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, 2021.
David Meyer, Titan Machinery’s Chairman and
Chief Executive Officer, stated, "The fiscal first quarter exceeded
our expectations on all fronts with impressive operating leverage
that showcases the earnings power of our efficient dealership
network. On a consolidated basis, we drove a 26% increase in
equipment sales and a 10% increase in our combined parts and
service business during the quarter compared to the prior year. At
the segment-level, we are very happy with our Agriculture segment,
which generated pre-tax income growth of 82%. We are also pleased
with the continued progress we are making in our Construction
segment, which generated solid top-line growth and drove another
quarter of positive pre-tax income and builds upon the momentum
from its profitable fiscal 2021 performance. Our International
segment experienced a resurgence during the quarter with strong
equipment demand and delivered a corresponding improvement in
pre-tax income as well. I'm proud of our team's performance and
pleased to share this success with all our stakeholders."
Fiscal 2022 First Quarter
Results
Consolidated ResultsFor the first quarter of
fiscal 2022, revenue increased to $372.7 million compared to $310.2
million in the first quarter last year. Equipment sales were $276.0
million for the first quarter of fiscal 2022, compared to $218.5
million in the first quarter last year. Parts sales were $62.6
million for the first quarter of fiscal 2022, compared to $56.6
million in the first quarter last year. Revenue generated from
service was $27.7 million for the first quarter of fiscal 2022,
compared to $25.6 million in the first quarter last year. Revenue
from rental and other was $6.4 million for the first quarter of
fiscal 2022, compared to $9.5 million in the first quarter last
year.
Gross profit for the first quarter of fiscal
2022 was $71.0 million, compared to $58.4 million in the first
quarter last year. Gross profit margin increased 20 basis points to
19.0% versus the comparable period last year. The increase in gross
profit was primarily the result of increased equipment sales and
improved equipment margins compared to the first quarter of last
year.
Operating expenses increased by $3.4 million to
$56.4 million for the first quarter of fiscal 2022, compared to
$53.1 million in the first quarter last year primarily due to
higher variable expenses on increased revenues. Operating expenses
as a percentage of revenue decreased 200 basis points to 15.1% for
the first quarter of fiscal 2022, compared to 17.1% of revenue in
the prior year period.
Floorplan and other interest expense was $1.5
million in the first quarter of fiscal 2022, compared to
$2.1 million for the same period last year. The decrease was
due to lower borrowings and a lower interest rate environment.
In the first quarter of fiscal 2022, net income
was $10.5 million, or earnings per diluted share of $0.47, compared
to net income of $2.3 million, or earnings per diluted share of
$0.10, for the first quarter of last year.
On an adjusted basis, net income for the first
quarter of fiscal 2022 was $10.4 million, or adjusted earnings per
diluted share of $0.46, compared to adjusted net income of $3.4
million, or adjusted earnings per diluted share of $0.15, for the
first quarter of last year. Adjusted first quarter fiscal 2022 net
income excludes a $0.1 million Ukraine remeasurement gain, while
the adjusted first quarter fiscal 2021 net income excludes $1.7
million of expenses, including ERP transition costs, impairment
charges, and a Ukraine remeasurement loss.
Adjusted EBITDA was $19.8 million in the first
quarter of fiscal 2022, compared to $11.1 million in the first
quarter of last year.
Segment ResultsAgriculture Segment - Revenue for
the first quarter of fiscal 2022 was $229.6 million, compared to
$193.6 million in the first quarter last year. The increase in
revenue was primarily driven by strong demand for equipment.
Pre-tax income for the first quarter of fiscal 2022 was $11.2
million, compared to $6.2 million of pre-tax income in the first
quarter last year.
Construction Segment - Revenue for the first
quarter of fiscal 2022 was $68.6 million, compared to $60.1 million
in the first quarter last year. The increase in revenue was driven
by increased equipment sales partially offset by lower rental
revenue. Pre-tax income for the first quarter of fiscal 2022 was
$0.1 million, compared to a pre-tax loss of $2.9 million and an
adjusted pre-tax loss of $2.7 million in the first quarter last
year.
International Segment - Revenue for the first
quarter of fiscal 2022 was $74.5 million, compared to $56.5 million
in the first quarter last year. The increase in revenue was driven
by strong equipment sales. Pre-tax income for the first quarter of
fiscal 2022 was $2.8 million, compared to a pre-tax loss of $0.3
million in the first quarter last year. Adjusted pre-tax income for
the first quarter of fiscal 2022 was $2.7 million, compared to
adjusted pre-tax income of $0.5 million in the first quarter last
year.
Balance Sheet and Cash Flow
Cash at the end of the first quarter of fiscal
2022 was $89.7 million. Inventories decreased to $415.7 million as
of April 30, 2021, compared to $418.5 million as of
January 31, 2021. This inventory decrease includes a $7.7
million decrease in equipment inventory, which reflects an increase
in new equipment inventory of $5.3 million and a $13.0 million
decrease in used equipment inventory. Outstanding floorplan
payables were $169.1 million on $770.0 million total available
floorplan lines of credit as of April 30, 2021, compared to
$161.8 million outstanding floorplan payables as of
January 31, 2021.
In the first three months of fiscal 2022, net
cash provided by operating activities was $27.0 million, compared
to net cash used for operating activities of $5.4 million in the
first three months of fiscal 2021. 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 provided by operating activities was $7.0 million
in the first three months of fiscal 2022, compared to adjusted net
cash used for operating activities of $3.6 million in the first
three months of fiscal 2021.
Mr. Meyer concluded, "The renewed strength
across the agriculture complex, following an improved commodity
outlook, is having a positive impact on all our businesses. The
positive shift in industry conditions is recognized by our
customers, and we are beginning to see some of the pent-up demand
come back after several years of more conservative posturing. Titan
Machinery continues to be in a strong position to serve our
customers, while simultaneously serving shareholders with higher
levels of profitability that we knew were possible following our
multi-year effort to streamline our organization and improve our
balance sheet."
Fiscal 2022 Modeling
Assumptions
The following are the Company's current
expectations for fiscal 2022 modeling assumptions.
|
Current Assumptions |
Previous Assumptions |
Segment
Revenue |
|
|
Agriculture(1) |
Up 15-20% |
Up 10-15% |
Construction(2) |
Up 2-7% |
Down 0-5% |
International |
Up 17-22% |
Up 12-17% |
|
|
|
Diluted
EPS(3) |
$1.65 - $1.85 |
$1.25 - $1.45 |
|
|
|
(1) Includes
the full year impact of the HorizonWest acquisition completed in
May 2020. |
(2) Includes the
full year impact of the Phoenix and Tucson, AZ store divestitures
in January 2021. Adjusting full year fiscal 2021 net sales by $27
million, representing the 2021 net sales of these divested stores,
results in a same-store sales assumption of up 10-15%. |
(3) Includes
expenses related to ERP implementation. |
Conference Call and Presentation
InformationThe 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 10, 2021, by dialing (844) 512-2921 from the U.S.,
or (412) 317-6671 from international locations, and entering
confirmation code 13719598.
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 valuation allowances for income tax,
costs associated with impairment charges, Ukraine remeasurement
gains/losses and charges associated with our Enterprise Resource
Planning (ERP) system transition for fiscal 2021. 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 financial 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
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, to their respective most directly comparable GAAP
financial measure.
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 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. These 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, 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, 2022, 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, 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 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.comManaging Partner646-277-1254
|
|
TITAN MACHINERY INC. |
Consolidated Balance Sheets |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
April 30, 2021 |
|
January 31, 2021 |
Assets |
|
|
|
Current Assets |
|
|
|
Cash |
$ |
89,729 |
|
|
|
$ |
78,990 |
|
Receivables, net of allowance for expected credit losses |
71,928 |
|
|
|
69,109 |
|
Inventories |
415,660 |
|
|
|
418,458 |
|
Prepaid expenses and other |
11,275 |
|
|
|
13,677 |
|
Total current assets |
588,592 |
|
|
|
580,234 |
|
Noncurrent Assets |
|
|
|
Property and equipment, net of accumulated depreciation |
158,364 |
|
|
|
147,165 |
|
Operating lease assets |
68,962 |
|
|
|
74,445 |
|
Deferred income taxes |
4,613 |
|
|
|
3,637 |
|
Goodwill |
1,433 |
|
|
|
1,433 |
|
Intangible assets, net of accumulated amortization |
7,696 |
|
|
|
7,785 |
|
Other |
1,081 |
|
|
|
1,090 |
|
Total noncurrent assets |
242,149 |
|
|
|
235,555 |
|
Total
Assets |
$ |
830,741 |
|
|
|
$ |
815,789 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
24,618 |
|
|
|
$ |
20,045 |
|
Floorplan payable |
169,108 |
|
|
|
161,835 |
|
Current maturities of long-term debt |
5,128 |
|
|
|
4,591 |
|
Current operating lease liabilities |
10,624 |
|
|
|
11,772 |
|
Deferred revenue |
49,109 |
|
|
|
59,418 |
|
Accrued expenses and other |
37,110 |
|
|
|
48,791 |
|
Income taxes payable |
14,508 |
|
|
|
11,048 |
|
Total current liabilities |
310,205 |
|
|
|
317,500 |
|
Long-Term Liabilities |
|
|
|
Long-term debt, less current maturities |
64,868 |
|
|
|
44,906 |
|
Operating lease liabilities |
69,030 |
|
|
|
73,567 |
|
Other long-term liabilities |
7,555 |
|
|
|
8,535 |
|
Total long-term liabilities |
141,453 |
|
|
|
127,008 |
|
Stockholders' Equity |
|
|
|
Common stock |
— |
|
|
|
— |
|
Additional paid-in-capital |
252,547 |
|
|
|
252,913 |
|
Retained earnings |
127,416 |
|
|
|
116,869 |
|
Accumulated other comprehensive income (loss) |
(880 |
) |
|
|
1,499 |
|
Total stockholders' equity |
379,083 |
|
|
|
371,281 |
|
Total Liabilities and
Stockholders' Equity |
$ |
830,741 |
|
|
|
$ |
815,789 |
|
|
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of
Operations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
Three Months Ended April 30, |
|
2021 |
|
2020 |
Revenue |
|
|
|
Equipment |
$ |
275,980 |
|
|
|
$ |
218,505 |
|
Parts |
62,626 |
|
|
|
56,614 |
|
Service |
27,702 |
|
|
|
25,600 |
|
Rental and other |
6,398 |
|
|
|
9,489 |
|
Total Revenue |
372,706 |
|
|
|
310,208 |
|
Cost of Revenue |
|
|
|
Equipment |
243,676 |
|
|
|
197,046 |
|
Parts |
44,440 |
|
|
|
39,617 |
|
Service |
9,294 |
|
|
|
8,345 |
|
Rental and other |
4,318 |
|
|
|
6,790 |
|
Total Cost of Revenue |
301,728 |
|
|
|
251,798 |
|
Gross Profit |
70,978 |
|
|
|
58,410 |
|
Operating Expenses |
56,442 |
|
|
|
53,058 |
|
Impairment of Intangible and
Long-Lived Assets |
— |
|
|
|
216 |
|
Income from Operations |
14,536 |
|
|
|
5,136 |
|
Other Income (Expense) |
|
|
|
Interest and other income |
665 |
|
|
|
130 |
|
Floorplan interest expense |
(418 |
) |
|
|
(1,152 |
) |
Other interest expense |
(1,104 |
) |
|
|
(966 |
) |
Income Before Income
Taxes |
13,679 |
|
|
|
3,148 |
|
Provision for Income
Taxes |
3,132 |
|
|
|
886 |
|
Net Income |
10,547 |
|
|
|
2,262 |
|
|
|
|
|
Diluted Earnings per
Share |
$ |
0.47 |
|
|
|
$ |
0.10 |
|
Diluted Weighted Average
Common Shares |
22,179 |
|
|
|
22,012 |
|
|
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of Cash
Flows |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Three Months Ended April 30, |
|
2021 |
|
2020 |
Operating Activities |
|
|
|
Net income |
$ |
10,547 |
|
|
|
$ |
2,262 |
|
Adjustments to reconcile net income to net cash provided by (used
for) operating activities |
|
|
|
Depreciation and amortization |
5,207 |
|
|
|
5,375 |
|
Impairment of long-lived assets |
— |
|
|
|
216 |
|
Other, net |
2,359 |
|
|
|
3,568 |
|
Changes in assets and liabilities |
|
|
|
Inventories |
(1,615 |
) |
|
|
11,941 |
|
Manufacturer floorplan payable |
19,657 |
|
|
|
(10,669 |
) |
Other working capital |
(9,199 |
) |
|
|
(18,135 |
) |
Net Cash Provided by (Used
for) Operating Activities |
26,956 |
|
|
|
(5,442 |
) |
Investing Activities |
|
|
|
Property and equipment purchases |
(9,126 |
) |
|
|
(5,414 |
) |
Proceeds from sale of property and equipment |
135 |
|
|
|
313 |
|
Other, net |
7 |
|
|
|
(21 |
) |
Net Cash Used for Investing
Activities |
(8,984 |
) |
|
|
(5,122 |
) |
Financing Activities |
|
|
|
Net change in non-manufacturer floorplan payable |
(9,141 |
) |
|
|
18,781 |
|
Net proceeds from (payments on) long-term debt and finance
leases |
3,281 |
|
|
|
(197 |
) |
Other, net |
(974 |
) |
|
|
(870 |
) |
Net Cash Provided by (Used
for) Financing Activities |
(6,834 |
) |
|
|
17,714 |
|
Effect of Exchange Rate
Changes on Cash |
(399 |
) |
|
|
(36 |
) |
Net Change in Cash |
10,739 |
|
|
|
7,114 |
|
Cash at Beginning of
Period |
78,990 |
|
|
|
43,721 |
|
Cash at End of Period |
$ |
89,729 |
|
|
|
$ |
50,835 |
|
|
|
TITAN MACHINERY INC. |
Segment Results |
(in thousands) |
(Unaudited) |
|
|
|
Three Months Ended April 30, |
|
2021 |
|
2020 |
|
% Change |
Revenue |
|
|
|
|
|
Agriculture |
$ |
229,554 |
|
|
|
$ |
193,627 |
|
|
|
18.6 |
% |
Construction |
68,608 |
|
|
|
60,114 |
|
|
|
14.1 |
% |
International |
74,544 |
|
|
|
56,467 |
|
|
|
32.0 |
% |
Total |
$ |
372,706 |
|
|
|
$ |
310,208 |
|
|
|
20.1 |
% |
|
|
|
|
|
|
Income (Loss) Before
Income Taxes |
|
|
|
|
|
Agriculture |
$ |
11,224 |
|
|
|
$ |
6,162 |
|
|
|
82.1 |
% |
Construction |
138 |
|
|
|
(2,873 |
) |
|
|
n/m |
International |
2,808 |
|
|
|
(280 |
) |
|
|
n/m |
Segment income before income
taxes |
14,170 |
|
|
|
3,009 |
|
|
|
n/m |
Shared Resources |
(491 |
) |
|
|
139 |
|
|
|
n/m |
Total |
$ |
13,679 |
|
|
|
$ |
3,148 |
|
|
|
n/m |
|
|
TITAN MACHINERY INC. |
Non-GAAP Reconciliations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended April 30, |
|
|
2021 |
|
2020 |
Adjusted Net
Income |
|
|
|
|
Net Income |
|
$ |
10,547 |
|
|
|
$ |
2,262 |
|
Adjustments |
|
|
|
|
ERP transition costs |
|
— |
|
|
|
721 |
|
Impairment of long-lived assets |
|
— |
|
|
|
216 |
|
Ukraine remeasurement (gain) / loss |
|
(129 |
) |
|
|
765 |
|
Total Pre-Tax Adjustments |
|
(129 |
) |
|
|
1,702 |
|
Less: Tax Effect of
Adjustments (1) |
|
— |
|
|
|
580 |
|
Total Adjustments |
|
(129 |
) |
|
|
1,122 |
|
Adjusted Net Income |
|
$ |
10,418 |
|
|
|
$ |
3,384 |
|
|
|
|
|
|
Adjusted Diluted
EPS |
|
|
|
|
Diluted EPS |
|
$ |
0.47 |
|
|
|
$ |
0.10 |
|
Adjustments (2) |
|
|
|
|
ERP transition costs |
|
— |
|
|
|
0.03 |
|
Impairment charges |
|
— |
|
|
|
0.01 |
|
Ukraine remeasurement (gain) / loss |
|
(0.01 |
) |
|
|
0.04 |
|
Total Pre-Tax Adjustments |
|
(0.01 |
) |
|
|
0.08 |
|
Less: Tax Effect of
Adjustments (1) |
|
— |
|
|
|
0.03 |
|
Total Adjustments |
|
(0.01 |
) |
|
|
0.05 |
|
Adjusted Diluted EPS |
|
$ |
0.46 |
|
|
|
$ |
0.15 |
|
|
|
|
|
|
Adjusted Income Before
Income Taxes |
|
|
|
|
Income Before Income
Taxes |
|
$ |
13,678 |
|
|
|
$ |
3,148 |
|
Adjustments |
|
|
|
|
ERP transition costs |
|
— |
|
|
|
721 |
|
Impairment of long-lived assets |
|
— |
|
|
|
216 |
|
Ukraine remeasurement (gain) / loss |
|
(129 |
) |
|
|
765 |
|
Total Adjustments |
|
(129 |
) |
|
|
1,702 |
|
Adjusted Income Before Income
Taxes |
|
$ |
13,549 |
|
|
|
$ |
4,850 |
|
|
|
|
|
|
Adjusted Loss Before
Income Taxes - Construction |
|
|
|
|
Income (Loss) Before Income
Taxes |
|
$ |
138 |
|
|
|
$ |
(2,873 |
) |
Impairment of long-lived assets |
|
— |
|
|
|
216 |
|
Adjusted Income (Loss) Before
Income Taxes |
|
$ |
138 |
|
|
|
$ |
(2,657 |
) |
|
|
|
|
|
Adjusted Income Before
Income Taxes - International |
|
|
|
|
Income (Loss) Before Income
Taxes |
|
$ |
2,808 |
|
|
|
$ |
(280 |
) |
Ukraine remeasurement (gain) / loss |
|
(129 |
) |
|
|
765 |
|
Adjusted Income Before Income
Taxes |
|
$ |
2,679 |
|
|
|
$ |
485 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
Net Income |
|
$ |
10,547 |
|
|
|
$ |
2,262 |
|
Adjustments |
|
|
|
|
Interest expense, net of interest income |
|
1,052 |
|
|
|
853 |
|
Provision for income taxes |
|
3,132 |
|
|
|
886 |
|
Depreciation and amortization |
|
5,207 |
|
|
|
5,375 |
|
EBITDA |
|
19,938 |
|
|
|
9,376 |
|
Adjustments |
|
|
|
|
ERP transition costs |
|
— |
|
|
|
721 |
|
Impairment charges |
|
— |
|
|
|
216 |
|
Ukraine remeasurement (gain) / loss |
|
(129 |
) |
|
|
765 |
|
Total Adjustments |
|
(129 |
) |
|
|
1,702 |
|
Adjusted EBITDA |
|
$ |
19,809 |
|
|
|
$ |
11,078 |
|
|
|
|
|
|
Adjusted Net Cash
Provided by (Used for) Operating Activities |
|
|
|
|
Net Cash Used for Operating
Activities |
|
$ |
26,956 |
|
|
|
$ |
(5,442 |
) |
Net Change in Non-Manufacturer
Floorplan Payable |
|
(9,141 |
) |
|
|
18,781 |
|
Adjustment for Constant Equity
in Inventory |
|
(10,850 |
) |
|
|
(16,907 |
) |
Adjusted Net Cash Provided by
(Used) for Operating Activities |
|
$ |
6,965 |
|
|
|
$ |
(3,568 |
) |
|
|
|
|
|
|
|
|
(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 for the three months ended April 30,
2020. |
|
|
(2) Adjustments are
net of amounts allocated to participating securities where
applicable. |
|
|
|
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