Press Release

Itron Announces First Quarter 2022 Financial Results

May 2, 2022 at 8:30 AM EDT

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--May 2, 2022-- Itron, Inc. (NASDAQ:ITRI) announced today financial results for its first quarter ended March 31, 2022. Key results for the quarter include (compared with the first quarter of 2021):

  • Revenue of $475 million, compared with $520 million;
  • Gross margin of 28.4%; compared with 32.2%;
  • GAAP net income of $1 million, compared with $13 million;
  • GAAP diluted earnings per share (EPS) of $0.02, compared with $0.30;
  • Non-GAAP diluted EPS of $0.11, compared with $0.52;
  • Adjusted EBITDA of $19 million, compared with $50 million;
  • Free cash flow of $2 million compared with $39 million; and
  • Total backlog of $3.9 billion, compared with $3.4 billion.

"In the first quarter of 2022, customer demand remained strong with a focus on our Networked Solutions and Outcomes offerings. While we continue to be impacted by the current supply constraints and an inflationary environment, we remain focused on driving our strategy forward," said Tom Deitrich, Itron's president and chief executive officer.

Summary of First Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total first quarter revenue decreased 9% to $475 million, or 6%, excluding the impact of changes in foreign currency exchange rates. The decrease was due to the impact of component constraints limiting our ability to meet customer demand.

Device Solutions revenue declined 19%, and Networked Solutions and Outcomes revenue each decreased 3%.

Gross Margin
Consolidated company gross margin of 28.4% decreased 380 basis points from the prior year, primarily due to higher component costs and manufacturing inefficiencies related to component shortages.

Operating Expenses and Operating Income
GAAP operating expenses of $128 million decreased $8 million from the prior year, primarily due to lower restructuring, amortization and product development expenses. Non-GAAP operating expenses of $126 million decreased $2 million from the prior year primarily due to lower product development expenses.

GAAP operating income of $7 million was $24 million lower than the prior year and non-GAAP operating income of $9 million was $30 million lower than last year. The decreases were due to lower gross profit.

Net Income and Earnings per Share
Net income attributable to Itron, Inc. for the quarter was $1 million, or $0.02 per diluted share, compared with $13 million, or $0.30 per diluted share in 2021. The decrease was driven by lower GAAP operating income.

Non-GAAP net income, which excludes certain charges including amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, acquisition and integration, and the income tax effect of those adjustments, was $5 million, or $0.11 per diluted share, compared with $22 million, or $0.52 per diluted share, in 2021. The lower year over year results were primarily due to lower non-GAAP operating income.

Cash Flow

Net cash provided by operating activities was $8 million in the first quarter compared with $50 million in the same quarter of 2021. Free cash flow was $2 million in the first quarter compared with $39 million in the prior year. The year over year decrease in cash flow was primarily due to higher variable compensation payments in the current period.

Other Measures

Total backlog was $3.9 billion and 12-month backlog was $1.6 billion, compared with $3.4 billion and $1.3 billion, respectively, in the prior year. Bookings in the quarter totaled $417 million.

Earnings Conference Call

Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EDT on May 2, 2022. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through May 7, 2022. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 3063181.

About Itron

Itron® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful 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 such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2021 Annual Report and other reports on file with the SEC. We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

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, adjusted EBITDA margin, constant currency, and free cash flow. 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.

ITRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

(Unaudited, in thousands, except per share data)

 

 

 

 

Three Months Ended March 31,

 

2022

 

2021

Revenues

 

 

Product revenues

$

399,810

 

$

442,804

 

Service revenues

 

75,521

 

 

76,770

 

Total revenues

 

475,331

 

 

519,574

 

Cost of revenues

 

 

Product cost of revenues

 

294,820

 

 

307,691

 

Service cost of revenues

 

45,287

 

 

44,839

 

Total cost of revenues

 

340,107

 

 

352,530

 

Gross profit

 

135,224

 

 

167,044

 

 

 

 

Operating expenses

 

 

Sales, general and administrative

 

76,401

 

 

75,992

 

Research and development

 

49,596

 

 

51,727

 

Amortization of intangible assets

 

6,553

 

 

8,973

 

Restructuring

 

(6,366

)

 

(1,980

)

Loss on sale of business

 

2,221

 

 

1,392

 

Total operating expenses

 

128,405

 

 

136,104

 

 

 

 

Operating income

 

6,819

 

 

30,940

 

Other income (expense)

 

 

Interest income

 

217

 

 

542

 

Interest expense

 

(1,592

)

 

(10,475

)

Other income (expense), net

 

(689

)

 

(2,766

)

Total other income (expense)

 

(2,064

)

 

(12,699

)

 

 

 

Income before income taxes

 

4,755

 

 

18,241

 

Income tax provision

 

(3,859

)

 

(4,661

)

Net income

 

896

 

 

13,580

 

Net income (loss) attributable to noncontrolling interests

 

(10

)

 

977

 

Net income attributable to Itron, Inc.

$

906

 

$

12,603

 

 

 

 

Net income per common share - Basic

$

0.02

 

$

0.30

 

Net income per common share - Diluted

$

0.02

 

$

0.30

 

 

 

 

Weighted average common shares outstanding - Basic

 

45,018

 

 

41,526

 

Weighted average common shares outstanding - Diluted

 

45,240

 

 

41,964

 

ITRON, INC.

SEGMENT INFORMATION

 

 

 

(Unaudited, in thousands)

 

 

 

Three Months Ended March 31,

 

2022

 

2021

Product revenues

 

 

Device Solutions

$

137,886

 

$

170,331

 

Networked Solutions

 

249,268

 

 

258,703

 

Outcomes

 

12,656

 

 

13,770

 

Total Company

$

399,810

 

$

442,804

 

 

 

 

Service revenues

 

 

Device Solutions

$

1,679

 

$

2,450

 

Networked Solutions

 

29,552

 

 

29,611

 

Outcomes

 

44,290

 

 

44,709

 

Total Company

$

75,521

 

$

76,770

 

 

 

 

Total revenues

 

 

Device Solutions

$

139,565

 

$

172,781

 

Networked Solutions

 

278,820

 

 

288,314

 

Outcomes

 

56,946

 

 

58,479

 

Total Company

$

475,331

 

$

519,574

 

 

 

 

Gross profit

 

 

Device Solutions

$

21,806

 

$

32,296

 

Networked Solutions

 

91,351

 

 

112,759

 

Outcomes

 

22,067

 

 

21,989

 

Total Company

$

135,224

 

$

167,044

 

 

 

 

Operating income (loss)

 

 

Device Solutions

$

11,578

 

$

21,701

 

Networked Solutions

 

61,007

 

 

79,291

 

Outcomes

 

8,341

 

 

10,336

 

Corporate unallocated

 

(74,107

)

 

(80,388

)

Total Company

$

6,819

 

$

30,940

 

ITRON, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

 

(Unaudited, in thousands)

March 31, 2022

 

December 31, 2021

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

203,997

 

 

$

162,579

 

Accounts receivable, net

 

303,250

 

 

 

298,459

 

Inventories

 

171,259

 

 

 

165,799

 

Other current assets

 

114,021

 

 

 

123,092

 

Total current assets

 

792,527

 

 

 

749,929

 

 

 

 

 

Property, plant, and equipment, net

 

157,244

 

 

 

163,184

 

Deferred tax assets, net

 

186,133

 

 

 

181,472

 

Other long-term assets

 

43,883

 

 

 

42,178

 

Operating lease right-of-use assets, net

 

62,627

 

 

 

65,523

 

Intangible assets, net

 

85,514

 

 

 

92,529

 

Goodwill

 

1,091,888

 

 

 

1,098,975

 

Total assets

$

2,419,816

 

 

$

2,393,790

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$

203,475

 

 

$

193,129

 

Other current liabilities

 

56,409

 

 

 

81,253

 

Wages and benefits payable

 

86,650

 

 

 

113,532

 

Taxes payable

 

18,576

 

 

 

12,208

 

Current portion of warranty

 

17,651

 

 

 

18,406

 

Unearned revenue

 

118,807

 

 

 

82,816

 

Total current liabilities

 

501,568

 

 

 

501,344

 

 

 

 

 

Long-term debt, net

 

450,795

 

 

 

450,228

 

Long-term warranty

 

13,184

 

 

 

13,616

 

Pension benefit obligation

 

81,932

 

 

 

87,863

 

Deferred tax liabilities, net

 

1,956

 

 

 

2,000

 

Operating lease liabilities

 

54,333

 

 

 

57,314

 

Other long-term obligations

 

129,296

 

 

 

138,666

 

Total liabilities

 

1,233,064

 

 

 

1,251,031

 

 

 

 

 

Equity

 

 

 

Common stock

 

1,770,057

 

 

 

1,779,775

 

Accumulated other comprehensive loss, net

 

(95,283

)

 

 

(148,098

)

Accumulated deficit

 

(514,694

)

 

 

(515,600

)

Total Itron, Inc. shareholders' equity

 

1,160,080

 

 

 

1,116,077

 

Noncontrolling interests

 

26,672

 

 

 

26,682

 

Total equity

 

1,186,752

 

 

 

1,142,759

 

Total liabilities and equity

$

2,419,816

 

 

$

2,393,790

 

ITRON, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

(Unaudited, in thousands)

Three Months Ended March 31,

 

2022

 

2021

Operating activities

 

 

 

Net income

$

896

 

 

$

13,580

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization of intangible assets

 

16,837

 

 

 

21,810

 

Non-cash operating lease expense

 

4,113

 

 

 

4,330

 

Stock-based compensation

 

6,127

 

 

 

6,498

 

Amortization of prepaid debt fees

 

839

 

 

 

2,695

 

Deferred taxes, net

 

(4,362

)

 

 

2,109

 

Loss on sale of business

 

2,221

 

 

 

1,392

 

Restructuring, non-cash

 

390

 

 

 

(45

)

Other adjustments, net

 

137

 

 

 

391

 

Changes in operating assets and liabilities, net of acquisition and sale of business:

 

 

 

Accounts receivable

 

(8,816

)

 

 

(2,078

)

Inventories

 

(6,345

)

 

 

9,008

 

Other current assets

 

(11,899

)

 

 

15,692

 

Other long-term assets

 

(2,887

)

 

 

(7,627

)

Accounts payable, other current liabilities, and taxes payable

 

14,065

 

 

 

(26,978

)

Wages and benefits payable

 

(26,185

)

 

 

5,458

 

Unearned revenue

 

35,320

 

 

 

18,050

 

Warranty

 

(928

)

 

 

(1,382

)

Other operating, net

 

(11,932

)

 

 

(12,948

)

Net cash provided by operating activities

 

7,591

 

 

 

49,955

 

 

 

 

 

Investing activities

 

 

 

Net proceeds related to the sale of business

 

55,933

 

 

 

2,842

 

Acquisitions of property, plant, and equipment

 

(5,369

)

 

 

(11,412

)

Business acquisitions, net of cash and cash equivalents acquired

 

23

 

 

 

 

Other investing, net

 

362

 

 

 

2,764

 

Net cash provided (used) in investing activities

 

50,949

 

 

 

(5,806

)

 

 

 

 

Financing activities

 

 

 

Proceeds from borrowings

 

 

 

 

460,000

 

Payments on debt

 

 

 

 

(475,000

)

Issuance of common stock

 

784

 

 

 

2,238

 

Proceeds from common stock offering

 

 

 

 

389,419

 

Proceeds from sale of warrants

 

 

 

 

45,349

 

Purchases of convertible note hedge contracts

 

 

 

 

(84,139

)

Repurchase of common stock

 

(16,972

)

 

 

 

Prepaid debt fees

 

(695

)

 

 

(11,722

)

Other financing, net

 

(222

)

 

 

(1,564

)

Net cash (used in) provided by financing activities

 

(17,105

)

 

 

324,581

 

 

 

 

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

(17

)

 

 

(1,071

)

Increase in cash and cash equivalents

 

41,418

 

 

 

367,659

 

Cash and cash equivalents at beginning of period

 

162,579

 

 

 

206,933

 

Cash and cash equivalents at end of period

$

203,997

 

 

$

574,592

 

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 acquisition and integration related expenses, loss on sale of business, or restructuring charges. 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 business, and acquisition and integration. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, and acquisition and integration. 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 related to acquisitions and restructuring projects. 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 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.

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, debt extinguishment, restructuring, loss on sale of business, acquisition and integration, 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 transaction 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 attributable to Itron, Inc. and GAAP diluted EPS.

For interim periods the budgeted annual effective tax rate (AETR) is used, adjusted for any discrete items, as defined in Accounting Standards Codification (ASC) 740 - Income Taxes. The budgeted AETR is determined at the beginning of the fiscal year. The AETR is revised throughout the year based on changes to our full-year forecast. If the revised AETR increases or decreases by 200 basis points or more from the budgeted AETR due to changes in the full-year forecast during the year, the revised AETR is used in place of the budgeted AETR beginning with the quarter the 200 basis point threshold is exceeded and going forward for all subsequent interim quarters in the year. We continue to assess the AETR based on latest forecast throughout the year and use the most recent AETR anytime it increases or decreases by 200 basis points or more from the prior interim period.

Adjusted EBITDA – We define adjusted EBITDA as net income (loss) (a) minus interest income, (b) plus interest expense, depreciation and amortization, debt extinguishment, restructuring, loss on sale of business, acquisition and integration, 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 and reconciling to free cash flow.

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 March 31,

 

2022

 

2021

NON-GAAP OPERATING EXPENSES

 

 

GAAP operating expenses

$

128,405

 

$

136,104

 

Amortization of intangible assets

 

(6,553

)

 

(8,973

)

Restructuring

 

6,366

 

 

1,980

 

Loss on sale of business

 

(2,221

)

 

(1,392

)

Acquisition and integration

 

(62

)

 

377

 

Non-GAAP operating expenses

$

125,935

 

$

128,096

 

 

 

 

NON-GAAP OPERATING INCOME

 

 

GAAP operating income

$

6,819

 

$

30,940

 

Amortization of intangible assets

 

6,553

 

 

8,973

 

Restructuring

 

(6,366

)

 

(1,980

)

Loss on sale of business

 

2,221

 

 

1,392

 

Acquisition and integration

 

62

 

 

(377

)

Non-GAAP operating income

$

9,289

 

$

38,948

 

 

 

 

NON-GAAP NET INCOME & DILUTED EPS

 

 

GAAP net income attributable to Itron, Inc.

$

906

 

$

12,603

 

Amortization of intangible assets

 

6,553

 

 

8,973

 

Amortization of debt placement fees

 

796

 

 

2,652

 

Debt extinguishment

 

 

 

1,681

 

Restructuring

 

(6,366

)

 

(1,980

)

Loss on sale of business

 

2,221

 

 

1,392

 

Acquisition and integration

 

62

 

 

(377

)

Income tax effect of non-GAAP adjustments

 

999

 

 

(2,997

)

Non-GAAP net income attributable to Itron, Inc.

$

5,171

 

$

21,947

 

 

 

 

Non-GAAP diluted EPS

$

0.11

 

$

0.52

 

 

 

 

Non-GAAP weighted average common shares outstanding - Diluted

 

45,240

 

 

41,964

 

 

 

 

ADJUSTED EBITDA

 

 

GAAP net income attributable to Itron, Inc.

$

906

 

$

12,603

 

Interest income

 

(217

)

 

(542

)

Interest expense

 

1,592

 

 

10,475

 

Income tax provision

 

3,859

 

 

4,661

 

Debt extinguishment

 

 

 

1,681

 

Depreciation and amortization

 

16,837

 

 

21,810

 

Restructuring

 

(6,366

)

 

(1,980

)

Loss on sale of business

 

2,221

 

 

1,392

 

Acquisition and integration

 

62

 

 

(377

)

Adjusted EBITDA

$

18,894

 

$

49,723

 

 

 

 

FREE CASH FLOW

 

 

Net cash provided by operating activities

$

7,591

 

$

49,955

 

Acquisitions of property, plant, and equipment

 

(5,369

)

 

(11,412

)

Free Cash Flow

$

2,222

 

$

38,543

 

 

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

David Means
Director, Investor Relations
(737) 242-8448

Rebecca Hussey
Manager, Investor Relations
(509) 891-3574

Source: Itron, Inc.

 

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