Digi International (DGII) FY2021 results: revenue $309 million, up 10.5% on the year

Digi International Inc. (DGII) reported revenue of $309 million for fiscal 2021, the year ended 30 September 2021, up 10.5% on the year before. Net income was $10 million, up 23.2%, and diluted earnings per share $0.31. The figures are the company's own, from the 10-K it filed with the SEC on 24 November 2021.

Revenue

$309 million

+10.5% on the year

FY2014FY2021

Operating margin

3.4%

4.1% a year earlier

FY2014FY2021

Net income

$10 million

+23.2% on the year

FY2014FY2021

Diluted EPS

$0.31

+10.7% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	309	279	254	+10.5%
Cost of revenue	142	135	135	+4.9%
Gross profit	167	144	119	+15.8%
Gross margin	54.0%	51.6%	46.8%
Research and development	46.6	43.8	37.6	+6.5%
Operating income	10.5	11.3	10.1	-7.0%
Operating margin	3.4%	4.1%	4.0%
Interest expense	1.4	3.6	0.1	-61.4%
Pre-tax income	9.0	7.5	11.1	+20.6%
Income tax	-1.4	-0.9	1.2
Effective tax rate	-15.2%	-12.7%	10.7%
Net income	10.4	8.4	10.0	+23.2%
Net margin	3.4%	3.0%	3.9%
Diluted EPS	$0.31	$0.28	$0.35	+10.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	57.7	34.5	29.0	+67.4%
Capital expenditure	2.3	0.9	9.3	+151.1%
Free cash flow	55.5	33.6	19.6	+65.2%
Free cash flow margin	18.0%	12.0%	7.7%
Cash from investing	-21.4	-137	5.5
Cash from financing	62.2	63.6	1.1	-2.1%
Depreciation and amortisation	20.9	19.3	13.4	+8.2%
Share-based compensation	8.1	7.2	5.7	+12.4%
Buybacks	2.1	1.8	1.1	+18.4%
Diluted shares, weighted	33m	30m	29m	+13.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	473	372	349	+27.2%
Debt	45.8	61.0	0.0	-24.9%
Operating lease liabilities	18.4	16.2	0.0	+13.4%
Other liabilities	82.8	80.0	49.7	+3.5%
Total liabilities and equity	620	529	399	+17.2%
Fixed assets	12.1	11.5	13.9	+5.4%
Goodwill	226	210	153	+7.3%
Intangible assets	118	121	30.7	-2.7%
Investments	n/a	n/a	0.0
Cash and equivalents	152	54.1	92.8	+181.6%
Receivables	43.7	59.2	56.4	-26.2%
Inventory	43.9	51.6	39.8	-14.8%
Other assets	23.8	20.9	11.8	+13.8%
Total assets	620	529	399	+17.2%

10-K for the year ended 30 September 2021, filed 24 November 2021: the filing.