AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF EARNINGS(Unaudited)(Amounts in thousands, except per share data) Year ended Three months ended December 31, December 31, 2024 2023 2024 2023 Net Sales $465,607 $352,013 $161,760 $106,783 Cost of sales 374,527 287,766 130,513 85,713 Gross profit 91,080 64,247 31,247 21,070 Selling, general and administrative expenses 56,508 44,330 17,075 12,400 Depreciation & amortization expense 4,269 2,798 1,336 864 Acquisition related costs 2,311 629 1,110 352 Total selling, general and administrative expenses 63,088 47,757 19,521 13,616 Income from operations 27,992 16,490 11,726 7,454 Interest, net 917 927 162 168 Foreign currency transaction (loss) gain (273) (636) 415 (536)Change in fair value of acquisition contingent consideration (3,618) - (2,466) - Income before provision for income taxes 25,018 16,781 9,837 7,086 Provision for income taxes 6,408 4,458 2,847 1,840 Net income $18,610 $12,323 $6,990 $5,246 Income per common share - Basic $4.06 $2.72 $1.52 $1.15 Income per common share - Diluted $4.06 $2.72 $1.52 $1.15 Weighted average common shares outstanding - Basic 4,465 4,401 4,485 4,427 Weighted average common shares outstanding - Diluted 4,465 4,401 4,485 4,427 Dividends paid per common share $0.68 $0.68 $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): Year ended Three months ended December 31,December 31, December 31,December 31, 2024 2023 2024 2023 Net income $18,610 $12,323 $6,990 $5,246 Provision for income taxes 6,408 4,458 2,847 1,840 Depreciation and amortization 4,269 2,798 1,336 864 Interest expense 335 264 69 170 EBITDA 29,622 19,843 11,242 8,120 Share-based compensation 4,070 4,148 1,260 726 Acquisition related costs 2,311 629 1,110 352 Change in fair value of acquisition contingent consideration 3,618 - 2,466 - Adjusted EBITDA $39,621 $24,620 $16,078 $9,198 Year ended Three months ended December 31,December 31, December 31,December 31,Components of interest, net 2024 2023 2024 2023 Amortization of discount on accounts receivable with extended payment terms $(34) $(50) $(11) $(9) Interest income (1,218) (1,141) (220) (329) Interest expense 335 264 69 170 Interest, net $(917) $(927) $(162) $(168) (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.
FY 2024 Net Income up 51% to $18.6 Million or $4.06 per share; Adjusted Net Income up 64% to $24.0 Million or $5.26 per share; Adjusted EBITDA up 61% to $39.6 Million Q4 & FY 2024 Net Sales, Gross Profit, Net Income, EPS and Adjusted EBITDA Increase to Record Levels EATONTOWN, N.J., March 05, 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 fourth quarter and full year ended December 31, 2024.
AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(Amounts in thousands, except share and per share amounts) December 31,2024 December 31,2023 ASSETS Current assets Cash and cash equivalents$29,778 $36,295 Accounts receivable, net of allowance for doubtful accounts of $588 and $709, respectively 341,597 222,269 Inventory, net 2,447 3,741 Prepaid expenses and other current assets 6,874 6,755 Total current assets 380,696 269,060 Equipment and leasehold improvements, net 12,853 8,850 Goodwill 34,924 27,182 Other intangibles, net 36,550 26,930 Right-of-use assets, net 1,965 878 Accounts receivable long-term, net 1,174 797 Other assets 824 1,077 Deferred income tax assets 193 324 Total assets$469,179 $335,098 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses$370,397 $249,648 Lease liability, current portion 654 450 Term loan, current portion 560 540 Total current liabilities 371,611 250,638 Lease liability, net of current portion 1,685 879 Deferred income tax liabilities 4,723 5,554 Term loan, net of current portion 191 752 Non-current liabilities 381 2,505 Total liabilities 378,591 260,328 Stockholders' equity Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares issued, and 4,601,302 and 4,573,448 shares outstanding , respectively 53 53 Additional paid-in capital 37,977 34,647 Treasury stock, at cost, 683,198 and 711,052 shares, respectively (13,337) (12,623) Retained earnings 68,787 53,215 Accumulated other comprehensive loss (2,892) (522)Total stockholders' equity 90,588 74,770 Total liabilities and stockholders' equity$469,179 $335,098 CLIMB GLOBAL SOLUTIONS, INC.
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