Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | May 28, 2021 | Sep. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2021 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-08762 | ||
Entity Registrant Name | ITERIS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-2588496 | ||
Entity Address, Address Line One | 1700 Carnegie Ave | ||
Entity Address, City or Town | Santa Ana | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92705 | ||
City Area Code | 949 | ||
Local Phone Number | 270-9400 | ||
Title of 12(b) Security | Common Stock, $0.10 par value | ||
Trading Symbol | ITI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 168,470,533 | ||
Entity Common Stock, Shares Outstanding | 41,847,838 | ||
Entity Central Index Key | 0000350868 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 25,205 | $ 14,217 |
Restricted cash | 263 | 146 |
Short-term investments | 3,100 | 11,556 |
Trade accounts receivable, net of allowance for doubtful accounts of $1,019 and $802 at March 31, 2021 and 2020 respectively | 19,020 | 16,706 |
Unbilled accounts receivable | 11,541 | 9,848 |
Inventories | 5,066 | 3,040 |
Prepaid expenses and other current assets | 5,445 | 2,040 |
Current assets of discontinued operations | 0 | 1,476 |
Total current assets | 69,640 | 59,029 |
Property and equipment, net | 1,923 | 1,835 |
Right-of-use assets | 11,353 | 12,598 |
Intangible assets, net | 14,297 | 6,066 |
Goodwill | 28,340 | 20,590 |
Other assets | 1,238 | 1,213 |
Noncurrent assets of discontinued operations | 78 | 626 |
Total assets | 126,869 | 101,957 |
Current liabilities: | ||
Trade accounts payable | 8,935 | 8,101 |
Accrued payroll and related expenses | 11,734 | 7,508 |
Accrued liabilities | 4,921 | 3,665 |
Deferred revenue | 7,349 | 4,413 |
Current liabilities of discontinued operations | 94 | 2,828 |
Total current liabilities | 33,033 | 26,515 |
Lease liabilities | 10,407 | |
Deferred income taxes | 808 | 190 |
Unrecognized tax benefits | 119 | 130 |
Other long-term liabilities | 3,523 | 0 |
Noncurrent liabilities of discontinued operations | 261 | 357 |
Total liabilities | 47,890 | 38,830 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Preferred stock, $1.00 par value: Authorized shares—2,000 Issued and outstanding shares—0 | 0 | 0 |
Common stock, $0.10 par value: Authorized shares—70,000 at March 31, 2021 and March 31, 2020 Issued and outstanding shares—41,687 at March 31, 2021 and 40,713 at March 31, 2020 | 4,170 | 4,071 |
Additional paid-in capital | 181,828 | 176,209 |
Accumulated deficit | (107,019) | (117,153) |
Total stockholders' equity | 78,979 | 63,127 |
Total liabilities and stockholders' equity | 126,869 | 101,957 |
Continuing Operations | ||
Current liabilities: | ||
Lease liabilities | $ 10,146 | $ 11,638 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 1,019 | $ 802 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized shares | 2,000,000 | |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized shares | 70,000,000 | 70,000,000 |
Common stock, issued shares | 41,687,000 | 40,713,000 |
Common stock, outstanding shares | 41,687,000 | 40,713,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Total revenues | $ 117,138 | $ 107,403 | $ 93,307 |
Cost of revenues | 70,282 | 63,790 | 58,045 |
Gross profit | 46,856 | 43,613 | 35,262 |
Operating expenses: | |||
Selling, general and administrative | 39,164 | 40,665 | 34,166 |
Research and development | 5,130 | 4,315 | 3,755 |
Amortization of intangible assets | 1,504 | 757 | 275 |
Restructuring charges | 619 | 0 | 0 |
Total operating expenses | 46,417 | 45,737 | 38,196 |
Operating income (loss) | 439 | (2,124) | (2,934) |
Non-operating income: | |||
Other income, net | 54 | 297 | 49 |
Interest income, net | 113 | 229 | 128 |
Income (loss) from continuing operations before income taxes | 606 | (1,598) | (2,757) |
Provision for income taxes | (115) | (160) | (36) |
Net income (loss) from continuing operations | 491 | (1,758) | (2,793) |
Loss from discontinued operations before gain on sale, net of tax | (1,654) | (3,852) | (5,023) |
Gain on sale of discontinued operations, net of tax | 11,297 | 0 | 0 |
Net income (loss) from discontinued operations, net of tax | 9,643 | (3,852) | (5,023) |
Net income (loss) | $ 10,134 | $ (5,610) | $ (7,816) |
Income (loss) per share - basic: | |||
Income (loss) per share from continuing operations (in dollars per share) | $ 0.01 | $ (0.04) | $ (0.08) |
Income (loss) per share from discontinued operations (in dollars per share) | 0.23 | (0.10) | (0.15) |
Net income (loss) per share (in dollars per share) | 0.24 | (0.14) | (0.23) |
Income (loss) per share - diluted: | |||
Income (loss) per share from continuing operations (in dollars per share) | 0.01 | (0.04) | (0.08) |
Income (loss) per share from discontinued operations (in dollars per share) | 0.23 | (0.10) | (0.15) |
Net income (loss) per share (in dollars per share) | $ 0.24 | $ (0.14) | $ (0.23) |
Shares used in basic per share calculations | 41,176,000 | 39,012,000 | 33,266,000 |
Shares used in diluted per share calculations | 41,599,000 | 39,012,000 | 33,266,000 |
Product revenues | |||
Total revenues | $ 62,933 | $ 55,007 | $ 48,227 |
Cost of revenues | 34,933 | 30,266 | 28,434 |
Service revenues | |||
Total revenues | 54,205 | 52,396 | 45,080 |
Cost of revenues | $ 35,349 | $ 33,524 | $ 29,611 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Balance at Mar. 31, 2018 | $ 39,521 | $ (208) | $ 3,318 | $ 139,722 | $ (103,519) | $ (208) |
Balance (in shares) at Mar. 31, 2018 | 33,186,000 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201409Member | |||||
Stock option exercises | $ 85 | $ 4 | 81 | |||
Stock option exercises (in shares) | 43,000 | |||||
Issuance of shares pursuant to Employee Stock Purchase Plan | 365 | $ 10 | 355 | |||
Issuance of shares pursuant to Employee Stock Purchase Plan | 92,000 | |||||
Stock-based compensation | 2,156 | 2,156 | ||||
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes | (48) | $ 6 | (54) | |||
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes | 56,000 | |||||
Net income (loss) | (7,816) | (7,816) | ||||
Balance at Mar. 31, 2019 | 34,055 | $ 3,338 | 142,260 | (111,543) | ||
Balance (in shares) at Mar. 31, 2019 | 33,377,000 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Issuance of common stock in connection with public offering, net of costs | 26,751 | $ 618 | 26,133 | |||
Issuance of common stock in connection with public offering, net of costs (in shares) | 6,183,000 | |||||
Stock option exercises | 256 | $ 12 | 244 | |||
Stock option exercises (in shares) | 120,000 | |||||
Issuance of shares pursuant to Employee Stock Purchase Plan | 370 | $ 9 | 361 | |||
Issuance of shares pursuant to Employee Stock Purchase Plan | 91,000 | |||||
Stock-based compensation | 2,785 | 2,785 | ||||
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes | (15) | $ 7 | (22) | |||
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes | 73,000 | |||||
Issuance of common stock in connection with acquisition | 4,535 | $ 87 | 4,448 | |||
Issuance of common stock in connection with acquisition (in shares) | 869,000 | |||||
Net income (loss) | (5,610) | (5,610) | ||||
Balance at Mar. 31, 2020 | $ 63,127 | $ 4,071 | 176,209 | (117,153) | ||
Balance (in shares) at Mar. 31, 2020 | 40,713,000 | 40,713,000 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Stock option exercises | $ 2,633 | $ 74 | 2,559 | 0 | ||
Stock option exercises (in shares) | 731,000 | |||||
Issuance of shares pursuant to Employee Stock Purchase Plan | 448 | $ 10 | 438 | |||
Issuance of shares pursuant to Employee Stock Purchase Plan | 97,000 | |||||
Stock-based compensation | 2,845 | 2,845 | ||||
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes | (208) | $ 15 | (223) | |||
Issuance of shares pursuant to vesting of restricted stock units, net of payroll withholding taxes | 146,000 | |||||
Net income (loss) | 10,134 | 10,134 | ||||
Balance at Mar. 31, 2021 | $ 78,979 | $ 4,170 | $ 181,828 | $ (107,019) | ||
Balance (in shares) at Mar. 31, 2021 | 41,687,000 | 41,687,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | |||
Net income (loss) | $ 10,134 | $ (5,610) | $ (7,816) |
Less: Net income (loss) from discontinued operations | 9,643 | (3,852) | (5,023) |
Net income (loss) from continuing operations | 491 | (1,758) | (2,793) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Right-of-use asset non-cash expense | 1,438 | 1,199 | 0 |
Deferred income taxes | 607 | 105 | (18) |
Depreciation of property and equipment | 734 | 770 | 754 |
Stock-based compensation | 2,902 | 2,495 | 1,861 |
Amortization of intangible assets | 2,036 | 1,255 | 629 |
Other | 86 | (60) | 0 |
Changes in operating assets and liabilities, net of effects of discontinued operations and acquisitions: | |||
Trade accounts receivable | (227) | 235 | (3,773) |
Unbilled accounts receivable and deferred revenue | 903 | (2,353) | 601 |
Inventories | (1,085) | (124) | 5 |
Prepaid expenses and other assets | (1,738) | (951) | 671 |
Trade accounts payable and accrued expenses | 4,168 | (409) | 1,868 |
Operating lease liabilities | (1,427) | (866) | 0 |
Net cash provided by (used in) operating activities - continuing operations | 8,888 | (462) | (195) |
Net cash used in operating activities - discontinued operations | (2,398) | (3,365) | (5,633) |
Net cash provided by (used in) in operating activities | 6,490 | (3,827) | (5,828) |
Cash flows from investing activities | |||
Purchases of property and equipment | (601) | (409) | (486) |
Purchase of short-term investments | (23,655) | (33,786) | (4,079) |
Maturities of investments | 32,025 | 24,225 | 7,463 |
Capitalized software development costs | (767) | (633) | (660) |
Cash paid in business acquisition, net of cash acquired | (15,000) | (5,581) | 0 |
Net proceeds from sale of Vehicle Sensors | 0 | 0 | 107 |
Net cash provided by (used in) investing activities - continuing operations | (7,998) | (16,184) | 2,345 |
Net cash provided by (used in) investing activities - discontinued operations | 9,740 | (59) | 0 |
Net cash provided by (used in) investing activities | 1,742 | (16,243) | 2,345 |
Cash flows from financing activities | |||
Proceeds from stock option exercises | 2,633 | 256 | 85 |
Proceeds from ESPP purchases | 448 | 370 | 365 |
Tax withholding payments for net share settlements of restricted stock units | (208) | (15) | (48) |
Proceeds from issuance of common stock, net of costs | 0 | 26,751 | 0 |
Net cash provided by financing activities - continuing operations | 2,873 | 27,362 | 402 |
Net cash provided by financing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided by financing activities | 2,873 | 27,362 | 402 |
Increase (decrease) in cash, cash equivalents and restricted cash | 11,105 | 7,292 | (3,081) |
Cash, cash equivalents and restricted cash at beginning of period | 14,363 | 7,071 | 10,152 |
Cash, cash equivalents and restricted cash at end of period | 25,468 | 14,363 | 7,071 |
Supplemental cash flow information: | |||
Income taxes | 183 | 63 | 4 |
Supplemental schedule of non-cash investing and financing activities: | |||
Issuance of common stock for vested restricted stock units | 15 | 7 | 6 |
Lease liabilities arising from obtaining right-of-use assets | 689 | 581 | 0 |
Deferred purchase price receivable | 1,500 | 0 | 0 |
Issuance of common stock in connection with acquisition | 0 | 4,535 | 0 |
Deferred consideration related to TrafficCast acquisition | 2,050 | 0 | 0 |
Working capital adjustment related to TrafficCast acquisition | $ 681 | $ 0 | $ 0 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 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 solutions. Our solutions enable public transportation agencies, municipalities, commercial entities 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, advanced detection sensors, mobility and traffic data, software-as-a-service ("SaaS") offerings, specialized consulting services and end-to-end solutions delivered as cloud-enabled managed services represent a comprehensive range of smart mobility infrastructure management solutions that we distribute to customers throughout the United States ("U.S.") and internationally. Prior to the sale of our Agriculture and Weather Analytics segment in May 2020, we combined our intellectual property with enhanced atmospheric, land surface and agronomic modeling techniques to offer smart content and analytical solutions that provide analytical support to large enterprises in the agriculture industry, such as seed and crop protection companies, integrated food companies, and agricultural equipment manufacturers and service providers. 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 our advanced detection sensors, transportation performance analytics systems, and specialized consulting services and cloud-enabled managed services in the smart mobility infrastructure management 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 twelve 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 fiscal year ended March 31, 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 the volatility of our stock price will depend largely on future developments, including the duration of the spread of the outbreak, the distribution, rate of adoption and efficacy of vaccines, 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 the date 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, to the Consolidated Financial Statements. 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, to the Consolidated Financial Statements. The Company assessed the impacts of the Pandemic on the estimates and assumptions used in preparing these audited 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 . Acquisition of the Assets of TrafficCast International, Inc. On December 6, 2020, the Company entered into an Asset Purchase Agreement (the “TrafficCast 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 TrafficCast Purchase Agreement, the Company agreed to purchase from TrafficCast substantially all of its assets, composed of its travel information technology, applications and content (the “TrafficCast Business”). The transaction closed on December 7, 2020. Under the TrafficCast Purchase Agreement, Iteris purchased from TrafficCast substantially all of the assets used in the conduct of the TrafficCast Business and assumed certain specified liabilities of the TrafficCast Business in exchange for a total purchase price of up to $17.7 million, with $15.0 million paid in cash on the closing date, $1.0 million held back as security for certain post-closing adjustments and post-closing indemnity obligations of TrafficCast, $1.1 million acquisition-related liability, and a $1.0 million earn out, fair valued at $0.6 million as of March 31, 2021, that if earned, will be paid over two years based on the TrafficCast Business’ achievement of certain revenue targets. The TrafficCast Purchase Agreement also provides for customary post-closing adjustments to the purchase price tied to working capital balances of the TrafficCast Business at closing (see Note 12, Acquisitions , to the Consolidated Financial Statements). The parties also entered into certain ancillary agreements that will provide Iteris with ongoing access to mapping and monitoring services that the TrafficCast Business uses to support its real-time and predictive travel data and associated content. Public Offering and Acquisition of Albeck Gerken, Inc. On June 13, 2019, the Company completed an underwritten public offering of 6,182,797 shares of the Company's common stock for net proceeds to the Company of approximately $26.8 million, after deducting underwriting discounts and estimated offering expenses payable by the Company. The Company used approximately $6.2 million of the net proceeds of this offering to pay the cash portion of the purchase price in the acquisition of AGI, a privately-held professional transportation engineering services firm headquartered in Tampa, Florida (see Note 12, Acquisitions , to the Consolidated Financial Statements), and plans to use the balance of the net proceeds for general corporate purposes and possibly for other future acquisitions. 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 ("AWA") segment to DTN, LLC (“DTN”), an operating company of TBG AG, a Swiss-based holding company, pursuant to an Asset Purchase Agreement (the “AWA 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 $1.5 million of deferred payment, of which $1.45 million has been paid by DTN at the 12-month anniversary of the closing date, and $0.05 million will be paid by DTN at the 18-month anniversary of the closing date, subject to satisfactions of the conditions set forth in the AWA Purchase Agreement relating to the transition of certain customers to DTN and the collection of certain receivables by DTN. See Note 3, Discontinued Operations , to the Consolidated Financial Statements, 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 the Company 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 , to the Consolidated Financial Statements). Basis of Presentation Our consolidated financial statements include the accounts of Iteris, Inc. and all its wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). All intercompany balances and transactions have been eliminated in consolidation. 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. Significant estimates made in the preparation of the consolidated financial statements include, but not limited to, recoverability of long-lived and intangible assets; fair value of acquired intangible assets and goodwill; collectability of accounts receivable and related allowance for doubtful accounts; projections of taxable income used to assess realizability of deferred tax assets; warranty reserves; costs to complete long-term contracts; indirect cost rates used in cost plus contracts; fair value of stock option awards and equity instruments; estimates of future cash flows used to assess the recoverability of the impairment of goodwill; fair value of contingent consideration and capitalization and estimated useful life of the Company's internal-use software development costs. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. However, future events are subject to change and best estimates and judgments may require further adjustments, therefore, actual results could differ materially from those estimates. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Revenue Recognition Revenues are recognized when control of the promised goods or services are transferred to our customers, in a gross amount that reflects the consideration that we expect to be entitled to in exchange for those goods or services. We generate all of our revenue from contracts with customers. 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 and 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 our 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 variable consideration. However, 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 and support, extended warranty, 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, extended warranty, monthly active user fees, software-as-a-service ("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 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 which combines the software functionality, maintenance and hosting into a single performance obligation. In product related contracts, a purchase order may contain 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 Obligation When Performance When Payment is How Standalone Product Revenues Standard purchase orders for delivery of a tangible product Upon shipment (point in time) Within 30 days of delivery Observable transactions Engineering services where the deliverable is considered a product As work is performed (over time) Within 30 days of services being invoiced Estimated using a cost-plus margin approach Service Revenues Engineering and consulting services As work is performed (over time) Within 30 days of services being invoiced Estimated using a cost-plus margin approach SaaS Over the course of the SaaS service once the system is available for use (over time) At the beginning of the contract period Estimated using a cost-plus margin approach Extended warranty service Over the course of the extended warranty period (over time) At the beginning of the contract period Estimated 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 13, Business Segments, Significant Customer and Geographic Information for further details. 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 the accompanying consolidated balance sheet 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 in the accompanying consolidated balance sheet. 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. 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 March 31, 2021 and 2020, there was approximately $3.2 million and $1.2 million, respectively, of contract fulfillment costs which are presented in the accompanying 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 March 31, 2021 and 2020, the aggregate amount of transaction price allocated to remaining performance obligations was immaterial primarily as a result of termination provisions within our contracts which make the duration of the accounting term of the contract one year or less. Practical Expedients and Exemptions T&M and CPFF contracts are considered variable consideration. However, performance obligations with an underlying fee type of T&M or CPFF qualify for the "Right to Invoice" Practical Expedient under ASC 606-10-55-18. Under this practical expedient, the Company is not required to estimate such variable consideration upon inception of the contract and reassess the estimate each reporting period. The Company utilizes the practical expedient under ASC 606-10-50-14 of not disclosing information about its remaining performance obligations for contracts with an original expected duration (i.e., contract term, determined based on the analysis of termination provisions described above) of 12 months or less. The Company pays sales commissions on certain sales contracts. These costs are accrued in the same period that the revenues are recorded. Using the practical expedient under ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred since the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company utilizes the practical expedient under ASC 606-10-25-18B to account for shipping and handling as fulfillment costs, and not a promised service (a revenue element). Shipping and handling costs are included as cost of revenues in the period during which the products ship. The Company excludes from the transaction price all sales taxes that are assessed by a governmental authority and that are imposed on and concurrent with a specific revenue-producing transaction and collected from a customer (for example, sales, use, value added, and some excise taxes). This employs the practical expedient under ASC 606-10-32-2A. Sales taxes are presented on a net basis (excluded from revenues) in the accompanying consolidated statements of operations. Deferred Revenue Deferred revenue in the accompanying 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, South America and Asia. 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 fiscal years ended March 31, 2021 ("Fiscal 2021") and, March 31, 2020 ("Fiscal 2020"), no individual customer represented greater than 10% of our total revenues. For the fiscal year ended March 31, 2019 ("Fiscal 2019"), one individual customer represented approximately 24% of our total revenues. As of March 31, 2021 and 2020, no individual customer represented greater than 10% of our total accounts receivable. Fair Values of Financial Instruments The accounting guidance provided in ASC 820, Fair Value Measurements ("ASC 820") for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. 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. Level 3—Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the assets or liabilities. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company applies fair value accounting for all financial instruments on a recurring basis. The Company's financial instruments, which include cash, cash equivalents, accounts receivable and accounts payable are recorded at their carrying amounts, which approximate their fair values due to their short-term nature. All marketable securities are considered to be available-for-sale and recorded at their estimated fair values. In valuing these items, the Company uses inputs and assumptions that market participants would use to determine their fair value, utilizing valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. 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 March 31, 2021 and 2020 restricted cash was 0.3 million and 0.1 million, respectively, related to cash restricted for shares purchased under the Employee Stock Purchase Plan ("ESPP") (see Note 10 for further details on the ESPP). Cash, cash equivalents and restricted cash presented in the accompanying statements of cash flows consist of the following (in thousands): Year Ended March 31, 2021 2020 Cash and cash equivalents $ 25,205 $ 14,217 Restricted cash 263 146 $ 25,468 $ 14,363 Investments The Company's investments are classified as either held-to-maturity, available-for-sale or trading, in accordance with ASC 320. 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). As of March 31, 2021, all of our investments are available-for-sale. Under 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. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded net of the allowance for doubtful accounts. The allowance for doubtful accounts is estimated based on the Company's assessment of its ability to collect on customer accounts receivable. 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. The Company writes-off accounts receivable against the allowance when a determination is made that the balance is uncollectible and collection of the receivable is no longer being actively pursued. The allowance for doubtful accounts was $1.0 million and $0.8 million as of March 31, 2021 and 2020, respectively. 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 of the related assets ranging from three 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. Intangible assets without determinable economic lives are carried at cost, not amortized and reviewed for impairment at least annually. Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of net identifiable assets acquired in a business combination. Goodwill is not amortized and is tested for impai |
Supplementary Financial Informa
Supplementary Financial Information | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Financial Information | Supplementary Financial Information Inventories The following table presents details regarding our inventories: March 31, 2021 2020 (In thousands) Materials and supplies $ 2,714 $ 1,380 Work in process 435 162 Finished goods 1,917 1,498 $ 5,066 $ 3,040 Property and Equipment, net The following table presents details of our property and equipment, net: March 31, 2021 2020 (In thousands) Equipment $ 6,806 $ 6,222 Leasehold improvements 3,046 2,911 Accumulated depreciation (7,929) (7,298) $ 1,923 $ 1,835 Depreciation expense was approximately $0.7 million, $0.8 million and $0.8 million in Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. Approximately $0.2 million, $0.3 million, and $0.3 million of the depreciation expense was recorded to cost of revenues, and approximately $0.5 million, $0.5 million, and $0.5 million was recorded to operating expenses in Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively, in the accompanying consolidated statements of operations. Intangible Assets The following table presents details regarding our intangible assets: March 31, 2021 March 31, 2020 Gross Accumulated Net Gross Accumulated Net (In thousands) Technology $ 4,986 $ (1,594) $ 3,392 $ 1,286 $ (1,286) $ — Customer contracts / relationships 9,550 (1,547) 8,003 3,750 (688) 3,062 Trade names and non-compete agreements 782 (683) 99 770 (613) 157 Capitalized software development costs 5,177 (2,374) 2,803 4,423 (1,576) 2,847 Total $ 20,495 $ (6,198) $ 14,297 $ 10,229 $ (4,163) $ 6,066 Amortization expense for intangible assets subject to amortization was approximately $2.0 million, $1.3 million and $0.6 million for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. Approximately $0.5 million, $0.5 million and $0.4 million of the intangible asset amortization was recorded to cost of revenues, and approximately $1.5 million, $0.8 million and $0.3 million was recorded to amortization expense for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively, in the consolidated statements of operations. The weighted average remaining useful lives of the intangible assets as of March 31, 2021 is 5.1 years. We have one indefinite useful life intangible asset, with de minimis carrying value, which was included in trade names and non-complete agreements. Our net customer contracts/relationships have a useful life of 6 years. Our net trade names and non-compete agreements have a useful life of 3 years. Our net capitalized software development costs of approximately $2.8 million and $2.9 million primarily consisted of our Oracle Enterprise Resource Planning ("ERP") system design and implementation of approximately $1.7 million and $1.9 million as of March 31, 2021 and 2020, respectively, which has a useful life of 10 years. As of March 31, 2021, the future estimated amortization expense is as follows: Year Ending March 31, (In thousands) 2022 3,216 2023 2,999 2024 2,779 2025 2,318 2026 1,257 Thereafter 1,716 $ 14,285 The future estimated amortization expense does not include the indefinite useful life intangible asset described above. Goodwill The following table presents the carrying value of our goodwill by reportable segments for Fiscal 2021, Fiscal 2020 and Fiscal 2019: Roadway Transportation Total (In thousands) Balance—March 31, 2021 Goodwill $ 8,214 $ 20,346 $ 28,560 Acquired goodwill (see Note 12) 4,044 3,706 7,750 Accumulated impairment losses — (7,970) (7,970) $ 12,258 $ 16,082 $ 28,340 Balance—March 31, 2020 Goodwill $ 8,214 $ 14,906 $ 23,120 Acquired goodwill (Note 12) — 5,440 5,440 Accumulated impairment losses — (7,970) (7,970) $ 8,214 $ 12,376 $ 20,590 Balance—March 31, 2019 Goodwill $ 8,214 $ 14,906 $ 23,120 Accumulated impairment losses — (7,970) (7,970) $ 8,214 $ 6,936 $ 15,150 Warranty Reserve Activity The following table presents activity with respect to the warranty reserve: Year Ended March 31, 2021 2020 2019 (In thousands) Balance at beginning of fiscal year $ 416 $ 463 $ 403 Additions charged to cost of sales 508 649 647 Warranty claims (355) (696) (587) Balance at end of fiscal year $ 569 $ 416 $ 463 Earnings Per Share The following table sets forth the computation of basic and diluted loss from continuing operations per share: Year Ended March 31, 2021 2020 2019 (In thousands, except per Numerator: Net income (loss) from continuing operations $ 491 $ (1,758) $ (2,793) Net income (loss) from discontinued operations, net of tax 9,643 (3,852) (5,023) Net income (loss) $ 10,134 $ (5,610) $ (7,816) Denominator: Weighted average common shares used in basic computation 41,176 39,012 33,266 Dilutive stock options 423 — — Weighted average common shares used in diluted computation 41,599 39,012 33,266 Basic: Net income (loss) per share from continuing operations: $ 0.01 $ (0.04) $ (0.08) Net income (loss) per share from discontinued operations: $ 0.23 $ (0.10) $ (0.15) Net income (loss) per basic share $ 0.24 $ (0.14) $ (0.23) Diluted: Net income (loss) per share from continuing operations: $ 0.01 $ (0.04) $ (0.08) Net income (loss) per share from discontinued operations: $ 0.23 $ (0.10) $ (0.15) Net income (loss) per diluted share $ 0.24 $ (0.14) $ (0.23) The following instruments were excluded for purposes of calculating weighted average common share equivalents in the computation of diluted loss per share from continuing operations as their effect would have been anti-dilutive for the years ended March 31, 2020 and 2019: Year Ended March 31, 2021 2020 2019 (In thousands) Stock options 3,935 6,190 5,056 Restricted stock units 126 110 12 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations 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 the AWA 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, $1.45 million has been paid by DTN at the 12-month anniversary of the closing date, and $0.05 million will be paid by DTN at the 18-month anniversary of the closing date, 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. The AWA Purchase Agreement also provides for customary post-closing adjustments to the purchase price related to working capital at closing. The parties also entered into certain ancillary agreements at the closing of the transaction that will provide Iteris with ongoing access to weather and pavement data that it integrates into its transportation software products, and a joint development agreement under which the parties agreed to pursue future joint opportunities in the global transportation market. The sale of the Agriculture and Weather Analytics segment was a result of the Company’s shift in strategy to focus on its smart mobility infrastructure management solutions and to capitalize on the potential for a future partnership upon the sale of this business component to DTN. We have determined that the Agriculture and Weather Analytics segment, which constituted one of our operating segments, qualifies as a discontinued operation in accordance with the criteria set forth in ASC 205-20, Presentation of Financial Statements – Discontinued Operations. On May 5, 2020, the Company also entered into a transition services agreement (“TSA”) with DTN, pursuant to which the Company agreed to support the information technology and accounting functions of the Agriculture and Weather Analytics segment for a period up to 12 months and DTN agreed to provide the contract administration/account management services for certain contracts of the Company and other transition services. Either party may make any reasonable request to extend the period of time the other party shall provide a transition service beyond the initial service period or access to additional services that are necessary for the transition of the operations and business. The Company earned approximately $0.2 million in income and incurred approximately $0.1 million in costs associated with the TSA for the year ended March 31, 2021, which were included in income (loss) from discontinued operations on the accompanying consolidated statement of operations. The related assets and liabilities of the Agriculture and Weather Analytics segment were reclassified to assets and liabilities of discontinued operations as of March 31, 2021 and March 31, 2020 on the accompanying consolidated balance sheets. The following table is a summary of major classes of assets and liabilities of discontinued operations: March 31, 2021 March 31, 2020 (In thousands) Assets Trade accounts receivable, net of allowance for doubtful accounts $ — $ 863 Unbilled accounts receivable — 504 Prepaid expenses and other current assets — 109 Total current assets of discontinued operations — 1,476 Property and equipment, net — 107 Right-of-use assets 78 446 Other classes of assets that are not major — 73 Total noncurrent assets of discontinued operations 78 626 Total assets of discontinued operations $ 78 $ 2,102 Liabilities Trade accounts payable $ — $ 254 Accrued liabilities — 91 Accrued payroll and related expenses — 933 Deferred revenue — 1,550 Current Lease Liabilities 94 — Total current liabilities of discontinued operations 94 2,828 Noncurrent Lease liabilities 261 357 Total liabilities of discontinued operations $ 355 $ 3,185 The results of operations for the Agriculture and Weather Analytics segment were included in net income (loss) from discontinued operations on the accompanying consolidated statements of operations. The following table provides information regarding the results of discontinued operations: Year Ended March 31, 2021 2020 2019 Service revenue $ 695 $ 6,714 $ 5,816 Cost of service revenues 350 2,566 2,472 Gross profit 345 4,148 3,344 Operating expenses: Selling, general and administration 780 3,718 4,304 Research and development 407 4,282 4,063 Restructuring charges 837 — — Total operating expenses 2,024 8,000 8,367 Operating loss from discontinued operations (1,679) (3,852) (5,023) Other income, net 72 — — Loss from discontinued operation before income tax (1,607) (3,852) (5,023) Income tax expense (47) — — Net loss from discontinued operations (1,654) (3,852) (5,023) Gain on disposal of discontinued operations before income tax 11,315 — — Income tax expense on gain on disposal (18) — — Gain on disposal of discontinued operations after income tax 11,297 — — Net income (loss) from discontinued operations $ 9,643 $ (3,852) $ (5,023) The following table provides information on the gain recorded on the sale of the Agriculture and Weather Analytics segment for the year ended March 31, 2021. These amounts reflect the closing balance sheet of the Agriculture and Weather Analytics segment upon the closing of the sale on May 5, 2020 (in thousands). Initial proceeds from sale, net of transaction costs $ 9,440 Closing working capital adjustment 250 Deferred payments of purchase price 1,500 Total purchase considerations 11,190 Trade accounts receivable, net of allowance for doubtful accounts 1,060 Unbilled accounts receivable 488 Other classes of assets that are not major 194 Total Agriculture and Weather Analytics segment assets 1,742 Trade accounts payable 349 Deferred revenue 1,518 Total Agriculture and Weather Analytics segment liabilities 1,867 Gain on sale of Agriculture and Weather Analytics segment $ 11,315 The initial proceeds were net of transaction costs of approximately $1.1 million. |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring ActivitiesOn 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, and the Company incurred total restructuring charges of approximately $1.5 million, primarily resulting from a separation for certain employees who did not transition to DTN, additional positions that were eliminated to right-size the cost structure of the Company and lease impairment related to our Grand Forks, North Dakota facility. The following table presents the restructuring and severance costs for our reportable segments, as well as corporate expenses, for the fiscal year ended March 31, 2021 (in thousands): Roadway Transportation Agriculture and Corporate Total Severance and benefits $ 110 $ 43 $ 524 $ 428 $ 1,105 Lease impairment and other costs — — 313 38 351 Total restructuring and severance costs $ 110 $ 43 $ 837 $ 466 $ 1,456 During the year ended March 31, 2021, approximately $0.6 million of the restructuring costs were recorded to restructuring charges in the accompanying consolidated statements of operations, and approximately $0.8 million of the restructuring costs were recorded to loss from discontinued operations in the accompanying consolidated statements of operations. As of March 31, 2021, we have accrued approximately $0.1 million for severance and benefits related to the restructuring activities in accrued payroll and related expenses in the accompanying consolidated balance sheet. Our restructuring activities during the fiscal years ended March 31, 2021 were as follows (in thousands): Balance at March 31, 2020 $ — Charged to expenses 1,105 Cash payments (1,005) Balance at March 31, 2021 $ 100 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | . Fair Value Measurements We did not have any material financial assets or liabilities measured at fair value on a recurring basis using Level 3 inputs as of March 31, 2021 or 2020, except for the contingent consideration of $0.6 million (with $0.2 million due in the next 12 months) related to the earn-out as part of the TrafficCast acquisition. Our non-financial assets, such as goodwill, intangible assets, property and equipment, and acquired assets and liabilities assumed are measured at fair value on a non-recurring basis, generally when there is a transaction involving those assets such as a purchase transaction, a business combination or an adjustment for impairment. Our non-financial assets, such as goodwill, intangible assets, property and equipment, securities held in the deferred compensation plan and the liabilities associated with the deferred compensation plan, and acquired assets and liabilities assumed are measured at fair value on a non-recurring basis, generally when there is a transaction involving those assets. In Fiscal 2021, Fiscal 2020 and Fiscal 2019, Level 3 inputs were used to evaluate the fair value of the contingent consideration and goodwill in our two reporting units that had goodwill balances. No other non-financial assets were measured at fair value as of March 31, 2021 and March 31, 2020. The following tables present the Company's financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: As of March 31, 2021 Amortized Gross Gross Estimated Assets: (In thousands) Level 1: Money market funds $ 4,676 $ — $ — $ 4,676 Securities held in deferred compensation plan (1) 89 — 11 100 Subtotal 4,765 — 11 4,776 Level 2: Commercial paper 4,999 — — 4,999 Corporate notes and bonds 1,085 — — 1,085 US treasuries 4,600 — — 4,600 Subtotal 10,684 — — 10,684 Total $ 15,449 $ — $ 11 $ 15,460 Liabilities: Level 1: Deferred compensation plan liabilities (2) $ 100 $ — $ 11 $ 111 Level 3: Contingent consideration (3) 600 — — — 600 Total $ 700 $ — $ 11 $ 711 As of March 31, 2020 Amortized Gross Gross Estimated (In thousands) Level 1: Money market funds $ 10,576 $ (1) $ — $ 10,575 Subtotal 10,576 (1) — 10,575 Level 2: Commercial paper 1,495 (1) — 1,494 Corporate notes and bonds 6,044 (22) — 6,022 US treasuries 3,013 — 20 3,033 US government agencies 1,007 — — 1,007 Subtotal 11,559 (23) 20 11,556 Total $ 22,135 $ (24) $ 20 $ 22,131 (1) Included in prepaid expenses and other current assets on the Company’s consolidated balance sheet. (2) Included in accrued payroll and related expenses on the Company’s consolidated balance sheet. (3) Included in other long-term liabilities on the Company’s consolidated balance sheet. Unrealized losses related to these investments are due to interest rate fluctuations as opposed to credit quality. In addition, we do not intend to sell, and it is not more likely than not that we would be required to sell, these investments before recovery of their cost basis. As a result, there is no other-than-temporary impairment for these investments as of March 31, 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of current and deferred federal and state income tax (benefit) provision are as follows: Year Ended March 31, 2021 2020 2019 (In thousands) Income (loss) from continuing operations before income taxes $ 606 $ (1,598) $ (2,757) Current income tax provision: Federal — — — State 67 34 36 Total current tax provision 67 34 36 Deferred income tax benefit: Federal 21 105 — State 27 21 — Total deferred benefit provision 48 126 — Provision for income taxes on continued operations 115 160 36 Income (loss) from continuing operations, net of taxes $ 491 $ (1,758) $ (2,793) The reconciliation of our income tax (benefit) provision to taxes computed at U.S. federal statutory rates is as follows: Year Ended March 31, 2021 2020 2019 (In thousands) Provision (benefit) for income taxes at statutory rates $ 90 $ (1,095) $ (1,634) State income taxes net of federal benefit (177) (198) (620) Tax credits (663) (658) (343) Compensation charges 313 151 199 Change in valuation allowance 523 1,913 2,385 Other 29 47 49 Provision for income taxes $ 115 $ 160 $ 36 The components of deferred tax assets and liabilities are as follows: Year Ended March 31, 2021 2020 (In thousands) Deferred tax assets: Net operating losses $ 2,186 $ 4,284 Capitalized R&D 2,282 3,520 Credit carry forwards 4,088 3,510 Deferred compensation and payroll 2,475 2,304 Bad debt allowance and other reserves 930 656 Operating leases — 219 Property and equipment 354 60 Other, net 765 556 Total deferred tax assets 13,080 15,109 Valuation allowance (12,349) (14,163) Total deferred tax assets, net of valuation allowance 731 946 Deferred tax liabilities: Acquired intangibles (297) (596) Goodwill (672) (540) Total deferred tax liabilities (969) (1,136) Net deferred tax liabilities $ (238) $ (190) At March 31, 2021, we had $3.2 million in federal research credits that begin to expire in 2031 and $1.2 million in state tax credits that begin to expire in 2023. We had $7.7 million of federal net operating loss carryforwards at March 31, 2021 that do not expire as a result of recent tax law changes. We also had $5.9 million of state net operating loss carryforwards at March 31, 2021 that begin to expire in 2031. In assessing the realizability of our deferred tax assets, we review all available positive and negative evidence, including reversal of deferred tax liabilities, potential carrybacks, projected future taxable income, tax planning strategies and recent financial performance. As the Company has sustained a cumulative pre-tax loss over the trailing three years, we considered it appropriate to maintain valuation allowances of $12.3 million and $14.2 million against our deferred tax assets at March 31, 2021 and 2020, respectively. We intend to continue maintaining a full valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, given our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that we are able to actually achieve. On March 27, 2020, the CARES Act was enacted in response to the Pandemic. The CARES Act contains numerous income tax provisions, such as relaxing limitations on the deductibility of interest and the use of net operating losses arising in taxable years beginning after December 31, 2017. The income tax provisions of the CARES Act had an immaterial impact on our current taxes, deferred taxes, and uncertain tax positions of the Company in the year ended March 31, 2020. The CARES Act also allows for the deferral of payroll taxes, as well as the immediate refund of federal Alternative Minimum Tax credits, which had previously been made refundable over a period of four years by the Tax Cuts and Jobs Act of 2017. The Company is currently evaluating the impact of final IRS regulations under Internal Revenue Code section 263A relating to inventory capitalization for tax purposes. The Company does not expect there to be a material impact to the financial statements. Unrecognized Tax Benefits As of March 31, 2021 and 2020, our gross unrecognized tax benefits were approximately $1.1 million and $1.0 million, respectively, of which approximately $1.0 million and $0.9 million, respectively, are netted against certain noncurrent deferred tax assets. The amounts that would affect our effective tax rate if recognized are approximately $1.0 million and $0.8 million, respectively. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: Year Ended March 31, 2021 2020 2019 (In thousands) Gross unrecognized tax benefits at beginning of year $ 952 $ 687 $ 586 Increases for tax positions taken in prior years 35 101 2 Decreases for tax positions taken in prior years 0 — — Increases for tax positions taken in the current year 104 180 116 Lapse in statute of limitations (12) (16) (17) Gross unrecognized tax benefits at March 31 $ 1,079 $ 952 $ 687 We do not anticipate a significant change in gross unrecognized tax benefits within the next twelve months. We are subject to taxation in the U.S. and various state tax jurisdictions. We are subject to U.S. federal tax examination for fiscal tax years ended March 31, 2018 or later, and state and local income tax examination for fiscal tax years ended March 31, 2017 or later. However, if net operating loss carryforwards that originated in earlier tax years are utilized in the future, the amount of such NOLs from such earlier years remain subject to review by tax authorities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Other Contingencies As a provider of traffic engineering services, hardware products, software and other various solutions for the traffic and agricultural industries, the Company is, and may in the future from time to time, be involved in litigation relating to claims arising out of its operations in the normal course of business. While the Company cannot accurately predict the outcome of any such litigation, the Company is not a party to any legal proceeding, the outcome of which, in management's opinion, individually or in the aggregate, would have a material effect on the Company's consolidated results of operations, financial position or cash flows. |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Lessee Disclosure [Abstract] | |
Right-of-Use Assets and Lease Liabilities | Right-of-Use Assets and Lease Liabilities On April 1, 2019, the Company adopted ASU 2016-02, Leases and recognized (a) an operating lease liability of $14.2 million, which represents the present value of our remaining lease payments and (b) a related right-of-use asset of $13.4 million. In addition, the Company derecognized approximately $0.8 million of deferred rent liability. The adoption of ASU 2016-02 did not have a material impact on the Company's statement of operations, cash flows, or stockholders' equity. Due to the adoption of the standard using the modified retrospective cumulative-effect adjustment method, there were no changes to our previously reported results prior to April 1, 2019. We have various operating leases for our offices, office equipment and vehicles in the United States. These leases expire at various times through 2029. Certain lease agreements contain renewal options from 1 to 5 years, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The table below presents lease-related assets and liabilities recorded on the consolidated balance sheet as follows: Classification March 31, 2021 (In thousands) Assets Operating lease right-of-use-assets - continuing operations Right-of-use assets $ 11,353 Operating lease right-of-use-assets - discontinued operations Noncurrent assets of discontinued operations 78 Total operating lease right-of-use-assets $ 11,431 Liabilities Operating lease liabilities (short-term) - continuing operations Accrued liabilities $ 2,089 Operating lease liabilities (short-term) - discontinued operations Current liabilities of discontinued operations 94 Total operating lease liabilities (short-term) 2,183 Operating lease liabilities (long-term) - continuing operations Lease liabilities 10,146 Operating lease liabilities (long-term) - discontinued operations Noncurrent liabilities of discontinued operations 261 Total operating lease liabilities (long-term) 10,407 Total operating lease liabilities $ 12,590 Lease Costs For Fiscal 2021, Fiscal 2020 and Fiscal 2019, lease costs totaled approximately $2.7 million, $2.6 million and $1.9 million, respectively. The Company currently has no variable lease costs. Supplemental Information The table below presents supplemental information related to operating leases during the fiscal year ended March 31, 2021 (in thousands, except weighted average information): Cash paid for amounts included in the measurement of operating lease liabilities $ 2,847 Right-of-use assets obtained in exchange for new operating lease liabilities $ 689 Weighted average remaining lease term 6 Weighted average discount rate 5.0 % Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of March 31, 2021: Fiscal Year Ending March 31, Operating Leases Sublease Income Net Operating Leases (In thousands) 2022 $ 2,750 $ 9 $ 2,741 2023 2,513 — 2,513 2024 2,348 — 2,348 2025 2,076 — 2,076 2026 1,865 — 1,865 Thereafter 3,031 — 3,031 Total lease payments 14,583 $ 9 $ 14,574 Less imputed interest (1,993) Present value of future lease payments 12,590 Less current obligations under leases (2,183) Long-term lease obligations $ 10,407 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred Stock Our certificate of incorporation provides for the issuance of up to 2,000,000 shares of preferred stock. Our Board of Directors is authorized to issue from time to time such authorized but unissued shares of preferred stock in one or more series and to fix or alter the designations, preferences, rights and any qualifications, limitations or restrictions of the shares of each such series, including the dividend, conversion, voting, redemption and liquidation rights. As of March 31, 2021 and 2020, there were no outstanding shares of preferred stock, and we do not currently have plans to issue any shares of preferred stock. In August 2009, our Board of Directors adopted a stockholder rights plan, which calls for preferred stock purchase rights (each, a "Right") to be distributed, as a dividend, at the rate of one Right for each share of common stock held as of September 3, 2009. Each Right will entitle holders of common stock to buy one one-thousandth of one share of Series A Junior Participating Preferred Stock of Iteris. A further description and terms of the Rights are set forth in the Rights Agreement dated August 20, 2009 (as amended in August 2012) by and between Iteris and Computershare Trust Company, N.A. ("Computershare"), as rights agent. In connection with the stockholder rights plan, our Board of Directors approved the adoption of a Certificate of Designations, which created the Series A Junior Participating Preferred Stock, and likewise authorized the filing of a Certification of Elimination to eliminate the two series of junior participating preferred stock, which were originally created in April 1998 in connection with our previous stockholder rights plan which expired in 2008. Effective on September 28, 2018, an amendment was entered into by and between Iteris and Computershare to accelerate the expiration of the Rights from August 20, 2019 to September 28, 2018, wherein all of the Rights distributed to the holders of the Company's common stock pursuant to the Rights Agreement expired. Common Stock Reserved for Future Issuance The following summarizes common stock reserved for future issuance at March 31, 2021: Number of Shares (In thousands) Stock options outstanding 5,623 Restricted stock units outstanding 448 Performance stock units outstanding 61 Authorized for future issuance under stock incentive plans 595 6,727 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Employee Benefit PlansStock Incentive Plans In September 2007, our stockholders approved the 2007 Omnibus Incentive Plan (the "2007 Plan"), which provides that options to purchase shares of our unissued common stock may be granted to our employees, officers, consultants and directors at exercise prices which are equal to or greater than the market value of our common stock on the date of grant. The 2007 Plan also allows for the issuance of stock appreciation rights, restricted stock, restricted stock units ("RSUs") and other stock-based awards based on the value of our common stock. New shares are issued to satisfy stock option exercises and share issuances under the 2007 Plan. In September 2009, our stockholders approved an amendment to increase the number of shares of our common stock authorized and reserved for issuance under the 2007 Plan by 800,000 shares to a total of 1,650,000 shares. In September 2012, our stockholders approved an amendment to increase the number of shares of our common stock authorized and reserved for issuance under the 2007 Plan by 800,000 shares to a total of 2,450,000 shares. In October 2014, our stockholders approved an amendment of the 2007 Plan to increase the number of shares of common stock authorized for issuance under the 2007 Plan by an additional 1,500,000 shares to a total of 3,950,000 shares. In September 2015, our stockholders approved an amendment of the 2007 Plan to increase the number of shares of common stock authorized for issuance under the 2007 Plan by an additional 1,000,000 shares to a total of 4,950,000 shares. In December 2016, our stockholders approved the 2016 Omnibus Incentive Plan (the "2016 Plan") which allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs, cash incentive awards and other stock-based awards to our employees, officers, consultants and directors at exercise prices which are equal to or greater than the market value of our common stock on the date of grant. Options expire no more than ten years after the date of grant and generally vest at the rate of 25% on each of the first four We currently maintain two stock incentive plans, the 2007 Omnibus Incentive Plan (the "2007 Plan") and the 2016 Omnibus Incentive Plan (the "2016 Plan"). Of these plans, we may only grant future awards from the 2016 Plan. The 2016 Plan allows for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), cash incentive awards and other stock-based awards. At March 31, 2021, there were approximately 0.6 million shares of common stock available for grant or issuance under the 2016 Plan. Total stock options vested and expected to vest were approximately 5.6 million as of March 31, 2021. Stock Options A summary of activity in the Omnibus Incentive Plans with respect to our stock options for Fiscal 2021 is as follows: Options Weighted Weighted Aggregate (In thousands) (Years) (In thousands) Options outstanding at March 31, 2020 5,934 $ 3.99 7.2 2,095 Granted 831 4.90 Exercised (743) 1.69 Forfeited (378) 4.84 Expired (21) 2.32 Options outstanding at March 31, 2021 5,623 1.99 6.8 11,659 As of March 31, 2021, 3,444 stock options were exercisable. Restricted Stock Units RSU awards are stock-based awards that entitle the holder to receive one share of our common stock for each RSU upon vesting. RSUs granted under the 2007 Plan vest at the rate of 25% on each of the first four one four A summary of activity with respect to our RSUs for Fiscal 2021 is as follows: # of Shares Weighted Weighted Aggregate (In thousands) (Years) (In thousands) RSUs outstanding at March 31, 2020 404 $ 5.16 2.0 1,295 Granted 239 3.13 Vested (189) 5.13 Forfeited (6) 5.52 RSUs outstanding at March 31, 2021 448 4.08 7.8 2,764 Stock-Based Compensation The following table presents stock-based compensation expense that is included in each functional line item in our consolidated statements of operations: Year Ended March 31, 2021 2020 2019 (In thousands) Cost of revenues $ 209 $ 143 $ 122 Selling, general and administrative expense 2,517 2,271 1,680 Research and development expense 134 81 59 Restructuring activities 42 — — Loss from discontinued operations (57) 290 295 Total stock-based compensation $ 2,845 $ 2,785 $ 2,156 At March 31, 2021, there was approximately $4.7 million, $1.6 million and $0 of unrecognized compensation expense related to unvested stock options, RSUs, and PSUs respectively. This expense is currently expected to be recognized over a weighted average period of approximately 2.8 years for stock options, 1.6 years for RSUs. If there are any modifications or cancellations of the underlying unvested awards, we may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense. Future stock based compensation expense and unearned stock-based compensation will increase to the extent that we grant additional stock options, RSUs or other stock-based awards. The grant date fair value of stock options granted was estimated using the following weighted-average assumptions: Year Ended March 31, 2021 2020 2019 Expected life—years 6.7 6.8 5.9 Risk-free interest rate 1.0 % 2.2 % 2.7 % Expected volatility of common stock 47 % 47 % 43 % Dividend yield 0 % 0 % 0 % Expected Life: The Company's expected life represents the weighted-average period that the Company's stock options are expected to be outstanding. The expected life is based on expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns. Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. Treasury zero coupon yield curve in effect at the time of grant for the expected term of the option. Expected Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option. A summary of certain fair value and intrinsic value information pertaining to our stock options is as follows: Year Ended March 31, 2021 2020 2019 (In thousands, except Weighted average grant date fair value per share of options granted $ 2.38 $ 2.52 $ 1.89 Intrinsic value of options exercised $ 1,494 $ 378 $ 114 Employee Incentive Programs Under the terms of a Profit Sharing Plan, we may contribute to a trust fund such amounts as determined annually by the Board of Directors. No contributions were made during the fiscal years ended March 31, 2021, 2020 and 2019. We sponsor a defined contribution 401(k) plan (the "401(k) Plan"), adopted in 1990, under which eligible employees voluntarily contribute to the plan, up to IRS maximums, through payroll deductions. We match up to 50% of contributions, up to a stated limit, with all matching contributions being fully vested after one month of service. Our matching contributions under the 401(k) Plan were approximately $1.4 million, $1.3 million and $1.2 million for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. Other Stock-Based Compensation Plans Beginning January 1, 2018, the Company adopted an ESPP which allows employees to withhold a percentage of their base compensation to purchase the Company's common stock at 95% of the lower of the fair market at the beginning of the offering period and on the last trading day of the offering period. There are two offering periods during a calendar year, which consist of the six months beginning each January 1 and July 1. Employees may contribute 1-15% of their eligible gross pay up to a $0.03 million annual stock value limit. During Fiscal 2021, Fiscal 2020, and Fiscal 2019, 97,000, 91,000 and 92,000 shares, respectively, were purchased. The ESPP is considered a non-compensatory plan and accordingly no compensation expense is recorded in connection with this benefit. As of March 31, 2021, approximately $0.3 million of cash was restricted for the purchase of shares under the ESPP and is recorded as restricted cash in the accompanying consolidated balance sheets. Deferred Compensation Plan Effective October 1, 2020, the Company adopted the Iteris, Inc. Non Qualified Deferred Compensation Plan (the "DC Plan"). The DC Plan consists of two plans, one that is intended to be an unfunded arrangement for eligible key employees who are part of a select group of management or highly compensated employees of the Company within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and one for the benefit of non-employee members of our Board of Directors. Key employees, including our executive officers, and our non-employee directors who are notified regarding their eligibility to participate and delivered the DC Plan enrollment materials are eligible to participate in the DC Plan. Under the DC Plan, we will provide participants with the opportunity to make annual elections to defer a percentage of their eligible cash compensation and equity awards. A participant is always 100% vested in his or her own elective cash deferrals and any earnings thereon. Elective deferrals of equity awards are credited to a bookkeeping account established in the name of the participant with respect to an equivalent number of shares of our common stock, and such credited shares are subject to the same vesting conditions as are applicable to the equity award subject to the election. The Company established a rabbi trust to finance our obligations under the DC Plan with corporate-owned life insurance policies on participants, and the assets held within this trust are subject to the claims of the Company's creditors. As of March 31, 2021, the amount invested under the DC Plan totaled $0.09 million and are classified as trading securities, which are recorded at fair market value with changes recorded as adjustments to other income. This amount is included in prepaid expenses and other current assets on the consolidated balance sheets. As of March 31, 2021, the vested amounts under the DC Plan totaled $0.1 million and are included in accrued payroll and related expenses on the consolidated balance sheets. Changes in the deferred compensation plan liabilities are recorded as an adjustment to compensation expense. As of March 31, 2021, no equity awards were deferred and held in the rabbi trust. The shares deferred and held in the rabbi trust will be classified as treasury stock, and the liability to participating employees will be classified as deferred compensation obligations in the stockholders' equity section of the consolidated balance sheets. The number of shares needed to settle the liability for deferred compensation obligations will be included in the denominator in both the basic and diluted earnings per share calculations. The cash surrender value of the corporate-owned insurance policies totaled $0.07 million and is included in prepaid expenses and other current assets on the consolidated balance sheets. Employment Inducement Incentive Plan On December 4, 2020, the Board of Directors approved the Iteris, Inc. 2020 Employment Inducement Incentive Award Plan (the “Inducement Plan”) in conjunction with the TrafficCast acquisition. The terms of the Inducement Plan are substantially similar to the terms of the Company’s 2016 Omnibus Incentive Plan with the exception that incentive stock options may not be granted under the Inducement Plan. The Inducement Plan was adopted by the Board of Directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Board of Directors has initially reserved 300,000 shares of the Company’s common stock for issuance pursuant to awards granted under the Inducement Plan. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to an employee who has not previously been an employee or member of the Board of Directors of the Company or any parent or subsidiary, or following a bona fide period of non-employment by the Company or a parent or subsidiary, and only if he or she is granted such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program In August 2011, our Board of Directors approved a stock repurchase program pursuant to which we were authorized to acquire up to $3.0 million of our outstanding common stock from time to time through August 2012. We repurchased approximately 964,000 shares under this original program for a total purchase price of $1.3 million. On August 9, 2012, our Board of Directors cancelled the initial stock repurchase program and the approximate $1.7 million of remaining funds, and approved a new stock repurchase program pursuant to which we may acquire up to $3.0 million of our outstanding common stock for an unspecified length of time. Under the new program, we may repurchase shares from time to time in open market and privately negotiated transactions and block trades, and may also repurchase shares pursuant to a 10b5-1 trading plan during our closed trading windows. There is no guarantee as to the exact number of shares that will be repurchased. We may modify or terminate the repurchase program at any time without prior notice. On November 6, 2014, our Board of Directors approved a $3.0 million increase to the Company's existing stock repurchase program, pursuant to which the Company may continue to acquire shares of its outstanding common stock from time to time for an unspecified length of time. For our fiscal years ended March 31, 2021, 2020, and 2019 we did not repurchase any shares. From inception of the program in August 2011 through March 31, 2021, we repurchased approximately 3,422,000 shares of our common stock for an aggregate price of approximately $5.6 million, at an average price per share of $1.63. As of March 31, 2021, all repurchased shares have been retired and returned to their status as authorized and unissued shares of our common stock. As of March 31, 2021, approximately 1.7 million remains available for the repurchase of our common stock under our current program. |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions TrafficCast Acquisition On December 7, 2020, the Company completed the acquisition of the assets of TrafficCast, a privately held company headquartered in Madison, Wisconsin that provides travel information technology, applications and content to media, mobile technology, automotive and public sector customers throughout North America. Under the TrafficCast Purchase Agreement, Iteris purchased from TrafficCast substantially all of the assets used in the conduct of the TrafficCast Business and assumed certain specified liabilities of the TrafficCast Business. The aggregate acquisition-date fair value of the consideration transferred totaled approximately $17.7 million, which consisted of the following: Fair Value (in thousands) Cash $ 15,000 Security hold back 1,000 Acquisition-related liabilities 1,131 Contingent consideration 600 Total $ 17,731 The security hold back relates to amounts held back as security for certain post-closing adjustments and post-closing indemnity obligations of TrafficCast, and is included in other long-term liabilities on the consolidated balance sheets. Acquisition-related liabilities include customary post-closing adjustments, as well as short term liabilities related to certain ancillary agreements that will provide Iteris with ongoing access to mapping and monitoring services. These items are included in accrued liabilities on the consolidated balance sheets. Contingent consideration relates to a $1.0 million earn out, that if earned, will be paid over two years based on the TrafficCast Business’ achievement of certain revenue targets. This item is included in other long-term liabilities on the consolidated balance sheets. TrafficCast operates two lines of business – commercial and public sector – each of which contributes about 50% of total revenue. Its commercial line of business develops software that collects, filters, and models real-time traveler information and traffic incident data for global media companies and other commercial customers. Its public sector line of business provides sensors and related software that help state and local agencies measure, visualize, and manage traffic flow. The management team has deep experience in traffic management systems, traffic flow theory and probe data technologies, as well as mobile services, digital content and media marketing. The commercial line of business is presented in the results of the Transportation Systems segment, while the public sector line of business is presented in the results of the Roadway Sensors segment. Since the date of acquisition, TrafficCast contributed approximately $2.7 million of service revenue and approximately $1.4 million of product revenue, as well as approximately $1.0 million of net loss. The acquisition of TrafficCast has been accounted for as a business combination. We estimated the fair values of net assets acquired, and the excess of the consideration transferred over the aggregate of such fair values was recorded as goodwill. The following tables summarize the preliminary purchase price allocation (in thousands) as of December 7, 2020: Trade accounts receivable $ 2,087 Unbilled accounts receivable 596 Inventories 941 Right-of-use assets 193 Property and equipment 233 Intangible assets 9,500 Goodwill 7,750 Other assets 242 Total assets acquired 21,542 Accounts payable 1,026 Deferred revenue 2,460 Lease liabilities 193 Other liabilities 132 Total liabilities assumed 3,811 Total purchase price $ 17,731 The fair values of the TrafficCast Business and liabilities, other than goodwill and intangible assets, noted above approximate their carrying values at December 7, 2020. There was no difference between the fair value of trade accounts receivables and the gross contractual value of those receivables. There are no contractual cash flows related to these receivables that are not expected to be collected. The Company believes the goodwill related to the acquisition was a result of the ability of the Company to leverage its technology in the broader market, as well as offering cross-selling market exposure opportunities. Goodwill from the acquisition of TrafficCast is included within the Company’s Roadway Sensors and Transportation Systems reporting units and was included in the annual review for impairment. The goodwill is fully deductible for tax purposes. The significant intangible assets identified in the purchase price allocation include customer relationship and developed technology, which are amortized over their respective useful lives on a straight line basis which approximates the underlying cash flows. To value the customer relationships, the Company utilized the income approach, specifically a discounted cash-flow method known as the excess earnings method. The Company used the replacement cost method with consideration of opportunity costs to estimate the fair value of the technology. The fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. We believe the assumptions are representative of those a market participant would use in estimating fair value. The following table presents the fair values and useful lives of the identifiable intangible assets acquired: Amount Weighted Average (in thousands) (in years) Customer relationships $ 5,800 7 Technology 3,700 4 Total intangible assets assumed $ 9,500 AGI Acquisition On July 2, 2019, the Company completed the acquisition of AGI, a privately-held professional transportation engineering services firm headquartered in Tampa, Florida, with offices in Orlando (FL), Virginia Beach (VA) and Chadds Ford (PA). AGI assists municipalities in maximizing the effectiveness of their existing transportation networks through a collection of traffic management services to cost effectively improve the performance of roadway systems and address increased traffic demands, traffic congestion and delay. With a foundation of arterial timing plan development, AGI has expanded its services into active arterial monitoring and management with multiple public sector clients. AGI is expected to expand the Company's geographic footprint for ITS services in Florida, as well as in the Midwest and Mid-Atlantic region. AGI's typical contracts are for traffic operations professional engineering services focused on transportation systems management and operations. Pursuant to a Stock Purchase Agreement dated June 10, 2019 among the Company, AGI and the stockholders of AGI (the "Selling Shareholders"), the Company acquired all of the outstanding capital stock of AGI from the Selling Shareholders for an aggregate purchase price of $10.8 million, after working capital adjustments, payable in cash and stock, of which 114,943 shares were held in escrow for 18 months to secure performance of indemnification and other post-closing obligations of the Selling Shareholders. The acquisition of AGI has been accounted for as a business combination. We estimated the fair values of net assets acquired, and the excess of the consideration transferred over the aggregate of such fair values was recorded as goodwill. The following tables summarize the purchase price allocation (in thousands) as of July 2, 2019: Cash $ 664 Trade accounts receivable 905 Unbilled accounts receivable 347 Right-of-use assets 863 Property and equipment 357 Intangible assets 3,710 Goodwill 5,440 Other assets 161 Total assets acquired 12,447 Accounts payable (378) Accrued payroll and related expenses (426) Lease liabilities (863) Total liabilities assumed (1,667) Total purchase price $ 10,780 The fair values of the remaining AGI assets and liabilities noted above approximate their carrying values at July 2, 2019. There was no difference between the fair value of trade accounts receivables and the gross contractual value of those receivables. There are no contractual cash flows related to these receivables that are not expected to be collected. The Company believes the goodwill related to the acquisition was a result of the ability of the Company to leverage its technology in the broader market, as well as offering cross-selling market exposure opportunities. Goodwill from the acquisition of AGI is included within the Company's Transportation Systems reporting unit. The goodwill is fully deductible for tax purposes. The significant intangible assets identified in the purchase price allocation include customer relationships and non-compete agreements, which are amortized over their respective useful lives on a straight line basis which approximates the underlying cash flows. To value the customer relationships, the Company utilized the income approach, specifically a discounted cash-flow method known as the excess earnings method. The Company utilized the with and without method to derive the fair value of the non-compete agreement. The fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Varying discount rates were applied to the projected net cash flows and EBITDA as applicable to valuation methodology. We believe the assumptions are representative of those a market participant would use in estimating fair value. The following table presents the fair values and useful lives of the identifiable intangible assets acquired: Amount Weighted Average (in thousands) (in years) Customer relationships 3,500 6 Non-compete agreement 210 3 Total intangible assets assumed 3,710 Acquisition-Related Costs In connection with the acquisition of AGI, the Company agreed to grant $1.7 million in retention bonuses to the Selling Shareholders and other employees payable in the form of restricted stock units at $5.22 per share, and $0.6 million in retention bonuses payable in cash, each vesting and payable over three years following the closing, provided such employees remain in our service on the first, second and third anniversary of the closing of the acquisition. For the fiscal years ended March 31, 2021 and 2020, the Company recorded approximately $0.7 million and $1.0 million, respectively, as stock based compensation and salaries expense to selling, general and administrative expense in the consolidated statements of operations, related to these bonuses. In connection with the acquisition of AGI, the Company recorded approximately $0.7 million, in acquisition related professional fees, which was included in selling, general and administrative expense, in the consolidated statements of operations for the year ended March 31, 2020. In connection with the acquisition of TrafficCast, the Company recorded approximately $0.4 million, in acquisition related professional fees, which was included in selling, general and administrative expense, in the consolidated statements of operations for the year ended March 31, 2021. Pro Forma Financial Information (Unaudited) The following pro forma information presents the consolidated results of operations of the Company, AGI and TrafficCast for the fiscal years ended March 31, 2021, 2020 and 2019, as if the acquisition of AGI had been completed on April 1, 2018 and the acquisition of TrafficCast had been completed on April 1, 2019. These pro forma unaudited consolidated financial results have been prepared for comparative purposes only and include certain adjustments that reflect pro forma results of operations, such as increased amortization for the fair value of acquired intangible assets and increased salaries expense related to the retention bonuses. The pro forma results do not reflect any operating efficiencies or potential cost savings that may result from the consolidation of the operations of the Company, AGI and TrafficCast. Accordingly, these pro forma results are presented for informational purposes only and are not necessarily indicative of the results of operations that actually would have been achieved had the acquisition of AGI occurred as of April 1, 2018 and the acquisition of TrafficCast occurred as of April 1, 2019, nor are they intended to represent or be indicative of future results of operations: Year Ended March 31, 2021 2020 2019 Proforma revenue $ 117,138 $ 124,156 $ 101,233 Proforma net income (loss) from continuing operations $ 491 $ (5,262) $ (2,084) Pro forma income (loss) per common stock Basic $ 0.02 $ (0.13) $ (0.06) Diluted $ 0.02 $ (0.13) $ (0.06) |
Business Segments, Significant
Business Segments, Significant Customer and Geographic Information | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments, Significant Customer and Geographic Information | Business Segments, Significant Customer and Geographic Information Business Segments We operate in two reportable segments: Roadway Sensors and Transportation Systems. The Roadway Sensors segment provides advanced detection sensors and systems for traffic intersection management, communication systems and roadway traffic data collection applications. The Roadway Sensors product line uses advanced image processing technology and other techniques to capture and analyze sensor data through sophisticated algorithms, enabling vehicle, bicycle and pedestrian detection, as well as the transmission of both video images and data using various communication technologies. Our Roadway Sensors products include, among others, the Vantage, VantageLive!, Vantage Next, VantagePegasus, VantageRadius, Vantage Vector, Velocity, SmartCycle, SmartCycle Bike Indicator, SmartSpan, VersiCam, PedTrax and P-Series products. Our Roadway Sensors segment also includes the sale of original equipment manufacturer (“OEM”) products for the traffic intersection markets, which include, among other things, traffic signal controllers and traffic signal equipment cabinets. The Roadway Sensors segment also includes the public sector operations of TrafficCast beginning December 7, 2020 (see Note 12, Acquisitions, to the consolidated financial statements for further details). The Transportation Systems segment provides engineering and specialized consulting services, cloud-enabled managed services, transportation performance measurement and traffic analytics solutions, as well as the development of transportation management and traveler information systems for the smart mobility infrastructure management industry. Our Transportation Systems services include planning, design, implementation, operation and management of surface transportation infrastructure systems. We perform analysis and study goods movement and commercial vehicle operations, as well as provide travel demand forecasting and systems engineering, and identify mitigation measures to reduce traffic congestion. Our Transportation Systems product line includes:the Iteris Signal Performance Measures ("Iteris SPM") and iPeMS traffic signal performance and traffic analytics software suites, the capabilities and customers of which have now respectively been incorporated into and migrated to ClearGuide, our comprehensive mobility intelligence and transportation performance measures solution; our advanced traveler information system ("ATIS") solution for public transportation agencies, ClearRoute; our ATIS solution for the enterprise and commercial sector, TrafficCarma; and our commercial vehicle operations and vehicle safety compliance platforms known as ClearFleet, CVIEW-Plus, CheckPoint, UCRLink and inspect. The Transportation Systems segment also includes the operations of AGI beginning July 2, 2019 as well as the commercial operations of TrafficCast beginning December 7, 2020 (see Note 12, Acquisitions, to the consolidated financial statements for further details).. The accounting policies of our reportable segments are the same as those described in the summary of significant accounting policies (Note 1, Description of Business and Summary of Significant Accounting Policies , to the consolidated financial statements). Certain corporate general and administrative expenses, including general overhead functions such as information systems, accounting, human resources, marketing, compliance costs and certain administrative expenses, as well as interest and amortization of intangible assets, are not allocated to the segments. The reportable segments are each managed separately because they manufacture and distribute distinct products or provide services with different processes. All reported segment revenues are derived from external customers. Our Chief Executive Officer, who is our chief operating decision maker ("CODM"), reviews financial information at the operating segment level. Our CODM does not review assets by segments in his resource allocation, and therefore, assets by segments are not disclosed below. The following table sets forth selected consolidated financial information for our reportable segments for the fiscal years ended March 31, 2021, March 31, 2020 and March 31, 2019 is as follows: Roadway Transportation Total (In thousands) Year Ended March 31, 2021 Product revenues $ 55,665 $ 7,268 $ 62,933 Service revenues 884 53,321 54,205 Total revenues $ 56,549 $ 60,589 $ 117,138 Segment income $ 11,554 $ 8,689 $ 20,243 Year Ended March 31, 2020 Product revenues $ 49,082 $ 5,925 $ 55,007 Service revenues 288 52,108 52,396 Total revenues $ 49,370 $ 58,033 $ 107,403 Segment income $ 7,787 $ 10,556 $ 18,343 Year Ended March 31, 2019 Product revenues $ 43,253 $ 4,974 $ 48,227 Service revenues 239 44,841 45,080 Total revenues $ 43,492 $ 49,815 $ 93,307 Segment income $ 7,011 $ 5,907 $ 12,918 The following table reconciles total segment income to consolidated operating income (loss) from continuing operations: Year Ended March 31, 2021 2020 2019 (In thousands) Segment income: Total income from reportable segments $ 20,243 $ 18,343 $ 12,918 Unallocated amounts: Corporate expenses $ (17,264) $ (19,021) $ (15,577) Amortization of intangible assets (1,504) (757) (275) Restructuring activities (619) — — Acquisition costs (417) (689) — Operating income (loss) $ 439 $ (2,124) $ (2,934) Significant Customer and Geographic Information No individual customer or government agency had a receivable balance greater than 10% of our total trade accounts receivable balances as of March 31, 2021 and 2020. The following table sets forth the percentages of our revenues, by geographic region, derived from shipments to, or contract, service and other revenues from, external customers located outside the U.S.: Year Ended March 31, 2021 2020 2019 Canada 1 % — % 1 % Europe — 1 1 1 % 1 % 2 % Substantially all of our long-lived assets are held in the U.S. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Quarter Ended: Revenues Gross Net (Loss) Basic Net Diluted Net (In thousands, except per share amounts) June 30, 2020 $ 28,000 $ 10,868 $ 418 $ 0.01 $ 0.01 September 30, 2020 29,256 11,358 719 0.02 0.02 December 31, 2020 28,170 11,650 (261) (0.01) (0.01) March 31, 2021 31,712 12,980 (385) (0.01) (0.01) $ 117,138 $ 46,856 $ 491 $ 0.01 * $ 0.01 June 30, 2019 $ 25,167 $ 9,584 $ (537) $ (0.02) $ (0.02) September 30, 2019 26,586 10,678 (1,051) (0.03) (0.03) December 31, 2019 26,737 10,633 (1,252) (0.03) (0.03) March 31, 2020 28,913 12,718 1,082 0.03 0.03 $ 107,403 $ 43,613 $ (1,758) $ (0.05) * $ (0.05) ___________________________________________ * Annual per share amounts may not agree to the sum of the quarterly per share amounts due to differences between average shares outstanding during the periods |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Our consolidated financial statements include the accounts of Iteris, Inc. and all its wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | 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. Significant estimates made in the preparation of the consolidated financial statements include, but not limited to, recoverability of long-lived and intangible assets; fair value of acquired intangible assets and goodwill; collectability of accounts receivable and related allowance for doubtful accounts; projections of taxable income used to assess realizability of deferred tax assets; warranty reserves; costs to complete long-term contracts; indirect cost rates used in cost plus contracts; fair value of stock option awards and equity instruments; estimates of future cash flows used to assess the recoverability of the impairment of goodwill; fair value of contingent consideration and capitalization and estimated useful life of the Company's internal-use software development costs. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. However, future events are subject to change and best estimates and judgments may require further adjustments, therefore, actual results could differ materially from those estimates. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. |
Revenue Recognition | Revenue Recognition Revenues are recognized when control of the promised goods or services are transferred to our customers, in a gross amount that reflects the consideration that we expect to be entitled to in exchange for those goods or services. We generate all of our revenue from contracts with customers. 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 and 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 our 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 variable consideration. However, 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 and support, extended warranty, 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, extended warranty, monthly active user fees, software-as-a-service ("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 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 which combines the software functionality, maintenance and hosting into a single performance obligation. In product related contracts, a purchase order may contain 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 Obligation When Performance When Payment is How Standalone Product Revenues Standard purchase orders for delivery of a tangible product Upon shipment (point in time) Within 30 days of delivery Observable transactions Engineering services where the deliverable is considered a product As work is performed (over time) Within 30 days of services being invoiced Estimated using a cost-plus margin approach Service Revenues Engineering and consulting services As work is performed (over time) Within 30 days of services being invoiced Estimated using a cost-plus margin approach SaaS Over the course of the SaaS service once the system is available for use (over time) At the beginning of the contract period Estimated using a cost-plus margin approach Extended warranty service Over the course of the extended warranty period (over time) At the beginning of the contract period Estimated 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 13, Business Segments, Significant Customer and Geographic Information for further details. 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 the accompanying consolidated balance sheet 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 in the accompanying consolidated balance sheet. 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. 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 March 31, 2021 and 2020, there was approximately $3.2 million and $1.2 million, respectively, of contract fulfillment costs which are presented in the accompanying 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 March 31, 2021 and 2020, the aggregate amount of transaction price allocated to remaining performance obligations was immaterial primarily as a result of termination provisions within our contracts which make the duration of the accounting term of the contract one year or less. Practical Expedients and Exemptions T&M and CPFF contracts are considered variable consideration. However, performance obligations with an underlying fee type of T&M or CPFF qualify for the "Right to Invoice" Practical Expedient under ASC 606-10-55-18. Under this practical expedient, the Company is not required to estimate such variable consideration upon inception of the contract and reassess the estimate each reporting period. The Company utilizes the practical expedient under ASC 606-10-50-14 of not disclosing information about its remaining performance obligations for contracts with an original expected duration (i.e., contract term, determined based on the analysis of termination provisions described above) of 12 months or less. The Company pays sales commissions on certain sales contracts. These costs are accrued in the same period that the revenues are recorded. Using the practical expedient under ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred since the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company utilizes the practical expedient under ASC 606-10-25-18B to account for shipping and handling as fulfillment costs, and not a promised service (a revenue element). Shipping and handling costs are included as cost of revenues in the period during which the products ship. The Company excludes from the transaction price all sales taxes that are assessed by a governmental authority and that are imposed on and concurrent with a specific revenue-producing transaction and collected from a customer (for example, sales, use, value added, and some excise taxes). This employs the practical expedient under ASC 606-10-32-2A. Sales taxes are presented on a net basis (excluded from revenues) in the accompanying consolidated statements of operations. |
Deferred Revenue | Deferred Revenue Deferred revenue in the accompanying 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 | 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, South America and Asia. 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 fiscal years ended March 31, 2021 ("Fiscal 2021") and, March 31, 2020 ("Fiscal 2020"), no individual customer represented greater than 10% of our total revenues. For the fiscal year ended March 31, 2019 ("Fiscal 2019"), one individual customer represented approximately 24% of our total revenues. As of March 31, 2021 and 2020, no individual customer represented greater than 10% of our total accounts receivable. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments The accounting guidance provided in ASC 820, Fair Value Measurements ("ASC 820") for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. 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. Level 3—Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the assets or liabilities. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company applies fair value accounting for all financial instruments on a recurring basis. The Company's financial instruments, which include cash, cash equivalents, accounts receivable and accounts payable are recorded at their carrying amounts, which approximate their fair values due to their short-term nature. All marketable securities are considered to be available-for-sale and recorded at their estimated fair values. In valuing these items, the Company uses inputs and assumptions that market participants would use to determine their fair value, utilizing valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. |
Cash, Cash Equivalents and Restricted Cash | 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 March 31, 2021 and 2020 restricted cash was 0.3 million and 0.1 million, respectively, related to cash restricted for shares purchased under the Employee Stock Purchase Plan ("ESPP") (see Note 10 for further details on the ESPP). Cash, cash equivalents and restricted cash presented in the accompanying statements of cash flows consist of the following (in thousands): Year Ended March 31, 2021 2020 Cash and cash equivalents $ 25,205 $ 14,217 Restricted cash 263 146 $ 25,468 $ 14,363 |
Investments | Investments The Company's investments are classified as either held-to-maturity, available-for-sale or trading, in accordance with ASC 320. 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). As of March 31, 2021, all of our investments are available-for-sale. Under 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. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded net of the allowance for doubtful accounts. The allowance for doubtful accounts is estimated based on the Company's assessment of its ability to collect on customer accounts receivable. 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. The Company writes-off accounts receivable against the allowance when a determination is made that the balance is uncollectible and collection of the receivable is no longer being actively pursued. The allowance for doubtful accounts was $1.0 million and $0.8 million as of March 31, 2021 and 2020, respectively. |
Inventories | 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 EquipmentProperty and equipment are recorded at cost and are depreciated using the straight-line method over the estimated useful life of the related assets ranging from three |
Intangible Assets | 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. Intangible assets without determinable economic lives are carried at cost, not amortized and reviewed for impairment at least annually. |
Goodwill and Impairment of Long-Lived Assets | Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of net identifiable assets acquired in a business combination. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In the valuation of goodwill, management must make assumptions regarding estimated future cash flows to be derived from the Company's business. If these estimates or their related assumptions change in the future, the Company may be required to record impairment for these assets. The Company has the option to first perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value. However, the Company may elect to bypass the qualitative assessment and proceed directly to the quantitative impairment tests. The first step of the impairment test involves comparing the fair value of the reporting unit to its net book value, including goodwill. If the net book value exceeds its fair value, the Company would perform the second step of the goodwill impairment test to determine the amount of the impairment loss. We perform an annual quantitative 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 March 31, 2021 and 2020, we determined that no adjustments to the carrying value of goodwill were required. Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property, equipment and intangible assets (other than goodwill) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. 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 and intangible assets. During the three months ended June 30, 2020, we recorded $0.3 million in impairment charges related to right-of-use assets and leasehold improvements directly resulting from the restructuring activities. During the fiscal years ended March 31, 2021 and 2020, there was no additional impairment to our long-lived and intangible assets. |
Income Taxes | 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, 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. |
Stock-Based Compensation | Stock-Based Compensation We record stock-based compensation in our 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 Research and development expenditures are charged to expense in the period incurred. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included as cost of revenues in the period during which the products ship. |
Sales Taxes | Sales Taxes Sales taxes are presented on a net basis (excluded from revenues) in the consolidated statements of operations. |
Right-of-Use Assets and Lease Liabilities | Right-of-Use Assets and Lease Liabilities We determine if an arrangement contains a lease at inception and determine the classification of the lease, as either operating or finance, at commencement. Right-of-use assets and lease liabilities are recorded based on the present value of future lease payments which factors in certain qualifying initial direct costs incurred as well as any lease incentives received. If an implicit rate is not readily determinable, we utilize inputs from third-party lenders to determine the appropriate discount rate. Lease expense for operating lease payments are recognized on a straight-line basis over the lease term. Finance leases incur interest expense using the effective interest method in addition to amortization of the leased asset on straight-line basis, both over the applicable lease term. Lease terms may factor in options to extend or terminate the lease. We adhere to the short-term lease recognition exemption for all classes of assets (i.e. facilities and equipment). As a result, leases with an initial term of twelve months or less are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. In addition, for certain equipment leases, we account for lease and non-lease components, such as services, as a single lease component as permitted. |
Warranty | Warranty We generally provide a one |
Repair and Maintenance Costs | 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 Loss | Comprehensive Loss The difference between net income (loss) and comprehensive income (loss) was de minimis for Fiscal 2021, Fiscal 2020 and Fiscal 2019. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This 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 consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update ("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, 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. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of typical performance obligations | The Company's typical performance obligations include the following: Performance Obligation When Performance When Payment is How Standalone Product Revenues Standard purchase orders for delivery of a tangible product Upon shipment (point in time) Within 30 days of delivery Observable transactions Engineering services where the deliverable is considered a product As work is performed (over time) Within 30 days of services being invoiced Estimated using a cost-plus margin approach Service Revenues Engineering and consulting services As work is performed (over time) Within 30 days of services being invoiced Estimated using a cost-plus margin approach SaaS Over the course of the SaaS service once the system is available for use (over time) At the beginning of the contract period Estimated using a cost-plus margin approach Extended warranty service Over the course of the extended warranty period (over time) At the beginning of the contract period Estimated using a cost-plus margin approach |
Schedule of cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash presented in the accompanying statements of cash flows consist of the following (in thousands): Year Ended March 31, 2021 2020 Cash and cash equivalents $ 25,205 $ 14,217 Restricted cash 263 146 $ 25,468 $ 14,363 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventories | The following table presents details regarding our inventories: March 31, 2021 2020 (In thousands) Materials and supplies $ 2,714 $ 1,380 Work in process 435 162 Finished goods 1,917 1,498 $ 5,066 $ 3,040 |
Schedule of property and equipment, net | The following table presents details of our property and equipment, net: March 31, 2021 2020 (In thousands) Equipment $ 6,806 $ 6,222 Leasehold improvements 3,046 2,911 Accumulated depreciation (7,929) (7,298) $ 1,923 $ 1,835 |
Schedule of net intangible assets | Intangible Assets The following table presents details regarding our intangible assets: March 31, 2021 March 31, 2020 Gross Accumulated Net Gross Accumulated Net (In thousands) Technology $ 4,986 $ (1,594) $ 3,392 $ 1,286 $ (1,286) $ — Customer contracts / relationships 9,550 (1,547) 8,003 3,750 (688) 3,062 Trade names and non-compete agreements 782 (683) 99 770 (613) 157 Capitalized software development costs 5,177 (2,374) 2,803 4,423 (1,576) 2,847 Total $ 20,495 $ (6,198) $ 14,297 $ 10,229 $ (4,163) $ 6,066 |
Schedule of future estimated amortization expense | As of March 31, 2021, the future estimated amortization expense is as follows: Year Ending March 31, (In thousands) 2022 3,216 2023 2,999 2024 2,779 2025 2,318 2026 1,257 Thereafter 1,716 $ 14,285 |
Schedule of activity related to the carrying value of goodwill by reportable segment | The following table presents the carrying value of our goodwill by reportable segments for Fiscal 2021, Fiscal 2020 and Fiscal 2019: Roadway Transportation Total (In thousands) Balance—March 31, 2021 Goodwill $ 8,214 $ 20,346 $ 28,560 Acquired goodwill (see Note 12) 4,044 3,706 7,750 Accumulated impairment losses — (7,970) (7,970) $ 12,258 $ 16,082 $ 28,340 Balance—March 31, 2020 Goodwill $ 8,214 $ 14,906 $ 23,120 Acquired goodwill (Note 12) — 5,440 5,440 Accumulated impairment losses — (7,970) (7,970) $ 8,214 $ 12,376 $ 20,590 Balance—March 31, 2019 Goodwill $ 8,214 $ 14,906 $ 23,120 Accumulated impairment losses — (7,970) (7,970) $ 8,214 $ 6,936 $ 15,150 |
Schedule of warranty reserve activity | The following table presents activity with respect to the warranty reserve: Year Ended March 31, 2021 2020 2019 (In thousands) Balance at beginning of fiscal year $ 416 $ 463 $ 403 Additions charged to cost of sales 508 649 647 Warranty claims (355) (696) (587) Balance at end of fiscal year $ 569 $ 416 $ 463 |
Schedule of computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted loss from continuing operations per share: Year Ended March 31, 2021 2020 2019 (In thousands, except per Numerator: Net income (loss) from continuing operations $ 491 $ (1,758) $ (2,793) Net income (loss) from discontinued operations, net of tax 9,643 (3,852) (5,023) Net income (loss) $ 10,134 $ (5,610) $ (7,816) Denominator: Weighted average common shares used in basic computation 41,176 39,012 33,266 Dilutive stock options 423 — — Weighted average common shares used in diluted computation 41,599 39,012 33,266 Basic: Net income (loss) per share from continuing operations: $ 0.01 $ (0.04) $ (0.08) Net income (loss) per share from discontinued operations: $ 0.23 $ (0.10) $ (0.15) Net income (loss) per basic share $ 0.24 $ (0.14) $ (0.23) Diluted: Net income (loss) per share from continuing operations: $ 0.01 $ (0.04) $ (0.08) Net income (loss) per share from discontinued operations: $ 0.23 $ (0.10) $ (0.15) Net income (loss) per diluted share $ 0.24 $ (0.14) $ (0.23) |
Schedule of instruments excluded in the computation of diluted net loss per share | The following instruments were excluded for purposes of calculating weighted average common share equivalents in the computation of diluted loss per share from continuing operations as their effect would have been anti-dilutive for the years ended March 31, 2020 and 2019: Year Ended March 31, 2021 2020 2019 (In thousands) Stock options 3,935 6,190 5,056 Restricted stock units 126 110 12 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of major classes of assets and liabilities held for sale | The related assets and liabilities of the Agriculture and Weather Analytics segment were reclassified to assets and liabilities of discontinued operations as of March 31, 2021 and March 31, 2020 on the accompanying consolidated balance sheets. The following table is a summary of major classes of assets and liabilities of discontinued operations: March 31, 2021 March 31, 2020 (In thousands) Assets Trade accounts receivable, net of allowance for doubtful accounts $ — $ 863 Unbilled accounts receivable — 504 Prepaid expenses and other current assets — 109 Total current assets of discontinued operations — 1,476 Property and equipment, net — 107 Right-of-use assets 78 446 Other classes of assets that are not major — 73 Total noncurrent assets of discontinued operations 78 626 Total assets of discontinued operations $ 78 $ 2,102 Liabilities Trade accounts payable $ — $ 254 Accrued liabilities — 91 Accrued payroll and related expenses — 933 Deferred revenue — 1,550 Current Lease Liabilities 94 — Total current liabilities of discontinued operations 94 2,828 Noncurrent Lease liabilities 261 357 Total liabilities of discontinued operations $ 355 $ 3,185 The results of operations for the Agriculture and Weather Analytics segment were included in net income (loss) from discontinued operations on the accompanying consolidated statements of operations. The following table provides information regarding the results of discontinued operations: Year Ended March 31, 2021 2020 2019 Service revenue $ 695 $ 6,714 $ 5,816 Cost of service revenues 350 2,566 2,472 Gross profit 345 4,148 3,344 Operating expenses: Selling, general and administration 780 3,718 4,304 Research and development 407 4,282 4,063 Restructuring charges 837 — — Total operating expenses 2,024 8,000 8,367 Operating loss from discontinued operations (1,679) (3,852) (5,023) Other income, net 72 — — Loss from discontinued operation before income tax (1,607) (3,852) (5,023) Income tax expense (47) — — Net loss from discontinued operations (1,654) (3,852) (5,023) Gain on disposal of discontinued operations before income tax 11,315 — — Income tax expense on gain on disposal (18) — — Gain on disposal of discontinued operations after income tax 11,297 — — Net income (loss) from discontinued operations $ 9,643 $ (3,852) $ (5,023) The following table provides information on the gain recorded on the sale of the Agriculture and Weather Analytics segment for the year ended March 31, 2021. These amounts reflect the closing balance sheet of the Agriculture and Weather Analytics segment upon the closing of the sale on May 5, 2020 (in thousands). Initial proceeds from sale, net of transaction costs $ 9,440 Closing working capital adjustment 250 Deferred payments of purchase price 1,500 Total purchase considerations 11,190 Trade accounts receivable, net of allowance for doubtful accounts 1,060 Unbilled accounts receivable 488 Other classes of assets that are not major 194 Total Agriculture and Weather Analytics segment assets 1,742 Trade accounts payable 349 Deferred revenue 1,518 Total Agriculture and Weather Analytics segment liabilities 1,867 Gain on sale of Agriculture and Weather Analytics segment $ 11,315 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of restructuring and severance costs for our reportable segments, as well as corporate expenses | The following table presents the restructuring and severance costs for our reportable segments, as well as corporate expenses, for the fiscal year ended March 31, 2021 (in thousands): Roadway Transportation Agriculture and Corporate Total Severance and benefits $ 110 $ 43 $ 524 $ 428 $ 1,105 Lease impairment and other costs — — 313 38 351 Total restructuring and severance costs $ 110 $ 43 $ 837 $ 466 $ 1,456 |
Summary of restructuring activities | Our restructuring activities during the fiscal years ended March 31, 2021 were as follows (in thousands): Balance at March 31, 2020 $ — Charged to expenses 1,105 Cash payments (1,005) Balance at March 31, 2021 $ 100 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets that are recorded at fair value on a recurring basis | The following tables present the Company's financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: As of March 31, 2021 Amortized Gross Gross Estimated Assets: (In thousands) Level 1: Money market funds $ 4,676 $ — $ — $ 4,676 Securities held in deferred compensation plan (1) 89 — 11 100 Subtotal 4,765 — 11 4,776 Level 2: Commercial paper 4,999 — — 4,999 Corporate notes and bonds 1,085 — — 1,085 US treasuries 4,600 — — 4,600 Subtotal 10,684 — — 10,684 Total $ 15,449 $ — $ 11 $ 15,460 Liabilities: Level 1: Deferred compensation plan liabilities (2) $ 100 $ — $ 11 $ 111 Level 3: Contingent consideration (3) 600 — — — 600 Total $ 700 $ — $ 11 $ 711 As of March 31, 2020 Amortized Gross Gross Estimated (In thousands) Level 1: Money market funds $ 10,576 $ (1) $ — $ 10,575 Subtotal 10,576 (1) — 10,575 Level 2: Commercial paper 1,495 (1) — 1,494 Corporate notes and bonds 6,044 (22) — 6,022 US treasuries 3,013 — 20 3,033 US government agencies 1,007 — — 1,007 Subtotal 11,559 (23) 20 11,556 Total $ 22,135 $ (24) $ 20 $ 22,131 (1) Included in prepaid expenses and other current assets on the Company’s consolidated balance sheet. (2) Included in accrued payroll and related expenses on the Company’s consolidated balance sheet. (3) Included in other long-term liabilities on the Company’s consolidated balance sheet. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of current and deferred federal and state income tax (benefits) provision | The components of current and deferred federal and state income tax (benefit) provision are as follows: Year Ended March 31, 2021 2020 2019 (In thousands) Income (loss) from continuing operations before income taxes $ 606 $ (1,598) $ (2,757) Current income tax provision: Federal — — — State 67 34 36 Total current tax provision 67 34 36 Deferred income tax benefit: Federal 21 105 — State 27 21 — Total deferred benefit provision 48 126 — Provision for income taxes on continued operations 115 160 36 Income (loss) from continuing operations, net of taxes $ 491 $ (1,758) $ (2,793) |
Schedule of reconciliation of income tax (benefit) provision to taxes computed at U.S. federal statutory rates | The reconciliation of our income tax (benefit) provision to taxes computed at U.S. federal statutory rates is as follows: Year Ended March 31, 2021 2020 2019 (In thousands) Provision (benefit) for income taxes at statutory rates $ 90 $ (1,095) $ (1,634) State income taxes net of federal benefit (177) (198) (620) Tax credits (663) (658) (343) Compensation charges 313 151 199 Change in valuation allowance 523 1,913 2,385 Other 29 47 49 Provision for income taxes $ 115 $ 160 $ 36 |
Schedule of components of deferred tax assets and liabilities | The components of deferred tax assets and liabilities are as follows: Year Ended March 31, 2021 2020 (In thousands) Deferred tax assets: Net operating losses $ 2,186 $ 4,284 Capitalized R&D 2,282 3,520 Credit carry forwards 4,088 3,510 Deferred compensation and payroll 2,475 2,304 Bad debt allowance and other reserves 930 656 Operating leases — 219 Property and equipment 354 60 Other, net 765 556 Total deferred tax assets 13,080 15,109 Valuation allowance (12,349) (14,163) Total deferred tax assets, net of valuation allowance 731 946 Deferred tax liabilities: Acquired intangibles (297) (596) Goodwill (672) (540) Total deferred tax liabilities (969) (1,136) Net deferred tax liabilities $ (238) $ (190) |
Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: Year Ended March 31, 2021 2020 2019 (In thousands) Gross unrecognized tax benefits at beginning of year $ 952 $ 687 $ 586 Increases for tax positions taken in prior years 35 101 2 Decreases for tax positions taken in prior years 0 — — Increases for tax positions taken in the current year 104 180 116 Lapse in statute of limitations (12) (16) (17) Gross unrecognized tax benefits at March 31 $ 1,079 $ 952 $ 687 |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Lessee Disclosure [Abstract] | |
Lease related assets and liabilities | The table below presents lease-related assets and liabilities recorded on the consolidated balance sheet as follows: Classification March 31, 2021 (In thousands) Assets Operating lease right-of-use-assets - continuing operations Right-of-use assets $ 11,353 Operating lease right-of-use-assets - discontinued operations Noncurrent assets of discontinued operations 78 Total operating lease right-of-use-assets $ 11,431 Liabilities Operating lease liabilities (short-term) - continuing operations Accrued liabilities $ 2,089 Operating lease liabilities (short-term) - discontinued operations Current liabilities of discontinued operations 94 Total operating lease liabilities (short-term) 2,183 Operating lease liabilities (long-term) - continuing operations Lease liabilities 10,146 Operating lease liabilities (long-term) - discontinued operations Noncurrent liabilities of discontinued operations 261 Total operating lease liabilities (long-term) 10,407 Total operating lease liabilities $ 12,590 |
Schedule of supplemental information related to operating leases | The table below presents supplemental information related to operating leases during the fiscal year ended March 31, 2021 (in thousands, except weighted average information): Cash paid for amounts included in the measurement of operating lease liabilities $ 2,847 Right-of-use assets obtained in exchange for new operating lease liabilities $ 689 Weighted average remaining lease term 6 Weighted average discount rate 5.0 % |
Schedule of undiscounted cash flows | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of March 31, 2021: Fiscal Year Ending March 31, Operating Leases Sublease Income Net Operating Leases (In thousands) 2022 $ 2,750 $ 9 $ 2,741 2023 2,513 — 2,513 2024 2,348 — 2,348 2025 2,076 — 2,076 2026 1,865 — 1,865 Thereafter 3,031 — 3,031 Total lease payments 14,583 $ 9 $ 14,574 Less imputed interest (1,993) Present value of future lease payments 12,590 Less current obligations under leases (2,183) Long-term lease obligations $ 10,407 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of common stock reserved for future issuance | The following summarizes common stock reserved for future issuance at March 31, 2021: Number of Shares (In thousands) Stock options outstanding 5,623 Restricted stock units outstanding 448 Performance stock units outstanding 61 Authorized for future issuance under stock incentive plans 595 6,727 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of activity with respect to stock options | A summary of activity in the Omnibus Incentive Plans with respect to our stock options for Fiscal 2021 is as follows: Options Weighted Weighted Aggregate (In thousands) (Years) (In thousands) Options outstanding at March 31, 2020 5,934 $ 3.99 7.2 2,095 Granted 831 4.90 Exercised (743) 1.69 Forfeited (378) 4.84 Expired (21) 2.32 Options outstanding at March 31, 2021 5,623 1.99 6.8 11,659 |
Summary of activity with respect to RSUs | A summary of activity with respect to our RSUs for Fiscal 2021 is as follows: # of Shares Weighted Weighted Aggregate (In thousands) (Years) (In thousands) RSUs outstanding at March 31, 2020 404 $ 5.16 2.0 1,295 Granted 239 3.13 Vested (189) 5.13 Forfeited (6) 5.52 RSUs outstanding at March 31, 2021 448 4.08 7.8 2,764 |
Schedule of stock-based compensation expense | The following table presents stock-based compensation expense that is included in each functional line item in our consolidated statements of operations: Year Ended March 31, 2021 2020 2019 (In thousands) Cost of revenues $ 209 $ 143 $ 122 Selling, general and administrative expense 2,517 2,271 1,680 Research and development expense 134 81 59 Restructuring activities 42 — — Loss from discontinued operations (57) 290 295 Total stock-based compensation $ 2,845 $ 2,785 $ 2,156 |
Schedule of weighted-average assumptions used in estimating the grant date fair value of stock options granted | The grant date fair value of stock options granted was estimated using the following weighted-average assumptions: Year Ended March 31, 2021 2020 2019 Expected life—years 6.7 6.8 5.9 Risk-free interest rate 1.0 % 2.2 % 2.7 % Expected volatility of common stock 47 % 47 % 43 % Dividend yield 0 % 0 % 0 % |
Summary of certain fair value and intrinsic value information pertaining to stock options | A summary of certain fair value and intrinsic value information pertaining to our stock options is as follows: Year Ended March 31, 2021 2020 2019 (In thousands, except Weighted average grant date fair value per share of options granted $ 2.38 $ 2.52 $ 1.89 Intrinsic value of options exercised $ 1,494 $ 378 $ 114 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of business acquisitions, by acquisition | The aggregate acquisition-date fair value of the consideration transferred totaled approximately $17.7 million, which consisted of the following: Fair Value (in thousands) Cash $ 15,000 Security hold back 1,000 Acquisition-related liabilities 1,131 Contingent consideration 600 Total $ 17,731 |
Schedule of purchase price allocation | The following tables summarize the preliminary purchase price allocation (in thousands) as of December 7, 2020: Trade accounts receivable $ 2,087 Unbilled accounts receivable 596 Inventories 941 Right-of-use assets 193 Property and equipment 233 Intangible assets 9,500 Goodwill 7,750 Other assets 242 Total assets acquired 21,542 Accounts payable 1,026 Deferred revenue 2,460 Lease liabilities 193 Other liabilities 132 Total liabilities assumed 3,811 Total purchase price $ 17,731 The following tables summarize the purchase price allocation (in thousands) as of July 2, 2019: Cash $ 664 Trade accounts receivable 905 Unbilled accounts receivable 347 Right-of-use assets 863 Property and equipment 357 Intangible assets 3,710 Goodwill 5,440 Other assets 161 Total assets acquired 12,447 Accounts payable (378) Accrued payroll and related expenses (426) Lease liabilities (863) Total liabilities assumed (1,667) Total purchase price $ 10,780 |
Schedule of fair values and useful lives of the identifiable intangible assets | The following table presents the fair values and useful lives of the identifiable intangible assets acquired: Amount Weighted Average (in thousands) (in years) Customer relationships $ 5,800 7 Technology 3,700 4 Total intangible assets assumed $ 9,500 The following table presents the fair values and useful lives of the identifiable intangible assets acquired: Amount Weighted Average (in thousands) (in years) Customer relationships 3,500 6 Non-compete agreement 210 3 Total intangible assets assumed 3,710 |
Schedule of pro forma financial information | The pro forma results do not reflect any operating efficiencies or potential cost savings that may result from the consolidation of the operations of the Company, AGI and TrafficCast. Accordingly, these pro forma results are presented for informational purposes only and are not necessarily indicative of the results of operations that actually would have been achieved had the acquisition of AGI occurred as of April 1, 2018 and the acquisition of TrafficCast occurred as of April 1, 2019, nor are they intended to represent or be indicative of future results of operations: Year Ended March 31, 2021 2020 2019 Proforma revenue $ 117,138 $ 124,156 $ 101,233 Proforma net income (loss) from continuing operations $ 491 $ (5,262) $ (2,084) Pro forma income (loss) per common stock Basic $ 0.02 $ (0.13) $ (0.06) Diluted $ 0.02 $ (0.13) $ (0.06) |
Business Segments, Significan_2
Business Segments, Significant Customer and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of selected unaudited condensed consolidated financial information for reportable segments | The following table sets forth selected consolidated financial information for our reportable segments for the fiscal years ended March 31, 2021, March 31, 2020 and March 31, 2019 is as follows: Roadway Transportation Total (In thousands) Year Ended March 31, 2021 Product revenues $ 55,665 $ 7,268 $ 62,933 Service revenues 884 53,321 54,205 Total revenues $ 56,549 $ 60,589 $ 117,138 Segment income $ 11,554 $ 8,689 $ 20,243 Year Ended March 31, 2020 Product revenues $ 49,082 $ 5,925 $ 55,007 Service revenues 288 52,108 52,396 Total revenues $ 49,370 $ 58,033 $ 107,403 Segment income $ 7,787 $ 10,556 $ 18,343 Year Ended March 31, 2019 Product revenues $ 43,253 $ 4,974 $ 48,227 Service revenues 239 44,841 45,080 Total revenues $ 43,492 $ 49,815 $ 93,307 Segment income $ 7,011 $ 5,907 $ 12,918 |
Schedule of reconciles total segment income (loss) to unaudited condensed consolidated loss from continuing operations before income taxes | The following table reconciles total segment income to consolidated operating income (loss) from continuing operations: Year Ended March 31, 2021 2020 2019 (In thousands) Segment income: Total income from reportable segments $ 20,243 $ 18,343 $ 12,918 Unallocated amounts: Corporate expenses $ (17,264) $ (19,021) $ (15,577) Amortization of intangible assets (1,504) (757) (275) Restructuring activities (619) — — Acquisition costs (417) (689) — Operating income (loss) $ 439 $ (2,124) $ (2,934) |
Schedule of percentages of revenues, by geographic region, derived from shipments to, or contract, service and other revenues from, external customers located outside the U.S. | The following table sets forth the percentages of our revenues, by geographic region, derived from shipments to, or contract, service and other revenues from, external customers located outside the U.S.: Year Ended March 31, 2021 2020 2019 Canada 1 % — % 1 % Europe — 1 1 1 % 1 % 2 % |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial data (Unaudited) | Quarter Ended: Revenues Gross Net (Loss) Basic Net Diluted Net (In thousands, except per share amounts) June 30, 2020 $ 28,000 $ 10,868 $ 418 $ 0.01 $ 0.01 September 30, 2020 29,256 11,358 719 0.02 0.02 December 31, 2020 28,170 11,650 (261) (0.01) (0.01) March 31, 2021 31,712 12,980 (385) (0.01) (0.01) $ 117,138 $ 46,856 $ 491 $ 0.01 * $ 0.01 June 30, 2019 $ 25,167 $ 9,584 $ (537) $ (0.02) $ (0.02) September 30, 2019 26,586 10,678 (1,051) (0.03) (0.03) December 31, 2019 26,737 10,633 (1,252) (0.03) (0.03) March 31, 2020 28,913 12,718 1,082 0.03 0.03 $ 107,403 $ 43,613 $ (1,758) $ (0.05) * $ (0.05) ___________________________________________ * Annual per share amounts may not agree to the sum of the quarterly per share amounts due to differences between average shares outstanding during the periods |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Acquisitions and Divestitures (Details) - USD ($) | Dec. 07, 2020 | May 05, 2020 | Jun. 13, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | May 02, 2020 |
Significant accounting policies | |||||||
Proceeds from issuance of common stock | $ 0 | $ 26,751,000 | $ 0 | ||||
Discontinued Operations, Held-for-sale | Agriculture and Weather Analytics Segment | |||||||
Significant accounting policies | |||||||
Disposal group, including discontinued operation, consideration | $ 12,000,000 | $ 12,000,000 | |||||
Net proceeds from sale of discontinued operation | 10,500,000 | ||||||
Amount held in escrow from divestiture of business | 1,500,000 | ||||||
Amount receivable from divestiture of business | 50,000 | ||||||
Discontinued Operations, Held-for-sale | Agriculture and Weather Analytics Segment | Scenario One | |||||||
Significant accounting policies | |||||||
Amount receivable from divestiture of business | $ 1,450,000 | ||||||
Stockholders of AGI | |||||||
Significant accounting policies | |||||||
Payments to acquire businesses, gross | $ 6,200,000 | ||||||
Underwritten Public Offering | |||||||
Significant accounting policies | |||||||
Issuance of common stock in connection with public offering, net of costs (in shares) | 6,182,797 | ||||||
Proceeds from issuance of common stock | $ 26,800,000 | ||||||
TrafficCast International | |||||||
Significant accounting policies | |||||||
Consideration transferred | $ 17,731,000 | ||||||
Payments to acquire businesses, gross | 15,000,000 | ||||||
Security hold back | 1,000,000 | ||||||
Consideration transferred, liabilities incurred | 1,131,000 | ||||||
Consideration transferred, cash paid | 1,000,000 | ||||||
Contingent consideration | $ 600,000 | $ 600,000 | |||||
Consideration transferred, earn out term | 2 years |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Restructuring Activities (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Restructuring charges | $ 1,500 | $ 619 | $ 0 | $ 0 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capitalized contract fulfillment costs | $ 3.2 | $ 1.2 |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - customer | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Sales Revenue, Net | |||
Significant accounting policies | |||
Percentage of total net sales and contract revenues | 1.00% | 1.00% | 2.00% |
No individual customer | Sales Revenue, Net | Customer | |||
Significant accounting policies | |||
Number of customers | 0 | 0 | |
Percentage of total net sales and contract revenues | 10.00% | 10.00% | |
No individual customer | Total accounts receivable | Customer | |||
Significant accounting policies | |||
Number of customers | 0 | 0 | |
No individual customer | Total accounts receivable | Customer | Minimum | |||
Significant accounting policies | |||
Percentage of total net sales and contract revenues | 10.00% | 10.00% | |
One individual customer | Sales Revenue, Net | Customer | |||
Significant accounting policies | |||
Number of customers | 1 | ||
Percentage of total net sales and contract revenues | 24.00% |
Description of Business and S_8
Description of Business and Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash Presented (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 25,205 | $ 14,217 | ||
Restricted cash | 263 | 146 | ||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ 25,468 | $ 14,363 | $ 7,071 | $ 10,152 |
Description of Business and S_9
Description of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable, allowance for credit loss | $ 1 | $ 0.8 |
Description of Business and _10
Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - Property and equipment | 12 Months Ended |
Mar. 31, 2021 | |
Minimum | |
Significant accounting policies | |
Useful life | 3 years |
Maximum | |
Significant accounting policies | |
Useful life | 8 years |
Description of Business and _11
Description of Business and Summary of Significant Accounting Policies - Goodwill and Impairment of Long-Lived Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Impairment of long-lived assets held-for-use | $ 300,000 | $ 0 | $ 0 |
Description of Business and _12
Description of Business and Summary of Significant Accounting Policies - Warranty (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Minimum | |
Significant accounting policies | |
Warranty period | 1 year |
Maximum | |
Significant accounting policies | |
Warranty period | 3 years |
Supplementary Financial Infor_3
Supplementary Financial Information - Inventories, Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Inventories | ||
Materials and supplies | $ 2,714 | $ 1,380 |
Work in process | 435 | 162 |
Finished goods | 1,917 | 1,498 |
Total inventories | 5,066 | 3,040 |
Property and Equipment, net | ||
Accumulated depreciation | (7,929) | (7,298) |
Property and Equipment, net | 1,923 | 1,835 |
Equipment | ||
Property and Equipment, net | ||
Property, plant and equipment, gross | 6,806 | 6,222 |
Leasehold improvements | ||
Property and Equipment, net | ||
Property, plant and equipment, gross | $ 3,046 | $ 2,911 |
Supplementary Financial Infor_4
Supplementary Financial Information - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation of property and equipment | $ 734 | $ 770 | $ 754 |
Amortization of intangible assets | 2,036 | 1,255 | 629 |
Amortization recorded to cost of revenues | 500 | 500 | 400 |
Amortization of intangible assets | $ 1,504 | 757 | 275 |
Useful life (in years) | 5 years 1 month 6 days | ||
Net capitalized software development costs | $ 2,800 | $ 2,900 | |
Customer contracts / relationships | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 6 years | ||
Trade names and non-compete agreements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 3 years | ||
Oracle ERP system design and implementation | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 10 years | ||
Net capitalized software development costs | $ 1,700 | $ 1,900 | |
Cost of revenues | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation of property and equipment | 200 | 300 | 300 |
Operating expenses | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation of property and equipment | $ 500 | $ 500 | $ 500 |
Supplementary Financial Infor_5
Supplementary Financial Information - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Intangible Assets | ||
Gross Carrying Amount | $ 20,495 | $ 10,229 |
Accumulated Amortization | (6,198) | (4,163) |
Net Book Value | 14,297 | 6,066 |
Technology | ||
Intangible Assets | ||
Gross Carrying Amount | 4,986 | 1,286 |
Accumulated Amortization | (1,594) | (1,286) |
Net Book Value | 3,392 | 0 |
Customer contracts / relationships | ||
Intangible Assets | ||
Gross Carrying Amount | 9,550 | 3,750 |
Accumulated Amortization | (1,547) | (688) |
Net Book Value | 8,003 | 3,062 |
Trade names and non-compete agreements | ||
Intangible Assets | ||
Gross Carrying Amount | 782 | 770 |
Accumulated Amortization | (683) | (613) |
Net Book Value | 99 | 157 |
Capitalized software development costs | ||
Intangible Assets | ||
Gross Carrying Amount | 5,177 | 4,423 |
Accumulated Amortization | (2,374) | (1,576) |
Net Book Value | $ 2,803 | $ 2,847 |
Supplementary Financial Infor_6
Supplementary Financial Information - Future Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Future estimated amortization expense | |
2022 | $ 3,216 |
2023 | 2,999 |
2024 | 2,779 |
2025 | 2,318 |
2026 | 1,257 |
Thereafter | 1,716 |
Net Book Value | $ 14,285 |
Supplementary Financial Infor_7
Supplementary Financial Information - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Activity related to carrying value of goodwill | |||
Goodwill | $ 28,560 | $ 23,120 | $ 23,120 |
Acquired goodwill (see Note 12) | 7,750 | 5,440 | |
Accumulated impairment losses | (7,970) | (7,970) | (7,970) |
Goodwill | 28,340 | 20,590 | 15,150 |
Roadway Sensors | |||
Activity related to carrying value of goodwill | |||
Goodwill | 8,214 | 8,214 | 8,214 |
Acquired goodwill (see Note 12) | 4,044 | 0 | |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill | 12,258 | 8,214 | 8,214 |
Transportation Systems | |||
Activity related to carrying value of goodwill | |||
Goodwill | 20,346 | 14,906 | 14,906 |
Acquired goodwill (see Note 12) | 3,706 | 5,440 | |
Accumulated impairment losses | (7,970) | (7,970) | (7,970) |
Goodwill | $ 16,082 | $ 12,376 | $ 6,936 |
Supplementary Financial Infor_8
Supplementary Financial Information - Warranty Reserve Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Activity related to warranty reserve | |||
Balance at beginning of fiscal year | $ 416 | $ 463 | $ 403 |
Additions charged to cost of sales | 508 | 649 | 647 |
Warranty claims | (355) | (696) | (587) |
Balance at end of fiscal year | $ 569 | $ 416 | $ 463 |
Supplementary Financial Infor_9
Supplementary Financial Information - Earnings (loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | |||
Net income (loss) from continuing operations | $ 491 | $ (1,758) | $ (2,793) |
Net income (loss) from discontinued operations, net of tax | 9,643 | (3,852) | (5,023) |
Net income (loss) | $ 10,134 | $ (5,610) | $ (7,816) |
Denominator: | |||
Shares used in basic per share calculations | 41,176,000 | 39,012,000 | 33,266,000 |
Dilutive stock options (in shares) | 423,000 | ||
Weighted average common shares used in diluted computation | 41,599,000 | 39,012,000 | 33,266,000 |
Basic: | |||
Net income (loss) per share from continuing operations (in dollars per share) | $ 0.01 | $ (0.04) | $ (0.08) |
Net income (loss) per share from discontinued operations (in dollars per share) | 0.23 | (0.10) | (0.15) |
Net income (loss) per share (in dollars per share) | 0.24 | (0.14) | (0.23) |
Diluted: | |||
Net income (loss) per share from continuing operations (in dollars per share) | 0.01 | (0.04) | (0.08) |
Net income (loss) per share from discontinued operations (in dollars per share) | 0.23 | (0.10) | (0.15) |
Net income (loss) per share (in dollars per share) | $ 0.24 | $ (0.14) | $ (0.23) |
Supplementary Financial Info_10
Supplementary Financial Information - Earnings (loss) per Share Excluded Weighted Average (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Stock options | |||
Shares excluded in the computation of loss from continuing operations per share | |||
Shares excluded in the computation of loss from continuing operations per share | 3,935 | 6,190 | 5,056 |
Restricted stock units | |||
Shares excluded in the computation of loss from continuing operations per share | |||
Shares excluded in the computation of loss from continuing operations per share | 126 | 110 | 12 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - Discontinued Operations, Held-for-sale - Agriculture and Weather Analytics Segment - USD ($) $ in Thousands | May 05, 2020 | Mar. 31, 2021 | May 02, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal group, including discontinued operation, consideration | $ 12,000 | $ 12,000 | |
Net proceeds from sale of discontinued operation | 10,500 | ||
Amount receivable from divestiture of business | 50 | ||
Transaction costs | 1,100 | ||
Transition Services Agreement | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue from related parties | $ 200 | ||
Related party costs | $ 100 | ||
Scenario One | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Amount receivable from divestiture of business | 1,450 | ||
Scenario Two | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Amount receivable from divestiture of business | $ 50 |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | May 05, 2020 | Mar. 31, 2020 |
Assets | |||
Total current assets of discontinued operations | $ 0 | $ 1,476 | |
Total noncurrent assets of discontinued operations | 78 | 626 | |
Liabilities | |||
Total current liabilities of discontinued operations | 94 | 2,828 | |
Discontinued Operations, Held-for-sale | Agriculture and Weather Analytics Segment | |||
Assets | |||
Trade accounts receivable, net of allowance for doubtful accounts | 0 | $ 1,060 | 863 |
Unbilled accounts receivable | 0 | 488 | 504 |
Prepaid expenses and other current assets | 0 | 109 | |
Total current assets of discontinued operations | 0 | 1,476 | |
Property and equipment, net | 0 | 107 | |
Right-of-use assets | 78 | 446 | |
Other classes of assets that are not major | 0 | 194 | 73 |
Total noncurrent assets of discontinued operations | 78 | 626 | |
Total assets of discontinued operations | 78 | 1,742 | 2,102 |
Liabilities | |||
Trade accounts payable | 0 | 349 | 254 |
Accrued liabilities | 0 | 91 | |
Accrued payroll and related expenses | 0 | 933 | |
Deferred revenue | 0 | 1,518 | 1,550 |
Current Lease Liabilities | 94 | 0 | |
Total current liabilities of discontinued operations | 94 | 2,828 | |
Noncurrent Lease liabilities | 261 | 357 | |
Total liabilities of discontinued operations | $ 355 | $ 1,867 | $ 3,185 |
Discontinued Operations - Resul
Discontinued Operations - Results of Operations Included in Net Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Thousands | May 05, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Operating expenses: | ||||
Other income, net | $ 54 | $ 297 | $ 49 | |
Gain on disposal of discontinued operations after income tax | 11,297 | 0 | 0 | |
Net income (loss) from discontinued operations, net of tax | 9,643 | (3,852) | (5,023) | |
Agriculture and Weather Analytics Segment | Discontinued Operations, Held-for-sale | ||||
Results of discontinued operations | ||||
Service revenue | 695 | 6,714 | 5,816 | |
Cost of service revenues | 350 | 2,566 | 2,472 | |
Gross profit | 345 | 4,148 | 3,344 | |
Operating expenses: | ||||
Selling, general and administration | 780 | 3,718 | 4,304 | |
Research and development | 407 | 4,282 | 4,063 | |
Restructuring charges | 837 | 0 | 0 | |
Total operating expenses | 2,024 | 8,000 | 8,367 | |
Operating loss from discontinued operations | (1,679) | (3,852) | (5,023) | |
Other income, net | 72 | 0 | 0 | |
Loss from discontinued operation before income tax | (1,607) | (3,852) | (5,023) | |
Income tax expense | (47) | 0 | 0 | |
Net loss from discontinued operations | (1,654) | (3,852) | (5,023) | |
Gain on disposal of discontinued operations before income tax | $ 11,315 | 11,315 | 0 | 0 |
Income tax expense on gain on disposal | (18) | 0 | 0 | |
Gain on disposal of discontinued operations after income tax | 11,297 | 0 | 0 | |
Net income (loss) from discontinued operations, net of tax | $ 9,643 | $ (3,852) | $ (5,023) |
Discontinued Operations - Gain
Discontinued Operations - Gain Recorded on Sale (Details) - USD ($) $ in Thousands | May 05, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deferred payments of purchase price | $ 1,500 | $ 0 | $ 0 | |
Discontinued Operations, Held-for-sale | Agriculture and Weather Analytics Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Initial proceeds from sale, net of transaction costs | $ 9,440 | |||
Closing working capital adjustment | 250 | |||
Deferred payments of purchase price | 1,500 | |||
Total purchase considerations | 11,190 | |||
Trade accounts receivable, net of allowance for doubtful accounts | 1,060 | 0 | 863 | |
Unbilled accounts receivable | 488 | 0 | 504 | |
Other classes of assets that are not major | 194 | 0 | 73 | |
Total assets of discontinued operations | 1,742 | 78 | 2,102 | |
Trade accounts payable | 349 | 0 | 254 | |
Deferred revenue | 1,518 | 0 | 1,550 | |
Total liabilities of discontinued operations | 1,867 | 355 | 3,185 | |
Gain on sale of Agriculture and Weather Analytics segment | $ 11,315 | $ 11,315 | $ 0 | $ 0 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | $ 1,500 | $ 619 | $ 0 | $ 0 |
Restructuring costs and asset impairment charges | 600 | |||
Restructuring reserve | 100 | $ 0 | ||
Agriculture and Weather Analytics | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs and asset impairment charges | $ 800 |
Restructuring Activities - Rest
Restructuring Activities - Restructuring and Severance Costs for our Reportable Segments (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Severance and benefits | $ 1,105 |
Lease impairment and other costs | 351 |
Total restructuring and severance costs | 1,456 |
Segment income: | Roadway Sensors | |
Restructuring Cost and Reserve [Line Items] | |
Severance and benefits | 110 |
Total restructuring and severance costs | 110 |
Segment income: | Transportation Systems | |
Restructuring Cost and Reserve [Line Items] | |
Severance and benefits | 43 |
Total restructuring and severance costs | 43 |
Segment income: | Agriculture and Weather Analytics | |
Restructuring Cost and Reserve [Line Items] | |
Severance and benefits | 524 |
Lease impairment and other costs | 313 |
Total restructuring and severance costs | 837 |
Corporate | |
Restructuring Cost and Reserve [Line Items] | |
Severance and benefits | 428 |
Lease impairment and other costs | 38 |
Total restructuring and severance costs | $ 466 |
Restructuring Activities - Re_2
Restructuring Activities - Restructuring Activities (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 0 |
Charged to expenses | 1,105 |
Cash payments | (1,005) |
Restructuring reserve, ending balance | $ 100 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Assets: | ||
Amortized Cost | $ 15,449 | $ 22,135 |
Gross Unrealized Loss | 0 | (24) |
Gross Unrealized Gain | 11 | 20 |
Estimated Fair Value | 15,460 | 22,131 |
Liabilities: | ||
Amortized Cost | 700 | |
Gross Unrealized Loss | 0 | |
Gross Unrealized Gain | 11 | |
Estimated Fair Value | 711 | |
Level 1 | ||
Assets: | ||
Amortized Cost | 4,765 | 10,576 |
Gross Unrealized Loss | 0 | (1) |
Gross Unrealized Gain | 11 | |
Estimated Fair Value | 4,776 | 10,575 |
Level 1 | Money market funds | ||
Assets: | ||
Amortized Cost | 4,676 | 10,576 |
Gross Unrealized Loss | 0 | (1) |
Gross Unrealized Gain | 0 | |
Estimated Fair Value | 4,676 | 10,575 |
Level 1 | Securities held in deferred compensation plan | ||
Assets: | ||
Amortized Cost | 89 | |
Gross Unrealized Loss | 0 | |
Gross Unrealized Gain | 11 | |
Estimated Fair Value | 100 | |
Level 1 | Deferred compensation plan liabilities | ||
Liabilities: | ||
Amortized Cost | 100 | |
Gross Unrealized Loss | 0 | |
Gross Unrealized Gain | 11 | |
Estimated Fair Value | 111 | |
Level 2 | ||
Assets: | ||
Amortized Cost | 10,684 | 11,559 |
Gross Unrealized Loss | 0 | (23) |
Gross Unrealized Gain | 0 | 20 |
Estimated Fair Value | 10,684 | 11,556 |
Level 2 | Commercial paper | ||
Assets: | ||
Amortized Cost | 4,999 | 1,495 |
Gross Unrealized Loss | 0 | (1) |
Gross Unrealized Gain | 0 | |
Estimated Fair Value | 4,999 | 1,494 |
Level 2 | Corporate notes and bonds | ||
Assets: | ||
Amortized Cost | 1,085 | 6,044 |
Gross Unrealized Loss | 0 | (22) |
Gross Unrealized Gain | 0 | |
Estimated Fair Value | 1,085 | 6,022 |
Level 2 | US treasuries | ||
Assets: | ||
Amortized Cost | 4,600 | 3,013 |
Gross Unrealized Loss | 0 | |
Gross Unrealized Gain | 0 | 20 |
Estimated Fair Value | 4,600 | 3,033 |
Level 2 | US Government agencies | ||
Assets: | ||
Amortized Cost | 1,007 | |
Estimated Fair Value | $ 1,007 | |
Level 3 | Contingent consideration | ||
Liabilities: | ||
Amortized Cost | 600 | |
Gross Unrealized Loss | 0 | |
Gross Unrealized Gain | 0 | |
Estimated Fair Value | $ 600 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Measurements | ||
Financial liabilities fair value disclosure | $ 711,000 | |
Assets, fair value disclosure | 0 | $ 0 |
Other-than-temporary impairment of investments | 0 | |
Level 3 | Fair Value, Recurring | ||
Fair Value Measurements | ||
Financial liabilities fair value disclosure | 600,000 | $ 600,000 |
Financial liabilities fair value disclosure, amount due year one | $ 200,000 |
Income Taxes - Components of Cu
Income Taxes - Components of Current and Deferred Federal and State Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Components of income tax (benefit) expense | |||
Income (loss) from continuing operations before income taxes | $ 606 | $ (1,598) | $ (2,757) |
Current income tax provision: | |||
Federal | 0 | 0 | 0 |
State | 67 | 34 | 36 |
Total current tax provision | 67 | 34 | 36 |
Deferred income tax benefit: | |||
Federal | 21 | 105 | 0 |
State | 27 | 21 | 0 |
Total deferred benefit provision | 48 | 126 | 0 |
Provision for income taxes | 115 | 160 | 36 |
Net income (loss) from continuing operations | $ 491 | $ (1,758) | $ (2,793) |
Income Taxes - Reconciliation a
Income Taxes - Reconciliation and Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Reconciliation of income tax (benefit) provision to taxes computed at U.S. federal statutory rates | |||
Provision (benefit) for income taxes at statutory rates | $ 90 | $ (1,095) | $ (1,634) |
State income taxes net of federal benefit | (177) | (198) | (620) |
Tax credits | (663) | (658) | (343) |
Compensation charges | 313 | 151 | 199 |
Change in valuation allowance | 523 | 1,913 | 2,385 |
Other | 29 | 47 | 49 |
Provision for income taxes | 115 | 160 | $ 36 |
Deferred tax assets: | |||
Net operating losses | 2,186 | 4,284 | |
Capitalized R&D | 2,282 | 3,520 | |
Credit carry forwards | 4,088 | 3,510 | |
Deferred compensation and payroll | 2,475 | 2,304 | |
Bad debt allowance and other reserves | 930 | 656 | |
Operating leases | 0 | 219 | |
Property and equipment | 354 | 60 | |
Other, net | 765 | 556 | |
Total deferred tax assets | 13,080 | 15,109 | |
Valuation allowance | (12,349) | (14,163) | |
Total deferred tax assets, net of valuation allowance | 731 | 946 | |
Deferred tax liabilities: | |||
Acquired intangibles | (297) | (596) | |
Goodwill | (672) | (540) | |
Total deferred tax liabilities | (969) | (1,136) | |
Net deferred tax liabilities | $ (238) | $ (190) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Operating loss carryforwards | ||||
Federal research credits | $ 2,282 | $ 3,520 | ||
Valuation allowance on deferred tax assets | 12,349 | 14,163 | ||
Unrecognized tax benefits | 1,079 | 952 | $ 687 | $ 586 |
Unrecognized tax benefits netted against certain noncurrent deferred tax assets | 1,000 | 900 | ||
Unrecognized tax benefits that, if recognized, would affect effective tax rate | 1,000 | $ 800 | ||
2031 | ||||
Operating loss carryforwards | ||||
Net operating loss carryforwards | 5,900 | |||
Federal | ||||
Operating loss carryforwards | ||||
Federal research credits | 3,200 | |||
Net operating loss carryforwards | 7,700 | |||
State | ||||
Operating loss carryforwards | ||||
Tax credit carryforwards | $ 1,200 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Gross unrecognized tax benefits | |||
Gross unrecognized tax benefits at beginning of year | $ 952 | $ 687 | $ 586 |
Increases for tax positions taken in prior years | 35 | 101 | 2 |
Decreases for tax positions taken in prior years | 0 | 0 | 0 |
Increases for tax positions taken in the current year | 104 | 180 | 116 |
Lapse in statute of limitations | (12) | (16) | (17) |
Gross unrecognized tax benefits at end of year | $ 1,079 | $ 952 | $ 687 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities - Narrative (Details) - USD ($) | Apr. 01, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||||
Present value of future lease payments | $ 12,590,000 | |||
Operating lease right-of-use-assets | 11,353,000 | $ 12,598,000 | ||
Operating lease, expense | (1,438,000) | (1,199,000) | $ 0 | |
Lease costs | 2,700,000 | $ 2,600,000 | $ 1,900,000 | |
Variable lease costs | $ 0 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Lessee, Lease, Description [Line Items] | ||||
Present value of future lease payments | $ 14,200,000 | |||
Operating lease right-of-use-assets | 13,400,000 | |||
Operating lease, expense | $ 800,000 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Renewal option term | 1 year | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Renewal option term | 5 years |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Lease Liabilities - Related Assets and Liabilities on the Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Assets | ||
Total operating lease right-of-use-assets | $ 11,431 | |
Liabilities | ||
Total operating lease liabilities (short-term) | $ 2,183 | |
Operating lease, liability, current, statement of financial position | us-gaap:OtherLiabilitiesCurrent | |
Total operating lease liabilities (long-term) | $ 10,407 | |
Total operating lease liabilities | 12,590 | |
Continuing Operations | ||
Assets | ||
Total operating lease right-of-use-assets | $ 11,353 | |
Operating lease, right-of-use asset, statement of financial position | us-gaap:OtherAssets | |
Liabilities | ||
Total operating lease liabilities (short-term) | $ 2,089 | |
Operating lease, liability, current, statement of financial position | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |
Total operating lease liabilities (long-term) | $ 10,146 | $ 11,638 |
Operating lease, liability, noncurrent, statement of financial position | Total operating lease liabilities (long-term) | |
Discontinued Operations | ||
Assets | ||
Total operating lease right-of-use-assets | $ 78 | |
Operating lease, right-of-use asset, statement of financial position | us-gaap:OtherAssets | |
Liabilities | ||
Total operating lease liabilities (short-term) | $ 94 | |
Operating lease, liability, current, statement of financial position | Current liabilities of discontinued operations | |
Total operating lease liabilities (long-term) | $ 261 | |
Operating lease, liability, noncurrent, statement of financial position | us-gaap:OtherLongTermDebtNoncurrent |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities - Supplemental Information (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Supplemental Information | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 2,847 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 689 |
Weighted average remaining lease term | 6 years |
Weighted average discount rate | 5.00% |
Right-of-Use Assets and Lease_6
Right-of-Use Assets and Lease Liabilities - Undiscounted Cash Flows (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 2,750 |
2023 | 2,513 |
2024 | 2,348 |
2025 | 2,076 |
2026 | 1,865 |
Thereafter | 3,031 |
Total lease payments | 14,583 |
Less imputed interest | (1,993) |
Total operating lease liabilities | 12,590 |
Less current obligations under leases | (2,183) |
Lease liabilities | 10,407 |
Sublease Income | |
2022 | 9 |
2023 | 0 |
Total lease payments | 9 |
Net Operating Leases | |
2022 | 2,741 |
2023 | 2,513 |
2024 | 2,348 |
2025 | 2,076 |
2026 | 1,865 |
Thereafter | 3,031 |
Total lease payments | $ 14,574 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 1 Months Ended | ||
Aug. 31, 2009itemshares | Mar. 31, 2021shares | Mar. 31, 2020shares | |
Common Stock Warrants | |||
Preferred stock, authorized shares | 2,000,000 | ||
Preferred stock, outstanding shares | 0 | 0 | |
Stockholder Rights Plan | |||
Common Stock Warrants | |||
Number of shares of Series A Junior Participating Preferred Stock that each right will enable the holder to buy | 0.001 | ||
Number of preferred stock purchase rights distributed as dividend for each shares of common stock held | 1 | ||
Number of series of junior participating preferred stock eliminated | item | 2 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares shares in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Common Stock Warrants | ||
Stock options outstanding | 5,623 | |
Authorized for future issuance under stock incentive plans | 595 | |
Common stock reserved for future issuance | 6,727 | |
Restricted stock units | ||
Common Stock Warrants | ||
Equity instruments other than options outstanding | 448 | 404 |
Performance Shares | ||
Common Stock Warrants | ||
Equity instruments other than options outstanding | 61 |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Incentive Plan, Stock Options and RSUs (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Oct. 31, 2014 | Sep. 30, 2012 | Sep. 30, 2009 | Mar. 31, 2021 | |
Employee Benefit Plans | |||||
Options vested and expected to vest, outstanding, aggregate intrinsic value | $ 5.6 | ||||
Stock options | |||||
Employee Benefit Plans | |||||
Options, exercisable, number | 3,444 | ||||
2007 Plan | |||||
Employee Benefit Plans | |||||
Increase in number of shares of common stock authorized and reserved for issuance under the plan | 1,000,000 | 1,500,000 | 800,000 | 800,000 | |
Stock options authorized under the plan (in shares) | 4,950,000 | 3,950,000 | 2,450,000 | 1,650,000 | |
2007 Plan | Restricted stock units | |||||
Employee Benefit Plans | |||||
Vesting percentage | 25.00% | ||||
Vesting period | 4 years | ||||
Number of shares of common stock receivable upon vesting of each RSU | 1 | ||||
2016 Plan | Stock options | |||||
Employee Benefit Plans | |||||
Vesting percentage | 25.00% | ||||
Vesting period | 4 years | ||||
Options or other stock-based awards granted (in shares) | 600,000 | ||||
2016 Plan | Minimum | Restricted stock units | |||||
Employee Benefit Plans | |||||
Vesting period | 1 year | ||||
2016 Plan | Maximum | Stock options | |||||
Employee Benefit Plans | |||||
Expiration term | 10 years | ||||
2016 Plan | Maximum | Restricted stock units | |||||
Employee Benefit Plans | |||||
Vesting period | 4 years |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Activity in the Omnibus Incentive Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Options | ||
Expired (in shares) | (21) | |
Options outstanding at the end of the period (in shares) | 5,623 | |
Weighted Average Exercise Price Per Share | ||
Expired (in dollars per share) | $ 2.32 | |
Stock options | ||
Options | ||
Options outstanding at the beginning of the period (in shares) | 5,934 | |
Granted (in shares) | 831 | |
Exercised (in shares) | (743) | |
Forfeited (in shares) | (378) | |
Options outstanding at the end of the period (in shares) | 5,623 | 5,934 |
Weighted Average Exercise Price Per Share | ||
Options outstanding at the beginning of the period (in dollars per share) | $ 3.99 | |
Granted (in dollars per share) | 4.90 | |
Exercised (in dollars per share) | 1.69 | |
Forfeited (in dollars per share) | 4.84 | |
Options outstanding at the end of the period (in dollars per share) | $ 1.99 | $ 3.99 |
Weighted Average Remaining Contractual Life | ||
Options outstanding at the end of the period | 6 years 9 months 18 days | 7 years 2 months 12 days |
Aggregate Intrinsic Value | ||
Options outstanding at the end of the period | $ 11,659 | $ 2,095 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Activity of RSUs (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
# of Shares | ||
RSUs outstanding at the beginning of the period (in shares) | 404 | |
Granted (in shares) | 239 | |
Vested (in shares) | (189) | |
Forfeited (in shares) | (6) | |
RSUs outstanding at the end of the period (in shares) | 448 | 404 |
Weighted Average Price Per Share | ||
RSUs outstanding at the beginning of the period (in dollars per share) | $ 5.16 | |
Granted (in dollars per share) | 3.13 | |
Vested (in dollars per share) | 5.13 | |
Forfeited (in dollars per share) | 5.52 | |
RSUs outstanding at the end of the period (in dollars per share) | $ 4.08 | $ 5.16 |
Weighted Average Remaining Life | ||
RSUs outstanding at the end of the period | 7 years 9 months 18 days | 2 years |
Aggregate Intrinsic Value | ||
RSUs outstanding at the end of the period (in dollars) | $ 2,764 | $ 1,295 |
Employee Benefit Plans - Stoc_2
Employee Benefit Plans - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-Based Compensation | |||
Total stock-based compensation | $ 2,845 | $ 2,785 | $ 2,156 |
Stock options | |||
Stock-Based Compensation | |||
Unrecognized compensation expense | $ 4,700 | ||
Weighted average period over which compensation expense is expected to be recognized | 2 years 9 months 18 days | ||
Restricted stock units | |||
Stock-Based Compensation | |||
Unrecognized compensation expense | $ 1,600 | ||
Weighted average period over which compensation expense is expected to be recognized | 1 year 7 months 6 days | ||
Phantom Share Units (PSUs) | |||
Stock-Based Compensation | |||
Unrecognized compensation expense | $ 0 | ||
Cost of revenues | |||
Stock-Based Compensation | |||
Total stock-based compensation | 209 | 143 | 122 |
Selling, general and administrative expense | |||
Stock-Based Compensation | |||
Total stock-based compensation | 2,517 | 2,271 | 1,680 |
Research and development expense | |||
Stock-Based Compensation | |||
Total stock-based compensation | 134 | 81 | 59 |
Restructuring activities | |||
Stock-Based Compensation | |||
Total stock-based compensation | 42 | 0 | 0 |
Loss from discontinued operations | |||
Stock-Based Compensation | |||
Total stock-based compensation | $ (57) | $ 290 | $ 295 |
Employee Benefit Plans - Stoc_3
Employee Benefit Plans - Stock Options Granted (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted average assumptions used in estimating the grant date fair value of stock options granted | |||
Expected life—years | 6 years 8 months 12 days | 6 years 9 months 18 days | 5 years 10 months 24 days |
Risk-free interest rate | 1.00% | 2.20% | 2.70% |
Expected volatility of common stock | 47.00% | 47.00% | 43.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Fair value and intrinsic value information | |||
Weighted average grant date fair value per share of options granted (in dollars per share) | $ 2.38 | $ 2.52 | $ 1.89 |
Intrinsic value of options exercised | $ 1,494 | $ 378 | $ 114 |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Incentive Programs (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Profit Sharing Plan | |||
Employee incentive programs | |||
Employer contribution under plan | $ 0 | $ 0 | $ 0 |
401 (k) Plan | |||
Employee incentive programs | |||
Employer matching contribution (as a percent) | 50.00% | ||
Vesting period of employer matching contributions | 1 month | ||
Employer contribution under plan | $ 1,400,000 | $ 1,300,000 | $ 1,200,000 |
Employee Benefit Plans - Other
Employee Benefit Plans - Other Stock-Based Compensation Plans (Details) | Jan. 01, 2018USD ($)offeringPeriod | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($)shares |
Other Stock-Based Compensation Plans | ||||
Stock-based compensation expense | $ 2,902,000 | $ 2,495,000 | $ 1,861,000 | |
Deferred compensation plans, amount invested | 90,000 | |||
Deferred compensation plans, amount vested | 100,000 | |||
Prepaid Expenses and Other Current Assets | ||||
Other Stock-Based Compensation Plans | ||||
Cash surrender value, fair value disclosure | $ 70,000 | |||
Restricted stock units | ||||
Other Stock-Based Compensation Plans | ||||
Granted (in shares) | shares | 239,000 | |||
Inducement Plan | ||||
Other Stock-Based Compensation Plans | ||||
Stock options authorized under the plan (in shares) | shares | 300,000 | |||
Inducement Plan | Stock options | ||||
Other Stock-Based Compensation Plans | ||||
Granted (in shares) | shares | 95,000 | |||
Inducement Plan | Restricted stock units | ||||
Other Stock-Based Compensation Plans | ||||
Granted (in shares) | shares | 84,914 | |||
ESPP | ||||
Other Stock-Based Compensation Plans | ||||
Purchase price of common stock (as a percent) | 95.00% | |||
Number of offering periods | offeringPeriod | 2 | |||
Duration of offering period | 6 months | |||
Annual stock value | $ 30,000 | |||
Number of share repurchases | shares | 97,000 | 91,000 | 92,000 | |
Stock-based compensation expense | $ 0 | |||
Restricted cash | $ 300,000 | |||
ESPP | Minimum | ||||
Other Stock-Based Compensation Plans | ||||
Employer matching contribution (as a percent) | 1.00% | |||
ESPP | Maximum | ||||
Other Stock-Based Compensation Plans | ||||
Employer matching contribution (as a percent) | 15.00% |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 06, 2014 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Aug. 31, 2012 | Mar. 31, 2021 | Mar. 31, 2021 | Aug. 09, 2012 | Aug. 31, 2011 |
Stock Repurchase Program | |||||||||
Number of shares acquired | 0 | 0 | 0 | 3,422,000 | |||||
Value of common stock repurchased | $ 5.6 | ||||||||
Average price per share of common stock repurchased (in dollars per share) | $ 1.63 | ||||||||
August 2011 Program | |||||||||
Stock Repurchase Program | |||||||||
Number of shares acquired | 964,000 | ||||||||
Value of common stock repurchased | $ 1.3 | ||||||||
August 2011 Program | Maximum | |||||||||
Stock Repurchase Program | |||||||||
Value of common stock approved under stock repurchase program | $ 3 | ||||||||
August 2012 Program | |||||||||
Stock Repurchase Program | |||||||||
Value of remaining funds cancelled under initial stock repurchase program | $ 1.7 | ||||||||
Increase in the authorized amount for repurchase of common stock | $ 3 | ||||||||
Value of common stock available for repurchase under current program | $ 1.7 | $ 1.7 | $ 1.7 | ||||||
August 2012 Program | Maximum | |||||||||
Stock Repurchase Program | |||||||||
Value of common stock approved under stock repurchase program | $ 3 |
Acquisitions (Details)
Acquisitions (Details) | Dec. 07, 2020USD ($) | Jul. 02, 2019USD ($)shares | Mar. 31, 2021segment |
AGI | |||
Purchased intangible assets | |||
Purchase price | $ 10,800,000 | ||
Number of shares held in escrow account | shares | 114,943 | ||
Period in which shares held in escrow account | 18 months | ||
TrafficCast International | |||
Purchased intangible assets | |||
Purchase price | $ 17,731,000 | ||
Consideration transferred, cash paid | 1,000,000 | ||
Consideration transferred, earn out term | 2 years | ||
Number of operating segments | segment | 2 | ||
Earnings or loss of acquiree since acquisition date, actual | 1,000,000 | ||
TrafficCast International | Service revenues | |||
Purchased intangible assets | |||
Service revenue from the date of acquisition | 2,700,000 | ||
TrafficCast International | Product revenues | |||
Purchased intangible assets | |||
Service revenue from the date of acquisition | $ 1,400,000 |
Acquisitions - TrafficCast Fair
Acquisitions - TrafficCast Fair Value of the Consideration Transferred (Details) - TrafficCast International - USD ($) $ in Thousands | Dec. 07, 2020 | Mar. 31, 2021 |
Acquisition | ||
Cash | $ 15,000 | |
Security hold back | 1,000 | |
Acquisition-related liabilities | 1,131 | |
Contingent consideration | 600 | $ 600 |
Total | $ 17,731 |
Acquisitions - TrafficCast Purc
Acquisitions - TrafficCast Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 17, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Purchased intangible assets | ||||
Goodwill | $ 28,340 | $ 20,590 | $ 15,150 | |
TrafficCast International | ||||
Purchased intangible assets | ||||
Trade accounts receivable | $ 2,087 | |||
Unbilled accounts receivable | 596 | |||
Inventories | 941 | |||
Right-of-use assets | 193 | |||
Property and equipment | 233 | |||
Intangible assets | 9,500 | |||
Goodwill | 7,750 | |||
Other assets | 242 | |||
Total assets acquired | 21,542 | |||
Accounts payable | 1,026 | |||
Deferred revenue | 2,460 | |||
Lease liabilities | 193 | |||
Other liabilities | 132 | |||
Total liabilities assumed | 3,811 | |||
Total purchase price | $ 17,731 |
Acquisitions - TrafficCast Fa_2
Acquisitions - TrafficCast Fair Values and Useful Lives of the Identifiable Intangible Assets (Details) - TrafficCast International $ in Thousands | Dec. 17, 2020USD ($) |
Purchased intangible assets | |
Total intangible assets assumed | $ 9,500 |
Customer relationships | |
Purchased intangible assets | |
Total intangible assets assumed | $ 5,800 |
Weighted Average Useful Life | 7 years |
Technology | |
Purchased intangible assets | |
Total intangible assets assumed | $ 3,700 |
Weighted Average Useful Life | 4 years |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Jul. 02, 2019 | Mar. 31, 2019 |
Acquisition | ||||
Goodwill | $ 28,340 | $ 20,590 | $ 15,150 | |
AGI | ||||
Acquisition | ||||
Cash | $ 664 | |||
Trade accounts receivable | 905 | |||
Unbilled accounts receivable | 347 | |||
Right-of-use assets | 863 | |||
Property and equipment | 357 | |||
Intangible assets | 3,710 | |||
Goodwill | 5,440 | |||
Other assets | 161 | |||
Total assets acquired | 12,447 | |||
Accounts payable | (378) | |||
Accrued payroll and related expenses | (426) | |||
Lease liabilities | (863) | |||
Total liabilities assumed | (1,667) | |||
Total purchase price | $ 10,780 |
Acquisitions - Fair Values and
Acquisitions - Fair Values and Useful Lives of the Identifiable Intangible Assets (Details) - AGI $ in Thousands | Jul. 02, 2019USD ($) |
Intangible Assets | |
Intangible assets | $ 3,710 |
Customer relationships | |
Intangible Assets | |
Intangible assets | $ 3,500 |
Weighted Average Useful Life | 6 years |
Non-compete agreement | |
Intangible Assets | |
Intangible assets | $ 210 |
Weighted Average Useful Life | 3 years |
Acquisitions - Acquisition-Rela
Acquisitions - Acquisition-Related Costs (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 02, 2019 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
AGI | ||||
Acquisition | ||||
Retention bonuses | $ 1.7 | |||
Per share amount of granted shares (in dollars per share) | $ 5.22 | |||
Amount of retention bonuses payable in cash | $ 0.6 | |||
Vesting period | 3 years | |||
Stock based compensation and salaries expense | $ 0.7 | $ 1 | ||
Acquisition related costs | $ 0.7 | |||
TrafficCast International | ||||
Acquisition | ||||
Acquisition related costs | $ 0.4 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Business Combinations [Abstract] | |||
Proforma revenue | $ 117,138 | $ 124,156 | $ 101,233 |
Proforma net income (loss) from continuing operations | $ 491 | $ (5,262) | $ (2,084) |
Pro forma income (loss) per common stock | |||
Basic (in dollars per share) | $ 20 | $ (130) | $ (60) |
Diluted (in dollars per share) | $ 20 | $ (130) | $ (60) |
Business Segments, Significan_3
Business Segments, Significant Customer and Geographic Information - Business Segments (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Business Segments | |||
Number of reportable segments | segment | 2 | ||
Total revenues | $ 117,138 | $ 107,403 | $ 93,307 |
Segment income | 439 | (2,124) | (2,934) |
Product revenues | |||
Business Segments | |||
Total revenues | 62,933 | 55,007 | 48,227 |
Service revenues | |||
Business Segments | |||
Total revenues | 54,205 | 52,396 | 45,080 |
Segment income: | |||
Business Segments | |||
Total revenues | 117,138 | 107,403 | 93,307 |
Segment income | 20,243 | 18,343 | 12,918 |
Segment income: | Product revenues | |||
Business Segments | |||
Total revenues | 62,933 | 55,007 | 48,227 |
Segment income: | Service revenues | |||
Business Segments | |||
Total revenues | 54,205 | 52,396 | 45,080 |
Segment income: | Roadway Sensors | |||
Business Segments | |||
Total revenues | 56,549 | 49,370 | 43,492 |
Segment income | 11,554 | 7,787 | 7,011 |
Segment income: | Roadway Sensors | Product revenues | |||
Business Segments | |||
Total revenues | 55,665 | 49,082 | 43,253 |
Segment income: | Roadway Sensors | Service revenues | |||
Business Segments | |||
Total revenues | 884 | 288 | 239 |
Segment income: | Transportation Systems | |||
Business Segments | |||
Total revenues | 60,589 | 58,033 | 49,815 |
Segment income | 8,689 | 10,556 | 5,907 |
Segment income: | Transportation Systems | Product revenues | |||
Business Segments | |||
Total revenues | 7,268 | 5,925 | 4,974 |
Segment income: | Transportation Systems | Service revenues | |||
Business Segments | |||
Total revenues | $ 53,321 | $ 52,108 | $ 44,841 |
Business Segments, Significan_4
Business Segments, Significant Customer and Geographic Information - Reconciliation of Total Segment (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Segment income: | ||||
Segment income | $ 439 | $ (2,124) | $ (2,934) | |
Unallocated amounts: | ||||
Amortization of intangible assets | (1,504) | (757) | (275) | |
Restructuring activities | $ (1,500) | (619) | 0 | 0 |
Operating income (loss) | 439 | (2,124) | (2,934) | |
Segment income: | ||||
Segment income: | ||||
Segment income | 20,243 | 18,343 | 12,918 | |
Unallocated amounts: | ||||
Operating income (loss) | 20,243 | 18,343 | 12,918 | |
Unallocated amounts: | ||||
Unallocated amounts: | ||||
Corporate expenses | (17,264) | (19,021) | (15,577) | |
Amortization of intangible assets | (1,504) | (757) | (275) | |
Restructuring activities | (619) | 0 | 0 | |
Acquisition costs | $ (417) | $ (689) | $ 0 |
Business Segments, Significan_5
Business Segments, Significant Customer and Geographic Information - Concentration Risk (Details) - Customer - Receivable - customer | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Customer concentration | ||
Number of customers or government agencies | 0 | 0 |
Maximum | ||
Customer concentration | ||
Percentage of concentration risk | 10.00% |
Business Segments, Significan_6
Business Segments, Significant Customer and Geographic Information - Percentage of Revenue by Geographic Region (Details) - Sales Revenue, Net | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Percentage of revenues by geographic region derived from shipments to, or contract, service and other revenues from, external customers located outside the U.S. | |||
Percentage of total net sales and contract revenues | 1.00% | 1.00% | 2.00% |
Canada | |||
Percentage of revenues by geographic region derived from shipments to, or contract, service and other revenues from, external customers located outside the U.S. | |||
Percentage of total net sales and contract revenues | 1.00% | 0.00% | 1.00% |
Europe | |||
Percentage of revenues by geographic region derived from shipments to, or contract, service and other revenues from, external customers located outside the U.S. | |||
Percentage of total net sales and contract revenues | 0.00% | 1.00% | 1.00% |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Revenues | $ 31,712 | $ 28,170 | $ 29,256 | $ 28,000 | $ 28,913 | $ 26,737 | $ 26,586 | $ 25,167 | $ 117,138 | $ 107,403 | |
Gross Profit | 12,980 | 11,650 | 11,358 | 10,868 | 12,718 | 10,633 | 10,678 | 9,584 | 46,856 | 43,613 | $ 35,262 |
Net (Loss) Income from continuing operations | $ 10,134 | $ (5,610) | $ (7,816) | ||||||||
Basic Net Income (Loss) per Share (in dollars per share) | $ 0.24 | $ (0.14) | $ (0.23) | ||||||||
Diluted Net Income (Loss) per Share (in dollars per share) | $ 0.24 | $ (0.14) | $ (0.23) | ||||||||
Continuing Operations | |||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Net (Loss) Income from continuing operations | $ (385) | $ (261) | $ 719 | $ 418 | $ 1,082 | $ (1,252) | $ (1,051) | $ (537) | $ 491 | $ (1,758) | |
Basic Net Income (Loss) per Share (in dollars per share) | $ (0.01) | $ (0.01) | $ 0.02 | $ 0.01 | $ 0.03 | $ (0.03) | $ (0.03) | $ (0.02) | $ 0.01 | $ (0.05) | |
Diluted Net Income (Loss) per Share (in dollars per share) | $ (0.01) | $ (0.01) | $ 0.02 | $ 0.01 | $ 0.03 | $ (0.03) | $ (0.03) | $ (0.02) | $ 0.01 | $ (0.05) |