Business
Digi International Reports Fourth Fiscal Quarter and Full Fiscal 2024 Results
Annual Revenue of $424M, Record End of Quarter ARR of $116M Full Year Cash Flow From Operations of $83M MINNEAPOLIS--(BUSINESS WIRE)-- Digi International®
About this update from Digi International Inc.
[{"type":"text","content":"\nAnnual Revenue of $424M, Record End of Quarter ARR of $116M\n\n\nFull Year Cash Flow From Operations of $83M\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, 2024.\n\n\nFourth Fiscal Quarter 2024 Results Compared to Fourth Fiscal Quarter 2023 Results\n\n\n\nRevenue was $105 million, a decrease of 6%.\n\n\n\nGross profit margin was 61.1%, an increase of 400 basis points.\n\n\n\nNet income was $12 million, compared to $6 million.\n\n\n\nNet income per diluted share was $0.32, compared to $0.17.\n\n\n\nAdjusted net income per diluted share was $0.52, flat year over year.\n\n\n\nAdjusted EBITDA was $26 million, an increase of 5%.\n\n\n\nAnnualized Recurring Revenue (ARR) was $116 million at quarter end, an increase of 9%.\n\n\n\nFull Year Fiscal 2024 Results Compared to Full Year Fiscal 2023 Results\n\n\n\nRevenue was $424 million, a decrease of 5%.\n\n\n\nGross profit margin was 58.9%, an increase of 220 basis points.\n\n\n\nNet income was $23 million, compared to $25 million.\n\n\n\nNet income per diluted share was $0.61, compared to $0.67.\n\n\n\nAdjusted net income per diluted share was $1.99, flat year over year.\n\n\n\nAdjusted EBITDA was $98 million, an increase of 2%.\n\n\n\nReconciliations of non-GAAP financial measures to their closest GAAP analogues appear at the end of this release.\n\n\n“The Digi team delivered an impressive fiscal 2024 performance in soft industrial economic conditions. As the market seeks to gain increased efficiencies, our customers increasingly appreciate entrusting their value-added IoT solutions to Digi, as evidenced by our record ARR which represents approximately 27% of revenues,” stated Ron Konezny, President and CEO. “We continue to hit our objectives as we make the discovery of our solutions easier for the channel and end users with the advent of offerings like Digi 360. In addition, we lowered inventory levels, generated cash and paid down debt to strengthen our balance sheet. We remain confident in our customer centric solutions strategy and the long-term opportunity for Digi.”\n\n\nAdditional Financial Highlights\n\n\n\nWe made payments against our rev...