LNN - Earnings call transcript Q3 2020

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Operator

Good morning. My name is Eric, and I will be your conference operator for today. At this time, I'd like to welcome everybody to Lindsay Corporation Third Quarter Fiscal Year 2020 Earnings Call. All participants today will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Instructions]. [Operator

conditions, management uncertainties, statements beliefs, which future circumstances, call, to are estimates make financial economic and and risks reflect industry may this that forward-looking subject of results. During performance company management's current

expressions. Forward-looking expectation, future of statements should outlook, those preceded could, operations assumed or by similar and results by, company may, include followed concerning the including or information statements the possible of the or words

contained in For like we statements Harbor the and Act of Reform protection to conference over now Safe Private these to Hassinger, the the of Officer. Executive Mr. ahead. statements, claim Please Chief the I'd Litigation Securities Tim forward-looking XXXX. and go President turn

Tim Hassinger

Ketcham, thank our I on Good Officer. With the morning, will start joining for with you business. of employees and and Chief our our COVID-XX addressing to Financial is call. Brian impact me today's call

employees of of the priority we have highest safety. and Our To nine with to health continues our knowledge, employee our globally confirmed best be had COVID-XX. cases

Fortunately, report just and recovered diagnosed. these one of I employees that was can have eight

social include, measures employees sanitation proactively our enhanced efforts key safety local schedules. taken health production that and government health and according distancing sites, use to guidelines, of continue to face we've recommendations We regulations. organization practicing implement At are to cleaning according actions and ensuring coverings, and staggered

for can done be the that site. from roles company continues to home work Our outside of Lindsay

running essential, to be business manufacturing of classified and to level. are all Our as demand the plants according a continue and as nine businesses that, local operational result

impact has the in to but primary of been not the In delays, related terms business quarter, COVID-XX impact some project cancellations. third

place mitigate team rapid the structure business put that the going to the issues, potential and operate forward. COVID-XX-related was address across to continue to company risks response We in

each in employees, to on new I'd deliver environment. this to take opportunity continue update like an who this commitments our thank businesses, of customers our the to provide to I Before our

in year. corn had business complete most strategy is our domestic reflect regions. the to that was plus FieldNET on the end was business our pivot in our prior key significant the we unfavorable reduced past the prior driven the though, quarter earnings to watch offering market prior through this level. an In versus quarter's in domestic acreage ethanol irrigation lower seen At Amazon, of Even has sentiment the towards decline a USDA in farmer device XX% last commodity This commodity earlier segment. targeted third the advance has we The XX% new such par year. growth have sales planted quarter, with with up estimate prices, I have year. factors for call, prices XX% seen year-to-date use as, spring quarter an the that versus of do-it-yourself continued Since mentioned several year-to-date then, the

and in it improved. call Another the installed acquisition Irrigate The In growth X%. Irrigate. remains U.S. share to two In of our global Lindsay important delays market acquisition as in strengthens of action this approximately an versus share Canadian monitoring experiencing in relates space, organic the market monetary quarter's of have Lindsay active. market strategy base remote it with capabilities. were remote Irrigate's generated, international has devices that This we market mentioned Net in the Net the XX with irrigation year. prior the the Net specifically earnings in in the market has this growth provinces, IoT to combining project XXX% last year-to-date I is quarter position States was aligns the has leadership the coverage new business,

East. quarter, primarily capabilities in driven instrumental investments to see There growth be saw has our Although, opened food increase the some In and Middle we the in international borders commercial place, to during concerns. Africa restrictions to security are general, in an we achieving continue managed been that this enhance our recent need project been new and in still increase. in have inquiries by Brazil, this

For a movable United in currently project of barrier the fulfilled. Kent, for England system Highways supply use infrastructure, being is for Kingdom

We manufacturing good leveraged we of our because progress infrastructure schedule. global in action, made is our being on of product to our business. risk, mitigate footprint have see this successfully to Overall, and delivery continue

Approximately, However, we been were did have are quarter project to expected occur reason. that XX million some sales COVID-XX. that connected in three delayed see delays to in this for

the improvement results. initiative, continue turn delivering to see are we call our as implemented we the now Regarding to expected. review quarter I'd to over margin Brian our growth projects third for to that foundation like

Brian Ketcham

are diluted fiscal and million of disclosure at same made Tim, quarter quarter to million for the you, last the foundation or Regulation refer detailed the No third the which were compared comments in that prior the quarter XXXX in to of to omit results. revenues $XXX.X prior same for will of X% the per year My were $X.X good $X.XX results G diluted quarter adjusted in comparisons share, last to year. Net the Adjusted $XX.X year. net results regarding million, impact share or adjustments $X.XX morning, quarter current for for release. for Total compared increased the period. million costs third per earnings incurred end in period press Thank earnings the were year, everyone. to of growth that the $XXX.X

quarter third related to project million. of XXXX, delays and COVID-XX shipment by revenues the During consolidated impacted $XX fiscal approximately

million A approximately of average volume, damage other Irrigation of unit prior entertainment. North year. compared same by million impact the resulted The the of million, irrigation to equipment the to compared were same orders irrigation the portion the compared offset quarter were reduction $XX.X earnings year. lower was replacement which year. compared storm estimated in quarter prices. than to third year. million. in revenues revenues Higher net translation of last primarily shipment million last for offset by Brazil, million currency regions $XX.X the in from costs and markets, quarter last more result same production $XX.X the $X.X delays international were unit to on for The revenues the share. XXXX was the fewer in decrease regarding other effects is $XX.X million, were million quarter as the areas, In volumes impact items $XX.X to or quarter approximately be were certain these such partially of America selling approximately In of and fiscal by million travel addition, offset in irrigation unfavorable volume and COVID-XX-related higher of $XX lower per $X $X.X foreign diluted in costs higher $X.XX partially segment

to higher and increase prior sales quarter lower $X.X XX.X% the million quarter to expect services. delayed of million in margin margin safety was from and as Europe. foundation partially resulted initiative, operating orders margin $X.X the in of We Infrastructure revenues, sales from improvement well an Total third the to of or offset Zipper irrigation XX% be increased the fiscal for contribution pricing and and million improved year, in to $XX.X increase which growth quarter million, lease performance compared revenues segment products the products by fourth XX.X% and resulted primarily year. revenue costs realized attributed same Operating improved compared technology income year. income $XX the from from the segment were third prior from of the for for these than quarter. XXXX road The to last were system higher Road as operating

impacted COVID-XX-related were In $XX project by addition, sales approximately delays. million of

in the compared than improved We from fiscal operating pricing to in quarter for a was XXXX. and and margin million potential prior costs Operating Infrastructure it segment prior XX.X% least and primarily be performance. and income expect the portion income XX% quarter, margin this improvement lines, third to higher resulted sales the of the at $X.X year. and higher to revenue with the from moving improved margin increased of operating some product of of million year, to realized $X fourth

Lindsay global sheet pandemic. balance and and with the uncertainty and a well-positioned to balance liquidity, sufficient is coronavirus face Turning the challenges the liquidity, by as we sheet strong presented

the and quarter with equivalents cash, $XXX.X Our cash marketable was $XXX.X in facility. million at $XX end third million securities, available total of credit the liquidity under and million available revolving our

of at EBITDA facilities, including At to X.X. $XXX.X the debt XXXX. At end a the call covenants take over a X.X, and the third to amount turn a within like the this financial of compared borrowing time, Our well to were million the your leverage ratio I'd to to covenant funded operator of limit our questions. that was matures million total of quarter, quarter, of we of the debt the in $XXX end

Operator

Your Nathan Stifel. your proceed Instructions] Please with with comes question [Operator from first question. Jones

Nathan Jones

everyone. morning, Good

Tim Hassinger

Nathan. morning, Good

Nathan Jones

fact things you next delay expect further of with the talk then about this deferred fourth this few one million Does you that catch revenue the in bucks how been year. that, fourth the on maybe bunch has $XX quarter? into to delayed, a so it part Can the of whole -- projects, those of concentrated of shipment things? project, quarter is is up Zipper to move shipments a out Would start Let's projects. Road

on Just us up? color catch expect and how that give out any play you you to can

Tim Hassinger

Tim. Nathan, is Yes. this

this to this several medium-sized The think, at the delays, don't we in point comprise first, ones be 'XX. that do know in environment, any into of, delays. what At one of that our is the quarter your other question there's exists. then $XX first risk But spillover later always most say that. to look quarter, million but want we then project, these I on and of smaller will see, But there particular could that occur delay some fourth as we

Nathan Jones

things into should next that plan in you'll way you're quarter, they is but year, it's out will? possible the $XX that fiscal it, the that So, though, not is we slipping catch-up the anticipating million think fourth about the

Tim Hassinger

some possible, will, Yes. of it There's yes.

Nathan Jones

fair enough. Okay,

helps. that think I

Brian Ketcham

you can Nathan, -- And

Nathan Jones

ahead, Go Brian.

Brian Ketcham

quarter Just of to this delay and is directed a for during of medical were color to their the to governments -- that, with supplies. procurement is add departments and directed, priorities local saw procuring little we the is projects And that. what were State U.S. in most bit

as is the for kind projects the delayed improvement got result And things these a ended and we quarter. we situation of some as that saw But that so some like right of that. of of some getting the approvals -- --

Nathan Jones

Okay. those of pace Then the specifically at of same kinds ask side. those from Zipper impact, infrastructure the of in funnel you're you work? kind or expect business new wanted seeing some you're orders on if to new Road I any seeing And side, the and project be might progress If there things? book when see maybe new delays delays could of we if would that to opportunities those opportunities, on about the

Brian Ketcham

more the of before, of still outside that seeing in feel we're potential seen. that are continuing the still talked The this. we we Nathan key funnel, machines our we sales is, sales projects claim ever than being First ever and ever is best orders others leased more deliver. $XX all, point said And about of that got before. to than and million funnel country And this representation the this we've this in funnel before. that represents terms we've We've

So still at optimistic, to potential. feel the point, Road forward, looking we related Zipper this

Nathan Jones

just one one. more then And housekeeping

about talk going again? the that line there. if to income you And was? see worth the below we're on likely $X.XX You of hit just Can to line, had like earnings what other numbers that about expense

Brian Ketcham

losses, from resulted subsidiary. related the increase The foreign higher Brian. translation particularly to is with foreign intercompany currency this transactions Yes,

that So, impacted basis the us, I against the to year-to-date all Brazil, related majority during a of I would as But weakened quarter. foreign say but dollar currencies well. would that's the say the on

Nathan Jones

pass I'll it helpful. on. you. That's Okay. Thank

Tim Hassinger

Thanks Nathan.

Operator

with Sidoti Your Please Joseph Mondillo go next comes question from your ahead question. of & Co.

Joseph Mondillo

morning, Good Brian. Tim,

Tim Hassinger

morning, Good Joe.

Brian Ketcham

Joe. morning, Good

Joseph Mondillo

on the question thinking much sort XQ guess, you England that to to How are of relative Hit million in $XX how for related million XQ the to and were and First jump I XQ? $XX then Japan since just follow infrastructure and the on the topic. Highways about we of, that on?

Brian Ketcham

Yes. Joe, is Brian. this

of order Japan quarter. third we the be saw which that a of that So, in to to $XX in just million, or delivered first we million that be quarter. of of delivered expect the was the the all, remainder with over the fourth majority would And

a in project, quarter. month said approximately was the previously On the million delivered of $X million run $XX third about Project, a million it's we -- what England Highways had rate. And kind a $X

would the $XX we QX. quarter expect fourth So remaining and the about million million $X in in

Joseph Mondillo

seen in upside, then expansion and quarters. in incrementals the me even the Okay, just the great. shifting And better there than irrigation, to past margins we've to surprised the year-over-year the couple

sort factors. cost as growth mentioned year-over-year improvements technology in benefits and quarter of sort were to pricing, what your should normalized stronger we that the basis? that continue? benefit that abnormal the anything little well a in a saw made to improvement You of sort we and XQ incremental was maybe And of expect there that they margins be that than maybe to really Should as the on

Brian Ketcham

Yes.

foundation to $X for First and least of all, most about million attribute of for at we the roughly probably the sourcing. being that that would probably of two-thirds increase growth, quarter,

the that. of So domestic than America And margin seen the what couple technology the what will -- to obviously we then with be down, higher irrigation highest sales the margin third basically part we attribute our from and And see as coming volume North volume in improvement and than did in was quarter sales that in some have being being higher fourth that then the of of volume was we first quarter. quarter services. offsetting quarters,

Joseph Mondillo

see Okay. last you me, conference East? meaning of but South irrigation -- call, seeing quarter? improvement all on In challenges extremely delays we're you in next the just the that? Middle that Eastern And transition? in the last macro as mentioned well it international the is What And is maybe you quarter, given delays Did maybe on Middle year. facing. challenges projects, and see that also, some outlook not like the the especially in I question did some potentially Africa strong Could those some the fourth expecting were Africa. with South better sounds side, sort And here, as just you near-term, drove maybe was for the expand you how than what

Brian Ketcham

Tim Yes. the experienced Brian. didn't up, in Joe, the so this opening borders that quarter, later had that we quarter. project -- mentioned is In delay, still happened that third

that we So Zealand. the positive would well. saw year. would on is I year-over-year. We call we'd out expect for CIS COVID pretty, that saw balance say Africa, And we up. been fourth again quarter of ship. market, New market there international stable relatively was irrigation I say in we But that Australia, side. all were I environment all international project given improvement the to us would Brazil, the impact was overall, active. South That the see pleased as may region start to the has in market some That Overall, was

Joseph Mondillo

And they With up being just what of to of not of in of sort time? is -- at a follow-up environment a general prices and/or the international that markets see that to corn X%. currency there. the indicative macro see, prices crop this where that are and surprise think sort volumes Is excluding you just surprise to

Brian Ketcham

surprise. don't was a I that Yes, know it

there little I at think it a doing of is it's do favorably topic then Brazil are And indicative And is conditions. you bigger farmers becoming bit food weather of sitting of get with, time. a security mixed where and currency very a COVID. are those kind because of a bag, lower their obviously is their And now markets with present very the well.

a And into of number international so different in that play dynamics there's the markets. come

Joseph Mondillo

Okay. for questions. taking appreciate thanks I Alright, it. my

Operator

Instructions] William [Operator Blair. with from your come Please next of Our Drab question question. will proceed Brian

Brian Drab

name. last You nailed my

So, XX that's good in years time the happened. morning. That's first

irrigation. in at I looking follow-up just just on the margins I'm to that. So, want

the quarter? $X just get to I third went that flat foundation quarter, about growth for increase benefits it, I start quarter were adjusted the to significant Just quarter know, operating Or looking for such that then the revenue from in a third that Why second really was Brian, at quarter quarter? XX%. said the think and did second from to in and second from just And benefit function there foundation up show growth. essentially the all you and XX% quarter-to-quarter? from But for million third step in you and irrigation margin

Brian Ketcham

Yes. starting more in but on quarter. well. had third standpoint, and sourcing we've And those seen operations say It we've we're international. international But ramped it And quarter. up in from quarters. definitely the the would domestically -- a the say operationally of ramped up saw ramp as improvements and up. only We've focus it's benefits not the during first seen third I would second the We both to I see that,

we And related, to the some of saw third it quarter. we volume is would as but got up ramp say the implemented, like I there projects some be expected in

Tim Hassinger

year. the this had we've discipline then what to feel to got really is. say on pricing we Brian is confident then during Just improved add And we say can saying

we improvement. what margin So the of both is attribute the would combination to

Brian Drab

Okay.

You growth segment? all, or whole irrigation quarter. third the company, Is for first foundation gave for that the the for $X million just of

Brian Ketcham

That was infrastructure, would $X so just irrigation. quarter. there about was million $X in for the million probably We say

Brian Drab

And Okay. growth for company for would numbers growth, been for two for those foundation second what the foundation quarter? have the that whole for irrigation

Brian Ketcham

we and $X about [ph] $XX quarters year-to-date. of we're million each were $X million instead million said so second is What had first at

Brian Drab

Okay, got it.

Okay. And Or quarter? pricing how more much revenue pricing contributed for anything the growth? can impact to of you third say what was quantified about the way in

Brian Ketcham

say would I year-over-year. single digits Yes, low

Brian Drab

higher products. sense now? percentage these Is for Okay. those of that then account than new revenue the us other just a what on there any those margin And higher products? give margins And technology way how are much for

Brian Ketcham

the broken that We subscription out margin think But revenue I the revenue. of margins it and type of associated side, terms of with on would haven't revenue. in

would higher much than they're So what margins equipment the be.

supportive very of well. the referred subscriptions on, Tim starting but impacting had impact that see that in with margins mean, seeing I growth to clearly to we're we're revenue So it's as

Brian Drab

million just right? that And a $XX total quarter, million Is the kind the or third two The and quarter. $X is comes housekeeping just order fourth $X Okay. questions. of balance we order, in the did And in more above? so million then Japan

Brian Ketcham

that's Yes, right.

Brian Drab

right. That's

of Okay. conversion of looked dry do replacement? land And how terms breakdown in the then, you it have

Brian Ketcham

Yes.

So and the conversion replacement for was quarter XX%, XX% dry XX%. land

Brian Drab

Got it.

Okay. much. All right. Thanks very

Operator

The Crespi. Shaw ahead Please come next question. Monness will with from go Chris your with question

Chris Shaw

are everyone. you How morning, doing? Good Yes.

Tim Hassinger

Good, Chris.

Chris Shaw

be is changed at Our first feel expect? least full Has what for was -- expect I effective question well? is going rate. it And last it like we'd to the the think in know for lower that's rate. terms Or and quarter on forward you tax I what going all quarter a typically for than XX%. as of year I guys at XX% I lower had

Brian Ketcham

No, would items still positions which of that I would the of uncertain that other some in a What we'd third tax the say the mix is tax see but in XX.X%, quarter. expectation second, it discrete change is around be probably expired. third quarters, fourth different what with the quarter, a that affected impacted couple jurisdictions, part

Chris Shaw

lot is And then, what transfer. you intercompany earlier I do other to more know someone the income, said with trying on that it segments not a you in impacts versus to get a being Why asked the had FX Can FX other I'm themselves? bit? explain the just does in a that. end transferred? little maybe that up little What about end color up

Brian Ketcham

mostly is this to balances. intercompany related Yes,

back the international U.S. the U.S. And So a have payable to supplies sites. international to components sites our the then

translation, net through flows through, on investment that with the which balance but line. a impacted but by as the shows equity, up So changes below flow the impacts below traded are loss, the this Other line. is transaction currency

Chris Shaw

market? you for Nebraska one. pretty a just ask not just that's It if seems as as big big like I I'm guys But, are know pretty is And that also right, you quick an from guys. Nebraska is it's this Okay. reading, year, I I've wanted sure That there. been but how dry what to makes irrigation sense.

market in give So, terms of for you? end a can you the percentage

Tim Hassinger

Chris, in States have but exact definitely pivot the terms one I it's of of irrigation. don't an percentage, very leading

it is So a the one critical business. for

Chris Shaw

dry pretty It seems year? like been it it has And there this has.

Tim Hassinger

parts. throughout Yes,

parts very across U.S., the always you're there but it's and hot irrigation area growing of like if have been were some would through lots the to you go mean, has, I Nebraska actually dry here, variability. been over last going conditions. So I They've weeks. the describe to several favorable, And

Chris Shaw

a Thanks lot. it. Got

Operator

Your come next KCCA. question Please ahead will of your question. Jon Braatz from go with

Jon Braatz

Brian morning, Tim. Good and

Tim Hassinger

morning, Good Jon.

Jon Braatz

I as spend year, that have up XXXX? be see the look maybe that you the And might up incremental next of we happen year out the not some costs, benefits, or might might Tim, for seen little you into in on? to entertainment, what the then about loosen costs as in begin or bit you because this opens spending strings say, of Do deferred should see Will the so growth XXXX? secondly, more see COVID-XX. might and foundation of travel you on a economy purse and some

Tim Hassinger

Yes.

the now on here So been the into is, Jon, of of one we've part things foundation side for exciting move culture. growth, a real able our this on personal to

the mean we're process So is, what that gate are stage I seeing now projects by that through again. through coming moving

will culture it the the been into and beyond, create improvement continue part it's continuous company. to of So that working really 'XX in we've

initial first and other will We've with had benefits projects coming that. we the through continue of that you're be seeing the have to want then that that. and we've got come projects So,

question our it this feedback even definitely has of work The companies about and feedback, lot would than and second home we I your of think be expected. gone represents the purse a from strings, part better the

term was we could changes more going it's approach? going we in do I this. to full it more before. but where result to back lockdown than be a approach been maybe travel us business So, don't use of as the of think the there's a you I Will extent how Yes, today see

a we tool that thought think found we prior. we maybe than here of use more could I effectively

Jon Braatz

see that able changes mean, just of those to what been material you've do of maybe how When are before, you because cut you I to might spending what level relative look learning? of you kind be think they? forthcoming, all at you

Tim Hassinger

our opportunity got the would I'm bigger significant cost I here, the Yes. two savings, Jon, -- have would in to continuing if foundation continuing growth, for us into to travel finding is cetera, a the questions I through not through you've for it level, budget. manufacturing et put as or opposed sourcing, clearly comparing lower

Jon Braatz

Alright. Thank you. Okay.

Operator

question next follow-up will Your ahead. from Mondillo. come Please as Joseph Instructions] [Operator go a

Joseph Mondillo

guys. questions. for taking Thanks Hi, my follow-up

few. a Just

this sort related how season Could of affects been comments First, about how Tim, part maybe really thoughts just planting sort I relative year the your very has last to follow-on and you repeat of of early. you the that your talked of missed XQ to year. efficient sort there? early

Tim Hassinger

season, an season it's earlier clarify. to which planting Well, earlier so

of would that. create of opportunity equipment you last this an people So year just year, even a equipment anticipate working more there that seeing wanted. to irrigation more an not was would wet the We're year more, the where lead earlier should had for a because fall a regions which of didn't imply we rainfall part it's is opportunities, as run, a result as lot irrigation than which

So, those last would be the big differences year in this comparing year. to

Joseph Mondillo

Okay.

year late -- season the last very planting was and in So,

Tim Hassinger

late and Yes, and wet. late wet. was It

Joseph Mondillo

tough And in the guess that of at just the demand of lateness, was early factor in XQ late season part comp -- pushed all? terms year? because a early the last is XQ, that a you does got maybe I some into the So do have so of

Brian Ketcham

that impacting fourth this would May. all. very third I balanced we more Brian. whereas is quarter strong a any at of throughout was but say wouldn't anticipate this say I'd quarter, quarter, third it within Joe, more last the activity impacted Yes. year, the year it saw

Joseph Mondillo

macro to there? about this their Okay. regarding markets. a Corn sentiment, week. to seeing earlier you USDA And the ask, estimates What up, back just That thoughts the And on that? out adjusted wanted prices are up picture, shot prices things big to how farming soybean generally are just then surprise $X. I are your was

Tim Hassinger

look I we also Joe is in prices. in just uncertainty. domestic When high you it in as, mentioned, commodity of clearly period what helpful describe the we're would of uptick at level with the a business But Yes. our and reflection very

unknowns. got You've several

You impact got of the COVID-XX.

forward. clearly unknown the some uncertainty deal look still X support the going U.S.-China like You what outcome. program got the around government there's Phase could And on

some -- So factors our headwinds still into season. fall at given this we those would describe point, see we selling coming

Joseph Mondillo

Okay.

the But technology you're to wanted In indicative you of strategies two sort on the is And with there? you've could acquisition. trying on you M&A, which just acquisition thinking? follow-up made I Lastly, of that irrigation leverage on expand in a around past, that options to and small a to is up on Is what irrigation, places your the sounds other of where or talked where sort then about play, market like leverage the there are of of Net of not. can Irrigate infrastructure. sort just of or you're But roads that it into focusing share you footprint M&A irrigations? sort is terms maybe strategy sort a strategize within strategy

Tim Hassinger

Yes.

market. but in as technology, of position we So, being Joe, of create what area the an we being increase about our see Net Irrigate technology, talked in that also example expanding not only able help to

we really transition And us roughly with X% share. well And market it our then business intent a platform. strategy. they're FieldNET this to the to that think aligns So bringing is

talked for about, that it sweet spots two right within the we in as have see category one So of really M&A. us that we

Joseph Mondillo

Do there. purely follow have you that any to not? Or is market do a play? they just it just technology on And share

Tim Hassinger

offering, some do It's share have believe market story. help things us biggest is a complimentary that They earlier. talked but they bring that we I will this about our value to the

Joseph Mondillo

Good lot. All Okay, right. luck. Thanks great. a

Tim Hassinger

you. Thank

Brian Ketcham

Joe. Thanks,

Operator

this Mr. there remarks. no the closing to conference I'll for Hassinger, turn appears be At time, any back you to further questions.

Tim Hassinger

participation. you for this third interest thank quarter our call. And and Well, your earnings concludes

Operator

presentation. very concluded. for now much today's Thank The attending conference is you

You may now disconnect.

Lindsay (LNN) 2 Jul 202020 Q3 Earnings call transcript