Delaware | 1-34033 | 41-1532464 | ||
(State of Incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) | ||
9350 Excelsior Blvd., Suite 700 | ||||
Hopkins, Minnesota | 55343 | |||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock, par value $.01 per share | DGII | The Nasdaq Stock Market LLC |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
No. | Exhibit | Manner of Filing | |||
99.1 | Furnished Electronically |
DIGI INTERNATIONAL INC. | |||
By: | /s/ James J. Loch | ||
James J. Loch | |||
Senior Vice President, Chief Financial Officer and Treasurer |
Digi International Reports Third Fiscal Quarter 2019 Results | ||||||
IoT Solutions Surpasses 61,000 Sites; IoT Products & Services Awarded an Expected $20 Million Project |
GAAP Results | ||||||||||||||||
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||
(in thousands, except per share data) | 2019 | 2018 (as adjusted)* | 2019 | 2018 (as adjusted)* | ||||||||||||
Total Revenue | $ | 61,166 | $ | 62,272 | $ | 189,243 | $ | 161,775 | ||||||||
Gross Profit | $ | 28,328 | $ | 29,648 | $ | 88,440 | $ | 78,441 | ||||||||
Gross Margin | 46.3 | % | 47.6 | % | 46.7 | % | 48.5 | % | ||||||||
Operating Income** | $ | 1,621 | $ | 2,424 | $ | 7,964 | $ | 1,243 | ||||||||
Operating Income as % of Total Revenue | 2.7 | % | 3.9 | % | 4.2 | % | 0.8 | % | ||||||||
Net Income (Loss) ** | $ | 1,648 | $ | 2,904 | $ | 7,672 | $ | (1,709 | ) | |||||||
Net Income (Loss) per Diluted Share | $ | 0.06 | $ | 0.10 | $ | 0.27 | $ | (0.06 | ) |
Digi International Reports Third Fiscal Quarter 2019 Results |
Non-GAAP Results** | ||||||||||||||
Three months ended June 30, | Nine months ended June 30, | |||||||||||||
(in thousands, except per share data) | 2019 | 2018 (as adjusted)* | 2019 | 2018 (as adjusted)* | ||||||||||
Adjusted EBITDA | 6,140 | 7,855 | $ | 18,849 | $ | 16,063 | ||||||||
Adjusted EBITDA as % of Total Revenue | 10.0 | % | 12.6 | % | 10.0 | % | 9.9 | % | ||||||
*Prior period information has been restated for the adoption of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which we adopted on October 1, 2018. ** A reconciliation of GAAP to non-GAAP financial measures appears at the end of this release. |
Revenue Detail | |||||||||||||||
Three months ended June 30, | |||||||||||||||
(in thousands) | 2019 | 2018 (as adjusted)* | Change | % Change | |||||||||||
Product | $ | 47,136 | $ | 51,691 | $ | (4,555 | ) | (8.8 | )% | ||||||
Services | 3,374 | 2,715 | 659 | 24.3 | % | ||||||||||
Solutions | 10,656 | 7,866 | 2,790 | 35.5 | % | ||||||||||
Total revenue | $ | 61,166 | $ | 62,272 | $ | (1,106 | ) | (1.8 | )% |
Digi International Reports Third Fiscal Quarter 2019 Results |
Revenue Detail | |||||||||||||||
Nine months ended June 30, | |||||||||||||||
(in thousands) | 2019 | 2018 (as adjusted)* | Change | % Change | |||||||||||
Product | $ | 150,045 | $ | 137,733 | $ | 12,312 | 8.9 | % | |||||||
Services | 9,798 | 7,378 | 2,420 | 32.8 | % | ||||||||||
Solutions | 29,400 | 16,664 | 12,736 | 76.4 | % | ||||||||||
Total revenue | $ | 189,243 | $ | 161,775 | $ | 27,468 | 17.0 | % |
Digi International Reports Third Fiscal Quarter 2019 Results |
• | Cash and cash equivalents and marketable securities balance of $86.3 million, an increase of $23.6 million from the end of fiscal 2018. The increase includes $10.0 million of proceeds received in the first fiscal quarter of 2019 for the sale of our corporate headquarters. |
• | Current contingent consideration liabilities of $5.4 million. |
• | Cash provided by operations is $22.5 million. |
• | An enterprise customer selected Digi to deliver an expected $20 million of cellular routers and services to assist in the implementation of a project for a large governmental agency. The project will utilize Digi's Remote Manager® platform, expert technical support services and application development services to deliver a comprehensive solution to the customer. |
• | Digi won a project for a large Midwest based railroad using the Digi TransPort® WR21 enterprise router for a project that monitors train activity, safety operations and can predict maintenance requirements. |
• | A Midwest based managed service provider has selected several Digi products as part of their solution for business continuity with a focus on the hospitality and restaurant vertical segments. |
• | One of the leading transportation suppliers providing rail-based services has chosen Digi for their fleet management initiatives, leveraging the new Digi TransPort® WR44 R industrial router. They selected the new WR44 R due to its advanced routing and VPN features, designed specifically for use in rugged environments. |
• | A large retail grocer in St. Louis has chosen SmartSense to deploy in 115 grocery locations. The SmartSense solution will use both task management and sensor monitoring to protect critical food assets. |
• | A leading provider of physician office-based infusion services chose Digi to monitor 117 hospital and clinic locations. The SmartSense solution will provide real time alerting for any temperature excursion or power failure within these facilities and will be monitoring refrigeration, along with room temperature, relative humidity and air pressure differential. |
• | A large regional health system chose Digi to monitor medication, lab samples, environmental room temperature/humidity, along with patient nourishment and will provide real time alerting for any temperature excursion or power failure within these facilities. |
• | A school district in Texas, with over 54,000 students and 69 locations, chose Digi to monitor kitchen refrigeration equipment throughout its locations. The SmartSense solution will provide real time alerting for any temperature excursion or power failure for each school within in the district. |
Digi International Reports Third Fiscal Quarter 2019 Results |
Digi International Reports Third Fiscal Quarter 2019 Results |
James J. Loch | ||
Senior Vice President, Chief Financial Officer and Treasurer | ||
Digi International | ||
952-912-3737 | ||
Email: jamie.loch@digi.com |
Digi International Reports Third Fiscal Quarter 2019 Results |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||
2019 | 2018 (as adjusted)* | 2019 | 2018 (as adjusted)* | ||||||||||||
Revenue: | |||||||||||||||
Product | $ | 47,136 | $ | 51,691 | $ | 150,045 | $ | 137,733 | |||||||
Services and solutions | 14,030 | 10,581 | 39,198 | 24,042 | |||||||||||
Total revenue | 61,166 | 62,272 | 189,243 | 161,775 | |||||||||||
Cost of sales: | |||||||||||||||
Cost of product | 25,982 | 26,639 | 80,291 | 68,929 | |||||||||||
Cost of services and solutions | 6,137 | 5,244 | 18,328 | 12,287 | |||||||||||
Amortization of intangibles | 719 | 741 | 2,184 | 2,118 | |||||||||||
Total cost of sales | 32,838 | 32,624 | 100,803 | 83,334 | |||||||||||
Gross profit | 28,328 | 29,648 | 88,440 | 78,441 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 11,392 | 11,595 | 34,583 | 32,530 | |||||||||||
Research and development | 8,584 | 8,205 | 27,671 | 24,573 | |||||||||||
General and administrative | 6,751 | 7,234 | 18,309 | 19,905 | |||||||||||
Restructuring (reversal) charge | (20 | ) | 190 | (87 | ) | 190 | |||||||||
Total operating expenses | 26,707 | 27,224 | 80,476 | 77,198 | |||||||||||
Operating income | 1,621 | 2,424 | 7,964 | 1,243 | |||||||||||
Other income, net: | |||||||||||||||
Interest income, net | 205 | 92 | 463 | 331 | |||||||||||
Other (expense) income, net | (174 | ) | 535 | 131 | (37 | ) | |||||||||
Total other income, net | 31 | 627 | 594 | 294 | |||||||||||
Income before income taxes | 1,652 | 3,051 | 8,558 | 1,537 | |||||||||||
Income tax expense | 4 | 147 | 886 | 3,246 | |||||||||||
Net income (loss) | $ | 1,648 | $ | 2,904 | $ | 7,672 | $ | (1,709 | ) | ||||||
Net income (loss) per common share: | |||||||||||||||
Basic | $ | 0.06 | $ | 0.11 | $ | 0.28 | $ | (0.06 | ) | ||||||
Diluted | $ | 0.06 | $ | 0.10 | $ | 0.27 | $ | (0.06 | ) | ||||||
Weighted average common shares: | |||||||||||||||
Basic | 28,072 | 27,177 | 27,816 | 27,002 | |||||||||||
Diluted | 28,589 | 27,764 | 28,414 | 27,002 |
Digi International Reports Third Fiscal Quarter 2019 Results |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||
2019 | 2018 (as adjusted)* | 2019 | 2018 (as adjusted)* | ||||||||||||
Net income (loss) | $ | 1,648 | $ | 2,904 | $ | 7,672 | $ | (1,709 | ) | ||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustment | 532 | (3,116 | ) | (1,120 | ) | (1,058 | ) | ||||||||
Change in net unrealized gain (loss) on investments | 4 | (1 | ) | 18 | (41 | ) | |||||||||
Less income tax (expense) benefit | (1 | ) | 1 | (5 | ) | 9 | |||||||||
Reclassification of realized loss on investments included in net income (1) | — | — | — | 31 | |||||||||||
Less income tax benefit (2) | — | — | — | (8 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 535 | (3,116 | ) | (1,107 | ) | (1,067 | ) | ||||||||
Comprehensive income (loss) | $ | 2,183 | $ | (212 | ) | $ | 6,565 | $ | (2,776 | ) |
Digi International Reports Third Fiscal Quarter 2019 Results |
June 30, 2019 | September 30, 2018 (as adjusted)* | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 84,094 | $ | 58,014 | |||
Marketable securities | 2,254 | 4,736 | |||||
Accounts receivable, net | 44,721 | 49,819 | |||||
Inventories | 41,796 | 41,644 | |||||
Other current assets | 5,057 | 2,613 | |||||
Assets held for sale | — | 5,220 | |||||
Total current assets | 177,922 | 162,046 | |||||
Property, equipment and improvements, net | 14,417 | 8,354 | |||||
Intangible assets, net | 32,791 | 39,320 | |||||
Goodwill | 153,952 | 154,535 | |||||
Deferred tax assets | 5,343 | 6,600 | |||||
Other non-current assets | 821 | 1,291 | |||||
Total assets | $ | 385,246 | $ | 372,146 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 15,460 | $ | 12,911 | |||
Accrued compensation | 5,105 | 8,190 | |||||
Unearned revenue | 5,031 | 3,177 | |||||
Contingent consideration on acquired businesses | 5,405 | 5,890 | |||||
Other current liabilities | 4,020 | 5,405 | |||||
Total current liabilities | 35,021 | 35,573 | |||||
Income taxes payable | 684 | 851 | |||||
Deferred tax liabilities | 273 | 334 | |||||
Contingent consideration on acquired businesses | — | 4,175 | |||||
Other non-current liabilities | 4,192 | 720 | |||||
Total liabilities | 40,170 | 41,653 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued and outstanding | — | — | |||||
Common stock, $.01 par value; 60,000,000 shares authorized; 34,510,607 and 33,812,838 shares issued | 345 | 338 | |||||
Additional paid-in capital | 264,225 | 255,936 | |||||
Retained earnings | 159,633 | 151,961 | |||||
Accumulated other comprehensive loss | (24,633 | ) | (23,526 | ) | |||
Treasury stock, at cost, 6,386,324 and 6,385,336 shares | (54,494 | ) | (54,216 | ) | |||
Total stockholders’ equity | 345,076 | 330,493 | |||||
Total liabilities and stockholders’ equity | $ | 385,246 | $ | 372,146 |
Digi International Reports Third Fiscal Quarter 2019 Results |
Nine months ended June 30, | |||||||
2019 | 2018 (as adjusted)* | ||||||
Operating activities: | |||||||
Net income (loss) | $ | 7,672 | $ | (1,709 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Depreciation of property, equipment and improvements | 3,343 | 2,440 | |||||
Amortization of intangible assets | 6,669 | 6,866 | |||||
Stock-based compensation | 4,180 | 3,598 | |||||
Deferred income tax provision | 1,189 | 2,781 | |||||
Gain on sale of property, equipment and improvements | (4,458 | ) | (8 | ) | |||
Change in fair value of contingent consideration | 1,188 | 333 | |||||
Provision for bad debt and product returns | 594 | 404 | |||||
Provision for inventory obsolescence | 1,350 | 1,550 | |||||
Restructuring (reversal) charge | (87 | ) | 190 | ||||
Other | 131 | (58 | ) | ||||
Changes in operating assets and liabilities (net of acquisitions) | 757 | (25,231 | ) | ||||
Net cash provided by (used in) operating activities | 22,528 | (8,844 | ) | ||||
Investing activities: | |||||||
Proceeds from maturities and sales of marketable securities | 2,500 | 29,752 | |||||
Proceeds from sale of business | — | 2,000 | |||||
Acquisition of businesses, net of cash acquired | — | (56,588 | ) | ||||
Proceeds from sale of property and equipment | 10,047 | — | |||||
Purchase of property, equipment, improvements and certain other intangible assets | (8,600 | ) | (963 | ) | |||
Net cash provided by (used in) investing activities | 3,947 | (25,799 | ) | ||||
Financing activities: | |||||||
Acquisition earn-out payments | (3,748 | ) | — | ||||
Proceeds from stock option plan transactions | 4,054 | 3,871 | |||||
Proceeds from employee stock purchase plan transactions | 835 | 892 | |||||
Purchases of common stock | (1,051 | ) | (730 | ) | |||
Net cash provided by financing activities | 90 | 4,033 | |||||
Effect of exchange rate changes on cash and cash equivalents | (485 | ) | 82 | ||||
Net increase (decrease) in cash and cash equivalents | 26,080 | (30,528 | ) | ||||
Cash and cash equivalents, beginning of period | 58,014 | 78,222 | |||||
Cash and cash equivalents, end of period | $ | 84,094 | $ | 47,694 | |||
Supplemental schedule of non-cash investing and financing activities: | |||||||
Transfer of inventory to property, equipment and improvements | $ | (921 | ) | $ | (1,750 | ) | |
Accrual for purchase of property, equipment, improvements and certain other intangible assets | $ | (7 | ) | $ | — | ||
Liability related to acquisition of business | $ | — | $ | (2,300 | ) |
Digi International Reports Third Fiscal Quarter 2019 Results |
Accumulated | ||||||||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Paid-In | Retained | Comprehensive | Stockholders’ | |||||||||||||||||||||||||
(in thousands) | Shares | Par Value | Shares | Value | Capital | Earnings* | Loss | Equity | ||||||||||||||||||||||
Balances, September 30, 2017 | 33,008 | $ | 330 | 6,437 | $ | (54,533 | ) | $ | 245,528 | $ | 150,363 | $ | (22,659 | ) | $ | 319,029 | ||||||||||||||
Cumulative-effect adjustment from adoption of ASU 2016-09 | 52 | (33 | ) | 19 | ||||||||||||||||||||||||||
Net loss | (1,709 | ) | (1,709 | ) | ||||||||||||||||||||||||||
Other comprehensive income | (1,067 | ) | (1,067 | ) | ||||||||||||||||||||||||||
Employee stock purchase plan issuances | (106 | ) | 897 | (5 | ) | 892 | ||||||||||||||||||||||||
Repurchase of common stock | 73 | (730 | ) | (730 | ) | |||||||||||||||||||||||||
Issuance of stock under stock award plans | 638 | 7 | 3,864 | 3,871 | ||||||||||||||||||||||||||
Stock-based compensation expense | 3,598 | 3,598 | ||||||||||||||||||||||||||||
Balances, June 30, 2018 | 33,646 | $ | 337 | 6,404 | $ | (54,366 | ) | $ | 253,037 | $ | 148,621 | $ | (23,726 | ) | $ | 323,903 | ||||||||||||||
Balances, September 30, 2018 | 33,813 | $ | 338 | 6,385 | $ | (54,216 | ) | $ | 255,936 | $ | 151,961 | $ | (23,526 | ) | $ | 330,493 | ||||||||||||||
Net income | 7,672 | 7,672 | ||||||||||||||||||||||||||||
Other comprehensive loss | (1,107 | ) | (1,107 | ) | ||||||||||||||||||||||||||
Employee stock purchase plan issuances | (91 | ) | 773 | 62 | 835 | |||||||||||||||||||||||||
Repurchase of common stock | 92 | (1,051 | ) | (1,051 | ) | |||||||||||||||||||||||||
Issuance of stock under stock award plans | 698 | 7 | 4,047 | 4,054 | ||||||||||||||||||||||||||
Stock-based compensation expense | 4,180 | 4,180 | ||||||||||||||||||||||||||||
Balances, June 30, 2019 | 34,511 | $ | 345 | 6,386 | $ | (54,494 | ) | $ | 264,225 | $ | 159,633 | $ | (24,633 | ) | $ | 345,076 |
Digi International Reports Third Fiscal Quarter 2019 Results |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||||||
2019 | 2018 (as adjusted)* | 2019 | 2018 (as adjusted)* | ||||||||||||||||||||||||
% of total revenue | % of total revenue | % of total revenue | % of total revenue | ||||||||||||||||||||||||
Total revenue | $ | 61,166 | 100.0 | % | $ | 62,272 | 100.0 | % | $ | 189,243 | 100.0 | % | $ | 161,775 | 100.0 | % | |||||||||||
Net income (loss) | $ | 1,648 | $ | 2,904 | $ | 7,672 | $ | (1,709 | ) | ||||||||||||||||||
Interest income, net | (205 | ) | (92 | ) | (463 | ) | (331 | ) | |||||||||||||||||||
Income tax (benefit) expense | 4 | 147 | 886 | 3,246 | |||||||||||||||||||||||
Depreciation and amortization | 3,186 | 3,473 | 10,012 | 9,306 | |||||||||||||||||||||||
Stock-based compensation | 1,473 | 1,220 | 4,180 | 3,598 | |||||||||||||||||||||||
Gain on sale of building | — | — | (4,396 | ) | — | ||||||||||||||||||||||
Restructuring (reversal) charge | (20 | ) | 190 | (87 | ) | 190 | |||||||||||||||||||||
Acquisition expense | 54 | 13 | 1,045 | 1,763 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 6,140 | 10.0 | % | $ | 7,855 | 12.6 | % | $ | 18,849 | 10.0 | % | $ | 16,063 | 9.9 | % |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||||||||||
2019 | 2018 (as adjusted)* | 2019 | 2018 (as adjusted)* | ||||||||||||||||||||||||||||
Net income (loss) and net income (loss) per diluted share | $ | 1,648 | $ | 0.06 | $ | 2,904 | $ | 0.10 | $ | 7,672 | $ | 0.27 | $ | (1,709 | ) | $ | (0.06 | ) | |||||||||||||
Restructuring (reversal) charge | (20 | ) | — | 190 | 0.01 | (87 | ) | — | 190 | 0.01 | |||||||||||||||||||||
Gain on sale of building | — | — | — | — | (4,396 | ) | (0.15 | ) | — | — | |||||||||||||||||||||
Tax effect from restructuring reversal and gain on sale of building | 5 | — | (51 | ) | — | 1,051 | 0.04 | (51 | ) | — | |||||||||||||||||||||
Discrete tax (benefits) expense (1) | (272 | ) | (0.01 | ) | 71 | — | (580 | ) | (0.02 | ) | 3,027 | 0.11 | |||||||||||||||||||
Adjusted net income and adjusted net income per diluted share (2) | $ | 1,361 | $ | 0.05 | $ | 3,114 | $ | 0.11 | $ | 3,660 | $ | 0.13 | $ | 1,457 | $ | 0.05 | |||||||||||||||
Diluted weighted average common shares | 28,589 | 27,764 | 28,414 | 27,002 |
(1) | For the three and nine months ended June 30, 2019, discrete tax expense primarily includes reversals of tax reserves due to the expiration of statutes of limitation. For the three and nine months ended June 30, 2018, discrete tax expense primarily includes one-time adjustments for the re-measurement of deferred tax assets and the impact of ASU 2016-09 relating to the accounting for the tax effects of stock compensation. This was partially offset by reversals of tax reserves due to the expiration of statutes of limitation. |
(2) | Adjusted net income per diluted share may not add due to the use of rounded numbers. |
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