$CLFD
Clearfield, Inc.

2023 Q2 Form 10-Q Financial Statement

#000117184323003018 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $61.28M $71.81M
YoY Change -13.99% 34.23%
Cost Of Revenue $42.21M $48.25M
YoY Change 0.64% 59.06%
Gross Profit $19.07M $23.56M
YoY Change -34.92% 1.72%
Gross Profit Margin 31.12% 32.81%
Selling, General & Admin $13.45M $11.51M
YoY Change 5.72% 2.45%
% of Gross Profit 70.51% 48.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.579M $1.458M
YoY Change 94.46% 101.66%
% of Gross Profit 8.28% 6.19%
Operating Expenses $13.45M $11.51M
YoY Change 5.72% 2.45%
Operating Profit $5.625M $12.06M
YoY Change -66.09% 1.04%
Interest Expense $195.0K $112.0K
YoY Change 353.49% -7.44%
% of Operating Profit 3.47% 0.93%
Other Income/Expense, Net
YoY Change
Pretax Income $7.060M $13.34M
YoY Change -57.54% 10.67%
Income Tax $1.842M $2.974M
% Of Pretax Income 26.09% 22.3%
Net Earnings $5.218M $10.36M
YoY Change -59.06% 12.21%
Net Earnings / Revenue 8.51% 14.43%
Basic Earnings Per Share $0.33 $0.67
Diluted Earnings Per Share $0.33 $0.67
COMMON SHARES
Basic Shares Outstanding 15.25M 15.22M
Diluted Shares Outstanding 15.25M 15.26M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.1M $157.1M
YoY Change 796.33% 971.24%
Cash & Equivalents $31.39M $137.1M
Short-Term Investments $130.7M $19.98M
Other Short-Term Assets $4.084M $3.655M
YoY Change 288.95% 128.29%
Inventory $105.0M $100.8M
Prepaid Expenses
Receivables $31.94M $39.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $303.1M $300.9M
YoY Change 152.47% 203.93%
LONG-TERM ASSETS
Property, Plant & Equipment $21.32M $21.09M
YoY Change 122.83% 142.36%
Goodwill $6.587M
YoY Change 39.88%
Intangibles $6.344M $6.459M
YoY Change 35.24% 43.95%
Long-Term Investments $6.556M $8.527M
YoY Change -73.77% -70.03%
Other Assets $1.489M $899.0K
YoY Change 169.26% 45.0%
Total Long-Term Assets $58.06M $56.46M
YoY Change 0.32% -7.38%
TOTAL ASSETS
Total Short-Term Assets $303.1M $300.9M
Total Long-Term Assets $58.06M $56.46M
Total Assets $361.2M $357.4M
YoY Change 102.98% 123.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.64M $16.68M
YoY Change -28.33% 11.0%
Accrued Expenses $3.335M $5.050M
YoY Change 20.92% 565.35%
Deferred Revenue
YoY Change
Short-Term Debt $10.90M $8.475M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.91M $40.05M
YoY Change 20.27% 58.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.181M
YoY Change
Other Long-Term Liabilities $11.57M $8.943M
YoY Change 10.42% -20.11%
Total Long-Term Liabilities $11.57M $11.12M
YoY Change 10.42% -0.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.91M $40.05M
Total Long-Term Liabilities $11.57M $11.12M
Total Liabilities $49.27M $52.00M
YoY Change 19.66% 42.3%
SHAREHOLDERS EQUITY
Retained Earnings $124.6M $119.4M
YoY Change 60.18% 83.54%
Common Stock $153.0K $153.0K
YoY Change 10.87% 10.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $311.9M $305.4M
YoY Change
Total Liabilities & Shareholders Equity $361.2M $357.4M
YoY Change 102.98% 123.42%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $5.218M $10.36M
YoY Change -59.06% 12.21%
Depreciation, Depletion And Amortization $1.579M $1.458M
YoY Change 94.46% 101.66%
Cash From Operating Activities $3.340M $9.038M
YoY Change 67.59% -180.35%
INVESTING ACTIVITIES
Capital Expenditures $1.729M $2.579M
YoY Change -189.96% -192.4%
Acquisitions
YoY Change
Other Investing Activities -$107.5M $100.5M
YoY Change 552.33%
Cash From Investing Activities -$109.2M $97.91M
YoY Change 5581.32% 676.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 291.0K -129.0K
YoY Change 46.97% 2.38%
NET CHANGE
Cash From Operating Activities 3.340M 9.038M
Cash From Investing Activities -109.2M 97.91M
Cash From Financing Activities 291.0K -129.0K
Net Change In Cash -105.6M 106.8M
YoY Change -39343.12% 8507.82%
FREE CASH FLOW
Cash From Operating Activities $3.340M $9.038M
Capital Expenditures $1.729M $2.579M
Free Cash Flow $1.611M $6.459M
YoY Change -58.85% -176.37%

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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
19084
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
95.06
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
62730
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
66.48
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6189 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0401 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
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
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
95.06
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
18709
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
27.24
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
236884
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
36.76
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y9M10D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2177000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
82208000 usd
CY2023Q1 clfd Financing Receivables Percentage Of Cash Initially Received
FinancingReceivablesPercentageOfCashInitiallyReceived
0.80 pure
CY2023Q1 clfd Financing Receivable Percentage Of Balance Received When Invoice Is Paid
FinancingReceivablePercentageOfBalanceReceivedWhenInvoiceIsPaid
0.20 pure
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71809000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53495000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
157751000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
104604000 usd
CY2023Q1 clfd Revenues Percent
RevenuesPercent
1 pure
CY2022Q1 clfd Revenues Percent
RevenuesPercent
1 pure
clfd Revenues Percent
RevenuesPercent
1 pure
clfd Revenues Percent
RevenuesPercent
1 pure
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
79000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
79000 usd
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
79564000 usd
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
69142000 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
5298000 usd
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
4592000 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
20271000 usd
CY2023Q1 clfd Financing Receivable Limit
FinancingReceivableLimit
13600000 usd
CY2023Q1 clfd Financing Receivable Average Interest Rate During Period
FinancingReceivableAverageInterestRateDuringPeriod
0.0348 pure
CY2023Q1 clfd Number Of Patents Granted
NumberOfPatentsGranted
41 pure
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71809000 usd
CY2023Q1 us-gaap Revenue Not From Contract With Customer Excluding Interest Income
RevenueNotFromContractWithCustomerExcludingInterestIncome
0 usd
CY2023Q1 us-gaap Net Investment Income
NetInvestmentIncome
1395000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
112000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1458000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
784000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2974000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
10364000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2579000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
157751000 usd
us-gaap Revenue Not From Contract With Customer Excluding Interest Income
RevenueNotFromContractWithCustomerExcludingInterestIncome
0 usd
us-gaap Net Investment Income
NetInvestmentIncome
1698000 usd
us-gaap Interest Expense
InterestExpense
356000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2822000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1444000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6669000 usd
us-gaap Net Income Loss
NetIncomeLoss
24619000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4798000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
6587000 usd
CY2023Q1 us-gaap Assets
Assets
357395000 usd
CY2022Q3 us-gaap Goodwill
Goodwill
6402000 usd
CY2022Q3 us-gaap Assets
Assets
229128000 usd
CY2023Q1 clfd Factoring Liabilities
FactoringLiabilities
8475000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2974000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6669000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.223 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213 pure
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2816000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5596000 usd
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.234 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222 pure
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1058000 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
496000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2077000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
836000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2067000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3890000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3063000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2870000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1196000 usd
CY2023Q1 clfd Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13086000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
610000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12476000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M14D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0323 pure
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M15D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0305 pure
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
950000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1907000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
238000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
550000 usd

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0001171843-23-003018.txt Edgar Link pending
0001171843-23-003018-xbrl.zip Edgar Link pending
clfd-20230331.xsd Edgar Link pending
clfd-20230331_def.xml Edgar Link unprocessable
clfd-20230331_lab.xml Edgar Link unprocessable
clfd-20230331_cal.xml Edgar Link unprocessable
clfd20230331_10q.htm Edgar Link pending
ex_512519.htm Edgar Link pending
ex_512520.htm Edgar Link pending
ex_512521.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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clfd-20230331_pre.xml Edgar Link unprocessable
clfd20230331_10q_htm.xml Edgar Link completed
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