BMI - Earnings call transcript Q2 2022

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Operator

Ladies and gentlemen, welcome to the Second Quarter 2022 Badger Meter Earnings Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded. It is now my pleasure to turn the conference over to Karen Bauer, Vice President of Investor Relations, Corporate Strategy and Treasurer. Please go ahead, Ms. Bauer.

Karen Bauer

for call. Badger thanks XXXX second and conference earnings morning, joining Meter's the quarter Good

press call me Wrocklage, the presentation will Chief The On cover with release are Executive made President Bockhorst, earnings the release Harbor, website. Officer; subject and to outlined available and uncertainties, most Chairman, you today's the of will are on and in Quickly, related Safe SEC Bob call, and that various Chief refer non-GAAP our and call our Officer. any filings. On to today during Financial slide this are I forward-looking financial are Ken reminding important statements which we risks metrics. certain

With that, turn over slides Ken. call provide I'll reconciliation to earnings GAAP a used. to the the Our metrics of non-GAAP financial

Ken Bockhorst

thank operating and you track bolstered we joining XX% revenue XX% for second year-over-year. quarter growth performance delivering our increase our the In earnings by profit Karen, and Thanks, a in and XX% call. in quarter, EPS record strong of second increase

quarters, past utility in growth, sales mid-teens including the double-digit organic we've growth For revenues. core water delivered three

significant COVID Over with range war to chain impacts XX% of to have period, even profit in shutdowns inflation, economic and and within the normalized our Ukraine. XX% shortages from gross the been same tightened supply margins ongoing

of go environment the details the over call, weather our on for that Our turn challenges and that but talk the widest and execution operating solutions positioned call macroeconomic market ecosystem choice ahead. delivering the water in to illustrate to the are across focus Bob now, about of our quarter. smart I'll the may the water we lay well outlook current later to I'll through

Bob Wrocklage

everyone. and Ken, Thanks, good morning,

ongoing quarter utility X.X% flow most Cellular double-digit Total increase in U.S. with outside the offset notable $X stronger in XX.X% ultrasonic sales the we with last total sporadic sales. sales in The as demand the helped Slide were was year. period about or modestly endpoints growth, XX.X% Strong environment meters, the record increase quarterly pace service order million no at with utility BEACON X.X line product product realization U.S. in a X, quarter. inflection coupled as second softening. yet supply million Sales increased rates led year-over-year. and increased U.S. macroeconomic to record the to a reduce by interest line percentage sales dollar $XXX.X or growth instrumentation quarter for over exited from another a points higher price output approximately year-over-year, efforts sales in Turning high radio same sales challenges. by organic and production offset the chain and a continued the the sales quarter continued $XXX.X improving the backlog. the the for million, our ORION showing software the Order potential strong rate growth dollar stronger water Sales mid-teen of did America Even North

which constraints across supply applications partially production. of limited trends and demand markets offset majority the end was Solid by

quarter higher improving of points the basis a of as Turning due Gross our pleased of to the XX.X% XXX XXXX. manufacturing XX% the points basis and margin to in year-over-year output pace This sequentially cost of price the was percent range improved were operating quarter was at end of high margins. sales from We year. profit and dynamics. normalized quarter first comparable improvement the the with last to XX.X% in from second XX of

cost inflation As second structure. the of other element partially growth rigor favorable due value-based resiliency remain anticipated, which offset trends, of profit our basis gross mix expenses and a maintained personnel widespread inflationary every these $X.X in across our We million, costs despite was We increase product pricing continued million travel in year-over-year on year-over-year investments. an the margin higher down primarily $XX.X pressures. nearly and due confident business to quarter our were SEA to of model.

earnings year's up years. than to higher reduction the in between of quarter. the our XXXX, point a sales of XXX from demand the $X.X the basis XX.X% quarter comparable prior as leverage million prior XX.X% in our years' $XX.X was capital Free income The XX%. the EPS a ongoing in focus. percent from in quarter $X.XX of a The quarter. a Working was flow supporting $X.XX past from clearly and sales million sales XXXX second the in while XXX end. disciplined prior-year inherent was improvement a SEA prior remain was of from business the illustrate SEA was $XX.X comparable We higher innovation provision summary, point million second model. In percent the basis timing two simultaneously the due XX.X%, working quarter quarters improvement tax spending, of capital the cash XX.X%, As and XX.X%, environment potential in strong our modest prior-year

capital, and capital. continue best for during this customers availability ensure chain returns notably in has This our investment of challenges. time working to our exceptional generated of to most inventory, levels on We invest strong supported supply growth the we overall have

our disciplined deployment, With element that, structure. of compensation a take business to which turn and to call cash approach and incentive to remains Ken. generation over back a model I'll core continue We the

Ken Bockhorst

Thanks, Bob.

of to I solutions help quality today want of to and applications Slide on water slide real-time water bit four that quality for This great utilizing the a topic solve. challenges is water spend of interest just X. our variety of monitoring is to Water the visualize time visited to you used deployments better across of across investors a quality investors a at our the some walks ACE. cycle to help Turning our cycle you water example illustrate and the that which booth in customers to ways real being today. monitoring few

in time monitoring drinking provide source the production this U.K. nitrates in quality water and to dial-in into especially water eliminating treatment chemical reducing Ohio Let's drinking chlorine allows and agriculture water more Having our effectively this city safe treatment on of to labor, after while common levels source of increased free related utility optimize water delivery, to levels supply, use cause and which residents costs. water water can for ensure take dosing solution reagent safe fertilizer, the saving rains chemicals real insight left. costs. monitoring the their enables residents Within of to

an to Turning industrial example.

also an the the early of a with samples. all comes is know of unintentional delay beer, time warning to brewery enable to requirements which expense Canadian manually solutions serves discharge for provide very and important. to monitoring and that testing without It discharge Our meet course we collecting

Memphis, the of examples in the benefit extremely quality with you into from wastewater treatment monitors provide These water efficiency local standpoint Finally, system. industries, Tennessee and and both a a effectiveness excited of the and pH sense actively growth ahead. process. the discharge corrosion ecosystem. This regulatory compliance that breadth and the step and can scope about across financial customers regions remain Public We from industries the infrastructure Department from the opportunities city's increases protects water Works of application the wastewater the

These with and more droughts, revenue. coupled quality, adoption, Badger long-term confidence on driven solutions demand, continue dampen consistent customers, infrastructure, and long-term of chain rates for choice uncertainty recession the water and quantity potentially In backlog direct with momentum rising demand. Turning Yet, and only focus water environment. performance. term, demand for customer which tailwinds and our tailwinds, fundamentals secular innovative nature our growth and replacement staffing and growth potential Badger solutions Slide aging our support to periodic interest infrastructure weather of in rates here outlook Meter the summary, The the our to utility near economic execution metering software industry matters downturn to is and stable increasing industry events support funnel that and shifts market-wide weather sustainability portfolio, have climate-related This of to strategies, investment order resilient bid our proven drive operational customers' water dependable differentiated the during macro recent the U.S. supply and the us for our all years. ability current include the including result SaaS interruptions and to digital is for There our manage we will of remains X. of of environment still demographic and strengthened concern in advancements our in that In retirements, past Meter. in technology have durable, and combined about recently, and agility, in in These continue supportive inflation be give ahead. in operational the efficiency challenges the mindset, critical exist to has customers.

impact inclusive impact goals strong capital our in engaging for fostering communicate strategies, capacity a is operations that a and balance last allocation, the will how our to delivering by sheet growth create minimizing our in resource, to environmental the disciplined acquisition-driven be products our protecting published and also serves The preserving ESG-related We organic the employees. month, water. shareholders. on of most and including our invest progress Report and bi-annual We positive Sustainability our priorities, safe, culture for production our report which worlds' and precious utilizing value and showcases

for to to operator, strong I dedication want This receive award fall the the appreciation line been XXXX my questions. that of based was on survey highlight work for open of past the to first the the a want Award. customers to and globally. Manufacturing worldwide. employees selected Industry our express team's I hard Finally, With dedication is testament employee has Workplaces this that, conducted and Badger our please serving culture engagement results Top to and Meter

Operator

to Our open. Instructions] Jones Nathan, line Stifel. [Operator now is question first from from is going your Nathan come

Nathan Jones

morning, Good everyone.

Ken Bockhorst

Hi, Nathan.

Bob Wrocklage

Nathan. Hi,

Nathan Jones

in for now? Can of that going a Is the I -- I the you the the going talk over are copper flattening about flatten you've been guess we've rapid you your the radios, guess these with copper increased at cost what that seeing inflation prices out with start it's overall Are where down? one become you last SaaS piece levels? terms up, of over decline -- of ultrasonic less of years couple out around I morning. meters, to know months. obvious still mix starting revenue. hearing you're the inflation I'll

Ken Bockhorst

frame -- itself. we let's just guess, I copper Well, by

the one in changes price quarter copper about less has -- ultimately the we've exposure, we've by-alloy the about seen addition obviously, in any been months. for about June copper in as clearly talked a a those and lag the as started past, always feather QX your our into market to in wild and how you X, P&L. sensitivity talked to results a comments impact in of proxy last latter mentioned on have First, obviously our The recovery three that the didn't we've on really ride it's

So sequencing, impact if we any should just copper more it's than talk to see QX favorable stay we QX. at, where expect

would If the many at level feeling take we're and other cost others bucket, industry. in I say, an the the still elevated you inflationary like pressures certainly running

of for on your think you to gives might frame a some copper and just kind phased I so basis expect. to And that's is color delayed wanted more specific question. a buckets P&L to a really more than I the impact our that

Nathan Jones

still copper you copper When things pricing will see going overall now cost are to obviously, those cover including have inflation? seen continue to you decline start for out you lag, continue need in flatten further or to to Understood. will understanding look you that the push and at any the you to costs, inflation this other picture we've with down rapid and or input seeing

Ken Bockhorst

any talk I you don't by Certainly, is So view transportation I think inflation things. personal about when don't means. and done other my we're electronics -- and with

over continue commodity-based to we've So some of through and in I initiatives continue thing the we pressures course -- would combination some the moving to last value-based really we'll do think the our increases. see cases, as inflationary the of we price same two pricing forward years expect as done well

two about as normal business will to still have as over continue it's last lagging talked that years. and the think I leading effects and we've So

Bob Wrocklage

great the when value-based on embarked make couple And business reacting dynamic point the Yes. ago, to years the feel there a we're wasn't through period to difficult a the of job I project. into process how sure managed and is, of a to really of it that was most regardless proud and where it my in It we methodology sure be the the cycle embedding think goes. for trends, inflationary key pricing of that career really confident able throughout do we've

Nathan Jones

Yes.

Do set quarter build. is about you likely be margins right probably lot for So to coming you industry Where rebound to infrastructure from general getting business for U.S. utilities just specifically? budget think going some look funding then the any through sure. 'XX? in the what the utility within Utility gross fiscal your insights for available government have to be budget do now. in There more into there's is money and

Bob Wrocklage

Yes.

So, still One outpace of shipped looking ways. hot Orders, we even continuing a is, in look very the are at we're ago revenue they of mid-teens of quality all they're what's industry door. implementing pace. full Other exciting at out continuing think though this that pipeline growth we've statistics utilities continued looking rate shipped in at out obviously, the last rate, needs. quarters, the XX% three couple the a the bullish metering a RFPs happening weeks out nature are couple in have roughly order a we've utilities and of increases pointed are that at I the to confident put and really orders year. When to that very always at AWWA upcoming about water and their report of

at of activity very that terms Badger real going to that So in sources, continue things to reports Meter from we reputable very, indicate be to market that specific space is and/or all the the plan we resilient. look that

Nathan Jones

I'll much it pass the you color. Thank for very on.

Ken Bockhorst

thanks. Yes,

Operator

Buscaglia next line Markets. Berenberg Andrew comes is open. now Our question Andrew, from your from Capital

Andrew Buscaglia

guys. Good morning,

KenBockhorst

Good morning, Andrew.

Bob Wrocklage

Hi, Andrew.

Andrew Buscaglia

past with dynamic will following into the quarters question, infrastructure flow? act demand you last of of maybe in have up when I just have come look what recessionary stimulus. the terms you you looking how out up and utilities several guys in So, scenario, with scenarios, the how if into that, we're next these potentially And on ebb guess

what longer I scenario"? I with, a So guess term you through are guys like guess, worst-case thinking

Bob Wrocklage

-- will specific I'll you Yes. example. I with so one share

utility plan for as would and obviously, into year higher response whether very it's at would into definitive quick head rate May issues, exactly our very exactly that thinking if or And money to handle AMI spend posed I -- we two years a environment, expect next a questions we environment, continue ran do the customer So recessionary time of as divert next you whatever. how a and budget cycle, to about we the large a you're was you I our was, projects. we lot asking. of question in if

very that's So reassuring.

AMI As systems. customers is they that and future talk their to how the to important we of reaffirm resilience water

the show in talked So just consultants every of could very we're we we COVID. reinforced -- we -- with and we're about some at drivers interviews that conducted totally industry we and behind talked being It's as we've had thought we've COVID out that see with customers ACE and there almost really, into coming by and the strong, tailwinds the discussion coming been AMI several several since. were

Andrew Buscaglia

capital a you the kind really in nice are hold can do flow strong dynamics quarter, there your maybe management in what the do play interesting. within on Okay, -- working too you a you're this a you snapback talk to of And that your switching cash it the and, see free QX inventory to through out just year? your gears of again, And target from remainder guide or expecting -- year? how

Ken Bockhorst

a philosophy, a isn't service said any this I really other structural we supply-constrained working There balance quarter. environment. temporarily in in very elevated first what customers So, think means the consistent, to inventory our capital perhaps by change to than

flow be some I primary holds real based think half half working clearly end about we first fundamental would the free the than quarter, capital the and cash at thought how term, change aspects and talked true. second no weaker the primarily over timing I first that we on long management to would of the argue

our to think caused and demand shortages. primary that the supply largely elevated our with chain is I related, working CapEx not our one, I environment guess, success, change related but backlog, strong modest maybe necessarily with sustained philosophy, capital by with

the bit expansion, about We a are we so than capacity thinking past. have more more in

capacity And on supporting may real horizon, but serve growth, business be signal structural projects other terms so as to may of the our great in a a working philosophy. investing temporary free cash future which and capital anything some the that's be headwind, no in flow there expansion than not change would but primary

Andrew Buscaglia

Thank guys. Okay, great. you,

Operator

Thank you.

Our next Group. question from is from Maxim Tate Sullivan

Your line is now open, Tate.

Tate Sullivan

or Hi, businesses Ken, give water you you thank BEACON for into monitoring update the the you the integrating five. Slide to opportunity monitoring thank you an the an on in and quality to effort Can and comments have water customers? quality do an integrate

Ken Bockhorst

Absolutely we do.

show that at in trade to largest industry. San ACE our So the launch in The proud trade we show were Antonio.

of lot feedback customer a great Yes. on So it.

have We're share we on integration this a outstanding. been really really wanted job. has excited Our call. done efforts why great The that's to and team

seeing real customers these some that metering, on so offering. our for already showing examples had Just of long the interest certainly of Meters positivity we've water many and in that quality we're absolutely had Badger from

Tate Sullivan

already mentioned part those installed projects. BEACON I part of in some that those of those you And projects of are

Ken Bockhorst

- Not yet -- is that future that's goodness. -not

Tate Sullivan

revenue? then, Do where and since Okay. a I it SaaS can accretive? as on about of was going And have updates just over you for you assume give revenue. you have accelerated is where -- longer-term mentioned talked any just from years revenue my goals And can you notes and you percent total we that past SaaS it's

-Ken Bockhorst

revenue well, double-digits up difficult that it's It's clearly well. as been strongly has that it it's this overall as a of talk so really as at XX%. we and get to the the percent been Well, to revenue so percent grow to that rest least to to about our interesting goal a of growing when get

It about continues sequentially. the It was level that remains it. So it before. at it same really grow We're to grow excited percentage year-over-year. with continues to

is we're of So in there but is, where that been new the expecting. way it's nothing it terms growing

Tate Sullivan

Okay, water are projects on new more installed you year those mentioned, thank for you. the new quality, ago now? please equipment And me, last sort than since your of a the projects, acquisition,

Ken Bockhorst

Yes.

more have examples have we since So, the we been that several give, could acquisition. that

Some of other about long had of these several and talked with the has some a majority relationship U.K. the very before. -- been are ATI great as place particular have in s::can in of standing facilities, countries. these we

we were So do. already we four of just existing share that these we nice things that have more the customers certainly broad thought that examples could array with we a

Bob Wrocklage

these not industry and it's the are utility much like time. quality are water further, one And established These they relationships options over done. like are where

You start is an and initial sales technology sale as there proves add-on with then that along. itself,

and pre line. So black and sales occurred have transactions are white it's that that relationships a These have around, and not been and post-acquisition.

Tate Sullivan

Excellent.

you. thank Okay,

KenBockhorst

Great, thanks, Tate.

Operator

now from Morgan a question Johnson Stanley. We Thomas have from

Your Thomas. line is open, now

Thomas Johnson

go that on capacity back -- congrats would XXXX again. we of just Thanks. if up, Maybe we be it Hi, the the without timeframe for would for in it strong if this kind potential you just terms guess, detail comments planned that? to a would if be revenue and frame guess, to there production. could where yet expansion. that revenue go could I about could capacity be of potential expansion quarter, I helpful helpful, on expansion constraints and into

Bob Wrocklage

expansion for general. mid-single growth three quarters with international keep our the digit There So, signal I at can plans. market the is, simply the grown There we we're so to targeted. and growth are The launch as thought here process we've no about we in for thinking finite for you. as a we've facility more There development dollar than utility been water capacity the that meters quantify specific have it is is just we amount and no aspire successful very today. that as continue last in international of past. that think I well have It's as the backlog no we'll

seen of recent Just level cash. CapEx signaling perhaps years. in that, that the use that is than a forthcoming of different we've potential That's

get specific we'll a that that's on So today. as about

Ken Bockhorst

we several to Yes. any And to we invested that of find little capacity all years for a sudden and bit that isn't to ourselves add jammed keep in mind, it I just a up. think haven't in

continued several the increase product to on capacity have over lines We specific past years.

positive great time it's going and shipping about extension and So it's signal from point, when sentiment shipments get an are to looking we and and to the closely capacity. the Bob's ongoing we're our mid-teens guess growing backlog asked the all just I optimistic really that, the customers. that the our backlog start at keep news with is clearly into a you more future the and chewing production of we the fact

Thomas Johnson

backlog, thanks. that focus just here. on seems to That's one helpful. Maybe Okay, question very since be the a great,

peers backlog. expressed Some around pricing the varying have kind strategies of in

is would could the of current if it be guess the and should product comment kind margins on of recent of mix accretive Thanks. you've shift could you I in in us assume kind your doing just or helpful possibly quarters? be profile for So backlog, what that possible in margin we been line with that in versus backlog

Ken Bockhorst

Yes.

immediately, So don't we backlog total. even disclose in

margin profile So think going on very we're go I of that backlog. the mix don't deep or to

about year. I over think of half of and from this first to look how performance the way is pricing performed to really and pacing half the a think now last at the standpoint margin year back the gross it

year, margin implemented margin in pricing the to the to quarter, some XX%. within to we half rebounding that gross the a first in actions certain of have the obviously time But back as first quarter. narrowed here increased manifest in lower-than-normal take in acknowledged the of half the extent. themselves this tightened on We you XXXX see end performance quarter We that band lower saw a our P&L. in the gross second that still And And inflationary our which XX% of of first of relative not year, margin late last XXXX. the pressures to so profile some in

profile. that about a margins have the a current would cost chew realized seen in results. release, second talked modest tell that I are would we improvement as you, say the is in So the price as we backlog, margin quarter I through our huge dynamic we in driving and

authority, is what will, think on different limited what talk and It and we you much we'll to individually. can depends so And have -- the the infer to want does that from that, take how great but that's practice It orders necessarily it's extent profiles. you I don't or about reprice future We every is be. who backlog will price if you backlog. increase customer in the

there time degree takes but there part, Those effective to of a increases certain and is over as time we've mentioned play So some in as out influence price large date, are of in P&L. quarter the some the hit first

Thomas Johnson

Understood, I'll back. it pass thanks.

Operator

Mason We Instructions] have line [Operator Rob Baird. now a now your from is question from open. Rob,

Rob Mason

Yes, I good -- morning. just

Ken Bockhorst

Hi, Rob.

Rob Mason

production of the gone as second the dealing half for marginally seeing I getting us the that better kind Ken into that just is be for I'm to same holding to constraints quarter? you update there commentary speak during think, if may Are place and you of way that in those the times second could a I'm just curious how might back the Bob, noted hi. quantify sporadic to in they year? there's those, that much holdings those on what and around if if an guess, can I the related is year? the the operation? we've if present couple you're the revenue, through just how you to with, a -- still I you're supply are give dynamic wanted interruptions, you then curious be And trending

Bob Wrocklage

are separating Perfect. maybe the two. thought I you

It's production technology all referred all. that supply chain and really -- certainly we is and high the -- many and it's we've electronic we of E-Series into whack-a-mole past not situation production, when higher say improved. go our that meters the about components radios at of especially still in So

where the point better this team than at I quarter limiter now industry the certainly this we quarter. challenges, feel the said did or what's that supply and primary And production not I last on entire out felt supply woods it that's better than global situation had last had our of we improving is of us say So quarter, and began I been doing we're but never at a that economy since would is all. chain the chain more,

Rob Mason

that quantify limited Understood. quarter? how would in is much or you -- what the you Anyway have to limiting

Bob Wrocklage

So backlog is And that we typically we the by that for one don't isn't being think backlog. you and that to didn't understand telling growth down typically the disclose because it's reason chewing things we was the either our keep you driven of we that. important that

it's that now for never about we've So before. a quarters something enough talking about few meaningful we're a that talked in row

Rob Mason

was similar, how in gross interruptions, versus production much -- margin gross How attribute that versus better up being step least that in the contributing Would products in your cost sales your I step operations? Ken, appeared quarter-to-quarter? fewer much fairly noticeable? to narrowing was It mix you out terms again, the quarter? change your the called quarter's the growth? of gap How as and supply, margin up increase just first sequentially mix guess that very at in of you to more of price the of

Ken Bockhorst

of a things. a it's of mix couple Yes,

leading course growth that best the areas the areas we our So called out things margin. that our are as of

the margin lines best have. BEACON we of some and E-Series radios, are that So

So taken there we've of coming combined price in growth there through with some course is and recovery actions helpful, of that the the quarter.

of combination a multiple the it's So that really managed factors difficult times. I team in well think has

Rob Mason

perhaps quarter, that the said, into And you a second again, come finished half I the infer can the year the good. where supply quarter that you fair? versus come bit better through I supply, is little Very as you of the as guess, gets you've

Bob Wrocklage

correct. That correct. That is is Yes.

Rob Mason

good. I'll the back Thank you. very queue. hop Okay, in

Bob Wrocklage

All right, thanks.

Operator

open. We now line have a question is from now Bob RBC. Chernow your Bob, from

Bob Chernow

questions, two I Thank may. I if you. have

you of you United to States. through to kind Meter. of the on that for Finnish the people enlighten Badger could doing either also the I've be the not going of And the for would bit. much Maybe with? a you meters made -- acquisition years or a good efforts tell groups and us First, you about use in me very water individually there's couple what your a get it campaign to good that country are great drought ago. on deal both that heard a occurs Can -- you secondly, us work that And

Ken Bockhorst

Bob. Thanks, Yes. Yes. Sure.

our has the community. of their XX%, with So much point the independent interaction prepared interact naturally in have really much drought the use, and our AMI. water do the we weather water understand that And and we by that's service which what how here really of as a comments -- access actually how users front out communities on R&D people individual that developing been water to fact EyeOnWater their water offering well conditions, AMI on things that reduce leak use. they real-time they they all and allows the we're adopted the our users better that giving with that's software roughly one offering from enable and an ability information, well to in out information There's within individual gives to called the product know events. that, that we where to in show a to of our alerts platform cellular is when also BEACON of much forefront people studies cellular that the use the manage have that. And we've as was utility one directly have with app, and And the they that severe from to job examples been view, with of do

us. do really could help of campaign our to acquisition us allowed a been thanks, nice appreciated. push line. It's on for to that the ultrasonic And anything Swedish and you D-Flow, that's -- build is -- out then Secondly, addition

We've forward that meters for we meters, eight, to we technology to as released ultrasonic. own some through been incorporated three, So our continue source go we've our up. that commercial gone of our six, the on build since into chain and a residential that. ultrasonic of with It's we've the supply four, property to -- it, acquired stability continue and us own intellectual larger, challenges

companies added s::can a about. So now. acquisition to overall, are fact, are, types ATI been funnel Aquacue and excited of successful in it's those also that and we're very the And that our in that before

Bob Chernow

similar making may. places, metered? have are the metered useful people I these equipment -- to efforts your communities kind the example, products. come are are actually that if back of But have what Let California you that or product if area, we ensure me to in for is not drought many all very

Ken Bockhorst

you. you. got got Yes, Yes,

AMI. power So better to to this seen in everything a is a campaigns a growth we funnel RFP with know and earlier, do people of all talked job to utilities the increase technology the talking seeing our where from the them marketing lot and we enable on the exists in effort and a around steep real we're that do it. sure make is We've orders, -- that

is the of So message getting entire out X%. roughly number that in the unmetered households is the U.S. are

of really our of closed. view, so see doesn't that the we're is it. has But type that that adoption accelerate. technology we're market the the to percent seeing have gap the growth some and So been technology to in communication or on XX-year continue on really That's of going where

Bob Chernow

you. Thank

Ken Bockhorst

Bob. Thanks

Operator

I Karen today. Bauer for further session to Q&A for the will concludes back now remarks. refer That you

Karen Bauer

you, call for joining today. thank Well, everyone, our

your to quarter XX. be planning is purposes, scheduled day. you For any I'll around great day take Have for call might all XXXX third follow-up October tentatively have. our questions a

Operator

concludes for second Thank XXXX you earnings That Meter call. Badger quarter your conference participation. the

You may lines. disconnect now your

Badger Meter (BMI) 20 Jul 222022 Q2 Earnings call transcript