Itron, Inc. (NASDAQ:ITRI) Q3 2019 Earnings Conference Call - Final Transcript
Nov 04, 2019 • 05:00 pm ET
Good day everyone and welcome to the Itron Inc. Quarter 3 2019 Earnings Conference Call. [Operator Instruction] For opening remarks I would like to turn the call over to Ken Gianella. Please go ahead sir.
Kenneth P. Gianella
Thank you, operator. Good afternoon and welcome to Itron's Third Quarter 2019 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. On today's call we have Tom Deitrich Itron's President and Chief Executive Officer; and Joan Hooper Senior Vice President and Chief Financial Officer. Following our prepared remarks, we will open the call to take questions using the process the operator described. Before I turn the call over to Tom please let me 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 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 Tom Deitrich.
Thomas S. Glanville
Thank you, Ken. Good afternoon and thank you for joining us. Our third quarter performance was solid. In summary, our key financial results include revenue of $624 million adjusted EBITDA of $74 million non-GAAP earnings per share of $1.04 and free cash flow of $32 million. These results were primarily driven by continued strong demand in our Networked Solutions segment. I would now like to provide some insight on our bookings performance for the quarter. Our total backlog at the end of the quarter was on par with the prior year at $3.1 billion and our 12-month backlog remained at $1.4 billion. Our bookings within the quarter were $609 million and we remain on track to achieve a full year book-to-bill ratio of approximately 1:1. In the third quarter, we announced the signing of a significant contract with Xcel Energy. This agreement creates a new level of strategic collaboration with Xcel to deploy industry-leading smart technology across their territories. This project will give their customers more insight into energy consumption, while enhancing grid reliability and operational responsiveness for Excel. This contract is a clear demonstration of key elements of our strategy. The network deployment will be based