Digi International (DGII) FY2024 results: revenue $424 million, down 4.7% on the year

Digi International Inc. (DGII) reported revenue of $424 million for fiscal 2024, the year ended 30 September 2024, down 4.7% on the year before. Net income was $23 million, down 9.1%, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2024.

Revenue

$424 million

-4.7% on the year

FY2017FY2024

Operating margin

11.3%

11.3% a year earlier

FY2017FY2024

Net income

$23 million

-9.1% on the year

FY2017FY2024

Diluted EPS

$0.61

-9.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	424	445	388	-4.7%
Cost of revenue	174	193	172	-9.6%
Gross profit	250	252	216	-0.9%
Gross margin	58.9%	56.7%	55.7%
Research and development	60.3	58.6	55.1	+2.8%
Operating income	48.1	50.1	38.2	-4.0%
Operating margin	11.3%	11.3%	9.8%
Interest expense	15.4	25.2	19.7	-38.9%
Pre-tax income	22.9	24.9	18.6	-8.3%
Income tax	0.4	0.1	-0.8	+138.5%
Effective tax rate	1.5%	0.6%	-4.1%
Net income	22.5	24.8	19.4	-9.1%
Net margin	5.3%	5.6%	5.0%
Diluted EPS	$0.61	$0.67	$0.54	-9.0%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	83.1	36.8	37.7	+126.1%
Capital expenditure	2.2	4.3	2.0	-48.8%
Free cash flow	80.9	32.4	35.8	+149.5%
Free cash flow margin	19.1%	7.3%	9.2%
Cash from investing	0.0	-4.3	-350
Cash from financing	-89.0	-34.5	193
Depreciation and amortisation	33.1	32.0	33.8	+3.4%
Share-based compensation	13.2	13.3	8.6	-1.0%
Buybacks	3.6	4.3	6.7	-17.3%
Diluted shares, weighted	37m	37m	36m	+0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	581	540	502	+7.5%
Debt	123	204	238	-39.5%
Operating lease liabilities	11.2	14.0	17.0	-19.7%
Other liabilities	99.6	77.5	97.4	+28.6%
Total liabilities and equity	815	836	854	-2.4%
Fixed assets	34.9	29.1	27.6	+19.9%
Goodwill	343	342	340	+0.3%
Intangible assets	253	277	302	-8.7%
Cash and equivalents	27.5	31.7	34.9	-13.2%
Receivables	69.6	56.0	50.5	+24.4%
Inventory	53.4	74.4	73.2	-28.3%
Other assets	34.0	25.7	25.2	+32.4%
Total assets	815	836	854	-2.4%

10-K for the year ended 30 September 2024, filed 22 November 2024: the filing.