Announces $50 Million Share Repurchase
Authorization
Itron, Inc. (NASDAQ:ITRI) announced today financial results for
its fourth quarter and full year ended Dec. 31, 2016. Highlights
include:
- Quarterly and full year revenues of
$495.7 million and $2.0 billion;
- Quarterly and full year gross margin of
31.6 percent and 32.8 percent;
- Quarterly and full year GAAP net income
of $11.6 million and $31.8 million;
- Quarterly and full year GAAP diluted
earnings per share of 30 cents and 82 cents; and
- Quarterly and full year non-GAAP
diluted earnings per share of 68 cents and $2.54.
“Itron’s fourth quarter results reflect a strong finish to a
year of significant improvement in financial and operational
performance,” said Philip Mezey, Itron’s president and chief
executive officer. “Highlights from the quarter include
improved earnings and robust revenue growth in the Electricity
segment driven by growth in smart solutions. Adjusted EBITDA
increased by more than 50 percent to $54 million driven by our
focus on predictability, profitability and growth. This level of
EBITDA equates to 11 percent of revenues, demonstrating that we are
making progress toward our mid-teens goal. In addition, the board's
authorization of a new share repurchase program reflects confidence
in Itron’s profitable growth initiatives, financial flexibility and
long-term business outlook."
Summary of Fourth Quarter Consolidated Financial
Results(All comparisons made are against the prior year period
unless otherwise noted)
Revenue
Total revenue was $495.7 million in the fourth quarter of 2016
compared with $496.4 million in the fourth quarter of 2015. Foreign
currency exchange rates unfavorably affected revenue by $7 million
compared with the prior year. In addition, strong revenue growth in
the Electricity segment, which grew 13 percent, offset decreases in
the Gas and Water segments.
Gross Margin
Gross margin was 31.6 percent compared with the prior year
period margin of 30.7 percent. The improvement in gross margin was
driven by favorable product mix and reduced warranty expense,
partially offset by increased variable compensation.
Operating Expenses
Operating expenses were $125.9 million compared with $136.0
million in 2015. The decrease was due primarily to lower legal
costs and reduced headcount in general and administrative
departments, which was partially offset by higher variable
compensation and restructuring costs.
Operating Income, Net Income, Earnings per
Share
Operating income improved to $30.8 million compared with
operating income of $16.4 million in 2015. Non-GAAP operating
income improved to $44.7 million compared with $25.9 million in
2015.
Net income for the quarter was $11.6 million, or 30 cents per
diluted share, compared with net income of $9.0 million, or 23
cents per diluted share, in 2015. Non-GAAP net income for the
quarter was $26.4 million, or 68 cents per diluted share, compared
with $17.4 million, or 45 cents per diluted share, in 2015.
The increases in GAAP and non-GAAP operating income were driven
by improved gross margin and lower operating expenses. GAAP and
non-GAAP net income and earnings per share reflect the company’s
increased operating income partially offset by a higher effective
tax rate. The increased tax rate was due to the mix of taxable
income by jurisdiction and discrete items.
Fourth Quarter and Full Year Cash
Flow
Cash provided by operating activities was $34.0 million in the
fourth quarter of 2016 compared with $53.2 million in 2015.
Non-GAAP free cash flow was $21.0 million in the fourth quarter
compared with $42.6 million in the prior year. The decreases in
quarterly cash from operations and free cash flow over the prior
year were primarily driven by timing of accounts payable, timing of
remittances on certain large contracts and a $2.4 million increase
in capital expenditures.
For the full year, cash from operating activities totaled $115.8
million in 2016 compared with $73.4 million in 2015. Free cash flow
was $72.3 million in 2016 compared with $29.4 million in 2015. The
increases in cash from operations and free cash flow over the prior
year were primarily driven by increased profitability and reduced
inventory, partially offset by the timing of remittances on certain
large contracts. Capital expenditures were flat year-over-year at
approximately $44 million.
Other Measures
Bookings in the quarter totaled $653 million. Total backlog was
$1.7 billion and 12-month backlog was $761 million at 2016 year
end, compared with $1.6 billion and $836 million at 2015 year end,
respectively.
Share Repurchase Program
On Feb. 23, 2017, the board of directors authorized a new
program to repurchase up to $50 million of Itron common stock over
a 12-month period beginning Feb. 23, 2017. Repurchases under the
program will be made in the open market in accordance with
applicable securities laws.
Financial Guidance – Full Year 2017
Itron’s guidance for the full year 2017 is as follows:
- Revenue between $1.9 and $2.0
billion
- Non-GAAP diluted EPS between $2.80 and
$3.10
This guidance assumes foreign currency exchange rates remain
consistent with current levels on average in 2017, average fully
diluted shares outstanding of approximately 39.5 million for the
year and a non-GAAP effective tax rate for the year of
approximately 35 percent. 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 and acquisition-related
expenses and their related tax effects without unreasonable effort.
These items are uncertain, depend on various factors, and could
have a material impact on GAAP results for the guidance period.
Earnings Conference Call
Itron will host a conference call to discuss the financial
results and guidance contained in this release at 5 p.m. EST on
Feb. 28, 2017. The call will be webcast in a listen-only mode.
Webcast information and conference call materials will be made
available 10 minutes before the start of the call and will be
accessible on Itron’s website at
http://investors.itron.com/events.cfm. A replay of the audio
webcast will be made available for one year at
http://investors.itron.com/events.cfm. A telephone replay of the
conference call will be available through March 5, 2017. To access
the telephone replay, dial 888-203-1112 (Domestic) or 719-457-0820
(International) and enter passcode 8093200.
About Itron
Itron is a world-leading technology and services company
dedicated to the resourceful use of energy and water. We provide
comprehensive solutions that measure, manage and analyze energy and
water. Our broad product portfolio includes electricity, gas, water
and thermal energy measurement devices and control technology;
communications systems; software; as well as managed and consulting
services. With thousands of employees supporting nearly 8,000
customers in more than 100 countries, Itron applies knowledge and
technology to better manage energy and water resources. Together,
we can create 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.
Forward Looking Statements
This release contains forward-looking statements within in the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements relate to our expectations about revenues,
operations, financial performance, earnings, earnings per share,
cash flows and restructuring activities including headcount
reductions and other cost savings initiatives. Although we believe
the estimates and assumptions upon which these forward-looking
statements are based are reasonable, any of these estimates or
assumptions could prove to be inaccurate and the forward-looking
statements based on these estimates and assumptions could be
incorrect. Our operations involve risks and uncertainties, many of
which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Actual results and trends in the future may
differ materially from those suggested or implied by the
forward-looking statements depending on a variety of factors. Some
of the factors that we believe could affect our results include our
ability to execute on our restructuring plan, our ability to
achieve estimated cost savings, the rate and timing of customer
demand for our products, rescheduling of current customer orders,
changes in estimated liabilities for product warranties, adverse
impacts of litigation, changes in laws and regulations, our
dependence on new product development and intellectual property,
future acquisitions, changes in estimates for stock-based and bonus
compensation, increasing volatility in foreign exchange rates,
international business risks and other factors that are more fully
described in our Annual Report on Form 10-K for the year ended
December 31, 2015 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 presented in
accordance with GAAP, we use certain non-GAAP financial measures,
including non-GAAP operating expense, non-GAAP operating income,
non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA,
adjusted EBITDA margin, constant currency and free cash flow. We
provide these non-GAAP financial measures because we believe they
provide greater transparency and represent supplemental information
used by management in its financial and operational decision
making. We exclude certain costs in our non-GAAP financial measures
as we believe the net result is a measure of our core business. The
company believes these measures facilitate operating performance
comparisons from period to period by eliminating potential
differences caused by the existence and timing of certain expense
items that would not otherwise be apparent on a GAAP basis.
Non-GAAP performance measures should be considered in addition to,
and not as a substitute for, results prepared in accordance with
GAAP. Our non-GAAP financial measures may be different from those
reported by other companies. A more detailed discussion of why we
use non-GAAP financial measures, the limitations of using such
measures, and reconciliations between non-GAAP and the nearest GAAP
financial measures are included in this press release.
Statements of operations, segment information, balance sheets,
cash flow statements and reconciliations of non-GAAP financial
measures to the most directly comparable GAAP financial measures
follow.
ITRON, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited, in
thousands, except per share data)
Three Months Ended December
31, Twelve Months Ended December 31,
2016 2015 2016
2015 Revenues $ 495,713 $ 496,448 $
2,013,186 $ 1,883,533 Cost of revenues 339,050
344,029 1,352,866 1,326,848
Gross profit 156,663 152,419 660,320 556,685 Operating
expenses Sales and marketing 39,846 38,078 158,883 161,380 Product
development 40,123 35,935 168,209 162,334 General and
administrative 32,034 52,520 162,815 155,715 Amortization of
intangible assets 6,110 7,943 25,112 31,673 Restructuring
7,796 1,565 49,090 (7,263
) Total operating expenses 125,909 136,041
564,109 503,839 Operating
income 30,754 16,378 96,211 52,846 Other income (expense) Interest
income 271 321 865 761 Interest expense (2,604 ) (2,953 ) (10,948 )
(12,289 ) Other income (expense), net (427 ) (1,213 )
(1,501 ) (4,216 ) Total other income (expense)
(2,760 ) (3,845 ) (11,584 ) (15,744 )
Income before income taxes 27,994 12,533 84,627 37,102 Income tax
provision (15,325 ) (3,039 ) (49,574 )
(22,099 ) Net income 12,669 9,494 35,053 15,003 Net income
attributable to noncontrolling interests 1,020
508 3,283 2,325 Net income
attributable to Itron, Inc. $ 11,649 $ 8,986 $ 31,770
$ 12,678 Earnings per common share -
Basic $ 0.30 $ 0.23 $ 0.83 $ 0.33
Earnings per common share - Diluted $ 0.30 $ 0.23 $
0.82 $ 0.33 Weighted average common
shares outstanding - Basic 38,283 37,912 38,207 38,224 Weighted
average common shares outstanding - Diluted 39,028 38,256 38,643
38,506
ITRON, INC. SEGMENT INFORMATION
(Unaudited, in thousands)
Three Months
Ended December 31, Twelve Months Ended December 31,
2016 2015
2016 2015 Revenues
Electricity $ 245,589 $ 217,307 $ 938,374 $ 820,306 Gas 135,769
142,706 569,476 543,805 Water 114,355 136,435
505,336 519,422 Total Company $
495,713 $ 496,448 $ 2,013,186 $ 1,883,533
Gross profit Electricity $ 71,837 $ 62,116 $
282,677 $ 225,446 Gas 46,907 50,705 205,063 185,559 Water
37,919 39,598 172,580
145,680 Total Company $ 156,663 $ 152,419 $
660,320 $ 556,685
Operating income
(loss) Electricity $ 17,195 $ 16,146 $ 68,287 $ 31,104 Gas
18,002 22,485 66,813 67,471 Water 8,559 8,449 37,266 19,864
Corporate unallocated (13,002 ) (30,702 )
(76,155 ) (65,593 ) Total Company $ 30,754 $ 16,378
$ 96,211 $ 52,846
METER AND
MODULE SUMMARY (Units in thousands)
Three Months
Ended December 31, Twelve Months Ended December 31,
2016 2015
2016 2015 Meters Standard
3,520 4,020 15,540 17,560 Advanced and Smart 2,440
1,960 9,340 7,290 Total
meters 5,960 5,980 24,880
24,850
Stand-alone communication
modules Advanced and Smart 1,510 1,590
5,980 5,840
ITRON, INC. CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
December 31, 2016
December 31, 2015 ASSETS Current assets Cash and cash
equivalents $ 133,565 $ 131,018 Accounts receivable, net 351,506
330,895 Inventories 163,049 190,465 Other current assets
84,346 106,562 Total current assets 732,466
758,940 Property, plant, and equipment, net 176,458 190,256
Deferred tax assets noncurrent, net 94,113 109,387 Other long-term
assets 50,129 51,679 Intangible assets, net 72,151 101,932 Goodwill
452,494 468,122 Total assets $
1,577,811 $ 1,680,316
LIABILITIES AND
EQUITY Current liabilities Accounts payable $ 172,711 $ 185,827
Other current liabilities 43,625 78,630 Wages and benefits payable
82,346 76,980 Taxes payable 10,451 14,859 Current portion of debt
14,063 11,250 Current portion of warranty 24,874 36,927 Unearned
revenue 64,976 73,301 Total current
liabilities 413,046 477,774 Long-term debt 290,460 358,915
Long-term warranty 18,428 17,585 Pension benefit obligation 84,498
85,971 Deferred tax liabilities noncurrent, net 3,073 1,723 Other
long-term obligations 117,953 115,645
Total liabilities 927,458 1,057,613 Equity Preferred stock -
- Common stock 1,270,467 1,246,671 Accumulated other comprehensive
loss, net (229,327 ) (200,607 ) Accumulated deficit (409,536
) (441,306 ) Total Itron, Inc. shareholders' equity 631,604
604,758 Noncontrolling interests 18,749 17,945
Total equity 650,353 622,703
Total liabilities and equity $ 1,577,811 $ 1,680,316
ITRON, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited, in thousands)
Twelve
Months Ended December 31, 2016
2015 Operating activities Net income $ 35,053 $
15,003 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 68,318 75,993
Stock-based compensation 18,035 14,089 Amortization of prepaid debt
fees 1,076 2,128 Deferred taxes, net 13,790 1,488 Restructuring,
non-cash 7,188 976 Other adjustments, net 4,309 2,003 Changes in
operating assets and liabilities: Accounts receivable (27,162 )
(9,009 ) Inventories 22,343 (52,737 ) Other current assets 20,705
12,512 Other long-term assets (339 ) (3,721 ) Accounts payable,
other current liabilities, and taxes payable (37,312 ) (7,060 )
Wages and benefits payable 7,808 (10,866 ) Unearned revenue (25,810
) 11,943 Warranty (10,246 ) 20,161 Other operating, net
18,086 447 Net cash provided by operating
activities 115,842 73,350 Investing activities Acquisitions
of property, plant, and equipment (43,543 ) (43,918 ) Business
acquisitions, net of cash equivalents acquired (951 ) (5,754 )
Other investing, net (3,034 ) 721 Net cash
used in investing activities (47,528 ) (48,951 ) Financing
activities Proceeds from borrowings 15,877 113,467 Payments on debt
(79,119 ) (62,998 ) Issuance of common stock 2,891 2,663 Repurchase
of common stock - (38,283 ) Other financing, net (2,672 )
(7,109 ) Net cash provided by (used in) financing activities
(63,023 ) 7,740 Effect of foreign exchange rate changes on
cash and cash equivalents (2,744 ) (13,492 ) Increase
in cash and cash equivalents 2,547 18,647 Cash and cash equivalents
at beginning of period 131,018 112,371
Cash and cash equivalents at end of period $ 133,565 $
131,018
Itron, Inc.About Non-GAAP Financial
Measures
The accompanying press release contains non-GAAP financial
measures. To supplement our consolidated financial statements,
which are prepared and presented in accordance with GAAP, we use
certain non-GAAP financial measures, including non-GAAP operating
expense, non-GAAP operating income, non-GAAP net income, non-GAAP
diluted EPS, adjusted EBITDA, constant currency and free cash flow.
The presentation of this financial information is not intended to
be considered in isolation or as a substitute for, or superior to,
the financial information prepared and presented in accordance with
GAAP. For more information on these non-GAAP financial measures
please see the table captioned “Reconciliations of Non-GAAP
Financial Measures to Most Directly Comparable GAAP Financial
Measures.”
We use these non-GAAP financial measures for financial and
operational decision making and/or as a means for determining
executive compensation. Management believes that these non-GAAP
financial measures provide meaningful supplemental information
regarding our performance and ability to service debt by excluding
certain expenses that may not be indicative of our recurring core
operating results. These non-GAAP financial measures facilitate
management’s internal comparisons to our historical performance as
well as comparisons to our competitors’ operating results. In
addition, management analyzes revenue growth and operational
results on a constant currency basis to assess how our business
performed excluding the effect of foreign currency rate
fluctuations. Our executive compensation plans exclude non-cash
charges related to amortization of intangibles and certain discrete
cash and non-cash charges such as purchase accounting adjustments,
restructuring charges or goodwill impairment charges. We believe
that both management and investors benefit from referring to these
non-GAAP financial measures in assessing our performance and when
planning, forecasting and analyzing future periods. We believe
these non-GAAP financial measures are useful to investors because
they provide greater transparency with respect to key metrics used
by management in its financial and operational decision making and
because they are used by our institutional investors and the
analyst community to analyze the health of our business.
Non-GAAP operating expenses and non-GAAP operating income – We
define non-GAAP operating expenses as operating expenses excluding
certain expenses related to the amortization of intangible assets,
restructuring, acquisitions and goodwill impairment. We define
non-GAAP operating income as operating income excluding the
expenses related to the amortization of intangible assets,
restructuring, acquisitions and goodwill impairment. We consider
these non-GAAP financial measures to be useful metrics for
management and investors because they exclude the effect of
expenses that are related to previous acquisitions and
restructuring projects. By excluding these expenses, we believe
that it is easier for management and investors to compare our
financial results over multiple periods and analyze trends in our
operations. For example, in certain periods expenses related to
amortization of intangible assets may decrease, which would improve
GAAP operating margins, yet the improvement in GAAP operating
margins due to this lower expense is not necessarily reflective of
an improvement in our core business. There are some limitations
related to the use of non-GAAP operating expense and non-GAAP
operating income versus operating expense and operating income
calculated in accordance with GAAP. Additionally, the expenses that
we exclude in our calculation of non-GAAP operating expense and
non-GAAP operating income may differ from the expenses that our
peer companies exclude when they report the results of their
operations. We compensate for these limitations by providing
specific information about the GAAP amounts we have excluded from
our non-GAAP operating expense and non-GAAP operating income and
evaluating non-GAAP operating expense and non-GAAP operating income
together with GAAP operating expense and GAAP operating income.
Non-GAAP net income and non-GAAP diluted EPS – We define
non-GAAP net income (loss) attributable to Itron, Inc. as income
excluding the expenses associated with amortization of intangible
assets, restructuring, acquisitions, goodwill impairment,
amortization of debt placement fees and the tax effect of excluding
these expenses. We define non-GAAP diluted EPS as non-GAAP net
income divided by the weighted average shares, on a diluted basis,
outstanding during each period. 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 – We define adjusted EBITDA as net income (a)
minus interest income, (b) plus interest expense, depreciation and
amortization of intangible assets, restructuring, acquisition
related expense, goodwill impairment and (c) excluding the tax
expense or benefit. Management uses adjusted EBITDA as a
performance measure for executive compensation. A limitation to
using adjusted EBITDA is that it does not represent the total
increase or decrease in the cash balance for the period and the
measure includes some non-cash items and excludes other non-cash
items. Additionally, the items that we exclude in our calculation
of adjusted EBITDA may differ from the items that our peer
companies exclude when they report their results. We compensate for
these limitations by providing a reconciliation of this measure to
GAAP net income.
Free cash flow – We define free cash flow as net cash provided
by operating activities less cash used for acquisitions of
property, plant and equipment. We believe free cash flow provides
investors with a relevant measure of liquidity and a useful basis
for assessing our ability to fund our operations and repay our
debt. The same limitations described above regarding our use of
adjusted EBITDA apply to our use of free cash flow. We compensate
for these limitations by providing specific information regarding
the GAAP amounts and reconciling to free cash flow.
Constant currency - We may refer to the impact of foreign
currency exchange rate fluctuations in our discussions of financial
results, which references the differences between the foreign
currency exchange rates used to translate operating results from
local currencies into U.S. dollars for financial reporting
purposes. We also use the term “constant currency,” which
represents financial results adjusted to exclude changes in foreign
currency exchange rates as compared with the rates in the
comparable prior year period. We calculate the constant currency
change as the difference between the current period results and the
comparable prior period’s results restated using current period
currency exchange rates.
The accompanying tables have more detail on the GAAP financial
measures that are most directly comparable to the non-GAAP
financial measures and the related reconciliations between these
financial measures.
ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL
MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL
MEASURES (Unaudited, in
thousands, except per share data)
TOTAL COMPANY
RECONCILIATIONS Three Months Ended December 31,
Twelve Months Ended December 31, 2016
2015 2016
2015 NON-GAAP NET INCOME & DILUTED EPS
GAAP net income attributable to Itron, Inc. $ 11,649 $ 8,986 $
31,770 $ 12,678 Amortization of intangible assets 6,110 7,943
25,112 31,673 Amortization of debt placement fees 245 248 987 2,021
Restructuring 7,796 1,565 49,090 (7,263 ) Acquisition-related
expense (recovery) 5 16 (197 ) (5,538 ) Income tax effect of
non-GAAP adjustments 608 (1,392 )
(8,478 ) (5,590 ) Non-GAAP net income attributable to Itron,
Inc. $ 26,413 $ 17,366 $ 98,284 $ 27,981
Non-GAAP diluted EPS $ 0.68 $ 0.45 $
2.54 $ 0.73 Weighted average common shares
outstanding - Diluted 39,028 38,256
38,643 38,506
ADJUSTED
EBITDA GAAP net income attributable to Itron, Inc. $ 11,649 $
8,986 $ 31,770 $ 12,678 Interest income (271 ) (321 ) (865 ) (761 )
Interest expense 2,604 2,953 10,948 12,289 Income tax provision
15,325 3,039 49,574 22,099 Depreciation and amortization 16,755
18,203 68,318 75,993 Restructuring 7,796 1,565 49,090 (7,263 )
Acquisition-related expense (recovery) 5 16
(197 ) (5,538 ) Adjusted EBITDA $ 53,863
$ 34,441 $ 208,638 $ 109,497
FREE CASH FLOW Net cash provided by operating activities $
33,961 $ 53,196 $ 115,842 $ 73,350 Acquisitions of property, plant,
and equipment (12,980 ) (10,594 ) (43,543 )
(43,918 ) Free Cash Flow $ 20,981 $ 42,602 $
72,299 $ 29,432
NON-GAAP OPERATING
INCOME GAAP operating income $ 30,754 $ 16,378 $ 96,211 $
52,846 Amortization of intangible assets 6,110 7,943 25,112 31,673
Restructuring 7,796 1,565 49,090 (7,263 ) Acquisition-related
expense (recovery) 5 16 (197 )
(5,538 ) Non-GAAP operating income $ 44,665 $ 25,902
$ 170,216 $ 71,718
NON-GAAP
OPERATING EXPENSE GAAP operating expense $ 125,909 $ 136,041 $
564,109 $ 503,839 Amortization of intangible assets (6,110 ) (7,943
) (25,112 ) (31,673 ) Restructuring (7,796 ) (1,565 ) (49,090 )
7,263 Acquisition-related recovery (expense) (5 ) (16
) 197 5,538 Non-GAAP operating expense
$ 111,998 $ 126,517 $ 490,104 $ 484,967
ITRON, INC. RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP
FINANCIAL MEASURES
(Unaudited, in thousands)
SEGMENT RECONCILIATIONS
Three Months Ended December 31, Twelve Months
Ended December 31, 2016 2015
2016 2015
NON-GAAP OPERATING INCOME - ELECTRICITY Electricity - GAAP
operating income $ 17,195 $ 16,146 $ 68,287 $ 31,104 Amortization
of intangible assets 3,223 4,367 13,273 17,663 Restructuring 2,283
(110 ) 7,694 (7,253 ) Acquisition-related expense (recovery)
5 18 (197 ) (5,655 ) Electricity
- Non-GAAP operating income $ 22,706 $ 20,421 $
89,057 $ 35,859
NON-GAAP OPERATING INCOME -
GAS Gas - GAAP operating income $ 18,002 $ 22,485 $ 66,813 $
67,471 Amortization of intangible assets 1,568 1,922 6,456 7,787
Restructuring 3,754 614 25,744
(287 ) Gas - Non-GAAP operating income $ 23,324
$ 25,021 $ 99,013 $ 74,971
NON-GAAP OPERATING INCOME - WATER Water - GAAP operating
income $ 8,559 $ 8,449 $ 37,266 $ 19,864 Amortization of intangible
assets 1,319 1,654 5,383 6,223 Restructuring 651 232 13,116 778
Acquisition-related expense - -
- 104 Water - Non-GAAP operating income $
10,529 $ 10,335 $ 55,765 $ 26,969
NON-GAAP OPERATING INCOME - CORPORATE UNALLOCATED
Corporate unallocated - GAAP operating loss $ (13,002 ) $ (30,702 )
$ (76,155 ) $ (65,593 ) Restructuring 1,108 829 2,536 (501 )
Acquisition-related expense (recovery) - (2 )
- 13 Corporate unallocated - Non-GAAP
operating loss $ (11,894 ) $ (29,875 ) $ (73,619 ) $ (66,081 )
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170228006627/en/
Itron, Inc.Barbara DoyleVice President, Investor
Relations509-891-3443orRebecca HusseyProgram Manager, Investor
Relations509-891-3574
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