<SEC-DOCUMENT>0001157523-18-000451.txt : 20180228
<SEC-HEADER>0001157523-18-000451.hdr.sgml : 20180228
<ACCEPTANCE-DATETIME>20180228160702
ACCESSION NUMBER:		0001157523-18-000451
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180222
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180228
DATE AS OF CHANGE:		20180228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ITRON INC /WA/
		CENTRAL INDEX KEY:			0000780571
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				911011792
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22418
		FILM NUMBER:		18651126

	BUSINESS ADDRESS:	
		STREET 1:		2111 N MOLTER ROAD
		CITY:			LIBERTY LAKE
		STATE:			WA
		ZIP:			99019
		BUSINESS PHONE:		5099249900

	MAIL ADDRESS:	
		STREET 1:		2111 N MOLTER ROAD
		CITY:			LIBERTY LAKE
		STATE:			WA
		ZIP:			99019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITRON INC
		DATE OF NAME CHANGE:	19920724
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>a51766354.htm
<DESCRIPTION>ITRON, INC. 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br>
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      <br>
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>February 22, 2018</b>
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            Date of Report (Date of Earliest Event Reported)
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>ITRON, INC.</b>
          </p>
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            (Exact Name of Registrant as Specified in its Charter)
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            <b>Washington</b>
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          &#160;
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            <b>000-22418</b>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>91-1011792</b>
          </p>
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction<br>of Incorporation)
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            (Commission File No.)
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer<br>Identification No.)
          </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2111 N. Molter Road, Liberty Lake, WA&#160;&#160;99019</b>
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of Principal Executive Offices, Zip Code)
          </p>
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    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(509) 924-9900</b>
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant&#8217;s Telephone Number, Including Area Code)
          </p>
        </td>
      </tr>
    </table>
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    <p style="text-align: left">

    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (Former Name or Former Address, if Changed Since Last Report)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: justify">
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
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      <font style="font-family: Times New Roman; font-size: 10pt">Written
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      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
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    <p style="text-align: justify">
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
      &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
      &#167;240.12b-2).
    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Emerging growth company
          </p>
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          <p style="font-size: 10pt; font-family: Times New Roman">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            If an emerging growth company, indicate by check mark if the
            registrant has elected not to use the extended transition period
            for complying with any new or revised &#64257;nancial accounting
            standards provided pursuant to Section 13(a) of the Exchange Act.
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 3%; text-align: right" valign="bottom">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
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    <p style="text-align: left">

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    <p>

    </p>
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    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; width: 10%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.02</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Results of Operations and Financial Condition.</b>
          </p>
        </td>
      </tr>
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        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
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        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            On February 28, 2018, Itron Inc. issued a press release announcing
            its financial results for the three months and full year ended
            December 31, 2017. A copy of this press release and accompanying
            financial statements are attached as Exhibit 99.1.
          </p>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.05</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Costs Associated with Exit or Disposal Activities.</b>
          </p>
        </td>
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          &#160;
        </td>
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        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            On February 22, 2018, our Board of Directors (&#8220;Board&#8221;) approved a
            restructuring plan (the &#8220;2018 Projects&#8221;). The 2018 Projects will
            include activities that continue our efforts to optimize our
            global supply chain and manufacturing operations, product
            development, and sales and marketing organizations.&#160;&#160;We expect to
            substantially complete the plan by the end of 2020. We estimate
            pre-tax restructuring charges of $100 million to $110 million with
            approximately 20% related to closing or consolidating facilities
            and non-manufacturing operations and approximately 80% associated
            with severance and other one-time termination benefits. Of the
            total estimated charge, approximately 95% will result in cash
            expenditures. We expect to record the majority of the charges in
            the first quarter of 2018. The 2018 Projects are expected to
            result in approximately $45 million to $50 million of annualized
            savings when substantially complete.
          </p>
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            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Many of our employees are represented by unions or works councils,
            which requires consultation, and potential restructuring projects
            may be subject to regulatory approval, both of which could impact
            the timing of planned savings in certain jurisdictions.
          </p>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 5.02</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Departure of Directors or Principal Officers; Election of
            Directors; Appointment of Principal Officers.</b>
          </p>
        </td>
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        </td>
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          &#160;
        </td>
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        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            On February 22, 2018, Kirby Dyess and Peter Mainz, each members of
            the Board, informed the Board that they will not stand for
            re-election and will retire at the Company&#8217;s next annual general
            meeting in the second quarter of 2018. Ms. Dyess also serves as a
            member of the Corporate Governance Committee and the Compensation
            Committee. Mr. Mainz also serves as a member of the Compensation
            Committee and the Value Enhancement Committee. The Company would
            like to thank each of Ms. Dyess and Mr. Mainz for their many
            contributions to the Company and wish them the best in their
            future endeavors.&#160;&#160;Upon their departures from the Board, the Board
            will be reduced from eleven to nine members at the next annual
            general meeting.
          </p>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 9.01</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 30.0px; white-space: nowrap; text-align: justify">
      (d)&#160;&#160;Exhibits.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
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          Exhibit Number
        </td>
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          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 90%; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Description
          </p>
        </td>
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        </td>
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          &#160;
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        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 8%; white-space: nowrap; text-align: left" valign="top">
          99.1
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 90%" valign="top">
          Press Release dated February 28, 2018.*
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>
      *&#160;&#160;This exhibit is intended to be furnished and shall not be deemed
      &quot;filed&quot; for purposes of the Exchange Act.
    </p>
    <p style="white-space: nowrap">

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          <hr style="color: black; height: 1.5pt">

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    </div>
    <p>

    </p>
    <p>
      The information presented in this Current Report on Form 8-K may contain
      forward-looking statements within in the meaning of the Private
      Securities Litigation Reform Act of 1995.&#160;&#160;These statements relate to
      our expectations about revenues, operations, financial performance,
      earnings, earnings per share, cash flows and other financial results.
      Although we believe the estimates and assumptions upon which these
      forward-looking statements are based are reasonable, any of these
      estimates or assumptions could prove to be inaccurate and the
      forward-looking statements based on these estimates and assumptions
      could be incorrect. Our operations involve risks and uncertainties, many
      of which are outside our control, and any one of which, or a combination
      of which, could materially affect our results of operations and whether
      the forward-looking statements ultimately prove to be correct. Actual
      results and trends in the future may differ materially from those
      suggested or implied by the forward-looking statements depending on a
      variety of factors. Some of the factors that we believe could affect our
      results include our ability to execute on our restructuring plan, our
      ability to achieve estimated cost savings, the rate and timing of
      customer demand for our products, rescheduling of current customer
      orders, changes in estimated liabilities for product warranties, adverse
      impacts of litigation, changes in laws and regulations, our dependence
      on new product development and intellectual property, future
      acquisitions, changes in estimates for stock-based and bonus
      compensation, increasing volatility in foreign exchange rates,
      international business risks and other factors that are more fully
      described in our Annual Report on Form 10-K for the year ended December
      31, 2016 and other reports on file with the Securities and Exchange
      Commission. The Company undertakes no obligation to update this
      information.
    </p>
    <p>

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        <div style="text-align: center">

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        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font>
    </p>
    <p style="text-align: left">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned, hereunto duly authorized.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ITRON, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
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        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: left; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated: February 28, 2018
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 5%; text-align: left; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 45%; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Joan S. Hooper
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Joan S. Hooper
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Exhibit<br>Number
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 3%; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 10.0px; width: 85%; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Description
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; padding-left: 10.0px; width: 12%; white-space: nowrap; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51766354ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 10.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51766354ex99_1.htm">Press release dated February 28,
            2018.*</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>
      *&#160;&#160;This exhibit is intended to be furnished and shall not be deemed
      &quot;filed&quot; for purposes of the Exchange Act.
    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51766354ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Itron
      Announces Fourth Quarter and Full Year 2017 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Fourth
      Quarter Revenue Increased 11 Percent Driven by Strength in Smart
      Solutions</b></font></i>
    </p>
    <p>
      LIBERTY LAKE, Wash.--(BUSINESS WIRE)--February 28, 2018--Itron, Inc.
      (NASDAQ:ITRI) announced today financial results for its fourth quarter
      and full year ended Dec.&#160;31, 2017. Highlights for the quarter and full
      year include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Quarterly and full year revenue of $551 million and $2.0 billion;
      </li>
      <li style="margin-bottom: 10.0px">
        Quarterly and full year gross margin of 31.7 percent and 33.5 percent;
      </li>
      <li style="margin-bottom: 10.0px">
        Quarterly and full year GAAP net income of $2 million and $57 million,
        which include a charge of $30 million associated with the Tax Cut and
        Jobs Act (&quot;Tax Act&quot;);
      </li>
      <li style="margin-bottom: 10.0px">
        Quarterly and full year GAAP diluted earnings per share of $0.05 and
        $1.45, which include the impact of $0.77 per share associated with the
        Tax Act; and
      </li>
      <li style="margin-bottom: 10.0px">
        Quarterly and full year non-GAAP diluted earnings per share of $1.01
        and $3.06, which exclude the charge associated with the Tax Act.
      </li>
      <li style="margin-bottom: 10.0px">
        The acquisition of Silver Spring Networks closed on Jan. 5, 2018 and
        will operate and report as a new Itron Networks segment.
      </li>
    </ul>
    <p>
      &#8220;Our fourth quarter results reflect strong execution of our strategy as
      we delivered year-over-year growth in revenue and non-GAAP earnings per
      share,&quot; said Philip Mezey, Itron president and chief executive
      officer.&#160;&quot;The progress we made in the quarter and throughout 2017
      provides a solid foundation for 2018 as we optimize our operations and
      integrate Silver Spring Networks. The integration is progressing as
      planned with active collaboration across our team, a powerful sense of
      our shared mission and values and positive support from customers and
      partners.&quot;
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Summary of Fourth Quarter Consolidated Financial Results</b>
    </p>
    <p>
      (All comparisons made are against the prior year period unless otherwise
      noted)
    </p>
    <p>
      <u>Revenue</u>
    </p>
    <p>
      Total revenue of $551 million increased 11 percent, or 8 percent
      excluding the impact of changes in foreign currency exchange rates,
      compared with the fourth quarter of 2016, driven by strong smart
      solution business and managed services.
    </p>
    <p>
      By segment, Electricity revenue increased 20 percent driven by higher
      smart solution deliveries primarily in North America and Europe, Middle
      East and Africa (EMEA) regions. Gas and Water revenue increased 2
      percent and 3 percent, respectively, primarily due to a favorable impact
      from changes in foreign currency exchange rates.
    </p>
    <p>
      <u>Gross Margin</u>
    </p>
    <p>
      Consolidated gross margin of 31.7 percent increased 10 basis points
      compared with the fourth quarter of 2016, driven by higher volume and
      mix of smart solutions primarily in the Electricity segment, offsetting
      lower gross margins in the Gas and Water segments.
    </p>
    <p>
      <u>Operating Income, Net Income and Earnings per Share (EPS)</u>
    </p>
    <p>
      GAAP operating income increased to $47 million compared with $31 million
      in the fourth quarter of 2016. Non-GAAP operating income increased to
      $55 million compared with $45 million in 2016. GAAP and non-GAAP
      operating income improved due to increased revenue at a higher gross
      margin, offsetting modest increases in operating expenses to support new
      solutions.
    </p>
    <p>
      GAAP net income attributable to Itron for the quarter was $2 million, or
      $0.05 per diluted share, compared with net income of $12 million, or
      $0.30 per diluted share, in 2016. The lower GAAP net income and EPS were
      due to a charge of $30 million, or $0.77 per share, to recognize
      estimated impacts on the company's deferred tax assets due to the
      enactment of the Tax Act.
    </p>
    <p>
      Non-GAAP net income of $40 million, or $1.01 per diluted share,
      increased compared with $26 million, or $0.68 per diluted share, in
      2016. The increase reflects higher non-GAAP operating income and lower
      tax expense related to tax audit settlements, adjustments to valuation
      allowances and the timing and mix of taxable income by jurisdiction.
      Non-GAAP amounts exclude the charge related to the Tax Act.
    </p>
    <p>
      <u>Cash Flow</u>
    </p>
    <p>
      In the fourth quarter, cash provided by operating activities of $77
      million and free cash flow of $61 million increased $43 million and $40
      million, respectively, compared with the fourth quarter of 2016.
      Full-year 2017 cash provided by operating activities of $191 million and
      free cash flow of $142 million increased $76 million and $70 million,
      respectively, from the prior year. These cash flow increases were
      primarily driven by improved profitability and changes in working
      capital.
    </p>
    <p>
      <b>Other Measures</b>
    </p>
    <p>
      Bookings of $811 million increased 24 percent compared with the fourth
      quarter of 2016. Total backlog was $1.8 billion and 12-month backlog was
      $931 million at the end of the quarter, a year-over-year increase of 6
      percent and 22 percent, respectively.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Operational Update</b>
    </p>
    <p>
      On Feb. 22, 2018, the board of directors approved a new restructuring
      plan to continue efforts to optimize our global supply chain,
      manufacturing operations and product development, sales and marketing
      Organizations. Estimated pre-tax restructuring charges are between $100
      and $110 million, the majority of which will be recognized in the first
      quarter of 2018. The projects under this plan are anticipated to result
      in approximately $45 to $50 million of annualized savings upon
      completion. The Company expects to substantially complete projects under
      this plan by the end of 2020.
    </p>
    <p>
      Many of our employees are represented by unions or works councils, which
      requires consultation, and potential restructuring projects may be
      subject to regulatory approval, both of which could impact the timing of
      planned savings in certain jurisdictions.
    </p>
    <p>
      <b>Financial Guidance</b>
    </p>
    <p>
      Itron&#8217;s guidance for the full year 2018 is as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenue between $2.33 and $2.43 billion
      </li>
      <li style="margin-bottom: 10.0px">
        Non-GAAP diluted EPS between $2.95 and $3.35
      </li>
    </ul>
    <p>
      Itron's guidance for the first quarter of 2018 is as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenue between $575 and $600 million
      </li>
      <li style="margin-bottom: 10.0px">
        Non-GAAP diluted EPS between $0.10 and $0.15
      </li>
    </ul>
    <p>
      Guidance assumes an average euro to U.S. dollar foreign currency
      exchange rate of $1.21 in 2018, diluted weighted average shares
      outstanding of approximately 40 million for the year, a non-GAAP
      effective tax rate for the year of approximately 28 percent and total
      interest expense of approximately $50 million. Operating profitability
      and Non-GAAP EPS is expected to be weighted to the second half of the
      year.
    </p>
    <p>
      The company also confirmed its expectations that the acquisition of
      Silver Spring Networks will be accretive to gross margin in 2018 and
      will be accretive to non-GAAP EPS and adjusted EBITDA in 2019.
    </p>
    <p>
      These assumptions are forward-looking and reflect the estimated impacts
      of purchase accounting for the acquisition of Silver Spring Networks,
      adoption of the new revenue accounting standard and the Tax Act on our
      financial results and are subject to change.
    </p>
    <p>
      A reconciliation of forward-looking non-GAAP diluted EPS to the GAAP
      diluted EPS has not been provided because we are unable to predict with
      reasonable certainty the potential amount or timing of restructuring and
      acquisition and integration related expenses and their related tax
      effects without unreasonable effort. These items are uncertain, depend
      on various factors and could have a material impact on GAAP results for
      the guidance period.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Earnings Conference Call</b>
    </p>
    <p>
      Itron will host a conference call to discuss the financial results and
      guidance contained in this release at 5:00 p.m. EDT on Feb. 28, 2018.
      The call will be webcast in a listen-only mode. Webcast information and
      conference call materials will be made available 10 minutes before the
      start of the call and will be accessible on Itron&#8217;s website at <u>http://investors.itron.com/events.cfm</u>.
      A replay of the audio webcast will be made available at <u>http://investors.itron.com/events.cfm</u>.
      A telephone replay of the conference call will be available through Mar.
      5, 2018. To access the telephone replay, dial (888) 203-1112 (domestic)
      or (719) 457-0820 (international) and enter passcode 3052187<b>.</b>
    </p>
    <p>
      <b>About Itron</b>
    </p>
    <p>
      Itron is a world-leading technology and services company dedicated to
      the resourceful use of energy and water. We provide comprehensive
      solutions that measure, manage and analyze energy and water. Our broad
      product portfolio includes electricity, gas, water and thermal energy
      measurement devices and control technology; communications systems;
      software; as well as managed and consulting services. With thousands of
      employees supporting nearly 8,000 customers in more than 100 countries,
      Itron applies knowledge and technology to better manage energy and water
      resources. Together, we can create a more resourceful world. Join us: <u>www.itron.com</u>.
    </p>
    <p>
      Itron<sup>&#174;</sup> and OpenWay<sup>&#174;</sup> are registered
      trademarks of Itron, Inc. All third party trademarks are property of
      their respective owners and any usage herein does not suggest or imply
      any relationship between Itron and the third party unless expressly
      stated.
    </p>
    <p>
      <b>Forward Looking Statements</b>
    </p>
    <p>
      This release contains forward-looking statements within in the meaning
      of the Private Securities Litigation Reform Act of 1995. These
      statements relate to our expectations about revenues, operations,
      financial performance, earnings, earnings per share and cash flows.
      Although we believe the estimates and assumptions upon which these
      forward-looking statements are based are reasonable, any of these
      estimates or assumptions could prove to be inaccurate and the
      forward-looking statements based on these estimates and assumptions
      could be incorrect. Our operations involve risks and uncertainties, many
      of which are outside our control, and any one of which, or a combination
      of which, could materially affect our results of operations and whether
      the forward-looking statements ultimately prove to be correct. Actual
      results and trends in the future may differ materially from those
      suggested or implied by the forward-looking statements depending on a
      variety of factors. Some of the factors that we believe could affect our
      results include our ability to achieve estimated cost savings, the rate
      and timing of customer demand for our products, rescheduling of current
      customer orders, changes in estimated liabilities for product
      warranties, adverse impacts of litigation, changes in laws and
      regulations, our dependence on new product development and intellectual
      property, future acquisitions, changes in estimates for stock-based and
      bonus compensation, increasing volatility in foreign exchange rates,
      international business risks and other factors that are more fully
      described in our Annual Report on Form 10-K for the year ended Dec. 31,
      2016 and other reports on file with the Securities and Exchange
      Commission. Itron undertakes no obligation to update or revise any
      information in this press release.
    </p>
    <p>
      <b>Non-GAAP Financial Information</b>
    </p>
    <p>
      To supplement our consolidated financial statements presented in
      accordance with GAAP, we use certain non-GAAP financial measures,
      including non-GAAP operating expense, non-GAAP operating income,
      non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, adjusted
      EBITDA margin, constant currency and free cash flow. 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. The company believes 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. 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 in this press release.
    </p>
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        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="17">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="17">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom" colspan="17">
          (Unaudited, in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Three Months Ended</b><br><b>December 31,</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Twelve Months Ended</b><br><b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Product revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          492,863
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          451,174
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,813,925
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,830,070
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Service revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          57,913
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          44,539
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          204,272
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          183,116
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          550,776
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          495,713
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          2,018,197
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          2,013,186
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cost of revenues
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Product cost of revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          339,114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          311,023
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,205,548
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,239,152
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Services cost of revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          36,911
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          28,027
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          137,495
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          113,714
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total cost of revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          376,025
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          339,050
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          1,343,043
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          1,352,866
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Gross profit
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          174,751
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          156,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          675,154
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          660,320
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Operating expenses
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Sales and marketing
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          43,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          39,846
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          170,008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          158,883
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Product development
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          43,438
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          40,123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          169,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          168,209
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          General and administrative
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          36,466
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          32,034
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          156,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          162,815
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          5,641
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          6,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          20,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          25,112
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (999
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          7,796
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          6,418
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          49,090
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          127,553
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          125,909
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          523,728
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          564,109
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Operating income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          47,198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          30,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          151,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          96,211
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other income (expense)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Interest income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          658
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          271
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          2,126
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          865
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (3,133
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (2,604
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (11,581
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (10,948
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other income (expense), net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (270
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (427
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (7,396
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (1,501
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total other income (expense)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (2,745
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (2,760
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (16,851
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (11,584
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          44,453
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          27,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          134,575
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          84,627
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Income tax provision
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (42,079
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (15,325
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (74,326
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (49,574
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          2,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          12,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          60,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          35,053
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          594
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          1,020
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          2,951
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          3,283
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Net income attributable to Itron, Inc.
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          1,780
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          11,649
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          57,298
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          31,770
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Earnings per common share - Basic
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          0.05
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          0.30
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          1.48
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          0.83
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Earnings per common share - Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          0.05
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          0.30
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          1.45
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          0.82
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Weighted average common shares outstanding - Basic
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          38,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          38,283
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          38,655
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          38,207
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Weighted average common shares outstanding - Diluted
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          39,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          39,028
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          39,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          38,643
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="17">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="17">
          <b>SEGMENT INFORMATION</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Unaudited, in thousands)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Three Months Ended</b><br><b>December 31,</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Twelve Months Ended</b><br><b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Revenues</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Electricity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          293,714
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          245,589
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,022,939
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          938,374
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Gas
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          138,933
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          135,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          533,624
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          569,476
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          118,129
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          114,355
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          461,634
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          505,336
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total Company
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          550,776
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          495,713
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          2,018,197
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          2,013,186
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Gross profit</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Electricity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          96,726
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          71,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          318,953
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          282,677
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Gas
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          44,267
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          46,907
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          191,303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          205,063
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          33,758
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          37,919
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          164,898
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          172,580
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total Company
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          174,751
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          156,663
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          675,154
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          660,320
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Electricity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          41,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          93,566
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          68,287
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Gas
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          16,357
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          18,002
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          74,206
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          66,813
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          4,236
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          8,559
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          44,494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          37,266
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Corporate unallocated
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (15,332
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (13,002
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (60,840
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (76,155
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total Company
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          47,198
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          30,754
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          151,426
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          96,211
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="17">
          <b>METER AND MODULE SUMMARY</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Units in thousands)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Three Months Ended</b><br><b>December 31,</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Year Ended</b><br><b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Meters</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Standard
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,740
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,520
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          15,740
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          15,540
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Smart
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          2,790
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          2,440
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          10,390
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          9,340
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total meters
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          6,530
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          5,960
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          26,130
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          24,880
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Stand-alone communication modules</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Smart
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          1,840
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          1,510
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          6,250
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          5,980
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="9">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="9">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Unaudited, in thousands)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>December 31, 2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>December 31, 2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current assets
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          176,274
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          133,565
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          398,029
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          351,506
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Inventories
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          193,835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          163,049
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          81,604
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          84,346
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          849,742
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          732,466
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Property, plant, and equipment, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          200,768
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          176,458
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred tax assets, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          49,971
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          94,113
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Restricted cash
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          311,010
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other long-term assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          43,666
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          50,129
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Intangible assets, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          95,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          72,151
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          555,762
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          452,494
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          2,106,147
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          1,577,811
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>LIABILITIES AND EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current liabilities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          262,166
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          172,711
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other current liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          56,736
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          43,625
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Wages and benefits payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          90,505
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          82,346
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Taxes payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          16,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          10,451
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Current portion of debt
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          19,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          14,063
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Current portion of warranty
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          21,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          24,874
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Unearned revenue
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          41,438
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          64,976
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          507,783
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          413,046
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Long-term debt
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          593,572
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          290,460
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Long-term warranty
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          13,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          18,428
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Pension benefit obligation
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          95,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          84,498
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred tax liabilities, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,073
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other long-term obligations
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          88,206
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          117,953
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,300,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          927,458
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Equity
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Common stock
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,294,767
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,270,467
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accumulated other comprehensive loss, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (170,478
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (229,327
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Accumulated deficit
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (337,873
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (409,536
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total Itron, Inc. shareholders' equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          786,416
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          631,604
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Non-controlling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          19,216
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          18,749
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          805,632
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          650,353
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          2,106,147
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          1,577,811
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="9">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="9">
          <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom" colspan="9">
          (Unaudited, in thousands)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Year Ended</b><br><b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Operating activities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          60,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          35,053
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Adjustments to reconcile net income to net cash provided by
          operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          63,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          68,318
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          21,407
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          18,035
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Amortization of prepaid debt fees
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,067
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,076
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Deferred taxes, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          50,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          13,790
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Restructuring, non-cash
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (2,297
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          7,188
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Other adjustments, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          4,309
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Changes in operating assets and liabilities, net of acquisitions:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts receivable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (17,573
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (27,162
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Inventories
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (16,242
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          22,343
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          8,112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          20,705
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other long-term assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          11,230
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (339
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts payable, other current liabilities, and taxes payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          78,463
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (37,312
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Wages and benefits payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          7,808
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Unearned revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (41,309
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (25,810
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Warranty
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (10,554
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (10,246
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other operating, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (20,680
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          18,086
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          191,354
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          115,842
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Investing activities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Acquisitions of property, plant, and equipment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (49,495
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (43,543
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Business acquisitions, net of cash equivalents acquired
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (99,386
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (951
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other investing, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          702
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (3,034
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (148,179
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (47,528
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Financing activities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Proceeds from borrowings
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          335,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          15,877
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Payments on debt
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (29,063
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (79,119
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Issuance of common stock
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,609
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          2,891
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other financing, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (7,587
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (2,672
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Net cash provided by (used in) financing activities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          301,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (63,023
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Effect of foreign exchange rate changes on cash, cash equivalents,
          and restricted cash
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          8,636
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (2,744
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Increase in cash, cash equivalents, and restricted cash
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          353,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          2,547
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Cash, cash equivalents, and restricted cash at beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          133,565
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          131,018
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Cash, cash equivalents, and restricted cash at end of period
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          487,335
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          133,565
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>About Non-GAAP Financial Measures</b>
    </p>
    <p>
      The accompanying press release contains non-GAAP financial measures. To
      supplement our consolidated financial statements, which are prepared in
      accordance with GAAP, we use certain non-GAAP financial measures,
      including non-GAAP operating expense, non-GAAP operating income,
      non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, constant
      currency and free cash flow. The presentation of this financial
      information is not intended to be considered in isolation or as a
      substitute for, or superior to, the financial information prepared and
      presented in accordance with GAAP, and other companies may define such
      measures differently. For more information on these non-GAAP financial
      measures please see the table captioned &#8220;Reconciliations of Non-GAAP
      Financial Measures to Most Directly Comparable GAAP Financial Measures.&#8221;
    </p>
    <p>
      We use these non-GAAP financial measures for financial and operational
      decision making and/or as a means for determining executive
      compensation. Management believes that these non-GAAP financial measures
      provide meaningful supplemental information regarding our performance
      and ability to service debt by excluding certain expenses that may not
      be indicative of our recurring core operating results. These non-GAAP
      financial measures facilitate management&#8217;s internal comparisons to our
      historical performance as well as comparisons to our competitors&#8217;
      operating results. Our executive compensation plans exclude non-cash
      charges related to amortization of intangibles and certain discrete cash
      and non-cash charges such as purchase accounting adjustments,
      restructuring charges or goodwill impairment charges, and the impact of
      the Tax Cuts and Jobs Act (&quot;Tax Act&quot;). We believe that both management
      and investors benefit from referring to these non-GAAP financial
      measures in assessing our performance and when planning, forecasting and
      analyzing future periods. We believe these non-GAAP financial measures
      are useful to investors because they provide greater transparency with
      respect to key metrics used by management in its financial and
      operational decision making and because they are used by our
      institutional investors and the analyst community to analyze the health
      of our business.
    </p>
    <p>
      <u>Non-GAAP operating expenses and non-GAAP operating income</u> - We
      define non-GAAP operating expenses as operating expenses excluding
      certain expenses related to the amortization of intangible assets,
      restructuring, acquisition and integration, and goodwill impairment. We
      define non-GAAP operating income as operating income excluding the
      expenses related to the amortization of intangible assets,
      restructuring, acquisition and integration, and goodwill impairment.
      Acquisition and integration related expenses include costs which are
      incurred to affect and integrate business combinations, such as
      professional fees, certain employee retention and salaries related to
      integration, severances, contract terminations, travel costs related to
      knowledge transfer, system conversion costs, and asset impairment
      charges. We consider these non-GAAP financial measures to be useful
      metrics for management and investors because they exclude the effect of
      expenses that are related to acquisitions and restructuring projects. By
      excluding these expenses, we believe that it is easier for management
      and investors to compare our financial results over multiple periods and
      analyze trends in our operations. For example, in certain periods
      expenses related to amortization of intangible assets may decrease,
      which would improve GAAP operating margins, yet the improvement in GAAP
      operating margins due to this lower expense is not necessarily
      reflective of an improvement in our core business. There are some
      limitations related to the use of non-GAAP operating expenses and
      non-GAAP operating income versus operating expenses and operating income
      calculated in accordance with GAAP. We compensate for these limitations
      by providing specific information about the GAAP amounts excluded from
      non-GAAP operating expense and non-GAAP operating income and evaluating
      non-GAAP operating expense and non-GAAP operating income together with
      GAAP operating expense and GAAP operating income.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u>Non-GAAP net income and non-GAAP diluted EPS</u> - We define non-GAAP
      net income as net income attributable to Itron, Inc. excluding the
      expenses associated with amortization of intangible assets,
      restructuring, acquisition and integration, goodwill impairment,
      amortization of debt placement fees, impact from the Tax Act and the tax
      effect of excluding these expenses. We define non-GAAP diluted EPS as
      non-GAAP net income divided by the weighted average shares, on a diluted
      basis, outstanding during each period. We consider these financial
      measures to be useful metrics for management and investors for the same
      reasons that we use non-GAAP operating income. The same limitations
      described above regarding our use of non-GAAP operating income apply to
      our use of non-GAAP net income and non-GAAP diluted EPS. We compensate
      for these limitations by providing specific information regarding the
      GAAP amounts excluded from these non-GAAP measures and evaluating
      non-GAAP net income and non-GAAP diluted EPS together with GAAP net
      income attributable to Itron, Inc. and GAAP diluted EPS.
    </p>
    <p>
      <u>Adjusted EBITDA</u> - We define adjusted EBITDA as net income (a)
      minus interest income, (b) plus interest expense, depreciation and
      amortization, restructuring, acquisition and integration related
      expense, goodwill impairment and (c) excluding income tax provision or
      benefit. Management uses adjusted EBITDA as a performance measure for
      executive compensation. A limitation to using adjusted EBITDA is that it
      does not represent the total increase or decrease in the cash balance
      for the period and the measure includes some non-cash items and excludes
      other non-cash items. Additionally, the items that we exclude in our
      calculation of adjusted EBITDA may differ from the items that our peer
      companies exclude when they report their results. We compensate for
      these limitations by providing a reconciliation of this measure to GAAP
      net income.
    </p>
    <p>
      <u>Free cash flow</u> - We define free cash flow as net cash provided by
      operating activities less cash used for acquisitions of property, plant
      and equipment. We believe free cash flow provides investors with a
      relevant measure of liquidity and a useful basis for assessing our
      ability to fund our operations and repay our debt. The same limitations
      described above regarding our use of adjusted EBITDA apply to our use of
      free cash flow. We compensate for these limitations by providing
      specific information regarding the GAAP amounts and reconciling to free
      cash flow.
    </p>
    <p>
      <u>Constant currency</u> - We refer to the impact of foreign currency
      exchange rate fluctuations in our discussions of financial results,
      which references the differences between the foreign currency exchange
      rates used to translate operating results from local currencies into
      U.S. dollars for financial reporting purposes. We also use the term
      &#8220;constant currency,&#8221; which represents financial results adjusted to
      exclude changes in foreign currency exchange rates as compared with the
      rates in the comparable prior year period. We calculate the constant
      currency change as the difference between the current period results and
      the comparable prior period&#8217;s results restated using current period
      foreign currency exchange rates.
    </p>
    <p>
      The accompanying tables have more detail on the GAAP financial measures
      that are most directly comparable to the non-GAAP financial measures and
      the related reconciliations between these financial measures.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="17">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="17">
          <b>RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="17">
          <b>TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom" colspan="17">
          (Unaudited, in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          <b>TOTAL COMPANY RECONCILIATIONS</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Three Months Ended December 31,</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Twelve Months Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>NON-GAAP NET INCOME &amp; DILUTED EPS</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          GAAP net income attributable to Itron, Inc.
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,780
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,649
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          57,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          31,770
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          5,641
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          6,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          20,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          25,112
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Amortization of debt placement fees
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          241
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          987
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (999
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          7,796
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          6,418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          49,090
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Acquisition and integration related (recovery) expense
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,095
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          17,139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (197
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Tax Cuts and Jobs Act adjustment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          30,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          30,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Income tax effect of non-GAAP adjustments
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (391
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          608
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (12,544
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (8,478
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Non-GAAP net income attributable to<br>Itron, Inc.
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          39,791
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          26,413
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          120,486
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          98,284
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Non-GAAP diluted EPS
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          1.01
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          0.68
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          3.06
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          2.54
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Weighted average common shares outstanding - Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          39,530
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          39,028
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          39,387
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom" colspan="2">
          38,643
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>ADJUSTED EBITDA</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          GAAP net income attributable to Itron, Inc.
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,780
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,649
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          57,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          31,770
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Interest income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (658
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (271
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (2,126
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (865
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,133
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          2,604
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          11,581
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          10,948
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Income tax provision
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          42,079
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          15,325
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          74,326
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          49,574
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          17,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          16,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          63,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          68,318
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (999
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          7,796
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          6,418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          49,090
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Acquisition and integration related (recovery) expense
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          3,095
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          5
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          17,139
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (197
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          65,645
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          53,863
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          227,851
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          208,638
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>FREE CASH FLOW</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          76,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          33,961
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          191,354
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          115,842
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Acquisitions of property, plant, and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (16,002
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (12,980
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (49,495
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (43,543
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Free Cash Flow
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          60,851
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          20,981
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          141,859
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          72,299
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>NON-GAAP OPERATING INCOME</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          GAAP operating income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          47,198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          30,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          151,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          96,211
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          5,641
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          6,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          20,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          25,112
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (999
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          7,796
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          6,418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          49,090
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Acquisition and integration related (recovery) expense
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          3,095
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          5
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          17,139
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (197
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Non-GAAP operating income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          54,935
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          44,665
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          195,768
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          170,216
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>NON-GAAP OPERATING EXPENSES</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          GAAP operating expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          127,553
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          125,909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          523,728
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          564,109
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (5,641
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (6,110
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (20,785
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (25,112
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (7,796
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (6,418
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (49,090
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Acquisition and integration related recovery (expense)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (3,095
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (5
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (17,139
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          197
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Non-GAAP operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          119,816
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          111,998
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          479,386
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          490,104
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="18">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="18">
          <b>RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="18">
          <b>TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="4">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Unaudited, in thousands)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          <b>SEGMENT RECONCILIATIONS</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="8">
          <b>Three Months Ended</b><br><b>December 31,</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="7">
          <b>Twelve Months Ended</b><br><b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="4">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - ELECTRICITY</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Electricity - GAAP operating income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          41,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          93,566
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          68,287
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,268
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="3">
          3,223
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          11,618
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          13,273
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (1,359
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="3">
          2,283
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          7,694
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Acquisition and integration related (recovery) expense
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          471
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          5
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          10,258
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          (197
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Electricity - Non-GAAP operating income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          44,317
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          22,706
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          115,640
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          89,057
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - GAS</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Gas - GAAP operating income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          16,357
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,002
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          74,206
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          66,813
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          1,388
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="3">
          1,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          5,349
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          6,456
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          496
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          3,754
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          5,213
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          25,744
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Gas - Non-GAAP operating income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          18,241
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          23,324
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          84,768
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          99,013
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - WATER</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Water - GAAP operating income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,236
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,559
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          37,266
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          985
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="3">
          1,319
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          3,818
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          5,383
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          254
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          651
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          700
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          13,116
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Water - Non-GAAP operating income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          5,475
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          10,529
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          49,012
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          55,765
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - CORPORATE UNALLOCATED</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Corporate unallocated - GAAP operating loss
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (15,332
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (13,002
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (60,840
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (76,155
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          (390
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="3">
          1,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom" colspan="2">
          2,536
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Acquisition and integration related expense
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          2,624
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="3">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          6,881
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black" valign="bottom" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Corporate unallocated - Non-GAAP operating loss
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          (13,098
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          (11,894
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          (53,652
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          (73,619
        </td>
        <td style="border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Itron, Inc.</b><br>Barbara Doyle, 509-891-3443<br>Vice
      President, Investor Relations<br>or<br>Rebecca Hussey, 509-891-3574<br>Manager,
      Investor Relations
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
