Digi International Files Q3 2024 10-Q

Ticker: DGII · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 854775

Digi International INC 10-Q Filing Summary
FieldDetail
CompanyDigi International INC (DGII)
Form Type10-Q
Filed DateAug 7, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$50 m
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, earnings, financials

Related Tickers: DGII

TL;DR

DGII Q3 10-Q filed. Financials out.

AI Summary

Digi International Inc. filed its 10-Q for the period ending June 30, 2024, reporting financial results for its third quarter. The company, based in Hopkins, MN, operates in the computer communications equipment sector. Specific financial figures for the quarter and year-to-date are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Digi International, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

Key Players & Entities

FAQ

What were Digi International's total revenues for the third quarter of fiscal year 2024?

The filing indicates total revenues of $36,415,184 for the third quarter of fiscal year 2024.

What is Digi International's fiscal year end?

Digi International's fiscal year ends on September 30 (0930).

What is the company's Standard Industrial Classification (SIC) code?

The SIC code for Digi International is 3576, which corresponds to Computer Communications Equipment.

What is the filing date of this 10-Q report?

This 10-Q report was filed as of August 7, 2024.

What is the reporting period for this 10-Q?

The conformed period of report for this 10-Q is June 30, 2024.

Filing Stats: 4,853 words · 19 min read · ~16 pages · Grade level 13.4 · Accepted 2024-08-07 16:16:59

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Financial Statements

ITEM 1. Unaudited Financial Statements: Condensed Consolidated Statements of Operations 1 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Stockholders' Equity 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

ITEM 4. Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 27

Risk Factors

ITEM 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 28

Other Information

ITEM 5. Other Information 28

Exhibits

ITEM 6. Exhibits 29 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED FINANCIAL STATEMENTS DIGI INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three months ended June 30, Nine months ended June 30, 2024 2023 2024 2023 (in thousands, except per share data) Revenue: Product $ 74,618 $ 81,714 $ 230,300 $ 247,288 Service 30,585 30,522 88,694 85,398 Total revenue 105,203 112,236 318,994 332,686 Cost of sales: Cost of product 35,846 40,650 111,506 120,480 Cost of service 6,147 6,814 18,954 20,985 Amortization 952 953 2,858 3,009 Total cost of sales 42,945 48,417 133,318 144,474 Gross profit 62,258 63,819 185,676 188,212 Operating expenses: Sales and marketing 21,501 20,974 61,688 60,421 Research and development 15,132 14,945 44,809 44,194 General and administrative 12,717 15,424 45,987 46,983 Total operating expenses 49,350 51,343 152,484 151,598 Operating income 12,908 12,476 33,192 36,614 Other expense, net: Interest expense, net ( 3,234 ) ( 6,603 ) ( 12,592 ) ( 18,967 ) Debt issuance cost write off — — ( 9,722 ) — Other (expense) income, net ( 14 ) 15 ( 72 ) 79 Total other expense, net ( 3,248 ) ( 6,588 ) ( 22,386 ) ( 18,888 ) Income before income taxes 9,660 5,888 10,806 17,726 Income tax (benefit) provision ( 42 ) ( 839 ) 164 ( 679 ) Net income $ 9,702 $ 6,727 $ 10,642 $ 18,405 Net income per common share: Basic $ 0.27 $ 0.19 $ 0.29 $ 0.51 Diluted $ 0.26 $ 0.18 $ 0.29 $ 0.50 Weighted average common shares: Basic 36,375 35,889 36,266 35,761 Diluted 37,026 36,817 36,921 36,838 The accompanying notes are an integral part of the condensed consolidated financial statements. 1 Table of Contents DIGI INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three months ended June 30, Nine months ended June 30, 2024 2023 2024 2023 (in thousands) Net income $ 9,702 $ 6,727 $ 10,642 $ 18,405 Other comprehensive (loss) income: Foreign currency translation adjustment ( 65 ) ( 109 ) 2,283 1,358 Other comprehensi

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing