<SEC-DOCUMENT>0001157523-18-001112.txt : 20180514
<SEC-HEADER>0001157523-18-001112.hdr.sgml : 20180514
<ACCEPTANCE-DATETIME>20180514160537
ACCESSION NUMBER:		0001157523-18-001112
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180514
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180514
DATE AS OF CHANGE:		20180514

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:		18830572

	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
<SEQUENCE>1
<FILENAME>a51806123.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-size: 12pt; font-family: Times New Roman"></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>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 30%">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <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>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>May 14, 2018</b>
          </p>
        </td>
        <td style="width: 35%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date of Report (Date of Earliest Event Reported)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="width: 100%; font-family: Times New Roman; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
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          &#160;
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        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; width: 50%; border-bottom-width: 1.0pt; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>ITRON, INC.</b>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Exact Name of Registrant as Specified in its Charter)
          </p>
        </td>
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    <p style="text-align: center">

    </p>
    <div style="text-align:center">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Washington</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
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        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; width: 30%; border-bottom-width: 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>000-22418</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; width: 30%; border-bottom-width: 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>91-1011792</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 30%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction<br>of Incorporation)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 30%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File No.)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 30%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer<br>Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="width: 95%; font-family: Times New Roman; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2111 N. Molter Road, Liberty Lake, WA&#160;&#160;99019</b>
          </p>
        </td>
      </tr>
      <tr>
        <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>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="width: 95%; font-family: Times New Roman; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(509) 924-9900</b>
          </p>
        </td>
      </tr>
      <tr>
        <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>
    </div>
    <p style="text-align: left">

    </p>
    <div style="text-align:center">
    <table style="width: 95%; font-family: Times New Roman; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
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          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <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
      of the following provisions:
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <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>
    </p>
    <p>

    </p>
    <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>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 94%; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Emerging growth company
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 3%; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
          </p>
        </td>
        <td style="width: 3%">

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        <td style="width: 94%">

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

        </td>
        <td style="padding-left: 0.0px; width: 3%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 94%; text-align: left" valign="bottom">
          <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="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
          </p>
        </td>
        <td style="width: 3%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

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

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

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          <p style="font-family: Times New Roman; font-size: 10pt">
            On May 14, 2018, Itron Inc. issued a press release announcing its
            financial results for the three months ended March 31, 2018. A
            copy of this press release and accompanying financial statements
            are attached as Exhibit 99.1.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 10%; text-align: left" valign="top">
          <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="text-align: justify; margin-left: 30.0px">
      (d)&#160;&#160;Exhibits.
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 5.0px; width: 8%; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Exhibit<br>Number
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 5.0px; width: 90%; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Description
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 8%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 5.0px; width: 8%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 5.0px; width: 90%; text-align: left" valign="top">
          Press Release dated May 14, 2018.*
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <p style="white-space: nowrap">
      *&#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>

    </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>

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

        </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: center">

    </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>
      <br>

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

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

        </td>
        <td style="width: 7%">

        </td>
        <td style="padding-left: 0.0px; width: 43%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated: May 14, 2018
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 7%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; width: 43%; border-bottom-width: 1.0pt; text-align: left" 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" colspan="2" valign="top">
          <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" colspan="2" valign="top">
          <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-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

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

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 10.0px; width: 12%; border-bottom-width: 1.0pt; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Exhibit<br>Number
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 3%; text-align: left" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 5.0px; width: 85%; border-bottom-width: 1.0pt; text-align: left" 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="white-space: nowrap; padding-right: 0.0px; padding-left: 10.0px; width: 12%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51806123_ex991.htm">99.1</a>
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 5.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51806123_ex991.htm">Press release dated May 14, 2018.*</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <p>
      *&#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>

    </p>
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     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51806123_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2018 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <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 First Quarter 2018 Financial Results</b></font>
    </p>
    <p>
      LIBERTY LAKE, Wash.--(BUSINESS WIRE)--May 14, 2018--Itron, Inc.
      (NASDAQ:ITRI) announced today financial results for its first quarter
      ended March&#160;31, 2018. Highlights in the quarter include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Completed acquisition of Silver Spring Networks on Jan. 5, 2018, which
        operates and reports as the new Itron Networks segment;
      </li>
      <li style="margin-bottom: 10.0px">
        Revenue of $607 million, compared with $478 million in the first
        quarter of 2017;
      </li>
      <li style="margin-bottom: 10.0px">
        Gross margin of 29.6 percent, compared with 33.0 percent in the first
        quarter of 2017;
      </li>
      <li style="margin-bottom: 10.0px">
        GAAP loss per share of $3.74, compared with earnings of 40 cents per
        diluted share in the first quarter of 2017;
      </li>
      <li style="margin-bottom: 10.0px">
        Non-GAAP diluted earnings per share (EPS) of 13 cents, compared with
        57 cents the first quarter of 2017;
      </li>
      <li style="margin-bottom: 10.0px">
        Adjusted EBITDA of $40 million, compared with $46 million in the first
        quarter of 2017; and
      </li>
      <li style="margin-bottom: 10.0px">
        Total backlog of $3.1 billion, compared with $1.6 billion at the end
        of the first quarter of 2017.
      </li>
    </ul>
    <p>
      &quot;Itron&#8217;s revenue increased by 27 percent in the quarter, driven by
      increased sales of our smart electric and gas solutions in Europe,
      accelerated deliveries of our OpenWay&#174; Riva solutions in the Americas
      and strong performance in the new Networks segment,&#8221; said Philip Mezey,
      Itron president and chief executive officer. &#8220;We were very pleased with
      our revenue performance including the new Networks segment, which
      delivered 1 million endpoints in the quarter.
    </p>
    <p>
      &#8220;As anticipated, margins and EPS declined from last year, driven by
      costs related to our global supply chain transitions, higher component
      and commodity prices and product mix. We are making progress with
      operational initiatives to help drive efficiencies later in the year,
      including the integration of the Networks business, executing our
      restructuring projects and collaborating with our global supply chain
      partners,&#8221; continued Mezey.
    </p>
    <p>
      &#8220;We continue to see strong customer demand for our expanded portfolio of
      smart networks, software, services, meters and sensors that helps our
      customers better manage utility and municipal services. Total backlog
      has increased to $3.1 billion, including the addition of the acquired
      Networks segment backlog.&#8221;
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Summary of First Quarter Consolidated Financial Results</b><br>(All
      comparisons made are against the prior year period unless otherwise
      noted)
    </p>
    <p>
      <u>Revenue</u>
    </p>
    <p>
      Total revenue of $607 million increased 27 percent in the first quarter.
      The increased revenue includes the new Networks segment which added $86
      million of revenue. Excluding the addition of the Networks segment,
      total revenue grew 9 percent.
    </p>
    <p>
      Electricity revenue increased 6 percent on higher managed services
      revenue, product revenue growth in the Europe, Middle East and Africa
      (EMEA) region and strong Riva demand in North America. Gas revenue grew
      11 percent primarily driven by smart solution deliveries in EMEA. Water
      revenue grew by 14 percent driven by increased smart solution deliveries
      in North America and Asia-Pacific regions and higher residential demand
      in Latin America. Networks segment revenue was driven by deployments in
      North America and accelerating international adoption of new solutions.
    </p>
    <p>
      <u>Gross Margin</u>
    </p>
    <p>
      Consolidated company gross margin of 29.6 percent decreased 340 basis
      points compared with the first quarter of 2017. The decline was due to
      higher costs associated with global supply chain transitions, higher
      component and commodity costs and product mix.
    </p>
    <p>
      <u>Operating Expenses and Operating Income (loss)</u>
    </p>
    <p>
      GAAP operating expenses for the quarter were $320 million compared with
      $127 million in the first quarter of 2017. The higher operating expenses
      were driven by restructuring charges of $88 million, acquisition and
      integration-related expenses of $63 million, the addition of Networks
      segment and Distributed Energy Management (DEM) operations and the
      impact of changes in foreign currency exchange rates. Higher operating
      expenses drove a GAAP operating loss of $140 million compared with
      operating income of $31 million in the first quarter of 2017.
    </p>
    <p>
      Non-GAAP operating expenses of $152 million increased from $119 million
      in 2017 driven by the addition of acquired operations and the impact of
      changes in foreign currency exchange rates. Non-GAAP operating income
      declined to $28 million compared with $39 million in 2017 due to higher
      expenses.
    </p>
    <p>
      <u>Net Income (loss) and Earnings per Share</u>
    </p>
    <p>
      Net loss attributable to Itron for the quarter was $146 million, or
      $3.74 per share, compared with net income of $16 million, or 40 cents
      per diluted share, in 2017.
    </p>
    <p>
      The net loss was driven by the operating loss in the quarter and higher
      interest expense related to financing for the acquisition. These impacts
      were partially offset by a tax benefit in the U.S. on the pre-tax loss.
    </p>
    <p>
      Excluding certain charges, including restructuring, acquisition and
      integration-related expenses and amortization of intangible assets and
      debt placement fees, non-GAAP net income for the quarter was $5 million,
      or 13 cents per diluted share, compared with $22 million, or 57 cents
      per diluted share, in 2017. Compared with last year, non-GAAP net income
      reflects lower operating income, higher interest expense and a higher
      non-GAAP effective tax rate due to the timing and mix of taxable income
      by jurisdiction.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <u>Cash Flow</u>
    </p>
    <p>
      Net cash used by operating activities was $24 million in the first
      quarter of 2018 compared with cash provided by operating activities of
      $63 million in the same quarter of 2017. Free cash flow was negative $42
      million in the first quarter compared with positive $54 million in the
      prior year. The decreases were primarily driven by cash outlays for
      acquisition and integration-related expenses and timing of working
      capital.
    </p>
    <p>
      <b>Other Measures</b>
    </p>
    <p>
      Total backlog was $3.1 billion and 12 month backlog was $1.4 billion at
      the end of the quarter, compared with $1.6 billion and $819 million,
      respectively, in the prior year quarter. Bookings in the quarter totaled
      $557 million. The Networks segment added $1.4 billion and $337 million
      to total and 12 month backlog, respectively.
    </p>
    <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 p.m. EDT on May 14, 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 May
      20, 2018. To access the telephone replay, dial 888-203-1112 or
      719-457-0820, and enter passcode <b>7526899.</b>
    </p>
    <p>
      <b>About Itron</b>
    </p>
    <p>
      Itron enables utilities and cities to safely, securely and reliably
      deliver critical infrastructure services to communities in more than 100
      countries. Our portfolio of smart networks, software, services, meters
      and sensors helps our customers better manage electricity, gas and water
      resources for the people they serve. By working with our customers to
      ensure their success, we help improve the quality of life, ensure the
      safety and promote the well-being of millions of people around the
      globe. Itron is dedicated to creating 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>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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,
      2017 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>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="bottom">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="bottom">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <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" colspan="7" valign="bottom">
          (Unaudited, in thousands, except per share data)
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Revenues
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Product revenues
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          537,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          432,365
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Service revenues
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          70,111
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          45,227
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total revenues
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          607,221
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          477,592
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Cost of revenues
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Product cost of revenues
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          382,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          287,093
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Service cost of revenues
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          44,516
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          32,862
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total cost of revenues
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          427,366
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          319,955
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          Gross profit
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          179,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          157,637
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          Operating expenses
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Sales and marketing
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          51,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          41,255
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Product development
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          60,284
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          40,767
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          General and administrative
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          102,493
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          37,187
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          17,740
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          4,549
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Restructuring
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          87,865
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          3,052
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          320,303
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          126,810
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (140,448
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          30,827
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Other income (expense)
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Interest income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          661
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          269
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (15,504
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (3,199
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Other income (expense), net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (1,167
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (2,836
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total other income (expense)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (16,010
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (5,766
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (156,458
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          25,061
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="3" valign="bottom">
          Income tax benefit (provision)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          11,188
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (9,047
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (145,270
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          16,014
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          396
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          169
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="3" valign="bottom">
          Net income (loss) attributable to Itron, Inc.
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (145,666
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          15,845
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (3.74
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.41
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="3" valign="bottom">
          Earnings (loss) per common share - Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (3.74
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.40
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          Weighted average common shares outstanding - Basic
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          38,945
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          38,474
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          38,945
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          39,215
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="bottom">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="bottom">
          <b>SEGMENT INFORMATION</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <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" colspan="3" 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>

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>Product revenues</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Electricity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          213,877
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          205,903
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Gas
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          130,243
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          117,127
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          125,587
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          109,335
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Networks
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          67,403
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total Company
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          537,110
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          432,365
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          <b>Service revenues</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Electricity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          38,528
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          32,848
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Gas
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          7,496
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          7,084
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          5,607
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          5,295
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Networks
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          18,480
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total Company
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          70,111
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          45,227
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          <b>Revenues</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Electricity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          252,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          238,751
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Gas
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          137,739
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          124,211
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          131,194
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          114,630
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Networks
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          85,883
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total Company
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          607,221
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          477,592
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          <b>Gross profit</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Electricity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          69,975
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          67,250
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Gas
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          43,471
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          50,815
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          37,805
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          39,572
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Networks
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          28,604
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total Company
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          179,855
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          157,637
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          <b>Operating income (loss)</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Electricity
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          17,084
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Gas
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (28,348
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          21,731
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (11,710
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          8,804
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Networks
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (75,510
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Corporate unallocated
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (22,112
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (16,792
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total Company
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (140,448
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          30,827
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#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>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="bottom">
          <b>METER AND MODULE SUMMARY</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="4" valign="bottom">
          <b>Three Months Ended</b><br><b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>Meters <sup>(1)</sup></b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Standard
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Smart
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          3,060
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          2,440
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total meters
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          7,200
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          6,450
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>Stand-alone communication modules and cards <sup>(2)</sup></b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Smart
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,480
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          1,400
        </td>
      </tr>
    </table>
    </div>
    <p>
      <sup>(1)</sup> The Networks segment shipped an immaterial number of
      meters during the three months ended March 31, 2018.<br><sup>(2)</sup>
      The Networks segment shipped approximately 990,000 network interface
      cards during the three months ended March 31, 2018.
    </p>
    <p>
      The stand-alone communication modules and cards category includes
      communicating radio modules shipped in Electric, Gas and Water segments
      and network interface cards, the primary product sold by our Networks
      segment.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="10" valign="bottom">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="10" valign="bottom">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          (Unaudited, in thousands)
        </td>
        <td colspan="3">

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

        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>March 31, 2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Current assets
        </td>
        <td colspan="3">

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Cash and cash equivalents
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          143,951
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Accounts receivable, net
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          481,389
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Inventories
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          209,373
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Other current assets
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          97,925
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          81,604
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          932,638
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <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" colspan="3" valign="bottom">
          Property, plant, and equipment, net
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          234,924
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Deferred tax assets, net
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          58,917
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Restricted cash
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          1,466
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Other long-term assets
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          46,843
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Intangible assets, net
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          318,984
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="3" valign="bottom">
          Goodwill
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          1,142,757
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          555,762
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,736,529
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,106,147
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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" colspan="3" valign="bottom">
          <b>LIABILITIES AND EQUITY</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Current liabilities
        </td>
        <td colspan="3">

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Accounts payable
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          275,702
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Other current liabilities
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          90,259
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Wages and benefits payable
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          119,312
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Taxes payable
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          22,659
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Current portion of debt
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          16,250
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Current portion of warranty
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          26,533
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Unearned revenue
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          87,293
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          41,438
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          638,008
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <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" colspan="3" valign="bottom">
          Long-term debt
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          1,105,538
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Long-term warranty
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          15,446
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Pension benefit obligation
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          100,045
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Deferred tax liabilities, net
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          1,571
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="3" valign="bottom">
          Other long-term obligations
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          171,318
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          88,206
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          2,031,926
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <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" colspan="3" valign="bottom">
          Equity
        </td>
        <td colspan="3">

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Common stock
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          1,310,379
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Accumulated other comprehensive loss, net
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (152,595
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Accumulated deficit
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (471,812
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (337,873
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total Itron, Inc. shareholders' equity
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          685,972
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Non-controlling interests
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          18,631
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          19,216
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total equity
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          704,603
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          805,632
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total liabilities and equity
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,736,529
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,106,147
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <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-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="bottom">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="bottom">
          <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="6" valign="bottom">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="3" valign="bottom">
          <b>2018</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Operating activities
        </td>
        <td colspan="3">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Net income (loss)
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (145,270
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          16,014
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Adjustments to reconcile net income (loss) to net cash provided by
          (used in) operating activities:
        </td>
        <td colspan="3">

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          31,072
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          14,378
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Stock-based compensation
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          8,095
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          5,211
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of prepaid debt fees
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          3,386
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred taxes, net
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (16,508
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          882
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other adjustments, net
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (106
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          946
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Changes in operating assets and liabilities, net of acquisitions
        </td>
        <td colspan="3">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Accounts receivable
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (7,768
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          13,119
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Inventories
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (253
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (11,274
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Other current assets
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (8,849
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (11,169
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Other long-term assets
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          4,509
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          646
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Accounts payable, other current liabilities, and taxes payable
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          7,826
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          28,277
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Wages and benefits payable
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          16,438
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (1,796
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Unearned revenue
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          23,317
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          14,020
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Other operating, net
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          58,953
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (3,960
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net cash provided by (used in) operating activities
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (24,448
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          63,257
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Acquisitions of property, plant, and equipment
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (17,433
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (9,122
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Business acquisitions, net of cash equivalents acquired
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (802,488
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Other investing, net
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          100
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (78
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net cash used in investing activities
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (819,821
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (9,200
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Proceeds from borrowings
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          555,938
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Payments on debt
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (32,395
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (2,813
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Issuance of common stock
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          3,384
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          405
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Prepaid debt fees
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (24,042
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="bottom">
          Other financing, net
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (1,046
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          155
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net cash provided by (used in) financing activities
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          501,839
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (2,253
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="3" valign="bottom">
          Effect of foreign exchange rate changes on cash, cash equivalents,
          and restricted cash
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          563
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          2,559
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          Increase (decrease) in cash, cash equivalents, and restricted cash
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (341,867
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          54,363
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="3" valign="bottom">
          Cash, cash equivalents, and restricted cash at beginning of period
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          487,335
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          133,565
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="3" valign="bottom">
          Cash, cash equivalents, and restricted cash at end of period
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          145,468
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          187,928
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <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 acquisition and integration related
      expenses, restructuring charges or goodwill impairment charges. 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-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

        </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, the transition to the Tax Cuts and
      Jobs 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-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="12" valign="bottom">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="12" valign="bottom">
          <b>RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="12" valign="bottom">
          <b>TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <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" colspan="4" valign="bottom">
          (Unaudited, in thousands, except per share data)
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" colspan="4" valign="bottom">
          <b>TOTAL COMPANY RECONCILIATIONS</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="7" valign="bottom">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>NON-GAAP NET INCOME &amp; DILUTED EPS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          GAAP net income (loss) attributable to Itron, Inc.
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (145,666
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          15,845
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          17,740
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          4,549
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of debt placement fees
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          3,343
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          87,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          3,052
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Acquisition and integration related expense
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          62,647
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          333
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Income tax effect of non-GAAP adjustments
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (20,835
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (1,834
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Non-GAAP net income attributable to Itron, Inc.
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          5,094
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          22,186
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Non-GAAP diluted EPS
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.13
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.57
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Weighted average common shares outstanding - Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" colspan="2" valign="bottom">
          39,773
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" colspan="2" valign="bottom">
          39,215
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>ADJUSTED EBITDA</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          GAAP net income (loss) attributable to Itron, Inc.
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (145,666
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          15,845
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Interest income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (661
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (269
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          15,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          3,199
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (11,188
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          9,047
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          31,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          14,378
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          87,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          3,052
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Acquisition and integration related expense
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          62,647
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          333
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          39,573
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          45,585
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>FREE CASH FLOW</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net cash provided (used) by operating activities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (24,448
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          63,257
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Acquisitions of property, plant, and equipment
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (17,433
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (9,122
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Free Cash Flow
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (41,881
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          54,135
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>NON-GAAP OPERATING INCOME</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          GAAP operating income (loss)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (140,448
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          30,827
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          17,740
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          4,549
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          87,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          3,052
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Acquisition and integration related expense
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          62,647
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          333
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Non-GAAP operating income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          27,804
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          38,761
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>NON-GAAP OPERATING EXPENSES</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          GAAP operating expenses
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          320,303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          126,810
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (17,740
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (4,549
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (87,865
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          (3,052
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Acquisition and integration related expense
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (62,647
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (333
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Non-GAAP operating expenses
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          152,051
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          118,876
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="12" valign="bottom">
          <b>ITRON, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="12" valign="bottom">
          <b>RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="12" valign="bottom">
          <b>TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <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" colspan="4" 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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" colspan="4" valign="bottom">
          <b>SEGMENT RECONCILIATIONS</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="7" valign="bottom">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - ELECTRICITY</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Electricity - GAAP operating income (loss)
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          17,084
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          2,880
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          2,362
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          19,600
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Acquisition and integration related expense
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          323
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Electricity - Non-GAAP operating income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          20,035
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          19,270
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - GAS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Gas - GAAP operating income (loss)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (28,348
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          21,731
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          1,124
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          1,277
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          43,547
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          1,084
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Gas - Non-GAAP operating income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          16,323
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          24,092
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - WATER</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Water - GAAP operating income (loss)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (11,710
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8,804
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          910
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          16,714
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          1,018
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Water - Non-GAAP operating income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          5,839
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          10,732
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - NETWORKS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Networks - GAAP operating loss
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (75,510
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          12,901
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Acquisition and integration related expense
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          62,448
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Networks - Non-GAAP operating loss
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" colspan="2" valign="bottom">
          (161
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="bottom">
          <b>NON-GAAP OPERATING INCOME - CORPORATE UNALLOCATED</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          Corporate unallocated - GAAP operating loss
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (22,112
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (16,792
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          8,004
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">
          1,126
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Acquisition and integration related expense (recovery)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          (124
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          333
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="bottom">
          Corporate unallocated - Non-GAAP operating loss
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (14,232
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (15,333
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </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<br><u><b>www.itron.com</b></u>
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
