Badger Meter, Inc.

Ladies and gentlemen, welcome to the third quarter 2022 Badger Meter earnings conference call. If you would like to ask a question today, please press star followed by one on your telephone keypad to enter the queue. 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.

Good morning, and thank you for joining the Badger Meter third quarter 2022 earnings conference call. On the call with me today are Ken Bockhorst, Chairman, President, and Chief Executive Officer, and Bob Rockledge, Chief Financial Officer. The earnings release and related slide presentation are available on our website. Quickly, I will cover the safe harbor, reminding you that any forward-looking statements made during this call are subject to various risks and uncertainties, the most important of which are outlined in our press release and SEC filings. On today's call, we will refer to certain non-GAAP financial metrics. Our earnings slides provide a reconciliation of the GAAP to non-GAAP financial metrics used. With that, I'll turn the call over to Ken.

Thanks, Karen, and thank you for joining our third quarter earnings call. The Badger Meter team delivered another record sales performance with 15% sales growth in the quarter and double-digit organic sales growth in each of the past four quarters. Our orders and bid funnel remain strong with another positive book-to-bill ratio in the quarter. We were very pleased with the 100 basis point improvement in operating profit margins in the quarter. While we continue to face persistent macro challenges with inflation and sporadic component shortages, gross profit margins have consistently been within our tightened normalized range of 38% to 40%, and we have improved SEA expense leverage throughout the year. The combination of our differentiated choice matters technology portfolio, commercial excellence, operational execution, and world-class global team continue to drive strong, profitable growth and demonstrate that we are well-positioned to manage under the economic scenarios that may lie ahead. I'll talk about the current environment and our market outlook later in the call, but for now, I'll turn the call over to Bob to go through the details of the quarter.