Digi International (DGII) FY2022 results: revenue $388 million, up 25.8% on the year

Digi International Inc. (DGII) reported revenue of $388 million for fiscal 2022, the year ended 30 September 2022, up 25.8% on the year before. Net income was $19 million, up 87.0%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 23 November 2022.

Revenue

$388 million

+25.8% on the year

FY2015FY2022

Operating margin

9.8%

3.4% a year earlier

FY2015FY2022

Net income

$19 million

+87.0% on the year

FY2015FY2022

Diluted EPS

$0.54

+74.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	388	309	279	+25.8%
Cost of revenue	172	142	135	+21.1%
Gross profit	216	167	144	+29.8%
Gross margin	55.7%	54.0%	51.6%
Research and development	55.1	46.6	43.8	+18.2%
Operating income	38.2	10.5	11.3	+263.0%
Operating margin	9.8%	3.4%	4.1%
Interest expense	19.7	1.4	3.6	+1,322.5%
Pre-tax income	18.6	9.0	7.5	+107.0%
Income tax	-0.8	-1.4	-0.9
Effective tax rate	-4.1%	-15.2%	-12.7%
Net income	19.4	10.4	8.4	+87.0%
Net margin	5.0%	3.4%	3.0%
Diluted EPS	$0.54	$0.31	$0.28	+74.2%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	37.7	57.7	34.5	-34.6%
Capital expenditure	2.0	2.3	0.9	-12.5%
Free cash flow	35.8	55.5	33.6	-35.5%
Free cash flow margin	9.2%	18.0%	12.0%
Cash from investing	-350	-21.4	-137
Cash from financing	193	62.2	63.6	+209.7%
Depreciation and amortisation	33.8	20.9	19.3	+62.1%
Share-based compensation	8.6	8.1	7.2	+5.4%
Buybacks	6.7	2.1	1.8	+214.2%
Diluted shares, weighted	36m	33m	30m	+7.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	502	473	372	+6.1%
Debt	238	45.8	61.0	+419.6%
Operating lease liabilities	17.0	18.4	16.2	-7.6%
Other liabilities	97.4	82.8	80.0	+17.6%
Total liabilities and equity	854	620	529	+37.8%
Fixed assets	27.6	12.1	11.5	+127.4%
Goodwill	340	226	210	+51.0%
Intangible assets	302	118	121	+155.9%
Cash and equivalents	34.9	152	54.1	-77.1%
Receivables	50.5	43.7	59.2	+15.3%
Inventory	73.2	43.9	51.6	+66.7%
Other assets	25.2	23.8	20.9	+6.0%
Total assets	854	620	529	+37.8%

10-K for the year ended 30 September 2022, filed 23 November 2022: the filing.