10-Q Filing

Climb Global Solutions, Inc. CIK: 945983 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-008094`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	clmb-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 32 Cash Flow Statement 59 Stockholders Equity 26 Comprehensive Income 8

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$728.00K	USD	Point-in-time
Accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$842.00K	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.74M	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.25M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $728 and $842, respectively	`AccountsReceivableNetCurrent`	$126.39M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $728 and $842, respectively	`AccountsReceivableNetCurrent`	$154.60M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Inventory, net	`InventoryNet`	$4.06M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	4.52M	shares	Point-in-time
Inventory, net	`InventoryNet`	$4.77M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	4.48M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	767,848.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	806,068.00	shares	Point-in-time
Vendor prepayments and advances	`VendorPrepayments`	$890.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.84M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$184.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$200.03M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$4.58M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$3.52M	USD	Point-in-time
Goodwill	`Goodwill`	$18.96M	USD	Point-in-time
Goodwill	`Goodwill`	$19.22M	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$19.69M	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$19.48M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$1.14M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$1.24M	USD	Point-in-time
Accounts receivable-long-term, net	`AccountsReceivableNetNoncurrent`	$3.11M	USD	Point-in-time
Accounts receivable-long-term, net	`AccountsReceivableNetNoncurrent`	$1.52M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$350.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$472.00K	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$348.00K	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$92.00K	USD	Point-in-time
Total assets	`Assets`	$246.53M	USD	Point-in-time
Total assets	`Assets`	$231.86M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$173.06M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$160.65M	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$497.00K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$521.00K	USD	Point-in-time
Term loan, current portion	`SecuredDebtCurrent`	$520.00K	USD	Point-in-time
Term loan, current portion	`SecuredDebtCurrent`	$525.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$174.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$161.69M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.30M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.19M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$4.18M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$4.14M	USD	Point-in-time
Term loan, net of current portion	`SecuredLongTermDebt`	$1.29M	USD	Point-in-time
Term loan, net of current portion	`SecuredLongTermDebt`	$1.16M	USD	Point-in-time
Non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.82M	USD	Point-in-time
Non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$182.44M	USD	Point-in-time
Total liabilities	`Liabilities`	$171.28M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.01 par value; 10,000,000 shares authorized; 5,284,500 shares issued: 4,516,652 and 4,478,432 shares outstanding, respectively	`CommonStockValue`	$53.00K	USD	Point-in-time
Common stock, $.01 par value; 10,000,000 shares authorized; 5,284,500 shares issued: 4,516,652 and 4,478,432 shares outstanding, respectively	`CommonStockValue`	$53.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$32.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$32.72M	USD	Point-in-time
Treasury stock, at cost, 767,848 and 806,068 shares, respectively	`TreasuryStockCommonValue`	$13.23M	USD	Point-in-time
Treasury stock, at cost, 767,848 and 806,068 shares, respectively	`TreasuryStockCommonValue`	$12.68M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$43.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$46.48M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.25M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.87M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$60.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$53.91M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$52.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$64.09M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$246.53M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$231.86M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$85.04M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$71.32M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$69.83M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$59.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.98M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.26M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.25M	USD	1 Quarter
Amortization and depreciation expense	`DepreciationAndAmortization`	$357.00K	USD	1 Quarter
Amortization and depreciation expense	`DepreciationAndAmortization`	$713.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.23M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.38M	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$-10.00K	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$112.00K	USD	1 Quarter
Foreign currency transaction gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$143.00K	USD	1 Quarter
Foreign currency transaction gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$44.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.39M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.51M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.06M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$796.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.71M	USD	1 Quarter
Income per common share-Basic	`EarningsPerShareBasic`	$0.61	USD	1 Quarter
Income per common share-Basic	`EarningsPerShareBasic`	$0.74	USD	1 Quarter
Income per common share-Diluted	`EarningsPerShareDiluted`	$0.61	USD	1 Quarter
Income per common share-Diluted	`EarningsPerShareDiluted`	$0.74	USD	1 Quarter
Weighted average common shares outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.31M	shares	1 Quarter
Weighted average common shares outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.37M	shares	1 Quarter
Weighted average common shares outstanding - Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.31M	shares	1 Quarter
Weighted average common shares outstanding - Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.37M	shares	1 Quarter
Dividends paid per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.17	USD	1 Quarter
Dividends paid per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.17	USD	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$2.71M	USD	1 Quarter
Net income	`ProfitLoss`	$3.32M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$357.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$716.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$9.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$4.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$210.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$241.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$369.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$529.00K	USD	1 Quarter
Amortization of discount on accounts receivable	`AdjustmentForAmortizationOfDiscountOnAccountsReceivable`	$-3.00K	USD	1 Quarter
Amortization of discount on accounts receivable	`AdjustmentForAmortizationOfDiscountOnAccountsReceivable`	$-11.00K	USD	1 Quarter
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$110.00K	USD	1 Quarter
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$101.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.34M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-8.06M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-280.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-703.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.70M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-489.00K	USD	1 Quarter
Vendor prepayments	`IncreaseDecreaseInVendorPrepayments`	$-890.00K	USD	1 Quarter
Vendor prepayments	`IncreaseDecreaseInVendorPrepayments`	$99.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.99M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.18M	USD	1 Quarter
Lease liability, net	`IncreaseDecreaseInOperatingLeaseLiability`	$-133.00K	USD	1 Quarter
Lease liability, net	`IncreaseDecreaseInOperatingLeaseLiability`	$-138.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-598.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-64.00K	USD	1 Quarter
Net cash and cash equivalents provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$43.61M	USD	1 Quarter
Net cash and cash equivalents provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.23M	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsForPurchaseOfEquipmentAndLeaseholdImprovements`	$177.00K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsForPurchaseOfEquipmentAndLeaseholdImprovements`	$1.27M	USD	1 Quarter
Net cash and cash equivalents used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.27M	USD	1 Quarter
Net cash and cash equivalents used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-177.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$216.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$214.00K	USD	1 Quarter
Borrowings under revolving credit facility	`ProceedsFromLinesOfCredit`	$10.00M	USD	1 Quarter
Repayments of borrowings under revolving credit facility	`RepaymentsOfLinesOfCredit`	$10.00M	USD	1 Quarter
Repayments of borrowings under term loan	`RepaymentsOfSecuredDebt`	$128.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$746.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$749.00K	USD	1 Quarter
Net cash and cash equivalents used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-962.00K	USD	1 Quarter
Net cash and cash equivalents used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.09M	USD	1 Quarter
Effect of foreign exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$247.00K	USD	1 Quarter
Effect of foreign exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-317.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.78M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$41.50M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.74M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.25M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.05M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.27M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.74M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.25M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.05M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.27M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaidNet`	$145.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$222.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$22.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$10.00K	USD	1 Quarter

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$60.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$53.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$52.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$64.09M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Treasury Stock, balance (in shares)	`TreasuryStockCommonShares`	767,848.00	shares	Point-in-time
Treasury Stock, balance (in shares)	`TreasuryStockCommonShares`	806,068.00	shares	Point-in-time
Net income	`NetIncomeLoss`	$3.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.71M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-626.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$613.00K	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$746.00K	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$749.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$545.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$369.00K	USD	1 Quarter
Treasury shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$216.00K	USD	1 Quarter
Treasury shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$214.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$60.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$53.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$52.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$64.09M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Treasury Stock, balance (in shares)	`TreasuryStockCommonShares`	767,848.00	shares	Point-in-time
Treasury Stock, balance (in shares)	`TreasuryStockCommonShares`	806,068.00	shares	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.71M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-626.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$613.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$613.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-626.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.94M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.09M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.