Hello, my name is Ronald Roth. I'm the Chairman of the Board of Clearfield. On behalf of the company, its management, and employees, I welcome you to our shareholders' meeting today. I hope that all of you are safe and healthy. The last year has been one of the challenge as our society has faced a pandemic that has sickened millions and killed hundreds of thousands. For those of you who have lost loved ones, you have my personal condolences. This year's annual meeting, conducted in this virtual environment, is unlike any Clearfield has done in the past. We will attempt to maintain our commitment of providing content-rich environment and direct access to our board members and management team. In attendance today, but not present on the screen, are my fellow directors. Our outside directors are Chip Hayssen, Patrick Goepel, Roger Harding, Donald Hayward. Our CEO, president, and also director, Cheri Beranek, will be available for questions later in our meeting. In years past, our annual meetings have provided a lively exchange of information in an in-person format. Questions have been welcome, and we prided ourself in the making of this meeting a meaningful opportunity to communicate with our shareholders. While we can't meet in person, we can still aim to make this meeting a meaningful and productive exchange of information. Questions are encouraged. Upon registering for this meeting as a shareholder, you were provided the opportunity to present questions using the chat function that you will see on your screen. Please note, you must have used the control number found on your proxy voting card to gain access to the meeting as a shareholder. As an alternative, we are making a telephone number available by which you can text any questions to our attention. That number is 612-429-1950. The format for our meeting today is that following my introductory comments, there will be a 10-minute video presentation. Our goal with this short video is to provide some additional insight into the value proposition that Clearfield provides in this exciting time in broadband expansion. Following the video, Daniel Herzog, Clearfield's CFO, will conduct a formal business meeting. Following the business meeting, Clearfield's CEO, Cheri Beranek, and her management team will be available for questions. Once again, I encourage you to ask questions if you have any. The opportunity to ask questions is via the chat function on your screen. Once again, the text number is 612-429-1950. With that, I hope you'll enjoy this look inside of Clearfield as prepared by our management and staff. Thank you. Our mission at Clearfield is to enable the lifestyle that better broadband provides. Our customers are service providers looking to reduce the total cost of ownership of their fiber-fed broadband networks, because lower cost means our customers can push fiber further, faster. Clearfield's fiber protection, fiber management, and fiber delivery solutions enable rapid and cost-effective fiber-fed deployment so that our customers can reach any subscriber anywhere. We have developed and continue to deliver the industry's most modular and scalable fiber management system in the market and have been doing so for over a decade. We knew it wasn't a question of if, but how and when fiber would be called upon to deliver the connectivity required for the type of high-speed broadband our work and learn from anywhere society demands. Some of our customers are local or regional players you may have heard of, like ALLO Communications, Paul Bunyan Communications, and Midco. Smaller operators that are building out rural America with services that only fiber can deliver and that make these areas thrive. Other customers are household names you're familiar with that have selected Clearfield's technology to help bridge the transition from wireline to wireless networks, making true one fiber connectivity a possibility. Let's talk about what we call our community broadband customers. These include small to medium-sized service providers throughout North America. Our track record and reputation in the community broadband market has positioned us extremely well to take share and further capitalize on the fiber expansion that's currently underway. Our base of independent telephone providers is joined by new market entrants, utilities, and municipalities. They've seen the economic and societal impact that fiber can have on a community, and they want to bring those benefits to the citizens of their communities. They're rolling out high-speed broadband for consumers and businesses. Meeting the needs of fiber to the home and businesses require a flexible, scalable, and simple-to-deploy product architecture designed to meet the unique needs of the environment into which it is installed. Let's explore this architecture now. Beginning at the central office or head end, signal is generated and passed out into the fiber optic network at ever-increasing speeds, making fiber management ever more crucial to protect the fibers from physical damage and micro bends. Fiber management is engineered into every part of the Clearfield product family, beginning with the Clearview Cassette, equipped with MPO inputs and a variety of output connector types. This modular building block approach is then introduced into each successive product in the CO, including the FxHD fiber frame and the FxMP multipurpose panel, radically simplifying designs and enabling a grow-as-you-go platform. This also includes the interconnecting jumper featuring Clearfield's FiberDeep technology for both single fiber and multi-fiber MPO jumpers. This attention to detail ensures that the very best signal quality and reliability is produced and maintained. As we leave the CO or headend into the distribution portion of the network, this same Clearview Cassette can be found in fiber distribution hubs or FDH as it's known. These durable enclosures allow the network operator to easily and cost effectively distribute signal from the CO to large numbers of subscribers while giving the network operator the flexibility they need to provide point-to-point or split signal solutions for FTTH, as well as speed up the time of deployment. Since no two networks are alike, Clearfield offers an FDH for every environment, including indoor, traditional slab or vault mount, below grade, aerial, and even a pre-assigned FDH for those operators that want to reduce operational expenditures by having each port predesignated and connected at the factory, thus reducing labor costs as well as total cost of ownership. With the advent of 5G looming, many networks need to include the ability to also connect the huge quantity of small cell antennas in tandem with their FTTH deployments. Clearfield's small count fiber handoff box allows network operators to easily add a small cell or DAS location by simply plugging in a pre-terminated tail from the handoff box to the network backbone. The handoff box allows ruggedized jumpers to be easily plugged into 5G radios, thus allowing a no-splice plug-and-play connection that drastically speeds fiber deployment to these sites. As the fiber reaches the desired neighborhood, the same fiber management and protection that occurred in the other network areas is continued right to the customer's home. Signal is distributed to each home through a series of fiber terminals, typically located at the property line. A pre-connectorized fiber or drop is simply plugged in at the terminal and then routed to the home where it is connected to one of Clearfield's Home Deployment Kits, or HDKs, and routed inside the home to a fiber outlet box, and subsequently terminated into the customer's optical network terminal, better known as the ONT. This completes the pathway and provides safe and reliable connectivity all the way from the CO or headend to the customer's desktop. Our craft-friendly building block approach, coupled with exceptional lead times, helps network operators reduce their total cost of ownership, all while speeding up their rates of deployment. Over the trailing 12 months, we've crossed the $100 million threshold in annual sales with a growth rate of more than 20% over that period. We've done it with year after year profitability while posting a balance sheet with significant cash and no debt. We've built a dedicated management team and a world-class workforce. By listening to our clients' needs and collaborating to fulfill their product requirements, Clearfield stands ready to build a better broadband. Our strategic plan has been a multi-year initiative to prepare Clearfield for the accelerated rate of demand and growth we are now seeing. We are now ready to come of age to further position our company for disruptive growth opportunities that are just now moving from concept to reality. We, along with leading analysts, see tremendous opportunity for fiber broadband expansion over the next five to 10 years. The opportunities we see ahead of us are fully supported by three pillars upon which we are building our company. Our first pillar, building a better broadband one community at a time, leverages Clearfield's long-standing customer and partner relationships. Ultimately, our goal is to facilitate the enablement of pervasive high-speed broadband to underserved and unserved communities. The speed at which the industry is moving to finally bridge the broadband gap will only accelerate with the help of government-sponsored programs like the Rural Digital Opportunity Fund, known as RDOF, that is infusing an incremental $20 billion into this market to ensure any home has the opportunity for better broadband. Accordingly, a major initiative within Clearfield is to extend our reach within community broadband into electrical co-ops, rural utilities, and municipalities. The communities these new providers are targeting may not be serviced by a rural telephone company and still underserved by the major incumbents. Our go-to-market strategy includes continuing to partner with established distributors servicing these target markets. Of course, community broadband is just one area of growth for Clearfield. Our Tier I customers are aggressively rolling out 5G networks that are heavily dependent on fiber for backhaul and front haul services. With the ability to deliver 100 times faster broadband to connected wireless devices, 5G will be a transformational technology shift for businesses and consumers. Our universally deployable solutions are ideal for these mass market deployments that will require thousands of additional small cell towers. We make it easier for our customers to overcome any barriers that might limit their ability to support 5G networks with fiber deployments. Simply put, we make what is planned possible. Our second pillar, delivering innovation for true one fiber deployment, involves three key initiatives. First, leveraging presence in the community broadband to enable one fiber backhaul. Second, removing obstacles for integration of wireline and wireless networks. Third, bringing Clearfield's fiber management expertise to 5G, NG-PON, and edge computing. Our third pillar, scaling operational excellence for superior customer experience, includes strategically investing in products, manufacturing, and our supply chain to increase competitiveness and reduce costs. Further, it promotes the investment in training tools and programs, as well as service initiatives to ensure our customers get their products to their target delivery dates. Beyond our manufacturing plant in the U.S., the investments we have made to our operations in Mexico are integral to our capacity expansion and best cost manufacturing programs. The beneficial results we are seeing have yielded both improved efficiencies and cost-effectiveness. We are systematically adding personnel at both facilities to meet the growing demand we are seeing for our products. We'll continue to evaluate our needs on an ongoing basis. Further, as we scale our business, we are exploring the means to expand our footprint in Asia. We've long had boots on the ground in Asia to provide quality control for the organizations that are manufacturing to our specifications. Utilizing some of the process gains we've achieved in our COVID-driven virtual world, we're now working directly with Asian design personnel who can help us cost reduce from the inception of the design rather than the two-step process we've used previously. It is undisputable that better broadband changes lives. If 2020 taught us anything, it is that with better connectivity, we can stay engaged and involved when we can't be together in person. Building a better broadband, it's our brand promise. Won't you join us? Hello. I apologize for that. My name is Daniel Herzog. I'm the CFO of Clearfield, and on behalf of the company, I hope you enjoyed the video you just watched and learned a little bit more about the company. Right now, I will begin the formal portion of our 2021 annual shareholders meeting today. We are going to take questions about the formal portion of the 2021 annual meeting at this time, and we will take general business questions and other questions at the end of the formal portion of the meeting. You can ask a question about the matters being voted on at the 2021 annual meeting by typing into the box at the bottom of the screen. Before we move on, I want to note that the meeting is being recorded, and a webcast replay will be available on the same meeting website following today's meeting. I would now like to call this 2021 annual meeting of shareholders to order and proceed with the formal portion of the meeting. Following the formal portion of this meeting, we will turn the presentation over to Cheri Beranek, our CEO, for her remarks, and then begin taking any questions you have. At this time, we ask that you submit any questions on matters relating to the proposals at this 2021 annual meeting. You can do this by typing in the box at the bottom of the screen. This meeting was called by a notice and proxy statement first mailed on or about January 12th, 2021 to all shareholders of record on December 29th, 2020. We have received proxies representing more than a majority of the shares of common stock entitled to vote at this annual meeting. Therefore, this meeting has been duly called and a quorum is present. I will be acting as inspector of election. The polls are now open, and you can vote at any time. Voting at the meeting will be online via the links you see on the screen in the voting section. Anyone who desires to vote should do so now using these links on the screen. Please note, this is the only way to vote your shares now, via the voting link and instructions you see. If you already submitted a proxy or voted via the Internet and do not wish to change your vote, no further action is needed at this time. There are three matters for consideration at today's annual meeting. The first item of business is to elect six directors to serve until the next annual meeting of the shareholders or until their respective successors have been elected and qualified. The nominees are Cheri Beranek, Ronald Roth, Roger Harding, Donald Hayward, Chip Hayssen, and Patrick Goepel. The second item of business is to approve on a non-binding advisory basis the compensation paid to our named executive officers. The third item of business is to ratify the appointment of Baker Tilly Virchow Krause, LLP as the independent registered public accounting firm for Clearfield for the fiscal year ending September 30th, 2021. Information regarding the director nominees and the other proposals is set forth in the proxy statement. If you wish to vote, you need to do so by using the available links in the voting section on your screen. We will now answer any questions that have been submitted at this time for the 2021 annual meeting and the three items of business for consideration by shareholders. There being no further questions that I see, at this point, I now declare the polls closed for each matter voted upon at this meeting. The preliminary report of the Inspector of Election indicates that each nominee has received the affirmative vote of the holders of a plurality of the voting power of the shares represented at the meeting and entitled to vote for the election of directors. Accordingly, each of the six nominees identified in the proxy statement is elected as a director of the company to serve until the next annual meeting or until their respective successors have been elected and qualified. In addition, the shareholders have approved on an advisory basis by the affirmative vote of the holders of a majority of the voting power of the shares represented at the meeting and entitled to vote on that matter, proposal two, relating to the compensation paid to our named executive officers. My preliminary report also indicates that the shareholders have approved by the affirmative vote of the holders of a majority of the voting power of the shares represented at the meeting and entitled to vote on that matter, proposal number three, the ratification of the appointment of Baker Tilly as the company's independent auditors. The final report of the Inspector of Election will reflect any additional shares voted online during this meeting. There being no further business, the formal business meeting is now adjourned. At this point, I will turn it over to Cheri Beranek for a short introduction, after which a question and answer session will follow. As a reminder, upon registering for this meeting as a shareholder, you are provided the opportunity to present questions using the chat function that you will see on your screen. Please note you must have used the control number found on your proxy voting card to gain access to the meeting as a shareholder. As an alternative, if you joined this meeting as a guest but would like to ask a question, we are making a telephone number available by which you can text any questions to our attention. That number is 612-429-1950. Again, that's 612-429-1950, it should be on the agenda on your screen. Please include your name and institution if you are affiliated with one as you submit any questions. We'll be taking questions until about 3:00 P.M. today, and if we run out of time to answer your question or we do not answer it, we will follow up with you if you provide your email address or telephone number in the chat or by text. Before Cheri gets started, I wanted to bring to your attention that our remarks today may involve forward-looking statements regarding the company's future plans, objectives, beliefs, and expectations. Such forward-looking statements are not guarantees of future actions, outcomes, results, or performance. There are significant risks that our actual business will differ materially from the future plans, objectives, and expectations described in our remarks for the reasons set out in the Risk Factors section of our most recent Form 10-K. With that, I will turn it over to Cheri Beranek, the company's CEO. Cheri? Thank you, Daniel. Welcome to this unusual, but I hope, very productive Clearfield shareholder annual meeting. Daniel Herzog is joining us from our corporate headquarters. Ronald Roth is also joining us, our chair, from his home in Florida, and I'm joining you here from my home in Minnesota. It has been a very tumultuous year, and almost a year since we've been working remotely. I thought first I would give you an update on how we have managed COVID during this time. Our initial response to COVID was ensuring the safety of our employees. Non-manufacturing employees have been working from home for these last 11 months. Manufacturing employees have continued to work in our production plants as essential personnel. We have implemented extensive safety measures, starting with plastic draping and then moving to plexiglass-protected workstations, and face masks are, of course, required. We also have nursing staff on site and daily monitoring protocols. Extensive cleaning in our facility is the standard. There have been isolated cases of COVID on site. We are proud to report that there have been no transmissions of COVID from one employee to the other and no outbreaks within any of our facilities. We also ensured that our supply chain was intact. We've enhanced our inventory in each of our positions. We've also taken steps to ensure and strengthen our supply contracts. Finally, we instituted the communication and transparency needed to not only survive, but I believe thrive in these very expanding marketplaces. I'd like to thank all of our employees for their rapid ability and extra effort to adapt to COVID, their diligence to operate and follow the protocols, and their ability to work collaboratively over these last 11 months and to achieve the demands of our customers and to achieve, I think, some amazing financial results. The world's changed. Broadband is not a luxury, but instead a necessity for remote working and distance learning, and it has been a lifeline for personal relationships. High-speed, fiber-fed broadband is the key to a strong economy and to cultural equality. Yet Clearfield has not changed. We were founded to connect the unconnected. We have focused from the beginning on developing an architecture that would reduce the cost of deployment and to bring that scalable architecture to rural markets that were being underserved by the incumbents. Slightly more than a decade ago, we developed our first outside plant cabinet with fiber pioneers like Paul Bunyan Communications and Cincinnati Bell. We were proud then and now to be developing our products as field engineered rather than lab designed. Today, we offer the most scalable platform of our products to small and large providers alike. We believe we are uniquely positioned to capitalize on the swirling demands among the rural markets as well as the suburban. We believe our future is bright. We are dedicated to building a better broadband, meeting the needs of all of our stakeholders, our employees, our customers, our suppliers, and our shareholders. Clearfield annual meeting of shareholders has always been a dynamic exchange of questions, and I hope useful answers. The questions you have submitted over chat function and text are being directed to Dan. If we don't get to your question, and if you've included your name and address, we'll be sure to respond to you directly. We want to have this to be the most useful and as most exchange-oriented as we've had in the past. We really encourage you to ask any and all questions over chat or text. With that, Daniel Herzog, what are you seeing? What are people interested in and looking for from an area of questions? Right now we have just one. Maybe they're slow in coming in. The first question, I'm not exactly sure who it's from, but, "We discussed international sales opportunities, specifically in Canada and the U.K. Both markets have very large fiber opportunities. Yeah. Well, we've actively been working in Canada. We have both manufacturers, reps, and distributors on site in the Canadian marketplace. Canada is one of our strongest growing markets, and we believe we're really strong in the community broadband efforts there. Canada has been adding the government funding in that space. We have feet on the ground through our distributors and our manufacturers' reps by which to manage that. All of our existing products that we sell in the U.S. market are positioned and well established for Canada as well. The U.K., which is deploying through typically a group called CityFibre, and other opportunities, is outside of our current market initiatives. I'm sure you are following some of the things associated with Calix and some of the work that they're doing there for that deployment. Johnny Hill, our Chief Operating Officer, I have visited the U.K. for potential opportunities, we've identified that our product line would not be appropriate for the European market and would require us to provide some extensive new products, redesign, and wouldn't provide the right return on that investment. Instead, we're focused on the U.S. market and the North American opportunities here. Like you've identified, Canada has some strong government funding, the U.S. market has some amazing government funding in the last year and moving forward. Over the last year, we've seen programs like the CARES Act, which have provided funding for broadband initiatives. Moving forward, there's this program called RDOF, or the Rural Digital Opportunity Fund. Under RDOF, up to $20 billion is going to be provided into service providers in our community broadband effort. A good share, about 40% of that money, was allocated to unserved markets, that was awarded now in the last quarter. Of that money that is being presented, up to 85%-90% of the targeted communities, targeted homes, are going to be provided with gigabit services, many of those customers are existing Clearfield shareholders. We're actively working towards that RDOF initiatives. In the future, there's additional government funding efforts that we're going to be working under and are excited about the growth opportunity there. Outside of that, some of the Caribbean and Mexican markets, since you asked about international, are slower. We don't see some of the government funding initiatives underway. That has really resulted in no opportunity to get those markets out of their COVID slowdown. We remain committed to those markets. We have feet on the street in those markets as well. When their economies rebound, we're going to be in a good position to work with them. Anything else, Daniel? Nothing from the outside right now. Excuse me. Yeah. I'm sorry. There is a follow-up to that, and that is, "Is the start of the monetary impact of RDOF still expected in second half of calendar year 2021? It is. We do intend to see some initial opportunities coming in the second half of this year. Remember, that is a 10-year program. It'll start slow and move up from there. We are seeing people currently evaluating it, seeing how they're going to be underway. I think we'll start to see it a little bit in the tail end of our fiscal year, but it's much more of a fiscal 2022 opportunity for us in moving forward. One of the things I've talked about historically or in previous shareholder events in our weekly, excuse me, our quarterly field reports is that our opportunity per home passed and connected is about $200 per home. Based upon the targeted markets for the RDOF initiative, that's about $50 million of total available market opportunity to Clearfield on an annual basis. Today, we think we have about a 20%, 22% market share. Actively looking to achieve and target some of those dollars and think we actually might be able to increase our market share. Talk about forward-looking statements, based upon some of the things that we're working toward. Of course, not a projection of a future revenue or forecast. One of the things that has been unique about Clearfield's shareholder meeting in the past is the opportunity to dialogue between myself and our board chair, Ronald Roth. I wanted to take this moment to open up the dialogue between Ronald Roth and myself. I think he is standing by in Florida. Ronald, can you say good afternoon? Good afternoon, Cheri. Can you hear me okay? Yeah, we can. Thank you very much. Good to see you. Well, it's a little different than our last meetings and running around the room trying to solicit questions. I got a real tough question here for you to start with. How did Clearfield get its name? Well, Clearfield actually goes back to a standpoint of we were figuring out what we wanted to name the organization. Those of you who've been around with us a while know that our legacy operation was a company called APA, and when we had the opportunity to break away and form a new organization, it was a chance to really think about what did we want to be. In the very beginning, we thought, there was some things being tossed around. One of the ideas was called Blue Prairie, thinking we could capitalize on the water of Minnesota, and like the Silicon Prairie from the West Coast, we could be the Blue Prairie. That got shot down. Clearfield actually means that Clear is the vision that we want to be able to provide broadband connectivity and to connect the unconnected. Field was to identify that we were grounded in the practicality of being able to make that work. The logo for Clearfield actually has 12 segments, so when you look at it the next time, you can see it behind Daniel's shoulder when Daniel addresses the next question. You'll see that there are 12 different segments, just like a fiber. The petals surrounding it are to be able to protect that fiber, which is Clearfield's brand promise, to protect that fiber and provide the utmost of performance. You got a harder one for me, Ronald? I got a harder one for you. When we first started, we were primarily in the Midwest, and then we grew from there. Maybe you can give an overview as far as our reach throughout the country, areas that were strong or unique. You mentioned Canada and you mentioned other areas outside the country, but give people an idea of what areas that we're operating in now and where our sales are occurring? We do operate in all 50 states in the U.S. From a legacy standpoint, we were strongest in the Midwest. Today we operate actually under 14 different territories across the U.S. market, with field personnel in each of those 14 territories. One of the highest growth markets for us is really the Deep South. Mississippi, Alabama, Louisiana are just exploding in regard to the opportunities associated with broadband. We've always been a strong source in Middle America. You'll see a lot of fiber cabinets being built and being deployed in Missouri and Nebraska and Iowa. We have some emerging opportunities around some of the bigger markets associated with Boston and New England, and have always looked strong in Alaska. Alaska has been one of our proving grounds because of the hardened ruggedness of deploying in Alaska and have been a chosen provider from Alaska Communications for a number of years. We also support our field operations with additional people that we call smart guys. Smart guys are also in the field. They're distributed across the country. These are fiber pioneers, people who have been deploying fibers for their original career. Now we recruited those pioneers who work for us so they can work alongside all of the different possibilities so that people who are deploying now in the future don't have to make some of the same mistakes that these guys did. They can learn from experience. We have on any given day, we have 250 employees in Clearfield. I would say on any given day, 80 of them are actually talking to customers. We're very associated with being able to make sure that our first core value as a company is to listen, and we are really working to listen to each of those companies on a daily basis. In addition to our U.S. manufacturing, we do have manufacturing operations that are dedicated to Clearfield just across the border in Tijuana. We have an additional 250 employees in the Mexican market and also do a level of Asian sourcing and Asian design work that is in collaboration with our team. We really reach across the globe, but are continuing to focus on that North American market, and being able to capitalize upon it. Daniel Herzog, is there anything that's come across from those shareholders? I do have a few, and you've covered some of it, but I still want to read it just so they are aware that we're getting them and how I'm going to read them, so you may just augment every set. The first one comes from Steve Kramer. Congratulations to the entire Clearfield team. I've been a Clearfield shareholder for more than a decade, and this is the most exciting time to be one. If you can please provide some granularity around the RDOF opportunity and how it might impact Clearfield revenues in 2022 and beyond. For example, might it add $30 million-$40 million to the previously planned 2022 revenue plan and substantial growth after that? Yeah. Well, RDOF is really exciting because RDOF is really about community broadband. It's getting fiber into the hands of everyone across the country. It speeds up the delivery. In the past, one of the things that we were able to prove in the marketplace as far back as 2008, during the economic recovery times that happened there was dollars that were being provided to rural markets. Those dollars proved that the value proposition worked and that the return on investment was true. It also proved that was capital intensive. Today, as we look at the RDOF initiative, we're seeing an opportunity to bring some things forward. Certainly the COVID situation has not only validated the need for fiber, but it's brought up and accelerated some of the rate of deployment. What RDOF does is provide a whole another level of funding stream so that, especially on this first award, the first award is for unserved markets, and these are environments that would've just not been able to provide fiber to without government initiatives. We believe that, as I said a little bit earlier, the annual revenue opportunity under RDOF is about $50 million for our level of product. We're certainly going to go try to get our share and then some. I don't know that it's $30 million or $40 million, Steve, but it's certainly an uptick for what we're going out to make happen. I think it's also important to note that our market is growing, not only because of RDOF and government funding, but because we have validated that fiber is the most economical way by which to operate a telecom network. There's been an announcement, and I don't remember the research firm, but I can provide it if anybody is interested, that has put together a finding as to who is going to be deploying fiber over the course of the next 10 years. There's been announcements from Frontier, Windstream, CenturyLink, now Lumen, their rate of fiber to the home deployment actually will dwarf the amount of fiber that is going to be deployed to AT&T and Verizon networks. These are being self-funded because some of those organizations are now out of bankruptcy, reestablishing themselves. Research has indicated in the past that as long as you can get a take rate above 30%, that is a profitable network by which to operate under fiber. In addition, what we found is that fiber is the most cost-effective means by which to operate a network, so that once you put fiber into your network, your call rate, your return calls, your service calls all go down substantially. RDOF is great, but fiber in general is going to be a really rich market for us to work under. As long as I've had the opportunity, I wanted to be able to call out that we just don't work in fiber to the home. Our platform is fiber to anywhere. That means we're involved in the telco regions, but also the cable markets. You've seen in recent field reports that our cable TV solutions and our cable TV revenues have been up dramatically, as much as 40%. That is really associated with a lot of the regional cable TV companies identifying that fiber and fiber to a home can augment what a cable TV is operating within. We're also then working with other types of cable operations to get their cable deeper into their networks. They need hub collapses in different parts of our architecture. Whether it's a telco market or a cable market, they're both attractive solutions for us. Then as we go into the wireless markets and some of the 5G initiatives, 5G has been a lot of hype for a couple of years. There's actually an amazing amount of fiber that's being laid. It's just not yet at a point where Clearfield gets the opportunity to participate in that deployment. Our opportunity is really the meet-me point. We've talked about that in the past, where the transition box that allows you to move from wireline to wireless, and it will be involved in some of the small cell deployment that is really coming forward in the next coming years. A lot of those small cells are going to be distributed throughout the community broadband marketplace, which gives us the opportunity to benefit from not only fiber to the home and community broadband, but also the backhaul that will be driven by 5G in those communities. I do have a few more. Shifting a little bit here from I believe Mr. Hank Manthei, regarding our international, can you give us a status of Latin America? Yeah. Latin America is a difficult market. It is still suffering strongly from the COVID world. COVID was as strong and as difficult in the Latin American market as it was in the U.S. market. In some countries, even worse, they don't have some of the vaccine issues and the like are yet to be seen there. In addition, they don't have the economic stimulus dollars that have been driven in the U.S. market, broadband funding or not. The Latin American market has stalled for us. It was down for us a little bit last year, driven by COVID. I think it'll be a solid kind of run rate business for us, but it won't be the driver of our growth initiatives, at least in the next year to 18 months. Nice. I have a couple questions that kind of run together, so I'm going to combine a few here. Over the past 12 months, about 2/3 of revenue came from Tier II and Tier III carriers. Are you expecting this split between Tier I and Tier II and Tier III going forward? What areas of growth are you most excited about? Beyond that, somebody also asked, there have been comments about COVID has slowed down Tier I penetration due to lack of product marketing and training and relationship building. With vaccines rolling out and cases declining, is this opportunity starting to re-accelerate? I think it's a discussion on Tier I, if you will. For Tier I and Tier II and Tier III and how that all kind of comes together. Yeah. Right now there's a lot of energy being associated into small carriers, small markets. It's driven not only by the need for remote learning and for being able to work from home. It's also driven by the social equality challenges in that a lot of the money that is being deployed in Tier II and Tier III markets are often in underserved communities or communities of economic challenges. We believe that the community broadband efforts and the smaller carriers are really where you're going to see the energy. They were able to, in the COVID world of 2020, they were able to pivot faster and deploy faster, and being able to get their dollars approved faster. Our growth so far this year has been absolutely driven by community broadband. I think it's important to note that that's been 10 years in development. Our established brand recognition there is one of our best core assets, and we are really aiming to continue to be able to foster upon that. Tier I has definitely been affected. Our growth in Tier I by the COVID environment, there's been a limited amount of fiber-to-the-home deployment in the Tier I markets. We do have FieldShield is associated with the fiber to the home deployments in the Tier I marketplace. That has been a successful opportunity for us, but limited. I would say in the Tier I of the things that I'm most excited about is our product lines that are different. Two that I will call out are the transition box that I talked about previously, which is an approved product for that deployment of 5G. A product that you saw actually in the video earlier today, which is the Aerial Fiber Distribution Hub. This is a solution that no one else in the marketplace has. It's associated by being able to deploy fiber distribution actually on the wire rather than on the pole or on the ground. Why this is important is because as incumbent providers leave their in-network solutions, they are going to be having some of the same challenges of years ago when Google had challenges with pole rights and permitting and the means by which to deploy in an out-of-network environment. The Aerial Fiber Distribution Hub is designed for those CLEC type opportunities or even Tier I opportunities that are to be deployed outside of network. Providing that opportunity to deploy without permits and without some of those other kinds of challenges really will be a strong growth engine because we answer a problem, remove an obstacle that others aren't doing. Nice. Yeah. Another question. Do the moves to cut the cable and go to streaming benefit or hurt Clearfield, or are the effects mostly neutral? Cutting the cord is bad for cable TV for the cable TV provider. Anybody who is cutting the cord is only cutting the cord for content. What they need is they will always need Internet. Internet is delivered by fiber. That's great for Clearfield. I actually think it's more than neutral, that it's beneficial in that individual service providers who are losing subscribers need to look for ways by which to expand their revenue per line served per Internet option. Fiber has been proven to allow that service provider to earn more per customer so that the revenue per subscriber unit goes up. I see it as beneficial. I can understand the challenges that some of our providers have in regard to cash flow. You don't want it to happen too quickly, because all of these service providers need a funding mechanism by which to continue to invest in their networks. Yes. There's none other pending right now, but I'll take the opportunity to ask you a question that we get questioned on occasionally. Can you talk about our capacity and our ability to respond to more demand? Where we sit as far as levels of investment into that for a growing market. Thanks, Daniel. That's great to point out because Daniel and I do a lot of investor calls, a lot of investor conferences. You'll find that we've done those now, we don't have to be on an airplane. We can do a lot more now because of the fact that we do them by Zoom. In regard to capacity, we're in a really good place. We've made some investments over the course of the last few years by which to grow. Last year, we added the second facility in Mexico, which is actually not far from the first. It's actually just a few blocks, allows us to have multiple resources, but yet limited overhead in regard to extra management. We've made an investment in not only personnel, but in the capacity associated with supply chain and the materials that we're going to need. We believe we can respond to the community broadband initiatives. We have good agent sourcing partners as well. Combined, I think we're really positioned to scale. If you go back to some of the legacy conversations that we've had over the course of the last 10 years, Clearfield has been designed to scale from the very beginning. That was the orientation behind our product line. The cassette is designed in multiple units, and then we take that cassette and put it into other types of enclosures, as you saw on the video today. That scaling orientation has been crucial to Clearfield to date, and it'll continue as we move forward. Ronald Roth, back to you. Right. Don't worry, I've got a question for you. We've talked a lot about what we're selling and what we're doing, but how about our workforce? I would call out to you, your management, all the salespeople, production, and support. I think what I've seen is an unbelievable spirit by all the employees to take credit, take charge, and everybody is a salesperson, always for Clearfield. That's evident by our participation rate for our stock employee purchase plan. I think that's a very strong vote of support. Ronald Roth, I couldn't concur more. The employee community at Clearfield, we bleed black and blue. Clearfield, we enjoy working with each other. They've absolutely responded phenomenally in this COVID world. Ronald Roth, we continue to dialogue on a weekly basis. We have all company meetings, so commercial for Zoom. It's been amazing to be able to have hundreds of people on a call at a time and be able to keep everybody connected. Ronald Roth, it's also been, I guess, a commitment to ourselves that the COVID world was not going to stop our investment. Not only has our revenue growth accelerated, but we continue to add not only production employees, but key employees for the ongoing growth and scalability of the organization. We're adding engineers, we're adding business analysts, we're continuing to expand on our procurement programs, and we're doing the adds for these personnel on a remote basis. We currently do onboarding of new employees, and we've been a little bit negligent about some of the initial product training. We're doing a little bit of catch-up, but there are 17 employees this week going through onboarding, and these are both Mexican employees as well as U.S. employees. What continues to just be a phenomenal vote of gratification is so many of the employees that we're adding are engineers, are degreed individuals, and we're attracting these individuals because of the brand recognition that Clearfield has in our market. I couldn't be more proud of the employees that work for us and the community that we've built. Cheri, I'd also say that our retention rate is so well. For employees. We have very little turnover, and their opportunities for advancement are great. Somebody will start at a lower level and work themselves up to a better position. Absolutely. You had a couple more. I'm sorry. I have a couple more questions. Okay. One is a follow-up to capacity, and then there's another one following that. Can you speak to the capacity and our ability to meet extremely strong demand that might exceed our internal estimates? For example, how high a revenue number could you reach without adding additional capacity? Daniel, we have room. Being able to increase, we're not a capital-intensive organization. Even expanding our level of manufacturing has never been capital-intensive. If you look at Clearfield historically, our CapEx spend has been a couple of million dollars a year. We've been able to incrementally grow as we move forward. In addition to that, some of our supply chain partners are a pivotal part of being able to continue to work with us. If you go back to some of the legacy things that we've talked about, is that if there's something that we can manufacture elsewhere or use a partner by which to do that, we've made that happen. It's really a combination of outsourcing, contract manufacturing, and then bringing in-house what we do better than anyone else. As a result, I think we're very well positioned to be able to grow with demand. In addition, we're working towards supply agreements so that we can try to get some level of visibility of what's happening moving forward. Ronald Roth, we as a company have always prided ourselves on not only a short lead time, but an extremely high percentage of on-time delivery to the lead time that we promise. As a result, that gives us the need to respond quickly, but also really pretty good visibility as to what is anticipated moving forward, and a commitment to make that happen. We've had the pleasure of being able to be together today for almost an hour. Unfortunately, it's not the traditional way that we do things. As I think we've tried to communicate and provide that loyalty to our shareholder base and the fact that we don't take your investment in Clearfield lightly. We believe that we need to earn it, and we'll work to continue to earning it every day. Thank you for your questions. I want to be able to hand it back to Ronald. If you have any additional questions, the text line will continue to be open, and we'll take those questions and respond to you at a later time. At this point, I'd like to turn it back over to Ronald for a closing statement. Do I have a video now? Yes, I think you do. Okay. You just need to click on the video bridge if you want to see it, but you're on. All right. Okay, thank you, and thank you all for attending our stockholder meeting today. Hopefully, you have a better understanding of Clearfield. If you need more information, please go to our website at seeclearfield.com. This will keep you up to date with what's happening at Clearfield. We believe our future is bright, and we are dedicated to building a better broadband with a solid financial statement, innovative products, and services. This combination will meet the needs of our stakeholders, employees, customers, suppliers, and shareholders. We know who we are. We know where we are going. We started small. We've grown tall. Thank you for being with us today. You're welcome to join us in our journey. Thank you.