Lindsay : Second Quarter 2021 Earnings Slide Deck

2nd Quarter Fiscal 2021 Earnings Slide Deck

Safe-Harbor Statement

This presentation contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission.

Investors should understand that a number of factors could cause future economic and industry conditions, and the Company's actual financial condition and results of operations, to differ materially from management's beliefs expressed in the forward-looking statements contained in this presentation. These factors include those outlined in the "Risk Factors" section of the Company's most recent annual report on Form 10-K filed with the Securities and Exchange Commission, and investors are urged to review these factors when considering the forward-looking statements contained in this presentation.

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.

For full financial statement information, please see the Company's earnings release dated April 6, 2021.

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Second Quarter Summary

Amounts in millions, except per share amounts

Revenue	Operating Income	Diluted EPS
	$143.6		$15.8		$1.08
$113.8	+26%		+83%		+112%
		$8.6	11.0%	$0.51
		7.6%
FY20	FY21	FY20	FY21	FY20	FY21

• Revenues increased $29.8 million compared to prior year
• • Irrigation increased $25.1 million
  • Infrastructure increased $4.7 million
• Operating income increased $7.2 million compared to prior year results
• • Irrigation increased $8.0 million
  • Infrastructure increased $0.4 million
  • Corporate expense increased $1.2 million
  • • Includes expense of $1.5 million related to the modification of equity awards in connection with CEO retirement

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Second Quarter and YTD Financial Summary

	($ in millions, except per share amounts)	Q2 - FY21	Q2 - FY20	Change
	Revenue
	North America irrigation	$	80.2	$	67.1	19%
	International irrigation	$	38.4	$	26.4	45%
	Irrigation	$	118.6	$	93.5	27%
	Infrastructure	$	25.0	$	20.3	23%
	Total revenue	$	143.6	$	113.8	26%
	Operating income	$	15.8	$	8.6	83%
	Operating Margin		11.0%		7.6%	340 bps
	Net earnings	$	11.9	$	5.5	115%
	Diluted earnings per share (EPS)	$	1.08	$	0.51	112%
	Backlog	$	101.4	$	104.4	-3%

YTD FY21	YTD FY20	Change
$	133.0	$	120.7	10%
$	73.0	$	56.1	30%
$	205.9	$	176.8	16%
$	46.1	$	46.4	0%
$	252.1	$	223.2	13%
$	23.3	$	20.9	12%
	9.3%		9.4%	-10 bps
$	19.0	$	13.9	37%
$	1.74	$	1.28	36%
$	101.4	$	104.4	-3%

Certain immaterial reclassifications have been made to the prior year operating results to conform with the current year presentation, as revenue and operating	4
income from certain product lines included within the infrastructure reporting segment in the prior year are now included within the irrigation reporting segment.

Current Market Factors

Irrigation

• As of February 2021, U.S. corn and soybean prices have reached multi-year highs as a result of lower production levels in 2020 coupled with higher demand coming primarily from increased exports to China.
• Estimated net farm income for 2020 of $121.1 billion increased 46 percent from the prior year. Most of the increase was attributed to higher federal government direct farm program payments.
• Net farm income for 2021 is estimated to decrease 8 percent to $111.4 billion. Federal government direct farm program payments are estimated to return to more historical levels while cash receipts from crops and livestock are projected to increase.
• Significant increases in raw material and freight costs have resulted in short-term margin pressure until increased costs are fully recovered by price increases.
• Constraints on availability of raw materials, labor and trucking resources extend lead times for deliveries.

Infrastructure

• The five-year $305 billion U.S. highway bill (the "FAST Act") expired September 30, 2020 and was extended for one year. The extension includes an additional $13.6 billion added to the Highway Trust Fund.
• Construction activity has slowed globally as a result of delays in approvals and government budget constraints caused by the Covid-19 pandemic.
• A Federal Covid-19 relief bill signed December 27, 2020 includes $10 billion of emergency aid for state departments of transportation to help fund eligible projects.
• A Federal Covid-19 relief bill signed March 11, 2021 provides $350 billion in additional assistance to states and local governments.
• President Biden is proposing a $2 trillion infrastructure bill that includes, among other things, $135 billion to repair and rebuild bridges, highways and roads and to improve road safety.

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