Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~January 4,~~April 2, 2021, ~~10,865,246~~10,906,590 shares of the registrant’s common stock were outstanding.

	Three months ended						Three months ended						Six months ended
($ and shares in thousands, except per share amounts)	November 30, 2020			November 30, 2019			February 28, 2021			February 29, 2020			February 28, 2021			February 29, 2020
Operating revenues	$	108,485		$	109,393		$	143,577		$	113,788		$	252,062		$	223,181
Cost of operating revenues		77,077			75,319			102,403			80,382			179,480			155,701
Gross profit		31,408			34,074			41,174			33,406			72,582			67,480

Operating expenses:
Selling expense		7,331			6,492			7,778			8,192			15,110			14,684
General and administrative expense		13,452			11,804			14,275			13,167			27,727			24,971
Engineering and research expense		3,090			3,502			3,312			3,405			6,402			6,907
Total operating expenses		23,873			21,798			25,365			24,764			49,239			46,562

Operating income		7,535			12,276			15,809			8,642			23,343			20,918

Other (expense) income:
Interest expense		(1,201	)		(1,186	)		(1,205	)		(1,191	)		(2,406	)		(2,377	)
Interest income		303			615			268			389			571			1,004
Other income (expense), net		246			(450	)
Other expense, net								(311	)		(973	)		(65	)		(1,423	)
Total other (expense) income		(652	)		(1,021	)		(1,248	)		(1,775	)		(1,900	)		(2,796	)

Earnings before income taxes		6,883			11,255			14,561			6,867			21,443			18,122

Income tax (benefit) expense		(212	)		2,910
Income tax expense								2,685			1,351			2,472			4,261

Net earnings	$	7,095		$	8,345		$	11,876		$	5,516		$	18,971		$	13,861

Earnings per share:
Basic	$	0.65		$	0.77		$	1.09		$	0.51		$	1.75		$	1.28
Diluted	$	0.65		$	0.77		$	1.08		$	0.51		$	1.74		$	1.28

Shares used in computing earnings per share:
Basic		10,845			10,795			10,884			10,825			10,865			10,810
Diluted		10,888			10,828			10,981			10,857			10,934			10,843

Cash dividends declared per share	$	0.32		$	0.31		$	0.32		$	0.31		$	0.64		$	0.62

	Three months ended						Three months ended						Six months ended
($ in thousands)	November 30, 2020			November 30, 2019			February 28, 2021			February 29, 2020			February 28, 2021			February 29, 2020
Net earnings	$	7,095		$	8,345		$	11,876		$	5,516		$	18,971		$	13,861
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax		43			43			59			43			102			86
Foreign currency translation adjustment, net of hedging activities and tax		1,384			(293	)		481			(895	)		1,864			(1,188	)
Unrealized loss on marketable securities, net of tax		(32	)		0
Total other comprehensive income (loss), net of tax (benefit) expense of ($32), and $76, respectively		1,395			(250	)
Unrealized gain (loss) on marketable securities, net of tax								(25	)		61			(56	)		61
Total other comprehensive income (loss), net of tax expense (benefit) of $20, ($449), ($12), and ($373), respectively								515			(791	)		1,910			(1,041	)
Total comprehensive income	$	8,490		$	8,095		$	12,391		$	4,725		$	20,881		$	12,820

($ and shares in thousands, except par values)	November 30, 2020			November 30, 2019			August 31, 2020			February 28, 2021			February 29, 2020			August 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	126,802		$	120,910		$	121,403		$	110,775		$	101,272		$	121,403
Marketable securities		19,624			0			19,511			19,555			18,740			19,511
Receivables, net of allowance of $2,960, $2,785, and $2,780, respectively		74,909			79,317			84,604
Receivables, net of allowance of $3,021, $2,597, and $2,780, respectively											94,211			80,468			84,604
Inventories, net		114,278			97,284			104,792			121,566			105,454			104,792
Assets held-for-sale		0			2,744			0
Other current assets, net		20,837			16,376			17,625			29,509			19,083			17,625
Total current assets		356,450			316,631			347,935			375,616			325,017			347,935

Property, plant, and equipment:
Cost		212,725			193,000			208,107			223,418			191,688			208,107
Less accumulated depreciation		(131,430	)		(122,695	)		(128,526	)		(134,197	)		(122,926	)		(128,526	)
Property, plant, and equipment, net		81,295			70,305			79,581			89,221			68,762			79,581

Intangibles, net		22,817			23,739			23,477			22,383			23,162			23,477
Goodwill		68,027			64,358			68,004			68,087			64,338			68,004
Operating lease right-of-use assets		26,008			25,764			27,457			20,173			27,257			27,457
Deferred income tax assets		9,924			9,902			9,935			10,347			10,162			9,935
Other noncurrent assets		10,681			16,112			14,137			10,821			15,632			14,137
Total assets	$	575,202		$	526,811		$	570,526		$	596,648		$	534,330		$	570,526

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	36,263		$	30,097		$	29,554		$	39,934		$	33,307		$	29,554
Current portion of long-term debt		214			210			195			215			211			195
Other current liabilities		65,910			54,494			72,646			74,687			54,303			72,646
Total current liabilities		102,387			84,801			102,395			114,836			87,821			102,395

Pension benefits liabilities		6,293			5,948			6,374			6,182			5,868			6,374
Long-term debt		115,641			115,805			115,682			115,599			115,765			115,682
Operating lease liabilities		24,863			25,323			25,862			20,174			25,919			25,862
Deferred income tax liabilities		902			845			889			900			839			889
Other noncurrent liabilities		21,215			21,089			20,806			19,933			20,791			20,806
Total liabilities		271,301			253,811			272,008			277,624			257,003			272,008

Shareholders' equity:

Preferred stock of $1 par value - authorized 2,000 shares; 0 shares issued and outstanding		0			0			0			0			0			0
Common stock of $1 par value - authorized 25,000 shares; 18,948, 18,897, and 18,918 shares issued, respectively		18,948			18,897			18,918
Common stock of $1 par value - authorized 25,000 shares; 18,990, 18,918, and 18,918 shares issued, respectively											18,990			18,918			18,918
Capital in excess of stated value		78,026			71,706			77,686			84,206			74,645			77,686
Retained earnings		503,342			479,732			499,724			511,728			481,890			499,724
Less treasury stock - at cost, 8,083 shares		(277,238	)		(277,238	)		(277,238	)		(277,238	)		(277,238	)		(277,238	)
Accumulated other comprehensive loss, net		(19,177	)		(20,097	)		(20,572	)		(18,662	)		(20,888	)		(20,572	)
Total shareholders' equity		303,901			273,000			298,518			319,024			277,327			298,518
Total liabilities and shareholders' equity	$	575,202		$	526,811		$	570,526		$	596,648		$	534,330		$	570,526

Lindsay Corporation and Subsidiaries	Lindsay Corporation and Subsidiaries																						Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY	CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY																						CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
($ and shares in thousands, except per share amounts)	($ and shares in thousands, except per share amounts)																						($ and shares in thousands, except per share amounts)
(Unaudited)	(Unaudited)																						(Unaudited)
		Shares of common stock		Shares of treasury stock		Common stock		Capital in excess of stated value			Retained earnings			Treasury stock			Accumulated other comprehensive loss, net			Total shareholders’ equity				Shares of common stock		Shares of treasury stock		Common stock		Capital in excess of stated value		Retained earnings			Treasury stock			Accumulated other comprehensive loss, net			Total shareholders’ equity
Balance at August 31, 2019			18,870		8,083	$	18,870	$	71,684		$	474,740		$	(277,238	)	$	(19,847	)	$	268,209				18,870		8,083	$	18,870	$	71,684	$	474,740		$	(277,238	)	$	(19,847	)	$	268,209
Comprehensive income:
Net earnings			0		0		0		0			8,345			0			0			8,345				0		0		0		0		13,861			0			0			13,861
Other comprehensive loss			0		0		0		0			0			0			(250	)		(250	)			0		0		0		0		0			0			(1,041	)		(1,041	)
Total comprehensive income			0		0		0		0			0			0			0			8,095				0		0		0		0		0			0			0			12,820
Cash dividends ($.31 per share)			0		0		0		0			(3,353	)		0			0			(3,353	)
Cash dividends ($.62) per share																									0		0		0		0		(6,711	)		0			0			(6,711	)
Issuance of common shares under share compensation plans, net			27		0		27		(1,138	)		0			0			0			(1,111	)			48		0		48		386		0			0			0			434
Share-based compensation expense			0		0		0		1,160			0			0			0			1,160				0		0		0		2,575		0			0			0			2,575
Balance at November 30, 2019			18,897		8,083	$	18,897	$	71,706		$	479,732		$	(277,238	)	$	(20,097	)	$	273,000
Balance at February 29, 2020																									18,918		8,083	$	18,918	$	74,645	$	481,890		$	(277,238	)	$	(20,888	)	$	277,327


Balance at August 31, 2020			18,918		8,083	$	18,918	$	77,686		$	499,724		$	(277,238	)	$	(20,572	)	$	298,518				18,918		8,083	$	18,918	$	77,686	$	499,724		$	(277,238	)	$	(20,572	)	$	298,518
Comprehensive income:
Net earnings			0		0		0		0			7,095			0			0			7,095				0		0		0		0		18,971			0			0			18,971
Other comprehensive income			0		0		0		0			0			0			1,395			1,395				0		0		0		0		0			0			1,910			1,910
Total comprehensive income			0		0		0		0			0			0			0			8,490				0		0		0		0		0			0			0			20,881
Cash dividends ($.32 per share)			0		0		0		0			(3,477	)		0			0			(3,477	)
Repurchase of common stock			0		0		0		0			0			0			0			0
Cash dividends ($.64) per share																									0		0		0		0		(6,967	)		0			0			(6,967	)
Issuance of common shares under share compensation plans, net			30		0		30		(1,243	)		0			0			0			(1,213	)			72		0		72		2,473		0			0			0			2,545
Share-based compensation expense			0		0		0		1,583			0			0			0			1,583				0		0		0		4,047		0			0			0			4,047
Balance at November 30, 2020			18,948		8,083	$	18,948	$	78,026		$	503,342		$	(277,238	)	$	(19,177	)	$	303,901
Balance at February 28, 2021																									18,990		8,083	$	18,990	$	84,206	$	511,728		$	(277,238	)	$	(18,662	)	$	319,024

See accompanying notes to condensed consolidated financial statements.	See accompanying notes to condensed consolidated financial statements.																						See accompanying notes to condensed consolidated financial statements.

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
($ and shares in thousands, except per share amounts)
(Unaudited)
	Shares of common stock		Shares of treasury stock		Common stock		Capital in excess of stated value		Retained earnings			Treasury stock			Accumulated other comprehensive loss, net			Total shareholders’ equity
Balance at November 30, 2019		18,897		8,083	$	18,897	$	71,706	$	479,732		$	(277,238	)	$	(20,097	)	$	273,000
Comprehensive income:
Net earnings		0		0		0		0		5,516			0			0			5,516
Other comprehensive income		0		0		0		0		0			0			(791	)		(791	)
Total comprehensive income		0		0		0		0		0			0			0			4,725
Cash dividends ($0.31) per share		0		0		0		0		(3,358	)		0			0			(3,358	)
Issuance of common shares under share compensation plans, net		21		0		21		1,524		0			0			0			1,545
Share-based compensation expense		0		0		0		1,415		0			0			0			1,415
Balance at February 29, 2020		18,918		8,083	$	18,918	$	74,645	$	481,890		$	(277,238	)	$	(20,888	)	$	277,327


Balance at November 30, 2020		18,948		8,083	$	18,948	$	78,026	$	503,342		$	(277,238	)	$	(19,177	)	$	303,901
Comprehensive income:
Net earnings		0		0		0		0		11,876			0			0			11,876
Other comprehensive income		0		0		0		0		0			0			515			515
Total comprehensive income		0		0		0		0		0			0			0			12,391
Cash dividends ($0.32) per share				0		0		0		(3,490	)		0			0			(3,490	)
Issuance of common shares under share compensation plans, net		42		0		42		3,716		0			0			0			3,758
Share-based compensation expense		0		0		0		2,464		0			0			0			2,464
Balance at February 28, 2021		18,990		8,083	$	18,990	$	84,206	$	511,728		$	(277,238	)	$	(18,662	)	$	319,024

See accompanying notes to condensed consolidated financial statements.

	Three months ended						Six months ended
($ in thousands)	November 30, 2020			November 30, 2019			February 28, 2021			February 29, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	7,095		$	8,345		$	18,971		$	13,861
Adjustments to reconcile net earnings to net cash provided by operating activities:
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		5,140			4,748			9,878			9,418
Gain on sale of assets held-for-sale								0			(1,191	)
Provision for uncollectible accounts receivable		158			248			246			213
Deferred income taxes		140			1,987			206			1,806
Share-based compensation expense		1,583			1,160			4,047			2,575
Foreign currency transaction (gain) loss		(203	)		668
Unrealized foreign currency transaction (gain) loss								(754	)		1,515
Other, net		36			(294	)		1,804			(2,153	)
Changes in assets and liabilities:
Receivables		8,896			(4,122	)		(10,769	)		(5,716	)
Inventories		(8,294	)		(4,931	)		(16,245	)		(14,153	)
Other current assets		(3,068	)		(2,466	)		(9,492	)		(4,539	)
Accounts payable		7,286			725			10,962			3,540
Other current liabilities		(7,146	)		(1,901	)		334			(2,183	)
Other noncurrent assets and liabilities		3,750			(2,626	)		1,940			(5,178	)
Net cash provided by operating activities		15,373			1,541
Net cash provided by (used in) operating activities								11,128			(2,185	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(5,614	)		(4,322	)		(16,556	)		(5,335	)
Proceeds from sale of property and equipment held-for-sale								0			3,955
Purchases of marketable securities available-for-sale		(3,844	)		0			(8,313	)		(19,978	)
Proceeds from maturities of marketable securities available-for-sale		3,616			0			8,043			1,250
Proceeds from settlement of net investment hedges		0			1,092
Other investing activities, net		0			24			(860	)		1,092
Net cash used in investing activities		(5,842	)		(3,206	)		(17,686	)		(19,016	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		56			0			3,814			1,545
Common stock withheld for payroll tax obligations		(1,269	)		(1,111	)		(1,269	)		(1,111	)
Principal payments on long-term debt		(35	)		(52	)		(88	)		(104	)
Dividends paid		(3,477	)		(3,353	)		(6,967	)		(6,711	)
Net cash used in financing activities		(4,725	)		(4,516	)		(4,510	)		(6,381	)

Effect of exchange rate changes on cash and cash equivalents		593			(113	)		440			1,650
Net change in cash and cash equivalents		5,399			(6,294	)		(10,628	)		(25,932	)
Cash and cash equivalents, beginning of period		121,403			127,204			121,403			127,204
Cash and cash equivalents, end of period	$	126,802		$	120,910		$	110,775		$	101,272

SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid, net of refunds	$	418		$	(56	)	$	2,397		$	2,294
Interest paid	$	77		$	67		$	2,347		$	2,334

The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP”) as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2020.

In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates.

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. The Company adopted this in the first quarter of the Company’s fiscal 2021. The adoption of this ASU did not have a material impact on its condensed consolidated financial statements and related disclosures.

In January 2017, the FASB ~~issues~~issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates the requirement to calculate the implied fair value of goodwill; rather, an entity will measure its goodwill impairment by the amount the carrying value exceeds the fair value of a reporting unit. The Company adopted this in the first quarter of the Company’s fiscal 2021. The adoption of this ASU did not have a material impact on its condensed consolidated financial statements and related disclosures.

A breakout by segment of revenue recognized over time versus at a point in time for the three and six months ended ~~November 30,~~February 28, 2021 and February 29, 2020 is as follows:

	Three months ended						Three months ended						Three months ended
	November 30, 2020						February 28, 2021						February 29, 2020
($ in thousands)	Irrigation		Infrastructure		Total		Irrigation		Infrastructure		Total		Irrigation		Infrastructure		Total
Point in time	$	80,060	$	15,452	$	95,512	$	110,814	$	20,819	$	131,633	$	73,844	$	17,334	$	91,178
Over time		7,296		1,639		8,935		7,758		1,535		9,293		19,650		1,426		21,076
Revenue from the contracts with customers		87,356		17,091		104,447		118,572		22,354		140,926		93,494		18,760		112,254

Lease revenue		0		4,038		4,038		0		2,651		2,651		0		1,534		1,534
Total operating revenues	$	87,356	$	21,129	$	108,485	$	118,572	$	25,005	$	143,577	$	93,494	$	20,294	$	113,788


	Three months ended						Six months ended						Six months ended
	November 30, 2019						February 28, 2021						February 29, 2020
($ in thousands)	Irrigation		Infrastructure		Total		Irrigation		Infrastructure		Total		Irrigation		Infrastructure		Total
Point in time	$	73,818	$	21,162	$	94,980	$	190,926	$	36,269	$	227,195	$	147,661	$	38,498	$	186,159
Over time		9,509		2,125		11,634		15,003		3,174		18,177		29,159		3,550		32,709
Revenue from the contracts with customers		83,327		23,287		106,614		205,929		39,443		245,372		176,820		42,048		218,868

Lease revenue		0		2,779		2,779		0		6,690		6,690		0		4,313		4,313
Total operating revenues	$	83,327	$	26,066	$	109,393	$	205,929	$	46,133	$	252,062	$	176,820	$	46,361	$	223,181

Further disaggregation of revenue is disclosed in the Note 13 – Industry Segment Information.

For contracts with an initial length longer than twelve months, the unsatisfied performance obligations were ~~$11.3~~$6.8 million at ~~November 30, 2020.~~February 28, 2021.

Contract assets arise when recorded revenue for a contract exceeds the amounts billed under the terms of such contract. Contract liabilities arise when billed amounts exceed revenue recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones and completion of specified units of completion of the contract. At ~~November 30,~~February 28, 2021, February 29, 2020, ~~November 30, 2019,~~ and August 31, ~~2019,~~2020, contract assets amounted to $1.2 million, ~~$1.2~~$0.9 million, and $0.9 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheet.

Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At ~~November 30,~~February 28, 2021, February 29, 2020, ~~November 30, 2019,~~ and August 31, ~~2019,~~2020, contract liabilities amounted to $21.3 million, ~~$14.7~~$13.4 million, and $19.6 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company’s ~~three~~six months ended ~~November 30,~~February 28, 2021 and February 29 2020, ~~and 2019,~~ the Company recognized ~~$6.5~~$15.4 million and ~~$6.4~~$12.6 million of revenue that were included in the liabilities as of August 31, 2020 and 2019, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. ~~When a period results in a net loss, the impact~~

The following table shows the computation of basic and diluted net earnings per share for the three and six months ended ~~November 30, 2020~~February 28, 2021 and ~~November 30, 2019:~~February 29, 2020:

	Three months ended				Three months ended				Six months ended
($ and shares in thousands, except per share amounts)	November 30, 2020		November 30, 2019		February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Numerator:
Net earnings	$	7,095	$	8,345	$	11,876	$	5,516	$	18,971	$	13,861

Denominator:
Weighted average shares outstanding		10,845		10,795		10,884		10,825		10,865		10,810
Diluted effect of stock awards		43		33		97		32		69		33
Weighted average shares outstanding assuming dilution		10,888		10,828		10,981		10,857		10,934		10,843

Basic net earnings per share	$	0.65	$	0.77	$	1.09	$	0.51	$	1.75	$	1.28
Diluted net earnings per share	$	0.65	$	0.77	$	1.08	$	0.51	$	1.74	$	1.28

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 following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive:

	Three months ended				Three months ended				Six months ended
(Units and options in thousands)	November 30, 2020		November 30, 2019		February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Restricted stock units		0		19		0		4		0		11
Stock options		79		0		5		12		42		6
Performance stock units		10		20		3		0		6		10

The Company recorded income tax ~~benefit~~expense of ~~$0.2~~$2.7 million and $1.4 million for the three months ended ~~November 30,~~February 28, 2021 and February 29, 2020, respectively, and recorded income tax expense of ~~$2.9~~$2.5 million and $4.3 million for the ~~three~~six months ended ~~November 30, 2019.~~February 28, 2021 and February 29, 2020, respectively.

It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was ~~23.8~~23.7 percent and ~~25.8~~23.5 percent for the ~~three~~six months ended ~~November 30,~~February 28, 2021 and February 29, 2020, ~~and 2019,~~ respectively. ~~The decrease in the estimated annual effective income tax rate from November 2019 to November 2020 relates primarily to the change in earnings mix among foreign operations.~~

The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded discrete items resulting in an income tax benefit of ~~$1.8~~$2.6 million for the ~~three~~six months ended ~~November 30, 2020,~~February 28, 2021, which ~~included~~includes a benefit of $1.7 million related to the release of a valuation allowance primarily related to net operating loss carryforwards in a foreign jurisdiction that are now expected to be realizable. The tax effects of discrete items did 0t have a significant impact on income tax expense for the ~~three~~six months ended ~~November 30, 2019~~. February 29, 2020.

Inventories consisted of the following as of ~~November 30,~~February 28, 2021, February 29, 2020, ~~November 30, 2019,~~ and August 31, 2020:

($ in thousands)	November 30, 2020			November 30, 2019			August 31, 2020			February 28, 2021			February 29, 2020			August 31, 2020
Raw materials and supplies	$	52,374		$	47,266		$	51,205		$	62,404		$	50,240		$	51,205
Work in process		8,041			6,235			6,464			8,993			6,746			6,464
Finished goods and purchased parts, net		58,284			51,908			51,684			58,682			53,496			51,684
Total inventory value before LIFO adjustment		118,699			105,409			109,353			130,079			110,482			109,353
Less adjustment to LIFO value		(4,421	)		(8,125	)		(4,561	)		(8,513	)		(5,028	)		(4,561	)
Inventories, net	$	114,278		$	97,284		$	104,792		$	121,566		$	105,454		$	104,792

The following table sets forth the outstanding principal balances of the Company’s long-term debt as of the dates shown:

($ in thousands)	November 30, 2020			November 30, 2019			August 31, 2020			February 28, 2021			February 29, 2020			August 31, 2020
Series A Senior Notes	$	115,000		$	115,000		$	115,000		$	115,000		$	115,000		$	115,000
Revolving Credit Facility		0			0			0			0			0			0
Elecsys Series 2006A Bonds		1,309			1,519			1,344			1,256			1,467			1,344
Total debt		116,309			116,519			116,344			116,256			116,467			116,344
Less current portion		(214	)		(210	)		(195	)		(215	)		(211	)		(195	)
Less unamortized debt issuance costs		(454	)		(504	)		(467	)		(442	)		(491	)		(467	)
Total long-term debt	$	115,641		$	115,805		$	115,682		$	115,599		$	115,765		$	115,682

Due within	$ in thousands		$ in thousands
1 year	$	214	$	215
2 years		218		219
3 years		222		224
4 years		227		228
5 years		231		232
Thereafter		115,197		115,138
	$	116,309	$	116,256

The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of ~~November 30,~~February 28, 2021, February 29, 2020, ~~November 30, 2019,~~ and August 31, 2020. There were no transfers between any levels for the periods presented.

	November 30, 2020											February 28, 2021
($ in thousands)	Level 1		Level 2			Level 3			Total			Level 1		Level 2		Level 3			Total
Cash and cash equivalents	$	126,802	$	0		$	0		$	126,802		$	110,775	$	0	$	0		$	110,775
Marketable securities:
Corporate bonds		0		14,564			0			14,564			0		15,501		0			15,501
U.S. treasury securities		0		5,060			0			5,060			0		4,054		0			4,054
Earn-out liability		0		0			(1,112	)		(1,112	)		0		0		(1,098	)		(1,098	)

	November 30, 2019											February 29, 2020
($ in thousands)	Level 1		Level 2			Level 3			Total			Level 1		Level 2		Level 3			Total
Cash and cash equivalents	$	120,910	$	0		$	0		$	120,910		$	101,272	$	0	$	0		$	101,272
Marketable securities:
Corporate bonds													0		14,555		0			14,555
U.S. treasury securities													0		4,185		0			4,185
Derivative assets		0		13			0			13			0		247		0			247
Derivative liabilities		0		(115	)		0			(115	)

	August 31, 2020											August 31, 2020
($ in thousands)	Level 1		Level 2			Level 3			Total			Level 1		Level 2		Level 3			Total
Cash and cash equivalents	$	121,403	$	0		$	0		$	121,403		$	121,403	$	0	$	0		$	121,403
Marketable securities:
Corporate bonds		0		14,426			0			14,426			0		14,426		0			14,426
U.S. treasury securities		0		5,085			0			5,085			0		5,085		0			5,085
Derivative assets		0		21			0			21			0		21		0			21
Earn-out liability		0		0			(1,112	)		(1,112	)		0		0		(1,112	)		(1,112	)

The Company’s investment in marketable securities consists of United States treasury bonds and investment grade corporate bonds. The marketable securities are classified as available-for-sale and are carried at fair value with the change in unrealized gains and losses reported as a separate component on the condensed consolidated statements of comprehensive income (loss) until realized. The Company determines fair value using data points that are observable, such as quoted prices and interest rates. The amortized cost of the investments approximates fair value. Investment income is recorded within other (expense) income on the condensed consolidated statements of earnings. As of ~~November 30, 2020,~~February 28, 2021, approximately ~~72%~~65% of the Company’s marketable securities investments mature within one year and ~~28%~~35% mature within one to three years.

The Company’s earn-out liability relates to its acquisition of Net Irrigate, LLC during the third quarter of fiscal 2020. The value of the earn-out liability is based on active customers one year subsequent to the closing date. The fair value of this earn-out payment was calculated using the weighted average probability for each potential outcome and has a maximum potential payout of $1.5 million.

There were 0 required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the ~~three~~six months ended ~~November 30, 2020~~February 28, 2021 or ~~November 30, 2019.~~February 29, 2020.

In the ordinary course of its business operations, the Company enters into arrangements that obligate it to make future payments under contracts such as lease agreements. Additionally, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings, business disputes and other legal proceedings. The Company has established accruals for certain proceedings based on an assessment of probability of loss. The Company believes that any such currently-pending proceedings are either covered by insurance or would not have a material effect on the business or its consolidated financial statements if decided in a manner that is unfavorable to the Company. Such proceedings are exclusive of environmental remediation matters which are discussed separately below.

The Company is currently defending a number of product liability lawsuits arising out of vehicle collisions with highway barriers incorporating the Company’s X-Lite® end terminal. Despite the September 2018 reversal of a sizable judgment against a competitor, the Company expects that the significant attention brought to the infrastructure products industry by the original judgment may lead to additional lawsuits being filed against the Company and others in the industry.

The Company, certain of its subsidiaries, and certain third parties which originally designed the X-Lite end terminal have also been named in a lawsuit filed on June 9, 2020 in the Circuit Court of Cole County, Missouri by Missouri Highways and Transportation Commission (“MHTC”). MHTC alleges, among other things, that the X-Lite end terminal was defectively designed and failed to perform as designed, intended, and advertised, leading to MHTC’s removal and replacement of X-Lite end terminals from Missouri’s roadways. MHTC alleges strict liability (defective design and failure to warn), negligence, breach of express warranties, breach of implied warranties (merchantability and fitness for a particular purpose), fraud, and public nuisance. MHTC seeks compensatory damages, interest, attorneys’ fees, and punitive damages.

The Company believes it has meritorious factual and legal defenses to each of the lawsuits discussed above and is prepared to vigorously defend its interests. Based on the information currently available to the Company, the Company does not believe that a loss is probable in any of these lawsuits; therefore, no accrual has been included in the Company’s consolidated financial statements. While it is possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. However, the Company maintains insurance coverage to mitigate the impact of adverse exposures in these lawsuits and does not expect that these lawsuits will have a material adverse effect on its business or its consolidated financial statements.

In June 2019, the Company was informed by letter that the Department of Justice, Civil Division and U.S. Attorney’s Office for the Northern District of New York, with the assistance of the Department of Transportation, Office of Inspector General, are conducting an investigation of the Company relating to the Company’s X-Lite end terminal and potential violations of the federal civil False Claims Act. Depending on the outcome of this matter, there could be a material adverse effect on the Company’s business or its consolidated financial statements. Given the current posture of the matter, the Company is unable to estimate a range of potential loss, if any, or to express an opinion regarding the ultimate outcome.

In previous years, the Company committed to a plan to remediate environmental contamination of the groundwater at and adjacent to its Lindsay, Nebraska facility (the “site”). The current estimated aggregate accrued cost of $16.1 million is based on consideration of remediation options which the Company believes could be successful in meeting the long-term

regulatory requirements of the site. The Company submitted a revised remedial alternatives evaluation report to the U.S. Environmental Protection Agency (“EPA”) and the Nebraska Department of Environment and Energy (the “NDEE”) in August 2020 to review remediation alternatives and proposed plans for the site. The proposed remediation plan is preliminary and has not been approved by the EPA or the NDEE. Based on guidance from third-party environmental experts and the preliminary discussions with the regulatory agencies, the Company anticipates that a definitive plan will not be agreed upon until the latter half of ~~fiscal~~calendar 2021 or later. An increase to the liability of $1.0 million was recorded within general and administrative expense on the condensed consolidated statement of earnings in the fourth quarter of fiscal 2020. Of the total liability, $11.0 million was calculated on a discounted basis using a discount rate of 1.2%, which represents a risk-free rate. This discounted portion of the liability amounts to $12.4 million on an undiscounted basis.

The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While the plan has not formally been approved by the EPA, the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site; however, the estimate of costs and their timing could change as a result of a number of factors, including (1) EPA input on the proposed remediation plan and any changes which it may subsequently require, (2) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (3) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (4) unforeseen circumstances existing at the site. As a result of these factors, the actual amount of costs incurred by the Company in connection with the remediation of

contamination of its Lindsay, Nebraska site could exceed the amounts accrued for this expense at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition.

The following table summarizes the undiscounted environmental remediation liability classifications included in the condensed consolidated balance sheets as of ~~November 30,~~February 28, 2021, February 29, 2020, ~~November 30, 2019,~~ and August 31, 2020:

($ in thousands)	November 30, 2020		November 30, 2019		August 31, 2020			February 28, 2021		February 29, 2020		August 31, 2020
Other current liabilities	$	1,105	$	1,243	$	1,115	��	$	1,105	$	1,243	$	1,115
Other noncurrent liabilities		15,021		14,548		15,030			15,017		14,396		15,030
Total environmental remediation liabilities	$	16,126	$	15,791	$	16,145		$	16,122	$	15,639	$	16,145

	Three months ended						Three months ended						Six months ended
($ in thousands)	November 30, 2020			November 30, 2019			February 28, 2021			February 29, 2020			February 28, 2021			February 29, 2020
Product warranty accrual balance, beginning of period	$	10,765		$	8,960		$	10,858		$	8,788		$	10,765		$	8,960
Liabilities accrued for warranties during the period		1,734			1,480			2,247			2,135			3,981			3,616
Warranty claims paid during the period		(1,641	)		(1,652	)		(1,378	)		(1,933	)		(3,019	)		(3,586	)
Changes in estimates								59			0			59			0
Product warranty accrual balance, end of period	$	10,858		$	8,788		$	11,786		$	8,990		$	11,786		$	8,990

The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares, and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was ~~$1.7~~$2.5 million and ~~$1.2~~$1.5 million for the three months ended ~~November 30,~~February 28, 2021 and February 29, 2020, respectively, and ~~2019,~~$4.2 million and $2.7 million for the six months ended February 28, 2021 and February 29, 2020, respectively.

During the second quarter of fiscal 2021, the Company’s former chief executive officer retired and entered into a one-year consulting agreement to provide transition services. The ~~following table illustrates~~agreement provided for the ~~type~~modification of all outstanding and ~~fair value~~unvested share-based payment awards held by the former chief executive officer to continue vesting according to their respective original vesting schedules for the duration of ~~share-based compensation awards granted during~~the consulting services. For the three months ended ~~November 30, 2020 and 2019, respectively:~~February 28, 2021, the Company recorded $1.5 million of incremental share-based compensation expense related to this modification.

The RSUs granted during the three months ended November 30, 2020 and 2019 consisted of 2,162 and 2,730, respectively, of awards that will be settled in cash. The weighted average stock price on the date of grant was $110.21 and $94.36 per award for the three months ended November 30, 2020 and 2019, respectively. Share issuances are presented net of share repurchases to cover payroll taxes of $1.3 million and $1.1 million for the three month periods ended November 30, 2020 and 2019, respectively.

~~The following table provides the assumptions used in determining the fair value of the stock options awarded during the three months ended November 30, 2020 and 2019:~~

The PSUs granted during fiscal 2021 include performance goals based on a return on net assets and total shareholder return (TSR) relative to the Company’s peers during the performance period. The awards actually earned will range from 0 to ~~two hundred~~ percent of the targeted number of PSUs and will be paid in shares of common stock. Shares earned will be distributed upon vesting on the first day of November following the end of the three-year performance period. For the return on net assets portion of the award, the Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the financial statements. For the TSR portion of the award, compensation expense is recorded ratably over the ~~three-year~~ ~~term of the award based on the estimated grant date fair value.~~

The fair value of the TSR portion of the awards granted during the three months ended November 30, 2020 and 2019 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions:

($ in thousands)	November 30, 2020		November 30, 2019		August 31, 2020		February 28, 2021		February 29, 2020		August 31, 2020
Other current liabilities:
Contract liabilities	$	18,497	$	13,280	$	17,296	$	19,982	$	12,323	$	17,296
Compensation and benefits		13,759		11,400		20,945		16,717		13,398		20,945
Warranties		10,858		8,788		10,765		11,786		8,990		10,765
Operating lease liabilities		5,004		4,200		5,123		3,965		4,790		5,123
Dealer related liabilities		3,696		3,536		3,664		3,873		3,681		3,664
Deferred revenue - lease		3,165		2,431		1,822		3,301		2,190		1,822
Tax related liabilities								2,033		1,709		3,726
Accrued insurance		1,253		1,555		1,348		1,320		1,624		1,348
Accrued environmental liabilities		1,105		1,243		1,115		1,105		1,243		1,115
Tax related liabilities		443		2,400		3,726
Other		8,130		5,661		6,842		10,605		4,355		6,842
Total other current liabilities	$	65,910	$	54,494	$	72,646	$	74,687	$	54,303	$	72,646

There were 0 shares repurchased during the three and six months ended ~~November 30,~~February 28, 2021 and February 29, 2020 ~~and November 30, 2019~~ under the Company’s share repurchase program. The remaining amount available under the repurchase program was $63.7 million as of ~~November 30, 2020.~~February 28, 2021.

The Company manages its business activities in 2 reportable segments: irrigation and infrastructure. The Company evaluates the performance of its reportable segments based on segment ~~sales,~~revenues, gross profit and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses and income taxes. Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed. The Company had 0 single customer who represented 10 percent or more of its total revenues during the three or six months ended ~~November 30, 2020 and 2019.~~

Irrigation - This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial IoT, or “internet of things”, solutions. The irrigation reporting segment consists of 1 operating segment.

Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment. The infrastructure reporting segment consists of 1 operating segment.

Certain immaterial reclassifications have been made to the prior ~~year~~year’s operating results to conform with the current ~~year~~year’s presentation, as revenues and operating income from certain product lines previously included within the infrastructure reporting segment are now included within the irrigation reporting segment.

	Three months ended						Three months ended						Six months ended
($ in thousands)	November 30, 2020			November 30, 2019			February 28, 2021			February 29, 2020			February 28, 2021			February 29, 2020
Operating revenues:
Irrigation:
North America	$	52,790		$	53,588		$	80,178		$	67,088		$	132,968		$	120,675
International		34,566			29,739			38,394			26,406			72,961			56,145
Irrigation total		87,356			83,327			118,572			93,494			205,929			176,820
Infrastructure		21,129			26,066			25,005			20,294			46,133			46,361
Total operating revenues	$	108,485		$	109,393		$	143,577		$	113,788		$	252,062		$	223,181

Operating income:
Irrigation	$	10,633		$	9,784		$	18,045		$	10,084		$	28,678		$	19,867
Infrastructure		4,256			8,741			6,341			5,888			10,597			14,630
Corporate		(7,354	)		(6,249	)		(8,577	)		(7,330	)		(15,932	)		(13,579	)
Total operating income		7,535			12,276			15,809			8,642			23,343			20,918

Interest and other expense, net		(652	)		(1,021	)		(1,248	)		(1,775	)		(1,900	)		(2,796	)
Earnings before income taxes	$	6,883		$	11,255		$	14,561		$	6,867		$	21,443		$	18,122

($ in thousands)	November 30, 2020		November 30, 2019		August 31, 2020		February 28, 2021		February 29, 2020		August 31, 2020
Total assets:
Irrigation	$	331,045	$	305,928	$	307,537	$	363,542	$	318,689	$	307,537
Infrastructure		88,995		84,813		113,111		87,542		82,608		113,111
Corporate		155,162		136,070		149,878		145,564		133,033		149,878
	$	575,202	$	526,811	$	570,526	$	596,648	$	534,330	$	570,526

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

This Quarterly Report on Form 10-Q contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical are forward-looking and reflect information concerning possible or assumed future results of operations and planned financing of the Company. In addition, forward-looking statements may be made orally or in press releases, conferences, reports, on the Company's web site, or otherwise, in the future by or on behalf of the Company. When used by or on behalf of the Company, the words “expect,” “anticipate,” “estimate,” “believe,” “intend,” “will,” “plan,” “predict,” “project,” “outlook,” “could,” “may,” “should” or similar expressions generally identify forward-looking statements. The entire section entitled “Executive Overview and Outlook” should be considered forward-looking statements. 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.

Forward-looking statements involve a number of risks and uncertainties, including but not limited to those discussed in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2020. Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results or conditions, which may not occur as anticipated. Actual results or conditions could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein and in the Company’s other public filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2020, as well as other risks and uncertainties not now anticipated. The risks and uncertainties described herein and in the Company’s other public filings are not exclusive and further information concerning the Company and its businesses, including factors that potentially could materially affect the Company's financial results, may emerge from time to time. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

In March 2020, the World Health Organization declared the 2019 coronavirus disease (COVID-19) a global pandemic. This outbreak, which has continued to spread worldwide, has adversely affected workforces, customers, economies, and financial markets globally, leading to economic uncertainty. Shelter-in-place or stay-at-home orders have been implemented from time to time in many of the jurisdictions in which the Company operates. However, because the Company supports critical industries, the Company’s facilities worldwide have generally been considered “business essential” and have remained open throughout the outbreak with limited exceptions. Accordingly, COVID-19 has had a limited impact on the Company’s manufacturing operations to date. While the Company has implemented new procedures to protect the health and well-being of employees and customers, costs associated with these procedures have not been material. In addition, the pandemic has not had a ~~significant~~material adverse effect on demand for the Company’s irrigation or infrastructure ~~products.~~products; however, the timing of infrastructure revenue continues to be impacted by reduced road construction activity and delays in project implementations.

The ultimate impact of COVID-19 on the Company’s business, results of operations, or cash flows remains uncertain and depends on numerous evolving factors that the Company may not be able to accurately predict or effectively respond to, including, without limitation: the duration and scope of the outbreak; mutations of COVID-19; actions taken by governments, businesses, and individuals in response to the outbreak; the effect on economic activity and actions taken in response; the effect on customers and their demand for the Company’s products and services; and the Company’s ability to manufacture, sell, distribute and service its products, including without limitation as a result of supply chain challenges, facility closures, social distancing, restrictions on travel, fear or anxiety by the populace, and shelter-in-place orders. As such, the full financial impact of COVID-19 on the Company’s business is difficult to estimate.

In preparing the Company’s condensed consolidated financial statements in conformity with U.S. GAAP, management must make a variety of decisions which impact the reported amounts and the related disclosures. These decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In making these decisions, management applies its judgment based on its understanding and analysis of the relevant circumstances and the Company’s historical experience.

The Company’s accounting policies that are most important to the presentation of its results of operations and financial condition, and which require the greatest use of judgments and estimates by management, are designated as its critical accounting policies. See discussion of the Company’s critical accounting policies under Item 7 in the Company’s Annual

Report on Form 10-K for the Company’s fiscal year ended August 31, 2020. Management periodically re-evaluates and

adjusts its critical accounting policies as circumstances change. There were no significant changes in the Company’s critical accounting policies during the ~~three~~six months ended ~~November 30, 2020.~~February 28, 2021.

See Note 1 – Basis of Presentation and the disclosure therein of recently adopted accounting guidance to the condensed consolidated financial statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Operating revenues for the three months ended ~~November 30, 2020~~February 28, 2021 were ~~$108.5~~$143.6 million, ~~a decrease~~an increase of 126 percent compared to ~~$109.4~~$113.8 million for the three months ended ~~November 30, 2019.~~February 29, 2020. Irrigation segment revenues increased 527 percent to ~~$87.4~~$118.6 million and infrastructure segment revenues ~~decreased 19~~increased 23 percent to ~~$21.1~~$25.0 million. Net earnings for the three months ended ~~November 30, 2020~~February 28, 2021 were ~~$7.1~~$11.9 million, or ~~$0.65~~$1.08 per diluted share, compared to net earnings of ~~$8.3~~$5.5 million, or ~~$0.77~~$0.51 per diluted share, for the three months ended ~~November 30, 2019.~~February 29, 2020.

The Company’s irrigation revenues are highly dependent upon the need for irrigated agricultural crop production, which, in turn, depends upon many factors, including the following primary drivers:

International irrigation markets remain active with opportunities for further development and expansion, however regional political and economic factors, currency conditions and other factors can create a challenging environment. Additionally, international results are heavily dependent upon project sales which tend to fluctuate and can be difficult to forecast accurately.

The infrastructure business is dependent to some extent on government spending for road construction. In December 2015, the U.S. government enacted a five-year, $305 billion highway-funding bill (the “FAST Act”) to fund highway and bridge projects. The FAST Act was scheduled to expire in September 2020, however Congress reauthorized a one year extension. This extension includes an additional $13.6 billion added to the Highway Trust Fund, which finances most government spending for highways and mass transit. ~~In addition, the~~A Federal Highway Administration has changed highway safety product certification requirements. The change has required additional research and development spending and could have an impact on the competitive positioningCOVID-19 relief bill signed December 27, 2020 includes $10 billion of ~~the Company’s highway safety products. In spite~~emergency aid for state departments of transportation to help fund eligible projects. Despite government spending uncertainty, opportunities exist for market expansion in each of the infrastructure product lines. Demand for the Company’s transportation safety products continues to be driven by population growth and the need for improved road safety.

During the first six months of fiscal 2021, demand for irrigation equipment in the U.S. has increased significantly over the same prior year period due to improved farmer sentiment resulting from higher agricultural commodity prices and improved net farm income in 2020. Also, during this period there has been a significant increase in steel and other raw material costs as well as freight and logistics costs. This has created short-term pressure on operating margins until these increased costs can be fully covered by increases in selling prices. In addition, supply chain constraints impacting availability of raw materials and trucking resources have contributed to cost increases and have resulted in extended lead times for deliveries.

The backlog of unshipped orders at ~~November 30, 2020~~February 28, 2021 was ~~$89.2~~$101.4 million compared with ~~$69.2~~$104.4 million at ~~November 30, 2019.~~February 29, 2020. Included in these backlogs are amounts of ~~$5.4~~$2.7 million and ~~$5.2~~$5.5 million, respectively, for orders that are not expected to be fulfilled within the subsequent twelve months. The ~~increase~~decrease in the total backlog is ~~primarily attributable~~due to ~~higher~~two large infrastructure orders in the prior year totaling $38.0 million that did not repeat, while order ~~activity~~backlogs in North America ~~irrigation.~~and international irrigation are higher compared to the prior year. The Company’s backlog can fluctuate from period to period due to the seasonality, cyclicality, timing and execution of contracts. Backlog typically represents long-term projects as well as short lead-time orders, and therefore is generally not a good indication of the next fiscal quarter’s revenues.

The global drivers for the Company’s markets of population growth, expanded food production, efficient water use and infrastructure expansion support the Company’s long-term growth goals. The most significant opportunities for growth over the next several years are in international markets, where irrigation use is less developed and demand is driven primarily by food security, water scarcity and population growth.

For the Three Months ended ~~November 30, 2020~~February 28, 2021 compared to the Three Months ended ~~November 30, 2019~~February 29, 2020

The following section presents an analysis of the Company’s operating results displayed in the condensed consolidated statements of earnings for the three months ended ~~November 30, 2020~~February 28, 2021 and ~~2019.~~February 29, 2020. It should be read together with the industry segment information in Note 13 to the condensed consolidated financial statements:

	Three months ended						Percent	Three months ended						Percent
($ in thousands)	November 30, 2020			November 30, 2019			Increase (Decrease)	February 28, 2021			February 29, 2020			Increase (Decrease)
Consolidated
Operating revenues	$	108,485		$	109,393		-1%	$	143,577		$	113,788		26%
Gross profit	$	31,408		$	34,074		-8%	$	41,174		$	33,406		23%
Gross margin		29.0	%		31.1	%			28.7	%		29.4	%

Operating expenses⁽¹⁾	$	23,873		$	21,798		10%	$	25,365		$	24,764		2%
Operating income	$	7,535		$	12,276		-39%	$	15,809		$	8,642		83%
Operating margin		6.9	%		11.2	%			11.0	%		7.6	%

Other expense, net	$	(652	)	$	(1,021	)	-36%	$	(1,248	)	$	(1,775	)	-30%
Income tax expense	$	(212	)	$	2,910		-107%	$	2,685		$	1,351		99%
Overall income tax rate		-3.1	%		25.9	%			18.4	%		19.7	%
Net earnings	$	7,095		$	8,345		-15%	$	11,876		$	5,516		115%

Irrigation Segment
Segment operating revenues	$	87,356		$	83,327		5%	$	118,572		$	93,494		27%
Segment operating income	$	10,633		$	9,784		9%	$	18,045		$	10,084		79%
Segment operating margin		12.2	%		11.7	%			15.2	%		10.8	%

Infrastructure Segment
Segment operating revenues	$	21,129		$	26,066		-19%	$	25,005		$	20,294		23%
Segment operating income	$	4,256		$	8,741		-51%	$	6,341		$	5,888		8%
Segment operating margin		20.1	%		33.5	%			25.4	%		29.0	%

Operating revenues for the three months ended ~~November 30, 2020 decreased 1~~February 28, 2021 increased 26 percent to ~~$108.5~~$143.6 million from ~~$109.4~~$113.8 million for the three months ended ~~November 30, 2019,~~February 29, 2020, as irrigation revenues increased ~~$4.1~~$25.1 million and infrastructure revenues ~~decreased $5.0~~increased $4.7 million. The irrigation segment provided 8183 percent of the Company’s revenue during the three months ended ~~November 30, 2020~~February 28, 2021 as compared to 7682 percent for the three months ended ~~November 30, 2019.~~February 29, 2020.

North America irrigation revenues for the three months ended ~~November 30, 2020~~February 28, 2021 of ~~$52.8~~$80.2 million ~~decreased $0.8~~increased $13.1 million, or 219 percent, from ~~$53.6~~$67.1 million for the three months ended ~~November 30, 2019.~~February 29, 2020. The ~~decrease~~increase resulted primarily from~~lower~~higher irrigation equipment unit volume and slightly higher average selling prices. The increase was partially offset by revenue from engineering project services ~~revenue related to a project~~ in the prior year that did not ~~repeat~~ ~~that was partially offset by higher~~ ~~irrigation equipment unit volume.~~repeat.

International irrigation revenues for the three months ended ~~November 30, 2020~~February 28, 2021 of ~~$34.6~~$38.4 million increased ~~$4.8~~$12.0 million, or 1645 percent, from ~~$29.7~~$26.4 million for the three months ended ~~November 30, 2019.~~February 29, 2020. The increase resulted from higher unit sales volumes in several ~~regions~~international markets which were partially offset by the unfavorable effects of foreign currency translation of approximately ~~$2.4~~$0.6 million compared to the prior year ~~first~~second quarter.

Infrastructure segment revenues for the three months ended ~~November 30, 2020~~February 28, 2021 of ~~$21.1~~$25.0 million ~~decreased $5.0~~increased $4.7 million, or 1923 percent, from ~~$26.1~~$20.3 million for the three months ended ~~November 30, 2019.~~February 29, 2020. The ~~decrease~~increase resulted primarily from ~~a large order delivered in the prior year that did not repeat~~higher Road Zipper System sales and ~~from lower road construction activity in the current year.~~lease revenue.

Gross profit for the three months ended ~~November 30, 2020~~February 28, 2021 of ~~$31.4~~$41.2 million ~~decreased 8~~increased 23 percent from ~~$34.1~~$33.4 million for the three months ended ~~November 30, 2019.~~February 29, 2020. The increase in gross profit resulted primarily from higher irrigation equipment unit sales volume and was partially offset by the impact of higher raw material and freight costs. In addition, gross profit for the three months ended February 29, 2020 included a gain recorded in the infrastructure segment of $1.2 million on the sale of a building that had been held for sale. Gross margin ~~of 29.0~~was 28.7 percent of sales for the three months ended ~~November 30, 2020 decreased~~February 28, 2021 compared with ~~31.1~~29.4 percent of sales for the three months ended ~~November 30, 2019. Gross~~February 29, 2020. Higher gross margin ~~decreased~~in the prior year was primarily ~~from a decrease in higher margin infrastructure revenues.~~due to the building sale gain.

Operating expenses of ~~$23.9~~$25.4 million for the three months ended ~~November 30, 2020~~February 28, 2021 increased ~~$2.0~~$0.6 million, or 102 percent, compared with ~~$21.8~~$24.7 million for the three months ended ~~November 30, 2019.~~February 29, 2020. The increase resulted from ~~higher sales and marketing~~a one-time expense of $1.5 million in equity awards related to ~~new product launches, increased incentive compensation expense and higher health and medical costs.~~the retirement of the Company’s chief executive officer, which was partially offset by decreases in other areas such as travel.

Other expense for the three months ended ~~November 30, 2020~~February 28, 2021 decreased ~~$0.3~~$0.5 million compared to the three months ended ~~November 30, 2019.~~February 29, 2020. The change resulted primarily from lower foreign currency transaction losses.

The Company recorded an income tax ~~benefit~~expense of ~~$0.2~~$2.7 million and $1.4 million for the three months ended ~~November 30,~~February 28, 2021 and February 29, 2020, ~~and income tax expense of $2.9 million for the three months ended November 30, 2019.~~respectively. The effective income tax rate was ~~(3.1)~~18.4 percent and ~~25.9~~19.7 percent for the three months ended ~~November~~February 28, 2021 and February 29, 2020, respectively.

For the Six Months ended February 28, 2021 compared to the Six Months ended February 29, 2020

The following section presents an analysis of the Company’s operating results displayed in the condensed consolidated statements of earnings for the six months ended February 28, 2021 and February 29, 2020.It should be read together with the industry segment information in Note 13 to the condensed consolidated financial statements:

	Six months ended						Percent
($ in thousands)	February 28, 2021			February 29, 2020			Increase (Decrease)
Consolidated
Operating revenues	$	252,062		$	223,181		13%
Gross profit	$	72,582		$	67,480		8%
Gross margin		28.8	%		30.2	%

Operating expenses⁽¹⁾	$	49,239		$	46,562		6%
Operating income	$	23,343		$	20,918		12%
Operating margin		9.3	%		9.4	%

Other expense, net	$	(1,900	)	$	(2,796	)	-32%
Income tax expense	$	2,472		$	4,261		-42%
Overall income tax rate		11.5	%		23.5	%
Net earnings	$	18,971		$	13,861		37%

Irrigation Segment
Segment operating revenues	$	205,929		$	176,820		16%
Segment operating income	$	28,678		$	19,867		44%
Segment operating margin		13.9	%		11.2	%

Infrastructure Segment
Segment operating revenues	$	46,133		$	46,361		0%
Segment operating income	$	10,597		$	14,630		-28%
Segment operating margin		23.0	%		31.6	%

Operating revenues for the six months ended February 28, 2021 increased 13 percent to $252.1 million from $223.2 million for the six months ended February 29, 2020, as irrigation revenues increased $29.1 million and infrastructure revenues decreased $0.3 million. The irrigation segment provided 82 percent of the Company’s revenue during the six months ended February 28, 2021 as compared to 79 percent for the six months ended February 29, 2020.

North America irrigation revenues for the six months ended February 28, 2021 of $132.9 million increased $12.3 million, or 10 percent, from $120.7 million for the six months ended February 29, 2020. The increase resulted primarily from higher irrigation equipment unit sales volume. The increase was partially offset by revenue from engineering project services in the prior year that did not repeat.

International irrigation revenues for the six months ended February 28, 2021 of $73.0 million increased $16.8 million, or 30 percent, from $56.1 million for the six months ended February 29, 2020. The increase resulted from higher unit sales volumes in several international markets which were partially offset by the unfavorable effects of foreign currency translation of approximately $3.0 million compared to the six months ended February 29, 2020.

Infrastructure segment revenues for the six months ended February 28, 2021 of $46.1 million decreased $0.3 million or 0.5 percent from $46.3 million. The decrease resulted primarily from lower sales of road safety products due to lower road construction activity which was partially offset by higher Road Zipper System lease revenue.

Gross profit for the six months ended February 28, 2021 of $72.6 million increased 8 percent from $67.5 million for the six months ended February 29, 2020. The increase in gross profit resulted primarily from higher irrigation equipment unit sales volume and was partially offset by the impact of higher raw material and freight costs. In addition, gross profit for the six months ended February 29, 2020 included a gain recorded in the infrastructure segment of $1.2 million on the sale of a building that had been held for sale. Gross margin was 28.8 percent of sales for the six months ended February 28, 2021 compared with 30.2 percent of sales for the six months ended February 29, 2020. Lower gross margin in the current year resulted primarily from a higher proportion of revenues coming from irrigation compared to the prior year, which have lower gross margin than infrastructure revenues. In addition, the prior year gross margin benefited from the building sale gain.

Operating expenses of $49.2 million for the six months ended February 28, 2021 increased $2.7 million, or 6 percent, compared with $46.6 million for the six months ended February 29, 2020. The increase resulted primarily from increased incentive compensation expense and ~~2019,~~a one-time expense of $1.5 million in equity awards related to the retirement of the Company’s chief executive officer. These increases were partially offset by decreases in other areas such as travel.

Other expense for the six months ended February 28, 2021 decreased $0.9 million compared to the six months ended February 29, 2020. The change resulted primarily from lower foreign currency transaction losses.

The Company recorded income tax expense of $2.5 million and $4.3 million for the six months ended February 28, 2021 and February 29, 2020, respectively. The ~~current period includes~~effective income tax rate was 11.5 percent and 23.5 percent for the six months ended February 28, 2021 and February 29, 2020, respectively. The six months ended February 28, 2021 include a benefit of $1.7 million related to the release of a valuation allowance primarily related to net operating loss carryforwards in a foreign jurisdiction that are now expected to be realizable.

The Company's cash, cash equivalents, and marketable securities totaled ~~$146.4~~$130.3 million at ~~November 30, 2020~~February 28, 2021 compared with ~~$120.9~~$120.0 million at ~~November 30, 2019~~February 29, 2020 and $140.9 million at August 31, 2020. The Company requires cash for financing its receivables and inventories, paying operating expenses and capital expenditures, and for dividends and share

repurchases. The Company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under its credit arrangements described below. The Company’s investments in marketable securities are primarily comprised of United States government securities and investment grade corporate bonds. The Company believes its current cash resources, investments in marketable securities, projected operating cash flow, and remaining capacity under its continuing bank lines of credit are sufficient to cover all of its expected working capital needs, planned capital expenditures and dividends. The Company may require additional borrowings to fund potential acquisitions in the future.

The Company’s total cash and cash equivalents held by foreign subsidiaries were approximately ~~$41.3~~$35.8 million, ~~$43.5~~$39.8 million, and $37.2 million as of ~~November 30,~~February 28, 2021, February 29, 2020, ~~November 30, 2019,~~ and August 31, 2020, respectively. The Company considers earnings in foreign subsidiaries to be indefinitely reinvested and would need to accrue and pay incremental state, local, and foreign taxes if such earnings were repatriated to the United States. The Company does not intend to repatriate the funds and does not expect these funds to have a significant impact on the Company’s overall liquidity.

Net working capital was ~~$254.1~~$260.8 million at ~~November 30, 2020,~~February 28, 2021, as compared with ~~$231.8~~$237.2 million at ~~November 30, 2019~~February 29, 2020 and $245.5 million at August 31, 2020. Cash provided by operating activities totaled ~~$15.4~~$11.1 million during the ~~three~~six months ended ~~November 30, 2020,~~February 28, 2021, compared to cash ~~provided by~~used in operating activities of ~~$1.5~~$2.2 million during the ~~three~~six months ended ~~November 30, 2019.~~February 29, 2020. This change was primarily due to higher net earnings and more cash generated from changes in working capital, primarily ~~receivables~~accounts payable and ~~accounts payable,~~other noncurrent assets and liabilities, compared to the same prior year period.

Cash flows used in investing activities totaled ~~$5.8~~$17.7 million during the ~~three~~six months ended ~~November 30, 2020~~February 28, 2021 compared to ~~$3.2~~$19.0 million during the ~~three~~six months ended ~~November 30, 2019.~~February 29, 2020. The current year period includes ~~$5.6~~$16.6 million in purchases of property, plant, and equipment, compared to ~~$4.3~~$5.3 million in the same prior year period. The increase includes $8.5 million to exercise a purchase option for the land and buildings related to the Company’s manufacturing operation in Turkey. The prior year period ~~also~~ included ~~$1.1~~cash outflows of $20.0 million related to the Company’s initial purchase of ~~cash received for the settlement of net investment hedges which did not repeat in the current year period.~~marketable securities.

Cash flows used in financing activities totaled ~~$4.7~~$4.5 million during the ~~three~~six months ended ~~November 30, 2020~~February 28, 2021 compared to cash flows used in financing activities of ~~$4.5~~$6.4 million during the ~~three~~six months ended ~~November 30, 2019.~~February 29, 2020. The ~~increase~~

decrease was primarily the result of higher ~~dividends and increased~~ proceeds from the exercise of stock options compared to the same prior year period.

The Company’s capital allocation plan is to continue investing in revenue and earnings growth, combined with a defined process for enhancing returns to stockholders. Under the Company’s capital allocation plan, the priorities for uses of cash include:

Capital expenditures for fiscal 2021 are expected to be between ~~$15.0~~$20.0 million and ~~$20.0~~$25.0 million, including equipment replacement, productivity improvements and new product development. The Company’s management does maintain flexibility to modify the amount and timing of some of the planned expenditures in response to economic conditions.

In the ~~first~~second quarter of fiscal 2021, the Company paid a quarterly cash dividend to stockholders of $0.32 per common share, or $3.5 million, compared to a quarterly cash dividend of $0.31 per common share, or ~~$3.4~~$3.3 million, in the ~~first~~second quarter of fiscal 2020.

The Company’s Board of Directors authorized a share repurchase program of up to $250.0 million of common stock with no expiration date. Under the program, shares may be repurchased in privately negotiated and/or open market transactions as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1 of the Securities

Exchange Act of 1934, as amended. There were no shares repurchased during the ~~three~~six months ended ~~November 30, 2020~~February 28, 2021 or ~~2019.~~ February 29, 2020. The remaining amount available under the repurchase program was $63.7 million as of ~~November 30, 2020.~~February 28, 2021.

Senior Notes. The Company has outstanding $115.0 million in aggregate principal amount of Senior Notes, Series A (the “Senior Notes”). The entire principal of the Senior Notes is due and payable on February 19, 2030. Interest on the Senior Notes is payable semi-annually at a fixed annual rate of 3.82 percent. Borrowings under the Senior Notes are unsecured. The Company used the proceeds of the sale of the Senior Notes for general corporate purposes, including acquisitions and dividends.

Revolving Credit Facility. The Company has outstanding a $50.0 million unsecured Amended and Restated Revolving Credit Facility (the “Revolving Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”) expiring May 31, 2022. The Company intends to use borrowings under the Revolving Credit Facility for working capital purposes and to fund acquisitions. At ~~November 30,~~February 28, 2021 and February 29, 2020, ~~and November 30, 2019,~~ the Company had no outstanding borrowings under the Revolving Credit Facility. The amount of borrowings available at any time under the Revolving Credit Facility is reduced by the amount of standby letters of credit issued by Wells Fargo then outstanding. At ~~November 30, 2020,~~February 28, 2021, the Company had the ability to borrow up to $50.0 million under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility bear interest at a variable rate equal to LIBOR plus 90 basis points ~~(1.13~~(1.09 percent at ~~November 30, 2020)~~February 28, 2021), subject to adjustment as set forth in the loan documents for the Revolving Credit Facility. Interest is paid on a monthly to quarterly basis depending on loan type. The Company currently pays an annual commitment fee of 0.15 percent on the unused portion of the Revolving Credit Facility.

Borrowings under the Revolving Credit Facility have equal priority with borrowings under the Company’s Senior Notes. Each of the credit arrangements described above include certain covenants relating primarily to the Company’s financial condition. These financial covenants include a funded debt to EBITDA leverage ratio and an interest coverage ratio. In the event that the loan documents for the Revolving Credit Facility were to require the Company to comply with any financial covenant that is not already included or is more restrictive than what is already included in the arrangement governing the Senior Notes, then such covenant shall be deemed incorporated by reference for the benefit of holders of the Senior Notes. Upon the occurrence of any event of default of these covenants, including a change in control of the Company, all amounts outstanding thereunder may be declared to be immediately due and payable. At ~~November 30,~~February 28, 2021 and February 29, 2020, ~~and 2019,~~ the Company was in compliance with all financial loan covenants contained in its credit arrangements in place as of each of those dates.

Series 2006A Bonds. Elecsys International LLC, a wholly owned subsidiary of the Company, has outstanding $1.6 million in principal amount of industrial revenue bonds that were issued in 2006 (the “Series 2006A Bonds”). Principal and interest on the Series 2006A Bonds are payable monthly through maturity on September 1, 2026. The interest rate is adjustable every five years based on the yield of the 5-year United States Treasury Notes, plus 0.45 percent (0.81 percent as of ~~November 30, 2020)~~February 28, 2021). This rate was adjusted on September 1, 2016 in accordance with the terms of the bonds, and the adjusted rate will be in force until September 1, 2021. The obligations under the Series 2006A Bonds are secured by a first priority security interest in certain real estate.

There have been no material changes in the Company’s contractual obligations and commercial commitments as described in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2020.

There have been no material changes from the Company’s quantitative and qualitative disclosures about market risk previously disclosed in the Company’s most recent Annual Report on Form 10-K. See discussion of the Company’s quantitative and qualitative disclosures about market risk under Part II, Item 7A in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2020.

The Company carried out an evaluation under the supervision and the participation of the Company’s management, including the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of ~~November 30, 2020.~~February 28, 2021.

The CEO and CFO determined that there has not been any significant change to the Company’s internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

See the disclosure in Note 8 – Commitments and Contingencies to the condensed consolidated financial statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q, which disclosure is hereby incorporated herein by reference.

There have been no material changes from risk factors previously disclosed in the Company’s most recent Annual Report on Form 10-K. See the discussions of the Company’s risk factors under Part I, Item 1A in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2020.

~~† Management contract or compensatory plan or arrangement required to be filed as an exhibit hereto pursuant to Item 6 of Part II of Form 10-Q.~~

** Certain confidential portions of this exhibit were omitted by means of marking such portions with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this ~~7th~~6th day of ~~January~~April 2021.

Delaware		47-0554096
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

18135 Burke Street, Suite 100, Omaha, Nebraska		68022
(Address of principal executive offices)		(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	LNN	New York Stock Exchange, Inc.

		Page

Part I – FINANCIAL INFORMATION		3

	ITEM 1 – Financial Statements	3

	Condensed Consolidated Statements of Earnings for the three and six months ended ~~November 30,~~February 28, 2021 and February 29, 2020 ~~and November 30, 2019~~	3

	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended ~~November 30,~~February 28, 2021 and February 29, 2020 ~~and November 30, 2019~~	4

	Condensed Consolidated Balance Sheets as of ~~November 30,~~February 28, 2021, February 29, 2020, ~~November 30, 2019,~~ and August 31, 2020	5

	Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended ~~November 30,~~February 28, 2021 and February 29, 2020 ~~and November 30, 2019~~	6

	Condensed Consolidated Statements of Cash Flows for the ~~three~~six months ended ~~November 30,~~February 28, 2021 and February 29, 2020 ~~and November 30, 2019~~	78

	Notes to the Condensed Consolidated Financial Statements	89

	ITEM 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	1617

	ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk	2224

	ITEM 4 – Controls and Procedures	2225

Part II – OTHER INFORMATION		2326

	ITEM 1 – Legal Proceedings	2326

	ITEM 1A – Risk Factors	2326

	ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds	2326

	ITEM 3 – Defaults Upon Senior Securities	2326

	ITEM 4 – Mine Safety Disclosures	2326

	ITEM 5 – Other Information	2326

	ITEM 6 – Exhibits	2427

SIGNATURES		2528

	Three months ended
	November 30, 2020				November 30, 2019
	Number of units granted		Weighted average grant-date fair value per award		Number of units granted		Weighted average grant-date fair value per award
Stock options		35,168	$	30.68		44,347	$	24.18
RSUs		26,314	$	106.72		30,235	$	90.73
PSUs		19,533	$	125.23		22,715	$	102.28

	Three months ended November 30,
	2020			2019
Weighted-average dividend yield		1.2	%		1.3	%
Weighted-average volatility		32.8	%		28.4	%
Risk-free interest rate		0.5	%		1.6	%
Weighted-average expected life	6 years			6 years

Large accelerated filer	☒	Accelerated filer	☐
Non‑accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

Exhibit
No.		Description

3.1		Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 14, 2006.
3.2		Amended and Restated By‑Laws of the Company, effective October 17, 2018, incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on October 19, 2018.
4.1		Specimen Form of Common Stock Certificate, incorporated by reference to Exhibit 4(a) of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2006.
10.1*		Lindsay Corporation Management Incentive Plan (MIP) 2021 Plan Year. † **
~~10.2~~		Employment Agreement, dated August 17, 2020, between the Company and Randy A. Wood, incorporated by reference to Exhibit 10.13 of the Company’s Annual Report on Form 10-K filed on October 22, 2020. †
~~10.3~~		Amendment to Employment Agreement, dated November 9, 2020, between the Company and Randy A. Wood, incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on November 10, 2020. †
~~10.4~~		Employment Agreement, dated August 17, 2020, between the Company and Gustavo E. Oberto, incorporated by reference to Exhibit 10.17 of the Company’s Annual Report on Form 10-K filed on October 22, 2020. †
~~10.5~~		Consulting Agreement, dated November 9, 2020, between the Company and Timothy L. Hassinger, incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed on November 10, 2020. †
31.1*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
31.2*		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
32.1*		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
101*		Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language ("Inline XBRL").
104*		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

			LINDSAY CORPORATION

	By:		/s/ BRIAN L. KETCHAM
	Name:		Brian L. Ketcham
	Title:		Senior Vice President and Chief Financial Officer
			(on behalf of the registrant and as principal financial officer)