Lindsay Corp Files 10-Q for Period Ending Feb 29, 2024

TL;DR

<b>Lindsay Corp filed its Q2 2024 10-Q, detailing financial positions and fair value measurements as of February 29, 2024.</b>

AI Summary

LINDSAY CORP (LNN) filed a Quarterly Report (10-Q) with the SEC on April 4, 2024. Lindsay Corp filed a 10-Q for the period ending February 29, 2024. The filing includes data related to various financial statement line items and fair value measurements. Specific dates mentioned include 2024-02-29, 2023-08-31, and 2022-12-01. The company's fiscal year ends on August 31. The filing references US GAAP standards and specific members like RetainedEarnings and CommonStock.

Why It Matters

For investors and stakeholders tracking LINDSAY CORP, this filing contains several important signals. This 10-Q provides a detailed look into Lindsay Corp's financial health and operational segments for the second quarter of fiscal year 2024. Investors and analysts can use this filing to assess the company's performance, asset valuation, and liabilities, informing investment decisions.

Risk Assessment

Risk Level: medium — LINDSAY CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains detailed financial information but does not inherently signal significant positive or negative events beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Lindsay Corp's current financial standing and operational performance.

Key Numbers

• 2024-02-29 — Period End Date (Reporting period)
• 2023-08-31 — Previous Fiscal Year End (Reference date for financial comparison)
• 2022-12-01 — Start Date for Accumulated Other Comprehensive Income (Specific financial reporting period)
• 2023-02-28 — End Date for Accumulated Other Comprehensive Income (Specific financial reporting period)

Key Players & Entities

• LINDSAY CORP (company) — Filer name
• 2024-02-29 (date) — Period of report
• 2024-04-04 (date) — Filed as of date
• 0831 (date) — Fiscal year end
• 1934 Act (regulatory) — SEC Act
• OMAHA (location) — Business address city
• NE (location) — Business address state
• 68022 (postal_code) — Business address zip

FAQ

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-04: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-08-31: Fiscal Year End — Marks the end of the company's fiscal year.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial condition between annual reports.)

US GAAP

United States Generally Accepted Accounting Principles. (The standard framework of guidelines for financial accounting used in the U.S.)

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value LNN New York Stock Exchan

Filing Documents

• lnn-20240229.htm (10-Q) — 1988KB
• lnn-ex31_1.htm (EX-31.1) — 16KB
• lnn-ex31_2.htm (EX-31.2) — 16KB
• lnn-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-041804.txt (&nbsp;) — 7569KB
• lnn-20240229.xsd (EX-101.SCH) — 910KB
• lnn-20240229_htm.xml (XML) — 1503KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION 3

– Financial Statements

ITEM 1 – Financial Statements 3 Condensed Consolidated Statements of Earnings for the three and six months ended February 29, 2024 and February 28, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended February 29, 2024 and February 28, 2023 4 Condensed Consolidated Balance Sheets as of February 29, 2024, February 28, 2023, and August 31, 2023 5 Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended February 29, 2024 and February 28, 2023 6 Condensed Consolidated Statements of Cash Flows for the six months ended February 29, 2024 and February 28, 2023 8 Notes to the Condensed Consolidated Financial Statements 9

– Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 18

– Quantitative and Qualitative Disclosures about Market Risk

ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk 26

– Controls and Procedures

ITEM 4 – Controls and Procedures 26

– OTHER INFORMATION

Part II – OTHER INFORMATION 28

– Legal Proceedings

ITEM 1 – Legal Proceedings 28

– Risk Factors

ITEM 1A – Risk Factors 28

– Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds 28

– Defaults Upon Senior Securities

ITEM 3 – Defaults Upon Senior Securities 28

– Mine Safety Disclosures

ITEM 4 – Mine Safety Disclosures 28

– Other Information

ITEM 5 – Other Information 28

– Exhibits

ITEM 6 – Exhibits 29

SIGNATURES

SIGNATURES 30 - 2 - Table of Contents

– FINANC IAL INFORMATION

Part I – FINANC IAL INFORMATION

- Financi al Statements

ITEM 1 - Financi al Statements LINDSAY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three months ended Six months ended ($ and shares in thousands, except per share amounts) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Operating revenues $ 151,519 $ 166,241 $ 312,877 $ 342,400 Cost of operating revenues 102,565 111,983 214,018 235,122 Gross profit 48,954 54,258 98,859 107,278 Operating expenses: Selling expense 9,498 8,733 19,315 18,410 General and administrative expense 13,466 13,739 28,128 28,176 Engineering and research expense 3,892 4,521 8,244 8,829 Total operating expenses 26,856 26,993 55,687 55,415 Operating income 22,098 27,265 43,172 51,863 Other income (expense): Interest expense ( 830 ) ( 1,038 ) ( 1,707 ) ( 1,947 ) Interest income 1,295 490 2,363 865 Other income (expense), net 134 ( 984 ) ( 136 ) ( 1,043 ) Total other income (expense) 599 ( 1,532 ) 520 ( 2,125 ) Earnings before income taxes 22,697 25,733 43,692 49,738 Income tax expense 4,574 7,681 10,550 13,469 Net earnings $ 18,123 $ 18,052 $ 33,142 $ 36,269 Earnings per share: Basic $ 1.64 $ 1.64 $ 3.01 $ 3.30 Diluted $ 1.64 $ 1.63 $ 2.99 $ 3.28 Shares used in computing earnings per share: Basic 11,033 11,007 11,025 10,998 Diluted 11,074 11,063 11,067 11,068 Cash dividends declared per share $ 0.35 $ 0.34 $ 0.70 $ 0.68 See accompanying notes to condensed consolidated financial statements. - 3 - Table of Contents LINDSAY CORPORA TION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three months ended Six months ended ($ in thousands) February 29, 2024 February 28, 2023 February 29, 2024 Fe

dilution

dilution 11,074 11,063 11,067 11,068 Basic net earnings per share $ 1.64 $ 1.64 $ 3.01 $ 3.30 Diluted net earnings per share $ 1.64 $ 1.63 $ 2.99 $ 3.28 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 and six months ended February 29, 2024 and February 28, 2023. 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 $ 32.7 million was financed through an all-cash transaction from the Company's cash on hand. The following table summarizes the final purchase price allocation for the acquisition of FieldWise. ($ 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 16,593 Accounts payable and accrued liabilities ( 228 ) Deferred revenues ( 2,132 ) Non-current deferred revenues ( 235 ) Total purchase price $ 32,741 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. These adjustments were the product of final working capital adjustments with the seller and are incorporated within the va

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