|
|
|
Titan Machinery Inc. Announces Results for Fiscal Second Quarter Ended July 31, 2015 |
- Revenue for Fiscal Second Quarter of 2016 was $334 million - - Adjusted EBITDA for Fiscal Second Quarter was $9.8 million - - Operating Expenses Decreased $12.4 million or 18.3% for Fiscal
Second Quarter of 2016 - - Equipment Inventory Decreased $222 million or 22.3% Compared to
Second Quarter of Fiscal 2015 -
Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service
agricultural and construction equipment stores, today reported financial
results for the fiscal second quarter ended July 31, 2015.
Fiscal 2016 Second Quarter Results
For the second quarter of fiscal 2016, revenue was $334.2 million,
compared to $451.0 million in the second quarter last year. Equipment
sales were $221.0 million for the second quarter of fiscal 2016,
compared to $320.1 million in the second quarter last year. Parts sales
were $62.1 million for the second quarter of fiscal 2016, compared to
$70.5 million in the second quarter last year. Revenue generated from
service was $32.8 million for the second quarter of fiscal 2016,
compared to $38.4 million in the second quarter last year. Revenue from
rental and other decreased to $18.3 million for the second quarter of
fiscal 2016 from $21.9 million in the second quarter last year.
Gross profit for the second quarter of fiscal 2016 was $62.1 million,
compared to $79.7 million in the second quarter last year, primarily
reflecting a decrease in Agriculture equipment revenue. The Company's
gross profit margin was 18.6% in the second quarter of fiscal 2016,
compared to 17.7% in the second quarter last year. This increase in
gross profit margin primarily reflects a larger portion of gross profit
coming from the Company's higher margin parts and service businesses.
Gross profit from parts and service for the second quarter of fiscal
2016 was 63.2% of overall gross profit, compared to 57.4% in the second
quarter last year.
Operating expenses were 16.6% of revenue or, $55.4 million, for the
second quarter of fiscal 2016, compared to 15.1% of revenue or, $67.8
million, for the second quarter of last year. The decrease in operating
expenses of $12.4 million was primarily due to cost savings associated
with the Company's realignment activities implemented in the first
quarters of fiscal 2016 and 2015 in addition to other cost saving
initiatives. The increase in operating expenses as a percentage of
revenue was primarily due to the deleveraging of fixed expenses as total
revenue decreased from the prior year.
The Company recognized charges of $0.1 million and $1.3 million from the
balance sheet impact of the Ukrainian hryvnia devaluation in the second
quarters of fiscal 2016 and 2015, respectively.
Floorplan interest expense was $4.7 million for the second quarter of
fiscal 2016, compared to $5.3 million in the second quarter of fiscal
2015. The decrease in floorplan interest expense is due to lower average
interest-bearing inventory in the second quarter of fiscal 2016.
In the second quarter of fiscal 2016, the Company generated $9.8 million
in adjusted EBITDA, compared to $14.9 million in the second quarter of
last year. The Company includes floorplan interest expense in its EBITDA
calculation.
Pre-tax loss for the second quarter of fiscal 2016 was $0.5 million,
compared to pre-tax income of $1.8 million in the second quarter of last
year. Excluding all non-GAAP adjustments, adjusted pre-tax loss for the
second quarter of fiscal 2016 was $0.5 million. For the second quarter
of 2015, excluding non-GAAP adjustments, adjusted pre-tax income was
$3.3 million. Adjusted pre-tax Agriculture segment loss was $2.5 million
for the second quarter of fiscal 2016, compared to adjusted pre-tax
income of $6.6 million in the second quarter last year. Adjusted pre-tax
Construction segment loss was $1.0 million for the second quarter of
fiscal 2016, compared to adjusted pre-tax loss of $0.4 million in the
second quarter last year. Adjusted pre-tax International segment income
was $1.0 million for the second quarter of fiscal 2016, compared to
adjusted pre-tax loss of $3.7 million in the second quarter last year.
Net income attributable to common stockholders for the second quarter of
fiscal 2016 was $0.0 million, or earnings per diluted share of $0.00,
compared to net loss attributable to common stockholders of $0.6
million, or $0.03 per diluted share, for the second quarter of fiscal
2015. Excluding all non-GAAP adjustments, adjusted net income
attributable to common stockholders for the second quarter of fiscal
2016 was $0.0 million, or $0.00 per diluted share, compared to adjusted
net income attributable to common stockholders for the second quarter of
fiscal 2015 of $0.8 million, or $0.04 per diluted share.
Fiscal 2016 First Six Months Results
Revenue was $687.4 million for the first six months of fiscal 2016,
compared to $916.5 million for the same period last year. Gross profit
margin was 17.8% for the first six months of fiscal 2016, compared to
17.0% for the same period last year. The Company generated $14.9 million
in adjusted EBITDA in the first six months of fiscal 2016, compared to
$22.5 million in the same period last year. Pre-tax loss was $9.3
million for the first six months of fiscal 2016, compared to pre-tax
loss of $6.8 million for the same period last year. Excluding certain
non-GAAP adjustments, adjusted pre-tax loss was $5.2 million for the
first six months of fiscal 2016, compared to pre-tax income of $1.0
million for the same period last year. Net loss attributable to common
stock for the first six months of fiscal 2016 was $6.2 million, or $0.29
per diluted share, compared to a loss of $7.0 million, or $0.34 per
diluted share, for the same period last year. Excluding non-GAAP items,
adjusted net loss attributable to common stock for the first six months
of fiscal 2016 was $2.9 million, or $0.14 per diluted share, compared to
a loss of $0.7 million, or $0.03 per diluted share, for the same period
last year.
Balance Sheet
The Company ended the second quarter of fiscal 2016 with cash of $95.4
million. The Company's inventory level, including amounts classified as
held for sale, was $884.0 million as of July 31, 2015, compared to
inventory of $1.1 billion as of July 31, 2014, primarily reflecting a
$222.0 million reduction in equipment inventory. The Company had,
including amounts classified as held for sale, $622.1 million
outstanding floorplan payables on $1.0 billion total discretionary
floorplan lines of credit as of July 31, 2015, reflecting a decrease of
$228.2 million from the floorplan payable balance of $850.3 million as
of July 31, 2014. The reduced floorplan levels has improved the
Company's total liabilities to tangible net worth to 2.5 as of July 31,
2015 from 3.3 as of July 31, 2014.
Management Comments
David Meyer, Titan Machinery's Chairman and Chief Executive Officer,
stated, "Our financial performance in the second quarter was in-line
with our expectations. Our Agriculture segment continues to be impacted
by ongoing industry headwinds, and our Construction business, which
faced strong year-over-year comparisons in the second quarter of fiscal
2016, was impacted by lower oil prices as well as reduced sales of
construction equipment to agricultural customers. We are pleased to
report second quarter pre-tax income for our International segment
reflecting the previously announced initiatives as well as slightly
improved market conditions in some of the regions in which we operate."
Mr. Meyer continued, "While Agriculture headwinds continue to persist,
we believe we are taking the necessary steps to manage the challenging
environment and position our business for long-term, profitable growth.
We have substantially completed our previously outlined realignment
plan, which is expected to generate approximately $20 million in cost
savings, and contributed to the $12.4 million reduction in operating
expenses during the second quarter of this year compared to the second
quarter last year. In addition, we remain on track to achieve our $150
million equipment inventory reduction goal in fiscal 2016. Based on our
year-to-date results and outlook for the back half of the year, we are
updating our annual revenue modeling assumptions and continue to
anticipate achieving positive adjusted net income/earnings per share."
Fiscal 2016 Modeling Assumptions
The Company is updating the following modeling assumptions for fiscal
2016 that it believes will provide investors with relevant information
about expectations regarding financial results and business trends:
-
Agriculture Same Store Sales Down 20% to 25%
-
Construction Same Store Sales Flat to Down 5%
-
International Same Store Sales Flat to Down 5%
-
Equipment Margins Between 7.7% and 8.3%
-
Expects to be profitable on an adjusted diluted earnings per share
basis
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). 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.
Investors interested in participating in the live call can dial (888)
359-3627 from the U.S. International callers can dial (719) 325-2177. A
telephone replay will be available approximately two hours after the
call concludes and will be available through Wednesday, September 23,
2015, by dialing (877) 870-5176 from the U.S., or (858) 384-5517 from
international locations, and entering confirmation code 3761097.
Non-GAAP Financial Measures
Within this announcement, the Company makes reference to certain
adjusted financial measures, which have directly comparable GAAP
financial measures as identified in this release. These adjusted
measures are provided so that investors have the same financial data
that management uses with the belief that it will assist the investment
community in properly assessing the underlying performance of the
Company for the periods being reported. This includes adjusted EBITDA,
which the Company defines as net income (loss) including noncontrolling
interest, adjusted for net interest (excluding floorplan interest
expense), income taxes, depreciation, amortization, and items included
in its non-GAAP pre-tax income (loss) reconciliation for each of the
respective periods. The presentation of this additional information is
not meant to be considered a substitute for measures prepared in
accordance with GAAP. Investors are encouraged to review the
reconciliations of adjusted financial measures used in this press
release to their most directly comparable GAAP financial measures as
provided with the financial statements attached to this press release.
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo,
North Dakota, is a multi-unit business with mature locations and
newly-acquired locations. The Company owns and operates a network of
full service agricultural and construction equipment stores in the
United States and Europe. The Titan Machinery network consists of 92
North American dealerships in North Dakota, South Dakota, Iowa,
Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona, and
New Mexico, including two outlet stores, and 16 European dealerships in
Romania, Bulgaria, Serbia, and Ukraine. The Titan Machinery dealerships
represent one or more of the CNH Industrial Brands (CNHI), including
CaseIH, New Holland Agriculture, Case Construction, New Holland
Construction, and CNH 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.
Forward-looking statements made herein, which include statements
regarding Agriculture, Construction, and International segment
initiatives and improvements, segment revenue realization, growth and
profitability expectations, inventory expectations, leverage
expectations, and modeling assumptions and expected results of
operations for the fiscal year ending January 31, 2016, 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, 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, climate 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. 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. Titan Machinery
disclaims any obligation to update such factors or to publicly announce
results of revisions to any of the forward-looking statements contained
herein to reflect future events or developments.
| TITAN MACHINERY INC. | Consolidated Balance Sheets | (in thousands, except per share data) | (Unaudited) | |
|
| |
|
| | | | | July 31, 2015 | | | January 31, 2015 | Assets | | | | | | |
Current Assets
| | | | | | |
Cash
| | |
$
|
95,416
| | | |
$
|
127,528
| |
Receivables, net
| | |
70,797
| | | |
76,382
| |
Inventories
| | |
877,823
| | | |
879,440
| |
Prepaid expenses and other
| | |
5,353
| | | |
10,634
| |
Income taxes receivable
| | |
3,834
| | | |
166
| |
Deferred income taxes
| | |
18,297
| | | |
19,025
| |
Assets held for sale
| | |
11,246
|
| | |
15,312
|
|
Total current assets
| | |
1,082,766
|
| | |
1,128,487
|
|
Intangibles and Other Assets
| | | | | | |
Intangible assets, net of accumulated amortization
| | |
5,272
| | | |
5,458
| |
Other
| | |
6,490
|
| | |
7,122
|
|
Total intangibles and other assets
| | |
11,762
|
| | |
12,580
|
|
Property and Equipment, net of accumulated depreciation
| | |
186,000
|
| | |
208,680
|
| Total Assets | | |
$
|
1,280,528
|
| | |
$
|
1,349,747
|
| | | | | | |
| Liabilities and Stockholders' Equity | | | | | | |
Current Liabilities
| | | | | | |
Accounts payable
| | |
$
|
18,358
| | | |
$
|
17,659
| |
Floorplan payable
| | |
619,636
| | | |
627,249
| |
Current maturities of long-term debt
| | |
6,365
| | | |
7,749
| |
Customer deposits
| | |
15,442
| | | |
35,090
| |
Accrued expenses
| | |
30,062
| | | |
35,496
| |
Income taxes payable
| | |
-
| | | |
3,529
| |
Liabilities held for sale
| | |
2,531
|
| | |
2,835
|
|
Total current liabilities
| | |
692,394
|
| | |
729,607
|
|
Long-Term Liabilities
| | | | | | |
Senior convertible notes
| | |
134,170
| | | |
132,350
| |
Long-term debt, less current maturities
| | |
41,629
| | | |
67,123
| |
Deferred income taxes
| | |
39,433
| | | |
38,996
| |
Other long-term liabilities
| | |
3,289
|
| | |
3,312
|
|
Total long-term liabilities
| | |
218,521
|
| | |
241,781
|
|
Stockholders' Equity
| | | | | | |
Common stock
| | |
-
| | | |
-
| |
Additional paid-in-capital
| | |
241,158
| | | |
240,180
| |
Retained earnings
| | |
131,120
| | | |
137,418
| |
Accumulated other comprehensive loss
| | |
(3,492
|
)
| | |
(1,099
|
)
|
Total Titan Machinery Inc. stockholders' equity
| | |
368,786
| | | |
376,499
| |
Noncontrolling interest
| | |
827
|
| | |
1,860
|
|
Total stockholders' equity
| | |
369,613
|
| | |
378,359
|
| Total Liabilities and Stockholders' Equity | | |
$
|
1,280,528
|
| | |
$
|
1,349,747
|
| | | | | | | | | | |
|
| TITAN MACHINERY INC. | Consolidated Statements of Operations | (in thousands, except per share data) | (Unaudited) | |
|
| |
|
| |
|
| |
|
| | | | | Three Months Ended July 31, | | | Six Months Ended July 31, | | | | 2015 | | | 2014 | | | 2015 | | | 2014 |
Revenue
| | | | | | | | | | | | |
Equipment
| | |
$
|
221,016
| | | |
$
|
320,087
| | | |
$
|
465,999
| | | |
$
|
665,132
| |
Parts
| | |
62,081
| | | |
70,526
| | | |
123,601
| | | |
138,905
| |
Service
| | |
32,842
| | | |
38,447
| | | |
65,744
| | | |
75,531
| |
Rental and other
| | |
18,251
|
| | |
21,930
|
| | |
32,042
|
| | |
36,885
|
|
Total Revenue
| | |
334,190
|
| | |
450,990
|
| | |
687,386
|
| | |
916,453
|
|
Cost of Revenue
| | | | | | | | | | | | |
Equipment
| | |
203,152
| | | |
292,879
| | | |
430,185
| | | |
609,161
| |
Parts
| | |
43,382
| | | |
49,730
| | | |
86,953
| | | |
97,744
| |
Service
| | |
12,327
| | | |
13,529
| | | |
23,687
| | | |
27,932
| |
Rental and other
| | |
13,260
|
| | |
15,199
|
| | |
24,057
|
| | |
26,024
|
|
Total Cost of Revenue
| | |
272,121
|
| | |
371,337
|
| | |
564,882
|
| | |
760,861
|
|
Gross Profit
| | |
62,069
| | | |
79,653
| | | |
122,504
| | | |
155,592
| |
Operating Expenses
| | |
55,385
| | | |
67,795
| | | |
112,495
| | | |
138,947
| |
Impairment and Realignment Costs
| | |
(104
|
)
| | |
151
|
| | |
1,497
|
| | |
2,952
|
|
Income from Operations
| | |
6,788
| | | |
11,707
| | | |
8,512
| | | |
13,693
| |
Other Income (Expense)
| | | | | | | | | | | | |
Interest income and other income (expense)
| | |
837
| | | |
(1,028
|
)
| | |
(1,287
|
)
| | |
(3,606
|
)
|
Floorplan interest expense
| | |
(4,744
|
)
| | |
(5,308
|
)
| | |
(9,343
|
)
| | |
(9,901
|
)
|
Other interest expense
| | |
(3,360
|
)
| | |
(3,559
|
)
| | |
(7,187
|
)
| | |
(7,000
|
)
|
Income (Loss) Before Income Taxes
| | |
(479
|
)
| | |
1,812
| | | |
(9,305
|
)
| | |
(6,814
|
)
|
Provision for (Benefit from) Income Taxes
| | |
(649
|
)
| | |
2,587
|
| | |
(2,585
|
)
| | |
854
|
|
Net Income (Loss) Including Noncontrolling Interest
| | |
170
| | | |
(775
|
)
| | |
(6,720
|
)
| | |
(7,668
|
)
|
Less: Net Income (Loss) Attributable to Noncontrolling Interest
| | |
164
|
| | |
(161
|
)
| | |
(422
|
)
| | |
(505
|
)
|
Net Income (Loss) Attributable to Titan Machinery Inc.
| | |
6
| | | |
(614
|
)
| | |
(6,298
|
)
| | |
(7,163
|
)
|
Net Income (Loss) Allocated to Participating Securities
| | |
-
|
| | |
11
|
| | |
112
|
| | |
114
|
|
Net Income (Loss) Attributable to Titan Machinery Inc. Common
Stockholders
| | |
$
|
6
|
| | |
$
|
(603
|
)
| | |
$
|
(6,186
|
)
| | |
$
|
(7,049
|
)
| | | | | | | | | | | | |
|
Earnings (Loss) per Share - Diluted
| | |
$
|
0.00
|
| | |
$
|
(0.03
|
)
| | |
$
|
(0.29
|
)
| | |
$
|
(0.34
|
)
|
Weighted Average Common Shares - Diluted
| | |
21,217
|
| | |
20,986
|
| | |
21,075
|
| | |
20,969
|
| | | | | | | | | | | | | | | | |
|
| TITAN MACHINERY INC. | Consolidated Condensed Statements of Cash Flows | (in thousands) | (Unaudited) | |
|
| |
|
| | | | | Six Months Ended July 31, | | | | 2015 | | | 2014 |
Operating Activities
| | | | | | |
Net loss including noncontrolling interest
| | |
$
|
(6,720
|
)
| | |
$
|
(7,668
|
)
|
Adjustments to reconcile net loss including noncontrolling interest
to net cash provided by (used for) operating activities
| | | | | | |
Depreciation and amortization
| | |
13,824
| | | |
14,746
| |
Impairment
| | |
152
| | | |
268
| |
Deferred income taxes
| | |
689
| | | |
385
| |
Other, net
| | |
4,725
| | | |
3,068
| |
Changes in assets and liabilities
| | | | | | |
Inventories
| | |
8,910
| | | |
(68,312
|
)
|
Manufacturer floorplan payable
| | |
186,563
| | | |
(643
|
)
|
Other working capital
| | |
(22,574
|
)
| | |
(21,251
|
)
|
Net Cash Provided by (Used for) Operating Activities
| | |
185,569
|
| | |
(79,407
|
)
|
Investing Activities
| | | | | | |
Property and equipment purchases
| | |
(4,160
|
)
| | |
(8,751
|
)
|
Proceeds from sale of property and equipment
| | |
2,201
| | | |
2,444
| |
Other, net
| | |
470
|
| | |
328
|
|
Net Cash Used for Investing Activities
| | |
(1,489
|
)
| | |
(5,979
|
)
|
Financing Activities
| | | | | | |
Net change in non-manufacturer floorplan payable
| | |
(190,744
|
)
| | |
100,790
| |
Net proceeds from (payments on) long-term debt borrowings
| | |
(24,410
|
)
| | |
274
| |
Other, net
| | |
(573
|
)
| | |
(264
|
)
|
Net Cash Provided by (Used for) Financing Activities
| | |
(215,727
|
)
| | |
100,800
|
|
Effect of Exchange Rate Changes on Cash
| | |
(465
|
)
| | |
57
| |
Net Change in Cash
| | |
(32,112
|
)
| | |
15,471
| |
Cash at Beginning of Period
| | |
127,528
|
| | |
74,242
|
|
Cash at End of Period
| | |
$
|
95,416
|
| | |
$
|
89,713
|
| | | | | | | | | | |
|
| TITAN MACHINERY INC. | Segment Results | (in thousands) | (Unaudited) | |
|
| |
|
| | | | | Three Months Ended July 31, | | | Six Months Ended July 31, | | | | 2015 |
|
| 2014 |
|
| % Change | | | 2015 |
|
| 2014 |
|
| % Change | Revenue | | | | | | | | | | | | | | | | | | |
Agriculture
| | |
$
|
209,449
| | | |
$
|
305,721
| | | |
(31.5
|
)%
| | |
$
|
449,304
| | | |
$
|
650,102
| | | |
(30.9
|
)%
|
Construction
| | |
81,407
| | | |
101,747
| | | |
(20.0
|
)%
| | |
162,578
| | | |
193,512
| | | |
(16.0
|
)%
|
International
| | |
43,334
|
| | |
43,522
|
| | |
(0.4
|
)%
| | |
75,504
|
| | |
72,839
|
| | |
3.7
|
%
|
Total
| | |
$
|
334,190
|
| | |
$
|
450,990
|
| | |
(25.9
|
)%
| | |
$
|
687,386
|
| | |
$
|
916,453
|
| | |
(25.0
|
)%
| | | | | | | | | | | | | | | | | | |
| Income (Loss) Before Income Taxes | | | | | | | | | | | | | | | | | | |
Agriculture
| | |
$
|
(2,440
|
)
| | |
$
|
6,494
| | | |
(137.6
|
)%
| | |
$
|
(3,526
|
)
| | |
$
|
9,999
| | | |
(135.3
|
)%
|
Construction
| | |
(937
|
)
| | |
(368
|
)
| | |
(154.6
|
)%
| | |
(4,502
|
)
| | |
(6,361
|
)
| | |
29.2
|
%
|
International
| | |
946
|
| | |
(5,016
|
)
| | |
118.9
|
%
| | |
(3,425
|
)
| | |
(10,281
|
)
| | |
66.7
|
%
|
Segment income (loss) before income taxes
| | |
(2,431
|
)
| | |
1,110
| | | |
(319.0
|
)%
| | |
(11,453
|
)
| | |
(6,643
|
)
| | |
(72.4
|
)%
|
Shared Resources
| | |
1,952
|
| | |
702
|
| | |
178.1
|
%
| | |
2,148
|
| | |
(171
|
)
| | |
1,356.1
|
%
|
Income (Loss) Before Income Taxes
| | |
$
|
(479
|
)
| | |
$
|
1,812
|
| | |
(126.4
|
)%
| | |
$
|
(9,305
|
)
| | |
$
|
(6,814
|
)
| | |
(36.6
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| TITAN MACHINERY INC. | Non-GAAP Reconciliations | (in thousands, except per share data) | (Unaudited) | |
|
| |
|
| |
|
| |
|
| | | | | Three Months Ended July 31, | | | Six Months Ended July 31, | | | | 2015 | | | 2014 | | | 2015 | | | 2014 | Pre-Tax Income (Loss) | | | | | | | | | | | | |
Income (Loss) Before Income Taxes
| | |
$
|
(479
|
)
| | |
$
|
1,812
| | | |
$
|
(9,305
|
)
| | |
$
|
(6,814
|
)
|
Non-GAAP Adjustments
| | | | | | | | | | | | |
Debt Issuance Cost Write-Off
| | |
-
| | | |
-
| | | |
539
| | | |
-
| |
Realignment / Store Closing Costs
| | |
(104
|
)
| | |
218
| | | |
1,497
| | | |
3,423
| |
Ukraine Remeasurement
| | |
63
|
| | |
1,284
|
| | |
2,103
|
| | |
4,406
|
|
Total Non-GAAP Adjustments
| | |
(41
|
)
| | |
1,502
|
| | |
4,139
|
| | |
7,829
|
|
Adjusted Pre-Tax Income (Loss)
| | |
$
|
(520
|
)
| | |
$
|
3,314
|
| | |
$
|
(5,166
|
)
| | |
$
|
1,015
|
| | | | | | | | | | | | |
| Adjusted EBITDA | | | | | | | | | | | | |
Net Income (Loss) Including Noncontrolling Interest
| | |
$
|
170
| | | |
$
|
(775
|
)
| | |
$
|
(6,720
|
)
| | |
$
|
(7,668
|
)
|
Adjustments
| | | | | | | | | | | | |
Interest Expense, Net of Interest Income
| | |
3,181
| | | |
3,559
| | | |
6,278
| | | |
6,770
| |
Provision for (Benefit from) Income Taxes
| | |
(649
|
)
| | |
2,587
| | | |
(2,585
|
)
| | |
854
| |
Depreciation and amortization
| | |
7,157
| | | |
8,017
| | | |
13,824
| | | |
14,746
| |
Total Non-GAAP Adjustments to Pre-Tax Income (Loss)
| | |
(41
|
)
| | |
1,502
|
| | |
4,139
|
| | |
7,829
|
|
Total Adjustments
| | |
9,648
|
| | |
15,665
|
| | |
21,656
|
| | |
30,199
|
|
Adjusted EBITDA
| | |
$
|
9,818
|
| | |
$
|
14,890
|
| | |
$
|
14,936
|
| | |
$
|
22,531
|
| | | | | | | | | | | | |
| Net Income (Loss) Attributable to Titan Machinery Inc. Common
Stockholders | | | | | | | | | | | | |
Net Income (Loss) Attributable to Titan Machinery Inc. Common
Stockholders
| | |
$
|
6
| | | |
$
|
(603
|
)
| | |
$
|
(6,186
|
)
| | |
$
|
(7,049
|
)
|
Non-GAAP Adjustments (1)
| | | | | | | | | | | | |
Debt Issuance Cost Write-Off
| | |
-
| | | |
-
| | | |
318
| | | |
-
| |
Realignment / Store Closing Costs
| | |
(62
|
)
| | |
130
| | | |
882
| | | |
2,038
| |
Ukraine Remeasurement
| | |
62
|
| | |
1,262
|
| | |
2,066
|
| | |
4,336
|
|
Total Non-GAAP Adjustments
| | |
-
|
| | |
1,392
|
| | |
3,266
|
| | |
6,374
|
|
Adjusted Net Income (Loss) Attributable to Titan Machinery Inc.
Common Stockholders
| | |
$
|
6
|
| | |
$
|
789
|
| | |
$
|
(2,920
|
)
| | |
$
|
(675
|
)
| | | | | | | | | | | | |
| Earnings (Loss) per Share - Diluted | | | | | | | | | | | | |
Earnings (Loss) per Share - Diluted
| | |
$
|
0.00
| | | |
$
|
(0.03
|
)
| | |
$
|
(0.29
|
)
| | |
$
|
(0.34
|
)
|
Non-GAAP Adjustments (1)
| | | | | | | | | | | | |
Debt Issuance Cost Write-Off
| | |
-
| | | |
-
| | | |
0.01
| | | |
-
| |
Realignment / Store Closing Costs
| | |
-
| | | |
0.01
| | | |
0.04
| | | |
0.10
| |
Ukraine Remeasurement
| | |
-
|
| | |
0.06
|
| | |
0.10
|
| | |
0.21
|
|
Total Non-GAAP Adjustments
| | |
-
|
| | |
0.07
|
| | |
0.15
|
| | |
0.31
|
|
Adjusted Earnings (Loss) per Share - Diluted
| | |
$
|
0.00
|
| | |
$
|
0.04
|
| | |
$
|
(0.14
|
)
| | |
$
|
(0.03
|
)
| | | | | | | | | | | | |
|
(1) Adjustments are net of the impact of amounts related to income
taxes, attributable to noncontrolling interests, and allocated to
participating securities.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150909005516/en/ Investor Relations: ICR, Inc. John Mills, 646-277-1254 Partner jmills@icrinc.com |
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| 3/29/2024 10:11:57 AM1067829 |
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