Itron, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Itron, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and company information.</b>

AI Summary

ITRON, INC. (ITRI) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Itron, Inc. reported financial results for the quarter ended March 31, 2024. The filing is a 10-Q, indicating a quarterly report. The company's principal business is Instruments for Measurement and Testing of Electricity & Electric Signals. Itron, Inc. is incorporated in Washington state. The filing includes detailed financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking ITRON, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for Itron, Inc., crucial for assessing the company's current health and future prospects. Understanding the segment revenues and changes in equity accounts will offer insights into the company's operational performance and financial structure.

Risk Assessment

Risk Level: low — ITRON, INC. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial disclosures, not indicating any immediate or significant adverse events.

Analyst Insight

Review the detailed financial statements and segment data within the 10-Q to understand revenue trends and changes in the company's financial position.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 10-Q — Form Type (Conformed submission type)
• 1934 Act — SEC Act (SEC Act)

Key Players & Entities

• ITRON, INC. (company) — Filer name
• 0000780571 (company) — Central Index Key
• 20240331 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• WA (location) — State of incorporation
• 3825 (industry) — Standard Industrial Classification
• LIBERTY LAKE (location) — Business address city
• 5099249900 (phone) — Business phone

FAQ

Industry Context

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

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze revenue breakdown by product and service segments for Q1 2024.
2. Review changes in equity accounts (Common Stock, Retained Earnings, etc.) from the previous quarter and year.
3. Note any specific disclosures related to standby letters of credit.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• itri-20240331.htm (10-Q) — 1524KB
• itriex-31103312024.htm (EX-31.1) — 11KB
• itriex-31203312024.htm (EX-31.2) — 11KB
• itriex-32103312024.htm (EX-32.1) — 7KB
• itri-20240331_g1.jpg (GRAPHIC) — 96KB
• 0000780571-24-000010.txt (&nbsp;) — 8982KB
• itri-20240331.xsd (EX-101.SCH) — 58KB
• itri-20240331_cal.xml (EX-101.CAL) — 92KB
• itri-20240331_def.xml (EX-101.DEF) — 300KB
• itri-20240331_lab.xml (EX-101.LAB) — 685KB
• itri-20240331_pre.xml (EX-101.PRE) — 515KB
• itri-20240331_htm.xml (XML) — 1397KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: Financial Statements (Unaudited)

Item 1: Financial Statements (Unaudited) Consolidated Statements of Operations 1 Consolidated Statements of Comprehensive Income (Loss) 2 Consolidated Balance Sheets 3 Consolidated Statements of Equity 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6

: Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 25

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 43

: Controls and Procedures

Item 4: Controls and Procedures 44

: OTHER INFORMATION

PART II: OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 45

: Risk Factors

Item 1A: Risk Factors 45

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 45

: Other Information

Item 5: Other Information 45

: Exhibits

Item 6: Exhibits 46 SIGNATURE 47 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: Financial Statements (Unaudited)

Item 1: Financial Statements (Unaudited) ITRON, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, In thousands, except per share data 2024 2023 Revenues Product revenues $ 527,822 $ 416,324 Service revenues 75,620 78,294 Total revenues 603,442 494,618 Cost of revenues Product cost of revenues 356,707 297,343 Service cost of revenues 41,356 40,907 Total cost of revenues 398,063 338,250 Gross profit 205,379 156,368 Operating expenses Sales, general and administrative 85,971 75,521 Research and development 52,401 49,565 Amortization of intangible assets 3,986 5,048 Restructuring 198 36,609 Loss on sale of business 23 18 Total operating expenses 142,579 166,761 Operating income (loss) 62,800 ( 10,393 ) Other income (expense) Interest income 3,846 1,818 Interest expense ( 1,893 ) ( 2,057 ) Other income (expense), net 463 ( 1,475 ) Total other income (expense) 2,416 ( 1,714 ) Income (loss) before income taxes 65,216 ( 12,107 ) Income tax benefit (provision) ( 13,429 ) 70 Net income (loss) 51,787 ( 12,037 ) Net income (loss) attributable to noncontrolling interests 66 ( 201 ) Net income (loss) attributable to Itron, Inc. $ 51,721 $ ( 11,836 ) Net income (loss) per common share - Basic $ 1.13 $ ( 0.26 ) Net income (loss) per common share - Diluted $ 1.12 $ ( 0.26 ) Weighted average common shares outstanding - Basic 45,652 45,281 Weighted average common shares outstanding - Diluted 46,357 45,281 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents ITRON, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, In thousands 2024 2023 Net income (loss) $ 51,787 $ ( 12,037 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments ( 10,851 ) 7,225 Pension benefit obligation adjustment ( 57 ) ( 106 ) Total other comprehensive income (loss), net of tax ( 1

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (UNAUDITED) In this Quarterly Report on Form 10-Q, the terms "we", "us", "our", "Itron", and the "Company" refer to Itron, Inc. and its subsidiaries. Note 1: Summary of Significant Accounting Policies Financial Statement Preparation The consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited and reflect entries necessary for the fair presentation of the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023, the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, and the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, of Itron, Inc. and its subsidiaries. All entries required for the fair presentation of the financial statements are of a normal recurring nature, except as disclosed. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the full year or for any other period. Certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been partially or completely omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim results. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2023 filed with the SEC in our Annual Report on Form 10-K on February 26, 2024 (2023 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2023. Restricted Cash and Cash Equivalents Cash and cash equivalents th

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