Climb Solutions(CLMB) - 2024 Q1 - Quarterly Results

Financial Performance - Q1 2024 net sales increased 9% year-over-year to $92.4 million, up from$85.0 million in Q1 2023[3][23] - Adjusted gross billings rose 16% to $355.3 million compared to$306.7 million in the same period last year[3][23] - Gross profit for Q1 2024 was $17.0 million, a 12$15.2 million in Q1 2023[6] - Net income decreased to $2.7 million or$0.60 per diluted share, down from $3.3 million or$0.74 per diluted share in Q1 2023[3][7] - Adjusted EBITDA for Q1 2024 was $5.5 million, slightly down from$5.7 million in the prior year[3][25] - Net sales for the three months ended March 31, 2024, increased to $92,422 million, up from$85,040 million for the same period in 2023, representing a growth of approximately 5.1%[38] - Gross profit for the same period rose to $17,020 million, compared to$15,209 million in the prior year, reflecting an increase of about 11.9%[38] - Net income decreased to $2,731 million for the three months ended March 31, 2024, down from$3,324 million in 2023, a decline of approximately 17.8%[40] - Adjusted EBITDA for the three months ended March 31, 2024, was $5,538 million, slightly down from$5,681 million in the same period last year, a decrease of about 2.5%[40] Expenses and Costs - SG&A expenses increased to $12.5 million, with DataSolutions contributing$1.1 million to the rise[24] - Total selling, general, and administrative expenses increased to $13,517 million, compared to$10,976 million in the prior year, marking a rise of approximately 23.2%[38] - Interest expense for the three months ended March 31, 2024, was $101 million, significantly higher than$28 million in the same period of 2023[40] - Provision for income taxes was $890 million for the three months ended March 31, 2024, down from$1,065 million in the previous year, a decrease of about 16.4%[40] Cash and Dividends - Cash and cash equivalents as of March 31, 2024, were $43.6 million, up from$36.3 million at the end of 2023[8] - A quarterly dividend of $0.17 per share was declared, payable on May 17, 2024[22] - Dividends paid per common share remained unchanged at$0.17 for both periods[38] Future Outlook - The company plans to remain active in M&A to enhance offerings and expand presence in North America and overseas[21] - The company expects to return to growth with key vendors in the second half of the year[4] Adjusted Metrics - Adjusted gross billings (Non-GAAP) for the three months ended March 31, 2024, reached $355,269 million, up from$306,712 million in 2023, an increase of approximately 15.8%[39] - Weighted average common shares outstanding remained stable at 4,438 million for both basic and diluted shares[38]