Itron, Inc.

Good day and thank you for standing by. Welcome to ITRON's first quarter 2026 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. Today's call is being recorded. I will now hand the conference over to your speaker host. Vice President of Investor Relations, please go ahead.

Good morning, and welcome to ITRON's first quarter of 2026 earnings conference call. Tom Dietrich, 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. This release also includes details related to the conference call and webcast replay information. Accompanying today's call is a presentation that is available through the webcast and on our corporate website under the Investor Relations tab. Following prepared remarks, the call will open for questions using the process the operator described. Before Tom begins, a reminder that our earnings release and financial presentation include non-GAAP financial information that we believe enhances the overall understanding of our current and future performance. Reconciliations of differences between GAAP and non-GAAP financial measures are available in our earnings release and on our investor relations website. We will be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from these expectations because of factors that were presented in today's earnings release and comments made during this conference call, as well as those presented in the risk factors section of our Form 10-K and other reports and filings with the Securities and Exchange Commission. All company comments, estimates, or forward-looking statements are made in a good faith attempt to provide appropriate insight to our current and future operating and financial environment. Materials discussed today, 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 four of our presentation as our CEO, Tom Dietrich, begins his remarks.

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. Turning to slide four for the highlights, revenue of $587 million, adjusted EBITDA of $92 million, non-GAAP earnings per share of $1.49, and free cash flow of $79 million. Turning to slide five, while project timing provided a modest tailwind in Q1 revenue, we anticipate the first half to be consistent with our initial guidance. 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. Our outcome 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 solution segment. More broadly, the size and scope of the opportunity funnel remain outsized from historical levels, driven by the age out of existing infrastructure and new requirements. Grid modernization is inevitable, and we are confident in the multi-year 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. 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. Turning to slide six, 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. 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. 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. Additionally, an existing customer that is deploying a safety-enhanced meter program has expanded their development of Intellis Static Gas Endpoints. Intellis technology offers numerous safety enhancements, which include automatic and remote shutoff 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. The integration of resiliency solution segment is on track, and the team is already contributing meaningfully. In worker safety, we established a new contract with a major U.S. electricity utility. 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. These are only a few examples of the kind of mission-critical problems that ITON is uniquely positioned to solve. As a result, our backlog profile continues to evolve in quantity and quality. 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. 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. With that, I'll turn it over to Joan to walk through the first quarter financials in detail.