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Energy Recovery Affirms FY 2023 Guidance, Continues Investments in Wastewater and CO2 Business Growth

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SAN LEANDRO, Calif.--(BUSINESS WIRE)-- Energy Recovery, Inc. (Nasdaq:ERII) (“Energy Recovery” or the “Company”) today announced its financial results for the second quarter and six months ended June 30, 2023.

Second Quarter Highlights

  • Revenue of $20.7 million, within the lower end of guidance. Revenue was lower due to a timing delay of a $5.7 million megaproject shipment that will subsequently be recognized in the third quarter.
  • Gross margin of 65.4%, within the upper range of our guidance of 64%66% for the quarter for Water.
  • Operating expenses of $16.1 million, which included growing investments in sales and marketing, and research and development to support business expansion.
  • Loss from operations of $2.6 million primarily attributable to lower revenue and gross margin due to timing of revenue recognition of a megaproject shipment.
  • Net loss of $1.7 million and adjusted EBITDA(1) of $0.2 million.
  • Cash and investments of $97.5 million which include cash, cash equivalents, and short-term and long-term investments.
  • Expanded the PX U Series product line used in and tailored for ultra high-pressure reverse osmosis applications.

Robert Mao, Chairman, President and CEO, commented on the financial results, “We delivered second quarter results in line with our previous guidance and we expect our outlook for the remainder of the year to be unchanged. As of today, our desalination and wastewater businesses are on track, and the significant increases in megaproject shipments expected in the second half of 2023, give us confidence in our ability to achieve our full-year revenue guidance.”

Mr. Mao added, “We continue to achieve new milestones in our CO2 business. We were awarded the prestigious Refrigeration Innovation of the Year Award by ATMO for our PX G1300 in June. We are also partnering with a major U.S. refrigeration manufacturer on a new training center in California that will incorporate our PX G1300, providing us a unique opportunity to educate the market further on our device. We continue to deploy the PX G1300 at new locations in Europe with our partners Fieuw Koeltechniiek nv and Epta S.p.A., and in North America. We are focused on building and enhancing relationships within the industry, as well as expanding our team in both the U.S. and Europe.”

Financial Highlights

 

Quarter-to-Date

 

 

Year-to-Date

 

Q2’2023

 

Q2’2022

 

vs. Q2’2022

 

 

2023

 

2022

 

2023 vs. 2022

 

(In millions, except net income (loss) per share, percentages and basis points)

Revenue

$20.7

 

$20.3

 

up 2%

 

 

$34.1

 

$52.8

 

down 35%

Gross margin

65.4%

 

65.9%

 

down 50 bps

 

 

63.6%

 

68.9%

 

down 530 bps

Operating margin

(12.5%)

 

(14.3%)

 

up 180 bps

 

 

(31.3%)

 

10.1%

 

NM

Net income (loss)

($1.7)

 

($2.4)

 

up 29%

 

 

($8.0)

 

$5.5

 

down 244%

Net income (loss) per share

($0.03)

 

($0.04)

 

up 25%

 

 

($0.14)

 

$0.10

 

down 240%

Effective tax rate

 

 

 

 

 

 

 

15.2%

 

0.1%

 

 

Cash provided by (used for) operations

($4.1)

 

$9.1

 

 

 

 

$4.5

 

$7.5

 

 

Non-GAAP Financial Highlights (1)

 

Quarter-to-Date

 

 

Year-to-Date

 

Q2’2023

 

Q2’2022

 

vs. Q2’2022

 

 

2023

 

2022

 

2023 vs. 2022

 

(In millions, except adjusted net income (loss) per share, percentages and basis points)

Adjusted operating margin

(4.2%)

 

(0.2%)

 

down 400 bps

 

 

(19.6%)

 

19.0%

 

NM

Adjusted net income (loss)

($0.1)

 

$0.2

 

down 138%

 

 

($4.6)

 

$9.3

 

down 149%

Adjusted net income (loss) per share

$0.00

 

$0.00

 

no change

 

 

($0.08)

 

$0.16

 

down 150%

Adjusted effective tax rate

 

 

 

 

 

 

 

15.1%

 

9.5%

 

 

Adjusted EBITDA

$0.2

 

$1.0

 

 

 

 

($4.7)

 

$12.1

 

 

Free cash flow

($4.7)

 

$8.5

 

 

 

 

$3.7

 

$4.9

 

 

____________________

NM

Not material

(1)

Refer to the sections “Use of Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” for definition of adjustment to GAAP presentation.

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 our beliefs about our future financial performance; our beliefs relating to our wastewater and desalination businesses; our expectation that there will be significant increases in megaproject shipments in the second half of 2023; and our expectations for multiple PX G1300 commissions in multiple countries this year in North America and Europe. 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 risks relating to the future demand for our products, risks relating to performance by our customers and third-party partners, risks relating to the timing of revenue, and 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, 2022, as supplemented by the risks discussed under “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, 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 adjusted operating margin, adjusted net income (loss), adjusted net income (loss) per share, adjusted effective tax rate, adjusted EBITDA and free cash flow. 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.

Notes to the Second Quarter Financial Results

  • Adjusted operating margin is a non-GAAP financial measure that the Company defines as income (loss) from operations which excludes i) share-based compensation; and ii) non-core operational costs, such as VorTeq-related severance costs and accelerated depreciation, divided by revenues.
  • Adjusted net income (loss) is a non-GAAP financial measure that the Company defines as net income which excludes i) share-based compensation; ii) non-core operational costs, such as VorTeq-related severance costs and accelerated depreciation; and iii) the applicable tax effect of the excluded items including the share-based compensation discrete tax item.
  • Adjusted net income (loss) per share is a non-GAAP financial measure that the Company defines as net income (loss), which excludes i) share-based compensation; and ii) non-core operational costs, such as VorTeq-related severance costs and accelerated depreciation; and iii) the applicable tax effect of the excluded items including the share-based compensation discrete tax item, divided by basic shares outstanding.
  • Adjusted effective tax rate reflects adjustments for share-based compensation discrete tax item, share-based compensation, and VorTeq-related severance costs and accelerated depreciation.
  • Adjusted EBITDA is a non-GAAP financial measure that the Company defines as net income (loss) which excludes i) depreciation and amortization; ii) share-based compensation; iii) non-core operational costs, such as VorTeq-related severance costs; iv) other income, net, such as interest income and other non-operating expense, net; and v) provision for (benefit from) income taxes.
  • Free cash flow is a non-GAAP financial measure that the Company defines as net cash provided by (used in) operating activities less capital expenditures.

Conference Call to Discuss Second Quarter 2023 Financial Results

LIVE CONFERENCE CALL:
Wednesday, August 2, 2023, 2:00 PM PT / 5:00 PM ET
Listen-only, US / Canada Toll-Free: +1 (877) 709-8150
Listen-only, Local / International Toll: +1 (201) 689-8354

CONFERENCE CALL REPLAY:
Expiration: September 1, 2023
US / Canada Toll-Free: +1 (877) 660-6853
Local / International Toll: +1 (201) 612-7415
Access code: 13739675

Investors may access the live call and the replay (approximately three hours after the live call concludes) over the internet at: ir.energyrecovery.com/websites/energyrecover/English/2200/calendar.html

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

Energy Recovery, Inc., creates technologies that solve complex challenges for commercial and industrial fluid-flow markets worldwide. Building on an innovative pressure exchanger technology platform, they design and manufacture solutions that make commercial and industrial processes more efficient and sustainable. What began as a game-changing invention for desalination has grown into a global business accelerating the environmental sustainability of customers’ operations in multiple industries. Headquartered in the San Francisco Bay Area, Energy Recovery has manufacturing and research and development facilities across California and Texas with sales and on-site technical support available globally. To learn more, visit https://energyrecovery.com/.

ENERGY RECOVERY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

June 30,
2023

 

December 31,
2022

 

(In thousands)

ASSETS

 

 

 

Cash, cash equivalents and investments

$

97,542

 

$

92,891

Accounts receivable and contract assets

 

15,726

 

 

 

35,782

 

Inventories, net

 

36,315

 

 

 

28,366

 

Prepaid expenses and other assets

 

3,544

 

 

 

3,886

 

Property, equipment and operating leases

 

31,697

 

 

 

32,695

 

Goodwill

 

12,790

 

 

 

12,790

 

Deferred tax assets and other assets

 

12,060

 

 

 

10,629

 

TOTAL ASSETS

$

209,674

 

 

$

217,039

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Liabilities

 

 

 

Accounts payable and accrued expenses

$

12,232

 

 

$

15,507

 

Contract liabilities and other liabilities, non-current

 

1,483

 

 

 

1,316

 

Lease liabilities

 

14,177

 

 

 

14,878

 

Total liabilities

 

27,892

 

 

 

31,701

 

 

 

 

 

Stockholders’ equity

 

181,782

 

 

 

185,338

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

209,674

 

 

$

217,039

 

ENERGY RECOVERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(In thousands, except per share data)

Revenue

$

20,723

 

 

$

20,292

 

 

$

34,124

 

 

$

52,838

Cost of revenue

 

7,180

 

 

 

6,920

 

 

 

12,426

 

 

 

16,418

 

Gross profit

 

13,543

 

 

 

13,372

 

 

 

21,698

 

 

 

36,420

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

General and administrative

 

7,269

 

 

 

6,996

 

 

 

14,335

 

 

 

13,547

 

Sales and marketing

 

5,092

 

 

 

3,849

 

 

 

9,986

 

 

 

7,213

 

Research and development

 

3,768

 

 

 

5,431

 

 

 

8,074

 

 

 

10,342

 

Total operating expenses

 

16,129

 

 

 

16,276

 

 

 

32,395

 

 

 

31,102

 

Income (loss) from operations

 

(2,586

)

 

 

(2,904

)

 

 

(10,697

)

 

 

5,318

 

Other income, net

 

656

 

 

 

106

 

 

 

1,312

 

 

 

223

 

Income (loss) before income taxes

 

(1,930

)

 

 

(2,798

)

 

 

(9,385

)

 

 

5,541

 

Provision for (benefit from) income taxes

 

(265

)

 

 

(439

)

 

 

(1,424

)

 

 

6

 

Net income (loss)

$

(1,665

)

 

$

(2,359

)

 

$

(7,961

)

 

$

5,535

 

 

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

 

Basic

$

(0.03

)

 

$

(0.04

)

 

$

(0.14

)

 

$

0.10

 

Diluted

$

(0.03

)

 

$

(0.04

)

 

$

(0.14

)

 

$

0.10

 

 

 

 

 

 

 

 

 

Number of shares used in per share calculations

 

 

 

 

 

 

 

Basic

 

56,363

 

 

 

56,218

 

 

 

56,296

 

 

 

56,499

 

Diluted

 

56,363

 

 

 

56,218

 

 

 

56,296

 

 

 

57,858

 

ENERGY RECOVERY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

Net (loss) income

$

(7,961

)

 

$

5,535

 

Non-cash adjustments

 

5,204

 

 

 

7,542

 

Net cash provided by (used in) operating assets and liabilities

 

7,280

 

 

 

(5,598

)

Net cash provided by operating activities

 

4,523

 

 

 

7,479

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Net investment in marketable securities

 

(16,269

)

 

 

(10,543

)

Capital expenditures and proceeds from sales of fixed assets

 

(767

)

 

 

(2,436

)

Net cash used in investing activities

 

(17,036

)

 

 

(12,979

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Net proceeds from issuance of common stock

 

379

 

 

 

985

 

Repurchase of common stock

 

 

 

 

(26,623

)

Net cash provided by (used in) financing activities

 

379

 

 

 

(25,638

)

 

 

 

 

Effect of exchange rate differences

 

41

 

 

 

4

 

Net change in cash, cash equivalents and restricted cash

$

(12,093

)

 

$

(31,134

)

Cash, cash equivalents and restricted cash, end of period

$

44,365

 

 

$

43,327

 

ENERGY RECOVERY, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

 

Channel Revenue

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

 

vs. 2022

 

 

2023

 

 

 

2022

 

 

vs. 2022

 

(In thousands, except percentages)

Megaproject

$

12,211

 

$

10,070

 

up 21%

 

$

15,454

 

$

33,910

 

down 54%

Original equipment manufacturer

 

4,702

 

 

 

7,689

 

 

down 39%

 

 

11,538

 

 

 

12,360

 

 

down 7%

Aftermarket

 

3,810

 

 

 

2,533

 

 

up 50%

 

 

7,132

 

 

 

6,568

 

 

up 9%

Total revenue

$

20,723

 

 

$

20,292

 

 

up 2%

 

$

34,124

 

 

$

52,838

 

 

down 35%

Segment Activity

 

 

Three Months Ended June 30, 2023

 

Three Months Ended June 30, 2022

 

Water

 

Emerging
Technologies

 

Corporate

 

Total

 

Water

 

Emerging
Technologies

 

Corporate

 

Total

 

(In thousands)

Revenue

$

20,514

 

$

209

 

 

$

 

 

$

20,723

 

 

$

20,213

 

$

79

 

 

$

 

 

$

20,292

 

Cost of revenue

 

6,921

 

 

 

259

 

 

 

 

 

 

7,180

 

 

 

6,920

 

 

 

 

 

 

 

 

 

6,920

 

Gross profit (loss)

 

13,593

 

 

 

(50

)

 

 

 

 

 

13,543

 

 

 

13,293

 

 

 

79

 

 

 

 

 

 

13,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

1,860

 

 

 

947

 

 

 

4,462

 

 

 

7,269

 

 

 

1,534

 

 

 

1,354

 

 

 

4,108

 

 

 

6,996

 

Sales and marketing

 

3,120

 

 

 

1,441

 

 

 

531

 

 

 

5,092

 

 

 

2,654

 

 

 

633

 

 

 

562

 

 

 

3,849

 

Research and development

 

843

 

 

 

2,925

 

 

 

 

 

 

3,768

 

 

 

1,143

 

 

 

4,288

 

 

 

 

 

 

5,431

 

Total operating expenses

 

5,823

 

 

 

5,313

 

 

 

4,993

 

 

 

16,129

 

 

 

5,331

 

 

 

6,275

 

 

 

4,670

 

 

 

16,276

 

Operating income (loss)

$

7,770

 

 

$

(5,363

)

 

$

(4,993

)

 

$

(2,586

)

 

$

7,962

 

 

$

(6,196

)

 

$

(4,670

)

 

$

(2,904

)

 

Six Months Ended June 30, 2023

 

Six Months Ended June 30, 2022

 

Water

 

Emerging
Technologies

 

Corporate

 

Total

 

Water

 

Emerging
Technologies

 

Corporate

 

Total

 

(In thousands)

Revenue

$

33,810

 

$

314

 

 

$

 

 

$

34,124

 

 

$

52,729

 

$

109

 

 

$

 

 

$

52,838

Cost of revenue

 

12,022

 

 

 

404

 

 

 

 

 

 

12,426

 

 

 

16,400

 

 

 

18

 

 

 

 

 

 

16,418

 

Gross profit (loss)

 

21,788

 

 

 

(90

)

 

 

 

 

 

21,698

 

 

 

36,329

 

 

 

91

 

 

 

 

 

 

36,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

3,798

 

 

 

1,915

 

 

 

8,622

 

 

 

14,335

 

 

 

2,998

 

 

 

2,262

 

 

 

8,287

 

 

 

13,547

 

Sales and marketing

 

6,295

 

 

 

2,611

 

 

 

1,080

 

 

 

9,986

 

 

 

4,955

 

 

 

1,160

 

 

 

1,098

 

 

 

7,213

 

Research and development

 

2,023

 

 

 

6,051

 

 

 

 

 

 

8,074

 

 

 

1,943

 

 

 

8,399

 

 

 

 

 

 

10,342

 

Total operating expenses

 

12,116

 

 

 

10,577

 

 

 

9,702

 

 

 

32,395

 

 

 

9,896

 

 

 

11,821

 

 

 

9,385

 

 

 

31,102

 

Operating income (loss)

$

9,672

 

 

$

(10,667

)

 

$

(9,702

)

 

$

(10,697

)

 

$

26,433

 

 

$

(11,730

)

 

$

(9,385

)

 

$

5,318

 

Share-based Compensation

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(In thousands)

Stock-based compensation expense charged to:

 

 

 

 

 

 

 

Cost of revenue

$

148

 

$

100

 

$

397

 

$

246

General and administrative

 

763

 

 

 

1,024

 

 

 

1,723

 

 

 

1,992

 

Sales and marketing

 

550

 

 

 

373

 

 

 

1,248

 

 

 

806

 

Research and development

 

255

 

 

 

227

 

 

 

652

 

 

 

562

 

Total stock-based compensation expense

$

1,716

 

 

$

1,724

 

 

$

4,020

 

 

$

3,606

 

ENERGY RECOVERY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)
(Unaudited)

This press release includes certain non-GAAP financial information because we plan and manage our business using such information. The following table reconciles the GAAP financial information to the non-GAAP financial information.

 

Quarter-to-Date

 

Year-to-Date

 

Q2'2023

 

Q2'2022

 

Q2'2023

 

Q2'2022

 

(In millions, except shares, per share and percentages)

Operating margin

 

(12.5

%)

 

 

(14.3

%)

 

 

(31.3

%)

 

 

10.1

%

Share-based compensation

 

8.3

%

 

 

8.5

%

 

 

11.8

%

 

 

6.8

%

Severance

 

%

 

 

1.5

%

 

 

%

 

 

0.6

%

Accelerated depreciation

 

%

 

 

4.2

%

 

 

%

 

 

1.6

%

Other

 

%

 

 

(0.1

%)

 

 

%

 

 

(0.1

%)

Adjusted operating margin

 

(4.2

%)

 

 

(0.2

%)

 

 

(19.6

%)

 

 

19.0

%

 

 

 

 

 

 

 

 

Net income (loss)

$

(1.7

)

 

$

(2.4

)

 

$

(8.0

)

 

$

5.5

 

Share-based compensation (2)

 

1.7

 

 

 

1.7

 

 

 

4.0

 

 

 

3.6

 

Severance (2)

 

 

 

 

0.3

 

 

 

 

 

 

0.3

 

Accelerated depreciation (2)

 

 

 

 

0.8

 

 

 

 

 

 

0.7

 

Share-based compensation discrete tax item

 

(0.1

)

 

 

(0.2

)

 

 

(0.6

)

 

 

(0.8

)

Adjusted net income (loss)

$

(0.1

)

 

$

0.2

 

 

$

(4.6

)

 

$

9.3

 

 

 

 

 

 

 

 

 

Net income (loss) per share

$

(0.03

)

 

$

(0.04

)

 

$

(0.14

)

 

$

0.10

 

Adjustments to net income (loss) per share (3)

 

0.03

 

 

 

0.04

 

 

 

0.06

 

 

 

0.06

 

Adjusted net income (loss) per share

$

 

 

$

 

 

$

(0.08

)

 

$

0.16

 

 

 

 

 

 

 

 

 

Effective tax rate

 

 

 

 

 

15.2

%

 

 

0.1

%

Adjustments to effective tax rate (3)

 

 

 

 

 

(0.1

%)

 

 

9.4

%

Adjusted effective tax rate

 

 

 

 

 

15.1

%

 

 

9.5

%

 

 

 

 

 

 

 

 

Net income (loss)

$

(1.7

)

 

$

(2.4

)

 

$

(8.0

)

 

$

5.5

 

Share-based compensation

 

1.7

 

 

 

1.7

 

 

 

4.0

 

 

 

3.6

 

Severance

 

 

 

 

0.3

 

 

 

 

 

 

0.3

 

Depreciation and amortization

 

1.0

 

 

 

1.9

 

 

 

2.0

 

 

 

2.9

 

Other income, net

 

(0.7

)

 

 

(0.1

)

 

 

(1.3

)

 

 

(0.2

)

Provision for (benefit from) income taxes

 

(0.3

)

 

 

(0.4

)

 

 

(1.4

)

 

 

 

Adjusted EBITDA

$

0.2

 

 

$

1.0

 

 

$

(4.7

)

 

$

12.1

 

 

 

 

 

 

 

 

 

Free cash flow

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

$

(4.1

)

 

$

9.1

 

 

$

4.5

 

 

$

7.5

 

Capital expenditures

 

(0.6

)

 

 

(0.6

)

 

 

(0.8

)

 

 

(2.6

)

Free cash flow

$

(4.7

)

 

$

8.5

 

 

$

3.7

 

 

$

4.9

 

____________________

(1)

Amounts may not total due to rounding.

(2)

Amount presented are net of tax.

(3)

Refer to the sections “Use of Non-GAAP Financial Measures” for description of items included in adjustments.

 

Investor Relations

ir@energyrecovery.com

+1 (346) 382-6927

Source: Energy Recovery, Inc.

Energy Recovery, Inc.

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