Q1 2020 Earnings Call

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2020 earnings conference call we appreciate your joining us today as indicated on slide to our host today our president and chief executive officer and Mike Morrison Executive Vice President and Chief Financial Officer before I turn the call over to them I have a few items to cover will be using slides to accompany today's call which are accessible via link on our website on Gio. They'll also find a replay of today's call before we begin. Let me remind you that certain statements made during this call May constitute forward-looking statements. These statements are subject to various risks and uncertainties, including those details in our latest 10-K and other SEC filings, which may cause our results or performance to differ materially from those projected in these statements are remarks today may also include non-gaap Financial measures additional details regarding this non-gaap financial measures including reconciliations to the most directly comparable gaap. Financial measures can be found in our earnings release issued yesterday. I'll now turn off.

Coronavirus Devan destruction and oil to your politics are revenues at $56 million are up to 53% from the prior. In addition our adjusted ebitda swung from a slight effective to a positive twenty-three million dollars.

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Are strong first-quarter results reflect the value of our offshore data library and validate the combined effectiveness of our strategic refocus and over twenty million in cost reductions made in January our team creative life as the number of large multi-client contracts some of which were delayed from the fourth quarter. Even after EMP market dynamics changed. I remain confident in on value proposition to support customers data off in decision-making as they shift portfolios toward opportunities for lower-cost Barrels in this lower for longer environment.

That's the quarter unfolded ion rapidly adjusted to new ways of working while maintaining business continuity and accelerating strategy execution. Our employees have been Dynamic and their response and look for opportunities in life is simply hunkering down and cutting costs. We shifted to new digital engagement models with customers and deployed New Technology Solutions to facilitate remote offshore operations management under our newly launched by on m a r family of services and enabling software. We responded quickly and decisively to the covid-19 threat to our employees and our business. We rapidly implemented business continuity plans and shifted 95% of our Global Workforce to remote working by March 23rd, the remaining 5% of essential staff stayed on site including manufacturing and data center personnel and are working in accordance with and often exceeds local government regulations and health agency recommendations. We continue to work in this mode today across China Europe Latin America and the United States.

over to Chris will begin on slide for

Greetings and welcome to the ion geophysical first quarter earnings conference call at this time. All participants are in a listen-only mode a brief question-and-answer session will follow the

As we were adjusting workplace practices to protect our employees and communities. We were also rolling up our sleeves around our business.

the combination of coronavirus demand destruction and increased Global Production cost a significant Market Surplus industry analysts estimate demand for oil and gas will contract twenty million barrels per day and emack by the second quarter or about 20% of Global Supply as a result by March