Iteris, Inc.

by a number of variables, we are evaluating various options to enhance shareholder value, including share repurchases to return excess liquidity to ITERAS shareholders. Looking beyond fiscal 2025, we believe ITERAS remains on track to achieve our Vision 2027 targets, especially given the significant progress on our key solutions roadmap and labor capacity initiatives that will support further revenue growth. Therefore, we'll continue to estimate fiscal 2027 revenue in the range of $245 million to $265 million before any additional acquisitions, which would represent a five-year organic revenue CAGR of approximately 14% or more specifically 13.7% at the midpoint. With a substantial increase in annual revenue, we also anticipate progressive benefits from scale to result in fiscal 2027 adjusted EBITDA margins in the range of 16% to 19%. So with that, we'll conclude the prepared remarks and would be delighted to respond to any questions or comments. Operator, do you have any questions from our analysts?

Certainly. Everyone at this time will be conducting a question and answer session. If you have any questions or comments, please press star 1 on your phone at this time. We do ask that while posing your question, please pick up your handset if you're listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press star 1 on your phone. Your first question is coming from Jeff Van Cenderen from B. Riley. Your line is live.

Hi, everyone. Joe, I know you mentioned, and Terry, you mentioned too, kind of a tough compare here for the first quarter on revenues. But I guess, is there any more color, and I know you said some things about Q2, but any more color you could give us on how you're thinking about kind of the revenue growth progression we should look for this year?