EX-99 2 q225earningsreleaseex99.htm EX-99 Document

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FOR IMMEDIATE RELEASE
Thursday, July 31, 2025
                                    


Titan International, Inc. Reports Second Quarter Financial Results

WEST CHICAGO, ILLINOIS, July 31, 2025 - Titan International, Inc. (NYSE: TWI) (“Titan” or the “Company”), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported financial results for the second quarter ended June 30, 2025.

Q2 2025 Key Figures
•Revenues of $461 million
•Gross margin of 15%
•Adjusted EBITDA of $30 million
•Free Cash Flow of $4 million

Paul Reitz, President and Chief Executive Officer commented, “Our One Titan team continued to execute, enabling the Company to report revenues and Adjusted EBITDA within our guidance range, as well as positive free cashflow for the quarter. Overall conditions in our end markets are currently defined primarily by the impact of higher interest rates and tariff uncertainty. On a longer-term basis, we are encouraged by the broad support the recently-passed legislation included for farmers.”

Mr. Reitz continued, "Among the highlights from our second quarter, we were able to maintain gross and EBITDA margins which continued to be meaningfully above where they were during the last cyclical trough. We also continued to focus on expanding our reach via our one-stop-shop strategy and our focus on innovation, and we expect those efforts to help drive growth when broad-based industry demand resumes. In the near term, we remain confident that wheel and tire inventories throughout the chain are reaching levels where the only path forward is up. We are well-positioned as a leader in our industry and fully expect to see improving financial results as macro tailwinds begin to emerge."

Company Outlook

David Martin, Chief Financial Officer added, “We expect third quarter sales to be between $450 million and $475 million with Adjusted EBITDA between $25 million and $30 million which are both improvements compared to the third quarter of 2024.”

Results of Operations

Net sales for the three months ended June 30, 2025 were $460.8 million, compared to $532.2 million in the comparable period of 2024. Net sales changes were primarily driven by reduced sales volumes, reflecting lower end-market demand in the global agricultural and construction equipment sectors. Additionally, the Titan Specialty business experienced a slowdown, that is believed to be temporary, due to the impact of tariffs. These factors were partially offset by favorable price and product mix, which reflected higher input costs, including raw materials. Foreign currency translation also had a negative impact on net sales, reducing reported results by approximately 0.4%.




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Gross profit for the three months ended June 30, 2025 was $69.3 million, or 15.0% of net sales, compared to $80.4 million, or 15.1% of net sales, for the three months ended June 30, 2024. The change in gross profit and gross margin were primarily attributable to lower sales volumes, which reduced fixed cost absorption across the Company’s manufacturing facilities in North America and Europe.

Selling, general and administrative expenses (SG&A) for the three months ended June 30, 2025 were $52.4 million, or 11.4% of net sales, compared to $51.6 million, or 9.7% of net sales, for the three months ended June 30, 2024. The increase in SG&A expenses was primarily driven by general inflationary cost impacts, including higher personnel-related costs.

Income from operations for the three months ended June 30, 2025 was $10.2 million, compared to income from operations of $22.3 million for the three months ended June 30, 2024. The reduction in income from operations for the three months ended June 30, 2025 was primarily due to lower gross profit, along with the other factors discussed above.

The Company recorded income tax expense of $4.7 million and $15.5 million for the three months ended June 30, 2025 and 2024, respectively. The Company's effective income tax rate was 431.6% and 81.9% for the three months ended June 30, 2025 and 2024, respectively. The Company’s income tax rates in both periods were at elevated levels primarily as a result of foreign income tax rate differential on the mix of earnings, the valuation allowance on the interest expense carryforward, and certain foreign inclusion items on the domestic provision.


Segment Information

Agricultural Segment

(Amounts in thousands, except percentages)Three months endedSix months ended
June 30,June 30,
 20252024% Decrease20252024% Decrease
Net sales$193,223 $216,330 (10.7)%$390,969 $456,003 (14.3)%
Gross profit28,280 32,303 (12.5)%52,767 72,922 (27.6)%
Profit margin14.6 %14.9 %(2.0)%13.5 %16.0 %(15.6)%
Income from operations 11,453 15,772 (27.4)%20,895 39,782 (47.5)%

Net sales in the agricultural segment were $193.2 million for the three months ended June 30, 2025, as compared to $216.3 million for the comparable period in 2024. The net sales change was primarily driven by a significant reduction in global demand for agricultural equipment, particularly in North America and Europe, due to lower farm income, higher financing costs, and inventory reduction initiatives by OEM customers. Additionally, unfavorable foreign currency translation, mainly from the weakening Brazilian real and Turkish lira, negatively impacted net sales by approximately 1.8%. These declines were partially offset by favorable price and product mix, reflecting higher raw material and input costs.

Gross profit in the agricultural segment was $28.3 million for the three months ended June 30, 2025, as compared to $32.3 million in the comparable period in 2024.  The change in gross profit was primarily due to lower sales volumes and the resulting reduction in fixed cost leverage.




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Earthmoving/Construction Segment

(Amounts in thousands, except percentages)Three months endedSix months ended
June 30,June 30,
 20252024% Decrease20252024% Decrease
Net sales$152,347 $165,564 (8.0)%$295,637 $330,772 (10.6)%
Gross profit17,474 21,299 (18.0)%32,367 44,276 (26.9)%
Profit margin11.5 %12.9 %(10.9)%10.9 %13.4 %(18.7)%
Income from operations2,994 7,047 (57.5)%4,670 15,881 (70.6)%

The Company's earthmoving/construction segment net sales were $152.3 million for the three months ended June 30, 2025, as compared to $165.6 million in the comparable period in 2024. The change was primarily due to lower sales volumes in North America and the undercarriage business, reflecting a slowdown in demand from construction OEM customers. This was partially offset by a 1.1% favorable foreign currency translation impact, primarily driven by the strengthening euro, and positive price and product mix.

Gross profit in the earthmoving/construction segment was $17.5 million for the three months ended June 30, 2025, as compared to $21.3 million for the three months ended June 30, 2024. The change in gross profit was mainly attributable to lower volumes and reduced fixed cost leverage.

Consumer Segment

(Amounts in thousands, except percentages)Three months endedSix months ended
June 30,June 30,
 20252024% Increase (Decrease)20252024% Increase
Net sales$115,260 $150,276 (23.3)%$264,932 $227,604 16.4 %
Gross profit23,519 26,840 (12.4)%52,783 40,614 30.0 %
Profit margin20.4 %17.9 %14.0 %19.9 %17.8 %11.8 %
Income from operations3,230 6,449 (49.9)%12,037 11,562 4.1 %

Consumer segment net sales were $115.3 million for the three months ended June 30, 2025, as compared to $150.3 million for the three months ended June 30, 2024. This change was mainly due to the impact of tariffs in the Titan Specialty business, causing a slowdown that the Company anticipates will be temporary, as well as lower sales volumes in the Americas region of the legacy Titan business, reflecting challenging market conditions and reduced demand from OEM customers amid broader economic pressures. These declines were partially offset by favorable price and product mix, reflecting higher input costs.

Gross profit from the consumer segment was $23.5 million for the three months ended June 30, 2025, as compared to $26.8 million for the three months ended June 30, 2024. The decrease in gross profit was primarily due to lower sales volumes.

Non-GAAP Financial Measures

Adjusted EBITDA was $30.2 million for the second quarter of 2025, compared to $48.8 million in the comparable prior year period. The Company utilizes EBITDA and adjusted EBITDA, which are non-GAAP financial measures, as a means to measure its operating performance. A reconciliation of net income to EBITDA and adjusted EBITDA can be found at the end of this release.




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Adjusted net income applicable to common shareholders for the second quarter of 2025 was income of $(1.6) million, equal to income of $(0.02) per basic and diluted share, compared to adjusted net income of $7.1 million, equal to income of $0.10 per basic and diluted share, in the second quarter of 2024. The Company utilizes adjusted net income applicable to common shareholders, which is a non-GAAP financial measure, as a means to measure its operating performance. A reconciliation of net income applicable to common shareholders and adjusted net income applicable to common shareholders can be found at the end of this release.

Financial Condition

The Company ended the second quarter of 2025 with total cash and cash equivalents of $184.7 million, compared to $196.0 million at December 31, 2024. Long-term debt at June 30, 2025, was $565.9 million, compared to $553.0 million at December 31, 2024. Short-term debt was $19.8 million at June 30, 2025, compared to $12.5 million at December 31, 2024. Net debt (total debt less cash and cash equivalents) was $401.0 million at June 30, 2025, compared to $369.5 million at December 31, 2024.

During the first six months of 2025, cash flows used for operating activities was $24.3 million. This was primarily due to an increase in working capital, partially offset by non-cash adjustments for depreciation and amortization expenses totaling $32.5 million. The rise in accounts receivable was attributable to seasonality, as sales increased by $77.3 million during the second quarter of 2025 compared to the last quarter of 2024. As a result of the increased operating activity during the second quarter, accounts payable also increased over the last quarter of 2024, as well. Inventory also increased as we continued to manage our inventory levels to support the increase that was due to seasonal demand.

Operating cash flows decreased by $97.1 million when comparing the first six months of 2025 to the comparable period in 2024. This decline was mainly due to lower net income and the impact of increased investment in working capital to support the increased operating activity. Key factors contributing to the working capital increase was a $52.5 million increase in accounts receivable, and a $47.9 million increase in inventory, which were partially offset by a $27.0 million increase in accounts payable.

Teleconference and Webcast

Titan will be hosting a teleconference and webcast to discuss the second quarter financial results on Thursday, July 31, 2025, at 9:00 a.m. Eastern Time.

The real-time, listen-only webcast can be accessed using the following link
https://events.q4inc.com/attendee/577232616 or on our website at www.titan-intl.com within the “Investor Relations” page under the “News & Events” menu (https://ir.titan-intl.com/news-and-events/events/default.aspx). Listeners should access the website at least 10 minutes prior to the live event to download and install any necessary audio software.

A webcast replay of the teleconference will be available on our website (https://ir.titan-intl.com/news-and-events/events/default.aspx) soon after the live event.

In order to participate in the real-time teleconference, with live audio Q&A, participants should use one of the following dial in numbers:

United States Toll Free: 1 833 470 1428
All other locations: https://www.netroadshow.com/conferencing/global-numbers?confId=56511

Participants Access Code: 047361






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About Titan

Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.


Safe Harbor Statement

This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “would,” “could,” “potential,” “may,” “will,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond Titan International, Inc.'s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, the effect of the COVID-19 pandemic on our operations and financial performance; the effect of a recession on the Company and its customers and suppliers; changes in the Company’s end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company’s competitors; the Company's ability to maintain satisfactory labor relations; unfavorable outcomes of legal proceedings; the Company's ability to comply with current or future regulations applicable to the Company's business and the industry in which it competes or any actions taken or orders issued by regulatory authorities; availability and price of raw materials; levels of operating efficiencies; the effects of the Company's indebtedness and its compliance with the terms thereof; changes in the interest rate environment and their effects on the Company's outstanding indebtedness; unfavorable product liability and warranty claims; actions of domestic and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or does business; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses; results of investments; the effects of potential processes to explore various strategic transactions, including potential dispositions; fluctuations in currency translations; risks associated with environmental laws and regulations; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; risks relating to financial reporting, internal controls, tax accounting, and information systems; and the other risks and factors detailed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those reports. These forward-looking statements are made only as of the date hereof. The Company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason, except as required by law.



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Titan International, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
Amounts in thousands, except per share data
 Three months endedSix months ended
June 30,June 30,
 2025202420252024
Net sales$460,830 $532,170 $951,538 $1,014,379 
Cost of sales391,557 451,728 813,621 856,567 
Gross profit69,273 80,442 137,917 157,812 
Selling, general and administrative expenses52,353 51,583 102,208 91,003 
Acquisition related expenses— — — 6,196 
Research and development expenses4,341 4,218 8,885 7,872 
Royalty expense2,419 2,319 4,865 5,347 
Income from operations10,160 22,322 21,959 47,394 
Interest expense(9,673)(9,732)(19,208)(18,099)
Interest income2,455 2,545 4,694 5,420 
Foreign exchange (loss) gain(2,995)462 (4,380)187 
Other income 1,140 3,277 2,274 3,682 
Income before income taxes1,087 18,874 5,339 38,584 
Provision for income taxes4,691 15,452 8,921 25,188 
Net (loss) income(3,604)3,422 (3,582)13,396 
Net income attributable to noncontrolling interests941 1,273 1,612 2,046 
Net (loss) income attributable to Titan and applicable to common shareholders$(4,545)$2,149 $(5,194)$11,350 
(Loss) earnings per common share:   
Basic$(0.07)$0.03 $(0.08)$0.16 
Diluted$(0.07)$0.03 $(0.08)$0.16 
Average common shares and equivalents outstanding:  
Basic63,722 72,737 63,504 68,833 
Diluted63,722 73,078 63,504 69,361 





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Titan International, Inc.
Condensed Consolidated Balance Sheets
Amounts in thousands, except share data
 June 30,
2025		December 31,
2024
Assets(unaudited)
Current assets  
Cash and cash equivalents$184,669 $195,974 
Accounts receivable, net of allowance of $2,001 and $3,232, respectively297,276 211,720 
Inventories477,724 437,192 
Prepaid and other current assets75,928 67,151 
Total current assets1,035,597 912,037 
Property, plant and equipment, net451,901 421,218 
Operating lease assets125,125 117,027 
Goodwill29,563 29,563 
Intangible assets, net11,413 11,985 
Deferred income taxes43,326 41,732 
Other long-term assets55,478 51,391 
Total assets$1,752,403 $1,584,953 
Liabilities  
Current liabilities  
Short-term debt$19,795 $12,479 
Accounts payable265,141 219,586 
Operating leases11,784 11,999 
Other current liabilities144,248 143,294 
Total current liabilities440,968 387,358 
Long-term debt565,872 552,966 
Deferred income taxes9,024 6,416 
Operating leases116,593 106,020 
Other long-term liabilities42,850 38,537 
Total liabilities1,175,307 1,091,297 
Commitments and Contingencies
Equity  
Titan shareholders' equity
Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued and 63,852,976 outstanding at June 30, 2025; 78,447,035 issued and 63,139,435 outstanding at December 31, 2024)
— — 
Additional paid-in capital735,848 740,223 
Retained earnings158,869 164,063 
Treasury stock (at cost, 14,594,059 shares at June 30, 2025 and 15,307,600 shares at December 31, 2024)
(116,655)(122,336)
Accumulated other comprehensive loss(207,577)(285,877)
Total Titan shareholders’ equity570,485 496,073 
Noncontrolling interests6,611 (2,417)
Total equity577,096 493,656 
Total liabilities and equity$1,752,403 $1,584,953 



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Titan International, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
All amounts in thousands
Six months ended June 30,
Cash flows from operating activities:20252024
Net (loss) income$(3,582)$13,396 
Adjustments to reconcile net income to net cash (used for) provided by operating activities:  
Depreciation and amortization32,494 27,423 
Deferred income tax provision2,410 12,978 
Loss (gain) on fixed asset and investment sale38 (388)
Stock-based compensation479 1,801 
Issuance of stock under 401(k) plan827 892 
Gain from property insurance settlement— (3,537)
Foreign currency loss (gain)6,870 (1,063)
(Increase) decrease in assets, net of acquisitions:  
Accounts receivable(60,964)(8,437)
Inventories(13,172)34,764 
Prepaid and other current assets(3,335)(3,789)
Other assets(4,800)(1,468)
Increase (decrease) in liabilities, net of acquisitions:  
Accounts payable24,038 (2,930)
Other current liabilities(7,499)1,773 
Other liabilities1,918 1,431 
Net cash (used for) provided by operating activities(24,278)72,846 
Cash flows from investing activities:  
Capital expenditures(25,121)(34,199)
Business acquisition, net of cash acquired— (142,207)
Proceeds from property insurance settlement— 3,537 
Proceeds from sale of fixed assets275 1,597 
Net cash used for investing activities(24,846)(171,272)
Cash flows from financing activities:  
Proceeds from borrowings54,936 159,539 
Repayments of debt(37,956)(34,095)
Payment of debt issuance costs— (3,115)
Repurchase of common stock— (7,762)
Other financing activities(74)(692)
Net cash provided by financing activities16,906 113,875 
Effect of exchange rate changes on cash20,913 (11,600)
Net (decrease) increase in cash and cash equivalents(11,305)3,849 
Cash and cash equivalents, beginning of period195,974 220,251 
Cash and cash equivalents, end of period$184,669 $224,100 
Supplemental information:
Interest paid$21,168 $17,956 
Income taxes paid, net of refunds received $8,135 $11,815 
Non cash financing activity:
Issuance of common stock in connection with business acquisition$— $168,693 



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Titan International, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Amounts in thousands, except earnings per share data and percentages


The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). These supplemental schedules provide a quantitative reconciliation between each of adjusted gross profit, adjusted net income attributable to Titan, EBITDA, adjusted EBITDA, net sales on a constant currency basis, net debt, and net cash provided by operating activities to free cash flow, each of which is a non-GAAP financial measure and the most directly comparable financial measures calculated and reported in accordance with GAAP.

We present adjusted gross profit, adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, net debt and net cash provided by operating activities to free cash flow, as we believe that they assist investors with analyzing our business results. In addition, management reviews these non-GAAP financial measures in order to evaluate the financial performance of each of our segments, as well as the Company’s performance as a whole. We believe that the presentation of these non‑GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.

Adjusted gross profit, adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, net debt, and free cash flow should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. One should not consider these measures in isolation or as a substitute for our results reported under GAAP. These measures have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may be calculated differently than non-GAAP financial measures reported by other companies, limiting their usefulness as comparative measures. We attempt to compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

The table below provides a reconciliation of adjusted gross profit to gross profit, the most directly comparable GAAP financial measure, for the three and six-month periods ended June 30, 2025 and 2024 (in thousands, except percentages).

Three months endedThree months ended
June 30, 2025June 30, 2024
TotalAgriculturalEarthmoving/ConstructionConsumerTotal
Gross profit, as reported$69,273 $32,303 $21,299 $26,840 $80,442 
Gross Margin15.0 %14.9 %12.9 %17.9 %15.1 %
Adjustments:
Carlstar inventory fair value step-up— 1,157 198 5,969 7,324 
Gross profit, as adjusted$69,273 $33,460 $21,497 $32,809 $87,766 
Adjusted Gross Margin15.0 %15.5 %13.0 %21.8 %16.5 %



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Six months endedSix months ended
June 30, 2025June 30, 2024
TotalAgriculturalEarthmoving/ConstructionConsumerTotal
Gross profit, as reported$137,917 $72,922 $44,276 $40,614 $157,812 
Gross Margin14.5 %16.0 %13.4 %17.8 %15.6 %
Adjustments:
Carlstar inventory fair value step-up— 1,771 292 8,637 10,700 
Gross profit, as adjusted$137,917 $74,693 $44,568 $49,251 $168,512 
Adjusted Gross Margin14.5 %16.4 %13.5 %21.6 %16.6 %


The table below provides a reconciliation of adjusted net (loss) income attributable to Titan to net (loss) income applicable to common shareholders, the most directly comparable GAAP financial measure, for the three and six-month periods ended June 30, 2025 and 2024 (in thousands, except earnings per share).

Three months endedSix months ended
June 30,June 30,
2025202420252024
Net (loss) income attributable to Titan and applicable to common shareholders$(4,545)$2,149 $(5,194)$11,350 
Adjustments:
Foreign exchange loss (gain)2,995 (462)4,380 (187)
Carlstar transaction costs— — — 6,196 
Carlstar inventory fair value step-up— 7,324 — 10,700 
Gain on property insurance settlement— (1,913)— (1,913)
Adjusted net (loss) income attributable to Titan and applicable to common shareholders$(1,550)$7,098 $(814)$26,146 
Adjusted (loss) earnings per common share:
  Basic $(0.02)$0.10 $(0.01)$0.38 
  Diluted $(0.02)$0.10 $(0.01)$0.38 
Average common shares and equivalents outstanding:
  Basic 63,722 72,737 63,504 68,833 
  Diluted63,722 73,078 63,504 69,361 




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The table below provides a reconciliation of net (loss) income to EBITDA and adjusted EBITDA, which are non-GAAP financial measures, for the three and six-month periods ended June 30, 2025 and 2024 (in thousands).

Three months endedSix months ended
June 30,June 30,
2025202420252024
Net (loss) income$(3,604)$3,422 $(3,582)$13,396 
Adjustments:
Provision for income taxes4,691 15,452 8,921 25,188 
Interest expense, excluding financing fees amortization9,454 9,513 18,769 17,660 
Depreciation and amortization16,623 15,422 32,494 27,423 
EBITDA$27,164 $43,809 $56,602 $83,667 
Adjustments:
Foreign exchange loss (gain)2,995 (462)4,380 (187)
Carlstar transaction costs— — — 6,196 
Carlstar inventory fair value step-up— 7,324 — 10,700 
Gain on property insurance settlement— (1,913)— (1,913)
Adjusted EBITDA$30,159 $48,758 $60,982 $98,463 


The table below sets forth, for the three and six-month periods ended June 30, 2025, the impact to net sales of currency translation (constant currency) by geography (in thousands, except percentages):

 Three months ended June 30,Change due to currency translationThree months ended June 30,
2025
2024(1)
% Change from 2024$%Constant Currency
United States $215,561 $276,170 (21.9)%$— — %$215,561 
Europe / CIS119,255 133,456 (10.6)%7,165 5.4 %112,090 
Latin America84,770 77,026 10.1 %(7,810)(10.1)%92,580 
Asia and other regions41,244 45,518 (9.4)%(1,435)(3.2)%42,679 
$460,830 $532,170 (13.4)%$(2,080)(0.4)%$462,910 

 Six months ended June 30,Change due to currency translationSix months ended June 30,
2025
2024(1)
% Change from 2024$%Constant Currency
United States $482,065 $525,128 (8.2)%$— — %$482,065 
Europe / CIS228,308 261,478 (12.7)%4,677 1.8 %223,631 
Latin America161,788 149,506 8.2 %(21,293)(14.2)%183,081 
Asia and other regions79,377 78,267 1.4 %(2,788)(3.6)%82,165 
$951,538 $1,014,379 (6.2)%$(19,404)(1.9)%$970,942 

(1) Certain reclassifications were made to the prior year amounts to conform with the current year presentation for the net sales by geography.
 



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The table below provides a reconciliation of net debt, which is a non-GAAP financial measure (in thousands):

 June 30, 2025December 31, 2024June 30, 2024
  
Long-term debt$565,872 $552,966 $535,907 
Short-term debt19,795 12,479 14,588 
   Total debt$585,667 $565,445 $550,495 
Cash and cash equivalents184,669 195,974 224,100 
     Net debt$400,998 $369,471 $326,395 


The table below provides a reconciliation of net cash provided by operating activities to free cash flow, which is a non-GAAP financial measure (in thousands):

Three months endedSix months ended
June 30,June 30,
2025202420252024
Net cash provided by (used for) operating activities$14,313 $70,841 $(24,278)$72,846 
Capital expenditures(10,094)(17,592)(25,121)(34,199)
Free cash flow$4,219 $53,249 $(49,399)$38,647 



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