2023 Q4 Form 20-F Financial Statement

#000117891324001363 Filed on April 18, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $77.81M $320.0M $74.95M
YoY Change 3.82% 9.18% 6.53%
Cost Of Revenue $39.41M $166.8M $39.10M
YoY Change 0.8% 7.27% 5.86%
Gross Profit $38.40M $153.2M $35.85M
YoY Change 7.1% 11.34% 7.26%
Gross Profit Margin 49.35% 47.87% 47.84%
Selling, General & Admin $17.84M $70.28M $15.88M
YoY Change 12.37% 13.29% 2.94%
% of Gross Profit 46.46% 45.89% 44.28%
Research & Development $4.240M $16.99M $4.616M
YoY Change -8.15% 0.82% 17.43%
% of Gross Profit 11.04% 11.09% 12.87%
Depreciation & Amortization $5.407M $21.07M $5.263M
YoY Change 2.74% 4.64% 10.4%
% of Gross Profit 14.08% 13.76% 14.68%
Operating Expenses $21.89M $87.21M $20.55M
YoY Change 6.55% 10.68% 6.75%
Operating Profit $16.51M $65.96M $15.30M
YoY Change 7.85% 12.22% 7.95%
Interest Expense -$1.653M -$1.552M -$1.292M
YoY Change 27.94% -73.89% 57.18%
% of Operating Profit -10.02% -2.35% -8.44%
Other Income/Expense, Net $5.000K $2.000K $0.00
YoY Change -100.0%
Pretax Income $14.86M $64.41M $14.01M
YoY Change 6.03% 21.91% 5.76%
Income Tax $2.534M $13.36M $3.747M
% Of Pretax Income 17.06% 20.74% 26.74%
Net Earnings $12.02M $48.14M $9.572M
YoY Change 25.56% 29.74% -0.03%
Net Earnings / Revenue 15.45% 15.04% 12.77%
Basic Earnings Per Share $2.41
Diluted Earnings Per Share $0.60 $2.40 $0.47
COMMON SHARES
Basic Shares Outstanding 19.89M shares 20.00M shares 20.11M shares
Diluted Shares Outstanding 20.00M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.55M $53.55M $28.17M
YoY Change 90.13% 90.13% -48.52%
Cash & Equivalents $53.43M $53.43M $27.85M
Short-Term Investments $119.0K $119.0K $316.0K
Other Short-Term Assets $52.72M $52.72M $48.16M
YoY Change 9.49% 9.49% 30.23%
Inventory $26.87M $26.87M $28.51M
Prepaid Expenses $35.87M $30.19M
Receivables $45.39M $45.39M $45.82M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $178.5M $178.5M $150.7M
YoY Change 18.51% 18.51% -7.42%
LONG-TERM ASSETS
Property, Plant & Equipment $50.03M $50.03M $55.15M
YoY Change -9.29% -9.29% 36.71%
Goodwill $39.40M $39.51M
YoY Change -0.28% -1.22%
Intangibles $10.83M $12.62M
YoY Change -14.18% -24.67%
Long-Term Investments $2.927M $2.927M $2.967M
YoY Change -1.35% -1.35% 7.85%
Other Assets $36.97M $36.97M $29.68M
YoY Change 24.57% 24.57% -2.52%
Total Long-Term Assets $140.1M $140.1M $139.9M
YoY Change 0.16% 0.16% 7.4%
TOTAL ASSETS
Total Short-Term Assets $178.5M $178.5M $150.7M
Total Long-Term Assets $140.1M $140.1M $139.9M
Total Assets $318.7M $318.7M $290.6M
YoY Change 9.68% 9.68% -0.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.84M $20.84M $21.94M
YoY Change -4.99% -4.99% 3.11%
Accrued Expenses $15.75M $34.26M $11.94M
YoY Change 31.91% 29.62% 368.3%
Deferred Revenue
YoY Change
Short-Term Debt $138.0K $138.0K $11.85M
YoY Change -98.83% -33.01% 1594.56%
Long-Term Debt Due $355.0K $355.0K $12.19M
YoY Change -97.09% -97.09% -30.57%
Total Short-Term Liabilities $92.46M $92.46M $93.28M
YoY Change -0.88% -0.88% -10.85%
LONG-TERM LIABILITIES
Long-Term Debt $237.0K $237.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $44.62M $44.62M $42.90M
YoY Change 4.02% 4.02% 20.96%
Total Long-Term Liabilities $44.86M $44.86M $42.90M
YoY Change 4.57% 4.57% -11.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.46M $92.46M $93.28M
Total Long-Term Liabilities $44.86M $44.86M $42.90M
Total Liabilities $144.2M $144.2M $144.8M
YoY Change -0.38% -0.38% -9.83%
SHAREHOLDERS EQUITY
Retained Earnings $203.6M $169.0M
YoY Change 20.48% 17.94%
Common Stock $80.35M $80.34M
YoY Change 0.02% 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $64.29M $57.67M
YoY Change 11.47% 17.15%
Treasury Stock Shares 3.299M shares
Shareholders Equity $174.5M $174.5M $145.8M
YoY Change
Total Liabilities & Shareholders Equity $318.7M $318.7M $290.6M
YoY Change 9.68% 9.68% -0.84%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income $12.02M $48.14M $9.572M
YoY Change 25.56% 29.74% -0.03%
Depreciation, Depletion And Amortization $5.407M $21.07M $5.263M
YoY Change 2.74% 4.64% 10.4%
Cash From Operating Activities $21.78M $77.22M $15.91M
YoY Change 36.85% 71.15% -0.8%
INVESTING ACTIVITIES
Capital Expenditures $4.050M $14.24M $7.747M
YoY Change -47.72% -46.26% -244.0%
Acquisitions
YoY Change
Other Investing Activities -$600.0K -$2.986M -$443.0K
YoY Change 35.44% 251.71% 119.31%
Cash From Investing Activities -$4.650M -$17.23M -$8.190M
YoY Change -43.22% -37.01% 46.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 -$6.613M -$2.999M
YoY Change -100.0% -21.69% -44.58%
Debt Paid & Issued, Net $11.73M
YoY Change -28.68%
Cash From Financing Activities -4.374M -32.93M -9.852M
YoY Change -55.6% -9.42% -59.2%
NET CHANGE
Cash From Operating Activities 21.78M 77.22M 15.91M
Cash From Investing Activities -4.650M -17.23M -8.190M
Cash From Financing Activities -4.374M -32.93M -9.852M
Net Change In Cash 12.76M 27.06M -2.128M
YoY Change -699.39% -245.49% -84.45%
FREE CASH FLOW
Cash From Operating Activities $21.78M $77.22M $15.91M
Capital Expenditures $4.050M $14.24M $7.747M
Free Cash Flow $17.73M $62.98M $8.167M
YoY Change 117.08% 238.34% -61.88%

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<div> <table cellpadding="0" cellspacing="0" style="width:100%"> <tr> <td style="width:9%"> </td> <td style="vertical-align:top;font-family:Times New Roman, Times, serif;font-weight:bold;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.</span></span></td> <td style="vertical-align:top;text-align:justify;width:89%"> <div style="font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operations</span></span></div> </td> </tr> </table> <div> </div> <table cellpadding="0" cellspacing="0" style="width:100%"> <tr> <td style="width:9%"> </td> <td style="vertical-align:top;width:2%"> </td> <td style="vertical-align:top;text-align:justify;width:89%"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Ituran Location and Control Ltd. (the “Company”) commenced operations in 1994. The Company and its subsidiaries (the “Company”) are engaged in the provision of Location based Telematics services and machine-to-machine Telematics products for use in stolen vehicle recovery, fleet management and other applications.</span></span></div> <div> </div> <div style="font-family:'Times New Roman',Times,serif"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On September 13, 2018, the Company closed the acquisition of 81.3% of the shares of Road Track Holding S.L (Today called Ituran Spain Holdings) (“Road Track” or "Ituran Spain Holdings"), a telematics’ company operating primarily in the Latin American region.</span></span></div> <div style="line-height:1.25"> </div> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On September 22, 2021 the Company purchased the remaining 18.7% of shares in Ituran Spain Holdings.</span></span></div> </div> </td> </tr> </table> </div>
CY2023 itrn Schedule Of Relevant Exchange Rates Of Us Dollar And Israeli Cpi
ScheduleOfRelevantExchangeRatesOfUsDollarAndIsraeliCpi
<div> <div style="text-align:justify;margin-left:113.4pt;line-height:1.25"> </div> <div style="margin-left:11%"> <table border="0" cellpadding="0" cellspacing="0" style="width:90%"> <tr> <td style="vertical-align:bottom;border-top:2px solid rgb(0, 0, 0);border-bottom:2px solid rgb(0, 0, 0);vertical-align:bottom"> </td> <td colspan="1" style="vertical-align:bottom;border-top:2px solid rgb(0, 0, 0);border-bottom:2px solid rgb(0, 0, 0);vertical-align:bottom"> </td> <td colspan="4" style="border-top:2px solid rgb(0, 0, 0);border-bottom:2px solid rgb(0, 0, 0);vertical-align:bottom;margin-top:0pt;margin-bottom:0pt"> <div style="text-align:center;line-height:1.25;font-weight:bold;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Exchange rate</span></span></div> <div style="text-align:center;line-height:1.25;font-weight:bold;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">of one US dollar</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;border-top:2px solid rgb(0, 0, 0);border-bottom:2px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;border-top:2px solid rgb(0, 0, 0);border-bottom:2px solid rgb(0, 0, 0);vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:2px solid rgb(0, 0, 0);border-bottom:2px solid rgb(0, 0, 0);vertical-align:bottom"> <div style="text-align:center;line-height:1.25;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Israeli CPI<sup style="vertical-align:text-top;line-height:1;font-size:smaller">(*)</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom;border-top:2px solid rgb(0, 0, 0);border-bottom:2px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:9%"> <div style="text-align:center;line-height:1.25;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">NIS</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Brazilian</span></span></div> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Real</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:9%"> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:67%"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-weight:bold">At December 31</span>,</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;background-color:rgb(204, 238, 255);text-align:center;width:9%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td style="background-color:rgb(204, 238, 255);text-align:center;vertical-align:bottom;width:9%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2023</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.627</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.8413</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:9%"> <div style="text-align:center;line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">126.83 points</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:67%"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2022</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.519</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;background-color:rgb(204, 238, 255);width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.2177</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> <div style="text-align:center;line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">123.19 points</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2021</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.110</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.5805</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:9%"> <div style="text-align:center;line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">117.03 points</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td rowspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:67%"> </td> <td colspan="1" rowspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" rowspan="1" style="text-align:right;background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> </td> <td colspan="1" rowspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" rowspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" rowspan="1" style="vertical-align:bottom;text-align:center;background-color:rgb(204, 238, 255);width:9%"> </td> <td colspan="1" rowspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" rowspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td rowspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> </td> <td colspan="1" rowspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> <div style="line-height:1.25;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Increase (decrease) during the year:</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:center;vertical-align:bottom;width:9%"> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;width:9%"> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td style="text-align:center;vertical-align:bottom;width:9%"> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:67%"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2023</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.07%</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;background-color:rgb(204, 238, 255);width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7.21%)</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.95%</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2022</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13.15%</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(6.50%)</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.26%</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:67%"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2021</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3.27%</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;background-color:rgb(204, 238, 255);width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7.39%</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;width:1%"> </td> <td colspan="1" style="text-align:right;background-color:rgb(204, 238, 255);vertical-align:bottom;width:9%"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.80%</span></span></div> </td> <td colspan="1" style="background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap;width:1%"> </td> </tr> </table> </div> <div style="line-height:1.25"> </div> <table cellpadding="0" cellspacing="0" style="width:100%"> <tr> <td style="width:11%"> </td> <td style="vertical-align:top;width:22.7pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(*)</span></span></td> <td style="vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span id="FN_624609c297eccf4b9c909d47">Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average.</span></span></span></div> </td> </tr> </table> </div>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="width:100%"> <tr> <td style="width:9%"> </td> <td style="vertical-align:top;font-family:Times New Roman, Times, serif;font-weight:bold;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.</span></span></td> <td style="vertical-align:top;text-align:justify;width:89%"> <div style="font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Use of estimates in the preparation of financial statements</span></span></div> <div style="font-weight:bold"> </div> <div style="font-family:'Times New Roman',Times,serif;font-weight:bold"> <div style="line-height:1.25;font-weight:normal"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from the estimates.</span></span></div> <div style="line-height:1.25;font-weight:normal"> </div> <div style="line-height:1.25;font-weight:normal"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to legal contingencies, valuation of goodwill and other intangible assets and revenue recognition and related deferred expenses (contract costs).</span></span></div> </div> </td> </tr> </table>
CY2023 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-89000 usd
CY2023 itrn Schedule Of Depreciation Rates
ScheduleOfDepreciationRates
<table border="0" cellpadding="0" cellspacing="0" style="margin:0px 0px 0px 11%;width:80%;color:#000000;font-family:'Times New Roman', Times, serif;font-size:10pt;text-align:left;float:left"> <tr> <td style="vertical-align:bottom;width:79%;vertical-align:bottom"> </td> <td colspan="1" style="vertical-align:bottom;width:1%;vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:20%;vertical-align:bottom"> <div style="text-align:center;line-height:1.25;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;vertical-align:bottom;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;width:79%;background-color:rgb(204, 238, 255);vertical-align:bottom"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating equipment (mainly 20%-33%)</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;background-color:rgb(204, 238, 255);vertical-align:bottom"> </td> <td colspan="1" style="vertical-align:bottom;text-align:right;width:20%;background-color:rgb(204, 238, 255);vertical-align:bottom"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.5-33</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;width:79%;vertical-align:bottom"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Office furniture, equipment and computers</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;vertical-align:bottom"> </td> <td colspan="1" style="vertical-align:bottom;text-align:right;width:20%;vertical-align:bottom"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7-33</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;vertical-align:bottom;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;width:79%;background-color:rgb(204, 238, 255);vertical-align:bottom"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Buildings</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;background-color:rgb(204, 238, 255);vertical-align:bottom"> </td> <td colspan="1" style="vertical-align:bottom;text-align:right;width:20%;background-color:rgb(204, 238, 255);vertical-align:bottom"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.5</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;background-color:rgb(204, 238, 255);vertical-align:bottom;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;width:79%;vertical-align:bottom"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vehicles</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;vertical-align:bottom"> </td> <td colspan="1" style="vertical-align:bottom;text-align:right;width:20%;vertical-align:bottom"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;width:1%;vertical-align:bottom;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:top;background-color:rgb(204, 238, 255);width:79%;vertical-align:bottom"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Leasehold improvements</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;background-color:rgb(204, 238, 255);width:1%;vertical-align:bottom"> </td> <td style="vertical-align:bottom;background-color:rgb(204, 238, 255);width:20%;vertical-align:bottom"> <div style="text-align:center;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Duration of the lease which<br/>is less or equal to useful life.</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;background-color:rgb(204, 238, 255);width:1%;vertical-align:bottom;white-space:nowrap"> </td> </tr> </table>
CY2023 itrn Schedule Of Intangible Assets Useful Lives
ScheduleOfIntangibleAssetsUsefulLives
<div> <div style="margin-top:0px;margin-bottom:0px;line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:justify"> </div> <div style="margin-top:0px;margin-bottom:0px;line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:justify"> <table border="0" cellpadding="0" cellspacing="0" style="margin:0px 0px 0px 11%;width:70%;color:#000000;font-family:'Times New Roman', Times, serif;font-size:10pt;text-align:left"> <tr> <td style="vertical-align:bottom;padding-bottom:2px;vertical-align:bottom"> <div style="line-height:1.25"> </div> </td> <td colspan="1" style="vertical-align:bottom;padding-bottom:2px;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:#000000 solid 2px;vertical-align:bottom"> <div style="text-align:center;line-height:1.25;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Years</span></span></div> </td> <td colspan="1" style="vertical-align:bottom;padding-bottom:2px;vertical-align:bottom;white-space:nowrap"> </td> </tr> <tr style="background-color:rgb(204, 238, 255)"> <td style="width:88.91%;vertical-align:bottom;background-color:rgb(204, 238, 255)"> <div style="line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Technology services</span></span></div> </td> <td colspan="1" style="width:1.04%;vertical-align:bottom;background-color:rgb(204, 238, 255)"> </td> <td colspan="1" style="text-align:right;width:9.08%;vertical-align:bottom;background-color:rgb(204, 238, 255)"> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5</span></span></div> </td> <td colspan="1" style="width:1.04%;vertical-align:bottom;white-space:nowrap;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="background-color:rgb(255, 255, 255)"> <td style="width:88.91%;vertical-align:bottom;background-color:rgb(255, 255, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other</span></span></td> <td colspan="1" style="width:1.04%;vertical-align:bottom;background-color:rgb(255, 255, 255)"> </td> <td colspan="1" style="text-align:center;width:9.08%;vertical-align:bottom;background-color:rgb(255, 255, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5</span></span></td> <td colspan="1" style="width:1.04%;vertical-align:bottom;white-space:nowrap;background-color:rgb(255, 255, 255)"> </td> </tr> </table> </div> </div>
CY2023 itrn Severance Payments
SeverancePayments
2218000 usd
CY2022 itrn Severance Payments
SeverancePayments
2115000 usd
CY2021 itrn Severance Payments
SeverancePayments
1910000 usd
CY2023 itrn Deferred Revenue Revenue Recognized During Period
DeferredRevenueRevenueRecognizedDuringPeriod
21700000 usd
CY2023 itrn Deferred Revenue Revenue Expected During Period
DeferredRevenueRevenueExpectedDuringPeriod
27100000 usd
CY2023 us-gaap Advertising Expense
AdvertisingExpense
7300000 usd
CY2023 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
8900000 usd
CY2021Q3 itrn Obligation To Purchase Non Controlling Interests Percentage
ObligationToPurchaseNonControllingInterestsPercentage
0.187 pure
CY2021Q3 us-gaap Purchase Obligation
PurchaseObligation
11300000 usd
CY2023Q4 itrn Prepaid Salary To Employees
PrepaidSalaryToEmployees
272000 usd
CY2022Q4 itrn Prepaid Salary To Employees
PrepaidSalaryToEmployees
375000 usd
CY2023Q4 itrn Fifo Inventory Finished Products
FIFOInventoryFinishedProducts
19506000 usd
CY2022Q4 itrn Fifo Inventory Finished Products
FIFOInventoryFinishedProducts
16894000 usd
CY2023Q4 itrn Fifo Inventory Raw Materials
FIFOInventoryRawMaterials
7366000 usd
CY2022Q4 itrn Fifo Inventory Raw Materials
FIFOInventoryRawMaterials
11615000 usd
CY2023Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
26872000 usd
CY2022Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
28509000 usd
CY2023Q4 itrn Investments In Affiliates Subsidiaries And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure
714000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
140665000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
3402000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1530000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8072000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
12620000 usd
CY2023 us-gaap Finite Lived Intangible Assets Period Increase Decrease
FiniteLivedIntangibleAssetsPeriodIncreaseDecrease
3518000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10830000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
39510000 usd
CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
29890000 usd
CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
29890000 usd
CY2023Q4 itrn Credit Line Utilized
CreditLineUtilized
217000 usd
CY2022Q4 itrn Credit Line Utilized
CreditLineUtilized
11639000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15746000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11937000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9591000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8359000 usd
CY2023Q4 itrn Current Liability Government Institutions
CurrentLiabilityGovernmentInstitutions
6593000 usd
CY2022Q4 itrn Current Liability Government Institutions
CurrentLiabilityGovernmentInstitutions
7958000 usd
CY2023Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
6087000 usd
CY2022Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
4179000 usd
CY2023Q4 itrn Operating Lease Liability Current1
OperatingLeaseLiabilityCurrent1
3298000 usd
CY2022Q4 itrn Operating Lease Liability Current1
OperatingLeaseLiabilityCurrent1
3019000 usd
CY2023Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
2835000 usd
CY2022Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
1955000 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
44150000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
37407000 usd
CY2023Q4 itrn Operating Leases Future Minimum Payments Due In Two Years1
OperatingLeasesFutureMinimumPaymentsDueInTwoYears1
3500000 usd
CY2023Q4 itrn Operating Leases Future Minimum Payments Due In Three Years1
OperatingLeasesFutureMinimumPaymentsDueInThreeYears1
2100000 usd
CY2023Q4 itrn Operating Leases Future Minimum Payments Due In Four Years1
OperatingLeasesFutureMinimumPaymentsDueInFourYears1
1400000 usd
CY2023Q4 itrn Operating Leases Future Minimum Payments Due Thereafter1
OperatingLeasesFutureMinimumPaymentsDueThereafter1
2600000 usd
CY2023 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
282644 shares
CY2023 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6600000 usd
CY2023Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
3581851 shares
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
3299207 shares
CY2023 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.68
CY2023 us-gaap Dividends
Dividends
14000000 usd
CY2023 itrn Realized Gain Loss On Marketable Securities Cost Method Investment Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentOtherInvestments
-89000 usd
CY2022 itrn Realized Gain Loss On Marketable Securities Cost Method Investment Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentOtherInvestments
-3860000 usd
CY2021 itrn Realized Gain Loss On Marketable Securities Cost Method Investment Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentOtherInvestments
-2387000 usd
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
4711000 usd
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
16199000 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-282000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4707000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3688000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1311000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
517000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
608000 usd
CY2023 us-gaap Revenues
Revenues
319978000 usd
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
54615000 usd
CY2023 us-gaap Revenues
Revenues
319978000 usd
CY2021 us-gaap Revenues
Revenues
270884000 usd
CY2023Q4 itrn Total Notional Amount Of Forward Exchange Contract With Respect To Cash Flow Hedge Of Anticipated Transactions
TotalNotionalAmountOfForwardExchangeContractWithRespectToCashFlowHedgeOfAnticipatedTransactions
18000000 usd
CY2023 itrn Monthly Notional Amount Of Forward Exchange Contract With Respect To Cash Flow Hedge Of Anticipated Transactions For Next Twelve Months
MonthlyNotionalAmountOfForwardExchangeContractWithRespectToCashFlowHedgeOfAnticipatedTransactionsForNextTwelveMonths
1500000 usd

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