Itron, Inc. (ITRI) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Itron's first quarter 2026 earnings conference call. (Operator Instructions). Today's call is being recorded. I will now hand the conference over to your speaker host, Paul Vincent, Vice President of Investor Relations. Please go ahead.

各位好，感謝您稍候。歡迎參加 Itron 2026 年第一季財報電話會議。（接線員指示）今天的電話會議將被錄音。我現在把會議交給今天的主持人——投資人關係副總裁 Paul Vincent。請開始。

Good morning, and welcome to Itron's first quarter 2026 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. Earlier today, the company issued a press release announcing its results.

各位早安，歡迎參加 Itron 2026 年第一季財報電話會議。Itron 總裁暨執行長 Tom Deitrich，以及資深副總裁暨財務長 Joan Hooper，將回顧 Itron 第一季業績，並提供整體業務更新與展望。公司今天稍早已發布新聞稿公布本季結果。

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.

該新聞稿亦包含本次電話會議的相關細節與網路直播重播資訊。配合今天的電話會議，我們也提供一份簡報，可透過網路直播取得，並可在公司網站「投資人關係」分頁下瀏覽。

Following prepared remarks, the call will open for questions using the process the operator described. 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.

在預先準備的發言結束後，將依照接線員所說明的流程開放提問。在 Tom 開始之前提醒各位，我們的財報新聞稿與財務簡報包含非 GAAP 財務資訊，我們相信這有助於更全面理解公司目前與未來的表現。

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.

GAAP 與非 GAAP 財務衡量指標之差異調節表，已載於我們的財報新聞稿及投資人關係網站。本次電話會議中我們將發表前瞻性陳述。這些陳述係基於目前的預期與假設，並可能受到風險與不確定性影響。

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.

由於今日財報新聞稿所揭露的因素、在本次電話會議中的評論，以及我們 Form 10-K「風險因素」章節與其他向美國證券交易委員會提交之報告與文件中所述因素，實際結果可能與上述預期有重大差異。

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.

公司所有評論、估計或前瞻性陳述，皆係本於善意，旨在就我們目前與未來的營運及財務環境提供適當洞見。

The materials discussed today, April 28, 2026, may materially change, and we do not undertake any duty to update any of our forward-looking statements. Now please turn to Page 4 of our presentation as our CEO, Tom Deitrich, begins his remarks.

今天（2026 年 4 月 28 日）所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。現在請翻到簡報第 4 頁，由我們的執行長 Tom Deitrich 開始發言。

Thank you, Paul. Good morning, everyone, and thank you for joining our call today. Itron had a solid start to the year. Our first quarter results were ahead of expectations due to strong execution from our teams and some first half projects progressing ahead of schedule.

謝謝你，Paul。各位早安，感謝今天加入我們的電話會議。Itron 今年開局穩健。由於團隊執行力強，以及部分上半年專案進度超前，我們第一季業績優於預期。

Turning to Slide 4 for the highlights.

請看投影片 4 的重點摘要。

Revenue of $587 million, adjusted EBITDA of $92 million, non-GAAP earnings per share of $1.49 and free cash flow of $79 million.

營收 5.87 億美元，調整後 EBITDA 9,200 萬美元，非 GAAP 每股盈餘 1.49 美元，自由現金流 7,900 萬美元。

Turning to Slide 5.

請翻到投影片 5。

While project timing provided a modest tailwind in Q1 revenue, we anticipate the first half to be consistent with our initial guidance.

雖然專案時點在第一季營收上帶來些許順風，但我們預期上半年整體仍將符合我們最初的指引。

Overall, the pace of ongoing field deployment of Grid Edge technology is well aligned to our expectations with no material constraints for labor or materials. The adoption of flexible and intelligent solutions is accelerating, and that is translating into durable compounding growth over time.

整體而言，Grid Edge 技術的持續現場部署進度與我們預期高度一致，在人力或材料方面沒有重大限制。彈性且智慧化解決方案的採用正在加速，並將隨時間推進轉化為具韌性的複利成長。

Our Outcomes segment grew 22% year-over-year. Total company annual recurring revenue at quarter end was $414 million, up 28% due to strong organic growth plus our recently acquired Resiliency Solutions segment.

我們的 Outcomes 事業部門年增 22%。截至季末，全公司年度經常性收入（ARR）為 4.14 億美元，年增 28%，主要來自強勁的有機成長以及我們近期收購的 Resiliency Solutions 事業部門。

More broadly, the size and scope of the opportunity funnel remains outsized from historical levels, driven by the age out of existing infrastructure and new requirements.

更廣泛來看，機會漏斗的規模與範圍仍明顯高於歷史水準，主要受既有基礎設施汰換與新需求所驅動。

Grid modernization is inevitable, and we are confident in the multiyear structural investment to add intelligence to the grid, but also understand the market we serve. Our customers continue to work in a complex environment, balancing global uncertainty, affordability concerns, resiliency imperatives and growing demand variability.

電網現代化勢在必行。我們對於未來多年、為電網導入智慧化的結構性投資充滿信心，但也理解我們所服務的市場。我們的客戶仍在複雜環境中運作，需要在全球不確定性、可負擔性疑慮、韌性需求與日益增加的需求波動之間取得平衡。

We are confident our product portfolio addresses these disparate needs across electricity, gas and water systems with flexible implementation models that are well aligned to the specific needs of our utility customers.

我們相信，我們的產品組合能以彈性的導入模式，滿足電力、天然氣與自來水系統的多元需求，並與公用事業客戶的特定需求高度契合。

Turning to Slide 6.

請翻到投影片 6。

Our first quarter bookings were $476 million, bringing the total backlog to $4.4 billion at quarter end, in line with our expectations. The quarter included several notable wins. We advanced a strategic grid visibility program with Duquesne Light Company.

第一季接單金額為 4.76 億美元，使季末總在手訂單（backlog）達 44 億美元，符合我們的預期。本季包含數個重要得標案。我們與 Duquesne Light Company 推進一項策略性的電網可視性計畫。

This engagement reflects the growing demand for distributed intelligence and Grid Edge Computing as utilities modernize their networks to improve reliability, resilience and operational efficiency.

此合作反映出，隨著公用事業現代化其網路以提升可靠性、韌性與營運效率，市場對分散式智慧與 Grid Edge Computing 的需求正在成長。

Importantly, this program highlights Itron's abilities to deliver an integrated first-of-its kind solution that brings together smart devices, software and communication to support next generation grid operations.

更重要的是，該計畫凸顯 Itron 具備交付整合式、首創解決方案的能力，能將智慧裝置、軟體與通訊整合在一起，以支援下一代電網營運。

Additionally, an existing customer that is deploying a safety enhanced meter program has expanded their development of Intelis static gas endpoints.

此外，一位正在部署強化安全抄表計畫的既有客戶，擴大採用 Intelis 靜態天然氣端點（static gas endpoints）。

Intelis technology offers numerous safety enhancements, which include automatic and remote shut off capabilities as well as reliability and efficiency features that benefit the utility and the consumers they serve. More broadly, this activity is a perfect example of the unique value that Itron's multi-commodity platform creates for customers and benefits our shareholders through diversification across electricity, gas and water verticals.

Intelis 技術提供多項安全強化功能，包括自動與遠端關閉能力，以及可提升可靠性與效率的功能，讓公用事業與其服務的消費者皆受益。更廣泛而言，這些進展正是 Itron 多能源（multi-commodity）平台為客戶創造獨特價值的最佳例證，並透過在電力、天然氣與水務垂直領域的多元化，為股東帶來效益。

The integration of Resiliency Solutions segment is on track, and the team is already contributing meaningfully. In worker safety, we established a new contract with a major US electricity utility.

Resiliency Solutions 事業部門的整合進度如期推進，團隊也已開始做出實質貢獻。在勞工安全方面，我們與一家美國大型電力公用事業建立了新的合約。

The customer required a best-in-class system to protect thousands of field workers at the job site, leveraging intelligent workflows and real-time hazard recognition. The digital construction management team extended a contract with a large natural gas pipeline customer, a strong signal of the customer value of deploying our platform.

該客戶需要同級最佳的系統，以在工作現場保護數千名外勤人員，並運用智慧化工作流程與即時危害辨識。我們的數位化施工管理團隊也與一家大型天然氣管線客戶延長合約，這是客戶價值的強烈訊號，顯示部署我們平台所帶來的效益。

These are only a few examples of the kind of mission-critical problems that Itron is uniquely positioned to solve. As a result, our backlog profile continues to evolve in quantity and quality.

以上僅是少數例子，說明 Itron 具備獨特定位，能解決此類關鍵任務（mission-critical）問題。因此，我們的在手訂單結構在數量與品質上持續演進。

Outcomes and Resiliency Solutions combined now represent 25% of total backlog and that share is growing. The reason we are winning is straightforward. We help customers make one investment dollar do more.

Outcomes 與 Resiliency Solutions 合計目前占總在手訂單的 25%，且占比仍在提升。我們能持續得標的原因很簡單：我們協助客戶讓每一美元投資發揮更大效益。

Our solutions are designed to create multiple opportunities for value across the useful life, deepening relationships, expanding our installed base and generating durable recurring revenue streams.

我們的解決方案旨在於產品使用壽命期間創造多重價值機會，深化客戶關係、擴大已安裝基礎（installed base），並產生具韌性的經常性收入來源。

With that, I'll turn it over to Joan to walk through the first quarter financials in detail.

接下來我把時間交給 Joan，請她詳細說明第一季財務表現。

Thank you, Tom. Please turn to Slide 7 for a summary of consolidated GAAP results.

謝謝你，Tom。請翻到投影片 7，查看合併 GAAP 結果摘要。

First quarter revenue of $587 million was above our outlook range due to an acceleration of certain first half project deployments. As expected, revenue was down versus last year, primarily due to the timing of large networks projects. Gross margin was 450 basis points higher than last year due to favourable mix and operational efficiencies.

第一季營收 5.87 億美元，高於我們的展望區間，原因是部分上半年專案部署加速。如同預期，營收較去年下滑，主要因大型網路專案的時點影響。毛利率較去年提高 450 個基點，受惠於有利的產品組合與營運效率提升。

GAAP net income of $53 million or $1.18 per diluted share compares to $65 million or $1.42 in the prior year. The decrease was due to higher GAAP operating expenses related to the two recently completed acquisitions as well as lower interest income.

GAAP 淨利為 5,300 萬美元，或稀釋後每股盈餘 1.18 美元；相較去年為 6,500 萬美元，或 1.42 美元。下滑主因為兩項近期完成收購所帶來的 GAAP 營業費用增加，以及利息收入降低。

Regarding non-GAAP metrics on Slide 8, adjusted gross margin of 40.7% increased 490 basis points versus Q1 of 2025. Non GAAP operating income of $84 million and adjusted EBITDA of $92 million, both increased 5% year-over-year. Non-GAAP net income for the quarter was $68 million or $1.49 per diluted share versus $1.52 a year ago.

關於投影片 8 的非 GAAP 指標，調整後毛利率為 40.7%，較 2025 年第一季提高 490 個基點。非 GAAP 營業利益為 8,400 萬美元，調整後 EBITDA 為 9,200 萬美元，兩者皆年增 5%。本季非 GAAP 淨利為 6,800 萬美元，或稀釋後每股盈餘 1.49 美元，去年同期為 1.52 美元。

The year-over-year decline was due to lower interest income, partially offset by higher operating income. Free cash flow was $79 million in Q1 versus $67 million a year ago.

年減主要因利息收入降低，但部分被較高的營業利益所抵銷。第一季自由現金流為 7,900 萬美元，去年同期為 6,700 萬美元。

The increase was primarily due to lower tax payments. Year-over-year revenue growth by business segment is on Slide 9. Device Solutions revenue decreased 9% on a constant currency basis due to the expected decline in legacy electricity products in EMEA and the timing of projects in North America.

增加主要來自較低的稅款支付。各事業部門以固定匯率計算的年對年營收成長，請見投影片 9。Device Solutions 營收以固定匯率計減少 9%，主因為 EMEA 地區傳統電力產品如預期下滑，以及北美專案時點影響。

Network Solutions revenue decreased 14% on a constant currency basis due to the timing of large deployments. Outcomes revenue increased 20% on a constant currency basis, driven by higher recurring and services revenue.

Network Solutions 營收以固定匯率計減少 14%，主因為大型部署時點影響。Outcomes 營收以固定匯率計增加 20%，由較高的經常性收入與服務收入所帶動。

Our new segment, Resiliency Solutions, which includes the Urbint and Locusview acquisitions contributed $16 million of revenue in Q1. Moving to the non-GAAP year-over-year EPS bridge on Slide 10. Our Q1 non-GAAP EPS of $1.49 per diluted share decreased $0.03 year-over-year.

我們的新事業部門 Resiliency Solutions（包含 Urbint 與 Locusview 的收購案）在第一季貢獻 1,600 萬美元營收。接著看投影片 10 的非 GAAP 每股盈餘年對年橋接表。我們第一季非 GAAP 稀釋後每股盈餘為 1.49 美元，年減 0.03 美元。

Operating income contributed an increase of $0.05 per share, but this was more than offset by the negative impact of lower interest income at $0.13 per share.

營業利益貢獻每股增加 0.05 美元，但被利息收入降低所帶來的每股 0.13 美元負面影響所抵銷，且抵銷幅度更大。

Lower tax expense had a positive year-over-year impact of $0.01 per share, and FX, share count and other items had a positive impact of $0.04 per share.

較低的所得稅費用對年對年每股有 0.01 美元的正面影響，而匯率、股數及其他項目合計帶來每股 0.04 美元的正面影響。

Turning to Slides 11 through 14, I'll review Q1 segment results compared with the prior year. Device Solutions revenue was $124 million with adjusted gross margin of 35.4% and operating margin of 29.7%. Both margin results are segment-level quarterly records.

接著看第 11 到第 14 張投影片，我將回顧第一季各事業部門相較去年同期的表現。Device Solutions 營收為 1.24 億美元，調整後毛利率為 35.4%，營業利益率為 29.7%。兩項利潤率表現皆創下該事業部門單季新高。

Adjusted gross margin increased 540 basis points year-over-year, and operating margin was up 550 basis points due to favourable mix and operational efficiencies.

調整後毛利率年增 540 個基點，營業利益率年增 550 個基點，主要受惠於有利的產品組合與營運效率提升。

Network Solutions revenue was $351 million with adjusted gross margin of 40.8% and operating margin of 31.4%. Adjusted gross margin increased 390 basis points year-over-year due to favourable mix and operational efficiencies and operating margin was up 260 basis points.

Network Solutions 營收為 3.51 億美元，調整後毛利率為 40.8%，營業利益率為 31.4%。由於有利的產品組合與營運效率提升，調整後毛利率年增 390 個基點，營業利益率年增 260 個基點。

Outcomes revenue was $96 million with adjusted gross margin of 41.7% and operating margin of 23.3%. Adjusted gross margin increased 250 basis points year-over-year due to a higher margin revenue mix and operating margin increased 510 basis points due to higher operating leverage.

Outcomes 營收為 9,600 萬美元，調整後毛利率為 41.7%，營業利益率為 23.3%。由於較高毛利的營收組合，調整後毛利率年增 250 個基點；由於營運槓桿提高，營業利益率增加 510 個基點。

Resiliency Solutions had revenue of $16 million, adjusted gross margin of 73% and operating margin of 27%. Turning to Slide 15, and I'll review liquidity and debt at the end of Q1. Total debt was $1.61 billion, and cash and equivalents were $713 million.

Resiliency Solutions 營收為 1,600 萬美元，調整後毛利率為 73%，營業利益率為 27%。接著看第 15 張投影片，我將回顧第一季末的流動性與負債狀況。總負債為 16.1 億美元，現金及約當現金為 7.13 億美元。

Our cash balance declined approximately $300 million versus year-end 2025 due to the net impact of the January acquisition of Locusview, the February issuance of $805 million of zero interest convertible senior notes, the March $460 million repayment of the company's 2021 convertible senior notes, the February share repurchase of $100 million and free cash flow generation of $79 million during the first quarter. As of March 31, net leverage was 2.4times.

相較 2025 年底，我們的現金餘額約減少 3 億美元，主要反映以下項目的淨影響：1 月收購 Locusview、2 月發行 8.05 億美元零利息可轉換優先票據、3 月償還公司 2021 年可轉換優先票據 4.6 億美元、2 月回購股票 1 億美元，以及第一季產生自由現金流 7,900 萬美元。截至 3 月 31 日，淨槓桿倍數為 2.4 倍。

Now please turn to Slide 16 for our second quarter outlook. We anticipate Q2 revenue to be within a range of $560 million to $570 million, which at the midpoint is down 7% versus last year.

現在請看第 16 張投影片，說明我們對第二季的展望。我們預期第二季營收將落在 5.6 億至 5.7 億美元區間，以中位數計算較去年下降 7%。

As previously mentioned, Q1 benefited from an acceleration of first half projects. Our current view of the first half of 2026 is consistent with our thinking when we set the annual outlook back in February.

如先前所提，第一季受惠於上半年專案時程加速。我們目前對 2026 年上半年的看法，與我們在 2 月制定全年展望時的想法一致。

We anticipate second quarter non-GAAP EPS to be within the range of $1.25 to $1.35 per diluted share, which at the midpoint is down approximately 8% year-over-year after normalizing for the tax rate and the level of interest income.

我們預期第二季非 GAAP 每股盈餘（EPS）將落在每股稀釋後 1.25 至 1.35 美元區間；以中位數計算，在就稅率與利息收入水準進行常態化調整後，約較去年同期下降 8%。

Now I'll turn the call back to Tom.

現在我把電話交回給 Tom。

Thank you, Joan. Utilities today are managing energy and water systems under increasing strain. Those systems were not designed for the complexity created by distributed energy resources, increasing industrial and AI-driven demand, resource scarcity and escalating weather volatility.

謝謝你，Joan。如今公用事業在日益加劇的壓力下管理能源與供水系統。這些系統並非為分散式能源資源、工業與 AI 驅動需求增加、資源稀缺，以及日益升高的天候波動所帶來的複雜性而設計。

At the local level, electricity distribution networks are often significantly underutilized and our customers draw an important conclusion while investment in new generation and transmission is essential, the fastest electron available to them is the one they already have. Itron solutions unlock time to power using the existing capacity by working with the right data and the ability to act on it.

在地方層級，配電網路往往存在顯著的低度利用情況，我們的客戶因此得出一個重要結論：雖然投資新發電與輸電至關重要，但對他們而言，最快可用的「電子」就是他們已經擁有的那一個。Itron 的解決方案透過運用既有容量、搭配正確的資料以及採取行動的能力，協助縮短通電所需時間。

Itron serves as the intelligence layer for our customers, delivering multipurpose networks, analytics and applications that give grid operators the visibility to optimize their distribution infrastructure.

Itron 作為客戶的智慧層，提供多用途網路、分析與應用，讓電網營運者具備可視性，以最佳化其配電基礎設施。

Industry data suggests utility distribution spending will continue to grow at least through the end of the decade.

產業資料顯示，公用事業在配電方面的支出至少將持續成長至本十年末。

We believe this represents a durable structural trend and that modernization will benefit consumers while reducing waste across the system. I am encouraged by our team's strong execution this quarter. The operating environment remains volatile domestically and globally, and that volatility creates risks.

我們相信這代表一項持久的結構性趨勢，現代化將在降低整體系統浪費的同時讓消費者受益。我對團隊本季強勁的執行力感到振奮。營運環境在國內與全球仍然動盪，而這種波動帶來風險。

We have built a more resilient business and are delivering consistent results through these cross wins. Our focus is unchanged, backlog quality, recurring revenue growth, margin discipline, cash generation and above all, ensuring our customers are successful with every engagement. Itron is well positioned for a multiyear grid build-out that has already begun and is expected to continue for years to come.

我們已打造出更具韌性的業務，並透過這些跨領域的勝利交付一致的成果。我們的重點不變：訂單積壓（backlog）品質、經常性收入成長、利潤率紀律、現金創造，以及最重要的，確保客戶在每一次合作中都能成功。Itron 已為一個已經啟動、且預期將持續多年的多年度電網建設週期做好充分準備。

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

感謝各位今天加入我們。接線員，請開放線路讓大家提問。

(Operator Instructions) f Noah Kaye, Oppenheimer.

（接線員指示）Noah Kaye，Oppenheimer。

Thanks so much. First, just hoping to get a little bit more color on what kind of drove the acceleration of project timing in 1Q? And then you were very helpful in noting the first half as a whole is kind of consistent with what you'd assumed in February.

非常感謝。首先，希望能更了解一下，第一季專案時程加速主要是由哪些因素推動？另外，你們也很有幫助地提到，上半年整體大致與你們 2 月時的假設一致。

What -- the guidance had implied in February was a pickup in the back half. So can you just sort of help us kind of think through what might be impacting the step-down in run rate in 2Q? And then what might account for a pickup in the back half of the year?

2 月的指引暗示下半年會回升。能否請你們協助我們理解，第二季執行率（run rate）下滑可能受到哪些因素影響？以及今年下半年回升可能由哪些因素構成？

Yeah, let me start, and then Tom if you want to comment. So yes, we did mention in our prepared remarks that Q1 was better than we had guided to because of an acceleration of projects from the first half of the year. It was primarily in the network business, but also a little bit in devices.

好的，我先回答，之後 Tom 若想補充也可以。是的，我們在事先準備的講稿中提到，第一季表現優於我們的指引，原因是部分原本在上半年進行的專案時程加速。主要發生在網路業務，但在裝置（devices）方面也有一些。

And so if you take the combination of our Q1 actuals with the, call it, the midpoint of our Q2 guidance, it's actually slightly higher than what we would have expected back in February, slightly higher on revenue and actually higher on gross margin, EBITDA and EPS.

因此，如果把第一季實際數字與第二季指引的中位數合併來看，實際上略高於我們 2 月時的預期：營收略高，而毛利率、EBITDA 與 EPS 則更高。

So the first half is shaping up as expected. So obviously, the question in terms of -- it's more back-end loaded, yes, we knew that when we entered the year, we talked about it on last quarter's call, what would drive an uptick in the second half of the year is project deployments primarily in networks. Certainly, outcomes continues to grow. We would expect that same thing for Resiliency Solutions. Devices is roughly flat.

所以，上半年的走勢符合預期。當然，問題在於——確實較偏向下半年認列，我們在年初就知道這點，也在上一季的電話會議中談過。推動下半年走升的主要因素將是網路專案的部署。Outcomes 當然持續成長；我們也預期 Resiliency Solutions 會有相同趨勢。Devices 大致持平。

So that growth is going to have to happen from networks deployments. Tom, I don't know if you want to add anything.

因此，成長將必須來自網路部署。Tom，我不確定你是否想補充。

I would add just a bit on the operational side of things. What we saw in Q1 was no constraints when it comes to supply chain.

我想從營運面補充一點。我們在第一季看到供應鏈方面沒有任何限制。

So material was fine, labor was fine, customer deployments were ticking along quite nicely, and that led to some of the overage that you saw in the network space primarily. Turns were at the level that we expected we pointed in. And I think I even commented on this in our previous call that turns what we're expected to be a little bit higher and indeed, they were.

因此，材料沒問題、人力沒問題、客戶部署進度也相當順利，這主要帶動了你在網路領域看到的一些超出預期的表現。轉單（turns）水準符合我們的預期與先前所指出的方向。我想我在上一次電話會議也提過，轉單預期會略高一些，而事實上確實如此。

So all in all, the market was well aligned to our expectations within the normal push and pull, where some of the network deployments were moving a little bit faster.

總體而言，市場與我們的預期相當一致，在正常的拉扯之下，部分網路部署的進度稍微更快一些。

Very helpful, thanks. And then Tom, you mentioned the outsized funnel. I wondered if you could give us a little bit more commentary on the behaviour patterns you're seeing now among customers. And I think in particular one question, no -- DOE recently provided a list of Congress of grid projects that seem to be reinstated under the SPARK program. Maybe just talk a little bit about the potential impact from that as you look at the bookings trajectory over the course of the year.

非常有幫助，謝謝。接著，Tom，你提到漏斗（funnel）規模特別大。我想請你多談一些你目前看到客戶行為模式的變化。尤其有一個問題：DOE 最近向國會提供了一份電網專案清單，似乎在 SPARK 計畫下被恢復。能否談談，當你們觀察今年整體接單（bookings）走勢時，這可能帶來的潛在影響？

Sure. So maybe a broad brush view on the market specifically and then jump into the specifics on the SPARK program. I would say that if I look at it on a vertical basis, water in Europe continues to be strong, above the historical levels. I think it's fairly well documented.

當然。我先用較宏觀的角度談市場，再切入 SPARK 計畫的細節。我會說，如果以垂直領域來看，歐洲的水務仍然強勁，高於歷史水準；我想這點已有相當多的公開資料。

Water in the US is a little bit slower. That's the smaller segment for us overall. So where our strength is in water continues to perform well. And you see that primarily in the Devices segment, which is, I would say, punching a little bit above its weight, more pushing 120s rather than the 100 to the 110 level where we had sort of anchored expectations. On the gas side of things, gas in North America is particularly strong.

美國的水務則稍微慢一些；對我們整體而言那是較小的區塊。因此，我們在水務的強項仍持續表現良好。你主要會在 Devices 事業部看到這點；我會說它的表現有點超出其比重，更接近 1.2 億美元出頭，而不是我們原先大致錨定在 1 億到 1.1 億美元的預期水準。至於天然氣方面，北美的天然氣特別強勁。

There's more than buybacks the number of endpoints that are in flight at the moment on the gas side. That is much, much higher than what historical levels are.

目前在天然氣端，正在推進中的端點（endpoints）數量不只是略多，而是遠高於歷史水準。

So that absolutely is a very bright spot overall. Electricity strong in Asia Pacific, in line with expectations in North America, a lot of activities that you can see in the press with some of the early movers in the electricity space really coming back out into the marketplace for the activities in, let's call it, back half of '26 to '27, '28 kind of time frame. Across the board, though, strength in outcomes and resiliency solutions.

因此，這無疑是整體非常亮眼的一個面向。電力方面，亞太地區表現強勁；北美則符合預期。你也能從媒體上看到許多活動：一些在電力領域的先行者，正重新回到市場，為我們所稱的 2026 年下半年到 2027、2028 年左右的活動做準備。不過整體而言，Outcomes 與 Resiliency Solutions 皆呈現強勁動能。

So Outcomes up 22% year-over-year. ARR up 28% year-over-year. Felt really good about that part of the strategy playing through and working out nicely for us. Our portfolio really sings to the way the market is operating these days. We have the ability to work with our customers depending on what sort of pressures they may have in the marketplace, whether it's regulatory oriented or whether it is particular resiliency needs.

因此，Outcomes 年增 22%。ARR 年增 28%。對於這部分策略的推進與順利奏效，我們感到非常振奮。我們的產品組合非常契合當前市場的運作方式。我們能夠依據客戶在市場上可能面臨的各種壓力來與其合作，不論是監管導向的壓力，或是特定的韌性需求。

We've got the tools in the toolbox to be able to help them. On the government funding side of things, you are correct, some time ago, some of those grip, GRIP projects where were put on hold or cancelled.

我們的工具箱裡具備能夠協助他們的工具。至於政府資金方面，你說得沒錯；前一段時間，有些 GRIP 專案曾被暫停或取消。

There are still some state attorney channels that are suing over that -- those cancellations. But by and large, most of the activities are kind of being replaced now with this new DOE program called SPARK which clearly is part of that electricity market view that I talked about just a second ago. In general, we have not seen any cancellations even because of some of the things or projects that were put on hold.

目前仍有一些州檢察長管道就那些取消案提起訴訟。但整體而言，多數活動現在正由一個新的 DOE 計畫取代，名為 SPARK；這顯然是我剛剛提到的電力市場觀點的一部分。總體來看，即便有些事項或專案曾被暫停，我們也沒有看到因此而出現任何取消。

Customers need to do these things. They weren't discretionary. It was only a question of how they would work through all of the things that were going on in the marketplace. So I feel very good about the inevitability of intelligence in the grid, and we're very, very well positioned to benefit over the years to come.

客戶必須做這些事；這不是可有可無的選項。問題只在於他們要如何在市場上發生的各種情況中把事情推進。因此，我對電網智慧化的必然性非常有信心，而我們也處於非常、非常有利的位置，能在未來幾年受益。

Okay, thanks. I'll turn it over.

好的，謝謝。我把時間交出去。

Thank you.

謝謝。

Ben Kallo, Baird.

Ben Kallo，Baird。

Hey, guys. Thanks for taking my question. Just adding on to Noah's question there. Just as you think about the activity, Tom, I know it's hard to predict, but just -- can you kind of give us like your thoughts about next year and just the original targets that you had laid out at the Analyst Day and just anything that's changed plus or minus since the last time you updated us? And then I have a follow-up

嗨，各位。謝謝讓我提問。我想接續 Noah 的問題。Tom，談到業務活動，我知道很難預測，但能否請你談談你對明年的看法，以及你們在分析師日所提出的原始目標，還有自上次更新以來有哪些正負向的變化？然後我還有一個追問。

Absolutely, yes. I would say that no change from how we commented on things at the -- in our prior earnings call. Still, we are very much ahead of those '27 targets when it comes to things like gross margin, EBITDA, cash flow, EPS revenue probably towards the low end of that range is what we commented before. Nothing has changed in the market that would pull us away from that view. The large opportunities that were part of my color commentary to Noah's question really gives us the view as to what the market looks like.

當然可以。我要說的是，與我們在上一季財報電話會議中的說法相比，沒有任何改變。就毛利率、EBITDA、現金流、EPS 等指標而言，我們仍然大幅領先於 2027 年目標；營收方面，我們先前的評論是可能落在該區間的低端。市場上沒有任何變化會讓我們偏離這個看法。我在回覆 Noah 問題時所補充的大型機會，也確實讓我們看清市場的樣貌。

This -- the build-out of the grid itself and infrastructure in general is absolutely structural. It's inevitable. It really will happen over the years ahead, and we're in a position to benefit from it.

電網本身的建置擴張，以及整體基礎設施的投資，絕對是結構性的。這是不可避免的。未來幾年一定會發生，而我們正處於能夠受益的位置。

And following -- zeroing on that 25% of backlog for Outcomes and Resiliency, could you talk maybe how much of that is recurring revenue? Because if I add that up with your current recurring revenue, you got to a big number depending on what you assume, but just what percentage of that 25% is actually recurring revenue versus some of the services part of it?

再追問一下——聚焦在 Outcomes 與 Resiliency 的積壓訂單占比 25% 這點，你能否談談其中有多少是經常性收入？因為如果把那部分加上你們目前的經常性收入，依不同假設會得到一個很大的數字；但想請教的是，那 25% 裡面究竟有多少比例是真正的經常性收入，而不是其中的服務部分？

Yeah. So our Outcomes segment generally runs somewhere between two third to 3.75 recurring revenue that percentage probably drips northward over the years ahead, Resiliency solutions. The vast majority of it is recurring revenue overall. So that gives you a sense of what it looks like.

好的。我們的 Outcomes 部門一般而言，經常性收入大約落在三分之二到 75% 之間；這個比例在未來幾年可能還會逐步上升。至於 Resiliency Solutions，整體而言其中絕大多數都是經常性收入。這能讓你大致了解其樣貌。

The only caution I would give you is that backlog number that we quote is a multiyear backlog. So it usually plays out over, call it, a three to four year kind of time frame depending on the mix of projects that are inside of there.

我唯一要提醒的是，我們引用的那個積壓訂單數字是多年期的積壓訂單。通常會在約三到四年的時間框架內逐步實現，取決於其中專案組合的結構。

But all in all, again, our portion of business, which is recurring revenue continues to grow $414 million at the end of the quarter, up 28% year-over-year, still very much on track for that growth to continue in the quarters ahead.

但總體而言，再次強調，我們業務中屬於經常性收入的部分仍在成長：本季末為 4.14 億美元，年增 28%，而且仍非常符合我們對未來幾季持續成長的預期。

And just one comment, Ben, you made just to clarify. Recurring revenue can include services revenue as well. It's not just software.

另外補充一句，Ben，你剛剛提到的點我想澄清：經常性收入也可能包含服務收入，不僅僅是軟體。

Right, okay, got it. And last thing, just on the acquisition front, just because of multiples, especially software type companies changing, going down, how do you guys think about capital allocation and then just being inquisitive here? Thank you.

了解，好，明白了。最後一點，關於併購方面，因為估值倍數——尤其是軟體類公司的倍數——正在變動、下修，你們如何看待資本配置？我只是想多了解一下。謝謝。

Yeah, I would say our first priority in '26 is the successful integration of Urbint and Locusview. Things are on track, but we certainly have some additional work to do to integrate systems and things of that nature that would be our first priority.

好的。我會說，我們在 2026 年的首要任務是成功整合 Urbint 與 Locusview。目前進度在軌道上，但我們確實還有一些額外工作要做，例如系統整合等；這會是我們的第一優先。

We will opportunistically look at other things that come our way, but we're not actively going to seek something to buy in '26. We do feel good about our balance sheet and our ability to act on something if it comes along.

我們會機會性地評估其他出現的機會，但 2026 年我們不會主動去尋找要收購的標的。我們對資產負債表以及在有合適機會出現時採取行動的能力感到有信心。

Great. Thank you.

很好，謝謝。

Thank you.

謝謝。

Martin Malloy, Johnson Rice & Company.

Martin Malloy，Johnson Rice & Company。

Good morning. Thank you for taking my questions. First question was on the recent acquisitions, Urbint and Locusview. And if you could maybe give us some perspective on progress in terms of revenue synergies with your wide customer platform being able to sell through some of those services, any anecdotal evidence about how that's going would be helpful.

早安。謝謝讓我提問。第一個問題是關於近期的收購案：Urbint 與 Locusview。你能否就營收協同效益的進展提供一些觀點？例如，透過你們廣泛的客戶平台去銷售這些服務的能力；若能分享一些軼事性的例子，會很有幫助。

Yeah, I would say that the results to date have not really been any synergies per se. So what you're seeing in our Resiliency Solutions is the businesses we bought from Urbrint and LocusView. Certainly, over time, we would expect the ability to do that.

好的。我會說，截至目前的結果其實還談不上有任何協同效益。因此，你在我們的 Resiliency Solutions 看到的，主要就是我們從 Urbint 與 LocusView 收購而來的業務。當然，隨著時間推進，我們預期會具備實現協同的能力。

But we're really trying to ensure in these early days that we're not getting in the way of them running their business. And so we haven't spent a lot of time trying to build synergies. We want to get all the integration and the plumbing in place before we start doing that. So, everything you saw in Resilience solutions is kind of the businesses we bought with no contribution from Itron.

但在這些早期階段，我們更想確保不會妨礙他們經營自己的業務。因此，我們還沒有花很多時間去打造協同效益。我們希望先把所有整合與「管線/底層架構」（plumbing）建好，再開始推進協同。所以，你在 Resiliency Solutions 看到的一切，基本上都是我們收購的業務本身，沒有來自 Itron 的任何貢獻。

Okay. And then just with your commentary about pipeline and conference in the customer need for your solutions, could you talk about book-to-bill and when that might trend back over one?

了解。接著，關於你對管線（pipeline）以及客戶對你們解決方案需求的評論，你能否談談接單出貨比（book-to-bill），以及它何時可能回到 1 以上？

Yeah. The pipeline is at or very near all-time records. That buildup of pipeline we saw over let's say, the last year, 18 months and no signs that anything is coming off the boil there. I feel very good about the pipeline, the opportunities in the portfolio in terms of where we are well positioned. Bookings in the networking space are inherently a bit lumpy.

好的。管線目前處於或非常接近歷史新高。我們在過去一年到 18 個月看到的管線累積，沒有任何跡象顯示熱度正在降溫。我對管線非常有信心，也對我們產品組合中的機會、以及我們所處的有利位置很有信心。至於網路（networking）領域的接單，本質上會比較不均勻（lumpy）。

They do move around quarter-to-quarter depending on size of individual projects. Remember that when you do a large project, it's generally a three to four -year kind of thing. So it does yield a certain lumpiness to it.

接單會因單一專案規模而在季度之間上下波動。請記得，當你拿到一個大型專案時，通常是三到四年的案子，因此會帶來一定程度的季度波動性。

The Outcomes resiliency solution, that's a bit more normalized, the same with devices itself. So still feel great about where we are portfolio-wise, and we'll look to capitalize on the inevitable growth in the marketplace in the quarters ahead.

Outcomes 與 Resiliency Solutions 這部分則較為常態化，裝置（devices）本身也是如此。因此，我們仍對產品組合的定位感到非常樂觀，並將在未來幾季把握市場不可避免的成長。

Thank you.

謝謝。

Scott Graham with Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Hey, good morning. Thank you for taking my question. I wanted to talk about -- I know you don't update your full year guide until the second quarter. But I guess, obviously, we have the timing issue with respect to how things just work in your business. T&D spending is expected to be up double digit this year, and your organic guidance is sort of like minus 4% to flat, which implies an increase and uptick in the second half of the year.

嗨，早安。謝謝讓我提問。我想談談——我知道你們要到第二季才會更新全年指引。但我想，顯然你們的業務在時點上有其運作方式所造成的影響。今年 T&D（輸配電）支出預期將有雙位數成長，而你們的有機成長指引大概是 -4% 到持平，這意味著下半年會有成長與回升。

How are you feeling about that uptick right now, Tom? I know your pipeline of opportunities is increasing, but that doesn't necessarily translate to the second half of this year. I'm just wondering how you feel about the second half? Is it possible that, that could -- second half sales could be down given the book -- the TTM book-to-bill being below 0.9. Maybe any color on that would be helpful.

Tom，你現在對這個回升的感受如何？我知道你們的機會管線在增加，但那不一定會轉化為今年下半年的表現。我想了解你對下半年的看法。考量到過去十二個月（TTM）的接單出貨比低於 0.9，下半年銷售是否有可能下滑？如果能提供一些補充說明會很有幫助。

Yeah, I would say that we expected the year to be back half loaded. That was part of the initial guidance. First half, as Joan commented earlier, in line, I guess, slightly better than where we set the view as to what we had. So nothing has changed in the marketplace at all.

好的。我會說，我們原本就預期今年會是下半年比重較高（back half loaded）。這是最初指引的一部分。上半年，如 Joan 先前所說，符合預期——我想甚至略優於我們原先的看法。因此，市場面完全沒有任何改變。

Second half guidance definitely implies an uptick in the rate of network deployments. You saw even in the first quarter how that can happen pretty quickly, and we're well positioned to be able to continue to do that.

下半年的指引確實意味著網路部署速度會回升。你甚至在第一季就看到這種情況可以很快發生，而我們也處於非常有利的位置，能夠持續推進。

We think we've got supply chain flexibility and labor flexibility to be able to go make that happen. So we will support our customers overall. But I think first half ahead of expectations is already a pretty good place for us to anchor our view for the year.

我們認為我們具備供應鏈彈性與人力彈性，能夠促成這件事。因此，我們將整體上支持我們的客戶。但我認為，上半年表現優於預期，已經是我們用來錨定今年觀點的一個相當不錯的基準。

Okay, well, thank you for that. That makes sense. The second half is staying on the second half, I just want to make sure I understand what is going on with sort of the backlog and how purchase orders being written against that backlog are sort of shaping the second half?

好的，謝謝你的說明。這很合理。關於下半年仍然是下半年這件事，我只是想確認我理解目前積壓訂單（backlog）的狀況，以及針對該積壓訂單所開立的採購訂單（purchase orders）是如何在塑造下半年的走勢？

In other words, last couple of quarters, you talked about how you would have a booking in the backlog and you would only be writing a smaller purchase order because the utility was focused on high bang for the buck. I don't need to focus on something 5 years from now, this sort of thing.

換句話說，過去幾個季度你提到，你們會在積壓訂單中有一筆預訂（booking），但實際開立的採購訂單會比較小，因為公用事業客戶專注於高投資報酬（high bang for the buck）。我不需要去關注五年後的事情，類似這樣。

What type of risk is inherent in that in your thinking that the second half sales will be up? What is the risk to that relative to that chopping up of the purchase orders?

在你們認為下半年銷售會上升的前提下，這裡面內含的是什麼樣的風險？相對於把採購訂單切割成較小筆的做法，風險是什麼？

Sure. If I'm understanding and following your question, I would say that there's multiple things to think about there. We commented earlier that we expect the turns business to be higher, and that's what we we'll continue to expect. But really, the needle number is network deployment for the second half of the year. In general, there's backlog there.

當然。如果我理解並跟上你的問題，我會說這裡有多個面向需要思考。我們先前評論過，我們預期周轉型（turns）業務會更高，而這也是我們會持續的預期。但真正的關鍵指標是下半年網路部署（network deployment）。整體而言，那裡是有積壓訂單的。

It just needs to be converted, and that is based on the timing of deployments and that very much is something that we work with our customers on an ongoing basis. So same answer as sort of what I commented on earlier.

它只是需要被轉化（converted），而這取決於部署時程；這也確實是我們與客戶持續合作的一項工作。所以答案大致與我先前評論的相同。

You can see how these things tend to move through the pipe quicker. You saw that already in our first quarter results when projects start to go well that everyone gains confidence and you can accelerate the deployments overall. So the table is set for it to happen. We'll work with our customers to make sure we continue to support our portion of the program

你可以看到，這些事情通常會更快地在管道中推進。你在我們第一季的結果中已經看到：當專案開始進展順利時，大家的信心都會提升，整體部署就能加速。因此，條件已經具備。我們會與客戶合作，確保我們持續支持該計畫中我們負責的部分。

Thanks, Tom. Appreciate it.

謝謝你，Tom。很感謝。

Bobby Solfer, Raymond James.

Bobby Solfer，Raymond James。

Hey, thanks for taking my question. I was wondering if you talk about the definitional differences between RPO and backlog?

嗨，謝謝讓我提問。我想請你談談 RPO 與 backlog 在定義上的差異？

Sure. So RPO is a portion of our revenue footnotes in our 10-Qs and 10-Ks. It starts with the total backlog that we report, and it backs off contracts that have termination for convenience clause. So often, the termination for convenience is governed by regulatory bodies, meaning the contract has to be structured that way. So it's a function of the structure of the contract and therefore, at any given quarter, the mix of the contracts in backlog will dictate how much is backed out to get what we call a net 606 backlog, which I think you referred to as the remaining performance obligations.

當然。RPO 是我們在 10-Q 與 10-K 的營收附註中揭露的一部分。它從我們所報告的總積壓訂單（total backlog）開始，並扣除含有「便利終止條款」（termination for convenience clause）的合約。通常，便利終止是由監管機構所規範，意味著合約必須以那種方式來設計。因此，這取決於合約結構；在任何一個季度，積壓訂單中合約的組合（mix）會決定需要扣回多少，才能得到我們所稱的淨 606 backlog，我想你稱之為剩餘履約義務（remaining performance obligations）。

Importantly, we do not use that to forecast revenue. We do use our full backlog because those contracts while technically, some may be cancellable, nobody ever cancelled.

重要的是，我們不使用它來預測營收。我們會使用完整的積壓訂單，因為那些合約雖然在技術上可能可取消，但從來沒有人取消過。

So if you looked at our historical backlog, you haven't seen big adjustments to the backlog for cancellation. So it really is a function of the 606 literature on revenue, and it affects our 606 revenue models, et cetera, but does not impact how we look at revenue flowing into the P&L. So we use the gross backlog, which is also in that footnote.

所以如果你看我們歷史上的積壓訂單，你不會看到因取消而出現的大幅調整。這真的只是 606 營收準則（literature）上的要求，它會影響我們的 606 營收模型等等，但不會影響我們如何看待營收流入損益表（P&L）。因此我們使用總額積壓訂單（gross backlog），它也在那個附註中。

Okay. Understood. Thank you very much. I appreciate it. And then on the gross margin front, is there a good way to handicap? What I think you've been calling out customer mix benefits for a couple of quarters, like what the customer mix benefit is in gross margins versus what the, I guess, ongoing recurring gross margin of the business would be?

好的，了解。非常感謝，我很感激。接著在毛利率方面，有沒有一個好的方式來判斷？你們好幾個季度提到客戶組合（customer mix）帶來的好處；那麼毛利率中的客戶組合效益，與我想、也就是業務本身持續性、經常性的毛利率水準相比，各自大概是什麼樣子？

Sure. So what you saw was the last of some of that pre-inflation run-up backlog rolling out of our total backlog. Recall a couple of years ago, inflation spiked and we had some contracts that were priced pre-inflation with limited flexibility on pricing.

當然。你所看到的是：一些在通膨飆升之前累積的積壓訂單，最後一部分正從我們的總積壓訂單中逐步出清。回想幾年前通膨大幅上升，我們有些合約是在通膨前定價，且在定價上彈性有限。

That stuff has now fully played through, and that certainly has helped that the margin profile as we knew it would. All of the self-help that we've done over the years with factory consolidation and portfolio pruning, obviously, showing through and really proud of how the team has handled the demand levels that we've seen in terms of managing cost structure and making sure that we had material in place to fulfil things.

這些現在已經完全反映完畢，並且如我們所預期，確實有助於改善毛利結構。多年來我們透過工廠整併與產品組合精簡所做的自助改善（self-help），顯然也已反映出來；我也為團隊感到非常自豪，他們在我們所看到的需求水準下，能夠管理成本結構，並確保備料到位以履行交付。

So really good operational efficiencies there. So what you saw in gross margin in Q1 was obviously a bit ahead of expectations based on some really good execution.

因此在營運效率方面表現非常好。所以你在第一季看到的毛利率，顯然因為非常好的執行而略優於預期。

I think that where we anchored our gross margin targets from our '27 targets, the devices business will be materially have, the networks business maybe towards the upper end of that range and outcomes. It will depend on the mix as we scale up that business. Resiliency Solutions.

我認為，就我們以 2027 年目標所錨定的毛利率目標而言，裝置（devices）業務將會明顯高於該目標；網路（networks）業務可能落在該區間的上緣；而 Outcomes 則取決於我們擴大該業務時的組合。Resiliency Solutions。

Clearly, it's a strong gross margin. And as that business scales, it will pull the entire company average upward.

很明顯，它的毛利率很強。隨著該業務規模擴大，它會把整家公司平均毛利率往上拉。

All right. Thank you. I appreciate it. If I could just ask a clarifying question on one of the comments you just made on the device's gross margin. When you say it's ahead, does that just mean it's better than your original expectations or should the assumption be that goes back to what the previous kind of long-term target was?

好的，謝謝。我很感激。如果我可以就你剛才對裝置業務毛利率的其中一個評論再釐清一下：你說它「高於」時，是指比你們原先的預期更好，還是應該假設它會回到先前那種長期目標水準？

Good clarification. Make sure I'm clear. It is ahead of those '27 targets, and we believe it stays at roughly the level that it is at now. So, I think that number that you saw the last couple of quarters is more the level that that business can operate. There can be quarter-to-quarter variation, but I think you're in the right zip code.

很好的釐清，我確保我講清楚：它是高於我們的 2027 年目標，而且我們相信它大致會維持在目前的水準。所以，我認為你過去幾個季度看到的數字，更接近該業務可運作的水準。季度之間可能會有波動，但我想你的判斷大致在正確範圍內。

Understood. Thank you.

了解，謝謝。

Joseph Osha, Guggenheim Partners.

Joseph Osha，Guggenheim Partners。

Hi. Yeah, thank you. Just to follow up a bit on the previous question as you just pointed out, Tom, Resiliency is gross margin accretive. It's a high-growth business, it's kind of growing into that operating cost footprint. I assume there's a lot of R&D there. Can you give us maybe some sense as to when resiliency might be getting closer to the corporate average at the operating margin level?

嗨。是的，謝謝。延續前一個問題再追問一下：如你剛才指出的，Resiliency 在毛利率上是增厚（accretive）的。它是一個高成長業務，正在逐步消化那個營運成本基礎（operating cost footprint）。我假設那裡有很多研發（R&D）。你能否給我們一些概念：Resiliency 在營業利益率（operating margin）層面，何時可能更接近公司平均？

Yes, I can try to answer that, not specific on numbers, but if you go back and look at what I commented on the February call, we indicated that Resiliency Solutions was immediately accretive to Itron's revenue growth, gross margins and EBITDA dilutive to 2026 EPS due to less interest income.

可以，我可以嘗試回答，但不提供具體數字。如果你回頭看我在二月那通電話中的評論，我們指出 Resiliency Solutions 會立即增厚 Itron 的營收成長、毛利率與 EBITDA，但由於利息收入較少，對 2026 年 EPS 具有稀釋（dilutive）影響。

But on an operational basis, accretive in '26. And by the time we're into '27 completely accretive on an EPS level. So don't have a specific answer on operating income, but they're progressing nicely.

但就營運層面而言，在 2026 年是增厚的。等到進入 2027 年時，在 EPS 層面將完全增厚。所以我沒有關於營業利益的具體答案，但他們進展得很好。

What drags them down operationally today is just a higher OpEx structure, which they'll grow into. So we're really looking to encourage them to continue spending R&D and building out their platforms.

目前在營運上拉低他們表現的，只是較高的營業費用（OpEx）結構，而他們會隨著成長逐步消化。我們也確實希望鼓勵他們持續投入研發並建構他們的平台。

But would it be fair to say stipulating that obviously, everything you're saying is reasonable that simply at the percentage level, it's going to take them a while to kind of grow into that high R&D budget, even though it is accretive as you point out?

但是否可以這麼說：在你所說的一切都合理的前提下，單就百分比而言，他們要花一段時間才能逐步消化那個高研發預算，即使如你所指出的，它是增厚的？

Yeah. Again, I think over time, we'll look for synergies in R&D across all the segments and so it's hard to give us precise answer in terms of when does our R&D budget go down, and therefore, their operating income percent go up. But certainly, we expect them to scale, and we believe it was two attractive acquisitions that we'll execute on according.

是的。再說一次，我認為隨著時間推進，我們會在各個事業部之間尋求研發協同效益，因此很難給出精確答案：我們的研發預算何時會下降，進而使他們的營業利益率上升。但我們確實預期他們會擴張規模，而且我們相信那是兩筆具吸引力的收購，我們會按計畫執行。

Okay. Thank you very much.

好的，非常感謝。

Thank you, and I'm showing no further questions. I will now turn the call back over to Mr. Tom Deitrich for any closing remarks.

謝謝。目前我這邊顯示沒有其他問題。我現在把電話交回給 Tom Deitrich 先生，請他做結語。

Thank you, Olivia. Thank you, everyone, for joining our call today. We look forward to updating you again next quarter.

謝謝你，Olivia。也謝謝各位今天參與我們的電話會議。我們期待在下個季度再次向各位更新。

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

今天的電話會議到此結束。感謝各位的參與，現在可以掛線。