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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.17 | 3.59% | 4.91 | 4.90 | 4.92 | 4.92 | 4.74 | 4.74 | 20,309 | 17:04:00 |
Adjusted EBITDA of $2.9 million, representing an $8.1 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 second quarter ended September 30, 2023.
Fiscal 2024 Second Quarter Financial Highlights
Fiscal 2024 First Half Financial Highlights
Management Commentary:
“Due to a combination of strong customer demand and solid commercial execution, we are pleased to report record revenue of $43.6 million and record total ending backlog of $124.0 million for our fiscal 2024 second quarter,” said Joe Bergera, President and CEO of Iteris. “Additionally, we are pleased with the successful outcome of our supply chain improvement plan that drove a 2,060 basis point improvement in gross margins and an associated $8.1 million improvement in adjusted EBITDA year over year.
“Given the compelling capabilities of the Iteris ClearMobility® Platform, we expect to continue to benefit from favorable trends in smart mobility infrastructure management, including the adoption of Cloud technologies, artificial intelligence, and Connected and Autonomous Vehicles. Therefore, we continue to anticipate a five-year organic revenue CAGR of approximately 14% and associated improvements in our operating structure to drive adjusted EBITDA margin expansion to approximately 16% to 19% consistent with our Vision 2027 targets.”
Fiscal Year 2024 Third Quarter and Full Year Outlook
GAAP Fiscal Year 2024 Second Quarter Financial Results
Non-GAAP Fiscal 2024 Second Quarter Results
In addition to results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Iteris (the “Company”) has included the following non-GAAP financial measure: net income (loss) before interest, taxes, depreciation, amortization, stock-based compensation expense, restructuring charges, project loss reserves, other legal expenses, 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).
Adjusted EBITDA in the second quarter of fiscal 2024 was approximately $2.9 million, or 6.7% of total revenues, compared with an approximate $5.2 million loss, or (13.1)% 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 second quarter results.
Date: Thursday, November 9, 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: 320838
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 49309.
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 impact related to the federal government debt ceiling and; uncertainties regarding potential multiple negative impacts that may occur in the future due to COVID-19; our ability to source key raw materials in light of the current global economic and supply chain situation, including data supplier Wejo’s 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; adverse effects of the COVID-19 pandemic 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 the COVID-19 pandemic, 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)
September 30, 2023
March 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
20,161
$
16,587
Restricted cash
449
140
Trade accounts receivable, net
24,929
23,809
Unbilled accounts receivable
8,562
8,349
Inventories
10,781
10,841
Prepaid expenses and other current assets
4,079
3,128
Total current assets
68,961
62,854
Property and equipment, net
1,325
1,297
Right-of-use assets
7,509
8,345
Intangible assets, net
9,968
10,190
Goodwill
28,340
28,340
Other assets
502
768
Total assets
$
116,605
$
111,794
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable
$
14,942
$
12,943
Accrued payroll and related expenses
10,837
12,923
Accrued liabilities
5,654
5,453
Deferred revenue
7,322
6,720
Total current liabilities
38,755
38,039
Long-term liabilities
10,284
10,849
Total liabilities
49,039
48,888
Stockholders’ equity
67,566
62,906
Total liabilities and stockholders’ equity
$
116,605
$
111,794
ITERIS, INC.
UNAUDITED CONDENSED
STATEMENT OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended September 30,
Six Months Ended September 30,
2023
2022
2023
2022
Product revenues
$
23,398
$
20,788
$
47,056
$
37,169
Service revenues
20,165
18,471
40,052
35,757
Total revenues
43,563
39,259
87,108
72,926
Cost of product revenues
13,086
20,026
25,190
31,683
Cost of service revenues
14,213
12,682
28,851
24,533
Cost of revenues
27,299
32,708
54,041
56,216
Gross profit
16,264
6,551
33,067
16,710
Operating expenses:
General and administrative
6,344
4,978
12,145
11,405
Sales and marketing
6,236
5,674
12,526
10,872
Research and development
2,565
2,173
4,673
4,309
Amortization of intangible assets
651
651
1,302
1,319
Restructuring charges
—
—
—
707
Total operating expenses
15,796
13,476
30,646
28,612
Operating income (loss)
468
(6,925
)
2,421
(11,902
)
Non-operating income (expense):
Other income, net
48
117
247
94
Interest income (expense), net
2
(300
)
70
(332
)
Income (loss) before income taxes
518
(7,108
)
2,738
(12,140
)
Benefit from (provision for) income taxes
33
(289
)
(62
)
(122
)
Net income (loss)
$
551
$
(7,397
)
$
2,676
$
(12,262
)
Net income (loss) per common share
Basic net income (loss) per share
$
0.01
$
(0.17
)
$
0.06
$
(0.29
)
Diluted net income (loss) per share
$
0.01
$
(0.17
)
$
0.06
$
(0.29
)
Shares used in basic per share calculations
42,742
42,288
42,654
42,334
Shares used in diluted per share calculations
43,713
42,288
43,677
42,334
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: net income (loss) before interest, taxes, depreciation, amortization, stock-based compensation expense, restructuring charges, project loss reserves, other legal expenses, and executive severance and transition costs (“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 and the related financial ratio provide 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 and the related financial ratio, as presented in this press release, are supplemental measures of our performance that are not required by or presented in accordance with GAAP. They are not a measurement of our financial performance under GAAP and should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP, or as alternatives to net cash provided by operating activities as a measure of our liquidity. The presentation of these measures 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 and the related financial ratio, as applicable, because we believe that measures such as these provide useful information with respect to our ability to meet our operating commitments.
Adjusted EBITDA and the related financial ratio have limitations as analytical tools, and you should not consider them 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 and the related financial ratio 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 Unaudited Condensed Financial Statements contained in this Press Release. However, in spite of the above limitations, we believe that Adjusted EBITDA and the related ratio are useful to an investor in evaluating our results of operations because these measures:
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) to Adjusted EBITDA and the presentation of Adjusted EBITDA as a percentage of net revenues were as follows:
Three Months Ended September 30,
Six Months Ended September 30,
2023
2022
2023
2022
(In Thousands)
Net income (loss)
$
551
$
(7,397
)
$
2,676
$
(12,262
)
(Benefit from) provision for income taxes
(33
)
289
62
122
Depreciation expense
136
149
286
308
Amortization expense
787
804
1,570
1,626
Interest (income) expense
(2
)
300
(70
)
332
Stock-based compensation
872
696
1,396
1,544
Other adjustments:
Restructuring charges
—
—
—
707
Other legal expenses
604
—
1,019
—
Adjusted EBITDA
$
2,915
$
(5,159
)
$
6,939
$
(7,623
)
Percentage of total revenues
6.7
%
(13.1
)%
8.0
%
(10.5
)%
View source version on businesswire.com: https://www.businesswire.com/news/home/20231109663154/en/
Iteris Contact Kerry A. Shiba Senior Vice President, Chief Financial Officer, Secretary and Treasurer 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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