Itron Inc (ITRI) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Itron's first quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Itron 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I will now hand the conference over to your speaker host, Paul Vincent, Vice President, Investor Relations. Please go ahead.

現在我將會議交給演講主持人、投資者關係副總裁保羅文森 (Paul Vincent)。請繼續。

Good morning, and welcome to Itron's first quarter 2025 earnings conference call. Tom Deitrich, Itron's President and Chief Executive Officer; and Joan Hooper, Senior Vice President and Chief Financial Officer will review Itron's first quarter results and provide a general business update and outlook.

早安，歡迎參加 Itron 2025 年第一季財報電話會議。Itron 總裁兼執行長 Tom Deitrich；高級副總裁兼財務長 Joan Hooper 將回顧 Itron 第一季的業績並提供一般業務更新和展望。

Earlier today, the company issued a press release announcing its results. This release also includes details related to the conference call and webcast replay information. Accompanying today's call is a presentation that is available through the webcast and on our corporate website under the Investor Relations tab. Following prepared remarks, the call will open for questions using the process the operator described.

今天早些時候，該公司發布了一份新聞稿，宣布了其業績。本新聞稿還包含與電話會議和網路直播重播資訊相關的詳細資訊。今天的電話會議附帶一份演示文稿，可透過網路廣播和我們公司網站的「投資者關係」標籤取得。在準備好的演講之後，電話會議將按照接線員描述的流程開始回答問題。

Before Tom begins, a reminder that 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.

在湯姆開始之前，需要提醒的是，我們的收益報告和財務報告包括非公認會計準則財務信息，我們相信這些信息可以增強對我們當前和未來業績的整體了解。我們的收益報告和投資者關係網站上提供了 GAAP 和非 GAAP 財務指標之間差異的對帳表。

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 comments made during this conference call as well as those presented in the Risk Factors section of our Form 10-K and other reports and filings with the Securities and Exchange Commission.

我們將在本次電話會議中發表前瞻性聲明。這些聲明是基於當前的預期和假設，但存在風險和不確定性。由於今天的收益報告中提出的因素和電話會議中所作的評論以及我們 10-K 表格和其他向美國證券交易委員會提交的報告和文件中的風險因素部分中提出的因素，實際結果可能與這些預期存在重大差異。

All company comments, estimates 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 May 1, 2025, may materially change and we do not undertake any duty to update any of our forward-looking statements.

所有公司評論、估計或前瞻性陳述均出於善意，旨在為我們當前和未來的營運和財務環境提供適當的見解。今天（2025 年 5 月 1 日）討論的資料可能會發生重大變化，我們不承擔更新任何前瞻性陳述的義務。

Now please turn to page 4 of our presentation, as our CEO, Tom Deitrich, begins his remarks.

現在請翻到我們簡報的第 4 頁，我們的執行長 Tom Deitrich 開始他的演講。

Thank you, Paul. Good morning, and thank you for joining our call. Itron performed well during the first quarter as favorable product mix and continued strong execution supported margin expansion and earnings growth ahead of expectations.

謝謝你，保羅。早安，感謝您參加我們的電話會議。Itron 在第一季表現良好，良好的產品組合和持續強勁的執行力支持了利潤率的擴大和超越預期的獲利成長。

The team is focused on the execution of our strategy and the results from the past quarter further demonstrate its effectiveness. Financial highlights for the first quarter are detailed on slide 4 and include revenue of $607 million, adjusted EBITDA of $88 million, non-GAAP earnings per share of $1.52, free cash flow of $67 million.

團隊專注於我們策略的執行，上個季度的結果進一步證明了其有效性。第一季的財務亮點詳見幻燈片 4，包括 6.07 億美元的營收、8,800 萬美元的調整後 EBITDA、1.52 美元的非 GAAP 每股收益、6,700 萬美元的自由現金流。

Turning to slide 5. The record gross margin and strong earnings growth were driven by our disciplined manufacturing and the ability to meet our customers core needs for robust solutions for their mission-critical operating challenges.

翻到幻燈片 5。創紀錄的毛利率和強勁的獲利成長得益於我們嚴謹的製造流程以及滿足客戶核心需求的能力，即為其關鍵任務營運挑戰提供強有力的解決方案。

Customer demand for our solutions is driven by the breadth of our offerings, particularly customer adoption of Itron's grid edge intelligence platform. Our customers are benefiting from increased distribution capacity, improved infrastructure agility and enhanced reliability of successful scale deployments.

客戶對我們解決方案的需求源自於我們產品的廣度，尤其是客戶對 Itron 電網邊緣智慧平台的採用。我們的客戶受益於增加的分銷能力、改進的基礎設施靈活性以及成功規模部署增強的可靠性。

Turning to slide 6. Bookings in the first quarter of $530 million were in line with our expectations and equate to a book-to-bill of 0.9 to 1 for the quarter. This is an increase of $169 million when compared to last year. And as a result, our $4.7 billion backlog at quarter end remained near record levels.

翻到幻燈片 6。第一季的訂單金額為 5.3 億美元，符合我們的預期，相當於本季的訂單出貨比為 0.9 比 1。與去年相比，增加了 1.69 億美元。因此，我們本季末的 47 億美元積壓訂單仍接近歷史最高水準。

The Network Solutions and Outcomes segments continue to dominate our bookings, representing over 95% of our total backlog. Deployment of distributed intelligence solutions also continued during the quarter. And by quarter end, we have shipped 14.4 million distributed intelligence capable endpoints with another $10 million-plus in backlog.

網路解決方案和成果部門繼續佔據我們訂單的主導地位，占我們總積壓訂單的 95% 以上。本季度，分散式智慧解決方案的部署也在持續。截至本季末，我們已出貨了 1,440 萬個分散式智慧終端，另有價值超過 1,000 萬美元的積壓訂單。

Some of the key bookings for the quarter include a major project with long-time customer, FirstEnergy, which will expand infrastructure to detect and locate outages more quickly and enhance data management solutions. These improvements will provide consumers with more detailed information, enabling them to better understand and control their energy usage.

本季度的一些主要訂單包括與長期客戶 FirstEnergy 合作的一個重大項目，該項目將擴展基礎設施以更快地檢測和定位停電並增強資料管理解決方案。這些改進將為消費者提供更詳細的信息，使他們能夠更好地了解和控制他們的能源使用情況。

Itron will support a grid modernization project for public service company of New Mexico, the state's largest electricity provider. This project will deliver several benefits, including distributed intelligence capabilities to enhance efficiency, reliability, resilience, and security of PNM's operation. It will also enable real-time energy usage information for consumers and improve the integration of distributed energy resources.

Itron 將支援新墨西哥州最大的電力供應商—公共服務公司的電網現代化計畫。該專案將帶來多項好處，包括分散式智慧功能，以提高 PNM 營運的效率、可靠性、彈性和安全性。它還將為消費者提供即時能源使用信息，並改善分散式能源資源的整合。

Before I turn the call over to Joan to cover the financials, I want to briefly discuss the tariff landscape from both a demand and bottom line perspective. For demand, we have not seen a change in customer behavior to this point. While we are mindful that prolonged uncertainty could ultimately impact demand, our customers currently remain focused on addressing the critical needs in the management of energy and water.

在我將電話轉給瓊來討論財務狀況之前，我想從需求和底線的角度簡要討論一下關稅情況。就需求而言，到目前為止我們還沒有看到客戶行為改變。雖然我們意識到長期的不確定性最終可能會影響需求，但我們的客戶目前仍專注於滿足能源和水管理的關鍵需求。

With respect to the bottom line, our regional supply strategy is serving us well. The great majority of our global manufacturing is done regionally, for instance, in South Carolina for the United States. However, we do import components from global sources with Mexico being the largest country of origin for components used in US products. Our Mexico imports are generally USMCA compliant and currently not subject to tariffs.

就底線而言，我們的區域供應策略為我們帶來了良好的效果。我們的全球製造業務絕大部分是在地區性地區進行的，例如在美國南卡羅來納州。然而，我們確實從全球來源進口零件，其中墨西哥是美國產品零件的最大原產國。我們從墨西哥進口的產品通常符合 USMCA 規定，目前不徵收關稅。

The EBITDA impact for the year under the current tariff protocol is estimated to be approximately $15 million, net of mitigation measures such as alternate sourcing and pricing adjustments. It is important to note that the tariff environment is extremely dynamic and the current estimate may change. Despite this fluid environment, we remain balanced and well positioned to drive our business forward.

根據現行關稅協議，扣除替代採購和價格調整等緩解措施後，本年度的 EBITDA 影響估計約為 1500 萬美元。值得注意的是，關稅環境極具動態，當前估計值可能會改變。儘管環境瞬息萬變，我們仍能保持平衡並處於有利地位，推動業務向前發展。

Now Joan will provide details for our first quarter and our outlook for the second quarter.

現在瓊將提供我們第一季的詳細資訊以及第二季的展望。

Thank you, Tom. Please turn to slide 7 for a summary of consolidated GAAP results. First quarter revenue of $607 million increased 1% year over year. Recall that Q1 of 2024 included a significant amount of previously supply-constrained revenue. Gross margin of 35.8% was a quarterly record and was 180 basis points higher than last year due to a favorable product mix and operational efficiencies.

謝謝你，湯姆。請翻到投影片 7 查看合併 GAAP 結果的摘要。第一季營收 6.07 億美元，年增 1%。回想一下，2024 年第一季包含了大量先前供應受限的收入。毛利率達到 35.8%，創下季度新高，得益於良好的產品組合和營運效率，比去年高出 180 個基點。

GAAP net income of $65 million or $1.42 per diluted share compared to $52 million or $1.12 per share in the prior year. The improvement was driven by higher levels of operating and interest income, partially offset by higher tax expense. Regarding non-GAAP metrics on slide 8, non-GAAP operating income of $80 million increased 19% year over year.

以美國通用會計準則計算的淨利潤為 6,500 萬美元，即每股攤薄收益 1.42 美元，而去年同期為 5,200 萬美元，即每股攤薄收益 1.12 美元。這一改善是由更高的營業收入和利息收入推動的，但被更高的稅費部分抵消。關於第 8 張投影片上的非 GAAP 指標，非 GAAP 營業收入為 8,000 萬美元，較去年同期成長 19%。

Adjusted EBITDA of $88 million increased 15%, and our EBITDA margin of 14.5% was a company record. Non-GAAP net income for the quarter was $70 million or $1.52 per diluted share versus $1.24 a year ago. Free cash flow was $67 million in Q1 versus $34 million a year ago. This improvement reflects strong year-over-year operational earnings growth, increased interest income and improved working capital.

調整後的 EBITDA 為 8,800 萬美元，成長了 15%，而我們的 EBITDA 利潤率達到 14.5%，創下了公司最高紀錄。本季非公認會計準則淨收入為 7,000 萬美元，即每股攤薄收益 1.52 美元，去年同期為每股 1.24 美元。第一季的自由現金流為 6,700 萬美元，而去年同期為 3,400 萬美元。這一改善反映了營業利潤同比強勁增長、利息收入增加和營運資本改善。

Year-over-year revenue growth by business segment is on slide 9. Device Solutions revenue was down 1% year over year, but up 2% on a constant currency basis. Network Solutions revenue decreased 1% year over year, primarily due to a higher-than-normal Q1 2024 level, which included the catch-up of previously constrained revenue. Outcomes revenue grew 14% year over year, driven by increased recurring revenue and software licenses.

第 9 張投影片顯示了各業務部門的年收入成長情況。設備解決方案營收年減 1%，但以固定匯率計算成長 2%。網路解決方案收入年減 1%，主要原因是 2024 年第一季收入高於正常水平，其中包括彌補先前受限的收入。由於經常性收入和軟體許可證增加，成果收入年增 14%。

Moving to the non-GAAP year-over-year EPS bridge on slide 10. Our Q1 non-GAAP EPS of $1.52 per diluted share increased $0.28 year over year. Pretax operating performance contributed a $0.40 per share increase, primarily driven by the fall-through of higher gross profit. Higher tax expense had a negative year-over-year impact of $0.11 per share and FX and share count had a negative impact of $0.01 per share.

前往幻燈片 10 上的非 GAAP 同比 EPS 橋接器。我們第一季的非公認會計準則每股收益為 1.52 美元，較去年同期增加 0.28 美元。稅前經營業績貢獻每股 0.40 美元的成長，主要由於毛利的下降。較高的稅費支出對每股產生 0.11 美元的負面影響，而外匯和股票數量對每股產生 0.01 美元的負面影響。

Turning to slides 11 through 13, I'll review Q1 segment results compared with the prior year. Device Solutions revenue was $126 million. This segment's product portfolio continues to shift away from legacy electric products towards smart water sales, which helped drive gross margin of 30% and operating margin of 24.2%, which are both segment records.

翻到第 11 至 13 張投影片，我將回顧與去年同期相比的第一季分部業績。設備解決方案收入為 1.26 億美元。該部門的產品組合繼續從傳統電氣產品轉向智慧水銷售，有助於推動毛利率達到 30%，營業利潤率達到 24.2%，均創下部門紀錄。

Gross margin increased 630 basis points year over year and operating margin was up 710 basis points due to favorable product mix and lower operating expenses. Network Solutions revenue was $403 million with gross margin of 36.9% and operating margin of 28.8%.

由於產品組合良好且營運費用降低，毛利率年增 630 個基點，營運利潤率成長 710 個基點。網路解決方案收入為 4.03 億美元，毛利率為 36.9%，營業利益率為 28.8%。

Gross margin decreased 20 basis points year over year due to product mix, but operating margin increased 20 basis points due to lower operating expenses. Outcomes revenue was $79 million, gross margin was 39.2% and operating margin was 18.2%. Gross margin increased 410 basis points year on year and operating margin was up 510 basis points due to a higher margin revenue mix and operating leverage.

由於產品組合原因，毛利率年減 20 個基點，但由於營運費用降低，營業利潤率上升 20 個基點。成果收入為 7,900 萬美元，毛利率為 39.2%，營業利益率為 18.2%。由於利潤收入組合和經營槓桿增加，毛利率年增 410 個基點，經營利潤率增加 510 個基點。

Turning to slide 14. I'll review liquidity and debt at the end of the first quarter. Total debt was $1.265 billion and net debt was $142 million. As of March 31, net leverage was 0.4 times and cash and equivalents were $1.1 billion.

翻到第 14 張投影片。我將在第一季末審查流動性和債務。總債務為 12.65 億美元，淨負債為 1.42 億美元。截至 3 月 31 日，淨槓桿率為 0.4 倍，現金及等價物為 11 億美元。

Now please turn to slide 15 for our second quarter outlook. We anticipate Q2 revenue to be within a range of $605 million to $615 million, which at the midpoint is flat versus last year. We anticipate second quarter non-GAAP earnings per share to be within a range of $1.30 to $1.40 per diluted share, which at the midpoint is approximately 12% year-over-year growth.

現在請翻到第 15 張投影片，看看我們第二季的展望。我們預計第二季的營收將在 6.05 億美元至 6.15 億美元之間，與去年同期持平。我們預計第二季非公認會計準則每股收益將在每股 1.30 美元至 1.40 美元之間，中間值年增約 12%。

Now I'll turn the call back to Tom.

現在我將把電話轉回給湯姆。

Thank you, Joan. Although macroeconomic and trade policy uncertainty has increased over the past quarter, Itron is well positioned to navigate near-term uncertainty. Our results over the past two-plus years clearly demonstrate that our strategic focus and operational execution aligns with the needs of our customers. Our portfolio provides clear value to utilities and cities facing numerous environmental, operational and consumer challenges. Periods of uncertainty and disruption favor the well prepared.

謝謝你，瓊。儘管過去一個季度宏觀經濟和貿易政策的不確定性有所增加，但 Itron 已準備好應對近期的不確定性。我們過去兩年多的業績清楚地表明，我們的策略重點和營運執行與客戶的需求一致。我們的產品組合為面臨眾多環境、營運和消費者挑戰的公用事業和城市提供了明顯的價值。不確定和混亂的時期有利於那些有充分準備的人。

Our multiyear efforts to optimize our factory footprint and portfolio, strengthen our supply chain resilience and grow recurring revenue have positioned us to capitalize on future opportunities. We expect to strengthen our industry leadership through continued deployment of innovative solutions, ensuring that Itron remains a partner of choice for utilities and cities well into the future.

我們多年來致力於優化工廠佈局和產品組合、增強供應鏈彈性和增加經常性收入，這使我們能夠抓住未來的機會。我們希望透過持續部署創新解決方案來加強我們的產業領導地位，確保 Itron 在未來繼續成為公用事業和城市的首選合作夥伴。

Thank you for joining our call today. Operator, please open the line for some questions.

感謝您今天參加我們的電話會議。接線員，請接通電話以解答一些問題。

(Operator Instructions)

（操作員指示）

Noah Kaye, Oppenheimer.

諾亞·凱伊，奧本海默。

Hey, good morning, thanks for taking the questions. It's obviously the topic in focus this earnings season. So we do have to start with tariffs. Tom, I appreciate you dimensioning the expected EBITDA impact of the tariffs for this year. If my math is right, kind of call that maybe $0.25 impact to the bottom line.

嘿，早上好，感謝您回答問題。這顯然是本財報季關注的議題。所以我們必須從關稅開始。湯姆，我很感謝你對今年關稅對 EBITDA 的預期影響的評估。如果我的計算正確的話，這可能對底線產生 0.25 美元的影響。

I know you don't typically update full year guidance until 2Q. But just given the strength of 1Q and what you're expecting for 2Q, are you messaging here that despite sort of these net impacts of the tariffs, you still feel comfortable with the full year guide. You're already going to be over halfway to meeting the midpoint as we get through 2Q.

我知道您通常要到第二季才會更新全年指引。但是，考慮到第一季的強勁表現以及您對第二季的預期，您是否想表達的是，儘管受到關稅的淨影響，您仍然對全年指引感到滿意。當我們進入第二季時，您就已經到達中點的一半以上了。

Thanks, Noah. I would say that it's probably premature to update our full year guidance. Our normal practice is to do it after we announce second quarter earnings. I would put it in context though and say that first quarter ahead of expectations on the bottom line, and so is the second.

謝謝，諾亞。我想說，現在更新我們的全年指導可能還為時過早。我們的正常做法是在公佈第二季財報後這樣做。不過，我想結合上下文來說明，第一季的獲利超出了預期，第二季也是如此。

We are cognizant that tariffs are out there, and I suppose they could change from what we see today. But it's all in the mix of where we are. So I would say it's a little premature to update the full year at this point.

我們意識到關稅是存在的，我認為它們可能會與我們今天所看到的不同。但這一切都與我們所處的位置有關。因此我認為現在更新全年數據還為時過早。

Yeah. The only thing I would add is, if you look at where the EPS consensus set prior to us announcing today and then look at our Q2 guidance for the first half of the year, the EPS for Q1 plus the midpoint of the guidance we just gave for Q2 is up 10% versus where the consensus had been. So there's puts and takes, obviously, as we go through the year.

是的。我唯一想補充的是，如果你看一下我們今天宣布之前的 EPS 共識設定，然後再看看我們對今年上半年的第二季度指引，你會發現第一季度的 EPS 加上我們剛剛給出的第二季度指引的中點比共識水平高出 10%。因此，顯然，隨著我們度過這一年，我們會有所得，也會有所得。

Thank you, both. Maybe I could ask about devices. I think you called out, Joan, that those record margins for the segment and certainly mix shift is a factor. We're now, I think, meaningfully above kind of the long-term gross margin target for the segment. How should we think about kind of the right level for segment margins going forward?

謝謝你們兩位。也許我可以詢問有關設備的問題。瓊，我想你已經說過，該細分市場的創紀錄利潤率以及產品組合的轉變是一個因素。我認為，我們現在的毛利率已經遠高於該部門的長期毛利率目標。我們應該如何考慮未來細分利潤的正確水準？

Yeah. I mean, again, it's a little premature to update the targets we had for '27, but we are very pleased. They are absolutely ahead of where we expected them to be and have done a great job kind of pruning the portfolio and shifting the mix. So premature to say, is it always going to be 30%. You're still going to get variability from quarter to quarter.

是的。我的意思是，現在更新我們 27 年的目標還為時過早，但我們非常高興。他們的表現絕對超出了我們的預期，並且在精簡投資組合和調整組合方面做得非常出色。現在說這個數字是否永遠都是 30% 還為時過早。每個季度之間仍會存在差異。

We have a heat and allocation business that tends to have its highest seasonal quarter in Q1 that has better margins than average. So it's going to bump around a little bit. But I would say, yes, we're very pleased with the progress in the devices business.

我們的供熱和分配業務通常在第一季達到其最高的季節性季度，利潤率高於平均水平。所以它會發生一點碰撞。但我想說，是的，我們對設備業務的進展感到非常滿意。

All right. Thank you. I'll turn it over.

好的。謝謝。我把它翻過來。

Ben Kallo, R.W. Baird.

本卡洛、R.W.貝爾德。

Hey, good morning guys. My first question was just on the 12-month backlog that you took out of there. Is there anything to read into? Or how should we think about coverage for the next four quarters or the rest of the year, however you want to frame it?

嘿，大家早安。我的第一個問題是關於您從那裡解決的 12 個月積壓問題。有什麼可讀的嗎？或者我們應該如何考慮未來四個季度或今年剩餘時間的覆蓋範圍，無論您想如何建造它？

Yeah. I wouldn't read anything into it at all. We took it out of the investor presentation as we didn't think it was all that much. It was probably confusing people more often than not because it does bounce around quite a bit.

是的。我根本不會去解讀它。我們把它從投資者演示中剔除了，因為我們認為它並沒有那麼多。它可能經常讓人們感到困惑，因為它確實會反覆跳動。

More broadly though getting to your real question, the outlook that we have in front of us still looks good. The demand environment has not changed over the last 90 days. Opportunities are still there, and we feel good about the track that we're on.

但從更廣泛的角度來看，我們面臨的前景仍然很好。過去 90 天需求環境沒有改變。機會仍然存在，我們對目前的發展道路感到滿意。

Our customers are very much focused on dealing with the urgency of the issues that are in front of them. The only caveat I would put on that is, I suppose the macro environment could drag things down later on in the year, and that's the uncertainty that we and probably every other company faces. But I like the ZIP code we're in and the trajectory looks good.

我們的客戶非常注重解決他們面臨的緊急問題。我對此唯一要提出的警告是，我認為宏觀環境可能會在今年稍後拖累事情，而這正是我們以及其他所有公司所面臨的不確定性。但我喜歡我們所在的郵遞區號，而且軌跡看起來不錯。

Great. My follow-up, and I get this question a lot is, just on the regulatory environment state by state in the United States, allowing software to be capitalized or put in the rate base. And just -- anything you could talk about that or other ways that utilities are moving forward with buying software from you guys?

偉大的。我的後續問題是，我經常被問到這個問題，僅就美國各州的監管環境而言，是否允許將軟體資本化或納入利率基礎。您能談談這一點嗎？或者公用事業公司向你們購買軟體的其他方式？

Because in the past, it seemed like that was a harder sell as opposed to the network. So anything you could talk about if it's region specific, that would be helpful as well. Thank you.

因為在過去，與網路相比，這似乎更難推銷。因此，如果您談論的是特定地區的事情，那也會很有幫助。謝謝。

Sure. So outcomes growth for us was up 14% year over year. That's, I think, our fourth quarter in a row of double-digit year-over-year growth, probably seven out of the last eight quarters, double digits. So it's absolutely happening, and we are obviously anxious to keep that trajectory going if not accelerate it.

當然。因此我們的成果年增了 14%。我認為，這是我們連續第四個季度實現兩位數同比增長，過去八個季度中大概有七個季度實現了兩位數增長。所以這絕對正在發生，而且我們顯然渴望保持這種軌跡，甚至加速它的發展。

When it comes to the regulatory environment, we've got to structure the deals in the right way to make sure that it works for our customers business plan as well as ours. There are ways to have those purchases be included in rate bases most of the time. And indeed, that's what you see flowing through our P&L. There's different mechanisms. It depends on the state, and that's the plumbing that they've got to work through on their side.

當涉及監管環境時，我們必須以正確的方式建立交易，以確保它既適合我們的客戶業務計劃，也適合我們自己的業務計劃。大多數情況下，都有辦法將這些購買納入費率基礎。事實上，這就是您在我們的損益表中看到的。有不同的機制。這取決於州的情況，這是他們必須解決的問題。

Oftentimes it is in the form of term licenses over a certain period of time, a certain capability is available. It could be performance-based rates where I think we're creeping up on 40 states out of the 50 now, allow some sort of performance-based rate.

通常它以一定時期內的定期許可的形式出現，可提供某種功能。它可能是基於績效的費率，我認為我們現在在 50 個州中的 40 個州中逐漸允許某種基於績效的費率。

So again, the mechanism can vary state to state or customer to customer, but the trajectory that we've seen over the last couple of years has been good. The regulatory environment remains constructive for our customers, and we'll look to continue to support them as they advance on their needs.

因此，該機制可能因州或客戶而異，但過去幾年我們看到的發展軌跡是良好的。監管環境對我們的客戶來說仍然具有建設性，我們將繼續為他們提供支持，滿足他們的需求。

Thanks, guys. Nice quarter.

謝謝大家。不錯的季度。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD Cowen。

Great, thank you. Good morning. Just maybe two quick ones on the tariff environment. Again, what you said was very helpful. But just to be clear, Tom the $15 million is that incorporating just the current 10% tariff? Or does that contemplate any potential changes on July 9 to the reciprocal environment?

太好了，謝謝。早安.關於關稅環境，我只想簡單問兩句話。再次強調，您說的話非常有幫助。但需要明確的是，湯姆，這 1500 萬美元是否僅包含目前 10% 的關稅？或者這是否考慮到 7 月 9 日互惠環境可能出現的任何變化？

That $15 million net of mitigation measures includes what we do in terms of changing our country of origin on sourcing. It includes what we do on pricing. But when it comes to the tariff protocol itself, what is in effect today is what's assumed in that.

這 1500 萬美元的緩解措施淨額包括我們在改變採購原產國方面所做的努力。其中包括我們在定價方面所做的工作。但就關稅議定書本身而言，目前生效的條款就是其中所假設的。

So it does include the USMCA exemption, meaning you don't pay on that, the 10% baseline tariffs contribute and then the China tariffs that are pretty high on a percentage basis, not that our imports from China are huge, but it doesn't take a lot to have that contribute to the cost basis itself. So it is the Section 301, Section 232 and the IEEPA emergency power tariffs that are in effect today.

因此，它確實包括 USMCA 豁免，這意味著您無需為此付費，10% 的基準關稅以及按百分比計算相當高的中國關稅，並不是說我們從中國的進口量很大，但這並不需要太多就能對成本基礎本身做出貢獻。因此，今天生效的是第 301 條、第 232 條和 IEEPA 緊急電價。

Maybe just one follow-up. I think years ago, you used to make your own printed circuit board assemblies in South Carolina and then move that to Mexico. I know you're not updating guidance, but is there -- with the mitigation measures, is there any increase in CapEx that we should be contemplating?

也許只需一次後續行動。我想幾年前，你們曾經在南卡羅來納州製造自己的印刷電路板組件，然後將其運送到墨西哥。我知道您沒有更新指導，但是—採取緩解措施後，我們是否應該考慮增加資本支出？

No. I wouldn't expect any difference. Our CapEx load is pretty stable, and it will ride along based on new product introductions and things of that sort, but I wouldn't look for any material change.

不。我不期望有任何差異。我們的資本支出負荷相當穩定，並且會根據新產品的推出和諸如此類的事情而變化，但我不會期待任何實質性的變化。

Got it. And then you alluded to price in terms of one of the mitigation factors. Is that something that you on a state-by-state basis have to appeal to regulators for or utility does on your behalf? Maybe just walk us through the mechanics there and the risk to that.

知道了。然後您提到價格是緩解因素之一。這是需要你們根據州的情況向監管機構提出申訴還是需要公用事業公司代表你們去做？也許只是向我們介紹那裡的機制和風險。

The pricing that we have in place is really where we have flexibility and some of those tough lessons that we learned back during COVID in terms of how to increase the amount of flexibility we have in terms of the pricing changes we can make along the way.

我們現有的定價實際上是我們具有靈活性的地方，也是我們在 COVID 期間學到的一些慘痛教訓，即如何增加我們在定價過程中可以進行調整的靈活性。

So no change in terms of how we have been operating for the last couple of years. But obviously, as the macro environment changes, we'll make some pricing adjustments accordingly. I'm not aware of any time that customers are going back to the regulators based on that in terms of what has happened to date.

因此，就過去幾年我們的營運方式而言，沒有任何變化。但顯然，隨著宏觀環境的變化，我們會相應地做出一些價格調整。就目前發生的情況而言，我還沒有發現客戶會基於此向監管機構投訴。

Got it. That's all I have. Thank you. Appreciate it.

知道了。這就是我所擁有的一切。謝謝。非常感謝。

Hilary Cauley, Guggenheim.

希拉蕊·考利，古根漢美術館。

It's actually, Joe. Can you hear me okay?

事實上，喬。你聽見我說話嗎？

We can.

我們可以。

Hey, good morning. I don't sound like Hillary. Two questions. First, looking at this revenue pushout that you had last year, I'm trying to recall how much of that was in Q2 and whether you might be able to help us understand what an organic year-on-year comp might look like adjusting for that?

嘿，早安。我聽起來不像希拉蕊。兩個問題。首先，看看您去年的營收成長情況，我想回想一下其中有多少是在第二季實現的，您是否能幫助我們了解經過調整後的有機年收入是多少？

And then the second question I have, really impressive outcome here in terms of the gross and the operating margin for your Outcomes segment. Obviously, some of that's trimming the portfolio and so forth. But how should we think about revenue fall-through in that part of the business going forward?

然後我的第二個問題是，就成果部門的毛利和營業利潤率而言，這確實令人印象深刻。顯然，其中一些是削減投資組合等等。但我們該如何看待未來該部分業務的收入下降呢？

So let me start with -- I think the first question was how did the constrained revenue flow through in 2024? We had about $85 million in Q1 and about $40 million in Q2. And then essentially, we were caught up by the first half. In terms of, -- you mentioned portfolio trimming, so that would have been devices more than outcomes. So just to clarify which one you're looking at.

那麼首先我想問的是，2024 年受限的收入是如何流動的呢？我們在第一季的資金約為 8500 萬美元，在第二季的資金約為 4000 萬美元。然後基本上，我們在上半場就被追上了。就…您提到了投資組合調整，因此這更多的是一種手段而不是結果。因此，只需澄清一下您正在看哪一個。

But on devices, again as I mentioned, we're really ahead of where we expected to be. I really can't promise that we're going to be at 30% gross margins every quarter, but I think certainly high 20s is our expectation. And it flows through nicely because they've been trimming their OpEx as well.

但就設備而言，正如我再次提到的，我們確實領先於我們的預期。我真的不能保證我們每季的毛利率都能達到 30%，但我認為我們的預期肯定是 20% 以上。而且由於他們也一直在削減營運支出，所以一切都很順利。

From an outcome standpoint, we're still looking for that segment to be in the kind of the mid-40s gross margin. So we're not quite there. And as we've talked about quarter to quarter, you'll get some variability in that based on the software mix in the quarter.

從結果的角度來看，我們仍然希望該部分的毛利率能夠達到 40% 左右。所以我們還沒有到達那裡。正如我們討論過的季度變化一樣，根據季度的軟體組合，您會發現其中存在一些變化。

If I may, and thank you for clarifying on the year-on-year comps. If you look at your whole year numbers, they don't quite imply that you're going to be at that mid-40s gross margins on the Outcomes segment, and you've just posted a very impressive result.

如果可以的話，感謝您澄清同比情況。如果你看一下全年的數據，你會發現，這並不完全意味著你的成果部分的毛利率會達到 40% 左右，但你剛剛公佈了一個非常令人印象深刻的業績。

So I guess my question is, can we expect to see this level of improvement in the margins going forward? Or I guess I should rephrase this level of revenue fall-through going forward and which would imply in fact that you could be at the mid-40s gross margin in outcomes by the end of this year?

所以我想我的問題是，我們能否預期未來利潤率會出現這種程度的改善？或者我想我應該重新表述一下未來收入下降的水平，這實際上意味著到今年年底你的毛利率可能會達到 45% 左右？

Yeah. Again, we don't really guide by segment, but certainly, the year-over-year improvement this year was heavily driven also by how low last year was. So we were in the 40s or so this quarter, but we were like mid-30s last quarter. So you get that software mix that distorts things. So certainly, we're looking for the Outcomes segment to continue to grow margins year on year, and I think they will continue to do that.

是的。再次強調，我們實際上並不是按細分市場來指導，但可以肯定的是，今年的同比增長很大程度上也受到了去年低迷水平的影響。因此，本季我們的收入在 40 左右，但上個季度我們的收入在 30 多。所以你得到的是扭曲事物的軟體組合。因此，我們當然希望成果部門的利潤率能逐年成長，我認為他們會繼續這樣做。

All right. Thanks to your point.

好的。謝謝你的觀點。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯。

Yes, good morning. Thank you for taking our questions. I wanted to go back to the tariffs. Can you just talk about kind of the timing of some of your mitigation efforts, whether that's price increases or kind of moving around component sources.

是的，早安。感謝您回答我們的問題。我想回到關稅問題上。您能否談談一些緩解措施的時機，無論是提高價格還是轉移零件來源。

Just trying to get a feel for -- I mean, obviously, tariffs could change this afternoon. But to the extent that the current tariffs remain in place indefinitely, just trying to get a sense of how we can think about annualizing that figure going forward? Thank you.

只是想了解一下——我的意思是，顯然，關稅可能會在今天下午發生變化。但是，如果現行關稅無限期地持續下去，我們只是想了解一下，我們如何考慮在未來將這個數字年度化？謝謝。

Sure. So the $15 million net number that we talked about, if I were building a model for the three quarters ahead of us for this year, I would put most of that in the back half of the year from a cost perspective. And that's really based on when various pricing mechanisms kick in, when various country of origin changes are made on the sourcing side and the amount of inventory on hand.

當然。因此，如果我們要為今年前三個季度建立一個模型，那麼我們談到的 1500 萬美元的淨數字，從成本角度來看，我會把其中的大部分放在下半年。這實際上取決於各種定價機制何時生效、採購方面原產國何時發生變化以及庫存量。

Remember, a certain amount of inventory was already in our hands when the protocol started. Your point about -- yes, it could change immediately, but there's usually a little bit of a lag effect before the costs start to come in. So we didn't see much in Q1. There's a bit in Q2, but more of it is in the back half of the year.

請記住，當協議開始時，我們手中已經有一定數量的庫存。您的觀點是——是的，它可能會立即改變，但在成本開始顯現之前通常會有一點滯後效應。所以我們在第一季沒有看到太多變化。第二季有一點，但更多的是下半年。

Thank you.

謝謝。

Chip Moore, Roth Capital Partners.

羅斯資本合夥公司的奇普摩爾 (Chip Moore)。

Hey, everybody, thanks for taking the question. Maybe just a high-level one. I was in Europe earlier this week, and there was obviously a pretty high-profile blackout, and I'm sure there'll be a lot of postmortem to come on that. But Tom, I'd be curious to maybe get your perspectives on if you think that's the type of thing that can help shine a light on the need for some of these grid edge solutions.

嘿，大家好，感謝你們提出這個問題。或許只是高階的。本週早些時候我在歐洲，那裡顯然發生了一次引人注目的停電事故，我相信之後還會有大量的調查分析。但是湯姆，如果您認為這類事情有助於闡明對這些電網邊緣解決方案的需求，那麼我很想聽聽您的觀點。

Well, certainly, I think that changing the topology of the grid to try to give you better resiliency and reliability is an important part of the value proposition we give to our customers. It takes more than just our piece of it, but we certainly can help give you visibility and control out of the edge of the grid, and that is helpful.

嗯，當然，我認為改變電網的拓撲結構以嘗試提供更好的彈性和可靠性是我們向客戶提供的價值主張的重要組成部分。這需要的不僅僅是我們的部分，但我們當然可以幫助您獲得網格邊緣的可見性和控制力，這是有幫助的。

So segmentation of the grid, microgrid solutions, virtual power plants, peak shaving, demand response, energy efficiency, all of these things are what's wrapped up inside of the platform that we provide, and it's very helpful when it comes to those kinds of situations.

因此，電網細分、微電網解決方案、虛擬發電廠、尖峰調節、需求響應、能源效率，所有這些都包含在我們提供的平台中，當我們遇到這些情況時，它非常有用。

That said, I don't know that I've got perfect insight or nor does anyone at this moment as to exactly what happened in Spain and Portugal. That appeared to be much more transmission related rather than distribution related. But even in those particular cases, you can certainly limit the amount of damage and get it back online faster when and if something like that should happen by further deployment of grid edge intelligence technologies.

話雖如此，我不知道我是否或此刻其他人是否對西班牙和葡萄牙到底發生了什麼有完美的了解。這似乎與傳輸有關，而不是與分佈有關。但即使在這些特殊情況下，透過進一步部署電網邊緣智慧技術，您也可以限制損害程度，並在發生類似情況時更快地恢復線上。

I appreciate that. And maybe one more for you, Joan. On the balance sheet at this rate, it looks like you're going to be in a net cash position in the not-too-distant future. So maybe an update on M&A funnel and just capital deployment more broadly and buyback, et cetera.

我很感激。也許還有一個給你，瓊。從資產負債表上看，以這樣的速度，似乎不久的將來你就會處於淨現金狀況。因此，也許是關於併購管道的更新以及更廣泛的資本部署和回購等等。

Yeah. I would say the priority for us is still finding that right acquisition that helps us get more software content and help drive the outcomes growth. So there's a lot of activity going on. I would say the PEs, in particular a lot of them are sitting on assets that are now four, five years. Some of the valuations, I think, have come down.

是的。我想說，我們的首要任務仍然是找到正確的收購機會，以幫助我們獲得更多的軟體內容並推動成果成長。因此有很多活動正在進行。我想說的是，PE 們，尤其是其中的很多，都持有期限為四、五年的資產。我認為一些估值已經下降。

There are some that don't necessarily want to accept a down valuation from maybe the peak from several years ago. There's some medium-sized assets out there as well. So we continue to be very active, and that would be our first priority from a capital allocation standpoint.

有些人不一定願意接受相對於幾年前的峰值而言的下跌估值。那裡也有一些中型資產。因此，我們會繼續保持正面態度，從資本配置的角度來看，這是我們的首要任務。

Thank you.

謝謝。

Austin Moeller, Canaccord.

奧斯汀·莫勒（Austin Moeller），Canaccord。

Hi, good morning. Can you -- are you able to talk about the mix between setup and engineering revenues within Outcomes at customer sites versus the recurring subscription licensing revenue that you indicated was substantial in the quarter?

嗨，早安。您能否—您能談談客戶站點成果中的設定和工程收入與您指出的本季相當可觀的經常性訂閱授權收入之間的組合嗎？

Yeah. If I look at it on a year over year basis, in Q1 last year compared to this year, we had a lot more, I will say, the better kind of revenue where margins were substantially higher. So the amount of recurring revenue on a quarterly basis bounces around a little bit depending on the exact mix of business, but we were right around 70% recurring revenue in Q1, that's maybe on the lower side of where we want to be ultimately is probably closer to 80% is the ultimate trajectory. But again, it will bounce around a little bit quarter to quarter.

是的。如果以年比來看，去年第一季與今年相比，我們的營收成長了許多，可以說營收品質更好，利潤率也大幅提高。因此，季度經常性收入的數額會根據特定的業務組合而略有波動，但第一季的經常性收入約為 70%，這可能處於我們最終希望達到的水平的較低水平，最終軌跡可能接近 80%。但同樣，每個季度它都會出現一些波動。

Okay. And can you talk about how your grid edge intelligence solutions and networked endpoint products could assist in a blackout situation like we saw in Spain and Portugal?

好的。您能否談談您的電網邊緣智慧解決方案和連網端點產品如何幫助我們應對西班牙和葡萄牙那樣的停電情況？

Yeah. Again, the Spain and Portugal situation, I don't know that I would want to try to comment too directly on what exactly happened there until the details are out. But a pretty clear example is some of the things that we do already today with -- allows utilities to reroute power through distribution automation.

是的。再一次，關於西班牙和葡萄牙的情況，在細節公佈之前，我不知道我是否想對那裡到底發生了什麼發表過於直接的評論。但一個非常明顯的例子是我們今天已經在做的一些事情——允許公用事業公司透過配電自動化重新安排電力。

So if you do have a particular transformer that gets struck by lightning and that the power goes out, you can reroute power using the mechanisms that we provide and when we work with partners to be able to do that. So you're minimizing the area, if you will, that's out.

因此，如果您確實有一個特定的變壓器被雷擊中並且電源中斷，您可以使用我們提供的機制重新佈線，並且當我們與合作夥伴合作時就可以做到這一點。因此，如果你願意的話，你可以最小化該區域，這是不行的。

The same could be true in a wildfire mitigation kind of scenario. So rather than turning off all of Marin County when the wind kicks up, you can target that quite a bit more closely by having that fine tooth control out at the edge of the grid. Those are the types of solutions that we offer our customers at the distribution edge.

在野火緩解類情境中也可能存在同樣的情況。因此，當風力增強時，您無需關閉整個馬林縣，而是可以透過在電網邊緣進行精細控制來更精準地控制風力。這些是我們在分銷領域為客戶提供的解決方案類型。

Great, that's very helpful. Thank you.

太好了，這非常有幫助。謝謝。

(Operator Instructions) Scott Graham, Seaport Research Partners.

（操作員指示）斯科特·格雷厄姆，海港研究合作夥伴。

Morning, thanks for taking the question. Could you -- is there any way you could tell us a little bit more about the $50 million? I mean, I know that's a net number, but is it sort of like $30 million, $50 million mitigation? Is it $50 million, $35 million mitigation? Can you just give us an idea of maybe closer to what the gross is?

早上好，感謝您回答這個問題。您能否向我們詳細介紹一下這 5000 萬美元的情況？我的意思是，我知道這是一個淨數字，但它是否相當於 3000 萬美元、5000 萬美元的減免額？是 5000 萬美元還是 3500 萬美元的減免？您能否提供我們一個更接近總數的概念？

Again, the mix of our product portfolio will change, and that probably means that any number that I would hazard a guess on today would be wrong by tomorrow. So it will ebb and flow a little bit depending on how the mix changes and what deliveries on individuals look like. So I think that the right way to think about it is the net number and that's what would be the impact from a gross margin standpoint.

再說一次，我們的產品組合將會發生變化，這可能意味著我今天猜測的任何數字到明天都會是錯的。因此，它會根據組合如何變化以及個人交付情況而略有起伏。因此，我認為正確的思考方式是淨值，這就是從毛利率角度產生的影響。

Okay. Then the other question I had was on networking. The organic there, I know really set back by last year's catchups. Was the gross margin down because of the comp, the catch-up comp? Or was that something else?

好的。我的另一個問題是關於網路的。我知道那裡的有機物確實因去年的追趕而受到阻礙。毛利率下降是因為競爭對手的追趕嗎？還是別的什麼？

It was really just mix, and it was not down materially. I think it was down maybe 20 basis points. So that's noise in the scheme of things. It's just mix.

這實際上只是混合，並沒有實質下降。我認為它可能下降了20個基點。所以這就是事物整體的噪音。這只是混合。

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

謝謝。目前，問答隊列中沒有其他問題。現在我將把電話轉回給湯姆·迪特里希先生，請他做最後發言。

Very good. Thank you all for joining our call today. We look forward to updating you again in another three months.

非常好。感謝大家今天參加我們的電話會議。我們期待三個月後再次向您更新資訊。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。