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Energy Recovery, Inc. (ERII) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

ERII Annual Reports

Energy Recovery, Inc.

CIK: 1421517 Ticker: ERII

Exhibit 99.1

erilogoh4ca.jpg
Energy Recovery Achieves Record-Breaking Fourth Quarter and Fiscal Year 2021 Product Revenue

SAN LEANDRO, Calif. - February 24, 2022
- Energy Recovery, Inc. (Nasdaq:ERII) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021. The Company achieved 13% product revenue growth for the fiscal
year 2021 across all business segments.

“We are pleased to report another year of record revenue in 2021. This achievement reflects the important role our products play in reliably delivering energy and cost savings, as well as emissions reduction for critical industries. Additionally, our performance highlights the ability of our team to adapt and perform at the highest level, despite the many challenges presented by the global pandemic,” said Robert Mao, Chairman, President and Chief Executive Officer of Energy Recovery.

“We are well down the clear and disciplined path we defined two years ago for our industrial wastewater treatment and refrigeration businesses. We have announced multiple contracts for the Ultra PX for use in multiple industrial wastewater treatment applications. Furthermore, we are in discussions with several refrigeration rack manufacturers in North America and Europe and have signed our first agreement with one of these manufacturers for the joint development of a PX-centric next generation CO2 system utilizing our PX G1300,” Mr. Mao continued.

“Energy Recovery’s core strategy remains focused on accelerating the achievement of greater sustainability in critical industries with our PX technology. We are delivering on this promise, and through continuing innovation and dedication to delivering results, we are poised to continue our growth in the years to come.”

Financial Results
Three Months Ended December 31,Years Ended December 31,
20212020Variance20212020Variance
(In millions, except net income per share, percentages and basis points)
Product revenue$33.6 $26.4 27%$103.9 $92.1 13%
License and development revenue (1)
— — —%— 26.9 (100%)
Total revenue$33.6 $26.4 27%$103.9 $119.0 (13%)
Product gross profit$23.2 $18.2 27%$71.2 $63.8 12%
Product gross margin68.9 %69.0 %(10) bps68.6 %69.3 %(70) bps
Operating expense$17.2 $14.4 19%$57.4 $59.4 (3%)
Operating income$6.0 $3.8 57%$13.8 $31.3 (56%)
Net income$5.3 $3.5 52%$14.3 $26.4 (46%)
Diluted net income per share$0.09 $0.06 $0.03$0.24 $0.47 $(0.23)
Operating cash flow$6.2 $6.5 $(0.3)$13.5 $16.9 $(3.3)
Cash and investments$108.0 $114.7 (6%)$108.0 $114.7 (6%)
(1)In June 2020, the Company terminated the VorTeq License Agreement with Schlumberger Technology Corporation. As there were no future performance obligations to be recognized under the VorTeq License Agreement after the effective date, the Company recognized in full the remaining deferred revenue balance of $24.4 million in the second quarter of fiscal year 2020. In addition, no future license and development revenue was recognized under the VorTeq License Agreement after the second quarter of fiscal year 2020.



The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, February 24, 2022 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

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Lease Cost (Details)
Commitments And Contingencies - Maturities Of Lease Liabilities (Details)
Commitments And Contingencies - Non-Cash Lease Liabilities (Details)
Commitments And Contingencies - Product Warranty Liability (Details)
Commitments And Contingencies - Purchase Obligations (Details)
Commitments And Contingencies - Right Of Use Asset And Lease Liability (Details)
Commitments And Contingencies - Weighted Average Lease Term And Discount Rate (Details)
Concentrations
Concentrations (Tables)
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)
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 - Financial Assets Measured On Recurring Basis (Details)
Investments And Fair Value Measurements - Gross Unrealized Losses And Fair Values Of Investments (Details)
Investments And Fair Value Measurements - Sales Of Available-For-Sale Investments (Details)
Lines Of Credit
Lines Of Credit (Details)
Lines Of Credit (Tables)
Net Income Per Share
Net Income Per Share - (Tables)
Net Income Per Share - Antidilutive Securities Excluded From Computation Of Diluted Earnings Per Share (Details)
Net Income Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Other Financial Information
Other Financial Information (Tables)
Other Financial Information - Accounts Receivable (Details)
Other Financial Information - Accrued Expenses And Other Liabilities (Details)
Other Financial Information - Allowance For Doubtful Accounts (Details)
Other Financial Information - Cash, Cash Equivalents And Restricted Cash (Details)
Other Financial Information - Cloud Computing Arrangements (Details)
Other Financial Information - Depreciation And Amortization (Details)
Other Financial Information - Goodwill And Other Intangible Assets (Details)
Other Financial Information - Inventories (Details)
Other Financial Information - Prepaid Expenses And Other Current Assets (Details)
Other Financial Information - Property And Equipment (Details)
Revenue
Revenue (Tables)
Revenue - Contract Assets And Liabilities (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Remaining Performance Obligation (Details)
Revenue - Schlumberger Technology Corporation - Narrative (Details)
Revenue - Significant Changes In Contract Liabilities (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Depreciation And Amortization Expense By Segment (Details)
Segment Reporting - Summary Of Financial Information By Segment (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 - Stock Options, Restricted Stock Awards And Restricted Stock Units (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)
Ticker: ERII
CIK: 1421517
Form Type: 10-K Annual Report
Accession Number: 0001421517-22-000037
Submitted to the SEC: Thu Feb 24 2022 4:13:34 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Special Industry Machinery

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