Titan Machinery Inc. (Nasdaq: TITN) ("Titan" or the "Company"), a
leading network of full-service agricultural and construction
equipment stores, today reported financial results for the fiscal
third quarter ended October 31, 2023.
David Meyer, Titan Machinery’s Chairman and
Chief Executive Officer, stated, "We accomplished a great deal this
quarter, completing our acquisition of the Australia-based
O'Connors group and solidifying our leadership succession plan,
while delivering solid financial results. In terms of our fiscal
third quarter financial performance, we achieved record revenues of
$694 million despite being constrained by delayed OEM deliveries,
prioritizing customer uptime throughout the harvest and end of
season construction projects, and increased preparation time to
complete pre-delivery inspections of new machinery. This dynamic is
also visible in our inventory balance at the end of the quarter, as
the amount of on hand pre-sold inventory being prepped in our
service shops continues to trend above normal levels.
Notwithstanding, customer uptime is our top priority, and our team
did a great job of meeting our customers' immediate service needs
and minimizing downtime during the all-important fall season."
Fiscal 2024
Third Quarter Results
Consolidated Results
For the third quarter of fiscal 2024, revenue
increased to $694.1 million compared to $668.8 million in the third
quarter of last year. Equipment revenue was $521.8 million for the
third quarter of fiscal 2024, compared to $509.0 million in the
third quarter last year. Parts revenue was $115.0 million for the
third quarter of fiscal 2024, compared to $108.7 million in the
third quarter last year. Revenue generated from service was $44.8
million for the third quarter of fiscal 2024, compared to $39.0
million in the third quarter last year. Revenue from rental and
other was $12.6 million for the third quarter of fiscal 2024,
compared to $12.1 million in the third quarter last year.
Gross profit for the third quarter of fiscal
2024 was $138.3 million, compared to $139.6 million in the third
quarter last year. The Company's gross profit margin was 19.9% in
the third quarter of fiscal 2024, compared to 20.9% in the third
quarter last year. The year-over-year decrease in gross profit
margin in the third quarter was primarily due to lower equipment
and parts margins, partially offset by higher service and rental
margins. The prior year equipment gross profit benefited from the
recognition of a $2.0 million accrual on the expected achievement
of annual manufacturer incentive programs, which is not included in
the results for the third quarter of fiscal 2024.
Operating expenses were $92.1 million for the
third quarter of fiscal 2024, compared to $84.9 million in the
third quarter last year. The year-over-year increase was driven
primarily by additional operating expenses due to acquisitions that
have taken place in the past year, as well as an increase in
variable expenses. Operating expenses as a percentage of revenue
was 13.3% for the third quarter of fiscal 2024, compared to 12.7%
of revenue in the third quarter last year.
Floorplan interest expense and other interest
expense aggregated to $5.5 million in the third quarter of fiscal
2024, compared to $1.8 million for the same period last year, with
the increase primarily due to a higher level of interest-bearing
inventory, including the usage of existing floorplan capacity to
finance the O'Connors acquisition.
In the third quarter of fiscal 2024, net income
was $30.2 million, or earnings per diluted share of $1.32, compared
to net income of $41.3 million, or earnings per diluted share of
$1.82, for the third quarter of last year.
The Company generated $50.1 million in EBITDA in
the third quarter of fiscal 2024, compared to $63.2 million
generated in the third quarter of last year.
Segment Results
Agriculture Segment - Revenue for the third
quarter of fiscal 2024 was $531.4 million, compared to $493.3
million in the third quarter last year. The revenue increase was
led by the acquisition of Pioneer Farm Equipment in February 2023,
and also benefited from same-store growth of 3.5%, which was
achieved on top of a very robust 46.4% same-store increase in the
prior year. Revenue growth was constrained by delayed OEM
deliveries and capacity constraints of our service department as we
prioritized supporting our customers through harvest, which limited
our ability to process and deliver pre-sold units to customers.
Pre-tax income for the third quarter of fiscal 2024 was $35.1
million, compared to $42.0 million in the third quarter of the
prior year.
Construction Segment - Revenue for the third
quarter of fiscal 2024 was $77.5 million, compared to $86.4 million
in the third quarter last year. The year-over-year decrease in
revenue was driven by the timing of equipment deliveries which
shifted some revenue into the fourth quarter of this year as
compared to the timing of deliveries to customers in the second
half of last year. Pre-tax income for the third quarter of fiscal
2024 was $4.1 million, compared to $6.1 million in the third
quarter last year.
Europe Segment (formerly "International") -
Revenue for the third quarter of fiscal 2024 was $85.2 million,
compared to $89.0 million in the third quarter last year; foreign
currency fluctuations accounted for a $5.4 million increase in
revenue. Net of the effect of these foreign currency fluctuations,
revenue decreased $9.2 million, or 10.4%. The year-over-year
decrease in revenue was driven by a softening of demand which was
negatively impacted by dry conditions and below average yields in
Bulgaria and Romania. Pre-tax income for the third quarter of
fiscal 2024 was $5.1 million, compared to pre-tax income of $8.5
million in the third quarter of the prior year.
Australia Segment - The Company closed on the
acquisition of J.J. O'Connor & Sons Pty. Ltd. ("O'Connors") on
October 2, 2023; however, those results are not yet consolidated in
the reported fiscal 2024 third quarter financials. As a reminder,
the Company's Europe segment reports its financial results on a
one-month lag, and the Company will report its Australia segment
with the same methodology so the segment contribution will begin in
the fourth quarter of this fiscal year.
Balance Sheet and Cash Flow
Cash at the end of the third quarter of fiscal
2024 was $70.0 million. Inventories increased to $1,071.1 million
as of October 31, 2023, compared to $703.9 million as of
January 31, 2023. This change in inventory reflects increases
of $305.7 million, $52.2 million, and $7.0 million, in new
equipment, used equipment, and parts inventory, respectively. The
increase in inventory includes $23.9 million that was attributable
to the acquisitions made during the first nine months of fiscal
2024. Outstanding floorplan payables were $705.6 million on $923.0
million total available floorplan and working capital lines of
credit as of October 31, 2023, compared to $258.4 million
outstanding floorplan payables as of January 31, 2023.
For the first nine months ended October 31,
2023, the Company's net cash used for operating activities was
$82.1 million, compared to net cash used for operating
activities of $7.1 million for the first nine months ended October
31, 2022. This decrease in operating cash flow was driven by an
increase in inventories partially offset by an increase in
non-interest bearing floorplan lines of credit from manufacturers
and higher net income for the first nine months of fiscal 2024. Net
cash provided by financing activities increased year over year by
$135.9 million in the first nine months of fiscal year 2024 to
$170.3 million. This increase was entirely driven by a $142.1
million increase in non-manufacturer floorplan payables, which
represents the Company's other credit lines including its Bank
Syndicate Agreement.
Additional Management
Commentary
Mr. Meyer continued, "Heading into year-end, we
continue to see demand in excess of OEM production for
high-horsepower tractors and wheel loaders, which we expect will
continue through at least the first half of calendar year 2024.
While we are positioned well for a strong fourth quarter, our
recognition of equipment revenue will be dependent on both the
timing of new machinery received from the OEMs, as well as our
ability to manage service department workflows as we continue to
experience substantially longer preparation time to complete the
quality pre-delivery inspection and set-up process required before
delivery to our customers due to supply chain challenges. Overall,
we expect year-over-year revenue growth in each of our segments in
the fourth quarter, and we have narrowed the range of our revenue
modeling assumptions to reflect our latest expectations for fourth
quarter OEM deliveries and demands on our service departments.
"Looking forward, both our Ag and CE customers
are experiencing the carry-over of three exceptionally strong years
putting them in excellent financial position and creating optimism
for the future. Additionally, over the last 24 months we have
acquired some high quality and strategic dealerships which will
strengthen our bottom line as they are fully integrated into our
system," concluded Mr. Meyer.
Fiscal 2024 Modeling
Assumptions
The Company is updating its previous expectations for Fiscal
2024 to reflect the year-to-date performance of its businesses.
|
Current Assumptions |
Previous Assumptions |
Segment
Revenue |
|
|
Agriculture (1) |
Up 20-23% |
Up 20-25% |
Construction |
Up 4-7% |
Up 5-10% |
Europe (formerly "International") (2) |
Up 4-7% |
Up 5-10% |
Australia (O'Connors) (3) |
$70-80 million |
$70-90 million |
|
|
|
Diluted EPS
(2)(4)(5) |
$4.60 - $5.25 |
$4.60 - $5.25 |
|
|
|
(1) Includes the
full year impact of the Mark's Machinery acquisition, which closed
in April 2022, the Heartland Ag acquisition, which closed in August
2022, the Pioneer Farm Equipment acquisition, which closed in
February 2023, and the partial year impact of the Midwest Truck
acquisition, which closed in June 2023. |
(2) Includes an
estimated loss of approximately $0.04 per share for the Company's
Ukrainian subsidiary, which would be similar to actual results for
such subsidiary in Fiscal 2023. Includes the partial year impact of
the two-store acquisition in Germany which closed in May 2023. |
(3) Represents the
anticipated partial year revenue impact for the O’Connors
acquisition, assuming a foreign currency translation rate of AUD
$0.65 to USD $1.00. |
(4) Includes the
partial year EPS impact in the range of $0.10-$0.15 to account for
the O’Connors acquisition, which closed in October 2023, net of
integration and financing costs. |
(5) Includes the
assumption of achieving manufacturer incentives similar to the $6.4
million that was recognized in the prior year, all of which, if
achieved, would be recognized in this year's fourth quarter and has
an estimated impact of $0.22 per diluted share. |
|
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) 704-4453 from the U.S. International callers can dial
(201) 389-0920. A telephone replay will be available approximately
two hours after the call concludes and will be available through
Thursday, December 14, 2023, by dialing (844) 512-2921 from the
U.S., or (412) 317-6671 from international locations, and entering
confirmation code 13742718.
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
This press release and the attached financial
tables contain disclosure of the Company's EBITDA, which is a
non-GAAP financial measure as defined under SEC rules. As required
by SEC rules, the Company has provided a reconciliation of this
non-GAAP financial measure to the most directly comparable GAAP
financial measure in the schedule included in this press release.
The Company believes that presentation of this non-GAAP financial
measure improves the transparency of the Company’s disclosures and
provides a meaningful presentation of the Company’s results.
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, Europe and Australia, servicing
farmers, ranchers and commercial applicators. The network consists
of US locations in Colorado, Idaho, Iowa, Kansas, Minnesota,
Missouri, Montana, Nebraska, North Dakota, South Dakota,
Washington, Wisconsin and Wyoming. The international network
includes European stores located in Bulgaria, Germany, Romania, and
Ukraine and Australian stores located in New South Wales, South
Australia, and Victoria in Southeastern Australia. 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. These statements are based
upon the current beliefs and expectations of our management.
Forward-looking statements made in this release, which include
statements regarding the financial impact of the O'Connors
acquisition during future periods, modeling assumptions and
expected results of operations for the fiscal year ending
January 31, 2024 and may include statements regarding
Agriculture, Construction, Europe (formerly "International) and
Australia segment initiatives and improvements, segment revenue
realization, growth and profitability expectations, the performance
of our Ukrainian subsidiary within our Europe segment, inventory
availability and consumer demand expectations, our service
department capacity leverage expectations, and agricultural and
construction equipment industry conditions and trends, involve
known and unknown risks and uncertainties that may cause Titan’s
actual results in future periods to differ materially from the
forecasted assumptions and expected results. The Company’s risks
and uncertainties include, among other things, our ability to
successfully integrate, and realize growth opportunities and
synergies in connection with the O'Connors acquisition and the risk
that we have assumed unforeseen or other liabilities in connection
with the O'Connors acquisition. In addition, risks and
uncertainties also include the impact of the Russia-Ukraine
conflict on our Ukrainian subsidiary, our substantial dependence on
CNH Industrial including CNH Industrial's ability to design,
manufacture and allocate inventory to our stores necessary to
satisfy our customers' demands, supply chain disruptions impacting
our suppliers, including CNH Industrial, 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 manage inventory levels, weather
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’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 conducts its business in a highly competitive and rapidly
changing environment. Accordingly, new risks and uncertainties may
arise. It is not possible for management to predict all such risks
and uncertainties, nor to assess the impact of all such risks and
uncertainties on Titan’s business or the extent to which any
individual risk or uncertainty, or combination of risks and
uncertainties, may cause results to differ materially from those
contained in any forward-looking statement. Other than as required
by law, Titan disclaims any obligation to update such risks and
uncertainties 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.Jeff Sonnek, jeff.sonnek@icrinc.com646-277-1263
|
TITAN MACHINERY INC. |
Consolidated Condensed Balance Sheets |
(in thousands) |
(Unaudited) |
|
|
|
|
|
October 31, 2023 |
|
January 31, 2023 |
Assets |
|
|
|
Current Assets |
|
|
|
Cash |
$ |
69,981 |
|
|
$ |
43,913 |
|
Receivables, net of allowance for expected credit losses |
|
129,399 |
|
|
|
95,844 |
|
Inventories, net |
|
1,071,088 |
|
|
|
703,939 |
|
Prepaid expenses and other |
|
15,080 |
|
|
|
25,554 |
|
Total current assets |
|
1,285,548 |
|
|
|
869,250 |
|
Noncurrent Assets |
|
|
|
Property and equipment, net of accumulated depreciation |
|
267,155 |
|
|
|
217,782 |
|
Operating lease assets |
|
40,835 |
|
|
|
50,206 |
|
Deferred income taxes |
|
4,969 |
|
|
|
1,246 |
|
Goodwill |
|
31,144 |
|
|
|
30,622 |
|
Intangible assets, net of accumulated amortization |
|
18,266 |
|
|
|
18,411 |
|
Other |
|
1,821 |
|
|
|
1,178 |
|
Total noncurrent assets |
|
364,190 |
|
|
|
319,445 |
|
Total
Assets |
$ |
1,649,738 |
|
|
$ |
1,188,695 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
38,016 |
|
|
$ |
40,834 |
|
Floorplan payable |
|
705,610 |
|
|
|
258,372 |
|
Current maturities of long-term debt |
|
11,586 |
|
|
|
7,241 |
|
Current operating lease liabilities |
|
9,395 |
|
|
|
9,855 |
|
Deferred revenue |
|
43,964 |
|
|
|
119,845 |
|
Accrued expenses and other |
|
71,211 |
|
|
|
58,159 |
|
Income taxes payable |
|
5,622 |
|
|
|
3,845 |
|
Total current liabilities |
|
885,404 |
|
|
|
498,151 |
|
Long-Term Liabilities |
|
|
|
Long-term debt, less current maturities |
|
87,591 |
|
|
|
89,950 |
|
Operating lease liabilities |
|
38,688 |
|
|
|
48,513 |
|
Deferred income taxes |
|
9,561 |
|
|
|
9,563 |
|
Other long-term liabilities |
|
2,661 |
|
|
|
6,212 |
|
Total long-term liabilities |
|
138,501 |
|
|
|
154,238 |
|
Stockholders' Equity |
|
|
|
Common stock |
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
257,881 |
|
|
|
256,541 |
|
Retained earnings |
|
373,263 |
|
|
|
284,784 |
|
Accumulated other comprehensive loss |
|
(5,311 |
) |
|
|
(5,019 |
) |
Total stockholders' equity |
|
625,833 |
|
|
|
536,306 |
|
Total Liabilities and
Stockholders' Equity |
$ |
1,649,738 |
|
|
$ |
1,188,695 |
|
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of
Operations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
Equipment |
$ |
521,775 |
|
|
$ |
508,996 |
|
|
$ |
1,431,272 |
|
|
$ |
1,240,579 |
|
Parts |
|
114,962 |
|
|
|
108,719 |
|
|
|
320,077 |
|
|
|
254,974 |
|
Service |
|
44,767 |
|
|
|
38,960 |
|
|
|
122,178 |
|
|
|
101,847 |
|
Rental and other |
|
12,611 |
|
|
|
12,098 |
|
|
|
32,785 |
|
|
|
28,923 |
|
Total Revenue |
|
694,115 |
|
|
|
668,773 |
|
|
|
1,906,312 |
|
|
|
1,626,323 |
|
Cost of Revenue |
|
|
|
|
|
|
|
Equipment |
|
454,598 |
|
|
|
436,156 |
|
|
|
1,237,660 |
|
|
|
1,070,378 |
|
Parts |
|
78,585 |
|
|
|
72,146 |
|
|
|
216,775 |
|
|
|
172,162 |
|
Service |
|
14,393 |
|
|
|
13,456 |
|
|
|
41,010 |
|
|
|
35,288 |
|
Rental and other |
|
8,198 |
|
|
|
7,435 |
|
|
|
20,549 |
|
|
|
17,522 |
|
Total Cost of Revenue |
|
555,774 |
|
|
|
529,193 |
|
|
|
1,515,994 |
|
|
|
1,295,350 |
|
Gross Profit |
|
138,341 |
|
|
|
139,580 |
|
|
|
390,318 |
|
|
|
330,973 |
|
Operating Expenses |
|
92,115 |
|
|
|
84,861 |
|
|
|
262,182 |
|
|
|
217,841 |
|
Income from Operations |
|
46,226 |
|
|
|
54,719 |
|
|
|
128,136 |
|
|
|
113,132 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
Interest and other income (expense) |
|
(235 |
) |
|
|
1,804 |
|
|
|
1,129 |
|
|
|
3,169 |
|
Floorplan interest expense |
|
(4,045 |
) |
|
|
(588 |
) |
|
|
(7,774 |
) |
|
|
(1,087 |
) |
Other interest expense |
|
(1,494 |
) |
|
|
(1,257 |
) |
|
|
(4,008 |
) |
|
|
(3,802 |
) |
Income Before Income
Taxes |
|
40,452 |
|
|
|
54,678 |
|
|
|
117,483 |
|
|
|
111,412 |
|
Provision for Income
Taxes |
|
10,259 |
|
|
|
13,421 |
|
|
|
29,004 |
|
|
|
27,656 |
|
Net Income |
$ |
30,193 |
|
|
$ |
41,257 |
|
|
$ |
88,479 |
|
|
$ |
83,756 |
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Share |
$ |
1.32 |
|
|
$ |
1.82 |
|
|
$ |
3.88 |
|
|
$ |
3.70 |
|
Diluted Weighted Average
Common Shares |
|
22,517 |
|
|
|
22,399 |
|
|
|
22,493 |
|
|
|
22,372 |
|
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of Cash
Flows |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Nine Months Ended October 31, |
|
|
2023 |
|
|
|
2022 |
|
Operating Activities |
|
|
|
Net income |
$ |
88,479 |
|
|
$ |
83,756 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
Depreciation and amortization |
|
22,871 |
|
|
|
18,356 |
|
Other, net |
|
4,442 |
|
|
|
7,727 |
|
Changes in assets and liabilities, net of effects of
acquisitions |
|
|
|
Inventories |
|
(358,837 |
) |
|
|
(115,734 |
) |
Manufacturer floorplan payable |
|
274,968 |
|
|
|
78,972 |
|
Receivables |
|
(31,947 |
) |
|
|
(10,507 |
) |
Other working capital |
|
(82,037 |
) |
|
|
(69,704 |
) |
Net Cash Used for Operating
Activities |
|
(82,061 |
) |
|
|
(7,134 |
) |
Investing Activities |
|
|
|
Property and equipment purchases |
|
(41,924 |
) |
|
|
(25,430 |
) |
Proceeds from sale of property and equipment |
|
6,451 |
|
|
|
2,110 |
|
Acquisition consideration, net of cash acquired |
|
(27,935 |
) |
|
|
(100,471 |
) |
Other, net |
|
(643 |
) |
|
|
(176 |
) |
Net Cash Used for Investing
Activities |
|
(64,051 |
) |
|
|
(123,967 |
) |
Financing Activities |
|
|
|
Net change in non-manufacturer floorplan payable |
|
174,353 |
|
|
|
32,212 |
|
Net proceeds from long-term debt and finance leases |
|
(2,964 |
) |
|
|
2,819 |
|
Other, net |
|
(1,121 |
) |
|
|
(698 |
) |
Net Cash Provided by Financing
Activities |
|
170,268 |
|
|
|
34,333 |
|
Effect of Exchange Rate
Changes on Cash |
|
1,912 |
|
|
|
(3,529 |
) |
Net Change in Cash |
|
26,068 |
|
|
|
(100,297 |
) |
Cash at Beginning of
Period |
|
43,913 |
|
|
|
146,149 |
|
Cash at End of Period |
$ |
69,981 |
|
|
$ |
45,852 |
|
|
TITAN MACHINERY INC. |
Segment Results |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
$ |
531,404 |
|
|
$ |
493,324 |
|
|
7.7 |
% |
|
$ |
1,423,669 |
|
|
$ |
1,160,829 |
|
|
22.6 |
% |
Construction |
|
77,508 |
|
|
|
86,403 |
|
|
(10.3 |
)% |
|
|
232,368 |
|
|
|
223,389 |
|
|
4.0 |
% |
Europe |
|
85,203 |
|
|
|
89,046 |
|
|
(4.3 |
)% |
|
|
250,275 |
|
|
|
242,105 |
|
|
3.4 |
% |
Total |
$ |
694,115 |
|
|
$ |
668,773 |
|
|
3.8 |
% |
|
$ |
1,906,312 |
|
|
$ |
1,626,323 |
|
|
17.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
$ |
35,130 |
|
|
$ |
42,044 |
|
|
(16.4 |
)% |
|
$ |
92,311 |
|
|
$ |
83,387 |
|
|
10.7 |
% |
Construction |
|
4,057 |
|
|
|
6,065 |
|
|
(33.1 |
)% |
|
|
13,746 |
|
|
|
13,197 |
|
|
4.2 |
% |
Europe |
|
5,146 |
|
|
|
8,488 |
|
|
(39.4 |
)% |
|
|
17,097 |
|
|
|
18,683 |
|
|
(8.5 |
)% |
Segment Income Before Income
Taxes |
|
44,333 |
|
|
|
56,597 |
|
|
(21.7 |
)% |
|
|
123,154 |
|
|
|
115,267 |
|
|
6.8 |
% |
Shared Resources |
|
(3,881 |
) |
|
|
(1,919 |
) |
|
102.2 |
% |
|
|
(5,671 |
) |
|
|
(3,855 |
) |
|
47.1 |
% |
Total |
$ |
40,452 |
|
|
$ |
54,678 |
|
|
(26.0 |
)% |
|
$ |
117,483 |
|
|
$ |
111,412 |
|
|
5.4 |
% |
|
TITAN MACHINERY INC. |
Non-GAAP Reconciliations |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
EBITDA |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
30,193 |
|
|
$ |
41,257 |
|
|
$ |
88,479 |
|
|
$ |
83,756 |
|
Adjustments |
|
|
|
|
|
|
|
|
Interest expense, net of interest income |
|
|
1,380 |
|
|
|
1,170 |
|
|
|
3,655 |
|
|
|
3,562 |
|
Provision for income taxes |
|
|
10,259 |
|
|
|
13,421 |
|
|
|
29,004 |
|
|
|
27,656 |
|
Depreciation and amortization |
|
|
8,234 |
|
|
|
7,368 |
|
|
|
22,871 |
|
|
|
18,355 |
|
EBITDA |
|
$ |
50,066 |
|
|
$ |
63,216 |
|
|
$ |
144,009 |
|
|
$ |
133,329 |
|
Titan Machinery (NASDAQ:TITN)
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