On this page of StockholderLetter.com we present the 3/19/2024 shareholder letter from ITRON, INC. — ticker symbol ITRI. Reading current and past ITRI letters to shareholders can bring important insights into the investment thesis.

 •  3/19/2024 Letter Continued (Full PDF)
 •  3/21/2023 ITRI Stockholder Letter
 •  3/24/2025 ITRI Stockholder Letter
 •  3/23/2026 ITRI Stockholder Letter
 •  More "Electronic Equipment & Products" Category Stockholder Letters
 •  ITRI Benford's Law Stock Score = 100

ITRI 3/19/2024 Shareholder/Stockholder Letter Transcript:

WE CREATE A MORE
RESOURCEFUL
WORLD
WE CREATE A
MORE
RESOURCEFUL WORLD

TO OUR SHAREHOLDERS,
YEAR IN REVIEW
Itron stands at the forefront of a rapidly
In 2023, Itron delivered signi   cantly improved
changing world where the challenges of
results with year-over-year revenue growth of
escalating energy demand and water scarcity
21% and annual record revenue for our Network
are more pressing than ever.
Solutions and Outcomes segments. Gross
Utilities are experiencing increased demand
and expectations for services driven in part by
the electri   cation of transportation, an in   ux
of distributed energy resources (DERs) and
rapidly accelerating data center growth. These
trends, combined with the impacts of extreme
weather, aging infrastructure, increasing
margin expanded consistently through the year,
while we continued to earn high quality business
awards to end 2023 with approximately 4.5
billion in backlog. Adjusted EBITDA increased
137% to $225.6 million and non-GAAP diluted
earnings per share (EPS) grew by $2.23 to
$3.36 per diluted share.
consumer expectations and bold sustainability
During 2023, our team delivered strong
goals, are driving grid complexity and
operational execution, improved supply chain
pressuring utilities and cities. Itron provides
balance and secured robust customer awards
innovative technology and solutions that are
to produce signi   cantly improved results.
designed to address these growing trends.
As our customers face increasing grid
As a proven global leader in the Industrial
complexity, demand for our Grid Edge
Internet of Things (IIoT) with one of the largest
Intelligence solutions remains high. Customers
connected platforms and installed bases in
like Alectra Utilities and Eversource are
the energy, water and smart city sectors, Itron
turning to Itron to modernize and improve
is enabling the transition to more ef   cient
their electric grid. Abbanoa began to deploy
and sustainable energy and water delivery.
Itron   s Intelis    wSource    smart water meters
Together with our customers and partners,
to support more responsible and sustainable
Itron is leading the effort to provide utilities
water usage. Itron also achieved a milestone
with greater visibility and control at the edge
by delivering its 1 millionth Intelis   
of their distribution networks. Our expertise in
ultrasonic smart gas meter. Tampa Electric
delivering intelligently connected solutions and
continues to adopt grid edge intelligence,
data analytics software enables our customers
most recently through the deployment of
to address their challenges in a cost-effective,
location awareness solutions at scale.
scalable way.

The magnitude and diversity of bookings in
ENABLING EDGE INTELLIGENCE
2023 re   ects the breadth of unmet needs of
As the grid becomes more dynamic and
utilities around the world. Our customers are
complex than ever before, Itron   s leadership
faced with ensuring the resilient, reliable and
in providing grid edge intelligence, data
sustainable delivery of energy and water, and
insights, analytics and automation is essential
governments around the world are moving in
to our customers    success. Our solutions
support. Policies, such as the Infrastructure
address this complexity head on and support
Investment and Jobs Act and FERC Order
our customers    efforts to modernize critical
No. 2222 in the U.S. and NEM 2025 Reform
infrastructure.
Program in Australia, underscore the growing
focus on utility infrastructure and create
business opportunities for Itron.
Itron continues to invent new ways for utilities
and cities to work together to cost-effectively
leverage intelligent grid edge infrastructure,
Itron is advancing sustainability initiatives, and
apply the latest machine learning and arti   cial
our offerings helped customers avoid at least
intelligence to deliver multiple services and
180x more carbon than Itron   s own operations
applications on a reliable, resilient network.
generated in 2022, our most recent period
of measurement. We are well on our way
to achieving our committed results, helping
to address climate disruption by reducing
our own carbon emissions by at least 50%
by 2028   and ultimately achieve net zero
It   s a new era for Itron in delivering enhanced
intelligence to create a more resourceful world.
Protecting the world   s resources is what we
do. By operating with integrity in all that we
do, we do the right thing for our business, our
customers, our shareholders and our planet.
emissions by 2050.
We are also committed to cultivating a
Sincerely,
workplace culture where all employees thrive.
We are proud to be recognized for fostering
a positive workplace in U.S. News and World
Thomas L. Deitrich
Report   s list of Best Companies to Work For in
President and Chief Executive Of   cer
2024 as well as Newsweek   s lists of America   s
Greatest Workplaces of 2023, Greatest
Workplaces for Diversity 2023 and Greatest
Workplaces for Parents & Families 2023.

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3/19/2024 Letter Continued (Full PDF)

 

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