Itron Announces Second Quarter 2024 Financial Results

LIBERTY LAKE, Wash., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today financial results for its second quarter ended June 30, 2024. Key results for the quarter include (compared with the second quarter of 2023):

  • Revenue of $609 million, increased 13%;
  • Gross profit of $210 million, increased 21%;
  • GAAP net income attributable to Itron, Inc. of $51 million, increased $27 million;
  • GAAP diluted earnings per share of $1.10, increased $0.57 per share;
  • Non-GAAP diluted EPS of $1.21, increased $0.56 per share;
  • Adjusted EBITDA of $77 million, increased 56%; and
  • Free cash flow of $45 million, increased $9 million.

“The second quarter of 2024 was successful for Itron.” said Tom Deitrich, Itron’s president and CEO. “Revenue of $609 million was above our expectations, with segment level record revenue occurring in our Networked Solutions and Outcomes segments. The entire organization is performing well and rising to the challenge of supporting our customers’ missions to ensure safe, reliable and efficient access to energy and water resources for consumers.”

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

Revenue
Total second quarter revenue increased 13%, to $609 million, due to strong operational execution and the conversion of previously constrained revenue.

Device Solutions revenue increased 5%, or 6% in constant currency, due primarily to growth in smart water sales.

Networked Solutions revenue increased 14%, due primarily to ongoing and new project deployments.

Outcomes revenue increased 16%, due primarily to an increase in recurring revenue and services.

Gross Margin
Itron's second quarter gross margin of 34.6% increased 250 basis points from the prior year due to higher margin product mix and operational efficiencies.

Operating Expenses and Operating Income
GAAP operating expenses of $146 million increased $7 million from the prior year. Non-GAAP operating expenses of $141 million increased $9 million.

GAAP operating income of $65 million was $30 million higher than the prior year and non-GAAP operating income of $69 million was $28 million higher than the prior year. Both increases were due to higher gross profit, partially offset by higher operating expenses.

Net Income and Earnings per Share
Net income attributable to Itron, Inc. for the quarter was $51 million, or $1.10 per diluted share, compared with net income attributable to Itron, Inc. of $24 million, or $0.53 per diluted share in 2023. The increase was driven by higher GAAP operating income and interest income, partially offset by higher tax expense.

Non-GAAP net income attributable to Itron, Inc., which excludes the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, (gain) loss on sale of business, acquisition and integration, and the tax effect of excluding these expenses, was $56 million, or $1.21 per diluted share, compared with $30 million, or $0.65 per diluted share, in 2023. The increase was due to higher non-GAAP operating income and interest income, partially offset by higher tax expense.

Cash Flow
Net cash provided by operating activities was $52 million in the second quarter compared with $42 million in the prior year. Free cash flow was $45 million in the second quarter compared with $36 million in the prior year. The increase in free cash flow was primarily due to higher earnings.

Other Measures

Total backlog at quarter end was $4.1 billion compared with $4.4 billion in the prior year. Bookings in the quarter totaled $447 million. 

Q3 2024 Outlook and Full Year 2024 Guidance Update

Outlook for the third quarter of 2024 is as follows:

  • Revenue between $590 and $600 million
  • Non-GAAP diluted EPS between $1.10 and $1.20

Itron's guidance for the full year 2024 has been updated as follows:

  • Revenue between $2.385 to $2.415 billion vs. February 2024 guidance of $2.275 to $2.375 billion
  • Non-GAAP diluted EPS between $4.45 to $4.65 vs. February 2024 guidance of $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. EDT on August 1, 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-presentations. 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 August 9, 2024 and may be accessed on the company's website at https://investors.itron.com/events-presentations.

About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions 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 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, 2023 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.

For additional information, contact:

Itron, Inc.

Paul Vincent
Vice President, Investor Relations
(512) 560-1172

David Means
Director, Investor Relations
(737) 242-8448
Investors@itron.com

Itron, Inc.


ITRON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
        
(Unaudited, in thousands, except per share data)    
   Three Months Ended June 30, Six Months Ended June 30,
    2024  2023   2024  2023 
Revenues     
 Product revenues$532,907 $464,803  $1,060,729 $881,127 
 Service revenues 76,162  76,267   151,782  154,561 
  Total revenues 609,069  541,070   1,212,511  1,035,688 
Cost of revenues     
 Product cost of revenues 356,747  322,288   713,454  619,631 
 Service cost of revenues 41,862  44,835   83,218  85,742 
  Total cost of revenues 398,609  367,123   796,672  705,373 
Gross profit 210,460  173,947   415,839  330,315 
        
Operating expenses     
 Sales, general and administrative 88,413  79,079   174,384  154,600 
 Research and development 53,053  53,560   105,454  103,125 
 Amortization of intangible assets 4,511  4,722   8,497  9,770 
 Restructuring (99) 874   99  37,483 
 (Gain) loss on sale of business (65) 612   (42) 630 
  Total operating expenses 145,813  138,847   288,392  305,608 
        
Operating income 64,647  35,100   127,447  24,707 
Other income (expense)     
 Interest income 5,128  1,508   8,974  3,326 
 Interest expense (2,290) (1,977)  (4,183) (4,034)
 Other income (expense), net (445) (333)  18  (1,808)
  Total other income (expense) 2,393  (802)  4,809  (2,516)
        
Income before income taxes 67,040  34,298   132,256  22,191 
Income tax provision (15,180) (9,195)  (28,609) (9,125)
Net income 51,860  25,103   103,647  13,066 
 Net income attributable to noncontrolling interests 542  902   608  701 
Net income attributable to Itron, Inc.$51,318 $24,201  $103,039 $12,365 
        
Net income per common share - Basic$1.12 $0.53  $2.25 $0.27 
Net income per common share - Diluted$1.10 $0.53  $2.22 $0.27 
        
Weighted average common shares outstanding - Basic 45,745  45,435   45,698  45,358 
Weighted average common shares outstanding - Diluted 46,526  45,781   46,441  45,677 


ITRON, INC.
SEGMENT INFORMATION
        
(Unaudited, in thousands)     
   Three Months Ended June 30, Six Months Ended June 30,
    2024  2023   2024  2023 
Product revenues     
 Device Solutions$117,929 $112,509  $243,837 $229,960 
 Networked Solutions 387,351  330,668   768,656  612,138 
 Outcomes 27,627  21,626   48,236  39,029 
  Total Company$532,907 $464,803  $1,060,729 $881,127 
        
Service revenues     
 Device Solutions$621 $651  $1,465 $1,454 
 Networked Solutions 25,353  30,262   51,564  62,260 
 Outcomes 50,188  45,354   98,753  90,847 
  Total Company$76,162 $76,267  $151,782 $154,561 
        
Total revenues     
 Device Solutions$118,550 $113,160  $245,302 $231,414 
 Networked Solutions 412,704  360,930   820,220  674,398 
 Outcomes 77,815  66,980   146,989  129,876 
  Total Company$609,069 $541,070  $1,212,511 $1,035,688 
        
Gross profit     
 Device Solutions$31,231 $24,719  $61,295 $48,432 
 Networked Solutions 152,157  121,873   303,182  227,649 
 Outcomes 27,072  27,355   51,362  54,234 
  Total Company$210,460 $173,947  $415,839 $330,315 
        
Operating income     
 Device Solutions$23,725 $14,084  $45,428 $28,162 
 Networked Solutions 117,444  88,593   234,122  163,549 
 Outcomes 10,651  12,676   19,742  25,587 
 Corporate unallocated (87,173) (80,253)  (171,845) (192,591)
  Total Company$64,647 $35,100  $127,447 $24,707 
        
Total Gross Margin 34.6% 32.1%  34.3% 31.9%


ITRON, INC.
CONSOLIDATED BALANCE SHEETS
      
(Unaudited, in thousands)June 30, 2024 December 31, 2023
ASSETS   
Current assets   
 Cash and cash equivalents$920,639  $302,049 
 Accounts receivable, net 316,742   303,821 
 Inventories 291,781   283,686 
 Other current assets 160,293   159,882 
  Total current assets 1,689,455   1,049,438 
      
Property, plant, and equipment, net 122,026   128,806 
Deferred tax assets, net 283,697   247,211 
Other long-term assets 38,506   38,836 
Operating lease right-of-use assets, net 37,619   41,186 
Intangible assets, net 52,544   46,282 
Goodwill 1,060,093   1,052,504 
  Total assets$3,283,940  $2,604,263 
      
LIABILITIES AND EQUITY   
Current liabilities   
 Accounts payable$184,783  $199,520 
 Other current liabilities 57,491   54,407 
 Wages and benefits payable 105,884   135,803 
 Taxes payable 12,792   8,636 
 Current portion of warranty 14,612   14,663 
 Unearned revenue 159,625   124,207 
  Total current liabilities 535,187   537,236 
      
Long-term debt, net 1,239,772   454,827 
Long-term warranty 8,227   7,501 
Pension benefit obligation 62,024   63,887 
Deferred tax liabilities, net 670   697 
Operating lease liabilities 28,468   32,656 
Other long-term obligations 148,901   176,028 
  Total liabilities 2,023,249   1,272,832 
      
Equity   
 Common stock 1,662,965   1,820,510 
 Accumulated other comprehensive loss, net (98,032)  (81,190)
 Accumulated deficit (325,370)  (428,409)
  Total Itron, Inc. shareholders' equity 1,239,563   1,310,911 
 Noncontrolling interests 21,128   20,520 
  Total equity 1,260,691   1,331,431 
  Total liabilities and equity$3,283,940  $2,604,263 


ITRON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
    
(Unaudited, in thousands)Six Months Ended June 30,
    2024   2023 
Operating activities   
 Net income$103,647  $13,066 
 Adjustments to reconcile net income to net cash provided by operating activities:   
  Depreciation and amortization of intangible assets 26,263   28,368 
  Non-cash operating lease expense 7,634   8,141 
  Stock-based compensation 21,845   13,694 
  Amortization of prepaid debt fees 1,867   1,820 
  Deferred taxes, net (8,725)  (2,509)
  (Gain) loss on sale of business (42)  630 
  Restructuring, non-cash (171)  922 
  Other adjustments, net (591)  (199)
Changes in operating assets and liabilities, net of acquisition and sale of business:   
 Accounts receivable (13,557)  (34,681)
 Inventories (13,216)  (36,466)
 Other current assets (510)  (33,554)
 Other long-term assets (1,885)  5,595 
 Accounts payable, other current liabilities, and taxes payable (7,128)  4,670 
 Wages and benefits payable (28,700)  9,040 
 Unearned revenue 39,039   42,919 
 Warranty 810   (440)
 Restructuring (14,628)  31,181 
 Other operating, net (18,927)  (9,208)
  Net cash provided by operating activities 93,025   42,989 
      
Investing activities   
 Net proceeds (payments) related to the sale of business 405   (772)
 Acquisitions of property, plant, and equipment (14,255)  (12,498)
 Business acquisitions, net of cash and cash equivalents acquired (34,126)   
 Other investing, net 156   50 
  Net cash used in investing activities (47,820)  (13,220)
      
Financing activities   
 Proceeds from borrowings 805,000    
 Issuance of common stock 2,972   1,641 
 Payments on call spread for convertible offering (108,997)   
 Repurchase of common stock (100,000)   
 Prepaid debt fees (21,495)  (517)
 Other financing, net (641)  (354)
  Net cash provided by financing activities 576,839   770 
      
Effect of foreign exchange rate changes on cash and cash equivalents (3,454)  241 
Increase in cash and cash equivalents 618,590   30,780 
Cash and cash equivalents at beginning of period 302,049   202,007 
Cash and cash equivalents at end of period$920,639  $232,787 


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, (gain) loss on sale of business, 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, (gain) loss on sale of business, and acquisition and integration related expenses. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, (gain) loss on sale of business, 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 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 attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, (gain) loss on sale of business, 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 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 (a) minus interest income, (b) plus interest expense, depreciation and amortization, restructuring, (gain) loss on sale of business, 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.

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 RECONCILIATIONSThree Months Ended June 30, Six Months Ended June 30, 
     2024  2023   2024  2023  
 NON-GAAP OPERATING EXPENSES      
  GAAP operating expenses$145,813 $138,847  $288,392 $305,608  
   Amortization of intangible assets (4,511) (4,722)  (8,497) (9,770) 
   Restructuring 99  (874)  (99) (37,483) 
   (Gain) loss on sale of business 65  (612)  42  (630) 
   Acquisition and integration (90) (44)  (408) (89) 
  Non-GAAP operating expenses$141,376 $132,595  $279,430 $257,636  
          
 NON-GAAP OPERATING INCOME      
  GAAP operating income$64,647 $35,100  $127,447 $24,707  
   Amortization of intangible assets 4,511  4,722   8,497  9,770  
   Restructuring (99) 874   99  37,483  
   (Gain) loss on sale of business (65) 612   (42) 630  
   Acquisition and integration 90  44   408  89  
  Non-GAAP operating income$69,084 $41,352  $136,409 $72,679  
          
 NON-GAAP NET INCOME & DILUTED EPS      
  GAAP net income attributable to Itron, Inc.$51,318 $24,201  $103,039 $12,365  
   Amortization of intangible assets 4,511  4,722   8,497  9,770  
   Amortization of debt placement fees 935  887   1,779  1,732  
   Restructuring (99) 874   99  37,483  
   (Gain) loss on sale of business (65) 612   (42) 630  
   Acquisition and integration 90  44   408  89  
   Income tax effect of non-GAAP adjustments (588) (1,516)  (387) (9,863) 
  Non-GAAP net income attributable to Itron, Inc.$56,102 $29,824  $113,393 $52,206  
          
  Non-GAAP diluted EPS$1.21 $0.65  $2.44 $1.14  
          
  Non-GAAP weighted average common shares outstanding - Diluted 46,526  45,781   46,441  45,677  
          
 ADJUSTED EBITDA      
  GAAP net income attributable to Itron, Inc.$51,318 $24,201  $103,039 $12,365  
   Interest income (5,128) (1,508)  (8,974) (3,326) 
   Interest expense 2,290  1,977   4,183  4,034  
   Income tax provision 15,180  9,195   28,609  9,125  
   Depreciation and amortization 13,519  13,905   26,263  28,368  
   Restructuring (99) 874   99  37,483  
   (Gain) loss on sale of business (65) 612   (42) 630  
   Acquisition and integration 90  44   408  89  
  Adjusted EBITDA$77,105 $49,300  $153,585 $88,768  
          
 FREE CASH FLOW      
  Net cash provided by operating activities$51,717 $41,560  $93,025 $42,989  
   Acquisitions of property, plant, and equipment (7,110) (5,596)  (14,255) (12,498) 
  Free Cash Flow$44,607 $35,964  $78,770 $30,491  

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