Badger Meter Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Badger Meter Inc. filed its Q1 2024 10-Q, detailing financial data and segment performance.</b>

AI Summary

BADGER METER INC (BMI) filed a Quarterly Report (10-Q) with the SEC on April 19, 2024. Badger Meter Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is manufacturing totalizing fluid meters and counting devices. The filing includes data related to various financial statement accounts and periods, including common stock, retained earnings, and accumulated other comprehensive income. Geographical data for sales revenue net is provided for regions including Mexico, Asia, and the Middle East for Q1 2023 and Q1 2024.

Why It Matters

For investors and stakeholders tracking BADGER METER INC, this filing contains several important signals. This 10-Q provides investors with an update on Badger Meter's financial health and operational performance for the first quarter of 2024. The detailed financial information, including revenue breakdowns and balance sheet items, allows for analysis of the company's current financial standing and trends.

Risk Assessment

Risk Level: low — BADGER METER INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Monitor future filings for revenue growth trends and any changes in the company's financial position.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-04-19 — Filing Date (As of Date)
• Q1 — Reporting Quarter (Fiscal Quarter)
• 2024 — Fiscal Year (Reporting Fiscal Year)

Key Players & Entities

• BADGER METER INC (company) — Filer name
• 3824 (other) — Standard Industrial Classification
• WI (location) — State of incorporation
• 390143280 (other) — IRS number
• MILWAUKEE (location) — Business address city
• 4143715702 (phone) — Business phone
• BADGER METER MANUFACTURING CO (company) — Former company name
• 2024-03-31 (date) — Conformed period of report

FAQ

Risk Factors

• Service Concentration Risk [medium — market]: Risk associated with reliance on services, particularly for sales revenue net.
• Product Concentration Risk [medium — market]: Risk associated with reliance on specific products for sales revenue net.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-04-19: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance during the quarter.)

Key Financial Figures

• $1 — n stock outstanding with a par value of $1 per share. Table of Contents BADGER

Filing Documents

• bmi-20240331.htm (10-Q) — 933KB
• bmi-ex31_1.htm (EX-31.1) — 18KB
• bmi-ex31_2.htm (EX-31.2) — 18KB
• bmi-ex32.htm (EX-32) — 18KB
• 0000950170-24-045898.txt (&nbsp;) — 3893KB
• bmi-20240331.xsd (EX-101.SCH) — 545KB
• bmi-20240331_htm.xml (XML) — 548KB

Financial Information

Part I. Financial Information: Item 1

Financial Statements (unaudited)

Financial Statements (unaudited): 4 Consolidated Condensed Balance Sheets - March 31, 2024 and December 31, 2023 4 Consolidated Condensed Statements of Operations - Three Months Ended March 31, 2024 and 2023 5 Consolidated Condensed Statements of Comprehensive Income - Three Months Ended March 31, 2024 and 2023 6 Consolidated Condensed Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023 7 Consolidated Condensed Statements of Shareholders' Equity – Three Months Ended March 31, 2024 and 2023 8 Notes to Unaudited Consolidated Condensed Financial Statements 9 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4

Controls and Procedures

Controls and Procedures 19

Other Information

Part II. Other Information: Item 1A

Risk Factors

Risk Factors 20 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 5 Other Information 20 Item 6 Exhibits 20

Signatures

Signatures 21 2 Table of Contents Special Note Regarding Forward Looking Statements Certain statements contained in this Quarterly Report on Form 10-Q, as well as other information provided from time to time by Badger Meter, Inc. (the "Company" or "Badger Meter") 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 looking statements are based on the Company's then current views and assumptions and involve risks and uncertainties. See Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for further information regarding risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward looking statements. The Company disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason. 3 Table of Contents

– Financial Information

Part I – Financial Information

Financial Statements

Item 1 Financial Statements BADGER METER, INC. Consolidated Conden sed Balance Sheets March 31, December 31, (Unaudited) (In thousands) 2024 2023 Assets Current assets: Cash and cash equivalents $ 199,310 $ 191,782 Receivables 92,287 83,507 Inventories: Finished goods 37,414 34,764 Work in process 41,178 41,261 Raw materials 81,852 77,649 Total inventories 160,444 153,674 Prepaid expenses and other current assets 18,557 13,214 Total current assets 470,598 442,177 Property, plant and equipment, at cost 227,043 225,988 Less accumulated depreciation ( 154,109 ) ( 152,110 ) Net property, plant and equipment 72,934 73,878 Intangible assets, at cost less accumulated amortization 52,471 53,737 Other assets 11,293 11,249 Deferred income taxes 22,704 22,715 Goodwill 113,474 113,163 Total assets $ 743,474 $ 716,919 Liabilities and shareholders' equity Current liabilities: Payables $ 90,617 $ 81,807 Accrued compensation and employee benefits 15,588 29,871 Warranty and after-sale costs 12,425 11,102 Other current liabilities 16,464 9,168 Total current liabilities 135,094 131,948 Long-term deferred revenue 54,181 49,763 Deferred income taxes 4,894 5,061 Accrued non-pension postretirement benefits 3,831 3,614 Other accrued employee benefits 5,404 5,293 Other long-term liabilities 4,503 4,758 Commitments and contingencies (Note 5) Shareholders' equity: Common stock, $ 1 par, authorized 80,000,000 , issued 37,221,098 shares in 2024 and 2023 37,221 37,221 Capital in excess of par value 60,468 59,185 Reinvested earnings 479,925 458,719 Accumulated other comprehensive loss ( 5,268 ) ( 1,646 ) Less: Treasury stock, at cost, 7,827,368 shares in 2024 and 7,873,781 in 2023 ( 36,779 ) ( 36,997 ) Total shareholders' equity 535,567 516,482 Total li

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View this 10-Q filing on SEC EDGAR