Titan Machinery Inc. Announces Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2025
Titan Machinery (TITN) reported financial results for Q4 and full year FY2025. The company achieved a significant $304 million inventory reduction in Q4, totaling $419 million reduction since Q2 peak. However, this led to decreased equipment margins and financial performance.
Q4 revenue was $759.9 million, down from $852.1 million year-over-year. The company reported a Q4 net loss of $43.8 million ($1.93 loss per share), compared to net income of $24.0 million ($1.05 EPS) in the previous year. Full-year FY2025 revenue was $2.7 billion with a net loss of $36.9 million.
Notable highlights include:
- Service revenue grew 14.5% for full year FY2025
- Gross profit margin declined to 6.7% from 16.6% year-over-year
- Inventory reduced to $1.1 billion as of January 31, 2025
- Management expects North American large agriculture equipment demand to decrease approximately 30% year-over-year in FY2026
Titan Machinery (TITN) ha riportato i risultati finanziari per il Q4 e l'intero anno fiscale FY2025. L'azienda ha raggiunto una significativa riduzione dell'inventario di 304 milioni di dollari nel Q4, per un totale di 419 milioni di dollari di riduzione dal picco del Q2. Tuttavia, ciò ha portato a margini sugli attrezzature e performance finanziaria in calo.
Le entrate del Q4 sono state di 759,9 milioni di dollari, in calo rispetto a 852,1 milioni di dollari rispetto all'anno precedente. L'azienda ha riportato una perdita netta nel Q4 di 43,8 milioni di dollari (1,93 dollari di perdita per azione), rispetto a un utile netto di 24,0 milioni di dollari (1,05 dollari EPS) nell'anno precedente. Le entrate totali per l'anno fiscale FY2025 sono state di 2,7 miliardi di dollari con una perdita netta di 36,9 milioni di dollari.
Tra i punti salienti si segnalano:
- Le entrate da servizi sono cresciute del 14,5% per l'intero anno fiscale FY2025
- Il margine lordo di profitto è diminuito al 6,7% rispetto al 16,6% dell'anno precedente
- L'inventario è stato ridotto a 1,1 miliardi di dollari al 31 gennaio 2025
- La direzione prevede una diminuzione della domanda di attrezzature agricole di grandi dimensioni in Nord America di circa il 30% rispetto all'anno precedente nel FY2026
Titan Machinery (TITN) informó los resultados financieros para el Q4 y el año completo FY2025. La compañía logró una reducción de inventario de 304 millones de dólares en el Q4, totalizando una reducción de 419 millones de dólares desde el pico del Q2. Sin embargo, esto llevó a márgenes de equipos y desempeño financiero en disminución.
Los ingresos del Q4 fueron de 759,9 millones de dólares, una disminución respecto a 852,1 millones de dólares en comparación con el año anterior. La compañía reportó una pérdida neta en el Q4 de 43,8 millones de dólares (1,93 dólares de pérdida por acción), en comparación con un ingreso neto de 24,0 millones de dólares (1,05 dólares EPS) en el año anterior. Los ingresos totales para el año fiscal FY2025 fueron de 2,7 mil millones de dólares con una pérdida neta de 36,9 millones de dólares.
Los aspectos destacados incluyen:
- Los ingresos por servicios crecieron un 14,5% durante el año fiscal FY2025
- El margen de utilidad bruta disminuyó al 6,7% desde el 16,6% en comparación con el año anterior
- El inventario se redujo a 1,1 mil millones de dólares a partir del 31 de enero de 2025
- La dirección espera que la demanda de equipos agrícolas grandes en América del Norte disminuya aproximadamente un 30% en comparación con el año anterior en el FY2026
타이탄 기계 (TITN)은 2025 회계연도 FY의 4분기 및 전체 연도 재무 결과를 보고했습니다. 회사는 4분기 동안 3억 4천만 달러의 재고 감소를 달성했으며, 2분기 정점 이후 총 4억 1천9백만 달러의 감소를 기록했습니다. 그러나 이는 장비 마진과 재무 성과의 감소로 이어졌습니다.
4분기 매출은 7억 5천9백90만 달러로, 전년 대비 8억 5천2백10만 달러에서 감소했습니다. 회사는 4분기에 4천3백80만 달러의 순손실을 보고했으며 (주당 1.93달러 손실), 이전 해의 순이익 2천4백만 달러 (주당 1.05달러 EPS)와 비교되었습니다. 2025 회계연도 전체 매출은 27억 달러이며, 순손실은 3천6백90만 달러였습니다.
주요 하이라이트는 다음과 같습니다:
- 서비스 수익이 2025 회계연도 전체에서 14.5% 증가했습니다.
- 총 이익률이 전년 대비 16.6%에서 6.7%로 감소했습니다.
- 2025년 1월 31일 기준 재고가 11억 달러로 감소했습니다.
- 경영진은 2026 회계연도에 북미 대형 농업 장비 수요가 전년 대비 약 30% 감소할 것으로 예상하고 있습니다.
Titan Machinery (TITN) a publié les résultats financiers pour le 4ème trimestre et l'année complète FY2025. L'entreprise a réalisé une réduction d'inventaire significative de 304 millions de dollars au 4ème trimestre, totalisant une réduction de 419 millions de dollars depuis le pic du 2ème trimestre. Cependant, cela a entraîné une baisse des marges sur les équipements et des performances financières.
Les revenus du 4ème trimestre étaient de 759,9 millions de dollars, en baisse par rapport à 852,1 millions de dollars d'une année sur l'autre. L'entreprise a enregistré une perte nette de 43,8 millions de dollars (1,93 dollar de perte par action) au 4ème trimestre, contre un bénéfice net de 24,0 millions de dollars (1,05 dollar EPS) l'année précédente. Les revenus totaux pour l'année fiscale FY2025 étaient de 2,7 milliards de dollars avec une perte nette de 36,9 millions de dollars.
Les points saillants incluent :
- Les revenus de services ont augmenté de 14,5 % pour l'année fiscale FY2025
- La marge brute a diminué à 6,7 % contre 16,6 % d'une année sur l'autre
- L'inventaire a été réduit à 1,1 milliard de dollars au 31 janvier 2025
- La direction s'attend à ce que la demande d'équipements agricoles de grande taille en Amérique du Nord diminue d'environ 30 % d'une année sur l'autre en FY2026
Titan Machinery (TITN) hat die finanziellen Ergebnisse für das 4. Quartal und das gesamte Geschäftsjahr FY2025 veröffentlicht. Das Unternehmen erzielte eine signifikante Reduzierung des Inventars um 304 Millionen Dollar im 4. Quartal, was seit dem Höchststand im 2. Quartal insgesamt 419 Millionen Dollar ausmacht. Dies führte jedoch zu gesunkenen Margen bei den Geräten und einer schwächeren finanziellen Leistung.
Die Einnahmen im 4. Quartal betrugen 759,9 Millionen Dollar, ein Rückgang von 852,1 Millionen Dollar im Jahresvergleich. Das Unternehmen meldete im 4. Quartal einen Nettoverlust von 43,8 Millionen Dollar (1,93 Dollar Verlust pro Aktie), verglichen mit einem Nettogewinn von 24,0 Millionen Dollar (1,05 Dollar EPS) im Vorjahr. Die Gesamteinnahmen für das Geschäftsjahr FY2025 beliefen sich auf 2,7 Milliarden Dollar mit einem Nettoverlust von 36,9 Millionen Dollar.
Bemerkenswerte Highlights sind:
- Die Serviceeinnahmen wuchsen im gesamten Geschäftsjahr FY2025 um 14,5%
- Die Bruttomarge sank im Jahresvergleich von 16,6% auf 6,7%
- Das Inventar wurde zum 31. Januar 2025 auf 1,1 Milliarden Dollar reduziert
- Das Management erwartet, dass die Nachfrage nach großen landwirtschaftlichen Geräten in Nordamerika im Geschäftsjahr FY2026 um etwa 30% im Jahresvergleich zurückgehen wird
- Service revenue grew 14.5% for full year FY2025
- Successful inventory reduction of $419 million since Q2 peak
- Net cash provided by operating activities improved to $70.3 million from -$32.3 million year-over-year
- Q4 net loss of $43.8 million compared to $24.0 million profit year-over-year
- Full year FY2025 net loss of $36.9 million versus $112.4 million profit previous year
- Gross profit margin declined to 6.7% from 16.6% year-over-year
- Revenue decreased to $759.9 million from $852.1 million in Q4
- Expected 30% decline in North American large agriculture equipment demand for FY2026
- Floorplan interest expense increased to $13.1 million from $9.3 million year-over-year
Insights
Titan Machinery's Q4 FY2025 results reveal a company navigating significant headwinds in the agricultural equipment sector. The $43.8 million net loss ($1.93 per share) represents a substantial deterioration from the $24.0 million profit in the prior-year period. Most concerning is the severe compression in gross margins from 16.6% to just 6.7%, reflecting aggressive inventory liquidation tactics.
While management successfully reduced inventory by $304 million in Q4 (bringing total reduction to $419 million since Q2 peak), this came at a significant cost to profitability. Revenue declined 10.8% year-over-year to $759.9 million, with equipment sales dropping 12.9%.
The financial strain is evident in the full-year numbers as well, with Titan shifting from $112.4 million in profit for FY2024 to a $36.9 million loss in FY2025. Interest expenses increased 40.9% to $13.1 million in Q4, though they decreased sequentially as inventory levels fell.
The bright spot is service revenue growth of 14.5% for the full year, highlighting Titan's focus on its customer care strategy. However, management's 2026 outlook is concerning, projecting a 30% decline in North American large agriculture equipment demand and continued margin pressure from ongoing inventory reduction efforts.
Titan's aggressive inventory management should improve its financial flexibility, but investors should expect continued earnings pressure throughout FY2026 before potentially returning to normalized profitability in FY2027.
Titan's results reflect broader structural challenges in the agricultural equipment market. The company's proactive inventory reduction strategy—while painful now—is a necessary adaptation to the current downcycle in farm equipment demand. Two primary macroeconomic factors are driving this industry contraction: declining net farm income and sustained high interest rates, both explicitly mentioned as causes for softening demand.
The agriculture segment performance is particularly alarming, swinging from $28.8 million pre-tax income to a $55.3 million pre-tax loss year-over-year, with revenues falling from $620.6 million to $534.7 million. This 15.5% same-store sales decrease in the ag segment exceeds the construction segment's more modest 5.5% decline, emphasizing the disproportionate stress in the farm equipment market.
Management's projection of a 30% year-over-year decline in North American large agriculture equipment for fiscal 2026 aligns with industry forecasts and signals we haven't yet reached the bottom of this cycle. This downturn follows several years of elevated equipment purchases during a period of strong farm income.
The inventory reduction strategy demonstrates management's recognition that this isn't a short-term fluctuation but a more sustained pullback requiring significant operational adjustments. Titan is essentially sacrificing near-term profitability to right-size operations for what appears to be an extended period of subdued demand, with normalization not expected until fiscal 2027. This reset phase will likely impact all major agriculture equipment dealers as the industry adjusts to lower replacement demand cycles and stricter farm capital expenditure environments.
- Achieved Approximately
- Service Revenue Increased
- Provides Fiscal 2026 Modeling Assumptions -
WEST FARGO, N.D., March 20, 2025 (GLOBE NEWSWIRE) -- 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, 2025.
"Our fiscal fourth quarter results reflect a significant step forward in the execution of our inventory reduction initiative, particularly in our domestic Agriculture segment. We reduced inventory by approximately
Mr. Knutson continued, "I'm incredibly proud of the entire Titan team for their focus on this initiative, which required coordination across all facets of our business, while not losing sight of our broader initiatives surrounding our customer care strategy, which delivered strong service revenue growth of
Fiscal 2025 Fourth Quarter Results
Consolidated Results
For the fourth quarter of fiscal 2025, revenue was
Gross profit for the fourth quarter of fiscal 2025 was
Operating expenses were
Floorplan interest expense and other interest expense was
In the fourth quarter of fiscal 2025, net loss was
Adjusted EBITDA in the fourth quarter of fiscal 2025 was negative
Segment Results
Agriculture Segment - Revenue for the fourth quarter of fiscal 2025 was
Construction Segment - Revenue for the fourth quarter of fiscal 2025 was
Europe Segment - Revenue for the fourth quarter of fiscal 2025 was
Australia Segment - Revenue for the fourth quarter of fiscal 2025 was
Fiscal 2025 Full Year Results
Revenue was
Balance Sheet and Cash Flow
Cash at the end of the fourth quarter of fiscal 2025 was
For the fiscal year ended January 31, 2025, the Company’s net cash provided by operating activities was
Additional Management Commentary
Mr. Knutson concluded, "We are introducing modeling assumptions for fiscal 2026 that are consistent with industry forecasts which are suggesting that demand for North American large agriculture equipment will be down approximately
2026 Modeling Assumptions
The following are the Company's current expectations for fiscal 2026 modeling assumptions.
| Current Assumptions | |
| Segment Revenue | |
| Agriculture | Down |
| Construction | Down |
| Europe | Flat - Up |
| Australia | Down |
| Adjusted Diluted Loss Per Share | ( |
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). 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 3, 2025, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations, and entering confirmation code 13751822.
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 Measures
Within this release, the Company refers to certain adjusted financial measures, which have directly comparable GAAP financial measures as identified in this release. The Company believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating current period performance and in assessing future performance. For these reasons, internal management reporting also includes non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for, the GAAP financial measures presented in this release and the Company's financial statements and other publicly filed reports. Non-GAAP financial measures presented in this release may not be comparable to similarly titled measures used by other companies. Investors are encouraged to review the reconciliations of adjusted financial measures used in this release to their most directly comparable GAAP financial measures. These reconciliations are attached to this release. The tables included in the Non-GAAP Reconciliations section reconcile adjusted net income (loss), EBITDA and adjusted EBITDA, adjusted diluted earnings (loss) per share, and adjusted income (loss) before income taxes (all non-GAAP financial measures) for the periods presented, to their respective most directly comparable GAAP financial measures.
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 in 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. The international network includes European stores located in Bulgaria, Germany, Romania, and Ukraine and Australian stores located in New South Wales, South Australia, and Victoria in Southeastern Australia. Our stores offer 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 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. 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 modeling assumptions and expected results of operations for the fiscal year ending January 31, 2026, statements regarding the Company's ability to reduce inventory levels and enhance profitability, and may include statements regarding Agriculture, Construction, Europe and Australia segment initiatives and improvements, segment revenue realization, growth and profitability expectations, inventory availability and customer demand 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. These 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 operations, 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 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 manage inventory levels, weather conditions, disruption in receiving sufficient inventory financing, and increased competition in the geographic areas served. These and other risks are described in Titan's filings with the Securities and Exchange Commission. 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 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.com
Managing Director
646-277-1263
| TITAN MACHINERY INC. | ||||||
| Consolidated Condensed Balance Sheets | ||||||
| (in thousands) | ||||||
| (Unaudited) | ||||||
| January 31, 2025 | January 31, 2024 | |||||
| Assets | ||||||
| Current Assets | ||||||
| Cash | $ | 35,898 | $ | 38,066 | ||
| Receivables, net of allowance for expected credit losses | 119,814 | 153,657 | ||||
| Inventories | 1,108,672 | 1,303,030 | ||||
| Prepaid expenses and other | 28,244 | 24,262 | ||||
| Total current assets | 1,292,628 | 1,519,015 | ||||
| Noncurrent Assets | ||||||
| Property and equipment, net of accumulated depreciation | 379,690 | 298,774 | ||||
| Operating lease assets | 27,935 | 54,699 | ||||
| Deferred income taxes | 2,552 | 529 | ||||
| Goodwill | 61,246 | 64,105 | ||||
| Intangible assets, net of accumulated amortization | 48,306 | 53,356 | ||||
| Other | 1,581 | 1,783 | ||||
| Total noncurrent assets | 521,310 | 473,246 | ||||
| Total Assets | $ | 1,813,938 | $ | 1,992,261 | ||
| Liabilities and Stockholders' Equity | ||||||
| Current Liabilities | ||||||
| Accounts payable | $ | 37,166 | $ | 43,846 | ||
| Floorplan payable | 755,698 | 893,846 | ||||
| Current maturities of long-term debt | 10,920 | 13,706 | ||||
| Current maturities of operating leases | 5,747 | 10,751 | ||||
| Deferred revenue | 91,933 | 115,852 | ||||
| Accrued expenses and other | 59,492 | 74,400 | ||||
| Total current liabilities | 960,956 | 1,152,401 | ||||
| Long-Term Liabilities | ||||||
| Long-term debt, less current maturities | 157,767 | 106,407 | ||||
| Operating lease liabilities | 25,588 | 50,964 | ||||
| Deferred income taxes | 8,818 | 22,607 | ||||
| Other long-term liabilities | 46,732 | 2,240 | ||||
| Total long-term liabilities | 238,905 | 182,218 | ||||
| Stockholders' Equity | ||||||
| Common stock | — | — | ||||
| Additional paid-in-capital | 262,097 | 258,657 | ||||
| Retained earnings | 360,314 | 397,225 | ||||
| Accumulated other comprehensive income (loss) | (8,334 | ) | 1,760 | |||
| Total stockholders' equity | 614,077 | 657,642 | ||||
| Total Liabilities and Stockholders' Equity | $ | 1,813,938 | $ | 1,992,261 | ||
| TITAN MACHINERY INC. | |||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Equipment | $ | 621,829 | $ | 714,044 | $ | 2,050,298 | $ | 2,145,316 | |||||||
| Parts | 89,339 | 90,763 | 428,457 | 410,841 | |||||||||||
| Service | 36,639 | 35,137 | 180,107 | 157,315 | |||||||||||
| Rental and other | 12,114 | 12,188 | 43,260 | 44,973 | |||||||||||
| Total Revenue | 759,921 | 852,132 | 2,702,122 | 2,758,445 | |||||||||||
| Cost of Revenue | |||||||||||||||
| Equipment | 619,981 | 626,898 | 1,912,803 | 1,864,558 | |||||||||||
| Parts | 63,302 | 63,146 | 294,233 | 279,921 | |||||||||||
| Service | 16,070 | 12,971 | 66,823 | 53,981 | |||||||||||
| Rental and other | 9,565 | 8,082 | 32,633 | 28,631 | |||||||||||
| Total Cost of Revenue | 708,918 | 711,097 | 2,306,492 | 2,227,091 | |||||||||||
| Gross Profit | 51,003 | 141,035 | 395,630 | 531,354 | |||||||||||
| Operating Expenses | 96,693 | 100,328 | 389,780 | 362,509 | |||||||||||
| Impairment of Goodwill | — | — | 531 | — | |||||||||||
| Impairment of Intangible and Long-Lived Assets | 105 | — | 1,311 | — | |||||||||||
| (Loss) Income from Operations | (45,795 | ) | 40,707 | 4,008 | 168,845 | ||||||||||
| Other Income (Expense) | |||||||||||||||
| Interest and other income (expense) | 62 | 2,173 | (4,178 | ) | 3,300 | ||||||||||
| Floorplan interest expense | (8,435 | ) | (6,028 | ) | (34,710 | ) | (13,802 | ) | |||||||
| Other interest expense | (4,626 | ) | (3,294 | ) | (15,105 | ) | (7,303 | ) | |||||||
| (Loss) Income Before Income Taxes | (58,794 | ) | 33,558 | (49,985 | ) | 151,040 | |||||||||
| (Benefit from) Provision for Income Taxes | (15,033 | ) | 9,595 | (13,074 | ) | 38,599 | |||||||||
| Net (Loss) Income | $ | (43,761 | ) | $ | 23,963 | $ | (36,911 | ) | $ | 112,441 | |||||
| Diluted (Loss) Earnings per Share | $ | 1.93 | $ | 1.05 | $ | (1.63 | ) | $ | 4.93 | ||||||
| Diluted Weighted Average Common Shares | 22,632 | 22,517 | 22,606 | 22,499 | |||||||||||
| TITAN MACHINERY INC. | |||||||
| Consolidated Condensed Statements of Cash Flows | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| Year Ended January 31, | |||||||
| 2025 | 2024 | ||||||
| Operating Activities | |||||||
| Net (loss) income | $ | (36,911 | ) | $ | 112,441 | ||
| Adjustments to reconcile net (loss) income to net cash provided by (used for) operating activities | |||||||
| Depreciation and amortization | 38,601 | 31,479 | |||||
| Impairment | 1,842 | — | |||||
| Other, net | 7,256 | 12,941 | |||||
| Changes in assets and liabilities, net of effects of acquisitions | |||||||
| Inventories | 166,182 | (476,389 | ) | ||||
| Manufacturer floorplan payable | (82,724 | ) | 368,111 | ||||
| Other working capital | (23,955 | ) | (80,863 | ) | |||
| Net Cash Provided by (Used for) Operating Activities | 70,291 | (32,280 | ) | ||||
| Investing Activities | |||||||
| Property and equipment purchases | (51,845 | ) | (62,361 | ) | |||
| Proceeds from sale of property and equipment | 4,160 | 7,134 | |||||
| Acquisition consideration, net of cash acquired | (260 | ) | (107,548 | ) | |||
| Other, net | 199 | (597 | ) | ||||
| Net Cash Used for Investing Activities | (47,746 | ) | (163,372 | ) | |||
| Financing Activities | |||||||
| Net change in non-manufacturer floorplan payable | (37,694 | ) | 183,148 | ||||
| Net proceeds from long-term debt | 18,792 | 6,554 | |||||
| Other, net | (4,717 | ) | (1,125 | ) | |||
| Net Cash (Used for) Provided by Financing Activities | (23,619 | ) | 188,577 | ||||
| Effect of Exchange Rate Changes on Cash | (1,094 | ) | 1,228 | ||||
| Net Change in Cash | (2,168 | ) | (5,847 | ) | |||
| Cash at Beginning of Period | 38,066 | 43,913 | |||||
| Cash at End of Period | $ | 35,898 | $ | 38,066 | |||
| TITAN MACHINERY INC. | |||||||||||||||||||||
| Segment Results | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Three Months Ended January 31, | Twelve Months Ended January 31, | ||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Revenue | |||||||||||||||||||||
| Agriculture | $ | 534,687 | $ | 620,593 | (13.8 | )% | $ | 1,888,428 | $ | 2,044,263 | (7.6 | )% | |||||||||
| Construction | 94,603 | 100,095 | (5.5 | )% | 331,574 | 332,463 | (0.3 | )% | |||||||||||||
| Europe | 65,368 | 61,635 | 6.1 | % | 261,005 | 311,910 | (16.3 | )% | |||||||||||||
| Australia | 65,263 | 69,809 | (6.5 | )% | 221,115 | 69,809 | N/M | ||||||||||||||
| Total | $ | 759,921 | $ | 852,132 | (10.8 | )% | $ | 2,702,122 | $ | 2,758,445 | (2.0 | )% | |||||||||
| Income (Loss) Before Income Taxes | |||||||||||||||||||||
| Agriculture | $ | (55,329 | ) | $ | 28,761 | N/M | $ | (39,773 | ) | $ | 121,072 | N/M | |||||||||
| Construction | (1,085 | ) | 4,599 | N/M | (6,652 | ) | 18,346 | N/M | |||||||||||||
| Europe | (1,779 | ) | (610 | ) | (191.6 | )% | (3,893 | ) | 16,487 | N/M | |||||||||||
| Australia | 2,311 | 4,115 | (43.8 | )% | 2,889 | 4,115 | N/M | ||||||||||||||
| Segment (loss) income before income taxes | (55,882 | ) | 36,865 | N/M | (47,429 | ) | 160,020 | (129.6 | )% | ||||||||||||
| Shared Resources | (2,912 | ) | (3,307 | ) | (11.9 | )% | (2,556 | ) | (8,980 | ) | (71.5 | )% | |||||||||
| Total | $ | (58,794 | ) | $ | 33,558 | N/M | $ | (49,985 | ) | $ | 151,040 | (133.1 | )% | ||||||||
| *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, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Adjusted Net (Loss) Income | |||||||||||||
| Net (Loss) Income | $ | (43,761 | ) | $ | 23,963 | $ | (36,911 | ) | $ | 112,441 | |||
| Adjustments | |||||||||||||
| Impact of sale-leaseback financing expense (1) | (1,509 | ) | — | 9,650 | — | ||||||||
| Total Pre-Tax Adjustments | (1,509 | ) | — | 9,650 | — | ||||||||
| Tax Effect of Adjustments (2) | 385 | — | (2,460 | ) | — | ||||||||
| Total Adjustments | (1,124 | ) | — | 7,190 | — | ||||||||
| Adjusted Net (Loss) Income | $ | (44,885 | ) | $ | 23,963 | $ | (29,721 | ) | $ | 112,441 | |||
| Adjusted Diluted (Loss) Earnings per Share | |||||||||||||
| Diluted (Loss) Earnings per Share | $ | 1.93 | $ | 1.05 | $ | (1.63 | ) | $ | 4.93 | ||||
| Adjustments | |||||||||||||
| Impact of sale-leaseback financing expense (1) | (0.07 | ) | — | 0.43 | — | ||||||||
| Total Pre-Tax Adjustments | (0.07 | ) | — | 0.43 | — | ||||||||
| Tax Effect of Adjustments (2) | 0.02 | — | (0.11 | ) | — | ||||||||
| Total Adjustments | (0.05 | ) | — | 0.32 | — | ||||||||
| Adjusted Diluted (Loss) Earnings per Share | $ | 1.88 | $ | 1.05 | $ | (1.31 | ) | $ | 4.93 | ||||
| Adjusted (Loss) Income Before Income Taxes | |||||||||||||
| (Loss) Income Before Income Taxes | $ | (58,794 | ) | $ | 33,558 | $ | (49,985 | ) | $ | 151,040 | |||
| Adjustments | |||||||||||||
| Impact of sale-leaseback financing expense (1) | (1,509 | ) | — | 9,650 | — | ||||||||
| Total Adjustments | (1,509 | ) | — | 9,650 | — | ||||||||
| Adjusted (Loss) Income Before Income Taxes | $ | (60,303 | ) | $ | 33,558 | $ | (40,335 | ) | $ | 151,040 | |||
| EBITDA | |||||||||||||
| Net (Loss) Income | $ | (43,761 | ) | $ | 23,963 | $ | (36,911 | ) | $ | 112,441 | |||
| Adjustments | |||||||||||||
| Interest expense, net of interest income (3) | 4,369 | 3,104 | 14,489 | 6,759 | |||||||||
| (Benefit from) Provision for Income Taxes | (15,033 | ) | 9,595 | (13,074 | ) | 38,599 | |||||||
| Depreciation and amortization | 9,914 | 8,608 | 38,601 | 31,479 | |||||||||
| EBITDA | $ | (44,511 | ) | $ | 45,270 | $ | 3,105 | $ | 189,278 | ||||
| Adjustments | |||||||||||||
| Impact of sale-leaseback financing expense (1) | (1,509 | ) | — | 9,650 | — | ||||||||
| Total Adjustments | (1,509 | ) | — | 9,650 | — | ||||||||
| Adjusted EBITDA | $ | (46,020 | ) | $ | 45,270 | $ | 12,755 | $ | 189,278 | ||||
| (1) Accounting impact of a non-cash, sale-leaseback financing expense related to the Company's umbrella purchase for 13 of its leased facilities in fiscal year 2025. | |||||||||||||
| (2) The tax effect of U.S. related adjustments was calculated using a | |||||||||||||
| (3) The interest expense add back excludes floorplan interest expense, which was | |||||||||||||
FAQ
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