Itron, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Itron, Inc. has submitted its 2023 annual report detailing its financial performance and business operations.</b>

AI Summary

ITRON, INC. (ITRI) filed a Annual Report (10-K) with the SEC on February 26, 2024. Itron, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 2111 N Molter Road, Liberty Lake, WA 99019. Itron, Inc. is classified under SIC code 3825 for Instruments for Meas & Testing of Electricity & Elec Signals. The report was filed as of February 26, 2024.

Why It Matters

For investors and stakeholders tracking ITRON, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Itron's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the report are essential for understanding Itron's revenue streams, profitability, and balance sheet, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — ITRON, INC. shows moderate risk based on this filing. The company's business is subject to various risks including market fluctuations, technological changes, and regulatory environments, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in Itron's 10-K to understand the company's performance and potential challenges.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240226 — Filing Date (As of Date)
• 000-22418 — SEC File Number (SEC File Number)

Key Players & Entities

• ITRON, INC. (company) — Filer name
• 0000780571 (company) — Central Index Key
• 3825 (company) — Standard Industrial Classification
• WA (company) — State of Incorporation
• 2111 N MOLTER ROAD (company) — Business Address Street 1
• LIBERTY LAKE (company) — Business Address City
• 99019 (company) — Business Address ZIP
• 5099249900 (company) — Business Phone

FAQ

Industry Context

Itron, Inc. operates in the Instruments for Measurement and Testing of Electricity and Electric Signals industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review Itron's 2023 financial statements for revenue, net income, and EPS.
2. Analyze the company's debt-to-equity ratio and cash position.
3. Examine the risk factors outlined in the 10-K for potential business challenges.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K; comparison to prior filings requires additional data.

Key Financial Figures

• $96 million — rth quarter of 2023, we determined that $96 million related to a portion of one customer co
• $64.7 million — klog, as of December 31, 2021, included $64.7 million of backlog related to the sale of certa
• $55.7 million — transaction close on February 28, 2022, $55.7 million of this backlog was transferred to Dres
• $209 m — and the IIoT. We invested approximately $209 million, $185 million, and $197 million i
• $185 m — We invested approximately $209 million, $185 million, and $197 million in research and
• $197 million — imately $209 million, $185 million, and $197 million in research and development in 2023, 20

Filing Documents

• itri-20231231.htm (10-K) — 2648KB
• itriex-101itronsecondamend.htm (EX-10.1) — 93KB
• itriex-103indemnificationa.htm (EX-10.3) — 38KB
• itriex-104secondamendedand.htm (EX-10.4) — 117KB
• itriex-10292023itronincent.htm (EX-10.29) — 43KB
• itriex-1030executiveoffice.htm (EX-10.30) — 4KB
• itriex-1031insidertradingp.htm (EX-10.31) — 89KB
• itriex-1032edcpplandocumen.htm (EX-10.32) — 992KB
• itriex-21112312023exhibit.htm (EX-21.1) — 28KB
• itriex-23112312023exhibit.htm (EX-23.1) — 2KB
• itriex-31112312023exhibit.htm (EX-31.1) — 11KB
• itriex-31212312023exhibit.htm (EX-31.2) — 11KB
• itriex-32112312023exhibit.htm (EX-32.1) — 6KB
• itriex-971compensationreco.htm (EX-97.1) — 29KB
• a2023iipa.jpg (GRAPHIC) — 46KB
• image_0a.jpg (GRAPHIC) — 19KB
• image_1a.jpg (GRAPHIC) — 126KB
• image_2a.jpg (GRAPHIC) — 96KB
• image_3a.jpg (GRAPHIC) — 2KB
• itri-20231231_g1.jpg (GRAPHIC) — 96KB
• itri-20231231_g2.jpg (GRAPHIC) — 126KB
• 0000780571-24-000006.txt (&nbsp;) — 17049KB
• itri-20231231.xsd (EX-101.SCH) — 89KB
• itri-20231231_cal.xml (EX-101.CAL) — 150KB
• itri-20231231_def.xml (EX-101.DEF) — 422KB
• itri-20231231_lab.xml (EX-101.LAB) — 1154KB
• itri-20231231_pre.xml (EX-101.PRE) — 791KB
• itri-20231231_htm.xml (XML) — 2582KB

: Risk Factors

Item 1A: Risk Factors 9

: Unresolved Staff Comments

Item 1B: Unresolved Staff Comments 22

: C ybersecurity

Item 1C: C ybersecurity 22

: Properties

Item 2: Properties 23

: L egal Proceedings

Item 3: L egal Proceedings 23

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 24 PART II

: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

: [Reserved]

Item 6: [Reserved] 26

: M anagement's Discussion and Analysis of Financial Condition and Results of Operations

Item 7: M anagement's Discussion and Analysis of Financial Condition and Results of Operations 27

: Quantitative and Qualitative Disclosures About Market Risk

Item 7A: Quantitative and Qualitative Disclosures About Market Risk 46

: Financial Statements and Supplementary Data

Item 8: Financial Statements and Supplementary Data 48 Report of Independent Registered Public Accounting Fir m (PCAOB ID No. 34 ) 48 Consolidated Statements of Operations 51 Consolidated Statements of Comprehensive Income (Loss) 52 Consolidated Balance Sheets 53 Consolidated Statements of Equity 54 Consolidated Statements of Cash Flows 55

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 56

: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 94

: Controls and Procedures

Item 9A: Controls and Procedures 94

: Other Information

Item 9B: Other Information 96

: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III

: Directors, Executive Officers and Corporate Governance

Item 10: Directors, Executive Officers and Corporate Governance 97

: Executive Compensation

Item 11: Executive Compensation 97

: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97

: Certain Relationships and Related Transactions, and Director Independence

Item 13: Certain Relationships and Related Transactions, and Director Independence 97

: Principal Accountant Fees and Services

Item 14: Principal Accountant Fees and Services 97 PART IV

: Exhibit and Financial Statement Schedules

Item 15: Exhibit and Financial Statement Schedules 99

SIGNATURES

SIGNATURES 103 Table of Contents In this Annual Report on Form 10-K, the terms "we", "us", "our", "Itron", and the "Company" refer to Itron, Inc. Certain Forward-Looking Statements This report contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this Annual Report on Form 10-K. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking s

: Business

Item 1: Business Available Information Documents we provide to the Securities and Exchange Commission (SEC) are available free of charge under the Investors section of our website at www.itron.com as soon as practicable after they are filed with or furnished to the SEC. In addition, these documents are available at the SEC's website ( http://www.sec.gov ). The information posted on or accessible through our website is not part of or incorporated by reference into this Annual Report. General Itron is a global leader in energy and water management, smart city applications, Industrial Internet of Things (IIoT) and intelligent infrastructure and related services. For utilities and cities, we build innovative systems, create new efficiencies, connect communities, encourage conservation and increase resourcefulness by helping our customers make the most of the energy and water they manage. By safeguarding invaluable natural resources, we seek to improve the quality of life for people around the world. Itron's proven platform enables smart networks, software, services, devices, and sensors to help our customers better manage their energy, water, and smart city operations. Our comprehensive offerings control, measure, monitor, and provide data analytics and services that enable utilities and municipalities to manage their critical resources responsibly and efficiently. We have over 40 years of experience supporting utilities and cities in the management of their data and critical infrastructure needs, and we have continuously innovated to move the industry forward. Incorporated in 1977 with a focus on meter reading services and technology, we entered the electricity meter manufacturing business with the acquisition of Schlumberger Electricity Metering in 2004. In 2007, we expanded our presence in global meter manufacturing and systems with the acquisition of Actaris Metering Systems SA. In 2017, we completed our acquisition of Comverge, which e nabled us to offe

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View this 10-K filing on SEC EDGAR