Slide 1: Fourth Quarter 2024 Earnings Conference Call
Fourth Quarter 2024 Earnings Conference Call Tom Deitrich – President and Chief Executive Officer Joan Hooper – Senior Vice President and Chief Financial Officer Paul Vincent – Vice President, Investor Relations ©2025 ITRON CONFIDENTIAL PROPRIETARY February 25, 2025
Slide 2: Conference Call Agenda
Conference Call Agenda • CEO – Business and Operations Update • CFO – Financial Results and 2025 Outlook • Q&A
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation 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 h
Slide 4: Fourth Quarter and Full Year 2024 Financial Summary
Fourth Quarter and Full Year 2024 Financial Summary » Q4 revenue of $613 million and FY revenue of $2.4 billion » Q4 adjusted EBITDA of $81 million and FY adjusted EBITDA of $324 million » Q4 non-GAAP diluted EPS of $1.35 and FY non-GAAP diluted EPS of $5.62 » Q4 free cash flow of $70 million and FY
Slide 5: Fourth Quarter 2024 Performance Highlights
Fourth Quarter 2024 Performance Highlights » Financial results above expectations » Record quarterly bookings of $1.4 billion » Record backlog of $4.7 billion » Pipeline of opportunities remains strong » Continued adoption of grid edge intelligence platform ©2025 ITRON CONFIDENTIAL PROPRIETARY Q4 20
Slide 6: Bookings and Backlog
Bookings and Backlog » Q4 2024 bookings of $1.4B ▪ Book to bill of 2.29 ▪ Record quarterly bookings » FY 2024 bookings of $2.7B ▪ Book to bill of 1.11 » Ending backlog of $4.7B ▪ Record backlog - Chart in US$ billions, the revenue from Q4’24 12-month backlog may vary based on actual currency rates a
Slide 7: Consolidated GAAP Results: Q4 2024
Consolidated GAAP Results: Q4 2024 $ in millions (except per share amounts) Q4 2024 Q4 2023 Change Revenue $612.9 $577.2 6% Change in constant currency 6% Gross margin 34.9% 34.0% 90 bps Operating income $62.7 $49.3 27% Net income attributable to Itron, Inc. $58.1 $44.4 31% Earnings per share – dilu
Slide 8: Consolidated Non-GAAP & Cash Results: Q4 2024
Consolidated Non-GAAP & Cash Results: Q4 2024 $ in millions (except per share amounts) Q4 2024 Q4 2023 Change Non-GAAP operating income $70.6 $60.9 16% Non-GAAP operating margin 11.5% 10.6% 90 bps Non-GAAP net income attributable to Itron, Inc. $62.2 $56.7 10% Adjusted EBITDA $81.4 $68.4 19% Adjuste
Slide 9: Revenue Year-Over-Year Bridge: Q4 2024
Revenue Year-Over-Year Bridge: Q4 2024 (5)% +6% +25% +6% Chart in millions and includes rounding. Segment changes in constant currency. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q4 2024 Earnings Conference Call | 9
Slide 10: Non-GAAP EPS Year-Over-Year Bridge: Q4 2024
Non-GAAP EPS Year-Over-Year Bridge: Q4 2024 US$ per share Quarterly totals reflect actual currencies; all variances other than FX exclude currency impact. Chart includes rounding. ©2025 ITRON CONFIDENTIAL PROPRIETARY Q4 2024 Earnings Conference Call | 10
Slide 11: Device Solutions Segment: Q4 2024
Device Solutions Segment: Q4 2024 Revenue, gross margin and operating margin $ in millions, actual currency Revenue decreased (4%) and (5%) in constant currency » Decrease in legacy electricity products Gross margin decreased (30) bps » Product mix Operating margin increased 240 bps » Lower operatin
Slide 12: Networked Solutions Segment: Q4 2024
Networked Solutions Segment: Q4 2024 Revenue, gross margin and operating margin $ in millions, actual currency Revenue increased 6% » Increased new project deployments » Strong execution in meeting customer demand Gross margin increased 10 bps » Favorable product mix Operating margin decreased (30)
Slide 13: Outcomes Segment: Q4 2024
Outcomes Segment: Q4 2024 Revenue, gross margin and operating margin $ in millions, actual currency Revenue increased 25% » Increase in software and services » Record quarterly revenue Gross margin increased 420 bps » Higher margin revenue mix Operating margin increased 290 bps » Fall through of hig
Slide 14: Full Year 2024 Summary
Full Year 2024 Summary Revenue Year-Over-Year Bridge 1 +4% +14% +17% +12% » Revenue of $2.44B up 12% from 2023 » Bookings of $2.7B » Gross margin of 34.4% * » Adj EBITDA of $324M * » Non-GAAP EPS of $5.62 * Non-GAAP EPS Year-Over-Year Bridge 2 » Free cash flow of $208M * * Annual records 1. Chart in
Slide 15: Debt and Liquidity Overview: December 31, 2024
Debt and Liquidity Overview: December 31, 2024 US$M Debt » Net leverage 0.7x at end of Q4 2024 » $460M 0% interest convertible notes, 2026 maturity » $805M 1.375% interest convertible notes, 2030 maturity Free Cash Flow and Liquidity » FY24 free cash flow of $208M » Cash and equivalents of $1.05B »
Slide 16: 2025 Current Outlook
2025 Current Outlook Revenue of $2.4 - $2.5 billion » Roughly flat Y/Y at the midpoint » Normalized for $125 million supply chain catch-up in 2024, ~6% Y/Y growth at the midpoint Non-GAAP diluted EPS of $5.20 - $5.60 » At the midpoint, down -$0.22 or -4% vs. 2024 (lower 16% tax rate in 2024) » Norma
Slide 17: Q1 2025 Current Outlook
Q1 2025 Current Outlook Revenue of $610 - $620 million » At the midpoint, up $12M or 2% vs. Q1 2024 Non-GAAP diluted EPS of $1.25 - $1.35 » At the midpoint, up $0.06 or 5% vs. Q1 2024 » Normalized at 25% tax rate for both years, ~14% growth at the midpoint ©2025 ITRON CONFIDENTIAL PROPRIETARY Q4 202
Slide 18: Appendix
Appendix
Slide 19: Consolidated GAAP Results: FY 2024
Consolidated GAAP Results: FY 2024 $ in millions (except per share amounts) FY 2024 FY 2023 Change Revenue $2,440.8 $2,173.6 12% Growth in constant currency 12% Gross margin 34.4% 32.8% 160 bps Operating income $264.1 $128.9 105% Net income attributable to Itron, Inc. $239.1 $96.9 147% Earnings per
Slide 20: Consolidated Non-GAAP & Cash Results: FY 2024
Consolidated Non-GAAP & Cash Results: FY 2024 $ in millions (except per share amounts) FY 2024 FY 2023 Change Non-GAAP operating income $285.9 $192.6 48% Non-GAAP operating margin 11.7% 8.9% 280 bps Non-GAAP net income attributable to Itron, Inc. $259.8 $153.8 69% Adjusted EBITDA $323.6 $225.6 43% A
Slide 21: Device Solutions Segment: FY 2024
Device Solutions Segment: FY 2024 Revenue, gross margin and operating margin $ in Millions, actual currency Revenue increased 5% and 4% in constant currency » Growth in smart water sales Gross margin up 270 bps » Favorable product mix Operating margin up 520 bps » Fall through of higher gross profit
Slide 22: Networked Solutions Segment: FY 2024
Networked Solutions Segment: FY 2024 Revenue, gross margin and operating margin $ in Millions, actual currency Revenue increased 14% » New projects ramps and ongoing deployments » Supply chain recovery and strong execution » Record annual revenue Gross margin up 170 bps » Volume and operational effi
Slide 23: Outcomes Segment: FY 2024
Outcomes Segment: FY 2024 Revenue, gross margin and operating margin $ in Millions, actual currency Revenue increased 17% » Increase in software and services » Record annual revenue Gross margin down (290) bps » Lower margin revenue mix » Increased services costs Operating margin down (230) bps » Fa
Slide 24: FX Impact Summary
FX Impact Summary $ in Millions Average USD/Euro: Average USD/Euro: $1.07 Q4 2024 vs $1.08 Q4 2023 $1.08 FY 2024 vs $1.08 FY 2023 YoY YoY Change YoY YoY Change Revenue Q4 2024 Revenue FY 2024 Change Excluding Change Excluding FX FX Device Solutions $ 108.5 (4.4)% (4.5)% Device Solutions $ 476.6 4.6
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operatin
Slide 26: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES TOTAL COMPANY RECONCILIATIONS Three Months Ended December 31, Twelve Months Ended December 31, (Unaudited, in thousands, except per share data) 2024 202
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES TOTAL COMPANY RECONCILIATIONS Three Months Ended December 31, Twelve Months Ended December 31, (Unaudited, in thousands, except per share data) 2024 202
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES TOTAL COMPANY RECONCILIATIONS Three Months Ended December 31, Twelve Months Ended December 31, (Unaudited, in thousands, except per share data) 2024 202
Slide 29: Thank You
INVESTOR RELATIONS CONTACTS Paul Vincent Vice President, Investor Relations 512-560-1172 paul.vincent@itron.com David Means Director, Investor Relations 737-242-8448 david.means@itron.com Thank You