Titan Machinery Inc. (Nasdaq: TITN), a leading network of
full-service agricultural and construction equipment stores, today
reported financial results for the fiscal first quarter ended
April 30, 2020.
David Meyer, Titan Machinery’s Chairman and
Chief Executive Officer, stated, "We are pleased to report a strong
first quarter performance during this uncertain environment, driven
by our continued focus on customer service and sound management of
our operating expenses. Our Agriculture segment revenue increased
26% as equipment, parts and service all experienced solid
double-digit growth. Our store operations teams have adjusted well
to the new COVID-19 safety protocols that we put in place in March,
and have continued their uninterrupted service to customers during
the important spring planting and the start of the construction
season. While we are pleased with the overall performance of our
Agriculture segment in fiscal first quarter, this solid top and
bottom line performance was slightly offset by the relative
underperformance of our Construction and International results
which were impacted more by the pandemic."
Fiscal 2021 First Quarter Results
Consolidated Results
For the first quarter of fiscal 2021, revenue
was $310.2 million, compared to $278.3 million in the first quarter
last year. Equipment sales were $218.5 million for the first
quarter of fiscal 2021, compared to $194.0 million in the first
quarter last year. Parts sales were $56.6 million for the first
quarter of fiscal 2021, compared to $51.9 million in the first
quarter last year. Revenue generated from service was $25.6 million
for the first quarter of fiscal 2021, compared to $22.8 million in
the first quarter last year. Revenue from rental and other was $9.5
million for the first quarter of fiscal 2021, compared to $9.6
million in the first quarter last year.
Gross profit for the first quarter of fiscal
2021 was $58.4 million, compared to $53.9 million in the first
quarter last year. Gross profit margin decreased 60 basis points to
18.8% versus the comparable period last year. The decrease in gross
profit margin was primarily due to lower equipment margins in the
current quarter as compared to the first quarter of last year.
Operating expenses increased by $0.5 million to
$53.1 million, or 17.1% of revenue, for the first quarter of fiscal
2021, compared to $52.6 million, or 18.9% of revenue, for the first
quarter of last year. The Company was able to leverage relatively
flat operating expenses over increased revenues compared to the
prior year.
Floorplan and other interest expense was $2.1
million in the first quarter of fiscal 2021, compared to
$2.5 million for the same period last year. The decrease was
due to lower interest expense resulting from the retirement of the
remaining balance of the Company’s convertible notes in May
2019.
In the first quarter of fiscal 2021, net income
was $2.3 million, or earnings per diluted share of $0.10, compared
to net loss of $0.4 million, or loss per diluted share of $0.02,
for the first quarter of last year.
On an adjusted basis, net income for the first
quarter of fiscal 2021 was $3.4 million, or adjusted earnings per
diluted share of $0.15, compared to adjusted net income of $0.5
million, or adjusted earnings per diluted share of $0.02, for the
first quarter of last year.
Adjusted EBITDA was $11.1 million in the first
quarter of fiscal 2021, compared to $6.3 million in the first
quarter of last year.
Segment ResultsAgriculture Segment - Revenue for
the first quarter of fiscal 2021 was $193.6 million, compared to
$153.8 million in the first quarter last year. The increase in
revenue was driven by strength in equipment sales and supported by
ongoing momentum in parts and service revenue. Pre-tax income for
the first quarter of fiscal 2021 was $6.2 million, compared to $1.9
million of pre-tax income in the first quarter last year.
Construction Segment - Revenue for the first
quarter of fiscal 2021 was $60.1 million, compared to $70.7 million
in the first quarter last year. The decrease in revenue was
primarily the result of lower equipment demand due to macroeconomic
challenges and uncertainty, which also impacted parts and service
to a lesser extent. Pre-tax loss for the first quarter of
fiscal 2021 was $2.9 million, compared to a pre-tax loss of $2.2
million in the first quarter last year. Adjusted pre-tax loss for
the first quarter of fiscal 2021 was $2.7 million, compared to $2.1
million in the first quarter last year.
International Segment - Revenue for the first
quarter of fiscal 2021 was $56.5 million, compared to $53.8 million
in the first quarter last year. Pre-tax loss for the first quarter
of fiscal 2021 was $0.3 million, compared to income of $0.2 million
in the first quarter last year. Adjusted pre-tax income for
the first quarter of fiscal 2021 was $0.5 million, compared to
$0.2 million in the first quarter last year. The adjusted amounts
exclude a Ukraine remeasurement loss of $0.8 million in the current
year, resulting from the devaluation of the Ukrainian hryvnia,
compared to a small remeasurement gain in the prior year.
Balance Sheet and Cash Flow
The Company ended the first quarter of fiscal
2021 with $50.8 million of cash. The Company’s inventory level
decreased to $583.4 million as of April 30, 2020, compared to
$597.4 million as of January 31, 2020. This inventory decrease
includes a $14.6 million decrease in equipment inventory, which
reflects a decrease in new equipment inventory of $11.6 million and
a $3.0 million decrease in used equipment inventory. The Company
had $378.3 million outstanding floorplan payables on $762.0 million
total floorplan lines of credit as of April 30, 2020, compared
to $371.8 million outstanding floorplan payables as of
January 31, 2020.
In the first three months of fiscal 2021, the
Company’s net cash used for operating activities was $5.4 million,
compared to net cash provided by operating activities of $2.9
million in the first three months of fiscal 2020. The Company
evaluates its cash flow from operating activities net of all
floorplan payable activity and maintaining a constant level of
equity in its equipment inventory. Taking these adjustments into
account, adjusted net cash used for operating activities was $3.6
million in the first three months of fiscal 2021, compared to
adjusted net cash used for operating activities of $37.4 million in
the first three months of fiscal 2020.
New Amended and Restated Credit
Agreement
In April 2020, the Company entered into a new
five-year Amended and Restated Credit Agreement, maturing April
2025 replacing the previous credit facility that was scheduled to
expire in October 2020. The new Amended and Restated Credit
Agreement provides for an aggregate $250 million financing
commitment by the lenders, consisting of an aggregate floorplan
financing commitment of $185 million and an aggregate working
capital commitment of $65 million. The floorplan facility features
improved flexibility with higher advances available against new and
used inventory, and the working capital facility provides for a
greater breadth of assets that can be utilized in its borrowing
base, in addition to higher advance rates compared to the prior
facility. The Amended and Restated Credit Agreement does not
obligate the Company to maintain financial covenants, except in
certain circumstances, with terms that are similar to those in the
previous credit facility but favorably impacted by the increased
advanced rates, which adds to the Company’s excess availability
amount.
The interest rate for loans under the credit
facility will be equal to LIBOR (subject to a floor of 0.5%) plus
an applicable margin based on the Company’s excess
availability. The initial applicable margin is 1.5%,
resulting in an effective initial interest rate of 2.49%.
Closing of HorizonWest
Acquisition
On May 4, 2020, the Company closed on its
acquisition of HorizonWest Inc., which consists of a three store
CaseIH agriculture dealership complex in Scottsbluff and Sidney,
Nebraska and Torrington, Wyoming. In its most recent fiscal year,
HorizonWest generated revenue of approximately $26 million.
The total purchase price was $6.9 million, which does not include
$2.7 million of associated inventory that the Company concurrently
purchased from CNH Industrial under standard terms. The Company
expects the acquisition to be accretive to earnings in the first
year of ownership.
Mr. Meyer concluded, "Our team continues to
carefully manage through this disruptive environment and our solid
first fiscal quarter validates the many strengths of our overall
business. We improved our strong financial position during
the quarter and are very pleased with our new credit agreement that
provides additional flexibility and access to capital. We
continue to maintain our focus on long-term organic and acquired
growth initiatives. We are grateful to our employees who are
meeting the COVID-19 challenges every day as we have adapted our
operations to focus on the safety of our employees while meeting
the needs of our customers."
Fiscal 2021 Modeling
Assumptions
The Company will not be providing its customary
annual modeling assumptions for fiscal year 2021 due to the
uncertainty surrounding the COVID-19 outbreak. The Company will
provide additional statements regarding expectations for the
remainder of fiscal year 2021 on its fiscal 2021 first quarter
conference call hosted today.
Conference Call and Presentation
Information
The Company will host a conference call and
audio webcast today at 7:30 a.m. Central time (8:30 a.m. Eastern
time). Investors interested in participating in the live call
can dial (877) 705-6003 from the U.S. International callers can
dial (201) 493-6725. A telephone replay will be available
approximately two hours after the call concludes and will be
available through Thursday, June 11, 2020, by dialing (844)
512-2921 from the U.S., or (412) 317-6671 from international
locations, and entering confirmation code 13702346.
A copy of the presentation that will accompany
the prepared remarks on the conference call is available on the
Company’s website under Investor Relations at
www.titanmachinery.com. An archive of the audio webcast will be
available on the Company’s website under Investor Relations at
www.titanmachinery.com for 30 days following the audio webcast.
Non-GAAP Financial Measures
Within this release, the Company refers to
certain adjusted financial measures, which have directly comparable
GAAP financial measures as identified in this release. The Company
believes that these non-GAAP financial measures, when reviewed in
conjunction with GAAP financial measures, can provide more
information to assist investors in evaluating current period
performance and in assessing future performance. For these reasons,
internal management reporting also includes non-GAAP financial
measures. Generally, the non-GAAP financial measures include
adjustments for items such as costs associated with impairment
charges, Ukraine remeasurement and the charges associated with our
Enterprise Resource Planning (ERP) system transition. These
non-GAAP financial measures should be considered in addition to,
and not superior to or as a substitute for the GAAP financial
measures presented in this release and the Company's financial
statements and other publicly filed reports. Non-GAAP measures
presented in this release may not be comparable to similarly titled
measures used by other companies. Investors are encouraged to
review the reconciliations of adjusted financial measures used in
this release to their most directly comparable GAAP financial
measures. These reconciliations are attached to this release. The
tables included in the Non-GAAP Reconciliations section reconcile
net income (loss), diluted earnings (loss) per share, income (loss)
before income taxes, and net cash provided by (used for) operating
activities (all GAAP financial measures) for the periods presented
to adjusted net income (loss), adjusted EBITDA, adjusted diluted
earnings (loss) per share, adjusted income (loss) before income
taxes, and adjusted net cash provided by (used for) operating
activities (all non-GAAP financial measures) for the periods
presented.
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and
headquartered in West Fargo, North Dakota, owns and operates a
network of full service agricultural and construction equipment
dealer locations in North America and Europe. The network consists
of US locations in Arizona, Colorado, Iowa, Minnesota, Montana,
Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming and its
European stores are located in Bulgaria, Germany, Romania, Serbia
and Ukraine. The Titan Machinery locations represent one or more of
the CNH Industrial Brands, including Case IH, New Holland
Agriculture, Case Construction, New Holland Construction, and CNH
Industrial Capital. Additional information about Titan
Machinery Inc. can be found at www.titanmachinery.com.
Forward Looking Statements
Except for historical information contained
herein, the statements in this release are forward-looking and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The words “potential,” “believe,”
“estimate,” “expect,” “intend,” “may,” “could,” “will,” “plan,”
“anticipate,” and similar words and expressions are intended to
identify forward-looking statements. Such statements are based upon
the current beliefs and expectations of our management.
Forward-looking statements made in this release, which may include
statements regarding Agriculture, Construction, and International
segment initiatives and improvements, segment revenue realization,
growth and profitability expectations, including from the newly
acquired HorizonWest dealership complex, inventory expectations,
leverage expectations, agricultural and construction equipment
industry conditions and trends, and modeling assumptions and
expected results of operations for the fiscal year ending
January 31, 2021, involve known and unknown risks and
uncertainties that may cause Titan Machinery’s actual results in
current or future periods to differ materially from the forecasted
assumptions and expected results. The Company’s risks and
uncertainties include, among other things, the duration, scope and
impact of the COVID-19 pandemic on the Company's operations, a
substantial dependence on a single distributor, the continued
availability of organic growth and acquisition opportunities,
potential difficulties integrating acquired stores, industry supply
levels, fluctuating agriculture and construction industry economic
conditions, the success of recently implemented initiatives within
the Company’s operating segments, the uncertainty and fluctuating
conditions in the capital and credit markets, difficulties in
conducting international operations, foreign currency risks,
governmental agriculture policies, seasonal fluctuations, the
ability of the Company to reduce inventory levels, climate
conditions, disruption in receiving ample inventory financing, and
increased competition in the geographic areas served. These and
other risks are more fully described in Titan Machinery’s filings
with the Securities and Exchange Commission, including the
Company’s most recently filed Annual Report on Form 10-K, as
updated in subsequently filed Quarterly Reports on Form 10-Q, as
applicable. Titan Machinery conducts its business in a highly
competitive and rapidly changing environment. Accordingly, new risk
factors may arise. It is not possible for management to predict all
such risk factors, nor to assess the impact of all such risk
factors on Titan Machinery’s business or the extent to which any
individual risk factor, or combination of factors, may cause
results to differ materially from those contained in any
forward-looking statement. Other than required by law, Titan
Machinery disclaims any obligation to update such factors or to
publicly announce results of revisions to any of the
forward-looking statements contained in this release to reflect
future events or developments.
Investor Relations Contact:ICR, Inc.John Mills,
jmills@icrinc.comPartner646-277-1254
|
TITAN MACHINERY INC. |
Consolidated Balance Sheets |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
April 30, 2020 |
|
January 31, 2020 |
Assets |
|
|
|
Current Assets |
|
|
|
Cash |
$ |
50,835 |
|
|
$ |
43,721 |
|
Receivables, net of allowance for expected credit losses |
76,430 |
|
|
72,776 |
|
Inventories |
583,435 |
|
|
597,394 |
|
Prepaid expenses and other |
10,626 |
|
|
13,655 |
|
Total current assets |
721,326 |
|
|
727,546 |
|
Noncurrent Assets |
|
|
|
Property and equipment, net of accumulated depreciation |
148,293 |
|
|
145,562 |
|
Operating lease assets |
84,577 |
|
|
88,281 |
|
Deferred income taxes |
3,783 |
|
|
2,147 |
|
Goodwill |
2,311 |
|
|
2,327 |
|
Intangible assets, net of accumulated amortization |
8,318 |
|
|
8,367 |
|
Other |
1,131 |
|
|
1,113 |
|
Total noncurrent assets |
248,413 |
|
|
247,797 |
|
Total
Assets |
$ |
969,739 |
|
|
$ |
975,343 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
23,119 |
|
|
$ |
16,976 |
|
Floorplan payable |
378,302 |
|
|
371,772 |
|
Current maturities of long-term debt |
3,787 |
|
|
13,779 |
|
Current operating lease liabilities |
12,320 |
|
|
12,259 |
|
Deferred revenue |
29,163 |
|
|
40,968 |
|
Accrued expenses and other |
30,726 |
|
|
38,409 |
|
Total current liabilities |
477,417 |
|
|
494,163 |
|
Long-Term Liabilities |
|
|
|
Long-term debt, less current maturities |
49,522 |
|
|
37,789 |
|
Operating lease liabilities |
84,499 |
|
|
88,387 |
|
Deferred income taxes |
3,808 |
|
|
2,055 |
|
Other long-term liabilities |
7,415 |
|
|
7,845 |
|
Total long-term liabilities |
145,244 |
|
|
136,076 |
|
Stockholders' Equity |
|
|
|
Common stock |
— |
|
|
— |
|
Additional paid-in-capital |
251,051 |
|
|
250,607 |
|
Retained earnings |
99,775 |
|
|
97,717 |
|
Accumulated other comprehensive loss |
(3,748 |
) |
|
(3,220 |
) |
Total stockholders' equity |
347,078 |
|
|
345,104 |
|
Total Liabilities and
Stockholders' Equity |
$ |
969,739 |
|
|
$ |
975,343 |
|
|
|
|
|
|
|
|
|
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of
Operations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
Three Months Ended April 30, |
|
2020 |
|
2019 |
Revenue |
|
|
|
Equipment |
$ |
218,505 |
|
|
$ |
193,956 |
|
Parts |
56,614 |
|
|
51,938 |
|
Service |
25,600 |
|
|
22,831 |
|
Rental and other |
9,489 |
|
|
9,567 |
|
Total Revenue |
310,208 |
|
|
278,292 |
|
Cost of Revenue |
|
|
|
Equipment |
197,046 |
|
|
173,154 |
|
Parts |
39,617 |
|
|
36,814 |
|
Service |
8,345 |
|
|
7,483 |
|
Rental and other |
6,790 |
|
|
6,941 |
|
Total Cost of Revenue |
251,798 |
|
|
224,392 |
|
Gross Profit |
58,410 |
|
|
53,900 |
|
Operating Expenses |
53,058 |
|
|
52,555 |
|
Impairment of Long-Lived
Assets |
216 |
|
|
135 |
|
Income from Operations |
5,136 |
|
|
1,210 |
|
Other Income (Expense) |
|
|
|
Interest and other income |
130 |
|
|
794 |
|
Floorplan interest expense |
(1,152 |
) |
|
(877 |
) |
Other interest expense |
(966 |
) |
|
(1,642 |
) |
Income (Loss) Before Income
Taxes |
3,148 |
|
|
(515 |
) |
Provision for (Benefit from)
Income Taxes |
886 |
|
|
(70 |
) |
Net Income (Loss) |
2,262 |
|
|
(445 |
) |
|
|
|
|
Diluted Earnings (Loss)
per Share |
$ |
0.10 |
|
|
$ |
(0.02 |
) |
Diluted Weighted Average
Common Shares |
22,012 |
|
|
21,872 |
|
|
|
|
|
|
|
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of Cash
Flows |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Three Months Ended April 30, |
|
2020 |
|
2019 |
Operating Activities |
|
|
|
Net income (loss) |
$ |
2,262 |
|
|
$ |
(445 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used for) operating activities |
|
|
|
Depreciation and amortization |
5,375 |
|
|
6,064 |
|
Impairment |
216 |
|
|
135 |
|
Other, net |
3,568 |
|
|
3,761 |
|
Changes in assets and liabilities |
|
|
|
Inventories |
11,941 |
|
|
(78,254 |
) |
Manufacturer floorplan payable |
(10,669 |
) |
|
89,599 |
|
Other working capital |
(18,135 |
) |
|
(18,008 |
) |
Net Cash Provided by (Used
for) Operating Activities |
(5,442 |
) |
|
2,852 |
|
Investing Activities |
|
|
|
Property and equipment purchases |
(5,414 |
) |
|
(5,490 |
) |
Proceeds from sale of property and equipment |
313 |
|
|
416 |
|
Acquisition consideration, net of cash acquired |
— |
|
|
(2,972 |
) |
Other, net |
(21 |
) |
|
8 |
|
Net Cash Used for Investing
Activities |
(5,122 |
) |
|
(8,038 |
) |
Financing Activities |
|
|
|
Net change in non-manufacturer floorplan payable |
18,781 |
|
|
12,772 |
|
Net payments on long-term debt and finance leases |
(197 |
) |
|
(505 |
) |
Other, net |
(870 |
) |
|
(492 |
) |
Net Cash Provided by Financing
Activities |
17,714 |
|
|
11,775 |
|
Effect of Exchange Rate
Changes on Cash |
(36 |
) |
|
(3 |
) |
Net Change in Cash |
7,114 |
|
|
6,586 |
|
Cash at Beginning of
Period |
43,721 |
|
|
56,745 |
|
Cash at End of Period |
$ |
50,835 |
|
|
$ |
63,331 |
|
|
|
|
|
|
|
|
|
|
TITAN MACHINERY INC. |
Segment Results |
(in thousands) |
(Unaudited) |
|
|
|
Three Months Ended April 30, |
|
2020 |
|
2019 |
|
% Change |
Revenue |
|
|
|
|
|
Agriculture |
$ |
193,627 |
|
|
$ |
153,775 |
|
|
25.9 |
|
% |
Construction |
60,114 |
|
|
70,743 |
|
|
(15.0 |
) |
% |
International |
56,467 |
|
|
53,774 |
|
|
5.0 |
|
% |
Total |
$ |
310,208 |
|
|
$ |
278,292 |
|
|
11.5 |
|
% |
|
|
|
|
|
|
Income (Loss) Before
Income Taxes |
|
|
|
|
|
Agriculture |
$ |
6,162 |
|
|
$ |
1,876 |
|
|
n/m |
Construction |
(2,873 |
) |
|
(2,222 |
) |
|
(29.3 |
) |
% |
International |
(280 |
) |
|
216 |
|
|
n/m |
Segment income (loss) before
income taxes |
3,009 |
|
|
(130 |
) |
|
n/m |
Shared Resources |
139 |
|
|
(385 |
) |
|
n/m |
Total |
$ |
3,148 |
|
|
$ |
(515 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
TITAN MACHINERY INC. |
Non-GAAP Reconciliations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended April 30, |
|
|
2020 |
|
2019 |
Adjusted Net
Income |
|
|
|
|
Net Income (Loss) |
|
$ |
2,262 |
|
|
$ |
(445 |
) |
Adjustments |
|
|
|
|
ERP transition costs |
|
721 |
|
|
1,016 |
|
Impairment charges |
|
216 |
|
|
135 |
|
Ukraine remeasurement |
|
765 |
|
|
(12 |
) |
Total Pre-Tax Adjustments |
|
1,702 |
|
|
1,139 |
|
Less: Tax Effect of
Adjustments (1) |
|
580 |
|
|
243 |
|
Total Adjustments |
|
1,122 |
|
|
896 |
|
Adjusted Net Income |
|
$ |
3,384 |
|
|
$ |
451 |
|
|
|
|
|
|
Adjusted Diluted
EPS |
|
|
|
|
Diluted EPS |
|
$ |
0.10 |
|
|
$ |
(0.02 |
) |
Adjustments (2) |
|
|
|
|
ERP transition costs |
|
0.03 |
|
|
0.05 |
|
Impairment charges |
|
0.01 |
|
|
— |
|
Ukraine remeasurement |
|
0.04 |
|
|
— |
|
Total Pre-Tax Adjustments |
|
0.08 |
|
|
0.05 |
|
Less: Tax Effect of
Adjustments (1) |
|
0.03 |
|
|
0.01 |
|
Total Adjustments |
|
0.05 |
|
|
0.04 |
|
Adjusted Diluted EPS |
|
0.15 |
|
|
0.02 |
|
|
|
|
|
|
Adjusted Income Before
Income Taxes |
|
|
|
|
Income (Loss) Before Income
Taxes |
|
$ |
3,148 |
|
|
$ |
(515 |
) |
Adjustments |
|
|
|
|
ERP transition costs |
|
721 |
|
|
1,016 |
|
Impairment charges |
|
216 |
|
|
135 |
|
Ukraine remeasurement |
|
765 |
|
|
(12 |
) |
Total Adjustments |
|
1,702 |
|
|
1,139 |
|
Adjusted Income Before Income
Taxes |
|
$ |
4,850 |
|
|
$ |
624 |
|
|
|
|
|
|
Adjusted Loss Before
Income Taxes - Construction |
|
|
|
|
Income (Loss) Before Income
Taxes |
|
$ |
(2,873 |
) |
|
$ |
(2,222 |
) |
Impairment charges |
|
216 |
|
|
135 |
|
Adjusted Loss Before Income
Taxes |
|
$ |
(2,657 |
) |
|
$ |
(2,087 |
) |
|
|
|
|
|
Adjusted Income Before
Income Taxes - International |
|
|
|
|
Income (Loss) Before Income
Taxes |
|
$ |
(280 |
) |
|
$ |
216 |
|
Ukraine remeasurement |
|
765 |
|
|
(12 |
) |
Adjusted Income Before Income
Taxes |
|
$ |
485 |
|
|
$ |
204 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
Net Income (Loss) |
|
$ |
2,262 |
|
|
$ |
(445 |
) |
Adjustments |
|
|
|
|
Interest expense, net of interest income |
|
853 |
|
|
518 |
|
Provision for (benefit from) income taxes |
|
886 |
|
|
(70 |
) |
Depreciation and amortization |
|
5,375 |
|
|
6,064 |
|
EBITDA |
|
9,376 |
|
|
6,067 |
|
Adjustments |
|
|
|
|
ERP transition costs |
|
721 |
|
|
99 |
|
Impairment charges |
|
216 |
|
|
135 |
|
Ukraine remeasurement |
|
765 |
|
|
(12 |
) |
Total Adjustments |
|
1,702 |
|
|
222 |
|
Adjusted EBITDA |
|
$ |
11,078 |
|
|
$ |
6,289 |
|
|
|
|
|
|
Adjusted Net Cash
Provided By (Used for) Operating Activities |
|
|
|
|
Net Cash Provided by (Used
for) Operating Activities |
|
$ |
(5,442 |
) |
|
$ |
2,852 |
|
Net Change in Non-Manufacturer
Floorplan Payable |
|
18,781 |
|
|
12,772 |
|
Adjustment for Constant Equity
in Inventory |
|
(16,907 |
) |
|
(52,996 |
) |
Adjusted Net Cash Provided By
(Used for) Operating Activities |
|
$ |
(3,568 |
) |
|
$ |
(37,372 |
) |
|
|
|
|
|
(1) The
tax effect of U.S. related adjustments was calculated using a 26%
tax rate, determined based on a 21% federal statutory rate and a 5%
blended state income tax rate. Included in the tax effect of the
adjustments is the tax impact of foreign currency changes in
Ukraine of $0.3 million in first quarter fiscal 2021. |
|
|
(2) Adjustments
are net of amounts allocated to participating securities where
applicable. |
|
|
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