(Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
TITAN MACHINERY INC. | |||||||||||
Date: | August 29, 2024 | By | /s/ Robert Larsen | ||||||||
Robert Larsen | |||||||||||
Chief Financial Officer |
Date of Report: | Commission File No.: | ||||
August 29, 2024 | 001-33866 |
Exhibit No. | ITEM | |||||||
Press Release dated August 29, 2024 | ||||||||
104 | Cover page interactive data file (embedded within the Inline XBRL document) |
Current Assumptions | |||||||||||
Segment Revenue | |||||||||||
Agriculture | Down 5% - Down 10% | ||||||||||
Construction | Down 2.5% - Up 2.5% | ||||||||||
Europe | Down 12% - Down 17% | ||||||||||
Australia | $230M - $250M USD | ||||||||||
Diluted Earnings (Loss) Per Share | ($0.36) - $0.14 | ||||||||||
Adjusted Diluted Earnings Per Share | $0.00 - $0.50* | ||||||||||
*Adjusted for an estimated $0.36 impact for the non-cash, sale-leaseback financing expense in the second quarter of fiscal 2025. |
TITAN MACHINERY INC. | |||||||||||
Consolidated Condensed Balance Sheets | |||||||||||
(in thousands) | |||||||||||
(Unaudited) | |||||||||||
July 31, 2024 | January 31, 2024 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash | $ | 31,219 | $ | 38,066 | |||||||
Receivables, net of allowance for expected credit losses | 131,776 | 153,657 | |||||||||
Inventories, net | 1,527,758 | 1,303,030 | |||||||||
Prepaid expenses and other | 18,347 | 24,262 | |||||||||
Total current assets | 1,709,100 | 1,519,015 | |||||||||
Noncurrent Assets | |||||||||||
Property and equipment, net of accumulated depreciation | 357,346 | 298,774 | |||||||||
Operating lease assets | 37,643 | 54,699 | |||||||||
Deferred income taxes | 512 | 529 | |||||||||
Goodwill | 62,929 | 64,105 | |||||||||
Intangible assets, net of accumulated amortization | 51,367 | 53,356 | |||||||||
Other | 1,652 | 1,783 | |||||||||
Total noncurrent assets | 511,449 | 473,246 | |||||||||
Total Assets | $ | 2,220,549 | $ | 1,992,261 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | 40,434 | $ | 43,846 | |||||||
Floorplan payable | 1,168,440 | 893,846 | |||||||||
Current maturities of long-term debt | 9,940 | 13,706 | |||||||||
Current operating lease liabilities | 7,912 | 10,751 | |||||||||
Deferred revenue | 57,802 | 115,852 | |||||||||
Accrued expenses and other | 58,892 | 74,400 | |||||||||
Total current liabilities | 1,343,420 | 1,152,401 | |||||||||
Long-Term Liabilities | |||||||||||
Long-term debt, less current maturities | 116,666 | 106,407 | |||||||||
Operating lease liabilities | 35,415 | 50,964 | |||||||||
Deferred income taxes | 21,662 | 22,607 | |||||||||
Other long-term liabilities | 43,820 | 2,240 | |||||||||
Total long-term liabilities | 217,563 | 182,218 | |||||||||
Stockholders' Equity | |||||||||||
Common stock | — | — | |||||||||
Additional paid-in-capital | 259,911 | 258,657 | |||||||||
Retained earnings | 402,362 | 397,225 | |||||||||
Accumulated other comprehensive income (loss) | (2,707) | 1,760 | |||||||||
Total stockholders' equity | 659,566 | 657,642 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 2,220,549 | $ | 1,992,261 |
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, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Equipment | $ | 465,233 | $ | 480,122 | $ | 933,322 | $ | 909,498 | |||||||||||||||
Parts | 109,805 | 108,510 | 218,032 | 205,116 | |||||||||||||||||||
Service | 47,268 | 42,478 | 92,346 | 77,411 | |||||||||||||||||||
Rental and other | 11,368 | 11,458 | 18,676 | 20,174 | |||||||||||||||||||
Total Revenue | 633,674 | 642,568 | 1,262,376 | 1,212,199 | |||||||||||||||||||
Cost of Revenue | |||||||||||||||||||||||
Equipment | 422,236 | 414,800 | 834,476 | 783,062 | |||||||||||||||||||
Parts | 74,239 | 73,086 | 147,390 | 138,190 | |||||||||||||||||||
Service | 16,144 | 14,208 | 32,920 | 26,617 | |||||||||||||||||||
Rental and other | 8,676 | 7,075 | 13,458 | 12,351 | |||||||||||||||||||
Total Cost of Revenue | 521,295 | 509,169 | 1,028,244 | 960,220 | |||||||||||||||||||
Gross Profit | 112,379 | 133,399 | 234,132 | 251,979 | |||||||||||||||||||
Operating Expenses | 95,156 | 88,751 | 194,314 | 170,066 | |||||||||||||||||||
Impairment of Goodwill | 531 | — | 531 | — | |||||||||||||||||||
Impairment of Intangible and Long-Lived Assets | 942 | — | 942 | — | |||||||||||||||||||
Income from Operations | 15,750 | 44,648 | 38,345 | 81,913 | |||||||||||||||||||
Other (Expense) Income | |||||||||||||||||||||||
Interest and other (expense) income | (7,048) | 641 | (7,335) | 1,362 | |||||||||||||||||||
Floorplan interest expense | (9,218) | (2,457) | (16,282) | (3,729) | |||||||||||||||||||
Other interest expense | (3,734) | (1,241) | (6,193) | (2,514) | |||||||||||||||||||
(Loss) Income Before Income Taxes | (4,250) | 41,591 | 8,535 | 77,032 | |||||||||||||||||||
Provision for Income Taxes | 54 | 10,270 | 3,399 | 18,745 | |||||||||||||||||||
Net (Loss) Income | $ | (4,304) | $ | 31,321 | $ | 5,136 | $ | 58,287 | |||||||||||||||
Diluted (Loss) Earnings per Share | $ | (0.19) | $ | 1.38 | $ | 0.22 | $ | 2.56 | |||||||||||||||
Diluted Weighted Average Common Shares | 22,617 | 22,484 | 22,583 | 22,480 |
TITAN MACHINERY INC. | |||||||||||
Consolidated Condensed Statements of Cash Flows | |||||||||||
(in thousands) | |||||||||||
(Unaudited) | |||||||||||
Six Months Ended July 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | 5,136 | $ | 58,287 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 18,413 | 14,637 | |||||||||
Impairment | 1,473 | — | |||||||||
Sale-leaseback financing expense | 11,159 | — | |||||||||
Other, net | 5,676 | 2,327 | |||||||||
Changes in assets and liabilities, net of effects of acquisitions | |||||||||||
Inventories | (242,113) | (263,121) | |||||||||
Manufacturer floorplan payable | 206,103 | 150,906 | |||||||||
Receivables | 18,499 | (20,623) | |||||||||
Other working capital | (71,713) | (65,108) | |||||||||
Net Cash Used for Operating Activities | (47,367) | (122,695) | |||||||||
Investing Activities | |||||||||||
Property and equipment purchases | (22,535) | (28,037) | |||||||||
Proceeds from sale of property and equipment | 1,198 | 6,029 | |||||||||
Acquisition consideration, net of cash acquired | (260) | (27,935) | |||||||||
Other, net | 130 | (795) | |||||||||
Net Cash Used for Investing Activities | (21,467) | (50,738) | |||||||||
Financing Activities | |||||||||||
Net change in non-manufacturer floorplan payable | 78,965 | 185,026 | |||||||||
Net proceeds/(payments) from long-term debt and finance leases | (11,853) | (2,198) | |||||||||
Other, net | (4,701) | (1,018) | |||||||||
Net Cash Provided by Financing Activities | 62,411 | 181,810 | |||||||||
Effect of Exchange Rate Changes on Cash | (424) | 466 | |||||||||
Net Change in Cash | (6,847) | 8,843 | |||||||||
Cash at Beginning of Period | 38,066 | 43,913 | |||||||||
Cash at End of Period | $ | 31,219 | $ | 52,756 |
TITAN MACHINERY INC. | |||||||||||||||||||||||||||||||||||
Segment Results | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Agriculture | $ | 424,036 | $ | 469,069 | (9.6) | % | $ | 871,721 | $ | 892,266 | (2.3) | % | |||||||||||||||||||||||
Construction | 80,191 | 82,863 | (3.2) | % | 151,683 | 154,860 | (2.1) | % | |||||||||||||||||||||||||||
Europe | 68,149 | 90,636 | (24.8) | % | 133,254 | 165,073 | (19.3) | % | |||||||||||||||||||||||||||
Australia | $ | 61,298 | $ | — | n/m | $ | 105,718 | $ | — | n/m | |||||||||||||||||||||||||
Total | $ | 633,674 | $ | 642,568 | (1.4) | % | $ | 1,262,376 | $ | 1,212,199 | 4.1 | % | |||||||||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||||||||||||||||||||
Agriculture (1) | $ | 635 | $ | 33,029 | (98.1) | % | $ | 13,680 | $ | 57,181 | (76.1) | % | |||||||||||||||||||||||
Construction (2) | (4,893) | 5,156 | n/m | (4,625) | 9,689 | (147.7) | % | ||||||||||||||||||||||||||||
Europe | (2,270) | 5,568 | (140.8) | % | (919) | 11,952 | (107.7) | % | |||||||||||||||||||||||||||
Australia | 1,362 | — | n/m | 876 | — | n/m | |||||||||||||||||||||||||||||
Segment Income (Loss) Before Income Taxes | (5,166) | 43,753 | (111.8) | % | 9,012 | 78,822 | (88.6) | % | |||||||||||||||||||||||||||
Shared Resources | 916 | (2,162) | 142.4 | % | (477) | (1,790) | 73.4 | % | |||||||||||||||||||||||||||
Total | $ | (4,250) | $ | 41,591 | (110.2) | % | $ | 8,535 | $ | 77,032 | (88.9) | % | |||||||||||||||||||||||
(1) Included in the results for the three and six months ended July 31, 2024, was a $6.1 million one-time, non-cash sale-leaseback financing expense. | |||||||||||||||||||||||||||||||||||
(2) Included in the results for the three and six months ended July 31, 2024, was a $5.1 million one-time, non-cash sale-leaseback financing expense. | |||||||||||||||||||||||||||||||||||
*N/M = Not Meaningful |
TITAN MACHINERY INC. | ||||||||||||||||||||||||||
Non-GAAP Reconciliations | ||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Adjusted Net Income (Loss) | ||||||||||||||||||||||||||
Net Income (Loss) | $ | (4,304) | $ | 31,321 | $ | 5,136 | $ | 58,287 | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Impact of sale-leaseback financing expense (1) | 11,159 | — | 11,159 | — | ||||||||||||||||||||||
Total Pre-Tax Adjustments | 11,159 | — | 11,159 | — | ||||||||||||||||||||||
Less: Tax Effect of Adjustments (2) | (2,845) | — | (2,845) | — | ||||||||||||||||||||||
Total Adjustments | 8,314 | — | 8,314 | — | ||||||||||||||||||||||
Adjusted Net Income | $ | 4,010 | $ | 31,321 | $ | 13,450 | $ | 58,287 | ||||||||||||||||||
Adjusted Diluted Earnings (Loss) Per Share | ||||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share | $ | (0.19) | $ | 1.38 | $ | 0.22 | $ | 2.56 | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Impact of sale-leaseback financing expense (1) | 0.48 | — | 0.49 | — | ||||||||||||||||||||||
Total Pre-Tax Adjustments | 0.48 | — | 0.49 | — | ||||||||||||||||||||||
Less: Tax Effect of Adjustments (2) | (0.12) | — | (0.12) | — | ||||||||||||||||||||||
Total Adjustments | 0.36 | — | 0.37 | — | ||||||||||||||||||||||
Adjusted Diluted Earnings Per Share | $ | 0.17 | $ | 1.38 | $ | 0.59 | $ | 2.56 | ||||||||||||||||||
Adjusted Income (Loss) Before Income Taxes | ||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | $ | (4,250) | $ | 41,591 | $ | 8,535 | $ | 77,032 | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Impact of sale-leaseback financing expense (1) | 11,159 | — | 11,159 | — | ||||||||||||||||||||||
Total Adjustments | 11,159 | — | 11,159 | — | ||||||||||||||||||||||
Adjusted Income Before Income Taxes | $ | 6,909 | $ | 41,591 | $ | 19,694 | $ | 77,032 | ||||||||||||||||||
EBITDA | ||||||||||||||||||||||||||
Net Income (Loss) | $ | (4,304) | $ | 31,321 | $ | 5,136 | $ | 58,287 | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Interest expense, net of interest income (3) | 3,629 | 1,110 | 5,980 | 2,275 | ||||||||||||||||||||||
Provision for income taxes | 54 | 10,270 | 3,399 | 18,745 | ||||||||||||||||||||||
Depreciation and amortization | 9,698 | 7,689 | 18,413 | 14,637 | ||||||||||||||||||||||
EBITDA | $ | 9,077 | $ | 50,390 | $ | 32,928 | $ | 93,944 | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Impact of sale-leaseback financing expense (1) | 11,159 | — | 11,159 | — | ||||||||||||||||||||||
Total Adjustments | 11,159 | — | 11,159 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 20,236 | $ | 50,390 | $ | 44,087 | $ | 93,944 | ||||||||||||||||||
(1) Accounting impact of a one-time, non-cash, sale-leaseback financing expense related to the Company's umbrella purchase for 13 of its leased facilities. | ||||||||||||||||||||||||||
(2) The tax effect of U.S. related adjustments was calculated using a 25.5% tax rate, determined based on a 21% federal statutory rate and a 4.5% blended state income tax rate. | ||||||||||||||||||||||||||
(3) Net of interest, excluding floorplan interest expense which was $9,218 and $2,457 for the three month ended July 31, 2024 and 2023 respectively, and $16,282 and $3,729 for the six months ended July 31, 2024 and 2023 respectively. |
Cover |
Aug. 29, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 644 East Beaton Drive |
Entity Address, City or Town | West Fargo, |
Entity Address, State or Province | ND |
Entity Address, Postal Zip Code | 58078 |
Document Period End Date | Aug. 29, 2024 |
Entity Registrant Name | TITAN MACHINERY INC. |
City Area Code | (701) |
Local Phone Number | 356-0130 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity File Number | 001-33866 |
Entity Tax Identification Number | 45-0357838 |
Title of 12(b) Security | Common Stock, $0.00001 par value per share |
Trading Symbol | TITN |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0001409171 |
Amendment Flag | false |
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