Financial Analysis

ACQUISITIONS Fiscal 2025 Acquisition On August 18, 2025, we acquired Jolt for approximately $148.5 million in cash. The acquisition was funded through a combination of cash on hand and debt financing under a draw of $150 million from our existing credit facility committed by BMO Harris Bank N.A. For tax purposes, this acquisition is treated as a stock acquisition. The goodwill therefore is not deductible except for the $11.0 million in carryover tax basis goodwill. We believe this is a complementary acquisition for us as it significantly enhances our IoT Solutions segment by enhancing Digi's SmartSense service portfolio. Costs directly related to the acquisition of $1.9 million incurred in fiscal 2025 were charged to operations and are included in general and administrative expense in our consolidated statements of operations. These acquisition costs include legal, accounting, valuation and investment banking fees. The following table summarizes the fair values of Jolt assets acquired and liabilities assumed as of the acquisition date (in thousands): Cash $ 148,487 Fair value of net tangible liabilities acquired* $ (4,694) Deferred tax assets from net operating loss carryforwards and other tax attributes 13,798 Identifiable intangible assets: Customer relationships 99,000 Purchased and core technology 16,000 Trademarks 4,500 Deferred tax liability on identifiable intangible assets (30,326) Goodwill 50,209 Total $ 148,487 *Includes $2.8 million in cash assumed in acquisition. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"CONTINGENCIES Leases We lease certain of our buildings and equipment under noncancelable lease agreements. Please refer to Note 8 to our consolidated financial statements for additional information. Litigation In October, 2024 we settled the lawsuit brought on October 23, 2020 by Data Logger Solutions, LLC (""Data Loggers"") in Delaware Superior Court against us and our subsidiary Digi SmartSense, LLC for a payment of $5.7 million and a mutual release of all claims associated with the facts that led to the lawsuit. The suit alleged that Data Loggers has not been paid certain commissions it believed it was owed and would continue to be owed under a Reseller Agreement between Data Loggers and TempAlert. SmartSense is the successor of interest of TempAlert and terminated the Reseller Agreement in 2019. Data Loggers claimed it was entitled to actual, speculative and punitive damages in connection with its allegations. In March 2024, a jury found Digi liable for breach of contract and awarded Data Loggers damages of approximately $11.6 million. Delaware law also entitled Data Loggers to seek interest on this award pursuant to a statutory calculation. Each party filed post-trial motions with respect to the jurys verdict and a hearing on those motions was held on June 28, 2024. Our motions sought to have the case retried or to remit the award of damages. The plaintiffs sought to expand the award of damages for attorneys fees and interest. The Court granted our motion, remitted the …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"INDEBTEDNESS On December 7, 2023, Digi entered into a credit agreement (the Credit Agreement) with BMO Bank N.A. (BMO), as administrative and collateral agent, BMO Capital Markets Corp., BofA Securities, Inc. and MUFG Bank, Ltd., as joint lead arrangers and joint bookrunners, and the several banks and other financial institutions or entities from time to time party thereto as lenders (the Lenders). The Credit Agreement provides Digi with a senior secured credit facility (the 2023 Credit Facility). The 2023 Credit Facility includes a $250 million senior secured revolving credit facility (the Revolving Loan), with an uncommitted accordion feature that provides for additional borrowing capacity of up to the greater of $95 million or one hundred percent of trailing twelve month adjusted earnings before interest, taxes, depreciation, and amortization (""EBITDA""). The 2023 Credit Facility also contains a $10 million letter of credit sublimit and $10 million swingline sub-facility. Digi may use the proceeds of the 2023 Credit Facility in the future for general corporate purposes. Digi borrowed a total of $215 million under the 2023 Credit Facility to repay all obligations and to pay related fees and expenses under the Third Amended and Restated Credit Agreement dated as of December 22, 2021 (the 2021 Credit Facility), by and among Digi, as the borrower, BMO, as administrative agent and collateral agent, BMO Capital Markets Corp., as sole lead arranger and bookrunner, and the other …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes our revenue by geographic location of our customers: Year ended September 30, ($ in thousands) 2025 2024 2023 North America, primarily the United States $ 341,904 $ 302,491 $ 323,714 Europe, Middle East & Africa 62,887 64,890 69,980 Rest of world 25,430 56,665 51,155 Total revenue $ 430,221 $ 424,046 $ 444,849 The following table summarizes our revenue by the timing of revenue recognition: Year ended September 30, ($ in thousands) 2025 2024 2023 Transferred at a point in time $ 303,470 $ 313,421 $ 345,119 Transferred over time 126,751 110,625 99,730 Total revenue $ 430,221 $ 424,046 $ 444,849

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS, NET Identifiable Intangible Assets, Net Amortizable identifiable intangible assets, net as of September 30, 2025 and 2024 were comprised of the following (in thousands): September 30, 2025 September 30, 2024 Gross carrying amount Accum. amort. Net Gross carrying amount Accum. amort. Net Purchased and core technology $ 100,986 $ (67,533) $ 33,453 $ 85,041 $ (63,654) $ 21,387 License agreements 112 (112) 112 (112) Patents and trademarks 45,468 (24,870) 20,598 40,335 (22,047) 18,288 Customer relationships 408,198 (111,561) 296,637 309,223 (95,989) 213,234 Non-compete agreements 600 (600) 600 (600) Order backlog 1,000 (1,000) 1,000 (1,000) Total $ 556,364 $ (205,676) $ 350,688 $ 436,311 $ (183,402) $ 252,909 Amortization expense is included in our consolidated statements of operations in cost of sales and general and administrative expense. Amortization expense in cost of sales includes amortization for purchased and core technology and certain patents and trademarks. Amortization expense for fiscal years 2025, 2024 and 2023 was as follows (in thousands): Fiscal year Total 2025 $ 22,141 2024 24,552 2023 $ 25,226 Estimated amortization expense for the next five fiscal years is as follows (in thousands): Fiscal year Total 2026 $ 28,504 2027 28,504 2028 28,296 2029 26,412 2030 $ 26,009 The changes in the carrying amount of goodwill by reportable segments are (in thousands): IoT Products & Services IoT Solutions Total Balance on …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"10. INCOME TAXES The components of income before income taxes are (in thousands): Year ended September 30, 2025 2024 2023 United States $ 47,517 $ 19,088 $ 21,149 International 2,400 3,770 3,769 Income before income taxes $ 49,917 $ 22,858 $ 24,918 10. INCOME TAXES (CONTINUED) The components of the income tax expense are (in thousands): Year ended September 30, 2025 2024 2023 Current: Federal $ 12,263 $ 9,149 $ 9,894 State 2,318 1,995 1,955 Foreign 1,110 832 598 Deferred: Federal (5,563) (11,189) (12,131) Foreign (1,015) (434) (168) Income tax (benefit) expense $ 9,113 $ 353 $ 148 Net deferred tax liability consists of (in thousands): As of September 30, 2025 2024 Non-current deferred tax asset $ 5,131 $ 16,141 Non-current deferred tax liability (164) (1,308) Net deferred tax asset (liability) $ 4,967 $ 14,833 Depreciation and amortization $ (5,075) $ (4,735) Lease asset (1,927) (2,283) Lease liability 2,783 3,183 Inventories 5,737 6,614 Compensation costs 6,308 5,552 Deferred Revenue 10,863 7,595 Other accruals 5,839 5,805 Tax credit carryforwards 4,488 3,531 Net operating loss carryforwards 9,840 323 Valuation allowance (3,217) (3,317) Identifiable intangible assets (57,926) (25,533) Research and development costs 27,254 18,098 Net deferred tax asset (liability) $ 4,967 $ 14,833 As of September 30, 2025, we had $2.8 million of tax carryforwards (net of reserves) related to state research and development tax credits. We also had $38.7 million of US federal net operating los …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES All of our leases are operating leases and primarily consist of leases for office space. For any lease with an initial term in excess of twelve months, the related lease assets and lease liabilities are recognized on our consolidated balance sheets as either operating or financing leases at the inception of an agreement where it is determined that a lease exists. We have lease agreements that contain both lease and non-lease components. We have elected to combine lease and non-lease components for all classes of assets. Leases with an initial term of twelve months or less are not recorded on our consolidated balance sheets. Instead we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease assets represent the right to use an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments. These assets and liabilities are recognized based on the present value of future payments over the lease term at the commencement date. We generally use a collateralized incremental borrowing rate based on information available at the commencement date, including the lease term, in determining the present value of future payments. When determining our right-of-use asset, we generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. Our leases typically require payment of real estate taxes and common area maintenan …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Adopted Accounting Standards In November 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires entities to disclose, on an annual and interim basis, significant segment expenses that are regularly reviewed by the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss. This amendment is effective for our fiscal year ending September 30, 2025 and interim periods within our fiscal year ending September 30, 2026. The Company adopted annual requirements under ASU 2023-07 on July 1, 2025 which has been incorporated into Note 4 . Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses, which improves disclosures about a companys expenses and provides more detailed information about the types of expenses in commonly presented expense captions. This amendment is effective for our fiscal year ending September 30, 2028 and interim periods within our fiscal year ending September 30, 2029. We are currently assessing the impact of this guidance on our disclosures. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which enhances the transp …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS We currently have a savings and profit sharing plan pursuant to Section 401(k) of the Internal Revenue Code, whereby eligible employees may contribute up to 25% of their pre-tax earnings subject to certain limits under law. We provide a match of 100% on the first 3% of each employees bi-weekly contribution and a 50% match on the next 2% of each employees bi-weekly contribution. We provided matching contributions of $3.8 million for fiscal 2025, $3.7 million for fiscal 2024 and $3.4 million for fiscal 2023. In addition, we may make contributions to the plan at the discretion of the Board of Directors. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE Revenue Disaggregation The following table summarizes our revenue by geographic location of our customers: Year ended September 30, ($ in thousands) 2025 2024 2023 North America, primarily the United States $ 341,904 $ 302,491 $ 323,714 Europe, Middle East & Africa 62,887 64,890 69,980 Rest of world 25,430 56,665 51,155 Total revenue $ 430,221 $ 424,046 $ 444,849 The following table summarizes our revenue by the timing of revenue recognition: Year ended September 30, ($ in thousands) 2025 2024 2023 Transferred at a point in time $ 303,470 $ 313,421 $ 345,119 Transferred over time 126,751 110,625 99,730 Total revenue $ 430,221 $ 424,046 $ 444,849 We had one distributor customer of Digi's IoT Products & Services segment that represented 13% of consolidated revenue for the twelve months ended September 30, 2025. No customers represented over 10% of consolidated revenue for the twelve months ended September 30, 2024 or 2023. 9. REVENUE (CONTINUED) Contract Balances Contract Related Assets Our contract related assets consist of subscriber assets. Subscriber assets are equipment that we provide to customers pursuant to subscription-based contracts. In these cases, we retain the ownership of the equipment a customer uses and charge the customer subscription fees to receive our end-to-end solutions. The total net book value of subscriber assets of $22.9 million and $23.6 million as of September 30, 2025 and September 30, 2024, respectively, are included in property, e …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENT INFORMATION AND MAJOR CUSTOMERS We have two reportable segments that also serve as our operating segments: (i) IoT Products & Services and (ii) IoT Solutions. This determination was made by considering both qualitative and quantitative information. The qualitative information included, but was not limited to, the following: each segment is led by a single segment manager that reports to the Chief Operating Decision Maker (CODM), the nature of the products and services and customers differ between the two segments, discrete financial information is available including revenue and operating income for both segments and the CODM is reviewing both segments financial information separately to make decisions about the allocation of resources. IoT Products & Services derives revenue from the sale of products and services that help original equipment manufacturers (""OEMs""), enterprise and government customers create and deploy, secure IoT connectivity solutions. IoT Solutions derives revenue from the sale of software-based services that are enabled through the use of connected devices that utilize cellular communications. Our CEO is our CODM. In the fourth quarter of fiscal 2025, the metric he uses to measure profitability within each of our reportable segments was changed from segment gross profit to operating income. Summary operating results for each of our segments were as follows (in thousands): Year ended September 30, 2025 2024 2023 Revenue IoT Products &amp …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

ACQUISITIONS On August 18, 2025, we acquired Jolt for an estimated $148.5 million in cash. In the first quarter of fiscal 2026, we made net working capital adjustments due to an underage in the net working capital assumed in the transaction. This resulted in a decrease in consideration of $1.1 million and a reduction to goodwill of $0.9 million. This resulted in an estimated consideration of $147.4 million and goodwill of $49.3 million as of December 31, 2025. The condensed consolidated balance sheet as of December 31, 2025 reflected the preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Purchase price allocations may be subject to future adjustments for the net assets, including intangible assets, acquired working capital balances and income tax assets and liabilities within the one-year measurement period.

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COMMITMENTS AND CONTINGENCIES We lease certain of our buildings and equipment under non-cancelable lease agreements. Please refer to Note 11 to our condensed consolidated financial statements for additional information. In the normal course of business, we presently are, and expect in the future to be, subject to various claims and litigation with third parties such as non-practicing intellectual property entities as well as customers, vendors and/or employees. There can be no assurance that any claims by third parties, if proven to have merit, will not materially adversely affect our business, liquidity or financial condition.

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". INDEBTEDNESS On December 23, 2025, Digi entered into a First Amendment to Revolving Credit Agreement (the Amendment) with BMO Bank N.A. (BMO), as administrative and collateral agent, certain subsidiaries of Digi as guarantors (Guarantors) and the several banks and other financial institutions or entities party thereto as lenders (the Lenders). This amended our Revolving Credit Agreement , dated as of December 7, 2023 (as amended by the Amendment, the Credit Agreement) among Digi, BMO, the Guarantors party thereto and the Lenders from time to time party thereto. The Credit Agreement provides Digi with a senior secured credit facility (the Credit Facility). The Credit Facility includes a $250 million senior secured revolving credit facility (the Revolving Loan), with an uncommitted accordion feature that provides for additional borrowing capacity of up to the greater of $105 million or one hundred percent of trailing twelve month adjusted earnings before interest, taxes, depreciation, and amortization (""EBITDA""). The Credit Facility also contains a $10 million letter of credit sublimit and $10 million swingline sub-facility. Digi may use the proceeds of the Credit Facility in the future for general corporate purposes. Borrowings under the Credit Facility bear interest at a rate per annum equal to Term Secured Overnight Financing Rate (""SOFR"") with a floor of 0.00% for an interest period of one, three, or six months as selected by Digi, reset at the end of the selected in …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes our revenue by geographic location of our customers (in thousands): Three months ended December 31, 2025 2024 North America, primarily the United States $ 101,261 $ 79,012 Europe, Middle East & Africa 12,894 18,010 Rest of world 8,307 6,844 Total revenue $ 122,462 $ 103,866 The following table summarizes our revenue by the timing of revenue recognition (in thousands): Three months ended December 31, 2025 2024 Transferred at a point in time $ 83,351 $ 74,603 Transferred over time 39,111 29,263 Total revenue $ 122,462 $ 103,866

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"STOCK-BASED COMPENSATION Stock-based awards granted in the first three months of fiscal 2025 and 2024 were granted under the Digi International Inc. 2021 Omnibus Incentive Plan (as amended and restated, the ""2021 Plan""). Shares subject to awards under the 2021 Plan or any prior plans that are forfeited, canceled, returned to us for failure to satisfy vesting requirements, settled in cash or otherwise terminated without payment also will be available for grant under the 2021 Plan. The authority to grant options under the 2021 Plan and set other terms and conditions rests with the Compensation Committee of the Board of Directors. As of December 31, 2025, there were approximately 2,846,474 shares available for future grants under the 2021 Plan. Cash received from the exercise of stock options was $3.3 million and $1.8 million for the three months ended December 31, 2025 and 2024, respectively. Our equity plans and corresponding forms of award agreements generally have provisions allowing employees to elect to satisfy tax withholding obligations through the delivery of shares. When employees make this election, we retain a portion of shares issuable under the award. Tax withholding obligations are otherwise fulfilled by the employee paying cash to us for the withholding. During the three months ended December 31, 2025 and 2024, our employees forfeited 163,304 shares and 100,011 shares, respectively, in order to satisfy withholding tax obligations of $6.5 million and $3.2 milli …

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GOODWILL AND OTHER INTANGIBLE ASSETS, NET Amortizable intangible assets were (in thousands): December 31, 2025 September 30, 2025 Gross carrying amount Accum. amort. Net Gross carrying amount Accum. amort. Net Purchased and core technology $ 101,014 $ (68,878) $ 32,136 $ 100,986 $ (67,533) $ 33,453 License agreements 112 (112) 112 (112) Patents and trademarks 45,532 (25,594) 19,938 45,468 (24,870) 20,598 Customer relationships 408,211 (116,766) 291,445 408,198 (111,561) 296,637 Non-compete agreements 600 (600) 600 (600) Order backlog 1,000 (1,000) 1,000 (1,000) Total $ 556,469 $ (212,950) $ 343,519 $ 556,364 $ (205,676) $ 350,688 Amortization expense for intangible assets was $7.2 million and $5.8 million for the three months ended December 31, 2025 and 2024, respectively. Amortization expense is recorded on our condensed consolidated statements of operations within cost of sales and in general and administrative expense. Estimated amortization expense related to intangible assets for the remainder of fiscal 2026 and the five succeeding fiscal years is (in thousands): 2026 (nine months) $ 21,421 2027 28,555 2028 28,347 2029 26,579 2030 26,175 2031 26,122 The changes in the carrying amount of goodwill by reportable segments are (in thousands): Three months ended December 31, 2025 IoT Products & Services IoT Solutions Total Balance on September 30, 2025 $ 175,266 $ 217,606 $ 392,872 Adjustment (see Note 2 ) (923) (923) Foreign currency translation adjustment (1) 146 145 Bal …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Our income tax expense was $2.3 million for the three months ended December 31, 2025. Included in this was a net tax benefit of $0.8 million discretely related to the three months ended December 31, 2025. Our effective tax rate will vary based on a variety of factors. These factors include our overall profitability, the geographical mix of income before taxes and related statutory tax rate in each jurisdiction, and tax items discretely related to the period, such as tax impacts of stock compensation. We may record other benefits or expenses in the future that are specific to a particular quarter such as expiration of statutes of limitation, the completion of tax audits, or legislation that is enacted in both U.S. and foreign jurisdictions. On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses such as the permanent extension of certain expiring provisions of the Tax Cuts and Job Act, restoration of favorable tax treatment for certain businesses provisions including the expensing of domestic research and development expenditures, and modifications to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in fiscal year 2026 and others implemented through fiscal year 2027. We have incorporated the impact of the new legislation into the year-to-date effective tax rate and continue to assess the impact on the c …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES All of our leases are operating leases and primarily consist of leases for office space. For any lease with an initial term in excess of 12 months, the related lease assets and lease liabilities are recognized on the condensed consolidated balance sheets as either operating or financing leases at the inception of an agreement where it is determined that a lease exists. We have lease agreements that contain both lease and non-lease components. We have elected to combine lease and non-lease components for all classes of assets. Leases with an expected term of 12 months or less are not recorded on the condensed consolidated balance sheets. Instead we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease assets represent the right to use an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments. These assets and liabilities are recognized based on the present value of future payments over the lease term at the commencement date. We generally use a collateralized incremental borrowing rate based on information available at the commencement date, including the lease term, in determining the present value of future payments. When determining our right-of-use assets, we generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. 11. LEASES (CONTINUED) Our leases typically require payment of real e …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

REVENUE Revenue Disaggregation The following table summarizes our revenue by geographic location of our customers (in thousands): Three months ended December 31, 2025 2024 North America, primarily the United States $ 101,261 $ 79,012 Europe, Middle East & Africa 12,894 18,010 Rest of world 8,307 6,844 Total revenue $ 122,462 $ 103,866 The following table summarizes our revenue by the timing of revenue recognition (in thousands): Three months ended December 31, 2025 2024 Transferred at a point in time $ 83,351 $ 74,603 Transferred over time 39,111 29,263 Total revenue $ 122,462 $ 103,866 8. REVENUE (CONTINUED) We had two distributor customers of Digi's IoT Products & Services segment that represented 12% and 11% of consolidated revenue for the three months ended December 31, 2025. Contract Balances Contract Related Assets Our contract related assets consist of subscriber assets. Subscriber assets are equipment that we provide to customers pursuant to subscription-based contracts. In these cases, we retain the ownership of the equipment a customer uses and charge the customer subscription fees to receive our end-to-end solutions. The total net book value of subscriber assets of $22.0 million and $22.9 million as of December 31, 2025 and September 30, 2025, respectively, are included in property, equipment and improvements, net. Depreciation expense for these subscriber assets, which is included in cost of sales, was $2.4 million and $1.9 million for the three months end …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENT INFORMATION We have two reportable segments that also serve as our operating segments: (i) IoT Products & Services and (ii) IoT Solutions. This determination was made by considering both qualitative and quantitative information. The qualitative information included, but was not limited to, the following: each segment is led by a single segment manager that reports to the Chief Operating Decision Maker (CODM), the nature of the products and services and customers differ between the two segments, discrete financial information is available including revenue and operating income for both segments and the CODM is reviewing both segments financial information separately to make decisions about the allocation of resources. IoT Products & Services derives revenue from the sale of products and services that help original equipment manufacturers (""OEMs""), enterprise and government customers create and deploy, secure IoT connectivity solutions. IoT Solutions derives revenue from the sale of software-based services that are enabled through the use of connected devices that utilize cellular communications. Our CEO is our CODM. In the fourth quarter of fiscal 2025, the metric he uses to measure profitability within each of our reportable segments was changed from segment gross profit to operating income. Summary operating results for each of our segments were (in thousands): Three months ended December 31, 2025 2024 Revenue IoT Products & Services $ 86,354 $ 77,823 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUBSEQUENT EVENTOn January 27, 2025 Digi announced the acquisition of Particle Industries, Inc. (""Particle"") for $50million net of cash and debt assumed. Particle is a leading provider of application infrastructure for intelligent devices. The acquisition was funded through a combination of cash on hand and debt financing under a draw of $34million from our existing credit facility committed by BMO Harris Bank N.A."

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