Climb Global Solutions, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Climb Global Solutions, Inc. (CLMB) filed its Q1 2024 10-Q report, detailing financial positions and operational segments.</b>

AI Summary

Climb Global Solutions, Inc. (CLMB) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Climb Global Solutions, Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as Wayside Technology Group, Inc. and Programmers Paradise Inc. The filing includes data related to stock-based compensation plans from 2012 and 2021. Financial data points include Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income as of March 31, 2024. The report details sales channels and geographic distribution for the Solutions and Distribution segments.

Why It Matters

For investors and stakeholders tracking Climb Global Solutions, Inc., this filing contains several important signals. This 10-Q filing provides a detailed look at Climb Global Solutions' financial health and operational performance for the first quarter of 2024, crucial for investors assessing the company's current standing. Understanding the company's historical name changes and its various stock-based compensation plans offers context for its corporate evolution and employee incentive structures.

Risk Assessment

Risk Level: — Climb Global Solutions, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Review the detailed segment performance and geographic revenue breakdowns in the 10-Q to identify growth trends and potential market opportunities.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)

Key Players & Entities

• Climb Global Solutions, Inc. (company) — Filer name
• Wayside Technology Group, Inc. (company) — Former company name
• PROGRAMMERS PARADISE INC (company) — Former company name

FAQ

Industry Context

Climb Global Solutions operates in the wholesale of computer and peripheral equipment and software sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue trends, profitability, and balance sheet changes.
2. Examine the segment information to understand the performance drivers of the Solutions and Distribution businesses.
3. Review any disclosures related to stock-based compensation and their potential impact on dilution.

Key Dates

• 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
• 2024-05-02: Filing Date — The date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during the preceding quarter.)

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Filing Documents

• clmb-20240331x10q.htm (10-Q) — 1595KB
• clmb-20240331xex31d1.htm (EX-31.1) — 13KB
• clmb-20240331xex31d2.htm (EX-31.2) — 13KB
• clmb-20240331xex31d3.htm (EX-31.3) — 13KB
• clmb-20240331xex32d1.htm (EX-32.1) — 7KB
• clmb-20240331xex32d2.htm (EX-32.2) — 7KB
• clmb-20240331xex32d3.htm (EX-32.3) — 7KB
• 0001558370-24-006567.txt (&nbsp;) — 7048KB
• clmb-20240331.xsd (EX-101.SCH) — 42KB
• clmb-20240331_cal.xml (EX-101.CAL) — 63KB
• clmb-20240331_def.xml (EX-101.DEF) — 169KB
• clmb-20240331_lab.xml (EX-101.LAB) — 393KB
• clmb-20240331_pre.xml (EX-101.PRE) — 299KB
• clmb-20240331x10q_htm.xml (XML) — 1295KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Earnings for the three months ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32

OTHER INFORMATION

PART II OTHER INFORMATION Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 5. Other Information 33 Item 6. Exhibits, Financial Statement Schedules 34

SIGNATURES

SIGNATURES 35 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q ("Quarterly Report") includes statements of our expectations, intentions, plans and beliefs that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are intended to come within the safe harbor protection provided by those sections. The statements, other than statements of historical fact, included in this Quarterly Report are forward-looking statements. Many of the forward-looking statements contained in this Quarterly Report may be identified by the use of forward-looking words such as "believes," "expects," "intends," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "under construction," "in development," "opportunity," "target," "outlook," "maintain," "continue," "goal," "aim," "commit," or similar expressions or when we discuss our future operating results, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Because these forward-looking statements are subject to risks and uncertainties, actual results could differ materially from those indicated by such forward-looking statements. These risks and uncertainties include, but are not limited to, the continued acceptance of the Company's distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Climb Global Solutions, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands, except share and per share amounts) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 43,572 $ 36,295 Accounts receivable, net of allowance for doubtful accounts of $ 744 and $ 709 , respectively 180,587 222,269 Inventory, net 1,865 3,741 Prepaid expenses and other current assets 6,619 6,755 Total current assets 232,643 269,060 Equipment and leasehold improvements, net 9,890 8,850 Goodwill 26,906 27,182 Other intangibles, net 25,920 26,930 Right-of-use assets, net 848 878 Accounts receivable, net of current portion 752 797 Other assets 974 1,077 Deferred income tax assets 389 324 Total assets $ 298,322 $ 335,098 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 213,221 $ 249,648 Lease liability, current portion 495 450 Term loan, current portion 545 540 Total current liabilities 214,261 250,638 Lease liability, net of current portion 771 879 Deferred income tax liabilities 5,492 5,554 Term loan, net of current portion 614 752 Other non-current liabilities 735 2,505 Total liabilities 221,873 260,328 Commitments and contingencies Stockholders' equity: Common stock, $ .01 par value; 10,000,000 shares authorized; 5,284,500 shares issued: 4,585,131 and 4,573,448 shares outstanding, respectively 53 53 Additional paid-in capital 35,170 34,647 Treasury stock, at cost, 699,369 and 711,052 shares, respectively ( 12,724 ) ( 12,623 ) Retained earnings 55,190 53,215 Accumulated other comprehensive loss ( 1,240 ) ( 522 ) Total stockholders' equity 76,449 74,770 Total liabilities and stockholders' equity $ 298,322 $ 335,098 The accompanying notes are an integral part of these conden

View Full Filing

View this 10-Q filing on SEC EDGAR