Lindsay Corporation · NYSE:LNN
Lindsay — Q1 2021 Earnings Presentation
14 slides from Lindsay's earnings presentation, Jan 7, 2021
Slide 1: 1st Quarter Fiscal 2021 Earnings Slide Deck
1st 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. Yo
Slide 3: First Quarter Summary
First Quarter Summary Amounts in millions, except per share amounts Revenue Operating Income Diluted EPS $109.4 $108.5 $12.3 $0.77 $0.65 $7.5 11.2% 6.9% FY20 FY21 FY20 FY21 FY20 FY21 • Revenues decreased $0.9 million compared to prior year • Irrigation increased $4.1 million • Infrastructure decreas
Slide 4: First Quarter Financial Summary
First Quarter Financial Summary ($ in millions, except per share amounts) Q1 - FY21 Q1 - FY20 Change Revenue North America irrigation $ 52.8 $ 53.6 -2% International irrigation $ 34.6 $ 29.7 16% Irrigation $ 87.4 $ 83.3 5% Infrastructure $ 21.1 $ 26.1 -19% Total revenue $ 108.5 $ 109.4 -1% Operating
Slide 5: Current Market Factors
Current Market Factors Irrigation Infrastructure • As of November 2020, U.S. corn prices have • The five-year $305 billion U.S. highway bill enacted increased 15 percent and soybean prices have in December 2015 (the “FAST Act”) was set to increased 29 percent from a year ago. The expire September 30
Slide 6: Irrigation Segment
Irrigation Segment Amounts in millions Revenue $53.6 $52.8 • North America revenue decreased $0.8 million $34.6 • Lower engineering services revenue related to project in $29.7 prior year that did not repeat • Higher irrigation equipment unit sales volume • International revenue increased $4.8 milli
Slide 7: Infrastructure Segment
Infrastructure Segment Amounts in millions Revenue $26.1 $21.1 • Total revenue decreased $5.0 million • Large Road Zipper System® order delivered in the prior year that did not repeat • Lower sales of road safety products • Higher Road Zipper System® lease revenue • Road Zipper System® sales funnel
Slide 8: COVID-19 Update
COVID-19 Update Lindsay’s products and technologies support the following critical infrastructure sectors as defined by the Department of Homeland Security (CISA.gov) and other global government agencies: • Food and Agriculture – our irrigation business supports the production of food and the conser
Slide 9: Our COVID-19 Response
Our COVID-19 Response Protecting the health and well-being of our employees is a top priority, as is maintaining frequent communication and providing important updates. Safety First Prioritizing safety with work-from-home policy, safety practices at all locations and restricting non-essential travel
Slide 10: Innovation Leadership: Addressing Global Megatrends
Innovation Leadership: Addressing Global Megatrends Key Trends Food Water Land Mobility Reducing Labor Security Scarcity Availability Safety Emissions Savings Capitalizing on global megatrends 10
Slide 11: Strong Commitment to Sustainable Practices
Strong Commitment to Sustainable Practices 1 2 3 4 5 Investing in Improving our Empowering Engaging in Operating sustainable operational and protecting our local with technologies footprint our people communities integrity Our mission is to provide solutions that conserve natural resources, enhance
Slide 12: Summary Balance Sheet
Summary Balance Sheet November November August 30, ($ in millions) 30, 2020 30, 2019 2020 Cash, cash equivalents and marketable securities $146.4 $120.9 $140.9 Current assets $356.5 $316.6 $347.9 Current liabilities $102.4 $84.8 $102.4 Net working capital $254.1 $231.8 $245.5 Long-term debt $115.6 $
Slide 13: Summary of Cash Flow
Summary of Cash Flow ($ in millions) Q1 FY21 Q1 FY20 Net earnings $7.1 $8.3 Depreciation / amortization $5.1 $4.7 Other non-cash adjustments $1.7 $3.8 Changes in assets and liabilities: Receivables $8.9 ($4.1) Inventories ($8.3) ($4.9) Other $0.9 ($6.3) Net cash provided by operations $15.4 $1.5 Pur
Slide 14: 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