$LNN
LINDSAY CORP

2024 Q2 Form 10-Q Financial Statement

#000095017024041804 Filed on April 04, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $139.2M $151.5M
YoY Change -15.41% -8.86%
Cost Of Revenue $92.70M $102.6M
YoY Change -16.73% -8.41%
Gross Profit $46.50M $48.95M
YoY Change -12.63% -9.78%
Gross Profit Margin 33.4% 32.31%
Selling, General & Admin $22.27M $22.96M
YoY Change 2.45% 2.19%
% of Gross Profit 47.9% 46.91%
Research & Development $4.287M $3.892M
YoY Change -5.2% -13.91%
% of Gross Profit 9.22% 7.95%
Depreciation & Amortization $5.273M $5.267M
YoY Change 10.52% 9.18%
% of Gross Profit 11.34% 10.76%
Operating Expenses $26.56M $26.86M
YoY Change 1.13% -0.51%
Operating Profit $19.94M $22.10M
YoY Change -26.05% -18.95%
Interest Expense $767.0K $830.0K
YoY Change -386.19% -20.04%
% of Operating Profit 3.85% 3.76%
Other Income/Expense, Net $237.0K $599.0K
YoY Change -124.76% -139.1%
Pretax Income $20.17M $22.70M
YoY Change -21.6% -11.8%
Income Tax -$200.0K $4.600M
% Of Pretax Income -0.99% 20.27%
Net Earnings $20.38M $18.12M
YoY Change 20.72% 0.39%
Net Earnings / Revenue 14.64% 11.96%
Basic Earnings Per Share $1.85 $1.64
Diluted Earnings Per Share $1.85 $1.64
COMMON SHARES
Basic Shares Outstanding 11.04M 11.03M
Diluted Shares Outstanding 11.03M 11.07M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.7M $150.6M
YoY Change 5.77% 41.52%
Cash & Equivalents $140.2M $133.4M
Short-Term Investments $12.50M $17.22M
Other Short-Term Assets $30.02M $29.12M
YoY Change 21.81% 4.1%
Inventory $171.5M $167.3M
Prepaid Expenses
Receivables $138.1M $154.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $488.7M $500.7M
YoY Change -0.52% 4.29%
LONG-TERM ASSETS
Property, Plant & Equipment $111.6M $110.7M
YoY Change -2.4% 17.96%
Goodwill $84.10M $84.10M
YoY Change 24.7% 24.76%
Intangibles $25.64M $26.28M
YoY Change 52.1% 51.64%
Long-Term Investments
YoY Change
Other Assets $18.33M $17.54M
YoY Change -45.59% -23.33%
Total Long-Term Assets $269.4M $264.6M
YoY Change 15.93% 15.55%
TOTAL ASSETS
Total Short-Term Assets $488.7M $500.7M
Total Long-Term Assets $269.4M $264.6M
Total Assets $758.1M $765.3M
YoY Change 4.77% 7.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.06M $47.90M
YoY Change -16.93% -9.61%
Accrued Expenses $23.31M $21.35M
YoY Change -9.72% -9.93%
Deferred Revenue $22.52M $16.83M
YoY Change 16.31% 0.26%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $229.0K $228.0K
YoY Change 1.78% 1.79%
Total Short-Term Liabilities $123.7M $129.3M
YoY Change -7.0% -2.64%
LONG-TERM LIABILITIES
Long-Term Debt $115.0M $115.1M
YoY Change -0.16% -0.15%
Other Long-Term Liabilities $18.36M $16.05M
YoY Change -51.52% 9.36%
Total Long-Term Liabilities $133.4M $131.1M
YoY Change -12.86% 0.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.7M $129.3M
Total Long-Term Liabilities $133.4M $131.1M
Total Liabilities $278.1M $282.2M
YoY Change -3.04% -1.59%
SHAREHOLDERS EQUITY
Retained Earnings $678.3M $661.7M
YoY Change 9.23% 8.87%
Common Stock $121.9M $120.2M
YoY Change 5.32% 5.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $295.1M $277.2M
YoY Change 6.46% 0.0%
Treasury Stock Shares
Shareholders Equity $480.0M $483.0M
YoY Change
Total Liabilities & Shareholders Equity $758.1M $765.3M
YoY Change 4.77% 7.93%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $20.38M $18.12M
YoY Change 20.72% 0.39%
Depreciation, Depletion And Amortization $5.273M $5.267M
YoY Change 10.52% 9.18%
Cash From Operating Activities $30.51M -$9.736M
YoY Change -40.5% -403.78%
INVESTING ACTIVITIES
Capital Expenditures $4.754M $11.83M
YoY Change -21.56% 245.56%
Acquisitions
YoY Change
Other Investing Activities $3.195M -$797.0K
YoY Change -144.58% -142.06%
Cash From Investing Activities -$1.559M -$12.63M
YoY Change -88.21% 725.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.65M -3.211M
YoY Change 486.53% -12.22%
NET CHANGE
Cash From Operating Activities 30.51M -9.736M
Cash From Investing Activities -1.559M -12.63M
Cash From Financing Activities -21.65M -3.211M
Net Change In Cash 7.306M -25.58M
YoY Change -78.74% 1190.41%
FREE CASH FLOW
Cash From Operating Activities $30.51M -$9.736M
Capital Expenditures $4.754M $11.83M
Free Cash Flow $25.76M -$21.57M
YoY Change -43.03% 9748.4%

Facts In Submission

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CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1840000
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
391000
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
97675000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
3520000
CY2023Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
160755000
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1672000
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
457000
CY2024Q1 us-gaap Derivative Notional Amount
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189600000
CY2024Q1 us-gaap Accrued Environmental Loss Contingencies Current
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460000
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
3097000
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
1287000
CY2024Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
10172000
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
9975000
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
10175000
CY2024Q1 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
10632000
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
13072000
CY2023Q3 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
11462000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3300000
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14254000
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13602000
CY2023Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14535000
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14080000
CY2024Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2178000
CY2023Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2888000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3747000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
4128000
CY2024Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2061000
CY2023Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2318000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3911000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4036000
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14371000
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14172000
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14371000
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14172000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3500000
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
16825000
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
16782000
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
18800000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16705000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16490000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
24957000
CY2024Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
14371000
CY2023Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
14172000
CY2023Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
14535000
CY2024Q1 lnn Dealer Related Liabilities
DealerRelatedLiabilities
10405000
CY2023Q1 lnn Dealer Related Liabilities
DealerRelatedLiabilities
8969000
CY2023Q3 lnn Dealer Related Liabilities
DealerRelatedLiabilities
9629000
CY2024Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
7905000
CY2023Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
9044000
CY2023Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
9187000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3415000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3069000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3028000
CY2024Q1 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
1634000
CY2023Q1 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
1223000
CY2023Q3 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
2830000
CY2024Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
771000
CY2023Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
1049000
CY2023Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
1163000
CY2024Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
460000
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
3097000
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
1287000
CY2024Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
8656000
CY2023Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
5671000
CY2023Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
6188000
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
81147000
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
79566000
CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
91604000
CY2024Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2023Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
63700000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2024Q1 us-gaap Revenues
Revenues
151519000
CY2023Q1 us-gaap Revenues
Revenues
166241000
us-gaap Revenues
Revenues
312877000
us-gaap Revenues
Revenues
342400000
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
22098000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
27265000
us-gaap Operating Income Loss
OperatingIncomeLoss
43172000
us-gaap Operating Income Loss
OperatingIncomeLoss
51863000
CY2024Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
599000
CY2023Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1532000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
520000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2125000
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22697000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
25733000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
43692000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
49738000

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