Clearfield Inc (CLFD) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Clearfield fiscal second quarter 2026 conference call. (Operator Instructions) Please also note today's event is being recorded.

各位下午好，歡迎參加 Clearfield 2026 會計年度第二季財報電話會議。(接線員指示) 也請注意，今天的活動將被錄音。

At this time, I'd like to turn the floor over to Gregory McNiff.

此刻，我想把會議交給 Gregory McNiff。

Sir, please go ahead.

先生，請開始。

Thank you. Joining me on today's call are Cheri Beranek, Clearfield's President and CEO; and Dan Herzog, Clearfield's CFO. As a reminder, Clearfield publishes a quarterly shareholder letter, which provides an overview of the company's financial results, operational highlights, and future outlook. You can find both the shareholder letter and the earnings release on Clearfield's Investor Relations website.

謝謝。今天與我一同出席電話會議的有 Clearfield 總裁暨執行長 Cheri Beranek，以及 Clearfield 財務長 Dan Herzog。提醒各位，Clearfield 會發布每季股東信，提供公司財務結果、營運重點與未來展望的概覽。您可在 Clearfield 投資人關係網站上找到股東信與財報新聞稿。

After brief prepared remarks, we will open the floor for a question-and-answer session. Please note that during this call, management will be making remarks regarding future events and the future financial performance of the company. These remarks constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act.

在簡短的事先準備發言後，我們將開放問答時間。請注意，在本次電話會議中，管理層將就未來事件及公司未來財務表現發表評論。這些評論構成《私人證券訴訟改革法》安全港條款所稱之「前瞻性陳述」。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. It is important to also note that the company undertakes no obligation to update such statements, except as required by law.

這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與前瞻性陳述所表達者存在重大差異。同時也請注意，除法律要求外，公司不承擔更新此類陳述之義務。

The company cautions you to consider risk factors that could cause actual results to differ materially from those in the forward-looking statements contained in today's press release, shareholder letter, and on this conference call. The Risk Factors section in Clearfield's most recent Form 10-K filing with the Securities and Exchange Commission and its subsequent filings on Form 10-Q provide a description of these risks.

公司提醒您，請考量可能導致實際結果與今日新聞稿、股東信及本次電話會議中所含前瞻性陳述存在重大差異的風險因素。Clearfield 最近一期向美國證券交易委員會提交的 Form 10-K 申報文件中的「風險因素」章節，以及其後續 Form 10-Q 申報文件，均對這些風險作出說明。

With that, I will turn it over to Cheri. Cheri.

接下來，我把時間交給 Cheri。Cheri。

Good afternoon, everyone.

各位下午好。

Thank you for joining us to discuss Clearfield's results for the second quarter of fiscal 2026. I'll begin with an overview of the quarter and our strategic priorities, and then I'll turn the call over to Dan to review the financial details and outlook.

感謝各位加入我們，一同討論 Clearfield 2026 會計年度第二季的業績表現。我將先概述本季表現與我們的策略重點，接著把電話會議交給 Dan，請他說明財務細節與展望。

Second quarter net sales were $34.4 million, which came in toward the high end of our guidance range of $32 million to $35 million. Our performance was driven by continued strength in our community broadband market, with year-to-date revenues up 5% over the same period of last year.

第二季淨銷售額為 3,440 萬美元，落在我們 3,200 萬至 3,500 萬美元財測區間的高端。我們的表現主要受社區寬頻市場持續強勁所帶動，年初至今營收較去年同期成長 5%。

Our net loss per share of $0.04 was within our guidance range. Our backlog raise 39% sequentially from the first fiscal quarter, resulting in a book-to-bill ratio of 1.3 for the quarter, consistent with typical summer seasonality and supportive of our outlook for the second-half of the year.

每股淨虧損 0.04 美元，符合我們的財測區間。我們的積壓訂單較第一會計季季增 39%，使本季出貨比（book-to-bill）達 1.3，符合典型夏季季節性，並支持我們對下半年展望的看法。

We are focused on consistent execution while investing in Clearfield's next phase of growth. To that end, we are building a significant pipeline of opportunities beyond our traditional broadband customer base. While these adjacent markets have yet to contribute meaningful revenue, reflecting their longer sales cycles, they do represent a compelling avenue for future expansion and early indications are encouraging.

我們專注於穩健執行，同時投資於 Clearfield 下一階段的成長。為此，我們正在建立一條超越傳統寬頻客戶基礎的龐大商機管線。雖然這些相鄰市場因銷售週期較長，尚未帶來具規模的營收貢獻，但它們確實代表未來擴張的具吸引力途徑，且初步跡象令人鼓舞。

In particular, we are seeing increasing engagement linked to data center environments, where capacity expansion is driving more consistent infrastructure planning needs. As these opportunities develop, we expect them to contribute meaningfully to revenue, driving a gradual broadening of our revenue base.

特別是，我們看到與資料中心環境相關的互動日益增加；在此領域，容量擴張正推動更一致的基礎設施規劃需求。隨著這些機會發展，我們預期其將對營收做出有意義的貢獻，推動我們的營收基礎逐步擴大。

Recently, Clearfield hosted Fiber to the Future at our headquarters, a program that brought together key thought leaders from across our industry. The event featured demonstrations of our BABA-ready cable extrusion capabilities and optical fiber termination solutions, alongside insights from these leaders.

近期，Clearfield 在總部舉辦「Fiber to the Future」活動，該計畫匯聚了來自全產業的關鍵意見領袖。活動展示了我們具備 BABA-ready 的纜線擠出能力與光纖端接解決方案，並結合這些領袖的洞見分享。

Participants included executives from service providers, our top distributors, industry media and association leaders. Gained a clear view of how Clearfield's innovation and operational excellence positioned us to meet the growing data infrastructure demands driven by fiber-enabled artificial intelligence.

與會者包括服務供應商高階主管、我們的主要經銷商、產業媒體以及協會領袖。他們清楚看見 Clearfield 的創新與卓越營運如何使我們具備條件，滿足由光纖賦能的人工智慧所驅動、日益成長的資料基礎設施需求。

As edge AI takes shape, Clearfield demonstrated throughout the day its innovation and thought leadership. From an industry perspective, the pace of the BEAD funding process continues to be the primary constraint on our core business.

隨著邊緣 AI 逐步成形，Clearfield 在整天的活動中展現了其創新能力與思想領導力。從產業角度來看，BEAD 資金流程的進度仍是我們核心業務的主要限制因素。

While we are seeing early-stage planning and design activity across our customer base, the timing of funding disbursements remain uncertain, which is delaying order activity. We continue to expect meaningful BEAD-related revenue to materialize in fiscal 2027 as the program is deployed across the states.

雖然我們在客戶群中看到早期規劃與設計活動，但資金撥付時點仍不確定，因而延後了下單活動。我們仍預期，隨著該計畫在各州推進部署，與 BEAD 相關的具規模營收將在 2027 會計年度顯現。

In response to the current environment, we have maintained a proactive approach to ensure that we are well-positioned as demand materializes. We are deepening engagement with customers as projects progress toward execution and aligning our resources to support anticipated build activity, including the compliance with BABA requirements.

因應目前環境，我們維持主動作為，以確保在需求浮現時能處於有利位置。隨著專案朝執行階段推進，我們正加深與客戶的互動，並調整資源以支援預期的建置活動，包括符合 BABA 規範要求。

Our focus remains on understanding where customers are in their planning process and how we can best support them as projects take shape. We believe this approach enables us to allocate resources effectively and to stay closely aligned with customers as their deployments advance.

我們的重點仍在於了解客戶在其規劃流程中的進度，以及我們如何在專案成形時提供最佳支援。我們相信，此作法能讓我們有效配置資源，並在客戶部署推進時保持緊密對齊。

Looking ahead, we are increasingly focused on longer-term opportunities tied to distributed compute and edge infrastructure. Industry trends continue to support a shift toward compute closer to the end-user, as low-latency AI applications require faster processing capabilities between compute and storage, rather than relying solely on centralized data centers.

展望未來，我們愈發聚焦於與分散式運算與邊緣基礎設施相關的長期機會。產業趨勢持續支持運算向終端使用者更近處移動；因為低延遲 AI 應用需要在運算與儲存之間具備更快的處理能力，而非僅依賴集中式資料中心。

This dynamic will drive the build-out of smaller, distributed edge locations that function like compact data centers and require high-density fiber connectivity, particularly in markets served by community broadband providers. As a result, there is growing demand for solutions that can be deployed quickly, scaled efficiently, and replicated across numerous sites. We are actively positioning a company to participate in this evolution.

此一動態將推動建置更小型、分散式的邊緣據點，其功能類似精簡型資料中心，並需要高密度光纖連接，尤其是在由社區寬頻供應商服務的市場。因此，市場對可快速部署、有效擴充並可在眾多站點複製的解決方案需求日益增加。我們正積極定位公司，以參與這一演進。

Our Nova platform, announced last quarter, is designed to address this need by enabling the flexibility and scalability required to support the next generation of edge AI infrastructure. The platform has been well-received, and we anticipate shipping in the second-half of this fiscal year. You can also expect a series of new product launches as we bring proven. Hardened, reliable, and scalable outside-plant techniques and strategies into this space.

我們在上季宣布的 Nova 平台，正是為滿足此需求而設計，可提供支援下一代邊緣 AI 基礎設施所需的彈性與可擴充性。該平台反應良好，我們預期將於本會計年度下半年開始出貨。此外，隨著我們把經驗證的。耐候、可靠且可擴充的外線（outside-plant）技術與策略導入此領域，您也可期待一系列新產品上市。

With that, I'll turn the call over to Dan to review our financials and outlook in more detail.

接下來，我把電話會議交給 Dan，請他更詳細地說明我們的財務表現與展望。

Thank you, Cheri, and good afternoon, everyone.

謝謝你，Cheri，各位下午好。

As a reminder, in November, we completed the sale of our Nestor Cables business. As a result, all financial results presented for fiscal year 2025 and all prior periods reflect the Clearfield segment as continuing operations only, with Nesta results reported under discontinued operations in our statement of earnings and statement of cash flows and reported as assets and liabilities held for sale in our balance sheet.

提醒各位，我們已於 11 月完成出售 Nestor Cables 業務。因此，所呈現之 2025 會計年度及所有先前期間的財務結果，僅反映 Clearfield 部門作為持續營運；Nesta 的結果則在損益表與現金流量表中列為終止營運，並在資產負債表中列為待售資產與負債。

With this transaction behind us, our focus and portfolio are now fully centered on the Clearfield business and the execution of our core strategy. Second quarter net sales were $34.4 million, a 15% decrease from $40.6 million in the prior year's second quarter.

隨著此交易告一段落，我們的重點與產品組合如今完全聚焦於 Clearfield 業務，以及核心策略的執行。第二季淨銷售額為 3,440 萬美元，較去年第二季的 4,060 萬美元下降 15%。

This decline was partially due to a pull-in by a large regional customer into last year's second quarter from our fiscal year 2025 third quarter. Revenue was flat sequentially, primarily due to expected seasonality in the winter months.

此一降幅部分原因在於，一家大型區域客戶將原本屬於我們 2025 會計年度第三季的需求提前至去年第二季拉貨。營收較前一季持平，主要反映冬季月份的預期季節性因素。

Gross profit margin was 32.5%, down from 34.4% in the prior year's second quarter and down slightly from 33.2% in the first quarter of fiscal 2026, mainly due to lower sales volume. Operating expenses for the second quarter of fiscal 2026 were $13.2 million in comparison to $12.3 million in the prior year's second quarter, primarily due to investments to support future planned growth, including in adjacent markets.

毛利率為 32.5%，低於去年第二季的 34.4%，亦較 2026 會計年度第一季的 33.2% 略降，主要因銷售量較低所致。2026 會計年度第二季營業費用為 1,320 萬美元，相較去年第二季的 1,230 萬美元增加，主要因投入資源以支援未來規劃的成長，包括相鄰市場的布局。

Net loss in the second quarter of fiscal 2026 was $500,000 or a net loss of $0.04 per diluted share, compared to net income of $1.3 million or net income of $0.18 per diluted share in the prior year's second quarter.

2026 會計年度第二季淨損為 50 萬美元，或每股稀釋後淨損 0.04 美元，相較於前一年度第二季淨利 130 萬美元，或每股稀釋後淨利 0.18 美元。

We ended the quarter with approximately $147 million in cash, short-term and long-term investments, and no debt. During the quarter, we repurchased 237,000 shares for $7.3 million as part of our share buyback program.

本季結束時，我們持有約 1.47 億美元的現金、短期與長期投資，且無負債。本季期間，作為我們庫藏股回購計畫的一部分，我們以 730 萬美元回購了 237,000 股。

For the third fiscal quarter of 2026, we anticipate net sales from continuing operations to be in the range of $42 million to $46 million. Operating expenses to remain relatively consistent with our second quarter, and net income per diluted share in the range of $0.17 to $0.21. The earnings per share ranges are based on the number of shares outstanding at the end of the second quarter of fiscal 2026 and do not reflect potential additional share repurchases completed.

針對 2026 會計年度第三季，我們預期持續營運的淨銷售額將落在 4,200 萬至 4,600 萬美元之間。營業費用將與第二季大致持平，而每股稀釋後淨利預期落在 0.17 至 0.21 美元之間。每股盈餘區間係以 2026 會計年度第二季末流通在外股數為基礎，未反映可能完成的額外股票回購。

For the full-year fiscal 2026, we are reiterating our guidance for net sales from continuing operations in the range of $160 million to $170 million, which represents approximately 10% top-line growth at the midpoint, operating expenses as a percentage of revenue to remain consistent with fiscal 2025, and net income per share to be in the range of $0.48 to $0.62.

針對 2026 會計年度全年，我們重申指引：持續營運的淨銷售額預期介於 1.60 億至 1.70 億美元之間，以中位數計算約代表營收年增約 10%；營業費用占營收比重將與 2025 會計年度一致；每股淨利預期介於 0.48 至 0.62 美元之間。

And with that, we will open the call to your questions.

接下來，我們將開放提問。

Thank you. (Operator Instructions)

謝謝。(接線員指示)

Ryan Koontz, Needham and Company.

Needham and Company 的 Ryan Koontz。

Hey, guys. Thanks for the question. I wonder if you could give us a little more color on where Beat is here. We're hearing from other vendors and just. Industry press that maybe operators are starting to see that money and engaging in projects. I mean, what are you seeing in terms of hard data from operators that are going to get beat awards? Are you starting to see forecasts or maybe early orders, maybe any color there would be great.

嗨，各位。謝謝讓我提問。我想請你們再多談一些 BEAD 目前的進展。我們從其他供應商以及產業媒體聽到，營運商可能開始看到資金到位並啟動專案。我的意思是，你們從營運商那邊看到哪些硬數據，顯示他們將會拿到 BEAD 的標案？你們是否開始看到預測，或是一些早期訂單？如果能提供一些說明會很有幫助。

Thank you.

謝謝。

Hi, Ryan. Yeah, the beat is unfortunately, I would say, slower than expected. We are expected by the industry, but consistent with our outlook, that we believe it is a 27 revenue opportunity for us, starting in late fall, early winter, and moving into next year. We absolutely are seeing customers talking about their planning cycles. We're talking to customers about their network designs and the kind of products that they'll be looking for from us and quoting that activity.

嗨，Ryan。是的，很遺憾地說，BEAD 的進度比預期慢。依產業的預期、也與我們的展望一致，我們認為這對我們而言是 2027 年的營收機會，從深秋、初冬開始，並延續到明年。我們確實看到客戶在談他們的規劃週期。我們也在與客戶討論其網路設計，以及他們將向我們尋求的產品類型，並進行報價活動。

Yeah, I would say that there have been some challenges associated with trying to be able to align the availability of optical fiber from the fiber vendors so that there's a knowledge of when that product, those materials are going to ship so they can plan accordingly and to receive their financing. And so I would say today it is, I think the government still has some work to do in order to get the material or, the program underway.

是的，我會說目前面臨一些挑戰，主要在於如何讓光纖供應商的光纖供貨時程能夠對齊，讓大家知道那些產品、那些材料何時出貨，才能據此規劃並取得融資。因此我會說，就目前而言，我認為政府仍需要做一些工作，才能讓材料到位或讓該計畫正式啟動。

But then we're going to have some obstacles associated with, just how that fiber, excuse me, the project financing, the match gets aligned. And then again, as I indicated, some of the fiber that needs to be able to come from the domestic providers.

此外，我們還會遇到一些障礙，與專案融資以及配套資金（match）如何對齊有關。再者，如我所提到的，部分所需光纖必須來自國內供應商。

Great, that's helpful. So it's the 27th thing for you guys, it's pretty much in line we've been thinking. Maybe on the regional service providers, any updates there in terms of puts and takes and how you're thinking about this build season with the regionals broadly?

很好，這很有幫助。所以對你們來說主要是 2027 年的事情，基本上符合我們的預期。另外在區域型服務供應商方面，你們對於利多利空有沒有更新？以及你們如何看待整體區域業者在這個建置季的狀況？

I would say that we started with the negative, which is the things we can't control, which are the programs [underveed]. But as it relates to private financing, both in community broadband as well as in the large regionals, we're seeing a strong bill season, which is why we're looking at forecasting a 10% increase over last year for the year after a pretty slow. Start for the first half of the year.

我會說我們先從負面、也就是我們無法控制的部分談起，也就是這些計畫[underveed]。但就民間融資而言，不論是社區寬頻或大型區域業者，我們看到一個強勁的建置季；這也是為什麼在上半年開局相當緩慢之後，我們預估全年將較去年成長 10%。

There has been some uncertainty in the large regionals as they have been acquired by the Tier 1s, so those accounts are of a little bit of learning to do in regard to where they're. Where the bathroom is in the new place or how they place the purchase orders, I guess is a better way to say it.

大型區域業者方面，由於被一級業者（Tier 1）收購而帶來一些不確定性，因此這些客戶需要一點時間學習，例如他們在新環境裡廁所在哪裡，或更貼切地說，他們要如何下採購訂單。

But we also are seeing other large regionals start to come into play and start to be more active in their deployments. So I think across the board, the large regionals are a nice, healthy marketplace that will continue to build both with internal financing and with private financing from other vendors.

但我們也看到其他大型區域業者開始加入並在部署上更為積極。因此我認為整體而言，大型區域業者是一個良好且健康的市場，將持續透過內部資金以及來自其他供應商的民間融資來推動建置。

(Operator Instructions)

(接線員指示)

Since there are no more questions, this concludes the question-and-answer session. I would like to turn the conference back over to Cheri Beranek for any closing remarks. Please go ahead.

由於沒有更多問題，問答環節到此結束。我想把電話會議交回給 Cheri Beranek，請她做結語。請開始。

Thank you so much. While it's unfortunate and disappointing that the BEAD programs. Are going to be delayed into '27 for any meaningful revenue. We are extremely proud and pleased with the work that we've done to stay alongside our customers and to be supporting them in their planning process.

非常感謝。雖然很遺憾也令人失望的是，BEAD 計畫在任何具實質意義的營收方面都將延後到 2027 年。但我們對於一路陪伴客戶、並在其規劃流程中提供支持所做的工作，感到非常自豪且滿意。

And we thank our shareholders for continuing to be patient with us as we continue to support our customers and are very excited about where that will go as we move forward. Also want to reiterate the strength of. Private financing and the work that's being done to allow Fiber to the home to continue to expand, as we know that fiber-driven networks, do provide the best average revenue increase per subscriber for our shareholder, or excuse me, our service provider customers, and are pleased and excited about where that will go.

我們也感謝股東在我們持續支持客戶的同時，仍願意耐心等待；隨著我們持續向前推進，我們對未來的發展感到非常振奮。同時也想再次強調民間融資的強勁，以及為了讓光纖到府（FTTH）持續擴張所進行的各項工作；我們知道，以光纖驅動的網路確實能為我們的股東——抱歉，是為我們的服務供應商客戶——帶來每位用戶平均營收（ARPU）提升的最佳效果，我們也對其後續發展感到高興與期待。

Finally, I did want to point out or remind everyone that Clearfield is about a fiber-to-anywhere opportunity. And our strategic plan very strongly supports our core marketplace and making sure that we protect our core. But we are investing over the course of the last really 18 months in adjacent market opportunities, both bringing our existing product line to new markets as well as to be able to introduce new customers to new product lines.

最後，我也想指出或提醒大家，Clearfield 著眼的是「光纖到任何地方」的機會。我們的策略計畫非常強力地支持我們的核心市場，並確保我們保護核心業務。但在過去大約 18 個月裡，我們也持續投資於相鄰市場機會，一方面將既有產品線帶入新市場，另一方面也能向新客戶導入新的產品線。

So continue to look forward to telling you about those in the coming months and quarters ahead. With that, we're excited about the build season, and unfortunately -- well, fortunately, we're looking forward to warmer weather. It's a little chilly here in Minnesota today.

因此，我們也期待在接下來的幾個月與未來幾季持續向各位分享這些進展。最後，我們對建置季感到振奮；而且很不幸——嗯，幸運的是，我們也期待天氣回暖。今天明尼蘇達這裡有點冷。

Thanks so much. We appreciate your support.

非常感謝。我們感謝各位的支持。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。