• Itron Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: Nasdaq GlobeNewswire / 25 Feb 2025 07:30:01   America/Chicago

    LIBERTY LAKE, Wash., Feb. 25, 2025 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ:ITRI), which is innovating new ways for utilities and cities to manage energy and water, announced today financial results for its fourth quarter and full year ended Dec. 31, 2024. Key results for the quarter and full year include (compared with the fourth quarter and full year of 2023):

    • Revenue of $613 million and $2.4 billion, increased 6% and 12%;
    • Gross profit of $214 million and $839 million, increased 9% and 18%;
    • GAAP net income attributable to Itron, Inc. of $58 million and $239 million, increased $14 million and $142 million;
    • GAAP diluted earnings per share of $1.26 and $5.18, increased $0.30 and $3.07;
    • Non-GAAP diluted EPS of $1.35 and $5.62, increased $0.12 and $2.26;
    • Adjusted EBITDA of $81 million and $324 million, increased 19% and 43%; and
    • Free cash flow of $70 million and $208 million, increased $31 million and $110 million

    “Itron’s fourth quarter results capped a successful year,” said Tom Deitrich, Itron’s president and CEO. “Our team executed well, and our customers continue to accelerate the adoption of our grid edge intelligence platform. During the quarter, we set new company records, including Outcomes segment revenue, quarterly bookings, and total backlog of $4.7 billion.

    “Looking ahead, Itron’s customers face a diverse set of challenges related to the management of energy and water resources which has created a substantial pipeline of opportunities for the company. We are eager to drive customer success in the navigation of the rapidly changing infrastructure landscape."

    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 6%, to $613 million. The increase was due to strong customer demand and operational performance.

    Device Solutions revenue decreased (4%), or (5%) in constant currency, due primarily to decreased legacy electricity products.

    Networked Solutions revenue increased 6%, due primarily to increased new project deployments and strong execution meeting customer demand.

    Outcomes revenue increased 25%, due primarily to increased software and services.

    Gross Margin
    Total company gross margin of 34.9% increased 90 basis points from the prior year due to operational efficiencies.

    Operating Expenses and Operating Income
    GAAP operating expenses of $151 million increased $4 million from the prior year, and Non-GAAP operating expenses of $143 million increased $8 million from the prior year.

    GAAP operating income of $63 million was $13 million higher than the prior year, and Non-GAAP operating income of $71 million was $10 million higher than the prior year. Both GAAP and Non-GAAP increases were due primarily to higher gross profit, partially offset by higher operating expenses.

    Net Income and Earnings per Share (EPS)
    Net income attributable to Itron, Inc. for the quarter was $58 million, or $1.26 per diluted share, compared with a net income of $44 million, or $0.96 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, loss on sale of businesses, strategic initiatives, acquisition and integration, and the tax effect of excluding these expenses, was $62 million, or $1.35 per diluted share, compared with $57 million, or $1.23 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 $80 million in the fourth quarter compared with $48 million in the prior year. Free cash flow was $70 million in the fourth quarter compared with $39 million in the prior year. The increase in free cash flow was primarily due to higher earnings and interest income.

    Other Measures

    Total backlog at quarter end was a record $4.7 billion compared with $4.5 billion in the prior year. Bookings in the quarter totaled $1.4 billion, and bookings for the full year totaled $2.7 billion.

    Q1 and Full Year 2025 Current Outlook

    First quarter 2025 financial outlook:

    • Revenue between $610 and $620 million
    • Non-GAAP diluted EPS between $1.25 and $1.35

    Full year 2025 financial outlook:

    • Revenue between $2.4 to $2.5 billion
    • Non-GAAP diluted EPS between $5.20 to $5.60

    Full year outlook assumes a stable market landscape and continuation of 2024 trade policies

    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 25, 2025. 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 March 5, 2025 and may be accessed on the company's website at http://investors.itron.com/events-presentations.

    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® and the Itron Logo are registered trademarks of Itron, Inc. in the United States and other countries and regions. 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, regulations, tariffs, sanctions, trade policies and retaliatory responses, 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.

    • LinkedIn: https://www.linkedin.com/company/itroninc
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    • Newsroom: https://na.itron.com/newsroom
    • Blog: https://blogs.itron.com
    ITRON, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
            
    (Unaudited, in thousands, except per share data)    
       Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
        2024  2023   2024  2023 
    Revenues     
     Product revenues$532,401 $502,007  $2,131,379 $1,863,489 
     Service revenues 80,463  75,166   309,458  310,144 
      Total revenues 612,864  577,173   2,440,837  2,173,633 
    Cost of revenues     
     Product cost of revenues 353,909  340,504   1,429,942  1,292,170 
     Service cost of revenues 45,075  40,279   171,578  167,555 
      Total cost of revenues 398,984  380,783   1,601,520  1,459,725 
            
    Gross profit 213,880  196,390   839,317  713,908 
            
    Operating expenses     
     Sales, general and administrative 85,046  81,603   339,069  312,779 
     Research and development 58,343  53,919   215,034  208,688 
     Amortization of intangible assets 4,517  4,485   17,828  18,918 
     Restructuring 3,303  7,121   2,679  43,989 
     (Gain) loss on sale of business (59) (8)  597  667 
      Total operating expenses 151,150  147,120   575,207  585,041 
            
    Operating income 62,730  49,270   264,110  128,867 
    Other income (expense)     
     Interest income 12,183  3,346   34,577  9,314 
     Interest expense (5,591) (1,870)  (15,379) (8,349)
     Other income (expense), net 528  (1,284)  1,223  (2,446)
      Total other income (expense) 7,120  192   20,421  (1,481)
            
    Income before income taxes 69,850  49,462   284,531  127,386 
    Income tax provision (11,283) (4,555)  (43,407) (29,068)
    Net income 58,567  44,907   241,124  98,318 
     Net income attributable to noncontrolling interests 460  521   2,019  1,395 
    Net income attributable to Itron, Inc.$58,107 $44,386  $239,105 $96,923 
            
    Net income per common share - Basic$1.29 $0.98  $5.27 $2.13 
    Net income per common share - Diluted$1.26 $0.96  $5.18 $2.11 
            
    Weighted average common shares outstanding - Basic 45,100  45,501   45,368  45,421 
    Weighted average common shares outstanding - Diluted 46,036  46,039   46,187  45,836 
                  


    ITRON, INC.
    SEGMENT INFORMATION
             
    (Unaudited, in thousands)      
       Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,    		 
        2024  2023   2024  2023  
    Product revenues      
     Device Solutions$107,373 $112,620  $473,329 $452,718  
     Networked Solutions 387,421  366,637   1,546,278  1,331,546  
     Outcomes 37,607  22,750   111,772  79,225  
      Total Company$532,401 $502,007  $2,131,379 $1,863,489  
             
    Service revenues      
     Device Solutions$1,164 $923  $3,248 $3,008  
     Networked Solutions 25,721  24,285   103,797  118,745  
     Outcomes 53,578  49,958   202,413  188,391  
      Total Company$80,463 $75,166  $309,458 $310,144  
             
    Total revenues      
     Device Solutions$108,537 $113,543  $476,577 $455,726  
     Networked Solutions 413,142  390,922   1,650,075  1,450,291  
     Outcomes 91,185  72,708   314,185  267,616  
      Total Company$612,864 $577,173  $2,440,837 $2,173,633  
             
    Gross profit      
     Device Solutions$28,827 $30,566  $123,464 $105,917  
     Networked Solutions 144,950  136,873   597,780  499,725  
     Outcomes 40,103  28,951   118,073  108,266  
      Total Company$213,880 $196,390  $839,317 $713,908  
             
    Operating income      
     Device Solutions$21,609 $19,853  $93,522 $65,690  
     Networked Solutions 107,309  102,869   456,662  368,921  
     Outcomes 20,802  14,479   51,730  50,346  
     Corporate unallocated (86,990) (87,931)  (337,804) (356,090) 
      Total Company$62,730 $49,270  $264,110 $128,867  
             
    Total Gross Margin 34.9% 34.0%  34.4% 32.8% 
                   


    ITRON, INC.
    CONSOLIDATED BALANCE SHEETS
         
    (Unaudited, in thousands)  
       December 31, 2024December 31, 2023
    ASSETS  
    Current assets  
     Cash and cash equivalents$1,051,237 $302,049 
     Accounts receivable, net 350,473  303,821 
     Inventories 270,725  283,686 
     Other current assets 143,457  159,882 
      Total current assets 1,815,892  1,049,438 
         
    Property, plant, and equipment, net 115,428  128,806 
    Deferred tax assets, net 310,280  247,211 
    Other long-term assets 41,827  38,836 
    Operating lease right-of-use assets, net 28,957  41,186 
    Intangible assets, net 43,109  46,282 
    Goodwill 1,052,130  1,052,504 
      Total assets$3,407,623 $2,604,263 
         
    LIABILITIES AND EQUITY  
    Current liabilities  
     Accounts payable$144,929 $199,520 
     Other current liabilities 61,241  54,407 
     Wages and benefits payable 137,384  135,803 
     Taxes payable 19,689  8,636 
     Current portion of warranty 14,302  14,663 
     Unearned revenue 150,720  124,207 
      Total current liabilities 528,265  537,236 
         
    Long-term debt, net 1,242,424  454,827 
    Long-term warranty 7,839  7,501 
    Pension benefit obligation 59,537  63,887 
    Deferred tax liabilities, net 565  697 
    Operating lease liabilities 25,350  32,656 
    Other long-term obligations 132,215  176,028 
      Total liabilities 1,996,195  1,272,832 
         
    Equity  
     Common stock 1,689,835  1,820,510 
     Accumulated other comprehensive loss, net (109,931) (81,190)
     Accumulated deficit (189,304) (428,409)
      Total Itron, Inc. shareholders’ equity 1,390,600  1,310,911 
     Noncontrolling interests 20,828  20,520 
      Total equity 1,411,428  1,331,431 
      Total liabilities and equity$3,407,623 $2,604,263 


     
    ITRON, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
         
    (Unaudited, in thousands)Year Ended
    December 31,
        2024  2023 
    Operating activities  
     Net income$241,124 $98,318 
     Adjustments to reconcile net income to net cash provided by operating activities:  
      Depreciation and amortization of intangible assets 56,277  55,763 
      Non-cash operating lease expense 20,597  16,454 
      Stock-based compensation 43,874  28,357 
      Amortization of prepaid debt fees 5,489  3,664 
      Deferred taxes, net (38,791) (34,646)
      Loss on sale of business 597  667 
      Restructuring, non-cash (191) 385 
      Other adjustments, net (895) (169)
    Changes in operating assets and liabilities, net of acquisition and sale of business:  
     Accounts receivable (49,138) (19,494)
     Inventories 5,969  (52,118)
     Other current assets 15,165  (42,410)
     Other long-term assets (6,789) 2,317 
     Accounts payable, other current liabilities, and taxes payable (35,388) (43,657)
     Wages and benefits payable 3,784  44,700 
     Unearned revenue 29,319  28,329 
     Warranty 210  (3,778)
     Restructuring (31,011) 29,866 
     Other operating, net (22,027) 12,423 
      Net cash provided by operating activities 238,175  124,971 
         
    Investing activities  
     Net proceeds (payments) related to the sale of business 405  (772)
     Acquisitions of property, plant, and equipment (30,562) (26,884)
     Business acquisitions, net of cash equivalents acquired (34,105) — 
     Other investing, net 850  4,348 
      Net cash used in investing activities (63,412) (23,308)
         
    Financing activities  
     Proceeds from borrowings 805,000  — 
     Issuance of common stock 8,321  3,674 
     Payments on call spread for convertible offering (108,997) — 
     Repurchase of common stock (100,000) — 
     Prepaid debt fees (21,872) (2,471)
     Other financing, net (2,879) (4,711)
      Net cash provided by (used in) financing activities 579,573  (3,508)
         
    Effect of foreign exchange rate changes on cash and cash equivalents (5,148) 1,887 
    Increase in cash and cash equivalents 749,188  100,042 
    Cash and cash equivalents at beginning of period 302,049  202,007 
    Cash and cash equivalents at end of period$1,051,237 $302,049 

     

    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 business, strategic initiative expenses, 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 business, strategic initiative expenses, 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, loss on sale of business, strategic initiative expenses, 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, loss on sale of business, strategic initiative expenses, 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 any anti-dilutive impact of the convertible notes hedge transactions. 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.

    Adjusted EBITDA – We define adjusted EBITDA as net income (a) minus interest income, (b) plus interest expense, depreciation and amortization, restructuring, loss on sale of business, strategic initiative expenses, 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 December 31, Twelve Months Ended December 31,
         2024  2023   2024  2023 
     NON-GAAP OPERATING EXPENSES     
      GAAP operating expenses$151,150 $147,120  $575,207 $585,041 
       Amortization of intangible assets (4,517) (4,485)  (17,828) (18,918)
       Restructuring (3,303) (7,121)  (2,679) (43,989)
       Gain (loss) on sale of business 59  8   (597) (667)
       Strategic initiative —  —   —  5 
       Acquisition and integration (67) (27)  (723) (144)
      Non-GAAP operating expenses$143,322 $135,495  $553,380 $521,328 
             
     NON-GAAP OPERATING INCOME     
      GAAP operating income$62,730 $49,270  $264,110 $128,867 
       Amortization of intangible assets 4,517  4,485   17,828  18,918 
       Restructuring 3,303  7,121   2,679  43,989 
       (Gain) loss on sale of business (59) (8)  597  667 
       Strategic initiative —  —   —  (5)
       Acquisition and integration 67  27   723  144 
      Non-GAAP operating income$70,558 $60,895  $285,937 $192,580 
             
     NON-GAAP NET INCOME & DILUTED EPS     
      GAAP net income attributable to Itron, Inc.$58,107 $44,386  $239,105 $96,923 
       Amortization of intangible assets 4,517  4,485   17,828  18,918 
       Amortization of debt placement fees 1,776  860   5,314  3,489 
       Restructuring 3,303  7,121   2,679  43,989 
       (Gain) loss on sale of business (59) (8)  597  667 
       Strategic initiative —  —   —  (5)
       Acquisition and integration 67  27   723  144 
       Income tax effect of non-GAAP adjustments (5,555) (183)  (6,446) (10,339)
      Non-GAAP net income attributable to Itron, Inc.$62,156 $56,688  $259,800 $153,786 
             
      Non-GAAP diluted EPS$1.35 $1.23  $5.62 $3.36 
             
      Non-GAAP weighted average common shares outstanding - Diluted 46,036  46,039   46,187  45,836 
             
             
    ITRON, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
     
    TOTAL COMPANY RECONCILIATIONSThree Months Ended December 31, Twelve Months Ended December 31,
    (Unaudited, in thousands, except per share data) 2024  2023   2024  2023 
     ADJUSTED EBITDA     
      GAAP net income attributable to Itron, Inc.$58,107 $44,386  $239,105 $96,923 
       Interest income (12,183) (3,346)  (34,577) (9,314)
       Interest expense 5,591  1,870   15,379  8,349 
       Income tax provision 11,283  4,555   43,407  29,068 
       Depreciation and amortization 15,298  13,750   56,277  55,763 
       Restructuring 3,303  7,121   2,679  43,989 
       (Gain) loss on sale of business (59) (8)  597  667 
       Strategic initiative —  —   —  (5)
       Acquisition and integration 67  27   723  144 
      Adjusted EBITDA$81,407 $68,355  $323,590 $225,584 
             
     FREE CASH FLOW     
      Net cash provided by operating activities$79,849 $47,895  $238,175 $124,971 
       Acquisitions of property, plant, and equipment (9,684) (8,580)  (30,562) (26,884)
      Free Cash Flow$70,165 $39,315  $207,613 $98,087 

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