$BMI
Badger Meter Inc

2019 Q4 Form 10-Q Financial Statement

#000156459019037922 Filed on October 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $107.6M $108.6M $110.6M
YoY Change 3.01% -1.79% 10.62%
Cost Of Revenue $66.40M $66.98M $66.68M
YoY Change 3.27% 0.44% 5.9%
Gross Profit $41.13M $41.67M $43.95M
YoY Change 2.43% -5.18% 18.65%
Gross Profit Margin 38.24% 38.35% 39.72%
Selling, General & Admin $24.80M $25.20M $28.21M
YoY Change 0.0% -10.68% 14.11%
% of Gross Profit 60.3% 60.48% 64.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.140M $5.650M $6.050M
YoY Change 5.32% -6.61% -2.1%
% of Gross Profit 14.93% 13.56% 13.77%
Operating Expenses $24.80M $25.20M $28.21M
YoY Change 0.0% -10.68% 14.11%
Operating Profit $16.33M $16.47M $15.73M
YoY Change 6.34% 4.68% 27.76%
Interest Expense $0.00 -$100.0K -$300.0K
YoY Change -100.0% -66.67% 50.0%
% of Operating Profit 0.0% -0.61% -1.91%
Other Income/Expense, Net -$200.0K $0.00
YoY Change
Pretax Income $16.20M $16.34M $3.652M
YoY Change 10.96% 347.37% -69.99%
Income Tax $3.900M $3.617M $801.0K
% Of Pretax Income 24.07% 22.14% 21.93%
Net Earnings $12.27M $12.72M $2.851M
YoY Change 9.21% 346.19% -64.25%
Net Earnings / Revenue 11.41% 11.71% 2.58%
Basic Earnings Per Share $0.42 $0.44 $0.10
Diluted Earnings Per Share $0.42 $0.44 $0.10
COMMON SHARES
Basic Shares Outstanding 29.11M 28.99M shares
Diluted Shares Outstanding 29.20M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.90M $37.70M $10.60M
YoY Change 273.28% 255.66% -20.9%
Cash & Equivalents $48.87M $37.73M $10.60M
Short-Term Investments
Other Short-Term Assets $7.900M $7.600M $5.900M
YoY Change 75.56% 28.81% 47.5%
Inventory $81.95M $84.84M $84.35M
Prepaid Expenses
Receivables $61.37M $61.41M $70.03M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $200.1M $191.5M $170.9M
YoY Change 21.52% 12.09% 4.67%
LONG-TERM ASSETS
Property, Plant & Equipment $85.76M $86.66M $91.64M
YoY Change -5.05% -5.44% -1.61%
Goodwill $71.30M $71.26M $71.26M
YoY Change 0.0% 0.0% 16.52%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.88M $16.13M $9.436M
YoY Change 78.93% 70.9% -11.85%
Total Long-Term Assets $221.8M $225.9M $230.4M
YoY Change -2.73% -1.95% 3.41%
TOTAL ASSETS
Total Short-Term Assets $200.1M $191.5M $170.9M
Total Long-Term Assets $221.8M $225.9M $230.4M
Total Assets $421.9M $417.5M $401.3M
YoY Change 7.44% 4.03% 3.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.52M $32.36M $24.86M
YoY Change 40.3% 30.18% -8.39%
Accrued Expenses $12.80M $12.80M $12.40M
YoY Change -7.25% 3.23% -10.14%
Deferred Revenue
YoY Change
Short-Term Debt $4.480M $4.360M $35.96M
YoY Change -75.19% -87.87% -20.04%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.25M $58.85M $77.87M
YoY Change -4.61% -24.43% -15.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.98M $22.86M $14.45M
YoY Change 64.47% 58.27% 149.28%
Total Long-Term Liabilities $22.98M $22.86M $14.45M
YoY Change 64.47% 58.27% 149.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.25M $58.85M $77.87M
Total Long-Term Liabilities $22.98M $22.86M $14.45M
Total Liabilities $80.23M $81.71M $92.31M
YoY Change 8.43% -11.49% -6.08%
SHAREHOLDERS EQUITY
Retained Earnings $285.9M $278.6M $250.4M
YoY Change 11.1% 11.23% 4.02%
Common Stock $79.16M $77.51M $74.01M
YoY Change 5.15% 4.73% 8.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.24M $32.52M $29.04M
YoY Change 16.6% 11.96% 20.59%
Treasury Stock Shares $8.082M
Shareholders Equity $331.1M $323.6M $295.2M
YoY Change
Total Liabilities & Shareholders Equity $421.9M $417.5M $401.3M
YoY Change 7.44% 4.03% 3.94%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $12.27M $12.72M $2.851M
YoY Change 9.21% 346.19% -64.25%
Depreciation, Depletion And Amortization $6.140M $5.650M $6.050M
YoY Change 5.32% -6.61% -2.1%
Cash From Operating Activities $19.57M $20.24M $14.68M
YoY Change -4.4% 37.87% 71.1%
INVESTING ACTIVITIES
Capital Expenditures -$1.910M -$1.120M -$1.980M
YoY Change 34.51% -43.43% -58.66%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.910M -$1.120M -$1.980M
YoY Change 34.51% -43.43% -58.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.650M -5.200M -14.48M
YoY Change -60.39% -64.09% 208.09%
NET CHANGE
Cash From Operating Activities 19.57M 20.24M 14.68M
Cash From Investing Activities -1.910M -1.120M -1.980M
Cash From Financing Activities -6.650M -5.200M -14.48M
Net Change In Cash 11.01M 13.92M -1.780M
YoY Change 387.17% -882.02% 95.6%
FREE CASH FLOW
Cash From Operating Activities $19.57M $20.24M $14.68M
Capital Expenditures -$1.910M -$1.120M -$1.980M
Free Cash Flow $21.48M $21.36M $16.66M
YoY Change -1.87% 28.21% 24.61%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Net Of Tax
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12887000
us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax
10000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTax
-18162000
bmi Reclassification From Accumulated Other Comprehensive Income Current Period Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodTax
-4994000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-13168000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
45402000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
21266000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10499000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4715000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
317069000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
329319000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
317069000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
329319000
CY2019Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
61406000
CY2018Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
66300000
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
19042000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
15793000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1900000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5500000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8919000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10745000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
9290000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11087000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
764000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2331000
CY2019Q3 bmi Variable And Short Term Lease Expense
VariableAndShortTermLeaseExpense
36000
bmi Variable And Short Term Lease Expense
VariableAndShortTermLeaseExpense
223000
CY2019Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2554000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M18D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
724000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2782000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2231000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1291000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1201000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2182000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10411000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1121000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
9290000

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