Business
ITURAN PRESENTS RECORD SUBSCRIBER GROWTH IN ITS RESULTS FOR THE FOURTH QUARTER & FULL YEAR OF 2021
44,000 net subscriber adds & double-digit revenue and EBITDA growth for Q4 & FY 2021 AZOUR, Israel, March 7, 2022 /PRNewswire/ -- Ituran Location and Control
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"44,000 net subscriber adds & double-digit revenue and EBITDA growth for Q4 & FY 2021\n\n\nAZOUR, Israel, March 7, 2022 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the fourth quarter of 2021.\nHighlights of full year 2021\nNumber of subscribers reached 1,881,000 at year-end; Revenue of $270.9 million, an increase of 10% year-over-year; EBITDA of $72.7 million, an increase of 56% year-over-year; Generated $55.8 million in full year operating cash flow; Year-end net cash and marketable securities of $23.3 million;Highlights of the fourth quarter of 2021\n44,000 net subscriber growth: net increase in aftermarket of 50,000 and net decrease in OEM of 6,000; Revenues of $70.4 million, an increase of 11% year-over-year; Net income was $9.6 million, an increase of 40% year-over-year; EBITDA of $18.9 million, up 14% year-over-year; Generated $16.0 million in quarterly operating cash flow; Declared dividend of $3 million and continued share buy-back program totaling $5.41 million in the quarter;Subscriber Growth Forecast in 2022\nManagement increases its subscriber base growth expectations to between 140,000 to 160,000, net over full year 2022. \nManagement Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"We are very pleased with our results and solid end to a strong year of growth in our subscriber base. While our traditional business continued to perform well, the acceleration in our subscriber growth was driven by the strong headway we made with our new growth engines, including UBI, finance customers, car rental companies, and growth in the United States.\"\nContinued Mr. Sheratzky, \"We continue to focus on enhancing our growth via the addition of new offerings and services, penetrating new market segments while taking advantage of the synergies across all our geographies. Looking ahead, our well-above average subscriber-base growth throughout 2021 positions us exceptionally well to build on our profitable growth in 2022 and beyond.\" \nFourth quarter 2021 Results\nRevenues for the fourth quarter of 2021 were $70.4 million, an increase of 11% compared with revenues of $63.6 million in the fourth quarter of 2020.\n69% of revenues were from location-based service subscription fees and 31% were from product revenues. \nRevenues from subscription fees were $48.8...