Itron, Inc.

Good day, everyone, and welcome to the ITRON Incorporated third quarter 2021 earnings conference call. Today's call is being recorded. For opening remarks, I would like to turn the call over to Ken Janela. Please go ahead.

Thank you, operator. Good morning and welcome to ITRON's third quarter 2021 earnings conference call. We issued a press release earlier today announcing our results. The press release includes replay information about today's call. A presentation to accompany our remarks on this call is also available through the webcast and on our corporate website under the Investor Relations tab. On the call today, we have Tom Dietrich, ITRON's President and Chief Executive Officer, and Joan Hooper, Senior Vice President and Chief Financial Officer. Following the prepared remarks, we will open the call to take questions using the process the operator described. Before I turn the call over to Tom, please let me remind you of our non-GAAP financial presentation and our safe harbor statement. Our earnings release and financial presentation include non-GAAP financial information that we believe enhances the overall understanding of our current and future performance. Reconciliations of differences between GAAP and non-GAAP financial measures are available in our earnings release and on our investor relations website. We will be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from these expectations because of factors that were presented in today's earnings release and the comments made during this conference call and in the risk factor section of our Form 10-K and other reports and filings with the Securities and Exchange Commission. In addition, due to the fluid nature of COVID-19 pandemic, Company estimates regarding the impact of COVID-19 on current or forward-looking statements are made in a good-faith attempt to provide appropriate insight to our current and future operating and financial environment. Materials discussed today, November 4, 2021, may materially change, and we do not undertake any duty to update any of our forward-looking statements. Now, please turn to page 4 in the presentation, and I'll turn the call over to our CEO, Tom Dietrich.

Thank you, Ken. Good morning, everyone, and thank you for joining us. I will start the call today by updating you on some significant actions we have taken since our investor day on October 5th. First, we're pleased to announce the acquisition of CELC, a leader in smart lighting controls. This acquisition extends our smart city platform to an end-to-end solution, including the canopy network, management platform, and now lighting controls. CELC has been a longstanding ITRON partner for numerous marquee smart city deployments around the globe. With ITRON and CELC combined, we will deliver more innovative solutions to our customers for many years to come. Yesterday, we were pleased to announce that we signed the definitive agreement with Dresser Utility Solutions to sell our European commercial and industrial mechanical gas meter business, our gas station meter and pressure regulation business, and our global gas regulator business. This arrangement includes two manufacturing facilities in Western Europe. This transaction has benefits for our customers, our shareholders, and our employees. Dresser Utility Solutions, a veteran industry player in the gas utility industry, has acquired a strong set of assets combined with a seasoned operational team. This deal is contingent upon local Works Council approvals with an anticipated close date in the first half of 2022. It is important to point out that ITRON is not exiting the gas utility vertical. ITRON's focus is on higher value solutions and networks and outcomes, such as the Intellis gas static meter platform with integrated communications and safety features. This transaction is fully aligned with our asset light manufacturing and overall company strategies. In conjunction with this transaction, we also announced a restructuring project. You will hear more details from Joan in a moment, but the focus of this restructuring project is to drive overhead reductions in certain locations and support areas. These actions are part of our ongoing efforts to ensure ITRON is stronger and more nimble as we outlined at our recent investor day. Now please turn to slide five as I hand over to Joan to review our third quarter results.