Record-Breaking Financial Performance
During the third quarter, Itron set new records for margins, profit, and free cash flow. Adjusted EBITDA was $97 million, non-GAAP earnings per share were $1.54, and free cash flow was $113 million.
Expansion in Distributed Intelligence
Distributed intelligence-enabled endpoints topped 16 million deployed by the end of the third quarter, with licensed DI applications growing 119% year-over-year to $20 million.
Acquisition of Urbint
Itron announced the acquisition of Urbint, a SaaS-based business that complements its portfolio with solutions for emergency preparedness and response, damage prevention, and worker safety.
Strong Outcomes Segment Growth
The Outcomes segment grew 11% year-over-year, driven by higher recurring revenue, with outcomes-related bookings leading relative backlog growth across the company's segments.
Strong Cash Position and Liquidity
Total debt was $1.265 billion, and cash and equivalents were $1.332 billion. The company also increased its revolving line of credit to $750 million, maturing in 2030.