Badger Meter Inc (BMI) 2025 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Q3 2025 Badger Meter Earnings Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded.

女士們、先生們，歡迎參加 Badger Meter 2025 年第三季財報電話會議。（操作說明）提醒各位，今天的會議正在錄音。

It is now my pleasure to turn the conference over to Barbara Noverini Head of Investor Relations. Please go ahead.

現在我很高興將會議交給投資者關係主管芭芭拉·諾維里尼。請繼續。

Thank you for joining the Badger Meter Third Quarter 2025 Earnings Conference Call. I'm here today with Ken Bockhorst, our Chairman, President and Chief Executive Officer; and Bob Wrocklage, our Chief Financial Officer. This morning, we made the earnings release and related slide presentation available on our website at investors.badgermeter.com.

感謝您參加 Badger Meter 2025 年第三季財報電話會議。今天我與我們的董事長、總裁兼執行長 Ken Bockhorst 以及我們的財務長 Bob Wrocklage 一起出席了活動。今天上午，我們在公司網站 investors.badgermeter.com 上發布了收益報告和相關的幻燈片簡報。

As a reminder, any forward-looking statements made on this call are subject to various risks and uncertainties, the most important of which are outlined in our news release and SEC filings. On today's call, we will refer to certain non-GAAP financial metrics, including certain base metrics use of the term base for these purposes is intended to refer to certain financial metrics, excluding the Smart Cover acquisition. Our earnings presentation provides a reconciliation between the most directly comparable GAAP measure and any non-GAAP or base financial measures discussed.

再次提醒，本次電話會議中所做的任何前瞻性陳述均受各種風險和不確定性的影響，其中最重要的風險和不確定性已在我們的新聞稿和提交給美國證券交易委員會的文件中概述。在今天的電話會議上，我們將提及某些非GAAP財務指標，包括某些基準指標。此處使用「基準」一詞旨在指某些財務指標，但不包括Smart Cover的收購。我們的獲利報告提供了最直接可比較的 GAAP 指標與所討論的任何非 GAAP 或基本財務指標之間的調整表。

With that, I'll turn the call over to Ken.

接下來，我將把電話交給肯。

Thanks, Barb. Welcome to our third quarter 2025 earnings call. I'm happy to report another quarter of strong financial performance as 13% year-over-year sales growth drove solid operating profit performance and record free cash flows. As these results demonstrate, demand for our industry-leading cellular AMI solution and BlueEdge suite of modular smart water management solutions remain steady, supported by durable macroeconomic drivers that encourage technology adoption across the water cycle.

謝謝你，芭芭拉。歡迎參加我們2025年第三季財報電話會議。我很高興地報告，本季財務表現依然強勁，年成長 13% 的銷售額推動了穩健的營業利潤表現和創紀錄的自由現金流。這些結果表明，在持久的宏觀經濟驅動因素的支持下，市場對我們行業領先的蜂窩 AMI 解決方案和 BlueEdge 模組化智慧水管理解決方案套件的需求依然穩定，這些驅動因素鼓勵在整個水循環中採用該技術。

We also managed persistent tariff and trade-related cost headwinds effectively as evidenced by gross margins remaining above our historic normalized range of 38% to 40%. Amidst macroeconomic and trade environment uncertainty, our business has once again proven to be resilient, thanks to the dedicated Badger Meter employees that serve our customers every day.

我們也有效應對了持續的關稅和貿易相關成本逆風，毛利率保持在我們歷史上 38% 至 40% 的正常範圍內，證明了這一點。在宏觀經濟和貿易環境充滿不確定性的情況下，我們的業務再次證明了其韌性，這要歸功於每天為客戶服務的敬業的 Badger Meter 員工。

Bob will review more of the financial details, and then I'll be back to provide some color on a few other topics along with our outlook. Go ahead, Bob.

鮑伯將進一步審查財務細節，之後我將回來就其他一些主題以及我們的展望提供一些見解。請繼續，鮑伯。

Thanks, Ken, and good morning, everyone. Turning to slide 3. Total sales of $236 million in the third quarter of 2025, represented an increase of 13% year-over-year or 8% base sales growth. As expected, while absolute sales dollars declined sequentially from the second quarter, base sales growth of 8% this quarter did increase sequentially from 5% growth in the second quarter of the year. Total utility water product line sales increased year-over-year by 14% or 8% excluding SmartCover.

謝謝你，肯，大家早安。翻到第三張幻燈片。2025 年第三季總銷售額為 2.36 億美元，較去年同期成長 13%，基本銷售額成長 8%。正如預期的那樣，雖然絕對銷售額較第二季環比下降，但本季基本銷售額成長了 8%，較今年第二季的 5% 成長有所提高。公用事業用水產品線總銷售額年增 14%，若不計 SmartCover，則成長 8%。

The underlying sales increase was driven by higher ultrasonic meter unit volumes increased BEACON Software as a Service and water quality product sales. Sales for the flow instrumentation product line increased 4% year-over-year as strength in water-related markets offset lower demand in deemphasized non-water-related applications. Turning to profitability. Operating earnings increased 13% year-over-year to $46.1 million, with operating margins up 10 basis points to 19.6% from the prior year's 19.5%.

銷售額的成長主要得益於超音波檢測儀銷量的提高，以及BEACON軟體即服務和水質產品的銷售成長。由於水相關市場的強勁需求抵消了非水相關應用領域需求的下降，流量儀表產品線的銷售額年增了 4%。轉向盈利。營業利潤年增 13% 至 4,610 萬美元，營業利益率較上年同期的 19.5% 上升 10 個基點至 19.6%。

Importantly, when excluding the results of the SmartCover acquisition, base operating earnings of $46.6 million increased 15% year-over-year and base operating margins expanded by 120 basis points. Gross margins expanded 50 basis points to 40.7% from 40.2% in the prior year quarter. Gross margin continued to benefit from ongoing structural mix improvement while implemented price increases partially mitigated certain tariff-related cost pressures in the quarter. Even though the trade environment remains very fluid, we are increasing our gross margin range from 38% to 40% historically, to a new normalized range of 39% to 42%. Note that the low end of our new range takes into account our scenario planning related to all currently known trade and tariff conditions.

值得注意的是，如果排除 SmartCover 收購的業績，基本營業利潤為 4,660 萬美元，年成長 15%，基本營業利潤率成長 120 個基點。毛利率較上年同期成長50個基點，從40.2%增至40.7%。毛利率繼續受益於持續的結構性產品組合改善，同時，實施的價格上漲在一定程度上緩解了本季與關稅相關的某些成本壓力。儘管貿易環境仍然非常不穩定，但我們將毛利率範圍從歷史上的 38% 至 40% 提高到新的正常範圍 39% 至 42%。請注意，我們新系列產品的低端產品已考慮到我們針對所有當前已知的貿易和關稅條件所做的情景規劃。

SEA expenses in the third quarter were $49.8 million, with the increase of approximately $6.5 million year-over-year, driven primarily by the SmartCover acquisition. When excluding SmartCover related SEA expenses, including $1.6 million of intangible asset amortization, base SEA expenses increased $1.2 million or 3% year-over-year. When further accounting for the $1.8 million deferred compensation benefit in the quarter that we referenced in the release, underlying SEA expense increased $3 million or 7% year-over-year. The higher year-over-year base SEA expense was mainly driven by increased bonus and incentive expense based upon business performance and higher personnel costs to support the business. The income tax provision in the third quarter of 2025 was 26.1%, modestly higher than the prior year's 25.3%.

第三季 SEA 支出為 4,980 萬美元，比去年同期增加約 650 萬美元，主要原因是收購了 SmartCover。如果排除與 SmartCover 相關的 SEA 費用（包括 160 萬美元的無形資產攤銷），基本 SEA 費用年增 120 萬美元，增幅為 3%。如果進一步計入我們在新聞稿中提到的本季 180 萬美元遞延補償金，則基本 SEA 支出年增 300 萬美元，增幅達 7%。同比較高的基本 SEA 費用主要是由於基於業務績效的獎金和激勵支出增加以及支持業務所需的人員成本增加所致。2025 年第三季所得稅準備金為 26.1%，略高於上年的 25.3%。

Consolidated EPS was $1.19 versus $1.08 in the prior year quarter representing a 10% year-over-year increase. Primary working capital as a percent of sales at September 30, 2025, was 22%, 20 basis points higher than the prior quarter end and 150 basis points better than a year ago. Record free cash flow of $48.2 million increased by approximately $6 million year-over-year, largely due to lower cash taxes in 2025 resulting from timing aspects associated with tax law changes pertaining to the deductibility of research and development costs.

合併每股收益為 1.19 美元，而去年同期為 1.08 美元，年增 10%。截至 2025 年 9 月 30 日，主要營運資本佔銷售額的百分比為 22%，比上一季末高出 20 個基點，比一年前高出 150 個基點。自由現金流創下 4,820 萬美元的歷史新高，比前一年增加了約 600 萬美元，這主要是由於與研發成本扣除相關的稅法變更帶來的時間因素，導致 2025 年的現金稅額降低。

With that, I'll turn the call back over to Ken.

這樣，我就把電話轉回給肯了。

Thanks, Bob. Over the past few months, Bob and I have spent a lot of time with customers at Webtech an annual trade show centered on water quality and Engage Live, which is an annual gathering of Badger Meter customers presenting customer curated roundtable and case study discussions. What we've heard over the course of these events strengthens our conviction in the value of BlueEdge both to our customers as they seek to solve complex problems across their operations and to us as a long-term driver of growth for our business in advanced metering infrastructure and beyond the meter solutions.

謝謝你，鮑伯。在過去的幾個月裡，我和鮑勃花了很多時間在 Webtech（一個以水質為中心的年度貿易展）和 Engage Live（Badger Meter 客戶的年度聚會，展示客戶策劃的圓桌會議和案例研究討論）上與客戶交流。在這些事件中，我們聽到的回饋更加堅定了我們對 BlueEdge 價值的信念。對於我們的客戶而言，BlueEdge 能夠幫助他們解決營運中的複雜問題；而對於我們本身而言，BlueEdge 則能夠成為我們在高級計量基礎設施及其他計量解決方案領域長期增長的驅動力。

At Webtech, we presented our full suite of smart water solutions spanning the entire water cycle for a variety of water treatment, metering and network monitoring applications. Five years ago, we had a limited presence at this show. Now we exhibit a full complement of solutions that spans the water cycle. It's remarkable to see how far we've come in such a short amount of time. Customers that engage live expressed enthusiasm for our ability to grow with them as they prioritize where they'll allocate their budget dollars over the coming years.

在 Webtech 展會上，我們展示了涵蓋整個水循環的全套智慧水解決方案，適用於各種水處理、計量和網路監控應用。五年前，我們在這個展會的參與度很低。現在我們展示了涵蓋水循環的全套解決方案。令人驚訝的是，我們在如此短的時間內取得瞭如此大的進步。與我們即時互動的客戶對我們能夠與他們共同成長表示了極大的熱情，因為他們可以據此確定未來幾年預算分配的優先順序。

Despite federal funding noise, our utility customers continue to plan for the long term due largely to current labor challenges but also because they recognize the inevitability of adopting new technologies in their operations for efficiency and resiliency. Our solutions are modular, and we're capable of enabling where and when our customers should begin or continue to adopt BlueEdge components. Rolling out these solutions over time at a pace that works for them and making sure they achieve the outcomes they expect from our advanced technologies, we remain very excited about this growing portion of our long-term strategy.

儘管聯邦政府的撥款問題引發了爭議，但我們的公用事業客戶仍然著眼於長遠規劃，這主要是因為目前面臨勞動力方面的挑戰，但也因為他們認識到，為了提高效率和增強韌性，在營運中採用新技術是不可避免的。我們的解決方案是模組化的，我們能夠幫助客戶決定何時何地開始或繼續採用 BlueEdge 元件。隨著時間的推移，我們將以適合他們的速度逐步推出這些解決方案，並確保他們能夠從我們的先進技術中獲得他們期望的結果，我們對長期策略中這一不斷增長的部分仍然感到非常興奮。

From our vantage point, we continue to see healthy levels of activity across our opportunity pipeline from planning to bidding to awards to deployment and order activity. While we fully expect to experience the unevenness that's inherent in our industry and business, we remain confident in an average top line growth rate of high single digits over the coming five-year time horizon. Finally, turning to the outlook. Let me provide our standard fourth quarter reminder, which should sound familiar to those of you that have followed us for a long time.

從我們的角度來看，從規劃、投標、授標到部署和訂單活動，我們各個機會管道都保持著健康的活躍狀態。儘管我們完全預料到會經歷我們行業和業務固有的不平衡，但我們仍然有信心在未來五年內實現平均高個位數的營收成長率。最後，展望一下前景。讓我再次提醒大家，這是我們第四季的慣例，長期關注我們的朋友們應該都很熟悉。

The fourth quarter usually has 5% fewer operating days due to utility holiday schedules. Nevertheless, our year-to-date trajectory implies a solid close to the year. I remain encouraged that despite ongoing macroeconomic trade and policy uncertainty, our business has proven to be resilient. This is because our products and solutions have an important place within the critical utility water infrastructure.

由於公用事業公司的假日安排，第四季度的營運天數通常會減少 5%。然而，我們年初至今的走勢預示著今年將迎來一個穩健的收官階段。儘管宏觀經濟、貿易和政策方面存在許多不確定性，但我仍然感到鼓舞，因為我們的業務已經證明具有韌性。這是因為我們的產品和解決方案在關鍵的公用供水基礎設施中佔有重要地位。

The long-term secular trends driving change in the water industry will continue encouraging our customers to evolve and we're well positioned to enable them to do just that. With solid cash flow generation capabilities and an approximately $200 million net cash position, we continue to demonstrate significant financial flexibility allowing us to invest in both organic and value-added inorganic growth.

推動水務產業變革的長期趨勢將繼續促使我們的客戶不斷發展，而我們已做好充分準備，幫助他們實現這一目標。憑藉穩健的現金流生成能力和約 2 億美元的淨現金頭寸，我們持續展現出強大的財務靈活性，使我們能夠投資於內生成長和增值型外延成長。

In the third quarter, we also returned cash to shareholders by increasing our dividend for the 33rd consecutive year. We remain on track to deliver the anticipated cost and sales synergies associated with the SmartCover acquisition. For example, we've successfully transitioned certain manufacturing operations to our facility in Racine, Wisconsin, and we continue to identify attractive sales leads for SmartCover as part of our BlueEdge suite of solutions. In summary, we're executing very well, and we'll continue to manage the near term while staying true to a long-term strategy that we expect will compound value for both our customers and our shareholders.

第三季度，我們也透過連續第 33 年提高股息，向股東返還了現金。我們仍有望實現與收購 SmartCover 相關的預期成本和銷售綜效。例如，我們已成功將某些製造業務轉移到我們在威斯康辛州拉辛的工廠，並且我們繼續為 SmartCover 尋找有吸引力的銷售線索，作為我們 BlueEdge 解決方案套件的一部分。總而言之，我們執行得非常好，我們將繼續管理近期事務，同時堅持長期策略，我們期望這將為我們的客戶和股東創造複合價值。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions) Rob Mason, Baird.

（操作說明）羅伯梅森，貝爾德。

Ken. First question, just, again, the increase in the gross profit, expected gross profit margin over time, I think we may perhaps have been anticipating this just given the uplift in structural mix. But Bob, you have been citing kind of the backdrop of tariff cost pressures as some of the reluctance. And so I'm just curious maybe if anything changed in the quarter or if you can reposition some of your suppliers where you feel better insulated or just maybe the catalyst to take this up at the point that you did?

肯。第一個問題，再次強調，毛利的成長，以及隨著時間的推移預期的毛利率，我認為鑑於結構性組合的提升，我們或許已經預料到了這一點。但是鮑勃，你一直把關稅成本壓力當作造成這種不情願的部分原因。所以我很好奇，這個季度是否發生了什麼變化，或者您可以重新調整一些供應商的位置，讓您感覺更有保障，或者這是否是您決定在那個時間點採取這項措施的催化劑？

Yes, I think -- thanks, Rob, for the question. And you're exactly right. We've said in prior quarters were it not for some of those evolving tariff situations, we likely would have done the normalized gross margin change sooner. I think that's simply all that the timing now means is that Q1, we are right on the heels of Liberation Day. In Q2, we were right on the heels of rumored tariff on copper, which, of course, didn't prove to be as meaningful to us. So I just think it's the lack of news.

是的，我想──謝謝你的提問，羅布。你說得完全正確。我們在前幾季曾說過，如果不是因為關稅情勢的變化，我們可能早就進行正常化毛利率調整了。我認為，現在的時間安排只是意味著，第一季我們正好緊跟著解放日。第二季度，我們正好趕上了有關銅關稅的傳聞，當然，事實證明這對我們來說並沒有那麼重要。所以我認為問題在於缺乏新聞報道。

And of course, the environment is changing day by day, but I think it's that lack of new news that I think has us with confidence and then another quarter of above target level performance. And I think it's also an enduring I think, endorsement, if you will, of the structural mix benefit that we all know is resident in our sales volumes. And so I think you combine that entire picture and that's what gives us confidence in that higher range, realizing that just like the 38% to 40% we put in place for a number of years. Our expectation is this new range will be something that's enduring for a number of years, not necessarily that's something that we're revising quarter-to-quarter.

當然，環境每天都在變化，但我認為正是由於缺乏新的消息，才讓我們充滿信心，並有望連續第二個季度實現高於目標水平的業績。而且我認為這也是一種持久的認可，或者說是對我們銷售量中結構性組合優勢的認可，我們都知道這種優勢就存在於我們的銷售量中。所以我認為，把所有這些因素綜合起來，就能讓我們對更高的範圍充滿信心，就像我們多年來一直維持的 38% 到 40% 的比例一樣。我們預計這項新系列產品將持續多年，我們並不一定會每季都對其進行修訂。

Sure. Just as a follow-up. I think coming into the third quarter, the thought was you were expecting some sequential decline in the core business and some of that just revolved around normal project timing as projects roll on and roll off. I'm just curious as you go, has anything changed in perhaps maybe perhaps maybe closing that gap as we go into the fourth quarter? I know, Ken, you called out the normal seasonal impacts, but anything that you could comment on just on project timing? And frankly, just as you've gone through the year, how are your customers moving forward on their decision-making? Has it -- it's been a noisy year on many fronts. I'm just curious if anything has changed on their decision-making timelines.

當然。作為後續補充。我認為進入第三季時，人們預期核心業務會有一些環比下滑，其中一些下滑只是由於專案正常啟動和結束的時間表所致。我只是好奇，隨著比賽進入第四季度，是否有任何變化，或許能縮小差距？我知道，肯，你已經提到了正常的季節性影響，但你能否就專案進度安排發表一些看法？坦白說，就像您過去一年所做的那樣，您的客戶在決策方面進展如何？確實如此——今年在許多方面都充滿了喧囂。我只是好奇他們的決策時間表是否有任何變化。

Yes. Thanks, Rob. Yes, I mean just to clarify a little bit. So what we didn't signal was a decline in the business, but we were trying to leave the breadcrumbs well, if you will, that quarter-over-quarter, it wouldn't be a stack bar growth and that inherent in the industry and the business is this common unevenness and sometimes projects are rolling in and sometimes projects are rolling off. So we were just calling out that you shouldn't expect a sequential Q3 being larger than Q2. That wasn't meant to create any concern that perhaps we were expecting declines in the business.

是的。謝謝你，羅伯。是的，我只是想稍微澄清一下。所以，我們沒有發出業務下滑的信號，但我們試圖留下一些蛛絲馬跡，也就是說，季度環比增長不會是持續的，而行業和業務固有的就是這種常見的波動性，有時項目源源不斷地湧入，有時項目卻不斷流失。所以我們只是想提醒大家，不要期待第三季業績會比第二季更好。這並非意在引起任何擔憂，即我們可能預期業務會下滑。

And as far as Q4 goes, yes, it's the typical disclaimer that we've put out there for the last five or six years. For our customers, days working matters for the work that happens in the field, people need to be working. So anytime that there's fewer workdays, I would call it seasonality. It's just literally the amount of work that can be done within a quarter is less in Q4 than it was in Q3.

至於第四季度，是的，這是我們過去五、六年一直發布的典型免責聲明。對於我們的客戶而言，工作日很重要，因為現場工作需要有人工作。所以，任何時候工作日減少，我都會稱之為季節性因素。實際上，第四季能夠完成的工作量比第三季少。

But could you address -- I think you referenced just federal funding noise. Is that -- any sense that, that's impacted the decision-making process or timelines --

但是您能否談談——我認為您只提​​到了聯邦撥款方面的一些問題。是否有任何跡象表明，這種影響波及到了決策過程或時間安排？--

I would tend to argue the noise is more external than internal to the industry and the business. The customers that we've talked to, I referenced we were just at WEFTEC and saw tons of customers literally -- and also at Engage Live. And the excitement and the views that people have about the future haven't changed. And while there is that noise out there, and again, we've never debated that there could be budget concerns or questions through parts of the water industry. And I think what we've confirmed over the last quarter since that noise has come out is that our customers who are in various stages of completed AMI projects, in the middle of AMI projects, are contemplating AMI projects are finding the budget to do that.

我傾向於認為，這種噪音更多地來自行業和企業外部，而不是內部。我提到，我們剛剛參加了 WEFTEC 展會，並且見到了許多客戶——在 Engage Live 展會上也是如此。人們對未來的興奮之情和看法並沒有改變。雖然外界存在一些雜音，但我們從未否認水務業的某些環節可能會出現預算方面的擔憂或疑問。我認為，自從上個季度出現這些雜音以來，我們已經證實，我們的客戶，無論是處於已完成 AMI 專案的不同階段、正在進行 AMI 專案的客戶，還是正在考慮 AMI 專案的客戶，都能找到預算來實施這些專案。

Nathan Jones, Stifel.

內森瓊斯，斯蒂費爾。

I wanted to ask about SmartCover. It looks like based on the report, SmartCover had something like 25% growth in the quarter. Maybe you could just comment on the growth that you're seeing there and the growth expectations going forward?

我想諮詢一下SmartCover。根據報告顯示，SmartCover本季實現了約25%的成長。您能否談談目前看到的成長情況以及未來的成長預期？

Yes. So now that we're another quarter into integrating SmartCover into the business, we remain extremely excited about the opportunity to continue to grow this at a really outsized level. Again, when we acquired it, it was in the five-year CAGR of 22%-ish and being part of the BlueEdge suite of solutions, the feedback we've received from customers, the excitement we have across the sales force. We're every bit as excited today as we were the day we acquired it. It is what we thought it was, and all things are progressing as we expected.

是的。現在，隨著我們將 SmartCover 整合到業務中又過了一個季度，我們仍然對有機會繼續以超乎尋常的規模發展這項業務感到非常興奮。再說一遍，當我們收購它的時候，它的五年複合年增長率約為 22%，而且作為 BlueEdge 解決方案套件的一部分，我們從客戶那裡收到的反饋，以及我們整個銷售團隊的興奮之情。我們今天依然像當初得到它時那樣興奮。正如我們所料，一切都在預期中進行。

And then maybe secondarily on SmartCover. I mean, the published numbers show that it's slightly unprofitable on a reported basis. I know there's some -- probably some amortization and stuff in there. And obviously, the focus is on growth. How should we think about maybe the incremental margins on growth there, just given that at this point in its life cycle, it probably requires plenty of investment to support that growth, maybe it doesn't grow profitability as quickly as that otherwise would.

其次，SmartCover 也可能起到一定作用。我的意思是，公佈的數據顯示，按報告數據來看，它略微虧損。我知道裡面可能有一些——大概有一些攤銷之類的東西。顯然，重點在於成長。我們該如何看待成長的增量利潤率呢？考慮到它目前處於生命週期的這個階段，可能需要大量的投資來支持成長，因此它的獲利能力成長速度可能不會像其他情況下那麼快。

Yes. I would say the commentary is very consistent with what we've said in prior quarters, which is absolutely the opportunity here is growth. Again, I'll remind everyone, at least the sewer line or the monitoring at the manhole, if you will, is an extremely underpenetrated market and one ripe for digital adoption, and that will lead to robust growth. And as we've talked about in prior quarters, while the SEA portion or the core SEA of the business is above line average, even without the amortization and certainly well above line average with the amortization, we believe while still investing in the business to support that growth, that we can lever SEA significantly as a percentage of sales that by default then mathematically leads to above-line average incrementals. And so incrementals that would be more in line with the business that's a durable hardware sales supported by in the case of software, 100% attachment rate to software.

是的。我認為這些評論與我們前幾季所說的非常一致，那就是這裡的機會絕對是成長。我再次提醒大家，至少污水管或人孔監測領域是一個滲透率極低的市場，非常適合數位化應用，這將帶來強勁的成長。正如我們在前幾個季度討論的那樣，雖然業務的 SEA 部分或核心 SEA 高於平均水平，即使不考慮攤銷，而且考慮到攤銷，肯定遠高於平均水平，但我們相信，在繼續投資業務以支持增長的同時，我們可以顯著提高 SEA 佔銷售額的百分比，這自然而然地會帶來高於平均水平的增量。因此，增量將更符合業務需求，即持久的硬體銷售得到支持，而軟體方面則需要 100% 的軟體附加率。

And in the case of post-service support, a high attachment rate to another element of annual recurring revenue. So that's a long way of saying the incrementals on the SmartCover business are well above line average, and we'll add to op and EBITDA margin accretion going forward. We've long said year 1 EPS accretive, both in the numbers that you can now see in a separate reconciliation as well as when accounting for the opportunity cost of the $185 million of cash deployed. We've also long said since acquisition that we expect that to become EPS accretive in year 2. So that should give you a flavor for a bit of the top line performance expectations combined with than the incrementals that drive that to be accretive in year 2.

而售後服務支援則與年度經常性收入的另一個組成部分有著很高的關聯性。綜上所述，SmartCover 業務的增量遠高於平均水平，我們將繼續提高營業利潤率和 EBITDA 利潤率。我們一直認為第一年每股收益會成長，無論是從您現在可以在單獨的調節表中看到的數字來看，還是考慮到投入的 1.85 億美元現金的機會成本來看，都是如此。自收購以來，我們一直表示，我們預計這將在第二年實現每股收益成長。這樣應該能讓你對整體業績預期以及推動第二年業績成長的增量因素有所了解。

Jeffrey Reive, RBC.

Jeffrey Reive，RBC。

You called out pricing partially mitigating tariff impacts this quarter. Can you size the price increase that you passed through? And what was the price capture? And any update on how you're tracking on price cost for the year?

您指出，定價在一定程度上緩解了本季關稅的影響。你能估算一下你所經歷的價格上漲幅度嗎？價格捕獲率是多少？請問今年的價格成本控制情況如何？

Yes. So I think, Jeffrey, you know us well enough that we won't size it. I think the way we should think about -- first off, when we talk about tariff and tariff-related costs, we're absolutely talking about the pure line item of tariff costs we see upon importation to whether it's our US market or whether US manufacturing or whether that's in other inbound material flows. But we're also talking about the knock-on effects of bismuth cost increases that remain elevated and very consistent with the story that we told back in the first quarter when those bismuth tariff pressures became available.

是的。所以我想，傑弗裡，你很了解我們，我們不會去量尺寸的。我認為我們應該這樣思考——首先，當我們談論關稅和與關稅相關的成本時，我們絕對指的是進口時看到的純粹的關稅成本項目，無論是進入美國市場、美國製造業，還是其他進口物料流動。但我們也談到了鉍成本上漲帶來的連鎖反應，鉍成本仍然居高不下，這與我們在第一季鉍關稅壓力出現時所描述的情況非常一致。

We have implemented, I would say, not across the board, pre-targeted product-specific price increases as early as Q2. And that continues on an ongoing basis, whether that's on PO-to-PO business or annual contract renewals. So there's a series of actions consistently occurring that's allowing essentially that price realization effect to catch up to those cost effects that were experienced immediately. And so I would tell you, without sizing it, Q3 was still a bit of the lagging effect of price versus cost, but we fully expect that to reach parity as we move forward.

我認為，我們已經實施了預先針對特定產品的提價措施，雖然不是全面提價，但最早在第二季就實施了。無論是採購訂單之間的業務往來還是年度合約續約，這種情況都會持續下去。因此，一系列持續發生的行動使得價格實現效應最終趕上了那些立即產生的成本效應。因此，我可以告訴你，雖然沒有具體說明，但第三季度仍然存在價格與成本之間的滯後效應，但我們完全預期隨著我們不斷推進，這種情況會達到平衡。

Yes, Jeffrey, I think I would like to add to that, that (inaudible) what we are really confident in is that we've got a really strong process for understanding in very short order, the impacts that we see from tariffs, our ability to maneuver is while there is a quarter lag, sometimes we are able to move pretty quickly. And I feel like we have a really strong understanding of our costs and what the value is that we can get from the market for the solutions that we offer. So overall, we've had a really strong process in place around pricing since we did our value-based pricing initiatives in 2020, and that has helped guide us through this.

是的，傑弗裡，我想補充一點，（聽不清楚）我們真正有信心的是，我們有一個非常強大的流程，可以在很短的時間內了解關稅的影響，我們的應對能力是，雖然存在一個季度的滯後，但有時我們能夠迅速採取行動。我覺得我們對自身的成本以及我們提供的解決方案能夠從市場上獲得的價值都有著非常深刻的理解。總的來說，自從我們在 2020 年推行基於價值的定價策略以來，我們在定價方面就建立了一套非常完善的流程，這幫助我們順利完成了這項工作。

Got it. And then can you comment on the water quality performance this quarter, maybe as well as the growth rate? But also from recent customer discussions, are there any testing needs or parameters they're asking for that aren't currently in the portfolio today?

知道了。那麼，您能否就本季的水質表現以及成長率發表一下看法？但從最近的客戶討論來看，他們是否有任何測試需求或參數要求是目前產品組合中沒有的？

Yes. So typically, since we've integrated this, it is part of the utility business. When we do call something out in the quarter, we're particularly excited, though, about the recent performance of it. So as we're into the fifth year now of having water quality in the portfolio, we're really excited about the offering that we have. We're seeing extremely strong traction, really walked away from the WEFTEC show feeling more and more invigorated every year.

是的。因此，由於我們已經整合了這項技術，它就成為了公用事業業務的一部分。不過，當我們在本季特別表揚某項成就時，我們尤其對其近期的表現感到興奮。現在我們已經將水質管理納入產品組合五年了，我們對目前提供的服務感到非常興奮。我們看到了非常強勁的成長勢頭，每年參加 WEFTEC 展會後都感覺越來越振奮人心。

In terms of parameters, we have a really strong collection of the parameters that are required for our customers. So we're not getting into -- you know for sure the pragmatic view that we had on PFAS and not chasing that. So for the areas that we're playing throughout the distribution network or in treatment, we feel really strong about the parameters that we have.

就參數而言，我們擁有客戶所需的非常全面的參數集合。所以，我們肯定不會——你知道，我們之前對 PFAS 持務實態度，不會繼續追究它。因此，對於我們在整個分銷網絡或治療領域所開展的業務，我們對我們所擁有的參數感到非常有信心。

And I would also say the capability or the comprehensive nature of our solution, it extends beyond just the pure mechanical parameters and reaches into the means by which those parameters are gathered, whether that's optical or whether that's electrochemistry, it spans beyond not just the technical capability, but also where deployed. We've got capabilities not only in remote network monitoring type applications but also inside the fence at water treatment and at commercial and industrial customers.

我還要說，我們解決方案的能力或全面性，不僅體現在純粹的機械參數上，還體現在收集這些參數的方式上，無論是光學還是電化學，它不僅體現在技術能力上，還體現在部署地點上。我們不僅具備遠端網路監控類應用的能力，而且具備在水處理廠、商業和工業客戶現場進行監控的能力。

So certainly, one of our -- and I'm sure the question is going in the direction of what about M&A type activity. Certainly, one of our acquisition laneways is around augmenting our capabilities around the core of water quality and network monitoring more generally. But I would tell you that we do have a very competitive not only parameter offering, but technology offering and application offering that positions us to deliver forward growth consistent or relatively similarly to what we just delivered in the third quarter.

所以，當然，我們的其中之一——而且我確信問題會朝著併購活動的方向發展。當然，我們的收購途徑之一是增強我們在水質和網路監測核心方面的能力。但我可以告訴你們，我們不僅在參數方面，而且在技術和應用方面都極具競爭力，這使我們能夠實現與第三季度保持一致或大致相同的未來成長。

Andrew Krill, Deutsche Bank.

安德魯·克里爾，德意志銀行。

I want to ask, looking forward a little bit more based on your current customer conversations sound good, your backlogs, any initial views on 2026 and the potential for you to deliver on your high single digit through the cycle growth target. I think this should be your easiest comp on a year-over-year basis since COVID. But sympathetic, there's still tariff uncertainty, other things. So just maybe how are you thinking about next year and the potential to deliver high single-digit growth.

我想問一下，根據您目前與客戶的溝通情況來看，展望未來，您的積壓訂單狀況如何？您對 2026 年有什麼初步看法？以及您能否達成週期內高個位數成長目標？我認為這將是自新冠疫情以來，你們同比成績最輕鬆的一次。但令人同情的是，關稅方面仍存在不確定性，還有其他一些問題。那麼，您如何看待明年以及實現高個位數成長的潛力呢？

Yes. So as you know, Andrew, we don't provide guidance, so we'll probably clearly stop short of your expectations and giving you a number related to 2026. I would just tell you the confidence that we have in that high single-digit forward look is over that cycle, recognizing that, that can be uneven year-to-year. I think it's interesting. Your comment is it's the easiest quarter or easiest year-over-year comparison since COVID.

是的。如你所知，安德魯，我們不提供指導，所以我們很可能無法滿足你的期望，也無法給你一個與 2026 年相關的數字。我只想告訴你們，我們對未來幾年實現高個位數成長的信心是建立在這個週期之上的，當然，我們也意識到，這種情況每年都可能不盡相同。我覺得很有趣。你的評論是，這是自新冠疫情以來最容易實現的季度業績或最容易實現的同比業績。

But unfortunately, that's not how bigger numbers work, right? It's more challenging to generate growth off of that. That being said, we still, as you heard in the prepared remarks, regardless of what aspect of the opportunity funnel that we talk to customers about, whether that's starting from the planning phase and the engagement of engineering firms to assist with consulting on one end, all the way down to our projects deploying and moving. We remain confident in that outlook. And I would tell you that '26 is no different than any other year.

但很遺憾，較大的數字並非如此運作，對吧？在此基礎上實現成長更具挑戰性。也就是說，正如您在準備好的發言稿中所聽到的，無論我們與客戶談論機會管道的哪個方面，無論是從規劃階段開始，聘請工程公司協助諮詢，還是一直到我們的專案部署和推進，我們都始終如一。我們依然對這前景充滿信心。我會告訴你，2026 年與其他年份並無不同。

Yes. And just to add to that a little bit. And it's not trying to be cagey or anything. It's just when you're selling to 50,000 utilities, small, medium, large that all move at different rates and sizes. This is why we talk about this five-year cycle and how we've segmented that down into where people are within the cycle. We feel great through the cycle, but it is difficult at times to predict a particular year or quarter. But overall confidence, it remains solid.

是的。我再補充一點。它並不是故意賣關子什麼的。問題在於，當你向 5 萬家公用事業公司銷售產品時，這些公司規模大小不一，營運速度也各不相同。這就是為什麼我們要討論這個五年周期，以及我們如何將這個週期細分為人們所處的階段。我們感覺整個週期都很好，但有時很難預測某一年或某一季的情況。但整體信心依然穩固。

Fair enough. And then on capital allocation, I think the multiple of the company is the lowest it's been in some time. So maybe has there been any change in thinking on the potential for buybacks, the balance sheet, clearly, net cash position. So if there aren't any like more deals that get across the finish line, like could that be an outcome that's more likely than it has been in some time.

很公平。至於資本配置方面，我認為該公司目前的本益比是近一段時間以來的最低水準。那麼，對於股票回購的可能性、資產負債表、淨現金狀況，是否有任何想法改變了呢？所以，如果沒有更多交易最終達成，那麼這種情況發生的可能性會不會比一段時間以來都要大呢？

Yes. So our capital allocation priorities that we've lived by since Bob and I have been here have been around, number one, investing in organic growth to remain the R&D leader in the space, still feel extremely strong on doing that. Number two has been increasing dividends, and we've done that now for a 33rd consecutive year at, I think, an interesting rate aligned with operating profit growth. And third has been on the M&A front, where I think we've built out an extremely compelling portfolio that is driving this long-term growth that we've seen. So I am not unhappy with our capital allocation priorities and how the business has performed and grown through the last several years.

是的。因此，自從我和鮑伯來到這裡以來，我們一直奉行的資本配置優先事項是：第一，投資於內生成長，以保持在該領域的研發領先地位，我們仍然非常堅定地認為應該這樣做。第二點是提高股息，我們已經連續 33 年這樣做了，我認為，股息成長速度與營業利潤成長速度相當。第三點是併購方面，我認為我們已經建立了一個極具吸引力的投資組合，這正是我們所看到的長期成長的驅動力。因此，我對我們的資本配置優先事項以及公司在過去幾年中的表現和發展感到滿意。

So I would never rule anything out, but I would tell you that we are on a path that I think has been working really well for the company, our customers and our shareholders.

所以我永遠不會排除任何可能性，但我可以告訴你，我們目前走的這條路，我認為對公司、我們的客戶和股東來說都非常有效。

Bobby Zolper, Raymond James.

鮑比·佐爾珀，雷蒙德·詹姆斯。

To add to the federal stimulus noise, could you provide some context on what your customers say about ARPA specifically? And if you have a sense of how much of that money has gone to metering.

除了聯邦刺激方案帶來的各種幹擾之外，您能否具體介紹一下您的客戶對ARPA的看法？如果你了解其中有多少錢用於計量就好了。

Bobby, so very little of that money has gone toward metering. I'm sure throughout the 50,000 utilities, you could probably find some examples where it has. But for the most part, that has not been a meaningful driver. When we talk about the many, many conversations that we've had over the last quarter or the last year, the macro drivers of available labor, adopting technology, nonrevenue water conservation, adopting new technologies. Those all remain the same. And when the utilities are dealing with these problems, they do have the budget to solve the most critical issues that they have within the utility. So I know you're looking for us to size it, but there's really not much there to size.

鮑比，所以這筆錢只有極少一部分用於計量。我相信在 50,000 個公用事業項目中，你肯定能找到一些這樣的例子。但總的來說，這並不是一個重要的驅動因素。當我們談到過去一個季度或過去一年我們進行的許多多次對話時，我們談到了可用勞動力、技術採用、非收益水資源節約、採用新技術等宏觀驅動因素。這些都保持不變。當公用事業公司處理這些問題時，他們確實有預算來解決公司內部最關鍵的問題。我知道你們希望我們幫你量尺寸，但其實它沒什麼好量尺寸的。

Okay. Fair enough. I think what some investors are concerned about is making the comparison to the 2011 time period when they read back through the transcripts from then when organic sales were down. I guess, could you expand on why that comparison period is not relevant today?

好的。很公平。我認為一些投資者擔心的是，他們回顧了 2011 年的業績記錄，發現當時的有機銷售額下降，因此將當前情況與 2011 年進行了比較。我想請您詳細解釋為什麼那個比較時期在今天已經不再適用？

Well, I could compare it for several reasons. I think in 2011, the industry was primarily buying mechanical meters that were not battery operated. We've been selling battery-operated meters now in the ultrasonics for 15 years. We've been selling battery-operated radios. And the idea that in 2025, when metering, which again acts the cash register for the utility, when batteries go end of life and when utilities don't have the available labor, they're not going to stop doing billing. They're not going to find people to go out and start reading meters and radio meters manually. So software in the business. I mean, I could go on and on about how the world has changed from a technology point of view and how our company has changed since then. So those transcripts are history, but I wouldn't say that they predict the future.

嗯，我可以從幾個方面來比較。我認為在 2011 年，業界主要採購的是非電池供電的機械式儀表。我們銷售電池驅動式超音波儀表已有 15 年歷史。我們一直在銷售電池式收音機。而且，人們認為，到 2025 年，當計量表再次成為公用事業公司的收銀機時，當電池達到使用壽命終點，當公用事業公司沒有足夠的勞動力時，他們不會停止計費。他們不可能找到人出去手動讀取電錶和無線電錶。所以，軟體在企業中扮演著重要角色。我的意思是，我可以滔滔不絕地講述世界從技術角度發生的變化，以及我們公司自那時以來發生的變化。所以那些成績單都已成為歷史，但我不會說它們能預測未來。

Okay. Fair enough. And then last one for me. The forward -- five-year forward view, excuse me, is that organic? Or does that include the contribution of potential M&A?

好的。很公平。最後，也是我最後一個問題。未來五年的展望，抱歉，這是有機物嗎？或者，這是否包括潛在併購的貢獻？

That is organic.

那是天然的。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Nice quarter. I wanted to maybe talk a little bit about mix. And I know in the context of your high single-digit long-term planning horizon growth. I know that volume is still most of that, and hopefully, you'll tell us if that's changed or anything. But this year has been a very interesting year, right? A lot of puts and takes. We have the onset of tariffs, we had an increase in your non-metering businesses. And I was just wondering if there was anything in 2025 mix-wise, that has changed that could carry into '26 either positive or negative?

不錯的街區。我想稍微談談混音。我知道這是在您高個位數長期規劃成長的背景下進行的。我知道銷量仍然大部分是那樣，希望您能告訴我們銷量是否有所變化。但今年確實是非常有趣的一年，對吧？很多時候出手和收手。我們迎來了關稅的實施，你們的非計量企業也出現了成長。我只是想知道，2025 年的各種因素中，有沒有什麼變化可能會延續到 2026 年，無論是正面的還是負面的？

Well, I think if you're speaking specific to 2025, the first thing I would remind you is that Q1 was an abnormally rich degree of mix, which drove a gross margin of 42.9%, which we all acknowledged at the time was not expected to repeat. And since then you've essentially seen the last two quarters, reflective of that change. That being said, under the covers, if you will, continues to be this idea of what we call structural mix benefit. And when you hear us say that that's essentially a codeword for the items or line items or product lines that are growing for us are tending to be the items that are average -- higher average sale price, higher average margin.

嗯，如果你具體指的是 2025 年，我想首先提醒你的是，第一季的產品組合異常豐富，毛利率達到了 42.9%，而我們當時都承認，這種情況不會重現。從那以後，你基本上已經看到了過去兩個季度的情況，反映了這種變化。也就是說，在本質上，我們仍然秉持著所謂的結構性混合效益這一理念。當我們說這其實是個暗語，意思是說，我們成長的商品、產品線或產品系列往往是那些平均售價較高、平均利潤率較高的商品。

And that's not new to 2025. It's just we're in a later inning, if you want to use a baseball analogy of that occurring. And so underlying our gross margin profile change over time is the structural mix benefit that can be attributed to the sale of more ORION Cellular radios, the sale of more E-Series meters, the sale of and faster growth in the around the meter or beyond the meter technologies.

而這並非2025年才出現的新情況。只不過我們現在處於比賽的後半段，如果你想用棒球比賽來類比的話。因此，隨著時間的推移，我們毛利率結構的變化背後，是結構性組合優勢，這可以歸因於 ORION Cellular 無線電的銷售量增加、E 系列電錶的銷售量增加、電錶周圍或電錶以外技術的銷售和更快增長。

That is not a trend that stops come the end of 2025. In fact, it's a large underpinning of our decision in this quarter to raise the gross margin range from 39% to 42% -- to 39% to 42% on a normalized basis. And we would expect that to continue as we move forward.

這種趨勢不會在2025年底停止。事實上，這正是我們本季決定將毛利率範圍從 39% 到 42%（以正常水準計算）提高到 39% 到 42% 的一個重要原因。我們預計這種情況會持續下去。

So I know I rambled a bit there, but I was trying to isolate a very episodic event in early 2025, that's an outlier, but then signify how ultimately that structural mix benefit and structural mix change is not only here in 2025, but it's enduring and beyond and a big part of why we were able to increase our normalized gross margin range.

我知道我剛才有點語無倫次，但我試圖找出 2025 年初發生的一個非常特殊的事件，這是一個異常值，但它表明，最終這種結構性組合優勢和結構性組合變化不僅體現在 2025 年，而且是持久的，並且是我們能夠提高正常毛利率範圍的重要原因之一。

No, that didn't sound like a ramble to me, that sounds like good information. The other question I wanted to ask was just sort of on software sales. How were they in the quarter?

不，這聽起來不像是在胡言亂語，倒像是很有用的信息。我還想問一個關於軟體銷售的問題。他們這季度表現如何？

Yes. So in the script, we called that out as a driver of the core growth or base level growth in the quarter. As you know, Scott, we always say, our software model, at least for BEACON and quite frankly, for our other connected products is different than I think most software models. It's not one that's license-based and/or suite based. It's a 100% attachment rate to an underlying device sale that then lasts for the longevity or field life of that asset.

是的。因此，我們在腳本中將其列為本季核心成長或基礎成長的驅動因素。史考特，你知道，我們一直都說，我們的軟體模型，至少對於 BEACON 來說，坦白說，對於我們的其他連網產品來說，都與大多數軟體模型不同。它不是基於許可證或套件的。它與基礎設備的銷售具有 100% 的關聯性，並且這種關聯性會持續到該資產的使用壽命或使用期限結束。

When we're talking about meters and radios, we're often talking about 10 or 15 years in the field, in the ground cycles. And so essentially, the leading indicator for us is when we talk about growing ORION radio sales, the lagging indicator is a robust growth in SaaS, which if you look at our investor deck, it hasn't been -- I don't think it's been updated for the midyear here, but we've seen a 28% CAGR in our software revenue as a result of the success of selling ORION Cellular AMI and Network as a Service and I would tell you that this quarter was no different on a relative basis.

當我們談論儀表和無線電設備時，我們通常指的是在現場使用 10 到 15 年，經歷各種地面循環。因此，對我們來說，領先指標是 ORION 無線電銷售的成長，落後指標是 SaaS 的強勁成長。如果你看一下我們的投資者演示文稿，你會發現——我認為它還沒有更新到年中——但由於 ORION Cellular AMI 和網絡即服務的成功銷售，我們的軟體收入實現了 28% 的複合年增長率。我可以告訴你，本季的情況也大致如此。

Michael Fairbanks, J.P. Morgan.

Michael Fairbanks，摩根大通。

You called out higher ultrasonic meter volumes as a driver of growth for the first time in a few quarters. Can you just talk about Ultrasonic and if you're seeing any real changes in demand for that offering?

這是幾個季度以來您首次指出超音波檢測儀銷售成長是推動成長的因素。能談談超音波技術嗎？您是否觀察到市場對這項產品的需求有任何實質變化？

Yes, it's -- it was -- as things can be, as I'm broken record uneven, it was a particularly strong quarter for ultrasonic just given the mix of customers that we had. Each year, we do, and we do expect to sell more ultrasonic meters than we did in the previous year as we continue to see some of that adoption. Our choice matters and our portfolio remains the same. We still we still expect to sell mechanical, especially on the residential side for many, many, many years to come. But we are excited about the expansion that we do see on the ultrasonic side as well. It's certainly got its benefits that resonate well with some customers, maybe more so than others, but happy with the growth in the quarter.

是的，情況就是這樣——就像我反覆強調的那樣，這季度超音波業務表現特別強勁，考慮到我們擁有的客戶組合。每年我們都會這樣做，而且隨著超音波測量儀的普及，我們預計今年的銷量會比去年更多。我們的選擇至關重要，而我們的投資組合保持不變。我們仍然預計在未來很多很多年裡，機械設備將繼續銷售，尤其是在住宅領域。但我們也對超音波領域的擴張感到興奮。它確實有一些好處，能引起部分客戶的共鳴，或許比其他客戶更甚，但對本季的成長感到滿意。

Great. And then on the flow instrumentation side, we saw that return to growth. Any more color there on drivers? I know you called out water-related end markets but what's the outlook for that segment in general?

偉大的。然後，在流量儀表方面，我們看到了成長的回升。司機身上還有其他顏色嗎？我知道你提到了與水相關的終端市場，但總體而言，該領域的前景如何？

Yes. For us, it's becoming a smaller part of the portfolio, but we remain on the -- yes, a GDP-like numbers. So you might have quarters that are flat, some quarters that are up a little more. But for the most part, it's a business that you should think of growing in line with GDP.

是的。對我們來說，它在投資組合中所佔的比例越來越小，但我們仍然關注——是的，類似於GDP的數字。所以你可能會看到一些硬幣是平的，而有些硬幣則會稍微翹起一些。但總的來說，你應該考慮讓這個產業的成長與GDP的成長保持同步。

Thank you. We currently have no further questions. So I'll hand back to Barbara for any closing remarks.

謝謝。我們目前沒有其他問題。那麼，我將把發言權交還給芭芭拉，請她做總結發言。

Thank you, operator. We appreciate you joining our call today. Our fourth quarter and full year 2025 earnings call is tentatively scheduled for January 28, 2026, and we look forward to engaging with our analysts and shareholders in the meantime. Thanks for your interest in Badger Meter, and have a great day.

謝謝接線生。感謝您今天參加我們的電話會議。我們暫定於 2026 年 1 月 28 日舉行 2025 年第四季及全年業績電話會議，在此期間，我們期待與分析師和股東進行交流。感謝您對 Badger Meter 的關注，祝您度過美好的一天。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。