$CLFD
Clearfield, Inc.

2022 Q3 Form 10-Q Financial Statement

#000117184322005299 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $95.03M $71.25M $53.50M
YoY Change 110.07% 83.94% 80.17%
Cost Of Revenue $57.52M $41.94M $30.33M
YoY Change 125.53% 94.2% 81.08%
Gross Profit $37.51M $29.31M $23.16M
YoY Change 90.1% 71.02% 78.98%
Gross Profit Margin 39.47% 41.13% 43.3%
Selling, General & Admin $15.25M $12.72M $11.23M
YoY Change 47.21% 34.83% 32.31%
% of Gross Profit 40.67% 43.41% 48.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.239M $812.0K $723.0K
YoY Change 115.0% 38.68% 26.84%
% of Gross Profit 3.3% 2.77% 3.12%
Operating Expenses $15.25M $12.72M $11.23M
YoY Change 47.21% 34.83% 32.31%
Operating Profit $22.25M $16.59M $11.93M
YoY Change 137.54% 115.35% 167.99%
Interest Expense -$267.0K $43.00K $121.0K
YoY Change -319.1% -64.52% 0.83%
% of Operating Profit -1.2% 0.26% 1.01%
Other Income/Expense, Net
YoY Change
Pretax Income $21.98M $16.63M $12.05M
YoY Change 131.68% 112.57% 163.43%
Income Tax $4.993M $3.884M $2.816M
% Of Pretax Income 22.71% 23.36% 23.37%
Net Earnings $16.99M $12.75M $9.236M
YoY Change 128.8% 109.0% 153.74%
Net Earnings / Revenue 17.88% 17.89% 17.27%
Basic Earnings Per Share $0.93 $0.67
Diluted Earnings Per Share $1.220M $0.92 $0.66
COMMON SHARES
Basic Shares Outstanding 13.78M 13.77M 13.77M
Diluted Shares Outstanding 13.90M 13.90M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.45M $18.09M $14.66M
YoY Change -4.82% -43.78% -54.61%
Cash & Equivalents $16.65M $14.19M $13.92M
Short-Term Investments $5.802M $3.894M $739.0K
Other Short-Term Assets $1.758M $1.050M $1.601M
YoY Change 84.28% 60.96% 123.11%
Inventory $82.21M $69.34M $60.92M
Prepaid Expenses
Receivables $53.70M $31.59M $21.84M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $160.1M $120.1M $99.02M
YoY Change 123.93% 71.57% 62.76%
LONG-TERM ASSETS
Property, Plant & Equipment $31.49M $9.567M $8.701M
YoY Change 529.95% 94.24% 83.2%
Goodwill $6.402M $4.709M $4.709M
YoY Change 35.95% 0.01% 0.01%
Intangibles $6.376M $4.691M $4.487M
YoY Change 35.78% -1.56% -6.39%
Long-Term Investments $22.75M $24.99M $28.45M
YoY Change -38.38% -6.46% 11.13%
Other Assets $1.995M $553.0K $620.0K
YoY Change 375.0% 113.06% 136.32%
Total Long-Term Assets $69.01M $57.88M $60.95M
YoY Change 26.83% 31.32% 41.81%
TOTAL ASSETS
Total Short-Term Assets $160.1M $120.1M $99.02M
Total Long-Term Assets $69.01M $57.88M $60.95M
Total Assets $229.1M $177.9M $160.0M
YoY Change 81.97% 56.01% 54.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.12M $16.24M $15.02M
YoY Change 161.73% 144.31% 199.76%
Accrued Expenses $23.18M $2.758M $759.0K
YoY Change 1337.32% 139.69% 54.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $51.69M $30.69M $25.35M
YoY Change 152.51% 95.31% 113.19%
LONG-TERM LIABILITIES
Long-Term Debt $18.67M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.41M $10.48M $11.19M
YoY Change 544.56% 466.77% 433.05%
Total Long-Term Liabilities $29.08M $10.48M $11.19M
YoY Change 1700.08% 466.77% 438.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.69M $30.69M $25.35M
Total Long-Term Liabilities $29.08M $10.48M $11.19M
Total Liabilities $81.55M $41.17M $36.54M
YoY Change 269.2% 134.42% 161.57%
SHAREHOLDERS EQUITY
Retained Earnings $94.80M $77.81M $65.07M
YoY Change 108.62% 104.69% 103.86%
Common Stock $138.0K $138.0K $138.0K
YoY Change 0.73% 0.42% 0.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $147.6M $136.8M $123.4M
YoY Change
Total Liabilities & Shareholders Equity $229.1M $177.9M $160.0M
YoY Change 81.97% 56.01% 54.09%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $16.99M $12.75M $9.236M
YoY Change 128.8% 109.0% 153.74%
Depreciation, Depletion And Amortization $1.239M $812.0K $723.0K
YoY Change 115.0% 38.68% 26.84%
Cash From Operating Activities $10.29M $1.993M -$11.25M
YoY Change 269.39% 40.63% -382.61%
INVESTING ACTIVITIES
Capital Expenditures -$2.384M -$1.922M -$2.791M
YoY Change 209.26% 222.96% 830.33%
Acquisitions
YoY Change
Other Investing Activities -$16.19M $0.00 $15.41M
YoY Change 66.98% -100.0% -6025.38%
Cash From Investing Activities -$18.57M -$1.922M $12.62M
YoY Change 77.46% -27.6% -2352.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.76M 198.0K -126.0K
YoY Change -2726.65% -2.64% -47.5%
NET CHANGE
Cash From Operating Activities 10.29M 1.993M -11.25M
Cash From Investing Activities -18.57M -1.922M 12.62M
Cash From Financing Activities 10.76M 198.0K -126.0K
Net Change In Cash 2.483M 269.0K 1.241M
YoY Change -130.7% -126.01% -60.97%
FREE CASH FLOW
Cash From Operating Activities $10.29M $1.993M -$11.25M
Capital Expenditures -$2.384M -$1.922M -$2.791M
Free Cash Flow $12.67M $3.915M -$8.457M
YoY Change 256.36% 94.56% -297.59%

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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Basis Of Accounting
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Note <em style="font: inherit;">1.</em> Basis of Presentation</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The accompanying (a) condensed balance sheet as of <em style="font: inherit;"> September 30, 2021, </em>which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the <em style="font: inherit;">three</em> and <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> June 30, 2022 </em>have been prepared by Clearfield, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the interim periods presented. Operating results for the interim periods presented are <em style="font: inherit;">not</em> necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> September 30, 2021.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>New Accounting Pronouncements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">In <em style="font: inherit;"> June 2016, </em>the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) <em style="font: inherit;">2016</em>-<em style="font: inherit;">13,</em> Measurement of Credit Losses on Financial Instruments. In <em style="font: inherit;"> November 2018, </em>the FASB issued update ASU <em style="font: inherit;">2018</em>-<em style="font: inherit;">19</em> that clarifies the scope of the standard in the amendments in ASU <em style="font: inherit;">2016</em>-<em style="font: inherit;">13.</em> This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Financial instruments impacted include accounts receivable, trade receivables, other financial assets measured at amortized cost and other off-balance sheet credit exposures. The new guidance is effective for the Company beginning in the <em style="font: inherit;">first</em> quarter of fiscal <em style="font: inherit;">2023,</em> with early adoption permitted. The Company is evaluating the impact of the adoption of ASU <em style="font: inherit;">2016</em>-<em style="font: inherit;">13</em> on its financial statements.</p>
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OperatingLeasePayments
243000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
723000 usd
CY2022Q2 clfd Number Of Patents Granted
NumberOfPatentsGranted
31 pure
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3884000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9480000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.234 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227 pure
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1725000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3344000 usd
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.206 pure
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
851000 usd
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
293000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
1687000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
910000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
778000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3158000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3233000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2997000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2844000 usd
CY2022Q2 clfd Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1196000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14206000 usd

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