Earnings call transcript: Climb Global Solutions Q2 2025 beats expectations

Climb Global Solutions Inc. reported strong financial results for the second quarter of 2025, significantly surpassing earnings and revenue forecasts. The company posted an earnings per share (EPS) of $1.39, exceeding the forecasted $0.99 by 40.4%. Revenue reached $159.3 million, compared to the anticipated $97.05 million, marking a 64.14% surprise. Following the announcement, Climb Global Solutions’ stock surged 10.81%, closing at $112.1. According to InvestingPro data, the company maintains excellent financial health with an overall score of 3.06 ("GREAT"), supported by strong growth metrics and profitability indicators.

Key Takeaways

• Climb Global Solutions exceeded both EPS and revenue forecasts by significant margins.
• The company reported a 73% increase in net sales, reaching $159.3 million.
• Stock prices jumped over 10% in response to the earnings beat.
• Climb is focusing on strategic acquisitions and expanding its services and solutions.

Company Performance

Climb Global Solutions demonstrated robust performance in Q2 2025, with gross billings increasing by 39% to $500.6 million and net sales rising 73% to $159.3 million. This growth reflects the company’s strategic initiatives and successful partnerships. Despite being a smaller player in the distribution market, Climb is effectively positioning itself between a $2 billion and $30 billion market opportunity, competing with industry giants such as Ingram Micro and Synnex.

Financial Highlights

• Revenue: $159.3 million, up 73% year-over-year
• Earnings per share: $1.39, a 40.4% surprise over the forecast
• Net income: $6 million, a 74% increase
• Adjusted EBITDA: $11.4 million, up 64%
• Gross profit margin: Improved slightly from 5.2% to 5.3%

Earnings vs. Forecast

Climb Global Solutions reported an EPS of $1.39 against a forecast of $0.99, resulting in a 40.4% surprise. Revenue also exceeded expectations, reaching $159.3 million compared to the forecasted $97.05 million, marking a 64.14% surprise. This performance represents one of the company’s strongest quarterly beats in recent history.

Market Reaction

Following the earnings announcement, Climb Global Solutions’ stock rose by 10.81%, closing at $112.1. This surge reflects investor confidence in the company’s growth trajectory and strategic direction. The stock’s current price remains below its 52-week high of $145 but is significantly above its low of $59.85, indicating a positive market sentiment. Based on InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels, though analyst targets suggest potential upside with a high target of $136. The company’s market capitalization stands at $507.66 million, with a beta of 0.93 indicating lower volatility than the broader market.

Outlook & Guidance

Looking forward, Climb Global Solutions is targeting continued growth in the security and data center markets. The company is exploring strategic mergers and acquisitions to expand its service offerings. Guidance for the upcoming quarters remains optimistic, with an EPS forecast of $1.63 for Q3 2025 and $1.68 for Q4 2025. Analysts maintain a strong bullish consensus on the stock, with InvestingPro data showing a consensus recommendation of 1.5 (where 1 is Strong Buy). The company’s solid balance sheet, with more cash than debt, positions it well for future growth opportunities.

Executive Commentary

CEO Dale Foster emphasized the company’s growth potential, stating, "We are still such a small player." He highlighted the strategic focus on small acquisitions, "We’re looking at ones that we would just use cash for. They’re not that big, but they would be strategic for us."

Risks and Challenges

• Economic headwinds could impact future growth, though minimal effects have been observed so far.
• The loss of the Citrix partnership in Ireland poses a revenue replacement challenge.
• Competition from major distributors like Ingram Micro and Arrow remains significant.

Q&A

During the earnings call, analysts focused on the company’s growth in security and data center segments. Executives confirmed these areas as top priorities and discussed the potential for further expansion through strategic acquisitions. The valuation approach for acquisitions was also clarified, with a focus on using cash for strategic, albeit smaller, deals.

Full transcript - Climb Global Solutions Inc (CLMB) Q2 2025:

Conference Operator: Good morning, everyone, and thank you for participating in today’s conference call to discuss Climb Global Solutions’ financial results for the second quarter ended 06/30/2025.

Joining us today are Climb’s CEO, Mr. Del Foster the company’s CFO, Mr. Matthew Sullivan and the company’s Investor Relations Adviser, Mr. Sean Mansouri with Elevate By now, everyone should have access to the second quarter twenty twenty five earnings press release, which was issued yesterday afternoon at approximately 04:05 p. M.

Eastern Time. The release is available in the Investor Relations section of Climb Global Solutions website at www.climbglobalsolutions.com. This call will also be available for webcast replay on the company’s website. Following management’s remarks, we will open the call for your questions. I would now like to turn the call over to Mr.

Manzuri for introductory comments.

Sean Mansouri, Investor Relations Adviser, Elevate: Thank you. Before I introduce Dale, I’d like to remind listeners that certain comments made on this conference call and webcast are considered forward looking statements under the Private Securities Litigation Reform Act of 1995. These forward looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward looking statements. These forward looking statements are also subject to other risks and uncertainties that are described from time to time in the company’s filings with the SEC. Do not place undue reliance on any forward looking statements, which are being made only as of the date of this call.

Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revision to any forward looking statements. Our presentation also includes certain key operational metrics and non GAAP financial measures, including gross billings, adjusted EBITDA, adjusted net income and EPS, and effective margin as supplemental measures of the performance of our business. All non GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You’ll find reconciliation charts and other important information in the earnings press release and Form eight ks we furnished to the SEC yesterday. I’ll now turn the call over to Cline’s CEO, Dale Foster.

Dale Foster, CEO, Climb Global Solutions: Thank you, Sean, and good morning, everyone. As you can see, we had another strong quarter with material increases across all of our key financial metrics. During the quarter, we generated double digit organic growth by strengthening relationships with customers, growing our line card with new innovative vendors and expanding market share in both The US and Europe. We also benefited this quarter from the incremental contribution and seasonal strength of our acquisition of Douglas Stewart Software or DSS, which typically sees higher demand for education customers as they ramp up ahead the next school year. Our Climb team continues to identify and align with the most innovative technologies in the market that not only strengthen our vendor ecosystem, but also address the increasingly complex challenges our customers face.

In Q2 alone, we evaluated 50 potential vendor partnerships and moved forward with just four of them. This disciplined approach reflects our commitment to quality over quantity and our focus on delivering differentiated high impact solutions that drive long term value across our platform. Let me take a moment to highlight a few of these wins. First, we announced a partnership with Ignite, a leader in secure content collaboration intelligence and governance. This partnership enables us to offer Ignite’s cloud native platform to our partners, their customers across The US, reinforcing our commitment to the expanding access of transformative technologies.

By adding Ignite to our line card, we are equipping resellers with a trusted scalable platform that fits seamlessly into both SMB and enterprise environments. This partnership underscores our mission to deliver partner first technologies that move with speed of the modern business. In Q2, we also our Climb UK and Ireland team secured a exclusive distribution agreement with iGel, a global leader in secure endpoint OS solutions for UK and Ireland. This milestone builds on the partnership that we began in 2016 with Data Solutions out of Ireland, which we acquired in 2023. Our ability to drive lead generation and expanded IGEL addressable market in the region led to the sole distribution agreement, further validating our strength of our channel reach, execution, and commitment to Europe.

We look forward to continuing our partnership with IGEL as we scale together in these key markets. In June, we brought on Vishal Pushpa, CliM’s Chief Information Officer. Vishal is a dynamic IT executive with more than two decades of strategic leadership across high-tech manufacturing, logistics, distribution, and services. Vishal has led large scale ERP, CRM, and HCM transformations and has overseen complex M and A integrations and driven a deployment of cutting edge cloud solutions, AI and automation, and enhanced security infrastructure. He brings a visionary approach to innovation and has a strong track record of fostering global calibration and anticipating future technology trends.

We are pleased to have him join the CLIMB family and look forward to his invaluable contributions. In addition to Vishal’s appointment, in May we announced the promotion of Carlos Rodriguez to our President of North America. Carlos has been a key leader at since 2020, bringing more than twenty years of experience in value added distribution and a proven track record of driving growth across North America. Since joining Klim, he has played a pivotal role in expanding market share, building high performance sales teams, and strengthening strategic vendor relationships. In his prior role as Vice President of Sales, Carlos led the development of Klein’s dedicated vendor management team and has also consistently delivered impactful results through alignment and partner engagement.

In this new role, as president, Carlos will oversee the North American sales with a focus on accelerating growth, deepening vendor and partner success, and further expanding Klim’s market presence. We’re excited to see Carlos bring his leadership and vision to his new role as we continued executing on our growth strategy. Looking ahead, we’re focused on building on the momentum from the first half of the year by continuing to execute against our strategic priorities. With our ERP system now fully in place, we’re beginning to realize the benefits of improved operational efficiency and scalability, positioning us to drive stronger operating leverage as we grow. Additionally, we’re actively evaluating strategic M and A opportunities in North America and overseas that align with our long term vision and can expand both our capabilities and geographic reach.

These initiatives, coupled with our robust balance sheet and demonstrated track record of success, will enable us to deliver on both organic and inorganic objectives in 2025 and beyond. With that, I will turn the call over to our CFO, Matt Sullivan, to take you through our financial results. Matt?

Matthew Sullivan, CFO, Climb Global Solutions: Thank you, Dale, and good morning, everyone. A quick reminder as we review our second quarter financial results, all comparisons and variance commentary refer to the prior year quarter unless otherwise specified. As reported in our earnings press release, gross billings in 2025 increased 39% to $500,600,000 compared to $359,800,000 in the year ago quarter. Distribution segment gross billings increased 40% to $477,000,000 and solutions segment gross billings increased 19% to $23,500,000 Net sales in the ’25 increased 73% to $159,300,000 compared to $92,100,000 which primarily reflects double digit organic growth from new and existing vendors, as well as contribution from our acquisition of DSS in July. Gross profit in the second quarter increased 42% to $26,300,000 compared to $18,600,000 Again, the increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contribution from DSS.

Gross profit as a percentage of gross billings increased to 5.3% compared to 5.2% in the year ago period. SG and A expenses in the second quarter were $16,400,000 compared to $13,000,000 for the same period in 2024. SG and A from DSS accounted for $900,000 of the increase. SG and A as a percentage of gross billings decreased to 3.3% in 2025 compared to 3.6% in the year ago period. Net income in the 2025 increased 74% to $6,000,000 or 1.3 per diluted share, compared to $3,400,000 or $0.75 per diluted share for the comparable period in 2024.

Net income was impacted by a $400,000 charge related to the change in fair value of acquisition contingent consideration associated with DSS. Adjusted net income increased 68% to $6,400,000 or $1.39 per diluted share compared to $3,800,000 or $0.83 per diluted share for the year ago period. Adjusted EBITDA in the second quarter increased 64% to $11,400,000 compared to $6,900,000 in the prior year quarter. The increase was driven by the aforementioned organic growth from both new and existing vendors, as well as contribution from DSS. Adjusted EBITDA as a percentage of gross profit or effective margin increased 600 basis points to 43.3% compared to 37.3% in the year ago period.

Turning to our balance sheet, cash and cash equivalents were $28,600,000 as of 06/30/2025, compared to $29,800,000 on 12/31/2024, while working capital increased by $12,200,000 during this period. The decrease in cash was primarily attributed to the timing of receivable collections and vendor payments. As of 06/30/2025, we had $500,000 outstanding of outstanding debt with no borrowings outstanding under our $50,000,000 revolving credit facility with JPMorgan Chase. On 07/29/2025, our Board of Directors declared a quarterly dividend of $0.17 per share of our common stock payable on 08/15/2025 to shareholders of record on 08/11/2025. To echo Dale’s earlier comments, we’re continuing to explore strategic acquisitions that align with our high performance culture and strengthen our ability to meet evolving customer needs.

With a robust balance sheet, we’re well positioned to pursue opportunities that complement our existing portfolio and accelerate growth in key markets. This momentum is a direct result of our team’s hard work and execution, and we’re excited to carry that forward as we advance both our organic and inorganic growth initiatives throughout 2025. This concludes our prepared remarks. We will now open it up for questions from those participating in the call. Operator, back to you.

Conference Operator: Thank you. We’ll take our first question from Vincent Colicchio with Barrington Research. Please go ahead. Your line is open.

Vincent Colicchio, Analyst, Barrington Research: Good morning, Dale. Good quarter. My first question is, did did security and data center continue to lead growth in the quarter, or is it broadening out somewhat?

Dale Foster, CEO, Climb Global Solutions: It it has. Those are our top two, and security being the stronger of those two, Vince. But yeah, those are leading it. And it kind of makes sense, right? I mean, the security market continues to heat up.

And then, you know, in the data center space, as we keep bringing in tools that are either data migration tools or, you know, storage tools, that’s that’s gonna be our leader for for quite some time.

Vincent Colicchio, Analyst, Barrington Research: And how did your top 20 vendors perform versus your overall business? Are they keeping track with staying at a pace in line?

Dale Foster, CEO, Climb Global Solutions: If you take a look at our when you say the top 20, there’s probably like five or six that at the bottom end of that, from 12 to 20 that are taking, go into the twentieth. We have some of the other ones jump forward. Some of the ones we’ve talked about, Darktrace is gonna make more of an impact as we go through the rest of this year as we just got started with them and just got basically our teams aligned as we announced it. Then that is going be the biggest impact for the second half of the year. But yeah, it’s new entrants that can get into that top 20.

Nothing really has changed that much in the top 10, but from 10 to 20, yeah, we we have something ones that are just, you know, performing better in the quarter.

Vincent Colicchio, Analyst, Barrington Research: And were there any large deals which made this quarter especially strong, which may not necessarily recur in the in the following quarter?

Dale Foster, CEO, Climb Global Solutions: Yeah, so what we do is, you know, we talk about this and we argue internally, you know, what we call out vast data because we consider it organic because we’ve had that company for what, three years now. So we get lumpy with that. We had a vast order that we budgeted for Q3 that got pulled into Q2. So we’ll have to make that up in Q3. So that definitely helped the quarter out to put us over the top.

But just organically without that, we were still growing at a very good clip.

Vincent Colicchio, Analyst, Barrington Research: And are you seeing meaningful synergies as of yet from the Douglas Stewart acquisition?

Dale Foster, CEO, Climb Global Solutions: We do. So we already announced that they’re on our ERP systems, and also their lines have moved into our common portfolio of vendors. We still are carving out and calling, hey, we can go after this K-twelve and higher ed space. And is, just like I said in my comments, this is the growth, the excitement period for that is everybody’s going in school year and everybody’s extinguishing their budgets by the states in the June, and then buying new going into the new school year. But yeah, we we have integrated that team into our teams.

Our teams, you know, we have 14 teams, regional teams and then some dedicated teams in North America, and they’re already not only quoting processing, but also learning the Douglas Stewart product lines.

Vincent Colicchio, Analyst, Barrington Research: Okay. I’ll go into the queue. Thanks. Thanks, Vince. Good talking to you.

Conference Operator: Thank you. We will move next with Howard Root, Private Investor. Please go ahead. Your line is open.

Howard Root, Private Investor: Good morning, Dale and Matt. Congratulations. I mean, that was just another outstanding quarter. Very little to explain actually in the results. It’s kind of hard to find stuff to pick on.

I got a couple of questions. I guess first, a couple little things on the income statement. I’ve always looked at it as your gross margin as a percent of gross billings and that, as you said, moved up from 5% to 5.3%. And it’s always that 5% was kind of the target. Is that a trend, or is that just a little bouncing around?

Or how do you see that going forward on gross margin?

Matthew Sullivan, CFO, Climb Global Solutions: Thanks, Howard. So yes, for Q2 of this year, we went from 5.2% of Q2 last year to 5.3% for this quarter. And internally, we continue to project it to be in that 5%, 5.1%. The real driver of that higher percentage slightly higher percentage this quarter was the timing of that the lumpy transactions that Dale just alluded to. Some have higher margins as they’re

Dale Foster, CEO, Climb Global Solutions: than our typical base business. But that’s what really contributed to the higher gross profit as a percentage of gross billings. But, dear, good question. Thanks for the question, Howard. But, it’s not going to be a trend that we’re going to continue to see that expand.

It’ll just be lumpy just like it is before because the vast days are big orders and they have typically a lot of margin with them. It’s something that we look at, like Matt said, can we do and we get asked by investors all the time, can we expand our margins? It’s going to be with expanding our solutions team, and then as we’ve talked about, we want to add more services to the company. That’ll help move that up in the basis point. But right now, still continued in that five to 5.1 range.

Howard Root, Private Investor: Okay, great. And then on SG and A, I mean that jumped up by 28% year over year, but your gross billings went up by 39 percent, so your percent goes from 3.6 down to 3.3%. And with you implementing ERP and growing and setting the stage, I mean, that’s all understandable. But how do you see that going forward? Do you see that getting closer to 3% of gross billings?

Is that going be a trend?

Matthew Sullivan, CFO, Climb Global Solutions: I think the percentage that you saw this quarter is what we expect to see as we move forward. So we had a dollars contribution 900 of DSS this quarter that we didn’t have in the prior year quarter. But that 3.3 range is more consistent with what we expect going forward.

Dale Foster, CEO, Climb Global Solutions: Yeah, and Howard, so DSS wasn’t comparable from last year because we acquired them in July, so that’s the added SG and A. But we’ve integrated they didn’t have a lot of infrastructure. So if you look at, hey, can we clear out some of the back office? It’s more about mending the teams together, and then looking for efficiencies in that play. But that’s the biggest thing, is the DSS expenses.

Howard Root, Private Investor: Okay, great. And then kind of on your international side, is there anything material on tariffs or on currency fluctuation that you see right now that could affect things going forward?

Dale Foster, CEO, Climb Global Solutions: You know, so we talked about the tariff, had no real impact, and we have legal entities in The UK and Ireland and some of the other EU countries. So we can play with that as far as we’re dealing with and shipping. So we haven’t had an impact on that. One thing that we had, we have board meetings, of course, before these earnings calls, and we talk about our FX and how we deal with that, and we’re just trying to come up with better schemes to deal with our currency, because most of our vendors were buying in US dollars. So any kind of fluctuation as the dollar got weaker, we’re going to have that impact.

So we’re doing some hedging, but we’re looking for better strategies because we have realized and unrealized gains, and one quarter over another will affect us and then a lot of times we’ll get that pick up, but it’ll be in a quarter or two quarters down.

Howard Root, Private Investor: Good. So then looking bigger picture, I kind of look back, it was back 2022, so less than three years ago you crossed over into the $1,000,000,000 in gross billings and now you’re crossing $2,000,000,000 And back then on the call I asked, how does this continue? Mean, billion is a big number. And your response was, in your market a billion is still small potatoes, that there’s really a lot of area going forward, which you’ve proved yourself correct over the last two plus years. But as you cross the 2,000,000,000, do you still see that?

I mean, you still see yourself as a fairly small player in the overall market with the potential to continue this type of growth going forward? Or when will you reach kind of a little bit of a limitation, limits of large size numbers?

Dale Foster, CEO, Climb Global Solutions: You’re right, I mean, we are still such a small player. And I can just give you some inside baseball. We meet with vendors, know, we talked about this quarter, we met with 50 different vendors. The vendors have choices, they know how they want to go to market. Once they choose distribution, they get the big three, right?

We got Ingram Micro, Synixek Data and Arrow, and that is worldwide, those are the big three. The next largest one, I would say exclusive networks is in the $5 to $6,000,000,000 range, they just got taken private in Q1 or the end of Q1. So we’re still extremely small, but when these vendors come in, we talk about these big players, but we’re talking about competing them in such as one of their smaller divisions. So, you know, our headroom between 2,000,000,000 and 30,000,000,000, I would say, okay, that’s a big gap so we can grow a lot. But if we take a look at where they actually compete against us in software application, server security, data center only, because we’re so different in that space, We still have, I would say it’s $2,000,000,000 to $20,000,000,000 So compare it that way.

It’s a lot of headroom that we can go before we’re disruptive to them, where they would say, hey, need to make some kind of move. We’re just not that disruptive to them. We think we can still grow under that umbrella of being that emerging, high touch, fast to market channel partner.

Howard Root, Private Investor: Great, great. Mean, that’s just so unusual for me that it’s just kinda a little bit hard to believe, but you’ve proven me wrong.

Dale Foster, CEO, Climb Global Solutions: Howard, and we’ve talked about this, if you look at our market, all the roll up of distributors in The United States happened, ended up in 2013, so there’s nobody, right? Have these three massive ones that are worldwide, but really focused in North America, and then Us. And there’s some other ones that are on the adjacent market space, but nothing that’s directly competitor. And like Charles, our CMO, loves to say, hey, there could be two or three more clients in our space and we still would have that many vendors to look at and that many vendors on board. It’s shocking how many $100,000,000 ARR SaaS vendors are out there that we even haven’t touched yet.

The ones we touch, maybe they’re not ready for us, maybe we’re not ready for them, but there’s a lot of them to choose from. And that’s the excitement of our market. A lot of good acquisition targets overseas and a lot of good vendors coming into our space.

Howard Root, Private Investor: Great, great, I appreciate it. And then final question for me is just a little bit, if you could talk a little bit about your acquisition process and what you see out there in terms of the market for potential acquisitions and the valuation that you’re seeing and then how you view currency to do the acquisition, what you’ve done so far has been cash and so little bit of debt, which you’ve done a great job of making it accretive almost immediately and paying off the debt. But how do you see it going forward? Because I assume you’re looking at a couple of bigger things as well as more things like what you’ve done already.

Dale Foster, CEO, Climb Global Solutions: Yeah, correct. So this year, Howard, we’re looking at ones that we would just use cash for. They’re not that big, but they would be strategic for us. We look at it, we have a strategic plan as far as acquisitions. You know, we’re looking at services companies because we want to add that, and there’s two reasons for that.

You know, we like the margin profile. We want to become more sticky with vendors that we currently have, and if we have services and if you look at the vendors, right, they’re making 80% of margin selling their product. Why would they have an internal services team just for customer sat when they’re only making 30%? So if they can all flat that to the channel, that’s perfect for us. We won’t compete with our customer base, but when they don’t have those capabilities and the vendor wants us to do that, that’s what I want to build into the company.

So there’s a couple of small ones we’re looking at there. And then outside of that 2026, spot on. Like what can really move the needle for Climate if it’s not strategic? It’s going have to be much more sizable. And that’ll be a 2026 and into 2027 play for us.

But yeah, a lot of good targets out there, but we would do cash on anything this year.

Howard Root, Private Investor: And valuations on those targets, has it changed at all?

Vincent Colicchio, Analyst, Barrington Research: Is it

Howard Root, Private Investor: a strong market?

Dale Foster, CEO, Climb Global Solutions: Here’s how with. Here’s how we we start, Howard, and it’s funny because we’re being rewarded in the market for being a differentiator as our go to markets are, our multiples are a lot higher, but we still start in that seven to nine multiple, and then it all depends. If you look at Douglas Stuart, it was a much lower multiple because they were so concentrated with one vendor. We also look at the acquisitions as far as what vendors they bring in because we think that’s the lifeblood of what we have inside of Climate and what we take out to the market. But we just started that, and then it’s the give and take that what is that company really going to bring to us?

And can we actually expand? Know, can we actually get it to all of our territories depending on what they bring? But we started that and, you know, have we paid more than the multiple we’re trading at? No, we have not. I know that’s not a perfect answer, but the answer is depends.

Howard Root, Private Investor: No, that’s very helpful. Yeah, congratulations once again to you guys and to the whole CLIMB team on another outstanding quarter, just great job.

Dale Foster, CEO, Climb Global Solutions: Thanks, Howard. Good talking to you.

Conference Operator: Thank you. And we do have a follow-up from Vincent Colicchio with Barrington Research. Please go ahead.

Vincent Colicchio, Analyst, Barrington Research: Yes, Dale. So obviously, business appears quite robust, but I am wondering any signs of economic headwinds, any delays, anything of that nature?

Dale Foster, CEO, Climb Global Solutions: We do not see it, Vince. And I think it goes back to Howard’s remarks that, you know, we are extremely small in our space, and you can say, hey, we’re going to go to the $2,000,000,000 mark, but we’re still small in our space. And if you look at, you know, we’ve spent some time with the Canalys team, which is, you know, an analyst group, and if you look at the overall IT market or IT services, you know, we’re talking a $1 to $2,000,000,000,000 space. So a lot of new entrants. We still see money flowing from the VCs into a lot of startups.

You know, we’re still having a huge pipeline of vendors coming toward us, and I’ve talked about this in the past, that we’ve had to go and find them, and over the last eighteen months, it’s their finding us. So we don’t. And I’ll just talk to you about the downside for Q2. We lost Citrix, we announced that in Q1 of our Ireland group when we acquired Data Solutions. The team was tracking very well in Q1 because we still had that, but in Q2 that was where the whole, and here’s what I will say, the sales teams have sales cycles and they have a lot of tools in their bag.

If they’re not selling Citrix, they’re selling something else. We feel, and we did not change our budget going into this knowing that this is coming, that we think we can fill that hole as well. So, you know, kudos to our overall teams as they’re performing and you know, looking at, hey, okay, I don’t have this to sell anymore, I’m going to take this new product into my customer base.

Vincent Colicchio, Analyst, Barrington Research: Okay. That’s it for me. Thank you. Thanks, Vince.

Conference Operator: Thank you. And this concludes our Q and A session. I will now turn the call over to Mr. Dale Foster for closing remarks.

Dale Foster, CEO, Climb Global Solutions: Thanks, operator. Once again, thanks to all of our shareholders for supporting us and also to the greater CLIMB team on their excellent performance. They’ve continued to focus on growing CLIMB. And with that, we’ll end the call. Thank you.

Conference Operator: Thank you. And this does conclude today’s program. Thank you for your participation. You may disconnect at any time.

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