spending levels in 2022 are anticipated like 2021 to be well below 2019 and prior year levels.

預計 2022 年的支出水準將與 2021 年一樣遠低於 2019 年及之前的水準。

Further growth in capital spending allocated to exploration activities remains very limited, as customers focus on lower risk production and drilling opportunities.

由於客戶注重低風險生產和鑽探機會，分配給勘探活動的資本支出的進一步增長仍然非常有限。

Exploration and production, E&P companies, are continuing on their path of capital discipline, focusing on shareholder returns and debt reduction while maintaining spending levels well below cash flow as referenced in several recent Wall Street Journal articles.

勘探和生產 (E&P) 公司正在繼續其資本紀律的道路，專注於股東回報和減少債務，同時將支出水平保持在遠低於現金流的水平，正如最近幾篇《華爾街日報》的文章所提到的。

In addition, our multiclient customers are capital constrained as well, as their underwriting levels are based upon capital commitments on behalf of the E&P companies.

此外，我們的多客戶客戶也受到資本限制，因為他們的承保水準是基於代表 E&P 公司的資本承諾。

Therefore, the majority of our current bid activity remains contingent upon capital commitments from both client communities, which in turn leads to ongoing levels of project uncertainty.

因此，我們目前的大部分投標活動仍然取決於兩個客戶群的資本承諾，這反過來又導致專案不確定性持續存在。

I will now provide an update on the pending transaction with Wilks Brothers, LLC.

我現在將提供與 Wilks Brothers, LLC 正在進行的交易的最新進展。

As previously announced on October 25, 2021, the company has entered into a definitive merger agreement with Wilks Brothers, LLC pursuant to which a subsidiary of Wilks has commenced as of November 1, 2021, a tender offer to acquire all the company's outstanding common shares for $2.34 per share in cash.

正如先前於 2021 年 10 月 25 日宣布的那樣，該公司已與 Wilks Brothers, LLC 簽訂了最終合併協議，根據該協議，Wilks 的一家子公司已於 2021 年 11 月 1 日起開始以每股 2.34 美元的現金收購該公司所有流通在外的普通股的要約。

The offer will remain open until November 30, 2021, subject to potential extensions in certain circumstances.

此優惠有效期至 2021 年 11 月 30 日，但在某些情況下可能會延長。

The tender offer is subject to customary conditions, including the tender of a number of company shares pursuant to the offer that together with company shares been owned by Wilks and its affiliates, represents at least 80% of then outstanding company shares.

該要約收購需滿足常規條件，包括根據要約收購的股票數量，加上威爾克斯及其附屬公司所持有的公司股票，佔當時已發行公司股票的至少 80%。

As provided in the merger agreement, Wilks has the option but not the obligation and subject to company's consent to close the offer even if the 80% minimum condition has not been satisfied.

根據合併協議的規定，即使未滿足 80% 的最低條件，威爾克斯也有選擇權（但沒有義務）結束要約，且須經公司同意。

The transaction is not subject to a financing condition.

此次交易不受融資條件的限制。

Subject to the closing of the offer, the merger agreement also contemplates that Wilks will acquire any shares of Dawson that are not tendered into the offer through a second step merger at the offer price which will be completed as soon as practicable following the closing of the offer and require approval of at least 80% of the outstanding shares of the company.

在要約完成的前提下，合併協議還設想，威爾克斯將透過第二步合併以要約價格收購未納入要約的任何道森股份，第二步合併將在要約完成後儘快完成，並需要獲得公司至少 80% 流通股的批准。

Subject to the closing of the offer, the parties expect to complete the merger in the fourth quarter of 2021.

在要約達成的前提下，雙方預計將在 2021 年第四季完成合併。

Moelis & Company LLC is serving as exclusive financial adviser to the company and Baker Botts L.L.P.

Moelis & Company LLC 擔任該公司和 Baker Botts L.L.P. 的獨家財務顧問。

serving as company's legal adviser.

擔任公司法律顧問。

In evaluating the merger agreement and the transactions, the Board consulted with the company's management team, Baker Botts as outside legal counsel and Moelis as outside financial advisers.

在評估合併協議和交易時，董事會諮詢了公司管理團隊、Baker Botts（外部法律顧問）和Moelis（外部財務顧問）。

The Board has unanimously approved the merger agreement and determined that the terms of the merger agreement and the transaction, including the offer and the merger are advisable and in the best interest of the company's shareholders.

董事會一致批准了合併協議，並確定合併協議和交易的條款（包括要約和合併）是可取的，符合公司股東的最佳利益。

The Board, with the assistance of Moelis commenced an ongoing review and analysis of the company's potential strategic opportunities and alternatives in mid-2019 to enhance and preserve shareholder value.

董事會在 Moelis 的協助下於 2019 年中期開始持續審查和分析公司的潛在策略機會和替代方案，以提高和維持股東價值。

In 2019, it became apparent that spending levels on behalf of exploration and production companies were changing as energy investors became focused on returns and not growth.

2019年，隨著能源投資者開始注重回報而不是成長，勘探和生產公司的支出水準顯然正在改變。

About that time, demand for North American seismic services began to decline and the company reduced its own CapEx spending in response to market conditions.

大約在那個時候，北美地震服務的需求開始下降，該公司根據市場狀況減少了自己的資本支出。

During the same period, company management commenced efforts to scale the company to match the declining demand for its seismic services.

在同一時期，公司管理階層開始努力擴大公司規模，以滿足日益下降的地震服務需求。

In reaching its decision to enter into the transaction with Wilks, the Board has thoroughly considered the potential strategic options available to the company, which are well chronicled in our recent SEC 14D-9 filing, the current and long-term prospects for the company and the sector in which it operates, including the lack of meaningful and sustainable demand for North American onshore seismic services, as well as an ongoing skilled labor shortage required to meet any potential increase in demand.

在做出與威爾克斯進行交易的決定時，董事會已徹底考慮了公司可用的潛在戰略選擇，這些選擇在我們最近提交的 SEC 14D-9 文件中有詳細記錄，還考慮了公司及其所在行業的當前和長期前景，包括對北美陸上地震服務缺乏有意義和可持續的需求，以及滿足任何潛在需求增長所需的持續熟練勞動力短缺。

Further, the company management team, including myself, has advised the Board that until demand for North American seismic services dramatically increases which the company does not foresee at this time based on presently available information, it believes that downward pressure on cash and working capital balances will continue even if the company undertakes further rightsizing efforts relative to demand, and the company will face challenges in making significant capital investments necessary to grow its revenue stream if and when demand increases.

此外，包括我在內的公司管理團隊已告知董事會，在北美地震服務需求大幅增加（根據目前可用的信息，公司目前無法預見這種情況）之前，即使公司根據需求進一步進行調整，現金和營運資本餘額仍將面臨下行壓力，而且當需求增加時，公司將面臨增加收入來源所需的重大資本投資挑戰。

The Board believes that this transaction presents all the company's shareholders with a compelling value for their shares and opportunity to achieve liquidity for their shares at the offer price without putting pressure on the share price and is most optimal path forward and is in the best interest of the shareholders.

董事會認為，此項交易為全體公司股東提供了極具吸引力的股份價值，並讓他們有機會以報價實現股份的流動性，而不會對股價造成壓力，這是最優的前進道路，符合股東的最佳利益。

And unanimously recommending that shareholders accept the offer and tender their shares pursuant to the offer, the Board considered numerous factors, including the following and among others and not necessarily in order of relative importance.

董事會一致建議股東接受要約並根據要約投標其股份，並考慮了許多因素，包括以下因素以及其他因素（不一定按相對重要性排序）。

Beginning in early 2019, I began regularly reporting to the Lead Director of our Board regarding strategic outlook, consideration of actions the company could take to preserve and enhance shareholder value and industry headwinds.

從 2019 年初開始，我開始定期向董事會首席董事匯報策略前景、公司為維護和提高股東價值以及產業逆風可採取的行動考量。

At regularly scheduled Board meetings, the Board discussed potential strategies to return capital to shareholders, such as share buyback programs or cash dividend.

在定期的董事會上，董事會討論了向股東返還資本的潛在策略，例如股票回購計畫或現金股利。

The Board also discussed the outlook and potential strategic options and the potential engagement of a financial adviser to assist with assessing the market and potential strategic options for the company.

董事會也討論了前景和潛在的策略選擇，以及聘請財務顧問協助評估公司市場和潛在策略選擇的可能性。

On July 22, 2019, at the direction of the board, the company engaged Moelis as its exclusive financial adviser to assist it -- in evaluating the potential strategic opportunities available to the company.

2019年7月22日，根據董事會的指示，公司聘請Moelis作為其獨家財務顧問，協助公司評估其可獲得的潛在策略機會。

The company engaged Moelis after interviewing other potential advisers due to their extensive industry experience and their independence from the company.

由於 Moelis 擁有豐富的行業經驗並且獨立於公司，該公司在面試了其他潛在顧問後，最終聘請了他們。

The Board further determined that Baker Botts, the company's principal outside counsel should continue in such role, including representing the company in evaluating potential strategic opportunities.

董事會進一步決定，公司首席外部法律顧問 Baker Botts 應繼續擔任該職務，包括代表公司評估潛在的策略機會。

On September 24, 2019, the Board held a meeting in Dallas, Texas, at which representatives from Moelis and Baker Botts were present as well as certain members of senior management of the company.

2019 年 9 月 24 日，董事會在德克薩斯州達拉斯舉行會議，Moelis 和 Baker Botts 的代表以及公司部分高級管理人員出席了會議。

Moelis reviewed the company's market performance and outlook, financial considerations relating to multiple potential transaction structures, including a bolt-on acquisition, a transformational transaction, strategic venture or merger candidates and a potential sale of the company.

Moelis 審查了該公司的市場表現和前景，以及與多種潛在交易結構相關的財務考慮，包括附加收購、轉型交易、戰略合資或合併候選人以及潛在的公司出售。

Following this meeting at the instruction of the board, Moelis engaged in preliminary and informal conversations with multiple potential transaction partners.

在董事會的指示下，本次會議結束後，Moelis 與多個潛在交易夥伴進行了初步和非正式的對話。

After considering the actions, events and processes described under background of offer and merger in our 14D-9 filing and taking into consideration the factors described under reasons for recommendation in the 14D-9 filing, the Board unanimously determined and declared the tender offer and the merger with the Wilks were advisable in the best interest of the company and its shareholders, approved and declared and advisable that the company entered into the merger agreement with Wilks Brothers, LLC and consummate the transactions contemplated thereby, recommended the shareholders of the company other than Wilks Brothers, LLC and its subsidiaries tender their shares in the offer and if applicable, approve the merger.

在考慮了我們 14D-9 文件中要約和合併背景部分所述的行動、事件和過程，並考慮到 14D-9 文件中要約和合併背景部分所述的行動、事件和過程，並考慮到 14D-9 文件中要約和合併背景部分所述的行動、事件和過程，並考慮到 14D-9 文件中建議理由部分所述的因素後，董事會一致決定並宣布要約收購和與威爾克斯的合併符合公司及其股東的最佳利益，批准並宣布投標公司與威爾克斯兄弟的股份

Each action taken by the Board as described under background of offer and merger in the 14D-9 filing was made on a unanimous basis.

董事會在 14D-9 文件中關於要約和合併的背景所述的每一項行動都是在一致同意的基礎上做出的。

The company considered the all-cash nature of the consideration the offer would provide shareholders with certainty of value, allow them the ability to (inaudible) the proceeds as they choose and allow shareholders such opportunity in light of low trading volume and liquidity in the common stock.

該公司認為，全現金收購的性質將為股東提供確定的價值，使他們能夠根據自己的選擇（聽不清楚）獲取收益，並在普通股交易量低且流動性強的情況下為股東提供這樣的機會。

The Board considered the liquidity the company's common stock in its historically low average daily trading volume, which over the last 30-day period was 56,986 shares.

董事會考慮了公司普通股的流動性，其每日平均交易量處於歷史最低水平，過去 30 天內的平均每日交易量為 56,986 股。

The Board determined that in order for the shareholders to monetize or sell their shares, there is a meaningful period of time that would have to occur prior to such sales and could result in negative pressure on the company's stock price.

董事會確定，為了讓股東將其持有的股份變現或出售，在出售之前必須經過一段有意義的時間，這可能會對公司股價造成負面壓力。

In making its recommendation, the Board considered the outlook for the North American seismic sector.

在提出建議時，委員會考慮了北美地震產業的前景。

During periods of commodity price decline as well as commodity price volatility, demand for North American onshore seismic data acquisition services typically declines as oil and gas operators forego cost of new seismic data acquisition and focus alternatively on reprocessing existing seismic data sets utilizing new computer algorithms.

在商品價格下跌以及商品價格波動期間，由於石油和天然氣業者放棄新地震資料收集的成本，轉而專注於利用新的電腦演算法重新處理現有的地震資料集，北美陸上地震資料收集服務的需求通常會下降。

The global oil and gas markets have remained challenged following the commodity price collapse in late 2014, resulting in reduced capital spending by the company's North American onshore customer base.

2014 年底大宗商品價格暴跌後，全球石油和天然氣市場仍面臨挑戰，導致該公司北美陸上客戶群的資本支出減少。

The volatile nature of the industry has resulted in the client base being very conservative on capital spending.

該行業的波動性導致客戶群在資本支出方面非常保守。

Despite the recent increase in oil and gas prices, the demand for North American onshore seismic acquisition services remains depressed for a variety of factors, including: one, broad investor preference for the E&P operators to return capital to shareholders rather than investment of capital to increase drilling and production; two, E&P operator focused on deploying development capital to relatively low-risk reserves with attractive drilling economics rather than exploration spending; three, robust commodity hedging programs implemented by E&P operators prior to the recent increase in commodity prices, which has limited E&P operators' ability to realize the financial benefit of increased commodity prices.

儘管近期油氣價格上漲，但北美陸上地震採集服務的需求依然低迷，原因如下：一是投資者普遍傾向於讓勘探與生產業者將資本返還給股東，而不是投資資本來增加鑽井和產量；二是勘探與生產業者專注於將開發資本部署到具有吸引力鑽井經濟性的相對低風險的儲量上，而不是勘探支出；三、在近期大宗商品價格上漲之前，勘探與生產運營商實施了穩健的大宗商品對沖計劃，這限制了勘探與生產運營商實現大宗商品價格上漲帶來的財務利益的能力。

And lastly, the ability or preference of [E&E] operators to reprocess existing seismic data rather than acquire new or updated seismic data.

最後，[E&E] 操作員有能力或傾向於重新處理現有的地震數據，而不是獲取新的或更新的地震數據。

Moreover, capital spending levels within E&P companies has only slightly improved in 2021 and is not anticipated to increase significantly in 2022 or thereafter.

此外，勘探與生產公司的資本支出水準在 2021 年僅略有改善，預計 2022 年或以後不會大幅增加。

Spending levels in 2021 and 2022 are anticipated to be well below 2019 and prior year levels.

預計 2021 年和 2022 年的支出水準將遠低於 2019 年及之前的水準。

More specifically, spending on new data acquisition projects in '21 and '22 are anticipated to be a fraction of overall E&P spending and at historically low levels.

更具體地說，預計21年和22年新資料採集專案的支出將只佔整體 E&P 支出的一小部分，並且處於歷史最低水準。

Recent seismic data-related spending appear to be focused on reprocessing of existing seismic data sets, particularly with those E&P companies involved in merger and acquisition activity.

最近與地震資料相關的支出似乎集中在現有地震資料集的重新處理上，特別是那些參與併購活動的 E&P 公司。

Recent merger and acquisition activity by E&P companies has resulted in drill -- in increased drilling locations and access to complementary existing seismic data sets, while reducing the number of overall E&P companies.

近期，勘探與生產公司所進行的併購活動增加了鑽井地點和取得現有地震資料集的互補性，同時減少了勘探與生產公司的整體數量。

The company spends meaningful cost and management time on being a publicly listed company.

公司為成為上市公司投入了大量的成本和管理時間。

The company estimates that these costs total approximately $1.5 million per year and are comprised of legal, accounting, audit, director fees, public company listing fees and annual meeting and proxy costs.

該公司估計這些費用總計約為每年 150 萬美元，包括法律、會計、審計、董事費、上市公司上市費以及年度會議和代理費用。

Additionally, meaningful time and effort are spend on these functions by our management team.

此外，我們的管理團隊在這些職能上投入了大量的時間和精力。

These costs will continue to burden the company and reduce cash balances as long as the company remains public.

只要公司仍然上市，這些成本就會繼續成為公司的負擔，並減少現金餘額。

Until demand for North American onshore seismic services dramatically increases, which the company does not foresee at this time based on presently available information, it believes that downward pressure on cash and net working capital balances will continue even if the company undertakes further rightsizing efforts relative to demand and the company will face challenges in making the significant capital investments necessary to grow its revenue stream if and when demand increases.

在北美陸上地震服務需求大幅增加之前（根據目前可用的信息，公司目前無法預見到這種情況），公司認為，即使公司根據需求進一步調整規模，現金和淨營運資本餘額仍將面臨下行壓力，並且當需求增加時，公司將面臨進行增加收入流所需的重大資本投資的挑戰。

In reaching its decision to enter into the transaction with Wilks, the Board has thoroughly considered the potential strategic options available to Dawson, the current long-term prospects for the company and the sector in which it operates, including the lack of meaningful and sustainable demand for seismic services, as well as ongoing skilled labor shortage required to meet any potential increase in demand.

在做出與威爾克斯進行交易的決定時，董事會已徹底考慮了道森可用的潛在戰略選擇、公司目前的長期前景和其所在行業，包括缺乏對地震服務有意義和可持續的需求，以及滿足任何潛在需求增長所需的持續熟練勞動力短缺。

Further, management has advised the Board that until demand for North American onshore seismic services dramatically increases, which the company does not foresee at this time based on presently available information, it believes that downward pressure on cash and net working capital balances will continue even if the company undertakes further rightsizing efforts.

此外，管理層已告知董事會，在北美陸上地震服務需求大幅增加之前（根據目前可用的信息，公司目前無法預見這一情況），即使公司進一步進行規模調整，現金和淨營運資本餘額仍將面臨下行壓力。

And the company will face challenges in making significant capital investments necessary to grow its revenue stream if and when demand increases.

如果需求增加，公司將面臨增加收入來源所需的大量資本投資的挑戰。

The Board believes this transaction presents all Dawson shareholders with an opportunity to achieve liquidity for the shares at the offer price, is the most optimal path forward and is in the best interest of shareholders.

董事會認為，此交易為所有道森股東提供了以報價實現股票流動性的機會，是最優的前進道路，也符合股東的最佳利益。

Additional information concerning the offer and the Dawson Board of Directors' recommendation relating there to, including the reasons for its recommendation is contained in the following filings with the Securities and Exchange Commission.

有關該要約以及道森董事會相關建議的更多資訊（包括其建議的理由）包含在以下提交給美國證券交易委員會的文件中。

One, issued by Wilks offered to purchase for cash all outstanding shares of common stock of Dawson Geophysical Company at $2.34 per share by WB acquisitions, Inc., a subsidiary of Wilks Brothers, LLC dated November 1, 2021; and two, issued by Dawson solicitation and recommendation statement on Schedule 14D-9 of Dawson Geophysical Company dated November 1, 2021.

一份由威爾克斯於 2021 年 11 月 1 日發行的債券，由威爾克斯兄弟有限責任公司 (Wilks Brothers, LLC) 的子公司 WB acquisitions, Inc. 以每股 2.34 美元的價格現金收購道森地球物理公司 (Dawson Geophysical Company) 所有流通在外的普通股；二、道森地球物理公司於 2021 年 11 月 1 日發布的 14D-9 號附表上的道森招標和推薦聲明。

I noticed that we have reached the 9:30 mark and well the call was scheduled for 30 minutes.

我注意到我們已經到了 9:30，而通話時間安排為 30 分鐘。

But Paula, I am open to take maybe a question or 2 here briefly.

但 Paula，我願意在這裡簡單回答一兩個問題。

So I'll turn it back to you, Paula.

所以我會把它還給你，保拉。

(Operator Instructions) And we'll take our first question from Bruce Berger with Turnaround Capital.

（操作員指示）我們將回答 Turnaround Capital 的 Bruce Berger 提出的第一個問題。

Steve, I was wondering if you can discuss -- because the other alternative for shareholders because many of us are long term have been involved for years and anticipated the company losing cash.

史蒂夫，我想知道您是否可以討論一下——因為對於股東來說，另一種選擇是，我們中的許多人都是長期股東，已經參與多年，並且預計公司會虧損。

But what was the alternative -- you're saying that you couldn't rightsize the company to diminish the cash losses.

但是還有什麼其他的選擇呢——你說你不能透過調整公司規模來減少現金損失。

And I think we deserve to hear, what were those plans?

我認為我們應該聽聽，這些計劃是什麼？

And given that it seems like you will be at 66,000 channel count, which is breakeven, why you're giving up now when you could be at breakeven?

並且考慮到看起來您的頻道數量將達到 66,000 個，即收支平衡，既然您可以實現收支平衡，為什麼現在要放棄呢？

But I want you to specifically discuss why you think a rightsizing plan would fail to stop cash losses?

但我希望您具體討論為什麼您認為適當規模計劃無法阻止現金損失？

Okay.

好的。

Bruce, thank you for the question.

布魯斯，謝謝你的提問。

We have been attempting to rightsize the company for an extended period of time.

我們長期以來一直在嘗試調整公司規模。

We have taken on the position that we are attempting to reduce costs all across the board and continue to maintain a level -- an employee level necessary to operate crew or 2 as they become available.

我們的立場是，我們正試圖全面降低成本，並繼續維持一定的員工水準——在有空時維持一到兩名機組人員所需的員工水準。

So our employee count over the last few years has gone down from 1,000 or so all the way down to about 100 people.

因此，過去幾年我們的員工人數從 1,000 人左右下降到 100 人左右。

And that includes the base core of a crew.

其中包括團隊的基本核心。

And we were down for a long time, as we discussed in Q2 and in Q3.

正如我們在第二季和第三季討論的那樣，我們停擺了很長時間。

And we've had a difficult time getting labor back, and we've had a difficult time getting people back.

我們在找回勞動力方面遇到了困難，我們在找回人員方面也遇到了困難。

And so we've had and we are continuing to have staffing level concerns going forward.

因此，我們一直以來都擔心未來的人員配備水準。

And so we have looked all across the board on all of our costs.

因此，我們全面審查了所有的成本。

We've redone as many leases as we can.

我們已經盡可能地重簽了租約。

We've taken pay cuts at all levels of the company.

我們公司各個層級的員工都採取了減薪措施。

We have increased health care costs on our employees.

我們增加了員工的醫療保健費用。

We have renegotiated -- I mean we've been all across the board looking at ways to downsize and reduce fixed costs.

我們已經重新談判——我的意思是我們一直在全面尋找縮小規模和降低固定成本的方法。

And we've done a great job of that.

我們在這方面做得非常出色。

You can look in the -- in our filings and see that our G&A and our overall costs have gone down significantly.

您可以查看我們的文件，發現我們的一般行政費用和整體成本已大幅下降。

To cut further would further impact our ability to respond to demand.

進一步削減將進一步影響我們應對需求的能力。

And I'm not saying it can't be done, but it would be difficult.

我並不是說這做不到，但這確實很難。

And quite frankly, I don't believe there is enough there to make a meaningful impact, the current cash burn that's going on relative to the receivable level that has come down so low.

坦白說，我認為目前的現金消耗相對於應收帳款水準已經降到了很低，不足以產生有意義的影響。

We do have a 65,000 channel crew that is going to go to work.

我們確實有 65,000 名通路工作人員即將投入工作。

That typically is good.

這通常是件好事。

If you look back over the last few years and when we've had large channel count crews working pretty consistently, we have done fairly well financially from a bottom line standpoint, breakeven, so to speak.

如果回顧過去幾年，當我們擁有大量通路團隊持續工作時，從底線角度來看，我們的財務狀況相當良好，可以說是收支平衡。

When we've had more than one working, we've done well.

當我們有多個工作時，我們做得很好。

But I would say that -- I would clarify that with this, we have a 65,000 channel crew, which is a large capacity crew, but it's only going to be out for 45 days from now until February.

但我想說的是——我要澄清的是，我們有一個 65,000 個頻道的工作人員，這是一個容量很大的工作人員隊伍，但從現在到 2 月份，他們只會在外面待 45 天。

All the other projects we have in-house are smaller than that, much smaller than that.

我們內部的所有其他項目都比這個小，小得多。

Now we're ramping that crew size up as we go, starting small and moving to the next one and moving crew size up to be where we need to be when that crew goes in -- goes back to the field.

現在我們正在逐步擴大工作人員的規模，從小規模開始，然後轉移到下一個規模，並將工作人員規模擴大到當工作人員進入現場時我們需要的位置——回到現場。

Having said that, there is very little, if any, visibility currently past February of 2022.

話雖如此，但目前來看，2022 年 2 月之後的情況可預見性很低。

That's in the Lower 48.

那是在美國本土 48 州內。

So right now, we are a little pressed to maintain a high utilization level of one large group.

因此現在，我們面臨的壓力有點大，需要維持一個大群體的高使用率。

Canada started a little bit earlier than anticipated.

加拿大的起步比預期的早。

And we'll have 2 crews through the back half of the year and into the front half of next -- or into the first quarter of next year.

我們將在今年下半年和明年上半年，或明年第一季派出 2 個團隊。

In both situations, pricing on these projects has softened, I would say, considerably from where they were, let's say, a year ago.

在這兩種情況下，我想說，這些項目的定價與一年前相比已經大幅下降。

So we've got a pricing issue as well.

所以我們也面臨定價問題。

So I would just leave you with this, Bruce, and I appreciate your question, we're not throwing in the towel.

所以我想把這個問題留給你，布魯斯，我很感謝你的提問，我們不會放棄。

We have an opportunity here that we believe is a compelling value, given where the market is for our shareholders, as well as an opportunity to look -- to basically a liquidity event.

考慮到我們股東的市場狀況，我們認為這裡有一個極具吸引力的價值的機會，同時也是一個關注流動性事件的機會。

Behind all of this is the fact that we have had very little capital expenditures into this business in the last 3 years.

這一切的背後是，過去三年我們在該業務上的資本支出非常少。

We've done everything we can do to preserve the cash balance.

我們已盡一切努力維持現金餘額。

Unfortunately, we're now running out of receivables and so we're in a cash burn.

不幸的是，我們現在的應收帳款已經用完了，所以我們處於現金消耗的狀態。

And so even with some level of pickup in '22, which I don't believe is coming, we will be hard-pressed over time to make any necessary capital investments over the next 3, 4 years, unless there is a dramatic change.

因此，即使 2022 年經濟出現一定程度的回升（但我不認為這種情況會發生），除非發生重大變化，否則我們將很難在未來 3 到 4 年內進行任何必要的資本投資。

So that's where we are.

這就是我們現在的狀況。

We had some bid activity that we talked about in the Q2 release and that kind of was out there late summer, early part of Q3.

我們在第二季的發表會上談到了一些競標活動，這些活動大約在夏末和第三季初進行。

But quite frankly, it just has not materialized.

但坦白說，它還沒有實現。

And so we believe that when we look at the market and the situation and the offer, we believe that this is a compelling opportunity for our shareholders as well as the company and its employees.

因此，我們相信，當我們審視市場、情況和報價時，我們相信這對我們的股東、公司及其員工來說都是一個極具吸引力的機會。

Steve, it sounds to me like you're -- you said that you were going to give guidance on the fourth and first quarter.

史蒂夫，在我看來你——你說過你將對第四季和第一季給予指引。

But based on what you just told me, it sounds like this company is going to be cash breakeven.

但根據您剛才告訴我的情況，聽起來這家公司將實現現金收支平衡。

Do you have a...

你有...

Growth listen, I apologize for interrupting, okay?

增長聽著，我很抱歉打擾了，好嗎？

I'm not going to get into third -- into fourth quarter and first quarter guidance.

我不會談論第三季、第四季和第一季的指引。

I never have.

我從來沒有。

What I will tell you is that the 65,000 channel crew has limited visibility, and it is not there.

我要告訴你們的是，65,000 名頻道工作人員的能見度有限，而且不在那裡。

So we are at small crew working through October, getting up to a little bit bigger in November, maybe a little bit larger at the end of the year into Q1.

因此，我們的工作團隊規模在 10 月比較小，到 11 月規模會稍微擴大一些，到年底第一季規模可能會再大一些。

And so keep in mind, prices, as we mentioned, have softened.

請記住，正如我們所提到的，價格已經下降了。

And so I'm not giving guidance.

因此我沒有提供指導。

Yes, there is some short-term positives here.

是的，這裡有一些短期的正面因素。

I'm not denying that.

我並不否認這一點。

I mean we're going to have a little bit of increased activity in Q4 and in Q1 in Canada.

我的意思是我們在第四季和第一季在加拿大的活動將會略有增加。

And we have a little bit of visibility in the Lower 48.

我們對美國本土 48 州的了解程度還是比較高的。

But we do not -- it is November 4, and we do not have projects in hand currently that will -- we have some projects we think we're going to be awarded as we said in the press release, but they're being pushed back to later in the year.

但我們沒有——現在是 11 月 4 日，我們目前手頭沒有項目——我們有一些項目我們認為我們會被授予，正如我們在新聞稿中所說的那樣，但它們被推遲到今年晚些時候。

And so we have certainly focused our thought process here on the long-term outlook of the business, the cash burn that we anticipate, the capital spending requirements that we think will be necessary over time.

因此，我們當然將我們的思考過程集中在業務的長期前景、我們預期的現金消耗以及我們認為隨著時間的推移所需的資本支出要求。

And we believe that this is a compelling value for our shareholders and provides a nice liquidity event option.

我們相信，這對我們的股東來說具有引人注目的價值，並提供了良好的流動性事件選擇。

And so that's where we are.

這就是我們現在的狀況。

I appreciate your question and your comments, Bruce, always do.

布魯斯，我一直都很感謝你的提問和評論。

We're going to move forward here and it's 9:45, and we're going to close this thing down.

我們要繼續前進，現在是 9 點 45 分，我們要結束這一切。

In conclusion, the North American seismic data acquisition market is currently challenged and anticipated to remain so in the near future.

總之，北美地震資料採集市場目前面臨挑戰，預計在不久的將來仍將面臨挑戰。

E&P's CapEx spending levels in North America are expected to remain well below 2019 and prior year level in 2022 with exploration spending to be a small fraction of overall spending.

預計到 2022 年，北美 E&P 的資本支出水準將遠低於 2019 年和去年的水平，勘探支出僅佔總支出的一小部分。

Due to the anticipated demand levels for the company's services, the Board of Directors of the company recommends shareholders tender their shares and vote in favor of the merger with Wilks.

由於預計對公司服務的需求水平，公司董事會建議股東出售其股份並投票支持與威爾克斯的合併。

As detailed in the 14D-9, all directors intend to tender their shares and vote in favor of the merger.

根據 14D-9 中的詳細說明，所有董事均打算出售其股份並投票支持合併。

The Board of Directors as well as management believe given market condition, the offer price provides compelling value with a liquidity opportunity in the company's thinly traded stock and it is the best interest of the company, its shareholders and employees.

董事會和管理層認為，考慮到市場狀況，報價提供了極具吸引力的價值，為公司交易清淡的股票提供了流動性機會，這符合公司、股東和員工的最佳利益。

The transaction provide -- the transactions provide the company with financial flexibility to meet possible future CapEx requirements, not otherwise available to the company.

交易提供－交易為公司提供了財務靈活性，以滿足未來可能的資本支出需求，而這是公司無法獲得的。

I wish to thank our hard-working employees, our valued customers and most of all, our trusted long-term and short-term shareholders.

我要感謝我們辛勤工作的員工、我們尊貴的客戶，最重要的是，我們值得信賴的長期和短期股東。

Shareholders who have additional questions are encouraged to contact the company.

我們鼓勵有其他問題的股東聯繫公司。

Contact information is provided in the earnings release.

在收益報告中提供了聯絡資訊。

Shareholders may also contact Anthony Andora at Edge Consulting Solutions at anthony@edgeconsultingsolutions.com.

股東也可以聯絡 Edge Consulting Solutions 的 Anthony Andora，電子郵件地址為 anthony@edgeconsultingsolutions.com。

I'll repeat, anthony@edgeconsultingsolutions.com.

我再重複一遍，anthony@edgeconsultingsolutions.com。

Thank you for listening in this morning, and have a good holiday season.

感謝您今天早上的收聽，祝您節日愉快。

Thank you.

謝謝。

Thank you.

謝謝。

And that does conclude today's conference.

今天的會議到此結束。

We'd like to thank everyone for their participation.

我們感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。