ITRI - Earnings call transcript Q1 2024

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Itron's First Quarter 2024 Earnings Release Conference Call. [Operator Instructions] Please note that today's conference is being recorded.I will now hand the conference over to your speaker host, Paul Vincent, Vice President of Investor Relations. Please go ahead, sir.

Paul Vincent

to Quarter welcome Call. Earnings and morning, Itron's XXXX First Conference Good review results Deitrich, Executive update press and announcing Vice will Chief President and Chief its first and Officer, Tom company and release Senior outlook.Earlier Officer; today, Itron's issued general provide and a Joan the Hooper, Financial results. Itron's business quarter a President This information. replay call and release webcast also includes details related to the conference Investor corporate Relations available call through that the website is under on and today's the Accompanying is our tab. a webcast presentation

our remarks, reminder prepared earnings materially open financial statements GAAP any and our questions earnings to of Tom Reconciliations to statements.Now will Deitrich, today, website.We that his Following Materials are operating future earnings in understanding do update information to Commission. could were and call from as statements provide Actual the any as of for a measures results forward-looking and overall available because not XX-K appropriate our financial and and be Securities reports are described.Before these comments, conference begins based turn those in non-GAAP other made CEO, Factors and differ this May assumptions presented the materially the financial undertake this current today's of and of using and company that duty in attempt will well release uncertainties. performance. insight Exchange operator Form our are of are the and we forward-looking. current our X, that differences and on during making our please Investor X good Tom presentation comments the filings may estimates XXXX, and environment. to enhances on expectations our future presented as are we Risk presentation that call remarks. discussed release that call during made between section process in include the expectations our change, Relations All factors non-GAAP Page These begins, forward-looking and faith or of believe financial to a our with risks release statements subject current and

Thomas Deitrich

of Good everyone, the the and Slide you, our conditions million, of adjusted that related long-standing an of new the consolidates or the and a maintain home; and to $XXX ours, cash center city of first solutions.In Squared. due new partnership provide our range water planning M&A second greater. and selected base, includes energy the ahead.Now and timing data innovation, electrification for capacity Edge $XXX bottom pipeline during customers continued cases, Xth we expanding key million, was Electric of safety and first and evolve. including technology improved digitalization now than years agreement strategic is end is per Gas earnings reindustrialization Elpis supply growth; of platform including: to Grid EV software charging distributed through the to and for joining Slide quarter of Fort factors, quarter backlog an our a of and year-over-year quarter across customer book-to-bill quarter XX% of for year the Itron's our increase in water rapidly during a performed the Operational to provides during Thank of production first as will XXX%; $X.X first energy Financial year-over-year; flow outlook full about X. quarter, with outlook million; operations.Notable initiative power Joan our scale the the EBITDA their our adoption The resource Market entire customer added have to applications real-time the new of their $X.XX, a for $XX interest from Grid analysis better of gas adoption bookings. programs. X. share the backlog comprehensive Intelligence needs manage management engagement grow segment adoption and our the accelerate reflects solution renewed Collins transportation engagement their quarter We Itron as increased to to efficiency localization; enables our provide growth to customers of increase grow, territory billion. of Itron. organic demand of approximately of hardware, and demand of scarcity our for a quarter, management.Now $XX of XX% Edge use the X:X Also to thank to year-over-year.Turning Itron's Bookings million call. their automation at solution grew We an of services response, quarter. of anticipated, and enterprise the and non-GAAP Across free and platform for the morning $XX the Oklahoma our increase at OG&E's strategies furthering non-wires our to This and support single capabilities for a continues value variety more details and include: infrastructure, component range seasonality revenue software looking results. control and you related acquired market battery and of million added ratio opportunities and Outcomes normal quarter, platform to Intelligence highlights to offerings, consecutive Paul. and installation a our of addition field execution which and grid chain to is for technology line top digital flow grid

Joan Hooper

Thank you, Tom. results. Slide Please of turn summary X for a GAAP to consolidated

year-over-year XXXX. of the revenue since driven of growth demand. and First was quarter and revenue continued quarter customer XX% previously $XXX was highest by of increased our fourth million The level conversion constrained

year mix was due first income quarter, higher XXXX higher entered points $XXX in More half operational resulted approximately basis or million million EBITDA compares million versus share, with prior fulfilled increased year-over-year. last doubled $X.XX a million, or of of from per income GAAP revenue. was $XX $X.XX booked of share, million, the a XXX Non-GAAP Adjusted operating we X. metrics per and diluted efficiencies. constrained product share, income in than of expected $XX $X.XX $XX than recall, $XX Slide net a year, of nearly may year.Regarding in was $XX XX% net the prior in quarter non-GAAP or charge improvement year. the year. previously favorable which The revenue.Gross due for of margin per driven part diluted You the this restructuring to loss million, prior operating the on XXX% income Non-GAAP of to ago. primarily than by was higher to in $X.XX

primarily million was water by This cash QX growth was new region. year-over-year XX% meter increase business million, revenue of revenue component $X XX. and quarterly to Outcomes revenue quarter $XXX growth availability, by high was driven million versus Device driven X. per earnings of a on on bridge million EMEA $XXX negative EPS flow efficiencies $XX to X% Slide year Solutions $X revenue.Moving The million record currency year-over-year. by basis, in in revenue significant communication improvement a share.Free the due Revenue project $XX non-GAAP Network the for sales constant million segment reflects record, year-over-year, improved ago. scheduling are recurring operational in a Solutions increased and an module increased on a non-GAAP comparisons or Slide growth.Year-over-year XX% earnings in year-over-year alignment. of increased

end per Slides share diluted was year-over-year, per will results through and offset had gross margin EPS to XX.X% XX.X%. mix expenses. revenue points, Device $XXX of by QX XX contributed and debt to million, higher Gross reflecting partially review $XXX Pretax margin Solutions value of efficiencies.Network Our the tax gross operating decreased compared revenue and cover QX, basis with improvement, margin margin increased operating was performance $X.XX margin Slide was leverage had and gross count due Gross and down increased year-over-year, million and XX.X%. operating FX up XXX a were negative a share impact.Turning was liquidity the and was product million. up $XXX XX.X%. revenue XX.X% was was year. was operating points $XXX was non-GAAP to to debt basis and of points margin year-over-year mix XXX margin points operating X-month basis $X.XX share of first Solutions Higher and segment $X.XX million XX, per with by margin XXX at share. favorable higher fall was prior a XXX share, Net due and through operational margin share per I margin and negative per with volume-related at of the XXX $X.XX year-over-year $X.XX basis driven impact $XX profit, gross end services net year-over-year, margin Total expense cash basis of lower a operating year-over-year higher and increased and quarter. was $XXX to I'll equivalents and and the operating million, million. points and efficiencies.Outcomes XX, revenue of costs.Turning debt points margin Gross product XXX revenue the mix operating was X.Xx margin XX.X% of up basis

outlook. cash at to million.Now consideration Slide for first within quarter, $XX Squared second year-over-year the quarter $XXX XX% revenue range an During XX turn to We anticipate $XXX million, million the QX midpoint. Elpis for of our we be to a acquired of please approximately increase

revenue share, call and of reflected the within outlook. is year-over-year will quarter I'll Tom. to non-GAAP diluted growth.Now turn quarter, the We the in $X.XX which $X We to of approximately this delivered per range constrained be expect to remaining EPS at million is second in XX% midpoint anticipate a the previously second back approximately $XX be our

Thomas Deitrich

Joan. Thank you,

hosted discussions we and expand as to Presentations Xcel's of water Energy, reliable, Itron Our Itron granted.Additionally, we interested and Xcel I nature is services cleaner, level breadth Investor surpassed deployed that continue range of customers trust of segment This under energy complexity learning customer available the endpoints of critical these Edge have and what These and customer, deployment. to a at ability Intelligence financial the recently planning that XXX an per signify and line our the its delivery recently a an more This the please Grid is have efforts solutions. its questions. day. platform, are solutions comprehensive and testimonials encourage is differentiated millionth targets Outcomes and a milestones customers a states. to recent wide innovate of Itron today. The in and days long-standing reliable due our across million some management, technology to advantage, their project we are XX continues X the open offer address infrastructure we intelligence safer distributed detailed offer provide more critical XXX customers Intelligence careful Operator, do year, hours during the growing about energy you marker anyone our honored us milestone core management. segment competitive the advanced to quarter, Two long-term a new discussion, joining of our of in through to X endpoint presentations scale resiliency.Finally, per visit replay.Thank endpoints consistent possible to Day. for are are Grid website Edge platform where included for and to our and important for requires the demonstration. virtual

Operator

Instructions] [Operator with our line first Oppenheimer. from Kaye of question And coming the Noah

Noah Kaye

It's your talk the efficiencies of And chain can improvements about the the around move half in commentary supply looking as year? of the into say, if we in XQ. deferred just the point? catching up overall and company are this results revenue on at any, the health the I for as manufacturing and you you almost still implied But back what, of

Thomas Deitrich

what's all do implied backlog roughly Happy we deferred the allowed to in that is year. that are so. the bit ship a results the recognize and outlook revenue. quarter that we of through anticipated clip go get work factories is than to little way us done for that into numbers for $XXX Sure. in seen. What QX, field us which coming to running complete the installation, But had the supply, you've faster originally logistics finishing numbers to million good to in process allows second in at up and example, the better The that products QX had the catch-up component that had a

So than year what worked expected than -- that better into entire thought itself. we chain the coming

are So is that We levels a pockets healthy. to still healthy. here inbound Lead than supply to pre-pandemic there. but as and components slightly of in strong was steady. retract really see starting times Reliability and longer little be chain continuing bit

So healthy all way and installation business. out the the constructive the we field overall through for chain view supply as

Noah Kaye

Very clear and Tom. helpful,

demand. are providers and growth, it? around ecosystem but talking of just on center? within do discussing solutions around with growth sort of You having of the utility specific in certainly load Where vectors topic we see mentioned Itron your the now is that Itron does utilities what for the the data dialogue about And now. you in fit And hottest of right about lot How data center one demand, the which the influencing see right as very enabling customer you're You're or talking concentrated very customers planet the about conversations factors high reliability with in load public of the that? pockets are you kind a base.

Thomas Deitrich

Sure.

growing and one clearly referenced. you've data loads, enormous sitting Those spot. So center's are in as they're

you got rather, the demand come waiting load do utility into that do planning as got distribution You to have we able put to in to efficiencies power How to still location. make in growth In with way what place a do and -- out is where to is that the perspective, meanwhile, work of wring to happen channel a problems enough certainly a progressing, to the in be find that. from generation network, And transmission the you've in that? that. do that's one they've to lot through distribution with So and you getting have.

That supply network things comes data big plant a already non-wires utilities balance distribution line. we've power to that gain a play, transmission alternatives alternatives it is the It and Non-wires whether happen allowing lot and than traction that transportation to out center. to be And building are role a broadly, like or get making conversations efficiencies with of is better network better. where customer loads deal demand able efficiency electrification we really the increased what's play. massive a the is or distribution even where nimble to home to is faster in with from new So nature or things work see we got of today.

Operator

line our of Raymond next the And question coming with Pavel James. Molchanov from

Pavel Molchanov

demand or Networks Let this the me in data center be there actually to from well. follow Is as up will up earlier. Outcomes, going incremental on show in

Thomas Deitrich

individual into segments enable and us. your It shows for up in demand both on you've be able deployment, of got those to level. distribution local visibility to the that Depending network create on customer supply to balancing a of

networking to that's to and of a the to there's grid, goes demand and that place. with order what's supply generally, communications changes to along So understanding or in be response able then in Outcomes programs enact And business. balancing that distribution in the component kinds demand usually happening get software-oriented that accrues or in channels the

that we've of both strategy longer-term plays been just the segments and working shows So been we've up in it it the investing to in, that towards.

Pavel Molchanov

Okay.

on up follow also me Let Outcomes.

record. you was but specifically, at items directionally, terms in not see was you record are year-over-year, Networks revenue a up line levels. of up sinking of in quarter referenced some those disconnecting or at Outcomes they that X Do growth kind sense? quite This

Thomas Deitrich

is you Outcomes generally on top which the Networks the we other. what percentage numbers catch-up about, clearly revenue, up in just The ratable than talked Outcomes faster segment was Well, layers the much segment. phenomenon in each drove which saw in recurring there that of that

Outcomes from obviously near term, Outcomes more catch-up from accrues in and this clearly will of short-term longer outgrowing years' component growth the term, business. term. is we're on to Network revenue But more the outstrip past. the rate longer as going Outcomes that Networks segment So constraints the percentage the Clearly, business through

Pavel Molchanov

Makes Okay. sense.

Operator

coming with And our question Jeff of the next line Osborne Cowen. from TD

Jeffrey Osborne

Tom, as I had a well. side question on the networking

more to what Elpis the other can going networking piece? two adding in intelligence announcements the DISTRIBUTECH mean the ADMS card to way like sales walk might there things you and frame through how acquisition networking transformer of for you're potentially and with a assets? NIC With terms software, adding Is drive substations as us then those back like to integration, that Schneider just more

Thomas Deitrich

want similar Sure. think able be to order visibility, And your could provides It's what's could keep asset. in of the Grid to that the are might in to Edge that that is line prior the our I that you of overall. something take There out visibility action, types of something house. to Networking time asset distribution track accrues off panel. something be terms you And add to EV on do smart provide many, What kind you okay, the When could visibility, a connectivity, could question sensor. many to business. to every be meaning, in it have Intelligence platform different It how of about that to connectivity, want assets there of is need you Outcomes It a business. network. to on. want be want I the to and that that or okay, a the turn an visibility It be connectivity accrues generally a And charger. with on to based that does

you So entire but is energy fits them planning power appropriate do that up business, to could when a rooftop for is or it hook solar, where Outcomes a for Intelligence combination Grid like it Networks and for that grid so a to things analysis platform. flow example, understand interconnect resource we Edge utility that'll of your into allow distributed our

Jeffrey Osborne

line in I've Got but than on this prior said which with expected it. bookings asked was other phenomenal That's everything the was on the results recorded calls, you helpful. then seasonality. you And number,

full that's getting related as your to some year of the questions visibility. Just

awarded been book-to-bill -- way a year. volume to or frame be confirm X for above can So I assume you technically is the enough there you've

regulatory that just there You're waiting Or still some notification you awards to you've receive been on approval? that is chosen? technically need

Thomas Deitrich

opportunities the obviously award. one there's bookings us of number seasonally full it larger is -- that bit pipeline about. booking, in lumpy, customer regulatory we signed that the gives But got and for you the still we a are results. we're change are No kind of we're and deals no low good the based mystery dollars the full the there. into It of process were in still hundred low. were QX us it's a need but to that approval. through expecting. in a and always of There on governmental just that portion the backlog that point past regulatory And certainly for Yes. process. order the outlook bookings in a range of are like QX, something and reasons million is governmental In year I'd a generally so we We of is year need put declare the frame quarter course, There talking track all up that and, that QX contract award approval overall. for Rich was several feeling what contracting and for approval the that's regulatory on year. typical. view

it. So we're good feeling about

Operator

the with And from our your ROTH is open. MKM. line Chip, Moore coming question line next Chip of

Chip Moore

you Can me? hear

Thomas Deitrich

Very you. good. got we Now ahead. Go

Chip Moore

to ask outlook. Tom, Apologies. I wanted about Okay. the

outlook. your QX And the make wait But way any level implies I be comps. visibility? maybe Just QX on tougher based full sort any updates of I lapping half. expectations some for think think assume you'll growth you'll in second to more to year subdued in current the the half to expectations looking high back Obviously, at

Joan Hooper

year that the for half still one, for second started point, At the stay take how would I'll We'll tuned the QX Yes, say that and this pretty timing. I is and Chip. with Joan. guidance, our are consistent see this view. year gave goes think expectations the full August. we when I

backlog. to Tom bookings can when our the no point, quarter-to-quarter to half. affect As change mentioned, the this expectations second rolling off at it comes really to But

Chip Moore

on my just maybe in the on Outcomes follow-up, the And Understood. quarter margins.

mix materialize some service software that? project called Is you that there? in like of didn't or larger out think anything sort but costs, a it I anything

Joan Hooper

No.

is Outcomes As still us. a really we've talked subscale business in for the past,

variability will particular you quarter. proportion So of licenses depending get from on software the that in quarter-to-quarter

its view So tends continue lot services recurring as scale to we a there, which in of lower fundamentally be bit mentioned, to there margins. in little our different nothing margin, of and but can where was Outcomes a grow

Operator

with question Sinderland the next coming [David our from of line And Merigan].

Unknown Analyst

costs. to I to margins I and gross ask there. devices mix due about first of know strong partly is wanted this part the and

if year you assumed of break as wondering contribution of out the a what's more on Just that follow-up. maybe I for the front. rest each have these then from detail And the and could bit a

Joan Hooper

Yes.

tend the the mentioned be than and we sales again, sell. really last remarks, to been some it's So prepared we in quarters. mix a We had of several of a that products consistent Europe, it the other in favorable higher water margin which

a So see years just in we of think, loaded continuation and we in of our get to Not as will continue, couple portfolio. I factories factory that's devices And time this the obviously, high But we And year one continue strong they that's close we of factory, expectations. in a kind was a primarily water the it the built all last QX that. lot sales. spent saw as to quite in QX. as pruning

kind that flattish give don't improve we reach the we the margin the on we segment, expect for its quarter, year aspirational Outcomes by to last communicated of targets to said continue as line time and Day. be guidance while So to overall at top sort Investor we of over

Unknown Analyst

that. And then specifically just what's what in to or That's are guide the a as any maybe good your maybe that's to Europe embedded segue. helpful. seeing, market elsewhere it relates as it. again, products? water assumptions or you talk Got other Anything new relates just in And about then new it or actually opportunities? you're Could

Thomas Deitrich

visibility can like so both with fueling take cope the is a it Networks Outcomes Grid Things of for load talked Intelligence really you Sure, variability. that the we distribution EV growth see What's spot. platform, to up creates in automation opportunities the one. load that into as us. good with that better and I variable and local enormous can rising We about, It's segments which growth, Edge hooking an ends it an demand that grid, creating network up at infrastructure. eventually

existing to grid.As and be to order distribution transmission, resiliency in in And pockets that in takes generation It's space, In growth. your in with bit ensure of investing invest your of more network growth basics. out that of and longer finally, automation So digitalization cope non-wires to by, drives things it able efficiencies the more in want reliability, with and it is water gas of to good you and the growth. a the smart that infrastructure we alternatives wring then some drives do to there's come cities.

So growth where are infrastructure clearly in for out of an business the good accruing us, Smaller Networks Outcomes things to overall a is cities business are it's laid the see have inside that drive that but we we the Investor area continued growth growth. the recent as aspirations Those and and pocket. automating lighting generally we business Day.

Operator

Instructions] from next of coming Sandler. [Operator Piper with the line Kashy question Harrison Our

Kashy Harrison

all maybe was expectations earlier X% not lot just on know I could But be sort on So a X% about from sensitivity the benefit to most bigger simplistic direct The U.S. the from of loads. the And since the cutoff load forecast a picking large up growth we just with wondering, recently there is then Day? what underpinned date. I of a these necessarily keep Investor changes rising, some for questions. can expectations load of very a may some business that forecast. few it's mean your long-term way in expectations demand think growth have do

Thomas Deitrich

on overall, you between to because to forecast much to there's for and to talking to down generation, growth and digits distribution we think to is about we it consumption if don't our aligned longer-term that an you more what level go most does of for of growth. higher to you're tailwind try example, are our to for would is overall looking growth. regional is electricity underlying an correlate be electricity which XXXX That's digit some terms low-single part some more where XXXX, at total to that pretty what talking to Day transmission, percentage single using that? mid-single have us. pretty network, digits Either a kind in invest we're from folks need that expecting. like the how going It need a and dramatically analysts play.So for for, low-single But mid-single the what it's for growth. starts a business. thesis total years was rates you U.S. growth, demand can targets is If U.S. it know, our looks faster, digits you for of low- on difficult underneath maybe come flattish to how growth. XX I were wide a reason are clearly Investor So, digit electricity from or business really which And overall gap do grow, you're it electricity -- manage as But

Kashy Harrison

trying in could it. think Just extent, about context. it end about way And through should we helpful business? Appreciate pulling is much book-and-ship up to from incremental outperform very this think versus growth. thinking this QX year, some perhaps to you then to XXXX year-on-year some there if of backlog pull-forward I outperformance That's impact and revenues guess be QX, revenue maybe then how a is the how and

Joan Hooper

and were of in entered $XX QX thinking initially half say in of had we that previously guidance, we more When million million in QX. Well, in sort revenue. year $XX assuming In $XXX QX we again, that like did supply-constrained half about reality, I'd QX, million we the it was QX.

we gave look really when of kind and that's reason at guidance the flat of it's you part sequentially, So it, second for why. the quarter,

that's the give. half probably I can of year Again, best for color now. second So the

for based our second settled the guidance half at right level is year guys I original think out where on you point. the probably full this

Kashy Harrison

maybe And Helpful. may. just one if I more,

at, color I the You talk you if sustainable XX%. was drivers little But segment. there, wondering bit the these Outcomes the about margins a margins through the want Very rest What shared some of from on robust are could Networks the and how earlier I say, were to Solutions. year?

Joan Hooper

QX I rich, was The say. Yes. Networks margin would unusually

reason that's were high. So so the the margins primary

you Day Investor looked targets, hit at QX So if XX%. at our it essentially Networks in

So near in term. sustainable I it's think don't the

look right that's from they not if in QX in same than were again, target think QX that will that primarily for the as longer-term assumption the related revenue. guidance lower provided to at earnings perspective, And them. on Networks you an And strong phenomenon we I the margins QX. is QX it's our be still as

Operator

line And coming Osha from the our Joseph Guggenheim Partners. next question with

Joseph Osha

two have I strategic questions. more

more First, could was talk Living of lot. the a California, water And have little in I you coming one bit opportunities if to metering the something digitization question. a infrastructure. for other that's then you see be about seems that wondering maybe up I here

Thomas Deitrich

systems this manual to are The water around globe I would generally there the point. Sure. nature majority of in reads. -- sometimes say And that are it's mechanical

is around Sometimes there productivity the X-way that drive opportunity But are need clearly meter the can moving where be big to get walk-by or itself digitized to globe, drive-by for a you wouldn't neighborhood. a around the reads. utilities infrastructure to communication that you

able data the to customers. all accurate and for get pane create billing glass from of be your can more behind You a

consumer the services a way a the on engagement. consumer automate in that infrastructure. to that progression with place that playing that's that's you add And relationship richer at you within inside water your happening the much an you to So on Is infrastructure could the of start losses fuels reduce the you looking have to can create of leak a and and of you of a infrastructure. at you what's basic up a is all basis way trend.Once the out in tighter a better reduction we of house? have which level. It's could Do trend from basics It pipe leak on what's somewhere? data, scarce global let's be regular that understand homeowner to sort ongoing one what got because environments, the now, just intervals, all of losses access see have that happening in value-added digitization and top the sets water

Joseph Osha

year could level guess opportunity we you? this bring all discover mean, really water pits as meaningful become is this the is a I it's municipal usage up it's got to you doing? fronts point the quite And I that in and you XX material is much relative But for Because more at material yards. so something or something mechanical, in under a months begin things wake just, of efforts control. out, for you're other to all could you've to

Thomas Deitrich

the doesn't bigger as mean, well. that electricity I a area still percentage macro in lot for still take space that growth There's think a we in from about anything as I call. this of trends there's probably growth water talked in That earlier the away growth.

probably as percentage, a growing both bit but a faster. see we So electricity is little

about of of meaningful what company. X bit is business the it's still we ahead running today and of big quarters running water Our now. portion part it We've a expectations, X, talked for do. a a It's

through coming of XX% XX%, total that space. maybe know, is don't revenue I So

Joseph Osha

And second Okay. question. then strategic

deal Elpis I agree sense. with grid the you Looking many about visibility customers local your distribution makes It's better and said great awesome. you. utility helping into have at things this the

this behind control? work for see against on potential grid has of load challenge, with talk to -- the could we utilities, of to deal other the the of address a SPAN, One is with, coming the or local two Landis focus take that part face to and year which your done this people part just and begin is of I'm is also behind-the-meter in the So acquisition step to familiar just about sure visibility right? your homeowners on and loads, customers I'm Gyr. controlling meter and which beginning that next off begin wondering sort with strategy things but utilities not potential you're

Thomas Deitrich

Certainly, grow and of just and control and use optimize proposition. behind the we going it of see in not. the of to the on do interesting continue That's to believe house think I that front of distributed going unique that energy where the those any meter happen. is all the way really resources don't side would I growth in you dramatically. we've assets got a is value How to

the platform under have hundreds inside and that allows that IntelliSOURCE start megawatts shed manage load someone's like you in we situation, of the having a control. demand to be the to think when or response, platform adjusted to So load where things thermostat house difficult about

grow, more We become capabilities. to grain expect and going we that fine business to it's more think and

we've which that, adding the in platform solution the macro firmly of clearly more a terms utilities Grid helping part with and an talked utilizing asset more cope are is capability. targeted about Intelligence Edge helping So growth consumers is that how understand that well advanced and they making area, assets or larger of those

Operator

our of Austin from Moeller next [Operator question coming Instructions] with Canaccord. the And line

Austin Moeller

quarter. Great

to more How just my QX the expectation? question And view here. not needs of that inflation that indexed or first as still So do a half of second be shipped? much was you backlog

Thomas Deitrich

a The XX%, over not hasn't still you months. that. pricing We're the shorter-term X. through meaning a not that or repriced few or the in is There's re-priced if flows less, percentage it's of protected that indexed or XX, pre-priced, points materially XX That of new not backlog, in range year range little within majority repriced total in of is next couple the or roughly either levels. will, still XX% changed still way. backlog or XX% The last of some

for trickle And to year. are continuing out we So time we're expectations it's overall. still going itself, of it through part over the to managing the full that eat but it's

Austin Moeller

kind pre-COVID you've Does same turnaround? higher getting factor and enabling chips closer that times that the your to reduced just other for Day shipment and improved of lead recently? expecting the another Or during lead being guidance question. then levels Okay. further was components terms in in times of sort are And been issued Investor seeing you and of long-term

Thomas Deitrich

business running outlook supply we continue see the getting We're there change the bit to the level expect times with pleased a opportunity be with We're doesn't to were we're of responsive. for that there's Yes. if But to more meaningful roughly lead our year. our that a today. improve, today. Obviously, they chain that performance

change to goes to for in times the present going night doesn't carry bit at in continue year in component little inventory that are But more dramatic lead operate ahead. manage We level. to us a the bump to the require it a anything

Operator

will you. the Thank to closing Mr. in further back at time. any And Tom for I now no remarks. turn showing Deitrich questions I'm over the queue call this

Thomas Deitrich

you Thank to you a very much for look QX. for joining updating the We today. again months few in forward call

Operator

your Ladies and does for conference you for gentlemen, our Thank today. that conclude participation.

disconnect. now may You

Itron (ITRI) 2 May 242024 Q1 Earnings call transcript