Energy Recovery Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 21, 2024
ERII$7.33-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $21,504 | $24,049 | $14,269 |
| Adjustments to reconcile net income to cash provided by operating activities | |||
| Stock-based compensation | 8,038 | 6,508 | 6,053 |
| Depreciation and amortization | 4,102 | 4,764 | 4,502 |
| Right of use asset amortization | 1,646 | 1,538 | 1,437 |
| (Accretion) amortization of premiums and discounts on investments | (862) | 680 | 570 |
| Deferred income taxes | (61) | 1,158 | (391) |
| Other non-cash adjustments | 1,026 | (201) | 955 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (12,873) | (13,480) | (8,823) |
| Contract assets | 1,128 | (1,227) | 1,399 |
| Inventories, net | 1,354 | (8,282) | (8,766) |
| Prepaid and other assets | (96) | 138 | 314 |
| Accounts payable | 2,629 | 138 | (155) |
| Accrued expenses and other liabilities | (1,352) | (1,062) | 396 |
| Contract liabilities | (129) | (2,090) | 1,766 |
| Net cash provided by operating activities | 26,054 | 12,631 | 13,526 |
| Cash flows from investing activities: | |||
| Sales of marketable securities | 2,966 | — | — |
| Maturities of marketable securities | 64,955 | 39,756 | 35,019 |
| Purchases of marketable securities | (84,555) | (43,572) | (48,903) |
| Capital expenditures | (2,567) | (4,232) | (6,684) |
| Proceeds from sales of fixed assets | 87 | 1,102 | 5 |
| Net cash used in investing activities | (19,114) | (6,946) | (20,563) |
| Cash flows from financing activities: | |||
| Net proceeds from issuance of common stock | 4,794 | 2,986 | 10,554 |
| Repurchase of common stock | — | (26,654) | (23,346) |
| Net cash provided by (used in) financing activities | 4,794 | (23,668) | (12,792) |
| Effect of exchange rate differences on cash and cash equivalents | 33 | (20) | (68) |
| Net change in cash, cash equivalents and restricted cash | 11,767 | (18,003) | (19,897) |
| Cash, cash equivalents and restricted cash, beginning of year | 56,458 | 74,461 | 94,358 |
| Cash, cash equivalents and restricted cash, end of year | $68,225 | $56,458 | $74,461 |
| Supplemental disclosure of cash flow information: | |||
| Cash received for income tax refunds | $3 | $2 | $270 |
| Cash paid for income taxes | 505 | 549 | 76 |
| Supplemental disclosure on non-cash investing and financing transactions: | |||
| Purchases of property and equipment in trade accounts payable, and accrued expenses and other liabilities | $647 | $740 | $421 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.