ITRI - Earnings call transcript Q2 2022

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Operator

Good day, everyone, and welcome to the Itron, Inc. Q2 2022 Earnings Conference Call. Today's call is being recorded.

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

Kenneth Gianella

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

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

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

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

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

forward-looking Materials to Exchange insight and update our with reports to any a our current today, duty in any not other Actual call and We and undertake forward-looking are future risks expectations assumptions will made XX, and discussed XX-K in that we that are section on statements. release that statements in today’s from made August materially were appropriate of Factors forward-looking. during change presented to factors Form comments These company uncertainties. the and could of during making the to Commission. and Securities current filings comments statements and All call, are based these and expectations are conference or XXXX attempt and environment. do financial results estimates good Risk of earnings be our subject this because the provide may differ materially this statements operating and faith

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

Thomas Deitrich

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

EBITDA was was up Joan $XX Adjusted $X.XX, $XX million. here free was was overview brief earnings per a quarter. will the Revenue from hear details Non-GAAP quarter $XXX shortly, share of You coming but and second flow million. a is cash million.

five. slide to Turning

Our approximately were million second a for X.X:X. ratio of quarter $XXX bookings book-to-bill to

agreement outcome grid quarter's is New and is AMI This performance FirstEnergy combined solutions network Jersey distribution by supporting Corporation and their their for provide a territory with data management. our network. FirstEnergy's with highlighted to for partner operations key efforts Itron modernize bookings an

streetlights And finally, analytical just for performance. Berhad pleased SESCO record new to the that have total which company. backlog billion, a our examples ending a of announce for long their selecting and operational also to our level are enhance offering for up control Malaysian their a record of month savings management offering vision market of for the expansion existing content Next, drive applications services, of network be will top give critical and will solutions leading electricity reliability assets. infrastructure streetlight control and will be the periods. example an city our also during Ohio especially AEP and an a XX Syarikat network-as-a-service These of is response footprint, bookings They new which we across driven of in the will to on deploying solution operational deploying billion, greater territory. $X.X our to of AEP Utility, backlog enhance their other AMI, few are demand the smart and Both agreement Itron's peak improve insights $X.X with management

second provide on some operational six. Now the quarter. insights turning I to will slide

outcomes and in backlogs the continues quarter, Networks our bookings is on we apparent bookings Outcomes drive solutions, particularly be continue of want solutions on our demand As to are from our new strong based and Most segment. our for bookings this backlog and and market the our applications precisely the as are These we of intelligence. that software distributed analytics higher-value for by enhanced network focus generation to latest type network business.

our demand is revenue focus. These products to have we While proactively sharpen non-connected by reduced commoditized to continue approximately year. the and decisions our R&D our segment for million versus device year-to-date prior offerings strong, prune $XX

do and margin solutions near they manufacturing accelerate term actions revenue, move into an impact higher growth focus While on our to towards model. have and these asset-light continue

I constraints. revenue give business. an like reducing. gate update anticipated to this Next, impact impact first We would component on to continues half would supply supply our Semiconductor our the

second we revenue quarter component improvement we are the Network Solutions. with of shortages in last analog supply persistent components, quarter, year the the level constraints our of disappointed for anticipated to we progress since make conditions for which back and materialized. not While by on half continue call semi particularly associated Particularly, the have our yet the gated for

into our earlier supply suppliers modest XXXX. at our The We not easing we and second component sufficient meet pace the consistently head by constraints the half growing improvement and a during year emerged demand. anticipate existing incremental in as have in signaled half improvement second currently to

such We in product redesigns, to control building secure channels that through appropriate when are efforts available. as continue and prudent actions take our inventory supply and to alternate multi-sourcing, additional

to impacting the on actions cost we price Finally, performance and the are taking our give you pressures some offset and I insight like to inflationary would operational them. inefficiencies

inefficiencies due quarter Our and component uncertain input constraints. was second and impacted margin to by gross costs increased evolving factory

availability streamlining component made temporal and years. pricing will few manufacturing improve we more a have and These continued combined our costs factory strides Some the performance with reducing and operations as will ongoing our supply are reduce utilization last improves. moving actions component efforts, overhead, our asset-light our model in towards Structurally, improves. to margin model supply of as these operating

quarter hand second detail. will and more to in cover outlook our updated to XXXX Now results I off Joan

Joan Hooper

full I provide second then an outlook Tom. the will results the for year. and update cover you, quarter Thank

Please just Tom As results. for supply a to of quarter our impacted slide mentioned, shortages consolidated be results continue turn to summary component pressures. second and cost by seven GAAP

to in to XXX due basis network revenue QX's segment. to gated supply by quarter rent. higher was points to per last last shortages, year devices by component decrease $X.XX per over $XXX XX.X%, $XX QX supply was in by prior declined constant the particularly or in or year-over-year constraints, lower-margin compared $XXX with impact. QX lines. of of ability the of than Second $XX $X.XX continued year was limiting revenue million slightly lower versus million, similar demand, customer million costs offset GAAP our gross our manufacturing loss XX% approximately X% the driven The meet or product million net the and exit share due loss a of share year.

share. Non-GAAP on was per was $X Non-GAAP income for income million, $XX EBITDA Regarding eight. $X quarter non-GAAP metrics was slide or $X.XX million. diluted net the operating adjusted million

revenue to Network segment business Outcomes last Device impact and due on shortages. revenue XX% growth Solutions million, a constant $XXX on lower million the certain a nine. product was a X% licenses. decrease segment was in of $XX reduced basis. $XX million year. the in decline Looking slide currency was our was component to by or Solutions the product due exiting constant business The America. prepaid The primarily the at year-over-year impacted decline in ramp was deployments of constant year-over-year be business year-over-year mechanical including we segment in gas significantly by currency and Solutions as in $X business. increase Network $X European growth million, new continues The currency networks sale our deployments. lines, or C&I our X% North million, The the in Outcomes revenue in was to of non-communicating in $XXX our million to delay Revenue software versus decline by or decrease a

versus prior Lastly, lower million year. foreign revenue currency changes the resulted in $XX

on slide EPS year-over-year bridge to XX. non-GAAP Moving the

Our had costs. in QX non-GAAP had EPS share share, a was diluted operating and component year-over-year tax down resulted impact negative $X.XX performance impact. a negative $X.XX per input rate by $X.XX the the interest lower due expense a profit, $X.XX from to $X.XX higher Lower higher Net a and per gross year. shortages prior increase driven

and due basis lower points XXX XX%, of prior points million compared fall-through discuss Gross points the inflationary related inflationary profit. XX basis year. to of the inefficiencies X%. improved lower the due XXX basis an Turning The due $XX million fall-through declined with points offset was Network with the due margin decreased OpEx. last prior with results QX of year operating was to segment. within higher pressures XXX basis basis declined to revenue by margin gross primarily XX%. with cost margin manufacturing to segment of gross $XXX revenue revenue R&D was gross partially $XXX Operating lower margin Solutions margin to due of gross investments. to basis increase efficiencies component from Outcomes margin operating was to XX% the points constraints. of operational slides Operating XXX and to was due by year lower margin, gross pressures. decreased this XXX The margin the Outcomes gross of cost points than million business XX%, I'll Solutions year-over-year. margin Device through XX increase XX% XX,

Now were same was the and year. due timing liquidity $XX of EBITDA million period turning year-over-year debt. last Gross to flat million in in cash Free flow lower primarily XX. working X.X end of capital. million. leverage QX. was debt debt $XXX end at million was the remained times the at million. the $XXX at quarter I'll was and the with slide $XXX compared second second net the $XX The of and Net equivalents quarter Cash decrease cover to and

XX. the Now year outlook slide on turning full to XXXX

the last provided of assumed remains February half to improvement the year. guidance year. availability environment which will component component a XXXX significant our continue revenue Unfortunately, of the in of original supply constrained, the Our second this the in limit half back heavily

latest to average This in billion anticipate full XX.X revenue of to of be impacted share the $X.XX a inflationary of to non-GAAP Earnings approximately will billion $X.X revenue outlook previous guidance $X.XX updated negatively updated billion of lower inefficiencies. a as shares we $X.XX the view This diluted this share. results for per $X.X outlook range year the supply. anticipated year. now factory billion $X.XX outlook in by well fall-through $X.X in costs $X.XX as versus versus per also Our million assumes range the of XXXX continued reflects provided to EPS February. We full and

are the XX%. tax a the rate year, rate foreign We of effective full currency non-GAAP approximately euro of dollar to assuming exchange year and in U.S. half second a X.XX of

the by are supply we to will that While expected, we end situation start are continuing year. improve than constraints the of disappointed anticipate this very longer component that

as to continue improve, their fulfilling start customers deployment begins We will demand. deferred availability gradually to the will schedules. realign our And we supply

I'll Tom. Now the back turn call to

Thomas Deitrich

Joan. you, Thank

now disappointed we second improvements component year first As we half to into with supply by the solutions the the at of during the discussed, constraints modest for are and and levels. half pace the of is easing the at persist XXXX. our then record expect improvements demand in during end

growing our these as is any expect we macroeconomic other do resilient and nor slowdowns. cancellations against backlog customer seen not have We constraints

We best closely provide our with to schedules. to continue work align to customers project the visibility possible

new call to XX. to I our benefits in close published Turning slide we by the ESG reports proven and June. would like highlighting

Our ESG that services accountability embedded the program of of is stakeholders. our DNA our sustainability, key and diversity products in and support

efficiencies, in reduce emissions reduce and drive solutions Our risk, assist demand. consumer directly managing

We improve solutions and continue develop our that customers sustainability to enable to conservation.

dedication to for services a the and products some only today. is more for today line entire significant us world Our the open resourceful joining motivation for please Thank you benefit our will future creating for generations. not but questions. as Operator, company

Operator

first Instructions] Cowen Company. take our question you. Osborne [Operator & We'll from Jeff with Thank

Jeff Osborne

your that wondering when wanted locking good what more Do in analog have was just in you'll XXXX I redesigns. potential around to reliable the look additional mind suppliers into Hey out dig capacity from and or that I as product getting you we you're guys. have assurances date into supply any semiconductor supply? you're more hearing morning, issue.

Thomas Deitrich

about back incremental in a today and that And Yeah. not setting improvements year. get in side, a of you multi-sourcing little combination outlook some bit of then the what putting also are from off through improvements of see The areas. in our that's our fall And the in that what outlook sector. that's us other suppliers year. we heard plus talk It's there's indeed, half for on the redesigns of suppliers terms capacity Certainly, demand is place. we in gradual

on. some off, is as the But see the other some instability was which demand suppliers shutdowns And in what term run. impacted and the fall the in very the some put our near-term for to hands but room other impacts quarter, we China the our very, added strong, areas for associated want definitely mix well. the some longer trends in with of to their there improvement Our of of that things that makes we components are In indeed, from second short into that's place. portfolio tend

Jeff Osborne

Jersey, progress ones. good to On Got Two hear. the Energy New quick other see great first, on it. to That's there.

sort Ohio metering. FirstEnergy partner territories New primary their beyond other historically think recently you a Jersey? for case the I Have rollouts of been jurisdictions filed in AMI

Thomas Deitrich

a is ours, territories other longtime FirstEnergy in them would of we absolutely and with broad customer as working anticipate well.

put but approval. resiliency what you is in regulatory confidence the As side things on backlog our what contract, look happen. don't anything of until macroeconomic know, real that's forces. like we our One terms customer in And gives a signed is two us other and backlog against other will

So continue in a to to broad us I look would FirstEnergy for support sense.

Jeff Osborne

get pace of Or Can and walk license there it the terms piece have it to on some you the think is bridge - on it's then Is trajectory? my recognition? just you the particular, a just is of of revenue network Got in in slower a more rollouts evolve other side, both timing investors what's in competitive around I impacts the growth to of myself occurring last outcomes been and the issue one for through, mainly slower that dynamic? I'm that. just expected. outcome And it. trying bit particular, to the than

Thomas Deitrich

that's in Yeah. we general, new customers up timing question. they is do Happy And deployments. what really and everything when it to into a is when adding office see our to it installation our in view of back it. from of so. In and while from network, point that stabilized, the nailed you project, started Good takes preface set new your there, a solution, services. It get applications done, little they a their get get incremental integrated

more our network in COVID things, initially, that covers, all the long-term our right we today sort as tail of with through and delays, and long we use business. assets see bright said, past, since long conversations in of the have of component given of So some of with customers, in now out. rippling things then we of the terms customers agility the discussions just and given our operate still a some for underneath supplies. pushed slowdowns customers but how believe volatility very good seen which have world side Outcomes hunger the plenty going are on how has future That they for their some regulatory That real rollout in

Jeff Osborne

for Thanks clarity Tom. it. hear I to great appreciate That’s the

Thomas Deitrich

Sure. Thanks, Jeff.

Operator

question You Ben from will our next with Kallo ahead. Please Baird. go hear

Ben Kallo

Hey. Good morning, everyone.

is like So year how just going chain supply thinking end about the How the those big kind catch expect constraints the you by talked constraints a next follow-up. Or it eased? year, get like alleviate like have I a we you are said of a up? when the of Joan, Or is it do guidance. think I when ramp, into about And ramp-up? gradual ramp you

Joan Hooper

Yeah.

supply support need production ramp. Our A come a obviously, the of is would to gradual the in be of that capacity, then, harder and catch able very the our and up customers. the need And quickly. installation course, of impact of constraints timing as you of first capacity component and all, that's primarily we suppliers, more is the so need, number to catch our Obviously, become play. it's to to our the hands supply deployments. to up into factors expectation it has of available, their gotten bigger, bigger And customers

a a view snapback once gradual recovery. So in supply chain It raises. it's our the any recovery is more not way is

Ben Kallo

worry your said backlog, future deliver? and can just hasn't about Thank think decisions. change the about impacted in your what customer and with Tom, you. people it and has prepared there I And you been in constraints ongoing the any deals this, talks then any you But any remarks

Thomas Deitrich

is no of relative our that flow. product. the hands course, place you soon around So it deal the to for generally, in in But beyond have supply like. projects deck that are as on side. not what behavior terms go front. horizon supply get begin regulatory the recovery cycle any any in looks approval new eager on the the Customers correctly backlog today, on the is components we're stated, we the put can or And seen through chain changes what conversations we get Clearly, terms recovery. eager to as we're and No, proper cancellations concerns to customer in customers of deliver as to around of of there to

thinking in side. today volatility supply any the based more do to customers no the way, are on hunger order world customers. valuable real, only about, we that their is the they things very And So technology change of obviously, but which strong. in our the particular business for our projects in The the all outlook, due makes do for very on

Ben Kallo

it. Got And housekeeping. just one

do that the that. it how the Analyst you've far talked about just think on as was about we business digits or correctly on think mid-single something think do about I Thanks. top at year, you like exit what down? decline side. device sales the Just from we you back head line? -- the Day, into know so How wound as next I like done we just the so calibrate But that and

Joan Hooper

Yeah.

quarter guess, sale in So back we business. think roughly business the about was if that the - C&I business. $XXX annual the gas million you I That of in fourth mechanical announced

it we So only for two year. of owned months this

quite you a big of impact gives that year-over-year. terms So in

In that pruning looking the active and profile businesses that have addition to were been we sale, exiting for. didn't just margin we've certain that

at quarter year-over-year. is look you you year-to-date, at or devices if look So significantly the whether even pretty down

FX It's fairly the for function those exiting them. of sale the sizable is If and out, business which really businesses. of you a of take the

as year historical next kind for opposed appropriate more is year this for devices. for to number rate run of the any So

Ben Kallo

you. Thank

Operator

with our question Harrison next Piper Kashy Sandler. We'll take from

Kashy Harrison

thank taking and my questions. you for morning Good

strategic So one. just maybe

quarter it impact China that when lockdowns. they had Zero of and Trying suggests not more the getting more adverse policy. and that this given a another And like on seem just to of COVID keeps committed business feels matter You every unfortunately if. the whole iteration the to pretty shutdown an - is COVID which infectious, indicated

is, any so way impossible? chain the or my is there question that And basically is to diversify China just supply from away

Thomas Deitrich

asked from I away our saw our to we've chain what pretty The direct into China which parts from It is dramatically. we two there you supply suppliers cycle, question an deeper the - impact diversified supply, that there's was think the in QX. is

So buy. that you that not that the ongoing? is for long-term and really about of diversification about. talked I it of we in Is semiconductors, semiconductor part stimulus the frames semi some point of view lot government news from trends, are even that is all think directly of lead Absolutely, is, a a which

to time time, So absolutely will but that bit suppliers take lumpy adapt is a do out does little it that as is for our ongoing. I expect even work it over of things. a bit

Kashy Harrison

maybe or question, a follow-up my few a it as my long And earnings was just Reduction The week, next weeks period. few any you question. last been law? can discuss Act Any it's you. was Thank potential - as a upside ago, becomes announced impact maybe Inflation or thoughts several next years from any bill, to over reading business? if the this any But bill your the impact you look

Thomas Deitrich

Sure.

some a of that in signed number think I read of there's some we that on products have. legislation, and that still process the So directly been pieces

of had significant involved investments, read that's something part we Act interesting still Inflation which helpful the studies us. infrastructure, boost growth the is load energy, some customers infrastructure on you in resiliency EVs is probably this have of have the investment its outstripping it. no dollars I we most growth many we mentioned the of most Reduction certainly, IIGAA participate piece doing. out investments on of in EV matter clearly, the capable And any grid So you EVs. are clean some recent we is the which of billions of that water is EV projected amount that's And because of throws through or that are that or IIGAA, And hundreds build in indirectly places two in. are on. conversation in working grid this that's way the from third far latest decade have that The really start the with and distribution and at says also if what how there party look grid for any with next the many, the

exciting that government something will for driven customers hard us part to behavior, So consumer is work our driven the that to is just something through, we our of a provide for whether by and read be going that we on and it it's that products or by customers. to is investment

Kashy Harrison

you. Thank

Operator

next take We'll Graham James. you. with question from our Raymond Thank Price

Graham Price

good Thanks Hi, for morning. question. taking the

I see was guidance, So was previously, looking from revenue on full what like I believe off, your guess, first just we've reached it the the wanted full the already you assumption embedded year year, is expectation there for million the component revised to $XXX at but the said impacts it mark. shortages? looks that

Joan Hooper

Yeah, that. take let me

So reason revenue is revenue came I guidance, situation. to about if guidance supply the entirely the down think due the

indicated, we second So things the in first the original when in that recover as then happened. the guidance, you a hasn't and we half unfortunately, couple drastically hundred of half. million thought And would gave

than it the clearly bigger So be $XXX million. will

So each. both $XXX QX and were million over QX

year-to-date. So we're million above $XXX

better to a as script, expecting about get through 'XX, we it QX gradually expect we improve. so we As each the little QX, talked continue things enter to better. that and And be we will in bit

be than and decline. So the for different that's expected, reason it quite we will really the really

outcomes. is versus half Networks growth the most of X% by comment Ben about half the implied by growth. from of segment If earlier there's half second the devices. about devices, supply. first first the you to half at midpoint the look the It's is to constrained really networks the second not guidance, kind had and And

continues you'll networks So see as gradually to that up. improve, pick

addresses question. that hopefully, your So

Graham Price

QX. my rate Should then dropped clear. that's lower assume and costs looks G&A this Got QX it. to both it like R&D that I And continues? we follow-up, run with guess quite a Yeah, from bit

Joan Hooper

when for issues of our be think constrained. OpEx. XX% term of be to XX% timing general, to There's long the In heavily continues some revenue, you obviously, OpEx has target kind revenue but always going been to about

shortsighted control will to to not improve over for temporal is here continue to shortages because supply our in it is half. half what the be And going full My a is to expectation reaction anything second for the time. pretty we and first if knee-jerk OpEx We discretionary and do last look in the close spent it we'll will spending, current the at you below we're year -- but year, slightly what year. be it the

Graham Price

Got it. Thank you very much.

Operator

Thank from We'll next take you. with Morgan Instructions] [Operator our question Thomas Stanley. Johnson

Thomas Johnson

is booked. Question month the XX what's does already thanks. billion Hi, strong. XXXX, backlog a imply number. bare on case $X.X just Obviously, scenario with very It reasonable for

the of could it shifts what that? in type be backlog? through scheduling improvement to get for of Thanks. to there just give month kind current risk of from thinking us chain you So and to be an helpful 'XX, profile that of XX would us that is assume overview supply just Or

Thomas Deitrich

is place XX month dependent that The in $X.X demand supply. if that in component is the really billion Obviously, and on backlog the the is will, into revenue you transition, of today. Sure. true picture rollout

what is As of of the we've the tend really is is constraints first into still year get profile ahead components back sequentially XXXX. of exact compared then us. The to signaled, and going we think that to ease to half component supply in better

the in than to it's customers aggressively strong, to going pleased the what response work customers. our as about talk We're details that we of and the other demand early is So extremely backlog obviously, like picture little with as can revenue. closely look as suppliers and into XXXX we're the with a of would

Thomas Johnson

more the Thanks, that's on one backlog. very helpful. And

to with for contracts give quarter long-term us was on of some it, how customers I sense second the a contracts. billion, you of comments $X.X half revise to of of out to the call guess some the prior willingness priced, given dated of Just prior much that pricing XXXX? going - just can longer the possibly

Thomas Deitrich

will, itself profile. in total billion roughly is constantly you a XX the of about profiles roughly that the way backlog $X.X to if it four-year think The That's through. and first $X.X about the of billion that with it months. period backlog, The is rolls

through. re-price the we much we working all hard look of ongoing the have the indexing that way XXXX have. obviously we've as been to You'd can. the is been existing But at process Since re-profile it time we contracts, to that and frame, backlog have would an as

look at to near-term our knowing four-year it get a that use the all profile it's through cycle would the that I turnover and through about So to way backlog.

Joan Hooper

and overall, was The around - would the assumption question think, given margin, guidance it inflation pressures say, margin that our into the year, and Yeah. I built I an takes is a this is for get the half similar going that the is what our a as pretty that the while to end the through percent. pricing to our margin first to assumption year pressures

Thomas Johnson

I’ll back. and response thoughtful pass the for Thanks it Understood.

Operator

with Oppenheimer. take Noah follow-up a from Kaye We'll you. Thank

Noah Kaye

so continuity terms tough there. today. Europe. our been of in to ask be heading I a and that's energy around a question bit into up operational coming with in a you around But supply we're really waiter discussions mitigation companies. It's in of jumping much. And the Thanks very want planning We could some

about utility concerns So for thinking be either you you how Any about, that? I thinking customers guess frankly, that? with have are should for or full we their dealing that hands the may

Thomas Deitrich

Good to most in business Certainly, business. be our question. turns-based Europe of tends

backlog the than in we present do less is in what it America. So North

Water been the a we example, bit now on things. be and last of did side our given do has more tends the we divestiture in in Europe year, gas predominantly to most For stable what water electricity of that activities.

that energy to has but decisions something the in European better some theater. prepaid that her making slowdown of ways the energy world in is given We have for based consumers seen, and solutions prices for interest is our in they think people in of watching that and earlier out can business the some their we prudent But referenced The overall. customers Joan efficiency returns-based because comments, this do on for the affordability help us and increased this.

to support continue the But our do. water would what less is that lining being affected, silver we'll be customers of piece we ways So going forward. perhaps which in

Noah Kaye

out? just then end talk share you And endpoint applications If wallet that endpoints, at you bit seeing inflection? kind you point? DI so, Perfect. managed a continue wallet those to But about this for Okay. little trends on would provide KPIs metrics You points. can with Are trends? any call what per of are the share where

Thomas Deitrich

We definitely distributed see increasing interest intelligence. in

So being an into this applications mix using grid able activity. capability people notion are download endpoint, that side a is of to how

rooftop a resource or them detection distributed the solar which they management uptick interest are energy dramatically. a definitely demand where the see the in is peaks energy to ED of help for looking So pretty increasing opportunities. behind grid, understand response prices as detection significant We cost battery in meter,

So reflected another a with of customers. both areas on into the of on part through bit interest to help of tend network takes the from side, of as that those to interest. key outcome that DR and I the but is time, earlier, Both our those mentioned the in backlog. us indeed and for increased area are is It the backlog operation,

Noah Kaye

guidance the more. at book-to-bill revenues, exceeding Maybe being book-to-bill. presumably I In that's than call, X:X year. prior could cut least one just Great. if one you or for more the sneak with I the guess in a on on commented

exit we how and Just the any on year? terms book-to-bill backlog in of the exiting where on maybe expectations year looks the the

Thomas Deitrich

of very we directly solutions they that their with the that question. in things operations. provide we in reads are customers types continues keenly on as The interested pipeline Good are struggling the have The of it rich. opportunities

as impacted is to being term result, us. We be continue number have for not the off on bookings based issues. component a seen availability to strong near And book-to-bill

for we're a could definitely good but lumpiness Okay, quarter-to-quarter, some looking bookings have always year. you

Joan Hooper

Yeah. we X.XX:X half. where we if in look were [ph] I first you the are at mean, year-to-date,

to for hope would certainly the So be full pipeline there's But in there's said, year. one there, as about. above optimistic of things the Tom in lumpiness we're but lots some

Noah Kaye

much Great. Perfect. the questions. Thanks taking so for

Operator

Mr. the any that like remarks. turn for back question-and-answer conclude And to I would Thank you. now or conference today's closing to session. does Dietrich additional over

Thomas Deitrich

all. of the today. couple forward truly it, and I us Thanks, updating Well, everyone I for thank we you in appreciate to joining next look months.

Operator

today's conclude you participation. thank does this your for We And conference. all you. Thank

Itron (ITRI) 7 Aug 222022 Q2 Earnings call transcript