Clearfield, Inc. (NASDAQ:CLFD) Q2 2022 Earnings Conference Call April 28, 2022 5:00 PM ET
Company Participants
Cheri Beranek - President and Chief Executive Officer
Dan Herzog - Chief Financial Officer
Conference Call Participants
Jaeson Schmidt - Lake Street
Tim Savageaux - Northland Capital Markets
Ryan Koontz - Needham
Operator
Good afternoon. Welcome to Clearfield's Fiscal Second Quarter 2022 Earnings Conference Call. My name is Hemant and I will be your operator this afternoon. Joining us for today's presentation are the company's president and CEO, Cheri Beranek, and CFO, Dan Herzog.
Following their commentary, we will open the call for questions. I would like to remind everyone that this call will be recorded and made available for replay via a link in the investor relations section of the company's website. This call is also being webcasted and accompanied by a PowerPoint presentation called the Field Report, which is also available in the investor relations section of the company's website. Please note that during this call, management will be making forward-looking statements regarding future events and the future financial performance of the company.
These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. It's important to note also that the company undertakes no obligation to update such statements, except as required by law. 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, Field Report, and in 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 description of those risks.
As a reminder, the slides in this presentation are controlled by you, the listener. Please advance forward through the presentation as the speaker presents their remarks. With that, I would like to turn the call over to Clearfield’s CEO, Cheri Beranek. Thank you and over to you.
Cheri Beranek
Good afternoon. And thank you everyone for joining us today. We hope you're all doing well. It is a pleasure to speak with you this afternoon to share Clearfield’s results for the fiscal second quarter of 2022. And to provide an update on the business and market trends. Clearfield continues to execute in an environment in which demand is accelerating. Bookings led shipments by $34 million for the three month period, creating a backlog of $136 million as of March 31, 2022. We continue to maintain a healthy balance sheet with $43 million in cash and investments and no debt. We have filed a shelf registration statement and secured a $40 million line of credit with Bremer Bank to ensure we have the financial flexibility and how we respond to current and future robust clients demand as we invest in strategies that will enhance our growth opportunities in the future. We believe we are well positioned to capitalize on any new government funds that are dispersed to our market, with some of our customers already beginning to place advanced orders in anticipation of those disbursements. For all of those reasons, we are raising our fiscal year 2022 net sales savings from a range of $177 million to $183 million to a range of $204 million to $218 million. Our guidance represents growth of 45% to 55% over fiscal year 2021 revenues.