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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, 2022

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 organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

4545 W. Brown Deer Road

Milwaukee, Wisconsin

 

53233

(Address of principal executive offices)

 

(Zip code)

 

 

(414) 355-0400

 

 

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

BMI

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

Smaller reporting company

Accelerated filer

 

Emerging growth company

Non‑accelerated filer

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of October 11, 2022 there were 29,269,149 shares of Common stock outstanding with a par value of $1 per share.

 

 


Table of Contents

 

BADGER METER, INC.

Quarterly Report on Form 10-Q for the Period Ended September 30, 2022

Index

 

 

Page No.

 

 

Part I. Financial Information:

 

 

 

 

Item 1

Financial Statements (unaudited):

4

 

 

 

 

Consolidated Condensed Balance Sheets - September 30, 2022 and December 31, 2021

4

 

 

 

 

Consolidated Condensed Statements of Operations - Three and Nine Months Ended September 30, 2022 and 2021

5

 

 

 

 

Consolidated Condensed Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2022 and 2021

6

 

 

 

 

Consolidated Condensed Statements of Cash Flows - Nine Months Ended September 30, 2022 and 2021

7

 

 

 

 

Consolidated Condensed Statements of Shareholders’ Equity – Three and Nine Months Ended September 30, 2022 and 2021

8

 

 

 

 

Notes to Unaudited Consolidated Condensed Financial Statements

9

 

 

 

Item 2

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

14

 

 

 

Item 3

Quantitative and Qualitative Disclosures about Market Risk

19

 

 

 

Item 4

Controls and Procedures

19

 

 

Part II. Other Information:

 

 

 

 

Item 1A

Risk Factors

20

 

 

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

20

 

 

 

Item 6

Exhibits

20

 

 

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, 2021 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

 

Part I – Financial Information

Item 1 Financial Statements

BADGER METER, INC.

Consolidated Condensed Balance Sheets

 

 

 

September 30,

 

 

December 31,

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

114,787

 

 

$

87,174

 

Receivables

 

 

83,491

 

 

 

65,866

 

Inventories:

 

 

 

 

 

 

Finished goods

 

 

23,783

 

 

 

25,991

 

Work in process

 

 

25,970

 

 

 

24,747

 

Raw materials

 

 

63,855

 

 

 

48,873

 

Total inventories

 

 

113,608

 

 

 

99,611

 

Prepaid expenses and other current assets

 

 

13,742

 

 

 

8,709

 

Total current assets

 

 

325,628

 

 

 

261,360

 

Property, plant and equipment, at cost

 

 

216,159

 

 

 

216,796

 

Less accumulated depreciation

 

 

(143,790

)

 

 

(138,746

)

Net property, plant and equipment

 

 

72,369

 

 

 

78,050

 

Intangible assets, at cost less accumulated amortization

 

 

54,314

 

 

 

64,176

 

Other assets

 

 

15,450

 

 

 

15,390

 

Deferred income taxes

 

 

7,512

 

 

 

7,529

 

Goodwill

 

 

99,100

 

 

 

104,313

 

Total assets

 

$

574,373

 

 

$

530,818

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Payables

 

$

65,462

 

 

$

41,859

 

Accrued compensation and employee benefits

 

 

17,734

 

 

 

20,644

 

Warranty and after-sale costs

 

 

10,369

 

 

 

12,868

 

Other current liabilities

 

 

8,220

 

 

 

6,775

 

Total current liabilities

 

 

101,785

 

 

 

82,146

 

Other long-term liabilities

 

 

36,540

 

 

 

29,804

 

Deferred income taxes

 

 

4,575

 

 

 

5,385

 

Accrued non-pension postretirement benefits

 

 

5,072

 

 

 

5,214

 

Other accrued employee benefits

 

 

3,542

 

 

 

5,199

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Common stock

 

 

37,221

 

 

 

37,221

 

Capital in excess of par value

 

 

51,780

 

 

 

49,224

 

Reinvested earnings

 

 

384,207

 

 

 

353,535

 

Accumulated other comprehensive (loss) income

 

 

(12,984

)

 

 

136

 

Less: Treasury stock, at cost

 

 

(37,365

)

 

 

(37,046

)

Total shareholders’ equity

 

 

422,859

 

 

 

403,070

 

Total liabilities and shareholders’ equity

 

$

574,373

 

 

$

530,818

 

 

See accompanying notes to unaudited consolidated condensed financial statements.

4


Table of Contents

 

BADGER METER, INC.

Consolidated Condensed Statements of Operations

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

(In thousands except share and per share amounts)

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

148,009

 

 

$

128,738

 

 

$

418,244

 

 

$

369,449

 

Cost of sales

 

 

90,487

 

 

 

77,554

 

 

 

255,239

 

 

 

218,801

 

Gross margin

 

 

57,522

 

 

 

51,184

 

 

 

163,005

 

 

 

150,648

 

Selling, engineering and administration

 

 

33,651

 

 

 

31,744

 

 

 

98,184

 

 

 

94,786

 

Operating earnings

 

 

23,871

 

 

 

19,440

 

 

 

64,821

 

 

 

55,862

 

Interest (income) expense, net

 

 

(108

)

 

 

14

 

 

 

(86

)

 

 

28

 

Other pension and postretirement costs

 

 

32

 

 

 

30

 

 

 

97

 

 

 

90

 

Earnings before income taxes

 

 

23,947

 

 

 

19,396

 

 

 

64,810

 

 

 

55,744

 

Provision for income taxes

 

 

6,014

 

 

 

3,541

 

 

 

15,853

 

 

 

12,136

 

Net earnings

 

$

17,933

 

 

$

15,855

 

 

$

48,957

 

 

$

43,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.61

 

 

$

0.54

 

 

$

1.68

 

 

$

1.50

 

Diluted

 

$

0.61

 

 

$

0.54

 

 

$

1.67

 

 

$

1.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.23

 

 

$

0.20

 

 

$

0.63

 

 

$

0.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computation of earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

29,215,982

 

 

 

29,157,628

 

 

 

29,211,488

 

 

 

29,124,491

 

Impact of dilutive securities

 

 

156,482

 

 

 

184,204

 

 

 

151,609

 

 

 

200,043

 

Diluted

 

 

29,372,464

 

 

 

29,341,832

 

 

 

29,363,097

 

 

 

29,324,534

 

 

See accompanying notes to unaudited consolidated condensed financial statements.

5


Table of Contents

 

BADGER METER, INC.

Consolidated Condensed Statements of Comprehensive Income

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net earnings

 

$

17,933

 

 

$

15,855

 

 

$

48,957

 

 

$

43,608

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(5,424

)

 

 

(2,248

)

 

 

(13,104

)

 

 

(155

)

Pension and postretirement benefits, net of tax

 

 

(16

)

 

 

4

 

 

 

(16

)

 

 

9

 

Comprehensive income

 

$

12,493

 

 

$

13,611

 

 

$

35,837

 

 

$

43,462

 

 

See accompanying notes to unaudited consolidated condensed financial statements.

6


Table of Contents

 

BADGER METER, INC.

Consolidated Condensed Statements of Cash Flows

 

 

 

Nine Months Ended September 30,

 

 

 

(Unaudited)
(In thousands)

 

 

 

2022

 

 

2021

 

Operating activities:

 

 

 

 

 

 

Net earnings

 

$

48,957

 

 

$

43,608

 

Adjustments to reconcile net earnings to net cash provided by operations:

 

 

 

 

 

 

Depreciation

 

 

8,413

 

 

 

8,619

 

Amortization

 

 

11,748

 

 

 

12,358

 

Deferred income taxes

 

 

24

 

 

 

11

 

Noncurrent employee benefits

 

 

(138

)

 

 

232

 

Stock-based compensation expense

 

 

2,170

 

 

 

1,537

 

Changes in:

 

 

 

 

 

 

Receivables

 

 

(18,860

)

 

 

(8,985

)

Inventories

 

 

(16,207

)

 

 

(5,685

)

Payables

 

 

23,870

 

 

 

7,420

 

Prepaid expenses and other assets

 

 

(9,405

)

 

 

(11,648

)

Other liabilities

 

 

2,171

 

 

 

12,967

 

Total adjustments

 

 

3,786

 

 

 

16,826

 

Net cash provided by operations

 

 

52,743

 

 

 

60,434

 

Investing activities:

 

 

 

 

 

 

Property, plant and equipment expenditures

 

 

(4,690

)

 

 

(5,843

)

Proceeds from company owned life insurance plans

 

 

-

 

 

 

596

 

Acquisitions, net of cash acquired

 

 

-

 

 

 

(45,273

)

Net cash used for investing activities

 

 

(4,690

)

 

 

(50,520

)

Financing activities:

 

 

 

 

 

 

Dividends paid

 

 

(18,292

)

 

 

(16,318

)

Proceeds from exercise of stock options

 

 

61

 

 

 

2,037

 

Repurchase of treasury stock

 

 

(427

)

 

 

(460

)

Issuance of treasury stock

 

 

-

 

 

 

72

 

Net cash used for financing activities

 

 

(18,658

)

 

 

(14,669

)

Effect of foreign exchange rates on cash

 

 

(1,782

)

 

 

(480

)

Increase (Decrease) in cash and cash equivalents

 

 

27,613

 

 

 

(5,235

)

Cash and cash equivalents – beginning of period

 

 

87,174

 

 

 

72,273

 

Cash and cash equivalents – end of period

 

$

114,787

 

 

$

67,038

 

 

See accompanying notes to unaudited consolidated condensed financial statements.

7


Table of Contents

 

BADGER METER, INC.

Consolidated Condensed Statements of Shareholders’ Equity

 

 

 

Quarter and year-to-date ended September 30,

 

 

 

Common
Stock at $1
par value*

 

 

Capital in
excess of
par value

 

 

Reinvested
earnings

 

 

Accumulated
other
comprehensive
income
(loss)

 

 

Treasury
stock (at cost)

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands except share and per share amounts)

 

Balance, June 30, 2021

 

$

37,221

 

 

$

46,500

 

 

$

332,104

 

 

$

3,411

 

 

$

(37,389

)

 

$

381,847

 

Net earnings

 

 

-

 

 

 

-

 

 

 

15,855

 

 

 

-

 

 

 

-

 

 

 

15,855

 

Pension and postretirement benefits
   (net of $(
0) tax effect)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

-

 

 

 

4

 

Foreign currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,248

)

 

 

-

 

 

 

(2,248

)

Cash dividends of $0.20 per share

 

 

-

 

 

 

-

 

 

 

(5,909

)

 

 

-

 

 

 

-

 

 

 

(5,909

)

Stock options exercised

 

 

-

 

 

 

1,342

 

 

 

-

 

 

 

-

 

 

 

343

 

 

 

1,685

 

Stock-based compensation

 

 

-

 

 

 

590

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

590

 

Balance, September 30, 2021

 

$

37,221

 

 

$

48,432

 

 

$

342,050

 

 

$

1,167

 

 

$

(37,046

)

 

$

391,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2020

 

$

37,221

 

 

$

44,964

 

 

$

314,850

 

 

$

1,313

 

 

$

(37,089

)

 

$

361,259

 

Net earnings

 

 

-

 

 

 

-

 

 

 

43,608

 

 

 

-

 

 

 

-

 

 

 

43,608

 

Pension and postretirement benefits
   (net of $(
2) tax effect)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9

 

 

 

-

 

 

 

9

 

Foreign currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(155

)

 

 

-

 

 

 

(155

)

Cash dividends of $0.56 per share

 

 

-

 

 

 

-

 

 

 

(16,408

)

 

 

-

 

 

 

-

 

 

 

(16,408

)

Stock options exercised

 

 

-

 

 

 

1,623

 

 

 

-

 

 

 

-

 

 

 

414

 

 

 

2,037

 

Stock-based compensation

 

 

-

 

 

 

1,537

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,537

 

Purchase of common stock for treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(460

)

 

 

(460

)

Issuance of treasury stock (46 shares)

 

 

-

 

 

 

308

 

 

 

-

 

 

 

-

 

 

 

89

 

 

 

397

 

Balance, September 30, 2021

 

$

37,221

 

 

$

48,432

 

 

$

342,050

 

 

$

1,167

 

 

$

(37,046

)

 

$

391,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2022

 

$

37,221

 

 

$

51,015

 

 

$

372,856

 

 

$

(7,544

)