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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 November 30, 2023
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)
|
|
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Delaware |
|
47-0554096 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
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|
|
18135 Burke Street, Suite 100, Omaha, Nebraska |
|
68022 |
(Address of principal executive offices) |
|
(Zip Code) |
402‑829-6800
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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|
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, $1.00 par value |
LNN |
New York Stock Exchange, Inc. |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
|
|
|
|
|
Large accelerated filer |
☒ |
|
Accelerated filer |
☐ |
Non‑accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
Emerging growth company |
☐ |
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of January 2, 2024, 11,030,936 shares of the registrant’s common stock were outstanding.
Table of Contents
Lindsay Corporation
INDEX FORM 10-Q
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Page |
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Part I – FINANCIAL INFORMATION |
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3 |
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ITEM 1 – Financial Statements |
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3 |
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Condensed Consolidated Statements of Earnings for the three months ended November 30, 2023 and November 30, 2022 |
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3 |
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Condensed Consolidated Statements of Comprehensive Income for the three months ended November 30, 2023 and November 30, 2022 |
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4 |
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Condensed Consolidated Balance Sheets as of November 30, 2023, November 30, 2022, and August 31, 2023 |
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5 |
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Condensed Consolidated Statements of Shareholders’ Equity for the three months ended November 30, 2023 and November 30, 2022 |
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6 |
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Condensed Consolidated Statements of Cash Flows for the three months ended November 30, 2023 and November 30, 2022 |
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7 |
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Notes to the Condensed Consolidated Financial Statements |
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8 |
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ITEM 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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19 |
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ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk |
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25 |
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ITEM 4 – Controls and Procedures |
|
25 |
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Part II – OTHER INFORMATION |
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26 |
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ITEM 1 – Legal Proceedings |
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26 |
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ITEM 1A – Risk Factors |
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26 |
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ITEM 2 – Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities |
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26 |
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ITEM 3 – Defaults Upon Senior Securities |
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26 |
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ITEM 4 – Mine Safety Disclosures |
|
26 |
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ITEM 5 – Other Information |
|
26 |
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ITEM 6 – Exhibits |
|
27 |
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SIGNATURES |
|
28 |
- 2 -
Table of Contents
Part I – FINANCIAL INFORMATION
ITEM 1 - Financial Statements
LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ and shares in thousands, except per share amounts) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Operating revenues |
|
$ |
161,358 |
|
|
$ |
176,159 |
|
Cost of operating revenues |
|
|
111,453 |
|
|
|
123,139 |
|
Gross profit |
|
|
49,905 |
|
|
|
53,020 |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Selling expense |
|
|
9,817 |
|
|
|
9,677 |
|
General and administrative expense |
|
|
14,662 |
|
|
|
14,437 |
|
Engineering and research expense |
|
|
4,352 |
|
|
|
4,308 |
|
Total operating expenses |
|
|
28,831 |
|
|
|
28,422 |
|
|
|
|
|
|
|
|
Operating income |
|
|
21,074 |
|
|
|
24,598 |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense |
|
|
(877 |
) |
|
|
(909 |
) |
Interest income |
|
|
1,068 |
|
|
|
373 |
|
Other income (expense), net |
|
|
(270 |
) |
|
|
(57 |
) |
Total other income (expense) |
|
|
(79 |
) |
|
|
(593 |
) |
|
|
|
|
|
|
|
Earnings before income taxes |
|
|
20,995 |
|
|
|
24,005 |
|
|
|
|
|
|
|
|
Income tax expense |
|
|
5,976 |
|
|
|
5,788 |
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
15,019 |
|
|
$ |
18,217 |
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
Basic |
|
$ |
1.36 |
|
|
$ |
1.66 |
|
Diluted |
|
$ |
1.36 |
|
|
$ |
1.65 |
|
|
|
|
|
|
|
|
Shares used in computing earnings per share: |
|
|
|
|
|
|
Basic |
|
|
11,017 |
|
|
|
10,989 |
|
Diluted |
|
|
11,059 |
|
|
|
11,073 |
|
|
|
|
|
|
|
|
Cash dividends declared per share |
|
$ |
0.35 |
|
|
$ |
0.34 |
|
See accompanying notes to condensed consolidated financial statements.
- 3 -
Table of Contents
LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Net earnings |
|
$ |
15,019 |
|
|
$ |
18,217 |
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
Defined benefit pension plan adjustment, net of tax |
|
|
36 |
|
|
|
40 |
|
Foreign currency translation adjustment, net of hedging activities and tax |
|
|
(163 |
) |
|
|
(2,186 |
) |
Unrealized gain on marketable securities, net of tax |
|
|
37 |
|
|
|
1 |
|
Total other comprehensive (loss), net of tax (benefit) of ($166), and ($469) respectively |
|
|
(90 |
) |
|
|
(2,145 |
) |
Total comprehensive income |
|
$ |
14,929 |
|
|
$ |
16,072 |
|
See accompanying notes to condensed consolidated financial statements.
- 4 -
Table of Contents
LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
($ and shares in thousands, except par values) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
159,381 |
|
|
$ |
99,168 |
|
|
$ |
160,755 |
|
Marketable securities |
|
|
16,278 |
|
|
|
11,424 |
|
|
|
5,556 |
|
Receivables, net of allowance of $5,052, $4,774, and $5,048, respectively |
|
|
143,049 |
|
|
|
157,116 |
|
|
|
144,774 |
|
Inventories, net |
|
|
164,144 |
|
|
|
188,404 |
|
|
|
155,932 |
|
Other current assets, net |
|
|
18,450 |
|
|
|
25,295 |
|
|
|
20,467 |
|
Total current assets |
|
|
501,302 |
|
|
|
481,407 |
|
|
|
487,484 |
|
|
|
|
|
|
|
|
|
|
|
Property, plant, and equipment: |
|
|
|
|
|
|
|
|
|
Cost |
|
|
265,337 |
|
|
|
243,006 |
|
|
|
257,741 |
|
Less accumulated depreciation |
|
|
(161,519 |
) |
|
|
(149,488 |
) |
|
|
(158,060 |
) |
Property, plant, and equipment, net |
|
|
103,818 |
|
|
|
93,518 |
|
|
|
99,681 |
|
|
|
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
27,005 |
|
|
|
17,760 |
|
|
|
27,719 |
|
Goodwill |
|
|
84,029 |
|
|
|
67,295 |
|
|
|
83,121 |
|
Operating lease right-of-use assets |
|
|
17,544 |
|
|
|
18,477 |
|
|
|
17,036 |
|
Deferred income tax assets |
|
|
12,712 |
|
|
|
8,117 |
|
|
|
10,885 |
|
Other noncurrent assets |
|
|
17,508 |
|
|
|
21,722 |
|
|
|
19,734 |
|
Total assets |
|
$ |
763,918 |
|
|
$ |
708,296 |
|
|
$ |
745,660 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
52,242 |
|
|
$ |
58,535 |
|
|
$ |
44,278 |
|
Current portion of long-term debt |
|
|
227 |
|
|
|
223 |
|
|
|
226 |
|
Other current liabilities |
|
|
89,502 |
|
|
|
89,827 |
|
|
|
91,604 |
|
Total current liabilities |
|
|
141,971 |
|
|
|
148,585 |
|
|
|
136,108 |
|
|
|
|
|
|
|
|
|
|
|
Pension benefits liabilities |
|
|
4,308 |
|
|
|
4,812 |
|
|
|
4,382 |
|
Long-term debt |
|
|
115,120 |
|
|
|
115,297 |
|
|
|
115,164 |
|
Operating lease liabilities |
|
|
17,746 |
|
|
|
19,161 |
|
|
|
17,689 |
|
Deferred income tax liabilities |
|
|
695 |
|
|
|
693 |
|
|
|
689 |
|
Other noncurrent liabilities |
|
|
17,218 |
|
|
|
14,960 |
|
|
|
15,977 |
|
Total liabilities |
|
|
297,058 |
|
|
|
303,508 |
|
|
|
290,009 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock of $1 par value - authorized 25,000 shares; 19,115, 19,090, and 19,094 shares issued, respectively |
|
|
19,115 |
|
|
|
19,090 |
|
|
|
19,094 |
|
Capital in excess of stated value |
|
|
98,628 |
|
|
|
93,079 |
|
|
|
98,508 |
|
Retained earnings |
|
|
647,455 |
|
|
|
593,475 |
|
|
|
636,297 |
|
Less treasury stock - at cost, 8,083 shares |
|
|
(277,238 |
) |
|
|
(277,238 |
) |
|
|
(277,238 |
) |
Accumulated other comprehensive loss, net |
|
|
(21,100 |
) |
|
|
(23,618 |
) |
|
|
(21,010 |
) |
Total shareholders' equity |
|
|
466,860 |
|
|
|
404,788 |
|
|
|
455,651 |
|
Total liabilities and shareholders' equity |
|
$ |
763,918 |
|
|
$ |
708,296 |
|
|
$ |
745,660 |
|
See accompanying notes to condensed consolidated financial statements.
- 5 -
Table of Contents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lindsay Corporation and Subsidiaries |
|
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY |
|
($ and shares in thousands, except per share amounts) |
|
(Unaudited) |
|
|
|
Shares of common stock |
|
|
Shares of treasury stock |
|
|
Common stock |
|
|
Capital in excess of stated value |
|
|
Retained earnings |
|
|
Treasury stock |
|
|
Accumulated other comprehensive loss, net |
|
|
Total shareholders’ equity |
|
Balance at August 31, 2022 |
|
|
19,063 |
|
|
|
8,083 |
|
|
$ |
19,063 |
|
|
$ |
94,006 |
|
|
$ |
579,000 |
|
|
$ |
(277,238 |
) |
|
$ |
(21,473 |
) |
|
$ |
393,358 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,217 |
|
|
|
— |
|
|
|
— |
|
|
|
18,217 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,145 |
) |
|
|
(2,145 |
) |
Total comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,072 |
|
Cash dividends ($.34) per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,742 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,742 |
) |
Issuance of common shares under share compensation plans, net |
|
|
27 |
|
|
|
— |
|
|
|
27 |
|
|
|
(2,400 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,373 |
) |
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,473 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,473 |
|
Balance at November 30, 2022 |
|
|
19,090 |
|
|
|
8,083 |
|
|
$ |
19,090 |
|
|
$ |
93,079 |
|
|
$ |
593,475 |
|
|
$ |
(277,238 |
) |
|
$ |
(23,618 |
) |
|
$ |
404,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at August 31, 2023 |
|
|
19,094 |
|
|
|
8,083 |
|
|
$ |
19,094 |
|
|
$ |
98,508 |
|
|
$ |
636,297 |
|
|
$ |
(277,238 |
) |
|
$ |
(21,010 |
) |
|
$ |
455,651 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,019 |
|
|
|
— |
|
|
|
— |
|
|
|
15,019 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(90 |
) |
|
|
(90 |
) |
Total comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,929 |
|
Cash dividends ($0.35) per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,861 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,861 |
) |
Issuance of common shares under share compensation plans, net |
|
|
21 |
|
|
|
— |
|
|
|
21 |
|
|
|
(1,483 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,462 |
) |
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,603 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,603 |
|
Balance at November 30, 2023 |
|
|
19,115 |
|
|
|
8,083 |
|
|
$ |
19,115 |
|
|
$ |
98,628 |
|
|
$ |
647,455 |
|
|
$ |
(277,238 |
) |
|
$ |
(21,100 |
) |
|
$ |
466,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial statements. |
|
|
|
|
|
|
|
|
|
|
- 6 -
Table of Contents
LINDSAY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net earnings |
|
$ |
15,019 |
|
|
$ |
18,217 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,307 |
|
|
|
4,871 |
|
Provision for uncollectible accounts receivable |
|
|
71 |
|
|
|
704 |
|
Deferred income taxes |
|
|
(1,666 |
) |
|
|
1,129 |
|
Share-based compensation expense |
|
|
1,603 |
|
|
|
1,473 |
|
Unrealized foreign currency transaction loss (gain) |
|
|
79 |
|
|
|
(83 |
) |
Other, net |
|
|
73 |
|
|
|
289 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
Receivables |
|
|
1,689 |
|
|
|
(19,828 |
) |
Inventories |
|
|
(7,970 |
) |
|
|
4,803 |
|
Other current assets |
|
|
2,762 |
|
|
|
3,526 |
|
Accounts payable |
|
|
7,087 |
|
|
|
123 |
|
Other current liabilities |
|
|
(4,263 |
) |
|
|
(11,898 |
) |
Other noncurrent assets and liabilities |
|
|
2,081 |
|
|
|
1,356 |
|
Net cash provided by operating activities |
|
|
21,872 |
|
|
|
4,682 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchases of property, plant, and equipment |
|
|
(6,941 |
) |
|
|
(3,798 |
) |
Purchases of marketable securities |
|
|
(12,992 |
) |
|
|
— |
|
Proceeds from maturities of marketable securities |
|
|
2,325 |
|
|
|
— |
|
Other investing activities, net |
|
|
(593 |
) |
|
|
(384 |
) |
Net cash used in investing activities |
|
|
(18,201 |
) |
|
|
(4,182 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
Dividends paid |
|
|
(3,861 |
) |
|
|
(3,742 |
) |
Common stock withheld for payroll tax obligations |
|
|
(1,575 |
) |
|
|
(2,471 |
) |
Other financing activities, net |
|
|
56 |
|
|
|
43 |
|
Net cash used in financing activities |
|
|
(5,380 |
) |
|
|
(6,170 |
) |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
335 |
|
|
|
(210 |
) |
Net change in cash and cash equivalents |
|
|
(1,374 |
) |
|
|
(5,880 |
) |
Cash and cash equivalents, beginning of period |
|
|
160,755 |
|
|
|
105,048 |
|
Cash and cash equivalents, end of period |
|
$ |
159,381 |
|
|
$ |
99,168 |
|
See accompanying notes to condensed consolidated financial statements.
- 7 -
Table of Contents
LINDSAY CORPORATION AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 – Basis of Presentation
The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2023.
In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates.
Recent Accounting Guidance Adopted
In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, Liabilities - Supplier Finance Programs, which requires annual and interim disclosures for entities that finance its purchases with supplier finance programs. The Company adopted these amendments in its fiscal 2024, except for the amendment on rollforward information, which is effective for the Company beginning in its fiscal 2025. The adoption of this ASU is not expected to have a material impact on its condensed consolidated financial statements.
Recent Accounting Guidance Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The Company plans to adopt this ASU in its fiscal 2026.
- 8 -
Table of Contents
Note 2 – Revenue Recognition
Disaggregation of Revenue
A breakout by segment of revenue recognized over time versus at a point in time for the three months ended November 30, 2023 and 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2023 |
|
($ in thousands) |
|
Irrigation |
|
|
Infrastructure |
|
|
Total |
|
Point in time |
|
$ |
131,201 |
|
|
$ |
12,951 |
|
|
$ |
144,152 |
|
Over time |
|
|
8,967 |
|
|
|
1,231 |
|
|
|
10,198 |
|
Revenue from the contracts with customers |
|
|
140,168 |
|
|
|
14,182 |
|
|
|
154,350 |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
|
— |
|
|
|
7,008 |
|
|
|
7,008 |
|
Total operating revenues |
|
$ |
140,168 |
|
|
$ |
21,190 |
|
|
$ |
161,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2022 |
|
($ in thousands) |
|
Irrigation |
|
|
Infrastructure |
|
|
Total |
|
Point in time |
|
$ |
145,716 |
|
|
$ |
20,230 |
|
|
$ |
165,946 |
|
Over time |
|
|
6,367 |
|
|
|
1,454 |
|
|
|
7,821 |
|
Revenue from the contracts with customers |
|
|
152,083 |
|
|
|
21,684 |
|
|
|
173,767 |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
|
— |
|
|
|
2,392 |
|
|
|
2,392 |
|
Total operating revenues |
|
$ |
152,083 |
|
|
$ |
24,076 |
|
|
$ |
176,159 |
|
Further disaggregation of revenue is disclosed in the Note 14 – Industry Segment Information.
For contracts with an initial length longer than 12 months, the unsatisfied performance obligations were $1.4 million at November 30, 2023.
Contract Balances
Contract assets arise when recorded revenue for a contract exceeds the amounts billed under the terms of such contract. Contract liabilities arise when billed amounts exceed revenue recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones and completion of specified units of completion of the contract. At November 30, 2023, November 30, 2022, and August 31, 2023, contract assets amounted to $0.7 million, $1.1 million, and $1.3 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheets.
Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At November 30, 2023, November 30, 2022, and August 31, 2023, contract liabilities amounted to $21.7 million, $27.5 million, and $20.5 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company’s three months ended November 30, 2023 and 2022, the Company recognized $7.9 million and $17.9 million of revenue that were included in the liabilities as of August 31, 2023 and 2022, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.
Note 3 – Net Earnings per Share
Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities.
- 9 -
Table of Contents
The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ and shares in thousands, except per share amounts) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Numerator: |
|
|
|
|
|
|
Net earnings |
|
$ |
15,019 |
|
|
$ |
18,217 |
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
11,017 |
|
|
|
10,989 |
|
Diluted effect of stock awards |
|
|
42 |
|
|
|
84 |
|
Weighted average shares outstanding assuming dilution |
|
|
11,059 |
|
|
|
11,073 |
|
|
|
|
|
|
|
|
Basic net earnings per share |
|
$ |
1.36 |
|
|
$ |
1.66 |
|
Diluted net earnings per share |
|
$ |
1.36 |
|
|
$ |
1.65 |
|
Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The number of securities excluded from the computation of earnings per share because their effect would have been anti-dilutive was not significant for the three months ended November 30, 2023 and 2022.
Note 4 – Acquisitions
FieldWise, LLC
On July 28, 2023 ("the acquisition date"), the Company completed the acquisition of the membership interests of FieldWise, LLC ("FieldWise"). FieldWise is a market leader in agricultural technology products with a focus on subscription-based, precision irrigation solutions. The purchase price of $32.6 million was financed through an all-cash transaction from the Company's cash on hand.
The following table summarizes the preliminary purchase price allocation for FieldWise at the acquisition date. The Company expects the purchase price allocation to be finalized by the end of fiscal 2024 after completing any necessary working capital adjustments.
|
|
|
|
|
($ in thousands) |
|
Total |
|
Cash and cash equivalents |
|
$ |
1,779 |
|
Accounts receivable |
|
|
376 |
|
Inventories |
|
|
2,651 |
|
Property and equipment |
|
|
2,443 |
|
Deferred tax asset |
|
|
94 |
|
Intangible assets |
|
|
11,400 |
|
Goodwill |
|
|
16,473 |
|
Accounts payable and accrued liabilities |
|
|
(228 |
) |
Deferred revenues |
|
|
(2,132 |
) |
Non-current deferred revenues |
|
|
(235 |
) |
Total purchase price |
|
$ |
32,621 |
|
During the post-acquisition period, the Company recorded measurement period adjustments to the preliminary recorded values assigned to certain Company assets acquired as of the acquisition date. The fair value assigned to the Company’s deferred revenues was increased from $1.5 million to $2.4 million. The change in fair value proportionally increased the balance of residual goodwill from $15.6 million to $16.5 million as of November 30, 2023. These adjustments were the product of finalizing working capital with the seller and are incorporated within the values noted in the table above. These adjustments did not have a material impact on the Company's condensed consolidated financial statements.
The acquired intangible assets include amortizable intangible assets of $10.7 million and indefinite-lived intangible assets of $0.7 million related to tradenames. The amortizable intangible assets have a weighted average useful life of approximately 13.1 years. The following table summarizes the identifiable intangible assets at fair value.
- 10 -
Table of Contents
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Weighted average useful life in years |
|
|
Fair value of identifiable asset |
|
Intangible assets: |
|
|
|
|
|
|
Customer relationships |
|
|
15.0 |
|
|
$ |
8,700 |
|
Developed technology |
|
|
5.0 |
|
|
|
2,000 |
|
Tradenames |
|
N/A |
|
|
|
700 |
|
Total intangible assets |
|
|
13.1 |
|
|
$ |
11,400 |
|
Goodwill related to the acquisition of FieldWise primarily relates to intangible assets that do not qualify for separate recognition, including the experience and knowledge of FieldWise management, its assembled workforce, and its intellectual capital and specialization with monitoring technology solutions, data acquisition and management systems. This goodwill is included in the irrigation reporting segment and is deductible for income tax purposes. Pro forma information related to this acquisition was not included because the impact on the Company’s consolidated financial statements was not considered to be material.
Note 5 – Income Taxes
The Company recorded income tax expense of $6.0 million and $5.8 million for the three months ended November 30, 2023 and 2022, respectively.
It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was 28.0 percent and 27.3 percent for the three months ended November 30, 2023 and 2022, respectively. The slight increase in the estimated annual effective income tax rate relates primarily to the change in earnings mix among foreign operations.
The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded discrete items resulting in an income tax expense of $0.1 million and benefit of $0.8 million for the three months ended November 30, 2023 and 2022, respectively, which relate primarily to the vesting of share-based compensation awards.
Note 6 – Inventories
Inventories consisted of the following as of November 30, 2023, November 30, 2022, and August 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Raw materials and supplies |
|
$ |
87,082 |
|
|
$ |
96,811 |
|
|
$ |
83,908 |
|
Work in process |
|
|
10,777 |
|
|
|
12,326 |
|
|
|
7,820 |
|
Finished goods and purchased parts, net |
|
|
88,043 |
|
|
|
103,400 |
|
|
|
86,793 |
|
Total inventory value before LIFO adjustment |
|
|
185,902 |
|
|
|
212,537 |
|
|
|
178,521 |
|
Less adjustment to LIFO value |
|
|
(21,758 |
) |
|
|
(24,133 |
) |
|
|
(22,589 |
) |
Inventories, net |
|
$ |
164,144 |
|
|
$ |
188,404 |
|
|
$ |
155,932 |
|
Of the $164.1 million, $188.4 million, and $155.9 million of net inventories at November 30, 2023, November 30, 2022, and August 31, 2023, respectively, $44.2 million, $52.9 million, and $42.2 million, respectively, was valued on the last-in, first-out ("LIFO") basis, and $119.9 million, $135.5 million, and $113.8 million, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods.
- 11 -
Table of Contents
Note 7 – Long-Term Debt
The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Series A Senior Notes |
|
$ |
115,000 |
|
|
$ |
115,000 |
|
|
$ |
115,000 |
|
Elecsys Series 2006A Bonds |
|
|
654 |
|
|
|
876 |
|
|
|
710 |
|
Total debt |
|
|
115,654 |
|
|
|
115,876 |
|
|
|
115,710 |
|
Less current portion |
|
|
(227 |
) |
|
|
(223 |
) |
|
|
(226 |
) |
Less unamortized debt issuance costs |
|
|
(307 |
) |
|
|
(356 |
) |
|
|
(320 |
) |
Total long-term debt |
|
$ |
115,120 |
|
|
$ |
115,297 |
|
|
$ |
115,164 |
|
Principal payments on the debt are due as follows:
|
|
|
|
|
Due within |
|
$ in thousands |
|
1 year |
|
$ |
227 |
|
2 years |
|
|
231 |
|
3 years |
|
|
196 |
|
Thereafter |
|
|
115,000 |
|
|
|
$ |
115,654 |
|
- 12 -
Table of Contents
Note 8 – Fair Value Measurements
The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of November 30, 2023, November 30, 2022, and August 31, 2023. There were no transfers between any levels for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2023 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
$ |
159,381 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
159,381 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
11,271 |
|
|
|
— |
|
|
|
11,271 |
|
U.S. treasury securities |
|
|
— |
|
|
|
5,007 |
|
|
|
— |
|
|
|
5,007 |
|
Derivative asset |
|
|
— |
|
|
|
1,001 |
|
|
|
— |
|
|
|
1,001 |
|
Derivative liability |
|
|
— |
|
|
|
(588 |
) |
|
|
— |
|
|
|
(588 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2022 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
|
99,168 |
|
|
|
— |
|
|
|
— |
|
|
|
99,168 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
9,646 |
|
|
|
— |
|
|
|
9,646 |
|
U.S. treasury securities |
|
|
— |
|
|
|
1,778 |
|
|
|
— |
|
|
|
1,778 |
|
Derivative asset |
|
|
— |
|
|
|
3,455 |
|
|
|
— |
|
|
|
3,455 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2023 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
$ |
160,755 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
160,755 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
4,095 |
|
|
|
— |
|
|
|
4,095 |
|
U.S. treasury securities |
|
|
— |
|
|
|
1,461 |
|
|
|
— |
|
|
|
1,461 |
|
Derivative asset |
|
|
— |
|
|
|
1,672 |
|
|
|
— |
|
|
|
1,672 |
|
Derivative liability |
|
|
— |
|
|
|
(457 |
) |
|
|
— |
|
|
|
(457 |
) |
The Company’s investment in marketable securities consists of United States treasury bonds and investment grade corporate bonds. The marketable securities are classified as available-for-sale and are carried at fair value with the change in unrealized gains and losses reported as a separate component on the condensed consolidated statements of comprehensive income until realized. The Company determines fair value using data points that are observable, such as quoted prices and interest rates. The amortized cost of the investments approximates fair value. Investment income is recorded within other (expense) income on the condensed consolidated statements of earnings. As of November 30, 2023, approximately 96 percent of the Company’s marketable securities investments mature within one year and 4 percent mature within one to two years.
The Company enters into derivative instrument agreements to manage risk in connection with changes in foreign currency. The Company only enters into derivative instrument agreements with counterparties who have highly rated credit and does not enter into derivative instrument agreements for trading or speculative purposes. The fair values are based on inputs other than quoted prices that are observable for the asset or liability and are determined by standard calculations and models that use readily observable market parameters. These inputs include foreign currency exchange rates and interest rates. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and foreign currency exchange rates.
On June 12, 2023, the Company entered into a fixed-to-fixed cross currency swap with a notional amount of $25.0 million, or €23.3 million, that is set to mature on June 12, 2026. The Company elected the spot method for designating this contract as a net investment hedge. Changes in the fair value of this contract are reported in accumulated other comprehensive loss on the condensed consolidated balance sheets. The fair value of this contract as of November 30, 2023 is disclosed in the table above and is recorded within other noncurrent liabilities on the condensed consolidated balance sheets.
On March 28, 2022, the Company entered into a fixed-to-fixed cross currency swap with a notional amount of $50.0 million, or €45.6 million, that is set to mature on March 30, 2027. The Company elected the spot method for designating this contract as a net investment hedge. Changes in the fair value of this contract are reported in accumulated other comprehensive loss on the condensed consolidated balance sheets. The fair value of this contract as of November 30, 2023 is disclosed in the table above and is recorded within other noncurrent assets on the condensed consolidated balance sheets.
- 13 -
Table of Contents
At November 30, 2023 the Company had an outstanding foreign currency forward contract to sell a notional amount of 227.5 million South African rand at fixed prices to settle during the Company's next fiscal quarter ending February 29, 2024. The Company’s foreign currency forward contracts do not qualify as hedges of a net investment in foreign operations.
There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three months ended November 30, 2023 or 2022.
Note 9 – Commitments and Contingencies
In the ordinary course of its business operations, the Company enters into arrangements that obligate it to make future payments under contracts such as lease agreements. Additionally, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings, business disputes and other legal proceedings. The Company has established accruals for certain proceedings based on an assessment of probability of loss. The Company believes that any such currently-pending proceedings are either covered by insurance or would not have a material effect on the business or its consolidated financial statements if decided in a manner that is unfavorable to the Company. Such proceedings are exclusive of environmental remediation matters which are discussed separately below.
Infrastructure Products Litigation
The Company is currently defending a number of product liability lawsuits arising out of vehicle collisions with highway barriers incorporating the Company’s X-Lite® end terminal. Despite the September 2018 reversal of a sizable judgment against a competitor, the Company expects that the significant attention brought to the infrastructure products industry by the original judgment may lead to additional lawsuits being filed against the Company and others in the industry.
The Company, certain of its subsidiaries, and certain third parties which originally designed the X-Lite end terminal have also been named in a lawsuit filed on June 9, 2020 in the Circuit Court of Cole County, Missouri by Missouri Highways and Transportation Commission (“MHTC”). MHTC alleges, among other things, that the X-Lite end terminal was defectively designed and failed to perform as designed, intended, and advertised, leading to MHTC’s removal and replacement of X-Lite end terminals from Missouri’s roadways. MHTC alleges strict liability (defective design and failure to warn), negligence, breach of express warranties, breach of implied warranties (merchantability and fitness for a particular purpose), fraud, and public nuisance. MHTC seeks compensatory damages, interest, attorneys’ fees, and punitive damages.
The Company believes it has meritorious factual and legal defenses to each of the lawsuits discussed above and is prepared to vigorously defend its interests. Based on the information currently available to the Company, the Company does not believe that a loss is probable in any of these lawsuits; therefore, no accrual has been included in the Company’s consolidated financial statements. While it is reasonably possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. However, the Company maintains insurance coverage to mitigate the impact of adverse exposures in these lawsuits and does not expect that these lawsuits will have a material adverse effect on its business or its consolidated financial statements.
Following the March 2019 filing of a qui tam lawsuit (as amended, the “Lawsuit”) by an individual relator, on behalf of the United States and twelve individual states, in the United States District Court for the Northern District of New York (the “Court”), the Department of Justice, Civil Division and the U.S. Attorney's Office for the Northern District of New York (the “U.S. Attorney’s Office”) proceeded to initiate an investigation into the relator’s allegations relating to the Company's X-Lite end terminal and potential violations of the False Claims Act. On September 28, 2023, the U.S. Attorney’s Office submitted a letter motion (the “Letter Motion”) informing the Court that the United States had investigated the relator’s allegations and now sought to move to dismiss the Lawsuit as it had “determined that dismissal is commensurate with the public interest because the claims lack merit and the matter does not warrant the continued expenditure of resources to pursue or monitor the action.” The U.S. Attorney’s Office also noted that it had “been advised by counsel for the twelve states that the states [had] no objection to the Court declining to exercise supplemental jurisdiction over the remaining state claims and to dismissing those claims without prejudice to the states.” On October 2, 2023, the Court granted the Letter Motion and indicated that a motion to dismiss could be filed without further order or pre-motion conference. On October 12, 2023, after the relator proceeded to file his own notice of voluntary dismissal, the U.S. Attorney’s Office filed its notice of consent to the relator’s voluntary dismissal. On October 26, 2023, the Court ordered the dismissal of the Lawsuit without prejudice as to the relator, the United States, and each of the twelve state plaintiffs.
- 14 -
Table of Contents
Environmental Remediation
In previous years, the Company committed to a plan to remediate environmental contamination of the groundwater at and adjacent to its Lindsay, Nebraska facility (the “site”). The current estimated aggregate accrued cost of $10.7 million is based on consideration of remediation options which the Company believes could be successful in meeting the long-term regulatory requirements of the site. The Company submitted a revised remedial alternatives evaluation report to the U.S. Environmental Protection Agency (“EPA”) and the Nebraska Department of Environment and Energy (the “NDEE”) in August 2020 to review remediation alternatives and proposed plans for the site. While the proposed remediation plan is preliminary and has not been approved by the EPA or the NDEE, they approved an in situ thermal remediation pilot study that was conducted by the Company at a specific location on the site. The Company completed the pilot program in the fourth quarter of fiscal 2023. A final report was submitted to the EPA and NDEE for review in November 2023. The Company continues to work with the EPA and the NDEE on finalizing the proposed remediation plans for the site. Of the total liability as of November 30, 2023, $8.0 million, was calculated on a discounted basis using a discount rate of 1.2 percent, which represents a risk-free rate. This discounted portion of the liability amounts to $9.0 million at November 30, 2023.
The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While the plan has not been formally approved by the EPA, the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site; however, the estimate of costs and their timing could change as a result of a number of factors, including but not limited to (1) EPA input on the proposed remediation plan and any changes which the EPA may subsequently require, (2) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (3) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, the actual amount of costs incurred by the Company in connection with the remediation of contamination of its Lindsay, Nebraska site could exceed the amounts accrued for this expense at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition.
The following table summarizes the environmental remediation liability classifications included in the condensed consolidated balance sheets as of November 30, 2023, November 30, 2022, and August 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Other current liabilities |
|
$ |
509 |
|
|
$ |
3,319 |
|
|
$ |
1,287 |
|
Other noncurrent liabilities |
|
|
10,172 |
|
|
|
10,255 |
|
|
|
10,175 |
|
Total environmental remediation liabilities |
|
$ |
10,681 |
|
|
$ |
13,574 |
|
|
$ |
11,462 |
|
Note 10 – Warranties
The following table provides the changes in the Company’s product warranties:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Product warranty accrual balance, beginning of period |
|
$ |
14,535 |
|
|
$ |
14,080 |
|
Liabilities accrued for warranties during the period |
|
|
1,569 |
|
|
|
1,240 |
|
Warranty claims paid during the period |
|
|
(1,850 |
) |
|
|
(1,718 |
) |
Product warranty accrual balance, end of period |
|
$ |
14,254 |
|
|
$ |
13,602 |
|
Note 11 – Share-Based Compensation
The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares, and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $1.6 million for each of the three month periods ended November 30, 2023 and 2022.
The following table illustrates the type and fair value of share-based compensation awards granted during the three months ended November 30, 2023 and 2022:
- 15 -
Table of Contents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
|
Number of units granted |
|
|
Weighted average grant-date fair value per award |
|
|
Number of units granted |
|
|
Weighted average grant-date fair value per award |
|
Stock options |
|
|
31,199 |
|
|
$ |
44.22 |
|
|
|
21,743 |
|
|
$ |
55.53 |
|
RSUs |
|
|
26,685 |
|
|
$ |
116.71 |
|
|
|
18,502 |
|
|
$ |
152.36 |
|
PSUs |
|
|
21,248 |
|
|
$ |
141.61 |
|
|
|
14,496 |
|
|
$ |
173.17 |
|
The RSUs granted during the three months ended November 30, 2023 and 2022 included 2,861 and 2,112, respectively, that will be settled in cash. The weighted average stock price on the date of grant was $120.59 and $156.16 per award for the three months ended November 30, 2023 and 2022, respectively. Share issuances are presented net of share repurchases to cover payroll taxes of $1.6 million and $2.5 million for the three months ended November 30, 2023 and 2022, respectively.
The following table provides the assumptions used in determining the fair value of the stock options awarded during the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, |
|
|
|
2023 |
|
|
2022 |
|
Dividend yield |
|
|
1.2 |
% |
|
|
0.9 |
% |
Volatility |
|
|
37.8 |
% |
|
|
35.7 |
% |
Risk-free interest rate |
|
|
4.8 |
% |
|
|
4.4 |
% |
Expected life (years) |
|
|
5 |
|
|
|
5 |
|
The PSUs granted during fiscal 2024 include performance goals based on a return on invested capital ("ROIC") and total shareholder return ("TSR") relative to the Company's peers during the performance period. The awards actually earned will range from zero to two hundred percent of the targeted number of PSUs and will be paid in shares of common stock. Shares earned will be distributed upon vesting on the first day of November following the end of the three-year performance period. For the ROIC portion of the award, the Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the consolidated financial statements. For the TSR portion of the award, compensation expense is recorded ratably over the three-year term of the award based on the estimated grant date fair value.
The fair value of the TSR portion of the awards granted during the three months ended November 30, 2023 and 2022 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions:
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, |
|
|
|
2023 |
|
|
2022 |
|
Expected term (years) |
|
|
3 |
|
|
|
3 |
|
Risk-free interest rate |
|
|
4.9 |
% |
|
|
4.5 |
% |
Volatility |
|
|
34.6 |
% |
|
|
38.6 |
% |
Dividend yield |
|
|
1.2 |
% |
|
|
0.9 |
% |
- 16 -
Table of Contents
Note 12 – Other Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Other current liabilities: |
|
|
|
|
|
|
|
|
|
Contract liabilities |
|
$ |
19,037 |
|
|
$ |
26,487 |
|
|
$ |
18,800 |
|
Compensation and benefits |
|
|
16,184 |
|
|
|
14,958 |
|
|
|
24,957 |
|
Warranties |
|
|
14,254 |
|
|
|
13,602 |
|
|
|
14,535 |
|
Tax related liabilities |
|
|
12,988 |
|
|
|
8,360 |
|
|
|
9,187 |
|
Dealer related liabilities |
|
|
10,282 |
|
|
|
9,730 |
|
|
|
9,629 |
|
Operating lease liabilities |
|
|
3,437 |
|
|
|
3,079 |
|
|
|
3,028 |
|
Deferred revenue - lease |
|
|
3,366 |
|
|
|
1,629 |
|
|
|
2,830 |
|
Accrued insurance |
|
|
1,290 |
|
|
|
1,165 |
|
|
|
1,163 |
|
Accrued environmental liabilities |
|
|
509 |
|
|
|
3,319 |
|
|
|
1,287 |
|
Other |
|
|
8,155 |
|
|
|
7,498 |
|
|
|
6,188 |
|
Total other current liabilities |
|
$ |
89,502 |
|
|
$ |
89,827 |
|
|
$ |
91,604 |
|
Note 13 – Share Repurchases
There were no shares repurchased during the three months ended November 30, 2023 and 2022 under the Company’s share repurchase program. The remaining amount available under the repurchase program was $63.7 million as of November 30, 2023.
Note 14 – Industry Segment Information
The Company manages its business activities in two reportable segments: irrigation and infrastructure. The Company evaluates the performance of its reportable segments based on segment revenues, gross profit and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes. Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three months ended November 30, 2023 or 2022.
Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial internet of things, or “IIoT”, solutions. The irrigation reporting segment consists of one operating segment.
- 17 -
Table of Contents
Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment. The infrastructure reporting segment consists of one operating segment.
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Operating revenues: |
|
|
|
|
|
|
Irrigation: |
|
|
|
|
|
|
North America |
|
$ |
89,377 |
|
|
$ |
83,934 |
|
International |
|
|
50,791 |
|
|
|
68,149 |
|
Irrigation total |
|
|
140,168 |
|
|
|
152,083 |
|
Infrastructure |
|
|
21,190 |
|
|
|
24,076 |
|
Total operating revenues |
|
$ |
161,358 |
|
|
$ |
176,159 |
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
Irrigation |
|
$ |
25,307 |
|
|
$ |
28,641 |
|
Infrastructure |
|
|
3,619 |
|
|
|
3,372 |
|
Corporate |
|
|
(7,852 |
) |
|
|
(7,415 |
) |
Total operating income |
|
|
21,074 |
|
|
|
24,598 |
|
|
|
|
|
|
|
|
Interest and other expense, net |
|
|
(79 |
) |
|
|
(593 |
) |
Earnings before income taxes |
|
$ |
20,995 |
|
|
$ |
24,005 |
|
- 18 -
Table of Contents
ITEM 2 ‑ Management's Discussion and Analysis of Financial Condition and Results of Operations
Concerning Forward‑Looking Statements
This Quarterly Report on Form 10-Q contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical are forward-looking and reflect information concerning possible or assumed future results of operations and planned financing of the Company. In addition, forward-looking statements may be made orally or in press releases, conferences, reports, on the Company's web site, or otherwise, in the future by or on behalf of the Company. When used by or on behalf of the Company, the words “expect,” “anticipate,” “estimate,” “believe,” “intend,” “will,” “plan,” “predict,” “project,” “outlook,” “could,” “may,” “should” or similar expressions generally identify forward-looking statements. The entire section entitled “Executive Overview and Outlook” should be considered forward-looking statements. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve a number of risks and uncertainties, including but not limited to those discussed in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2023. Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results or conditions, which may not occur as anticipated. Actual results or conditions could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein and in the Company’s other public filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2023, as well as other risks and uncertainties not now anticipated. The risks and uncertainties described herein and in the Company’s other public filings are not exclusive and further information concerning the Company and its businesses, including factors that potentially could materially affect the Company's financial results, may emerge from time to time. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
Accounting Policies
In preparing the Company’s condensed consolidated financial statements in conformity with U.S. GAAP, management must make a variety of decisions which impact the reported amounts and the related disclosures. These decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In making these decisions, management applies its judgment based on its understanding and analysis of the relevant circumstances and the Company’s historical experience.
The Company’s accounting policies that are most important to the presentation of its results of operations and financial condition, and which require the greatest use of judgments and estimates by management, are designated as its critical accounting policies. See discussion of the Company’s critical accounting policies under Item 7 in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2023. Management periodically re-evaluates and adjusts its critical accounting policies as circumstances change. There were no significant changes in the Company’s critical accounting policies during the three months ended November 30, 2023.
Recent Accounting Guidance
See Note 1 – Basis of Presentation and the disclosure therein of recently adopted accounting guidance to the condensed consolidated financial statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Executive Overview and Outlook
Operating revenues for the three months ended November 30, 2023 were $161.4 million, a decrease of 8 percent compared to $176.2 million for the three months ended November 30, 2022. Irrigation segment revenues decreased 8 percent to $140.2 million and infrastructure segment revenues decreased 12 percent to $21.2 million. Net earnings for the three months ended November 30, 2023 were $15.0 million, or $1.36 per diluted share, compared to net earnings of $18.2 million, or $1.65 per diluted share, for the three months ended November 30, 2022.
The primary drivers for the Company’s irrigation segment are the need for irrigated agricultural crop production, which is tied to population growth and the attendant need for expanded food production, and the need to use water resources efficiently. These drivers are affected by a number of factors, including the following:
- 19 -
Table of Contents
•Agricultural commodity prices – As of November 2023, U.S. corn prices have decreased approximately 32 percent and U.S. soybean prices have decreased approximately 8 percent from November 2022. Agriculture commodity prices continue to fluctuate based on supply factors, such as global production and inventory levels and the ongoing conflict between Ukraine and Russia, and demand factors such as food and feed consumption, biofuel production and the level of China's demand for agricultural imports.
•Net farm income – As of December 2023, the U.S. Department of Agriculture (the “USDA”) estimated 2023 U.S. net farm income to be $151.1 billion, a decrease of 17 percent from 2022 U.S. net farm income of $182.8 billion, which was an all-time record level. The majority of this projected decrease is expected to come from a reduction in government support payments while cash receipts for crops is projected to decrease by 4 percent and cash expenses are projected to increase by 4 percent.
•Weather conditions – Demand for irrigation equipment is often positively affected by storm damage and prolonged periods of drought conditions as producers look for ways to reduce the risk of low crop production and crop failures. Conversely, demand for irrigation equipment can be negatively affected during periods of more predictable or abundant natural precipitation.
•Governmental policies – A number of governmental laws and regulations can affect the Company’s business, including:
•The Agriculture Improvement Act of 2018 (the “Farm Bill”) was signed into law in December 2018 and provides a degree of certainty to growers, including funding for the Environmental Quality Incentives Program, which provides financial assistance to farmers to implement conservation practices, and is frequently used to assist in the purchase of center pivot irrigation systems. In November 2023, Congress voted to extend the Farm Bill, which is now set to expire at the end of September 2024.
•Changes to U.S. income tax laws enacted in December 2017 increased the benefit of certain tax incentives, such as the Section 179 income tax deduction and Section 168 bonus depreciation, which are intended to encourage equipment purchases by allowing 100 percent of the cost of equipment to be treated as an expense in the year of purchase rather than amortized over its useful life. This benefit is being phased out by 20 percent per year over a five-year period, beginning in 2023. For calendar 2023, the allowable deduction is 80 percent of the cost of equipment and in calendar 2024 the allowable deduction drops to 60 percent.
•Biofuel production continues to be a major demand driver for irrigated corn, sugar cane and soybeans as these crops are used in high volumes to produce ethanol and biodiesel. On June 21, 2023, the U.S. Environmental Protection Agency (“EPA”) announced a final rule setting biofuel volume requirements for the Renewable Fuels Standard (RFS) program for 2023, 2024, and 2025. The final volume requirements reflect an increase in total gallons of renewable fuel of approximately 3 to 4 percent in each successive year.
•Many international markets are affected by government policies such as subsidies and other agriculturally related incentives. While these policies can have a significant effect on individual markets, they typically do not have a material effect on the consolidated results of the Company.
•Currency – The value of the U.S. dollar fluctuates in relation to the value of currencies in a number of countries to which the Company exports products and in which the Company maintains local operations. The strengthening of the dollar increases the cost in the local currency of the products exported from the U.S. into these countries and, therefore, could negatively affect the Company’s international sales and margins. In addition, the U.S. dollar value of sales made in any affected foreign currencies will decline as the value of the dollar rises in relation to these other currencies.
Demand for irrigation equipment in the U.S. has increased over the same prior year period as 2023 net farm income levels, although lower than historically high 2022 levels, still support farmer profitability and demand for investment. The Company has been able to maintain its pricing while supply chain constraints, such as steel and other raw material costs as well as freight and logistics costs, have eased somewhat compared to the same prior year period.
The most significant opportunities for growth in irrigation sales over the next several years continue to be in international markets where irrigation use is less developed and demand is driven not only by commodity prices and net farm income, but also by food security, water scarcity and population growth. While international irrigation markets remain active with
- 20 -
Table of Contents
opportunities for further development and expansion, regional political and economic factors, including armed conflict, currency conditions and other factors can create a challenging environment. The Company continues to monitor the Ukraine and Russia conflict for both short and long-term implications and has suspended new business activity in Russia and Belarus since February 2022. Sales with Russian, Ukrainian and Belarusian customers historically have represented less than 5 percent of consolidated revenues. Additionally, international results are heavily dependent upon project sales which tend to fluctuate and can be difficult to forecast accurately.
The infrastructure business continues to be driven by the Company's transportation safety products, the demand for which largely depends on government spending for road construction and improvements. The enactment of the Infrastructure Investment and Jobs Act in November 2021 marked the largest infusion of federal investment into infrastructure projects in more than a decade. This legislation introduced $110 billion in incremental federal funding, planned for roads, bridges, and other transportation projects. The Company expects this additional funding to support higher demand in the U.S. for its transportation safety products.
The backlog of unshipped orders at November 30, 2023 was $86.8 million compared with $129.6 million at November 30, 2022. The irrigation backlog was lower compared to the prior year while the infrastructure backlog was comparable to the prior year. The Company’s backlog can fluctuate from period to period due to the seasonality, cyclicality, timing and execution of contracts. Backlog typically represents long-term projects as well as short lead-time orders, and therefore is generally not a good indication of the next fiscal quarter’s revenues.
- 21 -
Table of Contents
Results of Operations
For the Three Months ended November 30, 2023 compared to the Three Months ended November 30, 2022
The following section presents an analysis of the Company’s operating results displayed in the condensed consolidated statements of earnings for the three months ended November 30, 2023 and 2022. It should be read together with the industry segment information in Note 14 to the condensed consolidated financial statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
Percent Change |
Consolidated |
|
|
|
|
|
|
|
|
Operating revenues |
|
$ |
161,358 |
|
|
$ |
176,159 |
|
|
(8%) |
Gross profit |
|
$ |
49,905 |
|
|
$ |
53,020 |
|
|
(6%) |
Gross margin |
|
|
30.9 |
% |
|
|
30.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
$ |
28,831 |
|
|
$ |
28,422 |
|
|
1% |
Operating income |
|
$ |
21,074 |
|
|
$ |
24,598 |
|
|
(14%) |
Operating margin |
|
|
13.1 |
% |
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net |
|
$ |
(79 |
) |
|
$ |
(593 |
) |
|
(87%) |
Income tax expense |
|
$ |
5,976 |
|
|
$ |
5,788 |
|
|
3% |
Overall income tax rate |
|
|
28.5 |
% |
|
|
24.1 |
% |
|
|
Net earnings |
|
$ |
15,019 |
|
|
$ |
18,217 |
|
|
(18%) |
|
|
|
|
|
|
|
|
|
Irrigation Segment |
|
|
|
|
|
|
|
|
Segment operating revenues |
|
$ |
140,168 |
|
|
$ |
152,083 |
|
|
(8%) |
Segment operating income |
|
$ |
25,307 |
|
|
$ |
28,641 |
|
|
(12%) |
Segment operating margin |
|
|
18.1 |
% |
|
|
18.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Infrastructure Segment |
|
|
|
|
|
|
|
|
Segment operating revenues |
|
$ |
21,190 |
|
|
$ |
24,076 |
|
|
(12%) |
Segment operating income |
|
$ |
3,619 |
|
|
$ |
3,372 |
|
|
7% |
Segment operating margin |
|
|
17.1 |
% |
|
|
14.0 |
% |
|
|
(1)Includes $7.9 million and $7.4 million of corporate operating expenses for the three months ended November 30, 2023 and 2022, respectively.
Revenues
Operating revenues for the three months ended November 30, 2023 decreased 8 percent to $161.4 million from $176.2 million for the three months ended November 30, 2022, as irrigation revenues decreased $11.9 million and infrastructure revenues decreased $2.9 million. The irrigation segment provided 87 percent of the Company’s revenue during the three months ended November 30, 2023 as compared to 86 percent for the three months ended November 30, 2022.
North America irrigation revenues for the three months ended November 30, 2023 of $89.4 million increased $5.4 million, or 7 percent, from $83.9 million for the three months ended November 30, 2022. The increase resulted primarily from the impact of higher unit sales volume that was partially offset by the impact of a less favorable mix of shorter machines compared to the prior year first quarter. Average selling prices remained stable and were comparable to the same prior year period.
International irrigation revenues for the three months ended November 30, 2023 of $50.8 million decreased $17.3 million, or 25 percent, from $68.1 million for the three months ended November 30, 2022. The decrease resulted primarily from lower sales in Brazil and Argentina compared to record sales in those markets during the same prior year period. Changes in the timing of funding under the financing program in Brazil contributed to lower sales volumes in the quarter. Revenue in the current year also benefited from the favorable effects of foreign currency translation of approximately $1.8 million compared to the same prior year period.
Infrastructure segment revenues for the three months ended November 30, 2023 of $21.2 million decreased $2.9 million, or 12 percent, from $24.1 million for the three months ended November 30, 2022. The decrease resulted from lower Road Zipper System sales compared to the same prior year period due to a project in the same prior year period that did not repeat. This decrease was largely offset by higher Road Zipper System lease revenue and higher sales of road safety products.
- 22 -
Table of Contents
Gross Profit
Gross profit for the three months ended November 30, 2023 of $49.9 million decreased 6 percent from $53.0 million for the three months ended November 30, 2022. The decrease in gross profit resulted primarily from lower revenues in both segments, the impact of which was partially offset by improved gross margin. Gross margin was 30.9 percent of sales for the three months ended November 30, 2023 compared with 30.1 percent of sales for the three months ended November 30, 2022. Increased gross margin in infrastructure resulted primarily from a more favorable margin mix of revenues with higher Road Zipper System lease revenues while irrigation gross margins were similar to the same prior year period.
Operating Expenses
Operating expenses of $28.8 million for the three months ended November 30, 2023 increased $0.4 million, or 1 percent, compared with $28.4 million for the three months ended November 30, 2022.
Other Expense, net
The Company recorded other expense of $0.1 million for the three months ended November 30, 2023 compared to $0.6 million for the three months ended November 30, 2022. The change resulted primarily from higher interest income compared to the same prior year period.
Income Taxes
The Company recorded income tax expense of $6.0 million and $5.8 million for the three months ended November 30, 2023 and 2022, respectively. The effective income tax rate was 28.5 percent and 24.1 percent for the three months ended November 30, 2023 and 2022, respectively. The higher effective tax rate reflects an increased proportion of earnings in higher rate foreign jurisdictions in the current year period. In addition, the same prior year period benefited from the impact of larger discrete items.
Liquidity and Capital Resources
The Company's cash, cash equivalents, and marketable securities totaled $175.7 million at November 30, 2023 compared with $110.6 million at November 30, 2022 and $166.3 million at August 31, 2023. The Company requires cash for financing its receivables and inventories, paying operating expenses and capital expenditures, and for dividends and share repurchases. The Company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under its credit arrangements described below. The Company’s investments in marketable securities are primarily comprised of United States government securities and investment grade corporate securities. The Company believes its current cash resources, investments in marketable securities, projected operating cash flow, and remaining capacity under its continuing bank lines of credit are sufficient to cover all its expected working capital needs, planned capital expenditures and dividends. The Company may require additional borrowings to fund potential acquisitions in the future.
The Company’s total cash and cash equivalents held by foreign subsidiaries were approximately $70.8 million, $51.3 million, and $64.6 million as of November 30, 2023, November 30, 2022, and August 31, 2023, respectively. The Company considers earnings in foreign subsidiaries to be indefinitely reinvested and would need to accrue and pay incremental state, local, and foreign taxes if such earnings were repatriated to the United States. The Company does not intend to repatriate the funds and does not expect these funds to have a significant impact on the Company’s overall liquidity.
Net working capital was $359.3 million at November 30, 2023, as compared with $332.8 million at November 30, 2022 and $351.4 million at August 31, 2023. Cash provided by operating activities totaled $21.9 million during the three months ended November 30, 2023, compared to cash provided by operating activities of $4.7 million during the three months ended November 30, 2022. This change was primarily due to a reduction in receivables in the current year as compared to the same prior year period.
Cash flows used in investing activities totaled $18.2 million during the three months ended November 30, 2023 compared to $4.2 million during the three months ended November 30, 2022. The increase resulted primarily from purchases of marketable securities. Purchases of property, plant, and equipment were $6.9 million, compared to $3.8 million in the same prior year period.
Cash flows used in financing activities totaled $5.4 million during the three months ended November 30, 2023 compared to cash flows used in financing activities of $6.2 million during the three months ended November 30, 2022. The value of
- 23 -
Table of Contents
common stock withheld to cover payroll obligations in the current year amounted to $1.6 million compared to $2.5 million in the same prior year period.
Capital Allocation Plan
The Company’s capital allocation plan is to continue investing in revenue and earnings growth, combined with a defined process for enhancing returns to stockholders. Under the Company’s capital allocation plan, the priorities for uses of cash include:
•Investment in organic growth including capital expenditures and expansion of international markets,
•Dividends to stockholders, along with expectations to increase dividends over time,
•Synergistic acquisitions that provide attractive returns to stockholders, and
•Opportunistic share repurchases taking into account cyclical and seasonal fluctuations.
Capital Expenditures
Capital expenditures for fiscal 2024 are expected to be between $35.0 million and $40.0 million, including equipment replacement, productivity improvements, new product development and commercial growth investments. The increase over recent levels of capital expenditures is primarily related to modernization and productivity improvements planned at certain manufacturing facilities. The Company’s management does maintain flexibility to modify the amount and timing of some of the planned expenditures in response to economic conditions.
Dividends
In the first quarter of fiscal 2024, the Company paid a quarterly cash dividend to stockholders of $0.35 per common share, or $3.9 million, compared to a quarterly cash dividend of $0.34 per common share, or $3.7 million, in the first quarter of fiscal 2024.
Share Repurchases
The Company’s Board of Directors authorized a share repurchase program of up to $250.0 million of common stock with no expiration date. Under the program, shares may be repurchased in privately negotiated and/or open market transactions as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. There were no shares repurchased during the three months ended November 30, 2023 or 2022. The remaining amount available under the repurchase program was $63.7 million as of November 30, 2023.
Long-Term Borrowing Facilities
Senior Notes. The Company has outstanding $115.0 million in aggregate principal amount of Senior Notes, Series A (the “Senior Notes”). The entire principal of the Senior Notes is due and payable on February 19, 2030. Interest on the Senior Notes is payable semi-annually at a fixed annual rate of 3.82 percent. Borrowings under the Senior Notes are unsecured. The Company used the proceeds of the sale of the Senior Notes for general corporate purposes, including acquisitions and dividends.
Revolving Credit Facility. The Company has outstanding a $50.0 million unsecured Amended and Restated Revolving Credit Facility (the “Revolving Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”) expiring August 26, 2026. The Company intends to use borrowings under the Revolving Credit Facility for working capital purposes and to fund acquisitions. At November 30, 2023 and 2022, the Company had no outstanding borrowings under the Revolving Credit Facility. The amount of borrowings available at any time under the Revolving Credit Facility is reduced by the amount of standby letters of credit issued by Wells Fargo then outstanding. At November 30, 2023, the Company had the ability to borrow up to $50.0 million under the Revolving Credit Facility. The Revolving Credit Facility may be increased by up to an additional $50.0 million at any time, subject to additional commitment approval. Borrowings under the Revolving Credit Facility bear interest at a variable rate equal to the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 100 and 210 basis points depending on the Company’s leverage ratio then in effect (which resulted in a variable rate of 6.68 percent at November 30, 2023), subject to adjustment as set forth in the loan documents for the Revolving Credit Facility. Interest is paid on a monthly to quarterly basis depending on loan type. The Company currently pays an annual commitment fee on the unused portion of the Revolving Credit Facility. The fee is between 0.125 percent and 0.2 percent on the unused balance depending on the Company’s leverage ratio then in effect (which resulted in a fee of 0.125 percent at November 30, 2023).
- 24 -
Table of Contents
Borrowings under the Revolving Credit Facility have equal priority with borrowings under the Company’s Senior Notes. Each of the credit arrangements described above include certain covenants relating primarily to the Company’s financial condition. These financial covenants include a funded debt to EBITDA leverage ratio and an interest coverage ratio. In the event that the loan documents for the Revolving Credit Facility were to require the Company to comply with any financial covenant that is not already included or is more restrictive than what is already included in the arrangement governing the Senior Notes, then such covenant shall be deemed incorporated by reference for the benefit of holders of the Senior Notes. Upon the occurrence of any event of default of these covenants, including a change in control of the Company, all amounts outstanding thereunder may be declared to be immediately due and payable. At November 30, 2023 and 2022, the Company was in compliance with all financial loan covenants contained in its credit arrangements in place as of each of those dates.
Contractual Obligations and Commercial Commitments
There have been no material changes in the Company’s contractual obligations and commercial commitments as described in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2023.
ITEM 3 – Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes from the Company’s quantitative and qualitative disclosures about market risk previously disclosed in the Company’s most recent Annual Report on Form 10-K. See discussion of the Company’s quantitative and qualitative disclosures about market risk under Part II, Item 7A in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2023.
ITEM 4 – Controls and Procedures
Disclosure Controls and Procedures
The Company carried out an evaluation under the supervision and the participation of the Company’s management, including the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of November 30, 2023.
Changes in Internal Control over Financial Reporting
The CEO and CFO determined that there has not been any significant change to the Company’s internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
- 25 -
Table of Contents
Part II – OTHER INFORMATION
ITEM 1 – Legal Proceedings
See the disclosure in Note 9 – Commitments and Contingencies to the condensed consolidated financial statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q, which disclosure is hereby incorporated herein by reference.
ITEM 1A – Risk Factors
There have been no material changes from risk factors previously disclosed in the Company’s most recent Annual Report on Form 10-K. See the discussions of the Company’s risk factors under Part I, Item 1A in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2023.
ITEM 2 – Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
None.
ITEM 3 – Defaults Upon Senior Securities
None.
ITEM 4 – Mine Safety Disclosures
Not applicable.
ITEM 5 – Other Information
None.
- 26 -
Table of Contents
ITEM 6 – Exhibits
Management contract or compensatory plan or arrangement required to be filed as an exhibit hereto pursuant to Item 6 of Part II of Form 10-Q.
* Filed herein.
** Certain confidential portions of this exhibit were omitted by means of marking such portions with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.
- 27 -
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 4th day of January 2024.
|
|
|
|
|
|
|
LINDSAY CORPORATION |
|
|
|
|
|
By: |
|
/s/ BRIAN L. KETCHAM |
|
Name: |
|
Brian L. Ketcham |
|
Title: |
|
Senior Vice President and Chief Financial Officer |
|
|
|
(on behalf of the registrant and as principal financial officer) |
|
|
|
|
- 28 -
Ex 10.1
Certain identified information has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.
LINDSAY CORPORATION
MANAGEMENT INCENTIVE PLAN (MIP)
2024
Plan Year
____________________________
Senior Vice President - HR/Date
________________________
Chief Financial Officer/Date
________________________
Chief Executive Officer/Date
Table of Contents
|
|
1. Purpose |
1 |
2. Definitions |
1 |
3. Effective Date |
2 |
4. Eligibility for Participation |
2 |
5. Enrollment in the Plan |
2&3 |
6. Determination of Target Payout Levels |
3&4 |
7. Basis of Awards |
4&5 |
8. Changes in Employment Status |
6 |
9. Administration |
6 |
10. Attachments 7 |
1. Purpose
The purpose of the Management Incentive Plan (the “Plan”) is to:
Encourage performance consistent with the Company’s business strategy.
Focus on near-term performance results as well as progress toward the achievement of long-term objectives.
Strengthen the link between performance and pay by delivering awards based on measurable corporate and individual goals.
2. Definitions
The terms used in this Plan have the meanings set forth below.
A. “Company” shall mean Lindsay Corporation.
B. “Committee” shall mean the Human Resources and Compensation Committee of the Company’s Board of Directors.
C. “Financial Performance Component” shall mean the portion of a Participant’s Plan award that is based on the Company’s and specific Market financial performance as defined in Section 7B.
D. "Named Executive Officers" shall mean the executives of the Company listed in the Executive Compensation section of the Company’s Proxy Statement, other executive officers of the Company for SEC reporting purposes and any other elected officers.
E. “Participant” shall mean a key employee eligible for awards under the terms outlined in Section 4 of this Plan.
F. “Plan” shall mean the Lindsay Corporation Management Incentive Plan.
G. “Strategic Goal Performance Component” shall mean the portion of a Participant’s Plan award that is based on a Participant’s or the Company’s performance relative to certain individual objectives or strategic goals established in accordance with Section 7C.
1
3. Effective Date
The Plan shall be effective as of September 1, 2023 and will be in effect for the 2024 bonus year. The 2024 bonus year is defined as September 1, 2023 through August 31, 2024.
4. Eligibility for Participation
A. Participation in the Plan is limited to individuals in positions which have significant responsibility for and impact on the Company’s corporate performance.
B. Only the Named Executive Officers are eligible to be considered for participation in the Plan.
C. Participation in the Plan does not guarantee or entitle any employee to participate in any bonus plan enacted in the future. Participation in the Plan at any target bonus level does not guarantee or entitle any employee to be eligible to participate at any similar target bonus level in any bonus plan which may be enacted in the future.
5. Enrollment in the Plan
A. Initial Enrollment
At the beginning of the Plan year, each Participant must be enrolled in the Plan subject to the approvals and eligibility criteria set forth in Sections 4 and 6. The enrollment process is as follows:
i. Plan Participants will participate in the Plan at the target percentage set forth opposite his or her name on Exhibit A.
ii. The Company’s Chief Executive Officer will review the participant list and projected bonus costs of enrolled employees with the Committee. The Committee provides final approval on the aggregate potential cost of the Plan.
2
B. Mid-year Enrollment
When hiring or promoting employees during the Plan year who may be eligible for participation in the Plan, the following procedures must be followed:
i. Prior to the commencement of the recruiting or promotion process, the hiring manager consults with Human Resources to determine the position’s eligibility for participation in the Plan and the recommended target bonus amount.
ii. Offer letters indicating bonus Plan participation and target bonus award opportunities to new hires and/or promoted employees must be reviewed by the CEO or, in the case of a Named Executive Officer, by the Committee. Target bonus recommendations must be approved before communication to a prospective Participant. Generally, employees hired or promoted during the fourth quarter of fiscal 2024 are not eligible to participate in the 2024 Plan.
6. Determination of Target Payout Levels
A. Incentive awards will be calculated as a percentage of the Participant’s annual base salary received during the Plan year, provided that annual base salary increases which are made during the first quarter of the Plan year will be treated for purposes of calculating a Participant’s bonus as if they had been made at the beginning of the Plan year. The impact of promotions or other adjustments to base pay made after the annual pay adjustment noted above will be prorated for the time in effect. While award amounts will vary based on the range of award opportunity and an assessment of individual performance results, the target award opportunities for each Participant are set forth opposite his or her name on Exhibit A. Actual participation is subject to approval by the CEO and by the Committee. Actual participation is based on an assessment of the individual's position impact on the organization.
B. If a Participant’s Plan target award opportunity (Target % of Salary as set forth above) changes due to promotion into a grade level with a higher target bonus, the Participant’s bonus will be calculated based on his or her annual salary during the Plan year and a pro-rated bonus award. The pro-rated bonus award will reflect the portion of the Plan year spent in each grade level (e.g., 26 weeks at 40% and 26 weeks at 50%). In evaluating the performance of Participants who change positions during the Plan year, consideration will be given to the length of time and results in each position. Actual award decisions will be made by the CEO or, in the case of a Named Executive Officer, by the Committee. Generally, fourth quarter promotions will not result in an increase in a Participant’s target award opportunity.
C. Examples of various award calculations are included with this Plan document as Attachment
3
A.
D. The Committee will determine the award payments to the Named Executive Officers.
E. Award payments will be calculated on an annual basis and paid in accordance with the Company’s normal payroll cycle. Payments will be made within 75 days following the Plan year. The payment date may be changed at any time and for any reason at the discretion of the CEO, or in the case of a Named Executive Officer, with approval of the Committee, but may not be later than March 15 following the end of the Plan year for which the award is paid.
7. Basis of Awards
A. Measurable performance objectives for each Plan Participant will be established at the beginning of the Plan year (or at mid-year for mid-year hires or newly eligible employees). For the 2024 bonus year, consideration will be given to:
i. Financial Performance Component: Company and Market financial performance vs. Plan performance objectives in accordance with Section 7B.
ii. Strategic Goal Performance Component: Participant’s or Company’s performance relative to individual objectives or strategic goals established in accordance with Section 7C.
iii. Financial and Strategic Goal Performance Components will be added to reach a Participant’s total bonus. The relative weighting between these Components for each Participant is set forth opposite his or her name on Exhibit A.
B. At the beginning of the Plan year, the objectives for the Financial Performance Component are identified and approved by the Committee and are set forth on Exhibit B.
i. Recommended award amounts may range from 0 - 200% of the Financial Performance Component of the Participant’s target award, based on performance.
ii. Percentages between the threshold, intermediate, target, and maximum award will be interpolated.
iii. In the event of an acquisition, actual results for the selected financial performance metrics (e.g., revenue, operating margin) will be adjusted by subtracting the Board-approved business case for each acquisition for purposes of award payout calculations, unless the Committee approves a modification to
4
include any such items. Any transaction costs associated with any acquisition considered, pursued or closed shall be added back to profitability.
iv. In the event of a divestiture, actual results for the selected financial performance metrics will be adjusted by including the Board-approved budget (and removing actual performance results) for each divestiture for purposes of award payout calculations, unless the Committee approves a modification to any such items. If a planned divestiture is not included in the budget, its financial performance metrics will not be included in the calculation of the Financial Performance Component if the divestiture is not complete by the end of the fiscal year. Any transaction costs associated with any divestiture considered, pursued or closed shall be added back to profitability.
v. Award payout calculations shall exclude the positive or negative impact of any adjustments to the accrual for environmental remediation liability or unbudgeted expenses related to the existing contamination at the Lindsay facility as disclosed in the Company’s SEC filings.
vi. Award payout calculations may be adjusted for any items of gain, loss or expense (i) from non-cash impairments; (ii) related to loss contingencies identified in the Company’s 10-K; (iii) that are unusual in nature or infrequent in occurrence; (iv) related to the disposal of a segment of a business; or (v) related to a change in accounting principle. The Plan also permits adjustments to remove the effects of changes in the tax law.
C. At the beginning of the Plan year, the objectives for the Strategic Goal Performance Component are identified and approved by the Committee and are set forth on Exhibit B.
i. Objectives under the Strategic Goal Performance Component may be linked to individual objectives or team-based goals, as appropriate.
ii. Recommended award amounts may range from 0% - 200% of the target amount under the Strategic Goal Performance Component. Recommended award amounts will be based on an assessment of the Participant or Company’s performance, as applicable, relative to objectives established under the Strategic Goal Performance Component as set forth on Exhibit B.
iii. The “Payout (as % of Target Individual Performance Component)” represents the payout relative to target award for the Strategic Goal Performance Component of the Plan.
5
8. Changes in Employment Status
A. Participants who cease to be employees of the Company during the Plan year will not be eligible to receive an award. Only active employees on the date that the bonus is paid will be eligible to receive an award. Any exceptions will require the approval of the CEO, or in the case of a Named Executive Officer, the Committee.
B. In the event that a Participant transfers out of an eligible position into an ineligible position within the Company, the employee may be eligible for a prorated bonus award based upon the approval of the CEO, or in the case of a Named Executive Officer, the Committee.
C. In all cases awards will be calculated and paid according to the provisions in Sections 6 and 7 of this Plan document.
9. Administration
A. General authority for Plan administration and responsibility for ongoing Plan administration will rest with the Committee of the Company’s Board of Directors. The Committee has sole authority for decisions regarding interpretation of the terms of this Plan.
B. The Company reserves the right to amend or change the Plan in whole or in part at any time during the Plan year. Amendments to the Plan require the approval of the Committee.
C. Participation in the Plan does not constitute a contract of employment nor a contractual agreement of payment. It shall not affect the right of the Company to discharge, transfer, or change the position of a Participant. The Plan shall not be construed to limit or prevent the Company from adopting or changing, from time to time, any rules, standards or procedures affecting the Participant’s employment with the Company or any Company affiliate, including those which affect bonus payouts.
D. If any provision of this Plan is found to be illegal, invalid or unenforceable under present or future laws, that provision shall be severed from the Plan. If such a provision is severed, this Plan shall be construed and enforced as if the severed provision had never been part of it and the remaining provisions of this Plan shall remain in full force and effect and shall not be affected by the severed provisions or by its severance from this Plan. In place of any severed provision there shall be added automatically as part of this Plan a provision as similar in terms to the severed provision as may be possible and be legal, valid and enforceable.
E. This is not an ERISA plan. This is a bonus program.
6
ATTACHMENT A
Award Calculation Guidelines
The following examples are to be used as guidelines in calculating bonus awards at the end of the 2024 Plan year. Managers should use their discretion in calculating actual bonus awards and may consider exceptions to the calculations below when necessary. Any such exceptions must be fully documented and are subject to review and approval by the Chief Executive Officer, or in the case of a Named Executive Officer, the Committee.
|
|
|
|
|
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|
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Full Year Participation |
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|
Mid-Year Promotion |
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|
|
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Strategic Goal Performance Score: |
100 |
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Strategic Goal Performance Score: |
100 |
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Financial Performance Score: |
|
100.00 |
% |
Financial Performance Score: |
|
100.00 |
% |
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|
Pre-Promotion Calculation |
|
Strategic Goal Score |
100 |
|
Strategic Goal Score |
100 |
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Total Incentive Plan % |
|
40 |
% |
Total Incentive Plan % |
|
40 |
% |
% Strategic to Total Incentive Plan Participation |
|
20 |
% |
% Strategic to Total Incentive Plan Participation |
|
20 |
% |
Base Salary |
$ |
150,000 |
|
Base Salary |
$ |
150,000 |
|
Strategic Goal Performance Payout |
$ |
12,000 |
|
Strategic Goal Performance Payout |
$ |
12,000 |
|
|
|
|
|
Financial Score |
|
100 |
% |
Financial Score |
|
100 |
% |
Total Incentive Plan % |
|
40 |
% |
Total Incentive Plan % |
|
40 |
% |
% Financial to Total Incentive Plan Participation |
|
80 |
% |
% Financial to Total Incentive Plan Participation |
|
80 |
% |
Base Salary |
$ |
150,000 |
|
Base Salary |
$ |
150,000 |
|
Financial Performance Payout |
$ |
48,000 |
|
Financial Performance Payout |
$ |
48,000 |
|
Incentive Amount |
$ |
60,000 |
|
Incentive Amount |
$ |
60,000 |
|
Time Period (weeks) |
52 |
|
Time Period (weeks) |
26 |
|
Proration Factor |
1 |
|
Proration Factor |
0.5 |
|
Prorated Payout for Time Period |
$ |
60,000 |
|
Prorated Payout for Time Period |
$ |
30,000 |
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|
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|
|
Partial Year Participation |
|
|
|
|
|
|
|
|
|
Strategic Goal Performance Score: |
100 |
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|
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Financial Performance Score: |
|
100.00 |
% |
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|
|
|
|
Post Promotion Calculation |
|
Strategic Goal Score |
100 |
|
Strategic Goal Score |
100 |
|
Total Incentive Plan % |
|
40 |
% |
Total Incentive Plan % |
|
50 |
% |
% Strategic to Total Incentive Plan Participation |
|
20 |
% |
% Strategic to Total Incentive Plan Participation |
|
20 |
% |
Base Salary |
$ |
150,000 |
|
Base Salary |
$ |
200,000 |
|
Strategic Goal Performance Payout |
$ |
12,000 |
|
Strategic Goal Performance Payout |
$ |
20,000 |
|
|
|
|
|
|
Financial Score |
|
100 |
% |
Financial Score |
|
100 |
% |
Total Incentive Plan % |
|
40 |
% |
Total Incentive Plan % |
|
50 |
% |
% Financial to Total Incentive Plan Participation |
|
80 |
% |
% Financial to Total Incentive Plan Participation |
|
80 |
% |
Base Salary |
$ |
150,000 |
|
Base Salary |
$ |
200,000 |
|
Financial Performance Payout |
$ |
48,000 |
|
Financial Performance Payout |
$ |
80,000 |
|
Incentive Amount |
$ |
60,000 |
|
Incentive Amount |
$ |
100,000 |
|
Time Period (weeks) |
30 |
|
Time Period (weeks) |
26 |
|
Proration Factor |
0.576923 |
|
Proration Factor |
0.5 |
|
Prorated Payout for Time Period |
$ |
34,615 |
|
Prorated Payout for Time Period |
$ |
50,000 |
|
|
|
|
|
|
|
|
|
Total Prorated Incentive Amount |
$ |
80,000 |
|
7
[**The appendix that includes Financial Performance and Strategic Goal Component Elements and Weighting for Fiscal Year 2024 constitutes confidential information and has been omitted from this filing because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**]
8
Ex 10.2
LINDSAY CORPORATION
POLICY ON PAYMENT OF DIRECTOR FEES AND EXPENSES
(Adopted at Board of Directors Meeting on January 25, 2000, as amended at Board of Directors Meetings
on December 5, 2003, July 13, 2004, January 29, 2007, May 4, 2007, July 2, 2008, December 1, 2011,
November 29, 2012, September 26, 2013, September 20, 2016, October 17, 2018,
October 18, 2021, October 18, 2022 and October 17, 2023)
Outside Directors who are not employees of the Company are compensated or have expenses reimbursed as follows, effective September 1, 2023:
- $80,000 Annual Fee as Director: Payment of $20,000 is made by check or electronic payment in December, March, June and September ($80,000 total). On an annual basis and prior to the annual meeting of stockholders, Directors may elect to receive some or all of their annual cash retainer in the form of restricted stock units which shall be granted at the annual meeting of stockholders along with the regular annual grant of restricted stock units.
- $75,000 Annual Fee as Chairman of Board of Directors: Payment of $18,750 is made by check or electronic payment in December, March, June and September ($75,000 total) in addition to the annual fee as a Director, if the Chairman of the Board is an outside Director; provided that the Chairman of the Board may not also receive an additional fee for serving as Chairman of any standing or special committee.
- $20,000 Annual Fee as Chairman of the Audit Committee, $15,000 Annual Fee as Chairman of the Compensation Committee and $15,000 Annual Fee as Chairman of the Corporate Governance and Nominating Committee: Payment of one-quarter of the fee is made by check or electronic payment in December, March, June and September in addition to the annual fee as a Director; provided that the annual fee to serve as the Chairman of any Committee shall not be payable if the Chairman of such Committee is also serving as Chairman of the Board of Directors.
- Lindsay will reimburse outside Directors for actual and reasonable expenses they incur associated with travel for Lindsay meetings or other Lindsay business, including first class commercial airfare (or travel by private plane for distances of less than 1,000 miles if commercial air travel is difficult or inconvenient or more than 1,000 miles if authorized or approved by the Chairman of the Board of Directors or the Chairman of the Audit Committee), car rental, taxi, parking, meals, tips and hotel expenses. Reimbursement for other expenses may be authorized or approved by the Chairman of the Board of Directors or the Chairman of the Audit Committee.
- Directors who are not employees of the Company receive annual grants of restricted stock units with an award value of $120,000 with the grant being made on the date of the annual meeting of stockholders. The number of units awarded will equal $120,000 divided by the closing stock price on the date of grant. These restricted stock units vest on November 1 following the date of grant. Directors will have the opportunity to defer some or all of their restricted stock units pursuant to the Lindsay Corporation Directors Nonqualified Deferred Compensation Plan.
- New directors who are not employees of the Company that join the Board of Directors at a time other than the annual meeting of stockholders receive a one-time grant of restricted stock units with an award value equal to the prorated amount of the last annual grant of restricted stock units based on the amount of time the new director will serve on the Board of Directors until the next annual meeting of stockholders, with the grant being made on the date of their first regular Board meeting as a director. The number of units awarded will equal the prorated amount divided by the closing stock price on the date of grant. These restricted stock units vest on the earlier of November 1 following the date of grant or the date of the next annual meeting of stockholders. For the sake of clarity, this prorated grant of restricted stock units will not apply to a new director who joins the Board of Directors at an annual meeting of the stockholders.
EXHIBIT 31.1
CERTIFICATION
I, Randy A. Wood, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Lindsay Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ RANDY A. WOOD |
|
President and Chief Executive Officer |
Randy A. Wood |
|
January 4, 2024 |
EXHIBIT 31.2
CERTIFICATION
I, Brian L. Ketcham, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Lindsay Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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|
|
/s/ BRIAN L. KETCHAM |
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Senior Vice President and Chief Financial Officer |
Brian L. Ketcham |
|
January 4, 2024 |
EXHIBIT 32.1
CERTIFICATION
In connection with the accompanying Quarterly Report on Form 10-Q (the “Report”) of Lindsay Corporation (the “Company”) for the quarter ended November 30, 2023, I, Randy A. Wood, Chief Executive Officer of the Company and I, Brian L. Ketcham, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:
(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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|
|
|
|
|
|
/s/ RANDY A. WOOD |
|
|
Randy A. Wood |
|
|
President and Chief Executive Officer |
|
|
|
|
|
/s/ BRIAN L. KETCHAM |
|
|
Brian L. Ketcham |
|
|
Senior Vice President and Chief Financial Officer |
|
|
|
|
|
January 4, 2024 |
|
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.4
Document And Entity Information - shares
|
3 Months Ended |
|
Nov. 30, 2023 |
Jan. 02, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Period End Date |
Nov. 30, 2023
|
|
Document Fiscal Year Focus |
2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Trading Symbol |
LNN
|
|
Entity Registrant Name |
Lindsay Corporation
|
|
Entity Central Index Key |
0000836157
|
|
Entity Current Reporting Status |
Yes
|
|
Current Fiscal Year End Date |
--08-31
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Shell Company |
false
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity File Number |
1-13419
|
|
Entity Tax Identification Number |
47-0554096
|
|
Entity Address, Address Line One |
18135 Burke Street
|
|
Entity Address, Address Line Two |
Suite 100
|
|
Entity Address, City or Town |
Omaha
|
|
Entity Address, State or Province |
NE
|
|
Entity Address, Country |
US
|
|
Entity Address, Postal Zip Code |
68022
|
|
City Area Code |
402
|
|
Local Phone Number |
829-6800
|
|
Entity Common Stock, Shares Outstanding |
|
11,030,936
|
Entity Interactive Data Current |
Yes
|
|
Entity Ex Transition Period |
Common Stock, $1.00 par value
|
|
Security Exchange Name |
NYSE
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Entity Incorporation, State or Country Code |
DE
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v3.23.4
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Income Statement [Abstract] |
|
|
Operating revenues |
$ 161,358
|
$ 176,159
|
Cost of operating revenues |
111,453
|
123,139
|
Gross profit |
49,905
|
53,020
|
Operating expenses: |
|
|
Selling expense |
9,817
|
9,677
|
General and administrative expense |
14,662
|
14,437
|
Engineering and research expense |
4,352
|
4,308
|
Total operating expenses |
28,831
|
28,422
|
Operating income |
21,074
|
24,598
|
Other income (expense): |
|
|
Interest expense |
(877)
|
(909)
|
Interest income |
1,068
|
373
|
Other income (expense), net |
(270)
|
(57)
|
Total other income (expense) |
(79)
|
(593)
|
Earnings before income taxes |
20,995
|
24,005
|
Income tax expense |
5,976
|
5,788
|
Net earnings |
$ 15,019
|
$ 18,217
|
Earnings per share: |
|
|
Basic |
$ 1.36
|
$ 1.66
|
Diluted |
$ 1.36
|
$ 1.65
|
Shares used in computing earnings per share: |
|
|
Basic |
11,017
|
10,989
|
Diluted |
11,059
|
11,073
|
Cash dividends declared per share |
$ 0.35
|
$ 0.34
|
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- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
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v3.23.4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
Net earnings |
$ 15,019
|
$ 18,217
|
Other comprehensive (loss) income: |
|
|
Defined benefit pension plan adjustment, net of tax |
36
|
40
|
Foreign currency translation adjustment, net of hedging activities and tax |
(163)
|
(2,186)
|
Unrealized gain on marketable securities, net of tax |
37
|
1
|
Total other comprehensive (loss), net of tax (benefit) of ($166), and ($469) respectively |
(90)
|
(2,145)
|
Total comprehensive income |
$ 14,929
|
$ 16,072
|
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v3.23.4
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Current assets: |
|
|
|
Cash and cash equivalents |
$ 159,381
|
$ 160,755
|
$ 99,168
|
Marketable securities |
16,278
|
5,556
|
11,424
|
Receivables, net of allowance of $5,052, $4,774, and $5,048 |
143,049
|
144,774
|
157,116
|
Inventories, net |
164,144
|
155,932
|
188,404
|
Other current assets, net |
18,450
|
20,467
|
25,295
|
Total current assets |
501,302
|
487,484
|
481,407
|
Property, plant, and equipment: |
|
|
|
Cost |
265,337
|
257,741
|
243,006
|
Less accumulated depreciation |
(161,519)
|
(158,060)
|
(149,488)
|
Property, plant, and equipment, net |
103,818
|
99,681
|
93,518
|
Intangibles, net |
27,005
|
27,719
|
17,760
|
Goodwill |
84,029
|
83,121
|
67,295
|
Operating lease right-of-use assets |
17,544
|
17,036
|
18,477
|
Deferred income tax assets |
12,712
|
10,885
|
8,117
|
Other noncurrent assets |
17,508
|
19,734
|
21,722
|
Total assets |
763,918
|
745,660
|
708,296
|
Current liabilities: |
|
|
|
Accounts payable |
52,242
|
44,278
|
58,535
|
Current portion of long-term debt |
227
|
226
|
223
|
Other current liabilities |
89,502
|
91,604
|
89,827
|
Total current liabilities |
141,971
|
136,108
|
148,585
|
Pension benefits liabilities |
4,308
|
4,382
|
4,812
|
Long-term debt |
115,120
|
115,164
|
115,297
|
Operating lease liabilities |
17,746
|
17,689
|
19,161
|
Deferred income tax liabilities |
695
|
689
|
693
|
Other noncurrent liabilities |
17,218
|
15,977
|
14,960
|
Total liabilities |
297,058
|
290,009
|
303,508
|
Shareholders' equity: |
|
|
|
Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding |
0
|
0
|
0
|
Common stock of $1 par value - authorized 25,000 shares; 19,115, 19,090, and 19,094 shares issued, respectively |
19,115
|
19,094
|
19,090
|
Capital in excess of stated value |
98,628
|
98,508
|
93,079
|
Retained earnings |
647,455
|
636,297
|
593,475
|
Less treasury stock - at cost, 8,083 shares |
(277,238)
|
(277,238)
|
(277,238)
|
Accumulated other comprehensive loss, net |
(21,100)
|
(21,010)
|
(23,618)
|
Total shareholders' equity |
466,860
|
455,651
|
404,788
|
Total liabilities and shareholders' equity |
$ 763,918
|
$ 745,660
|
$ 708,296
|
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v3.23.4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Statement of Financial Position [Abstract] |
|
|
|
Receivables, allowance |
$ 5,052
|
$ 5,048
|
$ 4,774
|
Preferred stock, par value |
$ 1
|
$ 1
|
$ 1
|
Preferred stock, authorized |
2,000,000
|
2,000,000
|
2,000,000
|
Preferred stock, issued |
0
|
0
|
0
|
Preferred stock, outstanding |
0
|
0
|
0
|
Common stock, par value |
$ 1
|
$ 1
|
$ 1
|
Common stock, authorized |
25,000,000
|
25,000,000
|
25,000,000
|
Common stock, issued |
19,115,000
|
19,094,000
|
19,090,000
|
Treasury stock, shares |
8,083,000
|
8,083,000
|
8,083,000
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.4
Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock [Member] |
Treasury Stock [Member] |
Capital In Excess Of Stated Value [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Loss, Net [Member] |
Beginning balance, value at Aug. 31, 2022 |
$ 393,358
|
$ 19,063
|
$ (277,238)
|
$ 94,006
|
$ 579,000
|
$ (21,473)
|
Beginning balance, shares at Aug. 31, 2022 |
|
19,063
|
8,083
|
|
|
|
Net earnings |
18,217
|
$ 0
|
$ 0
|
0
|
18,217
|
0
|
Other comprehensive loss |
(2,145)
|
0
|
0
|
0
|
0
|
(2,145)
|
Total comprehensive income |
16,072
|
0
|
0
|
0
|
0
|
0
|
Cash dividends per share |
(3,742)
|
0
|
0
|
0
|
(3,742)
|
0
|
Issuance of common shares under share compensation plans, net |
(2,373)
|
$ 27
|
$ 0
|
(2,400)
|
0
|
0
|
Issuance of common shares under share compensation plans, net, shares |
|
27
|
0
|
|
|
|
Share-based compensation expense |
1,473
|
$ 0
|
$ 0
|
1,473
|
0
|
0
|
Ending balance, value at Nov. 30, 2022 |
404,788
|
$ 19,090
|
$ (277,238)
|
93,079
|
593,475
|
(23,618)
|
Ending Balance, shares at Nov. 30, 2022 |
|
19,090
|
8,083
|
|
|
|
Beginning balance, value at Aug. 31, 2023 |
455,651
|
$ 19,094
|
$ (277,238)
|
98,508
|
636,297
|
(21,010)
|
Beginning balance, shares at Aug. 31, 2023 |
|
19,094
|
8,083
|
|
|
|
Net earnings |
15,019
|
$ 0
|
$ 0
|
0
|
15,019
|
0
|
Other comprehensive loss |
(90)
|
0
|
0
|
0
|
0
|
(90)
|
Total comprehensive income |
14,929
|
0
|
0
|
0
|
0
|
0
|
Cash dividends per share |
(3,861)
|
0
|
0
|
0
|
(3,861)
|
0
|
Issuance of common shares under share compensation plans, net |
(1,462)
|
$ 21
|
$ 0
|
(1,483)
|
0
|
0
|
Issuance of common shares under share compensation plans, net, shares |
|
21
|
0
|
|
|
|
Share-based compensation expense |
1,603
|
$ 0
|
$ 0
|
1,603
|
0
|
0
|
Ending balance, value at Nov. 30, 2023 |
$ 466,860
|
$ 19,115
|
$ (277,238)
|
$ 98,628
|
$ 647,455
|
$ (21,100)
|
Ending Balance, shares at Nov. 30, 2023 |
|
19,115
|
8,083
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net earnings |
$ 15,019
|
$ 18,217
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
Depreciation and amortization |
5,307
|
4,871
|
Provision for uncollectible accounts receivable |
71
|
704
|
Deferred income taxes |
(1,666)
|
1,129
|
Share-based compensation expense |
1,603
|
1,473
|
Unrealized foreign currency transaction loss (gain) |
79
|
(83)
|
Other, net |
73
|
289
|
Changes in assets and liabilities: |
|
|
Receivables |
1,689
|
(19,828)
|
Inventories |
(7,970)
|
4,803
|
Other current assets |
2,762
|
3,526
|
Accounts payable |
7,087
|
123
|
Other current liabilities |
(4,263)
|
(11,898)
|
Other noncurrent assets and liabilities |
2,081
|
1,356
|
Net cash provided by operating activities |
21,872
|
4,682
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchases of property, plant, and equipment |
(6,941)
|
(3,798)
|
Purchases of marketable securities |
(12,992)
|
0
|
Proceeds from maturities of marketable securities |
2,325
|
0
|
Other investing activities, net |
(593)
|
(384)
|
Net cash used in investing activities |
(18,201)
|
(4,182)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Dividends paid |
(3,861)
|
(3,742)
|
Common stock withheld for payroll tax obligations |
(1,575)
|
(2,471)
|
Other financing activities, net |
56
|
43
|
Net cash used in financing activities |
(5,380)
|
(6,170)
|
Effect of exchange rate changes on cash and cash equivalents |
335
|
(210)
|
Net change in cash and cash equivalents |
(1,374)
|
(5,880)
|
Cash and cash equivalents, beginning of period |
160,755
|
105,048
|
Cash and cash equivalents, end of period |
$ 159,381
|
$ 99,168
|
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v3.23.4
Basis of Presentation
|
3 Months Ended |
Nov. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Note 1 – Basis of Presentation The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2023. In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates. Recent Accounting Guidance Adopted In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, Liabilities - Supplier Finance Programs, which requires annual and interim disclosures for entities that finance its purchases with supplier finance programs. The Company adopted these amendments in its fiscal 2024, except for the amendment on rollforward information, which is effective for the Company beginning in its fiscal 2025. The adoption of this ASU is not expected to have a material impact on its condensed consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The Company plans to adopt this ASU in its fiscal 2026.
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v3.23.4
Revenue Recognition
|
3 Months Ended |
Nov. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Note 2 – Revenue Recognition Disaggregation of Revenue A breakout by segment of revenue recognized over time versus at a point in time for the three months ended November 30, 2023 and 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2023 |
|
($ in thousands) |
|
Irrigation |
|
|
Infrastructure |
|
|
Total |
|
Point in time |
|
$ |
131,201 |
|
|
$ |
12,951 |
|
|
$ |
144,152 |
|
Over time |
|
|
8,967 |
|
|
|
1,231 |
|
|
|
10,198 |
|
Revenue from the contracts with customers |
|
|
140,168 |
|
|
|
14,182 |
|
|
|
154,350 |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
|
— |
|
|
|
7,008 |
|
|
|
7,008 |
|
Total operating revenues |
|
$ |
140,168 |
|
|
$ |
21,190 |
|
|
$ |
161,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2022 |
|
($ in thousands) |
|
Irrigation |
|
|
Infrastructure |
|
|
Total |
|
Point in time |
|
$ |
145,716 |
|
|
$ |
20,230 |
|
|
$ |
165,946 |
|
Over time |
|
|
6,367 |
|
|
|
1,454 |
|
|
|
7,821 |
|
Revenue from the contracts with customers |
|
|
152,083 |
|
|
|
21,684 |
|
|
|
173,767 |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
|
— |
|
|
|
2,392 |
|
|
|
2,392 |
|
Total operating revenues |
|
$ |
152,083 |
|
|
$ |
24,076 |
|
|
$ |
176,159 |
|
Further disaggregation of revenue is disclosed in the Note 14 – Industry Segment Information. For contracts with an initial length longer than 12 months, the unsatisfied performance obligations were $1.4 million at November 30, 2023. Contract Balances Contract assets arise when recorded revenue for a contract exceeds the amounts billed under the terms of such contract. Contract liabilities arise when billed amounts exceed revenue recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones and completion of specified units of completion of the contract. At November 30, 2023, November 30, 2022, and August 31, 2023, contract assets amounted to $0.7 million, $1.1 million, and $1.3 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheets. Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At November 30, 2023, November 30, 2022, and August 31, 2023, contract liabilities amounted to $21.7 million, $27.5 million, and $20.5 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company’s three months ended November 30, 2023 and 2022, the Company recognized $7.9 million and $17.9 million of revenue that were included in the liabilities as of August 31, 2023 and 2022, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.
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v3.23.4
Net Earnings Per Share
|
3 Months Ended |
Nov. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Earnings Per Share |
Note 3 – Net Earnings per Share Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ and shares in thousands, except per share amounts) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Numerator: |
|
|
|
|
|
|
Net earnings |
|
$ |
15,019 |
|
|
$ |
18,217 |
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
11,017 |
|
|
|
10,989 |
|
Diluted effect of stock awards |
|
|
42 |
|
|
|
84 |
|
Weighted average shares outstanding assuming dilution |
|
|
11,059 |
|
|
|
11,073 |
|
|
|
|
|
|
|
|
Basic net earnings per share |
|
$ |
1.36 |
|
|
$ |
1.66 |
|
Diluted net earnings per share |
|
$ |
1.36 |
|
|
$ |
1.65 |
|
Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The number of securities excluded from the computation of earnings per share because their effect would have been anti-dilutive was not significant for the three months ended November 30, 2023 and 2022.
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v3.23.4
Acquisitions
|
3 Months Ended |
Nov. 30, 2023 |
Business Combinations [Abstract] |
|
Acquisitions |
Note 4 – Acquisitions FieldWise, LLC On July 28, 2023 ("the acquisition date"), the Company completed the acquisition of the membership interests of FieldWise, LLC ("FieldWise"). FieldWise is a market leader in agricultural technology products with a focus on subscription-based, precision irrigation solutions. The purchase price of $32.6 million was financed through an all-cash transaction from the Company's cash on hand. The following table summarizes the preliminary purchase price allocation for FieldWise at the acquisition date. The Company expects the purchase price allocation to be finalized by the end of fiscal 2024 after completing any necessary working capital adjustments.
|
|
|
|
|
($ in thousands) |
|
Total |
|
Cash and cash equivalents |
|
$ |
1,779 |
|
Accounts receivable |
|
|
376 |
|
Inventories |
|
|
2,651 |
|
Property and equipment |
|
|
2,443 |
|
Deferred tax asset |
|
|
94 |
|
Intangible assets |
|
|
11,400 |
|
Goodwill |
|
|
16,473 |
|
Accounts payable and accrued liabilities |
|
|
(228 |
) |
Deferred revenues |
|
|
(2,132 |
) |
Non-current deferred revenues |
|
|
(235 |
) |
Total purchase price |
|
$ |
32,621 |
|
During the post-acquisition period, the Company recorded measurement period adjustments to the preliminary recorded values assigned to certain Company assets acquired as of the acquisition date. The fair value assigned to the Company’s deferred revenues was increased from $1.5 million to $2.4 million. The change in fair value proportionally increased the balance of residual goodwill from $15.6 million to $16.5 million as of November 30, 2023. These adjustments were the product of finalizing working capital with the seller and are incorporated within the values noted in the table above. These adjustments did not have a material impact on the Company's condensed consolidated financial statements. The acquired intangible assets include amortizable intangible assets of $10.7 million and indefinite-lived intangible assets of $0.7 million related to tradenames. The amortizable intangible assets have a weighted average useful life of approximately 13.1 years. The following table summarizes the identifiable intangible assets at fair value.
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Weighted average useful life in years |
|
|
Fair value of identifiable asset |
|
Intangible assets: |
|
|
|
|
|
|
Customer relationships |
|
|
15.0 |
|
|
$ |
8,700 |
|
Developed technology |
|
|
5.0 |
|
|
|
2,000 |
|
Tradenames |
|
N/A |
|
|
|
700 |
|
Total intangible assets |
|
|
13.1 |
|
|
$ |
11,400 |
|
Goodwill related to the acquisition of FieldWise primarily relates to intangible assets that do not qualify for separate recognition, including the experience and knowledge of FieldWise management, its assembled workforce, and its intellectual capital and specialization with monitoring technology solutions, data acquisition and management systems. This goodwill is included in the irrigation reporting segment and is deductible for income tax purposes. Pro forma information related to this acquisition was not included because the impact on the Company’s consolidated financial statements was not considered to be material.
|
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.4
Income Taxes
|
3 Months Ended |
Nov. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 5 – Income Taxes The Company recorded income tax expense of $6.0 million and $5.8 million for the three months ended November 30, 2023 and 2022, respectively. It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was 28.0 percent and 27.3 percent for the three months ended November 30, 2023 and 2022, respectively. The slight increase in the estimated annual effective income tax rate relates primarily to the change in earnings mix among foreign operations. The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded discrete items resulting in an income tax expense of $0.1 million and benefit of $0.8 million for the three months ended November 30, 2023 and 2022, respectively, which relate primarily to the vesting of share-based compensation awards.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.4
Inventories
|
3 Months Ended |
Nov. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
Note 6 – Inventories Inventories consisted of the following as of November 30, 2023, November 30, 2022, and August 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Raw materials and supplies |
|
$ |
87,082 |
|
|
$ |
96,811 |
|
|
$ |
83,908 |
|
Work in process |
|
|
10,777 |
|
|
|
12,326 |
|
|
|
7,820 |
|
Finished goods and purchased parts, net |
|
|
88,043 |
|
|
|
103,400 |
|
|
|
86,793 |
|
Total inventory value before LIFO adjustment |
|
|
185,902 |
|
|
|
212,537 |
|
|
|
178,521 |
|
Less adjustment to LIFO value |
|
|
(21,758 |
) |
|
|
(24,133 |
) |
|
|
(22,589 |
) |
Inventories, net |
|
$ |
164,144 |
|
|
$ |
188,404 |
|
|
$ |
155,932 |
|
Of the $164.1 million, $188.4 million, and $155.9 million of net inventories at November 30, 2023, November 30, 2022, and August 31, 2023, respectively, $44.2 million, $52.9 million, and $42.2 million, respectively, was valued on the last-in, first-out ("LIFO") basis, and $119.9 million, $135.5 million, and $113.8 million, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods.
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v3.23.4
Long-Term Debt
|
3 Months Ended |
Nov. 30, 2023 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
Note 7 – Long-Term Debt The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Series A Senior Notes |
|
$ |
115,000 |
|
|
$ |
115,000 |
|
|
$ |
115,000 |
|
Elecsys Series 2006A Bonds |
|
|
654 |
|
|
|
876 |
|
|
|
710 |
|
Total debt |
|
|
115,654 |
|
|
|
115,876 |
|
|
|
115,710 |
|
Less current portion |
|
|
(227 |
) |
|
|
(223 |
) |
|
|
(226 |
) |
Less unamortized debt issuance costs |
|
|
(307 |
) |
|
|
(356 |
) |
|
|
(320 |
) |
Total long-term debt |
|
$ |
115,120 |
|
|
$ |
115,297 |
|
|
$ |
115,164 |
|
Principal payments on the debt are due as follows:
|
|
|
|
|
Due within |
|
$ in thousands |
|
1 year |
|
$ |
227 |
|
2 years |
|
|
231 |
|
3 years |
|
|
196 |
|
Thereafter |
|
|
115,000 |
|
|
|
$ |
115,654 |
|
|
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v3.23.4
Fair Value Measurements
|
3 Months Ended |
Nov. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Note 8 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of November 30, 2023, November 30, 2022, and August 31, 2023. There were no transfers between any levels for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2023 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
$ |
159,381 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
159,381 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
11,271 |
|
|
|
— |
|
|
|
11,271 |
|
U.S. treasury securities |
|
|
— |
|
|
|
5,007 |
|
|
|
— |
|
|
|
5,007 |
|
Derivative asset |
|
|
— |
|
|
|
1,001 |
|
|
|
— |
|
|
|
1,001 |
|
Derivative liability |
|
|
— |
|
|
|
(588 |
) |
|
|
— |
|
|
|
(588 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2022 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
|
99,168 |
|
|
|
— |
|
|
|
— |
|
|
|
99,168 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
9,646 |
|
|
|
— |
|
|
|
9,646 |
|
U.S. treasury securities |
|
|
— |
|
|
|
1,778 |
|
|
|
— |
|
|
|
1,778 |
|
Derivative asset |
|
|
— |
|
|
|
3,455 |
|
|
|
— |
|
|
|
3,455 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2023 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
$ |
160,755 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
160,755 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
4,095 |
|
|
|
— |
|
|
|
4,095 |
|
U.S. treasury securities |
|
|
— |
|
|
|
1,461 |
|
|
|
— |
|
|
|
1,461 |
|
Derivative asset |
|
|
— |
|
|
|
1,672 |
|
|
|
— |
|
|
|
1,672 |
|
Derivative liability |
|
|
— |
|
|
|
(457 |
) |
|
|
— |
|
|
|
(457 |
) |
The Company’s investment in marketable securities consists of United States treasury bonds and investment grade corporate bonds. The marketable securities are classified as available-for-sale and are carried at fair value with the change in unrealized gains and losses reported as a separate component on the condensed consolidated statements of comprehensive income until realized. The Company determines fair value using data points that are observable, such as quoted prices and interest rates. The amortized cost of the investments approximates fair value. Investment income is recorded within other (expense) income on the condensed consolidated statements of earnings. As of November 30, 2023, approximately 96 percent of the Company’s marketable securities investments mature within one year and 4 percent mature within one to two years. The Company enters into derivative instrument agreements to manage risk in connection with changes in foreign currency. The Company only enters into derivative instrument agreements with counterparties who have highly rated credit and does not enter into derivative instrument agreements for trading or speculative purposes. The fair values are based on inputs other than quoted prices that are observable for the asset or liability and are determined by standard calculations and models that use readily observable market parameters. These inputs include foreign currency exchange rates and interest rates. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and foreign currency exchange rates. On June 12, 2023, the Company entered into a fixed-to-fixed cross currency swap with a notional amount of $25.0 million, or €23.3 million, that is set to mature on June 12, 2026. The Company elected the spot method for designating this contract as a net investment hedge. Changes in the fair value of this contract are reported in accumulated other comprehensive loss on the condensed consolidated balance sheets. The fair value of this contract as of November 30, 2023 is disclosed in the table above and is recorded within other noncurrent liabilities on the condensed consolidated balance sheets. On March 28, 2022, the Company entered into a fixed-to-fixed cross currency swap with a notional amount of $50.0 million, or €45.6 million, that is set to mature on March 30, 2027. The Company elected the spot method for designating this contract as a net investment hedge. Changes in the fair value of this contract are reported in accumulated other comprehensive loss on the condensed consolidated balance sheets. The fair value of this contract as of November 30, 2023 is disclosed in the table above and is recorded within other noncurrent assets on the condensed consolidated balance sheets. At November 30, 2023 the Company had an outstanding foreign currency forward contract to sell a notional amount of 227.5 million South African rand at fixed prices to settle during the Company's next fiscal quarter ending February 29, 2024. The Company’s foreign currency forward contracts do not qualify as hedges of a net investment in foreign operations. There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three months ended November 30, 2023 or 2022.
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v3.23.4
Commitments and Contingencies
|
3 Months Ended |
Nov. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note 9 – Commitments and Contingencies In the ordinary course of its business operations, the Company enters into arrangements that obligate it to make future payments under contracts such as lease agreements. Additionally, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings, business disputes and other legal proceedings. The Company has established accruals for certain proceedings based on an assessment of probability of loss. The Company believes that any such currently-pending proceedings are either covered by insurance or would not have a material effect on the business or its consolidated financial statements if decided in a manner that is unfavorable to the Company. Such proceedings are exclusive of environmental remediation matters which are discussed separately below. Infrastructure Products Litigation The Company is currently defending a number of product liability lawsuits arising out of vehicle collisions with highway barriers incorporating the Company’s X-Lite® end terminal. Despite the September 2018 reversal of a sizable judgment against a competitor, the Company expects that the significant attention brought to the infrastructure products industry by the original judgment may lead to additional lawsuits being filed against the Company and others in the industry. The Company, certain of its subsidiaries, and certain third parties which originally designed the X-Lite end terminal have also been named in a lawsuit filed on June 9, 2020 in the Circuit Court of Cole County, Missouri by Missouri Highways and Transportation Commission (“MHTC”). MHTC alleges, among other things, that the X-Lite end terminal was defectively designed and failed to perform as designed, intended, and advertised, leading to MHTC’s removal and replacement of X-Lite end terminals from Missouri’s roadways. MHTC alleges strict liability (defective design and failure to warn), negligence, breach of express warranties, breach of implied warranties (merchantability and fitness for a particular purpose), fraud, and public nuisance. MHTC seeks compensatory damages, interest, attorneys’ fees, and punitive damages. The Company believes it has meritorious factual and legal defenses to each of the lawsuits discussed above and is prepared to vigorously defend its interests. Based on the information currently available to the Company, the Company does not believe that a loss is probable in any of these lawsuits; therefore, no accrual has been included in the Company’s consolidated financial statements. While it is reasonably possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. However, the Company maintains insurance coverage to mitigate the impact of adverse exposures in these lawsuits and does not expect that these lawsuits will have a material adverse effect on its business or its consolidated financial statements. Following the March 2019 filing of a qui tam lawsuit (as amended, the “Lawsuit”) by an individual relator, on behalf of the United States and twelve individual states, in the United States District Court for the Northern District of New York (the “Court”), the Department of Justice, Civil Division and the U.S. Attorney's Office for the Northern District of New York (the “U.S. Attorney’s Office”) proceeded to initiate an investigation into the relator’s allegations relating to the Company's X-Lite end terminal and potential violations of the False Claims Act. On September 28, 2023, the U.S. Attorney’s Office submitted a letter motion (the “Letter Motion”) informing the Court that the United States had investigated the relator’s allegations and now sought to move to dismiss the Lawsuit as it had “determined that dismissal is commensurate with the public interest because the claims lack merit and the matter does not warrant the continued expenditure of resources to pursue or monitor the action.” The U.S. Attorney’s Office also noted that it had “been advised by counsel for the twelve states that the states [had] no objection to the Court declining to exercise supplemental jurisdiction over the remaining state claims and to dismissing those claims without prejudice to the states.” On October 2, 2023, the Court granted the Letter Motion and indicated that a motion to dismiss could be filed without further order or pre-motion conference. On October 12, 2023, after the relator proceeded to file his own notice of voluntary dismissal, the U.S. Attorney’s Office filed its notice of consent to the relator’s voluntary dismissal. On October 26, 2023, the Court ordered the dismissal of the Lawsuit without prejudice as to the relator, the United States, and each of the twelve state plaintiffs. Environmental Remediation In previous years, the Company committed to a plan to remediate environmental contamination of the groundwater at and adjacent to its Lindsay, Nebraska facility (the “site”). The current estimated aggregate accrued cost of $10.7 million is based on consideration of remediation options which the Company believes could be successful in meeting the long-term regulatory requirements of the site. The Company submitted a revised remedial alternatives evaluation report to the U.S. Environmental Protection Agency (“EPA”) and the Nebraska Department of Environment and Energy (the “NDEE”) in August 2020 to review remediation alternatives and proposed plans for the site. While the proposed remediation plan is preliminary and has not been approved by the EPA or the NDEE, they approved an in situ thermal remediation pilot study that was conducted by the Company at a specific location on the site. The Company completed the pilot program in the fourth quarter of fiscal 2023. A final report was submitted to the EPA and NDEE for review in November 2023. The Company continues to work with the EPA and the NDEE on finalizing the proposed remediation plans for the site. Of the total liability as of November 30, 2023, $8.0 million, was calculated on a discounted basis using a discount rate of 1.2 percent, which represents a risk-free rate. This discounted portion of the liability amounts to $9.0 million at November 30, 2023. The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While the plan has not been formally approved by the EPA, the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site; however, the estimate of costs and their timing could change as a result of a number of factors, including but not limited to (1) EPA input on the proposed remediation plan and any changes which the EPA may subsequently require, (2) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (3) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, the actual amount of costs incurred by the Company in connection with the remediation of contamination of its Lindsay, Nebraska site could exceed the amounts accrued for this expense at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition. The following table summarizes the environmental remediation liability classifications included in the condensed consolidated balance sheets as of November 30, 2023, November 30, 2022, and August 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Other current liabilities |
|
$ |
509 |
|
|
$ |
3,319 |
|
|
$ |
1,287 |
|
Other noncurrent liabilities |
|
|
10,172 |
|
|
|
10,255 |
|
|
|
10,175 |
|
Total environmental remediation liabilities |
|
$ |
10,681 |
|
|
$ |
13,574 |
|
|
$ |
11,462 |
|
|
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v3.23.4
Warranties
|
3 Months Ended |
Nov. 30, 2023 |
Product Warranties Disclosures [Abstract] |
|
Warranties |
Note 10 – Warranties The following table provides the changes in the Company’s product warranties:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Product warranty accrual balance, beginning of period |
|
$ |
14,535 |
|
|
$ |
14,080 |
|
Liabilities accrued for warranties during the period |
|
|
1,569 |
|
|
|
1,240 |
|
Warranty claims paid during the period |
|
|
(1,850 |
) |
|
|
(1,718 |
) |
Product warranty accrual balance, end of period |
|
$ |
14,254 |
|
|
$ |
13,602 |
|
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v3.23.4
Share-Based Compensation
|
3 Months Ended |
Nov. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Share-Based Compensation |
Note 11 – Share-Based Compensation The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares, and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $1.6 million for each of the three month periods ended November 30, 2023 and 2022. The following table illustrates the type and fair value of share-based compensation awards granted during the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
|
Number of units granted |
|
|
Weighted average grant-date fair value per award |
|
|
Number of units granted |
|
|
Weighted average grant-date fair value per award |
|
Stock options |
|
|
31,199 |
|
|
$ |
44.22 |
|
|
|
21,743 |
|
|
$ |
55.53 |
|
RSUs |
|
|
26,685 |
|
|
$ |
116.71 |
|
|
|
18,502 |
|
|
$ |
152.36 |
|
PSUs |
|
|
21,248 |
|
|
$ |
141.61 |
|
|
|
14,496 |
|
|
$ |
173.17 |
|
The RSUs granted during the three months ended November 30, 2023 and 2022 included 2,861 and 2,112, respectively, that will be settled in cash. The weighted average stock price on the date of grant was $120.59 and $156.16 per award for the three months ended November 30, 2023 and 2022, respectively. Share issuances are presented net of share repurchases to cover payroll taxes of $1.6 million and $2.5 million for the three months ended November 30, 2023 and 2022, respectively. The following table provides the assumptions used in determining the fair value of the stock options awarded during the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, |
|
|
|
2023 |
|
|
2022 |
|
Dividend yield |
|
|
1.2 |
% |
|
|
0.9 |
% |
Volatility |
|
|
37.8 |
% |
|
|
35.7 |
% |
Risk-free interest rate |
|
|
4.8 |
% |
|
|
4.4 |
% |
Expected life (years) |
|
|
5 |
|
|
|
5 |
|
The PSUs granted during fiscal 2024 include performance goals based on a return on invested capital ("ROIC") and total shareholder return ("TSR") relative to the Company's peers during the performance period. The awards actually earned will range from zero to two hundred percent of the targeted number of PSUs and will be paid in shares of common stock. Shares earned will be distributed upon vesting on the first day of November following the end of the three-year performance period. For the ROIC portion of the award, the Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the consolidated financial statements. For the TSR portion of the award, compensation expense is recorded ratably over the three-year term of the award based on the estimated grant date fair value. The fair value of the TSR portion of the awards granted during the three months ended November 30, 2023 and 2022 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions:
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, |
|
|
|
2023 |
|
|
2022 |
|
Expected term (years) |
|
|
3 |
|
|
|
3 |
|
Risk-free interest rate |
|
|
4.9 |
% |
|
|
4.5 |
% |
Volatility |
|
|
34.6 |
% |
|
|
38.6 |
% |
Dividend yield |
|
|
1.2 |
% |
|
|
0.9 |
% |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.4
Other Current Liabilities
|
3 Months Ended |
Nov. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
Other Current Liabilities |
Note 12 – Other Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Other current liabilities: |
|
|
|
|
|
|
|
|
|
Contract liabilities |
|
$ |
19,037 |
|
|
$ |
26,487 |
|
|
$ |
18,800 |
|
Compensation and benefits |
|
|
16,184 |
|
|
|
14,958 |
|
|
|
24,957 |
|
Warranties |
|
|
14,254 |
|
|
|
13,602 |
|
|
|
14,535 |
|
Tax related liabilities |
|
|
12,988 |
|
|
|
8,360 |
|
|
|
9,187 |
|
Dealer related liabilities |
|
|
10,282 |
|
|
|
9,730 |
|
|
|
9,629 |
|
Operating lease liabilities |
|
|
3,437 |
|
|
|
3,079 |
|
|
|
3,028 |
|
Deferred revenue - lease |
|
|
3,366 |
|
|
|
1,629 |
|
|
|
2,830 |
|
Accrued insurance |
|
|
1,290 |
|
|
|
1,165 |
|
|
|
1,163 |
|
Accrued environmental liabilities |
|
|
509 |
|
|
|
3,319 |
|
|
|
1,287 |
|
Other |
|
|
8,155 |
|
|
|
7,498 |
|
|
|
6,188 |
|
Total other current liabilities |
|
$ |
89,502 |
|
|
$ |
89,827 |
|
|
$ |
91,604 |
|
|
X |
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v3.23.4
Share Repurchases
|
3 Months Ended |
Nov. 30, 2023 |
Equity [Abstract] |
|
Share Repurchases |
Note 13 – Share Repurchases There were no shares repurchased during the three months ended November 30, 2023 and 2022 under the Company’s share repurchase program. The remaining amount available under the repurchase program was $63.7 million as of November 30, 2023.
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v3.23.4
Industry Segment Information
|
3 Months Ended |
Nov. 30, 2023 |
Segment Reporting [Abstract] |
|
Industry Segment Information |
Note 14 – Industry Segment Information The Company manages its business activities in two reportable segments: irrigation and infrastructure. The Company evaluates the performance of its reportable segments based on segment revenues, gross profit and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes. Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three months ended November 30, 2023 or 2022. Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial internet of things, or “IIoT”, solutions. The irrigation reporting segment consists of one operating segment. Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment. The infrastructure reporting segment consists of one operating segment.
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Operating revenues: |
|
|
|
|
|
|
Irrigation: |
|
|
|
|
|
|
North America |
|
$ |
89,377 |
|
|
$ |
83,934 |
|
International |
|
|
50,791 |
|
|
|
68,149 |
|
Irrigation total |
|
|
140,168 |
|
|
|
152,083 |
|
Infrastructure |
|
|
21,190 |
|
|
|
24,076 |
|
Total operating revenues |
|
$ |
161,358 |
|
|
$ |
176,159 |
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
Irrigation |
|
$ |
25,307 |
|
|
$ |
28,641 |
|
Infrastructure |
|
|
3,619 |
|
|
|
3,372 |
|
Corporate |
|
|
(7,852 |
) |
|
|
(7,415 |
) |
Total operating income |
|
|
21,074 |
|
|
|
24,598 |
|
|
|
|
|
|
|
|
Interest and other expense, net |
|
|
(79 |
) |
|
|
(593 |
) |
Earnings before income taxes |
|
$ |
20,995 |
|
|
$ |
24,005 |
|
|
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v3.23.4
Basis of Presentation (Policies)
|
3 Months Ended |
Nov. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
New Accounting Pronouncements |
Recent Accounting Guidance Adopted In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, Liabilities - Supplier Finance Programs, which requires annual and interim disclosures for entities that finance its purchases with supplier finance programs. The Company adopted these amendments in its fiscal 2024, except for the amendment on rollforward information, which is effective for the Company beginning in its fiscal 2025. The adoption of this ASU is not expected to have a material impact on its condensed consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The Company plans to adopt this ASU in its fiscal 2026.
|
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v3.23.4
Revenue Recognition (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue by Segment |
A breakout by segment of revenue recognized over time versus at a point in time for the three months ended November 30, 2023 and 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2023 |
|
($ in thousands) |
|
Irrigation |
|
|
Infrastructure |
|
|
Total |
|
Point in time |
|
$ |
131,201 |
|
|
$ |
12,951 |
|
|
$ |
144,152 |
|
Over time |
|
|
8,967 |
|
|
|
1,231 |
|
|
|
10,198 |
|
Revenue from the contracts with customers |
|
|
140,168 |
|
|
|
14,182 |
|
|
|
154,350 |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
|
— |
|
|
|
7,008 |
|
|
|
7,008 |
|
Total operating revenues |
|
$ |
140,168 |
|
|
$ |
21,190 |
|
|
$ |
161,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2022 |
|
($ in thousands) |
|
Irrigation |
|
|
Infrastructure |
|
|
Total |
|
Point in time |
|
$ |
145,716 |
|
|
$ |
20,230 |
|
|
$ |
165,946 |
|
Over time |
|
|
6,367 |
|
|
|
1,454 |
|
|
|
7,821 |
|
Revenue from the contracts with customers |
|
|
152,083 |
|
|
|
21,684 |
|
|
|
173,767 |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
|
— |
|
|
|
2,392 |
|
|
|
2,392 |
|
Total operating revenues |
|
$ |
152,083 |
|
|
$ |
24,076 |
|
|
$ |
176,159 |
|
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.23.4
Net Earnings Per Share (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Computation of Basic and Diluted Net Earnings Per Share |
The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ and shares in thousands, except per share amounts) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Numerator: |
|
|
|
|
|
|
Net earnings |
|
$ |
15,019 |
|
|
$ |
18,217 |
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
11,017 |
|
|
|
10,989 |
|
Diluted effect of stock awards |
|
|
42 |
|
|
|
84 |
|
Weighted average shares outstanding assuming dilution |
|
|
11,059 |
|
|
|
11,073 |
|
|
|
|
|
|
|
|
Basic net earnings per share |
|
$ |
1.36 |
|
|
$ |
1.66 |
|
Diluted net earnings per share |
|
$ |
1.36 |
|
|
$ |
1.65 |
|
|
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v3.23.4
Acquisitions (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Business Combinations [Abstract] |
|
Summary of Preliminary Purchase Price Allocation |
The following table summarizes the preliminary purchase price allocation for FieldWise at the acquisition date. The Company expects the purchase price allocation to be finalized by the end of fiscal 2024 after completing any necessary working capital adjustments.
|
|
|
|
|
($ in thousands) |
|
Total |
|
Cash and cash equivalents |
|
$ |
1,779 |
|
Accounts receivable |
|
|
376 |
|
Inventories |
|
|
2,651 |
|
Property and equipment |
|
|
2,443 |
|
Deferred tax asset |
|
|
94 |
|
Intangible assets |
|
|
11,400 |
|
Goodwill |
|
|
16,473 |
|
Accounts payable and accrued liabilities |
|
|
(228 |
) |
Deferred revenues |
|
|
(2,132 |
) |
Non-current deferred revenues |
|
|
(235 |
) |
Total purchase price |
|
$ |
32,621 |
|
|
Summary of Identifiable Intangible Assets at Fair Value |
The following table summarizes the identifiable intangible assets at fair value.
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Weighted average useful life in years |
|
|
Fair value of identifiable asset |
|
Intangible assets: |
|
|
|
|
|
|
Customer relationships |
|
|
15.0 |
|
|
$ |
8,700 |
|
Developed technology |
|
|
5.0 |
|
|
|
2,000 |
|
Tradenames |
|
N/A |
|
|
|
700 |
|
Total intangible assets |
|
|
13.1 |
|
|
$ |
11,400 |
|
|
X |
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v3.23.4
Inventories (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories consisted of the following as of November 30, 2023, November 30, 2022, and August 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Raw materials and supplies |
|
$ |
87,082 |
|
|
$ |
96,811 |
|
|
$ |
83,908 |
|
Work in process |
|
|
10,777 |
|
|
|
12,326 |
|
|
|
7,820 |
|
Finished goods and purchased parts, net |
|
|
88,043 |
|
|
|
103,400 |
|
|
|
86,793 |
|
Total inventory value before LIFO adjustment |
|
|
185,902 |
|
|
|
212,537 |
|
|
|
178,521 |
|
Less adjustment to LIFO value |
|
|
(21,758 |
) |
|
|
(24,133 |
) |
|
|
(22,589 |
) |
Inventories, net |
|
$ |
164,144 |
|
|
$ |
188,404 |
|
|
$ |
155,932 |
|
|
X |
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v3.23.4
Long-Term Debt (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Long-Term Debt |
The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Series A Senior Notes |
|
$ |
115,000 |
|
|
$ |
115,000 |
|
|
$ |
115,000 |
|
Elecsys Series 2006A Bonds |
|
|
654 |
|
|
|
876 |
|
|
|
710 |
|
Total debt |
|
|
115,654 |
|
|
|
115,876 |
|
|
|
115,710 |
|
Less current portion |
|
|
(227 |
) |
|
|
(223 |
) |
|
|
(226 |
) |
Less unamortized debt issuance costs |
|
|
(307 |
) |
|
|
(356 |
) |
|
|
(320 |
) |
Total long-term debt |
|
$ |
115,120 |
|
|
$ |
115,297 |
|
|
$ |
115,164 |
|
|
Schedule of Principal Payments Due on Long-Term Debt |
Principal payments on the debt are due as follows:
|
|
|
|
|
Due within |
|
$ in thousands |
|
1 year |
|
$ |
227 |
|
2 years |
|
|
231 |
|
3 years |
|
|
196 |
|
Thereafter |
|
|
115,000 |
|
|
|
$ |
115,654 |
|
|
X |
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v3.23.4
Fair Value Measurements (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Financial Assets and Liabilities Measured at Fair Value |
The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of November 30, 2023, November 30, 2022, and August 31, 2023. There were no transfers between any levels for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2023 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
$ |
159,381 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
159,381 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
11,271 |
|
|
|
— |
|
|
|
11,271 |
|
U.S. treasury securities |
|
|
— |
|
|
|
5,007 |
|
|
|
— |
|
|
|
5,007 |
|
Derivative asset |
|
|
— |
|
|
|
1,001 |
|
|
|
— |
|
|
|
1,001 |
|
Derivative liability |
|
|
— |
|
|
|
(588 |
) |
|
|
— |
|
|
|
(588 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2022 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
|
99,168 |
|
|
|
— |
|
|
|
— |
|
|
|
99,168 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
9,646 |
|
|
|
— |
|
|
|
9,646 |
|
U.S. treasury securities |
|
|
— |
|
|
|
1,778 |
|
|
|
— |
|
|
|
1,778 |
|
Derivative asset |
|
|
— |
|
|
|
3,455 |
|
|
|
— |
|
|
|
3,455 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2023 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash and cash equivalents |
|
$ |
160,755 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
160,755 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
4,095 |
|
|
|
— |
|
|
|
4,095 |
|
U.S. treasury securities |
|
|
— |
|
|
|
1,461 |
|
|
|
— |
|
|
|
1,461 |
|
Derivative asset |
|
|
— |
|
|
|
1,672 |
|
|
|
— |
|
|
|
1,672 |
|
Derivative liability |
|
|
— |
|
|
|
(457 |
) |
|
|
— |
|
|
|
(457 |
) |
|
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v3.23.4
Commitments and Contingencies (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Summary of Undiscounted Environmental Remediation Liability Classifications |
The following table summarizes the environmental remediation liability classifications included in the condensed consolidated balance sheets as of November 30, 2023, November 30, 2022, and August 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Other current liabilities |
|
$ |
509 |
|
|
$ |
3,319 |
|
|
$ |
1,287 |
|
Other noncurrent liabilities |
|
|
10,172 |
|
|
|
10,255 |
|
|
|
10,175 |
|
Total environmental remediation liabilities |
|
$ |
10,681 |
|
|
$ |
13,574 |
|
|
$ |
11,462 |
|
|
X |
- DefinitionSummary of undiscounted environmental remediation liability classifications.
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v3.23.4
Warranties (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Product Warranties Disclosures [Abstract] |
|
Schedule of Product Warranty Liability |
The following table provides the changes in the Company’s product warranties:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Product warranty accrual balance, beginning of period |
|
$ |
14,535 |
|
|
$ |
14,080 |
|
Liabilities accrued for warranties during the period |
|
|
1,569 |
|
|
|
1,240 |
|
Warranty claims paid during the period |
|
|
(1,850 |
) |
|
|
(1,718 |
) |
Product warranty accrual balance, end of period |
|
$ |
14,254 |
|
|
$ |
13,602 |
|
|
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v3.23.4
Share-Based Compensation (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of Type and Fair Value of Share-Based Compensation Awards |
The following table illustrates the type and fair value of share-based compensation awards granted during the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
|
Number of units granted |
|
|
Weighted average grant-date fair value per award |
|
|
Number of units granted |
|
|
Weighted average grant-date fair value per award |
|
Stock options |
|
|
31,199 |
|
|
$ |
44.22 |
|
|
|
21,743 |
|
|
$ |
55.53 |
|
RSUs |
|
|
26,685 |
|
|
$ |
116.71 |
|
|
|
18,502 |
|
|
$ |
152.36 |
|
PSUs |
|
|
21,248 |
|
|
$ |
141.61 |
|
|
|
14,496 |
|
|
$ |
173.17 |
|
|
Schedule of Assumptions Used |
The following table provides the assumptions used in determining the fair value of the stock options awarded during the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, |
|
|
|
2023 |
|
|
2022 |
|
Dividend yield |
|
|
1.2 |
% |
|
|
0.9 |
% |
Volatility |
|
|
37.8 |
% |
|
|
35.7 |
% |
Risk-free interest rate |
|
|
4.8 |
% |
|
|
4.4 |
% |
Expected life (years) |
|
|
5 |
|
|
|
5 |
|
|
Schedule of Assumptions Used to Estimate Fair Value of TSR Portion of Awards Granted |
The fair value of the TSR portion of the awards granted during the three months ended November 30, 2023 and 2022 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions:
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, |
|
|
|
2023 |
|
|
2022 |
|
Expected term (years) |
|
|
3 |
|
|
|
3 |
|
Risk-free interest rate |
|
|
4.9 |
% |
|
|
4.5 |
% |
Volatility |
|
|
34.6 |
% |
|
|
38.6 |
% |
Dividend yield |
|
|
1.2 |
% |
|
|
0.9 |
% |
|
X |
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v3.23.4
Other Current Liabilities (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
Schedule of Other Liabilities Current |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
|
August 31, 2023 |
|
Other current liabilities: |
|
|
|
|
|
|
|
|
|
Contract liabilities |
|
$ |
19,037 |
|
|
$ |
26,487 |
|
|
$ |
18,800 |
|
Compensation and benefits |
|
|
16,184 |
|
|
|
14,958 |
|
|
|
24,957 |
|
Warranties |
|
|
14,254 |
|
|
|
13,602 |
|
|
|
14,535 |
|
Tax related liabilities |
|
|
12,988 |
|
|
|
8,360 |
|
|
|
9,187 |
|
Dealer related liabilities |
|
|
10,282 |
|
|
|
9,730 |
|
|
|
9,629 |
|
Operating lease liabilities |
|
|
3,437 |
|
|
|
3,079 |
|
|
|
3,028 |
|
Deferred revenue - lease |
|
|
3,366 |
|
|
|
1,629 |
|
|
|
2,830 |
|
Accrued insurance |
|
|
1,290 |
|
|
|
1,165 |
|
|
|
1,163 |
|
Accrued environmental liabilities |
|
|
509 |
|
|
|
3,319 |
|
|
|
1,287 |
|
Other |
|
|
8,155 |
|
|
|
7,498 |
|
|
|
6,188 |
|
Total other current liabilities |
|
$ |
89,502 |
|
|
$ |
89,827 |
|
|
$ |
91,604 |
|
|
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v3.23.4
Industry Segment Information (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
($ in thousands) |
|
November 30, 2023 |
|
|
November 30, 2022 |
|
Operating revenues: |
|
|
|
|
|
|
Irrigation: |
|
|
|
|
|
|
North America |
|
$ |
89,377 |
|
|
$ |
83,934 |
|
International |
|
|
50,791 |
|
|
|
68,149 |
|
Irrigation total |
|
|
140,168 |
|
|
|
152,083 |
|
Infrastructure |
|
|
21,190 |
|
|
|
24,076 |
|
Total operating revenues |
|
$ |
161,358 |
|
|
$ |
176,159 |
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
Irrigation |
|
$ |
25,307 |
|
|
$ |
28,641 |
|
Infrastructure |
|
|
3,619 |
|
|
|
3,372 |
|
Corporate |
|
|
(7,852 |
) |
|
|
(7,415 |
) |
Total operating income |
|
|
21,074 |
|
|
|
24,598 |
|
|
|
|
|
|
|
|
Interest and other expense, net |
|
|
(79 |
) |
|
|
(593 |
) |
Earnings before income taxes |
|
$ |
20,995 |
|
|
$ |
24,005 |
|
|
X |
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v3.23.4
Revenue Recognition (Schedule of Disaggregation of Revenue by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
$ 154,350
|
$ 173,767
|
Lease revenue |
7,008
|
2,392
|
Total operating revenues |
161,358
|
176,159
|
Point in Time [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
144,152
|
165,946
|
Over Time [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
10,198
|
7,821
|
Irrigation [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
140,168
|
152,083
|
Lease revenue |
0
|
0
|
Total operating revenues |
140,168
|
152,083
|
Irrigation [Member] | Point in Time [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
131,201
|
145,716
|
Irrigation [Member] | Over Time [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
8,967
|
6,367
|
Infrastructure [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
14,182
|
21,684
|
Lease revenue |
7,008
|
2,392
|
Total operating revenues |
21,190
|
24,076
|
Infrastructure [Member] | Point in Time [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
12,951
|
20,230
|
Infrastructure [Member] | Over Time [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Revenue from the contracts with customers |
$ 1,231
|
$ 1,454
|
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v3.23.4
Net Earnings Per Share (Schedule of Computation of Basic and Diluted Net Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
Net earnings |
$ 15,019
|
$ 18,217
|
Weighted average shares outstanding |
11,017
|
10,989
|
Diluted effect of stock awards |
42
|
84
|
Weighted average shares outstanding assuming dilution |
11,059
|
11,073
|
Basic net earnings per share |
$ 1.36
|
$ 1.66
|
Diluted net earnings per share |
$ 1.36
|
$ 1.65
|
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v3.23.4
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
|
|
Jul. 28, 2023 |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
Goodwill |
|
$ 84,029
|
$ 83,121
|
$ 67,295
|
FieldWise, LLC [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Payments to Acquire Businesses, Gross |
$ 32,600
|
|
|
|
Deferred revenues |
2,132
|
|
|
|
Goodwill |
16,473
|
|
|
|
Amortization of finite lived intangible assets |
10,700
|
|
|
|
Amortization of indefinite lived intangible assets |
$ 700
|
|
|
|
Weighted average useful life of amortizable intangible assets |
13 years 1 month 6 days
|
|
|
|
Acquisition date |
|
Jul. 28, 2023
|
|
|
FieldWise, LLC [Member] | Measurement Period Adjustments [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Deferred revenues |
$ 1,500
|
$ 2,400
|
|
|
Goodwill |
$ 15,600
|
$ 16,500
|
|
|
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v3.23.4
Acquisitions (Summary of Preliminary Purchase Price Allocation) (Details) - USD ($) $ in Thousands |
Nov. 30, 2023 |
Aug. 31, 2023 |
Jul. 28, 2023 |
Nov. 30, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
Goodwill |
$ 84,029
|
$ 83,121
|
|
$ 67,295
|
FieldWise, LLC [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Cash and cash equivalents |
|
|
$ 1,779
|
|
Accounts receivable |
|
|
376
|
|
Inventories |
|
|
2,651
|
|
Property and equipment |
|
|
2,443
|
|
Deferred tax asset |
|
|
94
|
|
Intangible assets |
|
|
11,400
|
|
Goodwill |
|
|
16,473
|
|
Accounts payable and accrued liabilities |
|
|
(228)
|
|
Deferred revenues |
|
|
(2,132)
|
|
Non-current deferred revenues |
|
|
(235)
|
|
Total purchase price |
|
|
$ 32,621
|
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v3.23.4
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Inventory Disclosure [Abstract] |
|
|
|
Raw materials and supplies |
$ 87,082
|
$ 83,908
|
$ 96,811
|
Work in process |
10,777
|
7,820
|
12,326
|
Finished goods and purchased parts, net |
88,043
|
86,793
|
103,400
|
Total inventory value before LIFO adjustment |
185,902
|
178,521
|
212,537
|
Less adjustment to LIFO value |
(21,758)
|
(22,589)
|
(24,133)
|
Inventories, net |
$ 164,144
|
$ 155,932
|
$ 188,404
|
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Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Inventory [Line Items] |
|
|
|
Inventories, net |
$ 164,144
|
$ 155,932
|
$ 188,404
|
LIFO, basis amount |
44,200
|
42,200
|
52,900
|
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$ 119,900
|
$ 113,800
|
$ 135,500
|
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v3.23.4
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Debt Instrument [Line Items] |
|
|
|
Total debt |
$ 115,654
|
$ 115,710
|
$ 115,876
|
Less current portion |
(227)
|
(226)
|
(223)
|
Less unamortized debt issuance costs |
(307)
|
(320)
|
(356)
|
Total long-term debt |
115,120
|
115,164
|
115,297
|
Elecsys Series 2006A Bonds [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Total debt |
654
|
710
|
876
|
Series A Senior Notes [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Total debt |
$ 115,000
|
$ 115,000
|
$ 115,000
|
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v3.23.4
Fair Value Measurements (Schedule of Financial Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Cash and cash equivalents |
$ 159,381
|
$ 160,755
|
$ 99,168
|
Marketable securities: |
|
|
|
Derivative assets |
1,001
|
1,672
|
3,455
|
Derivative liability |
(588)
|
(457)
|
0
|
Corporate Bonds [Member] |
|
|
|
Marketable securities: |
|
|
|
Marketable securities |
11,271
|
4,095
|
9,646
|
U.S. Treasury Securities [Member] |
|
|
|
Marketable securities: |
|
|
|
Marketable securities |
5,007
|
1,461
|
1,778
|
Level 1 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Cash and cash equivalents |
159,381
|
160,755
|
99,168
|
Marketable securities: |
|
|
|
Derivative assets |
0
|
0
|
|
Derivative liability |
0
|
0
|
0
|
Level 1 [Member] | Corporate Bonds [Member] |
|
|
|
Marketable securities: |
|
|
|
Marketable securities |
0
|
0
|
0
|
Level 1 [Member] | U.S. Treasury Securities [Member] |
|
|
|
Marketable securities: |
|
|
|
Marketable securities |
0
|
0
|
0
|
Level 2 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Cash and cash equivalents |
0
|
0
|
0
|
Marketable securities: |
|
|
|
Derivative assets |
1,001
|
1,672
|
3,455
|
Derivative liability |
588
|
(457)
|
0
|
Level 2 [Member] | Corporate Bonds [Member] |
|
|
|
Marketable securities: |
|
|
|
Marketable securities |
11,271
|
4,095
|
9,646
|
Level 2 [Member] | U.S. Treasury Securities [Member] |
|
|
|
Marketable securities: |
|
|
|
Marketable securities |
5,007
|
1,461
|
1,778
|
Level 3 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Cash and cash equivalents |
0
|
0
|
0
|
Marketable securities: |
|
|
|
Derivative assets |
0
|
0
|
0
|
Derivative liability |
0
|
0
|
0
|
Level 3 [Member] | Corporate Bonds [Member] |
|
|
|
Marketable securities: |
|
|
|
Marketable securities |
0
|
0
|
0
|
Level 3 [Member] | U.S. Treasury Securities [Member] |
|
|
|
Marketable securities: |
|
|
|
Marketable securities |
$ 0
|
$ 0
|
$ 0
|
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v3.23.4
Fair Value Measurements (Narrative) (Details) € in Millions |
|
|
3 Months Ended |
|
|
Jun. 12, 2023
USD ($)
|
Mar. 28, 2022
USD ($)
|
Nov. 30, 2023
USD ($)
|
Nov. 30, 2022
USD ($)
|
Jun. 12, 2023
EUR (€)
|
Mar. 28, 2022
EUR (€)
|
Percentage of marketable securities investments mature within one year |
|
|
96.00%
|
|
|
|
Percentage of marketable securities investments mature within one to three years |
|
|
4.00%
|
|
|
|
Notional amount |
$ 25,000,000
|
$ 50,000,000
|
$ 227,500,000
|
|
€ 23.3
|
€ 45.6
|
Maturity date |
Jun. 12, 2026
|
Mar. 30, 2027
|
|
|
|
|
Fair Value, Measurements, Nonrecurring [Member] |
|
|
|
|
|
|
Assets fair value adjustments |
|
|
$ 0
|
|
|
|
Liabilities fair value adjustments |
|
|
|
$ 0
|
|
|
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v3.23.4
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Commitments And Contingencies [Line Items] |
|
|
|
Liabilities |
$ 297,058
|
$ 290,009
|
$ 303,508
|
Lindsay, Nebraska Facility [Member] |
|
|
|
Commitments And Contingencies [Line Items] |
|
|
|
Current environmental remediation accrual |
10,700
|
|
|
Liabilities |
$ 8,000
|
|
|
Liabilities discounted risk Free interest rate |
1.20%
|
|
|
Discounted portion of liabilities |
$ 9,000
|
|
|
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Commitments and Contingencies (Summary of Undiscounted Environmental Remediation Liability Classifications) (Details) - USD ($) $ in Thousands |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
Other current liabilities |
$ 509
|
$ 1,287
|
$ 3,319
|
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] |
Other Liabilities, Current
|
Other Liabilities, Current
|
Other Liabilities, Current
|
Other noncurrent liabilities |
$ 10,172
|
$ 10,175
|
$ 10,255
|
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
Other Liabilities, Noncurrent
|
Other Liabilities, Noncurrent
|
Other Liabilities, Noncurrent
|
Total environmental remediation liabilities |
$ 10,681
|
$ 11,462
|
$ 13,574
|
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v3.23.4
Warranties (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Product Warranties Disclosures [Abstract] |
|
|
Product warranty accrual balance, beginning of period |
$ 14,535
|
$ 14,080
|
Liabilities accrued for warranties during the period |
1,569
|
1,240
|
Warranty claims paid during the period |
(1,850)
|
(1,718)
|
Product warranty accrual balance, end of period |
$ 14,254
|
$ 13,602
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v3.23.4
Other Current Liabilities (Schedule of Other Liabilities Current) (Details) - USD ($) $ in Thousands |
Nov. 30, 2023 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Other Liabilities Disclosure [Abstract] |
|
|
|
Contract liabilities |
$ 19,037
|
$ 18,800
|
$ 26,487
|
Compensation and benefits |
16,184
|
24,957
|
14,958
|
Warranties |
14,254
|
14,535
|
13,602
|
Tax related liabilities |
12,988
|
9,187
|
8,360
|
Dealer related liabilities |
10,282
|
9,629
|
9,730
|
Operating lease liabilities |
3,437
|
3,028
|
3,079
|
Deferred revenue - lease |
3,366
|
2,830
|
1,629
|
Accrued insurance |
1,290
|
1,163
|
1,165
|
Accrued environmental liabilities |
509
|
1,287
|
3,319
|
Other |
8,155
|
6,188
|
7,498
|
Total other current liabilities |
$ 89,502
|
$ 91,604
|
$ 89,827
|
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v3.23.4
Industry Segment Information (Schedule of Segment Reporting Information Impacts on Statement of Operations, by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
Total operating revenues |
$ 161,358
|
$ 176,159
|
Total operating income |
21,074
|
24,598
|
Interest and other expense, net |
(79)
|
(593)
|
Earnings before income taxes |
20,995
|
24,005
|
Irrigation [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Total operating revenues |
140,168
|
152,083
|
Total operating income |
25,307
|
28,641
|
Irrigation [Member] | North America [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Total operating revenues |
89,377
|
83,934
|
Irrigation [Member] | International [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Total operating revenues |
50,791
|
68,149
|
Infrastructure [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Total operating revenues |
21,190
|
24,076
|
Total operating income |
3,619
|
3,372
|
Corporate Segment |
|
|
Segment Reporting Information [Line Items] |
|
|
Total operating income |
$ (7,852)
|
$ (7,415)
|
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