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]

Part I – FINANCIAL INFORMATION [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 for the three months ended November 30, 2021, including earnings, balance sheets, and cash flows [Condensed Consolidated Statements of Earnings](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Operating revenues for the three months ended November 30, 2021, increased to $166.2 million, with net earnings rising to $7.9 million Condensed Consolidated Statements of Earnings (Q1 FY2022 vs Q1 FY2021) | Metric | Three months ended Nov 30, 2021 | Three months ended Nov 30, 2020 | | :--- | :--- | :--- | | **Operating revenues** | $166,152 thousand | $108,485 thousand | | **Gross profit** | $37,438 thousand | $31,408 thousand | | **Operating income** | $13,361 thousand | $7,535 thousand | | **Net earnings** | $7,901 thousand | $7,095 thousand | | **Diluted EPS** | $0.72 | $0.65 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $649.4 million as of November 30, 2021, driven by higher inventories and receivables, with shareholders' equity growing to $341.9 million Key Balance Sheet Items | Metric | Nov 30, 2021 | Nov 30, 2020 | Aug 31, 2021 | | :--- | :--- | :--- | :--- | | **Total current assets** | $426,333 thousand | $356,450 thousand | $416,103 thousand | | Inventories, net | $173,115 thousand | $114,278 thousand | $145,244 thousand | | **Total assets** | $649,445 thousand | $575,202 thousand | $637,185 thousand | | **Total current liabilities** | $147,782 thousand | $102,387 thousand | $138,240 thousand | | Long-term debt | $115,471 thousand | $115,641 thousand | $115,514 thousand | | **Total liabilities** | $307,502 thousand | $271,301 thousand | $298,740 thousand | | **Total shareholders' equity** | $341,943 thousand | $303,901 thousand | $338,445 thousand | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $24.2 million for Q1 FY2022, primarily due to increased receivables and inventories, with cash ending at $84.7 million Cash Flow Summary (Q1 FY2022 vs Q1 FY2021) | Metric | Three months ended Nov 30, 2021 | Three months ended Nov 30, 2020 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | ($24,179) thousand | $15,373 thousand | | **Net cash used in investing activities** | ($14,158) thousand | ($5,842) thousand | | **Net cash used in financing activities** | ($2,321) thousand | ($4,725) thousand | | **Net change in cash and cash equivalents** | ($42,388) thousand | $5,399 thousand | | **Cash and cash equivalents, end of period** | $84,719 thousand | $126,802 thousand | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies and financial statement items, including revenue recognition, income taxes, debt, and segment information - The company adopted ASU No. 2019-12, Simplifying the Accounting for Income Taxes, in Q1 FY2022, with no material impact[21](index=21&type=chunk) - The company is defending product liability lawsuits related to its X-Lite® end terminal and is under DOJ investigation, but no loss accrual is deemed probable[41](index=41&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - An accrued environmental remediation liability of **$16.0 million** exists for the Lindsay, Nebraska facility[45](index=45&type=chunk)[48](index=48&type=chunk) Segment Operating Revenues (Q1 FY2022 vs Q1 FY2021) | Segment | Three months ended Nov 30, 2021 | Three months ended Nov 30, 2020 | | :--- | :--- | :--- | | **Irrigation** | $145,909 thousand | $87,356 thousand | | North America | $78,976 thousand | $52,790 thousand | | International | $66,933 thousand | $34,566 thousand | | **Infrastructure** | $20,243 thousand | $21,129 thousand | | **Total operating revenues** | **$166,152 thousand** | **$108,485 thousand** | Segment Operating Income (Q1 FY2022 vs Q1 FY2021) | Segment | Three months ended Nov 30, 2021 | Three months ended Nov 30, 2020 | | :--- | :--- | :--- | | **Irrigation** | $17,212 thousand | $10,633 thousand | | **Infrastructure** | $2,766 thousand | $4,256 thousand | | **Corporate** | ($6,617) thousand | ($7,354) thousand | | **Total operating income** | **$13,361 thousand** | **$7,535 thousand** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=20&type=section&id=ITEM%202%20%E2%80%93%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 FY2022 financial results, highlighting a 53% revenue increase driven by irrigation, alongside challenges from inflation and supply chain constraints [Executive Overview and Outlook](index=21&type=section&id=Executive%20Overview%20and%20Outlook) Q1 FY2022 operating revenues rose 53% to $166.2 million, driven by irrigation, with backlog increasing to $154.8 million despite cost and supply challenges - Operating revenues for Q1 FY2022 were **$166.2 million**, a **53% increase** YoY, with irrigation revenues up **67%** and infrastructure revenues down **4%**[69](index=69&type=chunk) - Primary drivers for irrigation demand include a **40% increase** in U.S. corn prices and a **23% increase** in estimated U.S. net farm income for 2021[70](index=70&type=chunk) - The backlog of unshipped orders at November 30, 2021, was **$154.8 million**, a substantial increase from **$89.2 million** in the prior year, primarily due to higher irrigation backlog[75](index=75&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Consolidated revenues increased 53% to $166.2 million in Q1 FY2022, driven by irrigation growth, though gross margin compressed to 22.5% due to higher costs and sales mix Consolidated Results of Operations (Q1 FY2022 vs Q1 FY2021) | Metric | Q1 FY2022 | Q1 FY2021 | % Change | | :--- | :--- | :--- | :--- | | **Operating revenues** | $166,152 thousand | $108,485 thousand | 53% | | **Gross profit** | $37,438 thousand | $31,408 thousand | 19% | | Gross margin | 22.5% | 29.0% | -6.5 p.p. | | **Operating income** | $13,361 thousand | $7,535 thousand | 77% | | Operating margin | 8.0% | 6.9% | +1.1 p.p. | | **Net earnings** | $7,901 thousand | $7,095 thousand | 11% | - North America irrigation revenues increased **50%** to **$79.0 million**, driven by higher unit sales and prices amid strong commodity markets[79](index=79&type=chunk) - International irrigation revenues grew **94%** to **$66.9 million**, with strong performance in Brazil, the Middle East, and Europe[80](index=80&type=chunk) - Gross margin decreased to **22.5%** from **29.0%** due to higher raw material costs, a **$6.0 million** LIFO impact, and a sales mix shift to lower-margin irrigation products[83](index=83&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and equivalents decreased to $114.9 million due to $24.2 million cash used in operations, with fiscal 2022 capital expenditures projected at $20.0-$25.0 million - Cash, cash equivalents, and marketable securities decreased to **$114.9 million** at Nov 30, 2021, from **$146.7 million** at Aug 31, 2021[88](index=88&type=chunk) - Cash used in operating activities was **$24.2 million**, a reversal from **$15.4 million** provided in the prior year, mainly due to increases in receivables and inventories[90](index=90&type=chunk) - The capital allocation plan prioritizes organic growth, dividends, acquisitions, and share repurchases, with fiscal 2022 capital expenditures projected at **$20.0 million to $25.0 million**[93](index=93&type=chunk)[94](index=94&type=chunk) - The company has a **$50.0 million** revolving credit facility with no outstanding borrowings as of November 30, 2021[97](index=97&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=23&type=section&id=ITEM%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes have occurred in the company's quantitative and qualitative disclosures about market risk since the last Annual Report on Form 10-K - There have been no material changes from the Company's quantitative and qualitative disclosures about market risk as previously disclosed in the Annual Report on Form 10-K for the fiscal year ended August 31, 2021[101](index=101&type=chunk) [Controls and Procedures](index=24&type=section&id=ITEM%204%20%E2%80%93%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of November 30, 2021, with no significant changes to internal control over financial reporting - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of November 30, 2021[102](index=102&type=chunk) - No significant changes were made to the Company's internal control over financial reporting during the quarter[103](index=103&type=chunk) Part II – OTHER INFORMATION [Legal Proceedings](index=25&type=section&id=ITEM%201%20%E2%80%93%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 8 – Commitments and Contingencies in the financial statements - Information regarding legal proceedings is incorporated by reference from Note 8 – Commitments and Contingencies in Part I, Item 1 of this report[104](index=104&type=chunk) [Risk Factors](index=25&type=section&id=ITEM%201A%20%E2%80%93%20Risk%20Factors) No material changes have occurred in the risk factors previously disclosed in the company's most recent Annual Report on Form 10-K - There have been no material changes from risk factors previously disclosed in the Company's most recent Annual Report on Form 10-K[105](index=105&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=ITEM%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[106](index=106&type=chunk) [Exhibits](index=26&type=section&id=ITEM%206%20%E2%80%93%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and interactive data files - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906, and Interactive Data Files (Inline XBRL)[110](index=110&type=chunk)

Lindsay Corporation (NYSE:LNN) Q1 2022 Earnings Conference Call January 6, 2022 11:00 AM ET Company Participants Randy Wood - President, Chief Executive Officer Brian Ketcham - Senior Vice President, Chief Financial Officer Conference Call Participants Nathan Jones - Stifel Brian Drab - William Blair Jon Braatz - Kansas City Capital Ryan Connors - Boenning & Scattergood Chris Shaw - Monness Crespi Operator Good morning. My name is Vaishnavi and I will be your conference operator today. At this time, I would ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 2021 incorporation or organization) Identification No.) 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 jur ...

Lindsay Corporation (NYSE:LNN) Q4 2021 Earnings Conference Call October 21, 2021 11:00 AM ET Company Participants Randy Wood - President & Chief Executive Officer Brian Ketcham - Chief Financial Officer Conference Call Participants Nathan Jones - Stifel Brian Drab - William Blair Jon Braatz - Kansas City Capital Chris Shaw - Monness Crespi Operator Good morning, everyone. My name is Jamie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation ...

/LINDSAY" ammunimmunummunummum 4th Quarter Fiscal 2021 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 wit ...

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, 2021 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 2021 Results Conference Call July 1, 2021 11:00 AM ET Company Participants Randy Wood - President and CEO Brian Ketcham - CFO Conference Call Participants Ryan Connors - Boenning & Scattergood Brian Drab - William Blair Jon Braatz - Kansas City Capital Adam Farley - Stifel Chris Shaw - Monness Crespi Operator Good morning. My name is Betsy and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation’s Third Quarter ...

/LINDSAY" emmunimmunumumummunum 3rd Quarter Fiscal 2021 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 wi ...