Badger Meter Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Badger Meter Inc. has submitted its comprehensive 2023 10-K annual report detailing financial performance and operational aspects.</b>

AI Summary

BADGER METER INC (BMI) filed a Annual Report (10-K) with the SEC on February 16, 2024. Badger Meter Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations. Key financial data and disclosures are included in the report. The report details various assets, liabilities, and equity components. Information on employee stock options and incentive plans is provided.

Why It Matters

For investors and stakeholders tracking BADGER METER INC, this filing contains several important signals. This 10-K filing provides investors with a detailed overview of Badger Meter's financial health and strategic positioning for the past fiscal year. The comprehensive disclosures allow stakeholders to assess the company's performance, risks, and future outlook in the context of the totalizing fluid meters and counting devices industry.

Risk Assessment

Risk Level: low — BADGER METER INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk from the filing itself.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Badger Meter's performance and strategic outlook for 2024.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year end date)
• 390143280 — IRS Number (IRS number)
• 001-06706 — SEC File Number (SEC file number)
• 24647256 — Film Number (Film number)

Key Players & Entities

• BADGER METER INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240216 (date) — Filed as of date
• 0000009092 (company) — Central Index Key
• 3824 (industry) — Standard Industrial Classification
• WI (location) — State of incorporation
• 4545 WEST BROWN DEER ROAD (address) — Business address street 1
• MILWAUKEE (location) — Business address city

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K report was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Badger Meter Inc. to report its annual financial results and business operations.)

Totalizing Fluid Meters & Counting Devices

A classification for companies that manufacture devices used to measure and record the volume of fluids or the count of events. (This SIC code identifies Badger Meter Inc.'s core industry and market.)

Key Financial Figures

• $147.56 — ck are deemed to have a market value of $147.56 per share, the closing price of the Com
• $1 — n Stock outstanding with a par value of $1 per share. DOCUMENTS INCORPORATED BY
• $19.0 million — manufacturing process improvements were $19.0 million in 2023, $15.8 million in 2022 and $14.
• $15.8 million — mprovements were $19.0 million in 2023, $15.8 million in 2022 and $14.7 million in 2021. Rese
• $14.7 million — lion in 2023, $15.8 million in 2022 and $14.7 million in 2021. Research and development activ

Filing Documents

• bmi-20231231.htm (10-K) — 2248KB
• bmi-ex21.htm (EX-21) — 37KB
• bmi-ex23.htm (EX-23) — 8KB
• bmi-ex31.htm (EX-31) — 15KB
• bmi-ex31_1.htm (EX-31.1) — 15KB
• bmi-ex32.htm (EX-32) — 10KB
• bmi-ex97_comprecovery.htm (EX-97.COMPRECOVERY) — 33KB
• img115751213_0.jpg (GRAPHIC) — 72KB
• 0000950170-24-016245.txt (&nbsp;) — 11160KB
• bmi-20231231.xsd (EX-101.SCH) — 1358KB
• bmi-20231231_htm.xml (XML) — 2342KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 16 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II 19 Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. Reserved 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 8.

Financial Statements and Supplemental Data

Financial Statements and Supplemental Data 26 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53 Item 9A.

Controls and Procedures

Controls and Procedures 53 Item 9B. Other Information 53 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 53 PART III 54 Item 10. Directors, Executive Officers and Corporate Governance 54 Item 11.

Executive Compensation

Executive Compensation 54 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 Item 13. Certain Relationships and Related Transactions, and Director Independence 54 Item 14. Principal Accountant Fees and Services 54 PART IV 55 Item 15. Exhibits and Financial Statement Schedules 55 Item 16 Form 10-K Summary 55 Exhibit Index 56

Signatures

Signatures 58 3 Special Note Regarding Forward Looking Statements Certain statements contained in this Annual Report on Form 10-K, 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 in the forward looking 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 looking statements are based on the Company's then current views and assumptions and involve risks and uncertainties. Some risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward looking statements include those described in Item 1A of this Annual Report on Form 10-K for the year ended December 31, 2023. 4 PAR T I

BUSINESS

ITEM 1. BUSINESS Badger Meter, Inc. (the "Company") is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide. The Company was incorporated in 1905. Throughout this 2023 Annual Report on Form 10-K, the words "we," "us" and "our" refer to the Company. Available Information The Company's internet address is http://www.badgermeter.com . The Company makes available free of charge through its website its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, on the same day they are electronically filed with, or furnished to, the Securities and Exchange Commission. The Company is not including the information contained on or available through its website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K. Market Overview, Products and Solutions With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water management solutions, with nearly 95% of net sales derived from water-related applications. These tailorable solutions encompass smart measurement hardware, reliable communications, data and analytics software as well as ongoing support and expertise essential to optimize customers' operations and contribute to the sustainable use and protection of the world's most precious resource. The Company's smart measurement hardware is primarily comprised of the following product families: meters that measure the flow of water and other fluids and are known for accuracy, long-lasting durability and for providing valuable and timely flow measurement data. water quality monitoring solutions, including optical sensing and electrochemical instruments that provide real-time, on-demand data parameters. high frequency pressure and acoustic leak detection hardware that provides real-time monitori

View Full Filing

View this 10-K filing on SEC EDGAR