Climb Global Solutions Reports $626.7M in H1 Sales

TL;DR

Climb Global Solutions (CLMB) H1 sales hit $626.7M, net income $0.01/share. Cash $5.3M.

AI Summary

Climb Global Solutions, Inc. reported net sales of $626.7 million for the six months ended June 30, 2024, a slight increase from the prior year. The company's gross profit was $10 million, with net income of $0.01 per diluted share for the same period. Operating expenses were $4.6 million, and the company had $5.3 million in cash and cash equivalents as of June 30, 2024.

Why It Matters

This filing provides insight into Climb Global Solutions' financial performance for the first half of 2024, indicating modest sales growth and profitability.

Risk Assessment

Risk Level: low — The filing indicates stable financial performance with modest growth and no immediate red flags.

Key Numbers

• $626.7M — Net Sales (For the six months ended June 30, 2024, showing modest growth.)
• $10.0M — Gross Profit (For the six months ended June 30, 2024.)
• $0.01 — Diluted EPS (For the six months ended June 30, 2024.)
• $5.3M — Cash and Cash Equivalents (As of June 30, 2024, indicating liquidity.)

Key Players & Entities

• Climb Global Solutions, Inc. (company) — Filer
• Wayside Technology Group, Inc. (company) — Former company name
• PROGRAMMERS PARADISE INC (company) — Former company name
• 626,709,000 (dollar_amount) — Net sales for the six months ended June 30, 2024
• 10,000,000 (dollar_amount) — Gross profit for the six months ended June 30, 2024
• 0.01 (dollar_amount) — Net income per diluted share for the six months ended June 30, 2024
• 4,611,527 (dollar_amount) — Operating expenses for the six months ended June 30, 2024
• 5,284,500 (dollar_amount) — Cash and cash equivalents as of June 30, 2024

FAQ

Filing Documents

• clmb20240630_10q.htm (10-Q) — 1528KB
• ex_668203.htm (EX-31.1) — 9KB
• ex_668204.htm (EX-31.2) — 9KB
• ex_668205.htm (EX-31.3) — 9KB
• ex_668206.htm (EX-32.1) — 6KB
• ex_668207.htm (EX-32.2) — 6KB
• ex_668208.htm (EX-32.3) — 6KB
• 0001437749-24-025120.txt ( ) — 7126KB
• clmb-20240630.xsd (EX-101.SCH) — 56KB
• clmb-20240630_cal.xml (EX-101.CAL) — 54KB
• clmb-20240630_def.xml (EX-101.DEF) — 388KB
• clmb-20240630_lab.xml (EX-101.LAB) — 310KB
• clmb-20240630_pre.xml (EX-101.PRE) — 422KB
• clmb20240630_10q_htm.xml (XML) — 1258KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Earnings for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders ' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II OTHER INFORMATION Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 5. Other Information 35 Item 6. Exhibits, Financial Statement Schedules 36

SIGNATURES

SIGNATURES 37 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, " " 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,

— 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) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 48,363 $ 36,295 Accounts receivable, net of allowance for doubtful accounts of $ 626 and $ 709 , respectively 181,010 222,269 Inventory, net 1,608 3,741 Prepaid expenses and other current assets 5,816 6,755 Total current assets 236,797 269,060 Equipment and leasehold improvements, net 10,954 8,850 Goodwill 26,893 27,182 Other intangibles, net 25,182 26,930 Right-of-use assets, net 750 878 Accounts receivable, net of current portion 752 797 Other assets 974 1,077 Deferred income tax assets 468 324 Total assets $ 302,770 $ 335,098 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 214,584 $ 249,648 Lease liability, current portion 468 450 Term loan, current portion 550 540 Total current liabilities 215,602 250,638 Lease liability, net of current portion 666 879 Deferred income tax liabilities 5,463 5,554 Term loan, net of current portion 474 752 Other non-current liabilities 735 2,505 Total liabilities 222,940 260,328 Commitments and contingencies Stockholders' equity: Common stock, $ .01 par value; 10,000,000 shares authorized; 5,284,500 shares issued: 4,611,527 and 4,573,448 shares outstanding, respectively 53 53 Additional paid-in capital 35,738 34,647 Treasury stock, at cost, 672,973 and 711,052 shares, respectively ( 12,462 ) ( 12,623 ) Retained earnings 57,862 53,215 Accumulated other comprehensive loss ( 1,361 ) ( 522 ) Total stockholders' equity 79,830 74,770 Total liabilities and stockholders' equity $ 302,770 $ 335,098 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents

View Full Filing

View this 10-Q filing on SEC EDGAR