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Where Intelligence
Meets Infrastructure
F E B R U A R Y 2 0 1 7
M U E L L E R W A T E R P R O D U C T S . C O M
Baird’s Global Industrial Conference
November 8, 2017
PAGE 2
NON-GAAP Financial Measures
M U E L L E R W A T E R P R O D U C T S . C O M 2 N O V E M E B R 2 0 1 7
In an effort to provide investors with additional information
regarding its results as determined by GAAP, the Company
also provides non-GAAP information that management
believes is useful to investors. These non-GAAP measures
have limitations as analytical tools, and securities analysts,
investors and other interested parties should not consider
any of these non-GAAP measures in isolation or as a
substitute for analysis of its results as reported under GAAP.
These non-GAAP measures may not be comparable to
similarly titled measures used by other companies.
The Company presents adjusted income from continuing
operations, adjusted income from continuing operations per
share, adjusted operating income from continuing
operations, adjusted operating margin, adjusted EBITDA and
adjusted EBITDA margin as performance measures because
management uses these measures in evaluating the
Company's underlying performance on a consistent basis
across periods and in making decisions about operational
strategies. Management also believes these measures are
frequently used by securities analysts, investors and other
interested parties in the evaluation of the Company's
recurring performance.
The Company presents net debt and net debt leverage
as performance measures because management uses
them in evaluating its capital management, and the
investment community commonly uses them as
measures of indebtedness. Free cash flow is presented
because management believes it is commonly used by
the investment community to measure the Company's
ability to create liquidity.
The calculations of these non-GAAP measures and
reconciliations to GAAP results are included as an
attachment to this presentation and have been posted
online at www.muellerwaterproducts.com.
This presentation contains certain statements that may be deemed “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. All statements that address activities that
may occur in the future are forward-looking statements. The words “projected,” “designed,” “will,”
“expects,” “intend,” and other similar expressions identify forward-looking statements.
Forward-looking statements are based on certain assumptions and assessments made by the Company in
light of its experience, historical trends, current conditions and expected future developments. Actual
results and the timing of events may differ materially from those contemplated by the forward-looking
statements due to a number of factors, including regional, national or global political, economic, business,
competitive, market and regulatory conditions and the other factors that are described in the section
entitled “RISK FACTORS” in Item 1A of the Company's most recently filed Annual Report on Form 10-K
and subsequent Quarterly Reports on Form 10-Q. Undue reliance should not be placed on any forward-
looking statements. Management does not have any intent to update forward-looking statements, except
as required by law.
Forward-looking Statements
M U E L L E R W A T E R P R O D U C T S . C O M 3 N O V E M E B R 2 0 1 7
Reclassified Financials
We sold Anvil in January 2017
As a result, Anvil's operating results for all prior periods, and the gain from its
sale, have been classified as discontinued operations
Mueller Co. is now called Infrastructure
Mueller Technologies is now called Technologies
PAGE 4 M U E L L E R W A T E R P R O D U C T S . C O M 4 N O V E M E B R 2 0 1 7
Renamed Segments
Investment Highlights
M U E L L E R W A T E R P R O D U C T S . C O M 5 N O V E M E B R 2 0 1 7
Market opportunity is substantial and
growing
Restoring and expanding existing water systems to serve growing populations through
2050 require a $1.7 trillion investment, according to the American Water Works Association
Industry leading brands and market position
Providing one of the largest installed bases of iron gate valves and fire hydrants in the U.S.
with product specifications in the top 100 U.S. municipal markets
Manufacturing excellence driving margin
expansion Delivering productivity which helps drive margin expansion and free
cash flow generation
Intelligent water infrastructure products
Offering smart technology products and services that help utilities actively diagnose,
monitor and control the delivery of drinking water
Strategic capital deployment to create value
Pursuing acquisitions, repurchasing shares, developing new products, and making capital
investments in manufacturing and equipment upgrades
Our Company
and Markets
MWP at a Glance
M U E L L E R W A T E R P R O D U C T S . C O M 7 N O V E M E B R 2 0 1 7
100%
Municipal spending
60%
Repair and
replacement
of municipal water
distribution and
treatment systems
30%
Residential
construction
10%
Natural gas
utilities
as of September 30, 2017 ($ in Millions)
Net Sales $ 826.0
Infrastructure $ 739.9
Technologies $ 86.1
Adjusted operating income
from
continuing operations
$ 121.9
14.8%
Adjusted EBITDA $ 163.8 19.8%
In
fr
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es
Founded 160 years ago
Spun off from Walter Industries in 2006
Listed on NYSE (MWA)
Divested U.S. Pipe (2012) and Anvil (2017) to
become pure play water infrastructure
business
History
End Markets
LTM Financials
Fiscal Year 2017
Our Leading Product Positions
M U E L L E R W A T E R P R O D U C T S . C O M 8
#1 PRODUCT POSITION #1 PRODUCT POSITION #1
PRODUCT
POSITION #2 PRODUCT POSITION
Company estimates based on internal analysis and information from trade associations and distributor networks, where available.
N O V E M E B R 2 0 1 7
Bringing Value to our Customers
Providing valued products and
services to over 50,000
municipalities and utilities
Utilizing proprietary smart
technologies to help our
customers actively diagnose,
monitor and control the
delivery of drinking water
Developing new technology
offerings which utilize fire
hydrant base owned by
municipalities
M U E L L E R W A T E R P R O D U C T S . C O M 9 N O V E M E B R 2 0 1 7
U.S. Water Infrastructure Requires Substantial
Long-Term Investment
M U E L L E R W A T E R P R O D U C T S . C O M 1 0
Repair & Replacement Market
(1) American Water Works Association, Buried No Longer: Confronting America’s Water Infrastructure Challenge 2012
(2) ASCE: 2017 Report Card for America’s Infrastructure
(3) The EPA Clean Water and Drinking Water Infrastructure Gap Analysis 2002
(4) EPA 2013 Drinking Water Needs Survey and Assessment
Future Drinking Water Infrastructure
Expenditure Needs (4)
Restoring existing water systems and expanding them to serve a
growing population through 2050 will require a $1.7 trillion investment (1)
ASCE graded drinking water infrastructure a D (2)
At least 40 cities under consent decrees: Atlanta, Baltimore,
Washington, D.C., Suburban Washington, D.C. (WSSC), New Orleans
EPA analysis indicates the need to address aging transmission and
distribution pipes is accelerating (see chart below); valves and hydrants
are generally replaced along with pipe replacement and repair
(3)
N O V E M E B R 2 0 1 7
Accelerating
Need
-50
50
150
250
350
450
550
19
54
19
57
19
60
19
63
19
66
19
69
19
72
19
75
19
78
19
81
19
84
19
87
19
90
19
93
19
96
19
99
20
02
20
05
20
08
20
11
20
14
20
17
CPI Water CPI Nat Gas CPI Postage CPI Electricity CPI All Items
Funding Water Infrastructure Repair
Historical Water Rates Compared to
Other Utilities(1)
M U E L L E R W A T E R P R O D U C T S . C O M 1 1
CPI Utilities
(NSA 1982-1984 = 100)
UTILITY SOURCES OF FUNDING
Majority of utilities have service connection fees and/or capital
recovery charges, with median fees of about $5,800(3)
CPI for water and sewerage maintenance increased
3.9% for 12 months ended September 2017(1) with average
7% annual increase among 50 largest U.S. cities(4)
90% funded at local level(5)
Drinking Water State Revolving Fund: $800 million in FY 2016
(1) Bureau of Labor Statistics
(2) 2016 Strategic Directions: U.S. Water Industry – Black & Veatch
(3) American Water Works Association 2014 Water and Wastewater Rate Survey
(4) Bluefield 2017
(5) EPA Clean Water and Drinking Water Infrastructure Gap Analysis
N O V E M E B R 2 0 1 7
Bringing Intelligence to Water Infrastructure
Water Conservation
M U E L L E R W A T E R P R O D U C T S . C O M 1 2
Customer Service Focus
Awareness/education
Ongoing monitoring
Sustainability
11% of U.S. experiencing
drought or abnormally dry
conditions(1)
240,000 water main breaks
per year(2)
Non-Revenue Water
Up to 30% of treated water is
lost or unaccounted for in the
water system(3)
Growing number of states
requiring water loss audits(4)
(1) U.S. Drought Monitor October 2017
(2) EPA Aging Water Infrastructure Research Program
(3) Navigant Research
(4) National Resource Defense Council
N O V E M E B R 2 0 1 7
“Smart metering is a highly successful way of accurately
identifying water loss.”
Black & Veatch 2016 Strategic Directions in the U.S. Water Industry
Bringing Intelligence to Water Infrastructure
M U E L L E R W A T E R P R O D U C T S . C O M 1 3
Provide longer-range AMI
systems
Manage water service
remotely
Detect leaks
Increase education and
customer service with
consumer portal
Detect leaks on fixed transmission
and distribution mains; ongoing
monitoring
Assess condition of distribution
and transmission mains
Providing data analytics to manage
water assets
Smart Metering Leak Detection and Pipe
Condition Assessment
Remote Disconnect Meter
Mueller Systems Network
Operations Center Water data analytics
Leak Detection
N O V E M E B R 2 0 1 7
A smart utility is a subset of a smart city and the Mi.Net System is the
backbone and platform for a smart water network.
Execution &
Business Results
Execution and Business Results
Reorganized the Company around
product value streams
Implemented cost savings to fund
investments in manufacturing and new
product development
Divested Anvil and U.S. Pipe
Implemented Lean Six Sigma and
other manufacturing improvements:
Increased production capacity
within existing footprint
Lowered labor costs
Reduced manufacturing footprint
Produced strong record of free
cash flow generation driven by
improvements in operating results
and management of working
capital
Generated free cash flow of
approximately $20 million in
FY2017 and $80 million in FY2016
Reduced debt by more than $600
million from September 30, 2008
through September 30, 2017
Amended term loan credit
agreement and reduced applicable
interest rate spread by 75 basis
points
Improved productivity
and reduced costs
Generated free
cash flow
Leveraged Mueller brand to drive
organic growth
Acquired automatic control valves
Acquired and investing in leak
detection and pipe condition
assessment technologies
Acquired and investing in AMI
technology
Enhanced Smart Water offering
with remote disconnect meter,
integrated leak detection, and
longer-range communications
capabilities
M U E L L E R W A T E R P R O D U C T S . C O M 1 5 N O V E M E B R 2 0 1 7
Pursued strategic
opportunities
Delivered 7.5 percent net sales growth in
Infrastructure
Increased overall consolidated net sales
5.2 percent due to volume growth, pricing
and the addition of Singer Valve to
Infrastructure portfolio, partially offset by
lower volume in Technologies' meter
business
Achieved increased pricing to cover
higher material costs this quarter.
Improved manufacturing productivity
Reported adjusted operating margin
which benefited from price, productivity
and volume, but was more than offset by
inflation, Singer Valve dilution and higher
SG&A personnel-related costs
PAGE 16
Q4 2017 Consolidated Financial Highlights
M U E L L E R W A T E R P R O D U C T S . C O M 1 6
Fourth Quarter 2017 2016
Net sales $ 226.9 $ 215.6
Adj. operating income from
continuing operations $ 38.9 $ 38.8
Adj. operating margin 17.1 % 18.0 %
Adj. income from continuing
operations per share $ 0.15 $ 0.12
Adj. EBITDA $ 49.7 $ 49.0
Adj. EBITDA margin 21.9 % 22.7 %
$ in millions except per share amounts
N O V E M E B R 2 0 1 7
4Q17 results exclude charges totaling $5.6 million, $4.0 million net of tax
4Q16 results exclude charges totaling $1.0 million, $0.6 million net of tax
PAGE 17
Capital Allocation
M U E L L E R W A T E R P R O D U C T S . C O M 1 7 N O V E M E B R 2 0 1 7
Acquisitions
Share Repurchases
Internal Cap Ex & New Product Investments
Dividends
Debt Reduction
Historical
Reduced debt by $1 Billion since 2006
Acquired Singer Valve to enter control valve market
Repurchased $55M worth of shares in fiscal 2017
More than doubled dividend payment since 2014
$1,549
$1,127 $1,101 $1,096
$740 $692 $678
$623 $601
$546
$489 $484 $480
$0
$300
$600
$900
$1,200
$1,500
$1,800
Company Debt Structure
M U E L L E R W A T E R P R O D U C T S . C O M 1 8
■ Net debt leverage less than 1x down from a peak
of more than 6x
■ No significant required principal payments on
outstanding debt before November 2021
■ No financial maintenance covenants with excess
availability at the greater of $17.5 million or 10.0%
of facility amount
■ ~ $113 million excess availability at September 30,
2017
Debt Maturity (at 09/30/2017)
$ in millions
Debt Structure at September 30, 2017
$225 million
ABL Agreement
Expires July 2021
$500 million
Term Loan B
LIBOR* + 250 bps
due November 2021
* Subject to a floor of
75bps
None outstanding
N O V E M E B R 2 0 1 7
$5 $5 $5 $5
$466
$0
$100
$200
$300
$400
$500
FY18 FY19 FY20 FY21 FY22
Why Invest in MWA?
M U E L L E R W A T E R P R O D U C T S . C O M 1 9
Aging infrastructure driving need for investment
Increasing public awareness of the need to
upgrade water infrastructure
Limited number of end-market suppliers
Growing residential construction market
Increased need for municipal spending
Enhanced operational excellence initiatives
Leading brand and municipal specification
positions
Large installed base
Comprehensive distribution network and strong
end-user relationships
Low-cost manufacturing operations using lost
foam process for valves and hydrants
Intelligent Water TechnologyTM solutions
Proprietary fixed leak detection offerings - both
domestically and internationally
Smart metering
Strategic acquisitions / partnerships
N O V E M B E R 2 0 1 7
Fundamentally sound long-term dynamics Strong operating leverage as end markets grow
Strong competitive position Leveraging strengths with emerging trends
Supplemental
Data
SEGMENT RESULTS AND RECONCILIATION
OF GAAP TO NON-GAAP PERFORMANCE MEASURES
PAGE 21
Quarter ended September 30, 2017
Infrastructure Technologies Corporate Total
(in millions, except per share amounts)
Net sales $ 204.4 $ 22.5 $ — $ 226.9
Gross profit $ 76.2 $ 4.7 $ — $ 80.9
Selling, general and administrative expenses 25.5 6.9 9.8 42.2
Other charges 0.6 0.6 4.2 5.4
Operating income (loss) from continuing operations $ 50.1 $ (2.8 ) $ (14.0 ) 33.3
Interest expense, net 5.2
Income tax expense 8.0
Income from continuing operations $ 20.1
Income from continuing operations per diluted share $ 0.13
Capital expenditures $ 14.7 $ 3.8 $ 0.5 $ 19.0
Operating margin 24.5 % (12.4 )% 14.7 %
Reconciliation of Non-GAAP performance measures to GAAP performance measures:
Income from continuing operations $ 20.1
Other charges 5.4
Inventory purchase accounting adjustment 0.2
Income tax benefit of adjusting items (1.6 )
Adjusted income from continuing operations $ 24.1
Weighted average diluted shares outstanding 160.2
Adjusted income from continuing operations per diluted share $ 0.15
(1) We do not allocate interest or income taxes to our segments.
2 1
SEGMENT RESULTS AND RECONCILIATION
OF GAAP TO NON-GAAP PERFORMANCE MEASURES
PAGE 22
Quarter ended September 30, 2017
Infrastructure Technologies Corporate Total
(in millions, except per share amounts)
Net income $ 19.3
Plus loss from discontinued operations 0.8
Interest expense, net (1) 5.2
Income tax expense (1) 8.0
Operating income (loss) from continuing operations $ 50.1 $ (2.8 ) $ (14.0 ) 33.3
Other charges 0.6 0.6 4.2 5.4
Inventory purchase accounting adjustment 0.2 — — 0.2
Adjusted operating income (loss) from continuing operations 50.9 (2.2 ) (9.8 ) 38.9
Depreciation and amortization 9.3 1.4 0.1 10.8
Adjusted EBITDA $ 60.2 $ (0.8 ) $ (9.7 ) $ 49.7
Adjusted operating margin 24.9 % (9.8 )% 17.1 %
Adjusted EBITDA margin 29.5 % (3.6 )% 21.9 %
Reconciliation of free cash flow to net cash provided by operating activities of continuing operations:
Net cash provided by operating activities of continuing operations $ 34.0
Less capital expenditures (19.0 )
Free cash flow $ 15.0
(1) We do not allocate interest or income taxes to our segments.
2 2
SEGMENT RESULTS AND RECONCILIATION
OF GAAP TO NON-GAAP PERFORMANCE MEASURES
PAGE 23
Quarter ended September 30, 2016
Infrastructure Technologies Corporate Total
(in millions, except per share amounts)
Net sales $ 190.1 $ 25.5 $ — $ 215.6
Gross profit $ 71.5 $ 6.3 $ — $ 77.8
Selling, general and administrative expenses 22.6 6.8 9.6 39.0
Other charges — 0.4 0.6 1.0
Operating income (loss) from continuing operations $ 48.9 $ (0.9 ) $ (10.2 ) 37.8
Interest expense, net 5.6
Income tax expense 12.4
Income from continuing operations $ 19.8
Income from continuing operations per diluted share $ 0.12
Capital expenditures $ 11.9 $ 2.5 $ 0.1 $ 14.5
Operating margin 25.7 % (3.5 )% 17.5 %
Reconciliation of non-GAAP performance measures to GAAP performance measures:
Income from continuing operations $ 19.8
Other charges 1.0
Income tax benefit of adjusting items (0.4 )
Adjusted income from continuing operations $ 20.4
Weighted average diluted shares outstanding 163.9
Adjusted income from continuing operations per diluted share $ 0.12
2 3
SEGMENT RESULTS AND RECONCILIATION
OF GAAP TO NON-GAAP PERFORMANCE MEASURES
PAGE 24
Quarter ended September 30, 2016
Infrastructure Technologies Corporate Total
(in millions, except per share amounts)
Net income $ 26.5
Less income from discontinued operations (6.7 )
Interest expense, net (1) 5.6
Income tax expense (1) 12.4
Operating income (loss) from continuing operations $ 48.9 $ (0.9 ) $ (10.2 ) 37.8
Other charges — 0.4 0.6 1.0
Adjusted operating income (loss) from continuing operations 48.9 (0.5 ) (9.6 ) 38.8
Depreciation and amortization 8.7 1.3 0.2 10.2
Adjusted EBITDA $ 57.6 $ 0.8 $ (9.4 ) $ 49.0
Adjusted operating margin 25.7 % (2.0 )% 18.0 %
Adjusted EBITDA margin 30.3 % 3.1 % 22.7 %
Reconciliation of free cash flow to net cash provided by operating activities of continuing operations:
Net cash provided by operating activities of continuing operations $ 60.1
Less capital expenditures (14.5 )
Free cash flow $ 45.6
(1) We do not allocate interest or income taxes to our segments.
2 4
SEGMENT RESULTS AND RECONCILIATION
OF GAAP TO NON-GAAP PERFORMANCE MEASURES
PAGE 25
Year ended September 30, 2017
Infrastructure Technologies Corporate Total
(in millions, except per share amounts)
Net sales $ 739.9 $ 86.1 $ — $ 826.0
Gross profit $ 259.5 $ 8.0 $ — $ 267.5
Selling, general and administrative expenses 93.4 27.6 35.4 156.4
Other charges 2.7 0.7 7.0 10.4
Operating income (loss) from continuing operations $ 163.4 $ (20.3 ) $ (42.4 ) 100.7
Interest expense, net 22.2
Income tax expense 24.2
Income from continuing operations $ 54.3
Income from continuing operations per diluted share $ 0.34
Capital expenditures $ 28.5 $ 11.4 $ 0.7 $ 40.6
Operating margin 22.1 % (23.6 )% 12.2 %
Reconciliation of Non-GAAP performance measures to GAAP performance measures:
Income from continuing operations $ 54.3
Discrete warranty charge 9.8
Inventory purchase accounting adjustment 1.0
Other charges 10.4
Income tax benefit of adjusting items (4.3 )
Adjusted income from continuing operations $ 71.2
Weighted average diluted shares outstanding 161.8
Adjusted income from continuing operations per diluted share $ 0.44
2 5
SEGMENT RESULTS AND RECONCILIATION
OF GAAP TO NON-GAAP PERFORMANCE MEASURES
PAGE 26
Year ended September 30, 2017
Infrastructure Technologies Corporate Total
(in millions, except per share amounts)
Net income $ 123.3
Less income from discontinued operations (69.0 )
Interest expense, net (1) 22.2
Income tax expense (1) 24.2
Operating income (loss) from continuing operations $ 163.4 (20.3 ) $ (42.4 ) 100.7
Discrete warranty charge — 9.8 — 9.8
Inventory purchase accounting adjustment 1.0 — — 1.0
Other charges 2.7 0.7 7.0 10.4
Adjusted operating income (loss) from continuing operations 167.1 (9.8 ) (35.4 ) 121.9
Depreciation and amortization 36.3 5.2 0.4 41.9
Adjusted EBITDA $ 203.4 $ (4.6 ) $ (35.0 ) $ 163.8
Adjusted operating margin 22.6 % (11.4 )% 14.8 %
Adjusted EBITDA margin 27.5 % (5.3 )% 19.8 %
Reconciliation of net debt to total debt (end of period):
Current portion of long-term debt $ 5.6
Long-term debt 475.0
Total debt 480.6
Less cash and cash equivalents (361.7 )
Net debt $ 118.9
Net debt leverage (net debt divided by adjusted EBITDA) 0.7x
Reconciliation of free cash flow to net cash provided by operating activities:
Net cash provided by operating activities $ 59.4
Less capital expenditures (40.6 )
Free cash flow $ 18.8
(1) We do not allocate interest or income taxes to our segments.
2 6
SEGMENT RESULTS AND RECONCILIATION
OF GAAP TO NON-GAAP PERFORMANCE MEASURES
PAGE 27
Year ended September 30, 2016
Infrastructure Technologies Corporate Total
(in millions, except per share amounts)
Net sales $ 715.7 $ 84.9 $ — $ 800.6
Gross profit $ 250.7 $ 17.2 $ — $ 267.9
Selling, general and administrative expenses 88.4 27.4 35.4 151.2
Pension settlement 2.2 — 14.4 16.6
Other charges 0.8 0.9 5.5 7.2
Operating income (loss) from continuing operations $ 159.3 $ (11.1 ) $ (55.3 ) 92.9
Interest expense, net 23.6
Income tax expense 24.2
Income from continuing operations $ 45.1
Income per diluted share from continuing operations $ 0.28
Capital expenditures $ 24.3 $ 7.0 $ 0.2 $ 31.5
Operating margin 22.3 % (13.1 )% 11.6 %
Reconciliation of Non-GAAP performance measures to GAAP performance measures:
Income from continuing operations $ 45.1
Pension settlement 16.6
Other charges 7.2
Income tax benefit of adjusting items (8.1 )
Adjusted income from continuing operations $ 60.8
Weighted average diluted shares outstanding 163.4
Adjusted income from continuing operations per diluted share $ 0.37
2 7
SEGMENT RESULTS AND RECONCILIATION
OF GAAP TO NON-GAAP PERFORMANCE MEASURES
PAGE 28
Year ended September 30, 2016
Infrastructure Technologies Corporate Total
(in millions, except per share amounts)
Net income $ 63.9
Less income from discontinued operations 18.8
Interest expense, net (1) 23.6
Income tax expense (1) 24.2
Operating income (loss) from continuing operations $ 159.3 $ (11.1 ) $ (55.3 ) 92.9
Pension settlement 2.2 — 14.4 16.6
Other charges 0.8 0.9 5.5 7.2
Adjusted operating income (loss) from continuing operations 162.3 (10.2 ) (35.4 ) 116.7
Depreciation and amortization 34.2 4.8 0.5 39.5
Adjusted EBITDA $ 196.5 $ (5.4 ) $ (34.9 ) $ 156.2
Adjusted operating margin 22.7 % (12.0 )% 14.6 %
Adjusted EBITDA margin 27.5 % (6.4 )% 19.5 %
Reconciliation of net debt to total debt (end of period):
Current portion of long-term debt $ 5.6
Long-term debt 478.8
Total debt 484.4
Less cash and cash equivalents (195.0 )
Net debt $ 289.4
Net debt leverage (net debt divided by adjusted EBITDA) 1.9x
Reconciliation of free cash flow to net cash provided by operating activities:
Net cash provided by operating activities $ 114.5
Less capital expenditures (31.5 )
Free cash flow $ 83.0
(1) We do not allocate interest or income taxes to our segments.
2 8
2 9
HISTORY OF STRONG FINANCIAL PERFORMANCE
Net Sales
Adjusted EBITDA(1)
& Adjusted EBITDA
Margin
(1) Infrastructure adjusted EBITDA excludes (in millions) purchase accounting adjustments of $52.9 in 2006,
goodwill and other impairment charges of $818.7 in 2009 and other charges of $0.1 in 2010, $1.4 in 2011, $2.5
in 2012, $1.5 in 2013, $2.1 in 2014, $8.4 in 2015, $3.0 in 2016 and $3.4 in 2017
Note: Infrastructure 2002-
2012 net sales and adjusted
EBITDA include Technologies
Infrastructure
($ in millions)
Fiscal year ended September 30
M U E L L E R W A T E R P R O D U C T S . C O M N O V E M B E R 2 0 1 7
$5
09
$5
36
$6
18
$6
64
$8
04
$7
56
$7
18
$5
47
$6
13
$
60
6
$6
52
$6
32
$6
79
$7
02
$
71
6
$7
40
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
$131 $139
$167
$190
$248
$207
$179
$101
$131
$103 $106
$140
$167
$184 $197
$203
25.7% 25.9% 27.0%
28.6%
30.8%
27.3%
24.9%
18.5%
21.3%
17.0% 16.2%
22.2%
24.5%
26.2% 27.5% 27.4%
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
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Questions