DAWSON GEOPHYSICAL CO

For the period ended Dec 31, 2023. Filed Apr 1, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Apr 1, 2024

DWSN$1.66+3.7%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)


· · Year Ended December 31, ·
· 2023 · 2022 (as adjusted)
Cash flows from operating activities:
Net loss	$(12,147)	$(18,645)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,492	11,830
Operating lease cost	1,094	998
Non-cash compensation	—	413
Deferred income tax (benefit) expense	(121)	116
Bad debt expense	68	—
(Gain) loss on disposal of assets	(23)	551
Remeasurement and other	—	(18)
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable	(5,802)	2,890
(Increase) decrease in employee retention credit receivable	3,035	(3,035)
(Increase) decrease in prepaid expenses and other assets	1,902	(4,324)
Increase (decrease) in accounts payable	138	802
Increase (decrease) in accrued liabilities	906	705
Increase (decrease) in operating lease liabilities	(1,177)	(1,026)
Increase (decrease) in deferred revenue	4,449	5,474

Net cash provided by (used in) operating activities	814	(3,269)

Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(3,721)	(1,429)
Acquisition of short-term investments	(1,000)	—
Proceeds from disposal of assets	217	340

Net cash used in investing activities	(4,504)	(1,089)

Cash flows from financing activities:
Principal payments on notes payable	(896)	(1,253)
Principal payments on finance leases	(253)	(47)
Tax withholdings related to stock-based compensation awards	—	(79)
Cash settlement of RSUs	—	(301)
Sale of treasury stock	—	113
Breckenridge cash distributions prior to acquisition	(3,055)	(583)

Net cash used in financing activities	(4,204)	(2,150)

Effect of exchange rate changes on cash and cash equivalents and restricted cash	63	(265)

Net decrease in cash and cash equivalents and restricted cash	(7,831)	(6,773)

Cash and cash equivalents and restricted cash at beginning of period	23,603	30,376

Cash and cash equivalents and restricted cash at end of period	$15,772	$23,603

Supplemental cash flow information:
Cash paid for interest	$98	$31
Cash received for income taxes	$9	$7

Non-cash operating, investing and financing activities:
(Decrease) increase in accrued purchases of property and equipment	$(272)	$605
Finance leases incurred	$1,730	$279
Increase in right-of-use assets and operating lease liabilities	$283	$598
Financed insurance premiums	$1,602	$1,193
Deemed distribution of Breckenridge net assets not acquired	$2,329	$—
Deemed contribution of Breckenridge net assets	$—	$(6,472)
Acquisition of net assets of Breckenridge	$(1,335)	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.