Energy Recovery Achieves 22% Year-on-Year Quarterly Revenue Growth, Beating Guidance
Third Quarter Highlights
-
Revenue of
$37.0 million , exceeding the upper end of our guidance which was attributed to an increase in megaproject revenues. - Gross margin of 69.9%, higher than our estimates due to a change in product mix coupled with an increase in sales of our PX®.
-
Operating expenses of
$16.7 million , in line with prior quarters. -
Income from operations of
$9.1 million . -
Net income of
$9.7 million and adjusted EBITDA(1) of$12.0 million -
Cash and investments of
$105.9 million , which include cash, cash equivalents, and short-term and long-term investments. - Issued our annual Sustainability Report, which includes our commitment to reduce our emissions in relation to revenue by 65% by 2026. The full Sustainability Report can be found on our Sustainability page at energyrecovery.com.
Financial Highlights
|
Quarter-to-Date |
|
|
Year-to-Date |
||||||||
|
Q3’2023 |
|
Q3’2022 |
|
vs. Q3’2022 |
|
|
2023 |
|
2022 |
|
2023 vs. 2022 |
|
(In millions, except net income per share, percentages and basis points) |
|||||||||||
Revenue |
|
|
|
|
up 22% |
|
|
|
|
|
|
down 15% |
Gross margin |
69.9% |
|
69.1% |
|
up 80 bps |
|
|
66.9% |
|
69.0% |
|
down 210 bps |
Operating margin |
24.7% |
|
16.1% |
|
up 860 bps |
|
|
(2.2%) |
|
12.3% |
|
NM |
Net income |
|
|
|
|
up 102% |
|
|
|
|
|
|
down 84% |
Net income per share |
|
|
|
|
up 113% |
|
|
|
|
|
|
down 83% |
Effective tax rate |
|
|
|
|
|
|
|
(114.2%) |
|
3.5% |
|
|
Cash provided by (used for) operations |
|
|
( |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Highlights (1)
|
Quarter-to-Date |
|
|
Year-to-Date |
||||||||
|
Q3’2023 |
|
Q3’2022 |
|
vs. Q3’2022 |
|
|
2023 |
|
2022 |
|
2023 vs. 2022 |
|
(In millions, except adjusted net income per share, percentages and basis points) |
|||||||||||
Adjusted operating margin |
29.5% |
|
22.4% |
|
up 710 bps |
|
|
6.0% |
|
20.3% |
|
NM |
Adjusted net income |
|
|
|
|
up 76% |
|
|
|
|
|
|
down 57% |
Adjusted net income per share |
|
|
|
|
up 67% |
|
|
|
|
|
|
down 57% |
Adjusted effective tax rate |
|
|
|
|
|
|
|
(3.5%) |
|
9.1% |
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
|
|
( |
|
|
|
|
|
|
|
|
|
_______________ | ||
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 belief that the Company is well positioned to deliver on full year water guidance; our belief that desalination revenue may grow in 2024; our belief that wastewater revenue may potentially double in 2024; and our belief that a path to 2026 water revenue targets exist. 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
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, including adjusted operating margin, adjusted net income, adjusted net income 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
Notes to the Third 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 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 per share 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, 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 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 Third Quarter 2023 Financial Results
LIVE CONFERENCE CALL:
Listen-only, US / Canada Toll-Free: +1 (877) 709-8150
Listen-only, Local / International Toll: +1 (201) 689-8354
CONFERENCE CALL REPLAY:
Expiration:
US / Canada Toll-Free: +1 (877) 660-6853
Local / International Toll: +1 (201) 612-7415
Access code: 13741003
Investors may access the live call and the replay (approximately three hours after the live call concludes) over the internet on the “Events” page at: https://ir.energyrecovery.com/news-events/ir-calendar.
Disclosure Information
About
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
|
2023 |
|
2022 |
||||
|
(In thousands) |
||||||
ASSETS |
|
|
|
||||
Cash, cash equivalents and investments |
$ |
105,929 |
|
$ |
92,891 |
||
Accounts receivable and contract assets |
|
23,337 |
|
|
|
35,782 |
|
Inventories, net |
|
33,888 |
|
|
|
28,366 |
|
Prepaid expenses and other assets |
|
4,508 |
|
|
|
3,886 |
|
Property, equipment and operating leases |
|
30,639 |
|
|
|
32,695 |
|
|
|
12,790 |
|
|
|
12,790 |
|
Deferred tax assets and other assets |
|
11,570 |
|
|
|
10,629 |
|
TOTAL ASSETS |
$ |
222,661 |
|
|
$ |
217,039 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Liabilities |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
13,211 |
|
|
$ |
15,507 |
|
Contract liabilities and other liabilities, non-current |
|
1,689 |
|
|
|
1,316 |
|
Lease liabilities |
|
13,732 |
|
|
|
14,878 |
|
Total liabilities |
|
28,632 |
|
|
|
31,701 |
|
|
|
|
|
||||
Stockholders’ equity |
|
194,029 |
|
|
|
185,338 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
222,661 |
|
|
$ |
217,039 |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(In thousands, except per share data) |
||||||||||||||
Revenue |
$ |
37,036 |
|
$ |
30,462 |
|
$ |
71,160 |
|
|
$ |
83,300 |
|||
Cost of revenue |
|
11,154 |
|
|
|
9,417 |
|
|
|
23,580 |
|
|
|
25,835 |
|
Gross profit |
|
25,882 |
|
|
|
21,045 |
|
|
|
47,580 |
|
|
|
57,465 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
General and administrative |
|
7,369 |
|
|
|
7,608 |
|
|
|
21,704 |
|
|
|
21,155 |
|
Sales and marketing |
|
5,411 |
|
|
|
4,703 |
|
|
|
15,397 |
|
|
|
11,916 |
|
Research and development |
|
3,969 |
|
|
|
3,828 |
|
|
|
12,043 |
|
|
|
14,170 |
|
Total operating expenses |
|
16,749 |
|
|
|
16,139 |
|
|
|
49,144 |
|
|
|
47,241 |
|
Income (loss) from operations |
|
9,133 |
|
|
|
4,906 |
|
|
|
(1,564 |
) |
|
|
10,224 |
|
Other income, net |
|
1,045 |
|
|
|
254 |
|
|
|
2,357 |
|
|
|
477 |
|
Income before income taxes |
|
10,178 |
|
|
|
5,160 |
|
|
|
793 |
|
|
|
10,701 |
|
Provision for (benefit from) income taxes |
|
518 |
|
|
|
371 |
|
|
|
(906 |
) |
|
|
377 |
|
Net income |
$ |
9,660 |
|
|
$ |
4,789 |
|
|
$ |
1,699 |
|
|
$ |
10,324 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.17 |
|
|
$ |
0.09 |
|
|
$ |
0.03 |
|
|
$ |
0.18 |
|
Diluted |
$ |
0.17 |
|
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
||||||||
Number of shares used in per share calculations |
|
|
|
|
|
|
|
||||||||
Basic |
|
56,443 |
|
|
|
55,881 |
|
|
|
56,346 |
|
|
|
56,291 |
|
Diluted |
|
57,969 |
|
|
|
57,372 |
|
|
|
57,761 |
|
|
|
57,708 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||
|
Nine Months Ended |
||||||
|
2023 |
|
2022 |
||||
|
(In thousands) |
||||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
1,699 |
|
|
$ |
10,324 |
|
Non-cash adjustments |
|
8,817 |
|
|
|
11,136 |
|
Net cash provided by (used in) operating assets and liabilities |
|
1,756 |
|
|
|
(15,192 |
) |
Net cash provided by operating activities |
|
12,272 |
|
|
|
6,268 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Net investment in marketable securities |
|
(17,278 |
) |
|
|
(1,857 |
) |
Capital expenditures |
|
(1,179 |
) |
|
|
(2,999 |
) |
Proceeds from sales of fixed assets |
|
82 |
|
|
|
734 |
|
Net cash used in investing activities |
|
(18,375 |
) |
|
|
(4,122 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Net proceeds from issuance of common stock |
|
1,184 |
|
|
|
2,244 |
|
Repurchase of common stock |
|
— |
|
|
|
(26,654 |
) |
Net cash provided by (used in) financing activities |
|
1,184 |
|
|
|
(24,410 |
) |
|
|
|
|
||||
Effect of exchange rate differences |
|
27 |
|
|
|
38 |
|
Net change in cash, cash equivalents and restricted cash |
$ |
(4,892 |
) |
|
$ |
(22,226 |
) |
Cash, cash equivalents and restricted cash, end of period |
$ |
51,566 |
|
|
$ |
52,235 |
|
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited) |
|||||||||||||||||||
Channel Revenue |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
2023 |
2022 |
|
vs. 2022 |
|
2023 |
|
2022 |
|
vs. 2022 |
|||||||||
|
(In thousands, except percentages) |
||||||||||||||||||
Megaproject |
$ |
26,829 |
|
$ |
17,347 |
|
up 55% |
|
$ |
42,283 |
|
$ |
51,257 |
|
down 18% |
||||
Original equipment manufacturer |
|
5,307 |
|
|
|
9,032 |
|
|
down 41% |
|
|
16,845 |
|
|
|
21,392 |
|
|
down 21% |
Aftermarket |
|
4,900 |
|
|
|
4,083 |
|
|
up 20% |
|
|
12,032 |
|
|
|
10,651 |
|
|
up 13% |
Total revenue |
$ |
37,036 |
|
|
$ |
30,462 |
|
|
up 22% |
|
$ |
71,160 |
|
|
$ |
83,300 |
|
|
down 15% |
Segment Activity |
|||||||||||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||||||||||
|
Water |
|
Emerging Technologies |
|
Corporate |
|
Total |
|
Water |
|
Emerging Technologies |
|
Corporate |
|
Total |
||||||||||||||||
|
(In thousands) |
||||||||||||||||||||||||||||||
Revenue |
$ |
36,812 |
|
$ |
224 |
|
|
$ |
— |
|
|
$ |
37,036 |
|
$ |
30,462 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,462 |
||||
Cost of revenue |
|
11,114 |
|
|
|
40 |
|
|
|
— |
|
|
|
11,154 |
|
|
|
9,417 |
|
|
|
— |
|
|
|
— |
|
|
|
9,417 |
|
Gross profit |
|
25,698 |
|
|
|
184 |
|
|
|
— |
|
|
|
25,882 |
|
|
|
21,045 |
|
|
|
— |
|
|
|
— |
|
|
|
21,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
General and administrative |
|
2,039 |
|
|
|
1,061 |
|
|
|
4,269 |
|
|
|
7,369 |
|
|
|
1,911 |
|
|
|
878 |
|
|
|
4,819 |
|
|
|
7,608 |
|
Sales and marketing |
|
3,272 |
|
|
|
1,560 |
|
|
|
579 |
|
|
|
5,411 |
|
|
|
3,242 |
|
|
|
960 |
|
|
|
501 |
|
|
|
4,703 |
|
Research and development |
|
1,098 |
|
|
|
2,871 |
|
|
|
— |
|
|
|
3,969 |
|
|
|
1,216 |
|
|
|
2,612 |
|
|
|
— |
|
|
|
3,828 |
|
Total operating expenses |
|
6,409 |
|
|
|
5,492 |
|
|
|
4,848 |
|
|
|
16,749 |
|
|
|
6,369 |
|
|
|
4,450 |
|
|
|
5,320 |
|
|
|
16,139 |
|
Operating income (loss) |
$ |
19,289 |
|
|
$ |
(5,308 |
) |
|
$ |
(4,848 |
) |
|
$ |
9,133 |
|
|
$ |
14,676 |
|
|
$ |
(4,450 |
) |
|
$ |
(5,320 |
) |
|
$ |
4,906 |
|
|
Nine Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||||||||
|
Water |
|
Emerging Technologies |
|
Corporate |
|
Total |
|
Water |
|
Emerging Technologies |
|
Corporate |
|
Total |
||||||||||||||||
|
(In thousands) |
||||||||||||||||||||||||||||||
Revenue |
$ |
70,622 |
|
|
$ |
538 |
|
|
$ |
— |
|
|
$ |
71,160 |
|
|
$ |
83,191 |
|
|
$ |
109 |
|
|
$ |
— |
|
|
$ |
83,300 |
|
Cost of revenue |
|
23,136 |
|
|
|
444 |
|
|
|
— |
|
|
|
23,580 |
|
|
|
25,817 |
|
|
|
18 |
|
|
|
— |
|
|
|
25,835 |
|
Gross profit |
|
47,486 |
|
|
|
94 |
|
|
|
— |
|
|
|
47,580 |
|
|
|
57,374 |
|
|
|
91 |
|
|
|
— |
|
|
|
57,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
General and administrative |
|
5,837 |
|
|
|
2,976 |
|
|
|
12,891 |
|
|
|
21,704 |
|
|
|
4,909 |
|
|
|
3,140 |
|
|
|
13,106 |
|
|
|
21,155 |
|
Sales and marketing |
|
9,567 |
|
|
|
4,171 |
|
|
|
1,659 |
|
|
|
15,397 |
|
|
|
8,197 |
|
|
|
2,120 |
|
|
|
1,599 |
|
|
|
11,916 |
|
Research and development |
|
3,121 |
|
|
|
8,922 |
|
|
|
— |
|
|
|
12,043 |
|
|
|
3,159 |
|
|
|
11,011 |
|
|
|
— |
|
|
|
14,170 |
|
Total operating expenses |
|
18,525 |
|
|
|
16,069 |
|
|
|
14,550 |
|
|
|
49,144 |
|
|
|
16,265 |
|
|
|
16,271 |
|
|
|
14,705 |
|
|
|
47,241 |
|
Operating income (loss) |
$ |
28,961 |
|
|
$ |
(15,975 |
) |
|
$ |
(14,550 |
) |
|
$ |
(1,564 |
) |
|
$ |
41,109 |
|
|
$ |
(16,180 |
) |
|
$ |
(14,705 |
) |
|
$ |
10,224 |
|
Share-based Compensation |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(In thousands) |
||||||||||||||
Stock-based compensation expense charged to: |
|
|
|
|
|
|
|
||||||||
Cost of revenue |
$ |
158 |
|
$ |
124 |
|
$ |
555 |
|
$ |
370 |
||||
General and administrative |
|
905 |
|
|
|
743 |
|
|
|
2,628 |
|
|
|
2,735 |
|
Sales and marketing |
|
436 |
|
|
|
426 |
|
|
|
1,684 |
|
|
|
1,232 |
|
Research and development |
|
292 |
|
|
|
205 |
|
|
|
944 |
|
|
|
767 |
|
Total stock-based compensation expense |
$ |
1,791 |
|
|
$ |
1,498 |
|
|
$ |
5,811 |
|
|
$ |
5,104 |
|
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 |
||||||||||||
|
Q3'2023 |
|
Q3'2022 |
|
Q3'2023 |
|
Q3'2022 |
||||||||
|
(In millions, except shares, per share and percentages) |
||||||||||||||
Operating margin |
|
24.7 |
% |
|
|
16.1 |
% |
|
|
(2.2 |
%) |
|
|
12.3 |
% |
Share-based compensation |
|
4.8 |
|
|
|
4.9 |
|
|
|
8.2 |
|
|
|
6.1 |
|
Severance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.4 |
|
Accelerated depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
Litigation charges |
|
— |
|
|
|
1.4 |
|
|
|
— |
|
|
|
0.5 |
|
Adjusted operating margin |
|
29.5 |
% |
|
|
22.4 |
% |
|
|
6.0 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
9.7 |
|
|
$ |
4.8 |
|
|
$ |
1.7 |
|
|
$ |
10.3 |
|
Share-based compensation (2) |
|
1.8 |
|
|
|
1.5 |
|
|
|
5.8 |
|
|
|
5.1 |
|
Severance (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
Accelerated depreciation (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
Litigation charges (2) |
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
0.4 |
|
Other (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Share-based compensation discrete tax item |
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.7 |
) |
|
|
(1.0 |
) |
Adjusted net income |
$ |
11.4 |
|
|
$ |
6.5 |
|
|
$ |
6.8 |
|
|
$ |
15.8 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share |
$ |
0.17 |
|
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.18 |
|
Adjustments to net income per share (3) |
|
0.03 |
|
|
|
0.04 |
|
|
|
0.09 |
|
|
|
0.10 |
|
Adjusted net income per share |
$ |
0.20 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
||||||||
Effective tax rate |
|
|
|
|
|
(114.2 |
%) |
|
|
3.5 |
% |
||||
Adjustments to effective tax rate (3) |
|
|
|
|
|
110.7 |
|
|
|
5.6 |
|
||||
Adjusted effective tax rate |
|
|
|
|
|
(3.5 |
%) |
|
|
9.1 |
% |
||||
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
9.7 |
|
|
$ |
4.8 |
|
|
$ |
1.7 |
|
|
$ |
10.3 |
|
Share-based compensation |
|
1.8 |
|
|
|
1.5 |
|
|
|
5.8 |
|
|
|
5.1 |
|
Severance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
Depreciation and amortization |
|
1.1 |
|
|
|
0.9 |
|
|
|
3.1 |
|
|
|
3.8 |
|
Litigation charges |
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
0.4 |
|
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other income, net |
|
(1.0 |
) |
|
|
(0.3 |
) |
|
|
(2.4 |
) |
|
|
(0.5 |
) |
Provision for (benefit from) income taxes |
|
0.5 |
|
|
|
0.4 |
|
|
|
(0.9 |
) |
|
|
0.4 |
|
Adjusted EBITDA |
$ |
12.0 |
|
|
$ |
7.7 |
|
|
$ |
7.3 |
|
|
$ |
19.8 |
|
|
|
|
|
|
|
|
|
||||||||
Free cash flow |
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities |
$ |
7.7 |
|
|
$ |
(1.2 |
) |
|
$ |
12.3 |
|
|
$ |
6.3 |
|
Capital expenditures |
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
(1.2 |
) |
|
|
(3.0 |
) |
Free cash flow |
$ |
7.4 |
|
|
$ |
(1.6 |
) |
|
$ |
11.1 |
|
|
$ |
3.3 |
|
_______________ | ||
(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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231101635811/en/
Investor Relations
ir@energyrecovery.com
+1 (346) 382-6927
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