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Titan Machinery Inc. (TITN) SEC Filing 10-K Annual Report for the fiscal year ending Monday, January 31, 2022

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Titan Machinery Inc.

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CIK: 1409171 Ticker: TITN

Titan Machinery Inc. Announces Results for
Fiscal Fourth Quarter and Full Year Ended January 31, 2022

- Revenue for Fiscal 2022 Increased 21.3% to $1.7 billion -
- Record Fiscal 2022 GAAP EPS of $2.92 and Adjusted EPS of $2.98, an increase of 239.5% and 173.4%, respectively -

West Fargo, ND – March 24, 2022 – 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, 2022.
David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, "Fiscal 2022 was an exceptional year for Titan Machinery where we delivered record earnings through sound management of our dealership network. This was the product of a tremendous effort by our team, whose unwavering focus provided the fuel to generate these record results. At the segment level, all of our businesses demonstrated significant operating leverage and pre-tax margin expansion, driven by the combination of healthy revenue growth and sound operational execution. The resultant growth of our cash flows and strong balance sheet has provided us with greater flexibility to engage in accretive acquisitions such as the recently closed Jaycox acquisition and the anticipated closing of Mark's Machinery in April 2022. I'm proud of our growing team, their resolve through an extremely fluid operating environment, their commitment to serving our customers, and I look forward to building on our momentum in fiscal 2023."
Fiscal 2022 Fourth Quarter Results
Consolidated Results
For the fourth quarter of fiscal 2022, revenue was $507.6 million, compared to revenue of $436.7 million in the fourth quarter last year. Equipment revenue was $413.2 million for the fourth quarter of fiscal 2022, compared to $354.0 million in the fourth quarter last year. Parts revenue was $58.5 million for the fourth quarter of fiscal 2022, compared to $49.8 million in the fourth quarter last year. Revenue generated from service was $26.2 million for the fourth quarter of fiscal 2022, compared to $22.9 million in the fourth quarter last year. Revenue from rental and other was $9.8 million for the fourth quarter of fiscal 2022, compared to $9.9 million in the fourth quarter last year.
Gross profit for the fourth quarter of fiscal 2022 increased to $94.2 million compared to $67.7 million in the fourth quarter last year. The Company's gross profit margin increased to 18.6% in the fourth quarter of fiscal 2022, compared to 15.5% in the fourth quarter last year. The stronger current quarter gross profit margin was primarily due to robust equipment margins, which were enhanced by increased amounts earned from manufacturer incentives.
Operating expenses were $64.6 million for the fourth quarter of fiscal 2022, compared to $60.5 million in the fourth quarter last year. Operating expenses as a percentage of revenue improved 120 basis points to 12.7% for the fourth quarter of fiscal 2022, compared to 13.9% of revenue in the prior year period, and benefited from the recognition of a $5.7 million pre-tax gain on the sale of the Company's Montana and Wyoming construction equipment store locations.
Floorplan and other interest expense was $1.4 million for the fourth quarter of fiscal 2022, compared to $1.5 million for the same period last year.

1

The following information was filed by Titan Machinery Inc. (TITN) on Thursday, March 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Titan Machinery Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Auditor Information
Cover
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Business Activity And Significant Accounting Policies
Business Activity And Significant Accounting Policies (Details)
Business Activity And Significant Accounting Policies (Details)
Business Activity And Significant Accounting Policies (Details)
Business Activity And Significant Accounting Policies (Details)
Business Activity And Significant Accounting Policies (Details)
Business Activity And Significant Accounting Policies (Policies)
Business Activity And Significant Accounting Policies (Tables)
Business Combinations
Business Combinations (Details)
Business Combinations (Tables)
Capital Structure
Capital Structure (Details)
Commitments And Contingencies
Derivative Instruments
Derivative Instruments (Details)
Derivative Instruments (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments Assets And Liabilities Measured On A Nonrecurring Basis (Details 2)
Fair Value Of Financial Instruments Tables (Tables)
Floorplan Payable/Lines Of Credit
Floorplan Payable/Lines Of Credit (Details)
Floorplan Payable/Lines Of Credit (Tables)
Income Taxes
Income Taxes (Details 2)
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes Schedule Of Provision (Details)
Income Taxes Schedule Of Reconciliation Of Liability For Unrecognized Tax Benefits (Details)
Income Taxes Schedule Of Tax Rate (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Goodwill Rollforward (Details 4)
Intangible Assets And Goodwill - Schedule Of Definite-Lived Intangible Assets (Details)
Intangible Assets And Goodwill - Schedule Of Indefinite-Lived Intangible Assets (Details 3)
Intangible Assets And Goodwill - Schedule Of Intangible Assets Future Amortization Expenses (Details 2)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Details)
Leases (Tables)
Leases Lease Cash Flows (Details)
Leases Lease Expense (Details)
Leases Maturities Of Lease Liabilities (Details)
Leases Rou Assets And Lease Liabilities (Details)
Leases Weighted Average Lease Terms (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Long-Term Debt - Maturities (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Receivables
Receivables (Details)
Receivables (Details)
Receivables (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue Deferred Revenue (Details)
Schedule Ii-Valuation And Qualifying Accounts And Reserves
Schedule Ii-Valuation And Qualifying Accounts And Reserves (Details)
Segment Information - Narrative (Details)
Segment Information And Operating Results
Segment Information And Operating Results (Details)
Segment Information And Operating Results (Details)
Segment Information And Operating Results (Details)
Segment Information And Operating Results (Tables)
Stock-Based Compensation
Stock-Based Compensation (Details 2)
Stock-Based Compensation (Details 3)
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Subsequent Events
Ticker: TITN
CIK: 1409171
Form Type: 10-K Annual Report
Accession Number: 0001409171-22-000020
Submitted to the SEC: Thu Mar 31 2022 5:49:48 PM EST
Accepted by the SEC: Fri Apr 01 2022
Period: Monday, January 31, 2022
Industry: Retail Stores

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