Itron, Inc. (NASDAQ:ITRI) Q1 2018 Earnings Conference Call Transcript

May 14, 2018 • 05:00 pm ET


Itron, Inc. (NASDAQ:ITRI) Q1 2018 Earnings Conference Call Transcript


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Good day, everyone and welcome to the Itron Incorporated Q1 2018 Earnings Call. Today's call is being recorded. For opening remarks, I would now like to turn the call over to Miss. Barbara Doyle. Please go ahead.

Barbara Doyle

Thank you, Stephanie. Good afternoon, and welcome everyone to Itron's first quarter 2018 earnings conference call. We issued a press release earlier today announcing our results. The press release includes replay information about today's call. A presentation to accompany our remarks on this call is also available through the webcast and on our corporate website under the Investor Relations tab. This evening, we also plan on filing our Form 10-Q for the quarter ended March 31st, 2018. The filing will be available on the SEC and Company website tomorrow, May 15th.

As a reminder, Itron completed the transaction to acquire Silver Spring Networks on January 5th, 2018. This is the first quarter that includes results from the Silver Spring Networks acquisition, which is reported as Itron's networks segment. On the call today, we have Philip Mezey, Itron President and Chief Executive Officer; Joan Hooper, Senior Vice President and Chief Financial Officer; and Tom Deitrich, Executive Vice President and Chief Operating Officer.

Following our prepared remarks, we will open up the call to take questions using the process the operator will describe. Before I turn the call over to Philip, let me please remind you of our non-GAAP financial presentation and our Safe Harbor statement. Our earnings release and financial presentation include non-GAAP financial information that we believe enhances the overall understanding of our current and future performance, reconciliations of differences between GAAP and non-GAAP financial measures are available in our earnings release and on our Investor Relations website.

We will be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from these expectations because of factors discussed in today's earnings release and the comments made during this conference call, and in the Risk Factors section of our Form 10-K, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.

Now please turn to Page 4 in the presentation, and I'll turn the call over to our CEO, Philip Mezey.

Philip Mezey

Thank you, Barbara. We had a very full quarters since closing the Silver Spring Networks transaction in January. I've spent a great deal of time with customers discussing their business challenges and our focus on innovation to help them reliably deliver critical infrastructure services. The response to our strategy continues to be very positive, and we are maintaining clear momentum in the industry.

In the first quarter, we delivered strong revenue performance, continued to execution on our operational transformation and began to integrate the new networks business. Revenues of $607 million increased by 27% compared with last year, including our new networks segment. Revenues increased by 9% excluding networks. This revenue reflects strong