Titan Machinery Inc. (Nasdaq: TITN), a leading network of
full-service agricultural and construction equipment stores, today
reported financial results for the fiscal fourth quarter and full
year ended January 31, 2024.
"We finished fiscal year 2024 with a strong
performance that was driven by growth across all of our legacy
operating segments and resulted in record revenue of $2.8 billion,
consolidated pre-tax margin of 5.5%, and record earnings per share
of $4.93," stated Bryan Knutson, Titan Machinery’s President &
Chief Executive Officer. "The fourth quarter includes financial
results of our recent O'Connors acquisition and integration
activities are reinforcing the strategic vision we have for this
business. In addition to strong retail sales activity during the
quarter, our domestic team met demand through improving the pace of
customer deliveries following a concerted effort to complete
pre-delivery inspections of new machinery — this focus can be seen
in the high volume of equipment that was delivered in the quarter.
I am also pleased with our ability to continue to advance our
customer care strategy and to drive double-digit same store growth
for our recurring parts and service business."
Fiscal 2024
Fourth Quarter Results
Consolidated ResultsFor the fourth quarter of
fiscal 2024, revenue increased to $852.1 million, compared to
$583.0 million in the fourth quarter last year. Equipment revenue
was $714.0 million for the fourth quarter of fiscal 2024, compared
to $471.0 million in the fourth quarter last year. Parts revenue
was $90.8 million for the fourth quarter of fiscal 2024, compared
to $72.2 million in the fourth quarter last year. Revenue generated
from service was $35.1 million for the fourth quarter of fiscal
2024, compared to $28.0 million in the fourth quarter last year.
Revenue from rental and other was $12.2 million for the fourth
quarter of fiscal 2024, compared to $11.8 million in the fourth
quarter last year.
Gross profit for the fourth quarter of fiscal
2024 was $141.0 million compared to $108.9 million in the fourth
quarter last year. The Company's gross profit margin was 16.6% in
the fourth quarter of fiscal 2024, compared to 18.7% in the fourth
quarter last year. The year-over-year decrease in gross profit
margin in the fourth quarter was primarily due to lower equipment
margin as we are experiencing some normalization of equipment gross
margin across each of our segments. The fourth quarters of fiscal
2024 and fiscal 2023 each included benefits related to manufacturer
incentive plans of $7.8 million and $1.8 million, respectively.
Operating expenses were $100.3 million for the
fourth quarter of fiscal 2024, compared to $83.7 million in the
fourth quarter last year. The year-over-year increase was driven by
additional operating expenses associated with acquisitions that
have taken place in the past year, as well as an increase in
variable expenses. However, operating expenses as a percentage of
revenue decreased 260 basis points to 11.8% for the fourth quarter
of fiscal 2024, compared to 14.4% of revenue in the prior year
period.
Floorplan and other interest expense aggregated
to $9.3 million for the fourth quarter of fiscal 2024, compared to
$2.1 million for the same period last year, with the increase led
by a higher level of interest-bearing inventory, the usage of
existing floorplan capacity to finance the O'Connors acquisition,
and higher interest rates.
In the fourth quarter of fiscal 2024, net income
was $24.0 million, or earnings per diluted share of $1.05, which
included approximately $0.26 per share of benefits associated with
manufacturer incentive plans. This compares to net income of $18.1
million, or earnings per diluted share of $0.80, for the fourth
quarter of last year, which included approximately $0.06 per share
of benefits associated with manufacturer incentive plans.
The Company generated $45.3 million in EBITDA in
the fourth quarter of fiscal 2024, reflecting an increase of 42.2%
versus the $31.8 million generated in the fourth quarter of last
year.
Segment ResultsAgriculture Segment - Revenue for
the fourth quarter of fiscal 2024 was $620.6 million, compared to
$440.9 million in the fourth quarter last year. The 40.8% revenue
increase was led by strong same-store sales growth of 35.5% which
was aided by strong demand and improved equipment availability.
Segment revenue growth was also supported by contributions from the
acquisitions of Pioneer Farm Equipment in February 2023 and Scott
Supply in January 2024. Pre-tax income for the fourth quarter of
fiscal 2024 was $28.8 million, compared to $19.3 million in the
fourth quarter of the prior year; both periods reflect benefits
associated with manufacturer incentive plans in the amounts of $7.8
million and $1.8 million, respectively.
Construction Segment - Revenue for the fourth
quarter of fiscal 2024 was $100.1 million, compared to $85.1
million in the fourth quarter last year. The year-over-year
increase in revenue was driven by a same-store sales increase of
17.7%, which resulted from 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 fourth quarter of fiscal
2024 was $4.6 million, and compared to $5.4 million in the fourth
quarter last year.
Europe Segment - Revenue for the fourth quarter
of fiscal 2024 was $61.6 million, compared to $57.0 million in the
fourth quarter last year; foreign currency fluctuations accounted
for a $2.6 million increase in revenue. Net of the effect of these
foreign currency fluctuations, revenue increased $2.1 million or
3.6%. Pre-tax loss for the fourth quarter of fiscal 2024 was $0.6
million, compared to pre-tax income of $1.5 million in the fourth
quarter of the prior year. The decrease in profitability was
primarily driven by a partial normalization of equipment margins
and higher operating expenses.
Australia Segment - Revenue for the fourth
quarter of fiscal 2024 was $69.8 million, pre-tax income for the
fourth quarter of fiscal 2024 was $4.1 million.
Fiscal 2024
Full Year ResultsRevenue increased 24.9% to $2.8
billion for fiscal 2024. Net income for fiscal 2024 was $112.4
million, or a record $4.93 per diluted share, which included
approximately $0.26 per share of benefits associated with
manufacturer incentive plans. This compares to $101.9 million, or
$4.49 per diluted share, for the prior year, which included
approximately $0.21 per share of benefits associated with
manufacturer incentive plans. The Company generated EBITDA of
$189.3 million in fiscal 2024, representing an increase of 14.6%
compared to EBITDA of $165.2 million in fiscal 2023.
Balance Sheet and Cash FlowCash
at the end of the fourth quarter of fiscal 2024 was $38.1 million.
Inventories increased to $1.3 billion as of January 31, 2024,
compared to $703.9 million as of January 31, 2023. This change
in inventory reflects increases of $375.6 million, $182.3 million,
and $38.6 million in new equipment, used equipment and parts
inventory, respectively. The increase in inventory includes $110.1
million that was attributable to acquisitions made during fiscal
2024. Outstanding floorplan payables were $893.8 million on
$1.4 billion total available floorplan and working capital
lines of credit as of January 31, 2024, compared to $258.4
million outstanding floorplan payables as of January 31,
2023.
For the fiscal year ended January 31, 2024,
the Company’s net cash used for operating activities was
$32.3 million, compared to net cash provided by operating
activities of $10.8 million for the fiscal year ended
January 31, 2023. This decrease in operating cash flow was
driven by an increase in inventories and timing and collections of
accounts receivable, which was partially offset by an increase in
floorplan lines of credit from manufacturers and higher net income
for fiscal year 2024. Net cash provided by financing activities
increased year over year to $188.6 million in fiscal year 2024
compared to $22.0 million in fiscal year 2023. This increase was
driven by a $160.8 million increase in non-manufacturer floorplan
payables, which represents the Company's other credit lines
including its Bank Syndicate Agreement.
Additional Management
CommentaryMr. Knutson concluded, "Looking ahead to fiscal
2025, we are forecasting consolidated revenue growth primarily led
by annualization of the O'Connors acquisition as well as steady
growth in our parts and service business. In consideration of the
shifting Ag cycle dynamics, we believe Titan and the industry are
significantly healthier than the prior cycle. However, we do expect
compression of equipment margins in this transition period and will
continue investing in our customer care strategy to build out
additional service capacity across our network. As such, we are
setting expectations for earnings per share that we believe are
appropriate and achievable. Our business remains in a position of
strength and we expect to demonstrate the durability of our
earnings through this cycle following a multi-year effort to
implement greater efficiency across our organization."
2025 Modeling Assumptions
The following are the Company's current
expectations for fiscal 2025 modeling assumptions.
|
Current Assumptions |
Segment Revenue |
|
Agriculture (1) |
Flat - Up 5% |
Construction |
Up 3 - 8% |
Europe |
Flat - Up 5% |
Australia (2) |
$250M - $270M USD |
|
|
Diluted EPS |
$3.00 - $3.50 |
|
|
(1) Includes the full year impact of the Scott Supply acquisition,
which closed in January 2024. |
(2) Represents the range of expected revenue for our Australia
segment, which was acquired through the O'Connors acquisitions that
closed in October 2023. |
|
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) 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, April 4, 2024, by dialing (844) 512-2921 from the U.S.,
or (412) 317-6671 from international locations, and entering
confirmation code 13744324.
A copy of the presentation that will accompany
the prepared remarks from 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
MeasuresThis 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 across
three continents -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; European stores located in
Bulgaria, Germany, Romania, and Ukraine; and Australian stores
located in the regions of Victoria, New South Wales, and South
Australia. Titan Machinery's 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
StatementsExcept 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 on the Company of the
O'Connors acquisition during future periods, modeling assumptions,
segment revenues and diluted earnings per for the fiscal year
ending January 31, 2025, and the level of equipment margins in
future periods, 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 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.comManaging Director646-277-1263
TITAN MACHINERY INC. |
Consolidated Condensed Balance Sheets |
(in thousands) |
(Unaudited) |
|
|
|
|
|
January 31, 2024 |
|
January 31, 2023 |
Assets |
|
|
|
Current Assets |
|
|
|
Cash |
$ |
38,066 |
|
$ |
43,913 |
|
Receivables, net of allowance for expected credit losses |
|
153,657 |
|
|
95,844 |
|
Inventories |
|
1,303,030 |
|
|
703,939 |
|
Prepaid expenses and other |
|
24,262 |
|
|
25,554 |
|
Total current assets |
|
1,519,015 |
|
|
869,250 |
|
Noncurrent Assets |
|
|
|
Property and equipment, net of accumulated depreciation |
|
298,774 |
|
|
217,782 |
|
Operating lease assets |
|
54,699 |
|
|
50,206 |
|
Deferred income taxes |
|
529 |
|
|
1,246 |
|
Goodwill |
|
64,105 |
|
|
30,622 |
|
Intangible assets, net of accumulated amortization |
|
53,356 |
|
|
18,411 |
|
Other |
|
1,783 |
|
|
1,178 |
|
Total noncurrent assets |
|
473,246 |
|
|
319,445 |
|
Total Assets |
$ |
1,992,261 |
|
$ |
1,188,695 |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
43,846 |
|
$ |
40,834 |
|
Floorplan payable |
|
893,846 |
|
|
258,372 |
|
Current maturities of long-term debt |
|
13,706 |
|
|
7,241 |
|
Current maturities of operating leases |
|
10,751 |
|
|
9,855 |
|
Deferred revenue |
|
115,852 |
|
|
119,845 |
|
Accrued expenses and other |
|
74,400 |
|
|
62,004 |
|
Total current liabilities |
|
1,152,401 |
|
|
498,151 |
|
Long-Term Liabilities |
|
|
|
Long-term debt, less current maturities |
|
106,407 |
|
|
89,950 |
|
Operating lease liabilities |
|
50,964 |
|
|
48,513 |
|
Deferred income taxes |
|
22,607 |
|
|
9,563 |
|
Other long-term liabilities |
|
2,240 |
|
|
6,212 |
|
Total long-term liabilities |
|
182,218 |
|
|
154,238 |
|
Stockholders' Equity |
|
|
|
Common stock |
|
— |
|
|
— |
|
Additional paid-in-capital |
|
258,657 |
|
|
256,541 |
|
Retained earnings |
|
397,225 |
|
|
284,784 |
|
Accumulated other comprehensive income (loss) |
|
1,760 |
|
|
(5,019 |
) |
Total stockholders' equity |
|
657,642 |
|
|
536,306 |
|
Total Liabilities and Stockholders' Equity |
$ |
1,992,261 |
|
$ |
1,188,695 |
|
TITAN MACHINERY INC. |
Consolidated Statements of Operations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, |
|
Twelve Months Ended January 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
Equipment |
$ |
714,044 |
|
|
$ |
470,980 |
|
|
$ |
2,145,316 |
|
|
$ |
1,711,559 |
|
Parts |
|
90,763 |
|
|
|
72,222 |
|
|
|
410,841 |
|
|
|
327,196 |
|
Service |
|
35,137 |
|
|
|
27,955 |
|
|
|
157,315 |
|
|
|
129,803 |
|
Rental and other |
|
12,188 |
|
|
|
11,825 |
|
|
|
44,973 |
|
|
|
40,748 |
|
Total Revenue |
|
852,132 |
|
|
|
582,982 |
|
|
|
2,758,445 |
|
|
|
2,209,306 |
|
Cost of Revenue |
|
|
|
|
|
|
|
Equipment |
|
626,898 |
|
|
|
407,161 |
|
|
|
1,864,558 |
|
|
|
1,477,539 |
|
Parts |
|
63,146 |
|
|
|
48,256 |
|
|
|
279,921 |
|
|
|
220,418 |
|
Service |
|
12,971 |
|
|
|
10,920 |
|
|
|
53,981 |
|
|
|
46,208 |
|
Rental and other |
|
8,082 |
|
|
|
7,780 |
|
|
|
28,631 |
|
|
|
25,302 |
|
Total Cost of Revenue |
|
711,097 |
|
|
|
474,117 |
|
|
|
2,227,091 |
|
|
|
1,769,467 |
|
Gross Profit |
|
141,035 |
|
|
|
108,865 |
|
|
|
531,354 |
|
|
|
439,839 |
|
Operating Expenses |
|
100,328 |
|
|
|
83,675 |
|
|
|
362,509 |
|
|
|
301,516 |
|
Income from Operations |
|
40,707 |
|
|
|
25,190 |
|
|
|
168,845 |
|
|
|
138,323 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
Interest and other income |
|
2,173 |
|
|
|
694 |
|
|
|
3,300 |
|
|
|
3,862 |
|
Floorplan interest expense |
|
(6,028 |
) |
|
|
(788 |
) |
|
|
(13,802 |
) |
|
|
(1,875 |
) |
Other interest expense |
|
(3,294 |
) |
|
|
(1,267 |
) |
|
|
(7,303 |
) |
|
|
(5,069 |
) |
Income Before Income Taxes |
|
33,558 |
|
|
|
23,829 |
|
|
|
151,040 |
|
|
|
135,241 |
|
Provision for Income Taxes |
|
9,595 |
|
|
|
5,717 |
|
|
|
38,599 |
|
|
|
33,373 |
|
Net Income |
$ |
23,963 |
|
|
$ |
18,112 |
|
|
$ |
112,441 |
|
|
$ |
101,868 |
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share |
$ |
1.05 |
|
|
$ |
0.80 |
|
|
$ |
4.93 |
|
|
$ |
4.49 |
|
Diluted Weighted Average Common Shares |
|
22,517 |
|
|
|
22,405 |
|
|
|
22,499 |
|
|
|
22,380 |
|
TITAN MACHINERY INC. |
Consolidated Condensed Statements of Cash
Flows |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Year Ended January 31, |
|
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
Net income |
$ |
112,441 |
|
|
$ |
101,868 |
|
Adjustments to reconcile net income to net cash (used) provided by
operating activities |
|
|
|
Depreciation and amortization |
|
31,479 |
|
|
|
25,197 |
|
Other, net |
|
12,941 |
|
|
|
19,995 |
|
Changes in assets and liabilities, net of effects of
acquisitions |
|
|
|
Inventories |
|
(476,389 |
) |
|
|
(180,929 |
) |
Manufacturer floorplan payable |
|
368,111 |
|
|
|
69,633 |
|
Other working capital |
|
(80,863 |
) |
|
|
(24,948 |
) |
Net Cash (Used) Provided by Operating Activities |
|
(32,280 |
) |
|
|
10,816 |
|
Investing Activities |
|
|
|
Property and equipment purchases |
|
(62,361 |
) |
|
|
(37,211 |
) |
Proceeds from sale of property and equipment |
|
7,134 |
|
|
|
3,756 |
|
Acquisition consideration, net of cash acquired |
|
(107,548 |
) |
|
|
(100,471 |
) |
Other, net |
|
(597 |
) |
|
|
(139 |
) |
Net Cash Used for Investing Activities |
|
(163,372 |
) |
|
|
(134,065 |
) |
Financing Activities |
|
|
|
Net change in non-manufacturer floorplan payable |
|
183,148 |
|
|
|
22,334 |
|
Net proceeds from long-term debt |
|
6,554 |
|
|
|
778 |
|
Other, net |
|
(1,125 |
) |
|
|
(1,153 |
) |
Net Cash Provided by Financing Activities |
|
188,577 |
|
|
|
21,959 |
|
Effect of Exchange Rate Changes on Cash |
|
1,228 |
|
|
|
(946 |
) |
Net Change in Cash |
|
(5,847 |
) |
|
|
(102,236 |
) |
Cash at Beginning of Period |
|
43,913 |
|
|
|
146,149 |
|
Cash at End of Period |
$ |
38,066 |
|
|
$ |
43,913 |
|
TITAN MACHINERY INC. |
Segment Results |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, |
|
Twelve Months Ended January 31, |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
$ |
620,593 |
|
|
$ |
440,891 |
|
|
40.8 |
% |
|
$ |
2,044,263 |
|
|
$ |
1,601,720 |
|
|
27.6 |
% |
Construction |
|
100,095 |
|
|
|
85,067 |
|
|
17.7 |
% |
|
|
332,463 |
|
|
|
308,457 |
|
|
7.8 |
% |
Europe |
|
61,635 |
|
|
|
57,024 |
|
|
8.1 |
% |
|
|
311,910 |
|
|
|
299,129 |
|
|
4.3 |
% |
Australia |
|
69,809 |
|
|
|
— |
|
|
*n/m |
|
|
69,809 |
|
|
|
— |
|
|
*n/m |
Total |
$ |
852,132 |
|
|
$ |
582,982 |
|
|
46.2 |
% |
|
$ |
2,758,445 |
|
|
$ |
2,209,306 |
|
|
24.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
$ |
28,761 |
|
|
$ |
19,345 |
|
|
48.7 |
% |
|
$ |
121,072 |
|
|
$ |
102,733 |
|
|
17.9 |
% |
Construction |
|
4,599 |
|
|
|
5,372 |
|
|
(14.4 |
)% |
|
|
18,346 |
|
|
|
18,569 |
|
|
(1.2 |
)% |
Europe |
|
(610 |
) |
|
|
1,514 |
|
|
*n/m |
|
|
16,487 |
|
|
|
20,197 |
|
|
(18.4 |
)% |
Australia |
|
4,115 |
|
|
|
— |
|
|
*n/m |
|
|
4,115 |
|
|
|
— |
|
|
*n/m |
Segment income before income taxes |
|
36,865 |
|
|
|
26,231 |
|
|
40.5 |
% |
|
|
160,020 |
|
|
|
141,499 |
|
|
13.1 |
% |
Shared Resources |
|
(3,307 |
) |
|
|
(2,402 |
) |
|
37.7 |
% |
|
|
(8,980 |
) |
|
|
(6,258 |
) |
|
43.5 |
% |
Total |
$ |
33,558 |
|
|
$ |
23,829 |
|
|
40.8 |
% |
|
$ |
151,040 |
|
|
$ |
135,241 |
|
|
11.7 |
% |
*n/m = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
TITAN MACHINERY INC. |
Non-GAAP Reconciliations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, |
|
Twelve Months Ended January 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
EBITDA |
|
|
|
|
|
|
|
Net Income |
$ |
23,963 |
|
$ |
18,112 |
|
$ |
112,441 |
|
$ |
101,868 |
Adjustments |
|
|
|
|
|
|
|
Interest expense, net of interest income |
|
3,104 |
|
|
1,167 |
|
|
6,759 |
|
|
4,730 |
Provision for income taxes |
|
9,595 |
|
|
5,717 |
|
|
38,599 |
|
|
33,373 |
Depreciation and amortization |
|
8,608 |
|
|
6,842 |
|
|
31,479 |
|
|
25,197 |
EBITDA |
$ |
45,270 |
|
$ |
31,838 |
|
$ |
189,278 |
|
$ |
165,168 |
Titan Machinery (NASDAQ:TITN)
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