Lindsay : First Quarter 2023 Earnings Slide Deck

1st Quarter Fiscal 2023 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 (including but not limited to the lingering effects of the COVID-19 pandemic and related public health measures on plant operations, workforce availability, supply chain availability, and product demand) 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 January 5, 2023.

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First Quarter Summary

Amounts in millions, except per share amounts

Revenue	Operating Income
	(with operating margin)

$166.2	$176.2
		$24.6
		+6%	+84%
		$13.4	14.0%
		8.0%
FY22	FY23	FY22	FY23

• Revenues increased $10.0 million compared to prior year
• • Irrigation increased $6.2 million
  • Infrastructure increased $3.8 million
• Operating income increased $11.2 million compared to prior year
• • Irrigation increased $11.4 million
  • Infrastructure increased $0.6 million
  • Corporate expense increased $0.8 million

Diluted EPS

$1.65

$0.72

FY22 FY23

+129%

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First Quarter Financial Summary

	($ in millions, except per share amounts)	Q1 - FY23	Q1 - FY22	Change
	Revenue
	North America irrigation	$	83.9	$	79.0	6%
	International irrigation	$	68.1	$	66.9	2%
	Irrigation	$	152.1	$	145.9	4%
	Infrastructure	$	24.1	$	20.2	19%
	Total revenue	$	176.2	$	166.2	6%
	Operating income	$	24.6	$	13.4	84%
	Operating Margin		14.0%		8.0%	590 bps
	Net earnings	$	18.2	$	7.9	131%
	Diluted earnings per share (EPS)	$	1.65	$	0.72	129%
	Backlog	$	129.6	$	154.8	-16%

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Current Market Factors

Irrigation

• As of November 2022, U.S. corn prices have increased 15 percent and soybean prices have increased 18 percent from a year ago. Agricultural commodity prices remained elevated due to global supply constraints and steady demand.
• As of December 2022, the USDA projected net farm income to be $160.5 billion, an increase of 14 percent from 2021. A projected increase in cash receipts has more than offset a decrease in government support payments and higher cash expenses. If realized, projected 2022 net farm income would be at its highest level since 1973.
• Drought and water scarcity issues in the U.S. and other parts of the world support the need for efficient irrigation
• Inflationary pressure on raw material and other input costs has moderated, although certain supply chain constraints persist.
• High farm input costs and increasing interest rates temper demand for investment.

Infrastructure

• The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021 and marked the largest infusion of federal investment into infrastructure projects in more than a decade. It includes a five-year reauthorization of the Fixing America's Surface Transportation (FAST) Act.
• This legislation introduced $110 billion in incremental federal funding to repair roads, bridges, and support other transformational projects, which the Company anticipates will translate into higher demand for its transportation safety products.
• November 2022 YTD state and local government contract awards for highway and pavement projects are up 24% compared to the prior year, supporting an increase in construction activity in 2023.
• Cost inflation and constraints in availability of labor resources are impacting the timing and scope of certain construction projects.

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