Business
Ituran Location and Control Ltd. Presents Results for the Second Quarter Of 2019
AZOUR, Israel, Aug. 28, 2019 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today announced its consolidated financial results
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"AZOUR, Israel, Aug. 28, 2019 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today announced its consolidated financial results for the second quarter ended June 30, 2019.\nHighlights of the second quarter of 2019\nNon-GAAP revenue of $72.2 million, up 25% year-over-year; Adjusted EBITDA of $20.6 million (28.5% of revenues), up 15% year-over-year Generated $16.3 million in quarterly operating cash flow; Dividend of $5 million declared for the quarter; Ituran added 21,000 net after-market subscribers; Second insurance company signed for Ituran's UBI (usage based insurance) in Israel;Management Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"We are very pleased that our aftermarket subscriber quarterly growth rate has jumped back above the 20,000 range for the first time in five quarters. This is a sign that our aftermarket business is now back to its strong performance trend. As this is the more profitable part of our business, we believe our stronger aftermarket subscriber growth will translate into improved operating results in the coming quarters, and more prominently in 2020.\" \nContinued Mr. Sheratzky, \"We are pleased with the progress and momentum that our UBI offering is making. We recently signed our second customer in Israel, Shlomo Insurance, and we expect to bring additional customers in the coming months. This offering has significant potential for Ituran and represents an additional growth engine for us.\"\nConcluded Mr. Sheratzky, \"We are working hard at integrating and extracting synergies from the new geographies we have penetrated through Road Track. We see strong cross selling opportunities and we expect this to positively impact our results in the future.\" \nThe results below also include consolidated non-GAAP financial results of Ituran, which exclude revenues and costs related to the purchase price allocation. For further details with regard to the reconciliation between the non-GAAP and GAAP results please see the financial tables with the press release.\nSecond Quarter 2019 Results\nRevenues for the second quarter of 2019 were $71.2 million. Non-GAAP revenues for the quarter were $72.2 million representing an increase of 25% compared with revenues of $57.7 million in the second quarter of 2018.\nThe significantly higher average level of the US dollar exchange rate versus ...