Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
MARKET INFORMATION
Our common stock is listed for trading on the Nasdaq Stock Market and trades under the symbol "TITN". As of March 22, 2021, there were approximately 646 record holders of our common stock, which excludes holders whose stock is held either in nominee name or street name brokerage accounts.
DIVIDENDS
We have not historically paid any dividends on our common stock. Payment of future cash dividends, if any, will be at the discretion of our board of directors after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs, outstanding indebtedness and plans for expansion and restrictions imposed by lenders, if any.
UNREGISTERED SALES OF EQUITY SECURITIES
We did not have any unregistered sales of equity securities during the fiscal quarter ended January 31, 2021.
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
For information on securities authorized for issuance under our equity compensation plans, refer to Item 12, "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters."
REPURCHASES
We did not engage in any repurchases of our common stock during the fiscal quarter ended January 31, 2021.
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STOCK PERFORMANCE GRAPH
The following graph compares the cumulative total return for the last trading day of our last five fiscal years on a $100 investment (assuming dividend reinvestment) on January 31, 2016, the last trading day before our fifth preceding fiscal year, in each of our common stock, the Russell 2000 Stock Index and the S&P Retailing Group Index.
January 31,
2016 2017 2018 2019 2020 2021
Titan Machinery Inc. $ 100.00 $ 97.74 $ 152.09 $ 132.63 $ 86.41 $ 250.88
Russell 2000 Index 100.00 116.86 135.15 129.01 138.71 204.70
S&P 500 Retail Index 100.00 135.00 194.19 203.54 243.26 295.76
ITEM 6. SELECTED FINANCIAL DATA
The data given below, excluding the store count data, as of and for each of the five years in the period ended January 31, 2021, has been derived from our audited consolidated financial statements. In order to understand the effect of accounting policies and material uncertainties that could affect our presentation of financial information, this data should be read in conjunction with our Consolidated Financial Statements and Notes thereto included under Item 8 to this Form 10-K and in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operation included under Item 7 of this Form 10-K.
The change in store count, resulting from acquisitions, new store openings, or store closings, has an impact on the comparability of our statement of operations and balance sheet information. The table below summarizes the net change in our store count and ending store count for each fiscal year presented.
Year Ended January 31,
2021 2020 2019 2018 2017
Store Count Data
Net change in store count during fiscal year 2 3 7 (12) 1
Store count at end of fiscal year 109 107 104 97 109
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Year Ended January 31,
2021 2020 2019 2018 2017
(in thousands, except per share data)
Statement of Operations Data:
Revenue
Equipment $ 1,016,071 $ 917,202 $ 909,178 $ 844,768 $ 838,037
Parts 244,676 234,217 210,796 203,231 214,103
Service 107,229 99,165 86,840 88,794 94,408
Rental and other 43,246 54,587 54,691 55,813 55,149
Total Revenue 1,411,222 1,305,171 1,261,505 1,192,606 1,201,697
Cost of Revenue
Equipment 911,170 818,707 812,467 764,649 769,924
Parts 171,873 165,190 149,615 143,729 149,212
Service 36,692 33,446 29,036 30,679 31,490
Rental and other 30,125 37,010 38,799 38,249 37,342
Total Cost of Revenue 1,149,860 1,054,353 1,029,917 977,306 987,968
Gross Profit 261,362 250,818 231,588 215,300 213,729
Operating Expenses 220,774 225,722 201,537 203,203 211,372
Impairments and Restructuring Costs 3,180 3,764 2,570 11,172 4,729
Income (Loss) from Operations 37,408 21,332 27,481 925 (2,372)
Other Income (Expense)
Interest and other income (expense) 527 3,126 2,547 1,635 1,524
Interest expense (7,182) (9,806) (13,874) (16,999) (21,865)
Income (Loss) Before Income Taxes 30,753 14,652 16,154 (14,439) (22,713)
Provision for (Benefit from) Income Taxes 11,397 699 3,972 (7,390) (8,178)
Net Income (Loss) Including Noncontrolling Interest
19,356 13,953 12,182 (7,049) (14,535)
Less: Loss Attributable to Noncontrolling Interest — — — — (356)
Net Income (Loss) Attributable to Titan Machinery Inc. $ 19,356 $ 13,953 $ 12,182 $ (7,049) $ (14,179)
Earnings (Loss) per Share:
Basic $ 0.86 $ 0.63 $ 0.55 $ (0.32) $ (0.65)
Diluted $ 0.86 $ 0.63 $ 0.55 $ (0.32) $ (0.65)
Weighted Average Shares Outstanding:
Basic 22,100 21,946 21,809 21,543 21,294
Diluted 22,104 21,953 21,816 21,543 21,294
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January 31,
2021 2020 2019 2018 2017
(in thousands)
Balance Sheet Data:
Cash $ 78,990 $ 43,721 $ 56,745 $ 53,396 $ 53,151
Receivables, net 69,109 72,776 77,500 60,672 60,082
Inventories 418,458 597,394 491,091 472,467 478,266
Prepaid expenses and other 13,677 13,655 15,556 12,440 10,989
Income taxes receivable — — — 171 5,380
Total current assets 580,234 727,546 640,892 599,146 607,868
Goodwill and intangibles, net 9,218 10,694 8,408 5,193 5,001
Property and equipment, net of accumulated depreciation 147,165 145,562 138,950 151,047 156,647
Operating lease assets 74,445 88,281 — — —
Deferred income taxes 3,637 2,147 3,010 3,472 547
Other assets 1,090 1,113 1,178 1,450 1,359
Total Assets $ 815,789 $ 975,343 $ 792,438 $ 760,308 $ 771,422
Accounts payable $ 20,045 $ 16,976 $ 16,607 $ 15,136 $ 17,326
Floorplan payable (1) 161,835 371,772 273,756 247,392 233,228
Senior convertible notes — — 45,249 — —
Current maturities of long-term debt (2) 4,591 13,779 2,067 1,574 1,373
Current operating lease liabilities 11,772 12,259 — — —
Deferred revenue 59,418 40,968 46,409 32,324 26,366
Accrued expenses and other (2) 59,839 38,409 36,364 31,863 30,533
Total current liabilities 317,500 494,163 420,452 328,289 308,826
Senior convertible notes — — — 62,819 88,501
Long-term debt, less current maturities (2) 44,906 37,789 20,676 34,578 38,236
Operating lease liabilities 73,567 88,387 — — —
Deferred income taxes — 2,055 4,955 2,275 9,500
Other long-term liabilities (2) 8,535 7,845 11,044 10,492 5,180
Total stockholders' equity 371,281 345,104 335,311 321,855 321,179
Total Liabilities and Stockholders' Equity $ 815,789 $ 975,343 $ 792,438 $ 760,308 $ 771,422
(1) Portion of floorplan payable balance which is interest-bearing as of January 31 of the relevant year 39 % 45 % 45 % 47 % 72 %
(2) Amounts as of, and prior to January 31, 2018, do not include the reclassification of finance leases from current maturities of long-term debt to accrued expenses and other, as well as, long-term debt, less current maturities to other long-term liabilities.
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