• Smart measurement hardware – meters, pressure, water quality, network monitoring | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|-------|-------|-------|-------------------------------------|-------|-------|-----------------------------------|-------|--- ...

Badger Meter (BMI) came out with quarterly earnings of $0.84 per share, beating the Zacks Consensus Estimate of $0.80 per share. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5%. A quarter ago, it was expected that this manufacturer of products that measure gas and water flow would post earnings of $0.76 per share when it actually produced earnings of $0.88, delivering a surprise of 15.79%. ...

MILWAUKEE--(BUSINESS WIRE)--Badger Meter, Inc. (NYSE: BMI) today reported results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Highlights Total sales of $182.4 million, 24% higher than the prior year’s $147.3 million. Operating profit increased 43% year-over-year, with operating profit margins expanding 230 basis points to 17.6% from 15.3%. Diluted earnings per share (EPS) increased 40% to $0.84, up from $0.60 in the comparable prior year quarter. Record cash ...

Badger Meter (BMI) is slated to report fourth-quarter results on Jan 26.The Zacks Consensus Estimate for revenues is pegged at $1780.7 million, which suggests growth of 22.7% from the year-ago levels. The consensus mark for earnings is pegged at 80 cents per share, indicating a year-over-year increase of 33.3%.The company’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 10.3%.Factors to NoteThe company’s performance in the fourth quarter is likely to ...

With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water solutions encompassing flow measurement, quality and other system parameters. These offerings provide customers with the data and analytics essential to optimize their operations and contribute to the sustainable use and protection of the world's most precious resource. The Company's flow measurement products measure water and other fluids and are known for accuracy, long-lasting durability a ...

Badger Meter, Inc. (NYSE:BMI) Q3 2023 Results Conference Call October 19, 2023 11:00 AM ET Company Participants Karen Bauer - VP, IR, Corporate Strategy and Treasurer Ken Bockhorst - Chairman, President and CEO Bob Wrocklage - CFO Conference Call Participants Rob Mason - Baird Adam Farley - Stifel Andrew Krill - Deutsche Bank Tate Sullivan - Maxim Group Operator Ladies and gentlemen, welcome to the Third Quarter 2023 Badger Meter Earnings Conference Call. [Operator Instructions] As a reminder, today’s confe ...

Certain statements contained in this presentation as well as other information provided from time to time by Badger Meter, Inc. (the "company") or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. The words "anticipate," "believe," "estimate," "expect," "think," "should," "could" and "objective" or similar expressions are intended to identify forward looking statements. All such forward looki ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section presents the unaudited consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited consolidated financial statements present the company's financial position, operations, and cash flows [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Consolidated Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$659,252** | **$603,047** | | Cash and cash equivalents | $141,805 | $138,052 | | Total inventories | $144,749 | $119,856 | | Goodwill | $113,797 | $101,261 | | **Total Liabilities** | **$183,660** | **$160,625** | | Total current liabilities | $118,914 | $110,312 | | **Total Shareholders' Equity** | **$475,592** | **$442,422** | [Consolidated Condensed Statements of Operations](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $175,858 | $137,833 | $334,959 | $270,235 | | Gross Margin | $69,434 | $54,760 | $132,250 | $105,483 | | Operating Earnings | $29,502 | $22,088 | $54,548 | $40,950 | | Net Earnings | $22,493 | $16,664 | $41,908 | $31,024 | | Diluted EPS | $0.76 | $0.57 | $1.42 | $1.06 | [Consolidated Condensed Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income) Comprehensive Income Summary (in thousands) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Earnings | $22,493 | $16,664 | $41,908 | $31,024 | | Other Comprehensive Loss | $(55) | $(5,365) | $1,780 | $(7,680) | | **Comprehensive Income** | **$22,548** | **$11,299** | **$43,688** | **$23,344** | [Consolidated Condensed Statements of Cash Flows](index=7&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operations | $40,739 | $28,912 | | Net cash used for investing activities | $(24,062) | $(2,773) | | Net cash used for financing activities | $(13,159) | $(12,139) | | **Increase in cash and cash equivalents** | **$3,753** | **$13,036** | | Cash and cash equivalents – end of period | $141,805 | $100,210 | [Consolidated Condensed Statements of Shareholders' Equity](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Shareholders'%20Equity) - Total shareholders' equity **increased from $442.4 million** at December 31, 2022, to **$475.6 million** at June 30, 2023, primarily driven by **net earnings of $41.9 million**, partially offset by **cash dividends of $13.2 million**[52](index=52&type=chunk) [Notes to Unaudited Consolidated Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Condensed%20Financial%20Statements) - Effective January 1, 2023, the Company acquired 100% of Syrinix Ltd. for a total purchase consideration of **$17.1 million**, net of cash acquired, with **$12.0 million** allocated to Goodwill and **$7.7 million** to Intangible assets[60](index=60&type=chunk)[40](index=40&type=chunk) Revenue by Geographic Area - Six Months Ended June 30 (in thousands) | Region | 2023 | 2022 | | :--- | :--- | :--- | | United States | $296,449 | $233,577 | | Europe | $18,144 | $15,353 | | Asia | $6,561 | $7,128 | | Canada | $6,506 | $5,908 | | Middle East | $4,700 | $3,783 | | Other | $2,599 | $4,486 | | **Total** | **$334,959** | **$270,235** | - For the six months ended June 30, 2023, **93.8% of revenue** was recognized at a point in time (primarily product sales), while **6.2%** was recognized over time (primarily BEACON® AMA software as a service)[93](index=93&type=chunk) - As of June 30, 2023, the company had **$53.0 million** in unsatisfied performance obligations, primarily related to contract liabilities, which are expected to be recognized as revenue in future periods[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial performance, liquidity, and capital resources [BUSINESS DESCRIPTION AND OVERVIEW](index=15&type=section&id=BUSINESS%20DESCRIPTION%20AND%20OVERVIEW) - The company operates in two main product lines: 'utility water' and 'flow instrumentation', with **over 90%** of products used in water-related applications[101](index=101&type=chunk) - The utility water product line, the company's largest, primarily serves the North American market, including mechanical and ultrasonic static meters, radio technologies, and the BEACON® software suite[73](index=73&type=chunk)[75](index=75&type=chunk) - The flow instrumentation line serves diverse industrial markets, offering brands such as Recordall®, Hedland®, and Dynasonics®[78](index=78&type=chunk)[102](index=102&type=chunk) [Long-Term Business Trends](index=16&type=section&id=Long-Term%20Business%20Trends) - A key industry trend is the conversion from manual-read meters to radio-based solutions, with an estimated **70% of U.S. water meters** converted, presenting an upgrade opportunity to AMI[76](index=76&type=chunk)[110](index=110&type=chunk) - There is a growing conversion from mechanical to static (ultrasonic) meters, with the company's D-Flow ultrasonic technology being a key competitive differentiator[81](index=81&type=chunk) - The company is positioned to benefit from the 'Smart Water' trend, leveraging its ORION® Cellular AMI solution and BEACON® digital solutions for data analytics[111](index=111&type=chunk)[113](index=113&type=chunk) [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Q2 2023 vs Q2 2022 Performance | Metric | Q2 2023 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $175.9M | $137.8M | +27.6% | | - Utility Water Sales | $150.9M | $114.2M | +32.1% | | - Flow Instrumentation Sales | $25.0M | $23.6M | +5.6% | | Operating Earnings | $29.5M | $22.1M | +33.5% | | Operating Margin | 16.8% | 16.0% | +0.8 ppt | | Diluted EPS | $0.76 | $0.57 | +33.3% | H1 2023 vs H1 2022 Performance | Metric | H1 2023 | H1 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $335.0M | $270.2M | +24.0% | | - Utility Water Sales | $283.1M | $224.5M | +26.1% | | - Flow Instrumentation Sales | $51.9M | $45.7M | +13.4% | | Operating Earnings | $54.5M | $40.9M | +33.3% | | Operating Margin | 16.3% | 15.2% | +1.1 ppt | | Diluted EPS | $1.42 | $1.06 | +34.0% | [LIQUIDITY AND CAPITAL RESOURCES](index=19&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) - Cash provided by operations in H1 2023 was **$40.7 million**, up from **$28.9 million** in H1 2022, due to higher net earnings partially offset by increased working capital[144](index=144&type=chunk) - Primary Working Capital (PWC) **increased by $22.6 million** from year-end 2022, driven by a **$24.9 million increase** in inventories and a **$7.4 million increase** in receivables due to higher sales activity[143](index=143&type=chunk) - The company maintains a **$150.0 million** multi-currency credit facility and was in compliance with all covenants as of June 30, 2023, with **$156.8 million** of unused credit lines available[121](index=121&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=20&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk disclosures remain consistent with its Annual Report on Form 10-K for the year ended December 31, 2022 - The company's quantitative and qualitative disclosures about market risk have not materially changed since its 2022 Annual Report on Form 10-K was filed[155](index=155&type=chunk) [Item 4. Controls and Procedures](index=20&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2023 - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarter ended June 30, 2023[156](index=156&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[124](index=124&type=chunk) [Part II. Other Information](index=20&type=section&id=Part%20II.%20Other%20Information) This section provides additional information including risk factors, equity sales, and exhibits [Item 1A. Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the company's 2022 Annual Report on Form 10-K - There have been no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022[150](index=150&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=21&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common stock during the quarter, with a share repurchase program remaining active - The Company did not make any purchases of its equity securities under its repurchase program during the quarter ended June 30, 2023[158](index=158&type=chunk) - As of June 30, 2023, the maximum number of shares that may yet be purchased under the publicly announced program is **200,000**[151](index=151&type=chunk) [Item 5. Other Information](index=21&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated trading arrangements during the second quarter of 2023 - During the second quarter of 2023, none of the company's directors or executive officers adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[159](index=159&type=chunk) [Item 6. Exhibits](index=21&type=section&id=Item%206.%20Exhibits) The report includes filed exhibits such as certifications and financial data in iXBRL format - Exhibits filed with the report include CEO/CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act and financial statements in iXBRL format[128](index=128&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) [Signatures](index=22&type=section&id=Signatures) This section contains the official signatures of the company's key executives, certifying the report's accuracy - The report was duly signed on July 25, 2023, by Kenneth C. Bockhorst (CEO), Robert A. Wrocklage (CFO), and Daniel R. Weltzien (Controller)[163](index=163&type=chunk)

Badger Meter, Inc. (NYSE:BMI) Q2 2023 Earnings Conference Call July 20, 2023 11:00 AM ET Company Participants Karen Bauer - VP of IR, Corporate Strategy and Treasurer Ken Bockhorst - Chairman, President and CEO Bob Wrocklage - CFO Conference Call Participants Nathan Jones - Stifel Andrew Krill - Deutsche Bank Rob Mason - Baird Operator Ladies and gentlemen, welcome to the Second Quarter 2023 Badger Meter Earnings Conference Call. All lines will be muted during the presentation portion of the call, with an o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-06706 BADGER METER, INC. (Exact name of registrant as specified in its charter) 39-0143280 (I.R.S. Employer Identification No. ...