Our goal of sustained profitability remains critically important to us, and our recent cost reduction initiatives position us to benefit as the markets recover. Our increasingly cost-focused culture led to a sequential non-GAAP operating expense reduction of 7% this quarter. As we continue to carefully manage expenses and increase operational efficiencies, we will also continue to pursue key areas of product innovation and go-to-market programs. This includes beginning to fund our joint venture with Holley in China. This is crucial to our China go-to-market strategy and to our long-term cost competitiveness. Nevertheless, we do understand the importance of being intelligent on expense controls, especially given the challenging outlook, which I will discuss later in my remarks.

Turning back to our results, one of the highlights this quarter was our successful Partner Conference in Budapest, Hungary, where we doubled our attendance from last year and welcome Alstrom and LG CNS as new sponsors. One of the consistent pieces of the feedback at the conference was how our partners see strong benefits from running multiple applications on a single platform, giving them the ability to offer a broader portfolio of solutions to their customers.

During this event, we highlighted our new COS software release, which allows our Smart Meters to be upgraded in the field to function as multi-parameter grid sensors. In addition, we launched our Streetlight pilot-in-a-box program, so that partners new to the market can rapidly deploy a small pilot without having to become street lighting experts.

Let me now give you a brief update on each of our markets; turning to Slide 4. In our systems business, shipments to Duke Energy in Ohio and Fortum in Finland drove the majority of sales this quarter. Our rollout with Duke in Ohio continued strong in Q2, with a total of approximately 500,000 of our meters installed to-date. We are excited by the prospects of implementing some of the advanced features at Duke, including outage management and power quality measurement. We believe our demonstrated success in Ohio positions us well for future roll-outs in Duke’s other territories, when they are ready to proceed.

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