Clearfield, Inc. (NASDAQ:CLFD) Q1 2024 Earnings Conference Call February 1, 2024 5:00 PM ET Company Participants Greg McNiff – Investor Relations Cheri Beranek – President and Chief Executive Officer Dan Herzog – Chief Financial Officer Conference Call Participants Scott Searle – Roth Ryan Koontz – Needham and Company Tim Savagenou – Northland Capital Markets Jaeson Schmidt – Lake Street Operator Good day. And welcome to Clearfield’s Fiscal First Quarter 2024 Conference Call. All participants will be in a l ...

Forward-looking statements contained herein and in any related presentation or in the related Earnings Presentation 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-looking statements. Such forward looking statements include, for example, statements about the Company's future revenue and operating performa ...

Clearfield (CLFD) came out with a quarterly loss of $0.35 per share versus the Zacks Consensus Estimate of a loss of $0.40. This compares to earnings of $1 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.50%. A quarter ago, it was expected that this maker of fiber optic management products would post earnings of $0.09 per share when it actually produced earnings of $0.17, delivering a surprise of 88.89%.Over the last four q ...

MINNEAPOLIS--(BUSINESS WIRE)--Clearfield (NASDAQ:CLFD), the leader in community broadband fiber connectivity, today announced the availability of the CraftSmart® Fiber Protection Vault, an innovative, new design that eliminates the current supply chain constraints and delivers a 300% improvement in shipping and inventory space. The innovative design, crafted by Clearfield’s internal design team, allows the vaults to be shipped unassembled and flat packed, which enables shipping multiple vaults per pallet, d ...

MINNEAPOLIS, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), the leader in community broadband fiber connectivity, today announced that its first quarter ended December 31, 2023 results will be released on Thursday, February 1, 2024, after the close of the market. The company will host a conference call at 5:00 p.m. Eastern time (4:00 p.m. Central time) to discuss its financial results with the investment community. Financial results will be available on the Investor Relations section of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to _______________. Minnesota 41-1347235 (State of incorporation) (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: NONE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities E ...

《❁CLEARFIELD Important Cautions Regarding Forward-Looking Statements 2 4 Expect BEAD to expand TAM as fiber connections between homes will be longer in the underserved and unserved rural environments that BEAD targets. Source: RVA, Clearfield 57.1M Homes Passed Forecast over the next 5 years 6 21% Nestor Cables Contribution Clearfield Earnings Presentation: Fiscal Q4 & 2023 Earnings Call November 9, 2023 1 © Copyright 2023 Clearfield, Inc. All Rights Reserved. Fourth Quarter Fiscal 2023 Highlights Announced ...

Financial Data and Key Metrics - Consolidated net sales in Q4 2023 were $49.7 million, a 48% decrease from $95 million in the same period last year [22] - Gross profit margin in Q4 declined to 24.1% from 39.5% in the same year-ago quarter, impacted by unabsorbed overhead due to lower demand [11] - Net income in Q4 decreased to $2.7 million from $17 million in the same year-ago period, representing 5% of net sales, down from 17% [12] - Full-year fiscal 2023 net sales decreased slightly to $269 million from $271 million in fiscal 2022, with organic net sales down 14% year-over-year [25] - Full-year net income decreased 34% to $32.5 million, representing 6% of net sales, down from 18% in fiscal 2022 [39] Business Line Performance - Community broadband comprised 46% of net sales in Q4, with $22.8 million in revenue, down 48% year-over-year [36] - MSO business accounted for 11% of net sales in Q4, declining 75% year-over-year and 5% for the full fiscal year [10] - National Carrier market net sales decreased 18% in Q4 and 17% for the full fiscal year [37] - International market net sales increased 32% in Q4 and 226% for the full fiscal year, driven by the Nestor Cables acquisition [107] Market Performance - Large regional service providers market net sales declined 64% in Q4 and 26% for the full fiscal year [24] - Nestor Cables contributed $10.6 million in Q4, with revenue impacted by seasonality [22] - Order backlog declined 65% to $57.3 million as of September 30, 2023, reflecting reduced demand and alignment with customer deployment schedules [105] Strategy and Industry Competition - The company is focused on reducing deployment time and labor costs, with new products like the CraftSmart FiberFirst Pedestal generating over $1 million in revenue from a single regional provider [5] - Clearfield is investing in operational efficiency, including ERP system updates and cost reduction initiatives, to improve gross margins once demand recovers [30] - The BEAD program is expected to expand the total available market, particularly in underserved rural areas, with longer fiber connections driving higher revenue opportunities [19][21] - The company is leveraging its Nestor platform to cross-sell connectivity products in Europe and investing in manufacturing facilities in Estonia [42] Management Commentary on Market Conditions - Industry analysts expect a slowdown in fiber deployment due to reduced CapEx budgets and higher interest rates, though end-user demand for high-speed broadband remains strong [4] - The first half of fiscal 2024 is expected to remain challenging due to inventory overhang and seasonal slowdowns, with revenue expected to soften [19][38] - The company anticipates an uptick in demand during the second half of fiscal 2024 as the build season resumes, leading to improved gross margins [38] Other Key Information - The company increased its share buyback authorization from $22 million to $40 million, reflecting confidence in its long-term opportunity [40] - Clearfield is working to ensure all product offerings are BABA compliant by the end of calendar year 2024 [102] - The company has a strong balance sheet with $174 million in cash and investments and only $2 million in debt [109] Q&A Session Question: Seasonal patterns and December quarter performance - Historically, Q1 and Q2 are similar, with a slowdown during the holidays and budget season, followed by a recovery in spring [46] - The company expects Q2 to potentially be slightly better than Q1, with significant improvement in Q3 and Q4 as demand picks up [53] Question: Nestor product line transition to Mexico facility - Most Nestor product lines have been transitioned to the Mexico facility, with remaining transitions dependent on inventory conditions [47] Question: OpEx trends for fiscal 2024 - OpEx is expected to remain steady, with Q3 2023 serving as a benchmark for future run rates [48] Question: Gross margin recovery timeline - Gross margins are expected to improve in Q3 and Q4 2024 as capacity utilization increases and fixed overhead coverage strengthens [53] Question: Impact of BEAD program on pricing - The BEAD program is expected to increase material costs due to BABA compliance requirements, potentially leading to dual SKUs with different pricing for U.S.-made and lower-cost labor market products [81] Question: International revenue expectations for Q1 - International revenue is expected to be in the range of $6-8 million for Q1, reflecting seasonality in the European market [84] Question: Normalized run rate and BEAD impact - The company expects a normalized cadence to return as large carriers resume deployments, with BEAD-related revenue expected to contribute meaningfully in fiscal 2025 [56][63] Question: Pricing discipline and market share - Clearfield is committed to maintaining price discipline and will not engage in unsustainable pricing practices, even in a competitive market [95]

The Company's 2022 Stock Compensation Plan permits the Compensation Committee of the Board of Directors to grant stockbased awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over one to ten years. During the nine months ended June 30, 2023, the Company granted employees restricted stock awards totaling 34,674 shares of common stock, with a vesting term of approximately three years and a fair value of $72. ...

Clearfield Inc. (NASDAQ:CLFD) Q3 2023 Earnings Call Transcript August 3, 2023 5:00 PM ET Company Participants Greg McNiff - Investor Relations Cheryl Beranek - CEO, President and Director Kevin Morgan - Chief Marketing Officer Daniel Herzog - Chief Financial Officer Conference Call Participants Ryan Koontz - Needham Scott Searle - ROTH MKM Greg Mesniaeff - WestPark Capital Operator Good day, and welcome to the Clearfield Fiscal Third Quarter 2023 Conference Call. All participants will be in a listen-only mo ...