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Mar 31, 2022
Climb Global Solutions Q1 2022 Earnings Report
Wayside Technology Group experienced significant operating leverage, leading to a 79% increase in net income to $2.7 million and a 61% rise in adjusted EBITDA to $4.2 million.
Key Takeaways
Wayside Technology Group reported strong first-quarter results, marked by a 14% increase in net sales, a 79% surge in net income, and a 61% rise in adjusted EBITDA, driven by organic growth and effective margin management.
Net sales increased by 14% to $71.3 million compared to the same quarter last year.
Adjusted gross billings rose by 13% to $238.7 million year-over-year.
Net income surged by 79% to $2.7 million, or $0.61 per diluted share, compared to the prior year.
Adjusted EBITDA increased by 61% to $4.2 million, driven by organic growth from new and existing vendors.
Climb Global Solutions
Climb Global Solutions
Forward Guidance
Wayside Technology Group has a solid foundation to continue driving organic growth and improve operating leverage. The company remains active in its M&A strategy, evaluating multiple targets to enhance its geographic footprint and service offerings. Wayside looks forward to delivering on both organic and inorganic growth objectives in 2022.
Positive Outlook
- Continue driving organic growth
- Improve operating leverage
- Active M&A strategy
- Enhance geographic footprint
- Enhance service and solution offerings
Challenges Ahead
- Potential adverse effect of the COVID-19 pandemic
- Continued acceptance of the Company’s distribution channel by vendors and customers
- The timely availability and acceptance of new products
- Product mix
- Market conditions