Itron Announces First Quarter 2018 Financial Results
-
Completed acquisition of Silver Spring Networks on
Jan. 5, 2018 , which operates and reports as the new Itron Networks segment; -
Revenue of
$607 million , compared with$478 million in the first quarter of 2017; - Gross margin of 29.6 percent, compared with 33.0 percent in the first quarter of 2017;
-
GAAP loss per share of
$3.74 , compared with earnings of40 cents per diluted share in the first quarter of 2017; -
Non-GAAP diluted earnings per share (EPS) of
13 cents , compared with57 cents the first quarter of 2017; -
Adjusted EBITDA of
$40 million , compared with$46 million in the first quarter of 2017; and -
Total backlog of
$3.1 billion , compared with$1.6 billion at the end of the first quarter of 2017.
"Itron’s revenue increased by 27 percent in the quarter, driven by
increased sales of our smart electric and gas solutions in
“As anticipated, margins and EPS declined from last year, driven by costs related to our global supply chain transitions, higher component and commodity prices and product mix. We are making progress with operational initiatives to help drive efficiencies later in the year, including the integration of the Networks business, executing our restructuring projects and collaborating with our global supply chain partners,” continued Mezey.
“We continue to see strong customer demand for our expanded portfolio of
smart networks, software, services, meters and sensors that helps our
customers better manage utility and municipal services. Total backlog
has increased to
Summary of First Quarter Consolidated Financial Results
(All
comparisons made are against the prior year period unless otherwise
noted)
Revenue
Total revenue of
Electricity revenue increased 6 percent on higher managed services
revenue, product revenue growth in the
Gross Margin
Consolidated company gross margin of 29.6 percent decreased 340 basis points compared with the first quarter of 2017. The decline was due to higher costs associated with global supply chain transitions, higher component and commodity costs and product mix.
Operating Expenses and Operating Income (loss)
GAAP operating expenses for the quarter were
Non-GAAP operating expenses of
Net Income (loss) and Earnings per Share
Net loss attributable to
The net loss was driven by the operating loss in the quarter and higher interest expense related to financing for the acquisition. These impacts were partially offset by a tax benefit in the U.S. on the pre-tax loss.
Excluding certain charges, including restructuring, acquisition and
integration-related expenses and amortization of intangible assets and
debt placement fees, non-GAAP net income for the quarter was
Cash Flow
Net cash used by operating activities was
Other Measures
Total backlog was
Earnings Conference Call
About
Forward Looking Statements
This release contains forward-looking statements within in the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements relate to our expectations about revenues, operations,
financial performance, earnings, earnings per share and cash flows.
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. Some of the factors that we believe could affect our
results include 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 and other factors that are more fully
described in our Annual Report on Form 10-K for the year ended
Non-GAAP Financial Information
To supplement our consolidated financial statements presented 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, 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. The company believes 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. Our non-GAAP financial measures may be different from those reported by other companies. 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. | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
(Unaudited, in thousands, except per share data) | ||||||||||
Three Months Ended March 31, |
||||||||||
2018 | 2017 | |||||||||
Revenues | ||||||||||
Product revenues | $ | 537,110 | $ | 432,365 | ||||||
Service revenues | 70,111 | 45,227 | ||||||||
Total revenues | 607,221 | 477,592 | ||||||||
Cost of revenues | ||||||||||
Product cost of revenues | 382,850 | 287,093 | ||||||||
Service cost of revenues | 44,516 | 32,862 | ||||||||
Total cost of revenues | 427,366 | 319,955 | ||||||||
Gross profit | 179,855 | 157,637 | ||||||||
Operating expenses | ||||||||||
Sales and marketing | 51,921 | 41,255 | ||||||||
Product development | 60,284 | 40,767 | ||||||||
General and administrative | 102,493 | 37,187 | ||||||||
Amortization of intangible assets | 17,740 | 4,549 | ||||||||
Restructuring | 87,865 | 3,052 | ||||||||
Total operating expenses | 320,303 | 126,810 | ||||||||
Operating income (loss) | (140,448 | ) | 30,827 | |||||||
Other income (expense) | ||||||||||
Interest income | 661 | 269 | ||||||||
Interest expense | (15,504 | ) | (3,199 | ) | ||||||
Other income (expense), net | (1,167 | ) | (2,836 | ) | ||||||
Total other income (expense) | (16,010 | ) | (5,766 | ) | ||||||
Income (loss) before income taxes | (156,458 | ) | 25,061 | |||||||
Income tax benefit (provision) | 11,188 | (9,047 | ) | |||||||
Net income (loss) | (145,270 | ) | 16,014 | |||||||
Net income attributable to noncontrolling interests | 396 | 169 | ||||||||
Net income (loss) attributable to Itron, Inc. | $ | (145,666 | ) | $ | 15,845 | |||||
Earnings (loss) per common share - Basic | $ | (3.74 | ) | $ | 0.41 | |||||
Earnings (loss) per common share - Diluted | $ | (3.74 | ) | $ | 0.40 | |||||
Weighted average common shares outstanding - Basic | 38,945 | 38,474 | ||||||||
Weighted average common shares outstanding - Diluted | 38,945 | 39,215 | ||||||||
ITRON, INC. | ||||||||||
SEGMENT INFORMATION | ||||||||||
(Unaudited, in thousands) | ||||||||||
Three Months Ended March 31, |
||||||||||
2018 | 2017 | |||||||||
Product revenues | ||||||||||
Electricity | $ | 213,877 | $ | 205,903 | ||||||
Gas | 130,243 | 117,127 | ||||||||
Water | 125,587 | 109,335 | ||||||||
Networks | 67,403 | — | ||||||||
Total Company | $ | 537,110 | $ | 432,365 | ||||||
Service revenues | ||||||||||
Electricity | $ | 38,528 | $ | 32,848 | ||||||
Gas | 7,496 | 7,084 | ||||||||
Water | 5,607 | 5,295 | ||||||||
Networks | 18,480 | — | ||||||||
Total Company | $ | 70,111 | $ | 45,227 | ||||||
Revenues | ||||||||||
Electricity | $ | 252,405 | $ | 238,751 | ||||||
Gas | 137,739 | 124,211 | ||||||||
Water | 131,194 | 114,630 | ||||||||
Networks | 85,883 | — | ||||||||
Total Company | $ | 607,221 | $ | 477,592 | ||||||
Gross profit | ||||||||||
Electricity | $ | 69,975 | $ | 67,250 | ||||||
Gas | 43,471 | 50,815 | ||||||||
Water | 37,805 | 39,572 | ||||||||
Networks | 28,604 | — | ||||||||
Total Company | $ | 179,855 | $ | 157,637 | ||||||
Operating income (loss) | ||||||||||
Electricity | $ | (2,768 | ) | $ | 17,084 | |||||
Gas | (28,348 | ) | 21,731 | |||||||
Water | (11,710 | ) | 8,804 | |||||||
Networks | (75,510 | ) | — | |||||||
Corporate unallocated | (22,112 | ) | (16,792 | ) | ||||||
Total Company | $ | (140,448 | ) | $ | 30,827 | |||||
METER AND MODULE SUMMARY | |||||||
(Units in thousands) | |||||||
|
Three Months Ended March 31, |
||||||
2018 | 2017 | ||||||
Meters (1) | |||||||
Standard | 4,140 | 4,010 | |||||
Smart | 3,060 | 2,440 | |||||
Total meters | 7,200 | 6,450 | |||||
|
|||||||
Stand-alone communication modules and cards (2) | |||||||
Smart | 2,480 | 1,400 |
(1) The Networks segment shipped an immaterial number of
meters during the three months ended
(2)
The Networks segment shipped approximately 990,000 network interface
cards during the three months ended
The stand-alone communication modules and cards category includes
communicating radio modules shipped in
ITRON, INC. | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(Unaudited, in thousands) | |||||||||
March 31, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 143,951 | $ | 176,274 | |||||
Accounts receivable, net | 481,389 | 398,029 | |||||||
Inventories | 209,373 | 193,835 | |||||||
Other current assets | 97,925 | 81,604 | |||||||
Total current assets | 932,638 | 849,742 | |||||||
Property, plant, and equipment, net | 234,924 | 200,768 | |||||||
Deferred tax assets, net | 58,917 | 49,971 | |||||||
Restricted cash | 1,466 | 311,010 | |||||||
Other long-term assets | 46,843 | 43,666 | |||||||
Intangible assets, net | 318,984 | 95,228 | |||||||
Goodwill | 1,142,757 | 555,762 | |||||||
Total assets | $ | 2,736,529 | $ | 2,106,147 | |||||
LIABILITIES AND EQUITY | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 275,702 | $ | 262,166 | |||||
Other current liabilities | 90,259 | 56,736 | |||||||
Wages and benefits payable | 119,312 | 90,505 | |||||||
Taxes payable | 22,659 | 16,100 | |||||||
Current portion of debt | 16,250 | 19,688 | |||||||
Current portion of warranty | 26,533 | 21,150 | |||||||
Unearned revenue | 87,293 | 41,438 | |||||||
Total current liabilities | 638,008 | 507,783 | |||||||
Long-term debt | 1,105,538 | 593,572 | |||||||
Long-term warranty | 15,446 | 13,712 | |||||||
Pension benefit obligation | 100,045 | 95,717 | |||||||
Deferred tax liabilities, net | 1,571 | 1,525 | |||||||
Other long-term obligations | 171,318 | 88,206 | |||||||
Total liabilities | 2,031,926 | 1,300,515 | |||||||
Equity | |||||||||
Common stock | 1,310,379 | 1,294,767 | |||||||
Accumulated other comprehensive loss, net | (152,595 | ) | (170,478 | ) | |||||
Accumulated deficit | (471,812 | ) | (337,873 | ) | |||||
Total Itron, Inc. shareholders' equity | 685,972 | 786,416 | |||||||
Non-controlling interests | 18,631 | 19,216 | |||||||
Total equity | 704,603 | 805,632 | |||||||
Total liabilities and equity | $ | 2,736,529 | $ | 2,106,147 | |||||
ITRON, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited, in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Operating activities | ||||||||
Net income (loss) | $ | (145,270 | ) | $ | 16,014 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 31,072 | 14,378 | ||||||
Stock-based compensation | 8,095 | 5,211 | ||||||
Amortization of prepaid debt fees | 3,386 | 266 | ||||||
Deferred taxes, net | (16,508 | ) | 882 | |||||
Restructuring, non-cash | 47 | — | ||||||
Other adjustments, net | (106 | ) | 946 | |||||
Changes in operating assets and liabilities, net of acquisitions | ||||||||
Accounts receivable | (7,768 | ) | 13,119 | |||||
Inventories | (253 | ) | (11,274 | ) | ||||
Other current assets | (8,849 | ) | (11,169 | ) | ||||
Other long-term assets | 4,509 | 646 | ||||||
Accounts payable, other current liabilities, and taxes payable | 7,826 | 28,277 | ||||||
Wages and benefits payable | 16,438 | (1,796 | ) | |||||
Unearned revenue | 23,317 | 14,020 | ||||||
Warranty | 663 | (2,303 | ) | |||||
Other operating, net | 58,953 | (3,960 | ) | |||||
Net cash provided by (used in) operating activities | (24,448 | ) | 63,257 | |||||
Investing activities | ||||||||
Acquisitions of property, plant, and equipment | (17,433 | ) | (9,122 | ) | ||||
Business acquisitions, net of cash equivalents acquired | (802,488 | ) | — | |||||
Other investing, net | 100 | (78 | ) | |||||
Net cash used in investing activities | (819,821 | ) | (9,200 | ) | ||||
Financing activities | ||||||||
Proceeds from borrowings | 555,938 | — | ||||||
Payments on debt | (32,395 | ) | (2,813 | ) | ||||
Issuance of common stock | 3,384 | 405 | ||||||
Prepaid debt fees | (24,042 | ) | — | |||||
Other financing, net | (1,046 | ) | 155 | |||||
Net cash provided by (used in) financing activities | 501,839 | (2,253 | ) | |||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 563 | 2,559 | ||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | (341,867 | ) | 54,363 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 487,335 | 133,565 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 145,468 | $ | 187,928 | ||||
About Non-GAAP Financial Measures
The accompanying press release contains 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, constant currency and free cash flow. 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 more information on these non-GAAP financial measures please see the table captioned “Reconciliations of Non-GAAP Financial Measures to 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, restructuring charges or goodwill impairment 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, acquisition and integration, and goodwill impairment. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, acquisition and integration, and goodwill impairment. 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 GAAP operating income.
Non-GAAP net income and non-GAAP diluted EPS
- We define non-GAAP net income as net income attributable to
Adjusted EBITDA - We define adjusted EBITDA as net income (a) minus interest income, (b) plus interest expense, depreciation and amortization, restructuring, acquisition and integration related expense, goodwill impairment 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.
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 local currencies 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 accompanying tables have more detail on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures and the related reconciliations between these 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, | ||||||||||
2018 | 2017 | ||||||||||
NON-GAAP NET INCOME & DILUTED EPS | |||||||||||
GAAP net income (loss) attributable to Itron, Inc. | $ | (145,666 | ) | $ | 15,845 | ||||||
Amortization of intangible assets | 17,740 | 4,549 | |||||||||
Amortization of debt placement fees | 3,343 | 241 | |||||||||
Restructuring | 87,865 | 3,052 | |||||||||
Acquisition and integration related expense | 62,647 | 333 | |||||||||
Income tax effect of non-GAAP adjustments | (20,835 | ) | (1,834 | ) | |||||||
Non-GAAP net income attributable to Itron, Inc. | $ | 5,094 | $ | 22,186 | |||||||
Non-GAAP diluted EPS | $ | 0.13 | $ | 0.57 | |||||||
Weighted average common shares outstanding - Diluted | 39,773 | 39,215 | |||||||||
ADJUSTED EBITDA | |||||||||||
GAAP net income (loss) attributable to Itron, Inc. | $ | (145,666 | ) | $ | 15,845 | ||||||
Interest income | (661 | ) | (269 | ) | |||||||
Interest expense | 15,504 | 3,199 | |||||||||
Income tax provision (benefit) | (11,188 | ) | 9,047 | ||||||||
Depreciation and amortization | 31,072 | 14,378 | |||||||||
Restructuring | 87,865 | 3,052 | |||||||||
Acquisition and integration related expense | 62,647 | 333 | |||||||||
Adjusted EBITDA | $ | 39,573 | $ | 45,585 | |||||||
FREE CASH FLOW | |||||||||||
Net cash provided (used) by operating activities | $ | (24,448 | ) | $ | 63,257 | ||||||
Acquisitions of property, plant, and equipment | (17,433 | ) | (9,122 | ) | |||||||
Free Cash Flow | $ | (41,881 | ) | $ | 54,135 | ||||||
NON-GAAP OPERATING INCOME | |||||||||||
GAAP operating income (loss) | $ | (140,448 | ) | $ | 30,827 | ||||||
Amortization of intangible assets | 17,740 | 4,549 | |||||||||
Restructuring | 87,865 | 3,052 | |||||||||
Acquisition and integration related expense | 62,647 | 333 | |||||||||
Non-GAAP operating income | $ | 27,804 | $ | 38,761 | |||||||
NON-GAAP OPERATING EXPENSES | |||||||||||
GAAP operating expenses | $ | 320,303 | $ | 126,810 | |||||||
Amortization of intangible assets | (17,740 | ) | (4,549 | ) | |||||||
Restructuring | (87,865 | ) | (3,052 | ) | |||||||
Acquisition and integration related expense | (62,647 | ) | (333 | ) | |||||||
Non-GAAP operating expenses | $ | 152,051 | $ | 118,876 | |||||||
ITRON, INC. | |||||||||||
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES | |||||||||||
TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES | |||||||||||
(Unaudited, in thousands) | |||||||||||
SEGMENT RECONCILIATIONS | Three Months Ended March 31, | ||||||||||
2018 | 2017 | ||||||||||
NON-GAAP OPERATING INCOME - ELECTRICITY | |||||||||||
Electricity - GAAP operating income (loss) | $ | (2,768 | ) | $ | 17,084 | ||||||
Amortization of intangible assets | 2,880 | 2,362 | |||||||||
Restructuring | 19,600 | (176 | ) | ||||||||
Acquisition and integration related expense | 323 | — | |||||||||
Electricity - Non-GAAP operating income | $ | 20,035 | $ | 19,270 | |||||||
NON-GAAP OPERATING INCOME - GAS | |||||||||||
Gas - GAAP operating income (loss) | $ | (28,348 | ) | $ | 21,731 | ||||||
Amortization of intangible assets | 1,124 | 1,277 | |||||||||
Restructuring | 43,547 | 1,084 | |||||||||
Gas - Non-GAAP operating income | $ | 16,323 | $ | 24,092 | |||||||
NON-GAAP OPERATING INCOME - WATER | |||||||||||
Water - GAAP operating income (loss) | $ | (11,710 | ) | $ | 8,804 | ||||||
Amortization of intangible assets | 835 | 910 | |||||||||
Restructuring | 16,714 | 1,018 | |||||||||
Water - Non-GAAP operating income | $ | 5,839 | $ | 10,732 | |||||||
NON-GAAP OPERATING INCOME - NETWORKS | |||||||||||
Networks - GAAP operating loss | $ | (75,510 | ) | — | |||||||
Amortization of intangible assets | 12,901 | — | |||||||||
Acquisition and integration related expense | 62,448 | — | |||||||||
Networks - Non-GAAP operating loss | (161 | ) | $ | — | |||||||
NON-GAAP OPERATING INCOME - CORPORATE UNALLOCATED | |||||||||||
Corporate unallocated - GAAP operating loss | $ | (22,112 | ) | $ | (16,792 | ) | |||||
Restructuring | 8,004 | 1,126 | |||||||||
Acquisition and integration related expense (recovery) | (124 | ) | 333 | ||||||||
Corporate unallocated - Non-GAAP operating loss | $ | (14,232 | ) | $ | (15,333 | ) | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180514006199/en/
Source:
Itron, Inc.
Barbara Doyle, 509-891-3443
Vice President,
Investor Relations
or
Rebecca Hussey, 509-891-3574
Manager,
Investor Relations
www.itron.com