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Note 12 - Segment Reporting | 9 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 12. Segment Reporting The Company’s reportable segments are based on the Company’s method of internal reporting. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. The internal reporting of these operating segments is defined based, in part, on the reporting and review process used by the Company’s Chief Executive Officer. Upon closing of the acquisition of Nestor Cables on July 26, 2022, the Company reassessed its operating segments as defined under Accounting Standards Codification (“ASC”) 280, Segment Reporting. Under ASC 280, operating segments are defined as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”), in deciding how to allocate resources and in assessing performance. Based upon the Company’s assessment, the Company determined that the business of Nestor Cables was considered a second reportable segment as of July 26, 2022. For the third quarter of fiscal 2023, the Company has two reportable segments: (1) Clearfield; and (2) Nestor Cables. Clearfield’s Finnish holding company, Clearfield Finland Ltd., purchased Nestor Cables Ltd., including its Estonian subsidiary, Nestor Cables Baltics Ltd., on July 26, 2022. These entities comprise the Nestor Cables Segment. Prior to July 26, 2022, we were considered to be in a single reporting segment and operating unit structure. Financial results for the reportable segments are prepared on a basis consistent with the internal disaggregation of financial information to assist the CODM in making internal operating decisions. For consolidated reporting, the Company eliminates transactions between reportable segments. The following table summarizes the amounts between the two reportable segments for the three and nine months ended June 30, 2023:
|  | Three months ended June 30, 2023 |
|  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 47,856 |  |  | $ | 13,428 |  |  | $ | - |  |  | $ | 61,284 |
Revenue from internal customers (Clearfield, Inc.) |  |  | - |  |  |  | 1,869 |  |  |  | (1,869 | ) |  |  | - |
Net investment income |  |  | 1,685 |  |  |  | 1 |  |  |  | (56 | ) |  |  | 1,630 |
Interest expense |  |  | - |  |  |  | 252 |  |  |  | (56 | ) |  |  | 195 |
Depreciation and amortization |  |  | 1,208 |  |  |  | 371 |  |  |  | - |  |  |  | 1,579 |
Stock based compensation |  |  | 1,041 |  |  |  | 18 |  |  |  | - |  |  |  | 1,059 |
Income taxes |  |  | 1,659 |  |  |  | 183 |  |  |  | - |  |  |  | 1,842 |
Net income (loss) |  |  | 5,150 |  |  |  | 781 |  |  |  | (713 | ) |  |  | 5,218 |
Capital expenditures |  |  | 1,472 |  |  |  | 258 |  |  |  | - |  |  |  | 1,729 |
|  | Nine months ended June 30, 2023 |
|  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 186,662 |  |  | $ | 32,373 |  |  | $ | - |  |  | $ | 219,035 |
Revenue from internal customers (Clearfield, Inc.) |  |  | - |  |  |  | 4,792 |  |  |  | (4,792 | ) |  |  | - |
Net investment income |  |  | 3,379 |  |  |  | 5 |  |  |  | (56 | ) |  |  | 3,328 |
Interest expense |  |  | 170 |  |  |  | 437 |  |  |  | (56 | ) |  |  | 551 |
Depreciation and amortization |  |  | 3,316 |  |  |  | 1,096 |  |  |  | - |  |  |  | 4,411 |
Stock based compensation |  |  | 2,486 |  |  |  | 18 |  |  |  | - |  |  |  | 2,504 |
Income taxes |  |  | 8,305 |  |  |  | 206 |  |  |  | - |  |  |  | 8,511 |
Net income (loss) |  |  | 30,263 |  |  |  | 873 |  |  |  | (1,299 | ) |  |  | 29,837 |
Capital expenditures |  |  | 5,961 |  |  |  | 570 |  |  |  | - |  |  |  | 6,531 |
The following table summarizes the amounts between the two reportable segments as of June 30, 2023, and September 30, 2022:
|  | June 30, 2023 |
|  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 4,709 |  |  | $ | 1,872 |  |  | $ | - |  |  | $ | 6,581 |
Total assets |  | $ | 336,935 |  |  | $ | 49,598 |  |  | $ | (25,332 | ) |  | $ | 361,201 |
|  | September 30, 2022 |
|  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 4,709 |  |  | $ | 1,693 |  |  | $ | - |  |  | $ | 6,402 |
Total assets |  | $ | 214,785 |  |  | $ | 31,023 |  |  | $ | (16,680 | ) |  | $ | 229,128 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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