Slide 1: Second Quarter 2023 Earnings
BADGER METER SECOND QUARTER 2023 EARNINGS July 20, 2023 © 2023 Badger Meter, Inc. 1
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Certain statements contained in this presentation as well as other information provided from time to time by Badger Meter, Inc. (the “company”) or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to
Slide 3: Highlights
HIGHLIGHTS Y-O-Y Sales Growth % Q2 YTD 27.6% • Record financial results for the second quarter 2023 24.0% • Robust order pace for smart water solutions continued with book to bill > 1 12.2% 12.3% • All-time sales record of $175.9 million in Q2, up 28% year- over-year • Utility water sales increased
Slide 4: Second Quarter Financial Snapshot
SECOND QUARTER FINANCIAL SNAPSHOT (US$ in millions, except per share data) Q2 2023 Q2 2022 Change • Utility water sales increased robust 32% with strong AMI demand inclusive of cellular Sales $175.9 $137.8 27.6% endpoints, BEACON SaaS and ultrasonic meters; supply chain improvement and pricing Gross
Slide 5: 2022 Sustainability Report Highlights Progress on ESG Journey
2022 SUSTAINABILITY REPORT HIGHLIGHTS PROGRESS ON ESG JOURNEY • Demonstrated outperformance from both a financial 32% and sustainability perspective GHG emissions • ESG integral to our business - both value intensity 2020-2022 preserving and value creating • Profitable growth solving customer water
Slide 6: Sustainable Long-Term Outlook
SUSTAINABLE LONG-TERM OUTLOOK Consistently Resilient Results Constructive Industry Backdrop • Innovation leader with expanding technology- • Durable macro trends support long-term smart enabled software offerings water solution adoption • Record backlog, strong order rates • 85% replacement-driven b
Slide 7: Q&A
Q&A Note: For your planning purposes, our Q3 2023 earnings release/call is tentatively scheduled for October 19, 2023 © 2023 Badger Meter, Inc. 7
Slide 8: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS EBITDA Free Cash Flow (US$ in millions) (US$ in millions) Q2 2023 Q2 2022 YTD 2023 YTD 2022 Q2 2023 Q2 2022 Net Earnings (GAAP) $22.5 $16.7 $41.9 $31.0 Cash from Ops (GAAP) $22.8 $19.7 Interest income (0.8) 0.0 (1.4) 0.0 Capital Expenditures (2.7) (1.6) Income tax pr