Company Quick10K Filing
Iteris
Price5.95 EPS-0
Shares40 P/E-39
MCap241 P/FCF-131
Net Debt-9 EBIT-6
TEV231 TEV/EBIT-38
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-02
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-04
10-K 2020-03-31 Filed 2020-06-09
10-Q 2019-12-31 Filed 2020-02-04
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-K 2019-03-31 Filed 2019-06-06
10-Q 2018-12-31 Filed 2019-02-07
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-K 2018-03-31 Filed 2018-06-07
10-Q 2017-12-31 Filed 2018-02-07
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-K 2017-03-31 Filed 2017-06-13
10-Q 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-10
10-K 2016-03-31 Filed 2016-06-20
10-Q 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-12
10-K 2015-03-31 Filed 2015-06-18
10-Q 2014-12-31 Filed 2015-02-05
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-10-16
10-K 2014-03-31 Filed 2014-09-04
10-Q 2013-12-31 Filed 2014-02-10
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-08-01
10-K 2013-03-31 Filed 2013-06-07
10-Q 2012-12-31 Filed 2013-02-11
10-Q 2012-06-30 Filed 2012-08-10
10-K 2012-03-31 Filed 2012-06-11
10-Q 2011-12-31 Filed 2012-02-09
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-05
10-K 2011-03-31 Filed 2011-06-01
10-Q 2010-12-31 Filed 2011-02-14
10-Q 2010-09-30 Filed 2010-11-01
10-Q 2010-06-30 Filed 2010-07-28
10-K 2010-03-31 Filed 2010-05-21
10-Q 2009-12-31 Filed 2010-02-02
8-K 2020-11-04
8-K 2020-10-01
8-K 2020-09-10
8-K 2020-08-04
8-K 2020-07-15
8-K 2020-06-30
8-K 2020-06-18
8-K 2020-06-09
8-K 2020-05-04
8-K 2020-04-30
8-K 2020-02-11
8-K 2020-02-04
8-K 2020-01-21
8-K 2019-12-06
8-K 2019-12-03
8-K 2019-11-05
8-K 2019-09-12
8-K 2019-08-26
8-K 2019-08-06
8-K 2019-07-02
8-K 2019-06-13
8-K 2019-06-10
8-K 2019-06-03
8-K 2019-02-06
8-K 2018-11-06
8-K 2018-10-11
8-K 2018-09-28
8-K 2018-09-27
8-K 2018-08-07
8-K 2018-06-07
8-K 2018-05-11
8-K 2018-03-29
8-K 2018-02-07

ITI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.5 iterisdeferredcompensation.htm
EX-10.6 formofrestrictedstockuniti.htm
EX-31.1 iti-20201231x10qex311.htm
EX-31.2 iti-20201231x10qex312.htm
EX-32.1 iti-20201231x10qex321.htm
EX-32.2 iti-20201231x10qex322.htm

Iteris Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
1058463422102012201420172020
Assets, Equity
302317104-22012201420172020
Rev, G Profit, Net Income
3020100-10-202012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                     
Commission file number: 001-08762
iti-20201231_g1.jpg
ITERIS, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)
1700 Carnegie Avenue, Suite 100
Santa Ana, California
(Address of principal executive office)
95-2588496
(I.R.S. Employer
Identification No.)
92705
(Zip Code)

(949) 270-9400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.10 par valueITIThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x
As of January 31, 2021, there were 41,640,592 shares of our common stock outstanding.


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ITERIS, INC.
Quarterly Report on Form 10-Q
Table of Contents
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2020 AND MARCH 31, 2020
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE- AND NINE- MONTH PERIODS ENDED DECEMBER 31, 2020 AND 2019
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED DECEMBER 31, 2020 AND 2019
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE THREE- AND NINE- MONTH PERIODS ENDED DECEMBER 31, 2020 AND 2019

Unless otherwise indicated in this report, the "Company," "we," "us" and "our" refer to Iteris, Inc. and its wholly-owned subsidiaries, ClearAg, Inc., Albeck Gerken, Inc., CheckPoint™, ClearGuide™, ClearFleet™, ClearMobility™, ClearRoute™, ClearPath 511®, CVIEW-Plus™, Edge®, EdgeConnect™, inspect™, iPeMS®, Iteris®, Iteris SPM™, Next®, P10™, P100™, P-Series™, PedTrax®, Pegasus™, Reverse 511®, SmartCycle®, SmartCycle Bike Indicator®, SmartSpan®, SPM™ (logo), UCRLink™, Vantage®, VantageLive!®, Vantage Next®, VantagePegasus®, VantageRadius®, Vantage Vector®, Velocity® and VersiCam™ are among, but not all of, the trademarks of Iteris, Inc. Any other trademarks or trade names mentioned herein are the property of their respective owners.


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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Iteris, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except par values)
December 31,
2020
March 31,
2020
Assets
Current assets:
Cash and cash equivalents$14,398 $14,217 
Restricted cash263 146 
Short-term investments8,140 11,556 
Trade accounts receivable, net of allowance for doubtful accounts of $1,049 and $802 at December 31, 2020 and March 31, 2020, respectively
20,962 16,706 
Unbilled accounts receivable9,515 9,848 
Inventories4,607 3,040 
Prepaid expenses and other current assets4,542 2,040 
Assets held for sale, current portion44 1,476 
Total current assets62,471 59,029 
Property and equipment, net1,900 1,835 
Right-of-use assets11,760 12,598 
Intangible assets, net14,922 6,066 
Goodwill28,348 20,590 
Other assets1,576 1,213 
Assets held for sale, noncurrent portion96 626 
Total assets$121,073 $101,957 
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable$6,698 $8,101 
Accrued payroll and related expenses9,819 7,508 
Accrued liabilities5,448 3,665 
Deferred revenue7,019 4,413 
Liabilities held for sale, current portion883 2,828 
Total current liabilities29,867 26,515 
Lease liabilities10,507 11,638 
Deferred income taxes214 190 
Unrecognized tax benefits117 130 
Other long-term liabilities2,846  
Liabilities held for sale, noncurrent portion310 357 
Total liabilities43,861 38,830 
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $1.00 par value:
Authorized shares — 2,000
Issued and outstanding shares — none
  
Common stock, $0.10 par value:
Authorized shares - 70,000 at December 31, 2020 and March 31, 2020
Issued and outstanding shares — 41,347 at December 31, 2020 and 40,713 at March 31, 2020
4,134 4,071 
Additional paid-in capital179,682 176,209 
Accumulated deficit(106,604)(117,153)
Total stockholders' equity77,212 63,127 
Total liabilities and stockholders' equity$121,073 $101,957 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
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Iteris, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended
December 31,
Nine Months Ended
December 31,
2020201920202019
Product revenues$16,380 $12,960 $47,039 $41,272 
Service revenues11,790 13,777 38,387 37,218 
Total revenues28,170 26,737 85,426 78,490 
Cost of product revenues8,413 6,580 25,826 22,626 
Cost of service revenues8,107 9,524 25,724 24,969 
Cost of revenues16,520 16,104 51,550 47,595 
Gross profit11,650 10,633 33,876 30,895 
Operating expenses:
Selling, general and administrative10,148 10,543 28,117 30,356 
Research and development1,435 1,213 3,483 3,115 
Amortization of intangible assets376 230 836 527 
Restructuring charges  619  
Total operating expenses11,959 11,986 33,055 33,998 
Operating income (loss)(309)(1,353)821 (3,103)
Non-operating income (expense):
Other income, net30 43 2 150 
Interest income, net11 67 108 148 
Income (loss) from continuing operations before income taxes(268)(1,243)931 (2,805)
(Provision) benefit for income taxes7 (9)(55)(35)
Net income (loss) from continuing operations(261)(1,252)876 (2,840)
Income (loss) from discontinued operations before gain on sale, net of tax18 (816)(1,646)(2,987)
Gain on sale of discontinued operations, net of tax31  11,319  
Net income (loss) from discontinued operations, net of tax49 (816)9,673 (2,987)
Net income (loss)$(212)$(2,068)$10,549 $(5,827)
Income (loss) per share - basic:
Income (loss) per share from continuing operations$(0.01)$(0.03)$0.02 $(0.07)
Income (loss) per share from discontinued operations$0.00 $(0.02)$0.24 $(0.08)
Net income (loss) per share$(0.01)$(0.05)$0.26 $(0.15)
Income (loss) per share - diluted:
Income (loss) per share from continuing operations$(0.01)$(0.03)$0.02 $(0.07)
Income (loss) per share from discontinued operations$0.00 $(0.02)$0.23 $(0.08)
Net income (loss) per share$(0.01)$(0.05)$0.25 $(0.15)
Shares used in basic per share calculations41,212 40,593 40,978 38,466 
Shares used in diluted per share calculations41,212 40,593 41,543 38,466 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
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Iteris, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
Nine Months Ended
December 31,
20202019
Cash flows from operating activities
Net income (loss)$10,549 $(5,827)
Less: Net income (loss) from discontinued operations9,673 (2,987)
Net income (loss) from continuing operations876 (2,840)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities:
Right-of-use asset non-cash expense1,031 1,594 
Deferred income taxes11 (14)
Depreciation of property and equipment551 576 
Stock-based compensation2,071 1,779 
Amortization of intangible assets1,236 872 
Other71  
Changes in operating assets and liabilities, net of effects of discontinued operation and acquisition:
Trade accounts receivable(2,169)155 
Unbilled accounts receivable and deferred revenue2,321 645 
Inventories(671)(807)
Prepaid expenses and other assets(1,123)(1,345)
Trade accounts payable and accrued expenses163 978 
Operating lease liabilities(1,048)(1,159)
Net cash provided by operating activities - continuing operations3,320 434 
Net cash used in operating activities - discontinued operations(1,592)(2,795)
Net cash provided by (used in) operating activities1,728 (2,361)
Cash flows from investing activities
Purchases of property and equipment(395)(335)
Purchase of short-term investments(23,655)(26,864)
Maturities of investments27,000 11,675 
Capitalized software development costs(592)(548)
Cash paid in business acquisition, net of cash acquired(15,000)(5,581)
Net cash used in investing activities - continuing operations(12,642)(21,653)
Net cash provided by (used in) investing activities - discontinued operations9,690 (30)
Net cash used in investing activities(2,952)(21,683)
Cash flows from financing activities
Proceeds from stock option exercises1,334 90 
Proceeds from ESPP purchases188 376 
Tax withholding payments for net share settlements of restricted stock units (16)
Proceeds from issuance of common stock, net of costs 26,751 
Net cash provided by financing activities - continuing operations1,522 27,201 
Net cash provided by financing activities - discontinued operations  
Net cash provided by financing activities1,522 27,201 
Increase in cash, cash equivalents and restricted cash298 3,157 
Cash, cash equivalents and restricted cash at beginning of period14,363 7,071 
Cash, cash equivalents and restricted cash at end of period$14,661 $10,228 
Supplemental cash flow information:
Cash paid during the year for:
Income taxes$102 $62 
Supplemental schedule of non-cash investing and financing activities:
Lease liabilities arising from obtaining right-of-use assets$533 $157 
Deferred purchase price receivable$1,500 $ 
Issuance of common stock in connection with acquisition$ $4,535 
Deferred consideration related to TrafficCast acquisition$2,050 $ 
Working capital adjustment related to TrafficCast acquisition$625 $ 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
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Iteris, Inc.
Unaudited Condensed Consolidated Statements of Stockholders’ Equity
(In thousands)

Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Total
Stockholders'
Equity
SharesAmount
Balance at March 31, 202040,713 $4,071 $176,209 $(117,153)$63,127 
Stock option exercises27 3 71 — 74 
Stock-based compensation— — 607 — 607 
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes12 1 (1)— — 
Net income— — — 10,348 10,348 
Balance at June 30, 202040,752 $4,075 $176,886 $(106,805)$74,156 
Stock option exercises239 24 598 — 622 
Issuance of shares pursuant to Employee Stock Purchase Plan42 4 184 — 188 
Stock-based compensation— — 667 — 667 
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes77 8 (8)—  
Net income— 413 413 
Balance at September 30, 202041,110 $4,111 $178,327 $(106,392)$76,046 
Stock option exercises196 19 619 — 638 
Stock-based compensation— — 740 — 740 
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes41 4 (4)—  
Net loss— — — (212)(212)
Balance at December 31, 202041,347 $4,134 $179,682 $(106,604)$77,212 

Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Total
Stockholders'
Equity
SharesAmount
Balance at March 31, 201933,377 $3,338 $142,260 $(111,543)$34,055 
Stock option exercises10 1 13 — 14 
Issuance of shares pursuant to Employee Stock Purchase Plan48 5 167 — 172 
Stock-based compensation— — 602 — 602 
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes2 — — — — 
Issuance of common stock in connection with public offering6,183 618 26,133 — 26,751 
Net loss— — — (1,572)(1,572)
Balance at June 30, 201939,620 $3,962 $169,175 $(113,115)$60,022 
Stock option exercises23 2 65 — 67 
Stock-based compensation— — 793 — 793 
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes59 6 (6)—  
Issuance of common stock in connection with acquisition869 87 4,448 — 4,535 
Net loss— — — (2,187)(2,187)
Balance at September 30, 201940,571 $4,057 $174,475 $(115,302)$63,230 
Stock option exercises5 1 8 — 9 
Stock-based compensation— — 654 — 654 
Issuance of shares pursuant to Employee Stock Purchase Plan43 4 200 — 204 
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes5  (16)— (16)
Net loss— — — (2,068)(2,068)
Balance at December 31, 201940,624 $4,062 $175,321 $(117,370)$62,013 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
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Iteris, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
December 31, 2020
1.Description of Business and Summary of Significant Accounting Policies
Description of Business
Iteris, Inc. (referred to collectively with its wholly-owned subsidiaries, ClearAg, Inc., and Albeck Gerken, Inc. ("AGI"), in this report as "Iteris," the "Company," "we," "our," and "us") is a provider of smart mobility infrastructure management solutions. Our solutions enable municipalities, transportation agencies, and other transportation infrastructure providers to monitor, visualize, and optimize mobility infrastructure to help ensure roads are safe, travel is efficient, and communities thrive. As a pioneer in intelligent transportation systems ("ITS") technology, our intellectual property, products and software-as-a-service ("SaaS") offerings represent a comprehensive range of ITS solutions that we distribute to customers throughout the U.S. and internationally. We believe our products, solutions and services increase safety and decrease congestion within our communities, while also minimizing environmental impact. We continue to make significant investments to leverage our existing technologies and further expand both our advanced detection sensors and performance analytics systems in the transportation infrastructure market and we are always exploring strategic alternatives intended to optimize the value of our Company. Iteris was incorporated in Delaware in 1987 and has operated in its current form since 2004.
Recent Developments
COVID-19 Update

The COVID-19 pandemic (the “Pandemic”) has materially adversely impacted global economic conditions. More than nine months into the Pandemic, COVID-19 continues to have an unpredictable and unprecedented impact on the U.S. economy as federal, state and local governments react to this public health crisis with travel restrictions, quarantines and "stay-at-home" orders. The uncertainties caused by the Pandemic include, but are not limited to, supply chain disruptions, workplace dislocations, economic contraction, and downward pressure on some customer budgets and customer sentiment in general. While there has been no material impact to our business during the first three quarters of the fiscal year ending March 31, 2021 (“Fiscal 2021”), we did experience some work delays due to the Pandemic. Should such conditions become protracted or worsen or should longer term budgets or priorities of our clients be impacted, the Pandemic could negatively affect our business, results of operations and financial condition. The extent of the impact of the Pandemic on our business and financial results and volatility of our stock price will depend largely on future developments, including the duration of the spread of the outbreak, the impact on capital and financial markets and the related impact on the budgets and financial circumstances of our customers, all of which are highly uncertain and cannot be reasonably estimated as of this report.
Given the uncertainties surrounding the impacts of the Pandemic on the Company's future financial condition and results of operations, the Company has taken certain actions to preserve its liquidity, manage cash flow and strengthen its financial flexibility. Such actions include, but are not limited to, reducing discretionary spending, reducing capital expenditures, implementing restructuring activities, and reducing payroll costs, including employee furloughs, pay freezes and pay cuts. Refer to Note 4, Restructuring Activities, for more information.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law in the United States. The CARES Act provides relief to U.S. corporations through financial assistance programs and modifications to certain income tax provisions. The Company is applying certain beneficial provisions of the CARES Act, including the payroll tax deferral and the alternative minimum tax acceleration. Refer to Note 6, Income Taxes, for more information.
The Company assessed the impacts of the Pandemic on the estimates and assumptions used in preparing these unaudited condensed consolidated financial statements. The estimates and assumptions used in these assessments were based on management’s judgment and may be subject to change as new events occur and additional information is obtained. In particular, there is significant uncertainty about the duration and extent of the impact of the Pandemic and its resulting impact on global economic conditions. If economic conditions caused by the Pandemic do not recover as currently estimated by management, the Company’s financial condition, cash flows and results of operations may be materially impacted. See below for areas that required more judgments and estimates as a result of the Pandemic. The Company will continue to assess the effect on its operations by monitoring the spread of the Pandemic and the actions implemented to combat the virus throughout the world and its assessment of the impact of the Pandemic may change.

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Inventory Valuation
The Company values inventory at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Net realizable value is determined by estimated expected selling prices based on anticipated recovery rates for slow-moving and obsolete inventory and other factors, such as market conditions, expected channel of distribution and current consumer demand and preferences.
Accounts Receivable
Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based on an analysis of the aging of accounts receivable, assessment of collectability, including any known or anticipated bankruptcies, customer-specific circumstances and an evaluation of current economic conditions.
Goodwill and Other Long-Lived Assets
The Company reviews its goodwill and other long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors. The Company performed a qualitative assessment of its goodwill to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value and noted no indicators of impairment at December 31, 2020. The Company also reviewed its other long-lived assets and noted no indicators of impairment related to the Pandemic.
Sale of Agriculture and Weather Analytics Segment
On May 5, 2020, the Company completed the sale of substantially all of our assets used in connection with our Agriculture and Weather Analytics segment to DTN, LLC (“DTN”), an operating company of TBG AG, a Swiss-based holding company, pursuant to an Asset Purchase Agreement (the “Purchase Agreement”) signed on May 2, 2020, in exchange for a total purchase consideration of $12.0 million in cash, subject to working capital adjustments. Upon closing on May 5, 2020, the Company received $10.5 million in cash and $1.45 million and $50,000 will be paid by DTN at the 12-month and 18-month anniversaries of the closing date, respectively, subject to satisfactions of the conditions set forth in the Purchase Agreement relating to the transition of certain customers to DTN and the collection of certain receivables by DTN. See Note 3, Discontinued Operations, for further details on the sale of the Agriculture and Weather Analytics segment.
Restructuring Activities
On April 30, 2020, in connection with the sale of the Agriculture and Weather Analytics segment, the Board of Directors of Iteris, Inc. approved restructuring activities to better position the Company for increased profitability and growth. Restructuring charges of approximately $1.5 million were incurred for separation costs for certain employees who did not transition to DTN, additional positions that were eliminated to right-size the cost structure of the Company, and the impairment of certain lease-related assets. See Note 4, Restructuring Activities, for further details on the restructuring activities.
Acquisition of the Assets of TrafficCast International, Inc.
On December 6, 2020, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with TrafficCast International, Inc. (“TrafficCast”), a privately held company headquartered in Madison, Wisconsin that provides travel information technology, applications and content to customers throughout North America in the media, mobile technology, automotive and public sectors. Under the Purchase Agreement, the Company agreed to purchase from TrafficCast substantially all of its assets, composed of its travel information technology, applications and content (the “Business”). The transaction closed on December 7, 2020.
Under the Purchase Agreement, Iteris purchased from TrafficCast substantially all of the assets used in the conduct of the Business and assumed certain specified liabilities of the Business in exchange for a total purchase price of up to $17,000,000, with $15,000,000 paid in cash on the closing date, $1,000,000 held back as security for certain post-closing adjustments and post-closing indemnity obligations of TrafficCast, and a $1,000,000 earn out, that if earned, will be paid over two years based on the Business’ achievement of certain revenue targets. The Purchase Agreement also provides for customary post-closing adjustments to the purchase price tied to working capital balances of the Business at closing (see Note 11, Acquisitions).
The parties also entered into certain ancillary agreements that will provide Iteris with ongoing access to mapping and monitoring services that the Business uses to support its real-time and predictive travel data and associated content.

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Basis of Presentation
Our unaudited condensed consolidated financial statements include the accounts of Iteris, Inc. and its subsidiaries, and have been prepared in accordance with the rules of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting, which permit certain footnotes or other financial information that are normally required by generally accepted accounting principles in the U.S. (“GAAP”) to be condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2020 (“Fiscal 2020”), filed with the SEC on June 9, 2020. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three- and nine- month periods ended December 31, 2020 are not necessarily indicative of the results to be expected for Fiscal 2021 or any other periods.
During the first quarter of Fiscal 2021, the Company completed the sale of its Agriculture and Weather Analytics segment for total cash consideration of $12.0 million, subject to certain working capital adjustments and transaction costs. The Agriculture and Weather Analytics segment’s results of operations and related cash flows have been reclassified to net income (loss) from discontinued operations, respectively, for all periods presented. The assets and liabilities of the Agriculture and Weather Analytics segment have been reclassified to assets held for sale and liabilities held for sale, respectively, in the unaudited condensed consolidated balance sheet as of March 31, 2020. See Note 3, Discontinued Operations, for further information.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires our management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in the preparation of the consolidated financial statements include the collectability of accounts receivable and related allowance for doubtful accounts, projections of taxable income used to assess realizability of deferred tax assets, warranty reserves and other contingencies, costs to complete long-term contracts, indirect cost rates used in cost plus contracts, the valuation of inventories, the valuation of purchased intangible assets and goodwill, the valuation of investments, estimates of future cash flows used to assess the recoverability of long-lived assets and the impairment of goodwill, and fair value of our stock option awards used to calculate stock-based compensation.
Revenue Recognition
Product revenue related contracts with customers begin when we acknowledge a purchase order for a specific customer order of product to be delivered in the near term. These purchase orders are short-term in nature. Product revenue is recognized at a point in time upon shipment or upon customer receipt of the product, depending on shipping terms. The Company determined that this method best represents the transfer of goods as transfer of control typically occurs upon shipment or upon customer receipt of the product.
Service revenues, primarily derived from the Transportation Systems segment, are primarily from long-term engineering and consulting service contracts with governmental agencies. These contracts generally include performance obligations in which control is transferred over time. We recognize revenue on fixed fee contracts, over time, using the proportion of actual costs incurred to the total costs expected to complete the contract performance obligation. The Company determined that this method best represents the transfer of services as the proportion closely depicts the efforts or inputs completed towards the satisfaction of a fixed fee contract performance obligation. Time & Materials (“T&M”) and Cost Plus Fixed Fee (“CPFF”) contracts are considered to involve variable consideration. However, contractual performance obligations with these fee types qualify for the “Right to Invoice” practical expedient. Under this practical expedient, the Company is allowed to recognize revenue, over time, in the amount to which the Company has a right to invoice. In addition, the Company is not required to estimate such variable consideration upon inception of the contract and reassess the estimate each reporting period. The Company determined that this method best represents the transfer of services as, upon billing, the Company has a right to consideration from a customer in an amount that directly corresponds with the value to the customer of the Company’s performance completed to date.
Service revenues also consist of revenues derived from maintenance support and the use of the Company’s service platforms and APIs on a subscription basis. We generate this revenue from fees for maintenance and support, monthly active user fees, SaaS fees, and hosting and storage fees. In most cases, the subscription or transaction arrangement is a single performance obligation comprised of a series of distinct services that are substantially the same and that have the same pattern
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of transfer (i.e., distinct days of service). The Company applies a time-based measure of progress to the total transaction price, which results in ratable recognition over the term of the contract. The Company determined that this method best represents the transfer of services as the customer obtains equal benefit from the service throughout the service period.
The Company accounts for individual goods and services separately if they are distinct performance obligations, which often requires significant judgment based upon knowledge of the products and/or services, the solution provided and the structure of the sales contract. In SaaS agreements, we provide a service to the customer that combines the software functionality, maintenance and hosting into a single performance obligation. In product-related contracts, a purchase order may cover different products, each constituting a separate performance obligation.
We generally estimate variable consideration at the most likely amount to which we expect to be entitled and in certain cases based on the expected value, which requires judgment. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. We review and update these estimates on a quarterly basis.
The Company’s typical performance obligations include the following:
Performance ObligationWhen Performance
Obligation is Typically
Satisfied
When Payment is
Typically Due
How Standalone
Selling Price is
Typically Estimated
Product Revenues
Standard purchase orders for delivery of a tangible productUpon shipment (point in time)Within 30 days of deliveryObservable transactions
Engineering services where the deliverable is considered a productAs work is performed (over time)Within 30 days of services being invoicedEstimated using a cost-plus margin approach
Service Revenues
Engineering and consulting servicesAs work is performed (over time)Within 30 days of services being invoicedEstimated using a cost-plus margin approach
SaaSOver the course of the SaaS service once the system is available for use (over time)At the beginning of the contract periodEstimated using a cost-plus margin approach
Disaggregation of Revenue
The Company disaggregates revenue from contracts with customers into reportable segments and the nature of the products and services. See Note 12, Business Segment Information, for our revenue by reportable segments.
Trade Accounts Receivable and Contract Balances
We classify our right to consideration in exchange for goods and services as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional (i.e. only the passage of time is required before payment is due). We present such receivables in trade accounts receivable, net, in our unaudited condensed consolidated balance sheets at their net estimated realizable value.
The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. If warranted, the allowance is increased by the Company’s provision for doubtful accounts, which is charged against income. All recoveries on receivables previously charged off are included in income, while direct charge-offs of receivables are deducted from the allowance.
A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets are presented as unbilled accounts receivable on the accompanying unaudited condensed consolidated balance sheets. For example, we would record a contract asset if we record revenue on a professional services engagement, but are not entitled to bill until we achieve specified milestones.
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Our contract assets and refund liabilities are reported in a net position on a contract basis at the end of each reporting period. Refund liabilities are consideration received in advance of the satisfaction of performance obligations.
Contract Fulfillment Costs
The Company evaluates whether or not we should capitalize the costs of fulfilling a contract. Such costs would be capitalized when they are not within the scope of other standards and: (1) are directly related to a contract; (2) generate or enhance resources that will be used to satisfy performance obligations; and (3) are expected to be recovered. As of December 31, 2020 and March 31, 2020, there was approximately $2,522,000 and $1,236,000, respectively, of contract fulfillment costs, which are presented in the accompanying unaudited condensed consolidated balance sheets as prepaid and other current assets. These costs primarily relate to the satisfaction of performance obligations related to the set up of SaaS platforms. These costs are amortized on a straight-line basis over the estimated useful life of the SaaS platform.
Transaction Price Allocated to the Remaining Performance Obligations
As of December 31, 2020 and March 31, 2020, the aggregate amount of transaction price allocated to remaining performance obligations was immaterial, primarily as a result of the termination provisions within our contracts, which make the duration of the accounting term of the contract one year or less.
Deferred Revenue
Deferred revenue in the accompanying unaudited condensed consolidated balance sheets is comprised of refund liabilities related to billings and consideration received in advance of the satisfaction of performance obligations.
Concentration of Credit Risk
Financial instruments that potentially subject us to a concentration of credit risk consist principally of cash and cash equivalents and trade accounts receivable.
Cash and cash equivalents consist primarily of demand deposits and money market funds maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with high quality financial institutions, and therefore are believed to have minimal credit risk.
Our accounts receivable are primarily derived from billings with customers located throughout North America, as well as in Europe and South America. We generally do not require collateral or other security from our domestic customers. We maintain an allowance for doubtful accounts for potential credit losses, which losses have historically been within management’s expectations.
We currently have, and historically have had, a diverse customer base. For the three- and nine- month periods ended December 31, 2020 and 2019, no individual customer represented greater than 10% of our total revenues. As of December 31, 2020 and March 31, 2020, no individual customer represented greater than 10% of our total accounts receivable.
Fair Values of Financial Instruments
The fair value of cash equivalents, receivables, accounts payable and accrued expenses approximate carrying value because of the short period of time to maturity. Our investments are measured at fair value on a recurring basis.
The framework for measuring fair value and related disclosure requirements about fair value measurements are provided in Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements (“ASC 820”). This pronouncement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy prescribed by ASC 820 contains three levels as follows:
Level 1—Quoted prices in active markets for identical assets or liabilities.
Level 2—Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
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Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of cash and short-term investments with initial maturities of 90 days or less.
As of December 31, 2020 and March 31, 2020, restricted cash was $263,000 and $146,000, respectively, related to cash restricted for shares purchased under the Employee Stock Purchase Plan ("ESPP") (see Note 9, Stock-Based Compensation, for further details on the ESPP).
Cash, cash equivalents and restricted cash presented in the accompanying unaudited condensed consolidated statements of cash flows consist of the following (in thousands):
December 31,
2020
March 31,
2020
Cash and cash equivalents$14,398 $14,217 
Restricted cash263 146 
$14,661 $14,363 
Investments
The Company’s investments are classified as either held-to-maturity, available-for-sale or trading, in accordance with FASB ASC 320 – Investments – Debt and Equity Securities. Held-to-maturity securities are those securities that the Company has the positive intent and ability to hold until maturity. Trading securities are those securities that the Company intends to sell in the near term. All other securities not included in the held-to-maturity or trading category are classified as available-for-sale. Held-to-maturity securities are recorded at amortized cost, which approximates fair market value. Trading securities are carried at fair value with unrealized gains and losses charged to earnings. Available-for-sale securities are carried at fair value with unrealized gains and losses recorded within accumulated other comprehensive loss as a separate component of stockholders’ equity. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available (see Note 5, Fair Value Measurements). As of December 31, 2020 and March 31, 2020, all of our investments are available-for-sale. Under FASB ASC 320-10-35, a security is considered to be other-than-temporarily impaired if the present value of cash flows expected to be collected are less than the security’s amortized cost basis (the difference being defined as the “Credit Loss”) or if the fair value of the security is less than the security’s amortized cost basis and the investor intends, or will be required, to sell the security before recovery of the security’s amortized cost basis. If an other-than-temporary impairment exists, the charge to earnings is limited to the amount of Credit Loss if the investor does not intend to sell the security, and will not be required to sell the security, before recovery of the security’s amortized cost basis. Any remaining difference between fair value and amortized cost is recognized in other comprehensive loss, net of applicable taxes. The Company evaluates whether the decline in fair value of its investments is other-than-temporary at each quarter-end. This evaluation consists of a review by management, and includes market pricing information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer’s financial condition and, if applicable, information on the guarantors’ financial condition. Factors considered in determining whether a loss is temporary include the length of time and extent to which the investment’s fair value has been less than its cost basis, the financial condition and near-term prospects of the issuer and guarantors, including any specific events which may influence the operations of the issuer and the Company’s intent and ability to retain the investment for a reasonable period of time sufficient to allow for any anticipated recovery of fair value.
Allowance for Doubtful Accounts
The collectability of our accounts receivable is evaluated through review of outstanding invoices and ongoing credit evaluations of our customers’ financial condition. In cases where we are aware of circumstances that may impair a specific customer’s ability to meet its financial obligations subsequent to the original sale, we will record an allowance against amounts due, and thereby reduce the net recognized accounts receivable to the amount we reasonably believe will be collected. We also maintain an allowance based on our historical collections experience. When we determine that collection is not likely, we write off accounts receivable against the allowance for doubtful accounts.

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Inventories
Inventories consist of finished goods, work-in-process and raw materials and are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Property and Equipment
Property and equipment are recorded at cost and are depreciated using the straight-line method over the estimated useful life ranging from three to eight years. Leasehold improvements are depreciated over the term of the related lease or the estimated useful life of the improvement, whichever is shorter.
Intangible Assets
Intangible assets with determinable economic lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful life of each asset on a straight-line basis. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors the Company considers when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company's long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions.
Goodwill and Long-Lived Assets
We perform an annual qualitative assessment of our goodwill during the fourth fiscal quarter, or more frequently, to determine if any events or circumstances exist, such as an adverse change in business climate or a decline in overall industry demand, that would indicate that it would more likely than not reduce the fair value of a reporting unit below its carrying amount, including goodwill. If events or circumstances do not indicate that the fair value of a reporting unit is below its carrying amount, then goodwill is not considered to be impaired and no further testing is required; if otherwise, we compare the fair value of our reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the amount by which the carrying value of the goodwill exceeds its implied fair value, if any, is recognized as an impairment loss. We monitor the indicators for goodwill impairment testing between annual tests. As of December 31, 2020, there were no indicators of goodwill impairment.
We test long-lived assets and purchased intangible assets (other than goodwill) for impairment if we believe indicators of impairment exist. We determine whether the carrying value of an asset or asset group is recoverable, based on comparisons to undiscounted expected future cash flows the asset or asset group is expected to generate. If an asset is not recoverable, we record an impairment loss equal to the amount by which the carrying value of the asset exceeds its fair value. We primarily use the income valuation approach to determine the fair value of our long-lived assets and purchased intangible assets. During the three months ended June 30, 2020, we recorded $313,000 in impairment charges related to right-of-use assets and leasehold improvements directly resulting from the restructuring activities. There were no additional impairment or restructuring charges during the nine months ended December 31, 2020. See Note 4, Restructuring Activities, for further details on the restructuring activities.
Income Taxes
We utilize the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more-likely-than-not that some or all of the deferred tax assets will not be realized, which increases our income tax expense in the period such determination is made. As such, as of December 31, 2020, we determined it was appropriate to record a full valuation allowance against our deferred tax assets. We will continuously reassess the appropriateness of maintaining a valuation allowance.
Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

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Stock-Based Compensation
We record stock-based compensation in our unaudited condensed consolidated statements of operations as an expense, based on the estimated grant date fair value of our stock-based awards, whereby such fair values are amortized over the requisite service period. Our stock-based awards are currently comprised of common stock options, restricted stock units and performance stock units. The fair value of our common stock option awards is estimated on the grant date using the Black-Scholes-Merton option-pricing formula. The fair value of our performance stock unit awards is estimated on the grant date using a Monte Carlo simulation model. While the use of these models meets established requirements, the estimated fair values generated by the models may not be indicative of the actual fair values of our awards as it does not consider certain factors important to those awards to employees, such as continued employment and periodic vesting requirements, as well as limited transferability. The fair value of our restricted stock units is based on the closing market price of our common stock on the grant date. If there are any modifications or cancellations of the underlying unvested stock-based awards, we may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense.
Research and Development Expenditures
Research and development expenditures are charged to expense in the period incurred.
Warranty
We generally provide a one- to three-year warranty from the original invoice date on all products, materials and workmanship. Products sold to various original equipment manufacturer customers sometimes carry longer warranties. Defective products will be either repaired or replaced, usually at our option, upon meeting certain criteria. We accrue a provision for the estimated costs that may be incurred for product warranties relating to a product as a component of cost of sales at the time revenue for that product is recognized. The accrued warranty reserve is included within accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. We do not provide any service-type warranties.
Repair and Maintenance Costs
We incur repair and maintenance costs in the normal course of business. Should the repair or maintenance result in a permanent improvement to one of our leased facilities, the cost is capitalized as a leasehold improvement and amortized over its useful life or the remainder of the lease period, whichever is shorter. Non-permanent repair and maintenance costs are charged to expense as incurred.
Comprehensive Income (Loss)
The difference between net income and comprehensive income for the three- and nine- month periods ended December 31, 2020 and between net loss and comprehensive loss for the three- and nine- month periods ended December 31, 2019 was de minimis.
Recent Accounting Pronouncements
In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard update requires that certain financial assets be measured at amortized cost net of an allowance for estimated credit losses such that the net receivable represents the present value of expected cash collection. In addition, this standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions and reasonable and supportable forecasts that affect the collectability of the amounts. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. As a smaller reporting company, ASU 2016-13 will now be effective for our fiscal year 2024 beginning April 1, 2023; however, early adoption is permitted. We are currently evaluating the timing and impact of adopting ASU 2016-13 on our unaudited condensed consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirement for Fair Value Measurements (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements. This update is effective for fiscal years, and interim periods within those years,
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beginning after December 15, 2019, and early adoption is permitted. The Company adopted this update effective April 2020. The adoption of this ASU did not have a material impact on the Company’s financial statements.
In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal Use Software (subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), which clarifies the accounting for implementation costs in cloud computing arrangements. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, and early adoption is permitted. The Company adopted this update effective April 2020. The adoption of this ASU did not have a material impact on the Company’s financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company early adopted this update effective July 2020. The adoption of this ASU did not have a material impact on the Company’s financial statements.
2.Supplemental Financial Information
Inventories
The following table presents details of our inventories:
December 31,
2020
March 31,
2020
(In thousands)
Materials and supplies$2,726 $1,380 
Work in process107 162 
Finished goods1,774 1,498 
$4,607 $3,040 
Property and Equipment.
The following table presents details of our property and equipment, net:
December 31,
2020
March 31,
2020
(In thousands)
Equipment$6,760 $6,222 
Leasehold improvements3,046 2,911 
Accumulated depreciation(7,906)(7,298)
$1,900 $1,835 
Depreciation expense was approximately $183,000 and $551,000 for the three- and nine- month periods ended December 31, 2020, respectively, and $197,000 and $576,000 for the three- and nine- month periods ended December 31, 2019, respectively. Approximately $50,000 and $168,000 of the depreciation expense was recorded to cost of revenues, and approximately $133,000 and $383,000 was recorded to operating expenses, respectively, in the unaudited condensed consolidated statements of operations for the three- and nine- month periods ended December 31, 2020. Approximately $62,000 and $191,000 of the depreciation expense was recorded to cost of revenues, and approximately $135,000 and $385,000 was recorded to operating expenses, respectively, in the unaudited condensed consolidated statements of operations for the three- and nine- month periods ended December 31, 2019.




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Intangible Assets
There are no indefinite lived intangible assets on our unaudited condensed consolidated balance sheets. The following table presents details of our net intangible assets:
December 31, 2020March 31, 2020
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
(In thousands)
Technology$4,986 $(1,357)$3,629 $1,286 $(1,286)$ 
Customer contracts / relationships9,550 (1,200)8,350 3,750 (688)3,062 
Trade names and non-compete agreements770 (665)105 770 (613)157 
Capitalized software development costs5,014 (2,176)2,838 4,423 (1,576)2,847 
Total$20,320 $(5,398)$14,922 $10,229 $(4,163)$6,066 
Amortization expense for intangible assets subject to amortization was approximately $512,000 and $1,236,000 for the three- and nine- month periods ended December 31, 2020, respectively, and $373,000 and $872,000 for the three- and nine- month periods ended December 31, 2019, respectively. Approximately $136,000 and $400,000 of the intangible asset amortization was recorded to cost of revenues and approximately $376,000 and $836,000, was recorded to amortization expense for the three- and nine- month periods ended December 31, 2020, respectively, in the unaudited condensed consolidated statements of operations. Approximately $143,000 and $345,000 of the intangible asset amortization was recorded to cost of revenues and approximately $230,000 and $527,000 was recorded to amortization expense for the three- and nine- month periods ended December 31, 2019, respectively, in the unaudited condensed consolidated statements of operations.
As of December 31, 2020, future estimated amortization expense is as follows:
Year Ending March 31,
(In thousands)
2021$796 
20223,186