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.
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(TM) 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
Years Ended
December 31, 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 74.5 68.4 70.7 67.1
margin % % % %
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.
