Acquisition of Ventus completed in November | Record Quarterly Revenues of $84.3M
(Minneapolis, MN, February 2, 2022) - Digi International® Inc. (Nasdaq: DGII), a leading global provider of business and mission critical Internet of Things ("IoT") products, services and solutions, today announced its financial results for its first fiscal quarter ended December 31, 2021.
First Fiscal Quarter 2022 Results Compared to First Fiscal Quarter 2021 Results
- Revenue increased to $84.3 million, an increase of 15%.
- Gross margin was 56.8% versus 56.1%. Gross margin excluding amortization was 58.5% compared to 57.6%.
- Net income per diluted share increased to $0.03 compared to $(0.01).
- Adjusted EPS increased to $0.36 per diluted share, an increase of 13%.
- Adjusted EBITDA increased to $17.0 million, an increase of 31%.
- Annualized Recurring Revenue, or ARR increased to over $88 million, an increase of 170%.
本新闻稿末尾载有 GAAP 和非 GAAP 财务指标的调节表。
“We are excited to welcome Ventus as their people, culture, and value proposition fit nicely into the Digi family," said Ron Konezny, President and Chief Executive Officer. “Aided by the Ventus' contribution, we achieved record revenue and profits in the fiscal first quarter. In addition, over $88 million annualized recurring revenue powered by over 270,000 IoT Solutions subscribers lifts recurring revenue to 25% of our total revenue.”
分部业绩
IoT 产品与服务
The segment's first fiscal quarter 2022 revenues of $65.7 million increased 6% from the same period in the prior fiscal year. This increase is attributable primarily to revenue from our cellular and OEM products. ARR in the first fiscal quarter was nearly $14 million. Gross profit margin decreased 349 basis points to 54.3% of revenues for the first fiscal quarter of 2022, due to product and customer mix.
IoT 解决方案
The segment's first fiscal quarter 2022 revenues of $18.5 million increased 63% from the same period in the prior fiscal year. This increase from the prior year fiscal quarter was driven by increased revenue from our November 2021 acquisition of Ventus. ARR in the first fiscal quarter was nearly $75 million. Sites that Digi serves grew to nearly 271,000 sites as of December 31, 2021, including the newly acquired Ventus endpoints, compared to 75,000 sites as of December 31,2020. Gross profit margin increased 1,895 basis points to 65.9%, due to a larger concentration of subscription revenue in the first quarter of fiscal year 2022. This also demonstrates the value of our high margin recurring revenue business model.
2022 财年指导
Ongoing supply and freight challenges that have arisen from the global pandemic impact our ability to meet all of our customer demand on time. We presently believe supply chain conditions will likely improve in the second half of our fiscal 2022. These supply chain issues are not indicative of customer demand. In this context, we provide guidance for our second fiscal quarter of 2022. Revenues are estimated to be $87 million to $91 million, or 13% to 18% growth year over year. We provide earnings guidance on a non-GAAP basis as it is difficult to predict with reasonable certainty items including but not limited to the impact of foreign exchange translation, restructuring, interest and certain tax related events. Given the uncertainty, any of these items could have a significant impact on U.S. GAAP results. Adjusted EBITDA is estimated to be $16.3 million to $17.8 million. Adjusted EPS is anticipated to be $0.33 to $0.37 per diluted share, using our fully diluted share count as of the end of the first fiscal quarter of approximately 35.8 million shares. The acquisition of Ventus, which has a strong subscription revenue base, is anticipated to have a significant impact on Digi's financial model. While not providing specific guidance for the fiscal year of 2022, we can provide information on how the Digi financial model is projected to perform during fiscal 2022. We believe revenues will grow between 16.5% and 23%. We expect our Adjusted EBITDA to grow at a faster rate of between 35% to 55%. We expect to see the gains made in our Gross Margins to hold through fiscal 2022, and our ARR to be at least $90 million at the end of fiscal 2022.
First Fiscal Quarter 2022 Conference Call Details
As announced on January 6, 2022, Digi will discuss its first fiscal quarter 2022 results on a conference call on Wednesday, February 2, 2022 after market close at 5:00 p.m. ET (4:00 p.m. CT). The call will be hosted by Ron Konezny, President and Chief Executive Officer and Jamie Loch, Chief Financial Officer.
Participants may access a live webcast of the conference call through the investor relations section of Digi's website, https://digi.gcs-web.com/ or the hosting website at: https://edge.media-server.com/mmc/p/a5b3ukvo.
Participants may also register via teleconference at: http://www.directeventreg.com/registration/event/3997182. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.
A replay will be available for one week, within approximately two hours after the completion of the call. You may access the replay via webcast through the investor relations section of Digi's website.
您可以通过 Digi 网站 www.digi.com 的 "投资者关系 "部分的 "财务新闻稿 "页面查阅本财报。
有关我们的更多新闻和信息，请访问www.digi.com/aboutus/investorrelations。
关于 Digi International
Digi International (Nasdaq: DGII) is a leading global provider of IoT connectivity products, services and solutions. We help our customers create next-generation connected products and deploy and manage critical communications infrastructures in demanding environments with high levels of security and reliability. Founded in 1985, we've helped our customers connect over 100 million things and growing. For more information, visit Digi's website at www.digi.com, or call 877–912–3444 (U.S.) or 952–912–3444 (International).
前瞻性陈述
This press release contains forward-looking statements that are based on management's current expectations and assumptions. These statements often can be identified by the use of forward-looking terminology such as "assume," "believe," "anticipate," "intend," "estimate," "target," "may," "will," "expect," "plan," "potential," "project," "should," or "continue," or the negative thereof or other variations thereon or similar terminology. Among other items, these statements relate to expectations of the business environment in which Digi operates, projections of future performance, perceived marketplace opportunities and statements regarding our mission and vision. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions. Among others, these include risks related to the ongoing COVID-19 pandemic and efforts to mitigate the same, risks related to global economic volatility and the ability of companies like us to operate a global business in such conditions, the current supply chain and shipping market pressures that are negatively impacting both manufacturing and distribution timelines as well as operating costs for a wide range of companies globally, the highly competitive market in which our company operates, rapid changes in technologies that may displace products sold by us, declining prices of networking products, our reliance on distributors and other third parties to sell our products, the potential for significant purchase orders to be canceled or changed, delays in product development efforts, uncertainty in user acceptance of our products, the ability to integrate our products and services with those of other parties in a commercially accepted manner, potential liabilities that can arise if any of our products have design or manufacturing defects, our ability to defend or settle satisfactorily any litigation, uncertainty in global economic conditions and economic conditions within particular regions of the world which could negatively affect product demand and the financial solvency of customers and suppliers, the impact of natural disasters and other events beyond our control that could negatively impact our supply chain and customers, potential unintended consequences associated with restructuring, reorganizations or other similar business initiatives that may impact our ability to retain important employees or otherwise impact our operations in unintended and adverse ways, the ability to achieve the anticipated benefits and synergies associated with acquisitions or divestitures such as our recent acquisition of Ventus and changes in our level of revenue or profitability which can fluctuate for many reasons beyond our control. These and other risks, uncertainties and assumptions identified from time to time in our filings with the United States Securities and Exchange Commission, including without limitation, our Annual Report on Form 10-K for the year ended September 30, 2021 and other filings, could cause our actual results to differ materially from those expressed in any forward-looking statements made by us or on our behalf. Many of such factors are beyond our ability to control or predict. These forward-looking statements speak only as of the date for which they are made. We disclaim any intent or obligation to update any forward- looking statements, whether as a result of new information, future events or otherwise.
非美国通用会计准则财务指标的列报
本新闻稿包括调整后净收入、调整后摊薄后每股净收入和调整后息税折旧摊销前利润（EBITDA），其中每项均为非美国通用会计准则（Non-GAAP）指标。
我们知道，非美国通用会计准则的使用存在重大限制。在分析财务业绩时，非美国通用会计准则（Non-GAAP）指标不能替代净收入等美国通用会计准则（GAAP）指标。这些指标的披露并不反映 Digi 实际确认的所有费用和收益。这些非美国通用会计准则（Non-GAAP）衡量标准不符合公认会计原则，也不能替代按照公认会计原则编制的衡量标准，可能与其他公司使用的非美国通用会计准则（Non-GAAP）衡量标准或我们在以前的报告中提出的衡量标准不同。此外，这些非美国通用会计准则衡量标准并非基于任何一套全面的会计规则或原则。我们认为，非美国通用会计准则衡量标准有其局限性，因为它们不能反映按照美国通用会计准则确定的与我们的运营结果相关的所有金额。我们认为，这些指标只能与相应的公认会计准则指标一起用于评估我们的运营结果。此外，调整后 EBITDA 并不反映我们的现金支出、更换折旧资产和摊销资产的现金需求，也不反映我们营运资金需求的变化或现金需求。
我们认为，分别提供历史净利润和调整后净利润以及调整后摊薄后每股净利润，不包括税收准备金转回、离散税收优惠、重组费用及转回、无形资产摊销、股票薪酬、其他营业外收入/支出、或有对价公允价值变动、与收购相关的费用以及与收购相关的利息支出等项目，可以让投资者将业绩与不包括这些项目的前期进行比较。管理层使用上述非美国通用会计准则衡量标准来监控和评估持续经营业绩和趋势，并了解我们的比较经营业绩。此外，我们的某些股东表示希望看到不包含这些事项影响的财务业绩指标，这些事项虽然重要，但对我们的核心业务运营并不重要。管理层认为，调整后息税折旧摊销前利润（定义为息税折旧摊销前利润，根据股票薪酬费用、收购相关费用、重组费用和转回以及或有对价公允价值变动进行调整）有助于投资者评估我们的核心经营业绩和财务表现，因为它排除了简明合并运营报表中反映的重大非现金或非经常性项目。我们认为，将调整后 EBITDA 按收入百分比列报非常有用，因为它提供了一种可靠、一致的方法来衡量我们每年的业绩，并将我们的业绩与其他公司的业绩进行对比评估。我们相信这一信息有助于比较经营业绩和公司业绩，其中不包括我们的资本结构和资产收购方法的影响。
投资者联系方式：
Rob Bennett
Investor Relations
Digi International 952-912-3524
Email: rob.bennett@digi.com
欲了解更多信息，请访问 Digi 网站 www.digi.com，或致电 877-912-3444（美国）或 952-912-3444（国际）。
