Itron Investor Presentation
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 operating income, non-
GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, free cash flow, and
constant currency. We provide these non-GAAP financial measures because we believe they provide
greater transparency and represent supplemental information used by management in its financial and
operational decision making. We exclude certain costs in our non-GAAP financial measures as we
believe the net result is a measure of our core business. We believe these measures facilitate
operating performance comparisons from period to period by eliminating potential differences caused
by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP
basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute
for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to
review our financial statements and publicly-filed reports in their entirety and not to rely on any single
financial measure. Our non-GAAP financial measures may be different from those reported by other
companies. A more detailed discussion of why we use non-GAAP financial measures, the limitations of
using such measures, and reconciliations between non-GAAP and the nearest GAAP financial
measures are included our quarterly press release.
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ITRI Itron Investor Presentation - February 2023
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