$CLFD
Clearfield, Inc.

2023 Q1 Form 10-Q Financial Statement

#000117184323000755 Filed on February 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $71.81M $85.94M $51.11M
YoY Change 34.23% 68.15% 88.65%
Cost Of Revenue $48.25M $55.29M $28.14M
YoY Change 59.06% 96.51% 78.95%
Gross Profit $23.56M $30.65M $22.97M
YoY Change 1.72% 33.42% 102.06%
Gross Profit Margin 32.81% 35.66% 44.95%
Selling, General & Admin $11.51M $12.76M $9.923M
YoY Change 2.45% 28.58% 29.61%
% of Gross Profit 48.84% 41.63% 43.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.458M $1.353M $639.0K
YoY Change 101.66% 111.74% 12.5%
% of Gross Profit 6.19% 4.41% 2.78%
Operating Expenses $11.51M $12.76M $9.923M
YoY Change 2.45% 28.58% 29.61%
Operating Profit $12.06M $17.89M $13.05M
YoY Change 1.04% 37.1% 251.44%
Interest Expense $112.0K $243.0K $120.0K
YoY Change -7.44% 102.5% -7.69%
% of Operating Profit 0.93% 1.36% 0.92%
Other Income/Expense, Net
YoY Change
Pretax Income $13.34M $17.95M $13.17M
YoY Change 10.67% 36.3% 242.32%
Income Tax $2.974M $3.695M $2.780M
% Of Pretax Income 22.3% 20.58% 21.11%
Net Earnings $10.36M $14.26M $10.39M
YoY Change 12.21% 37.21% 228.45%
Net Earnings / Revenue 14.43% 16.59% 20.33%
Basic Earnings Per Share $0.67 $1.01 $0.76
Diluted Earnings Per Share $0.67 $1.00 $0.75
COMMON SHARES
Basic Shares Outstanding 15.22M 13.82M 13.74M
Diluted Shares Outstanding 15.26M 14.28M 13.90M

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.1M $147.9M $23.06M
YoY Change 971.24% 541.3% -18.53%
Cash & Equivalents $137.1M $30.31M $12.68M
Short-Term Investments $19.98M $117.5M $10.37M
Other Short-Term Assets $3.655M $1.450M $1.085M
YoY Change 128.29% 33.64% 141.33%
Inventory $100.8M $89.71M $43.57M
Prepaid Expenses
Receivables $39.38M $55.14M $16.33M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $300.9M $294.1M $84.04M
YoY Change 203.93% 249.99% 60.97%
LONG-TERM ASSETS
Property, Plant & Equipment $21.09M $19.73M $6.574M
YoY Change 142.36% 200.12% 31.41%
Goodwill $6.587M $6.545M $4.709M
YoY Change 39.88% 38.99% 0.01%
Intangibles $6.459M $6.488M $4.547M
YoY Change 43.95% 42.69% -4.22%
Long-Term Investments $8.527M $10.29M $35.19M
YoY Change -70.03% -70.75% 34.84%
Other Assets $899.0K $868.0K $572.0K
YoY Change 45.0% 51.75% 114.62%
Total Long-Term Assets $56.46M $57.65M $53.72M
YoY Change -7.38% 7.32% 22.16%
TOTAL ASSETS
Total Short-Term Assets $300.9M $294.1M $84.04M
Total Long-Term Assets $56.46M $57.65M $53.72M
Total Assets $357.4M $351.8M $137.8M
YoY Change 123.42% 155.36% 43.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.68M $18.37M $12.37M
YoY Change 11.0% 48.52% 562.61%
Accrued Expenses $5.050M $12.44M $4.872M
YoY Change 565.35% 155.25% 155.18%
Deferred Revenue
YoY Change
Short-Term Debt $8.475M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.05M $45.32M $22.08M
YoY Change 58.02% 105.29% 184.17%
LONG-TERM LIABILITIES
Long-Term Debt $2.181M $2.132M $0.00
YoY Change
Other Long-Term Liabilities $8.943M $9.706M $1.214M
YoY Change -20.11% 699.51% -47.22%
Total Long-Term Liabilities $11.12M $11.84M $1.214M
YoY Change -0.63% 875.12% -47.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.05M $45.32M $22.08M
Total Long-Term Liabilities $11.12M $11.84M $1.214M
Total Liabilities $52.00M $57.92M $23.29M
YoY Change 42.3% 148.66% 131.15%
SHAREHOLDERS EQUITY
Retained Earnings $119.4M $109.1M $55.83M
YoY Change 83.54% 95.34% 97.44%
Common Stock $153.0K $152.0K $138.0K
YoY Change 10.87% 10.14% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $305.4M $293.9M $114.5M
YoY Change
Total Liabilities & Shareholders Equity $357.4M $351.8M $137.8M
YoY Change 123.42% 155.36% 43.22%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income $10.36M $14.26M $10.39M
YoY Change 12.21% 37.21% 228.45%
Depreciation, Depletion And Amortization $1.458M $1.353M $639.0K
YoY Change 101.66% 111.74% 12.5%
Cash From Operating Activities $9.038M $1.103M -$34.00K
YoY Change -180.35% -3344.12% -101.25%
INVESTING ACTIVITIES
Capital Expenditures $2.579M $1.984M -$2.051M
YoY Change -192.4% -196.73% -641.33%
Acquisitions
YoY Change
Other Investing Activities $100.5M -$98.88M $1.732M
YoY Change 552.33% -5809.06% 276.52%
Cash From Investing Activities $97.91M -$101.1M -$319.0K
YoY Change 676.17% 31590.91% -503.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $249.0K
YoY Change 39.11%
Debt Paid & Issued, Net $16.70M $0.00
YoY Change
Cash From Financing Activities -129.0K $113.5M -$181.0K
YoY Change 2.38% -62817.68% 92.55%
NET CHANGE
Cash From Operating Activities 9.038M $1.103M -$34.00K
Cash From Investing Activities 97.91M -$101.1M -$319.0K
Cash From Financing Activities -129.0K $113.5M -$181.0K
Net Change In Cash 106.8M $13.66M -$534.0K
YoY Change 8507.82% -2658.61% -119.77%
FREE CASH FLOW
Cash From Operating Activities $9.038M $1.103M -$34.00K
Capital Expenditures $2.579M $1.984M -$2.051M
Free Cash Flow $6.459M -$881.0K $2.017M
YoY Change -176.37% -143.68% -13.7%

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CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
15020
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6168 pure
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0387 pure
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
236509
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.30
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
15020
CY2022Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
104.36
CY2022Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
12409
CY2022Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
34.77
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
239120
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
35.72
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y10M24D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7058000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85942000 usd
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
51109000 usd
CY2022Q4 clfd Revenues Percent
RevenuesPercent
1 pure
CY2021Q4 clfd Revenues Percent
RevenuesPercent
1 pure
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
79000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
79000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
72560000 usd
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
69142000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
5125000 usd
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
4592000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
15026000 usd
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10803000 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
92711000 usd
CY2022Q3 us-gaap Inventory Gross
InventoryGross
84537000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3006000 usd
CY2022Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2329000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
89705000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
82208000 usd
CY2022Q4 clfd Number Of Patents Granted
NumberOfPatentsGranted
38 pure
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85942000 usd
CY2022Q4 us-gaap Revenue Not From Contract With Customer Excluding Interest Income
RevenueNotFromContractWithCustomerExcludingInterestIncome
0 usd
CY2022Q4 us-gaap Net Investment Income
NetInvestmentIncome
303000 usd
CY2022Q4 us-gaap Interest Expense
InterestExpense
243000 usd
CY2022Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1353000 usd
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
660000 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3695000 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
14255000 usd
CY2022Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1984000 usd
CY2022Q4 us-gaap Goodwill Gross
GoodwillGross
6545000 usd
CY2022Q4 us-gaap Assets
Assets
351797000 usd
CY2022Q4 clfd Factoring Liabilities
FactoringLiabilities
4178000 usd
CY2022Q4 clfd Financing Receivables Percentage Of Cash Initially Received
FinancingReceivablesPercentageOfCashInitiallyReceived
0.80 pure
CY2022Q4 clfd Financing Receivable Percentage Of Balance Received When Invoice Is Paid
FinancingReceivablePercentageOfBalanceReceivedWhenInvoiceIsPaid
0.20 pure
CY2022Q4 clfd Financing Receivable Limit
FinancingReceivableLimit
13300000 usd
CY2022Q4 clfd Financing Receivable Average Interest Rate During Period
FinancingReceivableAverageInterestRateDuringPeriod
0.0237 pure
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3695000 usd
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.206 pure
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2780000 usd
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.211 pure
CY2022Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
1571000 usd
CY2021Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
340000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2883000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3875000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3061000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2870000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1196000 usd
CY2022Q4 clfd Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13885000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
704000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
13181000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M14D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0322 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M25D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0341 pure
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
946000 usd
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
312000 usd

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