Titan Machinery Q1 2024 Results Released
Ticker: TITN · Form: 10-Q · Filed: Jun 7, 2024 · CIK: 1409171
| Field | Detail |
|---|---|
| Company | Titan Machinery INC. (TITN) |
| Form Type | 10-Q |
| Filed Date | Jun 7, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.00001, $0.5 million, $0.1 million, $75.0 million, $500.0 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, earnings, financials, retail
TL;DR
Titan Machinery dropped its Q1 2024 10-Q. Revenue breakdown by segment is in there.
AI Summary
Titan Machinery Inc. reported its first quarter results for the period ending April 30, 2024. The company's revenue streams include sales of equipment, parts, service, and rentals. Specific financial figures for these segments are detailed within the filing, comparing the current quarter to the same period in the prior year.
Why It Matters
This filing provides insight into Titan Machinery's recent financial performance, which can influence investor decisions and market perception of the company's operational health.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.
Key Numbers
- Q1 2024 — Reporting Period (The first quarter of fiscal year 2024, ending April 30, 2024.)
- Q1 2023 — Prior Year Period (The first quarter of fiscal year 2023, ending April 30, 2023, used for comparison.)
Key Players & Entities
- Titan Machinery Inc. (company) — Filer of the 10-Q report.
- 20240430 (date) — End of the reporting period for the 10-Q.
- 20240607 (date) — Date the 10-Q was filed.
FAQ
What were the specific revenue figures for equipment sales in Q1 2024 compared to Q1 2023?
The filing indicates separate reporting for 'SalesOfEquipmentMember' for the periods 2024-02-01 to 2024-04-30 and 2023-02-01 to 2023-04-30, but the exact dollar amounts are not provided in this excerpt.
How did parts sales perform in the first quarter of 2024 versus 2023?
The filing includes data points for 'SalesOfPartsMember' for both Q1 2024 (2024-02-01 to 2024-04-30) and Q1 2023 (2023-02-01 to 2023-04-30), with specific figures to be found within the full report.
What is Titan Machinery's fiscal year end?
Titan Machinery Inc.'s fiscal year ends on January 31st.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on June 7, 2024.
What are the main business segments contributing to Titan Machinery's revenue?
The filing segments revenue into Sales of Equipment, Sales of Parts, Service Sales, and Rental and Other.
Filing Stats: 4,559 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-06-06 18:26:35
Key Financial Figures
- $0.00001 — ange on which registered Common Stock, $0.00001 par value per share TITN The Nasdaq Sto
- $0.5 million — solidated statements of operations, was $0.5 million and $0.1 million for the three months e
- $0.1 million — nts of operations, was $0.5 million and $0.1 million for the three months ended April 30, 20
- $75.0 million — million floorplan line of credit and a $75.0 million working capital line of credit under th
- $500.0 m — d credit facility in an amount of up to $500.0 million, consisting of $395.0 million flo
- $395.0 million — of up to $500.0 million, consisting of $395.0 million floorplan facility and $105.0 million r
- $105.0 million — f $395.0 million floorplan facility and $105.0 million revolving operating line which can be u
- $100.0 million — r the Australian Borrower cannot exceed $100.0 million and the U.S. Borrowers aggregate facili
- $485.0 million — rowers aggregate facility cannot exceed $485.0 million. The outstanding indebtedness under the
Filing Documents
- titn-20240430.htm (10-Q) — 1041KB
- a102directorrsa.htm (EX-10.2) — 27KB
- a103employeersa.htm (EX-10.3) — 34KB
- a104employeersu.htm (EX-10.4) — 29KB
- a10qfy25q1ex311.htm (EX-31.1) — 11KB
- a10qfy25q1ex312.htm (EX-31.2) — 13KB
- a10qfy25q1ex321.htm (EX-32.1) — 5KB
- a10qfy25q1ex322.htm (EX-32.2) — 5KB
- image_0.jpg (GRAPHIC) — 3KB
- 0001409171-24-000081.txt ( ) — 6249KB
- titn-20240430.xsd (EX-101.SCH) — 43KB
- titn-20240430_cal.xml (EX-101.CAL) — 50KB
- titn-20240430_def.xml (EX-101.DEF) — 211KB
- titn-20240430_lab.xml (EX-101.LAB) — 552KB
- titn-20240430_pre.xml (EX-101.PRE) — 402KB
- titn-20240430_htm.xml (XML) — 875KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 3
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 21
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES 29
OTHER INFORMATION
PART II. OTHER INFORMATION 30
LEGAL PROCEEDINGS
ITEM 1. LEGAL PROCEEDINGS 30
RISK FACTORS
ITEM 1A. RISK FACTORS 30
UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES 30
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES 30
DEFAULTS UPON SENIOR SECURITIES
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 30
MINE SAFETY DISCLOSURES
ITEM 4. MINE SAFETY DISCLOSURES 30
OTHER INFORMATION
ITEM 5. OTHER INFORMATION 30
EXHIBITS
ITEM 6. EXHIBITS 30 Exhibit Index 31 Signatures 32 2 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS TITAN MACHINERY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data) April 30, 2024 January 31, 2024 Assets Current Assets Cash $ 35,684 $ 38,066 Receivables, net of allowance for expected credit losses 134,142 153,657 Inventories, net 1,429,762 1,303,030 Prepaid expenses and other 15,301 24,262 Total current assets 1,614,889 1,519,015 Noncurrent Assets Property and equipment, net of accumulated depreciation 304,472 298,774 Operating lease assets 51,858 54,699 Deferred income taxes 517 529 Goodwill 62,979 64,105 Intangible assets, net of accumulated amortization 51,301 53,356 Other 1,651 1,783 Total noncurrent assets 472,778 473,246 Total Assets $ 2,087,667 $ 1,992,261 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 47,629 $ 43,846 Floorplan payable 1,024,999 893,846 Current maturities of long-term debt 13,890 13,706 Current operating lease liabilities 10,918 10,751 Deferred revenue 84,900 115,852 Accrued expenses and other 65,402 74,400 Total current liabilities 1,247,738 1,152,401 Long-Term Liabilities Long-term debt, less current maturities 105,440 106,407 Operating lease liabilities 47,693 50,964 Deferred income taxes 21,740 22,607 Other long-term liabilities 2,455 2,240 Total long-term liabilities 177,328 182,218 Commitments and Contingencies Stockholders' Equity Common stock, par value $ .00001 per share, 45,000,000 shares authorized; 22,818,170 shares issued and outstanding at April 30, 2024; 22,848,138 shares issued and outstanding at January 31, 2024 — — Additional paid-in-capital 258,700 258,657 Retained earnings 406,666 397,225 Accumulated other comprehensive income (loss) ( 2,765 ) 1,760 Total stockholders' equity 662,601 657,642 Total Liabilities and Stockholders' Equity $ 2,087,667 $ 1,992,261 See Notes to Condensed Consolidated Financial Statements 3 Table of Contents TITAN MACHINERY INC. CONDENSED