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Note 12 - Segment Reporting | 12 Months Ended
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Sep. 30, 2024
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, the Company reassessed its operating segments as defined under 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 year ended September 30, 2024, the Company has two reportable segments: (1) Clearfield; and (2) Nestor Cables. Clearfield’s Finnish holding company, Clearfield Finland Oy, purchased Nestor Cables Oy, including its Estonia subsidiary, Nestor Cables Baltics, on July 26, 2022. These entities comprise the Nestor Cables segment. Refer to Note 11 - Acquisition of Nestor Cables for additional information on this transaction. 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 year ended September 30, 2024:
|  | Year ended September 30, 2024 |
(in thousands) |  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
Revenue from external customers |  | $ | 125,568 |  |  | $ | 41,137 |  |  | $ | - |  |  | $ | 166,705 |
Revenue from internal customers (Clearfield) |  |  | 58 |  |  |  | 2,271 |  |  |  | (2,329 | ) |  |  | - |
Net investment income |  |  | 7,711 |  |  |  | - |  |  |  | (239 | ) |  |  | 7,472 |
Interest expense |  |  | - |  |  |  | 741 |  |  |  | (235 | ) |  |  | 506 |
Depreciation and amortization |  |  | 5,933 |  |  |  | 1,478 |  |  |  | - |  |  |  | 7,411 |
Stock based compensation |  |  | 4,374 |  |  |  | 267 |  |  |  | - |  |  |  | 4,641 |
Income tax benefit |  |  | (3,248 | ) |  |  | (555 | ) |  |  | - |  |  |  | (3,803 | )
Net loss |  |  | (9,198 | ) |  |  | (3,424 | ) |  |  | 169 |  |  |  | (12,453 | )
Capital expenditures |  |  | 7,940 |  |  |  | 1,627 |  |  |  | - |  |  |  | 9,567 |
The following table summarizes the amounts between the two reportable segments for the year ended September 30, 2023:
|  | Year ended September 30, 2023 |
(in thousands) |  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
Revenue from external customers |  | $ | 225,722 |  |  | $ | 42,998 |  |  | $ | - |  |  | $ | 268,720 |
Revenue from internal customers (Clearfield) |  |  | - |  |  |  | 5,408 |  |  |  | (5,408 | ) |  |  | - |
Net investment income |  |  | 5,315 |  |  |  | 7 |  |  |  | (116 | ) |  |  | 5,206 |
Interest expense |  |  | 170 |  |  |  | 827 |  |  |  | (116 | ) |  |  | 881 |
Depreciation and amortization |  |  | 4,598 |  |  |  | 1,456 |  |  |  | - |  |  |  | 6,054 |
Stock based compensation |  |  | 3,528 |  |  |  | 50 |  |  |  | - |  |  |  | 3,578 |
Income taxes |  |  | 8,883 |  |  |  | 196 |  |  |  | - |  |  |  | 9,079 |
Net income |  |  | 32,834 |  |  |  | 719 |  |  |  | (1,020 | ) |  |  | 32,533 |
Capital expenditures |  |  | 6,759 |  |  |  | 925 |  |  |  | - |  |  |  | 7,684 |
The following table summarizes the amounts between the two reportable segments as of September 30, 2024, and September 30, 2023:
|  | Year ended September 30, 2024 |
(in thousands) |  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
Goodwill |  | $ | 4,709 |  |  | $ | 1,918 |  |  | $ | - |  |  | $ | 6,627 |
Total assets |  | $ | 300,472 |  |  | $ | 38,773 |  |  | $ | (23,970 | ) |  | $ | 315,275 |
|  | Year ended September 30, 2023 |
(in thousands) |  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
Goodwill |  | $ | 4,709 |  |  | $ | 1,819 |  |  | $ | - |  |  | $ | 6,528 |
Total assets |  | $ | 335,412 |  |  | $ | 43,550 |  |  | $ | (23,445 | ) |  | $ | 355,517 |

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- Definition The entire disclosure for reporting segments including data and tables. 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