Energy Recovery, Inc. (ERII) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
Revenues	125.6	103.9	119.0	86.9	74.5	69.1	49.7	43.7
Revenue growth	20.9%	-12.7%	36.9%	16.7%	7.8%	39.1%	13.8%	43.5%
Cost of goods sold	38.2	32.7	28.2	20.3	17.9	19.1	9.8	19.1
Gross profit	87.4	71.2	90.7	66.6	56.6	50.1	39.9	24.6
Gross margin	69.6%	68.6%	76.3%	76.6%	76.0%	72.4%	80.3%	56.2%
Sales and marketing	16.3	12.2	8.1	9.4	7.5	9.4	9.1	9.3
Research and development	17.9	20.1	23.4	23.4	17.0	13.4	10.1	7.7
General and administrative	28.3	25.2	25.5	22.8	21.5	17.4	16.6	19.8
EBITA	24.8	13.8	33.6	10.9	10.6	9.9	4.1	-11.2
EBITA margin	19.8%	13.3%	28.3%	12.6%	14.2%	14.3%	8.2%	-25.5%
Amortization of intangibles				0.6	0.6	0.6	0.6	0.6
EBIT	24.8	13.8	33.6	10.4	10.0	9.2	3.4	-11.8
EBIT margin	19.8%	13.3%	28.3%	11.9%	13.4%	13.4%	6.9%	-27.0%
Pre-tax income	26.1	14.0	32.1	12.3	11.4	9.9	3.7	-12.0
Income taxes	2.0	-0.3	5.7	1.3	-10.7	-8.4	0.0	-0.3
Tax rate	7.8%		17.9%	11.0%				2.8%
Net income	24.0	14.3	26.4	10.9	22.1	18.4	3.7	-11.6
Net margin	19.1%	13.7%	22.2%	12.6%	29.6%	26.6%	7.5%	-26.6%

Diluted EPS	$0.42	$0.24	$0.47	$0.19	$0.40	$0.33	$0.07	($0.22)
Shares outstanding (diluted)	57.6	58.7	56.6	56.1	55.3	55.6	55.5	52.2

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.