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
second quarter ended July 31, 2023.
David Meyer, Titan Machinery’s Chairman and
Chief Executive Officer, stated, "We posted another quarter of
strong results, reflecting double-digit same-store revenue growth
across all three of our reporting segments. This growth was also
balanced across equipment, parts and service — each of which
performed well and also delivered solid gross margins, which
combined for a consolidated pre-tax margin of 6.5% and diluted
earnings per share of $1.38. We remain encouraged by the ongoing
demand we are seeing in our business and are working hard to get
customers their equipment as OEM production and delivery schedules
allow."
Mr. Meyer continued, "In conjunction with our
second quarter fiscal 2024 financial results, we announced our
entry into a definitive agreement for the strategic acquisition of
J.J. O'Connor & Sons Pty. Ltd. ("O'Connors"), the largest Case
IH dealership group in Australia and a market leader in high
horsepower equipment. O'Connors has a seasoned management team with
a proven track record of driving solid financial performance
through a combination of organic and acquisitive growth over nearly
six decades. Their operating metrics, core values, and
customer-centric focus align with our own, making them a great
partner for our entry into the Australian agriculture market, which
is benefiting from strong fundamentals that are being driven by
enhanced productivity, economies of scale, and farmer
profitability. Together, we believe we will be able to build upon
their presence in Southeastern Australia and capitalize on
operational synergies across our global footprint, generating
significant value for our shareholders."
Fiscal 2024
Second Quarter Results
Consolidated Results
For the second quarter of fiscal 2024, revenue
increased to $642.6 million compared to $496.5 million in the
second quarter last year. Equipment revenue was $480.1 million for
the second quarter of fiscal 2024, compared to $375.2 million in
the second quarter last year. Parts revenue was $108.5 million for
the second quarter of fiscal 2024, compared to $77.7 million in the
second quarter last year. Revenue generated from service was $42.5
million for the second quarter of fiscal 2024, compared to $33.4
million in the second quarter last year. Revenue from rental and
other was $11.5 million for the second quarter of fiscal 2024,
compared to $10.3 million in the second quarter last year.
Gross profit for the second quarter of fiscal
2024 was $133.4 million, compared to $102.7 million in the second
quarter last year. The Company's gross profit margin increased
slightly to 20.8% in the second quarter of fiscal 2024, compared to
20.7% in the second quarter last year. The year-over-year increase
in gross profit margin in the second quarter was primarily due to a
slight mix shift to higher margin parts sales relative to equipment
sales.
Operating expenses were $88.8 million for the
second quarter of fiscal 2024, compared to $68.8 million in the
second 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 associated with increased sales. Operating
expenses as a percentage of revenue decreased 10 basis points to
13.8% for the second quarter of fiscal 2024, compared to 13.9% of
revenue in the prior year period.
Floorplan and other interest expense was $3.7
million in the second quarter of fiscal 2024, compared to $1.6
million for the same period last year.
In the second quarter of fiscal 2024, net income
was $31.3 million, or earnings per diluted share of $1.38, compared
to net income of $25.0 million, or earnings per diluted share of
$1.10, for the second quarter of last year.
The Company generated $50.4 million in EBITDA in
the second quarter of fiscal 2024, reflecting an increase of 25.3%
versus the $40.2 million generated in the second quarter of last
year.
Segment Results
Agriculture Segment - Revenue for the second
quarter of fiscal 2024 was $469.1 million, compared to $349.0
million in the second quarter last year. The revenue increase was
primarily driven by the acquisitions of Heartland Ag Systems in
August 2022 and Pioneer Farm Equipment in February 2023, and also
benefited from same-store growth of 10.0% which was achieved on top
of a strong performance in the prior year. Pre-tax income for the
second quarter of fiscal 2024 was $33.0 million, compared to $24.9
million in the second quarter of the prior year.
Construction Segment - Revenue for the second
quarter of fiscal 2024 was $82.9 million, compared to $70.0 million
in the second quarter last year. Revenue growth was primarily
driven by robust construction activity in our footprint. Pre-tax
income for the second quarter of fiscal 2024 was $5.2 million,
compared to $3.9 million in the second quarter last year.
International Segment - Revenue for the second
quarter of fiscal 2024 was $90.6 million, compared to $77.6 million
in the second quarter last year; foreign currency fluctuations
accounted for a $1.5 million increase in revenue. Net of the effect
of these foreign currency fluctuations, revenue increased $11.5
million or 14.9%. Pre-tax income for the second quarter of fiscal
2024 was $5.6 million. This compares to pre-tax income of $5.9
million in the first quarter last year.
Balance Sheet and Cash Flow
Cash at the end of the second quarter of fiscal
2024 was $52.8 million. Inventories increased to $979.4 million as
of July 31, 2023, compared to $703.9 million as of
January 31, 2023. This change in inventory reflects increases
of $229.1 million, $30.0 million, and $15.0 million, in new
equipment, used equipment, and parts inventory, respectively. The
increase in inventory includes $22.0 million that was attributable
to the Pioneer acquisition made during the first quarter of fiscal
2024. Outstanding floorplan payables were $595.7 million on $781.0
million total available floorplan lines of credit as of
July 31, 2023, compared to $258.4 million outstanding
floorplan payables as of January 31, 2023.
For the first six months ended July 31,
2023, the Company's net cash used for operating activities was
$122.7 million, compared to net cash used for operating
activities of $21.0 million for the first six months ended July 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 six months of fiscal 2024.
Additional Management
Commentary
Mr. Meyer added, "Consistent with our prior
expectations, we are seeing some improvement in equipment
availability but do not anticipate receiving shipments of high
horsepower tractors, self-propelled sprayers or wheel loaders in
excess of units that have already been retailed to customers. As
such, we do not anticipate replenishment toward targeted minimum
stocking levels for these equipment categories until at least the
second half of calendar year 2024."
Mr. Meyer continued, "Despite constraints on the
availability of key equipment categories, the year-to-date
performance of our Agriculture segment has been consistent with our
expectations, underpinned by strong organic growth and operating
performance. While we are reaffirming our assumptions for the
Agriculture segment, we are updating our assumptions for both the
Construction and International segments. Construction has been
outperforming revenue growth expectations, which we expect to
continue through the balance of the fiscal year. Conversely, our
International business in Europe is trending toward the low-end of
our previous assumptions for revenue growth."
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 20-25% |
Up 20-25% |
Construction |
Up 5-10% |
Flat - Up 5% |
Europe (formerly "International") (2) |
Up 5-10% |
Up 8-13% |
Australia (O'Connors) (3) |
$70-90 million |
$70-90 million |
|
|
|
Diluted EPS
(2)(4) |
$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 $0.07 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
pending O’Connors acquisition, assuming an October 2023 closing and
a foreign currency translation rate of AUD $0.67 to USD $1.00. |
(4) Excluding the partial year impact of the pending O'Connors
acquisition which was previously announced, the underlying
assumption for diluted EPS in the range of $4.50 - $5.10 remains
unchanged. The current assumptions include a partial year EPS
impact in the range of $0.10-$0.15 to account for the O’Connors
acquisition net of integration and financing costs, assuming an
October 2023 closing. |
|
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, September 14, 2023, by dialing (844) 512-2921 from the
U.S., or (412) 317-6671 from international locations, and entering
confirmation code 13739809.
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 and Europe, servicing farmers,
contractors, 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 and its European stores are
located in Bulgaria, Germany, Romania, 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. 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 impact and benefits of the pending
O'Connors acquisition, modeling assumptions and expected results of
operations for the fiscal year ending January 31, 2024 and may
include statements regarding Agriculture, Construction, and
International segment initiatives and improvements, segment revenue
realization, growth and profitability expectations, the performance
of our Ukrainian subsidiary within our International segment,
inventory availability expectations, leverage expectations,
agricultural and construction equipment industry conditions and
trends, involve known and unknown risks and uncertainties that may
cause Titan Machinery’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 close, integrate, and realize growth
opportunities and synergies in connection with the pending
O'Connors acquisition and the risk that we assume unforeseen or
other liabilities in connection with the pending 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 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 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 Machinery’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 Machinery 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) |
|
|
|
|
|
July 31, 2023 |
|
January 31, 2023 |
Assets |
|
|
|
Current Assets |
|
|
|
Cash |
$ |
52,765 |
|
|
$ |
43,913 |
|
Receivables, net of allowance for expected credit losses |
|
119,753 |
|
|
|
95,844 |
|
Inventories, net |
|
979,427 |
|
|
|
703,939 |
|
Prepaid expenses and other |
|
13,543 |
|
|
|
25,554 |
|
Total current assets |
|
1,165,488 |
|
|
|
869,250 |
|
Noncurrent Assets |
|
|
|
Property and equipment, net of accumulated depreciation |
|
252,187 |
|
|
|
217,782 |
|
Operating lease assets |
|
44,241 |
|
|
|
50,206 |
|
Deferred income taxes |
|
3,769 |
|
|
|
1,246 |
|
Goodwill |
|
31,157 |
|
|
|
30,622 |
|
Intangible assets, net of accumulated amortization |
|
18,354 |
|
|
|
18,411 |
|
Other |
|
1,820 |
|
|
|
1,178 |
|
Total noncurrent assets |
|
351,528 |
|
|
|
319,445 |
|
Total Assets |
$ |
1,517,016 |
|
|
$ |
1,188,695 |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
41,254 |
|
|
$ |
40,834 |
|
Floorplan payable |
|
595,728 |
|
|
|
258,372 |
|
Current maturities of long-term debt |
|
11,174 |
|
|
|
7,241 |
|
Current operating lease liabilities |
|
9,533 |
|
|
|
9,855 |
|
Deferred revenue |
|
63,083 |
|
|
|
119,845 |
|
Accrued expenses and other |
|
49,360 |
|
|
|
58,159 |
|
Income taxes payable |
|
7,871 |
|
|
|
3,845 |
|
Total current liabilities |
|
778,003 |
|
|
|
498,151 |
|
Long-Term Liabilities |
|
|
|
Long-term debt, less current maturities |
|
87,052 |
|
|
|
89,950 |
|
Operating lease liabilities |
|
42,168 |
|
|
|
48,513 |
|
Deferred income taxes |
|
9,569 |
|
|
|
9,563 |
|
Other long-term liabilities |
|
3,543 |
|
|
|
6,212 |
|
Total long-term liabilities |
|
142,332 |
|
|
|
154,238 |
|
Stockholders' Equity |
|
|
|
Common stock |
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
256,984 |
|
|
|
256,541 |
|
Retained earnings |
|
343,070 |
|
|
|
284,784 |
|
Accumulated other comprehensive loss |
|
(3,373 |
) |
|
|
(5,019 |
) |
Total stockholders' equity |
|
596,681 |
|
|
|
536,306 |
|
Total Liabilities and Stockholders' Equity |
$ |
1,517,016 |
|
|
$ |
1,188,695 |
|
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of
Operations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
Equipment |
$ |
480,122 |
|
|
$ |
375,216 |
|
|
$ |
909,498 |
|
|
$ |
731,582 |
|
Parts |
|
108,510 |
|
|
|
77,693 |
|
|
|
205,116 |
|
|
|
146,255 |
|
Service |
|
42,478 |
|
|
|
33,365 |
|
|
|
77,411 |
|
|
|
62,887 |
|
Rental and other |
|
11,458 |
|
|
|
10,269 |
|
|
|
20,174 |
|
|
|
16,825 |
|
Total Revenue |
|
642,568 |
|
|
|
496,543 |
|
|
|
1,212,199 |
|
|
|
957,549 |
|
Cost of Revenue |
|
|
|
|
|
|
|
Equipment |
|
414,800 |
|
|
|
323,988 |
|
|
|
783,062 |
|
|
|
634,222 |
|
Parts |
|
73,086 |
|
|
|
52,706 |
|
|
|
138,190 |
|
|
|
100,015 |
|
Service |
|
14,208 |
|
|
|
11,072 |
|
|
|
26,617 |
|
|
|
21,832 |
|
Rental and other |
|
7,075 |
|
|
|
6,078 |
|
|
|
12,351 |
|
|
|
10,087 |
|
Total Cost of Revenue |
|
509,169 |
|
|
|
393,844 |
|
|
|
960,220 |
|
|
|
766,156 |
|
Gross Profit |
|
133,399 |
|
|
|
102,699 |
|
|
|
251,979 |
|
|
|
191,393 |
|
Operating Expenses |
|
88,751 |
|
|
|
68,828 |
|
|
|
170,066 |
|
|
|
132,980 |
|
Income from Operations |
|
44,648 |
|
|
|
33,871 |
|
|
|
81,913 |
|
|
|
58,413 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
Interest and other income |
|
641 |
|
|
|
873 |
|
|
|
1,362 |
|
|
|
1,365 |
|
Floorplan interest expense |
|
(2,457 |
) |
|
|
(245 |
) |
|
|
(3,729 |
) |
|
|
(499 |
) |
Other interest expense |
|
(1,241 |
) |
|
|
(1,349 |
) |
|
|
(2,514 |
) |
|
|
(2,545 |
) |
Income Before Income Taxes |
|
41,591 |
|
|
|
33,150 |
|
|
|
77,032 |
|
|
|
56,734 |
|
Provision for Income Taxes |
|
10,270 |
|
|
|
8,191 |
|
|
|
18,745 |
|
|
|
14,235 |
|
Net Income |
$ |
31,321 |
|
|
$ |
24,959 |
|
|
|
58,287 |
|
|
|
42,499 |
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share |
$ |
1.38 |
|
|
$ |
1.10 |
|
|
$ |
2.56 |
|
|
$ |
1.88 |
|
Diluted Weighted Average Common Shares |
|
22,484 |
|
|
|
22,392 |
|
|
|
22,480 |
|
|
|
22,357 |
|
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of Cash
Flows |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Six Months Ended July 31, |
|
|
2023 |
|
|
|
2022 |
|
Operating Activities |
|
|
|
Net income |
$ |
58,287 |
|
|
$ |
42,499 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
Depreciation and amortization |
|
14,637 |
|
|
|
10,987 |
|
Other, net |
|
2,327 |
|
|
|
5,122 |
|
Changes in assets and liabilities, net of effects of
acquisitions |
|
|
|
Inventories |
|
(263,121 |
) |
|
|
(137,708 |
) |
Manufacturer floorplan payable |
|
150,906 |
|
|
|
105,415 |
|
Receivables |
|
(20,623 |
) |
|
|
(2,913 |
) |
Other working capital |
|
(65,108 |
) |
|
|
(44,355 |
) |
Net Cash Provided by (Used for) Operating Activities |
|
(122,695 |
) |
|
|
(20,953 |
) |
Investing Activities |
|
|
|
Property and equipment purchases |
|
(28,037 |
) |
|
|
(14,507 |
) |
Proceeds from sale of property and equipment |
|
6,029 |
|
|
|
1,628 |
|
Acquisition consideration, net of cash acquired |
|
(27,935 |
) |
|
|
(7,675 |
) |
Other, net |
|
(795 |
) |
|
|
(182 |
) |
Net Cash Used for Investing Activities |
|
(50,738 |
) |
|
|
(20,736 |
) |
Financing Activities |
|
|
|
Net change in non-manufacturer floorplan payable |
|
185,026 |
|
|
|
35,716 |
|
Net proceeds from long-term debt and finance leases |
|
(2,198 |
) |
|
|
4,536 |
|
Other, net |
|
(1,009 |
) |
|
|
(689 |
) |
Net Cash Provided by Financing Activities |
|
181,819 |
|
|
|
39,563 |
|
Effect of Exchange Rate Changes on Cash |
|
466 |
|
|
|
(1,966 |
) |
Net Change in Cash |
|
8,852 |
|
|
|
(4,092 |
) |
Cash at Beginning of Period |
|
43,913 |
|
|
|
146,149 |
|
Cash at End of Period |
$ |
52,765 |
|
|
$ |
142,057 |
|
|
TITAN MACHINERY INC. |
Segment Results |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
$ |
469,069 |
|
|
$ |
348,956 |
|
|
34.4 |
% |
|
$ |
892,266 |
|
|
$ |
667,503 |
|
|
33.7 |
% |
Construction |
|
82,863 |
|
|
|
70,022 |
|
|
18.3 |
% |
|
|
154,860 |
|
|
|
136,986 |
|
|
13.0 |
% |
International |
|
90,636 |
|
|
|
77,565 |
|
|
16.9 |
% |
|
|
165,073 |
|
|
|
153,060 |
|
|
7.8 |
% |
Total |
$ |
642,568 |
|
|
$ |
496,543 |
|
|
29.4 |
% |
|
$ |
1,212,199 |
|
|
$ |
957,549 |
|
|
26.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
$ |
33,029 |
|
|
$ |
24,895 |
|
|
32.7 |
% |
|
$ |
57,181 |
|
|
$ |
41,344 |
|
|
38.3 |
% |
Construction |
|
5,156 |
|
|
|
3,923 |
|
|
31.4 |
% |
|
|
9,689 |
|
|
|
7,132 |
|
|
35.9 |
% |
International |
|
5,568 |
|
|
|
5,870 |
|
|
(5.1 |
)% |
|
|
11,952 |
|
|
|
10,195 |
|
|
17.2 |
% |
Segment Income Before Income Taxes |
|
43,753 |
|
|
|
34,688 |
|
|
26.1 |
% |
|
|
78,822 |
|
|
|
58,671 |
|
|
34.3 |
% |
Shared Resources |
|
(2,162 |
) |
|
|
(1,538 |
) |
|
(40.6 |
)% |
|
|
(1,790 |
) |
|
|
(1,937 |
) |
|
7.6 |
% |
Total |
$ |
41,591 |
|
|
$ |
33,150 |
|
|
25.5 |
% |
|
$ |
77,032 |
|
|
$ |
56,734 |
|
|
35.8 |
% |
|
TITAN MACHINERY INC. |
Non-GAAP Reconciliations |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
EBITDA |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
31,321 |
|
|
$ |
24,959 |
|
|
$ |
58,287 |
|
|
$ |
42,499 |
|
Adjustments |
|
|
|
|
|
|
|
|
Interest expense, net of interest income |
|
|
1,110 |
|
|
|
1,283 |
|
|
|
2,275 |
|
|
|
2,392 |
|
Provision for income taxes |
|
|
10,270 |
|
|
|
8,191 |
|
|
|
18,745 |
|
|
|
14,235 |
|
Depreciation and amortization |
|
|
7,689 |
|
|
|
5,781 |
|
|
|
14,637 |
|
|
|
10,987 |
|
EBITDA |
|
$ |
50,390 |
|
|
$ |
40,214 |
|
|
$ |
93,944 |
|
|
$ |
70,113 |
|
|
O'CONNORS |
Non-GAAP Reconciliation for O’Connors |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Fiscal Year Ended |
|
|
June 30, 2023 |
EBITDA |
|
|
Net Income |
|
$ |
13,060 |
|
Adjustments |
|
|
Interest expense, net of interest income |
|
|
1,417 |
|
Provision for income taxes |
|
|
5,592 |
|
Depreciation and amortization |
|
|
1,299 |
|
EBITDA |
|
$ |
21,368 |
|
Titan Machinery (NASDAQ:TITN)
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