FieldReport | --- | --- | |----------------|-------| | | | | | | | April 28, 2022 | | Important Cautions Regarding ForwardLooking Statements Forward-looking statements contained herein and in any related presentation or in the related Earnings Release are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "outlook," or "continue" or comparable terminology are intended to identify forward-lookin ...

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 December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ___________________ | --- | --- | |--------------------------------------------------------------|--------------------------------------------| | C ...

FieldReport | --- | --- | |------------------|-------| | | | | | | | | | | January 27, 2022 | | Important Cautions Regarding ForwardLooking Statements Forward-looking statements contained herein and in any related presentation or in the related Earnings Release are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "outlook," or "continue" or comparable terminology are intended to identify forw ...

Clearfield, Inc. (NASDAQ:CLFD) Q1 2022 Earnings Conference Call January 27, 2022 5:00 PM ET Company Participants Cheri Beranek - President and CEO Dan Herzog - CFO Conference Call Participants Jaeson Schmidt - Lake Street Capital Markets Ryan Koontz - Needham Tim Savageaux - Northland Capital Markets Operator Good afternoon. Welcome to Clearfield's Fiscal First Quarter 2022 Earnings Conference Call. My name is Paul, and I will be your operator this afternoon. Joining us for today's presentation are the com ...

Financial Performance - Net sales for fiscal year 2021 increased 51%, or $47,681,000, to $140,755,000 from $93,075,000 in 2020[155] - Gross profit increased 61%, or $23,264,000, from $37,914,000 in fiscal year 2020 to $61,178,000 in fiscal year 2021, with a gross profit margin of 43.5%[159] - Income from operations for fiscal year 2021 was $25,234,000, up from $8,384,000 in fiscal year 2020[162] - Net income for fiscal year 2021 was $20,327,000, or $1.48 per basic share, compared to $7,293,000, or $0.53 per basic share for fiscal year 2020, representing an increase of 178%[165] Sales and Revenue Sources - Sales to broadband service providers accounted for 98% of net sales in fiscal year 2021, totaling $138,021,000, compared to $89,571,000, or 96%, in fiscal 2020[156] - International sales represented 7% of net sales in fiscal year 2021, up from 4% in fiscal year 2020[155] - The increase in net sales was primarily driven by a $38,920,000 increase in sales to Community Broadband and MSO customers[157] Expenses and Costs - Selling, general and administrative expenses for fiscal year 2021 were $35,944,000, an increase of 22% compared to $29,530,000 in fiscal year 2020[161] - Cost of sales for fiscal year 2021 was $79,578,000, an increase of 44% from $55,160,000 in fiscal year 2020[159] - Income tax expense for fiscal year 2021 was $5,407,000, an increase of $3,545,000 from $1,862,000 in fiscal year 2020, with the tax expense rate rising to 21.0% from 20.3%[164] Cash Flow and Investments - As of September 30, 2021, the company had combined cash and investments of $60,503,000, up from $52,175,000 as of September 30, 2020[166] - Net cash generated from operations for fiscal year 2021 totaled $10,903,000, compared to $6,656,000 for fiscal year 2020, reflecting a significant increase in operational efficiency[169][170] - The company invested $24,809,000 in FDIC-backed certificates of deposit and U.S. Treasuries during fiscal year 2021, resulting in cash used in investing activities of $13,600,000[171] - The net cash used in financing activities for fiscal year 2021 was $536,000, compared to $247,000 for fiscal year 2020, indicating increased financial activity related to employee stock options[174][175] Operational Challenges and Future Plans - The company experienced increased material and supply chain transportation costs due to COVID-19, which are expected to continue in fiscal year 2022[159] - The company plans to continue investing in information technology and manufacturing equipment, including expansion into a new 318,000 square foot leased facility[171] - The company intends to utilize available cash and assets for organic growth and potential strategic transactions, including a share repurchase program[167] Financial Health - The company had no long-term debt obligations as of September 30, 2021, maintaining a strong liquidity position[166] - Days sales outstanding increased from 38 to 39 days from September 30, 2020, to September 30, 2021, indicating a slight delay in receivables collection[169]

Financial Data and Key Metrics Changes - Clearfield reported a record-setting financial performance for Q4 and the full fiscal year 2021, with net sales increasing 66% year-over-year to $45.2 million in Q4 and 51% to $140.8 million for the full year [5][16][26] - Gross profit for Q4 increased 75% to $19.7 million, representing 43.6% of net sales, while for the full year, gross profit rose 61% to $61.2 million, also at 43.5% of net sales [28][29] - Net income in Q4 surged 144% to $7.4 million, or 16.4% of net sales, and for the full year, net income increased 179% to $20.3 million, or 14.4% of net sales [33][34] Business Line Data and Key Metrics Changes - The Community Broadband market, which is the largest customer segment, saw a 66% increase in net sales for the full year, totaling $97.9 million, and a 64% increase in Q4 [7][19] - The MSO market grew 90% year-over-year in Q4, reaching $6.9 million, and 51% for the full year to $18.6 million [20][26] - The international market experienced a significant growth of 221% year-over-year in Q4 and 132% for the full year [24][26] - The National Carrier market saw a decline of 15% year-over-year for the full year, totaling $11.9 million [21] Market Data and Key Metrics Changes - The demand for fiber-fed broadband is increasing, with a noted shortage of trained technicians and engineers in the U.S. market, which could limit growth [13][14] - The market for fiber-fed broadband is driven by both demand and supply factors, with suppliers benefiting from easier maintenance and higher revenue per subscriber [14] Company Strategy and Development Direction - Clearfield is focused on capturing market share in the fiber-to-the-home and business sectors through its "Now of Age" strategic plan, which emphasizes operational efficiency and customer service [37][45] - The company plans to expand its production capacity significantly, with investments in its Mexico plant to triple its footprint [39][45] - Clearfield aims to leverage government funding opportunities to accelerate deployment in underserved markets [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth potential, citing strong demand for fiber-fed broadband and a robust backlog of $66.4 million [44][47] - The company anticipates delivering projected annual net sales of $162 million to $169 million in fiscal 2022, representing a growth of 15% to 20% over fiscal year 2021 [45] Other Important Information - Clearfield's operating expenses for Q4 were $10.4 million, up from $7.6 million in the same period last year, but as a percentage of net sales, they decreased [30][32] - The company has a strong focus on customer service and training to address the skills gap in the industry [34] Q&A Session Summary Question: How should we think about seasonality in fiscal 22? - Management indicated that seasonality will be less dominant than in previous years, with an expectation of an unseasonably strong first quarter due to longer-term orders and inventory preparations [49] Question: Will fiscal '22 guidance include significant contributions from Tier 1 players? - Management clarified that the guidance does not include significant contributions from Tier 1 players at this point, as there are ongoing discussions and challenges related to supply chain issues [50]

November 4, 2021 Fiscal Q4 & 2021 Earnings Call FieldReport expected future demand, and trends in and growth of the FTTx markets, market segments or customer Forward-looking statements contained herein and in any related presentation or in the related Earnings Release are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "outlook," or "continue" or comparable terminology are intended to identi ...

FieldReport / Fiscal Q3 2021 Earnings Call / July 22, 2021 NASDAQ:CLFD The Industry Leader in Craft Friendly Fiber Optic Management and Connectivity Solutions Fiscal Q3 2021 Earnings Call FieldReport FieldReport / Fiscal Q3 2021 Earnings Call / July 22, 2021 NASDAQ:CLFD Important Cautions Regarding Forward-Looking Statements Forward-looking statements contained herein and in any related presentation or in the related Earnings Release are made pursuant to the safe harbor provisions of the Private Litigation ...

Clearfield, Inc. (NASDAQ:CLFD) Q3 2021 Earnings Conference Call July 22, 2021 5:00 PM ET Company Participants Cheri Beranek - CEO Dan Herzog - CFO Conference Call Participants Jaeson Schmidt - Lake Street Tim Savageaux - Northland Capital Markets Operator Good afternoon. Welcome to Clearfield's Fiscal Third Quarter 2021 Earnings Conference Call. My name is Victor and I'll be your operator for this afternoon. Joining us for today's presentation are the company's President and CEO, Cheri Beranek; and CFO, Dan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $0.01 par value CLFD The NASDAQ Stock Market LLC 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, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ___________ ...