RE:RE:RE:An IRD comparable (Yahoo Finance)Some additional commentary FYI Mrmoribund.
From the earnings call transcript (https://www.fool.com/earnings/call-transcripts/2021/06/02/iteris-iti-q4-2021-earnings-call-transcript/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article): Roadway sensors segment reported fourth-quarter revenue of $15 million, representing a 19% year-over-year increase and record full-year revenue of $56.5 million, representing a 15% year-over-year increase. These results reflect particularly strong performance in three geographic territories: Texas, Northern California, and the Mountain State. In addition to a strong revenue performance, the Roadway Sensors segment made significant progress against various other business priorities. For example, this segment launched a cloud-enabled managed service, managed care, that continuously monitors and optimizes Iteris' advanced detection systems supported intersections and arterials.
Completed successful field trials for our next-generation radar-based detection product, which is branded as VantageRadius Plus and initiated a soft launch of the new product. And lastly, developed joint technology with Continental AG, that fuses vehicle and infrastructure sensors to improve the safety and connected -- I'm sorry, the safety of connected and automated vehicles through infrastructure to vehicle connectivity. Overall, our fiscal 2021 operational performance across both segments was quite solid, with the business achieving several important operational goals despite the complications from COVID-19.
At this time, I want to share some commentary on our business strategy, certain key product, and commercial initiatives, and associated expectations for fiscal '22. The convergence of ubiquitous connectivity, cloud computing, and various innovations in mobility, in our opinion, is profoundly changing the operation and utilization of transportation infrastructure.
As a result, agencies are committing to reimagine their internal operating models, overcome technology silos that limit collaboration with one another, and enable new forms of interaction between the mobility infrastructure, and those who use that infrastructure every day. This is demonstrated by a variety of data points, including our own direct engagement in numerous connected and automated vehicle initiatives across the country such as a new initiative with the New Jersey Department of Transportation and Rutgers University that we announced on April 24. Based on our own significant direct observations and validated by various additional parties, it is technically infeasible and financially impractical for each individual agency to first modernize its technology stack and redesign its various business processes without external resources; second, integrate and maintain point-to-point integrations to facilitate collaboration with other agencies; and third, integrate and maintain point-to-point integrations with automotive OEMs, fleet operators, and other commercial entities with a strategic business imperative to understand and interact with the mobility infrastructure. Therefore, it is inevitable that new platform-enabled ecosystems will emerge in the mobility infrastructure market to solve various network effects similar to what is occurring in industries as diverse as finance, insurance, energy, distribution, manufacturing, and entertainment.
Recognizing this business opportunity, Iteris launched our ClearMobility platform in January 2020. This new platform included a unified service layer, which we branded as ClearMobility Cloud, to enable a new portfolio of cloud-enabled managed services that are aimed at providing the capabilities agencies need to ensure their transportation infrastructure meets the demands of a connected world. Subsequently, the acquisition of TrafficCast, as noted in my earlier remarks, enhanced our ClearMobility road map. To realize the full potential of our ClearMobility strategy, we've reorganized Iteris effective April 1, 2021, into three business units: applications and cloud solutions, advanced sensor technologies, and mobility consulting solutions, all of which are now supported by a new chief technology officer.
With this new business unit structure, we have centralized all of our Software as a Service development resources and created a team dedicated to the delivery of our ClearMobility Cloud roadmap within our application and cloud solutions business unit. In addition to the business unit changes, we created an overlay team that is focused on the further development and commercialization of our cloud-enabled managed services portfolio. And we organize both our product and software sales activities into a new shared services model. We believe these organizational changes will create various development efficiencies, increase our recurring revenue contribution and accelerate the execution of our platform-enabled business strategy.
In FY '22, we'll be particularly focused on the following key initiatives. First, releasing our next-generation video detection system that will bring machine learning to our edge devices for real-time deep-level object classification and contribute rich new data sets to ClearMobility Cloud. Second, introducing our next-generation radar detection system, which will open new end markets for our detection products and enable new cloud-enabled managed service revenue streams. Third, continuing to develop and commercialize our portfolio of cloud-enabled managed services to both planned enhancements and the introduction of new services.
Fourth, introducing multiple connected vehicle solutions, including new Software as a Service applications. And fifth, continuing to develop our partner ecosystem and further monetize our existing partnerships through the release of new products with partners, such as Continental AG and Cisco Systems. Our overall sales pipeline is already at historic levels. And the planned release of significant technology innovations should improve our competitive differentiation in existing markets as well as expand our total addressable market.
Therefore, as we enter fiscal 2022, we look forward to continuing our trend of solid full-year bookings growth even though results may fluctuate in any given quarter, especially as we continue to pursue more multimillion-dollar contracts. Also given the focus of our ClearMobility strategy, we'd expect to see an increase in the percent of bookings that will be recognized in the future as the annual recurring revenue. As Doug noted, based on our expected bookings growth and record backlog entering fiscal 2022, we estimate total full-year revenue to be in the range of 132 million to 142 million, which should represent a 22% rate of growth at the high end of the range. We would further expect the contribution of annual recurring revenue to further increase and fall within a range of 24% to 26% of total revenue.
Our estimates of total revenue and annual recurring revenue mix do not include any potential upside from transformational initiatives we are pursuing, such as strategic partnerships and acquisitions because we're unable to predict the timing of these initiatives. Based on the increase in our operating scale and the higher concentration of Software as a Service, and sensor revenue, we anticipate further improvements in gross profit margin in fiscal 2022. Our development costs will increase as a percent of revenue in order to support our ambitious ClearMobility roadmap, however, our general and administrative costs should remain relatively flat. As a result, in fiscal 2022, we anticipate a significant year-over-year improvement in both net income and adjusted EBITDA.
In summary, the smart mobility infrastructure market is an increasingly dynamic sector due to favorable secular trends and emerging network effects that require agencies to reimagine their internal business processes, their interagency collaboration model, and their interactions with commercial entities who are critically dependent on mobility infrastructure. With the unique combination of core competencies and market access, in what has traditionally been a highly fragmented industry, Iteris is in a particularly strong position to create a platform-enabled ecosystem that capitalizes on the significant market opportunity. Iteris' ClearMobility platform, which is the foundation of our platform-enabled business strategy, has already been adopted by a variety of public agencies within the first year of release, and ecosystem partners are also already integrating our platform into their solutions. In addition with the acquisition of TrafficCast, we've seen an increase in the number and variety of commercial entities seeking to integrate with our platform.