1st Quarter Fiscal 2023 Earnings Slide Deck This presentation contains forward-looking statements that are subject to risks and uncertainties, and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. For these s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13419 Lindsay Corporation (Exact name of registrant as specified in its charter) Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2022 Delaware 47-0554096 (State or other jurisdiction of (I.R.S. Employer incorporation or orga ...

Lindsay Corporation (NYSE:LNN) Q4 2022 Earnings Conference Call October 20, 2022 11:00 AM ET Company Participants Randy Wood - President and Chief Executive Officer Brian Ketcham - Senior Vice President & Chief Financial Officer Conference Call Participants Nathan Jones - Stifel Ryan Connors - Northcoast Research Brian Drab - William Blair Chris Shaw - Monness Crespi and Hardt Brett Kearney - Gabelli Funds Jon Braatz - Kansas City Capital Associates Operator Good morning. My name is MJ, and I will be your c ...

ZLINDSAY" 4th Quarter Fiscal 2022 Earnings Slide Deck Safe-Harbor Statement This presentation contains forward-looking statements that are subject to risks and uncertainties, and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and ...

ZLINDSAY" 3rd Quarter Fiscal 2022 Earnings Slide Deck Safe-Harbor Statement This presentation contains forward-looking statements that are subject to risks and uncertainties, and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13419 Lindsay Corporation (Exact name of registrant as specified in its charter) Delaware 47-0554096 (State or other jurisdiction of incorporation o ...

Lindsay Corporation (NYSE:LNN) Q3 2022 Earnings Conference Call June 30, 2022 11:00 AM ET Company Participants Randy Wood - President and CEO Brian Ketcham - CFO Conference Call Participants Nathan Jones - Stifel Brian Drab - William Blair Brett Kearney - Gabelli Funds John Braatz - KCCA Operator Good morning. My name is Joe, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Lindsay Corporation Third Quarter Fiscal Year 2022 Earnings Call. [Operator Inst ...

Part I – FINANCIAL INFORMATION [ITEM 1 – Financial Statements](index=3&type=section&id=ITEM%201%20%E2%80%93%20Financial%20Statements) This section presents Lindsay Corporation's unaudited condensed consolidated financial statements, including earnings, balance sheets, and cash flows [Condensed Consolidated Statements of Earnings](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Condensed Consolidated Statements of Earnings | Metric | Three months ended Feb 28, 2022 ($ in thousands) | Three months ended Feb 28, 2021 ($ in thousands) | Six months ended Feb 28, 2022 ($ in thousands) | Six months ended Feb 28, 2021 ($ in thousands) | | :----------------------- | :--------------------------------------- | :--------------------------------------- | :------------------------------------ | :------------------------------------ | | Operating revenues | 200,137 | 143,577 | 366,288 | 252,062 | | Gross profit | 42,944 | 41,174 | 80,381 | 72,582 | | Operating income | 18,338 | 15,809 | 31,699 | 23,343 | | Net earnings | 14,566 | 11,876 | 22,467 | 18,971 | | Basic EPS | 1.33 | 1.09 | 2.05 | 1.75 | | Diluted EPS | 1.32 | 1.08 | 2.04 | 1.74 | | Cash dividends per share | 0.33 | 0.32 | 0.66 | 0.64 | [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Condensed Consolidated Statements of Comprehensive Income | Metric | Three months ended Feb 28, 2022 ($ in thousands) | Three months ended Feb 28, 2021 ($ in thousands) | Six months ended Feb 28, 2022 ($ in thousands) | Six months ended Feb 28, 2021 ($ in thousands) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | :------------------------------------ | :------------------------------------ | | Net earnings | 14,566 | 11,876 | 22,467 | 18,971 | | Foreign currency translation adjustment, net | 1,997 | 481 | (1,353) | 1,864 | | Total comprehensive income | 16,506 | 12,391 | 21,049 | 20,881 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Metric | Feb 28, 2022 ($ in thousands) | Feb 28, 2021 ($ in thousands) | Aug 31, 2021 ($ in thousands) | | :-------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Total assets | 676,584 | 596,648 | 637,185 | | Total liabilities | 320,046 | 277,624 | 298,740 | | Total shareholders' equity | 356,538 | 319,024 | 338,445 | | Cash and cash equivalents | 68,951 | 110,775 | 127,107 | | Inventories, net | 187,328 | 121,566 | 145,244 | | Accounts payable | 74,345 | 39,934 | 45,209 | | Total current liabilities | 161,402 | 114,836 | 138,240 | [Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Condensed Consolidated Statements of Shareholders' Equity | Metric | Feb 28, 2022 ($ in thousands) | Feb 28, 2021 ($ in thousands) | Aug 31, 2021 ($ in thousands) | | :-------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Total shareholders' equity | 356,538 | 319,024 | 338,445 | | Retained earnings | 543,355 | 511,728 | 528,130 | | Common stock issued (shares) | 19,061 | 18,990 | 18,991 | | Cash dividends paid (6 months) | (7,242) | (6,967) | N/A | | Share-based compensation expense (6 months) | 2,411 | 4,047 | N/A | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Metric | Six months ended Feb 28, 2022 ($ in thousands) | Six months ended Feb 28, 2021 ($ in thousands) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Net cash (used in) provided by operating activities | (35,851) | 11,128 | | Net cash used in investing activities | (15,616) | (17,686) | | Net cash used in financing activities | (5,475) | (4,510) | | Net change in cash and cash equivalents | (58,156) | (10,628) | | Cash and cash equivalents, end of period | 68,951 | 110,775 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of financial statement presentation, revenue recognition, income taxes, inventories, and other key accounting policies - The financial statements are prepared under SEC rules and U.S. GAAP, reflecting management's estimates; recent accounting guidance had no material impact[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) Disaggregation of Revenue by Segment | Segment | Three months ended Feb 28, 2022 ($ in thousands) | Three months ended Feb 28, 28, 2021 ($ in thousands) | Six months ended Feb 28, 2022 ($ in thousands) | Six months ended Feb 28, 2021 ($ in thousands) | | :------------------------ | :--------------------------------------- | :--------------------------------------- | :------------------------------------ | :------------------------------------ | | Irrigation Infrastructure | 180,759 | 118,572 | 326,667 | 205,929 | | Infrastructure | 19,378 | 25,005 | 39,621 | 46,133 | | Total operating revenues | 200,137 | 143,577 | 366,288 | 252,062 | - Contract liabilities significantly increased to **$39.7 million** at February 28, 2022, from **$21.3 million** in the prior year, indicating higher advance payments[28](index=28&type=chunk) Income Tax Expense and Effective Rate | Period | Income Tax Expense ($ in thousands) | Effective Income Tax Rate | | :-------------------------------- | :-------------------------------- | :------------------------ | | Three months ended Feb 28, 2022 | 4,638 | 24.2% | | Three months ended Feb 28, 2021 | 2,685 | 18.4% | | Six months ended Feb 28, 2022 | 6,213 | 25.5% | | Six months ended Feb 28, 2021 | 2,472 | 23.7% | Inventories, Net | Category | Feb 28, 2022 ($ in thousands) | Feb 28, 2021 ($ in thousands) | Aug 31, 2021 ($ in thousands) | | :-------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Raw materials and supplies | 86,010 | 62,404 | 69,962 | | Work in process | 11,620 | 8,993 | 8,301 | | Finished goods and purchased parts, net | 96,724 | 58,682 | 75,053 | | Total inventory value before LIFO adjustment | 194,354 | 130,079 | 153,316 | | Less adjustment to LIFO value | (7,026) | (8,513) | (8,072) | | Inventories, net | 187,328 | 121,566 | 145,244 | - The Company is defending product liability lawsuits and a DOJ investigation, with potential material adverse effects despite no probable loss currently[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Estimated aggregate accrued cost for environmental remediation at the Lindsay, Nebraska facility is **$16.1 million**, with a pilot study planned for mid-2022[45](index=45&type=chunk) Product Warranty Accrual | Metric | Three months ended Feb 28, 2022 ($ in thousands) | Three months ended Feb 28, 2021 ($ in thousands) | Six months ended Feb 28, 2022 ($ in thousands) | Six months ended Feb 28, 2021 ($ in thousands) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | :------------------------------------ | :------------------------------------ | | Product warranty accrual balance, beginning of period | 12,379 | 10,858 | 12,736 | 10,765 | | Liabilities accrued for warranties during the period | 1,825 | 2,247 | 4,219 | 3,981 | | Warranty claims paid during the period | (1,250) | (1,378) | (4,001) | (3,019) | | Product warranty accrual balance, end of period | 12,818 | 11,786 | 12,818 | 11,786 | - Share-based compensation expense decreased to **$2.5 million** for the six months ended February 28, 2022, from **$4.2 million** in the prior year, partly due to a one-time expense[50](index=50&type=chunk)[78](index=78&type=chunk)[88](index=88&type=chunk) - The Company operates in two reportable segments: **Irrigation** (center pivot, lateral move, hose reel systems, technology) and **Infrastructure** (moveable barriers, crash cushions, road safety equipment)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [ITEM 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=ITEM%202%20%E2%80%93%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial performance, condition, and future outlook, including operating results and liquidity [Concerning Forward‑Looking Statements](index=17&type=section&id=Concerning%20Forward%EF%B9%A0Looking%20Statements) - The report contains forward-looking statements regarding future results and financing, protected by the Private Securities Litigation Reform Act of 1995, involving risks and uncertainties[56](index=56&type=chunk)[57](index=57&type=chunk) [COVID-19 Impact](index=17&type=section&id=COVID-19%20Impact) - COVID-19 has caused supply chain challenges, including increased lead times, limited component availability, and raw material price increases, but demand for products has not been materially affected[58](index=58&type=chunk)[59](index=59&type=chunk) [Accounting Policies](index=17&type=section&id=Accounting%20Policies) - Management's critical accounting policies, detailed in the Annual Report on Form 10-K, had no significant changes during the six months ended February 28, 2022[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Executive Overview and Outlook](index=18&type=section&id=Executive%20Overview%20and%20Outlook) Consolidated Financial Highlights (3 months ended Feb 28) | Metric | Feb 28, 2022 ($ in millions) | Feb 28, 2021 ($ in millions) | Change (%) | | :---------------- | :--------------------------- | :--------------------------- | :--------- | | Operating revenues | 200.1 | 143.6 | 39% | | Net earnings | 14.6 | 11.9 | 23% | | Diluted EPS | 1.32 | 1.08 | 22.2% | - **Irrigation segment revenues increased 52%** to **$180.7 million**, while infrastructure segment revenues decreased **23%** to **$19.4 million** for the three months ended February 28, 2022, driven by strong agricultural commodity prices[64](index=64&type=chunk)[67](index=67&type=chunk) - International irrigation markets offer significant growth opportunities but are subject to regional political and economic factors, leading to the suspension of business in Russia and Belarus[68](index=68&type=chunk) - The Infrastructure Investment and Jobs Act is expected to drive higher demand for transportation safety products with **$110 billion** in incremental federal funding[69](index=69&type=chunk) Backlog of Unshipped Orders | Date | Backlog ($ in millions) | | :--------------- | :---------------------- | | Feb 28, 2022 | 111.0 | | Feb 28, 2021 | 101.4 | - Irrigation backlog is higher year-over-year, while infrastructure backlog is lower[70](index=70&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) [Three Months Ended February 28, 2022 vs. 2021](index=20&type=section&id=For%20the%20Three%20Months%20ended%20February%2028,%202022%20compared%20to%20the%20Three%20Months%20ended%20February%2028,%202021) Consolidated Performance (Three Months Ended Feb 28) | Metric | Feb 28, 2022 ($ in thousands) | Feb 28, 2021 ($ in thousands) | % Change | | :---------------------- | :---------------------------- | :---------------------------- | :------- | | Operating revenues | 200,137 | 143,577 | 39% | | Gross profit | 42,944 | 41,174 | 4% | | Gross margin | 21.5% | 28.7% | -7.2 pp | | Operating expenses | 24,606 | 25,365 | -3% | | Operating income | 18,338 | 15,809 | 16% | | Operating margin | 9.2% | 11.0% | -1.8 pp | | Other income (expense), net | 866 | (1,248) | -169% | | Net earnings | 14,566 | 11,876 | 23% | - North America irrigation revenues increased **26%** due to higher average selling prices, while international irrigation revenues more than doubled (**108% increase**) from higher selling prices and unit volumes[74](index=74&type=chunk)[75](index=75&type=chunk) - Infrastructure segment revenues decreased **23%** due to lower Road Zipper System sales and lease revenue, partially offset by increased road safety product sales[76](index=76&type=chunk) - Gross profit increased **4%**, but gross margin decreased from **28.7% to 21.5%** due to higher input costs, a **$2.8 million** LIFO impact, non-recurring factory maintenance, and a higher proportion of lower-margin irrigation revenues[77](index=77&type=chunk) - Operating expenses decreased **3%** primarily due to lower employee incentive expense, with the prior year including a **$1.5 million** one-time equity award expense[78](index=78&type=chunk) [Six Months Ended February 28, 2022 vs. 2021](index=22&type=section&id=For%20the%20Six%20Months%20ended%20February%2028,%202022%20compared%20to%20the%20Six%20Months%20ended%20February%2028,%202021) Consolidated Performance (Six Months Ended Feb 28) | Metric | Feb 28, 2022 ($ in thousands) | Feb 28, 2021 ($ in thousands) | % Change | | :---------------------- | :---------------------------- | :---------------------------- | :------- | | Operating revenues | 366,288 | 252,062 | 45% | | Gross profit | 80,381 | 72,582 | 11% | | Gross margin | 21.9% | 28.8% | -6.9 pp | | Operating expenses | 48,682 | 49,239 | -1% | | Operating income | 31,699 | 23,343 | 36% | | Operating margin | 8.7% | 9.3% | -0.6 pp | | Other expense, net | (3,019) | (1,900) | 59% | | Net earnings | 22,467 | 18,971 | 18% | - North America irrigation revenues increased **35%** from higher unit sales and prices, while international irrigation revenues increased **101%** from higher selling prices and unit volumes[84](index=84&type=chunk)[85](index=85&type=chunk) - Infrastructure segment revenues decreased **14%** due to lower Road Zipper System sales, partially offset by higher lease revenue and increased road safety product sales[86](index=86&type=chunk) - Gross profit increased **11%**, but gross margin decreased from **28.8% to 21.9%** due to higher raw material costs and an **$8.8 million** LIFO impact[87](index=87&type=chunk) - Operating expenses decreased **1%** due to lower employee incentive expenses, partially offset by increases in other areas, with the prior year including a **$1.5 million** equity award expense[88](index=88&type=chunk) - Other expense, net, increased **59%** primarily due to higher foreign currency transaction losses[89](index=89&type=chunk) - The effective income tax rate increased from **11.5% to 21.7%**, influenced by a **$0.7 million** share-based compensation benefit in the current year and a **$1.7 million** valuation allowance release in the prior year[90](index=90&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) Cash, Cash Equivalents, and Marketable Securities | Date | Amount ($ in millions) | | :--------------- | :--------------------- | | Feb 28, 2022 | 93.9 | | Feb 28, 2021 | 130.3 | | Aug 31, 2021 | 146.7 | - Net working capital increased to **$288.9 million** at February 28, 2022, from **$260.8 million** in the prior year, while cash used in operating activities totaled **$35.9 million** for the six months ended February 28, 2022, a significant change from **$11.1 million** provided in the prior year[94](index=94&type=chunk) - Cash used in investing activities decreased to **$15.6 million** from **$17.7 million**, with increased marketable securities purchases offset by lower property, plant, and equipment purchases[95](index=95&type=chunk) - Cash used in financing activities increased to **$5.5 million** from **$4.5 million**, mainly due to higher proceeds from stock option exercises[96](index=96&type=chunk) - The capital allocation plan prioritizes organic growth (capital expenditures of **$15.0-$20.0 million** for fiscal 2022), increasing dividends (**$0.33 per share** paid in Q2 FY22), synergistic acquisitions, and opportunistic share repurchases (**$63.7 million** remaining)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) - The Company has **$115.0 million** in Senior Notes due 2030 and a **$50.0 million** unsecured Revolving Credit Facility with no outstanding borrowings, remaining in compliance with all financial loan covenants[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=ITEM%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section reports no material changes to the Company's market risk disclosures since its most recent Annual Report on Form 10-K - No material changes in quantitative and qualitative disclosures about market risk since the last Annual Report on Form 10-K[105](index=105&type=chunk) [ITEM 4 – Controls and Procedures](index=26&type=section&id=ITEM%204%20%E2%80%93%20Controls%20and%20Procedures) This section confirms the effectiveness of disclosure controls and procedures and reports no significant changes in internal control over financial reporting - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of February 28, 2022[106](index=106&type=chunk) - No significant changes in internal control over financial reporting occurred during the last fiscal quarter[107](index=107&type=chunk) Part II – OTHER INFORMATION [ITEM 1 – Legal Proceedings](index=27&type=section&id=ITEM%201%20%E2%80%93%20Legal%20Proceedings) This section refers to Note 8 – Commitments and Contingencies for details on the Company's legal proceedings and environmental remediation matters - Legal proceedings information is incorporated by reference from Note 8 – Commitments and Contingencies[108](index=108&type=chunk) [ITEM 1A – Risk Factors](index=27&type=section&id=ITEM%201A%20%E2%80%93%20Risk%20Factors) This section indicates no material changes to the risk factors previously disclosed in the Company's most recent Annual Report on Form 10-K - No material changes to risk factors since the last Annual Report on Form 10-K[109](index=109&type=chunk) [ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=ITEM%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there were no unregistered sales of equity securities or use of proceeds to report for the period - No unregistered sales of equity securities and use of proceeds[110](index=110&type=chunk) [ITEM 3 – Defaults Upon Senior Securities](index=27&type=section&id=ITEM%203%20%E2%80%93%20Defaults%20Upon%20Senior%20Securities) This section reports that there were no defaults upon senior securities during the period - No defaults upon senior securities[111](index=111&type=chunk) [ITEM 4 – Mine Safety Disclosures](index=27&type=section&id=ITEM%204%20%E2%80%93%20Mine%20Safety%20Disclosures) This section indicates that mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable[112](index=112&type=chunk) [ITEM 5 – Other Information](index=27&type=section&id=ITEM%205%20%E2%80%93%20Other%20Information) This section states that there is no other information to report for the period - No other information to report[113](index=113&type=chunk) [ITEM 6 – Exhibits](index=28&type=section&id=ITEM%206%20%E2%80%93%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, certifications, and interactive data files - Exhibits include corporate governance documents, CEO and CFO certifications, and Interactive Data Files (Inline XBRL)[115](index=115&type=chunk) SIGNATURES [SIGNATURES](index=29&type=section&id=SIGNATURES) This section contains the required signatures for the Form 10-Q, certifying its submission by the Senior Vice President and Chief Financial Officer - The report was signed on April 5, 2022, by Brian L. Ketcham, Senior Vice President and Chief Financial Officer, on behalf of Lindsay Corporation[118](index=118&type=chunk)[119](index=119&type=chunk)

Lindsay Corporation (NYSE:LNN) Q2 2022 Earnings Conference Call April 5, 2022 11:00 AM ET CompanyParticipants Randy Wood - President, Chief Executive Officer & Chief Operating Officer Brian Ketcham - Senior Vice President & Chief Financial Officer Conference Call Participants Brian Drab - William Blair Brett Kearney - Gabelli Funds Adam Farley - Stifel Jon Braatz - Kansas City Capital Chris Shaw - Crespi Operator Good morning. My name is Sarah and I will be your conference operator today. At this time, I wo ...

Financial Performance - Q2 FY22 - Revenue increased to $200.1 million, a 39% increase compared to $143.6 million in Q2 FY21[4] - Operating income increased to $18.3 million, a 16% increase compared to $15.8 million in Q2 FY21[4] - Diluted EPS increased to $1.32, a 22% increase compared to $1.08 in Q2 FY21[4] - Irrigation segment revenue increased 52% to $180.7 million, compared to $118.6 million in Q2 FY21[6] - Infrastructure segment revenue decreased 23% to $19.4 million, compared to $25.0 million in Q2 FY21[6] Financial Performance - YTD FY22 - Total revenue increased 45% to $366.3 million, compared to $252.1 million YTD FY21[6] - Operating income increased 36% to $31.7 million, compared to $23.3 million YTD FY21[6] - Diluted EPS increased 18% to $2.04, compared to $1.74 YTD FY21[6] Market Factors and Trends - Corn prices increased 23% and soybean prices increased 18% year-over-year in February 2022[7] - USDA projected net farm income to be $113.7 billion, a decrease of 4.5% from 2021[8] - The Infrastructure Investment and Jobs Act (IIJA) includes $110 billion in incremental federal funding for infrastructure projects[10]