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    Badger Meter Inc (BMI)

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    Business Description

    Badger Meter, Inc. (BMI) is an innovator, manufacturer, marketer, and distributor of products that incorporate flow measurement, control, quality, and communication solutions. The company focuses on providing smart water solutions and flow instrumentation for utility and industrial markets. BMI's offerings include advanced metering infrastructure, software services, and various meters and sensors for water and fluid management.

    1. Utility Water - Develops and supplies water meters, radios, software technologies, and services for water utilities, including sensors for leak detection and water quality monitoring.

      • Sub-products:
        • Mechanical and ultrasonic water meters
        • Cellular Advanced Metering Infrastructure (AMI) solutions
        • ORION® Cellular endpoints
        • BEACON® Software as a Service (SaaS)

    2. Flow Instrumentation - Provides meters, valves, and sensing instruments for measuring and controlling fluids like water, air, steam, and other liquids and gases, targeting industrial markets such as water/wastewater and HVAC.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Kenneth C. BockhorstChairman, President, and Chief Executive OfficerJanuary 2019Joined Badger Meter as COO in October 2017, promoted to President in April 2018, CEO in January 2019, and Chairman in January 2020. Previously held leadership roles at Actuant Corporation, IDEX, and Eaton.
    Robert A. WrocklageSenior Vice President — Chief Financial OfficerJanuary 2020Elected as Senior Vice President — CFO in January 2020, previously served as Vice President — CFO and Treasurer in 2019, and Vice President - Finance from August 2018 to December 2018.
    Karen M. BauerVice President — Investor Relations, Corporate Strategy and TreasurerJune 2019Elected Vice President in June 2019, joined the company in July 2018 as Director, Investor Relations and Corporate Strategy. Oversees ESG initiatives.
    Fred J. BegaleVice President — EngineeringN/AHas served as Vice President - Engineering at Badger Meter for more than five years.
    William R. A. BergumVice President — General Counsel and SecretaryN/AHas been in the role since at least 2022, but exact start date is unspecified.
    Sheryl L. HopkinsVice President — Human ResourcesOctober 2020Elected Vice President — Human Resources in October 2020. Previously served as Vice President of Human Resources for ADVENT and Senior Vice President of Human Resources for Runzheimer International.
    Richard HtweVice President — Global OperationsJanuary 2023Elected Vice President — Global Operations in January 2023. Previously served as Vice President of Global Operations for Emerson Commercial and Residential Solutions' InSinkErator business unit and Wahl Clipper Corporation.
    Lars Bo KristensenVice President — Global Flow Instrumentation and International UtilityDecember 2022Elected Vice President in December 2022. Previously served as Group CEO for Agramkow Fluid Systems and held various international management roles at Kamstrup.
    Kimberly K. StollVice President — Sales and MarketingN/AHas served as Vice President — Sales and Marketing at Badger Meter for more than five years.
    Matthew L. StuyvenbergVice President — Software and Water QualityJanuary 2023Elected Vice President — Water Quality in January 2022 and Vice President — Software and Water Quality in January 2023. Joined Badger Meter in April 2007 as a Mechanical Engineer of Applied Research.
    Daniel R. WeltzienVice President — ControllerMarch 2019Elected Vice President — Controller in March 2019.

    Questions to Ask Management

    1. Given the strong sales growth over the past three years, are you anticipating a significant slowdown in 2025 to low or mid-single-digit growth, and how does this align with your long-term strategic growth expectations?
    2. Considering the resilience of your utility business even during challenging times, would a scenario of flat or declining sales growth in 2025 be surprising, and what factors could lead to such an outcome?
    3. Can you quantify the potential impact of recent hurricanes on your business in the Southeastern U.S., specifically how project delays in that region might influence your fourth-quarter and 2025 outlook?
    4. With gross margins reaching a record high this quarter, can you elaborate on the key drivers behind this improvement and discuss the sustainability of these margin levels going forward, especially considering potential mix variability?
    5. Your SaaS revenues increased approximately 35% this quarter; to what extent is this growth driven solely by meter deployments versus adoption of new services like leak detection under BlueEdge, and how do you plan to diversify and expand SaaS revenue streams beyond hardware attachment?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateFebruary 2023
    End Date/DurationFebruary 2026
    Total Additional Amount200,000 shares
    Remaining Authorization200,000 shares (as of 2025-01-07)
    DetailsNo explicit purpose stated