Digi International Inc (DGII) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to quarter four 2024 Digi International Inc., earnings conference call.

歡迎參加 Digi International Inc. 2024 年第四季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Jamie Loch, Chief Financial Officer.

現在我想將會議交給今天的發言人、財務長傑米洛克 (Jamie Loch)。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good day, everyone.

大家好。

It's great to talk to you again, and thanks for joining us today to discuss the earnings results of Digi International.

很高興再次與您交談，感謝您今天加入我們討論 Digi International 的盈利結果。

Joining me on today's call is Ron Konezny, our President and CEO.

與我一起參加今天電話會議的是我們的總裁兼執行長 Ron Konezny。

We issued our earnings release after the market closed today.

我們在今天收盤後發布了收益報告。

You may obtain a copy of the press release through the Financial Releases section of our Investor Relations website at digi.com. This afternoon, Ron will provide a comment on our performance, and then we'll take your questions.

您可以透過我們的投資者關係網站 digi.com 的財務發布部分取得新聞稿的副本。今天下午，羅恩將對我們的表現進行評論，然後我們將回答您的問題。

Some of the statements that we make during this call are considered forward-looking and are subject to significant risks and uncertainties.

我們在本次電話會議中所做的一些聲明被認為是前瞻性的，並受到重大風險和不確定性的影響。

These statements reflect our expectations about future operating and financial performance and speak only as of today's date.

這些陳述反映了我們對未來營運和財務表現的預期，並且僅代表截至今天的情況。

We undertake no obligation to update publicly or revise these forward-looking statements.

我們不承擔公開更新或修改這些前瞻性陳述的義務。

While we believe the expectations reflected in our forward-looking statements are reasonable, we give no assurance such expectations will be met or that any of our forward-looking statements will prove to be correct.

雖然我們相信我們的前瞻性聲明中反映的期望是合理的，但我們不保證這些期望會得到滿足，也不保證我們的任何前瞻性陳述將被證明是正確的。

For additional information, please refer to the forward-looking statements section in our earnings release today and the Risk Factors section of our most recent Form 10-K and subsequent reports on file with the SEC.

如需了解更多信息，請參閱我們今天發布的收益報告中的前瞻性陳述部分以及我們向 SEC 提交的最新 10-K 表格和後續報告中的風險因素部分。

Finally, certain of the financial information disclosed on this call includes non-GAAP measures.

最後，本次電話會議所揭露的某些財務資訊包括非公認會計原則措施。

The information required to be disclosed about these measures, including reconciliations to the most comparable GAAP measures are included in the earnings release.

需要披露的有關這些措施的信息，包括與最具可比性的公認會計準則措施的調節，都包含在收益發布中。

The earnings release is also furnished as an exhibit to Form 8-K that can be accessed through the SEC Filings sections of our Investor Relations website.

收益報告也作為 8-K 表格的附件提供，您可以透過我們投資者關係網站的 SEC 文件部分存取該表格。

Now I'll turn the call over to Ron.

現在我將把電話轉給羅恩。

Thank you, Jamie.

謝謝你，傑米。

Good afternoon, everyone.

大家下午好。

Before we take questions, a few comments on last fiscal year while looking forward to fiscal 2025.

在回答問題之前，我們先回顧一下上一財年，同時展望 2025 財年。

Digi is committed to be a leader in the industrial Internet of Things market.

Digi致力於成為工業物聯網市場的領導者。

We believe a significant share of the market wants a solution provider rather than building a solution to various vendors.

我們相信，相當大的市場份額需要解決方案提供商，而不是為不同的供應商建立解決方案。

Our solution provider approach reduces risk, improves outcomes, allows customers to focus on their core competencies, and accelerates time to value.

我們的解決方案提供者方法可降低風險、改善成果、讓客戶專注於其核心競爭力並加快實現價值的時間。

The single metric demonstrating our relative success is annual recurring revenue or ARR.

證明我們相對成功的唯一指標是年度經常性收入或 ARR。

ARR consolidated across our product lines represents our transition from onetime sales to solutions.

ARR 整合到我們的產品線中，代表我們從一次性銷售轉向解決方案的轉變。

Increasingly, Digi will forego onetime transactional sales in favor of a multiyear solutions agreement.

Digi 將越來越多地放棄一次性交易銷售，轉而支持多年解決方案協議。

Over time, this dynamic will dampen overall revenue but increase ARR.

隨著時間的推移，這種動態將抑制整體收入，但會增加 ARR。

As ARR grows, our results will become more consistent, provide greater visibility and improve our model.

隨著 ARR 的成長，我們的結果將變得更加一致，提供更大的可見度並改進我們的模型。

You can see this in our fiscal 2024 results.

您可以在我們 2024 財年的業績中看到這一點。

ARR grew 9% year-over-year to reach a record $116 million, which now represents more than 27% of our total revenue.

ARR 年成長 9%，達到創紀錄的 1.16 億美元，目前占我們總收入的 27% 以上。

ARR grew in both our products and services business segment, where we complement our award-winning products with solution packages.

ARR 在我們的產品和服務業務領域都取得了成長，我們透過解決方案包補充了我們屢獲殊榮的產品。

ARR also grew in our solutions business segment, where we offer turnkey solutions combining product, connectivity, service and software.

ARR 的解決方案業務部門也取得了成長，我們提供將產品、連接、服務和軟體結合在一起的交鑰匙解決方案。

ARR increased as we both onboarded new customers and solutions while retaining and extending existing customers with increased value-added to our offerings such as our recently launched Digi 360 offering and achieving SOC 2 Type 2 compliance.

隨著我們引入新客戶和解決方案，同時透過增加我們的產品附加價值（例如我們最近推出的 Digi 360 產品）以及實現 SOC 2 Type 2 合規性來保留和擴展現有客戶，ARR 有所增加。

Our strengthening model achieved 60% gross margins for the first time in the company's history, driven by this solution strategy.

在這項解決方案策略的推動下，我們的強化模式在公司歷史上首次實現了 60% 的毛利率。

Our disciplined and scalable organization demonstrated flat operating expenses year-over-year, which resulted in a record adjusted EBITDA margin.

我們紀律嚴明且可擴展的組織表現出同比營運支出持平，這導致調整後的 EBITDA 利潤率創歷史新高。

We were able to reduce our inventory throughout the year as supply chain normalized.

隨著供應鏈的正常化，我們全年都能夠減少庫存。

We restructured our debt facility, which reduced our interest payments.

我們重組了債務融資，從而減少了利息支付。

Cash generated from these combined efforts resulted in a net debt to adjusted EBITDA level of less than 1.

這些共同努力產生的現金導致淨債務與調整後 EBITDA 水準低於 1。

Turning the page to fiscal 2025.

翻到 2025 財年。

We are experiencing both uncertainty as well as reasons to be optimistic.

我們既面臨不確定性，也面臨樂觀的理由。

Supply chain and inventory levels have normalized, but COVID-induced scars create caution resulting in elongated sales cycles and smaller, more frequent order patterns.

供應鏈和庫存水準已經正常化，但新冠疫情引發的傷痕讓人謹慎，導致銷售週期延長，訂單模式更小、更頻繁。

The industrial economy's health, measured in part by PMI has been in contraction for quarters, but there is strength in AI, data centers, utilities, and renewables.

工業經濟的健康狀況（部分由採購經理人指數衡量）已經連續幾季萎縮，但人工智慧、資料中心、公用事業和再生能源領域表現強勁。

Nationalism persists with talks of increased tariffs, but Digi has diversified its supply chain to help buffer potential changes.

民族主義情緒持續高漲，但 Digi 已實現供應鏈多元化，以幫助緩衝潛在的變化。

With that macroeconomic backdrop, we take a consistent but pragmatic approach to setting expectations for fiscal 2025.

在這種宏觀經濟背景下，我們採取一致但務實的方法來設定 2025 財年的預期。

We expect continued growth in ARR with contributions from both business segments.

我們預計，在兩個業務部門的貢獻下，ARR 將持續成長。

As we move to more solution packages, onetime revenue is expected to temper.

隨著我們轉向更多的解決方案包，一次性收入預計會下降。

In addition, we are improving our offering portfolio by retiring legacy product lines that have been in decline, such as Rabbit.

此外，我們正在透過淘汰一直在衰退的傳統產品線（例如 Rabbit）來改進我們的產品組合。

Combined, this results in an expectation of flat revenue, select operating expenses -- expense investments required to sustain long-term growth resulting in flat adjusted EBITDA, and we expect to generate cash and to be net debt free by the end of calendar 2025.

綜合起來，這導致收入持平、特定營運費用（維持長期成長所需的費用投資，從而導致調整後的 EBITDA 持平）的預期，並且我們預計到 2025 年底將產生現金並實現無淨債務。

We continue to explore potential acquisitions that benefit our customers and are consistent with our focus on ARR and profitable growth.

我們將繼續探索有利於客戶並符合我們對 ARR 和獲利成長的關注的潛在收購。

Macroeconomic improvement throughout the fiscal year could improve our outlook.

整個財年宏觀經濟的改善可能會改善我們的前景。

Lastly, Digi remains confident in reaching its five-year targets of $200 million in ARR and $200 million in adjusted EBITDA established last year.

最後，Digi 仍然有信心實現去年制定的 2 億美元 ARR 和 2 億美元調整後 EBITDA 的五年目標。

In October, we celebrated the 35th anniversary of our listing on Nasdaq.

10 月，我們慶祝了在納斯達克上市 35 週年。

Next year, we celebrate our 40th birthday.

明年，我們將慶祝 40 歲生日。

Digi's story is highlighted by customer focus, resilience, relentless innovation and continuous improvement.

Digi 的故事以客戶為中心、堅韌不拔、不懈創新和持續改進為特色。

Very few companies that went public in 1989 exist, let alone remain independent.

1989 年上市的公司很少，更不用說保持獨立了。

Imation, 3Com, WorldCom, Symantec, and Cambridge Technology Partners were some of the companies that went public in 1989 and are no longer independent.

Imation、3Com、WorldCom、Symantec 和 Cambridge Technology Partners 等公司於 1989 年上市，不再獨立。

Over the decades, Digi has adapted to change, and that core competence is vital to success in an ever-changing world.

幾十年來，Digi 已經適應了變化，而核心能力對於在不斷變化的世界中取得成功至關重要。

Operator, that concludes my remarks, and we'd like to open the call to questions.

接線員，我的發言到此結束，我們想開始提問。

Tommy Moll, Stephens Inc.

湯米·莫爾，史蒂芬斯公司

Good afternoon and thanks for taking my question.

下午好，感謝您提出我的問題。

Ron, you mentioned the dynamic where there's a relationship between reported revenue and recurring revenue.

羅恩，您提到了報告收入和經常性收入之間存在關係的動態。

I guess, I could call it a trade-off even.

我想，我甚至可以稱之為一種權衡。

And so as you constructed your outlook for fiscal 2025, how much is that in play, just looking at the spread in double-digit ARR, flat rev?

因此，當您建立 2025 財年的展望時，只看看兩位數的 ARR、平坦轉速的差異，這在多大程度上發揮了作用？

Or are there other factors you want to make sure to highlight?

或者您還想強調其他因素嗎？

You mentioned discontinuing some old product lines, could be one.

你提到停止一些舊的產品線，可能就是其中之一。

Just help us with that bridge.

幫我們修那座橋吧。

Yes.

是的。

It's really a combination of those factors, Tommy, and I thought you were very keen to pick up on that.

這實際上是這些因素的結合，湯米，我認為你非常熱衷於了解這一點。

There's certainly going to be some product that we're going to end of life.

肯定會有一些產品的生命週期即將結束。

The supply chain is honestly not holding up for some of these components that are getting much more difficult to source and that we can provide quality products.

老實說，供應鏈並不能滿足其中一些組件的需求，這些組件的採購變得越來越困難，而我們可以提供優質的產品。

So that certainly is going to be a stunt.

所以這肯定是個噱頭。

And then there's another piece of it, which is also the trade-off of moving towards recurring revenue.

還有另一部分，也是轉向經常性收入的權衡。

So it's really a combination of the two.

所以它實際上是兩者的結合。

And then I think I heard you say the expectation on the balance sheet would be net debt free by the end of the year

然後我想我聽到你說資產負債表上的預期將在年底前消除淨債務

--

--

Yes.

是的。

By the end of the calendar year.

到日曆年年底。

Yes.

是的。

By the end of calendar year '25?

到 25 日曆年年底？

Correct.

正確的。

Okay.

好的。

All right.

好的。

That might change the math a bit.

這可能會稍微改變數學。

Does that imply relatively -- and a relatively unchanged pace of that quarterly cash flow generation, are you baking in...

這是否意味著季度現金流產生的速度相對不變且相對不變，您是否正在烘烤…

Yes.

是的。

I think we're going to see another inventory dividend, if you will, that kicks in, in FY25, which you saw that in '24.

我認為，如果你願意的話，我們將在 25 財年看到另一次庫存股息，就像你在 24 年看到的那樣。

Interest payments are now a fraction of what they were a year ago.

現在的利息支付只是一年前的一小部分。

Those will continue to go down as we pay down debt.

隨著我們償還債務，這些將繼續下降。

And so cash inches even closer to EBITDA with those two factors.

因此，透過這兩個因素，現金更加接近 EBITDA。

Okay.

好的。

Those were the only two items I prepared.

這是我唯一準備的兩樣東西。

I'll go back in line.

我回去排隊。

Thank you.

謝謝。

Thank you, Tommy.

謝謝你，湯米。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys.

嘿，夥計們。

This is Quinton on for Jim Fish.

這是昆頓為吉姆·菲什配音的節目。

Thanks for taking our questions.

感謝您回答我們的問題。

Maybe first of all, it was really good to see both the reiteration of 2028 targets and kind of the implied reacceleration, if you call it that, of ARR for next year.

也許首先，很高興看到 2028 年目標的重申以及明年 ARR 的隱含重新加速（如果你這麼說的話）。

As we think about specifically for that ARR growth next year, what segments or solutions are going to drive that reacceleration?

當我們專門考慮明年的 ARR 成長時，哪些細分市場或解決方案將推動這種重新加速？

And then as we think about your visibility relative to that year, is there anything underneath that makes you more confident that you're seeing all the demand drivers for the full year?

然後，當我們考慮您相對於當年的可見性時，是否有任何因素讓您更有信心看到全年的所有需求驅動因素？

Yes.

是的。

Listen, we grew ARR 9% year-over-year in fiscal '24, so to call out double-digit growth or 10% growth isn't really much of a stretch in my humble opinion.

聽著，我們在 24 財年的 ARR 同比增長了 9%，因此在我看來，兩位數的增長或 10% 的增長並不算誇張。

So there is the potential for things to go even better.

因此，事情有可能變得更好。

We do think we'll see contributions as we did in '24 from both business segments.

我們確實認為我們會看到兩個業務部門都做出了像 24 年的貢獻。

And that's really good to see and hear, right, that you're not overly dependent on one product line, one vertical, one customer.

看到和聽到這一點真是太好了，對吧，您沒有過度依賴一條產品線、一個垂直行業、一個客戶。

And so we think that will play out as well in fiscal '25.

因此，我們認為這也將在 25 財年發揮作用。

No, that makes a ton of sense.

不，這很有道理。

And maybe touching on the M&A landscape, you mentioned you're still active in the market.

也許談到併購領域，您提到您仍然活躍在市場上。

Is there anything to call out in terms of the number or type of companies that you're seeing coming up for sale?

就您看到的待售公司的數量或類型而言，有什麼值得指出的嗎？

Is the landscape improving as we kind of seem to have a little bit more confidence in an improving macro and rates coming down?

隨著我們似乎對宏觀經濟改善和利率下降更有信心，情況是否正在改善？

Yes, it's a really good question.

是的，這是一個非常好的問題。

I think things improved maybe modestly throughout '24 to date.

我認為 24 年至今，情況可能略有改善。

Interest rates really didn't start coming down until recently, and that's a factor, I think, in people's decisions to market their companies or to hold on to them for maybe better conditions.

直到最近，利率才真正開始下降，我認為，這是人們決定出售自己的公司或為了獲得更好的條件而持有公司的一個因素。

I think some banks have come out with optimistic points of view that M&A will accelerate going into '25, maybe a combination of macro interest rates and maybe a different approach from at least the federal government.

我認為一些銀行已經提出了樂觀的觀點，認為併購將在進入 25 年後加速，這可能是宏觀利率的結合，也可能是至少與聯邦政府不同的做法的結合。

And so I think there's reason to be optimistic that M&A will increase in '25 compared to '24.

因此，我認為有理由樂觀地認為，與 24 年相比，25 年的併購將會增加。

Got it.

知道了。

And then just last one from us is, as we look at the ARR underneath we were kind of surprised and pleasantly surprised with kind of outperformance, at least relative to our numbers coming from your actual kind of products and services line.

最後一個是，當我們查看下面的 ARR 時，我們對這種出色的表現感到有點驚訝和驚喜，至少相對於我們來自實際產品和服務系列的數字而言。

Is there anything onetime or specific in driving that upside?

有什麼一次性的或具體的因素可以推動這種上漲嗎？

Or was this kind of widespread across that segment?

或者這種情況在該細分市場中是否普遍存在？

No.

不。

Again, the good news, it was a broad-based contribution.

好消息是，這是一個廣泛的貢獻。

Each of our product lines has a bit of their own journey that they're going about to become the solution provider.

我們的每條產品線都有自己的一段旅程，即將成為解決方案提供者。

But again, really good news that it was broad-based.

但同樣，這是一個基礎廣泛的好消息。

(Operator Instructions) Josh Nichols, B. Riley.

（操作員說明）Josh Nichols、B. Riley。

Yeah.

是的。

Thanks for taking my question.

感謝您提出我的問題。

Good to see the record gross margins.

很高興看到創紀錄的毛利率。

And thinking out a little bit more, I know you're guiding to flat revenue.

再想一想，我知道你正在指導收入持平。

But with ARR up double digits, I would expect that there might be some more room for expansion for that gross margin line as we think about '25.

但隨著 ARR 上升兩位數，我預計當我們考慮 25 年時，毛利率線可能還有更多的擴張空間。

How are you thinking about the gross margins and the ability to move higher from the 60% level given the outlook for the fiscal year and the ARR growth?

考慮到本財年的前景和 ARR 成長，您如何看待毛利率以及從 60% 水準上升的能力？

Yes, it's a good question.

是的，這是一個好問題。

ARR is definitely accretive to gross margin.

ARR 絕對會增加毛利率。

Within product and services, we do have mix that we do pay attention to, and there are some products that have better margins than others.

在產品和服務中，我們確實有我們關注的組合，並且有些產品比其他產品具有更好的利潤。

But we do think that 60% plus gross margin mark is when we can sustain.

但我們確實認為 60% 以上的毛利率是我們可以維持的。

And it will be driven in the long run, much more by ARR becoming a bigger and bigger component of our overall mix that will outweigh really product mix over time.

從長遠來看，這將是由 ARR 成為我們整體組合中越來越大的組成部分所推動的，隨著時間的推移，它將超過真正的產品組合。

Yes.

是的。

And then just looking at the fiscal 1Q, I know normally, that's a little bit seasonally slower.

然後只要看看第一財季，我知道通常情況下，季節性會放緩一些。

There's a slight dip in revenues, but not very -- really anything material.

收入略有下降，但並不是很嚴重。

Is that just because you're coming off like a relatively lower base?

這只是因為你的基礎相對較低嗎？

Are you seeing a change in ordering trends?

您是否發現訂購趨勢改變了？

I'm just curious if you have any insight so far into the fiscal first quarter and what you're seeing because it usually is a little bit slower.

我只是好奇您是否對第一財季以及您所看到的情況有任何了解，因為它通常會慢一些。

Yes.

是的。

It's interesting.

這很有趣。

We've been not only, of course, looking at our metrics, but then looking at benchmarks.

當然，我們不僅關注我們的指標，還關注基準。

And I think the themes are a little bit consistent that I don't know if "the market has bottomed" necessarily, but the recovery is unclear.

我認為主題有點一致，我不知道“市場是否一定已經觸底”，但復甦尚不清楚。

And so we're taking, I think, a pragmatic approach, not needing any help, if you will, to reach our objectives, continued focus on ARR, of course.

因此，我認為，我們正在採取務實的方法，不需要任何幫助（如果您願意的話）來實現我們的目標，當然，繼續關注 ARR。

But you're right.

但你是對的。

The last quarter, we're heavily channel-centric on the Product & Services side.

上個季度，我們在產品和服務方面主要以通路為中心。

Channel doesn't like to have much inventory as they enter typically their -- the end of their fiscal year.

通路不喜歡擁有太多庫存，因為他們通常會進入財年末。

So it can be -- it's not unusual for the last quarter of the year to be a little bit softer.

因此，今年最後一個季度的經濟疲軟並不罕見。

Thank you.

謝謝。

Yes.

是的。

And then just looking -- you touched on it really briefly.

然後只是看——你非常簡短地談到了它。

I know the company has diversified away for manufacturing and operations.

我知道該公司已在製造和營運方面實現多元化。

But given the change we have at the executive branch, I'm just curious like your thoughts on potential tariffs or how that may impact the business.

但考慮到我們行政部門的變化，我只是好奇你對潛在關稅或這可能如何影響業務的想法。

I know you've gone through this, right, sometime before.

我知道你以前經歷過這個，對吧。

But I'm just curious like what you've done since then and how you think it may impact the industry overall.

但我只是好奇您從那時起所做的事情以及您認為這可能會如何影響整個行業。

Yes.

是的。

I'll caveat by, I don't know, and I'm not sure who does, but we've been probably the most concerned about China.

我要警告一下，我不知道，我也不確定誰知道，但我們可能是最關心中國的。

That has felt like the highest probability that those tariffs would increase since the last tariff action, which was then sustained under the current administration.

這感覺是自上一次關稅行動以來關稅增加的最高可能性，而上一次關稅行動在現任政府的領導下得以維持。

We have diversified out of China.

我們已經走出中國進行多角化經營。

We're not completely out, but we're single digits in terms of our exposure there as a total of our manufacturing, and we've got plans to finalize that.

我們還沒有完全退出，但就我們整個製造業的暴露程度而言，我們的曝光度僅為個位數，而且我們已經制定了最終確定這一點的計劃。

I'm probably of the group that's a little skeptical of Mexican tariffs.

我可能屬於對墨西哥關稅持懷疑態度的人。

I think there's a lot at play there.

我認為這其中有很多作用。

That doesn't mean there might not be some saber rattling.

這並不意味著可能不會出現一些劍拔弩張的情況。

But I think that -- it feels the least likely, and Mexico is a place where we have found safe harbor.

但我認為——感覺可能性最小，而墨西哥是我們找到安全港的地方。

We also have moved a lot of manufacturing to different Southeast Asian countries like Vietnam, Thailand, Cambodia as a way to diversify as well.

我們也將大量製造業轉移到越南、泰國、柬埔寨等不同的東南亞國家，作為多元化的一種方式。

I think lastly, which is sort of, if you will, maybe the most dramatic potential action is this wall of tariffs that's been talked about.

我認為最後，如果你願意的話，也許最引人注目的潛在行動就是我們所討論的關稅牆。

And we now have manufacturers with U.S.-based facilities that we can transition a good portion of our manufacturing to the U.S. if the conditions require it.

我們現在擁有在美國設有工廠的製造商，如果條件需要，我們可以將很大一部分製造轉移到美國。

So I think that's an important piece to consider as well, is that you're adding the most value in the geography that has the most optimal tariff structure.

因此，我認為這也是需要考慮的一個重要因素，即您在具有最佳關稅結構的地區增加了最大價值。

So I think we're in a good position.

所以我認為我們處於有利位置。

I don't know if anybody is perfect necessarily, but I think we've really strengthened the diversity of our manufacturing footprint to be able to adapt to different potential tariff scenarios.

我不知道是否有人一定是完美的，但我認為我們確實加強了製造足跡的多樣性，以便能夠適應不同的潛在關稅情況。

Thanks for that.

謝謝你。

I'll hop back in the queue.

我會跳回到隊列中。

(Operator Instructions) At this time, I would now like to turn the conference back over to Ron Konezny for closing remarks.

（操作員指示）此時，我想將會議轉回 Ron Konezny 致閉幕詞。

Digi offers compelling solutions for complex mission-critical connectivity challenges.

Digi 為複雜的關鍵任務連接挑戰提供引人注目的解決方案。

We are uniquely qualified as a leader in the industrial IoT market given our long history of offering secure, reliable and innovative solutions.

鑑於我們提供安全、可靠和創新解決方案的悠久歷史，我們有資格成為工業物聯網市場的領導者。

We plan to attend the Stephens Annual Investment Conference in Nashville next week, and we'd love to connect with investors interested in learning more about Digi.

我們計劃下週參加在納許維爾舉行的史蒂芬斯年度投資會議，我們很樂意與有興趣了解更多有關 Digi 的投資者建立聯繫。

We appreciate you joining Digi's earnings call and for your continued support.

我們感謝您參加 Digi 的財報電話會議並感謝您的持續支持。

Thank you to our customers, distributors, suppliers and to our exceptional Digi team.

感謝我們的客戶、經銷商、供應商以及我們出色的 Digi 團隊。

Have a great day.

祝你有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。