$ERII
Energy Recovery, Inc.

2021 Q4 Form 10-Q Financial Statement

#000142151721000142 Filed on November 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $33.58M $20.78M $27.41M
YoY Change 27.04% -24.18% 10.29%
Cost Of Revenue $10.42M $6.089M $7.820M
YoY Change 27.06% -22.14% 44.01%
Gross Profit $23.16M $14.69M $19.59M
YoY Change 27.03% -25.0% 0.82%
Gross Profit Margin 68.97% 70.7% 71.48%
Selling, General & Admin $10.45M $8.847M $8.412M
YoY Change 14.63% 5.17% 4.13%
% of Gross Profit 45.14% 60.22% 42.94%
Research & Development $6.727M $4.416M $5.098M
YoY Change 27.16% -13.38% -22.99%
% of Gross Profit 29.05% 30.06% 26.02%
Depreciation & Amortization $1.798M $1.408M $1.210M
YoY Change 34.18% 16.36% -18.79%
% of Gross Profit 7.76% 9.58% 6.18%
Operating Expenses $17.18M $13.27M $13.51M
YoY Change 19.25% -1.84% -9.02%
Operating Profit $5.973M $1.427M $6.078M
YoY Change 56.36% -76.52% 32.97%
Interest Expense $25.00K $36.00K $130.0K
YoY Change -75.0% -72.31%
% of Operating Profit 0.42% 2.52% 2.14%
Other Income/Expense, Net -$10.00K $37.00K $105.0K
YoY Change -50.0% -64.76% -78.79%
Pretax Income $5.988M $1.464M $6.183M
YoY Change 53.54% -76.32% 22.05%
Income Tax $725.0K $393.0K $796.0K
% Of Pretax Income 12.11% 26.84% 12.87%
Net Earnings $5.263M $1.071M $5.387M
YoY Change 52.55% -80.12% 4.62%
Net Earnings / Revenue 15.67% 5.15% 19.65%
Basic Earnings Per Share $0.02 $0.10
Diluted Earnings Per Share $89.91K $0.02 $0.10
COMMON SHARES
Basic Shares Outstanding 56.72M shares 57.03M shares 55.69M shares
Diluted Shares Outstanding 58.71M shares 56.47M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.7M $107.6M $104.5M
YoY Change -7.86% 3.01% 16.63%
Cash & Equivalents $74.36M $65.75M $80.15M
Short-Term Investments $31.33M $41.90M $24.40M
Other Short-Term Assets $5.075M $5.541M $3.800M
YoY Change 1.5% 45.82% 22.58%
Inventory $20.38M $20.56M $10.66M
Prepaid Expenses
Receivables $20.62M $13.07M $11.06M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $151.8M $146.8M $131.2M
YoY Change 5.99% 11.9% 6.09%
LONG-TERM ASSETS
Property, Plant & Equipment $20.36M $20.91M $20.54M
YoY Change 0.92% 1.8% 17.73%
Goodwill $12.79M $12.79M $12.80M
YoY Change 0.0% -0.08% 0.08%
Intangibles
YoY Change
Long-Term Investments $2.298M $765.0K $1.400M
YoY Change -45.36% -81.33%
Other Assets $367.0K $365.0K $645.0K
YoY Change -62.85% -43.41% 60.45%
Total Long-Term Assets $61.93M $61.98M $63.34M
YoY Change 1.32% -2.15% -5.36%
TOTAL ASSETS
Total Short-Term Assets $151.8M $146.8M $131.2M
Total Long-Term Assets $61.93M $61.98M $63.34M
Total Assets $213.7M $208.8M $194.5M
YoY Change 4.59% 7.33% 2.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $909.0K $3.663M $1.951M
YoY Change -18.69% 87.75% 25.14%
Accrued Expenses $14.68M $10.27M $9.100M
YoY Change 19.34% 12.86% 2.25%
Deferred Revenue $3.318M $1.452M $1.160M
YoY Change 113.79% 25.17% -93.37%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.79M $16.22M $12.97M
YoY Change 25.79% 24.98% -54.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $247.0K $550.0K $672.0K
YoY Change -52.32% -18.15% -97.53%
Total Long-Term Liabilities $247.0K $550.0K $672.0K
YoY Change -52.32% -18.15% -97.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.79M $16.22M $12.97M
Total Long-Term Liabilities $247.0K $550.0K $672.0K
Total Liabilities $34.91M $32.05M $30.55M
YoY Change 6.79% 4.9% -45.28%
SHAREHOLDERS EQUITY
Retained Earnings $37.10M $31.84M $19.38M
YoY Change 62.49% 64.28% -758.32%
Common Stock $64.00K $63.00K $61.00K
YoY Change 3.23% 3.28% 1.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.83M $47.64M $30.49M
YoY Change 76.58% 56.28% 0.0%
Treasury Stock Shares 6.721M shares
Shareholders Equity $178.8M $176.7M $164.0M
YoY Change
Total Liabilities & Shareholders Equity $213.7M $208.8M $194.5M
YoY Change 4.59% 7.33% 2.07%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $5.263M $1.071M $5.387M
YoY Change 52.55% -80.12% 4.62%
Depreciation, Depletion And Amortization $1.798M $1.408M $1.210M
YoY Change 34.18% 16.36% -18.79%
Cash From Operating Activities $6.232M -$4.247M $10.64M
YoY Change -4.42% -139.92% 2028.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.780M -$2.450M -$1.610M
YoY Change 131.17% 52.17% 98.77%
Acquisitions
YoY Change
Other Investing Activities $8.764M -$25.48M $7.990M
YoY Change 68.54% -418.9% 35.88%
Cash From Investing Activities $6.984M -$27.93M $6.380M
YoY Change 57.65% -537.77% 26.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.575M -5.360M 130.0K
YoY Change -246.17% -4223.08% -84.15%
NET CHANGE
Cash From Operating Activities 6.232M -4.247M 10.64M
Cash From Investing Activities 6.984M -27.93M 6.380M
Cash From Financing Activities -4.575M -5.360M 130.0K
Net Change In Cash 8.641M -37.54M 17.15M
YoY Change -38.63% -318.87% 168.81%
FREE CASH FLOW
Cash From Operating Activities $6.232M -$4.247M $10.64M
Capital Expenditures -$1.780M -$2.450M -$1.610M
Free Cash Flow $8.012M -$1.797M $12.25M
YoY Change 9.9% -114.67% 835.11%

Facts In Submission

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<div style="margin-top:6pt;padding-left:45pt;text-indent:-45pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1 — Description of Business and Significant Accounting Policies</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Energy Recovery, Inc. and its wholly-owned subsidiaries (the “Company” or “Energy Recovery”) create technologies that solve complex challenges for industrial fluid-flow markets worldwide. Building on the Company’s pressure exchanger technology platform, the Company designs and manufactures solutions that improve operational efficiency by reducing waste, energy consumption and costs across a range of industrial processes. What began as a game-changing invention for desalination has grown into a global business advancing the environmental sustainability of the Company’s customers’ operations in multiple industries. The Company’s solutions are marketed, sold in, or developed for, the fluid-flow and gas markets, such as water, industrial waste, oil &amp; gas, chemical processing and refrigeration, under the trademarks ERI</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, Ultra PX</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, PX</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, Pressure Exchanger</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, PX Pressure Exchanger</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(“PX”), PX PowerTrain</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, VorTeq</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, IsoBoost</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, AT</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, AquaBold</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, and PX G1300</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company owns, manufactures and/or develops its solutions, in whole or in part, in the United States of America (the “U.S.”).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Condensed Consolidated Financial Statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The December 31, 2020 Condensed Consolidated Balance Sheet was derived from audited financial statements and may not include all disclosures required by GAAP; however, the Company believes that the disclosures are adequate to make the information presented not misleading. </span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The September 30, 2021 unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto for the fiscal year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2021 (the “2020 Annual Report”).</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All adjustments consisting of normal recurring adjustments that are necessary to present fairly the financial position, results of operations and cash flows for the interim periods have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods.</span></div><div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified in the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, and certain notes to the Condensed Consolidated Financial Statements, to conform to the current period presentation.</span></div><div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of Condensed Consolidated Financial Statements, in conformity with GAAP, requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes.</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting policies that reflect the Company’s more significant estimates and judgments and that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results are revenue recognition; valuation of stock options; valuation and impairment of goodwill; inventory; deferred taxes and valuation allowances on deferred tax assets; and evaluation and measurement of contingencies. Those estimates could change, and as a result, actual results could differ materially from those estimates.</span></div>Due to the novel coronavirus (“COVID-19”) pandemic, and the impact on the Company’s customers, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of November 5, 2021, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. The Company undertakes no obligation to update publicly these estimates for any reason after the date of this Quarterly Report on Form 10-Q, except as required by law.Significant Accounting PoliciesExcept for adopting new accounting pronouncements, as noted under “Recently Adopted Accounting Pronouncements,” there have been no material changes to the Company’s significant accounting policies in Note 1, “Description of Business and Significant Accounting Policies,” of the Notes to Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data,” in the 2020 Annual Report.Recently Adopted Accounting Pronouncements <span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard is effective for interim and annual periods beginning after December 15, 2020. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial condition, results of operations, and cash flows.</span>Recently Issued Accounting Pronouncements Not Yet Adopted<span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the FASB issued ASU No. 2020-04, </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reference Rate Reform (Topic 848) </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(“ASU 2020-04”), which provided optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The FASB later issued ASU No. 2021-01, </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reference Rate Reform (Topic 848): Scope, to clarify the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“ASU 2021-01”). Entities may apply the provisions of the new standards as of the beginning of the reporting period when the election is made (i.e., as early as the first quarter of 2020). Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed. An entity may elect to apply amendments prospectively through December 31, 2022. The optional expedients were available to be used upon issuance of this guidance but the Company has not yet applied the guidance because the Company has not yet modified its existing contract for reference rate reform. The Company does not expect the provisions of ASU 2020-04 or ASU 2021-01 to have a material impact on its financial condition, results of operation, and cash flows.</span>
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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53764000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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80252000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Prior Period Reclassification Adjustment Description
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<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified in the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, and certain notes to the Condensed Consolidated Financial Statements, to conform to the current period presentation.</span></div>
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<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of Condensed Consolidated Financial Statements, in conformity with GAAP, requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes.</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting policies that reflect the Company’s more significant estimates and judgments and that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results are revenue recognition; valuation of stock options; valuation and impairment of goodwill; inventory; deferred taxes and valuation allowances on deferred tax assets; and evaluation and measurement of contingencies. Those estimates could change, and as a result, actual results could differ materially from those estimates.</span></div>Due to the novel coronavirus (“COVID-19”) pandemic, and the impact on the Company’s customers, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of November 5, 2021, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. The Company undertakes no obligation to update publicly these estimates for any reason after the date of this Quarterly Report on Form 10-Q, except as required by law.
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1640000 USD
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us-gaap Contract With Customer Liability Revenue Recognized
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28414000 USD
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1188000 USD
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1521000 USD
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1640000 USD
CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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WeightedAverageNumberOfSharesOutstandingBasic
55573000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
1683000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
779000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1732000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
870000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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58709000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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56471000 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
58785000 shares
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56443000 shares
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0.02
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0.1
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EarningsPerShareBasic
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EarningsPerShareBasic
0.41
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EarningsPerShareDiluted
0.02
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EarningsPerShareDiluted
0.1
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EarningsPerShareDiluted
0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3033000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
456000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2700000 shares
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
65745000 USD
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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103000 USD
CY2020Q4 us-gaap Restricted Cash Noncurrent
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103000 USD
CY2020Q3 us-gaap Restricted Cash Noncurrent
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103000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
65848000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94358000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80252000 USD
CY2021Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
13183000 USD
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AccountsReceivableGrossCurrent
12189000 USD
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117000 USD
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AllowanceForDoubtfulAccountsReceivableCurrent
397000 USD
CY2021Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
13066000 USD
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
11792000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
300000 USD
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4647000 USD
CY2021Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
3423000 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2475000 USD
CY2021Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
11181000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5160000 USD
CY2021Q3 us-gaap Inventory Gross
InventoryGross
21119000 USD
CY2020Q4 us-gaap Inventory Gross
InventoryGross
12282000 USD
CY2021Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
562000 USD
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
534000 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
20557000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
11748000 USD
CY2021Q3 us-gaap Contract With Customer Asset Net Current
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0 USD
CY2020Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
1309000 USD
CY2021Q3 erii Cloud Computing Arrangements Current
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1080000 USD
CY2020Q4 erii Cloud Computing Arrangements Current
CloudComputingArrangementsCurrent
1087000 USD
CY2021Q3 erii Supplier Advances Current
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2110000 USD
CY2020Q4 erii Supplier Advances Current
SupplierAdvancesCurrent
996000 USD
CY2021Q3 us-gaap Other Prepaid Expense Current
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2351000 USD
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1558000 USD
CY2021Q3 us-gaap Prepaid Expense And Other Assets Current
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5541000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4950000 USD
CY2021Q3 us-gaap Goodwill
Goodwill
12790000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
12790000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49000 USD
CY2021Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
12830000 USD
CY2020Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
12839000 USD
CY2021Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6719000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8400000 USD
CY2021Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
830000 USD
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
760000 USD
CY2021Q3 erii Other Accrued Expenses And Current Liabilities
OtherAccruedExpensesAndCurrentLiabilities
2033000 USD
CY2020Q4 erii Other Accrued Expenses And Current Liabilities
OtherAccruedExpensesAndCurrentLiabilities
2656000 USD
CY2021Q3 erii Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
9582000 USD
CY2020Q4 erii Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
11816000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
84517000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
15000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
84506000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
79454000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
124000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
79578000 USD
CY2021Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0 USD
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15021000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16090000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1518000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1243000 USD
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
15284000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16443000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
16802000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
17686000 USD
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
643000 USD
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
669000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
1928000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
1940000 USD
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
647000 USD
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
655000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
1783000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
1763000 USD
CY2021Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6384000 USD
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y8M12D
CY2021Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.070
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
647000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2650000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2580000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2812000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2736000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
10462000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21887000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5085000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
16802000 USD
CY2021Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
809000 USD
CY2020Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
673000 USD
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
760000 USD
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
631000 USD
CY2021Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
104000 USD
CY2020Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
143000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
312000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
316000 USD
CY2021Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1000 USD
CY2020Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
14000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7000 USD
CY2021Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-82000 USD
CY2021Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
830000 USD
CY2020Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
747000 USD
CY2020Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-64000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-228000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-193000 USD
CY2021Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
830000 USD
CY2020Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
747000 USD
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
8700000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
393000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
796000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-990000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5297000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
9000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
28000 USD
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
2364000 USD
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-54000 USD
CY2021Q3 erii Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
402000 USD
CY2020Q3 erii Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
824000 USD
erii Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
1374000 USD
erii Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
5243000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.268
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.129
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.124
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.188
CY2021Q3 erii Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
0.275
CY2020Q3 erii Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
0.134
erii Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
0.172
erii Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
0.186
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1427000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
7858000 USD
CY2021Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
37000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
158000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1464000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8016000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6078000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
27481000 USD
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
105000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
750000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6183000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
28231000 USD

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