Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2024

The Company’s typical performance obligations include the following:

Performance Obligation

When Performance
Obligation is Typically
Satisfied

When Payment is
Typically Due

How Standalone
Selling Price is
Typically Estimated

Product Revenues

Standard purchase orders for delivery of a tangible 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, managed services, 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

Cash, cash equivalents and restricted cash presented in the accompanying statements of cash flows consist of the following:

ITERIS, INC. 10-K