Itron, Inc. (NASDAQ:ITRI), which is innovating new ways for
utilities and cities to manage energy and water, announced
financial results for its fourth quarter and full year ended Dec.
31, 2023. Key results for the quarter and full year include
(compared with the fourth quarter and full year of 2022):
- Revenue of $577 million and $2.2 billion, increased 23% and
21%;
- Gross profit of $196 million and $714 million, increased 39%
and 37%;
- GAAP net income attributable to Itron, Inc. of $44 million and
$97 million, increased $22 million and $107 million;
- GAAP diluted earnings per share of $0.96 and $2.11, increased
$0.47 and $2.33;
- Non-GAAP diluted EPS of $1.23 and $3.36, increased $0.52 and
$2.23;
- Adjusted EBITDA of $68 million and $226 million, increased 99%
and 137%; and
- Free cash flow of $39 million and $98 million, increased $57
million and $93 million
“Itron’s fourth quarter results were very strong, and we
concluded 2023 with good operational momentum.” said Tom Deitrich,
Itron’s president and CEO. “Our operations remained efficient and
critical supply availability continued to improve resulting in
record quarterly revenue levels for our Networked Solutions and
Outcomes segments.
“We have entered a new era of complexity for the responsible,
reliable management of energy and water resources, and Itron’s
leadership in providing grid edge intelligence, data insights,
analytics and automation are essential to our customers' success.
Our solutions address this complexity head on and support our
customers' efforts to modernize critical infrastructure.”
Summary of Fourth Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless
otherwise noted)
Revenue
Total fourth quarter revenue increased 23%, to $577 million. The
increase was due to strong operational execution and improved
supply chain conditions, which enabled higher customer
deliveries.
Device Solutions revenue increased 13%, or 9% in constant
currency, due primarily to increased demand for smart water meters
and communication modules.
Networked Solutions revenue increased 30%, due to higher
activity levels associated with ongoing and new deployments enabled
by improved supply chain conditions.
Outcomes revenue increased 10%, or 9% in constant currency, due
primarily to increased recurring and one-time services, partially
offset by decreased software license activity during the
quarter.
Gross Margin
Total company gross margin of 34.0% increased 390 basis points
due to cost efficiencies and a higher margin product mix.
Operating Expenses and Operating
Income
GAAP operating expenses of $147 million increased $19 million
from the prior year, and Non-GAAP operating expenses of $135
million increased $20 million from the prior year.
GAAP operating income of $49 million was $37 million higher than
the prior year, and Non-GAAP operating income of $61 million was
$36 million higher than the prior year. Both GAAP and Non-GAAP
increases were due primarily to higher gross profit, partially
offset by higher operating expenses.
Net Income and Earnings per Share
(EPS)
Net income attributable to Itron, Inc. for the quarter was $44
million, or $0.96 per diluted share, compared with a net income of
$22 million, or $0.49 per diluted share in 2022. The increase was
driven by higher GAAP operating income, partially offset by higher
tax expense.
Non-GAAP net income, which excludes the expenses associated with
amortization of intangible assets, amortization of debt placement
fees, restructuring, loss on sale of businesses, strategic
initiative expenses, currency translation write-off, goodwill
impairment, acquisition and integration, and the tax effect of
excluding these expenses, was $57 million, or $1.23 per diluted
share, compared with $32 million, or $0.71 per diluted share in
2022. The increase was due to higher non-GAAP operating income,
partially offset by higher tax expense.
Cash Flow
Net cash provided by operating activities was $48 million in the
fourth quarter compared with $(13) million in the prior year. Free
cash flow was $39 million in the fourth quarter compared with $(18)
million in the prior year. The increase in cash flow was due
primarily to higher earnings, partially offset by increased cash
taxes paid.
Other Measures
After bookings of $839 million during the fourth quarter, total
backlog at quarter end was $4.5 billion.
Q1 2024 Outlook and Full Year 2024 Guidance Update
First quarter 2024 financial outlook:
- Revenue between $575 and $585 million
- Non-GAAP diluted EPS between $0.80 and $0.90
Full year 2024 financial guidance:
- Revenue between $2.275 to $2.375 billion
- Non-GAAP diluted EPS between $3.40 to $3.80
Earnings Conference Call
Itron will host a conference call to discuss the financial
results contained in this release at 10 a.m. EST on February 26,
2024. Interested parties may listen to the conference call on a
live webcast. The webcast, along with a supplemental presentation,
may be accessed from the company’s website at https://investors.itron.com/events.cfm.
Participants should access the webcast 10 minutes prior to the
start of the call. A webcast replay of the conference call will be
available through March 5, 2024 and may be accessed on the
company's website at http://investors.itron.com/events.cfm.
About Itron
Itron is a proven global leader in energy, water, smart city,
IIoT and intelligent infrastructure services. For utilities, cities
and society, we build innovative systems, create new efficiencies,
connect communities, encourage conservation and increase
resourcefulness. By safeguarding our invaluable natural resources
today and tomorrow, we improve the quality of life for people
around the world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party
trademarks are property of their respective owners and any usage
herein does not suggest or imply any relationship between Itron and
the third party unless expressly stated.
Cautionary Note Regarding Forward Looking Statements
This release contains, and our officers and representatives may
from time to time make, "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are neither historical factors nor assurances of future
performance. These statements are based on our expectations about,
among others, revenues, operations, financial performance,
earnings, liquidity, earnings per share, cash flows and
restructuring activities including headcount reductions and other
cost savings initiatives. This document reflects our current
strategy, plans and expectations and is based on information
currently available as of the date of this release. When we use
words such as "expect", "intend", "anticipate", "believe", "plan",
"goal", "seek", "project", "estimate", "future", "strategy",
"objective", "may", "likely", "should", "will", "will continue",
and similar expressions, including related to future periods, they
are intended to identify forward-looking statements.
Forward-looking statements rely on a number of assumptions and
estimates. Although we believe the estimates and assumptions upon
which these forward-looking statements are based are reasonable,
any of these estimates or assumptions could prove to be inaccurate
and the forward-looking statements based on these estimates and
assumptions could be incorrect. Our operations involve risks and
uncertainties, many of which are outside our control, and any one
of which, or a combination of which, could materially affect our
results of operations and whether the forward-looking statements
ultimately prove to be correct. Actual results and trends in the
future may differ materially from those suggested or implied by the
forward-looking statements depending on a variety of factors.
Therefore, you should not rely on any of these forward-looking
statements. Some of the factors that we believe could affect our
results include our ability to execute on our restructuring plans,
our ability to achieve estimated cost savings, the rate and timing
of customer demand for our products, rescheduling of current
customer orders, changes in estimated liabilities for product
warranties, adverse impacts of litigation, changes in laws and
regulations, our dependence on new product development and
intellectual property, future acquisitions, changes in estimates
for stock-based and bonus compensation, increasing volatility in
foreign exchange rates, international business risks, uncertainties
caused by adverse economic conditions, including without limitation
those resulting from extraordinary events or circumstances and
other factors that are more fully described in Part I, Item 1A:
Risk Factors included in our Annual Report on Form 10-K for the
year ended Dec. 31, 2022 and other reports on file with the
Securities and Exchange Commission. Itron undertakes no obligation
to update or revise any information in this press release.
Non-GAAP Financial Information
To supplement our consolidated financial statements, which are
prepared in accordance with accounting principles generally
accepted in the United States (GAAP), we use certain adjusted or
non-GAAP financial measures, including non-GAAP operating expense,
non-GAAP operating income, non-GAAP net income, non-GAAP diluted
earnings per share (EPS), adjusted EBITDA, free cash flow, and
constant currency. We provide these non-GAAP financial measures
because we believe they provide greater transparency and represent
supplemental information used by management in its financial and
operational decision making. We exclude certain costs in our
non-GAAP financial measures as we believe the net result is a
measure of our core business. We believe these measures facilitate
operating performance comparisons from period to period by
eliminating potential differences caused by the existence and
timing of certain expense items that would not otherwise be
apparent on a GAAP basis. Non-GAAP performance measures should be
considered in addition to, and not as a substitute for, results
prepared in accordance with GAAP. We strongly encourage investors
and shareholders to review our financial statements and
publicly-filed reports in their entirety and not to rely on any
single financial measure. Our non-GAAP financial measures may be
different from those reported by other companies. When providing
future outlooks and/or earnings guidance, a reconciliation of
forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has
not been provided because we are unable to predict with reasonable
certainty the potential amount or timing of restructuring related
expenses and their related tax effects without unreasonable effort.
These costs are uncertain, depend on various factors and could have
a material impact on GAAP results for the guidance period. A more
detailed discussion of why we use non-GAAP financial measures, the
limitations of using such measures, and reconciliations between
non-GAAP and the nearest GAAP financial measures are included in
this press release.
Itron, Inc.
- LinkedIn: www.linkedin.com/company/itroninc
- X: https://twitter.com/ItronInc
- Newsroom: www.itron.com/company/newsroom
- Blog: https://blogs.itron.com
ITRON, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited, in thousands, except per share
data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenues
Product revenues
$
502,007
$
392,744
$
1,863,489
$
1,500,243
Service revenues
75,166
74,747
310,144
295,321
Total revenues
577,173
467,491
2,173,633
1,795,564
Cost of revenues
Product cost of revenues
340,504
283,836
1,292,170
1,102,475
Services cost of revenues
40,279
42,857
167,555
170,900
Total cost of revenues
380,783
326,693
1,459,725
1,273,375
Gross profit
196,390
140,798
713,908
522,189
Operating expenses
Sales, general and administrative
81,603
77,729
312,779
290,453
Research and development
53,919
46,627
208,688
185,098
Amortization of intangible assets
4,485
6,266
18,918
25,717
Restructuring
7,121
(2,528
)
43,989
(13,625
)
Loss on sale of businesses
(8
)
323
667
3,505
Goodwill impairment
—
—
—
38,480
Total operating expenses
147,120
128,417
585,041
529,628
Operating income (loss)
49,270
12,381
128,867
(7,439
)
Other income (expense)
Interest income
3,346
1,266
9,314
2,633
Interest expense
(1,870
)
(1,793
)
(8,349
)
(6,724
)
Other income (expense), net
(1,284
)
(1,073
)
(2,446
)
(4,213
)
Total other income (expense)
192
(1,600
)
(1,481
)
(8,304
)
Income (loss) before income taxes
49,462
10,781
127,386
(15,743
)
Income tax benefit (provision)
(4,555
)
11,169
(29,068
)
6,196
Net income (loss)
44,907
21,950
98,318
(9,547
)
Net income (loss) attributable to
noncontrolling interests
521
(262
)
1,395
185
Net income (loss) attributable to Itron,
Inc.
$
44,386
$
22,212
$
96,923
$
(9,732
)
Net income (loss) per common share -
Basic
$
0.98
$
0.49
$
2.13
$
(0.22
)
Net income (loss) per common share -
Diluted
$
0.96
$
0.49
$
2.11
$
(0.22
)
Weighted average common shares outstanding
- Basic
45,501
45,179
45,421
45,101
Weighted average common shares outstanding
- Diluted
46,039
45,419
45,836
45,101
ITRON, INC.
SEGMENT INFORMATION
(Unaudited, in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Product revenues
Device Solutions
$
112,620
$
99,142
$
452,718
$
433,354
Networked Solutions
366,637
270,798
1,331,546
1,002,156
Outcomes
22,750
22,804
79,225
64,733
Total Company
$
502,007
$
392,744
$
1,863,489
$
1,500,243
Service revenues
Device Solutions
$
923
$
1,190
$
3,008
$
5,356
Networked Solutions
24,285
30,316
118,745
117,112
Outcomes
49,958
43,241
188,391
172,853
Total Company
$
75,166
$
74,747
$
310,144
$
295,321
Total revenues
Device Solutions
$
113,543
$
100,332
$
455,726
$
438,710
Networked Solutions
390,922
301,114
1,450,291
1,119,268
Outcomes
72,708
66,045
267,616
237,586
Total Company
$
577,173
$
467,491
$
2,173,633
$
1,795,564
Gross profit
Device Solutions
$
30,566
$
11,289
$
105,917
$
61,778
Networked Solutions
136,873
98,820
499,725
361,975
Outcomes
28,951
30,689
108,266
98,436
Total Company
$
196,390
$
140,798
$
713,908
$
522,189
Operating income (loss)
Device Solutions
$
19,853
$
2,600
$
65,690
$
26,703
Networked Solutions
102,869
70,339
368,921
248,268
Outcomes
14,479
17,458
50,346
46,247
Corporate unallocated
(87,931
)
(78,016
)
(356,090
)
(328,657
)
Total Company
$
49,270
$
12,381
$
128,867
$
(7,439
)
Total Gross Margin
34.0
%
30.1
%
32.8
%
29.1
%
ITRON, INC.
CONSOLIDATED BALANCE
SHEETS
(Unaudited, in thousands)
December 31, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
$
302,049
$
202,007
Accounts receivable, net
303,821
280,435
Inventories
283,686
228,701
Other current assets
159,882
118,441
Total current assets
1,049,438
829,584
Property, plant, and equipment, net
128,806
140,123
Deferred tax assets, net
247,211
211,982
Other long-term assets
38,836
39,901
Operating lease right-of-use assets,
net
41,186
52,826
Intangible assets, net
46,282
64,941
Goodwill
1,052,504
1,038,721
Total assets
$
2,604,263
$
2,378,078
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
199,520
$
237,178
Other current liabilities
54,407
42,869
Wages and benefits payable
135,803
89,431
Taxes payable
8,636
15,324
Current portion of warranty
14,663
18,203
Unearned revenue
124,207
95,567
Total current liabilities
537,236
498,572
Long-term debt, net
454,827
452,526
Long-term warranty
7,501
7,495
Pension benefit obligation
63,887
57,839
Deferred tax liabilities, net
697
833
Operating lease liabilities
32,656
44,370
Other long-term obligations
176,028
124,887
Total liabilities
1,272,832
1,186,522
Equity
Common stock
1,820,510
1,788,479
Accumulated other comprehensive loss,
net
(81,190
)
(94,674
)
Accumulated deficit
(428,409
)
(525,332
)
Total Itron, Inc. shareholders' equity
1,310,911
1,168,473
Noncontrolling interests
20,520
23,083
Total equity
1,331,431
1,191,556
Total liabilities and equity
$
2,604,263
$
2,378,078
ITRON, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited, in thousands)
Year Ended
December 31,
2023
2022
Operating activities
Net income (loss)
$
98,318
$
(9,547
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization of
intangible assets
55,763
66,763
Non-cash operating lease expense
16,454
16,257
Stock-based compensation
28,357
21,881
Amortization of prepaid debt fees
3,664
3,499
Deferred taxes, net
(34,646
)
(32,635
)
Loss on sale of businesses
667
3,505
Goodwill impairment
—
38,480
Restructuring, non-cash
385
(624
)
Other adjustments, net
(169
)
11,678
Changes in operating assets and
liabilities, net of acquisitions and sale of businesses:
Accounts receivable
(19,494
)
5,064
Inventories
(52,118
)
(68,124
)
Other current assets
(42,410
)
(16,695
)
Other long-term assets
2,317
(5,436
)
Accounts payable, other current
liabilities, and taxes payable
(43,657
)
45,085
Wages and benefits payable
44,700
(21,749
)
Unearned revenue
28,329
18,466
Warranty
(3,778
)
(5,497
)
Restructuring
29,866
(40,981
)
Other operating, net
12,423
(4,890
)
Net cash provided by operating
activities
124,971
24,500
Investing activities
Net proceeds (payments) related to the
sale of businesses
(772
)
55,933
Acquisitions of property, plant, and
equipment
(26,884
)
(19,747
)
Business acquisitions, net of cash and
cash equivalents acquired
—
23
Other investing, net
4,348
4,307
Net cash provided by (used in) investing
activities
(23,308
)
40,516
Financing activities
Issuance of common stock
3,674
3,452
Repurchase of common stock
—
(16,972
)
Prepaid debt fees
(2,471
)
(697
)
Other financing, net
(4,711
)
(4,520
)
Net cash used in financing activities
(3,508
)
(18,737
)
Effect of foreign exchange rate changes on
cash and cash equivalents
1,887
(6,851
)
Increase in cash and cash equivalents
100,042
39,428
Cash and cash equivalents at beginning of
period
202,007
162,579
Cash and cash equivalents at end of
period
$
302,049
$
202,007
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared in accordance with GAAP, we use certain non-GAAP financial
measures, including non-GAAP operating expense, non-GAAP operating
income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA,
free cash flow, and constant currency. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP, and other companies
may define such measures differently. For a reconciliation of each
non-GAAP measure to the most comparable financial measure prepared
and presented in accordance with GAAP, please see the table
captioned Reconciliations of Non-GAAP Financial Measures to the
Most Directly Comparable GAAP Financial Measures.
We use these non-GAAP financial measures for financial and
operational decision making and/or as a means for determining
executive compensation. Management believes that these non-GAAP
financial measures provide meaningful supplemental information
regarding our performance and ability to service debt by excluding
certain expenses that may not be indicative of our recurring core
operating results. These non-GAAP financial measures facilitate
management's internal comparisons to our historical performance, as
well as comparisons to our competitors' operating results. Our
executive compensation plans exclude non-cash charges related to
amortization of intangibles and certain discrete cash and non-cash
charges, such as restructuring, loss on sale of businesses,
strategic initiative expenses, software project impairment, Russian
currency translation write-off, goodwill impairment, or acquisition
and integration related expenses. We believe that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing our performance and when planning,
forecasting and analyzing future periods. We believe these non-GAAP
financial measures are useful to investors because they provide
greater transparency with respect to key metrics used by management
in its financial and operational decision making and because they
are used by our institutional investors and the analyst community
to analyze the health of our business.
Non-GAAP operating expenses
and non-GAAP operating income – We
define non-GAAP operating expenses as operating expenses excluding
certain expenses related to the amortization of intangible assets,
restructuring, loss on sale of businesses, strategic initiative
expenses, software project impairment, Russian currency translation
write-off, goodwill impairment, and acquisition and integration
related expenses. We define non-GAAP operating income as operating
income (loss) excluding the expenses related to the amortization of
intangible assets, restructuring, loss on sale of businesses,
strategic initiative expenses, software project impairment, Russian
currency translation write-off, goodwill impairment, and
acquisition and integration related expenses. Acquisition and
integration related expenses include costs, which are incurred to
affect and integrate business combinations, such as professional
fees, certain employee retention and salaries related to
integration, severances, contract terminations, travel costs
related to knowledge transfer, system conversion costs, and asset
impairment charges. We consider these non-GAAP financial measures
to be useful metrics for management and investors because they
exclude the effect of expenses that are not related to our core
operating results. By excluding these expenses, we believe that it
is easier for management and investors to compare our financial
results over multiple periods and analyze trends in our operations.
For example, in certain periods, expenses related to amortization
of intangible assets may decrease, which would improve GAAP
operating margins, yet the improvement in GAAP operating margins
due to this lower expense is not necessarily reflective of an
improvement in our core business. There are some limitations
related to the use of non-GAAP operating expenses and non-GAAP
operating income versus operating expenses and operating income
(loss) calculated in accordance with GAAP. We compensate for these
limitations by providing specific information about the GAAP
amounts excluded from non-GAAP operating expense and non-GAAP
operating income and evaluating non-GAAP operating expense and
non-GAAP operating income together with GAAP operating expense and
operating income (loss).
Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net
income as net income (loss) attributable to Itron, Inc. excluding
the expenses associated with amortization of intangible assets,
amortization of debt placement fees, restructuring, loss on sale of
businesses, strategic initiative expenses, software project
impairment, Russian currency translation write-off, goodwill
impairment, acquisition and integration related expenses, and the
tax effect of excluding these expenses. We define non-GAAP diluted
EPS as non-GAAP net income divided by diluted weighted-average
shares outstanding during the period calculated on a GAAP basis and
then reduced to reflect the anti-dilutive impact of the convertible
note hedge transactions entered into in connection with the 0%
convertible notes due 2026 issued in March 2021. We consider these
financial measures to be useful metrics for management and
investors for the same reasons that we use non-GAAP operating
income. The same limitations described above regarding our use of
non-GAAP operating income apply to our use of non-GAAP net income
and non-GAAP diluted EPS. We compensate for these limitations by
providing specific information regarding the GAAP amounts excluded
from these non-GAAP measures and evaluating non-GAAP net income and
non-GAAP diluted EPS together with GAAP net income (loss)
attributable to Itron, Inc. and GAAP diluted EPS.
Adjusted EBITDA – We define
adjusted EBITDA as net income (loss) (a) minus interest income, (b)
plus interest expense, depreciation and amortization,
restructuring, loss on sale of businesses, strategic initiative
expenses, software project impairment, Russian currency translation
write-off, goodwill impairment, acquisition and integration related
expenses, and (c) excluding income tax provision or benefit.
Management uses adjusted EBITDA as a performance measure for
executive compensation. A limitation to using adjusted EBITDA is
that it does not represent the total increase or decrease in the
cash balance for the period and the measure includes some non-cash
items and excludes other non-cash items. Additionally, the items
that we exclude in our calculation of adjusted EBITDA may differ
from the items that our peer companies exclude when they report
their results. We compensate for these limitations by providing a
reconciliation of this measure to GAAP net income (loss).
Free cash flow – We define free
cash flow as net cash provided by operating activities less cash
used for acquisitions of property, plant and equipment. We believe
free cash flow provides investors with a relevant measure of
liquidity and a useful basis for assessing our ability to fund our
operations and repay our debt. The same limitations described above
regarding our use of adjusted EBITDA apply to our use of free cash
flow. We compensate for these limitations by providing specific
information regarding the GAAP amounts in the reconciliation.
Constant currency – We refer to the
impact of foreign currency exchange rate fluctuations in our
discussions of financial results, which references the differences
between the foreign currency exchange rates used to translate
operating results from the entity's functional currency into U.S.
dollars for financial reporting purposes. We also use the term
"constant currency", which represents financial results adjusted to
exclude changes in foreign currency exchange rates as compared with
the rates in the comparable prior year period. We calculate the
constant currency change as the difference between the current
period results and the comparable prior period's results restated
using current period foreign currency exchange rates.
The tables below reconcile the non-GAAP financial measures of
operating expenses, operating income, net income, diluted EPS,
adjusted EBITDA, and free cash flow with the most directly
comparable GAAP financial measures.
ITRON, INC.
RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASURES
TO THE MOST DIRECTLY
COMPARABLE GAAP FINANCIAL MEASURES
(Unaudited, in thousands, except per share
data)
TOTAL COMPANY RECONCILIATIONS
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
NON-GAAP OPERATING EXPENSES
GAAP operating expenses
$
147,120
$
128,417
$
585,041
$
529,628
Amortization of intangible assets
(4,485
)
(6,266
)
(18,918
)
(25,717
)
Restructuring
(7,121
)
2,528
(43,989
)
13,625
Loss on sale of businesses
8
(323
)
(667
)
(3,505
)
Strategic initiative
—
—
5
(675
)
Software project impairment
—
(8,719
)
—
(8,719
)
Russian currency translation write-off
—
—
—
(1,885
)
Goodwill impairment
—
—
—
(38,480
)
Acquisition and integration
(27
)
(136
)
(144
)
(506
)
Non-GAAP operating expenses
$
135,495
$
115,501
$
521,328
$
463,766
NON-GAAP OPERATING INCOME
GAAP operating income (loss)
$
49,270
$
12,381
$
128,867
$
(7,439
)
Amortization of intangible assets
4,485
6,266
18,918
25,717
Restructuring
7,121
(2,528
)
43,989
(13,625
)
Loss on sale of businesses
(8
)
323
667
3,505
Strategic initiative
—
—
(5
)
675
Software project impairment
—
8,719
—
8,719
Russian currency translation write-off
—
—
—
1,885
Goodwill impairment
—
—
—
38,480
Acquisition and integration
27
136
144
506
Non-GAAP operating income
$
60,895
$
25,297
$
192,580
$
58,423
NON-GAAP NET INCOME & DILUTED
EPS
GAAP net income (loss) attributable to
Itron, Inc.
$
44,386
$
22,212
$
96,923
$
(9,732
)
Amortization of intangible assets
4,485
6,266
18,918
25,717
Amortization of debt placement fees
860
845
3,489
3,323
Restructuring
7,121
(2,528
)
43,989
(13,625
)
Loss on sale of businesses
(8
)
323
667
3,505
Strategic initiative
—
—
(5
)
675
Software project impairment
—
8,719
—
8,719
Russian currency translation write-off
—
—
—
1,885
Goodwill impairment
—
—
—
38,480
Acquisition and integration
27
136
144
506
Income tax effect of non-GAAP
adjustments
(183
)
(3,803
)
(10,339
)
(8,466
)
Non-GAAP net income attributable to Itron,
Inc.
$
56,688
$
32,170
$
153,786
$
50,987
Non-GAAP diluted EPS
$
1.23
$
0.71
$
3.36
$
1.13
Non-GAAP weighted average common shares
outstanding - Diluted
46,039
45,419
45,836
45,305
TOTAL COMPANY RECONCILIATIONS
Three Months Ended December
31,
Twelve Months Ended December
31,
(Unaudited, in thousands, except per share
data)
2023
2022
2023
2022
ADJUSTED EBITDA
GAAP net income (loss) attributable to
Itron, Inc.
$
44,386
$
22,212
$
96,923
$
(9,732
)
Interest income
(3,346
)
(1,266
)
(9,314
)
(2,633
)
Interest expense
1,870
1,793
8,349
6,724
Income tax (benefit) provision
4,555
(11,169
)
29,068
(6,196
)
Depreciation and amortization
13,750
16,151
55,763
66,763
Restructuring
7,121
(2,528
)
43,989
(13,625
)
Loss on sale of businesses
(8
)
323
667
3,505
Strategic initiative
—
—
(5
)
675
Software project impairment
—
8,719
—
8,719
Russian currency translation write-off
—
—
—
1,885
Goodwill impairment
—
—
—
38,480
Acquisition and integration
27
136
144
506
Adjusted EBITDA
$
68,355
$
34,371
$
225,584
$
95,071
FREE CASH FLOW
Net cash (used in) provided by operating
activities
$
47,895
$
(13,030
)
$
124,971
$
24,500
Acquisitions of property, plant, and
equipment
(8,580
)
(4,861
)
(26,884
)
(19,747
)
Free Cash Flow
$
39,315
$
(17,891
)
$
98,087
$
4,753
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240226951756/en/
Itron, Inc. Paul Vincent Vice President, Investor
Relations (512) 560-1172
David Means Director, Investor Relations (737) 242-8448
Investors@itron.com
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