AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF EARNINGS(Unaudited)(Amounts in thousands, except per share data) Three months ended March 31, 2025 2024 Net Sales $138,044 $92,422 Cost of sales 114,648 75,402 Gross profit 23,396 17,020 Selling, general and administrative expenses 16,755 12,523 Depreciation & amortization expense 1,737 871 Acquisition related costs 126 123 Total selling, general and administrative expenses 18,618 13,517 Income from operations 4,778 3,503 Interest, net 186 203 Foreign currency transaction loss (580) (85)Change in fair value of acquisition contingent consideration (136) – Income before provision for income taxes 4,248 3,621 Provision for income taxes 564 890 Net income $3,684 $2,731 Income per common share – Basic $0.81 $0.60 Income per common share – Diluted $0.81 $0.60 Weighted average common shares outstanding – Basic 4,497 4,438 Weighted average common shares outstanding – Diluted 4,497 4,438 Dividends paid per common share $0.17 $0.17 Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)(Amounts in thousands, except per share data) The table below presents net income reconciled to adjusted EBITDA (Non-GAAP) (1): Three months ended March 31, March 31, 2025 2024 Net income $3,684 $2,731 Provision for income taxes 564 890 Depreciation and amortization 1,737 871 Interest expense 69 101 EBITDA 6,054 4,593 Share-based compensation 1,323 822 Acquisition related costs 126 123 Change in fair value of acquisition contingent consideration 136 – Adjusted EBITDA $7,639 $5,538 Three months ended March 31, March 31,Components of interest, net 2025 2024 Amortization of discount on accounts receivable with extended payment terms $(12) $(6)Interest income (243) (298)Interest expense 69 101 Interest, net $(186) $(203) (1) We define adjusted EBITDA, as net income, plus provision for income taxes, depreciation, amortization, share-based compensation, interest, acquisition related costs and change in fair value of acquisition contingent consideration.
Net Sales up 49% to $138.0 Million; Net Income up 35% to $3.7 Million or $0.81 per Share; Adjusted EBITDA (non-GAAP) up 38% to $7.6 MillionEATONTOWN, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Climb Global Solutions, Inc.(NASDAQ:CLMB) ("Climb” or the "Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the first quarter ended March 31, 2025.
AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(Amounts in thousands, except share and per share amounts) March 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $32,461 $29,778 Accounts receivable, net of allowance for doubtful accounts of $734 and $588, respectively 240,230 341,597 Inventory, net 2,328 2,447 Prepaid expenses and other current assets 6,144 6,874 Total current assets 281,163 380,696 Equipment and leasehold improvements, net 13,264 12,853 Goodwill 35,675 34,924 Other intangibles, net 35,904 36,550 Right-of-use assets, net 1,841 1,965 Accounts receivable long-term, net 1,183 1,174 Other assets 715 824 Deferred income tax assets 308 193 Total assets $370,053 $469,179 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $266,452 $370,397 Lease liability, current portion 688 654 Term loan, current portion 566 560 Total current liabilities 267,706 371,611 Lease liability, net of current portion 1,502 1,685 Deferred income tax liabilities 4,862 4,723 Term loan, net of current portion 48 191 Non-current liabilities 381 381 Total liabilities 274,499 378,591 Stockholders' equity Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares issued, and 4,584,055 and 4,601,302 shares outstanding, respectively 53 53 Additional paid-in capital 39,532 37,977 Treasury stock, at cost, 700,445 and 683,198 shares, respectively (14,397) (13,337)Retained earnings 71,705 68,787 Accumulated other comprehensive loss (1,339) (2,892)Total stockholders' equity 95,554 90,588 Total liabilities and stockholders' equity $370,053 $469,179 CLIMB GLOBAL SOLUTIONS, INC.
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