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Note 12 - Segment Reporting | 9 Months Ended
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Jun. 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. 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 Estonian subsidiary, Nestor Cables Baltics OÜ, on July 26, 2022. These entities comprise the Nestor Cables Segment. The following table summarizes the amounts between the two reportable segments for the three and nine months ended June 30, 2024 and 2023:
|  | Three months ended June 30, 2024 |
|  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 33,670 |  |  | $ | 15,123 |  |  | $ | - |  |  | $ | 48,793 |
Revenue from internal customers (Clearfield, Inc.) |  |  | - |  |  |  | 389 |  |  |  | (389 | ) |  |  | - |
Net investment income |  |  | 1,799 |  |  |  | - |  |  |  | (64 | ) |  |  | 1,735 |
Interest expense |  |  | - |  |  |  | 213 |  |  |  | (60 | ) |  |  | 153 |
Depreciation and amortization |  |  | 1,535 |  |  |  | 375 |  |  |  | - |  |  |  | 1,910 |
Stock based compensation |  |  | 1,080 |  |  |  | 72 |  |  |  | - |  |  |  | 1,152 |
Income tax benefit |  |  | (249 | ) |  |  | (28 | ) |  |  | - |  |  |  | (277 | )
Net income (loss) |  |  | (478 | ) |  |  | (164 | ) |  |  | 195 |  |  |  | (447 | )
Capital expenditures |  |  | 1,115 |  |  |  | 106 |  |  |  | - |  |  |  | 1,221 |
|  | Nine months ended June 30, 2024 |
|  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 89,371 |  |  | $ | 30,562 |  |  | $ | - |  |  | $ | 119,933 |
Revenue from internal customers (Clearfield, Inc.) |  |  | - |  |  |  | 1,490 |  |  |  | (1,490 | ) |  |  | - |
Net investment income |  |  | 5,832 |  |  |  | - |  |  |  | (179 | ) |  |  | 5,653 |
Interest expense |  |  | - |  |  |  | 558 |  |  |  | (177 | ) |  |  | 381 |
Depreciation and amortization |  |  | 4,383 |  |  |  | 1,098 |  |  |  | - |  |  |  | 5,481 |
Stock based compensation |  |  | 3,242 |  |  |  | 195 |  |  |  | - |  |  |  | 3,437 |
Income tax benefit |  |  | (2,657 | ) |  |  | (654 | ) |  |  | - |  |  |  | (3,311 | )
Net loss |  |  | (8,862 | ) |  |  | (2,836 | ) |  |  | 72 |  |  |  | (11,626 | )
Capital expenditures |  |  | 4,207 |  |  |  | 1,401 |  |  |  | - |  |  |  | 5,608 |
|  | 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, 2024, and as of September 30, 2023:
|  | June 30, 2024 |
|  | Clearfield |  |  | Nestor Cables |  |  | Eliminations |  |  | Consolidated |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 4,709 |  |  | $ | 1,844 |  |  | $ | - |  |  | $ | 6,553 |
Total assets |  | $ | 298,982 |  |  | $ | 42,727 |  |  | $ | (23,614 | ) |  | $ | 318,095 |
|  | 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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