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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Iteris Incorporated New | NASDAQ:ITI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.18 | 3.80% | 4.92 | 4.92 | 4.93 | 4.9541 | 4.74 | 4.74 | 40,771 | 20:31:24 |
Record adjusted EBITDA of $3.7 million, representing a $6.1 million improvement year over year
Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today reported financial results for its fiscal 2024 first quarter, which ended June 30, 2023.
Fiscal 2024 First Quarter Financial Highlights
Management Commentary:
“We are very pleased to report record first quarter revenue from continued strong product and commercial execution, as well as some customer deployments and associated revenue recognition occurring earlier than originally anticipated,” said Joe Bergera, President and CEO of Iteris. “Additionally, we are pleased to report record adjusted EBITDA for the quarter due to significant sequential and year-over-year improvements in product gross margins, which demonstrates our supply chain improvement plan has normalized the cost of goods sold for our Vantage sensor portfolio.
“Looking ahead, we believe the demand environment for smart mobility infrastructure management solutions will remain favorable due to positive secular trends and federal funding from the Infrastructure Investment and Jobs Act. Given this strong demand environment and the positive customer response to the Iteris ClearMobility® Platform, our market-leading technology ecosystem, we continue to anticipate a five-year organic revenue CAGR of approximately 14% consistent with our Vision 2027 targets.”
Fiscal Year 2024 Second Quarter and Full Year Outlook
GAAP Fiscal Year 2024 First Quarter Financial Results
Non-GAAP Fiscal 2024 First Quarter Results
In addition to results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company has included the following non-GAAP financial measure: Adjusted income (loss) from continuing operations before taxes, depreciation, amortization, interest expense, stock-based compensation expense, restructuring charges, project loss reserves, acquisition costs, acquisition fair value adjustments, and executive severance and transition costs (“Adjusted EBITDA”). A discussion of the Company’s use of this non-GAAP financial measure is set forth below in the financial statements portion of this release under the heading “Non-GAAP Financial Measures and Reconciliation,” along with a reconciliation of Adjusted EBITDA to net income (loss) from continuing operations.
Adjusted EBITDA in the first quarter of fiscal 2024 was approximately $3.7 million, or 8.4% of total revenues, compared with an approximate $2.4 million loss, or (7.3)% of total revenues, in the same quarter a year ago. The improvement mirrors the increase in GAAP earnings.
Earnings Conference Call
Iteris will conduct a conference call today to discuss its fiscal 2024 first quarter results.
Date: Tuesday, August 8, 2023
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 877-545-0523
International dial-in number: +1 973-528-0016
Participant access code: 635551
If joining by phone, please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MKR Investor Relations at 1-213-277-5550.
To listen to the live webcast or view the press release, please visit the investor relations section of the Iteris website at www.iteris.com.
A telephone replay of the conference call will be available approximately two hours following the end of the call and will remain available for one week. To access the replay, dial +1-877-481-4010 (US Toll Free), or +1 919-882-2331 (International) and enter replay passcode 48722.
About Iteris, Inc.
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s anticipated demand and growth opportunities, conversion of bookings to revenue, the impact and success of new solution offerings, the Company’s acquisitions, our future performance, growth and profitability, operating results, and financial condition and prospects. Such statements are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, federal, state and local government budgetary issues, spending and scheduling changes, funding constraints and delays, and impacts related to the federal government debt ceiling; our ability to source key raw materials generally and in light of current global economic and supply chain challenges; potential adverse impacts due to changes in data sources or availability of data sources, including the recent announcement by data supplier Wejo of the appointment of an administrator due to insolvency; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; risks related to our ability to recruit, integrate and/or retain key talent; our ability to replace large contracts once they have been completed; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to successfully complete and integrate acquired assets and companies; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing product and service offerings; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments, and such competitors’ patent coverage and claims; any softness in the markets that we address; unpredictable and unprecedented adverse effects of the COVID-19 pandemic or other future pandemics, including impacts on our vendors and our employees; and the impact of general economic and political conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial activities, such as import/export tariffs, terrorist activities or armed conflicts in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website (www.sec.gov).
ITERIS, INC.
UNAUDITED CONDENSED
BALANCE SHEETS
(in thousands)
June 30, 2023
March 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
19,994
$
16,587
Restricted cash
274
140
Trade accounts receivable, net
25,429
23,809
Unbilled accounts receivable
8,471
8,349
Inventories
11,534
10,841
Prepaid expenses and other current assets
4,644
3,128
Total current assets
70,346
62,854
Property and equipment, net
1,315
1,297
Right-of-use assets
7,955
8,345
Intangible assets, net
9,986
10,190
Goodwill
28,340
28,340
Other assets
434
768
Total assets
$
118,376
$
111,794
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable
$
15,581
$
12,943
Accrued payroll and related expenses
12,653
12,923
Accrued liabilities
6,454
5,453
Deferred revenue
7,356
6,720
Total current liabilities
42,044
38,039
Long-term liabilities
10,525
10,849
Total liabilities
52,569
48,888
Stockholders’ equity
65,807
62,906
Total liabilities and stockholders’ equity
$
118,376
111,794
ITERIS, INC.
UNAUDITED CONDENSED
STATEMENT OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended June 30,
2023
2022
Product revenues
$
23,658
$
16,381
Service revenues
19,887
17,286
Total revenues
43,545
33,667
Cost of product revenues
12,104
11,657
Cost of service revenues
14,638
11,851
Cost of revenues
26,742
23,508
Gross profit
16,803
10,159
Operating expenses:
General and administrative
5,801
6,412
Sales and marketing
6,290
5,198
Research and development
2,108
2,136
Amortization of intangible assets
651
668
Restructuring charges
—
707
Total operating expenses
14,850
15,121
Operating income (loss)
1,953
(4,962
)
Non-operating income (expense):
Other income (expense), net
199
(23
)
Interest income (expense), net
68
(32
)
Income (loss) from continuing operations before income taxes
2,220
(5,017
)
(Provision) benefit for income taxes
(95
)
167
Net income (loss) from continuing operations
2,125
(4,850
)
Loss from discontinued operations before gain on sale, net of tax
—
(15
)
Net loss from discontinued operations, net of tax
—
(15
)
Net income (loss)
$
2,125
$
(4,865
)
Income (loss) per share - basic and diluted
Income (loss) per share from continuing operations
$
0.05
$
(0.11
)
Loss per share from discontinued operations
$
—
$
—
Net income (loss) per share
$
0.05
$
(0.11
)
Shares used in basic per share calculations
42,567
42,380
Shares used in diluted per share calculations
43,640
42,380
ITERIS, INC.
Non-GAAP Financial Measures and Reconciliation
In addition to results presented in accordance with GAAP, the company has included the following non-GAAP financial measure in this release: Adjusted income (loss) from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, and restructuring charges (“Adjusted EBITDA”).
When viewed with our financial results prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and accompanying reconciliations, we believe Adjusted EBITDA provides additional useful information to clarify and enhance the understanding of the factors and trends affecting our past performance and future prospects. We define these measures, explain how they are calculated and provide reconciliations of these measures to the most comparable GAAP measure in the table below. Adjusted EBITDA, as presented in this press release, is a supplemental measure of our performance that is not required by or presented in accordance with GAAP. It is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other performance measures derived in accordance with GAAP, or as an alternative to net cash provided by operating activities as a measure of our liquidity. The presentation of this measure should not be interpreted to mean that our future results will be unaffected by unusual or nonrecurring items.
We use Adjusted EBITDA non-GAAP operating performance measures internally as complementary financial measures to evaluate the performance and trends of our businesses. We present Adjusted EBITDA because we believe that it provides useful information with respect to our ability to meet our operating commitments.
Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include:
Because of these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only as supplemental information. See our audited financial statements contained in our Form 10-K. However, in spite of the above limitations, we believe that Adjusted EBITDA is useful to an investor in evaluating our results of operations because it:
The following financial items have been added back to or subtracted from our net income (loss) when calculating Adjusted EBITDA:
It is impractical to attempt to reconcile expected Adjusted EBITDA to expected GAAP net income (loss) because many of the adjustments are difficult to forecast, including stock-based compensation because it depends on the price of our stock in the future, which is difficult to predict. Reconciliations of historical net income (loss) from continuing operations to Adjusted EBITDA and the presentation of Adjusted EBITDA as a percentage of net revenues were as follows:
Three Months Ended June 30,
2023
2022
(In Thousands)
Net income (loss) from continuing operations
$
2,125
$
(4,850
)
Income tax expense
95
(167
)
Depreciation expense
150
159
Amortization expense
783
822
Interest expense
—
32
Stock-based compensation
525
848
Other adjustments:
Restructuring charges
—
707
Total adjustments
$
1,553
$
2,401
Adjusted EBITDA
$
3,678
$
(2,449
)
Percentage of total revenues
8.4
%
(7.3
)%
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808187329/en/
Iteris Contact Kerry A. Shiba Chief Financial Officer, Treasurer and Secretary Tel: (949) 270-9457 Email: kshiba@iteris.com
Investor Relations MKR Investor Relations, Inc. Todd Kehrli Tel: (213) 277-5550 Email: iti@mkr-group.com
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