Digi International (DGII) FY2023 results: revenue $445 million, up 14.6% on the year

Digi International Inc. (DGII) reported revenue of $445 million for fiscal 2023, the year ended 30 September 2023, up 14.6% on the year before. Net income was $25 million, up 27.8%, and diluted earnings per share $0.67. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2023.

Revenue

$445 million

+14.6% on the year

FY2016FY2023

Operating margin

11.3%

9.8% a year earlier

FY2016FY2023

Net income

$25 million

+27.8% on the year

FY2016FY2023

Diluted EPS

$0.67

+24.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	445	388	309	+14.6%
Cost of revenue	193	172	142	+12.0%
Gross profit	252	216	167	+16.6%
Gross margin	56.7%	55.7%	54.0%
Research and development	58.6	55.1	46.6	+6.4%
Operating income	50.1	38.2	10.5	+31.1%
Operating margin	11.3%	9.8%	3.4%
Interest expense	25.2	19.7	1.4	+28.1%
Pre-tax income	24.9	18.6	9.0	+33.8%
Income tax	0.1	-0.8	-1.4
Effective tax rate	0.6%	-4.1%	-15.2%
Net income	24.8	19.4	10.4	+27.8%
Net margin	5.6%	5.0%	3.4%
Diluted EPS	$0.67	$0.54	$0.31	+24.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	36.8	37.7	57.7	-2.6%
Capital expenditure	4.3	2.0	2.3	+120.1%
Free cash flow	32.4	35.8	55.5	-9.4%
Free cash flow margin	7.3%	9.2%	18.0%
Cash from investing	-4.3	-350	-21.4
Cash from financing	-34.5	193	62.2
Depreciation and amortisation	32.0	33.8	20.9	-5.5%
Share-based compensation	13.3	8.6	8.1	+54.9%
Buybacks	4.3	6.7	2.1	-35.2%
Diluted shares, weighted	37m	36m	33m	+2.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	540	502	473	+7.8%
Debt	204	238	45.8	-14.5%
Operating lease liabilities	14.0	17.0	18.4	-17.6%
Other liabilities	77.5	97.4	82.8	-20.5%
Total liabilities and equity	836	854	620	-2.2%
Fixed assets	29.1	27.6	12.1	+5.5%
Goodwill	342	340	226	+0.3%
Intangible assets	277	302	118	-8.3%
Cash and equivalents	31.7	34.9	152	-9.2%
Receivables	56.0	50.5	43.7	+11.0%
Inventory	74.4	73.2	43.9	+1.6%
Other assets	25.7	25.2	23.8	+1.9%
Total assets	836	854	620	-2.2%

10-K for the year ended 30 September 2023, filed 22 November 2023: the filing.