ITERIS, INC.

CIK:0000350868|SEC Filings

Unaudited Condensed Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Total revenues	$ 45,777	$ 43,545
Cost of revenues	28,437	26,742
Gross profit	17,340	16,803
Operating expenses:
General and administrative	6,306	5,801
Sales and marketing	7,250	6,290
Research and development	2,880	2,108
Amortization of intangible assets	651	651
Total operating expenses	17,087	14,850
Operating income	253	1,953
Non-operating income:
Other income, net	56	199
Interest income, net	131	68
Income before income taxes	440	2,220
Provision for income taxes	(48)	(95)
Net income	$ 392	$ 2,125
Net income per common share
Basic net income per share (in dollars per share)	$ 0.01	$ 0.05
Diluted net income per share (in dollars per share)	$ 0.01	$ 0.05
Shares used in basic per share calculations (in shares)	42,969	42,567
Shares used in diluted per share calculations (in shares)	43,970	43,640
Product
Total revenues	$ 24,396	$ 23,658
Cost of revenues	13,171	12,104
Service
Total revenues	21,381	19,887
Cost of revenues	$ 15,266	$ 14,638

Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 392	$ 2,125
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Right-of-use asset non-cash expense	539	511
Deferred income taxes	23	22
Depreciation of property and equipment	135	150
Stock-based compensation	595	525
Amortization of intangible assets	982	783
Changes in operating assets and liabilities:
Trade accounts receivable	(4,963)	(1,620)
Unbilled accounts receivable and deferred revenues	(816)	687
Inventories	(1,409)	(693)
Prepaid expenses and other assets	118	(1,182)
Trade accounts payable and accrued expenses	1,268	3,354
Operating lease liabilities	(482)	(616)
Net cash provided by (used in) operating activities	(3,618)	4,046
Cash flows from investing activities
Purchases of property and equipment	(24)	(168)
Capitalized software development costs	(97)	(588)
Net cash used in investing activities	(121)	(756)
Cash flows from financing activities
Proceeds from stock option exercises	10	257
Tax withholding payments for net share settlements of performance stock units	0	(6)
Repurchases of common stock	(621)	0
Net cash (used in) provided by financing activities	(611)	251
(Decrease) increase in cash, cash equivalents and restricted cash	(4,350)	3,541
Cash, cash equivalents and restricted cash at beginning of period	25,975	16,727
Cash, cash equivalents and restricted cash at end of period	21,625	20,268
Supplemental schedule of non-cash investing and financing activities:
Lease liabilities arising from obtaining right-of-use assets	129	121
Purchases of fixed assets in accounts payable	103	0
Capitalized software development costs in accounts payable and accrued liabilities	$ 74	$ 234

Unaudited Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 21,377	$ 25,850
Restricted cash	248	125
Trade accounts receivable, net of allowance for doubtful accounts of $281 and $351 at June 30, 2024 and March 31, 2024, respectively	30,635	25,672
Unbilled accounts receivable	8,386	7,271
Inventories	14,841	13,432
Prepaid expenses and other current assets	3,418	3,581
Total current assets	78,905	75,931
Property and equipment, net	1,288	1,296
Right-of-use assets	6,827	7,237
Intangible assets, net	8,791	9,602
Goodwill	28,340	28,340
Other assets	1,084	1,039
Total assets	125,235	123,445
Current liabilities:
Trade accounts payable	17,100	15,852
Accrued payroll and related expenses	13,070	12,812
Accrued liabilities	6,535	6,596
Deferred revenues	7,859	8,070
Total current liabilities	44,564	43,330
Lease liabilities	5,857	6,210
Deferred income taxes	538	515
Unrecognized tax benefits	39	39
Other long-term liabilities	3,954	3,444
Total liabilities	54,952	53,538
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $1.00 par value: Authorized shares — 2,000 Issued and outstanding shares — none	0	0
Common stock, $0.10 par value: Authorized shares - 70,000 at December 31, 2023 and March 31, 2023 Issued and outstanding shares — 42,793 at December 31, 2023 and 42,808 at March 31, 2023	4,301	4,298
Treasury stock	(29)	(15)
Additional paid-in capital	194,695	194,093
Accumulated deficit	(128,684)	(128,469)
Total stockholders' equity	70,283	69,907
Total liabilities and stockholders' equity	$ 125,235	$ 123,445