Energy Recovery Reports Fiscal Year End 2018 Financial Results

SAN LEANDRO, Calif., March 7, 2019 /PRNewswire/ --Energy Recovery, Inc.  (NASDAQ: ERII) ("Energy Recovery" or the "Company"), the leader in pressure energy technology for industrial fluid flows, today announced its financial results for the fiscal year and fourth quarter ended on December 31, 2018.

Energy Recovery logo.

Full Year Summary

  • Total revenue of $74.5 million, an increase of 8% year-over-year
  • Product gross margin of 70.7%
  • Total gross margin(1) of 76.0%
  • Net income of $22.1 million, or $0.40 per diluted share

Fourth Quarter Summary

  • Total revenue of $17.7 million
  • Product gross margin of 74.5%
  • Total gross margin(1) of 79.9%
  • Net income of $2.4 million, or $0.04 per diluted share

Energy Recovery's President and CEO Chris Gannon commented, "2018 was a record year for the Company, setting all-time highs in full year revenue, as well as product and total gross margins(1).  At the start of 2018, Energy Recovery had solid fundamentals with a healthy balance sheet and cash position, commanding market share in seawater reverse osmosis (SWRO) desalination energy recovery solutions, and a product concept that has the potential to transform fracing operations.  Throughout the year, we built upon this foundation and invested to strengthen our infrastructure and position resources for long-term growth across our Water and Oil & Gas businesses."

Mr. Gannon continued, "As it relates to our Water segment, we believe the current expansion phase in the desalination business cycle is far from over, as we currently have the strongest project backlog and pipeline in the Company's history.  While the timing of this revenue varies from quarter to quarter, growth shows every sign of continuing in 2019 and beyond.  Governments and private enterprises worldwide are investing in SWRO desalination to counter the impacts of fresh water scarcity."

Mr. Gannon concluded, "In our Oil & Gas segment, throughout 2018 and early 2019 we materially advanced the VorTeq™ system-level enhancements.  We also have taken firm control of our technology development process by acquiring the field resources and equipment necessary to accelerate commercialization of the VorTeq system.  Construction is underway on our Commercial Development Center outside of Houston, TX, which will enable us to test and validate our oil & gas solutions at scales representative of real-world conditions as often as necessary.  These investments underscore our confidence in the VorTeq system, and we are collaborating closely with our partners as we move into the next phase of development towards commercialization."

Revenues

For the fiscal year ended December 31, 2018, the Company generated total revenue of $74.5 million.  Total revenue for the fiscal year ended December 31, 2018 increased by $5.4 million, or 8%, from $69.1 million in the fiscal year ended December 31, 2017.  The $5.4 million increase in total revenue was chiefly attributable to higher Water segment revenue. 

The Water segment generated total product revenue of $60.5 million for the fiscal year ended December 31, 2018, compared to $54.3 million for the fiscal year ended December 31, 2017.  The $6.2 million, or 11%, increase in product revenue was due to higher Mega-Project ("MPD") and Aftermarket ("AM") shipments in 2018.

The Oil & Gas segment generated total revenue of $14.0 million for the fiscal year ended December 31, 2018, compared to $14.8 million for fiscal year ended December 31, 2017.  The $0.8 million, or 6%, decrease in revenue was due to lower cost-to-total cost (previously known as percentage of completion) revenue in 2018 associated with the sale of multiple IsoBoost® systems, offset by an increase in license and development revenue of $2.4 million during this period.

For the fourth quarter ended December 31, 2018, the Company generated total revenue of $17.7 million.  Total revenue decreased by $6.0 million, or 25%, from $23.7 million in the fourth quarter ended December 31, 2017.  Of the $6.0 million decrease in total revenue, $6.7 million was attributed to a decrease in Water segment revenue due to MPD product shipments shifting into the third quarter from the fourth quarter, offset by a $0.7M increase in Oil & Gas segment revenue due to higher license and development revenue.

Gross Margin

For the fiscal year ended December 31, 2018, product gross margin was 70.7%.  Product gross margin increased by 360 basis points from 67.1% in the fiscal year ended December 31, 2017.  This increase was largely driven by favorable price and product mix, manufacturing efficiencies, and higher production levels in the Water segment.  Including license and development revenue, total gross margin(1) was 76.0% for fiscal year ended December 31, 2018. Total gross margin(1) increased 360 basis points from 72.4% in  the fiscal year ended December 31, 2017. 

The Water segment generated product gross margin of 71.6% for the fiscal year ended December 31, 2018.  Water segment product gross margin increased by 110 basis points, compared to 70.5% in the fiscal year ended December 31, 2017.  This increase was largely driven by favorable price and product mix, manufacturing efficiencies, and higher production levels in 2018.

The Oil & Gas segment generated product gross margin of (29.0%) for the fiscal year ended December 31, 2018. This decrease was attributable to higher project costs and revenue adjustments associated with our IsoBoost revenue.  Including license and development revenue, the Oil & Gas segment total gross margin(1) for the fiscal year ended December 31, 2018 was 95.3%.

For the fourth quarter ended December 31, 2018, product gross margin was 74.5%.  Product gross margin increased by 620 basis points from 68.4% in the fourth quarter ended December 31, 2017.  This increase was largely driven by favorable price and product mix and manufacturing efficiencies in the Water segment.  Including license and development revenue, total gross margin(1) was 79.9% for the fourth quarter ended December 31, 2018.  Total gross margin(1) increased 800 basis points from 71.9% in the fourth quarter ended December 31, 2017. 

Operating Expenses

For the fiscal year ended December 31, 2018, operating expenses were $46.7 million, an increase of $5.9 million from $40.8 million for the fiscal year ended December 31, 2017.  The increase in operating expenses was due to increases in our Water, Oil & Gas, and Corporate segments.

The Water segment operating expenses for the fiscal year ended December 31, 2018 were $10.2 million, an increase of $1.3 million from $8.9 million for the fiscal year ended December 31, 2017.  This increase was driven by higher sales incentive expenses associated with increased Water segment sales and higher research and development investment in Water organic growth strategy.

The Oil & Gas segment operating expenses for the fiscal year ended December 31, 2018 were $18.3 million, an increase of $2.3 million from $16.0 million for the fiscal year ended December 31, 2017.  This increase was driven by the Company's continued investment in Oil & Gas research and development activities.

The Corporate segment operating expenses of $18.1 million for fiscal year ended December 31, 2018 were $2.2 million higher than the fiscal year ended December 31, 2017.  This increase was driven by non-recurring CEO transition expenses, higher tax planning, and employee expenses.

For the fourth quarter ended December 31, 2018, operating expenses were $12.7 million, in line with the fourth quarter ended December 31, 2017. 

Bottom Line Summary

To summarize our financial performance, on a full year basis, the Company reported a net income of $22.1 million, or $0.40 per diluted share, compared to a net income of $18.4 million, or $0.33 per diluted share in the fiscal year ended December 31, 2017.  This increase was driven by a one-time tax benefit of $12.3 million, which is related to simplifying the Company's international tax structure in Ireland considering the 2017 U.S. Tax Cuts and Jobs Act.  On an adjusted basis, the Company reported an adjusted net income(1) of $10.9 million or $0.20 per diluted share for the fiscal year ended December 31, 2018.  Net income of $18.4 million, or $0.33 per diluted share in the fiscal year ended December 31, 2017 was driven by a tax benefit of $8.4 million, which included a net release of tax valuation allowance, a one-time tax expense related to the 2017 Tax Cuts and Jobs Act, and other tax adjustments.  Excluding the tax benefit, net income for the fiscal year ended December 31, 2017 was $0.18 per diluted share.

On a quarterly basis, the Company reported a net income of $2.4 million, or $0.04 per diluted share for the fourth quarter ended December 31, 2018, compared to a net income of $13.5 million, or $0.24 per diluted share for the fourth quarter ended December 31, 2017.  Net income for the fourth quarter ended December 31, 2018 includes a non-recurring tax benefit of $0.6 million related to simplifying the Company's international tax structure in Ireland considering the 2017 U.S. Tax Cuts and Jobs Act.  On an adjusted basis, the Company reported an adjusted net income(1) of $0.03 per diluted share for the fourth quarter ended December 31, 2018.  Net income of $13.5 million, or $0.24 per diluted share in the fourth quarter ended December 31, 2017, was driven by a tax benefit of $8.4 million, which included a net release of tax valuation allowance, a one-time tax expense related to the 2017 Tax Cuts and Jobs Act, and other tax adjustments.  Excluding the tax benefit, net income for the fourth quarter ended December 31, 2017 was $0.09 per diluted share.

Cash Flow Highlights

The Company finished the fiscal year ended December 31, 2018 with cash and cash equivalents of $21.9 million, restricted cash of $0.2 million, and short-term & long-term investments of $74.6 million, all of which represent a combined total of $96.7 million.  As of December 31, 2018, 1,193,102 shares of the Company's common stock were repurchased for $10.0 million under the stock repurchase program authorized by the Company's Board of Directors on March 7, 2018.

Forward-Looking Statements

Certain matters discussed in this press release and on the conference call are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the Company's belief that the Company's Water business will continue to grow in the future, the Company's belief that the current expansion phase in the desalination business cycle will continue in 2019 and beyond, the Company's belief that our product concept has the potential to transform fracing operations, and the Company's belief that the Company is well position for success in 2019 across all of our business units.  These forward-looking statements are based on information currently available to us and on management's beliefs, assumptions, estimates, or projections and are not guarantees of future events or results.  Potential risks and uncertainties include the Company's ability to achieve the milestones under the VorTeq license agreement, any other factors that may have been discussed herein regarding the risks and uncertainties of the Company's business, and the risks discussed under "Risk Factors" in the Company's Form 10-K filed with the U.S.  Securities and Exchange Commission ("SEC") for the year ended December 31, 2018 as well as other reports filed by the Company with the SEC from time to time.  Because such forward-looking statements involve risks and uncertainties, the Company's actual results may differ materially from the predictions in these forward-looking statements.   All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including total gross margin.  Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP.  These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions, and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies.  As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.  The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons.  The Company believes these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

(1)

"Total gross margin" and "Adjusted net income" are non-GAAP financial measures.  Please refer to the discussion under headings "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures."

Conference Call to Discuss Fourth Quarter and Fiscal Year 2018 Financial Results

LIVE CONFERENCE CALL:
Thursday, March 7, 2019, 2:00 PM PDT / 5:00 PM EDT
Listen-only, US / Canada Toll-free: (+1) 877-709-8150
Listen-only, Local / International Toll: (+1) 201-689-8354
Access code: 13687375

CONFERENCE CALL REPLAY:
Expiration: Thursday, April 4, 2019
US / Canada Toll-free: (+1) 877-660-6853
Local / International Toll: (+1) 201-612-7415
Access code: 13687375

Investors may also access the live call or the replay over the internet at ir.energyrecovery.com.  The replay will be available approximately three hours after the live call concludes.

Disclosure Information
Energy Recovery uses the investor relations section on its website as means of complying with its disclosure obligations under Regulation FD.  Accordingly, investors should monitor Energy Recovery's investor relations website in addition to following Energy Recovery's press releases, SEC filings, and public conference calls and webcasts.

About Energy Recovery, Inc.
Energy Recovery, Inc. (ERII) is an energy solutions provider to industrial fluid flow markets worldwide.  Energy Recovery solutions recycle and convert wasted pressure energy into a usable asset and preserve pumps that are subject to hostile processing environments.  With award-winning technology, Energy Recovery simplifies complex industrial systems while improving productivity, profitability, and efficiency within the oil & gas, chemical processing, and water industries. Energy Recovery products save clients $1.9 billion (USD) annually.  Headquartered in the Bay Area, Energy Recovery has offices in Dubai, Houston, Madrid and Shanghai.  For more information about the Company, please visit www.energyrecovery.com.

Contact
Investor Relations
ir@energyrecovery.com
(281) 962-8105

ENERGY RECOVERY, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data and par value)



December 31,


2018


2017*

ASSETS




Current assets:




Cash and cash equivalents

$

21,955



$

27,780


Restricted cash

97



2,664


Short-term investments

73,338



70,020


Accounts receivable, net of allowance for doubtful accounts of $396 and $103 at December 31, 2018 and 2017, respectively

10,212



12,465


Contract Assets

4,083



6,278


Cost and estimated earnings in excess of billings




Inventories

7,138



5,514


Prepaid expenses and other current assets

2,810



1,342


Total current assets

119,648



126,063


Restricted cash, non-current

86



182


Deferred tax assets, non-current

18,318



7,933


Property and equipment, net

14,619



13,393


Goodwill

12,790



12,790


Other intangible assets, net

640



1,269


Other assets, non-current

282



12


Total assets

$

179,841



$

164,485


LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

1,439



$

4,091


Accrued expenses and other current liabilities

8,019



7,948


Income taxes payable



432


Accrued warranty reserve

478



366


Contract liabilities

16,270



15,909


Current portion of long-term debt



11


Total current liabilities

27,132



30,360


Long-term debt, less current portion



16


Deferred tax liabilities, non-current




Contract liabilities, non-current

26,539



40,517


Other non-current liabilities

236




Total liabilities

66,463



72,591


Commitments and Contingencies (Note 9)




Stockholders' equity:




Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding at December 31, 2018 and 2017




Common stock, $0.001 par value; 200,000,000 shares authorized; 59,396,020 shares issued and 53,940,085 shares outstanding at December 31, 2018 and 58,168,433 shares issued and 53,905,600 shares outstanding at December 31, 2017

59



58


Additional paid-in capital

158,404



149,006


Accumulated comprehensive loss

(133)



(125)


Treasury stock, at cost, 5,455,935 shares repurchased at December 31, 2018 and 4,262,833 shares repurchased at December 31, 2017

(30,486)



(20,486)


Accumulated deficit

(14,466)



(36,559)


Total stockholders' equity

113,378



91,894


Total liabilities and stockholders' equity

$

179,841



$

164,485



*Prior-period information has been retrospectively adjusted due to our adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2016-02, Leases (Topic 842) on January 1, 2018.

 

ENERGY RECOVERY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)



Years Ended December 31,


2018


2017*


2016*

Product revenue

$

61,025



$

58,023



$

49,715


Product cost of revenue

17,873



19,061



17,849


Product gross profit

43,152



38,962



31,866








License and development revenue

13,490



11,106



8,069








Operating expenses:






General and administrative

21,476



17,354



16,626


Sales and marketing

7,546



9,391



9,116


Research and development

17,012



13,443



10,136


Amortization of intangible assets

630



631



631


Total operating expenses

46,664



40,819



36,509


Income from operations

9,978



9,249



3,426








Other income (expense):






Interest income

1,543



870



309


Interest expense

(1)



(2)



(3)


Other non-operating expense, net

(80)



(188)



(19)


Total other income, net

1,462



680



287


Income before income taxes

11,440



9,929



3,713


Benefit from income taxes

(10,653)



(8,425)



(6)


Net income

$

22,093



$

18,354



$

3,719








Income per share:






Basic

$

0.41



$

0.34



$

0.07


Diluted

$

0.40



$

0.33



$

0.07








Number of shares used in per share calculations:






Basic

53,764



53,701



52,341


Diluted

55,338



55,612



55,451



*Prior-period information has been retrospectively adjusted due to our adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018.

 

ENERGY RECOVERY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)



Years Ended December 31,


2018


2017*


2016*

Cash Flows From Operating Activities:






Net income

$

22,093



$

18,354



$

3,719


Adjustments to reconcile net income to net cash provided by operating activities:






Stock-based compensation

5,240



4,087



3,263


Depreciation and amortization

3,869



3,666



3,680


Amortization of premiums on investments

362



460



174


Provision for warranty claims

326



246



208


Reversal of accruals related to expired warranties

(180)



(200)



(236)


Unrealized (gain) loss on foreign currency translation

(10)



144



13


Provision for doubtful accounts

336



55



76


Adjustments for excess or obsolete inventory

197



201



(361)


Deferred income taxes

(10,385)



(8,865)



(459)


Other non-cash adjustments



(196)



(131)


Changes in operating assets and liabilities:






Accounts receivable

1,917



(761)



(244)


Contract assets

2,196



(4,263)



(130)


Costs and estimated earnings in excess of billings






Inventories

(1,872)



(1,250)



2,287


Prepaid and other assets

(682)



(39)



(402)


Accounts payable

(2,274)



2,118



(360)


Accrued expenses and other liabilities

87



611



(262)


Income taxes payable

(447)



385



398


Litigation settlement






Contract Liabilities

(13,616)



(11,858)



(6,268)


Deferred revenue, license and development






Net cash provided by operating activities

7,565



2,895



4,965


Cash Flows From Investing Activities:






Restricted cash






Maturities of marketable securities

81,268



49,106



7,535


Purchases of marketable securities

(86,192)



(80,641)



(46,552)


Capital expenditures

(5,235)



(7,376)



(1,112)


Net cash used in investing activities

(10,159)



(38,911)



(40,129)


Cash Flows From Financing Activities:






Net proceeds from issuance of common stock

4,291



5,508



6,600


Tax payment for employee shares withheld

(150)



(270)




Proceeds from long-term debt






Repayment of long-term debt

(27)



(11)



(10)


Repurchase of common stock

(10,000)



(4,276)



(9,375)


Net cash (used in) provided by financing activities

(5,886)



951



(2,785)


Effect of exchange rate differences on cash and cash equivalents

(8)



(57)



(41)


Net change in cash and cash equivalents and restricted cash

(8,488)



(35,122)



(37,990)


Cash and cash equivalents and restricted cash, beginning of year

30,626



65,748



103,738


Cash and cash equivalents and restricted cash, end of year

$

22,138



$

30,626



$

65,748



*Prior-period information has been retrospectively adjusted due to our adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2016-18, Statement of Cash Flows, Restricted Cash (Topic 230) on January 1, 2018.

 

ENERGY RECOVERY, INC.

FINANCIAL INFORMATION BY SEGMENT

(Unaudited)



Three Months Ended December 31, 2018


Three Months Ended December 31, 2017 *


Water


Oil & Gas


Total


Water


Oil & Gas


Total


(In thousands)

Product revenue

$

13,884



$

99



$

13,983



$

20,594



$

460



$

21,054


Product cost of revenue

3,497



64



3,561



6,029



631



6,660


Product gross profit

10,387



35



10,422



14,565



(171)



14,394














License and development revenue



3,723



3,723





2,611



2,611














Operating expenses:












General and administrative

636



377



1,013



436



480



916


Sales and marketing

1,538



266



1,804



1,748



593



2,341


Research and development

692



4,526



5,218



254



4,483



4,737


Amortization of intangibles

156





156



158





158


Operating expenses

3,022



5,169



8,191



2,596



5,556



8,152














Operating income (loss)

$

7,365



$

(1,412)



5,953



$

11,969



$

(3,116)



8,853














Less: Corporate operating expenses





(4,533)







4,513


Consolidated operating income





1,420







4,340


Non-operating income





486







220


Income before income taxes





$

1,906







$

4,560


 


Year Ended December 31, 2018


Water


Oil &Gas


Total


(In thousands)

Product revenue

$

60,512



$

513



$

61,025


Product cost of revenue

17,211



662



17,873


Product gross profit

43,301



(149)



43,152








License and development revenue



13,490



13,490








Operating expenses:






General and administrative

2,078



1,771



3,849


Sales and marketing

5,783



1,264



7,047


Research and development

1,711



15,276



16,987


Amortization of intangibles

629





629


Operating expenses

10,201



18,311



28,512








Operating income (loss)

$

33,100



$

(4,970)



28,130








Less: Corporate operating expenses





18,152


Consolidated operating income





9,978


Non-operating income





1,462


Income before income taxes





$

11,440




Year Ended December 31, 2017*


Water


Oil &Gas


Total


(In thousands)

Product revenue

$

54,301



$

3,722



$

58,023


Product cost of revenue

16,032



3,029



19,061


Product gross profit

38,269



693



38,962








License and development revenue



11,106



11,106








Operating expenses:






General and administrative

1,401



1,565



2,966


Sales and marketing

5,787



2,228



8,015


Research and development

1,064



12,217



13,281


Amortization of intangibles

631





631


Operating expenses

8,883



16,010



24,893








Operating income (loss)

$

29,386



$

(4,211)



25,175








Less: Corporate operating expenses





15,926


Consolidated operating income





9,249


Non-operating income





680


Income before income taxes





$

9,929




Year Ended December 31, 2016*


Water


Oil &Gas


Total


(In thousand)

Product revenue

$

47,545



$

2,170



$

49,715


Product cost of revenue

16,353



1,496



17,849


Product gross profit

31,192



674



31,866








License and development revenue



8,069



8,069








Operating expenses:






General and administrative

1,081



1,000



2,081


Sales and marketing

5,076



2,985



8,061


Research and development

1,331



8,705



10,036


Amortization of intangibles

631





631


Operating expenses

8,119



12,690



20,809








Operating income (loss)

$

23,073



$

(3,947)



19,126








Less: Corporate operating expenses





15,700


Consolidated operating income





3,426


Non-operating income





287


Income before income taxes





$

3,713



*Prior-period information has been retrospectively adjusted due to our adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2016-18, Statement of Cash Flows, Restricted Cash (Topic 230) on January 1, 2018.

ENERGY RECOVERY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

This press release includes non-GAAP financial information because we plan and manage our business using such information.  Our non-GAAP Total Gross Margin is determined by adding back the license and development revenue associated with the amortization of the VorTeq exclusivity fee.  Our non-GAAP Adjusted Net Income or Loss is determined by adding back non-recurring operating expenses and tax expenses/(benefits)


Three Months Ended
December 31,


Years Ended
December 31,


2018


2017*


2018


2017*

Product revenue

$

13,983



$

21,054



$

61,025



$

58,023


License and development revenue

3,723



2,611



13,490



11,106


Total revenue

$

17,706



$

23,665



$

74,515



$

69,129










Product gross profit

$

10,422



$

14,394



$

43,152



$

38,962


License and development revenue

3,723



2,611



13,490



11,106


Total gross profit (non-GAAP)

$

14,145



$

17,005



$

56,642



$

50,068










Product gross margin

74.5

%


68.4

%


70.7

%


67.1

%

Total gross margin (non-GAAP)

79.9

%


71.9

%


76.0

%


72.4

%









Net income (loss)

$

2,418



$

13,531



$

22,093



$

18,354


Reversal of non-recurring expense (benefit) (non-GAAP)

(649)



(8,348)



(11,159)



(8,394)


Adjusted net income (loss) (non-GAAP)

$

1,769



$

5,183



$

10,934



$

9,960










Income (loss) per share:








Diluted

$

0.04



$

0.24



$

0.40



$

0.33


Diluted (non-GAAP)

$

0.03



$

0.09



$

0.20



$

0.18










Number of diluted shares used in per share calculations

55,217



55,715



55,338



55,612



*Prior-period information has been retrospectively adjusted due to our adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2016-18, Statement of Cash Flows, Restricted Cash (Topic 230) on January 1, 2018.

 

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SOURCE Energy Recovery, Inc.