(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Page No. | ||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other assets, current | |||||||||||
Total current assets | |||||||||||
Deferred tax assets, net | |||||||||||
Property and equipment, net | |||||||||||
Operating lease, right of use asset | |||||||||||
Goodwill and other intangible assets | |||||||||||
Other assets, non-current | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other liabilities, current | |||||||||||
Lease liabilities, current | |||||||||||
Contract liabilities, current | |||||||||||
Total current liabilities | |||||||||||
Lease liabilities, non-current | |||||||||||
Other liabilities, non-current | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 7) | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive (loss) income | ( | ||||||||||
Treasury stock | ( | ( | |||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Product gross profit | |||||||||||||||||||||||
License and development revenue | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Impairment of long-lived assets | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other non-operating expense, net | ( | ( | ( | ( | |||||||||||||||||||
Total other income, net | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
(Benefit from) provision for income taxes | ( | ( | |||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Number of shares used in per share calculations: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Unrealized (loss) gain on investments | ( | ( | |||||||||||||||||||||
Total other comprehensive (loss) income, net of tax | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except shares) | |||||||||||||||||||||||
Common stock | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Issuance of common stock, net | |||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||
Issuance of common stock, net | |||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Beginning balance | ( | ( | ( | ||||||||||||||||||||
Other comprehensive (loss) income | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Unrealized (loss) gain on investments | ( | ( | |||||||||||||||||||||
Total other comprehensive (loss) income, net | ( | ( | |||||||||||||||||||||
Ending balance | ( | ( | |||||||||||||||||||||
Treasury stock | |||||||||||||||||||||||
Beginning balance | ( | ( | ( | ( | |||||||||||||||||||
Common stock repurchased | ( | ( | |||||||||||||||||||||
Ending balance | ( | ( | ( | ( | |||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Beginning balance | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Total stockholders’ equity | $ | $ | $ | $ | |||||||||||||||||||
Common stock issued (shares) | |||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||
Issuance of common stock, net | |||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Treasury stock (shares) | |||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||
Common stock repurchased | |||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Total common stock outstanding (shares) | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by (used in) operating activities | |||||||||||
Stock-based compensation | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of premiums and discounts on investments | |||||||||||
Deferred income taxes | ( | ||||||||||
Impairment of long-lived assets | |||||||||||
Other non-cash adjustments | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | |||||||||||
Contract assets | ( | ||||||||||
Inventories, net | ( | ||||||||||
Prepaid and other assets | ( | ( | |||||||||
Accounts payable | |||||||||||
Accrued expenses and other liabilities | ( | ( | |||||||||
Contract liabilities | ( | ( | |||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Sales of marketable securities | |||||||||||
Maturities of marketable securities | |||||||||||
Purchases of marketable securities | ( | ( | |||||||||
Capital expenditures | ( | ( | |||||||||
Other | |||||||||||
Net cash provided by investing activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Net proceeds from issuance of common stock | |||||||||||
Tax payment for employee shares withheld | ( | ||||||||||
Repurchase of common stock | ( | ||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rate differences on cash and cash equivalents | ( | ( | |||||||||
Net change in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash, beginning of year | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Revenue by product and service line | |||||||||||||||||||||||||||||||||||
PXs, pumps and turbo devices, and other | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Revenue by primary geographical markets | |||||||||||||||||||||||||||||||||||
Middle East and Africa | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Asia | |||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Product revenue by channel | |||||||||||||||||||||||||||||||||||
Megaproject | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Original equipment manufacturer | |||||||||||||||||||||||||||||||||||
Aftermarket | |||||||||||||||||||||||||||||||||||
Total product revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Revenue by product and service line | |||||||||||||||||||||||||||||||||||
PXs, pumps and turbo devices, and other | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
License and development | |||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Revenue by primary geographical markets | |||||||||||||||||||||||||||||||||||
Middle East and Africa | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Asia | |||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||||||||
Total product revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Product revenue by channel | |||||||||||||||||||||||||||||||||||
Megaproject | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Original equipment manufacturer | |||||||||||||||||||||||||||||||||||
Aftermarket | |||||||||||||||||||||||||||||||||||
Total product revenue | $ | $ | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Accounts receivable, net | $ | $ | |||||||||
Contract assets: | |||||||||||
Contract assets, current (included in prepaid expenses and other assets, current) | $ | $ | |||||||||
Contract assets, non-current (included in other assets, non-current) | |||||||||||
Total contract assets | $ | $ | |||||||||
Contract liabilities: | |||||||||||
Contract liabilities, current | $ | $ | |||||||||
Contract liabilities, non-current (included in other liabilities, non-current) | |||||||||||
Total contract liabilities | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Contract liabilities balance, beginning of year | $ | $ | |||||||||
Revenue recognized | ( | ( | |||||||||
Cash received, excluding amounts recognized as revenue during the period | |||||||||||
Contract liabilities balance, end of period | $ | $ |
June 30, 2021 | |||||
(In thousands) | |||||
Future performance obligations by year | |||||
2021 (remaining six months) | $ | ||||
2022 | |||||
Total future performance obligations | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Denominator (weighted average shares) | |||||||||||||||||||||||
Basic common shares outstanding | |||||||||||||||||||||||
Dilutive stock awards | |||||||||||||||||||||||
Diluted common shares outstanding | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Anti-dilutive stock awards |
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash, non-current (included in other assets, non-current) | |||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Accounts receivable, gross | $ | $ | |||||||||
Allowance for doubtful accounts (1) | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Inventories, net | $ | $ | |||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Contract assets, current | $ | $ | |||||||||
Cloud computing arrangement implementation costs | |||||||||||
Other prepaid expenses and current assets | |||||||||||
Total prepaid and other current assets | $ | $ | |||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Goodwill | $ | $ | |||||||||
Other intangible assets | |||||||||||
Total goodwill and other intangible assets | $ | $ | |||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Payroll, incentives and commissions payable | $ | $ | |||||||||
Warranty reserve | |||||||||||
Other accrued expenses and current liabilities | |||||||||||
Total accrued expenses and other current liabilities | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pricing Category | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market securities | Level 1 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate notes and bonds | Level 2 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term investments | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Corporate notes and bonds | $ | $ | ( | $ | $ | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Corporate notes and bonds | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Operating lease, right of use asset | $ | $ | |||||||||
Lease liabilities, current | $ | $ | |||||||||
Lease liabilities, non-current | |||||||||||
Total lease liability | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Operating lease expense | $ | $ | $ | $ | |||||||||||||||||||
Cash payments | |||||||||||||||||||||||
Non-cash lease liabilities arising from obtaining right-of-use assets |
Weighted average remaining lease term | |||||
Weighted average discount rate |
Lease Amounts | |||||
(In thousands) | |||||
Future minimum lease payments by year | |||||
2021 (remaining six months) | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
Total future minimum lease payments | |||||
Less imputed lease interest | ( | ||||
Total lease liabilities | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Warranty reserve balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Warranty costs charged to cost of revenue | |||||||||||||||||||||||
Utilization charges against reserve | ( | ( | ( | ( | |||||||||||||||||||
Release of accrual related to expired warranties | ( | ( | ( | ( | |||||||||||||||||||
Warranty reserve balance, end of period | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||
(Benefit from) provision for income taxes | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Discrete items | ( | ( | |||||||||||||||||||||
Provision for (benefit from) income taxes, excluding discrete items | $ | ( | $ | $ | $ | ||||||||||||||||||
Effective tax rate | ( | %) | % | ( | %) | % | |||||||||||||||||
Effective tax rate, excluding discrete items | ( | %) | % | % | % | ||||||||||||||||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Product revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Product cost of revenue | |||||||||||||||||||||||||||||||||||
Product gross profit | |||||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||||||||||||||
Research and development | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Less: Corporate operating expenses | |||||||||||||||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||||||||
Income before income taxes | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 (Recast) | Six Months Ended June 30, 2020 (Recast) | ||||||||||||||||||||||||||||||||||
Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Product revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Product cost of revenue | |||||||||||||||||||||||||||||||||||
Product gross profit | |||||||||||||||||||||||||||||||||||
License and development revenue (1) | |||||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||||||||||||||
Research and development | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||||||||||||||
Impairment of long-lived assets | |||||||||||||||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||||||||||||||
Operating income | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Less: Corporate operating expenses | |||||||||||||||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||||||||
Income before income taxes | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Segment | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Customer A | Water | |||||||||||||||||||||||||||||||
Customer B | Water | |||||||||||||||||||||||||||||||
Customer C | Water | ** | ** | ** | ||||||||||||||||||||||||||||
Customer D | Water | ** | ||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ | % of Total Revenue | $ | % of Total Revenue | Change | |||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Product revenue | $ | 20,607 | 100 | % | $ | 19,256 | 44 | % | $ | 1,351 | 7 | % | |||||||||||||||||||||||
License and development revenue | — | — | % | 24,352 | 56 | % | (24,352) | (100 | %) | ||||||||||||||||||||||||||
Total revenue | $ | 20,607 | 100 | % | $ | 43,608 | 100 | % | $ | (23,001) | (53 | %) |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ | % of Total Revenue | $ | % of Total Revenue | Change | |||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Product revenue | $ | 49,547 | 100 | % | $ | 38,257 | 59 | % | $ | 11,290 | 30 | % | |||||||||||||||||||||||
License and development revenue | — | — | % | 26,895 | 41 | % | (26,895) | (100 | %) | ||||||||||||||||||||||||||
Total revenue | $ | 49,547 | 100 | % | $ | 65,152 | 100 | % | $ | (15,605) | (24 | %) |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ | % of Product Revenue | $ | % of Product Revenue | Change | |||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Megaproject | $ | 13,275 | 64 | % | $ | 11,965 | 62 | % | $ | 1,310 | 11 | % | |||||||||||||||||||||||
Original equipment manufacturer | 4,274 | 21 | % | 4,050 | 21 | % | 224 | 6 | % | ||||||||||||||||||||||||||
Aftermarket | 3,058 | 15 | % | 3,241 | 17 | % | (183) | (6 | %) | ||||||||||||||||||||||||||
Total product revenue | $ | 20,607 | 100 | % | $ | 19,256 | 100 | % | $ | 1,351 | 7 | % | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ | % of Product Revenue | $ | % of Product Revenue | Change | |||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Megaproject | $ | 37,032 | 75 | % | $ | 26,422 | 69 | % | $ | 10,610 | 40 | % | |||||||||||||||||||||||
Original equipment manufacturer | 7,065 | 14 | % | 7,606 | 20 | % | (541) | (7 | %) | ||||||||||||||||||||||||||
Aftermarket | 5,450 | 11 | % | 4,229 | 11 | % | 1,221 | 29 | % | ||||||||||||||||||||||||||
Total product revenue | $ | 49,547 | 100 | % | $ | 38,257 | 100 | % | $ | 11,290 | 30 | % | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ | Gross Margin | $ | Gross Margin | Change in Product Gross Profit | |||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Product gross profit and gross margin | $ | 13,426 | 65.1 | % | $ | 12,707 | 66.0 | % | $ | 719 | 5.7 | % | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ | Gross Margin | $ | Gross Margin | Change in Product Gross Profit | |||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Product gross profit and gross margin | $ | 33,385 | 67.4 | % | $ | 26,024 | 68.0 | % | $ | 7,361 | 28.3 | % | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ | % of Total Revenue | $ | % of Total Revenue | Change | |||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
General and administrative | $ | 6,175 | 30 | % | $ | 5,599 | 13 | % | $ | 576 | 10 | % | |||||||||||||||||||||||
Sales and marketing | 2,537 | 12 | % | 1,497 | 3 | % | 1,040 | 69 | % | ||||||||||||||||||||||||||
Research and development | 4,424 | 22 | % | 6,352 | 15 | % | (1,928) | (30 | %) | ||||||||||||||||||||||||||
Amortization of intangible assets | 3 | — | % | 4 | — | % | (1) | (25 | %) | ||||||||||||||||||||||||||
Impairment of long-lived assets | — | — | % | 2,332 | 5 | % | (2,332) | (100 | %) | ||||||||||||||||||||||||||
Total operating expenses | $ | 13,139 | 64 | % | $ | 15,784 | 36 | % | $ | (2,645) | (17 | %) | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
$ | % of Total Revenue | $ | % of Total Revenue | Change | |||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
General and administrative | $ | 12,781 | 26 | % | $ | 12,480 | 19 | % | $ | 301 | 2 | % | |||||||||||||||||||||||
Sales and marketing | 5,240 | 11 | % | 3,635 | 6 | % | 1,605 | 44 | % | ||||||||||||||||||||||||||
Research and development | 8,926 | 18 | % | 13,061 | 20 | % | (4,135) | (32 | %) | ||||||||||||||||||||||||||
Amortization of intangible assets | 7 | — | % | 8 | — | % | (1) | (13 | %) | ||||||||||||||||||||||||||
Impairment of long-lived assets | — | — | % | 2,332 | 4 | % | (2,332) | (100 | %) | ||||||||||||||||||||||||||
Total operating expenses | $ | 26,954 | 54 | % | $ | 31,516 | 48 | % | $ | (4,562) | (14 | %) | |||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 (Recast) | ||||||||||||||||||||||||||||||||||||||||||||||
Water | Emerging Technologies | Corporate | Total | Water | Emerging Technologies | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | $ | 1,776 | $ | 1,315 | $ | 3,084 | $ | 6,175 | $ | 1,967 | $ | 1,150 | $ | 2,482 | $ | 5,599 | |||||||||||||||||||||||||||||||
Sales and marketing | 2,121 | 229 | 187 | 2,537 | 1,124 | 262 | 111 | 1,497 | |||||||||||||||||||||||||||||||||||||||
Research and development | 595 | 3,829 | — | 4,424 | 960 | 5,392 | — | 6,352 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 3 | — | — | 3 | 4 | — | — | 4 | |||||||||||||||||||||||||||||||||||||||
Impairment of long-lived assets | — | — | — | — | — | 2,332 | — | 2,332 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 4,495 | $ | 5,373 | $ | 3,271 | $ | 13,139 | $ | 4,055 | $ | 9,136 | $ | 2,593 | $ | 15,784 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 (Recast) | ||||||||||||||||||||||||||||||||||||||||||||||
Water | Emerging Technologies | Corporate | Total | Water | Emerging Technologies | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | $ | 3,333 | $ | 2,481 | $ | 6,967 | $ | 12,781 | $ | 4,046 | $ | 2,642 | $ | 5,792 | $ | 12,480 | |||||||||||||||||||||||||||||||
Sales and marketing | 4,285 | 408 | 547 | 5,240 | 2,800 | 574 | 261 | 3,635 | |||||||||||||||||||||||||||||||||||||||
Research and development | 1,096 | 7,830 | — | 8,926 | 1,862 | 11,199 | — | 13,061 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 7 | — | — | 7 | 8 | — | — | 8 | |||||||||||||||||||||||||||||||||||||||
Impairment of long-lived assets | — | — | — | — | — | 2,332 | — | 2,332 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 8,721 | $ | 10,719 | $ | 7,514 | $ | 26,954 | $ | 8,716 | $ | 16,747 | $ | 6,053 | $ | 31,516 | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Interest income | $ | 51 | $ | 255 | $ | 143 | $ | 675 | |||||||||||||||
Other non-operating expense, net | (12) | (18) | (22) | (30) | |||||||||||||||||||
Total other income, net | $ | 39 | $ | 237 | $ | 121 | $ | 645 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||
(Benefit from) provision for income taxes | $ | (743) | $ | 4,586 | $ | (1,383) | $ | 4,501 | |||||||||||||||
Discrete items | 728 | (272) | 2,355 | (82) | |||||||||||||||||||
Provision for (benefit from) income taxes, excluding discrete items | $ | (15) | $ | 4,314 | $ | 972 | $ | 4,419 | |||||||||||||||
Effective tax rate | (227.9 | %) | 21.3 | % | (21.1 | %) | 20.4 | % | |||||||||||||||
Effective tax rate, excluding discrete items | (5.1 | %) | 20.1 | % | 14.8 | % | 20.0 | % | |||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Net cash provided by (used in) operating activities | $ | 11,541 | $ | (294) | |||||||
Net cash provided by investing activities | 383 | 35,788 | |||||||||
Net cash (used in) provided by financing activities | (2,857) | 1,105 | |||||||||
Effect of exchange rate differences on cash and cash equivalents | (20) | (15) | |||||||||
Net change in cash, cash equivalents and restricted cash | $ | 9,047 | $ | 36,584 | |||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publically Announced Program | Maximum Number of Shares or Approximate Dollar Value That May Yet to be Purchased Under the Program | ||||||||||||||||||||||
April 1 – April 30, 2021 | 1,770 | $ | 17.90 | 1,770 | $ | 49,968,280 | ||||||||||||||||||||
May 1 – May 31, 2021 | 655,168 | 17.57 | 656,938 | 38,446,420 | ||||||||||||||||||||||
June 1 – June 30, 2021 | — | — | 656,938 | 38,446,420 |
Exhibit Number | Exhibit Description | Incorporated by Reference | ||||||||||||||||||||||||||||||
Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||||
3.1* | ||||||||||||||||||||||||||||||||
8-K | 001-34112 | 3.1 | 4/16/2021 | |||||||||||||||||||||||||||||
31.1* | ||||||||||||||||||||||||||||||||
31.2* | ||||||||||||||||||||||||||||||||
32.1** | ||||||||||||||||||||||||||||||||
101 | Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part I, “Financial Information” of this Quarterly Report on Form 10-Q. | |||||||||||||||||||||||||||||||
104 | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. |
ENERGY RECOVERY, INC. | |||||||||||||||||
Date: | August 6, 2021 | By: | /s/ ROBERT YU LANG MAO | ||||||||||||||
Robert Yu Lang Mao | |||||||||||||||||
President and Chief Executive Officer | |||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||
Date: | August 6, 2021 | By: | /s/ JOSHUA BALLARD | ||||||||||||||
Joshua Ballard | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
(Principal Financial and Accounting Officer) |
/s/ G.G. Pique | ||||||||
G.G. Pique, President and Chief Executive Officer |
FIRST: | That the name of the Corporation is Energy Recovery, Inc. The original certificate of incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on March 8, 2001 under the name ERI Acquisition Corp. An amended and restated certificate of incorporation was filed with the Secretary of State of the State of Delaware on July 7, 2008 under the name Energy Recovery, Inc. (the “Amended and Restated Certificate”). | |||||||
SECOND: | That this Amendment to the Amended and Restated Certificate (this “Amendment”) amends the Amended and Restated Certificate. | |||||||
THIRD: | That a majority of the board of directors of the Corporation has duly adopted resolutions approving this Amendment and declaring this Amendment to be advisable and recommended for approval and adoption by the stockholders of the Corporation. | |||||||
FOURTH: | That this Amendment was duly adopted and approved by the affirmative vote of sixty-six and two-thirds percent (662/3%) of the then outstanding voting securities of the Corporation in accordance with the applicable provisions of Section 242 of the DGCL and ARTICLE XI of the Amended and Restated Certificate. | |||||||
FIFTH: | That this Amendment shall become effective on the date of filing with the Secretary of State of the State of Delaware. | |||||||
SIXTH: | That upon the effectiveness of this Amendment, Section 2 of ARTICLE V of the Amended and Restated Certificate is hereby amended and restated to read in its entirety as follows: | |||||||
“Section 5.2 The directors of the Corporation shall be divided into three classes as nearly equal in size as is practicable, hereby designated Class I, Class II and Class III. Directors shall be assigned to each class in accordance with a resolution or resolutions adopted by the Board of Directors. Notwithstanding the foregoing, (1) at the 2021 annual meeting of stockholders, the Class I directors whose terms expire at that meeting shall be elected to hold office for a one-year term expiring at the 2022 annual meeting of stockholders; (2) at the 2022 annual meeting of stockholders, the Class I and Class II directors whose terms expire at that meeting shall be elected to hold office for a one-year term expiring at the 2023 annual meeting of stockholders; and (3) at the 2023 annual meeting of stockholders and each annual meeting of stockholders thereafter, all directors shall be elected for a one-year term expiring at the next annual meeting of stockholders. At and after the annual meeting of stockholders to be held in 2023, the directors shall no longer be classified with respect to the time for which they hold office.” | ||||||||
SEVENTH: | That upon the effectiveness of this Amendment, Section 1 of ARTICLE VI of the Amended and Restated Certificate is hereby amended and restated to read in its entirety as follows: | |||||||
“Section 6.1 Any director or the entire Board of Directors may be removed from office at any time, but with respect to any director who has been elected for a term in excess of one year, only for cause, and only by the affirmative vote of the holders of at least a majority of the voting power of the issued and outstanding capital stock of the Corporation entitled to vote in the election of directors.” | ||||||||
ENERGY RECOVERY, INC. | ||||||||||||||
By: | /s/ Robert Yu Lang Mao | |||||||||||||
Name: | Robert Yu Lang Mao | |||||||||||||
Title: | President and Chief Executive Officer |
Date: August 6, 2021 | /s/ ROBERT YU LANG MAO | ||||||||||
Name: | Robert Yu Lang Mao | ||||||||||
Title: | President and Chief Executive Officer | ||||||||||
(Principal Executive Officer ) |
Date: August 6, 2021 | /s/ JOSHUA BALLARD | ||||||||||
Name: | Joshua Ballard | ||||||||||
Title: | Chief Financial Officer | ||||||||||
(Principal Financial and Accounting Officer) |
Date: August 6, 2021 | /s/ ROBERT YU LANG MAO | ||||||||||
Robert Yu Lang Mao | |||||||||||
President and Chief Executive Officer | |||||||||||
Date: August 6, 2021 | /s/ JOSHUA BALLARD | ||||||||||
Joshua Ballard | |||||||||||
Chief Financial Officer |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenue, Product and Service [Extensible List] | Product | Product | Product | Product |
Cost, Product and Service [Extensible List] | Product | Product | Product | Product |
Revenue | $ 20,607 | $ 43,608 | $ 49,547 | $ 65,152 |
Operating expenses: | ||||
General and administrative | 6,175 | 5,599 | 12,781 | 12,480 |
Sales and marketing | 2,537 | 1,497 | 5,240 | 3,635 |
Research and development | 4,424 | 6,352 | 8,926 | 13,061 |
Amortization of intangible assets | 3 | 4 | 7 | 8 |
Impairment of long-lived assets | 0 | 2,332 | 0 | 2,332 |
Total operating expenses | 13,139 | 15,784 | 26,954 | 31,516 |
Income from operations | 287 | 21,275 | 6,431 | 21,403 |
Other Nonoperating Income (Expense) [Abstract] | ||||
Interest income | 51 | 255 | 143 | 675 |
Other non-operating expense, net | (12) | (18) | (22) | (30) |
Total other income, net | 39 | 237 | 121 | 645 |
Income before income taxes | 326 | 21,512 | 6,552 | 22,048 |
(Benefit from) provision for income taxes | (743) | 4,586 | (1,383) | 4,501 |
Net income | $ 1,069 | $ 16,926 | $ 7,935 | $ 17,547 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.02 | $ 0.30 | $ 0.14 | $ 0.32 |
Diluted (in dollars per share) | $ 0.02 | $ 0.30 | $ 0.13 | $ 0.31 |
Number of shares used in per share calculations: | ||||
Basic (in shares) | 57,253 | 55,614 | 57,066 | 55,513 |
Diluted (in shares) | 58,999 | 56,371 | 58,822 | 56,438 |
Product | ||||
Revenue | $ 20,607 | $ 19,256 | $ 49,547 | $ 38,257 |
Product cost of revenue | 7,181 | 6,549 | 16,162 | 12,233 |
Product gross profit | 13,426 | 12,707 | 33,385 | 26,024 |
License and development | ||||
Revenue | $ 0 | $ 24,352 | $ 0 | $ 26,895 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,069 | $ 16,926 | $ 7,935 | $ 17,547 |
Other comprehensive (loss) income, net of tax | ||||
Foreign currency translation adjustments | 5 | 10 | (20) | (15) |
Unrealized (loss) gain on investments | (38) | 441 | (86) | 171 |
Total other comprehensive (loss) income, net of tax | (33) | 451 | (106) | 156 |
Comprehensive income | $ 1,036 | $ 17,377 | $ 7,829 | $ 17,703 |
Description of Business and Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Significant Accounting Policies | Note 1 — Description of Business and Significant Accounting Policies 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 & gas, chemical processing and refrigeration, under the trademarks ERI®, Ultra PX™, PX®, Pressure Exchanger®, PX Pressure Exchanger® (“PX”), PX PowerTrain™, VorTeq™, IsoBoost®, AT™, AquaBold™, and PX G1300™. The Company owns, manufactures and/or develops its solutions, in whole or in part, in the United States of America (“U.S.”). Basis of Presentation 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. 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. The June 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”). 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. Reclassifications 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. Use of Estimates 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. 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. 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 August 6, 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 In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“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.Recently Issued Accounting Pronouncements Not Yet AdoptedIn March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“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, 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 (“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.
|
Revenue |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregation of Revenue The following tables present the disaggregated revenues by product and service line, product revenue by geography based on the “shipped to” addresses of the Company’s customers, product revenue by channel, and product revenue by segment (Water and Emerging Technologies segment). Sales and usage-based taxes are excluded from revenues. See Note 10, “Segment Reporting,” for further discussion related to the Company’s segments.
Contract Balances The following table presents contract balances by category.
The Company records contract liabilities when cash payments are received in advance of the Company’s performance. The following table presents significant changes in contract liabilities during the period.
Transaction Price Allocated to the Remaining Performance Obligations The following table presents the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied.
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Net Income Per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Note 3 — Net Income Per Share Net income for the reported period is divided by the weighted average number of common shares outstanding during the reported period to calculate basic net income per common share. Basic net income per share excludes any dilutive effect of stock options and restricted stock units ("RSU"). Diluted net income per common share reflects the potential dilution that would occur if outstanding stock options to purchase common stock were exercised for shares of common stock, using the treasury stock method, and the shares of common stock underlying each outstanding RSU were issued (outstanding stock options to purchase common stock and RSUs collectively referred to as, “stock awards”). The following table presents the computation of basic and diluted net income per share.
Certain shares of common stock issuable under stock awards have been omitted from the diluted net income per share calculations because their inclusion is considered anti-dilutive. The following table presents the weighted potential common shares issuable under stock awards that were excluded from the computation of diluted net income per share.
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Other Financial Information |
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Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information | Other Financial Information Cash, Cash Equivalents and Restricted Cash The Condensed Consolidated Statements of Cash Flows explain the changes in the total of cash, cash equivalents and restricted cash. The following table presents a reconciliation of cash, cash equivalents and restricted cash(1) reported within the Condensed Consolidated Balance Sheets that sum to the total of such amounts presented.
(1) The Company pledged and deposited cash amounts into restricted cash accounts in connection with the Company’s credit cards. Accounts Receivable, net The following table presents the components of accounts receivable, net.
(1) The Company wrote-off $0.3 million of uncollectible receivables, which had been previously reserved as of December 31, 2020, during the second quarter of 2021. Inventories Inventories are stated at the lower of cost or net realizable value, using the first-in, first-out method. The following table presents inventory by category.
Valuation adjustments for excess and obsolete inventory reflected as a reduction of inventory was $0.6 million and $0.5 million at June 30, 2021 and December 31, 2020, respectively. Prepaid and Other Current Assets
Goodwill and Other Intangible Assets
Accrued Expenses and Other Current Liabilities
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Investments and Fair Value Measurements |
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Investments, Fair Value Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Fair Value Measurements | Investments and Fair Value Measurements Available-for-Sale Investments The Company’s investments in investment-grade short-term high-quality marketable debt instruments, such as U.S. treasury securities, and corporate notes and bonds, are classified as available-for-sale. As of June 30, 2021 and December 31, 2020, available-for-sale investments were classified on the Condensed Consolidated Balance Sheet as short-term investments. The classification of available-for-sale investments on the Condensed Consolidated Balance Sheet and definition of each of these classifications are provided in Note 1, “Description of Business and Significant Accounting Policies - Significant Accounting Policies,” subsections “Cash and Cash Equivalents” and “Short-term and Long-term Investments,” of the Notes to Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data,” in the 2020 Annual Report. Expected maturities can differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. The Company generally holds available-for-sale investments until maturity; however, from time-to-time, the Company may elect to sell certain available-for-sale investments prior to contractual maturity. Fair Value of Financial InstrumentsAll of the Company’s financial assets and liabilities are remeasured and reported at fair value at each reporting period; and are classified and disclosed in one of the following three pricing category levels: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3 — Unobservable inputs in which little or no market activity exists, thereby requiring an entity to develop its own assumptions that market participants would use in pricing. The following table presents the Company’s financial assets measured on a recurring basis by contractual maturity, including their pricing category, amortized cost, gross unrealized holding gains and losses, and fair value.
As of June 30, 2021 and December 31, 2020, the Company had no financial liabilities and no Level 3 financial assets. During the six months ended June 30, 2021, the Company had no transfers of financial assets between any levels. The following table presents a summary of the fair value and gross unrealized holding losses on the available-for-sale securities that have been in a continuous unrealized loss position, aggregated by type of investment instrument. The available-for-sale securities that were in an unrealized gain position have been excluded from the table.
Sales of Available-for-Sale Investments The following table presents the sales of available-for-sale investments.
Realized gains on sales of securities were immaterial during the three and six months ended June 30, 2020.
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Lines of Credit |
6 Months Ended |
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Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Lines of Credit | Lines of Credit Stand-By Letters of Credit The Company entered into a loan and pledge agreement with a financial institution during January 2017, which has been amended multiple times to accommodate the growth of the Company (the original loan and pledge agreement and its subsequent amendments are hereinafter referred to as the “Loan and Pledge Agreement”). Under the Loan and Pledge Agreement, the Company is allowed to issue stand-by letters of credit (“SBLCs”) up to one year past the expiration date of the Loan and Pledge Agreement and to hold SBLCs with other financial institutions up to an aggregate amount of $5.1 million. SBLCs have a term limit of three years, are secured by pledged U.S. investments, and do not have any cash collateral balance requirements. SBLCs are deducted from the total revolving credit line under the Loan and Pledge Agreement and are subject to a non-refundable quarterly fee that is in an amount equal to 0.7% per annum of the face amount of the outstanding SBLCs. As of June 30, 2021 and December 31, 2020, there were outstanding SBLCs of $12.2 million and $13.3 million, respectively.
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Commitments and Contingencies |
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Commitments and Contingencies | Commitments and Contingencies Operating Lease Obligations The following table presents a summary of operating lease, right of use assets and lease liabilities.
The following table presents operating lease activities related to all leased properties.
The following table presents other information related to outstanding operating leases as of June 30, 2021.
The following table presents the minimum lease payments under noncancelable operating leases, exclusive of executory costs as of June 30, 2021.
Warranty The following table presents the changes in the Company’s accrued product warranty reserve.
Purchase Obligations The Company has purchase order arrangements with its vendors for which the Company has not received the related goods or services as of June 30, 2021. These arrangements are subject to change based on the Company’s sales demand forecasts. The Company has the right to cancel the arrangements prior to the date of delivery. The purchase order arrangements are related to various raw materials and component parts, as well as capital equipment. As of June 30, 2021, the Company had approximately $6.7 million of such open cancellable purchase order arrangements. Litigation The Company is named in and subject to various proceedings and claims in connection with its business. The outcome of matters the Company has been, and currently is, involved in cannot be determined at this time, and the results cannot be predicted with certainty. There can be no assurance that these matters will not have a material effect on the Company’s results of operations in any future period, and a significant judgment could have a material impact on the Company’s financial condition, results of operations and cash flows. The Company may in the future become involved in additional litigation in the ordinary course of business, including litigation that could be material to its business. The Company considers all claims on a quarterly basis and, based on known facts, assesses whether potential losses are considered reasonably possible, probable and estimable. Based upon this assessment, the Company then evaluates disclosure requirements and whether to accrue for such claims in its consolidated financial statements. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and are adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. As of June 30, 2021, there were no material losses which were probable or reasonably possible.
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Income Taxes |
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Income Taxes | Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company’s quarterly tax provision and estimate of its annual effective tax rate are subject to variation due to several factors, including variability in accurately predicting its pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, the applicability of special tax regimes, and changes in how the Company does business. For the three and six months ended June 30, 2021, the recognized income tax benefit included a benefit primarily related to the U.S. federal research and development tax credit and a discrete tax benefit due primarily to stock-based compensation windfalls. For the three and six months ended June 30, 2020, the recognized income tax charge included a discrete tax charge related to the termination of the VorTeq License Agreement, partially offset by a discrete tax benefit due primarily to stock-based compensation windfalls.
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Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock Repurchase Program On March 9, 2021, the Board of Directors authorized a stock repurchase program under which the Company may repurchase, at the discretion of management, up to $50.0 million in aggregate cost of the Company’s outstanding common stock (the “March 2021 Authorization”). Under the March 2021 Authorization, purchases of shares of common stock may be made from time to time in the open market, or in privately negotiated transactions, in compliance with applicable state and federal securities laws. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements, and capital availability. The March 2021 Authorization does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time without prior notice. The Company accounts for stock repurchases using the cost method. The aggregate cost includes fees charged in connection with acquiring the shares. As of June 30, 2021, 656,938 shares at an aggregate cost of $11.6 million had been repurchased under the March 2021 Authorization.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment ReportingThe Company’s chief operating decision-maker (“CODM”) is its chief executive officer. The Company continues to monitor and review its segment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would impact its reportable segments. As a result of the evolution of the Company’s products, operations and research and development (“R&D”) efforts in new product development, and the way in which the CODM manages and assesses the performance of the business, starting in the first quarter of fiscal year 2021, the Company realigned its segment reporting and has recast the prior year amounts for comparability. In addition, to better align the activities of the segments, the Company has re-allocated certain corporate resources to the segments’ operations. Income and type of expense activities that are included in the Water and Emerging Technologies segments and corporate operating expenses are as follows: Water segment: The continued development, sales and support of the PX, hydraulic turbochargers and pumps used in our seawater desalination and industrial wastewater activities. Emerging Technologies segment: The continued development, sales and support of activities related to emerging technologies, such as the VorTeq used in the oil and gas market, the ISOBoost used in natural gas processing, the PX G1300 used in industrial and commercial refrigeration applications, and certain other new products. Corporate operating expenses: Corporate activities outside of the operating segments, such as audit and accounting expenses, general legal costs, board of director fees and expenses, and other separately managed general expenses not related to the identified segments. Segment Financial Information For each of the periods presented in the following tables, operating income (loss) for each segment excludes other income and expenses, and corporate operating expenses not included in how the CODM assesses the performance of the operating segments, such as income taxes and other separately managed general and administrative expenses not attributed to the operating segments. Assets and liabilities are reviewed at the consolidated level by the CODM and are not attributed to the segments. The CODM allocates resources to, and assesses the performance of, each operating segment using information about its revenue and operating income.
(1) In June 2020, the Company and Schlumberger entered into an agreement to terminate the VorTeq License Agreement. The termination of the VorTeq License Agreement was effective June 1, 2020. As there were no future performance obligations to be recognized under the VorTeq License Agreement after the effective date, the Company recognized in full the remaining deferred revenue balance of $24.4 million in the second quarter of fiscal year 2020. In addition, no future license and development revenue was recognized under the VorTeq License Agreement after the second quarter of fiscal year 2020.
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Concentrations |
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Concentrations | Concentrations Product Revenue The following table presents customers accounting for 10% or more of product revenue by segment. Although certain customers might account for greater than 10% of product revenue at any one point in time, the concentration of product revenue between a limited number of customers shifts regularly, depending on contract negotiations. The percentages by customer reflect specific relationships or contracts that would concentrate product revenue for the periods presented and does not indicate a trend specific to any one customer.
** Zero or less than 10%. License and Development RevenueThere was no Emerging Technologies segment customer license and development revenue for the three and six months ended June 30, 2021. The Emerging Technologies segment had one international customer, Schlumberger, which accounted for 100% of the license and development revenue for the three and six months ended June 30, 2020. See Note 2, “Revenue,” for further discussion related to the termination of the VorTeq License Agreement.
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Description of Business and Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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. 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. The June 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”). 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.
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Reclassifications | Reclassifications 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.
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Use of Estimates | Use of Estimates 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. 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. 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 August 6, 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.
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Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“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.Recently Issued Accounting Pronouncements Not Yet AdoptedIn March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“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, 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 (“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. |
Income Taxes | The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company’s quarterly tax provision and estimate of its annual effective tax rate are subject to variation due to several factors, including variability in accurately predicting its pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, the applicability of special tax regimes, and changes in how the Company does business. |
Litigation | The Company considers all claims on a quarterly basis and, based on known facts, assesses whether potential losses are considered reasonably possible, probable and estimable. Based upon this assessment, the Company then evaluates disclosure requirements and whether to accrue for such claims in its consolidated financial statements. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and are adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. |
Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue |
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Contract with Customer, Asset and Liability | The following table presents contract balances by category.
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Contract With Customer, Contract Liability, Activity | The Company records contract liabilities when cash payments are received in advance of the Company’s performance. The following table presents significant changes in contract liabilities during the period.
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table presents the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied.
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Net Income Per Share - (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the computation of basic and diluted net income per share.
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the weighted potential common shares issuable under stock awards that were excluded from the computation of diluted net income per share.
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Other Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restrictions on Cash and Cash Equivalents | The Condensed Consolidated Statements of Cash Flows explain the changes in the total of cash, cash equivalents and restricted cash. The following table presents a reconciliation of cash, cash equivalents and restricted cash(1) reported within the Condensed Consolidated Balance Sheets that sum to the total of such amounts presented.
(1) The Company pledged and deposited cash amounts into restricted cash accounts in connection with the Company’s credit cards.
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Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the components of accounts receivable, net.
(1) The Company wrote-off $0.3 million of uncollectible receivables, which had been previously reserved as of December 31, 2020, during the second quarter of 2021.
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Schedule of Inventory, Current | The following table presents inventory by category.
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Schedule Of Prepaid And Other Current Assets | Prepaid and Other Current Assets
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Schedule of Intangible Assets and Goodwill |
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Schedule of Accrued Liabilities | Accrued Expenses and Other Current Liabilities
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Investments and Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Fair Value Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Value of Available for Sale Securities | The following table presents the Company’s financial assets measured on a recurring basis by contractual maturity, including their pricing category, amortized cost, gross unrealized holding gains and losses, and fair value.
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Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following table presents a summary of the fair value and gross unrealized holding losses on the available-for-sale securities that have been in a continuous unrealized loss position, aggregated by type of investment instrument. The available-for-sale securities that were in an unrealized gain position have been excluded from the table.
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Debt Securities, Available-for-Sale, Proceeds From Sale | The following table presents the sales of available-for-sale investments.
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summary of Operating Lease, Right of Use Assets and Lease Liabilities | The following table presents a summary of operating lease, right of use assets and lease liabilities.
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Lease, Cost | The following table presents operating lease activities related to all leased properties.
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Lease, Term And Discount Rate | The following table presents other information related to outstanding operating leases as of June 30, 2021.
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Lessee, Operating Lease, Liability, Maturity | The following table presents the minimum lease payments under noncancelable operating leases, exclusive of executory costs as of June 30, 2021.
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Schedule of Product Warranty Liability | The following table presents the changes in the Company’s accrued product warranty reserve.
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) |
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
(1) In June 2020, the Company and Schlumberger entered into an agreement to terminate the VorTeq License Agreement. The termination of the VorTeq License Agreement was effective June 1, 2020. As there were no future performance obligations to be recognized under the VorTeq License Agreement after the effective date, the Company recognized in full the remaining deferred revenue balance of $24.4 million in the second quarter of fiscal year 2020. In addition, no future license and development revenue was recognized under the VorTeq License Agreement after the second quarter of fiscal year 2020.
|
Concentrations (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Risks and Uncertainties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor | The following table presents customers accounting for 10% or more of product revenue by segment. Although certain customers might account for greater than 10% of product revenue at any one point in time, the concentration of product revenue between a limited number of customers shifts regularly, depending on contract negotiations. The percentages by customer reflect specific relationships or contracts that would concentrate product revenue for the periods presented and does not indicate a trend specific to any one customer.
** Zero or less than 10%.
|
Revenue - Schlumberger Technology Corporation - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenue from External Customer [Line Items] | ||||
Revenue | $ 20,607 | $ 43,608 | $ 49,547 | $ 65,152 |
License and development | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 0 | 24,352 | $ 0 | $ 26,895 |
VorTeq License Agreement | Affiliated Entity | License and development | Schlumberger Technology Corporation | Emerging Tech | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 24,400 |
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Revenue from Contract with Customer [Abstract] | |||
Accounts receivable, net | $ 7,599 | $ 11,792 | |
Contract assets: | |||
Contract assets, current (included in prepaid expenses and other assets, current) | 536 | 1,309 | |
Contract assets, non-current (included in other assets, non-current) | 0 | 583 | |
Total contract assets | 536 | 1,892 | |
Contract liabilities: | |||
Contract liabilities, current | 1,117 | 1,552 | |
Contract liabilities, non-current | 89 | 88 | |
Total contract liabilities | $ 1,206 | $ 1,640 | $ 28,866 |
Revenue - Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities balance, beginning of year | $ 1,640 | $ 28,866 |
Revenue recognized | (1,232) | (28,414) |
Increase due to cash received, excluding amounts recognized as revenue during the period | 798 | 1,188 |
Contract liabilities balance, end of period | $ 1,206 | $ 1,640 |
Net Income Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Numerator | ||||
Net income | $ 1,069 | $ 16,926 | $ 7,935 | $ 17,547 |
Denominator (weighted average shares) | ||||
Basic common shares outstanding (in shares) | 57,253 | 55,614 | 57,066 | 55,513 |
Dilutive stock awards (in shares) | 1,746 | 757 | 1,756 | 925 |
Diluted common shares outstanding (in shares) | 58,999 | 56,371 | 58,822 | 56,438 |
Net income per share - Basic (in dollars per share) | $ 0.02 | $ 0.30 | $ 0.14 | $ 0.32 |
Net income per share - Diluted (in dollars per share) | $ 0.02 | $ 0.30 | $ 0.13 | $ 0.31 |
Net Income Per Share - Antidilutive Securities Excluded From Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive stock awards (in shares) | 6 | 2,893 | 457 | 1,989 |
Other Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Other Financial Information [Abstract] | ||||
Cash and cash equivalents | $ 103,302 | $ 94,255 | $ 62,970 | |
Restricted cash, non-current (included in other assets, non-current) | 103 | 103 | 102 | |
Total cash, cash equivalents and restricted cash | $ 103,405 | $ 94,358 | $ 63,072 | $ 26,488 |
Other Financial Information - Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Financial Information [Abstract] | ||
Accounts receivable, gross | $ 7,716 | $ 12,189 |
Allowance for doubtful accounts | (117) | (397) |
Accounts receivable, net | $ 7,599 | $ 11,792 |
Other Financial Information - Reserved Amounts Write-Off (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Other Financial Information [Abstract] | |
Accounts receivable, write off | $ (0.3) |
Other Financial Information - Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Financial Information [Abstract] | ||
Raw materials | $ 5,161 | $ 4,260 |
Work in process | 2,740 | 2,360 |
Finished goods | 7,388 | 5,128 |
Inventories, net | $ 15,289 | $ 11,748 |
Other Financial Information - Inventory Valuation Reserves - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Financial Information [Abstract] | ||
Inventory valuation reserves | $ 0.6 | $ 0.5 |
Other Financial Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Financial Information [Abstract] | ||
Contract assets, current | $ 536 | $ 1,309 |
Cloud computing arrangement implementation costs | 1,095 | 1,087 |
Other prepaid expenses and current assets | 2,634 | 2,554 |
Total prepaid and other current assets | $ 4,265 | $ 4,950 |
Other Financial Information - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Financial Information [Abstract] | ||
Goodwill | $ 12,790 | $ 12,790 |
Other intangible assets | 43 | 49 |
Goodwill and other intangible assets | $ 12,833 | $ 12,839 |
Other Financial Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
Other Financial Information [Abstract] | ||||||
Payroll, incentives and commissions payable | $ 5,614 | $ 8,400 | ||||
Warranty reserve | 809 | $ 811 | 760 | $ 673 | $ 665 | $ 631 |
Other accrued expenses and current liabilities | 1,974 | 2,656 | ||||
Total accrued expenses and other current liabilities | $ 8,397 | $ 11,816 |
Investments and Fair Value Measurements - Gross Unrealized Losses and Fair Values of Investments (Details) - Corporate notes and bonds - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities in a continuous unrealized loss position | $ 13,246 | $ 0 |
Gross Unrealized Losses | $ (14) | $ 0 |
Investments and Fair Value Measurements - Sales of Available-for-Sale Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sale of available-for sale securities | $ 0 | $ 9,767 | ||
Corporate notes and bonds | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sale of available-for sale securities | $ 0 | $ 4,793 | $ 0 | $ 9,767 |
Lines of Credit - Loan Agreements and Stand-by Letters of Credit (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding, amount | $ 12,200,000 | $ 13,300,000 |
Loan and Pledge Agreement | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Term past expiration of agreement | 1 year | |
Debt instrument, term | 3 years | |
Line of Credit | Loan and Pledge Agreement | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Commitment fee percentage | 0.70% | |
Other Financial Institution | Line of Credit | Loan and Pledge Agreement | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 5,100,000 |
Commitments and Contingencies - Right Of Use Asset and Lease Liability (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease, right of use asset | $ 15,383 | $ 16,090 |
Lease liabilities, current | 1,473 | 1,243 |
Lease liabilities, non-current | 15,682 | 16,443 |
Total lease liability | $ 17,155 | $ 17,686 |
Commitments and Contingencies - Operating Lease Obligations (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease, right of use asset | $ 15,383 | $ 16,090 |
Lease liabilities, current | 1,473 | 1,243 |
Lease liabilities, non-current | 15,682 | 16,443 |
Total lease liability | $ 17,155 | $ 17,686 |
Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease expense | $ 642 | $ 668 | $ 1,285 | $ 1,271 |
Cash payments | 647 | 618 | 1,136 | 1,108 |
Non-cash lease liabilities arising from obtaining right-of-use assets | $ 0 | $ 0 | $ 0 | $ 6,384 |
Commitments and Contingencies - Weighted Average Lease Term and Discount Rate (Details) |
Jun. 30, 2021 |
---|---|
Leases [Abstract] | |
Weighted average remaining lease term | 7 years 10 months 24 days |
Weighted average discount rate | 7.00% |
Commitments and Contingencies - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2021 (remaining six months) | $ 1,295 | |
2022 | 2,650 | |
2023 | 2,580 | |
2024 | 2,812 | |
2025 | 2,736 | |
2026 and thereafter | 10,461 | |
Total future minimum lease payments | 22,534 | |
Less imputed lease interest | (5,379) | |
Total lease liabilities | $ 17,155 | $ 17,686 |
Commitments and Contingencies - Product Warranty Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Movement in Standard Product Warranty Accrual | ||||
Warranty reserve balance, beginning of period | $ 811 | $ 665 | $ 760 | $ 631 |
Warranty costs charged to cost of revenue | 81 | 75 | 208 | 173 |
Utilization charges against reserve | (13) | (1) | (13) | (2) |
Release of accrual related to expired warranties | (70) | (66) | (146) | (129) |
Warranty reserve balance, end of period | $ 809 | $ 673 | $ 809 | $ 673 |
Commitments and Contingencies - Purchase Obligations (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term purchase commitment | $ 6.7 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
(Benefit from) provision for income taxes | $ (743) | $ 4,586 | $ (1,383) | $ 4,501 |
Discrete items | 728 | (272) | 2,355 | (82) |
Provision for (benefit from) income taxes, excluding discrete items | $ (15) | $ 4,314 | $ 972 | $ 4,419 |
Effective tax rate | (227.90%) | 21.30% | (21.10%) | 20.40% |
Effective tax rate, excluding discrete items | (5.10%) | 20.10% | 14.80% | 20.00% |
Stockholders' Equity - Stock Repurchase Program (Details) - March 2021 Authorization - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Mar. 09, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock repurchase program, authorized amount | $ 50,000,000.0 | |
Treasury stock, shares, acquired (in shares) | 656,938 | |
Treasury stock, value, acquired, cost method | $ 11,600,000 |
Concentrations - Product Revenue Concentrations (Details) - Water - Product Revenue - Customer Concentration Risk |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Customer A | ||||
Concentration Risk [Line Items] | ||||
Percentage of product revenue | 30.00% | 22.00% | 22.00% | 15.00% |
Customer B | ||||
Concentration Risk [Line Items] | ||||
Percentage of product revenue | 22.00% | 19.00% | 19.00% | 24.00% |
Customer C | ||||
Concentration Risk [Line Items] | ||||
Percentage of product revenue | 12.00% | |||
Customer D | ||||
Concentration Risk [Line Items] | ||||
Percentage of product revenue | 22.00% | 11.00% | 21.00% |
Concentrations - License and Development (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Concentration Risk [Line Items] | ||||
Revenue | $ 20,607 | $ 43,608 | $ 49,547 | $ 65,152 |
License and development | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 0 | $ 24,352 | $ 0 | $ 26,895 |
License and development | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 100.00% |
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