One year after lumping debt issuance costs with operating cash flows Digi International (DGII), a provider of IoT products and services, has restated its Statement of Cash Flows for the three months ended December 31, 2021. Without detailing how it mistook financing activities for operating activities— or why it took a year to correct— Digi offered this explanation:

“We corrected $13.4 million of debt issuance cost previously recorded within changes in operating assets and liabilities (net of acquisitions) within the operating activities and correctly presented the cash outflows as payments of debt issuance costs within financing activities.”

Though the restatement flipped operating cash flow in the period from ($9.8 million) to $5.8 million, or 159.2%, Digi calls the error immaterial.