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    Jeffrey Reive

    Research Analyst at RBC Capital Markets

    Jeffrey Reive is an Analyst at RBC Capital Markets specializing in the industrials sector, with a focus on building products and equipment. He covers companies such as Advanced Drainage Systems (WMS) and BMI, maintaining a strong track record including a 100% success rate and an average return exceeding 29% on stock recommendations. Reive began his analyst tenure at RBC Capital Markets in 2025, previously working at Crown Bank in Elizabeth, New Jersey before transitioning to equity research. He holds professional certifications relevant to his analyst role and is noted for his recent outperformance in stock analysis and recommendations.

    Jeffrey Reive's questions to BADGER METER (BMI) leadership

    Jeffrey Reive's questions to BADGER METER (BMI) leadership • Q2 2025

    Question

    Jeffrey Reive from RBC Capital Markets asked about the Smart Cover integration, seeking details on the cost synergy opportunity and timeline. He also inquired about the potential impact of EPA budget cuts on demand and the typical breakdown of customer project funding sources.

    Answer

    SVP & CFO Robert Wrocklage clarified that the primary synergies from the Smart Cover acquisition are commercial (revenue growth) rather than cost-based, focusing on leveraging the existing SG&A base. Chairman, President & CEO Kenneth Bockhorst addressed funding, stating that meters are the "cash register" for utilities and a high priority, funded through various means like rates, bonds, and federal programs, making them resilient to specific budget cuts.

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    Jeffrey Reive's questions to BADGER METER (BMI) leadership • Q2 2025

    Question

    Jeffrey Reive from RBC Capital Markets asked about the Smart Cover integration, requesting details on the cost synergy opportunity and timeline. He also inquired about the potential impact of EPA budget cuts on metering demand and the breakdown of customer project funding sources.

    Answer

    SVP & CFO Robert Wrocklage clarified that the primary synergies from Smart Cover are commercial (revenue growth) by leveraging Badger Meter's market access, rather than significant cost-cutting. He noted secondary synergies exist in component purchasing. Chairman, President & CEO Kenneth Bockhorst addressed funding, stating that meters are the 'cash register' for utilities and a high priority. He listed multiple funding sources beyond federal support, including state funds, WIFIA loans, and municipal bonds, expressing confidence that demand will remain strong.

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    Jeffrey Reive's questions to BADGER METER (BMI) leadership • Q1 2025

    Question

    Jeffrey Reive questioned the health of municipal budgets, how utilities are prioritizing AMI investments amidst inflation, and whether there is greater customer reception for alternative pricing models like 'meter as a service'.

    Answer

    CEO Kenneth Bockhorst affirmed the resilience of utility spending on metering, noting it serves as the 'cash register' and is often prioritized even when budgets are tight, citing performance during COVID and recent inflation as evidence. He added that customer buying habits have not shifted significantly toward alternative pricing models.

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