$BMI
Badger Meter Inc

2020 Q4 Form 10-K Financial Statement

#000156459021008150 Filed on February 24, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q2 2020
Revenue $112.3M $91.12M $425.5M
YoY Change 4.44% -12.0% 0.22%
Cost Of Revenue $68.30M $55.30M $257.3M
YoY Change 2.86% -12.64% -1.46%
Gross Profit $44.06M $35.85M $168.2M
YoY Change 7.12% -10.99% 2.89%
Gross Profit Margin 39.22% 39.34% 39.54%
Selling, General & Admin $27.10M $23.20M $103.1M
YoY Change 9.27% -7.94% 1.69%
% of Gross Profit 61.51% 64.71% 61.27%
Research & Development $11.60M
YoY Change -2.52%
% of Gross Profit 6.89%
Depreciation & Amortization $6.280M $6.220M $12.25M
YoY Change 2.28% 1.63% 5.91%
% of Gross Profit 14.25% 17.35% 7.28%
Operating Expenses $27.10M $23.20M $114.7M
YoY Change 9.27% -7.94% 1.25%
Operating Profit $16.96M $12.65M $65.16M
YoY Change 3.86% -16.09% 4.84%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit 0.0% 0.0% 0.0%
Other Income/Expense, Net $0.00 $0.00 -$100.0K
YoY Change -100.0% -66.67%
Pretax Income $16.90M $12.59M $64.98M
YoY Change 4.32% -15.59% 5.48%
Income Tax $3.800M $3.054M $15.64M
% Of Pretax Income 22.49% 24.26% 24.07%
Net Earnings $13.09M $9.534M $49.34M
YoY Change 6.68% -16.06% 4.59%
Net Earnings / Revenue 11.66% 10.46% 11.6%
Basic Earnings Per Share $0.45 $0.33 $1.70
Diluted Earnings Per Share $0.45 $0.33 $1.69
COMMON SHARES
Basic Shares Outstanding 29.05K
Diluted Shares Outstanding 29.23K

Balance Sheet

Concept 2020 Q4 2020 Q2 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.30M $85.20M $72.30M
YoY Change 47.85% 256.49% 47.85%
Cash & Equivalents $72.27M $85.20M $72.30M
Short-Term Investments
Other Short-Term Assets $5.300M $7.300M $5.300M
YoY Change -32.91% -8.75% -32.91%
Inventory $81.59M $76.80M $81.60M
Prepaid Expenses
Receivables $61.69M $54.00M $61.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $223.7M $223.4M $220.9M
YoY Change 11.79% 27.29% 10.39%
LONG-TERM ASSETS
Property, Plant & Equipment $82.71M $83.20M $82.70M
YoY Change -3.56% -5.99% -3.61%
Goodwill $88.70M
YoY Change 24.4%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.43M $17.00M $22.50M
YoY Change 9.78% -4.49% 35.54%
Total Long-Term Assets $247.5M $216.1M $247.5M
YoY Change 11.6% -5.8% 11.59%
TOTAL ASSETS
Total Short-Term Assets $223.7M $223.4M $220.9M
Total Long-Term Assets $247.5M $216.1M $247.5M
Total Assets $471.2M $439.5M $468.4M
YoY Change 11.69% 8.55% 11.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.92M $13.40M $10.20M
YoY Change 10.79% 9.84% -10.53%
Accrued Expenses $14.60M $9.700M $14.60M
YoY Change 14.06% -21.14% 14.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $4.500M $0.00
YoY Change -100.0% -2.17% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.04M $62.70M $65.20M
YoY Change 18.85% 15.47% 13.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $26.38M $33.10M $36.20M
YoY Change 14.8% 7.12% 10.7%
Total Long-Term Liabilities $26.38M $33.10M $36.20M
YoY Change 14.8% 7.12% 10.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.04M $62.70M $65.20M
Total Long-Term Liabilities $26.38M $33.10M $36.20M
Total Liabilities $94.42M $98.40M $107.1M
YoY Change 17.69% 11.31% 17.95%
SHAREHOLDERS EQUITY
Retained Earnings $314.9M
YoY Change 10.13%
Common Stock $82.19M
YoY Change 3.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $37.09M
YoY Change 8.33%
Treasury Stock Shares $8.073M
Shareholders Equity $361.3M $341.1M $361.3M
YoY Change
Total Liabilities & Shareholders Equity $468.4M $439.5M $468.4M
YoY Change 11.02% 8.55% 11.02%

Cashflow Statement

Concept 2020 Q4 2020 Q2 2020
OPERATING ACTIVITIES
Net Income $13.09M $9.534M $49.34M
YoY Change 6.68% -16.06% 4.59%
Depreciation, Depletion And Amortization $6.280M $6.220M $12.25M
YoY Change 2.28% 1.63% 5.91%
Cash From Operating Activities $15.90M $21.75M $89.58M
YoY Change -18.75% -5.76% 10.98%
INVESTING ACTIVITIES
Capital Expenditures -$3.200M -$1.640M $9.059M
YoY Change 67.54% -29.0% 20.85%
Acquisitions $29.13M
YoY Change
Other Investing Activities -$29.13M -$29.13M
YoY Change
Cash From Investing Activities -$32.33M -$1.640M -$38.19M
YoY Change 1592.67% -29.0% 409.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.116M
YoY Change -40.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.810M -5.310M -27.82M
YoY Change -12.63% -56.3% -26.23%
NET CHANGE
Cash From Operating Activities 15.90M 21.75M 89.58M
Cash From Investing Activities -32.33M -1.640M -38.19M
Cash From Financing Activities -5.810M -5.310M -27.82M
Net Change In Cash -22.24M 14.80M 23.40M
YoY Change -302.0% 71.69% -34.6%
FREE CASH FLOW
Cash From Operating Activities $15.90M $21.75M $89.58M
Capital Expenditures -$3.200M -$1.640M $9.059M
Free Cash Flow $19.10M $23.39M $80.52M
YoY Change -11.08% -7.88% 9.97%

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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:6.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.</p>
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9534000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
14861000
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.17
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
104881000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
103542000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108646000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
107556000
CY2019Q1 us-gaap Gross Profit
GrossProfit
40457000
CY2019Q2 us-gaap Gross Profit
GrossProfit
40276000
CY2019Q3 us-gaap Gross Profit
GrossProfit
41670000
CY2019Q4 us-gaap Gross Profit
GrossProfit
41125000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
10824000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
11358000
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.15
CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.15
CY2019Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.17
CY2019Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.17
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2019Q1 bmi Market Price Per Share
MarketPricePerShare
55.64
CY2019Q2 bmi Market Price Per Share
MarketPricePerShare
59.69
CY2019Q3 bmi Market Price Per Share
MarketPricePerShare
53.70
CY2019Q4 bmi Market Price Per Share
MarketPricePerShare
64.93
CY2020Q4 bmi Number Of Shareholders
NumberOfShareholders
656
CY2019Q4 bmi Number Of Shareholders
NumberOfShareholders
790
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
425544000
CY2020 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1.000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
424625000
CY2019 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1.000
CY2020Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
61689000
CY2019Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
61365000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
24761000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
20143000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
24800000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5800000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2500000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2500000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2500000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2500000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
9000000.0
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6865000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8411000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
7218000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8792000
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
2858000
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
3095000
CY2020 bmi Variable And Short Term Lease Expense
VariableAndShortTermLeaseExpense
203000
CY2019 bmi Variable And Short Term Lease Expense
VariableAndShortTermLeaseExpense
270000
CY2020 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3061000
CY2019 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3365000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2526000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1435000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1318000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1264000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1084000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
821000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8448000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1230000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
7218000

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