BADGER METER INC (BMI) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
Revenues	565.6	505.2	425.5	424.6	433.7	402.4	393.8	377.7
Revenue growth	11.9%	18.7%	0.2%	-2.1%	7.8%	2.2%	4.3%	3.5%
Cost of goods sold	345.6	299.7	257.3	261.1	271.4	246.7	243.2	241.9
Gross profit	220.0	205.5	168.2	163.5	162.3	155.7	150.6	135.8
Gross margin	38.9%	40.7%	39.5%	38.5%	37.4%	38.7%	38.2%	35.9%
Selling, general and administrative	0.0	0.0	0.0	101.4	105.5	99.2	97.9	93.4
EBITA	228.6	215.5	175.4	69.3	64.4	63.4	58.8	48.5
EBITA margin	40.4%	42.7%	41.2%	16.3%	14.8%	15.8%	14.9%	12.8%
Amortization of intangibles	8.6	10.0	7.2	7.2	7.5	6.8	6.1	6.1
EBIT	220.0	205.5	168.2	62.1	56.9	56.6	52.7	42.4
EBIT margin	38.9%	40.7%	39.5%	14.6%	13.1%	14.1%	13.4%	11.2%
Pre-tax income	87.7	78.6	65.0	61.6	35.9	54.8	49.8	41.2
Income taxes	21.2	17.7	15.6	14.4	8.1	20.3	17.5	15.2
Tax rate	24.2%	22.6%	24.1%	23.4%	22.5%	37.0%	35.2%	37.0%
Net income	66.5	60.9	49.3	47.2	27.8	34.6	32.3	25.9
Net margin	11.8%	12.1%	11.6%	11.1%	6.4%	8.6%	8.2%	6.9%

Diluted EPS	$2.26	$2.08	$1.69	$1.61	$0.95	$1.19	$1.11	$0.90
Shares outstanding (diluted)	29.4	29.3	29.2	29.2	29.2	29.1	29.1	28.9

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.