Lindsay Corporation · NYSE:LNN
Lindsay — Q3 2021 Earnings Presentation
12 slides from Lindsay's earnings presentation, Jul 1, 2021
Slide 1: 3rd Quarter Fiscal 2021 Earnings Slide Deck
3rd Quarter Fiscal 2021 Earnings Slide Deck
Slide 2: Safe-Harbor Statement
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. Y
Slide 3: Third Quarter Summary
Third Quarter Summary Amounts in millions, except per share amounts Revenue Operating Income Diluted EPS $1.61 $161.9 $21.3 $123.1 +32% $15.8 +35% +73% $0.93 13.2% 12.9% FY20 FY21 FY20 FY21 FY20 FY21 • Revenues increased $38.8 million compared to prior year • Irrigation increased $44.7 million • Inf
Slide 4: Third Quarter and YTD Financial Summary
Third Quarter and YTD Financial Summary ($ in millions, except per share amounts) Q3 - FY21 Q3 - FY20 Change YTD FY21 YTD FY20 Change Revenue North America irrigation $ 87.4 $ 62.9 39% $ 220.3 $ 183.5 20% International irrigation $ 52.8 $ 32.6 62% $ 125.8 $ 88.8 42% Irrigation $ 140.2 $ 95.5 47% $ 3
Slide 5: Current Market Factors
Current Market Factors Irrigation Infrastructure • As of May 2021, U.S. corn and soybean prices have • The five-year $305 billion U.S. highway bill (the “FAST reached multi-year highs as a result of lower production Act”) expired September 30, 2020 and was extended for levels in 2020 coupled with hi
Slide 6: Irrigation Segment
Irrigation Segment Amounts in millions Revenue $87.4 • North America revenue increased $24.5 million • Higher irrigation equipment unit sales volume +39% $62.9 • Higher average selling prices $52.8 • Lower engineering services revenue $32.6 +62% • International revenue increased $20.2 million • High
Slide 7: Infrastructure Segment
Infrastructure Segment Amounts in millions Revenue $27.6 • Total revenue decreased $5.8 million $21.8 • Lower Road Zipper System® sales • Highways England project and Japan order in the -21% prior year amounted to over $9.0 million • Higher Road Zipper System® lease revenue • Increased sales of road
Slide 8: Innovation Leadership: Addressing Global Megatrends
Innovation Leadership: Addressing Global Megatrends Key Trends Food Water Land Mobility Reducing Labor Security Scarcity Availability Safety Emissions Savings Capitalizing on global megatrends 8
Slide 9: Strong Commitment to Sustainable Practices
Strong Commitment to Sustainable Practices 1 2 3 4 5 Investing in Improving our Empowering Engaging in Operating sustainable operational and protecting our local with technologies footprint our people communities integrity Our mission is to provide solutions that conserve natural resources, enhance
Slide 10: Summary Balance Sheet and Liquidity
Summary Balance Sheet and Liquidity ($ in millions) May 31, 2021 May 31, 2020 August 31, 2020 Cash, cash equivalents and marketable securities $140.5 $121.5 $140.9 Current assets $417.7 $339.2 $347.9 Current liabilities $144.2 $107.2 $102.4 Net working capital $273.5 $232.0 $245.5 Long-term debt $11
Slide 11: Summary of Cash Flow
Summary of Cash Flow ($ in millions) YTD FY21 YTD FY20 Net earnings $36.8 $24.0 Depreciation / amortization $14.7 $14.1 Other non-cash adjustments $1.5 $8.6 Changes in assets and liabilities: Receivables ($22.9) ($11.4) Inventories ($28.6) ($23.8) Other $29.2 $4.5 Net cash provided by operations $30
Slide 12: Capital Allocation – A Balanced Approach
Capital Allocation – A Balanced Approach Allocation Plan Allocation History • Targeted cash balance of $60-75 $700,000 $ in thousands = Source of Cash million, including international $3.8 = Use of Cash accounts $600,000 $114.4 $134.2 65% of cash from operations • To support cyclical and seasonal $5