Lindsay Corp (LNN) 2023 Q1 法說會逐字稿

Good morning. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation Fiscal Year 2023 First Quarter Earnings Call. (Operator Instructions).

早上好。我叫喬，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Lindsay Corporation 2023 財年第一季度財報電話會議。 （操作員說明）。

During this call, management may make Forward-looking statements that are subject to risks and uncertainties, which reflect management's current beliefs, estimates of future economic circumstances, industry conditions and company performance and financial results. Forward-looking statements include the information concerning possible or assumed future results of operations of the company and those statements preceded by, followed by or including the words expectation, outlook, could, may, should or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

在此電話會議期間，管理層可能會做出受風險和不確定因素影響的前瞻性陳述，這些陳述反映了管理層當前的信念、對未來經濟狀況、行業狀況以及公司業績和財務業績的估計。前瞻性陳述包括有關公司可能或假設的未來經營結果的信息，以及那些之前、之後或包括預期、展望、可能、可能、應該或類似表達的陳述。對於這些陳述，我們要求 1995 年私人證券訴訟改革法案中包含的前瞻性陳述的安全港保護。

Please do note that today the event is being recorded. I would now like to turn the call over to Mr. Randy Wood, President and Chief Executive Officer.

請注意，今天正在記錄該事件。我現在想把電話轉給總裁兼首席執行官蘭迪伍德先生。

Thank you, and good morning, everyone. Welcome to our fiscal 2023 first quarter earnings call. With me today is Brian Ketcham, our Chief Financial Officer. We were pleased to start our fiscal year strong, delivering revenue growth and earnings that more than doubled compared to last year's first quarter. I'd like to thank our employees, dealers and suppliers around the world for their contributions.

謝謝大家，早上好。歡迎來到我們的 2023 財年第一季度財報電話會議。今天和我在一起的是我們的首席財務官 Brian Ketcham。我們很高興以強勁的勢頭開啟本財年，與去年第一季度相比，收入增長和盈利增長了一倍多。我要感謝我們在世界各地的員工、經銷商和供應商所做的貢獻。

The relentless focus on our customers and execution of our business strategies continues to generate positive results for our shareholders and supports our mission of conserving natural resources, expanding the world's potential and improving quality of life. I continue to be very proud and appreciative of the job they're doing.

對我們客戶的不懈關注和我們業務戰略的執行繼續為我們的股東帶來積極成果，並支持我們保護自然資源、擴大世界潛力和改善生活質量的使命。我繼續為他們所做的工作感到自豪和感激。

Looking at the macro environment. We continue to see supply chain constraints impacting certain areas of our business. Our teams have done a great job mitigating the impact of these challenges, and we expect to see continuous improvement in the situation as the year progresses. Overall inflationary pressure on raw materials and other input costs have moderated. Price realization remains strong and even in a competitive market, we remain disciplined in our approach to passing cost increases through to the market.

再看宏觀環境。我們繼續看到供應鏈限制影響我們業務的某些領域。我們的團隊在減輕這些挑戰的影響方面做得很好，我們希望隨著時間的推移，情況會不斷改善。原材料和其他投入成本的整體通脹壓力有所緩和。價格實現仍然強勁，即使在競爭激烈的市場中，我們在將成本增加轉嫁給市場的方法上仍然保持紀律。

In the area of technology and innovation, we were pleased to recently announce our strategic partnership with Ceres Imaging. This addition to FieldNET expands our Smart Pivot platform and provides our customers additional choices and sources of high-resolution imagery and analytics to help them make the best agronomic decisions for their crops. Allowing flexibility in customer choice is a fundamental part of our imagery strategy, and we anticipate additional strategic partnerships in the future.

在技術和創新領域，我們最近很高興地宣布與 Ceres Imaging 建立戰略合作夥伴關係。 FieldNET 的這一新增功能擴展了我們的 Smart Pivot 平台，並為我們的客戶提供了更多選擇和高分辨率圖像和分析的來源，以幫助他們為其作物做出最佳農藝決策。允許客戶靈活選擇是我們圖像戰略的基本組成部分，我們預計未來會有更多的戰略合作夥伴關係。

Turning to irrigation market conditions. We continue to see strong market fundamentals in the North American market, including high commodity prices leading to record net cash farm income in 2022. Drought conditions have eased somewhat in the far west, but we're seeing conditions worsen year-over-year in the core Midwest markets, including Nebraska and Kansas. This highlights the importance of irrigated agricultural and should be supportive of a strong market.

轉向灌溉市場條件。我們繼續看到北美市場的強勁市場基本面，包括導致 2022 年農場淨現金收入創紀錄的高商品價格。遙遠西部的干旱情況有所緩解，但我們看到情況逐年惡化核心中西部市場，包括內布拉斯加州和堪薩斯州。這凸顯了灌溉農業的重要性，並應支持強大的市場。

Customer sentiment is cautious at this stage due mainly to future concerns about profitability of the 2023 crop and rising interest rates. This may temper market upside, but we don't expect this to create a significant headwind at this time. In the international regions, we see the same strong market fundamentals connected to global commodity prices and farm income having a positive impact in the developed markets, particularly in Brazil. The presidential transition in Brazil has resulted in some market latency that may delay second quarter deliveries, but we don't expect it to impact our full year results.

現階段客戶情緒持謹慎態度，主要是由於對未來 2023 年作物盈利能力和利率上升的擔憂。這可能會緩和市場上行空間，但我們預計此時不會造成重大逆風。在國際地區，我們看到與全球大宗商品價格和農業收入相關的同樣強勁的市場基本面對發達市場產生積極影響，尤其是在巴西。巴西總統換屆導致一些市場延遲，可能會延遲第二季度的交付，但我們預計這不會影響我們的全年業績。

Project activity and visibility across Central Asia and the Middle East continues to be strong, timing of execution is difficult to predict, but we're pleased with what we see in the market and our ability to leverage our global footprint to compete for and win these projects. Moving to infrastructure. We expect to see the positive impact of the Infrastructure Investment and Jobs Act in the road safety business. November year-to-date state and local government contract awards for highway and payment projects are up 24% compared to a year ago, supporting an increase in construction activity in the second half of our fiscal year.

中亞和中東的項目活動和知名度繼續保持強勁，執行時間難以預測，但我們對我們在市場上看到的情況以及我們利用我們的全球足跡競爭並贏得這些項目的能力感到滿意項目。轉向基礎設施。我們期望看到《基礎設施投資和就業法》對道路安全業務產生積極影響。今年 11 月至今，國家和地方政府授予的公路和支付項目合同比去年同期增長 24%，支持了本財年下半年建設活動的增加。

The full impact of this increase is being somewhat offset by inflation in construction costs. We continue to actively manage the Road Zipper sales funnel and completed shipment of our large project in Massachusetts in the first quarter. Our global teams continue to identify applications for the Road Zipper in both permanent installations and temporary lease applications to help mitigate traffic congestion and provide positive protection during roadway construction.

這種增長的全部影響在一定程度上被建築成本的通貨膨脹所抵消。我們繼續積極管理 Road Zipper 銷售漏斗，並在第一季度完成了我們在馬薩諸塞州的大型項目的發貨。我們的全球團隊繼續在永久安裝和臨時租賃應用中確定 Road Zipper 的應用，以幫助緩解交通擁堵並在道路施工期間提供積極保護。

I'll now turn the call over to Brian to review our first quarter financial results. Brian?

我現在將電話轉給布賴恩來審查我們第一季度的財務業績。布萊恩？

Thank you, Randy, and good morning, everyone. Total revenues for the first quarter of fiscal 2023 increased 6% to $176.2 million compared to $166.2 million in the same quarter last year. Net earnings for the quarter were $18.2 million or $1.65 per diluted share compared to net earnings of $7.9 million or $0.72 per diluted share in the prior year.

謝謝你，蘭迪，大家早上好。 2023 財年第一季度總收入增長 6% 至 1.762 億美元，而去年同期為 1.662 億美元。本季度淨收益為 1820 萬美元或稀釋後每股收益 1.65 美元，而去年同期淨收益為 790 萬美元或稀釋後每股收益 0.72 美元。

Irrigation segment revenues for the first quarter increased 4% to $152.1 million compared to $145.9 million in the same quarter last year. North America irrigation revenues of $83.9 million increased 6% compared to last year's first quarter. The increase in North America irrigation revenues resulted primarily from higher average selling prices as unit sales volume was comparable to the prior year. In the international irrigation markets, revenues of $68.1 million increased 2% compared to last year's first quarter, including unfavorable effects of foreign currency translation differences of approximately $1.6 million. Higher sales in Brazil and other markets more than offset the impact of lower sales in Ukraine and Russia as well as Egypt project sales of $9 million in the prior year that did not repeat.

第一季度灌溉部門的收入增長了 4%，達到 1.521 億美元，而去年同期為 1.459 億美元。與去年第一季度相比，北美灌溉收入為 8390 萬美元，增長 6%。北美灌溉收入的增長主要是由於平均售價較高，因為單位銷量與上一年相當。在國際灌溉市場，收入為 6810 萬美元，比去年第一季度增長 2%，其中包括約 160 萬美元的外幣換算差異的不利影響。巴西和其他市場的銷售額增長足以抵消烏克蘭和俄羅斯銷售額下降的影響，以及上一年埃及項目銷售額 900 萬美元的下降，但這一情況並未重複。

Total irrigation segment operating income for the first quarter was $28.6 million, an increase of 66% compared to the prior year first quarter and operating margin was 18.8% of sales compared to 11.8% of sales in the prior year first quarter. The increase in operating income and operating margin resulted primarily from improved price realization, less inflationary impact on input costs and a more favorable margin mix of international irrigation revenues compared to the prior year first quarter. The prior year first quarter included LIFO expense of $5 million, while the current year LIFO impact was minimal.

第一季度灌溉部門總營業收入為 2860 萬美元，與去年同期相比增長 66%，營業利潤率為銷售額的 18.8%，而去年同期為 11.8%。與去年第一季度相比，營業收入和營業利潤率的增長主要是由於價格實現的改善、對投入成本的通貨膨脹影響較小以及國際灌溉收入的利潤率組合更有利。去年第一季度包括 500 萬美元的 LIFO 費用，而本年度 LIFO 的影響很小。

Infrastructure segment revenues for the first quarter increased 19% and to $24.1 million compared to $20.2 million in the same quarter last year. The increase resulted from higher Road Zipper System project sales, which were partially offset by lower Road Zipper lease revenue and lower sales of road safety products compared to the prior year.

第一季度基礎設施部門的收入增長了 19%，達到 2410 萬美元，而去年同期為 2020 萬美元。增加的原因是 Road Zipper System 項目銷售額增加，與上一年相比，Road Zipper 租賃收入減少和道路安全產品銷售額減少部分抵消了這一增長。

During the quarter, we delivered the remaining $8 million of the $24 million barrier replacement project in Massachusetts that began in our fiscal fourth quarter last year. Infrastructure segment operating income for the first quarter increased 22% to $3.4 million compared to $2.8 million in the same quarter last year. Infrastructure operating margin for the quarter was 14% of sales compared to 13.7% of sales in the prior year. Improved current year results resulted primarily from higher revenues and less inflationary impact on input costs compared to the prior year first quarter. This increase was partially offset by a less favorable margin mix of revenues compared to the prior year first quarter because of lower Road Zipper lease revenue.

在本季度，我們交付了馬薩諸塞州從去年第四財季開始的價值 2400 萬美元的屏障更換項目中剩餘的 800 萬美元。第一季度基礎設施部門營業收入增長 22% 至 340 萬美元，而去年同期為 280 萬美元。本季度基礎設施運營利潤率為銷售額的 14%，而去年同期為 13.7%。與去年第一季度相比，本年度業績的改善主要是由於收入增加以及通貨膨脹對投入成本的影響較小。由於 Road Zipper 租賃收入較低，與去年第一季度相比，收入的利潤率組合較差，部分抵消了這一增長。

Turning to the balance sheet and liquidity. Our balance sheet remains solid, and our total availability -- total available liquidity at the end of the quarter was $160.6 million, with $110.6 million in cash, cash equivalents and marketable securities and $50 million available under our revolving credit facility. Through an ongoing focus on working capital management, we expect to improve our free cash flow generation in fiscal 2023 and further enhance our position to invest in growth opportunities that create value for our shareholders.

轉向資產負債表和流動性。我們的資產負債表依然穩固，我們的總可用資金——本季度末的總可用流動資金為 1.606 億美元，其中現金、現金等價物和有價證券為 1.106 億美元，循環信貸額度下有 5000 萬美元可用。通過持續關注營運資本管理，我們預計將在 2023 財年改善我們的自由現金流生成，並進一步加強我們投資於為股東創造價值的增長機會的地位。

At this time, I would like to turn the call over to the operator to take your questions.

這個時候，我想把電話轉給接線員來回答你的問題。

(Operator Instructions) And our first question here will come from [Tyler Houghton] with William Blair.

（操作員說明）我們在這裡的第一個問題將來自 [Tyler Houghton] 和 William Blair。

I was just wondering if you could start off any updates on larger projects internationally in irrigation. And then I have one more follow-up.

我只是想知道您是否可以開始更新國際灌溉領域的大型項目。然後我還有一個跟進。

Sure. I'll cover that one, Tyler. And as we said in the script, the timing of confirmation, the timing of execution is always difficult to predict. So really, we focus on the number of opportunities that we see. And right now, there is a robust funnel, and it's linked to food security, population growth. We've talked to different times. The pandemic really accelerated a lot of discussions in different parts of the world on improving food security for a lot of governments and countries around the world. So we are pleased with what we see in the funnel, but it is difficult again to predict when we're going to see those confirmed and start delivering. But the funnel is strong.

當然。我會介紹那個，泰勒。而且正如我們在劇本中所說的那樣，確認的時間，執行的時間總是很難預測的。所以實際上，我們關注的是我們看到的機會數量。現在，有一個強大的漏斗，它與糧食安全、人口增長有關。我們談過不同的時間。這場大流行確實加速了世界不同地區關於改善世界上許多政府和國家糧食安全的大量討論。因此，我們對我們在漏斗中看到的內容感到滿意，但再次很難預測我們何時會看到這些確認並開始交付。但是漏斗很強大。

Right. And then in infrastructure, with the number of small to midsized projects for fiscal '23, how would that stack up against that one large project in Massachusetts for fiscal '22?

正確的。然後在基礎設施方面，23 財年的中小型項目數量如何與馬薩諸塞州 22 財年的一個大型項目相提並論？

Yes, Tyler, this is Brian. I would say, what we see is an increase in the leasing part of our business in probably the second half of the year as the construction season gets underway. And then as we said before, some smaller and medium-sized projects on the Road Zipper projects side of the business. And so in total, road safety products, we expect some growth. So year-over-year, we expect to be able to offset that Massachusetts project with growth from some of the other areas.

是的，泰勒，這是布賴恩。我想說的是，隨著施工季節的到來，我們看到的是我們業務的租賃部分可能會在今年下半年有所增加。然後正如我們之前所說，Road Zipper 項目方面的一些中小型項目。因此，總體而言，道路安全產品，我們預計會有一些增長。因此，與去年同期相比，我們希望能夠用其他一些地區的增長來抵消馬薩諸塞州的項目。

And our next question will come from Ryan Connors with Northcoast Research.

我們的下一個問題將來自 Northcoast Research 的 Ryan Connors。

Congrats on super results there to everyone on the team. So it looks like what we saw here is pricing really holding up very well as some of the inflation moderate. So I guess my question is that jump in the gross margin, how should we be thinking about that going forward? Obviously, you never want to be on a call like this telegraphing anything -- any kind of negative price. But how should we think about price cost and sustainability as inflation moderates and we're up at this kind of a margin level?

祝賀團隊中的每個人都取得了出色的成績。所以看起來我們在這裡看到的是定價真的很好，因為一些通脹溫和。所以我想我的問題是毛利率的躍升，我們應該如何考慮未來的發展？顯然，你永遠不想在這樣的電話中傳達任何信息——任何一種負價格。但是，隨著通貨膨脹放緩，我們應該如何考慮價格成本和可持續性，並且我們處於這種保證金水平？

Yes. I think -- Ryan, this is Brian. Where we finished the first quarter, obviously, year-over-year, big increase. I think you look at a good chunk of that attributed to the LIFO -- negative LIFO impact we had last year and not as much this year, but still you factor that out, you factor the dilutive nature of the Egypt project last year, and we still had very strong incremental margin improvement. And I think what we've been saying since third quarter last year as we've gotten the full price realization that we've expected, there's still some noise in some of the inflation.

是的。我想——瑞安，這是布賴恩。我們在第一季度完成的地方，顯然，同比大幅增長。我認為你看到了很大一部分歸因於後進先出法——我們去年受到的後進先出法的負面影響今年沒有那麼大，但你仍然把它排除在外，考慮到去年埃及項目的稀釋性，以及我們仍然有非常強勁的增量利潤率改善。而且我認為我們自去年第三季度以來一直在說什麼，因為我們已經實現了我們預期的全部價格，一些通貨膨脹仍然存在一些噪音。

But I would say both in North America and in Brazil, we've seen some margin expansion as a result as we've come through this -- gotten through the inflationary impact, looking at a strong demand environment. So we've been able to expand margins and -- we continue to look at other opportunities through productivity improvement to continue to grow margins, but we're pretty pleased with the progress we've made to date.

但我要說的是，在北美和巴西，我們已經看到了一些利潤率的擴張，因為我們已經度過了這個——克服了通貨膨脹的影響，看到了強勁的需求環境。因此，我們已經能夠擴大利潤率——我們繼續通過提高生產力來尋找其他機會來繼續增加利潤率，但我們對迄今為止取得的進展感到非常滿意。

Okay. And then my other one has to do with this issue of, obviously, 2022, talking full year -- fiscal year, rather, you had a pretty nice impact of storm damage and replacement demand. Wonder if you can kind of frame that issue for us as we look ahead to '23, both in terms of to what extent that was a driver. And any way that you might be able to quantify the impact there in '22? And then also, there's been some talk about insurance carriers, at least some insurance carriers dropping coverage of pivots because in part of the claim frequency with all that storm damage. So curious if you have any thoughts on how that could impact customer buying decisions going forward?

好的。然後我的另一個與這個問題有關，很明顯，2022 年，談論全年 - 財政年度，更確切地說，你對風暴破壞和更換需求產生了相當大的影響。想知道您是否可以在我們展望 23 年時為我們提出這個問題，無論是在多大程度上是一個驅動因素。你有什麼方法可以量化 22 年的影響？然後，還有一些關於保險公司的討論，至少一些保險公司放棄了樞軸的承保範圍，因為部分索賠頻率與風暴造成的損失有關。很好奇您是否對這將如何影響未來的客戶購買決策有任何想法？

Yes. We can tackle both of those, Ryan. Looking at storm volume impact last year, I'll maybe let Brian quantify that when I'm through. But it's certainly -- we'll see that difficult comp in our fourth quarter, our fiscal fourth quarter. You always plan for some storm damage in your volume forecasting and supply chain and labor planning -- but last year was really an extraordinary but particularly in the fourth quarter for us. So I'll let Brian quantify that.

是的。我們可以解決這兩個問題，Ryan。看看去年的風暴量影響，我可能會讓布賴恩在我完成後對其進行量化。但可以肯定的是——我們將在第四季度，即第四財季看到艱難的競爭。你總是在你的銷量預測、供應鍊和勞動力計劃中計劃一些風暴破壞——但去年確實是一個非凡的一年，尤其是在第四季度對我們來說。所以我會讓 Brian 對此進行量化。

Relative to insurance, we have seen the same types of discussions and same chatter, and we've been personally in contact with a lot of the insurers, reinsurers across the industry. And there's an ebb and a flow here, I think, just like you see in the insurance market in residential homes when there's disasters in certain parts of the country. Our view now is there's always going to be a market. There's always going to be somebody willing to provide coverage where it's necessary. And even if the economics changed slightly on insurance premiums, when you look at that as part of the total cost of ownership compared to the benefits of irrigated agriculture production, we might see some hesitation, but we don't view it as a significant headwind. It's still going to be -- irrigation is still going to be a requirement in a lot of parts of the country, and we don't see any incremental insurance costs driving a lot of negative sentiment right now. And Brian, maybe quantification on storm...

相對於保險，我們看到了相同類型的討論和相同的喋喋不休，並且我們已經與整個行業的許多保險公司和再保險公司進行了個人接觸。我認為這裡有潮起潮落，就像你在該國某些地區發生災難時在住宅保險市場看到的那樣。我們現在的觀點是總會有一個市場。總會有人願意在必要時提供保險。即使保險費的經濟學略有變化，當你將其作為總擁有成本的一部分與灌溉農業生產的好處進行比較時，我們可能會有些猶豫，但我們並不認為這是一個重大的逆風.它仍然會是——灌溉仍將是該國許多地區的一項要求，我們目前沒有看到任何增加的保險成本會引發很多負面情緒。布賴恩，也許對風暴進行量化……

Yes. Yes, Ryan. I think last year, in our fourth quarter, we kind of quantified that exceptional incremental storm damage in the neighborhood of around $15 million in revenue. And so we would expect this year to kind of fall back into the more traditional storm season, but who knows what the kind of weather changes that we've been seeing, but that's kind of how we're looking at things today.

是的。是的，瑞安。我認為去年，在我們的第四季度，我們量化了大約 1500 萬美元收入附近的異常增量風暴損失。所以我們預計今年會回到更傳統的風暴季節，但誰知道我們已經看到了什麼樣的天氣變化，但這就是我們今天看待事物的方式。

And our next question will come from Brett Kearney with Gabelli Funds.

我們的下一個問題將來自 Gabelli Funds 的 Brett Kearney。

With the new partnership with Ceres Imaging, curious that option you're able to offer to customers, I assume that will primarily be within the North America market, at least initially? And kind of what I guess, how do you think about the opportunity longer term to -- do they have the capabilities to go into some of the other developed irrigation markets internationally, Brazil, Western Europe and how much demand is there relative to the North American opportunity for a solution like that?

通過與 Ceres Imaging 的新合作夥伴關係，好奇您能夠為客戶提供的選項，我認為這將主要在北美市場，至少在最初階段是這樣？我猜想，從長遠來看，你如何看待這個機會——他們是否有能力進入國際上其他一些發達的灌溉市場，如巴西、西歐，以及相對於北方有多少需求美國有機會解決這樣的問題嗎？

Yes, Brett. We'd say that the initial opportunities are going to be largely focused on North America. And when you look at technology adoption in general for irrigated acreage telemetry coverage, it's certainly the penetration rates are higher in North America. So we do see that being a short-term opportunity.

是的，布雷特。我們會說最初的機會將主要集中在北美。當您查看灌溉面積遙測覆蓋範圍的一般技術採用時，北美的滲透率肯定更高。所以我們確實認為這是一個短期機會。

The good news on technology like this is it is incredibly scalable. And I think the ability for us to leverage our channel, leverage our current installed base does create some significant opportunities. And imagery is really in the early innings in our view, and there are a lot of regional strengths even if you look at just the North American market that some companies are stronger in some parts of the country relative to others. So that's really a key part of our strategy to offer choice for our customers, and we're very excited about what Ceres is going to do for our customers, and we do see some growth opportunities. But we will start in our view, with a strong base here in North America.

像這樣的技術的好消息是它具有令人難以置信的可擴展性。而且我認為我們利用我們的渠道，利用我們當前的安裝基礎的能力確實創造了一些重要的機會。在我們看來，圖像真的處於早期階段，即使你只看北美市場，也有很多區域優勢，一些公司在該國某些地區相對於其他地區更強大。因此，這確實是我們為客戶提供選擇的戰略的關鍵部分，我們對 Ceres 將為我們的客戶所做的事情感到非常興奮，我們確實看到了一些增長機會。但我們將從我們的觀點出發，在北美擁有強大的基礎。

Our next question will come from Brian Wright with ROTH Capital.

我們的下一個問題將來自 ROTH Capital 的 Brian Wright。

I was just hoping you could provide a little more color on just the backlog and you said it was kind of impacted both segments. Is there a way to think about it, North America versus South America? And then just magnitude kind of comparing the segments and the backlog changes?

我只是希望你能在積壓工作上提供更多的顏色，你說這對兩個部分都有影響。有沒有辦法考慮北美與南美的關係？然後只是比較細分和積壓變化的幅度？

Yes, Brian. When you look at the year-over-year comparison, I would say last year's backlog, both in North America and in Brazil, primarily were driven by still having some pretty significant price increases, which generally pulls volume forward into the backlog. I would say where we're at this year with more stability and inflation and in our prices, it's reverted more to the traditional kind of selling season and the timing of the backlog. So that's the biggest thing year-over-year, which is affecting both North America and international backlog there. And on the infrastructure side, I think as we end our first quarter, we're into the winter, the construction season is really winding down. So that backlog is typically pretty low at the end of November.

是的，布萊恩。當您查看同比比較時，我會說去年北美和巴西的積壓主要是由於仍然有一些相當顯著的價格上漲，這通常會將數量推向積壓。我想說的是，今年我們所處的位置更加穩定和通貨膨脹，在我們的價格中，它更多地回歸到傳統的銷售季節和積壓的時間。所以這是同比最大的事情，它影響了北美和那裡的國際積壓。在基礎設施方面，我認為當我們結束第一季度時，我們進入了冬天，施工季節真的結束了。因此，在 11 月底，積壓訂單通常很低。

So nothing significant from our view and what that means for future results, which result -- we've always said the backlog isn't necessarily the strongest indicator of what the next couple of quarters are going to look like.

因此，從我們的觀點來看，這對未來結果意味著什麼並不重要，結果——我們一直說積壓不一定是未來幾個季度情況的最有力指標。

(Operator Instructions) Our next question here will come from Chris Shaw with Monness, Crespi & Hardt.

（操作員說明）我們的下一個問題將來自 Chris Shaw 和 Monness、Crespi & Hardt。

In the irrigation, you might have given a bit, could you -- what was the volume growth and the pricing growth during the quarter?

在灌溉方面，你可能已經付出了一點，你能 - 本季度的銷量增長和價格增長是多少？

Yes. So we said the volume was comparable to last year, so pretty much flat. I think the pricing is probably in that 7% to 8% range. And then there's some other changes that brought the overall down to 6%.

是的。所以我們說銷量與去年相當，幾乎持平。我認為定價可能在 7% 到 8% 的範圍內。然後還有其他一些變化使總體下降到 6%。

Got it. And then the steward infrastructure, the Road Zipper -- the new roads of permission that you introduced this week. I was just looking at the, I guess -- the news there and the -- you're going to have 2 machines now that are available? I forgot the name like Gemini and Titan. I didn't really understand what the one was smaller, what one was bigger, but I didn't really understand the difference, I guess, maybe applications or customers or I couldn't tell if one was for leasing or buying. Could you just go into that a little bit more?

知道了。然後是管家基礎設施，即 Road Zipper——您本週推出的新許可之路。我只是在看，我猜 - 那裡的新聞和 - 你現在將有 2 台可用的機器？我忘記了雙子座和泰坦之類的名字。我真的不明白什麼是小的，什麼是大的，但我真的不明白其中的區別，我想，也許是應用程序或客戶，或者我無法分辨一個是用於租賃還是購買。你能再深入一點嗎？

Yes. We've always had a few different models of Road Zipper depending on the application. And so when it's a lease situation, which is going to be part of a construction project. It's, let's say, a little -- doesn't have quite the all the options and things like that, that a permanent installation would have. So we've -- really, from a branding standpoint, have come out with the two brands as we've went through the refurbishment and redesign of the Road Zipper machine. But we've always had multiple types.

是的。根據應用，我們一直有幾種不同型號的 Road Zipper。因此，當它是租賃情況時，這將成為建築項目的一部分。比方說，它有一點——沒有永久安裝所具有的所有選項和類似的東西。所以我們——真的，從品牌的角度來看，在我們對 Road Zipper 機器進行翻新和重新設計時，我們推出了這兩個品牌。但我們一直有多種類型。

One, specifically for Japan that we have produced. Hawaii was another classification where it could move -- the barrier 2 lanes. So that part of it's really nothing new. The big thing was just the redesign and some of the additional options that are now part of the machine.

一個，我們專門為日本生產的。夏威夷是另一個可以移動的分類——障礙 2 車道。所以這部分真的不是什麼新鮮事。重要的是重新設計和一些現在已成為機器一部分的附加選項。

The newer machine does, that's not like it doesn't expand the market. You don't have like a new customer base. It wasn't anything like that. It was just sort of an iteration of the old one?

新機有，那又不是不擴大市場。您沒有新的客戶群。不是那樣的。這只是舊版本的一種迭代？

Yes, I would say, primarily. I mean, I think I think it's something that we think from a marketing perspective might drive some additional interest, but nothing game changing, I don't think.

是的，我會說，主要是。我的意思是，我認為我認為從營銷的角度來看，我們認為這可能會引起一些額外的興趣，但我認為這不會改變遊戲規則。

(Operator Instructions) Alright, with no further questions, we will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Randy Wood for any closing remarks.

（操作員說明）好的，沒有其他問題，我們將結束我們的問答環節。我想將會議轉回給 Randy Wood 先生作閉幕詞。

Thank you all for your interest and participation today. We're very pleased with our first quarter results and look forward to carrying that momentum through 2023. The Infrastructure segment continues to be supported by incremental funding provided by the Infrastructure Investments and Jobs Act. The irrigation segment continues to see strong near-term fundamentals due to elevated farm income and longer-term secular drivers connected to food security and population growth. The positive ROI provided by an investment in irrigated agriculture will continue to support strong markets around the world.

感謝大家今天的關注和參與。我們對第一季度的業績感到非常滿意，並期待將這種勢頭延續到 2023 年。基礎設施部門繼續得到基礎設施投資和就業法案提供的增量資金的支持。由於農業收入增加以及與糧食安全和人口增長相關的長期長期驅動因素，灌溉部門繼續看到強勁的近期基本面。灌溉農業投資帶來的正投資回報率將繼續支持全球強勁的市場。

Both segments benefit from ongoing investments in innovative technologies that improve customer profitability while conserving resources and making our roadways safer. This concludes our first quarter earnings call. We look forward to updating you on our continued progress following the close of our fiscal 2023 second quarter. Thanks for joining us.

這兩個部門都受益於對創新技術的持續投資，這些技術可以提高客戶盈利能力，同時節約資源並使我們的道路更安全。我們的第一季度財報電話會議到此結束。我們期待在 2023 財年第二季度結束後向您通報我們的持續進展。感謝您加入我們。

The conference has now concluded. Thank you very much for attending today's presentation. You may now disconnect your lines.

會議現已結束。非常感謝您參加今天的演講。您現在可以斷開線路。