ITRI - Earnings call transcript Q4 2019

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Operator

Good day, everyone and welcome to the Itron Inc. Year End and Q4 2019 Earnings Conference Call. Today's call is being recorded.

For opening remarks, I would like to turn the call over to Ken Gianella. Please go ahead.

Ken Gianella

operator. you, Thank welcome call. and fourth XXXX quarter Good to conference earnings afternoon Itron's We announcing earlier release issued press a today our results. The today's call. replay information includes press release about A corporate website this the Investor is through our webcast under presentation tab. also the our is available on on and Relations to accompany call, remarks

Tom today, and and Chief Officer. Itron's Chief Senior Executive the call Deitrich, Hooper, President On Officer; Vice we have President and Joan Financial

operator remarks, we using will open to call questions the prepared the the take process our described. Following

turn financial Safe I our please over let remind Tom, Before the to presentation call you of Harbor non-GAAP our and statement.

release financial overall non-GAAP financial understanding measures our earnings are earnings between on performance. information the current financial our differences enhances future available Investor and in believe Our presentation and Relations website. of Reconciliations release and non-GAAP that our and include of we GAAP

this statements are We during be call will that making forward-looking.

in duty differ to Risk forward-looking because are uncertainties. release statements Actual and during Exchange assumptions call and We today's in and comments These the that and and could undertake Form filings from other current any the expectations this earnings the based made risks and are factors discussed materially subject these on results with Securities of our Factors section not Commission. do to XX-K conference update and any of reports statements. expectations,

and the call turn the over I'll turn CEO, please presentation four our Tom page Now, Deitrich. in to to

Tom Deitrich

us. line you thank joining with and We results XXXX afternoon Good for Ken. you, expectations. with ended Thank aggregate in

EBITDA $X.XX $XX cash million, earnings a was to million, performance, moment, was summarize $XX but our million. will non-GAAP adjusted quarter You revenue was flow from and Joan fourth $XXX per share free in hear was

our the by XX $X.X in to backlog $X.X and primarily billion. Solutions increased total a quarter month backlog bookings, were brought record at fourth which results our Network continued segment. end demand the the saw to we strong of quarter, In driven billion These strong our

to million book-to-bill were X:X. quarter of the over in achieve $XXX ratio year a bookings Our full

of our Solutions segments. quarter We with fourth pleased Network coming are bookings our Outcomes new with XX% from approximately our bookings performance, and

continue segments. We with in Outcomes a our continued Network and ratio X:X approximately of bookings to XXXX, towards Solutions rotations anticipate our in book-to-bill

high us in our turns predominantly year, impacts business, we an While Device gives into expect visibility backlog do the our our record Solutions segment. easing which

to solutions also We and resiliency, Itron's based reliability increasingly reduce Power. of deploy customers in longer guidance robustness safety, operating Department and Water are solution will recent project to Angeles as in and see grid in trends announcement with term for LADWP our improve investing costs. our Los our Both XXXX. evidenced of automation distribution enhance contemplated these

network the progress business. on of year, partnerships through points, of customer in have By strides we've success of expanded our XX we our reflect past I and footprint executing continue our made many increased operational areas performance. --new innovative made new offerings, strategy, cultivate in our our As meaningful to solid

the increase market while than During XX Solutions revenue outgrew two our year-over-year, XX% XX% connected shipped increased points, Network of projections an more which is XXXX, we year-over-year, which end by times. million

the cities and intelligence distributed in Itron communities success. customers' enhance a data throughout continued more soundly our and relies for efficiently. to outcomes partnerships serve monitor product environmentally analytics, investment in to on and and on our they innovation leader Our solutions and new From utilities focused enabling growth networks delivering that is manage

well expand alone. of ecosystem over numerous past to made with continues Our the XXX over announcements month partners

value-driven Bidgely business with we electricity that dual-fuel unlocks recently announced cases collaboration utilities. and for example, For

that installed retailers coming advanced disaggregation base endpoints. will and utilities unlocks global efficiency Itron's is energy secure consumers enterprise experience. and insights This global from metering infrastructure, electricity artificial pre Bidgely network, intelligence satisfaction partnership with customer an analytics whose firm enhance programs, their to and integrated of will gas enable to low increase be data application improve with access, next-generation

in Day cash a our laid margins Investor to on path on and performance, Moving presentation, focus our operational flow. to XXXX increasing our improve free we out business with a

would on continue brief like to we update. that now As journey, give a I you

made committed was This XXXX, announced the the significant project focused have American operations. completed our and primarily Silver integration year, past We we progress of that our was on former restructuring Networks Spring North on in projects. the which

to our manufacturing we factories. global have global and drive efforts front, beginning our across the centralized On procurement are leverage

active existing and prior our plan, manufacturing in the on still Aligned are our contract and continue primarily Europe value and on which announcements, Asia. thoughtful to This to we of in are into plan restructuring focuses We our products of firms. subassemblies executing will both outsourcing XXXX. operations engineering products XXXX

improving successfully finally, in our the expanding increased segments unique and And we opportunities and Device operations Networked reorganized that the business customer segment Solutions, visibility success. and to our Outcomes on focus for revenue, has growing margins Solutions each

and are results continuing segment. Solutions, recent are this we Device transform with In disappointed to

are unprofitable products. programs, strategically drive to and working products accelerate while sacrificing customer not We new quality, devices, support to exiting regions on and launching look process. We continuously global platform-based existing these in cost the towards nor continuing ways our down for

growth company continue lumpy drive to can that in total margins solutions Outcomes in higher prioritize product Turning will to customer be schedules; are mix Gross margins. Solutions investments to to Networked we due our and accretive however, and they and segments margins. deployment quarter-to-quarter these segments, customer-focused

both and up in beyond. XXXX Solutions for points revenue, the Networked anticipate basis and than In we more XXXX, our Outcomes to combined and of previous Solutions grow contribution year Outcomes to and Networked XX% from almost continue XXX segments the of

value confident towards updates hit targets to forward potential our all forward look near-term to is creation for as there stakeholders, am and make business continue our we operational as to our and we needed look progress longer-term XXXX, work providing will to to I still While progress. accelerate we

and outlook. hand I it XXXX to Joan QX will discuss Now, off to results

Joan Hooper

Fourth is $XXX of X% on continued growth million Networked Solutions results by shown on are GAAP consolidated slide quarter six of slide revenue results non-GAAP increased year, summary A driven versus segment. Tom. you, the and Thank last in seven. shown

year XX.X%, booked expectations. This basis the lower as points and due was than product as our last XXX Gross this to mix a prior margin from customer one-time content year. than the adjustment year, for software was primarily well lower higher and quarter

While performance driven our revenue from was in was customer shifted that primarily quarter by in XXXX. the expected, than it fourth demand QX of better

income compared or $XX share to share. net in share, or earnings $X.XX diluted the million per per net $X.XX Moving was year. of with income $XX prior GAAP million per

for Non-GAAP income or diluted EBITDA or Adjusted was quarter Regarding share million. non-GAAP X% net million, $XX $XX per million the compared was $X.XX per with operating income was $XX $XX share, or $X.XX metrics, XXXX. of non-GAAP revenue. in million

on and Total constant slide on company the fourth revenue X% as a or currency currency. Device basis. X% X% to revenue X% quarter grew in Turning decreased bridge reported Solutions constant eight. year-over-year revenue

Water growth saw Gas was we more than shipments smart the in EMEA. lower While and this by offset electric markets, in spec

as Networked in revenue growth increase of The by increased Solutions currency. driven connected continued was and constant in XX% endpoints. primarily reported footprint North America our

to customer in addition, approximately very have that one-time which revenue XXXX the X%, quarter reported, X% Outcomes year-over-year. due constant of and The year-over-year currency. customer in adjustment. was strong first In increased Outcomes demand Without adjustment a decreased decrease from growth. resulted revenue into as QX, some shifted would

nine. EPS Moving non-GAAP bridge slide to on the

product with in had operating costs non-GAAP prior impact operating Net and share, development EPS a was per diluted QX prior $X.XX increased share versus negative Our $X.XX the by due year. to the savings. partially compared was offset expenses, non-GAAP restructuring This per variable compensation, driven $X.XX performance by higher year. higher

per $X.XX last XXXX per year-over-year. added expense share decreased EPS higher QX by year. tax rate interest Lower share The $X.XX versus

of that recall the And negative to to a benefit decrease lastly, an audit may changes in the share rate XXXX due count one-time related in a $X.XX You the from FX and prior was year. resulted tax increased QX settlement.

through decreased margin to gross discuss to margin and Solutions the QX of decreased now margin of well XXX million, X%. the basis and compared with XX% product margin with XX, mix as slides gross of expenses. results XX business segment, due year. Device points fall-through the by was $XXX unfavorable basis Turning as prior operating revenue operating to Gross due higher lower I'll operating points margin XXX

just was our below expectations, Device to of is profitability segment's Tom key performance product in business mentioned, both inefficiencies and the our a the Improving priority. the mix strategic Device due As operations. international

XXX year due was last margin operating below year leverage. XXX mix. partially Solutions basis prior $XXX in points was million of down was gross pleased to of the We revenue customer XX%, Gross to Network product fall-through year-over-year which very improved were basis revenue with XX%. from Operating XX% lower with due points the gross by margin was margin segment. this margin growth the offset and

endpoints continuing share footprint foundation Solutions outpace for market come. Outcomes gain our our for in strategic decades strong to segment Growing the a priority. key of a we to segment, Networked By our Networked and are establishing remains

revenue XXX with margin booked basis $XX in expenses. year fall-through QX, approximately gross customer offset been Operating Outcomes Without XX%. gross higher have points of points segment of last margin would by driven by Gross in was than higher increased adjustment XXX margin margin the basis Outcomes gross million the XX%. partially one-time was year-over-year. margin the operating XX%,

business see performance continue We the we and model on scale. as performance of operating working do quarter's lumpy growth. reach segment the ways revenue are to indicative of this and until Outcomes We scale our to improve not accelerate anticipate do this we

times. million was was quarter net were $XX of debt million to equivalents which X.X free of million million. slide quarter. cash flow This decreased million to $XX fourth $XX $XXX $XXX the end after were our at to Turning the schedule. debt in XX, made the of reduced Total fourth leverage and Cash ahead of payments

to year-over-year decline in $X.X exchange to in demand. entire spec level, X% growth X% offset an revenue constant billion growth This basis. currency currency X% revenue increased Total Now foreign Solutions growth of a in smart a driven rates was on the in company X% due lower At year XX% by partially quickly total Device changes increased slide and Solutions year-over-year on by Outcomes. Networked recap and XX.

for was the Adjusted year-over-year. full $XXX Gross And $X.XX million full more per of $XXX higher was than XXXX. XX% of cash the share XX.X%. earnings EBITDA was double free for million margin flow Non-GAAP performance. than increased year XXXX's year XX%

anticipate We in to per be be XX. $X.XX on billion full and $X.XX non-GAAP to the year range per year guidance Now, moving share. to on slide of the to billion between to share $X.XXX revenue $X.XXX XXXX XXXX earnings full

single-digits. color some Networked or our Solutions above low of anticipate rate guidance. segment the revenue XXXX the provide growth The grow The We To our in performance. is to higher-than-expected on revenue range XXXX. guidance market the at and Outcomes from midpoint in grow dampened revenue by slight growth represents to XXXX XXXX XXXX the

to mid-single-digit growth this be shipments Device Solutions continued easing by business partially expect a smart offset in We driven turns the of by our lower our spec decline and business.

is our share to guidance. Turning per earnings midpoint X% growth. year-over-year The non-GAAP

our continue from to half improvement will the initiatives XX be to see expect We improve gross of from We operating more full the to benefits and XXXX anticipate weighted this margin performance. XXX year. basis points between second year towards

assumptions to guidance XX% between euro a average $X.XX, are exchange a for rate outstanding Other rate dollar non-GAAP of U.S. full approximately foreign $XX.X shares XX% year currency of million. and to the effective tax

we earnings than year. our over Networked business we doubled XXXX. improved and XX% flow pleased performance grew more financial free were In with overall non-GAAP XX% cash We summary, the our share in from previous per Solutions

do a have to still we of lot XXXX to achieve our strong full work a potential. Despite

XXXX, assess and cash each generate As growth, to higher we margins, to flow. accelerate improve free we performance segment's enter continue

Tom. I'll Now, turn to call the back

Tom Deitrich

Thank you, Joan.

still As we progress we made more mentioned, while have do. Joan to have

our business achieve performance to continue and will segments. We have to each the long-term actively in the map potential our drive road of

on initiatives over Before social reporting multiple I highlight a the and our in or In environmental, improve are it in fronts. currently making we we to some to would discussed XXXX efforts our several I are to governance have of like initiatives completed XXXX. report, with that to hand prior moment ESG corporate underway the of strides take Q&A, and sustainability

we and by efforts. our XXXX, customers solutions improve greatest ESG our refined work to our to ensure with their the have look planet identify operational can key of we and reach have align continuing Itron our on strategic, with where Over our the to our stakeholders year, impact expanding and success. working past better approach forward In to to

our out with people partnering of Itron resourceful the is There to more our safety creating life, with XXXX to globe. and dedicated will due stakeholders improve in in enhance and report sustainability a around the more the come promote corporate world June. be well-being key to quality of

Thank some you for please for joining our open the call. line Operator, questions.

Operator

Noah go [Operator Oppenheimer. at from Please our ahead. Instructions] take I'll question Kaye first

Noah Kaye

Appreciate afternoon. questions. good taking Thanks, the

a perspective? in to XXXX. then Anything did guide to than you about related should some So nice free about more looking XXXX, out to payments revenue from restructuring we at how XXXX flow? And call You say, think job thinking flow about Maybe anything in cash be the cash past doubling moving in Joan? a cash how would that? cadence free think

Joan Hooper

revenue Yes. looks now linearity From pretty the perspective, right a even.

roughly So half, first QX, the the QX half second and same. is same roughly even

pretty of based linear timing customer So on the deployments.

is from In nice flow, $XXX XXXX actuals. $XXX somewhere cash terms have million, free in of the growth estimate million of range to still the I'd so

Noah Kaye

supply then very comment That's chain. Okay. just could helpful. And on if you

part with of if you're any in the lot a China impact anticipated recently talk you press could coronavirus. not insulated baked from in have that? into -- over passes your seen Is guidance? or why on You've supply for happening what's And about in tightening that trade somewhat because chain

Tom Deitrich

terribly here. take thus overall Tom one. chain. but moves lead of From of terms Noah, minor I an nothing in times far significant on perspective can that couple would supply the seen that have Sure, we a say I

tried outlook, is macroeconomic we difficult be situation and predict we've mindful as On But virus overall to can that very happen. day-by-day the very, the it's as to coronavirus will what developing about situation.

something supply macro to certainly we'll don't to a for. China have of in we So as perfect necessarily will watch base where There that and a have purview it's go that fair a amount as is out the the is result. environment

Noah Kaye

more that. Okay. could I in. And appreciate one if sneak I

your mentioned the outcomes rotating and bookings are the in customers. remarks, more complete You prepared by of being more towards networks just procured solutions

see or wins how new some you just or in the second-gen benefits of for are And starting wondering refresh is quarter potential there? that much business? announced program the to You've so, deployments significant past but

Tom Deitrich

of be see terms second-generation first-generation solutions. American that market during market in North people onto in see Yes deals some I'll continued that but the likely We types lot and are large continues of are of investment quite coming opportunities say we resiliency, of to definitely meat maybe definitely time. tenders the terms where in of new little all by pipeline a reliability, further is. XXXX are types out to robust the Certainly a or close of through. the strong the are of There AMI safety

for AMI I the consumer think of of kind do part an leverage So just data can on to what even beyond you situation customer the else building the engaging with operating enhance the or with the value itself.

Noah Kaye

Thank you. helpful. Very

Operator

We'll from Please Robert at McCarthy go Stephens. take next your question ahead. now

Robert McCarthy

today? How everyone. afternoon, are Good you

Joan Hooper

Good. Thank you.

Robert McCarthy

the that a about darkness. above growth I'd lot expecting saw rate the you're a your of Solutions kind Good. rather comments above-market first a gives question the the I and that XXXX? you kind just around conviction that of Maybe amplify light And timing of around than average could that. why you confidence in since guess curse little bit candle Networked strength talk in you

Joan Hooper

Yes.

of So the itself. couple script in mentioned I the steps a

growth for the so million. market. XX% million somewhere the So also rate year full was QX than revenue overall clearly some into QX. range mentioned from I the $XX $XX to much The of of shifting that between is about stronger

were expected would So deployments we be in QX. that in again, QX just

market. expect to at the XXXX, to above Networked As grow we continue we business at or look the Solutions

continue if taking ability And that to feel and you our about numbers good so clearly, offerings again, and XXXX very we're our grow. we the in market share look at to

Tom Deitrich

may is this billion that $X.X have from Rob you coming into that pretty and saw up QX. the add in what backlog year side. significantly from backlog two maybe meaning a I If XX-month that's my Yes. we or thought The

related there So, good business. sequential that quarter-to-quarter that, the progress three-quarters about backlog and of is plus remember let's say Networks minus or to

and So the AMI it customers we've we pretty on doing portion got good and is deployment and of a side big visibility lot a see beyond.

distribution an is pretty grid we to reliability also For strengthen of area applications see that good types the growth. the of automation

Robert McCarthy

results go not targets I or want talk you it's maybe Help just going nuance those this could Great. of kind we about -- out you putt there? But as maybe fine these if and path, you the of to around -- of circle how tougher a and looking the what's some to ring-fence, audacious you're you guess get And it. may kind or and you're around kind don't. how about XXXX that and are us down And thinking goals like then the recent square do guide there. follow-up a how your but with

Joan Hooper

Yes.

provided is I'd obviously, XXXX. not updated any thing first say on have we The numbers

we the have accelerate Day. linear to be in to Investor our that XXXX. just that the where and from growth line still careful XXXX were expected going. backlog be in so about XXXX that's a And the again between knowing to very are schedules describe that in And are talked We the that fact going in on numbers it current based we versus we and deployment XXXX. Day wasn't Investor the are XXXX And XXXX our somewhat versus muted customers and then fact,

nothing piece which far Networked the our perspective has Day. fundamentally of business from by versus So changed the systems, biggest Investor is of

expect Outcomes again, them grow. we to still

but mentioned on we script little is in the profitability Devices that a bit business. see margins in the improving still plan for we improvement As behind a plan, the

Robert McCarthy

it your now. leave there time. for Thanks will I for

Operator

at Please the Joseph now take go Securities. We'll Osha JMP next question ahead. from

Joseph Osha

taking the question. Thanks hello. for Hello,

what putting reflective a filter on of I'm tighter Thanks. trajectory a as business for that are lower-margin look follow-up. were from aggressively we're have just you're seeing perhaps business more that? you at than to the the business walking a I of all And or away Device Just you part do wondering, maybe minute and there.

Tom Deitrich

Joe. Thanks,

kind little markets really think in business big is easing fuel a you still in side I countries are is coming growth deployments of what sluggish to of the is definitely certain which some of share Certainly, The to bit are started. us factors. lion's On of years come back that things, new those see a expected the that an to Device the European of combination get the for in bit are results of the a end. market to

products, continue of that back That think pruning progress geographies improve the factor market and disappointed more products, So reduce certain portfolio around engineering we'll the of to and on look the front, timing. cost certainly we'll results. we outsourcing Value I have things menu on to for the are in look certainly, bigger ways that you been the to is continue referenced. our said, at as stepping from and the to

Joseph Osha

Okay.

pruning guess another are So then I saying we're It to I was you I some is going follow-up like to the given elsewhere see selected question, but portfolio part to then. me of that sounds you ask want of seeing here? what opportunities

Tom Deitrich

time to talked over out of based we same growth activities that about the a do yes. about. types business. that Without so years bit line more shrink exactly a doubt, I on expect We The the in We're top that talked back after ahead the as frame. business Investor profitability Day than really of

Joseph Osha

to of answer that I aid changed. hardware devices task addressing grid I this interesting some one whatnot. I've And doing devices, Okay. has question resiliency and the just in more this really line want companies sensors then asked and are may if There see there out if before

it sort this get I'm want as to you you looking said there didn't -- resilience? after But that see of devices non-meter me. you. that, into emphasis do at You're And we on grid Thank could that. more we for more you out you hardware and other come wondering see see to that's previously

Tom Deitrich

and pull the we a our see out value to it. of in definitely From standpoint, tremendous Sure. insights being able data

target that looking things as we're at we're our definitely our So our goes business portfolio, towards Outcomes interested that growth. in is as for

full to partner solution. network. really the very that sure make Today we But a we'll a solution to are we the likely we we said, bit that provide the through be to continue need tend case. quite top can that to that opportunities to leveraging bottom That look have for more data complete is and the comes to mindful

Joseph Osha

Thank you.

Operator

[Operator Please Instructions] We'll Molchanov Pavel now Raymond James. ahead. from go take our question at next

Pavel Molchanov

not mean, of for Why the do Why I bullish running Thanks solutions clearly SaaS software suppose. question. is? you is taking ramp especially the expectations? I adoption been below that the think has utility

Tom Deitrich

say the by that results impacted would quarter in I I our fourth the adjustment that Yes. about. were talk onetime did certainly customer

said So that the the when of continue growth the that certainly precursor drive the that's one more space, do would expect for to on in is business. Outcomes to to of invest is we factor business. to portion We that look growth for we to after some our see Outcomes really growth That want side on the Networked but at. see

on It time advanced a certainly that. and digest piece takes tend customers of for their of of to services a solution the top grow new bit to

does it exact So it lag timing. tends to be a customer bit on based lumpy slightly and

I relative component the in leading states capitalize America a Outcomes to business which now. for right in will growth a is in regulatory regulatory to There to watch, the future. or one indicator key in performance-based think continue to fuel will be the favorable definitely that this. North see the couple a of environment SaaS And the able to to being We continue rates tailwinds

Pavel Molchanov

to year-to-date those table? signed And days. I you and barely you've software, the couldn't Can help deals in the Innowatts XX alliances software three GridXC, Bidgely, will of noticing three bring what in context partnerships capabilities explain

Tom Deitrich

meter a think system point you're computing starts as we a talked roll that on where question. be distributed an from a that important. operational out responsive We have solution I approach of solutions engagement that I'll capabilities the from to deploying can Making back consumer generation application or out, the view. directly able is The the pull that marketplace incredibly is insights then for based we before, in download and to but catalog an into full Sure. looking current and sure of intelligence, an products are your of this you about be bit a edge up today to and

we're path. to kind detection place assurance things. electricity up match in overall, partnerships interest load on There's interest to that revenue interest solutions. demand see There's of And that in is lead significant disaggregation down signing tend of better types demand of a types in today efficiency we theft or part an the Ability program some the through utilities. that of significant energy response and another supply pretty the

of as things All really that is that kind base of we types into downloadable into the we're of what the step moving those are environment of app future.

Pavel Molchanov

Appreciate it.

Operator

Next question from Jeff Osborne at Cowen & Co. Please go ahead.

Jeff Osborne

guys. been Hi. you is us margins between update questions missed of Most but much I can up might gross Spring sure OpEx? but are XXXX Good Joan the afternoon what or the Tom, tranche Silver I have it mix on and I asked, restructuring? wasn't have the is an XXXX XXXX but you think give and round from how said the done, still and the

Joan Hooper

Yes.

So are you're Silver correct. XXXX We done acquisition. basically Spring the with

savings. annualized had Regarding about two-thirds through of terms million about way the savings. of that $XX plan, talked we the We're of XXXX in

expect shy over sorry, gross we of a and that's roughly COGS XXXX so OpEx. split -- growth XXXX in and And margin $XX XX-XX would little and million incrementally

Jeff Osborne

within there Got and regionally? Gas out you talked Can devices quantification any better. serve? basis talk of on seeing the it. bit that about a about different you're a technologies what you relative could being And is Or you just way Water you flesh then any

Tom Deitrich

your question. understand you are sure more asking Make I And devices specifically on or macro?

Jeff Osborne

can more the helpful answer. if into macro that thinking but layer as devices, would be well was I Yes. you

Tom Deitrich

Sure. Sure.

you. Thank Okay.

in script comment specifically. was clear, Joan's to around the Just be really devices

that But environment. me that So a make out parse back step was let sure take macro the clear. and

it lot investment beyond AMI of definitely strong in We environment. are be pipeline kind to new strong. things The business a in that see America. see North of tends an tenders We of

resiliency, types safety of American in North kinds utilities. So on and the consumer engagement of increasing the interest reliability, applications programs of part

be Europe tends slowing bit. to a

that is related. Some program of

it in bit macro turns saw towards for Some the in down in -- of and to XXXX in related. definitely that the slowing a our XXXX. the the of We more slow that comments outlook tended year a be contained in of to Europe activity our seems the Water end earlier about was slow segment business bit

Australia to in. fairly kinds of we we it's where can high are small and see wildfires obvious utility we there's and tend applications that the to is those from tremendous and a selective where we manage detect ways finding on markets markets Again, pretty about some piece of play in better also have interest we some an applications And Asia-Pacific, one think as minds. be markets big standpoint we In certainly and area people's that participating there. our being business in help. which safety-related a that AMI an technology that's

So mixed go flavor some bag of I you tried to and but give as you across globe, puts the the takes.

Jeff Osborne

-- of that still is I I but format, technology an And update as development Riva wasn't the last had was done? is just full That's I then Or in itself last the where Is are had I it up Tom we FPGA that itself? on helpful. question think launch. Riva and you gear for sure the ASIC Xcel the

Tom Deitrich

case. of is protocol terms No, itself. that's the some no. It's ASIC-based today the in indeed the That endpoint in of underlying

covers. year of announcements the were little maybe past some the that a bit Over the below

We legacy hardware Itron the we've well across to started that side brought do Spring it capability Gen the we Riva have as have that capabilities same X broaden convergence. a taken from platform side to the as on the out as and same technology we so on Silver as that

ASIC-based today FPGA-based. not So

Jeff Osborne

Okay. you. Thank

Operator

Tom conference are turn there any appears to the to for closing Mr. further Deitrich, I'd no like or time. additional back this you at questions remarks. It

Tom Deitrich

Thank you, good. Eduardo. Very

some -- way. XXXX So that thank you with everyone we the there. forward you and set the for joining our of excited into XXXX you We're about call. along To results what as make we leverage were we had visibility our progress to that have and Thank largely we have summarize, expectations that updating and in all. minuses in were we inside took away line pluses look the

Operator

There will of available afternoon. replay today's be this audio an conference

concludes the by of You your call. today's the with X-XXX-XXX-XXXX dialing www.itron.com. go for a company's This passcode or replay X-XXX-XXX-XXXX or can to audio participation. you XXXXXXX website Thank access

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Itron (ITRI) 24 Feb 202019 Q4 Earnings call transcript