Business
Digi International Reports Third Fiscal Quarter 2023 Results
Record Quarterly Revenue of $112M, End of Quarter ARR of $104M EPS of $0.18, Adjusted EPS of $0.50 MINNEAPOLIS--(BUSINESS WIRE)-- Digi International® Inc.
About this update from Digi International Inc.
[{"type":"text","content":"\nRecord Quarterly Revenue of $112M, End of Quarter ARR of $104M\nEPS of $0.18, Adjusted EPS of $0.50\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 third fiscal quarter ended June 30, 2023.\n\n\nThird Fiscal Quarter 2023 Results Compared to Third Fiscal Quarter 2022 Results\n\n\n\nRevenue was $112 million, an increase of 8%.\n\n\n\n\nGross profit margin was 56.9%, an increase of 140 basis points. Gross profit margin excluding amortization was 57.7%, an increase of 100 basis points.\n\n\n\n\nNet income per diluted share was $0.18, up from $0.12, an increase of 50%.\n\n\n\n\nAdjusted EPS was $0.50 per diluted share, an increase of 11%.\n\n\n\n\nAdjusted EBITDA was $24 million, an increase of 16%.\n\n\n\n\nAnnualized Recurring Revenue (ARR) was $104 million at quarter end, an increase of 13%.\n\n\n\nReconciliations of GAAP and non-GAAP financial measures appear at the end of this release.\n\n\n“Digi posted our tenth consecutive quarter of record revenue,” said Ron Konezny, President and Chief Executive Officer. “Driven by strong Annualized Recurring Revenue (ARR) growth, we achieved the second of our ‘100’ objectives. ARR exceeded $100 million at the end of the quarter. In addition, we reduced the principal of our outstanding debt by $20 million. Our team's solution mindset is driving customer and partner value.”\n\n\nSegment Results\n\n\nIoT Product & Services\n\n\nThe segment's third fiscal quarter 2023 revenues of $87 million increased 10% from the same period in the prior fiscal year. This increase is attributable to growth in our OEM & Infrastructure Management product lines. ARR as of the end of the third fiscal quarter was $22 million, an increase of 47%. Gross profit margin increased 60 basis points to 54.1% of revenues for the third fiscal quarter of 2023, due to ARR.\n\n\nIoT Solutions\n\n\nThe segment's third fiscal quarter 2023 revenues of $25 million increased 5% from the same period in the prior fiscal year. This increase was a result of increased sales of both SmartSense and Ventus offerings. ARR as of the end of the third fiscal quarter was over $82 million, an increase of 6%. Gross profit margin increased 450 basis po...