Iteris, Inc. (NASDAQ:ITI) Q4 2023 Earnings Call Transcript

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Kerry Shiba: Yes, Ryan, both points, the unrestricted cash and the restricted cash is very, very nominal as you’ve seen really from period-to-period, but we were at $16.6 million is where we ended up the quarter. So that was a very nice improvement sequentially. The year-over-year cash comparison, again, as I know you realize it was affected by the excess cost we had to incur due to the supply chain issues during the span of, most of fiscal 2023, especially in the first six months, but a nice turn from the end of Q3 to Q4. And we will expect again to continue to enhance our cash position as the year comes to a close in 2024. On the material or the controls assessment, we’re still going through that right now, Ryan. I think, the first part of the evaluation is to get the numbers correct, quite honestly.

The fact that the activity we’re focusing on goes years into the past. I can tell you that certainly, since I’ve been here and as I’ve looked back, kind of sequentially year-by-year, I’m very comfortable with the controls that have been looking at and measuring activities for really the last three fiscal years, certainly. The issue that arose again, goes back to a time when the culprit that we’re looking for is really related to the ERP conversion. I would like to say that we could be immunized from that, but I’ve seen a lot of companies that have had struggles in maybe different ways that is manifested, but related to large-scale conversions like that. So, I’m not worried about current controls at all, and the controls assessment that goes back a few years in the past is something we really haven’t come to a conclusion on yet.

Ryan Sigdahl: Great. Thanks guys. Good luck.

Kerry Shiba: Thanks.

Joe Bergera: Is there any additional questions?

Operator: We have no further questions in queue. We’ve reached the end of the question-and-answer session, and I will now turn the call back over to Joe Bergera for closing remarks.

Joe Bergera: All right. Great. Well, thank you, operator. So, as always, I really appreciate everybody’s support and your thoughtful questions. On the Investor Relations front, I want to let everybody know that we plan in our fiscal 2024 second quarter to provide an IIJA update. You may recall that we had talked about that in the past. We had planned to organize a virtual event to present this information, but just in full transparency, we continue to run into schedule conflicts and that’s become increasingly difficult to pull that off. Therefore, we’ve decided instead to publish a white paper that will describe various aspects of the IIJA such as a breakdown of the budget line items, and the status of new programs will be created due to the legislation, and we’ll map that to our lines of business.

We have an understanding of the point of intersection. Additionally, we’ll conduct various investor outreach activities. And as always, we are available to speak with investors should you guys have any follow-up questions. In the meantime, we look forward to updating you again on our continued progress when we report on our fiscal 2024 first quarter results. And with that, we’re going to go ahead and conclude today’s call. Thank you, everyone.

Operator: This concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation.

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