Lindsay Corp (LNN) 2024 Q3 法說會逐字稿

Hello, and welcome to the Lindsay Corporation fiscal third-quarter 2024 earnings conference call.

您好，歡迎參加 Lindsay Corporation 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this event is being recorded.

提醒一下，此事件正在被記錄。

I would now like to turn the conference over to Randy Wood President and CEO of Lindsay Corporation.

我現在想將會議轉交給 Lindsay Corporation 總裁兼執行長 Randy Wood。

Please go ahead.

請繼續。

Thank you, and good morning, everyone, and welcome to our fiscal 2024 third quarter earnings call.

謝謝大家，大家早上好，歡迎參加我們的 2024 財年第三季財報電話會議。

With me today is Brian Ketcham our Chief Financial Officer.

今天和我在一起的是我們的財務長 Brian Ketcham。

Our fiscal third quarter was highlighted by steady execution, which resulted in strong operational performance.

我們第三財季的突出表現是穩定的執行，從而帶來了強勁的營運表現。

Despite market headwinds that impacted top-line revenue, we announced a key project win in irrigation and continue to be pleased with the growth of our Road Zipper sales and lease business and infrastructure.

儘管市場逆風影響了營收，但我們宣布贏得了灌溉領域的關鍵項目，並對 Road Zipper 銷售和租賃業務以及基礎設施的成長繼續感到滿意。

I'm proud of our teams and their execution.

我為我們的團隊及其執行力感到自豪。

Turning to our key end markets.

轉向我們的主要終端市場。

In North America, irrigation market conditions continue to weigh on farmer sentiment, resulting in overall demand softness.

在北美，灌溉市場狀況持續打壓農民情緒，導致整體需求疲軟。

High precipitation levels and wet field conditions across the Midwest contributed to lower year-over-year sales of irrigation equipment and replacement parts in that region.

中西部地區的高降水量和潮濕的田地條件導致該地區灌溉設備和更換零件的銷售量較去年同期下降。

While we experienced volume growth in the West and Northeast regions.

同時，我們在西部和東北地區經歷了銷售成長。

We did see higher than expected storm damage activity that hit the Midwest in late April and early May.

我們確實看到四月底和五月初襲擊中西部的風暴破壞活動高於預期。

However, delays in insurance approvals and wet field conditions shifted most of that demand into our fiscal fourth quarter.

然而，保險審批的延遲和濕地條件將大部分需求轉移到了我們第四財季。

In international irrigation we've continued to see a decline in Brazil due to suppressed commodity prices and limited access to capital, ultimately tempering overall demand in the short term, tragic flooding in the south has also hindered order activity in that region.

在國際灌溉方面，由於大宗商品價格受到抑制和獲得資本的機會有限，我們繼續看到巴西的灌溉量下降，最終在短期內抑制了總體需求，南部的悲慘洪水也阻礙了該地區的訂單活動。

We did see strong customer turnout and quotation activity at recent farm shows and expect to see this year's crop plan in early July.

我們在最近的農場展會上確實看到了強勁的客戶出席率和報價活動，並預計在 7 月初看到今年的作物計劃。

That will set funding levels and finance rates for this coming season.

這將為下一季度設定融資水準和融資利率。

Brazil and other key South American agriculture markets remain dramatically underpenetrated for mechanized irrigation and the value created by irrigated agriculture will support long-term growth in this region.

巴西和南美洲其他主要農業市場的機械化灌溉滲透率仍然嚴重不足，灌溉農業創造的價值將支持該地區的長期成長。

We are pleased to host a delegation of farmers and government officials from [Matagrosa Grosso] state in the quarter.

我們很高興在本季度接待來自[馬塔格羅薩格羅索]州的農民和政府官員代表團。

They're one of several regions in the country that continue to investigate ways to improve production and efficiency with center pivot, irrigation and irrigation technologies like FieldNET.

他們是該國繼續研究利用中心樞軸、灌溉和 FieldNET 等灌溉技術提高產量和效率的方法的幾個地區之一。

In the Mid East North Africa region, we were pleased to announce we've been awarded a contract valued at over $100 million, the largest in our company's history.

在中東北非地區，我們很高興地宣布我們獲得了一份價值超過 1 億美元的合同，這是我們公司歷史上最大的合約。

This will provide efficient water management and technology solutions that maximize production, conserve valuable and scarce resources and expand the region's potential.

這將提供有效的水管理和技術解決方案，最大限度地提高產量，保護寶貴和稀缺的資源，並擴大該地區的潛力。

This project executed with the repeat customer builds upon our track record in the region and serves as a great example of Lindsay's ability to execute large-scale and complex projects that address the critical needs of our customers.

這個與回頭客一起執行的項目建立在我們在該地區的業績記錄的基礎上，是 Lindsay 執行大型複雜項目以滿足客戶關鍵需求的能力的一個很好的例子。

While timing's difficult to predict, we're still managing an active funnel of opportunities and expect these types of projects will be an important part of our growth strategy moving forward.

雖然時機很難預測，但我們仍在管理一個活躍的機會管道，並預計這些類型的專案將成為我們未來成長策略的重要組成部分。

Moving to infrastructure, as I mentioned in my opening remarks, we are encouraged by the growing strength and momentum in this business.

至於基礎設施，正如我在開場白中提到的，我們對該業務不斷增長的實力和勢頭感到鼓舞。

Our overall profitability continues to benefit from the strong growth of our Road Zipper System sales and leasing revenues, a positive outcome resulting from our shift left strategy as discussed previously, we anticipate our infrastructure business will benefit over time as US infrastructure spending increases under the infrastructure investments and jobs act.

我們的整體獲利能力繼續受益於Road Zipper 系統銷售和租賃收入的強勁增長，這是我們之前討論的左移戰略帶來的積極成果，我們預計隨著美國基礎設施支出的增加，我們的基礎設施業務將隨著時間的推移而受益投資和就業法。

We will have only recently seen this funding flow to the market and believe we're in the early stages of a multiyear growth trajectory for domestic infrastructure spending with additional promising opportunities globally.

我們最近才看到這種資金流向市場，並相信我們正處於國內基礎設施支出多年成長軌跡的早期階段，在全球範圍內還有更多有前途的機會。

Turning to innovation and technology.

轉向創新和技術。

In May, we released significant enhancements to our industry-leading FieldNET.

五月份，我們發布了對業界領先的 FieldNET 的重大增強功能。

Our Global Voice of the Customer process was used to collect feedback on features and the customer experience.

我們的全球客戶之聲流程用於收集有關功能和客戶體驗的回饋。

This resulted in an upgraded platform that provides growers with additional insights to optimize their planning and conserve energy and water resources while maximizing yield.

這導致了升級後的平台為種植者提供了更多見解，以優化他們的規劃並節省能源和水資源，同時最大限度地提高產量。

We were also pleased to be part of a generative AI pilot developed by Bayer.

我們也很高興成為拜耳開發的生成式人工智慧試點計畫的一部分。

This will allow growers to seamlessly integrate their data from FieldNET with the Bayer platform.

這將使種植者能夠將 FieldNET 的數據與拜耳平台無縫整合。

The pilot also accelerates the development of digital tools that conserve water resources and highlights the importance of including water management in these AI driven agronomic tools.

該試點計畫還加速了節約水資源的數位工具的開發，並強調了將水管理納入這些人工智慧驅動的農藝工具的重要性。

I'm very proud of our team's efforts to support more sustainable farming practices by enhancing our capabilities and expanding our partnerships to maximize the value of our mechanized irrigation solutions.

我對我們的團隊透過增強我們的能力和擴大我們的合作夥伴關係來支持更永續的農業實踐所做的努力感到非常自豪，以最大限度地發揮我們機械化灌溉解決方案的價值。

Shifting to our operational footprint.

轉向我們的營運足跡。

Earlier this year, we announced our intention to invest over $50 million to modernize our facility in Lindsay, Nebraska as part of our operational excellence strategy that work has started, and we look forward to updating you on our continued progress.

今年早些時候，我們宣布打算投資超過5000 萬美元對內布拉斯加州林賽的工廠進行現代化改造，作為我們卓越運營戰略的一部分，該工作已經開始，我們期待向您通報我們的持續進展情況。

I'd now like to turn the call over to Brian to discuss our third quarter financial results.

我現在想把電話轉給布萊恩，討論我們第三季的財務表現。

Brian.

布萊恩.

Thank you, Randy, and good morning, everyone.

謝謝你，蘭迪，大家早安。

Consolidated revenues for the third quarter of fiscal 2024 were $139.2 million, a decrease of 15% compared to $164.6 million in the prior year third quarter and increase in Infrastructure segment revenues was more than offset by lower Irrigation segment revenues.

2024 財年第三季的合併收入為 1.392 億美元，比去年第三季的 1.646 億美元下降 15%，基礎設施部門營收的成長被灌溉部門收入的下降所抵銷。

Net earnings for the quarter were $20.4 million or $1.85 per diluted share compared to net earnings of $16.9 million or $1.53 per diluted share in the prior year.

本季淨利為 2,040 萬美元，即稀釋後每股收益 1.85 美元，而上一年淨利為 1,690 萬美元，即稀釋後每股收益 1.53 美元。

The impact of lower revenues and lower operating income was favorably offset by an increase in interest income and favorable foreign currency translation results compared to the prior year, along with the recognition of an income tax credit in Brazil of $4.8 million in the current year.

與前一年相比，利息收入的增加和有利的外幣換算結果，以及本年度巴西 480 萬美元所得稅抵免的確認，有利地抵消了收入和營業收入下降的影響。

Turning to our segment results, irrigation segment revenues for the quarter were $114.8 million, a decrease of 19% compared to $142.6 million in the prior year.

談到我們的部門業績，本季灌溉部門收入為 1.148 億美元，比前一年的 1.426 億美元下降了 19%。

North America irrigation revenues of $68.2 million decreased 9% compared to $75 million in the prior year.

北美灌溉收入為 6,820 萬美元，比前一年的 7,500 萬美元下降 9%。

The decrease resulted from a combination of lower unit sales, volume of irrigation equipment, lower sales of replacement parts and a slightly lower average selling price compared to the prior year.

與前一年相比，這一下降是由於單位銷售、灌溉設備數量下降、更換零件銷售下降以及平均售價略有下降等綜合因素造成的。

In international irrigation markets, revenues of $46.6 million decreased 31% compared to revenues of $67.5 million in the prior year.

在國際灌溉市場，收入為 4,660 萬美元，比前一年的 6,750 萬美元減少了 31%。

The decrease resulted primarily from lower revenues in Brazil and other Latin American markets, while demand in other international markets remained stable overall compared to the prior year.

下降的主要原因是巴西和其他拉丁美洲市場的收入下降，而其他國際市場的需求與去年相比整體保持穩定。

In Brazil, order activity remains constrained due to the impact of lower commodity due to the impact, lower commodity prices have on grower profitability and available liquidity, which is reducing growers' ability to invest in irrigation equipment in the near term.

在巴西，由於商品價格下跌影響了種植者的獲利能力和可用流動性，訂單活動仍然受到限制，這降低了種植者短期內投資灌溉設備的能力。

Irrigation Segment operating income for the quarter was $19.5 million, a decrease of 36% compared to the prior year, and operating margin was 17% of sales compared to 21.6% of sales in the prior year.

灌溉部門本季營業收入為 1,950 萬美元，較上年同期下降 36%，營業利潤率的 17%，而去年同期為銷售額的 21.6%。

Lower operating income and operating margin resulted mainly from lower revenues and the resulting impact from deleverage of fixed operating expenses.

營業收入和營業利潤率下降主要是因為收入下降以及固定營業費用去槓桿化所帶來的影響。

Infrastructure segment revenues for the quarter were $24.4 million, an increase of 11% compared to $22 million in the prior year.

該季度基礎設施部門營收為 2,440 萬美元，比上年同期的 2,200 萬美元成長 11%。

The increase resulted from higher Road Zipper System sales and higher lease revenues compared to the prior year.

與前一年相比，這一增長是由於 Road Zipper System 銷售額和租賃收入增加。

The impact of higher sales of road safety products in the US was offset by lower sales in international markets compared to the prior year.

與前一年相比，美國道路安全產品銷售增加的影響被國際市場銷售下降所抵銷。

Infrastructure segment operating income for the quarter was $6.3 million, an increase of 76% compared to $3.6 million in the prior year.

本季基礎設施部門營業收入為 630 萬美元，比上年同期的 360 萬美元成長 76%。

Infrastructure operating margin for the quarter was 25.8% of sales compared to 16.2% of sales in the prior year.

本季基礎設施營運利潤率的 25.8%，而前一年為銷售額的 16.2%。

The increase in operating income and operating margin resulted from higher revenues and a more favorable margin mix of revenues with higher Road Zipper System sales and lease revenues compared to the prior year.

營業收入和營業利潤率的增加是由於與前一年相比，收入增加和更有利的收入利潤組合以及 Road Zipper System 銷售和租賃收入的增加。

Turning to the balance sheet and liquidity, our total available liquidity at the end of the third quarter was $202.7 million which includes $152.7 million in cash, cash equivalents and marketable securities and $50 million available under our revolving credit facility.

談到資產負債表和流動性，第三季末我們的可用流動性總額為 2.027 億美元，其中包括 1.527 億美元的現金、現金等價物和有價證券，以及循環信貸額度下的 5,000 萬美元。

Our strong balance sheet and our ample access to liquid capital resources continue to serve as a strategic asset for Lindsay as we execute our capital allocation strategy to create enhanced and sustained value for our shareholders.

我們強大的資產負債表和充足的流動資本資源繼續成為 Lindsay 的策略資產，因為我們執行資本配置策略，為股東創造更高且持續的價值。

During the quarter, we completed share repurchases of $17.9 million.

本季度，我們完成了 1,790 萬美元的股票回購。

Going forward, we will continue to be opportunistic in regard to capital deployment, balancing organic and inorganic investments, along with returning capital to our shareholders.

展望未來，我們將繼續在資本配置、平衡有機和無機投資以及向股東返還資本方面保持機會主義。

This concludes my remarks.

我的發言到此結束。

And at this time, I'll turn the call over to the operator to take your questions.

此時，我會將電話轉接給接線生回答您的問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Ryan Connors, Northcoast Research.

瑞安康納斯，北海岸研究中心。

Please go ahead.

請繼續。

Good morning

早安

Good morning, Ryan.

早安，瑞安。

Ron, I wanted to start off with discussing the top line a little bit in irrigation.

羅恩，我想先討論一下灌溉方面的頂線。

And is there any breakdown you can give us on both North America and international with regard to volume versus pricing, was all that decline really on the volume side?

您能否向我們提供有關北美和國際銷量與價格的詳細資訊？

Or are there some dynamics to be aware of there on the pricing side as well?

或者在定價方面是否也有一些動態需要注意？

Hi, Ryan, starting with North America irrigation, that 9% year over year decline, I would say probably 7% to 8% of that is a combination of pivot volume and parts volume and the rest of it would be price and mix.

嗨，Ryan，從北美灌溉開始，同比下降 9%，我想說其中可能 7% 到 8% 是樞軸量和零件量的組合，其餘部分是價格和組合。

I'd say that the average selling price was driven somewhat too by the and we had a mix of these machines and we did have smaller machines.

我想說，平均售價也在一定程度上受到驅動，我們混合了這些機器，而且我們確實有較小的機器。

So I would say price wasn't a big impact in domestic irrigation during the quarter.

所以我想說，價格對本季國內灌溉沒有太大影響。

When you look at the international side, 31% down year over year.

從國際方面來看，年減了 31%。

Brazil is going it was probably down just slightly more than that year over year.

巴西的成長率可能比去年同期略有下降。

And I would say most of that is volume, but we are seeing in a more aggressive pricing in Brazil, just especially you want to on larger and project opportunities there.

我想說，其中大部分是數量，但我們看到巴西的定價更加激進，特別是你想在那裡獲得更大的專案機會。

But most of that decline is volume.

但下降的大部分是成交量。

Okay.

好的。

And then when you say, aggressive pricing, is that more discounts being offered that are sort of short term in nature?

然後，當您說激進的定價時，是否提供了更多短期性質的折扣？

Or are those actual like list price changes?

或者這些是實際的價格變化嗎？

Yeah, no list price changes.

是的，標價沒有變化。

I would say it's just when you're quoting, let's say, a six or seven system project, we have seen aggressive pricing in those situations.

我想說的是，當您引用一個六或七個系統專案時，我們在這些情況下看到了激進的定價。

And so in that case, we will respond obviously, but I wouldn't say it's widespread.

因此，在這種情況下，我們會做出明顯的回應，但我不會說這種情況很普遍。

But when you look at our total irrigation business, I'd say Brazil is where we're seeing the most aggressive pricing.

但當你看看我們的灌溉業務總量時，我想說巴西是我們看到定價最激進的地方。

Understood.

明白了。

One more on for me.

再來一張給我。

On the operational improvements in Lindsay, what is the return on those investments?

關於 Lindsay 的營運改進，這些投資的回報是多少？

In other words, what do we expect from a margin benefit standpoint in terms of both the timing and do you know, do we need the volume recovery to unlock that?

換句話說，從利潤率角度來看，我們對時間的期望是什麼？

Or should we see some margin benefit from those investments regardless of where volumes trend to the next 18 months.

或者，無論未來 18 個月的銷售趨勢如何，我們都應該從這些投資中看到一些利潤收益。

Yeah, I would say in the next 12 to 18 months is probably more pressure on margins, then actual improvement just as we deal with the some of the inefficiencies of working through the capital investments there, I would say in the midterm, a more of a stable margin situation because we've got a lot of the additional depreciation that will offset some of the productivity improvements.

是的，我想說，在接下來的12 到18 個月裡，利潤率可能會面臨更大的壓力，然後是實際的改善，就像我們處理那裡的資本投資的一些低效率問題一樣，我想說，在中期，更多利潤率狀況穩定，因為我們有很多額外的折舊，這將抵消一些生產力的提高。

But for us, I think that the biggest thing is the ability to react to market changes both up and down without really having to flex the labor like we have in the past and incur the additional headcount and overtime and things like that.

但對我們來說，我認為最重要的是能夠對市場的上下變化做出反應，而不必像過去那樣靈活地調整勞動力，並招致額外的員工人數和加班費之類的事情。

So it just provides less reliance on, you know, on that labor through the additional automation and things like that.

因此，它只是透過額外的自動化和類似的東西減少了對勞動力的依賴。

Got it.

知道了。

Okay.

好的。

Thanks for your time.

感謝您抽出時間。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Please go ahead.

請繼續。

Good morning, Randy and Brian.

早上好，蘭迪和布萊恩。

So if we sort of look ahead into 2025, in 2025 with this, with this big international order, we might see international revenue irrigation revenues in excess of domestic or North American revenues or irrigation revenues, how might that impact the margins of the operating margins for the irrigation segment?

因此，如果我們展望 2025 年，在 2025 年，有了這個巨大的國際訂單，我們可能會看到國際灌溉收入超過國內或北美收入或灌溉收入，這將如何影響營業利潤率對於灌溉領域？

And in addition to that, how might that influence the tax rate as we look forward?

除此之外，這對我們未來的稅率有何影響？

Hi, Jon, this is Brian.

嗨，喬恩，我是布萊恩。

As we've said in the past, a large project like the one we announced is generally going to be dilutive to margins just because of the competitive nature of that, I'd say setting that aside, the domestic and international operating margins have gotten a lot closer.

正如我們過去所說，像我們宣布的這樣的大型項目通常會稀釋利潤，只是因為其競爭性質，我想說，拋開這一點，國內和國際運營利潤已經得到了改善。

So the international growth shouldn't have a dilutive effect but the project business would have some.

因此，國際成長不應該產生稀釋效應，但專案業務會產生一些稀釋效應。

What about on the tax rate front with more international revenues?

隨著國際收入增加，稅率方面又如何呢？

Yeah, tax is a bit of a mixed bag on the project business coming out of our facility in Turkey, which is in tax-free zone.

是的，對於我們位於免稅區的土耳其工廠的專案業務來說，稅收有點複雜。

So that definitely benefits the tax rate, anything that we have growth in Brazil or other markets going to be at a higher tax rate than what we have in the US.

因此，這肯定有利於稅率，我們在巴西或其他市場成長的任何東西的稅率都將高於我們在美國的稅率。

Okay.

好的。

And Brian, what was what was the nature of the income tax credit was upfront.

布萊恩，所得稅抵免的性質是什麼是預先決定的。

What was behind that?

這背後到底是什麼？

Yes, that's not going to get into specifics just because of the complexity of the tax that you're pleased by the outcome.

是的，這不會僅僅因為您對結果感到滿意的稅收的複雜性而詳細說明。

It was I would say it was a retroactive benefit as a result of a deduction that had there were some ins uncertainties regarding it in the past that were resolved during the quarter.

我想說的是，這是一項追溯性福利，因為過去存在一些不確定性，但在本季度得到了解決。

Okay.

好的。

So it's really not anything that's going to be carried forward as more of a one-time issue during the quarter.

因此，這實際上並不是什麼會在本季度作為一次性問題而繼續下去的事情。

Okay.

好的。

I guess one last question, Randy, you talked a little bit about farmer sentiment in Brazil.

我想最後一個問題，蘭迪，你談到了巴西農民的情緒。

Obviously, there's some difficulties this year with lower prices and flooding and so on and on, you're seeing, I guess, are some farm shows at this point now in Brazil and do you think their sentiment for capital equipment purchases?

顯然，今年出現了一些困難，如價格下​​跌和洪水等，你會看到，我猜，巴西現在是否有一些農場展會，你認為他們對購買資本設備的態度如何？

Is it might improve over the near term or is the sentiment to just sort of depressed for a while.

短期內可能會有所改善，還是情緒會暫時低迷。

Yeah, Jon, I think there's a lot of growers.

是的，喬恩，我認為有很多種植者。

They are really waiting to see what this year's crop plan looks like.

他們真的很期待今年的作物計劃。

And we do expect to see that in early July.

我們確實希望在七月初看到這一點。

I was optimistic based on some of the discussion and quotation activity that we saw the shows.

根據我們觀看演出的一些討論和報價活動，我感到樂觀。

But a lot of those customers they're going to be on the sidelines until they know what the government program looks like.

但很多客戶都會採取觀望態度，直到他們知道政府計畫是什麼樣子。

And if it operates as it has in previous years, there's going to be a big rush of applications that got to work themselves through the system.

如果它像前幾年那樣運行，將會有大量的應用程式透過該系統自行運行。

It's also a market.

這也是一個市場。

If we look at our fourth quarter last year, they set record revenue in the fourth quarter of last year.

如果我們看看去年第四季度，他們在去年第四季度創下了創紀錄的收入。

I think it's going to be tough to match that or exceed that based on what we've seen kind of moving into the quarter.

我認為根據我們在本季所看到的情況，要達到或超過這一目標將很困難。

But I think we're seeing stability.

但我認為我們正在看到穩定。

I'm not sure that I see significant further decline in farmer sentiment or they're kind of bouncing along at the rate that we've maybe seen for the last quarters.

我不確定農民情緒是否會進一步大幅下降，或者他們是否會以我們在過去幾季看到的速度反彈。

But for right now, it's really about what does that crop plan look like for this year?

但現在，真正關心的是今年的作物計畫是什麼樣的？

How much funding in total is going to be allocated?

總共將分配多少資金？

What's the finance rate?

財務利率是多少？

What's the gap between the Selic rate there from your public market rate and the program rate.

那裡的 Selic 利率與您的公開市場利率和計劃利率之間的差距是多少？

So we've got customers that we know are interested in investing in irrigation.

據我們所知，我們有一些客戶對投資灌溉感興趣。

We've got specific quotations and customers, pieces of land that we're working on.

我們有具體的報價和客戶，以及我們正在開發的土地。

And I think it's a matter of how quickly that program money is available, how quickly it's consumed, but we'll know more as we kind of end our fiscal year here.

我認為問題在於該計劃資金的到位速度和消耗速度有多快，但當我們的財政年度即將結束時，我們會了解更多資訊。

I think Randy, when you think the Brazilian funding program will be announced in June this year, I think it was last June last year?

我想蘭迪，你認為巴西資助計畫將於今年六月宣布，我認為是去年六月？

We expected and hopefully in the first half of July.

我們預計並希望在七月上半月。

Okay.

好的。

All right.

好的。

Thank you.

謝謝。

Nathan Jones, Stifel.

內森瓊斯，斯蒂菲爾。

Please go ahead.

請繼續。

Good morning.

早安.

This is Adam Farley on for Nathan Jones.

我是亞當法利 (Adam Farley) 替補內森瓊斯 (Nathan Jones)。

On infrastructure, could you provide an update on the Road Zipper system project sales pipeline?

在基礎設施方面，您能否提供 Road Zipper 系統專案銷售管道的最新情況？

It seems like that's trending up over time, do you expect any additional Road Zipper system project sales to convert in the near term?

隨著時間的推移，這種趨勢似乎呈上升趨勢，您預計短期內會有任何額外的 Road Zipper 系統專案銷售轉換嗎？

Yeah, Adam, this is Brian.

是的，亞當，這是布萊恩。

As we've talked before, we do have better line of sight into some of those projects.

正如我們之前所說，我們確實對其中一些項目有更好的了解。

And it's more active, I would say, and we see projects, I would say we see projects exiting the funnel over the next year, three, four quarters.

我想說，它更加活躍，我們看到了項目，我想說我們看到項目在明年、三個、四個季度退出漏斗。

Okay.

好的。

And then the broader funding for road projects during the summer months, are you seeing an uptick in funding for roads?

然後在夏季，道路項目的資金範圍更廣，您是否看到道路資金增加？

Are you seeing any IGA funding starting to flow?

您是否看到 IGA 資金開始流動？

Yeah, we are.

是的，我們是。

I think we kind of mentioned that in your opening comments, it took some time and, you know, talking to others in the same space involved in roadway construction.

我想我們在您的開場評論中提到，花了一些時間，並且您知道，與參與道路建設的同一空間中的其他人交談。

It has taken some time, but we are seeing it now.

這花了一些時間，但我們現在已經看到了。

A significant portion of that, unfortunately is getting eaten up by inflation.

不幸的是，其中很大一部分被通貨膨脹吞噬了。

We're hearing that from some of the customers.

我們從一些客戶那裡聽到了這樣的說法。

But from our perspective, even the lease growth that we're seeing in Road Zipper, that's a good early indication that road work is happening, usually that the road safety assets kind of come behind that as the project finishes up.

但從我們的角度來看，即使是我們在Road Zipper 中看到的租賃成長，也是道路施工正在進行的一個很好的早期跡象，通常情況下，隨著專案的完成，道路安全資產會落後於道路施工。

So we're pleased that the money is making it to market.

因此，我們很高興這筆錢能夠投入市場。

It's maybe not as impactful as we would have hoped due to inflation, but it does give us some stability and predictability in that infrastructure revenue stream.

由於通貨膨脹，它的影響可能不如我們所希望的那麼大，但它確實為我們的基礎設施收入流帶來了一定的穩定性和可預測性。

Thank you for taking my questions.

感謝您回答我的問題。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

This is Blake on for Brian.

這是布萊克為布萊恩代言的。

I just wanted to ask you mentioned the storm activity in the domestic and North America that had pushed demand into your next fiscal quarter.

我只是想問您提到國內和北美的風暴活動將需求推向了您的下一個財政季度。

Can you just remind us how storm activity typically impact your business from quarter to quarter and based on other from a top line perspective?

您能否提醒我們，風暴活動通常如何影響您的業務每季以及從頂線角度來看的其他影響？

It's really variable depending on the severity of the storm season.

根據風暴季節的嚴重程度，它確實會改變。

And I would say in North America, it was a I hate to describe it this way.

我想說，在北美，我討厭這樣描述它。

It was a slow start to the storm season.

風暴季節的開始緩慢。

So we didn't see anything significant worthy of mention.

所以我們沒有看到任何值得一提的重要內容。

We did have those storms are kind of winter right around Oman and through Eastern, Nebraska and Kansas other parts of the Midwest.

我們確實在阿曼周圍以及東部、內布拉斯加州和堪薩斯州中西部的其他地區遭遇了類似冬季的風暴。

So it was a little higher during that window than what we've seen in previous years.

因此，該窗口期的價格比我們前幾年看到的要高一些。

And it's really once the storm goes through.

一旦暴風雨過去，這確實是真的。

The dealers are working aggressively with the customers.

經銷商正在積極與客戶合作。

The insurance companies and adjusters are out.

保險公司和理賠員都出局了。

So there is some and delay, but we did like our dealers' ability to get out there and get on a lot of those really early and get our customers up and work.

因此，確實存在一些延遲，但我們確實喜歡我們的經銷商能夠儘早走出去，並讓我們的客戶做好準備並開始工作。

And so I think we'll have more clarity when we get through the fourth quarter, we can talk more specifically about what we saw in terms of trends up or down in storm activity.

因此，我認為，當我們度過第四季度時，我們會更加清楚，我們可以更具體地討論我們在風暴活動的上升或下降趨勢方面看到的情況。

Got it.

知道了。

Understood.

明白了。

And then just lastly for us, I wanted to ask about the pivots in the international projects and your attachment rate for FieldNET.

最後，我想問國際計畫的重點以及你們對 FieldNET 的參與率。

And just trying to understand with these big projects, do they usually have FieldNET?

只是想了解這些大型項目，他們通常有 FieldNET 嗎？

Or are they just gone for the mechanized irrigation?

或者他們只是去機械化灌溉？

Just how that works?

究竟是如何運作的？

And then maybe how it compares to domestic FieldNET that attachment rates?

那麼與國內FieldNET相比，附著率如何？

Yeah.

是的。

So in I'll start with domestic.

所以我將從國內開始。

Right now, every new pivot we ship is FieldNET ready.

現在，我們發布的每個新樞軸都已準備好 FieldNET。

So every new machine goes with FieldNET with the first season, our complementary use and retention rate on that platforms it's north of 97%.

因此，第一季的每台新機器都配備了 FieldNET，我們在該平台上的補充使用率和保留率超過 97%。

And the customers we lose are really customers that start farming or had rented fields that are no longer in the rotation so that the attach rate is 100% when it leaves the factory and we're keeping more than 97% of those customers on the platform.

我們失去的客戶實際上是開始耕種或租用不再輪換的田地的客戶，因此出廠時的附加率是 100%，而我們將超過 97% 的客戶保留在平台上。

Internationally, we have seen, I would say a shift in recent years.

在國際上，我們已經看到，我想說的是近年來的轉變。

And if you go back 5 or 10 years, a lot of those projects didn't include the technology.

如果你回顧 5 或 10 年前，很多專案都不包含這項技術。

But I think they're really seeing now with the scope and scale and size of these projects.

但我認為他們現在確實看到了這些項目的範圍、規模和規模。

It's really tough to manage hundreds or thousands of pivots without some form of automation being motivated by energy and water conservation has really changed the game and all those projects.

如果沒有某種形式的由能源和節水驅動的自動化，管理數百或數千個樞軸確實很難，這確實改變了遊戲規則和所有這些項目。

So right now, we do see tools like FieldNET, FieldNET Advisor being applied in those projects.

所以現在，我們確實看到 FieldNET、FieldNET Advisor 等工具正在這些專案中得到應用。

And again, once you start farming growing operating with that type of a tool that size, it's nearly impossible to give it back.

再說一次，一旦你開始使用這種尺寸的工具進行農業種植，幾乎不可能將其歸還。

So I think it's a key differentiator for us in our ability to help our customers manage these large projects and we'd expect to see continued growth there.

因此，我認為這是我們幫助客戶管理這些大型專案的能力的關鍵差異化因素，我們希望看到這一領域的持續成長。

Got it.

知道了。

I will pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Brett Kearney, American Rebirth Opportunity Partners.

布雷特‧科爾尼，美國重生機會夥伴。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Hi, Brett.

嗨，布雷特。

Great to see the pickup, the IIJA funds starting to make their way through the system.

很高興看到 IIJA 資金開始通過系統。

Randy, I think you mentioned potential opportunities in some of the international infrastructure markets you participate in.

蘭迪，我認為您提到了您參與的一些國際基礎設施市場的潛在機會。

Any comments you could provide on Road Zipper project funnel opportunities internationally as well as on the leasing side as well?

您對 Road Zipper 專案在國際上以及租賃方面的漏斗機會有何評論？

Sure.

當然。

And I think there's a couple of specific markets, and I'd maybe say you know, traffic congestion is traffic congestion and it doesn't matter where you are in the world.

我認為有幾個特定的市場，我可能會說你知道，交通擁堵就是交通擁堵，無論你在世界哪個地方。

If you want to keep your workers safe in a construction zone and it doesn't matter where you are in the world.

如果您想確保建築工地工人的安全，那麼無論您身在世界何處。

So I think the value that we've seen from our long-standing penetration here in North America, that same value, those same benefits, I think, extend into the international markets.

因此，我認為我們從北美的長期滲透中看到的價值，同樣的價值，同樣的好處，我認為可以延伸到國際市場。

And now that we've placed key strategic resources in different parts of the world, we're able to be more visible spend more time with our customers and really talk about and demonstrate the value of what Road Zipper can do.

現在，我們已經在世界不同地區部署了關鍵策略資源，我們能夠更引人注目地花更多時間與客戶在一起，真正談論和展示 Road Zipper 的價值。

We talked about that the big project in the UK that got us a lot of visibility, and we've talked in different times, a big installation in Japan with a lot of their road and bridge management projects.

我們談到了英國的一個大型項目，它讓我們獲得了很高的知名度，我們在不同的時間也談到了日本的一個大型設施，其中有許多道路和橋樑管理項目。

So we're heavily penetrated there.

所以我們在那裡被嚴重滲透。

We've got a lot of work going on now in Italy and in a lot of these markets, we start with that with a small pilot proof of concept.

我們現在在義大利和許多這樣的市場正在進行大量工作，我們從一個小型試點概念驗證開始。

And again, it's kind of like field that once the customers understand what the Road Zipper does, the safety improvements they can make the ability to manage traffic flow.

再說一遍，這有點像一旦客戶了解 Road Zipper 的用途，他們就可以透過安全改進來管理交通流量。

It just grows from there.

它只是從那裡生長。

So we are pleased again, the resources we put internationally the success we've demonstrated internationally, that's going to be a big contributor to growth going forward.

因此，我們再次感到高興，我們在國際上投入的資源以及我們在國際上展示的成功，這將成為未來成長的重要貢獻者。

Excellent.

出色的。

And then if I could sneak one last one in on, great to see the opportunistic share repurchasing share repurchases in the quarter.

然後，如果我能偷偷地看最後一個，很高興看到本季機會主義的股票回購。

If you think about on the robust kind of multiyear opportunity in front of both your businesses and can you help me understand the hurdles that any potential M&A would have to clear relative to the value inherent in purchasing your own shares?

如果您考慮一下您的企業面臨的多年機遇，您能否幫助我了解任何潛在的併購都必須清除相對於購買您自己的股票固有價值的障礙？

Yeah.

是的。

I'll just start, first of all, with the share repurchase that we did make during the quarter and we looked at where our share price had been trading and we look at our cash position and we look at other opportunities to deploy cash and we felt like it was really good buying opportunity for us.

首先，我將從我們在本季進行的股票回購開始，我們研究了我們的股價一直在交易的情況，我們研究了我們的現金狀況，我們研究了其他部署現金的機會，我們感覺這對我們來說確實是一個很好的買入機會。

So and we've got the obviously the balance sheet to be able to do.

因此，我們顯然已經有了資產負債表可以做的事情。

We execute all of our various capital allocation priorities.

我們執行所有各種資本配置優先事項。

So as we go forward, I mean share repurchases is something that, again, as the opportunity presents itself, we would continue to do that.

因此，隨著我們前進，我的意思是，隨著機會的出現，股票回購是我們將繼續這樣做的事情。

But we also have an eye on what the organic growth opportunities present that Lindsay investment is one.

但我們也關注林賽投資所帶來的有機成長機會。

And we've talked about investments in Brazil and Turkey in the past.

我們過去討論過在巴西和土耳其的投資。

But M&A is definitely an area that as part of our growth strategy, we don't anticipate backing off from that at all.

但併購絕對是我們成長策略的一部分，我們預期不會放棄這個領域。

Great.

偉大的。

Thanks very much, Brian.

非常感謝，布萊恩。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Randy Wood for any closing remarks.

我想將會議轉回蘭迪·伍德發表閉幕詞。

Thank you all for joining us on today's call.

感謝大家參加今天的電話會議。

We're pleased with our team's progress year to date and look forward to strong execution for the remainder of the year.

我們對團隊今年迄今的進展感到滿意，並期待今年剩餘時間的強勁執行力。

In irrigation, our project sales strategy is working and we're winning and delivering complex international projects being a global company is a strength, and this revenue is helping to offset softness in the North American and Latin American markets.

在灌溉領域，我們的專案銷售策略正在發揮作用，我們正在贏得並交付複雜的國際項目，作為跨國公司是我們的優勢，這一收入有助於抵消北美和拉丁美洲市場的疲軟。

In infrastructure, we're actively managing our funnel of opportunities and see continued growth in our leasing business, contributing to margin performance in technology.

在基礎設施方面，我們正在積極管理我們的機會管道，並看到我們的租賃業務持續成長，為技術的利潤率做出了貢獻。

Our strong balance sheet allows us to continue investing and growing, as evidenced by our recent acquisition of field wise and strategic investment in personal instruments.

我們強大的資產負債表使我們能夠繼續投資和成長，我們最近收購的個人儀器領域明智的策略投資就證明了這一點。

Our ability to enhance shareholder returns has also been exemplified this quarter by our recent share buybacks.

本季我們最近的股票回購也證明了我們提高股東回報的能力。

This concludes our third quarter earnings call and we look forward to updating you on our continued progress following the close of our fiscal 2024 fourth quarter.

我們的第三季財報電話會議到此結束，我們期待在 2024 財年第四季結束後向您通報我們的持續進展。

Thanks for joining us.

感謝您加入我們。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。