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Energy Recovery, Inc. (ERII) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Energy Recovery, Inc.

CIK: 1421517 Ticker: ERII


Exhibit 99.1

erilogoh4c.jpg
Energy Recovery Reports Fourth Quarter and Fiscal Year End 2019 Financial Results

San Leandro, Calif., March 5, 2020 - Energy Recovery Inc. (Nasdaq: ERII) (“Energy Recovery,” “we,” “our,” or the “Company”), a leader in pressure energy technology for industrial fluid flows, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2019.

Fiscal Year 2019 Highlights:
Total product revenue of $72.8 million, an increase of 19% year-over-year
Total revenue of $86.9 million, an increase of 17% year-over-year
Product gross margin of 72.1%, an increase of 140 basis points year-over-year
Income from operations of $10.4 million, an increase of 4% year-over-year
Net income of $10.9 million, or diluted earnings per share of $0.19, a decrease of $0.21 year-over-year due to a tax benefit of $11.2 million recognized in 2018
Adjusted net income(1) of $9.9 million, or non-GAAP diluted earnings per share(1) of $0.18, a decrease of $0.02 year-over-year

Chairman and Interim President and Chief Executive Officer Robert Mao remarked, “2019 was a year of new highs for Energy Recovery. In our water business, we achieved our third consecutive year of record-setting revenues, we signed our largest-ever desalination project contract, and we enter 2020 with a high degree of confidence based on closed deals that are expected to ship over the next two years. In addition, we executed our largest to date contract for a thermal to seawater reverse osmosis (“SWRO”) desalination replacement project. Thanks to technologies such as our PX® Pressure Exchanger®, SWRO is now much more cost-effective than thermal, encouraging thermal plant owners and operators to replace thermal with SWRO technologies. We estimate this potential TAM to be approximately half a billion dollars at today’s prices and are focused on capturing as much of this opportunity as possible over the coming decade.”

Mr. Mao continued, “The ability to test continually while iterating design enhancements all in our own facility in Katy, Texas has allowed us to improve the VorTeq’s reliability and repeatability. Our ability to process sand in volumes and concentrations used in today’s hydraulic fracturing environment gives me confidence that our testing protocol is working. We intend to continue testing the system in preparation for commercialization, which will include live well testing.”

Mr. Mao concluded, “While the Company’s near-term priorities remain water business growth and VorTeq commercialization, we also made strides in 2019 implementing a structure that will enable a disciplined approach to longer-term growth. I firmly believe Energy Recovery enters this new decade with the right elements in place for continued success.”

Fiscal Year 2019

Revenues
For the year ended December 31, 2019, the Company generated total revenue of $86.9 million, an increase of $12.4 million, or 17%, compared to $74.5 million for the year ended December 31, 2018. This increase was due primarily to Water segment growth.

The Water segment generated total product revenue of $72.7 million for the year ended December 31, 2019, an increase of $12.2 million, or 20%, compared to $60.5 million for the year ended December 31, 2018. This significant increase was due primarily to the growth in our Mega-Project Development (“MPD”) channel.

The Oil & Gas segment generated total revenue of $14.2 million for the year ended December 31, 2019, an increase of $0.2 million, or 1%, compared to $14.0 million for the year ended December 31, 2018, due primarily to an increase in license and development revenue, which is calculated as a percentage of Cost to Total Cost.
 



The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, March 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Condensed Consolidated Balance Sheets (Parentheticals)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
- Contract Assets And Liabilities (Details)
- Operating Lease Obligations (Details)
Business Segment
Business Segment (Tables)
Business Segment - Depreciation And Amortization Expense By Segment (Details)
Business Segment - Summary Of Financial Information By Segment (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Lease Cost And Terms (Details)
Commitments And Contingencies - Product Warranty Liability (Details)
Concentrations
Concentrations (Tables)
Concentrations - Accounts Receivable Concentrations (Details)
Concentrations - License And Development (Detail)
Concentrations - Major Supply Vendors (Details)
Concentrations - Product Revenue By Geographic Locations (Details)
Concentrations - Product Revenue Concentrations (Details)
Description Of Business And Significant Accounting Policies
Description Of Business And Significant Accounting Policies (Details)
Description Of Business And Significant Accounting Policies (Policies)
Description Of Business And Significant Accounting Policies (Tables)
Description Of Business And Significant Accounting Policies - Balance Sheet (Details)
Description Of Business And Significant Accounting Policies - Cash Flows (Details)
Description Of Business And Significant Accounting Policies - Comprehensive Income (Details)
Description Of Business And Significant Accounting Policies - Income Statement (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities Excluded From Computation Of Diluted Earnings Per Share (Details)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Identifiable Intangible Assets (Details)
Goodwill And Intangible Assets - Intangible Asset Amortization Expense (Details)
Goodwill And Intangible Assets - Intangible Asset Future Amortization (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Changes In Gross Unrecognized Tax Benefit (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Net Operating Loss Carryforwards (Details)
Income Taxes - Provision (Benefit) For Income Taxes (Details)
Income Taxes - Reconciliation Of Income Taxes (Details)
Income Taxes - Tax Credit Carryforwards (Details)
Investments And Fair Value Measurements
Investments And Fair Value Measurements (Tables)
Investments And Fair Value Measurements - Amortized Cost And Fair Value Of Available-For-Sale Securities (Details)
Investments And Fair Value Measurements - Available-For-Sale Securities (Details)
Investments And Fair Value Measurements - Cash, Cash Equivalents And Investments (Details)
Investments And Fair Value Measurements - Fair Value Of Financial Assets And Liabilities Measured On A Recurring Basis (Details)
Investments And Fair Value Measurements - Gross Unrealized Losses And Fair Values Of Investments (Details)
Lines Of Credit
Lines Of Credit - Loan Agreements And Stand-By Letters Of Credit (Details)
Other Financial Information
Other Financial Information (Tables)
Other Financial Information - Accounts Receivable (Details)
Other Financial Information - Accrued Expenses And Other Current Liabilities (Details)
Other Financial Information - Allowance For Doubtful Accounts (Details)
Other Financial Information - Cash And Restricted Cash (Details)
Other Financial Information - Inventories (Details)
Other Financial Information - Inventory Valuation Reserves (Details)
Other Financial Information - Property Plant And Equipment (Details)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Remaining Performance Obligation (Details)
Revenue - Significant Changes In Contract Assets And Liabilities (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Black-Scholes Option Pricing Model Assumptions (Details)
Stock-Based Compensation - Forfeiture Rate (Details)
Stock-Based Compensation - Plan Information (Details)
Stock-Based Compensation - Restricted Stock Units Activity (Details)
Stock-Based Compensation - Share-Based Compensation Expense (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Stock-Based Compensation - Unamortized Compensation Cost And Grant Date Fair Value (Details)
Stock-Based Compensation - Vested Stock Options And Rsus (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Preferred And Common Stock (Details)
Stockholders' Equity - Stock Repurchase Program (Details)
Supplementary Data ??? Quarterly Financial Data (Unaudited)
Supplementary Data ??? Quarterly Financial Data (Unaudited) (Details)
Supplementary Data ??? Quarterly Financial Data (Unaudited) (Tables)
Vorteq Partnership And License Agreement
Vorteq Partnership And License Agreement (Details)
Ticker: ERII
CIK: 1421517
Form Type: 10-K Annual Report
Accession Number: 0001421517-20-000011
Submitted to the SEC: Fri Mar 06 2020 4:35:31 PM EST
Accepted by the SEC: Fri Mar 06 2020
Period: Tuesday, December 31, 2019
Industry: Special Industry Machinery

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