16.02.12

Itron: Q4 & full year results 2011

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Itron, Inc. announced  financial results for its fourth quarter and full year ended December 31, 2011. Highlights include:

• Quarterly and full year revenues of $642 million and $2.4 billion;

• Quarterly and full year GAAP net loss per share of $1.35 and $12.56, inclusive of a non-cash goodwill impairment charge recorded during the year of $585 million, or $14.40 per share;

• Quarterly and full year non-GAAP diluted net earnings per share of $1.19 and $4.29;

• Full year cash flow from operations and free cash flow of $252 million and $192 million;

• Quarterly and full year adjusted EBITDA of $79 million and $313 million;

• Twelve-month backlog of $766 million and total backlog of $1.3 billion; and

• Quarterly bookings of $515 million.

“Our fourth quarter results produced record revenue and cash flow but our profitability was impacted by restructuring charges, the finalization of the goodwill impairment and a warranty charge,” said LeRoy Nosbaum, Itron’s president and chief executive officer. “Our core operating results across electric, gas and water continue to be strong and we are focused on building a platform and infrastructure to support long-term growth and improved profitability.”

Financial Results

Revenues increased $22 million, or 4 percent, for the quarter and $175 million, or 8 percent, for the year compared to the respective periods last year. Changes in foreign currency exchange rates unfavorably impacted revenue by $7.4 million for the quarter, and favorably impacted the year by $61 million. The increase in revenue for the quarter was due to increased OpenWay project revenue in the North America segment and increased electric and gas smart metering projects in the International segment. The revenue growth for the year was primarily due to increased electric, gas and water smart metering projects in the International segment.

Gross margin for the quarter was 29.8 percent, which was consistent with the prior year fourth quarter margin of 29.9 percent. Improvement in gross margin from product mix was offset by higher material costs. Gross margin for the year was 30.5 percent compared to 30.9 percent in 2010. Benefits from increased volumes and product mix were offset by higher material costs, lower OpenWay margins and increased warranty expense.

GAAP operating expenses were $252 million in the fourth quarter compared to $142 million in the same period last year. The increase in expenses was due to restructuring charges of $65 million and the finalization of a goodwill assessment which resulted in a non-cash impairment charge of $44 million. Expenses for the year were $1.2 billion, an increase of $688 million over last year. The increase was due to restructuring charges of $68 million and a goodwill impairment charge of $585 million.

Net interest expense was $2.2 million for the quarter and $35.9 million for the year, compared to $12.5 million and $54.3 million in the same periods last year. The company refinanced its bank debt in August 2011 which significantly reduced the interest rate. The decrease in net interest expense was due to lower interest expense resulting from a decreased principal balance and lower effective interest rates. During 2011, we reduced our debt by approximately $178 million.

GAAP net loss and diluted EPS for the fourth quarter and year were $55 million, or $1.35 per share, and $510 million, or $12.56 per share. This compares with net income of $27 million, or 65 cents per share, and $105 million, or $2.56 per share, in the same periods in 2010. The decrease in 2011 net income for the quarter and year was primarily due to expenses related to restructuring and the impairment of goodwill.

Non-GAAP operating expenses for the quarter, which excludes amortization of intangibles, restructuring charges and the impairment of goodwill, increased $2 million over prior year. An increase of $3 million related to product research and development, as well as global marketing activity, was partially offset by a decrease of $1 million due to currency fluctuations. Non-GAAP net income and diluted EPS for the fourth quarter and year were $49 million, or $1.19 per share, and $176 million, or $4.29 per share. This compares with non-GAAP net income of $39 million, or 95 cents per share, and $159 million, or $3.89 per share, in the same periods in 2010. The increase in non-GAAP net income for the quarter was due to increased contribution from the North America segment, decreased interest expense and decreased tax expense. The increase in non-GAAP net income for the year was primarily due to higher operating income in the International segment, lower interest expense and lower tax expense.

During the fourth quarter, the company repurchased 823,349 shares of Itron common stock at an average price of $35.74 per share pursuant to a Board authorization to repurchase up to $100 million of Itron common stock during a 12 month period beginning October 2011. Approximately 2 percent of the common shares outstanding have been repurchased under the program.

Acquisition of SmartSynch, Inc.

The company also announced today that it has signed an agreement to acquire SmartSynch, Inc. Excluding amortization of acquired intangible assets, purchase accounting adjustments and acquisition related charges, the company anticipates that the acquisition will add approximately $50 million in revenues and be dilutive to non-GAAP net earnings per share by less than $0.10 for fiscal year 2012. The acquisition is anticipated to be accretive to revenue and non-GAAP earnings per share in fiscal year 2013.

Financial Guidance

Itron’s guidance for the full-year 2012 is as follows:

• Revenue between $2.1 billion and $2.3 billion

• Non-GAAP diluted EPS between $3.80 and $4.20

The company’s guidance assumes a gross margin of 32 percent, a Euro to U.S. dollar average exchange rate of $1.37, average shares outstanding of approximately 40.4 million and a non-GAAP effective tax rate of 27percent. The guidance also includes the anticipated financial impact of the acquisition of SmartSynch, Inc.

Earnings Conference Call:

Itron will host a conference call to discuss the financial results and guidance contained in this release at 5:00 p.m. Eastern Daylight Time (EST) on February 15, 2012. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 15 minutes before the start of the call and are accessible on Itron’s website at www.itron.com under the Investors page. The webcast replay will begin after the conclusion of the live call and will be available for two weeks. A telephone replay of the call will also be available approximately one hour after the conclusion of the live call, for 48 hours, and is accessible by dialing (888) 203-1112 (Domestic) or (719) 457-0820 (International), entering passcode 7499552.

About Itron

Itron is the leading provider of energy and water resource management solutions for nearly 8,000 utilities around the world. We offer end-to-end solutions that include electricity, gas, water and heat measurement and control technology; communications systems; software; and professional services. With nearly 10,000 employees doing business in more than 130 countries, Itron empowers utilities to responsibly and efficiently manage energy and water resources. To realize a sustainable future, start here: www.itron.com.

Forward Looking Statements:

This release contains forward-looking statements concerning our expectations about operations, financial performance, sales, earnings and cash flows. These statements reflect our current plans and expectations and are based on information currently available. The statements rely on a number of assumptions and estimates, which could be inaccurate, and which are subject to risks and uncertainties that could cause our actual results to vary materially from those anticipated. Risks and uncertainties include the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, 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 which are more fully described in our Annual Report on Form 10-K for the year ended December 31, 2010 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update publicly or revise any forward-looking statements, including our business outlook.

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, 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. Specifically, these non-GAAP financial measures are provided to enhance investors’ overall understanding of our current financial performance and our future anticipated performance by excluding infrequent or non-cash costs, particularly those associated with acquisitions. We exclude certain infrequent costs, particularly those associated with acquisitions, in our non-GAAP financial measures as we believe the net result is a measure of our core business. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. Finally, 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,
              2011                     2010                     2011                     2010     
Revenues         $     642,477             $     620,658             $     2,434,124             $     2,259,271     
Cost of revenues               450,870                     435,302                     1,691,146                     1,561,032     
Gross profit             191,607                 185,356                 742,978                 698,239     
                                
Operating expenses                                 
Sales and marketing             47,267                 47,968                 185,797                 171,676     
Product development             42,481                 40,129                 162,529                 140,229     
General and administrative             36,851                 36,034                 137,512                 133,086     
Amortization of intangible assets             15,587                 17,592                 63,394                 69,051     
Restructuring expense             65,079                 -                 68,082                 -     
Goodwill impairment               44,447                     -                     584,847                     -     
Total operating expenses               251,712                     141,723                     1,202,161                     514,042     
                                
Operating income (loss)             (60,105     )             43,633                 (459,183     )             184,197     
Other income (expense)                                 
Interest income             231                 148                 862                 592     
Interest expense             (2,464     )             (12,688     )             (36,794     )             (54,904     )
Other income (expense), net               (3,392     )               (3,701     )               (10,612     )               (9,141     )
Total other income (expense)               (5,625     )               (16,241     )               (46,544     )               (63,453     )
                                
Income (loss) before income taxes             (65,730     )             27,392                 (505,727     )             120,744     
Income tax (provision) benefit               11,099                     (822     )               (4,430     )               (15,974     )
Net income (loss)         $     (54,631     )         $     26,570               $     (510,157     )         $     104,770     
                                
                                
Earnings (loss) per common share - Basic         $     (1.35     )         $     0.66               $     (12.56     )         $     2.60     
Earnings (loss) per common share - Diluted         $     (1.35     )         $     0.65               $     (12.56     )         $     2.56     
                                
                                
Weighted average common shares outstanding - Basic             40,506                 40,424                 40,612                 40,337     
Weighted average common shares outstanding - Diluted             40,506                 40,938                 40,612                 40,947     
                                
                                        
ITRON, INC.
SEGMENT INFORMATION
                                
(Unaudited, in thousands)                                 
        Three Months Ended December 31,         Twelve Months Ended December 31,
              2011                     2010                     2011                     2010     
Revenues                                 
Itron North America         $     332,882             $     321,534             $     1,192,665             $     1,177,391     
Itron International               309,595                     299,124                     1,241,459                     1,081,880     
Total Company         $     642,477               $     620,658               $     2,434,124               $     2,259,271     
                                
Gross profit                                 
Itron North America         $     111,019             $     105,565             $     387,618             $     394,247     
Itron International               80,588                     79,791                     355,360                     303,992     
Total Company         $     191,607               $     185,356               $     742,978               $     698,239     
                                
Operating income (loss)                                 
Itron North America         $     44,033             $     51,716             $     168,583             $     201,410     
Itron International             (92,489     )             3,394                 (585,189     )             26,363     
Corporate unallocated               (11,649     )               (11,477     )               (42,577     )               (43,576     )
Total Company         $     (60,105     )         $     43,633               $     (459,183     )         $     184,197     
                                
                                
 
        
METER AND MODULE SUMMARY
                
(Units in thousands)                                 
        Three Months Ended December 31,         Twelve Months Ended December 31,
              2011                     2010                     2011                     2010     
Total meters (standard, advanced, and smart)                                 
Itron North America                                 
Electricity             2,020                 1,950                 6,790                 6,940     
Gas             80                 90                 480                 510     
Itron International                                 
Electricity             2,450                 2,280                 8,060                 7,870     
Gas             1,160                 1,080                 4,210                 4,020     
Water               2,020           
 
          2,150                     9,350                     9,110     
Total meters               7,730                     7,550                     28,890                     28,450     
                                
Additional meter information (Total Company)                                 
Advanced meters             1,540                 1,150                 4,850                 3,980     
Smart meters             1,470                 1,470                 4,470                 4,460     
Standalone advanced and smart communication modules                                 
          1,490                     1,550                     6,330                     5,960     
Advanced and smart meters and communication modules                                 
          4,500                     4,170                     15,650                     14,400     
                                
Meters with other vendors' advanced or smart communication modules                                 
          60                     120                     390                     510     
                                
              
ITRON, INC.
CONSOLIDATED BALANCE SHEETS
            
(Unaudited, in thousands)             
    December 31, 2011         December 31, 2010
ASSETS             
Current assets             
Cash and cash equivalents     $     133,086             $     169,477     
Accounts receivable, net         371,641                 371,662     
Inventories         195,837                 208,157     
Deferred tax assets current, net         58,172                 55,351     
Other current assets           81,618                     77,570     
Total current assets         840,354                 882,217     
            
Property, plant, and equipment, net         262,670                 299,242     
Deferred tax assets noncurrent, net         22,144                 35,050     
Other long-term assets         62,704                 28,242     
Intangible assets, net         239,500                 291,670     
Goodwill           636,910                     1,209,376     
Total assets     $     2,064,282               $     2,745,797     
            
LIABILITIES AND SHAREHOLDERS' EQUITY             
Current liabilities             
Accounts payable     $     246,775             $     241,949     
Other current liabilities         53,734                 49,690     
Wages and benefits payable         93,730                 110,479     
Taxes payable         11,526                 19,725     
Current portion of debt         15,000                 228,721     
Current portion of warranty         52,588                 24,912     
Unearned revenue           37,369                     28,258     
Total current liabilities         510,722                 703,734     
            
Long-term debt         437,502                 382,220     
Long-term warranty         26,948                 26,371     
Pension plan benefit liability         62,449                 61,450     
Deferred tax liabilities noncurrent, net         31,699                 54,412     
Other long-term obligations           88,037                     89,315     
Total liabilities         1,157,357                 1,317,502     
            
Commitments and contingencies             
            
Shareholders' equity             
Preferred stock         -                 -     
Common stock         1,319,222                 1,328,249     
Accumulated other comprehensive loss, net         (37,160     )             (34,974     )
(Accumulated deficit) retained earnings           (375,137     )               135,020     
Total shareholders' equity           906,925                     1,428,295     
Total liabilities and shareholders' equity     $     2,064,282               $     2,745,797     
            
                    
ITRON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
                
(Unaudited, in thousands)                 
        Twelve Months Ended December 31,
              2011                     2010     
Operating activities                 
Net income (loss)         $     (510,157     )         $     104,770     
Adjustments to reconcile net income (loss) to net cash provided by operating activities:             
Depreciation and amortization             129,466                 131,205     
Stock-based compensation             16,411                 19,107     
Amortization of prepaid debt fees             5,715                 5,492     
Amortization of convertible debt discount             5,336                 10,099     
Deferred taxes, net             (12,985     )             (17,992     )
Goodwill impairment             584,847                 -     
Restructuring expense, non-cash             25,144                 -     
Other adjustments, net             3,917                 5,565     
Changes in operating assets and liabilities, net of acquisition:                 
Accounts receivable             (22,770     )             (45,612     )
Inventories             6,389                 (41,417     )
Other current assets             (3,859     )             (7,655     )
Other long-term assets             (17,401     )             (8,436     )
Accounts payables, other current liabilities, and taxes payable             22,715                 40,884     
Wages and benefits payable             (19,813     )             42,245     
Unearned revenue             19,070                 (2,356     )
Warranty             29,616                 14,656     
Other operating, net               (9,283     )               4,036     
Net cash provided by operating activities             252,358                 254,591     
                
Investing activities                 
Acquisitions of property, plant, and equipment             (60,076     )             (62,822     )
Business acquisitions, net of cash equivalents acquired             (20,092     )             -     
Other investing, net               1,427                     6,548     
Net cash used in investing activities             (78,741     )             (56,274     )
                
Financing activities                 
Proceeds from borrowings             670,000                 -     
Payments on debt             (848,054     )             (155,163     )
Issuance of common stock             4,625                 8,776     
Repurchase of common stock             (29,428     )             -     
Other financing, net               (6,596     )               (2,250     )
Net cash used in financing activities             (209,453     )             (148,637     )
                
Effect of foreign exchange rate changes on cash and cash equivalents               (555     )               (2,096     )
Increase (decrease) in cash and cash equivalents             (36,391     )             47,584     
Cash and cash equivalents at beginning of period               169,477                     121,893     
Cash and cash equivalents at end of period         $     133,086               $     169,477     
                
                

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, 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 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 non-recurring discrete cash and non-cash charges that are infrequent in nature 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 help them analyze the health of our business.

Non-GAAP operating expense and non-GAAP operating income – We define non-GAAP operating expense as operating expense excluding the expenses related to the amortization of intangible assets, restructuring and goodwill impairment. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring 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 restructurings. 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, expenses related to amortization of intangible assets are now decreasing, which is improving 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. Non-GAAP operating expense and non-GAAP operating income exclude some costs that are recurring. 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 as net income excluding the expenses associated with amortization of intangible assets, restructuring, goodwill impairment, amortization of debt placement fees and amortization of convertible debt discount. 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 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 asset expenses, restructuring expense and goodwill impairment and (c) exclude the tax expense or benefit. We believe that providing this financial measure is important for management and investors to understand our ability to service our debt as it is a measure of the cash generated by our core business. 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. Management compensates for this limitation 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 non-GAAP operating income 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.

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 MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
                                
(Unaudited, in thousands, except per share data)                             
        Three Months Ended December 31,         Twelve Months Ended December 31,
              2011                     2010                     2011                     2010     
Non-GAAP operating expense:                                 
Itron North America - GAAP operating expense         $     66,986             $     53,849             $     219,035             $     192,837     
Amortization of intangible assets             (3,471     )             (4,085     )             (14,008     )             (16,339     )
Restructuring expense               (15,230     )               -                     (15,650     )               -     
Itron North America - Non-GAAP operating expense         $     48,285               $     49,764               $     189,377               $     176,498     
                                
Itron International - GAAP operating expense         $     173,077             $     76,397             $     940,549             $     277,629     
Amortization of intangible assets             (12,116     )             (13,507     )             (49,386     )             (52,712     )
Restructuring expense             (49,473     )             -                 (51,544     )             -     
Goodwill impairment               (44,447     )               -                     (584,847     )               -     
Itron International - Non-GAAP operating expense         $     67,041               $     62,890               $     254,772               $     224,917     
                                
Total Company - GAAP operating expense         $     251,712             $     141,723             $     1,202,161             $     514,042     
Amortization of intangible assets             (15,587     )             (17,592     )             (63,394     )             (69,051     )
Restructuring expense             (65,079     )             -                 (68,082     )             -     
Goodwill impairment               (44,447     )               -                     (584,847     )               -     
Total Company - Non-GAAP operating expense         $     126,599               $     124,131               $     485,838               $     444,991     
                                
Non-GAAP operating income:                                 
GAAP operating income (loss)         $     (60,105     )         $     43,633             $     (459,183     )         $     184,197     
Amortization of intangible assets             15,587                 17,592                 63,394                 69,051     
Restructuring expense             65,079                 -                 68,082                 -     
Goodwill impairment               44,447                     -                     584,847                     -     
Non-GAAP operating income         $     65,008               $     61,225               $     257,140               $     253,248     
                                
Non-GAAP net income:                                 
GAAP net income (loss)         $     (54,631     )         $     26,570             $     (510,157     )         $     104,770     
Amortization of intangible assets             15,587                 17,592                 63,394                 69,051     
Amortization of debt placement fees             349                 1,222                 5,435                 5,285     
Amortization of convertible debt discount             -                 2,595                 5,336                 10,099     
Restructuring expense             65,079                 -                 68,082                 -     
Goodwill impairment             44,447                 -                 584,847                 -     
Income tax effect of non-GAAP adjustments               (22,319     )               (9,232     )               (40,986     )               (29,752     )
Non-GAAP net income         $     48,512               $     38,747               $     175,951               $     159,453     
                                      
Non-GAAP diluted EPS         $     1.19               $     0.95               $     4.29               $     3.89     
                                
Weighted average common shares outstanding - Diluted               40,805                     40,938                     40,985                     40,947     
                                
Adjusted EBITDA:                                 
GAAP net income (loss)         $     (54,631     )         $     26,570             $     (510,157     )         $     104,770     
Interest income             (231     )             (148     )             (862     )             (592     )
Interest expense             2,464                 12,688                 36,794                 54,904     
Income tax provision (benefit)             (11,099     )             822                 4,430                 15,974     
Depreciation and amortization             32,547                 34,021                 129,466                 131,205     
Restructuring expense             65,079                 -                 68,082                 -     
Goodwill impairment               44,447                     -                     584,847                     -     
Adjusted EBITDA         $     78,576               $     73,953               $     312,600               $     306,261     
                                
Free Cash Flow:                                 
Net cash provided by operating activities         $     98,557             $     87,475             $     252,358             $     254,591     
Acquisitions of property, plant, and equipment               (14,277     )               (17,315     )               (60,076     )               (62,822     )
Free Cash Flow         $     84,280               $     70,160               $     192,282               $     191,769     
                                

Contact:
Itron, Inc.
Barbara Doyle, 509-891-3443
Vice President, Investor Relations
barbara.doyle@itron.com
or
Marni Pilcher, 509-891-3847
Director, Investor Relations
marni.pilcher@itron.com
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