Slide 1: 1st Quarter Fiscal 2020 Earnings Slide Deck
1st Quarter Fiscal 2020 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. Yo
Slide 3: First Quarter Summary
First Quarter Summary Amounts in millions, except per share amounts Revenue Operating Income Diluted EPS GAAP Adjusted* GAAP Adjusted* $112.0 $109.4 $12.3 $12.3 $0.77 $0.77 11.2% 11.2% $6.0 $0.38 1.8% 5.4% $2.0 $0.11 1.8% FY19 FY20 FY19 FY20 FY19 FY20 • Revenues decreased $2.6 million compared to pr
Slide 4: First Quarter Financial Summary
First Quarter Financial Summary ($ in millions, except per share amount s) Q1 - FY20 Q1 - FY19 Change Revenue North America irrigation $ 52.6 $ 56.5 -7% International irrigation $ 29.7 $ 31.1 -5% Irrigation $ 82.4 $ 87.6 -6% Infrastructure $ 27.0 $ 24.3 11% Total revenue $ 109.4 $ 112.0 -2% Operatin
Slide 5: Current Market Factors
Current Market Factors Irrigation Infrastructure • The phase-one trade deal between the U.S. and • States continue the transition to new federal MASH China is expected to be signed January 15. Under testing standards for road safety products. Almost the deal, China would greatly increase agricultura
Slide 6: Irrigation Segment
Irrigation Segment Revenue $56.5 $52.6 • North America revenue decreased $0.6 million exclusive of the business divestiture $31.1 $29.7 • Higher irrigation equipment unit volume • Lower average selling prices due to lower steel costs • Lower sales of replacement parts • International revenue decreas
Slide 7: Infrastructure Segment
Infrastructure Segment Revenue $27.0 $24.3 • Total revenue increased $2.7 million • Higher sales of road safety products • Increase in Road Zipper System® lease revenue • Ongoing delivery of Road Zipper System order in Japan • Prior year included the majority of the San Rafael Bridge project • Opera
Slide 8: Executing Long-Term Value Creation
Executing Long-Term Value Creation • Deepening customer relationships through technology differentiation • Solutions and growth aligned to market megatrends…. designed to sustain and protect our evolving world • Foundation for Growth initiative driving margin expansion ONE LINDSAY • Empowered global
Slide 9: Foundation for Growth Initiative
Foundation for Growth Initiative Objectives • Raise operating margin floor • Innovation leader in core markets • Renewed culture and identity 1 2 3 4 Commercial Global Manufacturing Lower G&A Excellence Sourcing Optimization Expenses 5 Cultural Changes 6 Strategic Choices Margin improvement Cost Str
Slide 10: Foundation for Growth Execution
Foundation for Growth Execution Accomplishments through Q1 Fiscal 2020 • Divested four non-core businesses • Closed an infrastructure facility; consolidated activity into an existing irrigation facility • Established a centralized shared services organization • Made tangible progress in cultur
Slide 11: Summary Balance Sheet
Summary Balance Sheet ($ in millio ns) November 30, 2019 November 30, 2018 August 31, 2019 Cash and cash equivalents $120.9 $137.2 $127.2 Current assets $316.6 $325.3 $313.5 Current liabilities $84.8 $83.0 $82.1 Net working capital $231.8 $242.3 $231.4 Long-term debt $116.0 $116.3 $116.1 Shareholder
Slide 12: Summary of Cash Flow
Summary of Cash Flow ($ in millions) Q1 FY20 Q1 FY19 Net earnings $8.3 $1.2 Depreciation / amortization $4.7 $3.4 Other non-cash adjustments $3.8 $0.9 Changes in assets and liabilities: Receivables ($4.1) ($14.8) Inventories ($4.9) ($11.4) Other working capital ($6.3) $6.4 Net cash provided by (used
Slide 13: Capital Allocation – A Balanced Approach
Capital Allocation – A Balanced Approach Allocation Plan Allocation History • Targeted cash balance of $60-75 million, including international accounts • To support cyclical and seasonal fluctuations in working capital and projected capital expenditures • $115 million in Senior Notes maturing on 2/1
Slide 14: Attractive Long-Term Megatrends
Attractive Long-Term Megatrends Water Conservation Advancing Technology Improve Road Safety Population Growth Alternative Fuels Increase Yields 14
Slide 15: Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures
Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures LINDSAY CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) The non-GAAP tables below disclose (a) the impact on diluted earnings per share of consulting fees, severance costs and loss from
Slide 16: Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures
Regulation G Reconciliation of GAAP to Non-GAAP Financial Measures LINDSAY CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (Continued) For the three months ended November 30, 2018 Operating income reconciliation Consolidated Irrigation Infrastructure Co