Business
Digi International Reports First Fiscal Quarter 2023 results
Record Quarterly Revenue of $109M, End of Quarter ARR of $96M EPS of $0.16, Adjusted EPS of $0.48 MINNEAPOLIS--(BUSINESS WIRE)-- Digi International® Inc.
About this update from Digi International Inc.
[{"type":"text","content":"\nRecord Quarterly Revenue of $109M, End of Quarter ARR of $96M\nEPS of $0.16, Adjusted EPS of $0.48\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nDigi International® Inc. (Nasdaq: DGII), a leading global provider of business and mission critical Internet of Things (\"IoT\") products, services and solutions, today announced its financial results for its first fiscal quarter ended December 31, 2022.\n\nFirst Fiscal Quarter 2023 Results Compared to First Fiscal Quarter 2022 Results1\n\n\nRevenue was $109 million, an increase of 30%.\n\n\n\nGross profit margin was 56.3% versus 56.8%. Gross profit margin excluding amortization was 57.3% compared to 58.5%.\n\n\n\nNet income per diluted share was $0.16, up from $0.03, an increase of 433%.\n\n\n\nAdjusted EPS was $0.48 per diluted share, an increase of 33%.\n\n\n\nAdjusted EBITDA was $23 million, an increase of 38%.\n\n\n\nAnnualized Recurring Revenue (ARR) was $96 million at quarter end, an increase of 8%.\n\n\n\n\n1 First fiscal quarter 2023 results include the results of Ventus for the entire quarter, while first fiscal quarter 2022 results include Ventus results following its acquisition on November 1, 2022.\n\n\n\n\nReconciliations of GAAP and non-GAAP financial measures appear at the end of this release.\n\n“Digi is off to a fast start to our fiscal 2023, driven by strong demand and a gradually easing supply chain,” said Ron Konezny, President and Chief Executive Officer. “Our fiscal first quarter saw balanced strength across all our business units and geographies. Our business and mission critical solutions are helping drive our customers' digital transformation and delivering valuable ROI. Thank you for the incredible performance by the Digi team and our suppliers and channel partners.”\n\nSegment Results\n\nIoT Product & Services\n\nThe segment's first fiscal quarter 2023 revenues of $84 million increased 28% from the same period in the prior fiscal year. This increase is attributable primarily to revenue growth from our OEM, console server and cellular product lines. ARR as of the end of the first fiscal quarter was over $14 million. Gross profit margin increased 30 basis points to 54.6% of revenues for the first fiscal quarter of 2023, due to product and customer mix.\n\nIoT Solutions\n\nThe segment's first fiscal quarter 2023 revenues of $25 million increased 35% from the same period...