Titan Machinery Financials

$330.3 M

Revenue Q3, 2018

$463.2 M

Mkt cap, 18-Apr-2018
Gross profit (Q3, 2018)61.5 M
Gross profit margin (Q3, 2018), %18.6%
EBIT (Q3, 2018)8.5 M
Cash, 31-Oct-201743.9 M
EV420.8 M

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

2.2 b1.9 b1.4 b1.2 b

Revenue growth, %

(15%)(28%)(11%)

Cost of goods sold

1.9 b1.6 b1.2 b999.4 m

Gross profit

348.1 m308.4 m205.9 m213.7 m

Gross profit Margin, %

16%16%15%18%

EBIT

46.9 m723 k(23.1 m)(2.4 m)

EBIT margin, %

2%0%(2%)0%

Pre tax profit

18.4 m(38.3 m)(56.2 m)(22.7 m)

Income tax expense

(10.3 m)(4.9 m)(18 m)

Net Income

8.1 m(33.4 m)(38.2 m)

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

588 m465.5 m451 m493.1 m353.2 m334.2 m345 m284.9 m278.3 m332.3 m264.1 m268.9 m330.3 m

Cost of goods sold

494.4 m389.5 m371.3 m408.5 m292.8 m272.1 m277.8 m231.3 m225.4 m273.8 m215.2 m216.1 m268.9 m

Gross profit

93.6 m75.9 m79.7 m84.7 m60.4 m62.1 m67.1 m53.5 m52.9 m58.4 m48.9 m52.8 m61.5 m

Gross profit Margin, %

16%16%18%17%17%19%19%19%19%18%19%20%19%

EBIT

18.6 m2 m11.7 m15.2 m1.7 m6.8 m13.6 m(1.2 m)1.4 m5 m(5.4 m)(3.3 m)8.5 m

EBIT margin, %

3%0%3%3%0%2%4%0%1%2%(2%)(1%)3%

Pre tax profit

10.1 m(6.3 m)1.8 m5.7 m(8.8 m)(479 k)5.7 m(5.8 m)(4.5 m)56 k(9.4 m)(7.2 m)4.9 m

Income tax expense

(4.3 m)(2.6 m)(3.4 m)(649 k)2.2 m(1.9 m)(1.8 m)(208 k)2.5 m

Balance Sheet

Annual

USDFY, 2012FY, 2014FY, 2015FY, 2016FY, 2017

Cash

74.2 m127.5 m89.5 m53.2 m

Accounts Receivable

101.9 m

Inventories

879.4 m1.1 b689.5 m478.3 m

Current Assets

1.3 b1.1 b858.2 m607.9 m

PP&E

228 m208.7 m183.2 m156.6 m

Goodwill

24.8 m

Total Assets

1.6 b1.3 b1 b771.4 m

Accounts Payable

17.7 m23.7 m16.9 m17.3 m

Current Liabilities

875 m729.6 m523.4 m308.8 m

Non-Current Liabilities

278.3 m241.8 m186.1 m141.4 m

Total Liabilities

1.2 b971.4 m709.5 m450.2 m

Additional Paid-in Capital

238.9 m240.2 m242.5 m240.6 m

Retained Earnings

169.6 m137.4 m99.5 m85.3 m

Total Equity

411.3 m378.4 m338.3 m321.2 m

Financial Leverage

3.8 x3.6 x3.1 x2.4 x

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

113.4 m82 m89.7 m110.2 m104.4 m95.4 m78.4 m63.8 m51.1 m52.4 m56.2 m57.5 m43.9 m

Inventories

1.2 b1.1 b1.1 b1.1 b880.1 m877.8 m813.8 m684.8 m682 m607.6 m484.1 m517.5 m529.8 m

Current Assets

1.4 b1.3 b1.3 b1.3 b1.1 b1.1 b1 b822.5 m803.7 m743.9 m616.5 m655.2 m655.7 m

PP&E

235.9 m231.8 m233.1 m216.9 m194.8 m186 m178.8 m177.1 m174.6 m170 m159.8 m160.6 m156.4 m

Goodwill

31 m24.8 m24.8 m24.7 m

Total Assets

1.7 b1.6 b1.6 b1.6 b1.3 b1.3 b1.2 b1 b984.8 m920.3 m782.9 m822.4 m818.3 m

Accounts Payable

34.3 m26.1 m23.2 m26.7 m17.5 m18.4 m23.2 m18.3 m16.3 m22.9 m20.1 m16.3 m19.6 m

Short-term debt

1.5 m

Current Liabilities

1.1 b940.7 m973 m884.8 m710 m692.4 m613.7 m522 m507.3 m462 m328.4 m375.5 m385.9 m

Non-Current Liabilities

267.1 m250.6 m247.4 m283 m221.6 m218.5 m206.1 m147.4 m147.8 m125.9 m137.2 m132.2 m113.2 m

Total Debt

1.5 m

Additional Paid-in Capital

238.3 m238.8 m239.4 m240.1 m240.5 m241.2 m242.1 m243.7 m240.7 m242 m242.9 m244.5 m245.1 m

Retained Earnings

170 m165.4 m162.4 m164.9 m131.1 m131.1 m134.6 m95.8 m93.3 m93.6 m78.2 m73 m75.4 m

Total Equity

410.2 m405.3 m404.6 m405 m366 m369.6 m373.8 m336.6 m329.8 m332.3 m317.3 m314.7 m319.2 m

Financial Leverage

4.2 x3.9 x4 x3.9 x3.5 x3.5 x3.2 x3 x3 x2.8 x2.5 x2.6 x2.6 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

8.1 m

Depreciation and Amortization

30.8 m31.8 m28.5 m26.9 m

Accounts Receivable

5.7 m

Inventories

(182.4 m)171.6 m197 m211.8 m

Accounts Payable

4 m

Cash From Operating Activities

(50.1 m)53.3 m(38.1 m)141 m

Cash From Investing Activities

(7.1 m)4.4 m(126 k)(9.1 m)

Long-term Borrowings

(134 m)(140.7 m)(116.9 m)(17.2 m)

Cash From Financing Activities

39.8 m9 m(269 m)(168 m)

Interest Paid

26.1 m30 m25.8 m20.8 m

Income Taxes Paid

15.7 m6.4 m7.3 m(13.1 m)

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

9.1 m(4.5 m)

Depreciation and Amortization

23.1 m6.7 m14.7 m23.9 m6.7 m13.8 m21.6 m6.2 m12.8 m19.9 m6.1 m12.3 m

Inventories

(287.4 m)(42 m)(68.3 m)(2.4 m)522 k8.9 m72.4 m9.4 m13.6 m91.2 m(3.8 m)(32 m)

Cash From Operating Activities

(107.4 m)(54.6 m)(79.4 m)(82.6 m)14.3 m185.6 m198.8 m(24.9 m)60.4 m74.4 m40.9 m66.9 m

Cash From Investing Activities

(11 m)(6.1 m)(6 m)2.5 m(1.5 m)(1.5 m)(360 k)(672 k)(7 m)(9.7 m)(15.4 m)

Long-term Borrowings

(49.5 m)(2.5 m)(5.6 m)(16.2 m)(5.7 m)(44.5 m)(101.5 m)(526 k)(1.3 m)(1.9 m)(2.3 m)(22.7 m)

Cash From Financing Activities

107.4 m68.4 m100.8 m116.6 m(35.3 m)(215.7 m)(246.9 m)(550 k)(95.4 m)(104.6 m)(28.2 m)(47.6 m)

Interest Paid

17 m5.5 m13.8 m21 m7.7 m13.4 m18.5 m4.7 m11.1 m15.5 m3.4 m7.2 m

Income Taxes Paid

9.1 m4 m3.7 m5.8 m4.1 m4.1 m5.3 m(3.3 m)(12.9 m)(12.9 m)3 k

Ratios

USDY, 2017

EV/EBIT

49.4 x

EV/CFO

6.3 x

Revenue/Employee

145.2 k

Financial Leverage

2.6 x
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