Business
Digi International Reports Fourth Fiscal Quarter and Full Fiscal 2023 Results
Record Annual Revenue of $445M, End of Quarter ARR of $106M Full Year EPS of $0.67, Adjusted EPS of $1.99 MINNEAPOLIS--(BUSINESS WIRE)-- Digi International®
About this update from Digi International Inc.
[{"type":"text","content":"\nRecord Annual Revenue of $445M, End of Quarter ARR of $106M\nFull Year EPS of $0.67, Adjusted EPS of $1.99\n\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 fourth fiscal quarter ended September 30, 2023.\n\n\nFourth Fiscal Quarter 2023 Results Compared to Fourth Fiscal Quarter 2022 Results\n\n\n\nRevenue was $112 million, an increase of 6%.\n\n\n\n\nGross profit margin was 57.1%, an increase of 130 basis points.\n\n\n\n\nNet income per diluted share was $0.17, a decrease of 45%.\n\n\n\n\nAdjusted net income per diluted share was $0.52, an increase of 16%.\n\n\n\n\nAdjusted EBITDA was $25 million, an increase of 14%.\n\n\n\n\nAnnualized Recurring Revenue (ARR) was $106 million at quarter end, an increase of 12%.\n\n\n\nFull Year Fiscal 2023 Results Compared to Full Year Fiscal 2022 Results\n\n\n\nRevenue was $445 million, an increase of 15%.\n\n\n\n\nGross profit margin was 56.7%, an increase of 100 basis points.\n\n\n\n\nNet income per diluted share was $0.67, an increase of 24%.\n\n\n\n\nAdjusted net income per diluted share was $1.99, an increase of 20%.\n\n\n\n\nAdjusted EBITDA was $97 million, an increase of 22%.\n\n\n\nReconciliations of GAAP and non-GAAP financial measures appear at the end of this release.\n\n\n“Digi overcame many challenges throughout fiscal 2023. Our team remained resilient and focused on strong execution delivering record performance,” said Ron Konezny, President and Chief Executive Officer. “We set new fiscal year records in ARR, revenue, adjusted EBITDA and adjusted EPS. The Industrial Internet of Things market is a megatrend, large and growing. We are confident as ever in the long-term potential and opportunity in front of Digi. With our three 100 goals secured, we are poised to double ARR and A-EBITDA ($200 million) within the next five years.”\n\n\nAdditional Financial Highlights\n\n\n\nWe made $36 million in debt payments in fiscal 2023, reducing outstanding debt to $214 million at year end and debt net of cash to $182 million.\n\n\n\n\nWe had $25.2 million of interest expense in fiscal 2023, compared to $19.7 million a year ago. The increase was driven by an increase in our effective interest rate, ...