Good morning. My name is MJ, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation Fourth Quarter Fiscal Year 2022 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. During this call, management may make forward-looking statements that are subject to risks and uncertainties which reflect management's current beliefs, estimates of future economic circumstances, industry conditions, company performance, and financial results. Forward-looking statements include the information concerning possible or assumed future results of operation of the company and those statements preceded by, followed by, or including the words expectation, outlook, could, may, should, or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Please note this event is being recorded. I would now like to turn the call over to Mr. Randy Wood, President and Chief Executive Officer. Thank you and good morning, everyone. Welcome to our fourth quarter and full year earnings call. With me today is Brian Ketcham, our Chief Financial Officer. Fiscal 2022 was a dynamic year where we recognized record revenues and earnings per share. It was a year marked by a robust demand in our global irrigation business, highlighted by tremendous growth in our international regions. In our infrastructure business, our teams demonstrated tremendous perseverance and finished the year strong, delivering two Road Zipper systems projects. We continue to make investments in our global footprint, and this has allowed us to take advantage of global market tailwinds in high growth markets, including Brazil and the Middle East. Despite inflationary pressures, logistics challenges, and supply chain shortages, we're able to prioritize investments this year to support the strong demand in our irrigation business to make sure products were available when our customers needed them most. Navigating and rising above these challenges each day are our people who are relentless in their pursuit to support our customers and our business around the world. We thank our teams for all they're doing to contribute to the success of our customers and our company. I'm very proud of the job they've done. In the area of sustainability, in July we released the fourth edition of our annual Environment, Social, and Governance, or ESG report. This report highlights the progress we're making in establishing and meeting our goals in important areas that include investing in sustainable technologies, improving our operational footprint, empowering our people, engaging in our local communities, and operating with integrity. I'm encouraged by the progress we've made and look forward to continuing to provide solutions that address some of the world's most pressing issues. Turning to irrigation market conditions. The market continues to see a combination of factors impacting customer sentiment and business growth. In North America, commodity prices and net farm income are projected to remain strong. Droughts across broad geographies continues to highlight the opportunity for irrigated agriculture, and a strong storm season also drove demand in North America in our fourth quarter. Customers continue to deal with rising costs that include inputs, labor, and cost of capital. This will have some impact on market upside, but we would not expect this to create significant headwind at this time. In international markets, we see some of the same strong market fundamentals connected to global commodity prices and farm income having a positive impact in the mature markets that include Australia, New Zealand, Western Europe and Brazil. Brazil continues to set shipping records and our business there has more than doubled on a year-over-year basis. We continue to see project activity across Central Asia and the Middle East connected to food security. Our global manufacturing and commercial footprint allow us to participate and win these large projects around the world. Moving to infrastructure. Macro indicators remain strong in the U.S. with the states having full access to the infrastructure bill funds. The increased funding has translated to state and local government contract awards increasing by 16% on a year-over-year basis. The purchasing power of this increase has been partially offset by the impact of inflation, which has required some projects to be delayed, rescoped or rebid. We continue to actively manage the Road Zipper sales funnel and have returned to pre-pandemic travel and customer engagement levels. This has allowed us to start moving projects through the funnel and as previously communicated, one project in the Northeast started shipping in the fourth quarter and will continue into the first quarter of 2023. I'll now turn the call over to Brian to review our fourth quarter and full year financial results. Brian? Thank you, Randy, and good morning everyone. Total revenues for the fourth quarter of fiscal 2022 increased 24% to $190.2 million compared to $153.6 million in the same quarter last year. Net earnings for the quarter were $17.9 million or $1.62 per diluted share, compared to net earnings of $5.8 million or $0.53 per diluted share in the prior year. Total revenues for the full year of fiscal 2022 increased 36% to $770.7 million Compared to $567.6 million in the prior fiscal year. Net earnings for fiscal 2022 were $65.5 million, or $5.94 per diluted share, compared to net earnings of $42.6 million, or $3.88 per diluted share in the prior fiscal year. Irrigation segment revenues for the fourth quarter increased 20% to $150.5 million compared to $125.3 million in the same quarter last year. North America irrigation revenues of $80.1 million increased 50% compared to last year's fourth quarter. The increase in North America irrigation revenues resulted from a combination of higher irrigation equipment unit sales volume and higher average selling prices. Higher unit sales volumes resulted primarily from increased storm damage replacement demand compared to the prior year fourth quarter. In international irrigation markets, revenues of $70.4 million were slightly lower compared to last year's fourth quarter, and this includes unfavorable effects of foreign currency translation differences of approximately $3.5 million. Strong sales growth in Brazil, Europe, and other markets more than offset Egypt project sales of $17 million in the prior year that did not repeat. Total irrigation segment operating income for the fourth quarter was $24.2 million, an increase of 129% compared to the prior year fourth quarter, and operating margin was 16.1% of sales compared to 8.4% of sales in the prior fourth quarter. The increase in operating income and operating margin resulted from higher unit sales volumes, improved price realization, and lower inflationary headwinds compared to the prior year fourth quarter. For the full fiscal year, total irrigation segment revenues increased 41% to $665.8 million, compared to $471.4 million in the prior year. North America irrigation revenues of $355.7 million increased 30% compared to the prior year. International irrigation revenues of $310.1 million increased 57% compared to the prior year. Irrigation segment operating income for the full fiscal year was $105.8 million, an increase of 67% compared to the prior year. Operating margin was 15.9% of sales compared to 13.4% of sales in the prior fiscal year. Infrastructure segment revenues for the fourth quarter increased 40% to $39.7 million compared to $28.4 million in the same quarter last year. The increase resulted from higher Road Zipper system project sales, which were partially offset by lower lease revenue compared to the prior year. During the quarter, we delivered approximately $16 million of a $24 million barrier replacement project in Massachusetts and expect deliveries to continue in the first quarter of fiscal 2023. Infrastructure segment operating income for the fourth quarter increased 97% to $11.5 million compared to $5.8 million in the same quarter last year. Infrastructure operating margin for the quarter was 28.8% of sales compared to 20.5% of sales in the prior year. Improved current year results reflect the increase in Road Zipper system sales compared to the prior year fourth quarter. For the full fiscal year, infrastructure segment revenues increased 9% to $104.9 million, compared to $96.3 million in the prior year. Infrastructure operating income for the full fiscal year was $18.3 million compared to $20.2 million in the prior year. Operating margin for the year was 17.5% of sales compared to 21.0% of sales in the prior year. Results for the full year reflect a less favorable margin mix of revenues compared to the prior year, as well as the impact of under-absorbed fixed overhead costs in the first half of the current year. Turning to the balance sheet and liquidity. Our total available liquidity at the end of the fiscal year was $166.5 million, with $116.5 million in cash equivalents, and marketable securities, and $50 million available under our revolving credit facility. At the end of the fiscal year, we were well within the financial covenants of our borrowing facilities, including a gross funded Debt-to-EBITDA leverage ratio of 1.0 compared to a covenant limit of 3.0. We are well positioned going forward to invest in growth opportunities that create value for our shareholders. At this time, I'd like to turn the call over to the operator to take your questions. Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Today's first question comes from Nathan Jones of Stifel. Please go ahead. Good morning, everyone. Morning, Nathan. Hi, Nathan. I wanted to just start off with a quick one on LIFO. Were there LIFO charges in the fourth quarter? I think it was, like, $20 million or something for the full year in LIFO charges. Can you talk about any expectations for 2023, whether that be charges or income? Yeah, Nathan, this is Brian. I think, you know, when you look at just the fourth quarter compared to last year, last year we had called out about a $6 million negative impact overall from LIFO, $5 million of that being in irrigation. Then first and second quarters this year, we also had some negative LIFO headwinds. Third and fourth quarters, I would say there's been very little, if any, benefit from LIFO. Primarily being, you know, there's still some inflation. It's moderated, but our inventory levels from the end of our second quarter have not yet come down. Really no LIFO impact in our fourth quarter. As we look forward to 2023, you know, we potentially see some continued deflation in raw materials or, you know, our inventory levels start to come back down, we would expect to see some LIFO benefit coming through, but, you know, it's hard to predict at this point what, you know, the size of that might be. Could you just give us the aggregate number for the 2022 LIFO charge? For 2022, it was $8.8 million in total. Okay. Thank you. A little over six of that being in irrigation. Okay. Next one I wanted to ask was on price costs. You know, cold steel prices have come down pretty significantly, though some other types have remained elevated. Freight costs have come down. Probably electronics and labor still going up. Can you just talk about kind of what direction you're seeing your overall costs go on a net basis? Yeah. To your point, I think, you know, the steel coil has fallen over the last several months. It still remains higher than it was at the, you know, in the fall of 2020. At that same time, you know, over the last several months, structural steel continued to increase over that period of time. As you mentioned, other components, electronics as well as labor costs have increased. What I would say right now, in kind of what we experienced in our fourth quarter is costs have stabilized for the time being. Our view going forward is, you know, we may continue to have some slight inflation, but overall, our cost outlook is stable, at least for the first half of the fiscal year. Just a last one before I pass it on. Can Can you talk about the impact of prices that you increased in 2022 on 2023's revenue, what kind of level of growth you're expecting from carryover pricing? Yeah. We expect, you know, in our first and second quarters to still have a little price benefit. I'd say first quarter, maybe high single digits, second quarter, mid-single digits, and then being relatively flat year-over-year as we lap the price increases from 2022. That all depends also on, you know, what happens with raw material prices. Assuming a stable raw material pricing environment, that's kind of our outlook on the price impact going into 2023. Perfect. Thanks very much. The next question comes from Ryan Connors of Northcoast Research. Please go ahead. Hey, good morning. Thanks for taking my question. I apologize if I missed this. I know you talked about storm damage, but did you actually give a quantification of the impact of the storm damage in the quarter? Yeah. Good morning. This is Randy, and I'll take that question. We haven't broken it out, Ryan, but what we can say is it was up fairly significantly this year versus prior years. We always have some storm damage, and it's moved around from the Southeast to the Midwest in different years. This was some strong storm activity in the Midwest regions, but we haven't broke that out in terms of volume specifically. Okay. Okay. Okay. Is that generally a positive or a negative from a mix standpoint? I mean, those would seem to be. You know, they wanna replace those machines quickly. Is the pricing sort of normal for those or is it a little better than other orders? It's not a sales type where we, you know, attempt to get stronger pricing. I would say there's less competitive pressure on price in those purchase decisions because it's more about timing and how quickly can you get the machine delivered, installed and get it irrigating again. I would say pricing is normal, Ryan, but it's maybe less competitive just because timing's so important and price is less sensitive at that time. Got it. I wanted to ask about the issue of sort of channel inventories. I know center pivots aren't necessarily held for inventory by dealers. They're sort of more made to order. But in terms of parts and aftermarket supplies, you know, there's been a lot of, you know, industrial companies talking about destocking cycles. Is there anything of note to mention there for you in terms of your parts and aftermarket product? In our view, there really isn't anything that would be, you know, substantial or drive a difference in our results, Ryan. Our dealers don't necessarily stock full machines. We do see some inventory go out in the summer months just so dealers have it on the shelf if they need it to respond to storm damage very quickly. All of those machines, I would say, for the most part, have now been delivered and installed, but it shouldn't have a material impact on us going forward. Got it. One last one. More of a bigger picture question, but, you know, the whole issue of water scarcity, obviously very front and center. You've talked in the past about that being, you know, a quote, unquote, "good thing" for you as long as it doesn't get too bad and water availability becomes an actual problem. Where do we stand on that spectrum of how bad that's gotten? Also, if you could comment on some of these programs that have come out. I know the U.S. Department of the Interior announced that program to actually pay farmers to reduce water consumption as part of that latest infrastructure bill. If you can comment on that as well, that'd be helpful. Sure. I'll take that one, Ryan. We're in the middle of our North American regional sales and strategy meetings now. We spent the last several weeks kind of out with each of our dealers in the North American markets. We've got a similar meeting with our Europe, Middle East, Africa channel this week in Europe. I think we've got a lot of really good even if it's anecdotal feedback from our people in the field. I think there's some markets I would put kind of the Panhandle, West Texas in on that list right now, where we've had customers that haven't been able to finish a crop. I know there's been some news stories on the impact on the cattle industry as well in that part of the world. That's maybe one where we've seen a lot of stress that could impact, you know, winter wheat, and it could impact purchase and planting decisions going into next spring. That's the one that probably stands out, where we see the greatest risk. In the other parts of the country that are pivot markets where we see drought, we're not quite at a point that there's a lack of water that's gonna prevent them from planting and finishing a crop next year. We've gotta continue to watch that 'cause this drought started in the west. It's moved steadily east. If you look at the current drought map, it's got a lot of really deep red in the middle part of the country. That's a core market area for us. Right now, that's the one area there, West Texas, Panhandle Texas, that we see the greatest risk. The rest of the markets, we will continue to monitor. As far as government support goes, we've always benefited as an industry, and I think the government does recognize the importance of conserving and saving water. Just a blanket statement really, any program that incents customers to consume less water while producing food, fiber, and fuel is gonna be good for our business. They have consistently supported our industry because of the conservation benefits that we can create. Any dollar invested in that space is gonna be good for us. Super. Hey, thanks for your time this morning. All right. Thank you, Ryan. The next question comes from Brian Drab with William Blair. Please go ahead. Hi. Thanks for taking my question. So first, I'm curious if you can give us any additional color on the guidance. I mean, from the guidance commentary, I guess my takeaway is that you feel the domestic irrigation market is solid, but there's some uncertainty internationally. It's potentially stronger, driven by food security. You know, I'm not sure what to take away on the infrastructure segment. I mean, clearly the infrastructure bill should be a positive. But I don't know if you could comment any more specifically on that and how that might affect fiscal 2023, and are there any other Road Zipper projects in the pipeline? Just any more additional. Like, can you talk about growth rates in these segments that you're expecting even directionally, you know. Any other additional comments on guidance would be helpful. Okay. This is Brian. I'll take that one. Yeah, we start with domestic irrigation market. You know, again, the positive ag fundamentals that are there, you know, some of the drought-related impacts. We would expect to see steady demand and probably slight increase in demand in our first three quarters of the year. I think the fourth quarter, with the storm damage that we had this year, you know, we're not gonna expect that to continue. So when you put that all together, you know, maybe it's more closer to flattish year-over-year from a volume standpoint. Again, that's off of a base of pretty solid demand. You know, I think the wild card there is gonna be, you know, price and if raw materials, you know, go up or down and, you know, it has to be reflected in price. That would be one thing. Again, we're expecting that environment to be stable. When you look internationally in irrigation, you know, we've got I would say our core developed markets continue to expect to see growth from the solid fundamentals. We do have about $19 million in the first two quarters related to the Egypt order that we are gonna have to overcome. You know, I think there's ongoing activity in that project market, but that's, I would say, a little bit of a wild card on the international side, is whether, you know, there's another larger project like the Egypt project. You know, in the core markets, again, I would expect in that single digit type growth coming off a very strong base from this year. You know, looking at infrastructure, obviously the large project from Massachusetts this year, we've got some of that rolling over into the into next year. You know, the current pipeline, we don't anticipate a similar size project as Massachusetts next year, but we do have a number of smaller to mid-size projects. But on the leasing side, we do expect, you know, based on our line of sight today, that we'll have an increase in leasing and then the road safety products, you know, benefiting from the additional infrastructure funding that's out there. The outlook for our infrastructure business, I would say is, you know, mid to upper single digits type growth for next year. Okay. That's all very, very helpful. Sorry if there's an echo. I've been hearing a lot of echo on the call, and I'm hearing it again now. Just a couple follow-up questions. The international, I guess if the core markets were up, you know, single digits, does that mean that international irrigation might be down actually given the tough comp with Egypt? I think, you know, that might be the case if we didn't have another project like Egypt. I think based on Mm. You know, the activity that we're seeing, though, we would expect, you know, that we're going to see additional projects like that. We just can't. I mean, it's hard to predict the timing of that. It, you know, there was $19 million of Egypt in the first two- Right. -quarters- Right. of 2022. Okay. Just to clarify on the infrastructure segment, you know, you have some tough comps with the Massachusetts project. But I think at the end, you said maybe up mid-single digit, or is that including the project? How do you view the tough comps with the project or is that kind of the core infrastructure business excluding any big projects would be up? No, that was overall. I think, you know, we Okay. You know, we may be down a little on the projects if we don't replace the full value of the Massachusetts project, but we're gonna be, we're looking to be up in leasing and up in the road safety products. Okay. Just the, maybe the last question for now. There's about $8 million-$8.5 million left in that Massachusetts project? Yeah, about eight. Okay. Okay, I'll get back in line. Thank you. The next question comes from Chris Shaw with Monness Crespi & Hard. Please go ahead. Hey, good morning, everyone. How are you doing? Yeah. Good. Want to talk about irrigation margins. The fourth quarter margins were the highest I could find, even going back to the sort of post-drought, you know, early 2011, 2012 period. Was there anything funky going on this quarter in the margin, or is it replacement parts just that much more higher margin? Well, I think just if you're looking at fourth quarter alone, I mean, obviously. Yep. The higher volume that we got from North America, that's not typical in our fourth quarter. That's generally our lowest quarter for North America revenue. That would be the one anomaly. Otherwise, I would say our fourth quarter margins would be more reflective of where we would expect to be. You know, when you look at fourth quarter last year, we did have, you know, the LIFO headwind, so, you know, stronger incremental margins than what you would typically see. But that's more because last year was lower than what you'd expect. Hey, can I just ask, you talked about the storm season. Was it mostly tornadoes? I don't remember seeing a lot of tornadoes or was it just sort of clearly like derechos and hard thunderstorms and things like that? Yeah, there wasn't a lot of direct tornado hits. These were Midwest storms, though, so they were wind related. A lot of those, Chris, were straight-line winds, more of that through Western and Central Nebraska. It was really May and June when we saw those storms roll through, the biggest ones. That's the volume that we really saw shifting through June and July. Got it. This is on the backlog. You know, that's always a bit of a funky number in itself, but you know, it's down over $50 million year-over-year. Is that just sort of mostly reflecting timing and potentially just, you know, the last year, I think you had some of Egypt still in there, right? Just could you- Yeah. Talk about it? When you look at it year over year, you know, last year, we still had $19 million of Egypt in the backlog. I would also say a good chunk of the difference is timing, because last year in that inflationary environment with, you know, a lot of price increases going on both in the U.S. and Brazil, I think we saw orders pulled up, you know, in the backlog earlier to beat the price increases. I think, you know, those are the two things that really stand out. Infrastructure backlog is up, and that's mostly because of the carryover from the Massachusetts project. This is back to irrigation for a second. Just sort of, I mean, outside of replacement, you know, dry land and conversion volumes have been a bit weaker this year. Has the farmer really, are they waiting out the higher prices? Do you think it's gonna come back, it sounds like a little bit in 2023? I mean, what is it? I'm just curious to know what they, maybe your customer now thinks of, you know, these higher prices and where they're willing to buy at. When you look at some of the market research in the area of customer sentiment, you certainly see some apprehension related to, you know, where pricing has gone, some apprehension connected to where interest rates are going. You hear that from customers. We always go back to the payback on an investment in irrigation. We're really fortunate in this inflationary environment that we're seeing strong commodity support. If you've got $6.75, $6.80 corn, your payback on a pivot, if you're gonna get a 50-bushel lift, that payback is still, you know, a little over two years, which is what it's been historically. We don't see a significant shift in the economic fundamentals of irrigated agriculture. I think that gives us an advantage maybe over some of the other capital investment decisions that a customer might be making. Great. Thanks a lot. Great. Thanks a lot. You bet. The next question is from Brett Kearney with Gabelli Funds. Please go ahead. Hi, guys. Good morning. Thanks for taking my question. Good morning, Brett. On the infrastructure side, you guys highlighted, and we've heard from some others, in this space, you know, what customers, I guess, the U.S. state municipal level are dealing with in terms of getting projects to move forward, particularly on, you know, re-scoping projects on the inflation side and then also, to some extent, labor availability. Curious, you know, based on what you're seeing in your business, some initial signs of deflation, you know, as we look out into next year, if... Are you hearing or expecting, you know, if, I guess, inflation moderates and/or labor frees up a little bit on the construction side, could that kinda loosen up some of these projects that have, been hanging out there? I think that's a good prediction, Brett, and I guess inflation stabilizing, implying that we're not gonna continue to see the sharp increases that we've seen over the last year. I think that's certainly gonna help. I think the other thing is the money's now being appropriated and actually rolling into the bank accounts of these state organizations that are able to now invest the money. I think there are a couple of things here that have kind of delayed implementation of some of those projects. Unemployment, access to labor, access to equipment that builds roads and bridges is something else that's been a bit of a headwind here. Our view would be that a lot of those hopefully get a lot better in the second half of the year. As we enter the 2023 road construction season in those northern markets in particular, we'll see a lot of those headwinds have been eliminated and hopefully create opportunity for some good market opportunity. Great. Thanks so much, Randy. You bet. Next question is from John Braatz of Kansas City Capital. Please go ahead. Good morning, Randy. Brian. Morning, John. Randy, I think you mentioned that you met with the North American irrigation dealers recently. I guess my question is if this drought continues the way it is, and do you think it could be impactful in terms of purchase decisions going forward or for 2023? 'Cause when I you know, you look back at 2011, 2012, the drought there really spurred business on. You know, it's dry out there. You know, another couple weeks, we might be able to walk across the Mississippi River, but is there a possibility that we could see North American revenues being North American units being a little bit stronger than maybe what you're thinking? There is a possibility, John. That's for sure. It really gets back to how significant is the drought and where is the drought. What we saw back in 2012, 2013, I was in the North American business at that time, as that drought continued east and it moved across Iowa, and it popped up in Illinois, Ohio and Indiana, as it starts to move and continue east, the reality is these investments become much easier to justify. If you look at the yield impact in those non-traditional, these are maybe more supplemental markets for us, but in those non-traditional markets, the yield impact of having a center pivot and irrigating a crop for one year, your payback could legitimately be one year in some of those markets. As that drought continues to move east, as it continues to intensify, it could certainly open up some of those non-traditional market for us and create some outside opportunity. We feel we're in a good position when it comes to dealer channel, when it comes to technology and innovation. Those are high motivators for customers in those parts of the country, and we feel like we'd be in a good position if we do start to see more market opportunity there. Yeah. In those non- In those non- Non-typical markets, let's say east of the Mississippi, is the availability of water, an aquifer, is that at all an issue? It's gonna depend on where you are north to south, and I can't give you kind of a universal answer that would apply everywhere. For the most part, there are areas if they needed the water, either through surface or groundwater, they may have access to it. We don't see that being a significant limiting factor. If the customers need to irrigate because of the drought, I would say for the most part, they're gonna be able to find access to available water. Okay. Thank you very much, Randy. Thank you. Again, if you have a question, please press star then one. The next question comes from Brian Drab with William Blair. Please go ahead. Yeah, just one more question on the irrigation segment, given the commodity prices, like input costs feel primarily have come down, what is your, you know, stance on what you'll do with price in the, you know, on the center pivots in the near term and throughout? You know, what would you predict will happen with price throughout 2023? Yeah, Brian, you know, I would say right now our view, again, as far as the raw material outlook, to be overall fairly stable. As I mentioned, you know, earlier, we have seen some reduction in some of the hot-rolled coil prices, but we've had, you know, continued inflation in structural steel and other things. But our view is, you know, let's say we continue to see at some point in the year, more substantial softening in our raw material costs. Our view would be, you know, in a strong demand environment, we should be able to hold on to price. That would be our view. At some point, you know, if we have to respond to competitive actions, we would do that. Our view is, you know, right now we've got an opportunity to maintain our price. You have not lowered price. Is that correct? Even given, you know, with any of the recent pullbacks in commodity input costs? Yeah. No, that's correct. In fact, as recently as September 1st, we've implemented an additional, I would say, modest price increase, but we have not lowered price at all. Got it. Thanks very much. Got it. Thanks very much. This concludes our question and answer session. I would like to turn the conference back over to Randy Wood for closing remarks. Thank you all for your interest and participation today. We're very pleased with fiscal 2022 results and look forward to carrying that momentum into fiscal 2023. The infrastructure segment continues to be supported by incremental funding provided by the Infrastructure Investment and Jobs Act. The irrigation segment continues to see strong drivers connected to high commodity prices and international project demand, offset slightly by rising input costs that may have a detrimental impact on customer sentiment. The positive ROI provided by an investment in irrigated agriculture will continue to support strong markets around the world. Both segments benefit from strategic investments in technology and innovation that improve customer profitability while conserving resources and making our roadways safer. This concludes our fourth quarter earnings call. We look forward to updating you on our continued progress following the close of our fiscal 2023 first quarter. Thanks for joining us. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.