Itron Announces Fourth Quarter and Full Year 2023 Financial Results
Itron, Inc. (NASDAQ:ITRI) reported strong financial results for the fourth quarter and full year of 2023, with revenue reaching $577 million and $2.2 billion, marking a 23% and 21% increase, respectively. The company's gross profit rose by 39% and 37%, reaching $196 million and $714 million for the quarter and full year. GAAP net income attributable to Itron, Inc. saw a significant increase to $44 million and $97 million, with GAAP diluted earnings per share reaching $0.96 and $2.11. Non-GAAP diluted EPS also increased to $1.23 and $3.36. Adjusted EBITDA and free cash flow showed substantial improvements, reflecting the company's operational efficiency and strong performance.
Positive
Strong financial results for the fourth quarter and full year of 2023.
Revenue increased by 23% and 21% compared to the previous year.
Gross profit rose by 39% and 37% for the quarter and full year.
GAAP net income and diluted earnings per share experienced significant growth.
Adjusted EBITDA and free cash flow improved significantly.
Company's operational efficiency and supply chain improvements contributed to the positive results.
The robust revenue and gross profit growth reported by Itron, Inc. reflect a significant improvement in the company's operational execution and supply chain management. The 23% year-over-year increase in revenue, combined with a 39% rise in gross profit, indicates not only a strong demand for Itron's products but also an enhanced ability to deliver on that demand. The substantial improvement in adjusted EBITDA, up 99% for the quarter, suggests a marked increase in the company's operational efficiency. This level of growth outpaces average industry benchmarks and underscores the company's competitive positioning in the utilities management sector.
Investors should note the increase in both GAAP and Non-GAAP operating income, which points to the company's successful cost management strategies, despite a rise in operating expenses. The reported free cash flow of $39 million, a considerable increase from the previous year's negative cash flow, is a testament to the company's improved liquidity and financial health. The backlog of $4.5 billion provides visibility into future revenue, potentially reassuring stakeholders of sustained operational performance.
Itron's performance can be partly attributed to the broader trends in the utilities sector, where there is a growing emphasis on smart infrastructure and efficient resource management. The company's record quarterly revenue levels in the Networked Solutions and Outcomes segments align with the increasing demand for grid edge intelligence and advanced analytics. These trends are driven by a global push towards energy efficiency and the modernization of aging utility infrastructure.
The company's outlook for the first quarter of 2024 and the full year indicates confidence in its continued growth trajectory. With projected revenue between $2.275 to $2.375 billion and Non-GAAP diluted EPS between $3.40 to $3.80, Itron is positioning itself to capitalize on the ongoing digital transformation in the utility sector. Stakeholders should consider the company's strategic direction, which is focused on addressing the complexities of energy and water management, a sector that is increasingly influenced by regulatory changes and technological advancements.
The impressive financial results reported by Itron underscore the company's pivotal role in the energy and water management sector. The significant growth in its Networked Solutions and Outcomes segments indicates that Itron is successfully leveraging its expertise in grid edge intelligence to meet the evolving needs of utilities and cities. As urbanization continues and environmental concerns become more pressing, Itron's solutions for modernizing critical infrastructure are likely to see sustained demand.
It is important to recognize the strategic importance of Itron's improved supply chain conditions, which have enabled the company to meet increased customer deliveries. This operational resilience is crucial in a sector that is sensitive to disruptions, such as those caused by geopolitical tensions or natural disasters. Itron's ability to navigate these challenges and maintain efficient operations is a strong indicator of its potential to remain a leader in the provision of essential services for energy and water management.
02/26/2024 - 08:30 AM
LIBERTY LAKE, Wash. --(BUSINESS WIRE)--
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 $2.2 billion 23% and 21% ;
Gross profit of $196 million $714 million 39% and 37% ;
GAAP net income attributable to Itron, Inc. of $44 million $97 million $22 million $107 million
GAAP diluted earnings per share of $0.96 $2.11 $0.47 $2.33
Non-GAAP diluted EPS of $1.23 $3.36 $0.52 $2.23
Adjusted EBITDA of $68 million $226 million 99% and 137% ; and
Free cash flow of $39 million $98 million $57 million $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
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 $19 million $135 million $20 million
GAAP operating income of $49 million $37 million $61 million $36 million
Net Income and Earnings per Share (EPS)
Net income attributable to Itron, Inc. for the quarter was $44 million $0.96 $22 million $0.49
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 $1.23 $32 million $0.71
Cash Flow
Net cash provided by operating activities was $48 million $(13) million $39 million $(18) million
Other Measures
After bookings of $839 million $4.5 billion
Q1 2024 Outlook and Full Year 2024 Guidance Update
First quarter 2024 financial outlook:
Revenue between $575 $585 million
Non-GAAP diluted EPS between $0.80 $0.90
Full year 2024 financial guidance:
Revenue between $2.27 5$2.37 5 billion
Non-GAAP diluted EPS between $3.40 $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 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.
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
Free cash flow
Constant currency 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.
David Means
Investors@itron.com
Source: Itron, Inc.
What were Itron, Inc.'s (NASDAQ:ITRI) revenue figures for the fourth quarter and full year of 2023?
Itron, Inc. reported revenue of $577 million for the fourth quarter and $2.2 billion for the full year of 2023, representing a 23% and 21% increase, respectively.
How much did Itron, Inc.'s (NASDAQ:ITRI) gross profit increase by for the fourth quarter and full year?
Itron, Inc.'s gross profit increased by 39% and 37% for the fourth quarter and full year, reaching $196 million and $714 million, respectively.
What was the GAAP net income attributable to Itron, Inc. for the fourth quarter and full year of 2023?
The GAAP net income attributable to Itron, Inc. was $44 million for the fourth quarter and $97 million for the full year of 2023.
What were the GAAP diluted earnings per share for Itron, Inc. in the fourth quarter and full year of 2023?
Itron, Inc.'s GAAP diluted earnings per share were $0.96 for the fourth quarter and $2.11 for the full year of 2023.
What was the Non-GAAP diluted EPS for Itron, Inc. in the fourth quarter and full year of 2023?
Itron, Inc.'s Non-GAAP diluted EPS was $1.23 for the fourth quarter and $3.36 for the full year of 2023.
