Itron, Inc. (NASDAQ:ITRI) Q2 2020 Earnings Conference Call - Final Transcript

Aug 03, 2020 • 05:00 pm ET


Itron, Inc. (NASDAQ:ITRI) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to Itron Incorporated Quarter Two 2020 Earnings Conference Call. Today's conference is being recorded. For opening remarks, I would like to turn the call over to Ken Gianella. Please go ahead.

Kenneth P. Gianella

Thank you, operator. Good afternoon, and welcome to Itron's second quarter 2020 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 the call today, 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 that were presented 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.

In addition, due to the fluid nature of the COVID-19 pandemic, Company estimates regarding the impact of COVID-19 on current or forward-looking statements are made in a good faith attempt to provide appropriate insight to our current and future operating and financial environment. Materials discussed today, August 3, 2020, may materially change, and we do not undertake any duty to update any of our forward-looking statements.

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

Tom Deitrich

Thank you, Ken. Good afternoon, and thank you for joining us. In balance, we were pleased with our team's focus and execution this quarter against the backdrop of the COVID-19 global pandemic. Our continued commitment to our customers and aggressive actions to safely ensure business continuity yielded better results than we initially expected.

You will hear details from Joan in a moment, but to summarize our second quarter performance, revenue was $510 million, adjusted EBITDA was $31 million, non-GAAP earnings per share was $0.03, and free cash flow was negative $10 million. We expect these results to be the low point for the fiscal year and would like to provide a brief update on the customer and operating environments as we see them today.

Beginning with our customers, in the second quarter, we continued to see a