Part I [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The company's financial statements for Q1 2021 demonstrate significant year-over-year growth in sales and net income, supported by a strong balance sheet and positive operating cash flow [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Balance Sheet Summary (as of December 31, 2020) | Account | Dec 31, 2020 (Unaudited) ($) | Sep 30, 2020 ($) | | :--- | :--- | :--- | | **Total Current Assets** | $52,211,429 | $52,522,809 | | **Total Assets** | **$96,187,684** | **$95,297,430** | | **Total Current Liabilities** | $7,768,856 | $10,414,809 | | **Total Liabilities** | **$10,076,246** | **$12,544,152** | | **Total Shareholders' Equity** | **$86,111,438** | **$82,753,278** | - From September 30, 2020, to December 31, 2020, total assets slightly increased, while total liabilities decreased by approximately **$2.5 million**, leading to a **$3.4 million increase** in total shareholders' equity[13](index=13&type=chunk) [Condensed Statements of Earnings](index=5&type=section&id=Condensed%20Statements%20of%20Earnings) Statement of Earnings (Three Months Ended December 31) | Metric | 2020 ($) | 2019 ($) | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $27,092,147 | $19,377,991 | +40% | | **Gross Profit** | $11,369,245 | $7,727,535 | +47% | | **Income from Operations** | $3,713,708 | $400,915 | +826% | | **Net Income** | $3,163,439 | $501,158 | +531% | | **Diluted EPS** | $0.23 | $0.04 | +475% | [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Three Months Ended December 31) | Activity | 2020 ($) | 2019 ($) | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $2,716,659 | ($99,831) | | **Net cash provided by investing activities** | $79,117 | $438,531 | | **Net cash (used in) provided by financing activities** | ($94,336) | $166,429 | | **Increase in cash and cash equivalents** | $2,701,440 | $505,129 | | **Cash and cash equivalents, end of period** | $19,151,076 | $10,586,850 | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Financial%20Statements) Notes highlight that **98% of revenue** is from U.S. Broadband Service Providers, with significant customer concentration and new lease agreements for manufacturing facilities in Tijuana, Mexico - Broadband service providers comprised **98% of net sales** for the three months ended December 31, 2020, an increase from 94% in the prior-year period[48](index=48&type=chunk) - Two distributors accounted for **19% (Customer A)** and **12% (Customer B)** of net sales for the three months ended December 31, 2020[52](index=52&type=chunk) - The company entered into a new three-year lease for its original manufacturing facility in Tijuana, Mexico, and also leases an additional **52,000 square foot facility** in the same city[62](index=62&type=chunk)[63](index=63&type=chunk) [Management's Discussion and Analysis (MD&A)](index=15&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes **40% year-over-year revenue growth** to increased demand from broadband customers, with gross margin improving due to product mix and efficiencies, while maintaining a strong liquidity position [Overview](index=15&type=section&id=Overview) - Clearfield designs, manufactures, and distributes fiber optic management products for communications networks, serving Broadband Service Providers in the U.S. and international markets[70](index=70&type=chunk) - In response to COVID-19, the company's operations are classified as critical infrastructure, implementing safety measures, remote work, and increased safety stock to mitigate supply chain risks[72](index=72&type=chunk)[73](index=73&type=chunk) [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Q1 2021 vs Q1 2020 Performance | Metric | Q1 2021 ($) | Q1 2020 ($) | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $27.1M | $19.4M | +40% | | **Gross Profit** | $11.4M | $7.7M | +47% | | **Gross Margin** | 42.0% | 39.9% | +2.1 p.p. | | **Operating Income** | $3.7M | $0.4M | +826% | - The **$7.7 million year-over-year increase in net sales** was primarily driven by an **$8.2 million increase** from Community Broadband Service Providers and a **$0.7 million increase** from MSO customers[77](index=77&type=chunk) - The increase in gross profit margin resulted primarily from a favorable product mix and cost reduction efforts, including increased utilization of Mexico manufacturing plants and supply chain efficiencies[79](index=79&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **4% ($0.3 million)**, mainly due to higher performance-based compensation, partially offset by a **$373,000 decrease** in travel expenses due to COVID-19[80](index=80&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) - As of December 31, 2020, the company maintained a strong liquidity position with **$54.4 million** in cash, cash equivalents, and investments, with no long-term debt[86](index=86&type=chunk) - Net cash provided by operating activities was **$2.7 million** for the quarter, a significant improvement from a **$0.1 million use of cash** in the prior-year period, driven by higher net income and favorable working capital changes[89](index=89&type=chunk)[90](index=90&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=18&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company determined this section is not applicable for the current reporting period - The company reports no applicable quantitative and qualitative disclosures regarding market risk[99](index=99&type=chunk) [Controls and Procedures](index=19&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of December 31, 2020, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2020[101](index=101&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended December 31, 2020[102](index=102&type=chunk) Part II [Legal Proceedings](index=19&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reports no pending legal proceedings expected to have a material adverse effect on its financial position or operations - No pending legal proceedings against the company are expected to have a material adverse effect[103](index=103&type=chunk) [Risk Factors](index=19&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes have been made to the risk factors disclosed in the company's most recent Annual Report on Form 10-K[104](index=104&type=chunk) [Issuer Purchases of Equity Securities](index=20&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During the quarter, the company repurchased **469 shares** at an average price of **$23.34 per share** for tax payments related to restricted stock vesting, not under a public plan Share Repurchases (Q1 2021) | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | October 2020 | 0 | N/A | | November 2020 | 469 | $23.34 | | December 2020 | 0 | N/A | - The **469 shares** repurchased during the quarter were for tax payments upon vesting of restricted stock issued to employees[107](index=107&type=chunk) [Other Disclosures (Items 3, 4, 5, 6)](index=20&type=section&id=Other%20Disclosures) The company reported no defaults on senior securities, no mine safety disclosures, and no other material information under Item 5, with a list of exhibits provided - The company reports 'None' for Defaults Upon Senior Securities (Item 3) and 'Not applicable' for Mine Safety Disclosures (Item 4) and Other Information (Item 5)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)

FieldReport / Fiscal Q1 2021 Earnings Call / January 28, 2021 NASDAQ:CLFD The Industry Leader in Craft Friendly Fiber Optic Management and Connectivity Solutions Fiscal Q1 2021 Earnings Call FieldReport FieldReport / Fiscal Q1 2021 Earnings Call / January 28, 2021 NASDAQ:CLFD Important Cautions Regarding Forward-Looking Statements Forward-looking statements contained herein and in any related presentation or in the related FieldReport are made pursuant to the safe harbor provisions of the Private Litigation ...

Financial Data and Key Metrics Changes - Clearfield reported Q1 2021 revenue of $27.1 million, a 40% increase from $19.4 million in Q1 2020, marking the highest revenue for any fiscal first quarter in the company's history [4][21] - Gross profit reached a record $11.4 million, representing 42% of total revenue, up from 39.9% in the same period last year [10][22] - Net income for Q1 2021 was $3.2 million, or $0.23 per diluted share, significantly improved from $0.5 million, or $0.04 per diluted share, in Q1 2020 [12][24] Business Line Data and Key Metrics Changes - Community broadband revenue was $19.8 million, up 71% year-over-year, and accounted for a significant portion of total revenue [15] - The MSO market contributed $3 million in revenue, reflecting a 30% year-over-year increase [16] - National Carrier market revenue decreased 12% year-over-year to $2.7 million, while international market revenue fell 8% year-over-year [17][18] Market Data and Key Metrics Changes - The community broadband market generated $67.2 million in revenue for the trailing 12 months, a 29% increase from the previous year [15] - The international market saw a 34% decline in revenue for the trailing 12 months, although Canadian markets showed strong recovery [18] - Legacy markets experienced a 58% year-over-year decline in Q1 [19] Company Strategy and Development Direction - Clearfield's strategy focuses on expanding its presence in community broadband, particularly targeting underserved areas through partnerships with electrical co-ops and municipalities [32] - The company aims to leverage the RDOF program to connect approximately 540,000 homes annually, enhancing its market position [35] - The operational excellence initiative includes investments in manufacturing and supply chain to improve competitiveness and reduce costs [38] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand for fiber-fed broadband is expected to continue throughout fiscal 2021 and beyond, despite ongoing COVID-19 volatility [41] - The company anticipates a slight decline in revenue for Q2 due to traditional seasonality but remains optimistic about long-term growth opportunities [42] - Increased visibility into business needs has been observed, with strong demand in community broadband projects [44] Other Important Information - Clearfield's operations in both the US and Mexico are functioning close to normal, adhering to safety guidelines during the pandemic [26][28] - The company has achieved significant operational efficiencies, particularly in its Mexico facilities, which are integral to its growth strategy [38] Q&A Session Summary Question: Can you comment on the linearity of bookings in the December quarter? - Management indicated that bookings were consistent throughout the quarter, supported by mild winter conditions and ongoing demand [43] Question: Any change in visibility over the past three months? - Management noted increased visibility into business needs, with communication service providers planning more long-term, although concerns about labor availability persist [44] Question: What is the outlook for gross margin expansion this fiscal year? - Management expressed that the current gross margin of 42% is a strong target, primarily driven by community broadband's performance [46] Question: Can you discuss the sequential decline in backlog? - Management explained that the decline is seasonal, as service providers typically delay placing orders until their budgets are approved [50] Question: What are the expectations for the RDOF process and its timing? - Management anticipates beginning to see revenue from RDOF projects around July and August, with a focus on organic market needs [53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended September 30, 2020. ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to _______________. Commission File Number 0-16106 CLEARFIELD, INC. (Exact Name of Registrant as Specified in its Charter) Minnesota 41-1347235 (State of incorp ...

Clearfield, Inc. (NASDAQ:CLFD) Q4 2020 Earnings Conference Call November 4, 2020 5:00 PM ET Company Participants Cheri Beranek - President and CEO Daniel Herzog - CFO Conference Call Participants Jaeson Schmidt - Lake Street Tim Savageaux - Northland Capital Markets Operator Good afternoon. Welcome to Clearfield’s Fiscal Fourth Quarter and Full Year 2020 Earnings Conference Call. This is the conference operator. Joining us for today’s presentation are the company’s President and CEO, Cheri Beranek; and CFO, ...

FieldReport / Fiscal Q4 2020 Earnings Call / November 4, 2020 NASDAQ:CLFD The Industry Leader in Craft Friendly Fiber Optic Management and Connectivity Solutions Fiscal Q4 and FY 2020 Earnings Call FieldReport FieldReport / Fiscal Q4 2020 Earnings Call / November 4, 2020 NASDAQ:CLFD Important Cautions Regarding Forward-Looking Statements Forward-looking statements contained herein and in any related presentation or in the related FieldReport are made pursuant to the safe harbor provisions of the Private Lit ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ___________________ Commission File Number 0-16106 Clearfield, Inc. (Exact name of Registrant as specified in its charter) Minnesota 41-1347235 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-16106 Clearfield, Inc. (Exact name of Registrant as specified in its charter) Minnesota 41-1347235 (State or other jurisdiction of incorporation or organization) (I.R.S. Em ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-16106 Clearfield, Inc. (Exact name of Registrant as specified in its charter) Minnesota 41-1347235 (State or other jurisdiction of incorporation or organization) (I.R.S. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended September 30, 2019. ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to _______________. Commission File Number 0-16106 CLEARFIELD, INC. (Exact Name of Registrant as Specified in its Charter) Minnesota 41-1347235 (State of incorp ...