Operates within the highly competitive and fragmented water industry. Exposure to cyclical nonresidential and residential construction markets. Relatively limited geographic diversity, with almost all of its business based in North America, and more than 80% in the U.S. Some customer concentration with two distributors representing more than 20% of the company's revenues. Good market positions (generally No. 1 or No. 2) in niche markets. Continued expansion into adjacent markets, such as metering and leak detection, provides additional growth opportunities. Credit measures that have been historically volatile given fluctuations in earnings over the economic cycle. Debt-to-EBITDA metric of below 3x and a funds from operations (FFO)-to-debt ratio of about 25% through fiscal 2018, which provides some capacity for a cyclical decline
