ITRI - Earnings call transcript Q3 2020

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Operator

Welcome to the Itron, Incorporated Q3 2020 Earnings Conference Call. Today’s call is being recorded.

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

Ken Gianella

Thank you, operator. Good afternoon, and welcome to Itron’s third quarter 2020 earnings conference call. release announcing press results. a issued earlier our today We today’s replay The includes about call. press release information A presentation our our through the to accompany Relations the also call Investor webcast available is and on tab. corporate under remarks website on this

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

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

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

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

that presented could making we and These in that because from Exchange call and Form of assumptions that of We Securities Factors section statements with forward-looking. based and current made and Risk call risks differ XX-K the conference in our comments results to this filings release during uncertainties. expectations factors are on and be Actual materially other this the reports are during and are statements expectations will today’s Commission. earnings these and the subject

any Materials COVID-XX In to and operating we environment. future discussed November our a in good impact undertake of and due financial change, current of current addition, forward-looking update may duty our and X, to today, regarding statements to fluid provide are do made faith insight not pandemic, any statements. XXXX, materially the or appropriate estimates company nature of to forward-looking COVID-XX on attempt

the our Deitrich. I’ll the CEO, presentation, turn please X to over to Now turn call Tom and Page on

Tom Deitrich

afternoon, you, us. you and Thank joining Good for Ken. thank

environment. our the and current delivered quarter, expectations safely aligned customers of on continued success considering team to the focus our During results to the third our

$XX $XX revenue EBITDA $XXX You Joan our million. third will performance, summarize was shortly, free million. per cash $X.XX share from to was Non-GAAP was quarter was and hear million. positive details earnings Adjusted but flow

sequentially reflect the ongoing quarter from XXXX, While these the of improving second pandemic. results still

customer consistent not Now brief see customers, have quarter, let me operating with we on our it a environment contract we last continued Beginning today. cancellations with and have and update as expected. seen as collections provide the

continue resiliency We see technology, robust in demand solutions, our intelligence deploy for automation to more grid customers acceleration a distributed data and interest and discussions of forecasting directly that platform, our analytics their our These to robust to increase customer trends healthy efficiency pipeline of opportunities. secular new contributing insight positive and and are it And operations. for a is for business. Riva

As quarter third prior to our bookings backlog pandemic we in were decisions. part delays near-term in regulatory our billion $X.X $X.X XX-month backlog approximately to has and million Bookings noted at approximately in total approximately due slowed in $XXX the calls, billion. bringing the

continue award We book-to-bill approvals full a regulatory our backlog agencies. a the any achieve to required an our threshold contract to and into signed including from year that requires target one-to-one. approximately ratio for visibility Recall and appropriate have of

that for Itron. several in this This and were that multiple as the business of smart previously a to San network the of to Energy milestones the Water services allows SAWS innovation that announced while an a of City and and water announced San and on common can to the power bookings our Industrial Antonio System notable note multi-purpose of community, there long-term the at of of applications deploy automated providing and SAWS, to third Antonio During service CPS a benefit known is CPS and deploy with and present efficiently Things is network an long-term offerings. outstanding to Internet is customer technology organizations SaaS quarter, streetlight continues the demonstration a software we services. canopy. and be with project model city leverage the gain agreement business partnership CPS leading momentum. top and In that department strategy This across scale important deployment reused for It demonstrate

signed with benefit Virginia win-win-win County both is involved. recently for we recurring AEP well SaaS fact, an and revenue. as service utilities a In Washington network AEP’s all for agreement model to utilize in Itron to the This and of as

platform third metering $X.X features that continue when an enabled endpoints deployed safety meters levels announced remote new to intelligence of also that Also shutoff methane many across the with the deployment detection the Intelis with during and paired other performance our and agreement CenterPoint of We deployed surpassed with create such alarms the for as gas for applications enable distributed so downloadable via These integrated be platform. that of quarter, we networks. customer’s safety. million mark our services

in such as proven have for of safety. efficiency head-to-head tests the world real situations customers grid Our theft, solutions, performance applications downloadable against and competitive advantages

operations. steady exiting our third quarter with The to no conditions remained constraints. production Turning significant the

logistics manufacturing Our measures operations. all with factories and to and and aggressive supply field chain running up employee have ensure stable. We currently network continuing are safety in

vigilant are and regional operations. could for that the our local and prepared spikes We disrupt from potentially pandemic

our cost our make Itron is in the asset on we infrastructure XXXX model. operations capital, value in announced utilize project better gross These quarter to strategy we end results. our benefit savings light project continue to yield for our execute solutions strategy margin higher savings third a XX% approximately more and resilient and come. With will with hand the to will off XXXX actions increase supply the discuss to and stronger I and to further $XX focus this optimize our chain. to expected move the by more We support when In to completed call our to Joan quarters now with project, operating in million provide and savings of align cost effectively. designed XXXX. The customers talent, efficiently an to $XX our towards September,

Joan Hooper

Tom. you, Thank

X point, consolidated from needed low recovery summary quarter to Please for a sequentially results. normal our there second GAAP operating While performance. more still financial we is of improved Slide and before back to are turn results the

quarter million $XXX COVID-XX, last decline This in XXX loss by resulting reserves. $XX demand year-over-year XX% or the decreased million in manufacturing an $X.XX primarily and restructuring due in constraints COVID-XX. points a year, The but The inefficiency margin sequentially for product was basis lower X% and Third was driven QX. operating by Gross from from the quarter inventory per $X.XX lower XX.X%, GAAP with from $XX project or related customer year. mix booked share up of increase to year, share the that charge due quarter September. unfavorable to cost last million compares was $XX negative than we was of of late per net caused the diluted income million in announced XXXX net to loss prior revenue savings

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

Looking on from million the million, XX% revenue Networked Device up its $XX Slide revenue XXXX. in Revenue at million, basis. a $XXX segment revenue constant Outcomes company the Device decline a million, a XX% $XXX revenue was X Solutions X% million was from X. was in constant Solutions revenue currency year-over-year XX% million or quarter, $XX decrease $XX a or on second by increasing was segment or currency Solutions QX. total increase of in share year-over-year. business

Lastly, million changes higher prior year. foreign resulted in currency $X the revenue versus

$X.XX $X.XX expenses. year. non-GAAP partially decline resulted our by by EPS the with negative versus had a on non-GAAP year-over-year The items by in QX decrease favorable impact year-over-year. lastly, was revenue a X, On increased margin net Moving non-GAAP interest bridge Lower primarily this as a EPS This share the basis, lower rate Slide share lower unfavorable tax $X.XX diluted mix, driven prior operating tax changes currency resulted discrete a well product and share EPS booked compared lower $X.XX share in as per count was to quarter. XXXX. foreign year-over-year offset QX and by to per XXXX. Lower $X.XX rate benefit And per caused QX COVID-XX expense was year-over-year. due in versus performance $X.XX operating year-over-year in

fall revenue was inefficiencies. of gross to from the discuss Turning points and XX%. down year to by due basis below of XX% Gross through margin product revenue basis due last points Networked related to lower results margin, of was and and year margin was basis Slide leverage. margin the Gross segment mix through year. fall partially prior COVID-XX unfavorable XXX operating XX margin gross XX% margin of margin with gross prior reduced due margin Operating product Device margin operating the the lower million COVID-XX decreased from XX, with the lower XX%, QX was due with the decreased mix. as basis $XX margin higher prior well operating due XX expenses. Outcomes basis than expenses. related Gross inefficiencies last offset Solutions X%. with compared gross due was of reduced Operating business points points XXX to of by decreased margin million Solutions product to $XXX through Operating $XXX as million year, year XX%. I’ll XXX XXX operating was revenue to margin mix. primarily gross points to

X.X this slightly $XX cover was of calculated I’ll governs the cash leverage million to $XXX was billion was the bank Net debt were quarter, equivalents was than third to Please the leverage agreements. ratio at million. end liquidity collections. expected was XX, the credit QX. Total quarter Free that debt than leverage better strong we Slide third of net $XXX Cash Turning end debt. the at and is and and note, our due net which $X.XX differently in flow million. times

Our well net end leverage X.X of was covenant the QX at below threshold. times bank our

the Our has to balance our priority with the fund Cash operations. sheet our since liquidity started been sufficient flexible pandemic. remains conservation

the to million the draw. continue from In draw we improve, October, repay of revolving stabilize million $XXX to have repaid facility. the credit conditions and $XXX we revolver As begun

long-term reductions model, Throughout the mitigating and COVID-XX can hiring that focused of pandemic, our outside to we been in on including While freezes, tightened we our the some services we continue slowed near-term target financial recognize levers that projects. financial impact the we’ve delay progress. capital have discretionary through has spending, control,

made by XX% I XXXX, tax We rate. the to last primarily currently comments versus exception to the favorable the reduction on the approximately no of updates expected items. year last quarter’s rate there discrete This XX% driven full year the tax full on is the with For expect be discussed call quarter’s significant non-GAAP are call.

diligently that serve. to unprecedented and to support will we We through these communities business times, customers manage continue our delivering value to our the

we And this we take are confident target ability we our solutions. confident model. our mentioned, to emerge in of for our Tom increasing will reach As demand advantage financial from remain to pandemic customer technology well-positioned

Now back I’ll turn Tom. the call to

Tom Deitrich

you, Thank Itron turning prior would Joan. highlight On Q&A, final to over Utility Week. to recent note, to a like our I

Energy I ‘s event. Gold-Williams our and like to keynote and First, President CEO, thank for co-host would being CPS of year’s this speaker Paula

We record customers, conference. this Energy the gathering by level X,XXX Award Week us. hosted participants, Itron awarded years, Resourcefulness annually suppliers in a leadership. grateful was and and last three-day Sullivan. has & with the During virtual a event partners Paula’s new with event, worldwide the continued XX partnership Excellence year’s CPS at Held to leading I’m for for Utility our switched for Frost

and leaders experts, we customers, it one The our together and a was industry that we all empowering as must was face, to during share reliably industry’s colleagues work have address timely we could topic services provide wish learn thought theme both continue to industry infrastructure gather been still While normal of important deliver event perspectives our and critical and from to and year’s times. abnormal is another face as to this challenges. It truly innovation.

water, dependent is modern engage safe, critical to macro reshape and remain secure three and we our continue and opportunities that challenges innovation. cost-effective constant water, both our relationship creating innovation societal a disasters, to our so and are industry trends expectations. we deliver and legacies infrastructure environmental and for respond macro with move what state, city leave our reimagine business we and must resiliency, line on utility much trends When manage how you to landscape As supplies for each energy Operator, not please so forward, today, mindful consumers, innovation, and will infrastructure on questions. considerations be it the just industry world These work, is and for more. to models open at can we Thank energy we the But addressed some can we through be our and will Through behind. the us today. must commitment our both redefine completely how future focus companion. joining of

Operator

our Thank ahead. Kaye Noah first you. go Please take We’ll from from question Oppenheimer.

is line Your open

Noah Kaye

the $X.XX with to the color your me my free Good mistaken. assumption what’s tax tax year? start importantly, this benefits? might flow It morning, pull Can ones taking looks, the it around cash discrete correct EPS so I around thinking like quick then how to be questions. a worth got Thanks. if Appreciate impact on, any Thanks. you’re Joan everyone. on you’re a for performance and change? for driving rate few have looks Any feel unless wrong, But that math I’ve does share or that’s about those

Joan Hooper

Sure.

tax Most us a versus quarter. EPS to Spring, we do the and of largest to Spring some one go with It’s that were tax essentially back were start in credit attributes advantage historical that foreign with we little take the bought had booked required take The some Silver share gave and that quarter. our to ability me to refile this impact. it of when acquired we advantage discretes we $X.XX about a QX. last So XX% impact tax of over able let do to returns Silver a

And discrete. tax far that by the largest so is

the terms low. taxes been cash for In very the the cash year, of taxes have

allowances as think we this the deferred affects some on so And for taxes, eventually immediate that about Essentially, we tax able but assets. payment to cash release don’t had it valuation were year. an

would is this And forward It’s – no. very think would rate? large of I booked be we discretes indicative that say, question that go other the The quarter. I this

rate If quarter at the you look non-GAAP this tax actually was negative.

forward is best a XX% estimate So right now. is still the over our going little best estimate

Noah Kaye

that’s Yes, super, helpful. Thanks.

I fourth strong number demand know bookings approvals year. historically that a Tom, to there perspective. that there’s math, the think Again, turning quick to pretty I still just be doing the one-to-one from mean, maybe heard for bookings, of you timing here would lumpy I the to get So and we book-to-bill have And shot for be to mentioned can regulatory quarter. some

number is that high XQ of So good up that would low to kind say in probability put Or could probability slip fourth a or into is just chance a there maybe XXXX. the a it quarter. XQ

Tom Deitrich

Thanks, good. Very Noah.

have to decisions it. the contracts. the way depend go few about it approximately to target is on think up at will one-to-one. the is I think we But finishing it a regulatory us year in do our visibility and It some for to come

with And least of towards. So time back that’s it we’d to at couple know, is the fourth possibility. still of, about short and your look, I record, the to a unheard drive numbers good feel but have done bookings my a having absolutely a past, what Relative that large don’t quarter years we’ve comment in we at not go being company. during

our real products awards for hunger So is discussions, technology. on a and is it on based based customer and

Noah Kaye

quick How been tell water introduction. the it resilient, on Very that? and that beginning it and materially? the Is growth water seems in time relatively to seen have municipal Could American you awards check us contribute that meter during at to good. be tracking North a future? pandemic sales are opportunity a we’ve in all product And seeing one, meter maybe your good sales and one for

Tom Deitrich

in future. customers it’s business, of the comments, business relatively part Even my area about different it At talked for in I lot are excitement opportunity the still but a that pursuing little of material overall. small a growth of have a be ways, overall prepared some an can it Certainly, bit this we is point, a around. the

certainly the is model out and County, the pretty load it underneath where and our examples grow the being to the in in couple to think network community. Washington things excited has we’re multi-purpose CPS and future. network there solution people whether using Antonio that AEP about. It We in are be It electricity to helps water. that, and into and of lot having San that cited multi-purpose room a able I same So the a something would electricity notion or gas that of a SAWS cost-effective read and of with

Noah Kaye

you Okay. very Thank much.

Operator

from We’ll James. Pavel Raymond Molchanov now take Please our next go from question ahead.

is line Your open.

Pavel Molchanov

Thanks the for question. taking

essentially the a six work utilities have the to result for patterns levels? point about case talked labor metrics are months, where to physical normalized and pace you’ve due last social Are slowing can distancing So there as pre-pandemic improved any that you of to of precautions. have utility studies COVID

Tom Deitrich

I So that Pavel. can one. take morning, Good

virus that the in about it utility lines more installations, cases related. helped that the I that continue having we’ve are spread terms seen overall, of see of point in along starting can to can of we of utilities France, in Northeast. plenty to restore parts we – things nothing But restrictions think there’s to

know don’t be a in do they there for and customers customers But point. cases possibly our desire to of is carry to with safely to that home work types to full the to in that something is this outside about done in projects intent returning So the where we able is ever do as hold. allocated as on when continue back talks installations see What is on work. see direction of can. capital pre-pandemic that that are move be I our would levels we to I point to ongoing

Pavel Molchanov

the the worsening second last surprise. lot mix European the in of severity XX from a of on of the kind noticed the impact terms COVID? days of wave lockdowns just six to obviously, shift activity by probably people weeks And last of of four any among specifically either has or revenue just taken the Europe, a in follow-up of that, in you Have

Tom Deitrich

continue QX, remain back saw difference tremendous two notice had a European relative you don’t in as adapting And the we can. improvement a sure month as are keeping in we in our and business way safe support had we Europe. operating will as our or situation continuously factories to within cited, between closure nice that we the customer’s XQ our the behavior, and in and employees sure to factories We of we sequential and XQ open can are as we’re way but but last we mindful about that watch to good The we you terms the make well as making customers. we about and feel diligent our protocols

Pavel Molchanov

much. very Thanks

Operator

take Kallo Please go Baird. question from our Ben ahead. now from next We’ll

open. Your line is

Ben Kallo

Hey, guys. Thank you.

of So, that us hard what it’s model Joan, parse because to you and mentioned you remind is? the If like have declining just the for had and with target everything COVID time reducing the could – shuttering all we’ve deal then that. guys I me to that were and during at you costs And guys year. same and you margins look that factors out things while integrating

And what like, XXXX? away longer trying that that there, we I’m to target. or Thanks. And then [indiscernible] of so or the think does next square when do about and longer all that year term XXXX target, term that with margins then

Joan Hooper

Yes.

me Let start.

is target the the model getting level. So mid-teens Day to model that represents and the the last we it year, showed at Investor EBITDA

the timeframe margins showed had X% that as we range flow of to a X%. percentage associated XX% a and range of XX% XX% was EBITDA in in with the cash what revenue of So gross free to XX% to with

to of the prepared model. to still we progress on strong expect remarks, in how slowed certainly out the it’s discussion top-line but soon it be, will right. of our not we mentioned in that achieve right I in XXXX pushed too to recovery tell is It’s the XXXX as potentially ability our terms based think what Is XXXX. for that obviously, the COVID-XX So and

that shooting to by the we’ll Day right. were are the when actually our targets If asked that to at to you achieve. segments timing the it be deck, target go showed has segments. are pushed Those our able being again, of the But to still Investor achieve ratios that

Ben Kallo

just I guess, follow-up a there.

I Just all, – pricing people that that’s networks seeing at on are about? you worry pressure think something

Tom Deitrich

for our a see market, when I capability a multi-purpose the to Ben. the downloadable what morning, feel applications, enables of add technology. Certainly, one. in additional competitive the Yes. applications more it city to well has with to is that but future marketplace. buying plenty to can we interested being smart we with We very tend customers tend that it good automate, in take do capability do something network, data but about Good are use very able

the I think we don’t relative has and environment feel changed about on great that So networking the to front technology. pressure our pricing

Ben Kallo

Thank Great. guys. you,

Tom Deitrich

you. Thank

Operator

from We next now go & Please our Osborne question Company. Jeff take Cowen ahead. from

Jeff Osborne

in above questions morning. back Couple regulatory quoting activities, end. wondering verbally Hey, past, you if programs awarded being I sometime booked, a but of on being the through things what my curious come that approvals of the coming just end. just or that just maybe book-to-bill level was characterize is? I your good the assume I to by might you One, were could level the newer was one, activity But we’ll the be of

Tom Deitrich

a we’re job would back of more towards that’s into grown around number one. little pipeline into more appetite slower. the North in can I period. take little doing new this discussions technology, Plenty behind quoting a of said changes network, discussions has That a pre-level, the to their better overall. Asia-Pacific lot pre-pandemic lot demand during the quotes. is Relative America of a of advanced around the being network levels. EVs, new forecasting that is and activities around be Europe integrated time in of discussions a at terms definitely bit incorporated how understanding renewable that

high And new gas the our priority a very is On again, for for lot customers. a safety that generates us. opportunities of side,

Jeff Osborne

the touch you obsolescence what that? to drove that or great Was inventory for an on hear. of can or Maybe FX element reserves? That’s Joan,

Joan Hooper

I inventory. of say shut some some we mostly up related went some that the from factories We And and ended it down COVID. most of was shutdown demand therefore, would for predicted is have the factory the the of ultimately excess not segment time it with at is would Yes, devices in prior restructuring in products to our some we down. the reserves

Jeff Osborne

your lockdowns France, then the have is UK, Got it. a we last and past in you markets that that exposure heard recent over week like the How And from should be just month? customers, you what – for Europe the the impact other that have about given have the think to? or two, would things

Tom Deitrich

Sure. It’s still pretty on us so are pretty been a all We’ve of deliveries. customers. touch it. still beat fluid, full our counting to fresh get and in They with make on to difficult

As I commented rest earlier, watch for we’ll to the factories are have brand we it through quarter. new open is and as but a exit running, of something that and the

Jeff Osborne

but Got million October. it. to in surprised it’s $XXX Joan, the of One one It looks you that one for million if cash without $XXX I to was to it, sneak have $XX quick you’re back paying hear hear already like could great see revolver. in I had surprised million

$XX you you minimum So of about? taking comfortable cash to that Is feel $XXX down this a to Would would take anxiety million. there sub you level million? feel that down

Joan Hooper

Yes.

clarify. me Let

So we’re we $XXX million million. with revolver. the paid million, so quarter of ended the $XXX included the at $XXX We $XXX million, which

entire that at had end of if have $XXX So we back you’re correct paid you the would QX, the million. revolver

hand. change to operating to doesn’t of we around payment revolver cash of that, on that have operate would the $XXX Typically amount. So million look kind

Jeff Osborne

Okay. Thank you much. very

Operator

We’ll Tommy Please Incorporated. go now next from ahead. question Moll, take Stephens, your

Tommy Moll

hear me? you Good questions. taking good morning, Can and thanks morning. for my Hello,

Joan Hooper

to we able now, – can. not we’re Tommy,

Tom Deitrich

Yes.

Tommy Moll

you Good questions. taking for Thank morning. my

Ken Gianella

morning, Tom. Good

Tom Deitrich

Go ahead, Tommy.

Tommy Moll

you help is ball what I calibrate us top if ask as can crystal with the best could know wanted here. to we hazy acknowledging today on you line. So

low-single a you’re get higher So think rate inflecting year? growth you kind should COVID get think still for about run that this as more versus compare the rate the noise, right out when we it, maybe to we beyond XXXX? total excel – When revenue? XXXX broadly company about to then if can we look is how type Or think you if should maybe of to about CAGR in answering comfortable XXXX, we

Joan Hooper

that. take me let Yes,

expectations in rate. we really any call were our quarter Normally, for don’t to indicate have provide will XXXX low-single XXXX. last our February growth So update digit guidance for we did We that.

of of would deck run to and year the going of kind Investor last with recovered. I’m In rate completely terms tell I point we’re X% should be the revenue like you would X% is recovery target operating model enough complete. be recovered, you to in but that to completely look when not normal the what a Day once CAGR, that revenue was good to the

So know but now or further no I XXXX XXXX, don’t gave if on that’s call. comments we XXXX last what really the versus on for

Tommy Moll

fair see then that this give press the insight above indicated from and the in on should And on you enough, the bulk margin restructuring, earlier line. which Okay, thanks. year segments can release Any it the program. the biggest gross of us would hit benefits you the

Joan Hooper

Devices should see the largest impact.

Tommy Moll

that in in QX Or year? of view now? Okay. the is And should trickling rear or we expect charges most through next any more

Joan Hooper

which detail the of booked $XX and think about provided the We million of $XX between is amount we million in Well, $XX QX. total charge, I million.

the between for now remainder and the the by come will end in So of part XXXX. most

Tommy Moll

you. turn I’ll it Thank Okay. back.

Operator

Please ahead. go take We’ll Securities. JMP Joe Instructions] now one [Operator Osha, next our

Joe Osha

good everybody, Hello morning.

Joan Hooper

morning. Good

Tom Deitrich

Good morning, Joe.

Joe Osha

past that different tracks little are of the sort questions municipality. for of if right. how or talked the manifesting spending in Tom, kind just here different COVID you, rate-based way looks a about look different just the would budget I’m you’ve Two process first, does the for those through for wondering in same? everything operating All end versus procurement something up

Tom Deitrich

say bit overall meaning a and trying internationally to normally more municipalities, of little bit to understand about will that from little sort working despite in care resilient a customers environment. continue seamlessly a processes kind see large a is think how customers small in to how think difference situation, that U.S. say are seen a I of would more from water of things of their convert We’ve departments, smaller terms home. in to the struggled have customers that larger I state and procedures the tend operate. even be customer work to investor-owned home grids we the bit utilities terms more the in

procurement of So to push down of terms you little process portion in aside. That’s that we’ve our their tenders. tends but seen bit a new that what business, for slow the

fundamentally I question rather timing feel interest business something than strong about. think process. in we the and it’s very good the alters automating that very interest is that in processes something a new The technology,

Joe Osha

Okay, gotten would less your follow-on up know that whereas or probably – we obviously local as and assume that that, – thanks. state Then I have regulated the where base a budgets if utility rate to to well though.

fiscal sort on those do are of So to governments decisions? you might and what beginning rumblings of see states to municipal constraints of some any their

Tom Deitrich

being would say call would now They issues terms regulatory I where pull that the different. noise as economic to anything new of commissions the reticent payers the to rate want pretty to project. to anything Everyone early a know consumers is trend. that there are as some an of hard would see don’t where start project of I it’s a to out there’s that out long-term different, broadly. increase But given stop in cases seen starts. cautious that approve a being is being and materially to have too right We’ve I don’t say

Joe Osha

Okay. Thank much. very you

Tom Deitrich

Thanks, Joe.

Operator

Deitrich conference no Mr. be closing additional to turn to appears it remarks. back moment, or of further for you, questions. the any time this like I’d At to

Tom Deitrich

off all. finish cross win. the the trends navigate thank again, well-positioned Very is leader. will are speak and good. feel a to We and Itron a for joining you well-positioned I Brian. we thought longer-term Until Thank everyone great near-term have about you, thanking with to chance technology today. as

Operator

Thank That for today’s call. you participation. concludes your

disconnect. You may now

Itron (ITRI) 2 Nov 202020 Q3 Earnings call transcript