CLMB...Another strong Q...Net Sales, Gross Profit, Net Income, Adjusted EBITDA and EPS Increase to Record Levels
FY 2022 Net Income Grew 36% to $12.5 Million or $2.81 per share; Adjusted EBITDA Up 36% to $21.1 Million
EATONTOWN, N.J., March 01, 2023 (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, 2022.
Fourth Quarter 2022 Summary vs. Same Year-Ago Quarter
Net sales increased 18% to $88.9 million.
Adjusted gross billings (a non-GAAP financial measure defined below) increased 22% to $319.8 million.
Gross profit increased 28% to $16.1 million.
Net income increased 38% to $4.8 million or $1.06 per diluted share, compared to $3.4 million or $0.78 per diluted share. Excluding the impact of foreign exchange (FX), net income increased 43% to $4.9 million or $1.08 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 44% to $7.4 million.
Full Year 2022 Summary vs. 2021
Net sales increased 8% to $304.3 million.
Adjusted gross billings increased 14% to $1.1 billion.
Gross profit increased 18% to $54.1 million.
Net income increased 36% to $12.5 million or $2.81 per diluted share, compared to $9.2 million or $2.09 per diluted share. Excluding the impact of foreign exchange (FX), net income increased 43% to $13.2 million or $2.97 per diluted share.
Adjusted EBITDA increased 36% to $21.1 million.
Management Commentary
“2022 was another exceptional year for Climb, highlighted by record results across all key financial metrics,” said CEO Dale Foster. “This was driven by the continued execution of our core strategy – generating organic growth with existing vendors, adding new innovative vendors to our line card and delivering on our acquisition objectives. We also built upon our strategy to expand Climb’s presence overseas and take advantage of the growing opportunity in EMEA.”
“Q4 2022 marked the first full quarter of Spinnakar’s integration into our financial and operating systems, which has been an excellent addition to our organization in both Europe and the U.S. Although Spinnakar contributed to our top and bottom line during the quarter, we also continued to generate strong double-digit organic growth. We are in the early stages of capitalizing on synergies from the acquisition and expect to deliver another record year of growth and profitability in 2023.”
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