Business
ITURAN PRESENTS RECORD SUBSCRIBER GROWTH, RECORD REVENUE & RECORD EBITDA IN ITS FULL YEAR 2022 RESULTS
Subscriber-adds in Q4 of 46,000 and 185,000 for FY 2022Expects recent strong subscriber growth to contribute to accelerated growth in 2023 AZOUR, Israel, Feb.
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"Subscriber-adds in Q4 of 46,000 and 185,000 for FY 2022Expects recent strong subscriber growth to contribute to accelerated growth in 2023 \nAZOUR, Israel, Feb. 28, 2023 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the fourth quarter and full year of 2022.\nHighlights of full year 2022\nNumber of subscribers reached 2,066,000 at year-end adding a record 185,000 over the year; Surpassed the milestone of 2 million subscribers;Record revenue of $293.1 million, an increase of 8% year-over-year;Net income of $37.1, an increase of 8% year-over-year;Record EBITDA of $78.9 million, an increase of 9% year-over-year;Generated $45.1 million in full year operating cash flow;Year-end net cash and marketable securities of $16.0 million;Returns to shareholders: issued $12 million in dividends and bought back shares in the amount of $8.4 million during the year;Highlights of the fourth quarter of 2022\n46,000 net subscriber growth: net increase in aftermarket of 44,000 and net increase in OEM of 2,000;Revenues of $74.9 million, an increase of 7% year-over-year;Net income was $9.6 million, similar to that of last year;EBITDA of $20.6 million, up 9% year-over-year;Generated $15.9 million in quarterly operating cash flow;Declared dividend of $3 million and continued share buy-back program totaling $3 million in the quarter;Subscriber Growth Forecast in 2023\nManagement's expectations for the growth rate of the global after-market subscriber base in 2023 at between 180,000 to 200,000, net new subscribers-adds.\nManagement Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"2022 was a good year for Ituran and sets us exceptionally well for 2023 and beyond. We expect that 2023 is the year that we will increasingly enjoy the fruits of efforts over the past two years which led us to approximately doubling the quarterly net-adds and growth in our subscriber base. This has been a culmination of our adding new and attractive products and services, focused on bringing strong value and meeting our customer's needs as well as harvesting the synergies of our 2 million-plus subscriber base across all our geographies.\"\nContinued Mr. Sheratzky, \"We are very happy with the 2022 financial results, showing continued growth, and record revenue and record EBITDA. We also demonstrated our hig...