Ituran (ITRN) 2026年第二季度业绩电话会：创纪录营收与25%订阅增长

核心要点

• Ituran公布2026财年第二季度营收达到创纪录的1.048亿美元，同比增长21%，这主要得益于经常性订阅服务收入增长25%至7980万美元。
• 在本季度净增4.1万户后，截至2026年6月30日，总订阅用户数达到2,711,000户。
• EBITDA增长24%至2850万美元，同时EBITDA利润率从26.4%扩大至27.2%。净利润增长29%至1730万美元，即摊薄后每股收益0.88美元。
• 经营性现金流创下3220万美元的季度新高。截至期末，Ituran拥有1.037亿美元的净现金和可交易证券，且无债务。
• OEM项目仍是核心增长驱动力，包括与Stellantis合作的Connect Fiat项目的推进，以及在巴西与雅马哈和宝马合作的摩托车项目。
• 管理层对贯穿2026年的持续增长和盈利能力保持信心，同时指出IturanMob在美国的业务拓展预计在2026年或2027年均不会产生重大贡献。

关键财务数据

按地区划分的营收构成中，以色列占56%，巴西占22%，世界其他地区占22%。

业务与经营表现

经常性订阅服务仍是Ituran最主要的收入来源，占总营收的76%。管理层表示，季度净增4.1万订阅用户符合预期运行速度，反映出核心市场的有机增长。

OEM合作关系继续支撑订阅用户的增长。Ituran正在推进在整个南美洲的现有合作项目，包括针对菲亚特Strada车型与Stellantis联合推出的Connect Fiat项目。公司还寻求扩大与日产、雷诺、通用汽车、雅马哈和宝马的合作，同时与其他汽车制造商探讨潜在合作项目。

在巴西，管理层表示雅马哈和宝马的摩托车项目正在强劲推进，并已开始对订阅用户的增长作出贡献。公司正在争取更多的摩托车OEM合作关系，但尚未宣布新的协议。

Ituran的大数据战略初期仍以以色列为重点，在该国300万辆汽车中，约有100万辆是Ituran的订阅用户。此前宣布的与以色列交通部合作的项目已于第一季度末结束，并带来了数百万以色列新谢克尔的收入。该项目利用历史车辆数据分析了卡车事故地点及休息区的潜在建设选址。

管理层表示，与其他潜在大数据客户的讨论和试点项目正在持续推进，其中包括政府机构、交通管理部门、市政部门、OEM厂商和商业客户。公司希望在近期宣布另一项协议，但未承诺具体的时间或金额。

IturanMob作为公司的租车解决方案，在美国获得了更多试点项目和潜在客户，同时正在扩展至更多城市。然而，变现能力依然有限，在对该模式获得进一步信心之前，公司保持着审慎的销售和安装节奏。

管理层展望

管理层表达了对2026财年实现持续增长和盈利能力的信心。公司将OEM业务拓展、新产品、增值服务以及大数据变现视为长期增长机遇。

公司计划在将大数据业务扩展至巴西和墨西哥之前，先在以色列确立更具规模的大数据市场。管理层表示，在这些国家的精准度和潜在应用场景将取决于Ituran订阅用户群体的地理覆盖范围和相对规模。

IturanMob被定位为一项中期战略举措。管理层预计其在2026年或2027年不会产生重大贡献。

风险与关注点

• 尽管市场兴趣增加且试点活动频发，但美国IturanMob的收入仍处于早期且微不足道的水平。
• Ituran的大数据覆盖范围在以色列最为强大。其订阅用户基数在巴西车辆总数中所占比例较低，这可能会限制核心覆盖区域之外的数据广度与精准度。
• 按使用量付费的保险（UBI）在以色列保持增长，但管理层强调其ARPU（每用户平均收入）较低，且在以色列和阿根廷以外地区的拓展有限。
• 管理层将保险公司描述为对新型数据驱动型定价方法接纳较为缓慢的群体。
• 以色列新谢克尔走强削弱了在以色列持有的美元挂钩存款价值，导致该季度产生了130万美元的财务费用。

分析师问答集锦

大数据商业化：管理层表示，交通部项目已于第一季度完成，并带来了数百万以色列新谢克尔的收入。Ituran目前正在寻求涉及交通管理机构、政府部门和市政当局的更大合作机会。

国际大数据拓展：以色列仍是首发市场，因为配备Ituran设备的车辆约占该国车辆总数的约三分之一。巴西和墨西哥是下一个目标市场，但相关服务需要专注于Ituran数据覆盖足够精准的应用场景。

美国租车解决方案：IturanMob迎来了更多的试点项目、客户和更广的地理覆盖，但客户变现水平依然较低。在进一步验证该模式之前，公司计划限制在业务拓展和销售方面的支出。

摩托车与UBI业务：雅马哈和宝马的摩托车项目开始支撑巴西订阅用户的增长。按使用量付费的保险拓展较慢，ARPU较低且地理覆盖范围有限。

大数据的保险应用：Ituran正在与以色列保险公司探讨更广泛的数据应用，包括基于客户驾驶地点和驾驶习惯的定价。管理层将保险公司、汽车经销商和进口商视为继公共部门交通交易之后的下一阶段潜在客户。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Kenny Green

Ladies and gentlemen, thank you for standing by. My name is Kenny Green, and I'm part of the Investor Relations team at Ituran. I would like to welcome all of you to Ituran's results Zoom webinar, and I would like to thank Ituran's management for hosting this conference call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded, and the recording will be available from the link in the earnings press release and on Ituran's website from tomorrow.

With me today on the call are Mr. Eyal Sheratzky, CEO; Mr. Udi Mizrahi, Deputy CEO and VP Finance; and Mr. Eli Kamer, CFO of Ituran. Eyal will begin with a summary of the quarter's results, followed by Eli with a summary of the financials. We'll then open the call for the question-and-answer session. You should have all received by now the company's press release. If not, please view it on the company's website. I would like to remind everyone that the safe harbor statement in today's press release also covers the contents of this conference call and the associated presentation. And now Eyal, would you like to begin, please?

Eyal Sheratzky

Thank you, Kenny. I'd like to welcome all of you to our second quarter 2026 results call, and thank you for joining us today. We are very pleased to report an excellent second quarter for Ituran with record revenue and profitability with strong growth across every line of our income statement. For the quarter, overall revenue grew 21% year-over-year to a record of $104.8 million. Our recurring subscription revenue grew by 25% to $80 million making up 76% of our total revenues.

Beyond that, we grow all of our profit metrics, operating income, EBITDA and net income, all ahead of revenue, allowing the operating leverage built into our business model to shine through. During the quarter, we added 41,000 net new subscribers, bringing our total subscriber base to 2,711,000 at the end of June 2026. This is in line with our expected run rate and shows continued healthy organic growth across our core markets.

Our long-term success is growing our global subscriber base constantly is due to our ongoing efforts in offering new products and value-added services to our customer base, while at the same time tapping into new market segments and new regions. Our OEM relationships remain a key growth driver. During the second quarter, we continued to ramp our existing OEM program across South America, including Connect Fiat, our new program with Stellantis launched earlier this year exclusive to the Fiat Strada.

We remain in active discussions with additional OEMs that you do not see on this list, while at the same time, looking to expand our existing relationships with Nissan, Renault, General Motors, Yamaha, BMW and others. Growing our OEM roster has been and continue to be the main vector for Ituran long-term growth. Beyond our core subscriber-based telematics business, we continue to advance the growth initiatives I have discussed on previous calls, which we believe can become meaningful long-term contributors to Ituran. These include IturanMob, our car rental solution, which we recently launched in the U.S. market. Credit Carbon, our platform that lets drivers of electric and zero-emission vehicles generate and sell verified carbon savings, connecting them with the companies that need to offset emissions and leveraging our big data capabilities, all of which significantly grow our addressable markets.

On the big data side, following the initial agreement we announced last quarter, we're continuing in advanced discussions with a number of potential customers, and we are active on a number of pilot projects. We would hope to be able to announce a further big data agreement with one of these in the near term. Our big data capabilities have significant long-term potential to support governments, transport authorities, commercial centers, OEMs and other customers, enabling them to make better decision based on vast amount of transportation data while creating revenue opportunities that can grow beyond our traditional subscription model.

Turan continues to be a strongly cash-generating business, and we generated our highest ever cash flow from operations during the quarter, amounting to $32.2 million, reflecting our continuing strong profitability, ongoing and significant positive cash flow and strong balance sheet, the Board of Directors declared dividend of $10 million for the quarter, which represents $0.50 per share, in line with our standard dividend policy.

In addition, $3 million in shares were purchased under our buyback program, which is another return of capital to shareholders to enhance value. We see our ongoing dividends and buyback program as a reward to our shareholders for their loyalty and long-term support of our company.

In summary, we are very pleased with our performance in the second quarter. with record revenue and record profitability and continued healthy subscriber additions. At the same time, we continue to look for new revenues to drive further growth across all of our regions. Our expanding OEM programs, our growth engines and opportunities to monetize our big data assets are all examples of this.

We remain confident in our ability to deliver continued growth and profitability through 2026 and in our long-term strategy to transform Ituran into a significantly larger company. And with that, I hand over to Eli. Eli, please go ahead.

Eli Kamer

Thanks, Eyal. I will provide a short summary of the financial results. You can find the more detailed results in the press release that we issued earlier today. Second quarter revenues were a record $104.8 million, a 21% increase compared with revenues of $86.8 million in the second quarter of last year. Revenues from subscription fees in the quarter were $79.8 million, an increase of 25% year-over-year and represented 76% of total revenues. Product revenues in the quarter were $25 million, an increase of 8% year-over-year. The subscriber base expanded to 2,711,000 by the end of the second quarter, an increase of 41,000 from the end of the previous quarter.

The geographic breakdown of revenues in the second quarter was as follows: Israel, 56%; Brazil, 22%; Rest of World, 22%. EBITDA for the quarter was $28.5 million or 27.2% of revenues, an increase of 24% compared with EBITDA of $22.9 million or 26.4% of revenues in the second quarter of last year.

Finance expenses in the second quarter were $1.3 million, in line with finance expenses of $1.3 million in the second quarter of last year. The expense this quarter was mainly due to the strengthening of the Israeli shekel against the U.S. dollar, which lowered the value of U.S. dollar-linked deposits held in Israel, resulting in a finance expense on those deposits. Net income for the second quarter was $17.3 million or 16.5% of revenues or diluted earnings per share of $0.88, an increase of 29% compared with $13.5 million or 15.5% of revenues or diluted earnings per share of $0.68 in the second quarter of last year.

Cash flow from operations for the second quarter of 2026 was $32.2 million. As of June 30, 2026, the company had net cash, including marketable securities of $103.7 million, which includes no debt. This is compared with net cash, including marketable securities of $107.6 million as of year-end 2025. The Board of Directors declared a dividend of $10 million for the quarter or $0.50 per share. The current dividend takes into account the company's continuing strong profitability, ongoing positive cash flow and a strong balance sheet.

During the quarter, $3 million in shares were purchased under the buyback program. The total remaining authorization is about $10 million. Share buybacks will be funded by available cash and will be made in line with SEC Rule 10b-18. And with that, I'd like to open the call for a question-and-answer session. Operator?

Eyal Sheratzky

Okay. We'll now open the call for question and after the session we will get back.

Kenny Green

On behalf of the management of Ituran, I would like to thank...

Eyal Sheratzky

We'll poll for questions. Our first question will be from Derek Greenberg from Maxim.

分析师问答

Derek Greenberg

I wanted to start just on the big data opportunity you're pursuing. I was wondering, first, if you could just talk about the engagement you already had with the Ministry of Transportation in Israel. I was wondering if that had concluded, any feedback you had received? And if that's concluded, where that might show up on the income statement?

Eyal Sheratzky

This deal transaction was already concluded in the end in Q1, and it was not -- as we said, it was not a very large deal, but still, it was few millions of shekels and it was basically a need of a specific division in this ministry to look for places where trucks in Israel are making specific accidents in order to analyze where is the best place to open a rest areas. In Israel, there is no rest areas for trucks like in the States or in Europe. And this is the next phase they want to do in order to prevent accidents and fatigue of drivers, et cetera. And based on historical data, by the way, because we have different prices for range time data 1-year old data, et cetera.

And in that case, we saw data a few years ago for these millions of shekels, and this was the first need. And as I said in my speech, we see more needs of public transportation agents or governmental, which we have discussions. And as I said, we are optimistic that soon we will have -- we're expecting to have more deal or deals, which can be more valuable and more larger deals in different aspects of public transportation, municipality needs, et cetera.

Eli Kamer

Okay. Great. And just on the pipeline, I was curious, do you think the majority of opportunities currently are predominantly in Israel? Or are you seeing opportunities internationally as well?

Eyal Sheratzky

Currently, we started in Israel. The advantage that we have to start in Israel is that in Israel, the portion of -- or the ratio between the total vehicles on roads with Ituran cars -- I mean, Ituran subscriber base is very high.

We have about 1 million subscribers, cars among 3 million. So it means that we have a lot of data when we talk about rows, when we talk about cars, we talk about preferences, et cetera. So it's -- first, it's something which we can create more confidence, and we can really start with a specific agents such as governmental, et cetera. But our goal is after we will create a substantial market in Israel, and we will have some experience of more and more commercial deals to take it out to our next geographies, which is typical should be Brazil and Mexico. But in that case, we will have to focus on our specific customers, which our customer base on those countries will allow us to provide a very accurate data. Just to remind you, if we have about 0.5 million subscribers in Brazil, it represent much lower percentage of the total cars, and they drive in a lower number of places in Brazil. But still, we have a lot to contribute to customers, and we will do it, but we start with Israel.

Derek Greenberg

Okay. That makes a lot of sense. That was super helpful. I had one on just FX impacts in the quarter. I was wondering if there was anything noteworthy there. I know last quarter, I think there was like a $1 million benefit from FX. I was wondering if there was anything to call out on that front.

Eli Kamer

It's almost the same as the last quarter, meaning almost an effect of $1 million on the EBIT.

Derek Greenberg

Okay. Got it. And then lastly, just on [ Eternob ] in the U.S. I was wondering if you could just talk about how that's progressing so far, the discussions you're having and what you're seeing there?

Eli Kamer

So from the side of the marketing side, the interest of the market, we see higher and higher traction. On the other hand or the other part is our part to install, to marketing and sales. We're still going in a very low mode in order to get our own confidence before we start spending more money, more budget basically on business development and sales. But compared to last quarter, we have more and more pilots and more and more customers.

The numbers in terms of -- I mean, when we monetize it from customers to money, we are still in a very low numbers. So this is the reason why we are not yet provide specific data. We are in the beginning. But as I said, the most important issue is the interest of the market, of the car rentals company, et cetera. We spread now and we expand our capabilities in more and more cities. And as I said at the beginning, this is a midterm project. It's not something that will contribute substantial amount in 2026 and also in 2027. But once we will see that it's ramping up with a more material numbers, of course, we will inform everyone.

Eyal Sheratzky

Our next question is going to be from Sergey Glinyanov of Freedom Capital Markets.

Sergey Glinyanov

So I'm just wondering how today training on such products and markets like motorcycle market and UBI, how it's trading for Ituran?

Eyal Sheratzky

Regarding motorcycles, as you know, Sergey, and as we stated in the past, our main focus in the Brazilian market -- we started with the OEM deals with Yamaha and then [ BMW ]. And this is ramping up very impressive. We see that our customers, Yamaha and BMV are very satisfied with the capabilities with no problems, et cetera. And it's now started to contribute to our growing subscriber base in Brazil.

Our next phases will be or already exist is talking and try to expand those names to other names, and we have discussion. Again, I don't have any new deal that I can report, but I hope and believe that we will continue to push and we will get it. And then, of course, you will know. And this is regarding motorcycles. And I really believe that it's start and go and to be a major portion of our growth in subscribers in Brazil. Regarding UBI, we are still focusing in the Israeli market.

We see a growth, but it's still something that I have to remind you, the ARPU is low. And second is go to a specific usually segment of the second car at home or young people cars, but it's still growing, but it's not yet something that we succeed to expand it to other geographies, except Argentina, which is a smaller numbers as well.

Sergey Glinyanov

Okay. Got it. And maybe you can share your thoughts on could you use your big data project to accumulate the data for using it in UBI segments as well?

Eyal Sheratzky

The answer is absolutely yes. Currently, we use the UBI based on personal data. And of course, we have discussions with insurance companies in Israel for showing them there is a lot of usage that they can do, not only based on Ituran subscriber and need to run hardware, but also about the big data that Ituran can provide.

And this is something that can give for them a lot of benefits of how they can pricing new and old insurers based on where they live, how they drive, where they drive, et cetera. And they are looking on that. But like it was with the UI, insurance industry is a very, very traditional industry, very traditional ways of taking decision. It's changing, but it's changing slow. But this is what we believe will be the next phase after we will continue to close deals with the governmental authorities and public transportation authorities.

And then we have 2, I would say, 2 customers, which is -- which are today traditionally our channels, which is insurance companies and car dealers and car importers to Israel. And this is something that will be the next phase, and we put a lot of efforts on that.

Eli Kamer

That looks like the end of the questions.

So before I hand back to Eyal, I just want to let everybody know that this conference call will be available from tomorrow on Ituran's website on the Investor Relations side or alternatively, you can get through the Zoom link. And with that, I'd like to hand back to Eyal for the closing statement. Eyal, please go ahead.

Eyal Sheratzky

On behalf of the management of Ituran, I would like to thank you, our shareholders, for your continued interest and long-term support of our business. We look forward to continuing our success over the coming years. If you are interested in meeting or speaking with us, please feel free to reach out to our Investor Relations team. And with that, we end our call. Have a good day. Thank you.