What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-04-01 compared with 2021-03-31 · 2 added, 77 removed, 18 unchanged (81% of the section changed)

10 unchanged sentences

We did not engage in any repurchases of our common stock during the fiscal quarter ended January 31, 2022.

Table of Content

STOCK PERFORMANCE GRAPH

5 unchanged sentences

S&P 500 Retail Index 100.00 143.84 150.77 180.19 253.16 275.65

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

Year Ended January 31,

2021 2020 2019 2018 2017

(in thousands, except per share data)

Statement of Operations Data:

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)

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

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.

Table of Content

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity