Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

cf4189ae7e8f45a304aea0f32790e33af1ea87aaa474206e7aba0f1a9c26500e

Utility Water Market

- ORION Cellular

- BEACON SaaS

Municipal Water Products

Flow Instrumentation

- Global Flow Instrumentation

Specialty Products

Total Revenue

d78caca3a002a593cc1bc2b30dde2f64af29a99bb27c3f58171aafcd9c12599c

3a8393aecacc11f7fca148e4f516e7ec4bd737ca4e31ae92d1e597c0119af796

bd2cbff3b428f0c31ed932f50b88267bd02553ef3aa2c4f594074fb40c31aeea

Cash and cash equivalents (USD, thousands)

Receivables, net (USD, thousands)

Finished goods (USD, thousands)

Work in process (USD, thousands)

Raw materials (USD, thousands)

Total inventories (USD, thousands)

Prepaid expenses and other current assets (USD, thousands)

Total current assets (USD, thousands)

Less accumulated depreciation (USD, thousands)

Net property, plant and equipment (USD, thousands)

Intangible assets, net (USD, thousands)

Other assets (USD, thousands)

Deferred income taxes - Assets (USD, thousands)

Goodwill (USD, thousands)

Total assets (USD, thousands)

Payables (USD, thousands)

Accrued compensation and employee benefits (USD, thousands)

Warranty and after-sale costs, current (USD, thousands)

Other current liabilities (USD, thousands)

Total current liabilities (USD, thousands)

Long-term deferred revenue (USD, thousands)

Deferred income taxes - Liabilities (USD, thousands)

Accrued non-pension postretirement benefits (USD, thousands)

Other accrued employee benefits (USD, thousands)

Warranty and after-sale costs, long-term (USD, thousands)

Other long-term liabilities (USD, thousands)

Common stock (USD, thousands)

Capital in excess of par value (USD, thousands)

Reinvested earnings (USD, thousands)

Accumulated other comprehensive loss (USD, thousands)

Less: Treasury stock, at cost (USD, thousands)

Total shareholders’ equity (USD, thousands)

Total liabilities and shareholders’ equity (USD, thousands)

0dc82d82d2b61aa3d4eb3b16243fda97bd6d21e57d6e9d5c5f75fc7c448f724a

The significant jump in **cash and cash equivalents** for Q4 2024, which increased by **$103,523 thousand** to **$295,305 thousand**, was primarily driven by several factors. First, the company achieved a record **free cash flow of $47.4 million** in Q4 2024, marking a **32% year-over-year increase**, which was driven by improved working capital efficiency and operational performance.  **[BMI_3413981_2]**  Additionally, higher **net cash provided by operating activities** — which reached **$155,034 thousand** for the full year 2024, compared to **$110,117 thousand** in 2023 — contributed significantly to the cash buildup.  **[0000950170-25-020889_bmi-20241231.htm:48]**  Improvements in working capital were further supported by a **$10.2 million reduction in inventory** and a notable decrease in **payables by $26.1 million**, both of which helped boost the cash reserves. Finally, **limited cash outflows** from investing and financing activities also played a role in preserving cash.  **[0000950170-25-020889_bmi-20241231.htm:48]** **[0000950170-25-020889_bmi-20241231.htm:36]** 

Why did Cash and cash equivalents jump so high in Q4 2024?

The significant rise in total assets in Q4 2024 was primarily driven by an increase in **cash and cash equivalents**, which grew from **$191,782 thousand** to **$295,305 thousand** due to strong free cash flow generation and improved working capital management.  **[0000950170-25-020889_bmi-20241231.htm:47]** **[0000950170-25-020889_bmi-20241231.htm:48]**  Additionally, an increase in **deferred income taxes** (from **$22,715 thousand** to **$32,525 thousand**) and higher **other current assets** (notably prepaid expenses) contributed to the boost.  **[0000950170-25-020889_bmi-20241231.htm:47]**  Furthermore, the acquisition of SmartCover—funded using the increased cash—along with better inventory management (with inventories reducing from **$153,674 thousand** to **$143,408 thousand**) also played key roles in driving the overall increase in total assets.  **[BMI_3413981_3]** **[0000950170-25-020889_bmi-20241231.htm:53]** 

What drove the significant rise in Total assets in Q4 2024?

The drop in total current liabilities in Q4 2024 was driven by a **reclassification of deferred revenue**—moving the short-term portion from "payables" to "other current liabilities"—coupled with **lower inventory levels**, which reduced payables, and the **timing of payments** relative to year-end. These factors combined resulted in the significant decline from **$131,948 thousand in Q4 2023** to **$118,205 thousand in Q4 2024**.  **[0000950170-25-020889_bmi-20241231.htm:36]** 

Why did Total current liabilities drop markedly in Q4 2024?

The sharp rise in **Deferred Income Taxes - Assets** in Q4 2024 was primarily driven by a significant increase in the company's deferred tax assets. Specifically, the total gross deferred tax assets grew from **$35,181 thousand in 2023** to **$45,539 thousand in 2024**, largely due to higher deferred revenue (which increased from **$8,128 thousand** to **$12,201 thousand**) and increased research and development costs (rising from **$5,744 thousand** to **$8,007 thousand**). Additionally, although there was an increase in the valuation allowance—from **$2,683 thousand** to **$3,297 thousand**—the net effect still resulted in a substantial rise in the deferred tax assets. The impact of state-specific tax credits, with **$0.6 million** expected to be fully utilized in future periods, also contributed to this increase.  **[0000950170-25-020889_bmi-20241231.htm:47]** **[0000950170-25-020889_bmi-20241231.htm:62]** 

What caused the sharp rise in Deferred income taxes - Assets in Q4 2024?

98fc9ecfa03cd811a59df0ce3253f539e61b2ff9655c86f454579d52b02a9412

United States

Asia

Canada

Europe

Mexico

Middle East

Other

a054a81b88b0f90abbf29c93cde0da397b8044fdacab1f6774a2e8841d27e492

Net earnings [USD, thousands]

Depreciation [USD, thousands]

Amortization [USD, thousands]

Stock-based compensation expense [USD, thousands]

Total adjustments [USD, thousands]

Net cash provided by operations [USD, thousands]

Property, plant and equipment expenditures [USD, thousands]

Acquisitions, net of cash acquired [USD, thousands]

Net cash used for investing activities [USD, thousands]

Dividends paid [USD, thousands]

Proceeds from exercise of stock options [USD, thousands]

Net cash used for financing activities [USD, thousands]

Effect of foreign exchange rates on cash [USD, thousands]

Increase in cash and cash equivalents [USD, thousands]

Noncurrent employee benefits [USD, thousands]

Receivables [USD, thousands]

Inventories [USD, thousands]

Payables [USD, thousands]

Prepaid expenses and other assets [USD, thousands]

Other liabilities [USD, thousands]

Cash and cash equivalents – beginning of period [USD, thousands]

Cash and cash equivalents – end of period [USD, thousands]

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Net Sales (USD, thousands)

Cost of Sales (USD, thousands)

Gross Margin (USD, thousands)

Selling, Engineering and Administration (USD, thousands)

Operating Earnings (USD, thousands)

Interest Income, Net (USD, thousands)

Earnings Before Income Taxes (USD, thousands)

Provision for Income Taxes (USD, thousands)

Net Earnings (USD, thousands)

e44816357fdf1cddaaf41fd2ea7a9c7ea47ce5bb0bb83ceac0b653a508215afc

Badger Meter Inc (BMI)

Financials