Itron, Inc. (NASDAQ:ITRI) today announced that it has filed its
Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended
Dec. 31, 2015 with the Securities and Exchange Commission (“SEC”).
The Form 10-K also includes revised financial statements for fiscal
years ended Dec. 31, 2014 and 2013.
As previously announced, Itron delayed the filing of its 2015
Form 10-K to review revenue recognition on contracts for which the
Company had not been able to demonstrate Vendor Specific Objective
Evidence (“VSOE”) of fair value for maintenance associated with
certain software solutions. The Company has completed its review
and has determined that revisions to correct misstatements in its
previously issued financial statements were required. Accordingly,
the Company’s 2015 financial results included in the Company’s
press release dated Feb. 17, 2016 as well as the financial
statements for years 2014 and 2013 have been revised to reflect the
deferral of certain revenue and costs that the Company previously
recognized in earlier periods. In addition, the revised periods
reflect other adjustments for items previously considered
immaterial and for changes in estimates subsequent to the Company’s
preliminary results announcement.
“We are pleased to have concluded the review of our revenue
recognition accounting and to have filed our Form 10-K for 2015,”
said Philip Mezey, Itron’s president and chief executive officer.
“As we anticipated, the revised accounting treatment impacts
primarily the timing of revenues and costs for certain software
contracts and does not affect the Company’s cash generation or
balances. Importantly, our 2016 operating results to date continue
to be on track with our plans, our pipeline of business is strong
and we are successfully executing against our strategic initiatives
for profitability and growth. We look forward to providing an
update to our full year 2016 financial guidance with our second
quarter earnings announcement.”
The Form 10-K for the fiscal year ended Dec. 31, 2015 with a
reconciliation of the adjustments to the financial statements for
2014 and 2013 can be found on the SEC’s website at www.sec.gov and
on Itron’s investor webpage at http://investors.itron.com.
Impact of Revisions to Previously Reported Preliminary 2015
Results
The revisions had the following effect compared with the
Company’s preliminary 2015 GAAP results previously reported on Feb.
17, 2016:
- Revenue and gross profit. Total
revenues and cost of revenues increased $5.7 million and $8.2
million, respectively. Gross profit decreased $2.4 million, with no
material impact on gross margin percentage. The changes are
primarily due to the Company’s revised revenue recognition for
certain contracts that resulted in the deferral of revenues and
costs from prior periods into 2015 and adjustments to warranty
estimates.
- Operating expenses and pre-tax
income. Operating expenses increased $16.9 million related
primarily to revisions in the accounting estimates of provision for
legal, bad debts and the restructuring accrual. Total pre-tax
income was reduced $19.3 million to $37.1 million.
- Income tax impact. The income
tax provision decreased $7.2 million related primarily to lower
pre-tax income.
- Net income and EPS impact. Net
income attributable to Itron decreased $12.1 million to $12.7
million, and GAAP diluted EPS decreased 31 cents to 33 cents.
Non-GAAP diluted EPS decreased 28 cents to 73 cents.
- No impact to cash and cash
equivalents. The revisions did not impact the Company's free
cash flow or its cash and cash equivalents balances for any of the
affected periods.
Update on First Quarter 2016 Form 10-Q and Filing
Extensions
On May 23, 2016, Itron received notice from The Nasdaq Stock
Market (“NASDAQ”) that its plan to regain compliance with NASDAQ
Listing Rule 5250(c)(1) and its request for an extension to Sept.
12, 2016 to regain listing compliance has been approved. Itron also
obtained waivers from its creditors that extend the due dates to
Sept. 12, 2016 for annual audited financial statements and
quarterly unaudited financial statements.
The Company continues to finalize adjustments to its revenue
recognition accounting for certain software and maintenance
contracts and complete its financial statements for the first
quarter of 2016. Itron expects to file its first quarter Form 10-Q
as soon as practicable.
As previously announced, the Company engaged Deloitte &
Touche LLP in March 2016 as its independent audit firm for the year
ending Dec. 31, 2016.
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.
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 timing and ability to regain compliance with the reporting
obligations of the Securities and Exchange Commission within any
exemption period granted by NASDAQ, 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 Dec.
31, 2015 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 costs 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. 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. Comparison of Key 2015 Financial
Metrics to Preliminary Results Announced February 17,
2016 (Unaudited, in thousands, except per share data)
(announced Feb. 17, 2016)
Preliminary FY2015
Final 2015 Revenues $ 1,877,813 $ 1,883,533
Cost of revenues 1,318,695 1,326,848
Gross profit 559,118 556,685 Gross margin % 29.8 % 29.6 %
Total operating expenses 486,973 503,839
Operating income (loss) 72,145 52,846 Total
other income (expense) (15,744 ) (15,744 ) Income (loss)
before income taxes 56,401 37,102 Income tax benefit (provision)
(29,310 ) (22,099 ) Net income (loss) 27,091 15,003
Net income attributable to non-controlling interests 2,325
2,325 Net income (loss) attributable to Itron,
Inc. $ 24,766 $ 12,678 Weighted average common
shares outstanding - Diluted 38,506 38,506 GAAP Earnings per
share - Diluted $ 0.64 $ 0.33 Non-GAAP
earnings per share - Diluted $ 1.01 $ 0.73
Other metrics: (in
millions)
Total Assets $ 1,645 $ 1,681 Total Liabilities $ 996 $ 1,059 Cash
and cash equivalents $ 131 $ 131 Free Cash Flow $ 29 $ 29 Backlog $
1,550 $ 1,575
ITRON, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Year
Ended December 31, 2015 2014
2013 Revenues $ 1,883,533 $ 1,947,616 $ 1,938,025
Cost of revenues 1,326,848
1,333,566 1,323,257 Gross profit
556,685 614,050 614,768 Operating expenses Sales and
marketing 161,380 182,503 182,687 Product development 162,334
175,500 175,420 General and administrative 155,715 162,466 143,932
Amortization of intangible assets 31,673 43,619 42,019
Restructuring (7,263 ) 49,482 36,347 Goodwill impairment -
- 174,226
Total operating expenses 503,839
613,570 754,631
Operating income (loss) 52,846 480 (139,863 ) Other income
(expense) Interest income 761 494 1,152 Interest expense (12,289 )
(11,602 ) (10,686 ) Other income (expense), net (4,216 )
(7,637 ) (4,003 ) Total
other income (expense) (15,744 )
(18,745 ) (13,537 ) Income (loss)
before income taxes 37,102 (18,265 ) (153,400 ) Income tax benefit
(provision) (22,099 ) (4,035 )
2,466 Net income (loss) 15,003 (22,300 )
(150,934 ) Net income attributable to non-controlling interests
2,325 1,370
2,219 Net income (loss) attributable to Itron, Inc. $
12,678 $ (23,670 ) $ (153,153 )
Earnings (loss) per common share - Basic $ 0.33
$ (0.60 ) $ (3.90 ) Earnings (loss) per
common share - Diluted $ 0.33 $ (0.60 )
$ (3.90 ) Weighted average common shares outstanding
- Basic 38,224 39,184 39,281 Weighted average common shares
outstanding - Diluted 38,506 39,184 39,281
ITRON, INC. SEGMENT INFORMATION
(Unaudited, in thousands)
Year Ended December 31,
2015 2014 2013
Revenues Electricity $ 820,306 $ 771,857 $ 825,391 Gas
543,805 599,091 570,450 Water 519,422
576,668 542,184 Total
Company $ 1,883,533 $ 1,947,616
$ 1,938,025
Gross profit Electricity $
225,446 $ 200,249 $ 219,852 Gas 185,559 211,623 207,577 Water
145,680 202,178
187,339 Total Company $ 556,685
$ 614,050 $ 614,768
Operating income (loss) Electricity $ 31,104 $ (77,751 ) $
(237,279 ) Gas 67,471 76,101 82,176 Water 19,864 71,356 62,015
Corporate unallocated (65,593 ) (69,226
) (46,775 ) Total Company $ 52,846
$ 480 $ (139,863 )
METER AND MODULE SUMMARY (Units in thousands)
Year
Ended December 31, 2015 2014
2013 Meters Standard 17,560 18,740 17,850
Advanced and smart 7,290 6,090
5,930 Total meters 24,850
24,830
23,780
Stand-alone communication modules
Advanced and smart 5,840 5,770
5,550
ITRON,
INC. CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
December 31, 2015
December 31, 2014 ASSETS Current assets Cash
and cash equivalents $ 131,018 $ 112,371 Accounts receivable, net
330,895 346,547 Inventories 190,465 154,221 Deferred tax assets
current, net - 45,504 Other current assets 106,562
123,819 Total current assets 758,940
782,462 Property, plant, and equipment, net 190,256 207,152
Deferred tax assets noncurrent, net 109,387 74,439 Other long-term
assets 52,726 46,965 Intangible assets, net 101,932 139,909
Goodwill 468,122 500,820
Total assets $ 1,681,363 $ 1,751,747
LIABILITIES AND EQUITY Current liabilities Accounts
payable $ 185,827 $ 183,831 Other current liabilities 78,630
101,315 Wages and benefits payable 76,980 94,818 Taxes payable
14,859 21,951 Current portion of debt 11,250 30,000 Current portion
of warranty 36,927 21,145 Unearned revenue 73,301
67,009 Total current liabilities
477,774 520,069 Long-term debt 359,962 293,969 Long-term
warranty 17,585 15,403 Pension plan benefit liability 85,971
101,862 Deferred tax liabilities noncurrent, net 1,723 3,808 Other
long-term obligations 115,645
118,094 Total liabilities 1,058,660 1,053,205 Equity
Preferred stock - - Common stock 1,246,671 1,270,045 Accumulated
other comprehensive loss, net (200,607 ) (135,060 ) Accumulated
deficit (441,306 ) (453,984 ) Total
Itron, Inc. shareholders' equity 604,758 681,001 Non-controlling
interests 17,945 17,541
Total equity 622,703 698,542
Total liabilities and equity $ 1,681,363
$ 1,751,747
ITRON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Year Ended
December 31, 2015 2014
2013 Operating activities Net income (loss) $ 15,003
$ (22,300 ) $ (150,934 ) Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 75,993 98,139 99,246 Stock-based compensation 14,089
17,860 18,850 Amortization of prepaid debt fees 2,128 1,612 1,657
Deferred taxes, net 1,488 (34,757 ) (25,308 ) Goodwill impairment -
- 174,226 Restructuring, non-cash 976 5,172 1,259 Other
adjustments, net 2,003 914 551 Changes in operating assets and
liabilities: Accounts receivable (9,009 ) (15,119 ) 11,732
Inventories (52,737 ) 7,208 (12,391 ) Other current assets 12,512
(10,947 ) (9,950 ) Other long-term assets (3,721 ) (12,540 ) (2,298
) Accounts payable, other current liabilities, and taxes payable
(7,060 ) 56,158 (4,466 ) Wages and benefits payable (10,866 ) 7,502
(1,822 ) Unearned revenue 11,943 30,584 8,744 Warranty 20,161
(7,297 ) (6,546 ) Other operating, net 447
10,784 2,871 Net
cash provided by operating activities 73,350 132,973 105,421
Investing activities Acquisitions of property, plant, and equipment
(43,918 ) (44,495 ) (60,020 ) Business acquisitions, net of cash
equivalents acquired (5,754 ) - (860 ) Other investing, net
721 2,999
4,109 Net cash used in investing activities (48,951 )
(41,496 ) (56,771 ) Financing activities Proceeds from
borrowings 113,467 47,657 35,000 Payments on debt (62,998 )
(102,438 ) (73,750 ) Issuance of common stock 2,663 3,647 5,299
Repurchase of common stock (38,283 ) (39,665 ) (26,977 ) Other
financing, net (7,109 ) (1,078 )
2,990 Net cash provided by (used in) financing
activities 7,740 (91,877 ) (57,438 ) Effect of foreign
exchange rate changes on cash and cash equivalents (13,492 )
(12,034 ) (2,818 )
Increase (decrease) in cash and cash equivalents 18,647 (12,434 )
(11,606 ) Cash and cash equivalents at beginning of period
112,371 124,805
136,411 Cash and cash equivalents at end of period $
131,018 $ 112,371 $
124,805
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 acquired through a business acquisition
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 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
certain expenses related to the amortization of intangible assets
acquired through a business acquisition, restructuring,
acquisitions and goodwill impairment. We define non-GAAP operating
income as operating income excluding the expenses related to the
amortization of intangible assets acquired through a business
acquisition, 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
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, 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. 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 acquired through a business
acquisition, restructuring, acquisitions, goodwill impairment and
amortization of debt placement fees. 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 business acquisition related intangible asset
expenses, restructuring expense, acquisition related expense,
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. 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.
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. RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL
MEASURES (Unaudited;
in thousands, except per share data)
TOTAL COMPANY
RECONCILIATIONS Year Ended December 31,
2015 2014 2013
NON-GAAP NET INCOME & DILUTED EPS GAAP net income (loss)
$ 12,678 $ (23,670 ) $ (153,153 ) Amortization of intangible assets
31,673 43,619 42,019 Amortization of debt placement fees 2,021
1,512 1,556 Restructuring (7,263 ) 49,482 36,347
Acquisition-related expense (recovery) (5,538 ) 15,538 2,290
Goodwill impairment - - 174,226 Income tax effect of non-GAAP
adjustments (5,590 ) (25,860 )
(32,970 ) Non-GAAP net income $ 27,981
$ 60,621 $ 70,315
Non-GAAP diluted EPS $ 0.73
$ 1.54 $ 1.78
Weighted average common shares outstanding - Diluted
38,506 39,461
39,602
ADJUSTED EBITDA GAAP net income
$ 12,678 $ (23,670 ) $ (153,153 ) Interest income (761 ) (494 )
(1,152 ) Interest expense 12,289 11,602 10,686 Income tax provision
22,099 4,035 (2,466 ) Depreciation and amortization 75,993 98,139
99,246 Restructuring (7,263 ) 49,482 36,347 Acquisition related
expenses (5,538 ) 15,538 2,290 Goodwill impairment -
- 174,226
Adjusted EBITDA $ 109,497 $ 154,632
$ 166,024
FREE CASH FLOW Net
cash provided by operating activities $ 73,350 $ 132,973 $ 105,421
Acquisitions of property, plant, and equipment (43,918 )
(44,495 ) (60,020 ) Free
Cash Flow $ 29,432 $ 88,478
$ 45,401
NON-GAAP OPERATING INCOME GAAP
operating income (loss) $ 52,846 $ 480 $ (139,863 ) Amortization of
intangible assets 31,673 43,619 42,019 Restructuring (7,263 )
49,482 36,347 Acquisition-related expense (recovery) (5,538 )
15,538 2,290 Goodwill impairment -
- 174,226 Non-GAAP
operating income $ 71,718 $ 109,119
$ 115,019
NON-GAAP OPERATING
EXPENSES GAAP operating expenses $ 503,839 $ 613,570 $ 754,631
Amortization of intangible assets (31,673 ) (43,619 ) (42,019 )
Restructuring 7,263 (49,482 ) (36,347 ) Acquisition-related
recovery (expense) 5,538 (15,538 ) (2,290 ) Goodwill impairment
- -
(174,226 ) Non-GAAP operating expenses $ 484,967
$ 504,931 $ 499,749
ITRON, INC. RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL
MEASURES (Unaudited;
in thousands)
SEGMENT RECONCILIATIONS
Year Ended December 31, 2015
2014 2013 NON-GAAP OPERATING INCOME
- ELECTRICITY Electricity - GAAP operating income (loss) $
31,104 $ (77,751 ) $ (237,279 ) Amortization of intangible assets
17,663 24,452 18,835 Restructuring (7,253 ) 20,430 25,172
Acquisition-related expense (recovery) (5,655 ) 15,491 2,287
Goodwill impairment - -
174,226 Electricity - Non-GAAP
operating income (loss) $ 35,859 $ (17,378 )
$ (16,759 )
NON-GAAP OPERATING INCOME -
GAS Gas - GAAP operating income $ 67,471 $ 76,101 $ 82,176
Amortization of intangible assets 7,787 10,471 12,264 Restructuring
(287 ) 9,149
4,299 Gas - Non-GAAP operating income $ 74,971
$ 95,721 $ 98,739
NON-GAAP OPERATING INCOME - WATER Water - GAAP operating
income $ 19,864 $ 71,356 $ 62,015 Amortization of intangible assets
6,223 8,696 10,920 Restructuring 778 2,335 3,075
Acquisition-related expense 104
- - Water - Non-GAAP operating
income $ 26,969 $ 82,387
$ 76,010
NON-GAAP OPERATING INCOME - CORPORATE
UNALLOCATED Corporate unallocated - GAAP operating loss $
(65,593 ) $ (69,226 ) $ (46,775 ) Restructuring (501 ) 17,568 3,801
Acquisition-related expense 13
47 3 Corporate unallocated -
Non-GAAP operating loss $ (66,081 ) $ (51,611 )
$ (42,971 )
ITRON, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THE MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(Unaudited; in thousands) (announced Feb. 17, 2016)
TOTAL
COMPANY RECONCILIATIONS Preliminary FY
2015 NON-GAAP NET INCOME & DILUTED EPS GAAP net
income (loss) $ 24,766 Amortization of intangible assets 31,673
Amortization of debt placement fees 2,021 Restructuring (8,726 )
Acquisition-related expense (recovery) (5,538 ) Goodwill impairment
- Income tax effect of non-GAAP adjustments(1) (5,234 )
Non-GAAP net income $ 38,962 Non-GAAP diluted EPS $
1.01 Weighted average common shares outstanding -
Diluted 38,506
FREE CASH FLOW Net cash
provided by operating activities $ 73,350 Acquisitions of property,
plant, and equipment (43,918 ) Free Cash Flow $ 29,432
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160630005303/en/
Itron, Inc.Barbara Doyle, 509-891-3443Vice President, Investor
RelationsorMarni Pilcher, 509-891-3847Director, Investor
Relations
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