Itron, Inc. (ITRI) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Itron's second quarter 2026 earnings conference call. (Operator Instructions) Today's conference is being recorded.

大家好，感謝各位稍候。歡迎參加 Itron 2026 年第二季財報電話會議。(接線員指示) 今天的會議將被錄音。

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

現在我將把會議交給本次主講人、投資人關係副總裁 Paul Vincent。請開始。

Good morning, and welcome to Itron's second 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 second quarter results and provide a general business update and outlook. 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.

各位早安，歡迎參加 Itron 2026 年第二季財報電話會議。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 第二季業績，並提供整體業務更新與展望。公司今日稍早已發布新聞稿公布業績。該新聞稿亦包含與本次電話會議相關的細節及網路直播回放資訊。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」頁籤下瀏覽。

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.

在管理層預備發言結束後，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，我們相信這有助於提升對公司目前與未來表現的整體理解。

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 財務衡量指標之間差異的調節表，已載於我們的財報新聞稿以及投資人關係網站。在本次電話會議中，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. 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.

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 與其他向美國證券交易委員會提交之報告與文件中的「風險因素」章節所述因素，實際結果可能與上述預期存在重大差異。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與財務環境提供適當洞見。

Materials discussed today, July 28, 2026 may materially change, and we do not undertake any duty to update any of our forward-looking statements.

今日（2026 年 7 月 28 日）所討論之資料可能發生重大變化，我們不承擔更新任何前瞻性陳述之義務。

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

現在請翻到簡報第 4 頁，由我們的執行長 Tom Deitrich 開始發言。

Good morning, everyone, and thank you for joining us today. Itron delivered a high-quality second quarter, record gross margin, strong free cash flow and earnings well ahead of our expectations on in-line revenue. That combination is a story of the quarter. The operating model we have built now delivers structurally better earnings power.

各位早安，感謝今天加入我們。Itron 交出高品質的第二季成績：創紀錄的毛利率、強勁的自由現金流，以及在營收符合預期的情況下，獲利大幅優於我們的預期。這樣的組合就是本季的重點。我們所建立的營運模式，如今帶來結構性更佳的獲利能力。

Turning to slide 4 for the highlights. Revenue of $563 million annual recurring revenue of $417 million, adjusted EBITDA of $97 million, non-GAAP earnings per share of $1.59 and free cash flow of $81 million.

接著看投影片第 4 頁的重點摘要。營收 5.63 億美元、年度經常性收入 4.17 億美元、調整後 EBITDA 9,700 萬美元、非 GAAP 每股盈餘 1.59 美元，以及自由現金流 8,100 萬美元。

Turning to slide 5. I want to put the quarter in the context of the market environment. Itron is a different company today than in prior cycles. Thank you for joining us today. A meaningful portion of our business is built around large multiyear utility programs so deployment timing good morning, everyone.

接著看投影片第 5 頁。我想把本季放在市場環境的脈絡下來看。Itron 如今已不同於過去景氣循環中的公司樣貌。感謝各位今天加入我們。我們業務中有相當一部分建立在大型、跨多年期的公用事業專案上，因此部署時點——各位早安。

What has changed is our ability through strong, we delivered low rectory gross margin on lower revenue, driven by better mix strong execution and the operational efficiency measures our team has embedded across the business. Not every quarter will set a record, but the improvements behind this one are structural, and we believe here to stay. The long-term infrastructure build-out across electricity, gas and water systems is durable and in our view, inevitable.

改變之處在於我們的能力：透過更佳的產品組合、強勁的執行力，以及團隊在全公司導入的營運效率措施，即使在較低營收下，我們仍實現創紀錄的毛利率。並非每一季都會創新高，但支撐本季表現的改善是結構性的，我們相信將會持續。電力、天然氣與供水系統的長期基礎建設擴建具備持久性，且在我們看來幾乎是不可避免的趨勢。

Utilities are managing systems on a real strain, affordability pressures rising reliability and resiliency requirements and new demand patterns, including industrial load growth and AI-driven power demand. Later on distributed energy resources and weather volatility and the operating challenge compounds. These pressures are not temporary. They are durable, and they are pushing utilities towards solutions that provide better visibility, more automation, and more intelligence at the edge of the network.

公用事業正承受系統的實質壓力：可負擔性壓力上升、可靠性與韌性要求提高，以及新的需求型態，包括工業負載成長與 AI 驅動的用電需求。再加上分散式能源資源與天候波動，營運挑戰更加複雜。這些壓力並非短期現象。它們具有持久性，並推動公用事業採用能在網路邊緣提供更佳可視性、更高自動化與更強智慧化的解決方案。

In electricity, we continue to see strong demand for non-wires alternatives time to power solutions and resiliency applications. The common thread customers want to do more with the infrastructure they already have, unlocking the capacity embedded in their distribution systems, reducing waste and deferring or optimizing capital inside upgrades. These are the exact problems our solutions are built to solve. The gas opportunity remains well above historical norms with customer focused on safety, system modernization and operational efficiency.

在電力領域，我們持續看到對「非線路替代方案」、縮短供電時間（time-to-power）解決方案，以及韌性應用的強勁需求。共同主軸是：客戶希望在既有基礎設施上做得更多，釋放配電系統中內含的容量、減少浪費，並延後或最佳化資本性升級支出。這些正是我們解決方案所要處理的問題。天然氣方面的機會仍遠高於歷史常態，客戶聚焦於安全、系統現代化與營運效率。

In water, particularly in Europe, demand remains positive for solutions that address scarcity and improve network performance. The regulatory environment remains multifaceted, mirroring our customers' reality, but it is constructive affordability, reliability and resiliency are front and center for regulators, just as they are for utilities, and that alignment reinforces the demand for exactly the solution Itron provides. Regulatory calendars shape when programs move forward rarely whether they move at all.

在供水領域，特別是在歐洲，針對解決缺水並提升管網效能的方案，需求仍維持正向。監管環境仍然多面向，反映客戶的現實情況，但整體具建設性：可負擔性、可靠性與韌性是監管機構的核心關注，正如同公用事業一樣；這種一致性強化了對 Itron 所提供解決方案的需求。監管時程影響的是專案何時推進，而很少影響專案是否推進。

Turning to slide 6. Second quarter bookings were $550 million, in line with our expectations, and the total backlog stood at $4.4 billion at quarter end. Large individual customer decisions are generally tied to regulatory processes. So project-based bookings will always be uneven quarter-to-quarter. What matters is the pipeline behind them.

接著看投影片第 6 頁。第二季接單金額為 5.50 億美元，符合我們的預期；季末總在手訂單（backlog）為 44 億美元。單一大型客戶的決策通常與監管流程相關。因此，以專案為主的接單在季度之間必然會有波動。真正重要的是其背後的商機管線。

it continues to grow with rich opportunity set heading into the back half of this year into 2027 and beyond. Noteworthy wins in the quarter illustrate that demand. We are pleased to support 1789 Lux partners and several municipalities as they deploy our Platform as a Service offering to improve operational performance and reduce the total cost of delivering electricity gas and water services. These programs demonstrate that our technology is expanding its reach and gaining market share within the mid-market utility segment.

該管線持續成長，帶著豐富的機會組合，延伸至今年下半年、2027 年及更長期。本季幾項值得注意的得標案例也印證了這股需求。我們很高興能支援 1789 Lux 合作夥伴及多個市政單位，部署我們的「平台即服務」（Platform as a Service）方案，以提升營運績效並降低提供電力、天然氣與供水服務的總成本。這些專案顯示，我們的技術正在擴大觸及範圍，並在中型公用事業市場區隔中提升市占。

Los Angeles Department of Water and Power, LADWP is expanding its use of Itron's platform and services, deploying our operations management solution to increase the pace and scale of its deployment. Additionally, Sacramento Municipal Utility District for SMUD, will expand its deployment of our Riva solution, increasing the capability of the platform and the reach of distributed intelligence.

洛杉磯水電局（Los Angeles Department of Water and Power，LADWP）正在擴大使用 Itron 的平台與服務，部署我們的營運管理解決方案，以提升其部署的速度與規模。此外，沙加緬度市政公用事業區（Sacramento Municipal Utility District，SMUD）將擴大部署我們的 Riva 解決方案，提升平台能力並擴大分散式智慧的覆蓋範圍。

The pattern is clear, investor-owned utilities and more recently, municipalities and public power customers are selecting our platform, both where Itron is the incumbent and in head-to-head competition. Our wins also reflect an evolution in how utilities modernize, prior generations of technology were rolled out almost entirely as big bang replacements. Today, utilities choose between that full-scale approach and continuous focused programs that address affordability, build capability and reduce risk. Both paths lead to Itron. And the continuous model adds a steady extension of the installed base and recurring revenue in parallel with larger program awards.

趨勢很明確：投資人持有型公用事業公司，以及近期的市政與公營電力客戶，正選擇我們的平台——無論 Itron 是既有供應商，或是在正面競爭中勝出。我們的得標也反映公用事業現代化方式的演進：過去幾代技術幾乎都是以「一次性大規模替換」（big bang）方式導入。如今，公用事業在全面導入與持續、聚焦的專案之間做選擇；後者可處理可負擔性、建立能力並降低風險。兩條路徑都會通往 Itron。而持續型模式也會在大型專案得標的同時，穩定擴大已安裝基礎並增加經常性收入。

Customers choose Itron because our platform solves multiple challenges we deliver networks, software, analytics and applications, an intelligence layer that creates operational visibility and enables better decisions across electricity, gas and water systems. That platform approach matters. It lets customers start with a defined need and expand value over time, and it strengthens Itron's business model by deepening customer relationships, growing our base and increasing the contribution from software, services and recurring revenue.

客戶選擇 Itron，是因為我們的平台能解決多重挑戰：我們提供網路、軟體、分析與應用，形成一層智慧化能力，為電力、天然氣與供水系統帶來營運可視性，並支援更佳決策。這種平台式方法很重要。它讓客戶可以從明確需求出發，隨時間擴大價值；同時也透過深化客戶關係、擴大客戶基礎，並提高軟體、服務與經常性收入的貢獻，強化 Itron 的商業模式。

You can see the model working across our second quarter results. Outcomes again delivered strong year-over-year growth and annual recurring revenue grew by approximately 21% year-over-year clear evidence of the continued adoption of Itron's higher-value offerings and the durability we are building into the revenue base.

您可以從我們第二季的業績中看到該營運模式的運作。Outcomes 再次實現強勁的年增成長，年度經常性收入（ARR）年增約 21%，清楚顯示 Itron 更高價值產品的持續採用，以及我們正在為營收基礎建立的耐久性。

Turning to operations. The environment rewards discipline. Our supply chain is steady across labor and materials. We are proactively managing pockets of tightness, memory pricing, in particular, and importantly, we are not seeing broad labor or material constraints that would change our view of deployment activity. Integration of Resiliency Solutions segment is tracking to plan, these acquisitions expand our ability to solve mission-critical problems for utilities and deepen the intelligence we bring to the increasingly complex networks.

接著談營運。當前環境獎勵紀律。我們的供應鏈在勞動力與材料方面保持穩定。我們正主動管理局部緊張情況，尤其是記憶體價格；更重要的是，我們未看到廣泛的勞動力或材料限制會改變我們對部署活動的看法。Resiliency Solutions（韌性解決方案）事業部的整合按計畫推進；這些收購擴大了我們為公用事業解決關鍵任務問題的能力，並加深我們為日益複雜的網路所帶來的智慧化能力。

Overall, the second quarter reflects the operating model we have been building more resilient with greater earnings leverage on the outlook, we are narrowing our full year range while raising the earnings outlook on the strength of our operating execution.

整體而言，第二季反映出我們正在打造的營運模式更具韌性，並在展望上具備更高的獲利槓桿；基於我們強勁的營運執行力，我們在上調獲利展望的同時，縮窄了全年指引區間。

With that, I turn the call over to Joan to walk through the second quarter financials and the outlook in more detail.

接下來，我把電話交給 Joan，請她更詳細說明第二季財務表現與展望。

Thank you, Tom. Please turn to slide 7 for a summary of consolidated GAAP results. Second quarter revenue of $563 million was within the range of the outlook we provided on our last call. As expected, revenue was down from last year due to the timing of project deployments in Network Solutions, but was partially offset by continued growth in outcomes. Gross margin of 41% was 410 basis points higher than last year due to favorable mix, operational efficiencies and continued cost discipline.

謝謝你，Tom。請翻到第 7 頁投影片，查看合併 GAAP 業績摘要。第二季營收為 5.63 億美元，落在我們上次電話會議所提供的展望區間內。如預期所示，由於 Network Solutions 專案部署時點的影響，營收較去年下降，但部分被 Outcomes 的持續成長所抵銷。毛利率為 41%，較去年提高 410 個基點，主要受惠於有利的產品組合、營運效率提升以及持續的成本紀律。

GAAP net income of $53 million or $1.19 per diluted share compared to $68 million or $1.47 in the prior year. The decrease was due to lower interest income and a higher effective tax rate this year.

GAAP 淨利為 5,300 萬美元，或稀釋後每股 1.19 美元；相較去年為 6,800 萬美元，或 1.47 美元。下降主要由於利息收入較低，以及今年有效稅率較高。

Moving to non-GAAP metrics on slide 8. Adjusted gross margin of 41.4% increased 460 basis points year-over-year and is a new quarterly record for. Non-GAAP operating income of $89 million and adjusted EBITDA of $97 million both increased 8% year-over-year. Non-GAAP net income for the quarter was $71 million or $1.59 per diluted share versus $1.62 a year ago. The year-over-year decline was due to lower interest income and a higher tax rate, partially offset by higher non-GAAP operating income.

接著看第 8 頁投影片的非 GAAP 指標。調整後毛利率為 41.4%，年增 460 個基點，並創下新的季度紀錄。非 GAAP 營業利益為 8,900 萬美元，調整後 EBITDA 為 9,700 萬美元，兩者皆年增 8%。本季非 GAAP 淨利為 7,100 萬美元，或稀釋後每股 1.59 美元；去年同期為每股 1.62 美元。年減主要由於利息收入較低與稅率較高，部分被較高的非 GAAP 營業利益所抵銷。

Free cash flow was $81 million in Q2 versus $91 million a year ago. The decrease was primarily due to higher tax payments and lower interest income, partially offset by the timing of working capital.

第二季自由現金流為 8,100 萬美元，去年同期為 9,100 萬美元。下降主要由於稅款支付增加與利息收入降低，部分被營運資金時點因素所抵銷。

Year-over-year revenue growth by business segment is on slide 9. Device Solutions revenue decreased 3% on a constant currency basis due to lower electricity product sales. Network Solutions revenue decreased by 17% due to project deployment timing. Outcomes revenue increased 13%, driven by higher services revenue. Our new segment, resiliency solutions, which includes the Urbint and Locusview acquisitions contributed approximately $16 million of revenue in the second quarter.

各業務部門的年增營收成長請見第 9 頁投影片。Device Solutions（裝置解決方案）營收以固定匯率計下降 3%，主要因電力產品銷售較低。Network Solutions（網路解決方案）營收下降 17%，原因為專案部署時點。Outcomes 營收成長 13%，由較高的服務營收帶動。我們的新部門 Resiliency Solutions（韌性解決方案），包含 Urbint 與 Locusview 的收購案，於第二季貢獻約 1,600 萬美元營收。

Moving to the non-GAAP year-over-year EPS bridge on slide 10. Our Q2 non-GAAP earnings per share of $1.59 per diluted share decreased $0.03 year-over-year. Operating income contributed an increase of $0.15 per share, but this was offset by lower interest income of $0.13 per share and a higher tax expense of $0.12 per share. Share count and other had a positive impact of $0.07 per share.

接著看第 10 頁投影片的非 GAAP 每股盈餘（EPS）年增橋接。第二季非 GAAP 稀釋後每股盈餘為 1.59 美元，年減 0.03 美元。營業利益貢獻每股增加 0.15 美元，但被利息收入降低每股 0.13 美元與稅費增加每股 0.12 美元所抵銷。股數與其他項目對每股有 0.07 美元的正面影響。

Turning to slides 11 through 14, I'll review the Q2 segment results compared with the prior year. Device Solutions revenue was $111 million with adjusted gross margin of 34.8% and operating margin of 28.3%. Adjusted gross margin increased 500 basis points year-over-year, and operating margin was up 570 basis points due to favorable mix and operational efficiencies. Network Solutions revenue was $339 million, with adjusted gross margin of 42.8% and operating margin of 33%. Adjusted gross margin increased 430 basis points year-over-year due to favorable mix and operational efficiencies and operating margin was up 340 basis points.

接著看第 11 至第 14 頁投影片，我將回顧第二季各部門相較去年同期的表現。Device Solutions 營收為 1.11 億美元，調整後毛利率 34.8%，營業利益率 28.3%。調整後毛利率年增 500 個基點，營業利益率上升 570 個基點，主要受惠於有利的產品組合與營運效率提升。Network Solutions 營收為 3.39 億美元，調整後毛利率 42.8%，營業利益率 33%。調整後毛利率年增 430 個基點，主要因有利的產品組合與營運效率提升；營業利益率上升 340 個基點。

Outcomes revenue was $96 million with adjusted gross margin of 38.8% and operating margin of 21.3%. Adjusted gross margin increased 30 basis points year-over-year due to a higher margin revenue mix and operating margin increased 290 basis points due to higher operating leverage. Resiliency Solutions had revenue of $16 million, adjusted gross margin of 75% and operating margin of 28%.

Outcomes 營收為 9,600 萬美元，調整後毛利率 38.8%，營業利益率 21.3%。調整後毛利率年增 30 個基點，主要因較高毛利的營收組合；營業利益率上升 290 個基點，主要因營運槓桿提升。Resiliency Solutions 營收為 1,600 萬美元，調整後毛利率 75%，營業利益率 28%。

Turning to slide 15, I'll review debt and liquidity at the end of the second quarter. Total debt was $1.6 billion, and our net leverage was 2.3 times. Our liquidity position was $1.5 billion at the end of Q2, comprised of cash and equivalents of $745 million and $707 million available for borrowing under our revolving line of credit. During the quarter, we purchased $52 million or 644,000 Itron shares on the open market under our share repurchase authorization.

接著看第 15 頁投影片，我將回顧第二季末的負債與流動性。總負債為 16 億美元，淨槓桿倍數為 2.3 倍。第二季末流動性為 15 億美元，包括 7.45 億美元的現金及約當現金，以及在循環信用額度下可動用借款額度 7.07 億美元。本季我們依據股票回購授權，在公開市場回購 5,200 萬美元、約 644,000 股 Itron 股票。

Now please turn to slide 16 for our third quarter outlook. We anticipate Q3 revenue to be within a range of $590 million to $600 million, which at the midpoint is up 2% versus last year and 6% sequentially. We anticipate third quarter non-GAAP earnings per share to be within a range of $1.50 to $1.60 per diluted share, up 1% year-over-year at the midpoint.

現在請翻到第 16 頁投影片，查看我們第三季展望。我們預期第三季營收介於 5.90 億至 6.00 億美元；以中位數計，較去年成長 2%，較前一季成長 6%。我們預期第三季非 GAAP 稀釋後每股盈餘介於 1.50 至 1.60 美元；以中位數計，年增 1%。

Finally, please turn to slide 17 for our updated full year outlook. The full year revenue outlook is similar to what we provided back in February, but we are now able to narrow the range to $2.37 billion to $2.41 billion, which at the midpoint is up 1% versus 2025.

最後，請翻到第 17 頁投影片，查看我們更新後的全年展望。全年營收展望與我們 2 月提供的內容相近，但我們現在能將區間縮窄至 23.7 億至 24.1 億美元；以中位數計，較 2025 年成長 1%。

Importantly, the implied second half year-over-year and the sequential growth is close to 8%. As we previously discussed, we expected 2026 revenue to be more back-end loaded than prior years. The expected full year non-GAAP earnings per share has been revised upwards to a range of $6.30 to $6.50 per share.

重要的是，隱含的下半年年增與季增成長接近 8%。如先前所討論，我們預期 2026 年營收將比過往年度更偏向下半年。預期全年非 GAAP 每股盈餘已上修至每股 6.30 至 6.50 美元的區間。

At the midpoint, this represents a 7% increase from the February 2026 full year outlook. While the full year EPS is projected to be below 2025 on an as-reported basis, if you normalize for the tax rate and the level of interest income, the midpoint of the new EPS range is approximately 7% higher than 2025.

以中位數計，這較 2026 年 2 月的全年展望提高 7%。雖然按申報口徑（as-reported）計算，全年 EPS 預計低於 2025 年，但若將稅率與利息收入水準正常化，新 EPS 區間中位數約較 2025 年高 7%。

We are proud of the structural changes we have made to the business to improve our resiliency as evidenced by expanding margins and profitability despite a recent slowdown in revenue growth.

我們為提升業務韌性所做的結構性調整令我們深感自豪；即使近期營收成長放緩，利潤率與獲利能力仍持續擴張，這也印證了上述改變。

Now I'll turn the call back to Tom.

現在我把電話交回給 Tom。

Thank you, Joan. Before we open the line for questions, let me come back to the larger point. Our strategic position has improved, and the environment continues to move towards us. Utilities are being asked to manage more complexity, higher reliability expectations, greater affordability pressure and rising demand variability, all at the same time. Meeting that challenge requires more intelligence more automation and better operational visibility across the network.

謝謝你，Joan。在我們開放提問之前，我想回到更大的重點。我們的策略定位已經改善，而外部環境也持續朝對我們有利的方向發展。公用事業同時被要求管理更高的複雜度、更高的可靠度期待、更大的可負擔性壓力，以及日益上升的需求波動。要迎接這項挑戰，需要更高的智慧化、更高的自動化，以及在整個網路上更好的營運可視性。

Itron is the intelligence layer of the distribution grid, helping customers unlock capacity, improve reliability, enhance safety, reduce waste and get more out of the infrastructure they already have. That value proposition is becoming more important, not less.

Itron 是配電電網的智慧層，協助客戶釋放容量、提升可靠度、強化安全、減少浪費，並讓他們從既有基礎設施中獲得更多效益。這項價值主張正變得更重要，而不是更不重要。

Quarterly timing may move the underlying need will not. What this quarter demonstrated is that Itron performs through that movement, earnings well ahead, record gross margin, strong free cash flow and continued growth in outcomes and recurring revenue. Our priorities are clear execute for our customers, grow recurring revenue, protect backlog quality and deliver durable earnings and cash flow over time.

季度間的時點可能會變動，但根本需求不會。本季所展現的是，Itron 能在這些變動中持續表現：獲利大幅超前、創紀錄的毛利率、強勁的自由現金流，以及成果型業務與經常性收入的持續成長。我們的優先事項很清楚：為客戶確實執行、成長經常性收入、維持積壓訂單品質，並在時間推移中交付具韌性的獲利與現金流。

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

感謝各位今天加入我們。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Hey, good morning all, and thanks for taking the questions. Maybe if we could just start asking to take us through some of the moving pieces of the second half. As you mentioned, Joe, there's a sequential step-up in revenue. Where are we going to see that within the business? What drives that sequential step up? And then what are the implications of mix for margin trends in the back half?

各位早安，謝謝讓我提問。也許我們先請你們帶我們走一遍下半年幾個變動因素。如你所提到的，Joe，營收會呈現季對季的躍升。這會在業務的哪些部分看到？是什麼驅動這個季對季的提升？另外，產品組合對下半年毛利率走勢的影響是什麼？

Yeah, I would say it's the story we've now had for the last several quarters. It's really dependent on network solutions, increased deployment. So we've been really lucky and fortunate and have a lot of outcomes growth for the last couple of years, year over year. We expect that to continue, but the real driver is going to be an uptick in network solutions from the first half to the second-half.

是的，我會說這是我們過去幾季一直在講的故事。它很大程度取決於網路解決方案的部署增加。所以我們這幾年一直很幸運，成果型業務年對年成長很多。我們預期這會持續，但真正的驅動因素會是網路解決方案從上半年到下半年的回升。

Margins for the year, I think we'll still be close to 40%, but we were a tad above that in second quarter. And in the first quarter. So maybe it ticks down a little bit, and it's really just a function of mix, but in total, very close to, call it, 40% for the year.

我認為全年毛利率仍會接近 40%，但第二季略高於這個水準。第一季也是。所以可能會小幅下滑，主要就是組合的影響；但整體而言，全年非常接近 40%。

Okay. And then inflection in revenues and networks, can you just give us some color on what drives that? And I know timing of customer deliveries can be very variable, but just at a high level, what is sort of driving the sequential improvement?

了解。那麼營收與網路業務的拐點，你們能否補充一些背景，說明是什麼在驅動？我知道客戶交付時點可能很不固定，但從較高層次來看，究竟是什麼推動季對季的改善？

Yeah, from the underlying need, it's really three things that drive most of it, it's grid expansion and whether that is electricity or gas, it's investment in resiliency and it's investment in grid efficiency, so things like time to power, non-wires alternatives.

是的，就根本需求而言，主要由三件事驅動：電網擴建（不論是電力或天然氣）、韌性投資，以及電網效率投資，例如縮短復電時間、非線路替代方案（non-wires alternatives）。

Virtual power plants, things of that sort really are driving the growth and that applies to tactically revenue-wise, but also long-term in terms of the pipeline growth, that's what we see in that portion of the future as well.

虛擬電廠等這類項目確實在推動成長；這不僅在戰術層面影響營收，也在長期的管線成長上發揮作用，這也是我們在未來那一部分所看到的趨勢。

Maybe just one quick follow-up. Tom, I think you made the point well and the results reflect that this quarter that there's been structural improvements in the business looking at earnings and cash flow generation in the cycle. But I do want to ask you about some of the elements of demand that seem to be inflecting positively here.

我再快速追問一題。Tom，我認為你講得很到位，而本季結果也反映出來：從獲利與現金流在景氣循環中的表現來看，公司的結構性改善已經出現。但我也想問一些需求面似乎正在正向轉折的因素。

We don't always talk about the big game hunting for some of these larger awards, but when we look at some of the. Developments in California and Illinois and some other states, there's certainly some very encouraging demand signals we look at. So I'm just curious to follow-up on your comments in the prepared remarks, how you can see the RFP and potential bookings environment out over the next coming few quarters, say?

我們不一定常談為了拿下某些大型案子而進行的「大獵物狩獵」，但當我們看到一些……加州、伊利諾州以及其他州的一些發展時，確實出現了非常令人鼓舞的需求訊號。所以我想延伸你在事先準備講稿中的評論：你如何看待未來幾季的 RFP（提案徵求）以及潛在接單環境？

Yeah, Let me start with what you saw in the second quarter results, and then I'll fast forward the movie from there. But in the second quarter, you saw a number of things. You see the idea of grid edge intelligence moving into the bid market. So some of the named wins that I talked about in the quarter really are in that mid-market space.

好的。我先從你在第二季結果中看到的部分談起，然後再把「電影快轉」往後看。第二季你看到幾件事。你看到「電網邊緣智慧」（grid edge intelligence）開始進入投標市場。所以我在本季提到的一些具名得標案，其實多是在中型市場區間。

So it's no longer the early adopters only or the big IOUs that are going down the path of improving the efficiency of improving the agility of the assets that they have. So that was a positive development. We knew it would come, but really starting to move into that mid-market for the actual win rates cooking over and not in concept any longer.

因此，不再只是早期採用者或大型投資人所有公用事業（IOU）在走提升效率、提升既有資產敏捷性的路徑。這是一個正向發展。我們知道這會發生，但現在真的開始進入中型市場，實際得標率正在發酵，不再只是概念而已。

If you look forward, the pipeline just absolutely continues to grow. It is continuing at record levels. We saw that really start to grow over the last 18 months. We finished last year at a record high, and it's only grown from there. It is the same basic elements, grid expansion, electricity and in gas, it's resiliency, it's efficiency that really is part of what is fueling that pipeline growth.

往前看，管線（pipeline）仍在大幅成長。它持續維持在創紀錄的水準。我們在過去 18 個月看到它開始明顯成長。去年年底我們以歷史新高作收，而之後只增不減。驅動因素仍是同樣的基本元素：電網擴建（電力與天然氣）、韌性，以及效率，這些正是推動管線成長的燃料。

What I just need to make sure we're clear on is the bookings timing. We are very disciplined about it. We won't put it into backlog until we have regulatory approval, that can cause a little bit of jitter but ultimately, it very much what happens at the end of the day. These things that are utilities are up against really our durable macro trends, and it shows a good amount of growth capability for us in the years ahead.

我需要確保大家清楚的是接單（bookings）的時點。我們在這方面非常自律。在取得監管核准之前，我們不會把它放進積壓訂單（backlog）；這可能造成一些短期波動，但最終它反映的是一天結束時真正發生的情況。公用事業所面臨的這些事情，確實是我們長期且具韌性的總體趨勢，而這也顯示我們在未來幾年具備相當的成長能力。

All right, good stuff. Thanks for taking the questions.

好的，很不錯。謝謝回答問題。

Thanks, Noah.

謝謝你，Noah。

Ben Kallo, Baird.

Ben Kallo，Baird。

Hey, guys, thanks for taking the question. I think there's been a narrative that the utilities can have their hands full for right wrong and maybe you can tell us if it's wrong have their handful of generation and data center load growth. And so I think the products and technology that Itron provides gets the back burner and there's not really room for them in the stack.

各位好，謝謝讓我提問。我想市場上一直有個說法：公用事業可能忙得不可開交——不論這說法對不對，你們可以告訴我們如果不對——他們手上有發電端與資料中心負載成長等一堆事情。因此，Itron 提供的產品與技術就被擱置一旁，在投資優先順序中沒有位置。

Could you just maybe talk address that a bit and then just talking in the past, there's been some regional differences, whether it's because of structure funding or others in what you're seeing as far as demand. Could you just talk to if that's changed or if that's still something that you're seeing in the marketplace?

你們能否談談並回應一下這點？另外，過去在需求面我們看到一些區域差異，可能是因為結構、資金或其他因素。你們能否談談這是否已經改變，或這仍是你們在市場上看到的現象？

Sure. I would say that the observation that generation and transmission investment is at a historic levels, clearly is valid. The country is going through a renaissance a rapid amount of demand growth. So utilities have to keep up with that. But where I think that narrative really falls apart the extension to say distribution capital is being crowded out of that investment is empirically untrue.

當然。我會說，發電與輸電投資處於歷史高位的觀察，顯然是成立的。這個國家正經歷一場復興，需求快速成長。因此公用事業必須跟上。但我認為這個敘事真正站不住腳的地方在於：進一步推論配電資本支出會被這些投資擠出；從實證來看，這並不正確。

Distribution CapEx levels continue to grow. That was even acknowledged at the NAREIT conference just a couple of weeks ago. The regulators are talking about it. You got to remember that two-third of utilities are distribution only. So it's not even a rational trade to consider for two-third of the market overall.

配電資本支出（CapEx）水準持續成長。就在幾週前的 NAREIT 會議上也明確提到這點。監管機構也在談論此事。你必須記得，約三分之二的公用事業公司只做配電。因此，對整體市場約三分之二而言，去考慮那樣的取捨甚至都不算是理性的交易。

And all of that generation and transmission just provides loads that eventually lands on top of distribution systems that were never meant to handle it. So investment in the distribution grid needs to happen as well. The other narrative that I've heard just unpack it one step further is all of the behind the generation behind the meter rather generation that's being built and being planned right now if you really look under the covers there, a reasonable portion of that meaningful portion actually is planned to move back in front of the meters over years, it's sort of a transitionary period.

而所有那些發電與輸電，最終都只是提供負載，最後落到原本就不是為了承受這些負載而設計的配電系統上。所以配電電網的投資也必須同步發生。我聽到的另一個敘事，再往下拆一層，是目前正在建置與規劃中的那些「表後」發電（behind the meter）——如果你真的深入看細節，其中相當一部分、而且是有意義的一部分，其實是規劃在未來數年逐步移回到「表前」（in front of the meter）；這有點像是一個過渡期。

So all roads kind of leads to the fact that distribution spend will continue to be healthy and continue to be positive in a capital-constrained affordability pressure environment, the cheapest capacity is really that electron that they already have and making that distribution grid more effective is where we specialize and where a lot of the investments we've made over the last couple of years really shines through.

所以各種跡象都指向一個事實：即使在資本受限、可負擔性壓力的環境下，配電支出仍會維持健康並持續正向成長；最便宜的容量其實就是他們已經擁有的那個電子（電力），而讓配電電網更有效率正是我們的專長，也是我們過去幾年所做的許多投資真正發光發熱之處。

That's what underpins that pipeline growth. We're not seeing any cancellation and I remain firm in the fact that the environment continues to move in our direction.

這就是支撐那條管線（pipeline）成長的基礎。我們沒有看到任何取消案，我也堅信整體環境仍持續朝對我們有利的方向發展。

Relative to your second question then on what does the market look like? I see good opportunities pipeline-wise across the US from the large IOUs on the West Coast through the southern rim of the United States and into the Southeast where there is just a tremendous amount of demand growth the need for efficiency improvements in the Mid-Atlantic and the PGM territory is well documented, and that continues to be strong as well as in the Midwest. Gas is outshining at the moment in terms of opportunity there is there is an enormous amount of refresh based on aging assets and the emergence of new technology and the new dynamic, which I highlighted in an earlier question, but also in prepared remarks of the mid-market starting to move.

至於你的第二個問題：市場看起來如何？就管線機會而言，我看到美國各地都有不錯的機會，從西岸的大型投資人持有公用事業（IOU），一路到美國南部地帶，再到東南部——那裡需求成長非常驚人；中大西洋地區與 PJM 區域對效率提升的需求早有充分記錄，而且仍然強勁，中西部也同樣如此。就機會而言，天然氣目前表現更亮眼：一方面是老舊資產帶來大量汰換需求，另一方面是新技術的出現與新的動態——我在前一個問題以及事先準備的發言中都有提到——此外，中型市場（mid-market）也開始動起來。

And that's all what you see combined so I don't know that I would call out any particular region or vertical or a section of the market that is necessarily weak in the U.S. probably water is the weakest of the vertical a smaller piece of our business. But certainly, the water market in Europe continues to be alive and well and very constructive for us. So I'll pause there. I know I said a lot, but hopefully, that unpacks the situation for you.

把這些因素綜合起來看，我不確定我會特別點名美國哪個區域、哪個垂直領域或市場的某一段特別疲弱。大概水務是相對最弱的垂直領域，但它在我們業務中占比也較小。不過，歐洲的水務市場仍然活躍且運作良好，對我們也非常有利。所以我先停在這裡。我知道我講了很多，但希望這能把情況拆解清楚給你。

Maybe if I can just jump in, please, just on the gas refresh. Could you just talk to us because I think it's important and it doesn't get talked about a lot, but just kind of cadence and then the sizing of that, please?

如果我可以插一句，關於天然氣汰換（gas refresh）。你能不能跟我們談談——我覺得這很重要但不常被討論——大概的節奏（cadence）以及規模（sizing），麻煩了？

Certainly, the amount of gas distribution refresh that is on the market for bid now is well above historic norms. No matter how you look at it, it's multiples above what has traditionally been the case. Why that is that is that it's a combination of aging assets and new technology that really jump starts what you can do from a safety perspective, integrated shutoff integrated and automated methane sensing really are things that are very critical from a safety perspective and garner a lot of interest.

當然可以。目前市場上正在招標的天然氣配電汰換量，遠高於歷史常態。不管你怎麼看，它都比傳統情況高出好幾倍。原因在於老舊資產與新技術的結合，真正把你在安全面能做到的事情推進了一大步；整合式關斷（integrated shutoff）、以及整合與自動化的甲烷偵測，從安全角度來看都非常關鍵，也引起很高的關注。

I would suspect those bookings probably play through in the next year or two. But I do believe that you'll see an outsized gas growth in the 3- to 5-year time horizon given our large market share there, I think it's a good signal for us a pocket of opportunity in the years ahead.

我猜這些接單（bookings）大概會在未來一到兩年逐步反映出來。但我確實相信，考量我們在該領域的高市占，在 3 到 5 年的時間範圍內，你會看到天然氣業務出現超常（outsized）的成長；我認為這對我們是個很好的訊號，是未來幾年的一個機會口袋。

Chip Moore, ROTH Capital Partners.

Chip Moore，ROTH Capital Partners。

Tom, maybe I wanted to follow up on your commentary around distribution CapEx. Just are you seeing examples out there where utilities are using Grid Edge in lieu of larger infrastructure? And is there a way to help frame out how that cost compares versus new generation or other alternatives? And then what are the trends you're seeing in rate cases? Is this a case where some of the pushback on electricity prices could accelerate some of that?

Tom，我想跟進你剛才關於配電資本支出（CapEx）的評論。你是否看到一些案例，公用事業公司用 Grid Edge 來取代更大型的基礎設施投資？另外，有沒有方式可以幫我們框架一下，這樣的成本相較於新發電或其他替代方案大概如何？再來，你在費率案件（rate cases）上看到哪些趨勢？是否有可能因為電價的反彈壓力，而加速其中一些作法？

Sure. I'll give you a couple of examples that I think are particularly interesting on how you can use Green Edge intelligence to improve performance in the near term, maybe defer some CapEx an example from a large IOU on the West Coast, I think $4 million, $5 million endpoint kind of customer, but the idea of being able to manage EV charging in a coordinated way so that you can live within the circuit budget for the utility or the 10.5 panel budget for the customer, you're talking about more than $1 billion of transformer upsizing that you can defer or avoid completely. That's a very clear example of how you can bring grid edge intelligence to bear.

當然。我給你幾個我覺得特別有意思的例子，說明如何運用 Grid Edge 智慧在短期內改善績效，甚至可能遞延部分資本支出（CapEx）。例如西岸一家大型投資人持有公用事業（IOU），大概是 400 萬、500 萬端點（endpoint）的客戶規模；核心概念是能以協調方式管理電動車（EV）充電，讓公用事業能維持在其迴路（circuit）容量預算內，或讓客戶能維持在其 10.5 面板（panel）容量預算內——你談的是超過 10 億美元的變壓器擴容（upsizing）可以被遞延，甚至完全避免。這就是把 Grid Edge 智慧落地應用的一個非常清楚的例子。

Another from, call it, 1 million endpoint customer in the southeastern part of the United States, but through deploying distributed intelligence. They reduced their frequency and duration of outages. Duration was down 12% to 15%. The frequency was down 3% to 5% for outages and you start to think about what the cost of outages in the United States on an annualized basis, the 7-year total of $67 billion per year. If you can save double-digit percentage of that, there's real value added there for communities as well as any utility, which is most of them, where you've got some sort of performance-based rates based on your outage performance.

另一個例子是在美國東南部，一家大約 100 萬端點客戶規模的公司，透過部署分散式智慧（distributed intelligence），他們降低了停電的頻率與持續時間。持續時間下降了 12% 到 15%。停電頻率下降了 3% 到 5%；再想想美國停電的年度化成本——七年合計平均每年 670 億美元。如果你能節省其中的兩位數百分比，對社區以及對任何一家公用事業公司（幾乎都是）都能創造實質價值，尤其是那些費率機制中有某種程度的績效型費率（performance-based rates），會依停電表現來衡量的公司。

So those are some pretty clear examples of how CapEx is being deferred or avoided completely, but also cases where you just get much better utilization out of the assets that you do have.

所以這些都是相當明確的例子，說明資本支出（CapEx）如何被遞延或完全避免；同時也有一些情境是，你只是把既有資產的利用率做得更好。

On the second part of your question then when it comes to rate cases, I see that the market is constructive. Rate cases are absolutely being approved. The rate of return in those rate cases continues to be in the upper 9% if not 10% range on individual cases. Oftentimes, there is a discussion that happens in an appropriate way between the utility and their commission to really make sure that all avenues are being explored. But when the benefits are well constructed and clearly articulated rate cases are absolutely going through.

至於你問題的第二部分，談到費率案件（rate cases），我認為市場氛圍是建設性的。費率案件確實正在獲得核准。這些費率案件中的報酬率（rate of return）仍維持在接近 9% 上緣、甚至 10% 的區間（以個案而言）。很多時候，公用事業公司與其委員會之間會以適當方式進行討論，確保所有途徑都已被充分探索。但當效益被良好建構並清楚表述時，費率案件確實都能順利通過。

It is just that normal push and pull that happens in the industry. And for all of us as consumers, that's much appreciated and absolutely part of the process that we count on.

這就是產業中正常的拉鋸。而對我們所有消費者而言，這點非常值得肯定，也絕對是我們所仰賴的流程之一。

Excellent. And maybe for my follow-up, maybe more for Joan. Just the record profitability this quarter and close to 40% I think you said for the year, just when you look at structurally improved earnings, is and it sounds like you're not worried about some of the supply chain stuff or inflationary headwinds out there. Just how should we think about that earnings profile longer-term as we get some volume leverage?

很好。那我追問一下，可能更想請教 Joan。本季創紀錄的獲利能力，以及你說今年接近 40%——當你看結構性改善的獲利時，聽起來你並不擔心供應鏈或通膨逆風。那麼，隨著我們取得一些量的槓桿（volume leverage），長期來看我們應該如何思考這個獲利輪廓（earnings profile）？

Yeah. I mean if you look at the original 2027 gross margin targets we had out there, we're essentially above that at the company level. Outcomes has a little bit further to grow in terms of the segment level, but networks is their devices as well in excess. So from the 2027 targets, we've added resiliency solutions, which is a software business at call it 70% to 75% margin. So structurally, we're in a good spot with a growing share of our revenue coming from higher margin parts of our business.

是的。我的意思是，如果你看我們原先對外提出的 2027 年毛利率目標，我們在公司整體層級基本上已經高於那個目標。Outcomes 在事業部層級還有一些成長空間，但 Networks 及其裝置（devices）也同樣超出目標。因此，從 2027 年目標以來，我們新增了韌性解決方案（resiliency solutions），這是一個軟體業務，毛利率大約在 70% 到 75%。所以從結構上來看，隨著更高毛利的業務占我們營收的比重持續提升，我們處在一個不錯的位置。

We have done the work necessary to shrink the factory footprint and get better operating leverage on the capital side. So I feel pretty good about where we are. Of course, we are looking at commodity prices and those kinds of things, and we normally do strap buys if we need to kind of hedge it. But I think our supply chain organization has done a great job being very resilient in the face of a little bit of a chaotic market.

我們已完成必要的工作，以縮小工廠占地並在資本端取得更好的營運槓桿。所以我對我們目前的狀況感覺相當不錯。當然，我們也在關注大宗商品價格之類的因素，若有需要，我們通常會進行帶狀採購（strap buys）來做某種程度的避險。但我認為，我們的供應鏈組織在面對有些混亂的市場時，展現了很強的韌性，做得非常出色。

Understood. Yes, we'll wait probably for an Investor Day. I think for an update on new goals.

了解。是的，我們可能會等到投資人日（Investor Day）。我想屆時再更新新的目標。

Jeff Osborne, Civica.

Jeff Osborne，Civica。

I was wondering, Jon, you made reference to the 27 targets. Clearly, margins and cash flow have been very impressive. I was just curious, are you still comfortable with the revenue targets that you folks had put out there back in 2024, excluding the resiliency segment?

我想請教一下，Jon，你提到了27項目標。顯然，毛利率與現金流都非常亮眼。我只是好奇，對於你們在2024年提出的營收目標（不含韌性事業部門），你們現在仍然有信心嗎？

Yeah. At this point, we're so close to 27%. What we plan to do is obviously provide guidance on the February call for and then shortly thereafter sometime next year, we'll give the longer-range target framework by segment. We're still in the midst of integrating resiliency solutions. So we didn't want to rush to put targets out with that kind of framework into a little further along with the integration.

是的。就目前而言，我們已經非常接近27%。我們的計畫是，會在2月的電話會議上提供指引，然後在明年稍後不久，我們會按事業部門給出較長期的目標框架。我們仍在整合韌性解決方案的過程中。因此我們不想太急著在整合進度更往前之前，就用那樣的框架匆忙對外提出目標。

So at this point, stay tuned for '27 guidance in February.

所以目前請持續關注，2月會提供'27年的指引。

Makes sense. And then maybe for Tom, a two-part question. One is now that you have more Viva deployments under your belt, do you still feel comfortable with the sort of 9- to 12-month lag for starting shipments after regulatory approval, you seem constructive on sort of late this year and early next year, getting things across the finish line in the geographies you mentioned, but I just wasn't sure in terms of the revenue inflection from those regulatory approvals when that would happen.

合理。接著可能想問Tom一個兩段式問題。第一，現在你們已經累積更多Viva部署經驗，在監管核准後開始出貨仍需約9到12個月的落後期，你們對這個時間差仍然有信心嗎？你們對於今年稍晚與明年初在你提到的地區把事情推到終點線的看法似乎偏正面，但我不太確定，從這些監管核准帶來的營收拐點會在何時出現。

Yeah. I start with the back half revenue. Substantial majority of our second half revenue is underpinned by deployments that are already under contract, so that this is not something that's a new booking required to get there. As Joan mentioned, we don't anticipate any sort of labor or supply constraints that really going to limit the deployment. You've got our third quarter outlook, and that's a return to growth year-over-year.

是的。我先從下半年營收談起。我們下半年營收的絕大部分，是由已簽約的部署案所支撐，因此不需要靠新增接單才能達成。如Joan所提，我們不預期會有任何人力或供應方面的限制，會真正影響部署。你們也看到我們第三季的展望，將回到年對年成長。

So things move in moving well for us, and that's what we'll continue to work on in the months ahead.

所以對我們而言，事情進展得很順利，而這也是我們接下來幾個月會持續努力推進的方向。

When it comes to the bookings pace, okay, bookings are always going to be a little bit lumpy and that's the nature of the business. But we feel good about the pipeline growth. Our win rates remain strong, the ability to start to move into that mid-market starting to happen. Those are all positive developments time from booking until you start to see revenue, yet mileage can vary customer to customer, but that sort of 9-month kind of number still makes sense. And I don't see any differences in the market that are starting to change that for the large deployments.

至於接單節奏，接單一向會有些起伏，這是這個產業的特性。但我們對管線成長感到樂觀。我們的得標率仍然強勁，也開始有能力切入中型市場，這些都是正向發展。從接單到開始認列營收的時間，各客戶之間會有所差異，但大約9個月這個數字仍然合理。而且我沒有看到市場出現任何變化，會讓大型部署案的這個時間開始改變。

Good to hear very quickly, just a gas comments. Does that include network infrastructure upgrades as well or the access points? Or is just this clearly devices using legacy AMI 1.0 access point.

很高興聽到。很快補問一下，剛才的評論是否也包含網路基礎設施升級或存取點（access points）？

No, no. Yes, it's both. It's both. But what customers are buying today is largely something that's, I'll call it future proof, even if they are using it in a limited capacity today, the ability to turn on higher levels of functionality is built in. So think of it as end points as well as NETGEAR starting to happen depending on the topology that the customer selects.

不，不。是的，兩者都包含。兩者都包含。但客戶今天購買的多半是我稱之為「具前瞻性／可因應未來」（future proof）的方案，即使他們目前只以有限的方式使用，它也內建可啟用更高層級功能的能力。所以可以把它想成包含端點（end points），以及依客戶選擇的拓樸而定、也開始導入的NETGEAR。

Martin Malloy, Johnson Rice.

Martin Malloy，Johnson Rice。

I wanted to ask about recent acquisitions, Urbint and Locusview that you have a few more months with them. If you can provide us with any update anecdotal evidence on early cross-selling to customers across Itron's platform integration, how that's going, confidence in the outlook and if tight field labor markets are having any sort of impact on the pipeline for growth there?

我想問一下近期收購的公司Urbint與Locusview，你們已經與它們合作了幾個月。能否提供一些更新或軼事性的早期證據，說明在Itron的平台整合之下，對客戶的交叉銷售進展如何、對展望的信心如何，以及緊俏的現場人力市場是否對那邊的成長管線造成任何影響？

Yeah, I can start. So back in the February call with our initial guidance, we did give some color on the new resiliency solutions segment. We talked about revenue in the $65 million to $70 million with gross margin approximately 70%. Those numbers are still good. That is still what we're tracking to.

好的，我先回答。在2月的電話會議、我們提出初步指引時，確實也對新的韌性解決方案事業部門提供了一些說明。我們談到營收約在6,500萬到7,000萬美元，毛利率約70%。這些數字仍然成立。我們目前的追蹤結果也仍朝這個方向前進。

The integration is going as planned. Locusview is a little bit more larger company and a little bit more complicated in terms of the plumbing and the ERP system, et cetera, but that's planned to be all done by the end of the year. So I think we'll be fully integrated by early January. Maybe I'll ask Tom to address any kind of cross-selling.

整合按計畫進行。Locusview是一家規模較大的公司，在底層串接與ERP系統等方面更複雜一些，但這些都已規劃在年底前完成。所以我認為我們在1月初就能完成全面整合。也許我請Tom來談談交叉銷售的部分。

Yes, I would say that the cross-selling activity has begun. No particular wins at this moment that I would call your attention to. That's not a anything unusual or strange it's ongoing now. Some of the new functionality, specifically on the digital construction management side that I think shows great promise is really the ability to integrate AI into the process where you can automatically pull in a lot of the compliance data that you need for various pieces of infrastructure as you're building out and really automating not only the construction process, but the compliance and necessary activities you need to really close out the project.

是的，我會說交叉銷售活動已經開始。目前沒有特別的贏單需要我特別提醒各位。這並不不尋常或奇怪，因為交叉銷售正在進行中。一些新功能，特別是在數位化施工管理方面，我認為很有前景的是能把AI整合進流程，讓你在建置各類基礎設施時，可以自動匯入大量所需的合規資料，並真正把施工流程自動化，同時也把合規與完成結案所需的必要活動一併自動化。

So a lot of new functionality and growth, which is well appreciated from our customers. So I would very much agree with Joan's assessment, very much on track for what we set out for the year, even in the early days with cross-selling, just starting to get underway and are happy with the progress of the teams.

因此有很多新功能與成長動能，客戶也非常認同。所以我非常同意Joan的評估：我們非常符合今年一開始設定的目標；即使交叉銷售仍在早期、才剛開始啟動，我們也對團隊的進展感到滿意。

Sean Milligan, Needham & Company.

Sean Milligan，Needham & Company。

Curious if you can talk about 4 12-month backlog next-month and then I think like previously, you've commented that maybe book-to-ship type or like, yes, book-to-ship has been creeping up within your business, like maybe kind of view of that over the next 12 months, how much we think that is of total shipments.

想請你談談未來12個月的在手訂單（backlog）到下個月的情況；另外我記得你們之前提過，類似book-to-ship（接單即出貨）的業務型態在你們公司內部占比似乎一直在上升。

Sure. The 12-month backlog is up quarter-over-quarter, Joan can comment on the exact number. I don't know that I would focus in on the precise number too much as deployments will ebb and flow through the natural cycle within the quarter itself. But the trend being positive quarter-over-quarter as we continue to really see what's happening in the marketplace and customers are gaining confidence in their speed of deployment.

當然。12個月在手訂單較上一季增加，Joan可以補充確切數字。我不確定是否需要過度聚焦在精確數字上，因為部署會隨著季度內的自然循環而起伏。但重點是趨勢在季對季改善，因為我們持續看到市場的變化，客戶也對其部署速度更有信心。

When it comes to the book and ship business, I said for a couple of quarters now, we're starting to see more of that type of business. Certainly, it's always been a significant part of the devices business, but a higher percentage in networks today. And that really goes to 1 of the points that I was making during the prepared remarks, which is customers can really start to add capability and buy additional services, additional capabilities within a particular portion of their territory depending on how their needs change overall.

至於book-and-ship業務，我已經連續幾季提到，我們開始看到這類型業務增加。當然，它一直都是裝置業務的重要組成，但目前在網路業務中的占比更高。這也呼應我在事先準備的發言中提到的一點：客戶可以依其整體需求的變化，在其特定服務區域內逐步增加能力，並購買額外服務與額外功能。

So if you have a ZIP code within your territory, which has high EV penetration and you want to deploy EV detection and charging management capability, you can do that without a massive amount of forklift upgrade throughout the network. You can target where you need it.

因此，如果在您的服務範圍內有某個郵遞區號（ZIP code）電動車（EV）滲透率很高，而您想部署EV偵測與充電管理能力，您可以在不需要在整個網路進行大量整體汰換升級（forklift upgrade）的情況下做到。您可以把資源集中在真正需要的地方。

And that's what accounts for a bit more book and ship even in the networking space.

這也是為什麼即使在網路業務領域，book and ship 也會略高一些的原因。

So running at a higher percentage than what we normally would have seen. If you go back 3, 4 years, we go into the quarter with somewhere, call it, 80%, 85% of the shipments that are planned for the quarter in backlog, and the rest come through terms during the 12, 13 weeks to come.

所以目前的運行比例高於我們通常會看到的水準。如果回到3、4年前，我們進入一個季度時，通常會有大約80%、85%該季度計畫出貨的訂單已在積壓訂單（backlog）中，其餘則會在接下來的12、13週內陸續進來。

Scott Crum with Seaport Research Partners.

Seaport Research Partners 的 Scott Crum。

I wanted to this is the kind of the time of year, Tom, where you get a little bold and you give us maybe what the book-to-bill will be for the full year this year. Is that something that you're prepared to do?

Tom，每年這個時候你通常會稍微大膽一點，可能會給我們今年全年 book-to-bill 的數字。你準備好提供這個資訊了嗎？

We don't guide to book-to-bill. It's not something that's strictly within our hands, the regulatory cycle is what really is the last piece in the puzzle. And that's something that is really outside of our purview to talk about. But what I can tell you, it certainly is the infrastructure build-out that we're talking about is structural. The backlog is healthy at $4.4 billion.

我們不提供 book-to-bill 的指引。這並非完全由我們掌控；監管週期才是真正拼圖的最後一塊。而這部分確實不在我們的職權範圍內可以評論。但我可以告訴你，我們所談的基礎建設擴建是結構性的。積壓訂單（backlog）維持健康水準，達44億美元。

The bookings process being very disciplined. That backlog converts. It doesn't get canceled. Overall, the margin improvement you saw is structural. Pipelines are at a record level.

接單（bookings）流程非常嚴謹自律。這些積壓訂單會轉化為營收。不會被取消。整體而言，你看到的毛利率改善是結構性的。商機管線（pipeline）處於歷史新高。

Win rates are strong. So all of the setup is really good for what we have been looking for and we feel great about our market position.

得標率（win rates）很強。所以整體布局都非常到位，符合我們一直在尋找的狀態，我們對自身的市場定位也非常有信心。

Okay. On the bookings themselves, this is the first increase in, I think, four quarters and the quarter before, that 2Q of last year was up only 2%. So would you say that maybe the bookings sort of I know that there's no run rate per se, but that your bookings are now kind of more in tune with what you're doing as a company from a focusing on lower CapEx items not necessarily focusing on the large projects, which are all there and you book them, but they don't necessarily book today. So would you say you're kind of like over the hump on bookings and that the bookings going forward should be sort of more reflective of what sort of, I'll call it, like the the new Itron and your focus on away from the larger deployments? Is that a fair way to frame what bookings should look like going forward?

好的。就接單（bookings）本身而言，這是我想是四個季度以來的首次成長，而在此之前的那一季，也就是去年第二季僅成長2%。所以你是否會說，接單某種程度上——我知道嚴格來說沒有固定的run rate——但你們現在的接單更貼近公司正在做的事情：聚焦於較低資本支出（CapEx）的項目，而不一定聚焦於大型專案；大型專案都在，你們也會拿下，但不一定會在今天就入帳為接單。所以你是否會說你們在接單上已經度過低谷，未來的接單應該會更能反映我姑且稱之為「新的 Itron」——也就是你們把重心從大型部署轉移開來的策略？用這樣的方式來框架未來接單的樣貌，是否合理？

No, I really don't think it is. You're trying to draw a pattern where there just isn't one pay attention to backlog and not necessarily bookings quarter-to-quarter. Certainly, the large opportunities are out there. We certainly will continue to work very hard to get our fair more than our fair share of those pieces of the puzzle. We are heartened to see some of the mid-market starting to move towards the technology that we've invested hard to bring to market the idea of Platform as a Service really has unlocked that mid-market portion for us, and we're excited about what that will do.

不，我真的不這麼認為。你試圖從中找出一個其實不存在的模式；與其逐季看接單，不如關注積壓訂單（backlog）。當然，大型機會仍然存在。我們也一定會持續非常努力，去爭取我們應得的份額，甚至超過我們應得的份額，來完成這些拼圖。我們很受鼓舞地看到部分中型市場開始轉向我們投入大量資源推向市場的技術；「平台即服務」（Platform as a Service）的概念確實為我們打開了中型市場，我們也很期待它將帶來的成效。

So both sides of the equation are contributing to what the business will be over the long term.

因此，方程式的兩端都在為長期業務的樣貌做出貢獻。

Bobby Zolper, Raymond James.

Raymond James 的 Bobby Zolper。

Could you bridge your gross margins in Network Solutions relative to a year ago?

你能否說明一下，Network Solutions 的毛利率相較於一年前的變動因素（bridge）？

I think it's well, it's a combination of lots of things, as I think we alluded to on the call, it could be customer mix. So we had some roll-off late last year of some customers who had a lower margin profile. It could be the product mix that is sold, but it's really a combination of both. And then factory utilization. I mentioned as well.

我想，嗯，這是多種因素的組合，正如我們在電話會議中提到的，可能是客戶組合（customer mix）。所以我們在去年年底有一些毛利率較低的客戶到期退出（roll-off）。也可能是銷售的產品組合（product mix），但本質上是兩者的綜合。另外還有工廠稼動率（factory utilization）。我也提到過。

The factory has done a really nice job of lowering overhead costs and improving the fall-through on direct margin to gross margin, but it's really all three.

工廠在降低間接費用並提升直接毛利向毛利率的落底轉換（fall-through）方面做得非常好，但主要就是這三項因素。

Okay. And what's your expectation for the monetization per application and outcomes?

好的。那你對於每個應用程式以及成果（outcomes）的變現（monetization）水準有何預期？

Yes. I'm not sure I exactly follow the question. The certainly, we would expect the outcomes portion of the business continued to grow nicely. It's been double-digit year-over-year growth for the last, I don't know, three years probably on a quarter-by-quarter basis, we would look for that to continue the number of apps that we've licensed is getting close to $28 million to this point. That's up a little more than 15% year-over-year.

是的。我不太確定我是否完全理解這個問題。當然，我們預期業務中「成果（outcomes）」這一部分會持續良好成長。在過去我不知道，大概三年吧，按季度來看一直維持年增雙位數；我們預期這種趨勢會延續。目前為止，我們已授權（licensed）的應用程式數量所帶來的金額接近2,800萬美元。年增略高於15%。

ARR continues to grow. So 17 at the end of the quarter, that's up 21% year-over-year. So all in all, we feel good about the continued growth in that portion of our market it really is an area that we focused on for a number of years and really starting to bear fruit for us.

ARR（年度經常性收入）持續成長。所以季度末為17（單位同前），年增21%。總體而言，我們對這一市場部分的持續成長感到樂觀；這確實是我們多年來聚焦的領域，現在也開始為我們帶來成果。

There are got no more questions in the queue. I will now turn the call back over to Mr. Tom Deitrich for any closing comments.

目前提問佇列中已沒有更多問題。我現在把電話會議交回給 Tom Deitrich 先生，請他做結語。

Very good. Thank you all for joining us today. We truly do appreciate it. The need that we serve is durable and our market is performing through the timing. So we look forward to updating you again next quarter.

很好。感謝各位今天加入我們。我們由衷感謝。我們所服務的需求具有持久性，而我們的市場也能在不同時點下持續表現。因此，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，您現在可以掛線。