Sales Performance - The Company's net sales for Q3 2020 were $113.6 million, up 4.6% from $108.6 million in Q3 2019[96] - Sales in the municipal water market reached $93.6 million, an increase of 11.0% from $84.3 million in the prior year, driven by improving order rates and backlog conversion[96] - Sales in the global flow instrumentation market were $20.0 million, a decrease of 17.9% from $24.3 million in the previous year due to reduced activity across various end markets[96] - Net sales for the nine months ended September 30, 2020 were $313.2 million, a decrease from $317.1 million in the same period of 2019[100] - Sales in the municipal water market increased by 2.7% to $251.7 million, driven by advanced technology products and increased SaaS revenue[100] Financial Performance - Total operating earnings for Q3 2020 were $19.5 million, or 17.2% of sales, up from $16.4 million, or 15.1% of sales in Q3 2019[97] - Gross margin increased to 39.6% of sales in Q3 2020 from 38.4% in Q3 2019, with gross margin dollars rising by $3.4 million[97] - Total operating earnings for the nine months ended September 30, 2020 were $48.2 million, or 15.4% of sales, compared to $45.8 million, or 14.4% of sales in the prior year[101] - Cash provided by operations in the first nine months of 2020 was $73.7 million, up from $61.1 million in the same period of 2019[107] - Cash and cash equivalents increased by $45.0 million to $93.9 million at September 30, 2020, due to strong cash flow from operations[108] - Primary working capital as a percentage of sales was 23.0% as of September 30, 2020, down from 26.4% at the end of 2019[106] - The provision for income taxes as a percentage of earnings before income taxes for Q3 2020 was 23.9%, compared to 22.1% in Q3 2019[98] - Net earnings for the nine months ended September 30, 2020 were $36.2 million, or $1.24 per diluted share, compared to $34.9 million, or $1.19 per diluted share in the prior year[104] Product and Technology Development - Approximately 60% of water meters installed in the U.S. have been converted to radio solution technology, indicating a significant trend towards modernization[73] - The Company estimates that nearly 90% of its products are used in water-related applications, with a strong focus on municipal water utilities[68] - The ORION branded family of radio endpoints offers various meter reading solutions, enhancing flexibility for utilities transitioning to fixed network communications[71] - The BEACON Advanced Metering Analytics software suite provides utilities with improved visibility and customer engagement tools, enhancing operational efficiency[72] - The Company is launching its next generation of ultrasonic metering technology, D-Flow, which is expected to enhance competitive differentiation in the market[82] Market Expansion and Strategic Initiatives - Badger Meter is actively pursuing geographic expansion opportunities, particularly in the Middle East, leveraging its ultrasonic meter technology[95] - The Company is positioned to benefit from the Smart Cities initiative, providing smart water solutions that enhance resource conservation and operational efficiency[83]

Badger Meter, Inc. (NYSE:BMI) Q3 2020 Earnings Conference Call October 16, 2020 11:00 AM ET Company Participants Karen Bauer - VP of IR, Strategy and Treasurer Ken Bockhorst - Chairman, President and CEO Bob Wrocklage - CFO Conference Call Participants Richard Eastman - Robert W. Baird Nathan Jones - Stifel Nicolaus Andrew Buscaglia - Berenberg Bob Chernow - RBC Ryan Connors - Boenning and Scattergood Tate Sullivan - Maxim Group Operator Ladies and gentlemen, welcome to the Third Quarter 2020 Badger Meter E ...

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 June 30, 2020 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) Securities registered pursuant to Section 12(b) ...

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, 2020 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) Securities registered pursuant to Section 12(b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------- ...

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 September 30, 2019 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) Securities registered pursuant to Section ...

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 June 30, 2019 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) Securities registered pursuant to Section 12(b) ...

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, 2019 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) Securities registered pursuant to Section 12(b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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) Wisconsin 39-0143280 (State or other jurisdiction of incorporation or ...