Titan Machinery Inc. Files 2024 10-K Report

TL;DR

<b>Titan Machinery Inc. has filed its annual 10-K report for fiscal year 2024, detailing financial performance and segment data.</b>

AI Summary

Titan Machinery Inc. (TITN) filed a Annual Report (10-K) with the SEC on April 3, 2024. Titan Machinery Inc. reported its fiscal year 2024 results ending January 31, 2024. The filing covers the period from February 1, 2023, to January 31, 2024. Key financial data points such as common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed for fiscal years 2021, 2022, 2023, and 2024. Segment data for Sales of Equipment, Sales of Parts, Service Sales, and Rental and Other are provided for fiscal years 2022 and 2023. The company's principal business address is 644 East Beaton Drive, West Fargo, ND 58078.

Why It Matters

For investors and stakeholders tracking Titan Machinery Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Titan Machinery's financial health and operational segments for the fiscal year ending January 31, 2024, crucial for investors assessing performance and future prospects. The detailed segment data allows stakeholders to understand revenue drivers, such as equipment sales versus parts and service, which is vital for evaluating business strategy and market positioning.

Risk Assessment

Risk Level: low — Titan Machinery Inc. shows low risk based on this filing. The provided text is a header and index for a 10-K filing, lacking specific financial performance data or forward-looking statements that would indicate a higher risk level.

Analyst Insight

Review the full 10-K filing to analyze detailed financial statements, management discussion, and risk factors for a complete understanding of Titan Machinery's performance and outlook.

Revenue Breakdown

Key Numbers

• 2024-01-31 — Fiscal Year End (Report period)
• 2024-04-03 — Filing Date (Date of submission)
• 001-33866 — SEC File Number (Company's SEC file number)
• 5990 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Titan Machinery Inc. (company) — Filer name
• 2024-01-31 (date) — Fiscal year end
• 2024-04-03 (date) — Filing date
• 644 East Beaton Drive (address) — Business address street
• WEST FARGO (location) — Business address city
• ND (location) — Business address state
• 58078 (postal_code) — Business address zip
• 0001409171 (company_id) — Central Index Key

FAQ

Key Dates

• 2024-01-31: Fiscal Year End — End of the reporting period for FY2024.
• 2024-04-03: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value per share TITN The Nasdaq Sto
• $31.92 — illion (based on the last sale price of $31.92 per share on such date as reported on t
• $22.1 billion — ries. In 2023, CNH Industrial generated $22.1 billion in revenue from its equipment operation

Filing Documents

• titn-20240131.htm (10-K) — 2091KB
• a10kfy24ex211.htm (EX-21.1) — 16KB
• a10kfy24ex231.htm (EX-23.1) — 2KB
• a10kfy24ex241.htm (EX-24.1) — 10KB
• a10kfy24ex311.htm (EX-31.1) — 8KB
• a10kfy24ex312.htm (EX-31.2) — 8KB
• a10kfy24ex321.htm (EX-32.1) — 4KB
• a10kfy24ex322.htm (EX-32.2) — 4KB
• clawbackpolicy_finalx09072.htm (EX-97) — 16KB
• titn-20240131_g1.jpg (GRAPHIC) — 95KB
• 0001409171-24-000028.txt (&nbsp;) — 10910KB
• titn-20240131.xsd (EX-101.SCH) — 68KB
• titn-20240131_cal.xml (EX-101.CAL) — 88KB
• titn-20240131_def.xml (EX-101.DEF) — 360KB
• titn-20240131_lab.xml (EX-101.LAB) — 844KB
• titn-20240131_pre.xml (EX-101.PRE) — 632KB
• titn-20240131_htm.xml (XML) — 1660KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. Reserved 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 86 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86 PART III Item 10. Directors, Executive Officers and Corporate Governance 86 Item 11.

Executive Compensation

Executive Compensation 87 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 87 Item 14. Principal Accountant Fees and Services 87 PART IV Item 15. Exhibits a nd Financial Statement Schedules 87 Item 16. Form 10-K Summary 91 i Table of Contents

BUSINESS

ITEM 1. BUSINESS Our Company Titan Machinery Inc. and its subsidiaries (collectively, "Titan Machinery," the "Company," "we," or "our") own and operate a network of full service agricultural and construction equipment stores in the United States, Europe and Australia. We have been an authorized dealer of CNH Industrial N.V. or its U.S. subsidiaries (collectively referred to in this Form 10-K as "CNH Industrial") since our inception in 1980. CNH Industrial is a leading manufacturer and supplier of agricultural and construction equipment, which includes the Case IH Agriculture, New Holland Agriculture, Case Construction and New Holland Construction brands. Based upon information provided to us by CNH Industrial, we are the largest retail dealer of Case IH Agriculture equipment in the world, one of the largest retail dealers of Case Construction equipment in North America and one of the largest retail dealers of New Holland Agriculture and New Holland Construction equipment in the United States. In addition to the CNH Industrial brands, we sell and service equipment supplied by a variety of other manufacturers and distributors. We operate our business in four reportable segments, Agriculture, Construction, Europe (formerly known as "International"), and Australia, within which we engage in four principal business activities: new and used equipment sales; parts sales; equipment repair and maintenance services; and equipment rental and other activities. We offer our customers a one-stop solution by providing equipment and parts sales, equipment repair and maintenance services, and rental functions in each store. Our full service approach provides us with multiple points of customer contact and cross-selling opportunities. We believe our mix of principal business activities, as well as our broad geographic footprint, provide us with crop, weather and market diversification. This diversification helps to lower our overall exposure to adverse economic cycles that af

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View this 10-K filing on SEC EDGAR