Digi International Inc (DGII) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to Digi International Inc. Q3 2025 earnings conference call. (Operator Instructions) Thank you. I would now like to turn the conference over to Jamie Loch, CFO. Please go ahead.

感謝您的支持，歡迎參加 Digi International Inc. 2025 年第三季財報電話會議。（操作員指示）謝謝。現在我想將會議交給財務長 Jamie Loch。請繼續。

Thank you. Good day, everyone. It's great to talk to you again, and thanks for joining us today to discuss the earnings results of Digi International. Joining me on today's call is Ron Konezny, our President and CEO.

謝謝。大家好。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。參加今天電話會議的還有我們的總裁兼執行長 Ron Konezny。

We issued our earnings release after the market closed today. 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.

我們在今天股市收盤後發布了收益報告。您可以透過我們投資者關係網站 digi.com 的「財務發布」版塊取得新聞稿副本。今天下午，Ron 將對我們的業績進行評論，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. These statements reflect our expectations about future operating and financial performance and speak only as of today's date. We undertake no obligation to update publicly or revise these forward-looking statements.

我們在本次電話會議中所做的一些陳述被視為前瞻性的，並受到重大風險和不確定性的影響。這些聲明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。我們不承擔公開更新或修改這些前瞻性聲明的義務。

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. 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.

雖然我們相信前瞻性聲明中反映的預期是合理的，但我們不保證這些預期將會實現，也不保證我們的任何前瞻性聲明將被證明是正確的。欲了解更多信息，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最新的 10-K 表格和向美國證券交易委員會提交的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. The information required to be disclosed about these measures, including reconciliations to the most comparable GAAP measures are included in the earnings release. 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. Now I'll turn the call over to Ron.

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準則指標。這些指標需要揭露的資訊（包括與最具可比性的 GAAP 指標的調節）都包含在收益報告中。收益報告也作為 8-K 表格的附件提供，可透過我們投資者關係網站的 SEC 文件部分存取。現在我將把電話轉給羅恩。

Thank you, Jamie. Good afternoon, everyone. Before we open the line for questions, I'd like to share a few highlights from our third fiscal quarter. Digi delivered a strong quarter returning to year-over-year revenue growth. Annual recurring revenue grew double digits year-over-year for the third consecutive quarter.

謝謝你，傑米。大家下午好。在我們開始提問之前，我想分享一下我們第三財季的一些亮點。Digi 本季表現強勁，營收恢復年增。年度經常性收入連續第三個季度年增兩位數。

ARR now represents a new record of approximately 30% of our trailing 12-month revenues. Importantly, both of our reporting segments contributed to this growth. Our tailored IoT solutions make it simpler and faster for customers to deploy intelligent and cloud connected Edge solutions.

ARR 目前創下了新高，約占我們過去 12 個月收入的 30%。重要的是，我們的兩個報告部門都對這一成長做出了貢獻。我們量身定制的物聯網解決方案使客戶能夠更簡單、更快速地部署智慧和雲端連接的邊緣解決方案。

Our solutions enable remote monitoring, improve machine uptime and deliver actionable analytics, which produce rapid ROI for our customers. This value proposition is resonating across industries and applications. Profitability improved, driven by ARR and favorable product mix, partially offset by increased freight and duties costs. Adjusted EBITDA margins hit a record 25.6%. We expect ARR and profit growth to increasingly outpace revenue growth as our model scales.

我們的解決方案支援遠端監控、提高機器正常運行時間並提供可操作的分析，從而為我們的客戶帶來快速的投資回報。這一價值主張在各個行業和應用領域引起了共鳴。盈利能力有所提高，這得益於 ARR 和有利的產品組合，但被運費和關稅成本的增加部分抵消。調整後的 EBITDA 利潤率達到創紀錄的 25.6%。我們預計，隨著模型規模的擴大，ARR 和利潤成長將逐漸超過營收成長。

Free cash flow generation is a hallmark of our fiscal 2025 performance. Our results were driven by disciplined operations, increased productivity from our AI initiatives and continued inventory optimization. After retiring $30 million in debt this quarter, we now stand at $20 million in net debt and remain on track to be net cash positive by the end of our fiscal 2025.

自由現金流的產生是我們 2025 財年業績的標誌。我們的業績得益於規範的營運、人工智慧計畫帶來的生產力提升以及持續的庫存優化。在本季償還 3,000 萬美元債務後，我們現在的淨債務為 2,000 萬美元，並且預計在 2025 財年末實現淨現金為正。

Our CapEx-light model delivers a 9% free cash flow yield, underscoring the efficiency of our business. Strategic acquisitions remain a top priority. We continue to evaluate opportunities that align with our ARR, growth and scale objectives.

我們的輕資本支出模式實現了 9% 的自由現金流收益率，凸顯了我們業務的效率。策略性收購仍是重中之重。我們將繼續評估符合我們的 ARR、成長和規模目標的機會。

Looking ahead to the final quarter of our fiscal 2025, our outlook assumes a dynamic macro environment. Digi's 40-year legacy demonstrates our ability to adapt and to thrive. Our diversified global supply chain positions us to respond quickly when needed, while maintaining a long-term focus on our customers' success. I'll now turn the call back to the operator for Q&A.

展望 2025 財年的最後一個季度，我們的前景假設宏觀環境充滿活力。Digi 40 年的歷史證明了我們適應和發展的能力。我們多樣化的全球供應鏈使我們能夠在需要時快速做出反應，同時長期專注於客戶的成功。我現在將電話轉回給接線員進行問答。

(Operator Instructions)

（操作員指示）

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Ron, on products and services ARR, another big step higher this quarter. So I wanted to get an update from you there. A couple of aspects I had in mind and then anything else you want to offer.

羅恩，產品和服務 ARR 本季又邁出了一大步。所以我想從您那裡了解最新情況。我想到的是幾個方面​​，然後您還可以提供其他任何內容。

But maybe an update on how you're managing these attach rates through your channel. I know there's a decision you have to make about how quickly you want to move there. And then another one that came to mind was if you can give any color on which product categories you're having the most success with or the most challenges with, frankly, that would be interesting as well.

但也許您可以更新如何透過您的管道管理這些附加率。我知道你必須決定以多快的速度遷往那裡。然後我想到另一個問題是，如果您可以給出您在哪些產品類別上取得最大成功或面臨最多挑戰的具體訊息，坦白說，這也會很有趣。

Yes. Good questions, Tommy. We're really seeing some increase on take rates. We've increasingly moved towards having almost all new business now being attached in the IT area. So IT would include our cellular routers, our Opengear console servers and our infrastructure management devices.

是的。問得好，湯米。我們確實看到接受率增加。我們已逐漸將幾乎所有新業務都與 IT 領域連結起來。因此，IT 將包括我們的蜂窩路由器、我們的 Opengear 控制台伺服器和我們的基礎設施管理設備。

They're all now seeing really much higher levels of attach, and that's helping drive that recurring revenue. We saw really good contributions across the board. We did have some product mix with some products with improved margins having a little bit higher weight than others. But we did see some broad-based contribution, which is always good to see that you got a diverse set of contributors.

他們現在都看到了更高水準的附加價值，這有助於推動經常性收入。我們看到了各方面確實出色的貢獻。我們確實有一些產品組合，其中一些產品的利潤率有所提高，但重量比其他產品略高。但我們確實看到了一些廣泛的貢獻，看到擁有多元化的貢獻者總是令人高興的。

Ron, on the guidance for fourth quarter, looks like sales flat sequentially, EBITDA dollars a touch lower sequentially. What do you want to call out? Maybe there was some goodness that hit the P&L in the most recent quarter that we shouldn't expect to recur. Anything you can do to bridge us from one to the other would be helpful.

羅恩對第四季度的預期是，銷售額環比持平，EBITDA 金額環比略有下降。你想喊什麼？也許最近一個季度的損益表出現了一些好轉，但我們不應該期望這些好轉會再次發生。只要您能採取任何措施幫助我們建立聯繫，那將是有益的。

Yes, Tom, we had a similar profile to last quarter. And so we're always a little bit cautious on the mix side. And so the mix driving gross margin is the thing that would really impact that adjusted EBITDA number. I would point out, although it appears to be relatively flat quarter-over-quarter, it still would mark another year-over-year return to growth, which we're pretty excited about. But that profit assumption will be driven mainly by gross margin rather than, say, OpEx.

是的，湯姆，我們的情況與上一季類似。因此，我們在混合方面總是有點謹慎。因此，混合驅動毛利率才是真正影響調整後 EBITDA 數字的因素。我想指出的是，儘管與上一季相比，這一數字似乎相對持平，但這仍然標誌著另一個同比增長，我們對此感到非常興奮。但利潤假設主要取決於毛利率，而不是營運支出。

Matthew Maus, B. Riley Securities.

馬修‧毛斯 (Matthew Maus)，B. Riley Securities。

This is Matthew on for Josh Nichols. I guess just first off, I mean, in terms of demand outside of APAC and setting tariff concerns aside, are you seeing customers move from wait-and-see mode to pulling the trigger more on larger projects?

這是喬許‧尼可斯 (Josh Nichols) 的馬修 (Matthew)。我想首先，就亞太地區以外的需求而言，拋開關稅問題，您是否看到客戶從觀望模式轉向對大型專案採取更多行動？

You know what -- we're optimistic that between US financial policy, the One Beautiful Bill Act as well as now tariffs becoming more certain, whether you like them or not, I think that's going to open up some improved decision-making. We hadn't seen as much of that in F-Q3, but I think we are starting to see that here in this particular period. And so we're optimistic that increased certainty will help drive more effective and timely decision-making by our customers.

你知道嗎——我們樂觀地認為，美國的金融政策、《美麗法案》以及現在變得更加確定的關稅，無論你是否喜歡，我認為這將開啟一些更好的決策。我們在 F-Q3 中沒有看到太多這樣的情況，但我認為我們在這個特定時期開始看到這種情況。因此，我們樂觀地認為，提高確定性將有助於推動我們的客戶做出更有效、更及時的決策。

Helpful. And if I remember correctly, I think Opengear is benefiting from AI infrastructure build-out. Can you kind of size that opportunity as hyperscalers kind of move from planning to deploying a little bit more?

很有幫助。如果我沒記錯的話，我認為 Opengear 正在受益於 AI 基礎設施的建設。當超大規模企業從規劃轉向部署時，您能否衡量一下這個機會？

Yes. As a reminder, Opengear really services both data center applications as well as Edge. We saw a slight improvement increase in data center business this fiscal year, and that continued in F-Q3. But it's still around a 50-50 split between those applications.

是的。提醒一下，Opengear 確實為資料中心應用程式和 Edge 提供服務。本財年，我們看到資料中心業務略有改善，且這種狀況在第三季持續延續。但這些應用程式的比例仍然大約是 50-50。

The data centers that we're doing business with are both AI and non-AI and increasingly, actually, one of the bigger trends is hybrid deployments where a customer wants to have some of their compute in the cloud, but they also want to have some compute locally. And that's becoming more important as customers look to protect their data as they're leveraging AI models. So that's been a really growth area for that hybrid data center environment.

我們開展業務的資料中心既有人工智慧的，也有非人工智慧的，實際上，一個越來越大的趨勢是混合部署，即客戶希望將部分運算放在雲端，但也希望在本地進行一些運算。當客戶利用人工智慧模型時希望保護他們的資料時，這一點變得越來越重要。因此，這對於混合資料中心環境來說是一個真正的成長領域。

Got it. And I guess just on inventory, I mean, it looks like it's basically normalized to historical levels. Should we expect customer reordering to accelerate in fiscal '26?

知道了。我想就庫存而言，它看起來基本上已經恢復到歷史水平。我們是否應該預期客戶重新訂購將在 26 財年加速？

Yes. The -- it's a good point on inventory. We feel like we're getting really to that optimized level. In fact, if anything, we want to make sure we have enough of the right product. We're seeing some positive signs from the channel as well that their velocity is improving. It's hard to say how much that will continue in FY26, but we are seeing some improvement there.

是的。這是關於庫存的一個好觀點。我們感覺我們確實已經達到了優化水平。事實上，如果有的話，我們希望確保我們有足夠的正確產品。我們也從該管道看到了一些積極的跡象，表明他們的速度正在提高。很難說這種情況在 26 財年會持續多久，但我們看到了一些改善。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

This is Caden on for Fish. My first question, what was the linearity of the quarter like? What did you guys see through July? Was there any impact from tariff/macro volatility?

這是 Caden 為 Fish 做的表演。我的第一個問題是，本季的線性情況如何？大家七月看到了什麼？關稅/宏觀波動有影響嗎？

I think the -- again, we had favorable mix that navigated its way through. I think the -- I don't know that there was really anything unusual about the way the linearity came into the quarter. And frankly, there's not anything unusual about the way the demand is shaping up either. There is some tariff impact. This is Jamie, by the way.

我認為——我們再次擁有了有利的組合，並且順利通過了。我認為——我不知道本季的線性表現是否真的有什麼不尋常之處。坦白說，需求形成的方式也沒有什麼不尋常之處。這會產生一些關稅影響。順便說一下，這是傑米。

There has been some tariff impact, but we've really been navigating through that either through some accelerated buys that we had as well as leveraging our lower tariff regions for manufacturing. So we've had some tariff impact. Again, that's been a very volatile situation. And with some of the more recent information that's come out, we're analyzing how we think that's going to play into Q4. But as it relates to F-Q3, there wasn't anything unique really about the linearity.

雖然存在一些關稅影響，但我們一直在努力解決這個問題，要么透過加速採購，要么利用關稅較低的地區進行製造。因此我們受到了一些關稅影響。再次強調，這是一個非常不穩定的局勢。根據最近發布的一些信息，我們正在分析這將如何影響第四季度。但就 F-Q3 而言，線性並沒有什麼獨特之處。

Got you. And then just how are you guys feeling about the M&A environment? Like what are the opportunities shaping out there?

明白了。那你們對於併購環境有何看法？比如，那裡正在形成什麼樣的機會？

Yes, it's still a robust environment out there. We've got a real healthy pipeline. It's always an arm wrestle of valuations for the right opportunities. And we continue to emphasize opportunities that have really strong ARR, good growth profiles. We have a right to own them clearly, and then we want them to be profitable as well. So but it's a healthy market out there. So we feel like we've got a good pipeline.

是的，那裡的環境依然強勁。我們擁有真正健康的管道。尋找正確機會的估值始終是一場角逐。我們將繼續強調那些具有真正強勁的 ARR 和良好成長前景的機會。我們明確擁有它們的權利，我們也希望它們能夠獲利。但這是一個健康的市場。所以我們覺得我們已經擁有了良好的管道。

Scott Searle, ROTH Capital.

斯科特·塞爾（Scott Searle），羅仕資本（ROTH Capital）。

Ron, I was hoping you could provide a little bit of color maybe geographically and by some of the vertical end markets. I know you had a big win with -- I think it was NYC DOT. But where is the activity? Where are you seeing the demand and the pull-through in the pipeline building right now?

羅恩，我希望你能從地理位置和一些垂直終端市場的角度提供一些資訊。我知道你取得了巨大的勝利——我認為是紐約市交通局。但活動在哪裡？您現在在哪裡看到管道建設的需求和拉動？

Yes, it's a really good question. One of the hallmarks of Digi is we have tremendous diversity across different industries. And that diversity has really helped us through good times and challenging ones. For example, right now, as you can imagine, that renewable market isn't as strong as it had been traditionally. And so we're not seeing maybe as much demand there as we've had in previous periods.

是的，這是一個非常好的問題。Digi 的標誌之一是我們在不同行業中擁有巨大的多樣性。這種多樣性確實幫助我們度過了順境和逆境。例如，正如您所想像的，現在再生能源市場並不像傳統上那麼強勁。因此，我們看到的需求可能不像前期那麼大。

But we've seen really good demand in the utility segment, in water. Mass transit has come back as well as -- we talked about earlier, it's been good business in both the Edge as well as in data center environments, and AI has been a nice boost there as well. So those positives right now are outweighing the challenges. And North America, I think, is gaining more prominence as compared to the other geos.

但我們發現公用事業領域和水務領域的需求確實很好。公共交通也已經復甦——正如我們之前討論過的，它在邊緣和資料中心環境中都表現良好，人工智慧也在那裡起到了很好的推動作用。因此，目前的正面因素大於挑戰。我認為，與其他地區相比，北美正變得越來越重要。

APAC, in particular, I think, has been softer for us than maybe we would have liked, but more than offset by some strength in North America. Europe is going to be a bit of a wildcard here as they're working through a lot of things on that side, and we remain optimistic, but there may be some bumps along the way in Europe.

我認為，亞太地區對我們來說尤其疲軟，可能比我們想像的要弱，但北美地區的一些強勁表現足以抵消這一影響。歐洲將會是一個有點不確定的因素，因為他們正在努力解決這方面的許多問題，我們仍然保持樂觀，但在歐洲的道路上可能會遇到一些障礙。

Got you. You already addressed the channel issue. It sounds like things are starting to normalize there. But from a cost and component standpoint, I wonder if you could give us some updated thoughts in terms of the competitive landscape with China-based vendors, that's creating opportunities for you.

明白了。您已經解決了渠道問題。聽起來那裡的情況開始正常化了。但從成本和組件的角度來看，我想知道您是否可以就與中國供應商的競爭格局給我們一些最新的想法，這為您創造了機會。

It sounds like you guys have been able to manage your cost structure or your BOM pretty well from that standpoint. And it sounds like, if anything, just tariff certainty is going to drive decision-making, whereas we've been a little bit more of a holding pattern.

從這個角度來看，聽起來你們已經能夠很好地管理成本結構或物料清單。聽起來，如果有的話，只有關稅確定性才會推動決策，而我們一直以來都處於一種等待狀態。

Yes, Scott, you nailed it. I think as things become clear, even if you don't like them, it enables you to make really effective decision-making. We're very, very fortunate to put in the work prior to have a diversified supply chain. So we've got some flexibility. Of course, you can't just turn on a dime, but we're trying to take advantage of those areas where the transit routes are very favorable, whether it's Mexico into North America or Asia into Europe.

是的，斯科特，你說對了。我認為，隨著事情變得清晰，即使你不喜歡它們，它也能夠讓你做出真正有效的決策。我們非常非常幸運能夠在擁有多元化供應鏈之前投入工作。因此我們有一定的靈活性。當然，你不能隨心所欲地改變方向，但我們正在嘗試利用那些交通路線非常便利的地區，無論是從墨西哥到北美，還是從亞洲到歐洲。

And so we've got some flexibility there. And we're going to take advantage of that. We have really moved all of our manufacturing out of China. So we don't have the exposure to what we think has been more of a longer-term risk there. And there could be some opportunities as we run into some competitors that maybe don't have as flexible supply chain.

因此我們在這方面具有一定的彈性。我們將利用這一點。我們確實已將所有製造業遷出中國。因此，我們並沒有面臨我們認為的長期風險。當我們遇到一些可能沒有那麼靈活供應鏈的競爭對手時，可能會有一些機會。

There is a tremendous amount of tariff engineering going out there where transformation is occurring. There's competitors considering opening facilities in North America, but there could be a short-term opportunity for us.

在發生轉型的地區，有大量的關稅工程正在進行中。有些競爭對手正在考慮在北美開設工廠，但這對我們來說可能是個短期機會。

Got you. And lastly, if I could, just in terms of the near-term visibility, I'm wondering if there's a turns number that's required to hit maybe the middle of the range. And Jamie, just in terms of capital allocation, you guys have obviously been doing a great job on the free cash flow generation front and paying down the debt. As you basically get to a net cash position, where does the buyback stand in terms of the level of priorities versus keeping a little bit more in the kitty for M&A?

明白了。最後，如果可以的話，僅就近期可見性而言，我想知道是否需要達到該範圍的中間值。傑米，就資本配置而言，你們在自由現金流產生和償還債務方面顯然做得很好。當你基本上處於淨現金狀況時，從優先等級來看，回購處於什麼位置，與併購保留更多資金相比，回購處於什麼位置？

Yes. Scott, good to hear from you. I think the priority continues to be M&A. And I would say we would prioritize it that way. We've been pretty clear as that being part of our strategy, and I would largely look for any deployment to go that route versus, say, a buyback. We are focused on finding the right acquisitions. And so we would deploy our capital with priority there.

是的。史考特，很高興收到你的來信。我認為首要任務仍然是併購。我想說我們會以這種方式決定優先順序。我們已經非常明確地表示這是我們策略的一部分，而且我將主要尋求任何部署都走這條路線，而不是回購。我們專注於尋找合適的收購對象。因此，我們將優先在那裡部署我們的資本。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

One final one for me today. Ron, on the 2025 outlook, you've got revenues flat year-over-year, recurring revenue up double digits. And I think I heard you say in your prepared comments that you continue to expect that the recurring piece would grow faster. I'm just looking at the consensus for 2026, well aware, you're not prepared to guide today.

今天對我來說是最後一個。羅恩，展望 2025 年，您的收入將與去年持平，而經常性收入將增長兩位數。我想我聽到您在準備好的評論中說過，您仍然期望重複的部分會增長得更快。我只是在看 2026 年的共識，很清楚，你今天還沒準備好指導。

But the consensus does assume, call it, a mid-single-digit growth rate on that reported line. And so I just wanted to give you the opportunity to make any comment about the interplay there where potentially the more success you have on recurring revenue, there can be some optical headwinds there on the reported revenue. Anything you could do to frame how you're thinking about next year would be helpful.

但普遍的看法是，報告的成長率將達到中等個位數。因此，我只是想給你機會對其中的互動發表任何評論，在經常性收入方面取得的成功越多，報告的收入就可能面臨一些表面上的阻力。任何可以幫你規劃明年計畫的事情都會很有幫助。

Yes. In my prepared remarks, I talked about how we expect ARR and profitability to outpace our top line growth. And we think that will persist beyond FY25. We haven't characterized the percentages. And when there's opportunities for us to service a customer with more of a solution that is over a multiyear period, we're going to take that every time.

是的。在我準備好的演講中，我談到了我們預計 ARR 和獲利能力將超過我們的營收成長。我們認為這種狀況將持續到2025財年之後。我們尚未確定百分比的具體數字。當我們有機會為客戶提供多年的解決方案時，我們每次都會抓住這個機會。

And that will dampen our onetime revenue, but it's got a higher IRR, and it's a better opportunity for both the customer and for Digi. We continue to see those opportunities, and we're going to take advantage of those. And that's one of the big reasons that ARR is going to outpace revenue for the future. That ARR also contains a higher gross margin than what our one-time revenue, and that's what's going to help drive improved margins that we've seen and drive down to the bottom line, which will lift that adjusted EBITDA.

這會減少我們的一次性收入，但其內部收益率更高，對於客戶和 Digi 來說都是更好的機會。我們繼續看到這些機會，並且我們將利用這些機會。這就是未來 ARR 將超過收入的重要原因之一。該 ARR 還包含比我們的一次性收入更高的毛利率，這將有助於推動我們所看到的利潤率提高，並壓低底線，從而提高調整後的 EBITDA。

And we're seeing really a version of that happening as 2025 period unwound. We're seeing double-digit growth on ARR that's contributing to the gross margin. And now you're seeing us in the last two quarters lift our profit expectations. So we expect that model to continue. If I could, I'd sell all of our solutions recurring -- we're at a record 30%.

隨著 2025 年時期的結束，我們確實看到了這種情況的發生。我們看到 ARR 實現了兩位數的成長，這對毛利率有所貢獻。現在您看到我們在過去兩個季度提高了利潤預期。因此我們預計該模式將會持續下去。如果可以的話，我會重複銷售我們所有的解決方案——我們的銷售額達到了創紀錄的 30%。

We do have customers and products that are appropriate for that, but we're going to keep emphasizing that because we think it's in the customers' best interest. It really matches investment with return. It's very cash flow friendly for our customers as well. And it's just easy. It makes it a lot easier.

我們確實有適合此需求的客戶和產品，但我們會繼續強調這一點，因為我們認為這符合客戶的最佳利益。真正做到了投資與回報相符。這對我們的客戶來說也非常有利於現金流。這很簡單。這讓事情變得容易多了。

It holds Digi to a higher level of responsibility than providing a product and having break fix support. If you get a real engagement at that ROI level, then you're just a component of a broader solution. So it's part of the color behind that real strong belief that the ARR and profit will outpace top line.

它要求 Digi 承擔比提供產品和提供故障修復支援更高層次的責任。如果您在該投資報酬率 (ROI) 層級上獲得真正的參與，那麼您就只是更廣泛解決方案的一個組成部分。因此，這也是人們堅信 ARR 和利潤將超過營業收入的原因之一。

Seeing no further questions, that concludes our Q&A session. I'd like to turn the call back over to Ron Konezny, CEO, for closing remarks.

如果沒有其他問題，我們的問答環節就結束了。我想將電話轉回給執行長 Ron Konezny，請他做最後發言。

Thank you. We look forward to participating in the Piper Sandler Annual Growth Frontiers Conference in mid-September in Nashville. Please seek out your Piper representative for a meeting at that event. And thank you for joining Digi's earnings call today. We appreciate the continued support of our customers, distributors, suppliers and our exceptional Digi team. Have a great day.

謝謝。我們期待參加 9 月中旬在納許維爾舉行的 Piper Sandler 年度成長前沿會議。請在該活動期間尋找您的 Piper 代表進行會面。感謝您今天參加 Digi 的收益電話會議。我們感謝客戶、經銷商、供應商和優秀的 Digi 團隊的持續支持。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。