Josh Straus's questions to Ituran Location and Control Ltd (ITRN) leadership • Q3 2024
Question
Josh Straus of Pekin Hardy asked how Ituran maintains business stability in its core Israeli market amid the ongoing war and economic challenges. He also requested an update on the Bringg investment and sought clarification on a significant year-over-year change in 'other current and noncurrent assets' on the cash flow statement.
Answer
Executive Eyal Sheratzky explained that while new car imports have declined in Israel, a dramatic rise in car theft has increased demand for Ituran's security systems, even for older vehicles, thus stabilizing the business. Regarding Bringg, he stated it's valued at zero on the balance sheet, but management is optimistic about its future monetization potential. Executive Eli Kamer addressed the cash flow item, suggesting it was likely due to working capital volatility and offered to provide a more detailed follow-up.