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Revenue From Contracts With Customers
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue From Contracts With Customers Revenue From Contracts With Customers
The Company derives revenue from the (i) sale or license of multi-client and proprietary data, imaging and reservoir services within its E&P Technologies & Services segment; (ii) sale, license and repair of seismic data acquisition systems and other equipment; and (iii) sale or license of seismic command and control software systems and software solutions for operations management within its Operations Optimization segment. All E&P Technology & Services’ revenues and the services component of Optimization Software & Services’ revenues under Operations Optimization segment are classified as service revenues. All other revenues are classified as product revenues. 
The Company uses a five-step model to determine proper revenue recognition from customer contracts. Revenue is recognized when (i) a contract is approved by all parties; (ii) the goods or services promised in the contract are identified; (iii) the consideration the Company expects to receive in exchange for the goods or services promised is determined; (iv) the consideration is allocated to the goods and services in the contract; and (v) control of the promised goods or services is transferred to the customer. The Company is not required to disclose information about remaining contractual future performance obligations with an original term of one year or less. The Company does not have any contractual future performance obligations with an original term of over one year.
Revenue by Geographic Area
The following table is a summary of net revenues by geographic area (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
North America$5,631  $13,645  $37,441  $20,802  
Latin America4,966  14,321  14,770  27,852  
Asia Pacific2,631  3,676  11,919  5,543  
Europe6,176  6,123  9,986  16,515  
Middle East942  1,106  1,896  2,465  
Africa1,004  2,278  1,595  4,667  
Other1,381  626  1,538  887  
Total$22,731  $41,775  $79,145  $78,731  
See Note 3“Segment Information” for revenue by segment for the three and six months ended June 30, 2020 and 2019.
Unbilled Receivables
Unbilled receivables relate to revenues recognized on multi-client surveys, imaging and reservoir services and devices equipment repairs on a proportionate basis, and on licensing of multi-client data for which invoices have not yet been presented to the customer. The following table is a summary of unbilled receivables (in thousands):
June 30, 2020December 31, 2019
New Venture$5,515  $5,222  
Imaging and Reservoir Services5,647  6,539  
Devices1,775  54  
Total$12,937  $11,815  
The changes in unbilled receivables are as follows (in thousands):
 Unbilled receivables at December 31, 2019$11,815  
 Recognition of unbilled receivables 76,561  
 Revenues billed to customers(75,439) 
Unbilled receivables at June 30, 2020$12,937  
Deferred Revenue
Billing practices are governed by the terms of each contract based upon achievement of milestones or pre-agreed schedules. Billing does not necessarily correlate with revenue recognized on a proportionate basis as work is performed and control is transferred to the customer. Deferred revenue represents cash received in excess of revenue recognized as of the reporting period but to be recognized in future periods. The following table is a summary of deferred revenues (in thousands):
June 30, 2020December 31, 2019
New Venture$2,385  $1,956  
Imaging and Reservoir Services872  1,501  
Optimization Software & Services696  642  
Devices105  452  
Total $4,058  $4,551  
The changes in deferred revenues are as follows (in thousands):
Deferred revenue at December 31, 2019$4,551  
Cash collected in excess of revenue recognized2,094  
Recognition of deferred revenue (a)
(2,587) 
Deferred revenue at June 30, 2020$4,058  
(a) The majority of deferred revenue recognized relates to Company’s Ventures group.
The Company expects to recognize the majority of deferred revenue within the next 12 months.
Credit Risks
For the six months ended June 30, 2020, the Company had one customer with sales that exceeded 10% of the Company’s consolidated net revenues. For six months ended June 30, 2019, the Company had one customer with sales that exceeded 10% of the Company’s consolidated net revenues. Revenues related to each of these customers are included within the E&P Technology & Services segment.
At June 30, 2020, the Company had two customers with balances that accounted for 33% of the Company’s total combined accounts receivable and unbilled receivable balances. The Company routinely evaluates the financial stability and creditworthiness of its customers. At June 30, 2019, the Company had two customers with a combined balance that accounted for 26% of the Company’s total combined accounts receivable and unbilled receivable balances.