ITRON INC
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
ITRI$99.58-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| In thousands | 2023 | 2022 | 2021 |
| Operating activities | |||
| Net income (loss) | $98,318 | $(9,547) | $(78,298) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization of intangible assets | 55,763 | 66,763 | 84,153 |
| Non-cash operating lease expense | 16,454 | 16,257 | 17,107 |
| Stock-based compensation | 28,357 | 21,881 | 23,618 |
| Amortization of prepaid debt fees | 3,664 | 3,499 | 18,253 |
| Deferred taxes, net | (34,646) | (32,635) | (85,574) |
| Loss on sale of businesses | 667 | 3,505 | 64,289 |
| Loss on extinguishment of debt, net | — | — | 10,000 |
| Goodwill impairment | — | 38,480 | — |
| Restructuring, non-cash | 385 | (624) | 8,744 |
| Other adjustments, net | (169) | 11,678 | 2,930 |
| Changes in operating assets and liabilities, net of acquisitions and sale of businesses: | |||
| Accounts receivable | (19,494) | 5,064 | 60,242 |
| Inventories | (52,118) | (68,124) | (3,721) |
| Other current assets | (42,410) | (16,695) | 41,461 |
| Other long-term assets | 2,317 | (5,436) | 4,515 |
| Accounts payable, other current liabilities, and taxes payable | (43,657) | 45,085 | (23,330) |
| Wages and benefits payable | 44,700 | (21,749) | 30,915 |
| Unearned revenue | 28,329 | 18,466 | (29,366) |
| Warranty | (3,778) | (5,497) | (8,169) |
| Restructuring | 29,866 | (40,981) | 15,967 |
| Other operating, net | 12,423 | (4,890) | 1,058 |
| Net cash provided by operating activities | 124,971 | 24,500 | 154,794 |
| Investing activities | |||
| Net proceeds (payments) related to the sale of businesses | (772) | 55,933 | 3,142 |
| Acquisitions of property, plant, and equipment | (26,884) | (19,747) | (34,682) |
| Business acquisitions, net of cash and cash equivalents acquired | — | 23 | (8,670) |
| Other investing, net | 4,348 | 4,307 | 5,326 |
| Net cash provided by (used in) investing activities | (23,308) | 40,516 | (34,884) |
| Financing activities | |||
| Proceeds from borrowings | — | — | 460,000 |
| Payments on debt | — | — | (946,094) |
| Issuance of common stock | 3,674 | 3,452 | 5,080 |
| Proceeds from common stock offering | — | — | 389,419 |
| Proceeds from sale of warrants | — | — | 45,349 |
| Purchases of convertible note hedge contracts | — | — | (84,139) |
| Repurchase of common stock | — | (16,972) | (8,028) |
| Prepaid debt fees | (2,471) | (697) | (12,031) |
| Other financing, net | (4,711) | (4,520) | (2,443) |
| Net cash used in financing activities | (3,508) | (18,737) | (152,887) |
| Less: Cash classified within assets held for sale | — | — | (9,750) |
| Effect of foreign exchange rate changes on cash and cash equivalents | 1,887 | (6,851) | (1,627) |
| Increase (decrease) in cash and cash equivalents | 100,042 | 39,428 | (44,354) |
| Cash and cash equivalents at beginning of period | 202,007 | 162,579 | 206,933 |
| Cash and cash equivalents at end of period | $302,049 | $202,007 | $162,579 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the period for: | |||
| Income taxes, net | $54,550 | $11,915 | $7,073 |
| Interest | 1,832 | 1,622 | 8,983 |
| Non-cash operating, investing and financing activities: | |||
| Deferred tax on purchase of convertible note hedge contracts | — | — | 20,563 |
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