Financial Performance - Net sales increased 52% to $119.3 million compared to $78.5 million for the same period in 2023[6] - Adjusted gross billings rose 65% to $465.2 million from $281.9 million year-over-year[6] - Net income more than doubled to $5.5 million or $1.19 per diluted share, up from $2.4 million or $0.52 per diluted share in Q3 2023[9] - Adjusted net income also more than doubled to $7.1 million or $1.55 per diluted share, compared to $2.6 million or $0.56 per diluted share in the prior year[9] - Adjusted EBITDA increased 96% to $9.9 million from $5.1 million in the same quarter last year[10] - Gross profit rose 70% to $24.3 million compared to $14.3 million for Q3 2023[7] - Net sales for the nine months ended September 30, 2024, increased to $303,847,000, up 23.9% from $245,229,000 for the same period in 2023[20] - Gross profit for the nine months ended September 30, 2024, was $59,833,000, representing a 38.6% increase compared to $43,176,000 in 2023[20] - Net income for the nine months ended September 30, 2024, rose to $11,620,000, a 64.1% increase from $7,077,000 in the prior year[20] - Adjusted EBITDA for the nine months ended September 30, 2024, was $22,391,000, compared to $15,422,000 for the same period in 2023, reflecting a 45.2% increase[22] - Adjusted net income for the nine months ended September 30, 2024, was $13,673,000, up 50.5% from $9,081,000 in 2023[24] - Adjusted gross billings for the nine months ended September 30, 2024, reached $1,180,294,000, a 36.8% increase from $863,339,000 in 2023[21] - Income per common share (diluted) for the nine months ended September 30, 2024, was $3.00, compared to $2.03 for the same period in 2023, marking a 47.5% increase[24] Expenses and Costs - SG&A expenses increased to $13.9 million from $10.1 million year-over-year, but as a percentage of adjusted gross billings, it decreased to 3.0% from 3.6%[8] - Selling, general, and administrative expenses for the nine months ended September 30, 2024, increased to $39,433,000, up 23.5% from $31,930,000 in 2023[20] - The company incurred acquisition-related costs of $1,201,000 for the nine months ended September 30, 2024, compared to $277,000 in the same period of 2023[20] Cash and Dividends - Cash and cash equivalents decreased to $22.1 million from $36.3 million at the end of 2023, primarily due to the acquisition of DSS[11] - A quarterly dividend of $0.17 per share was declared, payable on November 15, 2024[5] Strategic Plans - The company plans to continue leveraging its global infrastructure for organic growth and actively evaluate M&A targets to enhance service offerings[4] Share Information - The weighted average common shares outstanding (diluted) increased to 4,458,000 for the nine months ended September 30, 2024, from 4,392,000 in 2023[20]
Climb Solutions(CLMB) - 2024 Q3 - Quarterly Results