(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | | |||||||||||
Emerging growth company | |
Page No. | ||||||||
PART I. | FINANCIAL INFORMATION | |||||||
ITEM 1. | FINANCIAL STATEMENTS | |||||||
Condensed Consolidated Balance Sheets | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||
Condensed Consolidated Statements of Stockholders' Equity | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
Notes to Condensed Consolidated Financial Statements | ||||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||||
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | |||||||
ITEM 4. | CONTROLS AND PROCEDURES | |||||||
PART II. | OTHER INFORMATION | |||||||
ITEM 1. | LEGAL PROCEEDINGS | |||||||
ITEM 1A. | RISK FACTORS | |||||||
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | |||||||
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES | |||||||
ITEM 4. | MINE SAFETY DISCLOSURES | |||||||
ITEM 5. | OTHER INFORMATION | |||||||
ITEM 6. | EXHIBITS | |||||||
Exhibit Index | ||||||||
Signatures |
April 30, 2023 | January 31, 2023 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash | $ | $ | |||||||||
Receivables, net of allowance for expected credit losses | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
Noncurrent Assets | |||||||||||
Property and equipment, net of accumulated depreciation | |||||||||||
Operating lease assets | |||||||||||
Deferred income taxes | |||||||||||
Goodwill | |||||||||||
Intangible assets, net of accumulated amortization | |||||||||||
Other | |||||||||||
Total noncurrent assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Floorplan payable | |||||||||||
Current maturities of long-term debt | |||||||||||
Current operating lease liabilities | |||||||||||
Deferred revenue | |||||||||||
Accrued expenses and other | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities | |||||||||||
Long-Term Liabilities | |||||||||||
Long-term debt, less current maturities | |||||||||||
Operating lease liabilities | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Total long-term liabilities | |||||||||||
Commitments and Contingencies (Note 15) | |||||||||||
Stockholders' Equity | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in-capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total Liabilities and Stockholders' Equity | $ | $ |
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
Revenue | |||||||||||
Equipment | $ | $ | |||||||||
Parts | |||||||||||
Service | |||||||||||
Rental and other | |||||||||||
Total Revenue | |||||||||||
Cost of Revenue | |||||||||||
Equipment | |||||||||||
Parts | |||||||||||
Service | |||||||||||
Rental and other | |||||||||||
Total Cost of Revenue | |||||||||||
Gross Profit | |||||||||||
Operating Expenses | |||||||||||
Income from Operations | |||||||||||
Other Income (Expense) | |||||||||||
Interest and other income | |||||||||||
Floorplan interest expense | ( | ( | |||||||||
Other interest expense | ( | ( | |||||||||
Income Before Income Taxes | |||||||||||
Provision for Income Taxes | |||||||||||
Net Income | $ | $ | |||||||||
Earnings per Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted Average Common Shares: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
Net Income | $ | $ | |||||||||
Other Comprehensive Income (Loss) | |||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Comprehensive Income | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Shares Outstanding | Amount | ||||||||||||||||||||||||||||||||||
BALANCE, January 31, 2023 | $ | — | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax | ( | ( | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
BALANCE, April 30, 2023 | $ | — | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Shares Outstanding | Amount | ||||||||||||||||||||||||||||||||||
BALANCE, January 31, 2022 | $ | — | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Common stock issued on grant of restricted stock and exercise of stock options, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE, April 30, 2022 | $ | — | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
Noncash interest expense | |||||||||||
Other, net | |||||||||||
Changes in assets and liabilities, net of effects of acquisitions | |||||||||||
Receivables | ( | ||||||||||
Prepaid expenses and other assets | |||||||||||
Inventories | ( | ( | |||||||||
Manufacturer floorplan payable | |||||||||||
Deferred revenue | ( | ( | |||||||||
Accounts payable, accrued expenses and other and other long-term liabilities | ( | ( | |||||||||
Net Cash Provided by (Used for) Operating Activities | ( | ||||||||||
Investing Activities | |||||||||||
Rental fleet purchases | ( | ( | |||||||||
Property and equipment purchases (excluding rental fleet) | ( | ( | |||||||||
Proceeds from sale of property and equipment | |||||||||||
Acquisition consideration, net of cash acquired | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net Cash Used for Investing Activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Net change in non-manufacturer floorplan payable | |||||||||||
Proceeds from long-term debt borrowings | |||||||||||
Principal payments on long-term debt and finance leases | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net Cash Provided by Financing Activities | |||||||||||
Effect of Exchange Rate Changes on Cash | ( | ||||||||||
Net Change in Cash | ( | ||||||||||
Cash at Beginning of Period | |||||||||||
Cash at End of Period | $ | $ | |||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Cash paid during the period | |||||||||||
Income taxes, net of refunds | $ | $ | |||||||||
Interest | $ | $ | |||||||||
Supplemental Disclosures of Noncash Investing and Financing Activities | |||||||||||
Net property and equipment financed with long-term debt, finance leases, accounts payable and accrued liabilities | $ | $ | |||||||||
Net transfer of assets to property and equipment from inventories | $ | ( | $ | ( |
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands, except per share data) | |||||||||||
Numerator: | |||||||||||
Net income | $ | $ | |||||||||
Allocation to participating securities | ( | ( | |||||||||
Net income attributable to Titan Machinery Inc. common stockholders | $ | $ | |||||||||
Denominator: | |||||||||||
Basic weighted-average common shares outstanding | |||||||||||
Plus: incremental shares from vesting of restricted stock units | |||||||||||
Diluted weighted-average common shares outstanding | |||||||||||
Earnings Per Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Three Months Ended April 30, 2023 | |||||||||||||||||||||||
Agriculture | Construction | International | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Equipment | $ | $ | $ | $ | |||||||||||||||||||
Parts | |||||||||||||||||||||||
Service | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||
Rental | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended April 30, 2022 | |||||||||||||||||||||||
Agriculture | Construction | International | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Equipment | $ | $ | $ | $ | |||||||||||||||||||
Parts | |||||||||||||||||||||||
Service | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||
Rental | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
April 30, 2023 | January 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Trade and unbilled receivables from contracts with customers | |||||||||||
Trade receivables due from customers | $ | $ | |||||||||
Unbilled receivables | |||||||||||
Less allowance for expected credit losses | |||||||||||
Trade receivables due from finance companies | |||||||||||
Trade and unbilled receivables from rental contracts | |||||||||||
Trade receivables | |||||||||||
Unbilled receivables | |||||||||||
Less allowance for expected credit losses | |||||||||||
Other receivables | |||||||||||
Due from manufacturers | |||||||||||
Other | |||||||||||
Receivables, net of allowance for expected credit losses | $ | $ |
Agriculture | Construction | International | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance at January 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Current expected credit loss provision | |||||||||||||||||||||||
Write-offs charged against allowance | |||||||||||||||||||||||
Credit loss recoveries collected | |||||||||||||||||||||||
Foreign exchange impact | — | — | |||||||||||||||||||||
Balance at April 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Agriculture | Construction | International | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance at January 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Current expected credit loss provision | |||||||||||||||||||||||
Write-offs (recoveries) charged against allowance | ( | ||||||||||||||||||||||
Credit loss recoveries collected | |||||||||||||||||||||||
Foreign exchange impact | — | — | ( | ( | |||||||||||||||||||
Balance at April 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Impairment losses (recoveries) on: | |||||||||||
Receivables from sales contracts | $ | $ | |||||||||
Receivables from rental contracts | ( | ||||||||||
$ | $ |
April 30, 2023 | January 31, 2023 | ||||||||||
(in thousands) | |||||||||||
New equipment | $ | $ | |||||||||
Used equipment | |||||||||||
Parts and attachments | |||||||||||
Work in process | |||||||||||
$ | $ |
April 30, 2023 | January 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Rental fleet equipment | $ | $ | |||||||||
Machinery and equipment | |||||||||||
Vehicles | |||||||||||
Furniture and fixtures | |||||||||||
Land, buildings, and leasehold improvements | |||||||||||
Less accumulated depreciation | |||||||||||
$ | $ |
April 30, 2023 | January 31, 2023 | ||||||||||||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
Customer relationships | $ | 538 | $ | (207) | $ | 331 | $ | 538 | $ | (180) | $ | 358 | |||||||||||||||||||||||
Covenants not to compete | 1,025 | (276) | 749 | 1,025 | (222) | 803 | |||||||||||||||||||||||||||||
$ | 1,563 | $ | (483) | $ | 1,080 | $ | 1,563 | $ | (402) | $ | 1,161 |
Fiscal Year Ended January 31, | Amount | |||||||
(in thousands) | ||||||||
2024 (remainder) | $ | 232 | ||||||
2025 | 288 | |||||||
2026 | 246 | |||||||
2027 | 220 | |||||||
2028 | 94 | |||||||
Thereafter | — | |||||||
$ | 1,080 |
Agriculture | Construction | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
January 31, 2023 | $ | $ | $ | ||||||||||||||
April 30, 2023 | $ | $ | $ |
Agriculture | Total | ||||||||||
(in thousands) | |||||||||||
January 31, 2023 | $ | $ | |||||||||
Arising from business combinations | |||||||||||
April 30, 2023 | $ | $ |
April 30, 2023 | January 31, 2023 | ||||||||||
(in thousands) | |||||||||||
CNH Industrial | $ | $ | |||||||||
Bank Syndicate Agreement Floorplan Loan | 35,550 | ||||||||||
DLL Finance | |||||||||||
Other outstanding balances with manufacturers and non-manufacturers | |||||||||||
$ | $ |
Description | Maturity Dates | Interest Rates | April 30, 2023 | January 31, 2023 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Mortgage loans, secured | Various through May 2039 | 2.1% to 6.0% | $ | $ | ||||||||||||||||||||||
Sale-leaseback financing obligations | Various through December 2030 | 3.4% to 10.3% | ||||||||||||||||||||||||
Vehicle loans, secured | Various through November 2028 | 2.1% to 6.2% | ||||||||||||||||||||||||
Other | Various through July 2039 | 3.6% | ||||||||||||||||||||||||
Total debt | ||||||||||||||||||||||||||
Less: current maturities | ||||||||||||||||||||||||||
Long-term debt, net | $ | $ |
Foreign Currency Translation Adjustment | Net Investment Hedging Gain | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance, January 31, 2023 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive income (loss) | — | ||||||||||||||||
Balance, April 30, 2023 | ( | ( | |||||||||||||||
Foreign Currency Translation Adjustment | Net Investment Hedging Gain | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance, January 31, 2022 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive income (loss) | ( | — | ( | ||||||||||||||
Balance, April 30, 2022 | ( | ( | |||||||||||||||
April 30, 2023 | January 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Rental fleet equipment | $ | $ | |||||||||
Less accumulated depreciation | |||||||||||
$ | $ |
April 30, 2023 | January 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Carrying amount | $ | $ | |||||||||
Fair value | $ | $ |
April 30, 2023 | January 31, 2023 | ||||||||||
Assets acquired: | |||||||||||
Cash | $ | $ | |||||||||
Receivables | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other | |||||||||||
Property and equipment | |||||||||||
Operating lease assets | |||||||||||
Intangible assets | |||||||||||
Goodwill | |||||||||||
Liabilities assumed: | |||||||||||
Accounts payable | |||||||||||
Floorplan payable | |||||||||||
Current operating lease liabilities | |||||||||||
Deferred revenue | |||||||||||
Accrued expenses and other | |||||||||||
Long-term debt | |||||||||||
Operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Net assets acquired | $ | $ | |||||||||
Goodwill recognized by segment: | |||||||||||
Agriculture | $ | $ | |||||||||
Goodwill expected to be deductible for tax purposes | $ | $ |
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Total Revenues | $ | $ | 556,410 | ||||||||
Net Income | $ | $ | 24,059 |
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Revenue | |||||||||||
Agriculture | $ | $ | |||||||||
Construction | |||||||||||
International | |||||||||||
Total | $ | $ | |||||||||
Income (Loss) Before Income Taxes | |||||||||||
Agriculture | $ | $ | |||||||||
Construction | |||||||||||
International | |||||||||||
Segment income before income taxes | |||||||||||
Shared Resources | ( | ||||||||||
Total | $ | $ |
April 30, 2023 | January 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Total Assets | |||||||||||
Agriculture | $ | $ | |||||||||
Construction | |||||||||||
International | |||||||||||
Segment assets | |||||||||||
Shared Resources | |||||||||||
Total | $ | $ |
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
(dollars in thousands) | |||||||||||
Equipment | |||||||||||
Revenue | $ | 429,376 | $ | 356,366 | |||||||
Cost of revenue | 368,262 | 310,234 | |||||||||
Gross profit | $ | 61,114 | $ | 46,132 | |||||||
Gross profit margin | 14.2 | % | 12.9 | % | |||||||
Parts | |||||||||||
Revenue | $ | 96,606 | $ | 68,562 | |||||||
Cost of revenue | 65,103 | 47,310 | |||||||||
Gross profit | $ | 31,503 | $ | 21,252 | |||||||
Gross profit margin | 32.6 | % | 31.0 | % | |||||||
Service | |||||||||||
Revenue | $ | 34,933 | $ | 29,523 | |||||||
Cost of revenue | 12,409 | 10,760 | |||||||||
Gross profit | $ | 22,524 | $ | 18,763 | |||||||
Gross profit margin | 64.5 | % | 63.6 | % | |||||||
Rental and other | |||||||||||
Revenue | $ | 8,716 | $ | 6,556 | |||||||
Cost of revenue | 5,277 | 4,009 | |||||||||
Gross profit | $ | 3,439 | $ | 2,547 | |||||||
Gross profit margin | 39.5 | % | 38.9 | % |
Three Months Ended April 30, | |||||||||||
2023 | 2022 | ||||||||||
Revenue | |||||||||||
Equipment | 75.4 | % | 77.3 | % | |||||||
Parts | 17.0 | % | 14.9 | % | |||||||
Service | 6.1 | % | 6.4 | % | |||||||
Rental and other | 1.5 | % | 1.4 | % | |||||||
Total Revenue | 100.0 | % | 100.0 | % | |||||||
Total Cost of Revenue | 79.2 | % | 80.8 | % | |||||||
Gross Profit Margin | 20.8 | % | 19.2 | % | |||||||
Operating Expenses | 14.3 | % | 13.9 | % | |||||||
Income from Operations | 6.5 | % | 5.3 | % | |||||||
Other Expense | (0.3) | % | (0.2) | % | |||||||
Income Before Income Taxes | 6.2 | % | 5.1 | % | |||||||
Provision for Income Taxes | 1.5 | % | 1.3 | % | |||||||
Net Income | 4.7 | % | 3.8 | % |
Three Months Ended April 30, | Increase/ | Percent | |||||||||||||||||||||
2023 | 2022 | (Decrease) | Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Equipment | $ | 429,376 | $ | 356,366 | $ | 73,010 | 20.5 | % | |||||||||||||||
Parts | 96,606 | 68,562 | 28,044 | 40.9 | % | ||||||||||||||||||
Service | 34,933 | 29,523 | 5,410 | 18.3 | % | ||||||||||||||||||
Rental and other | 8,716 | 6,556 | 2,160 | 32.9 | % | ||||||||||||||||||
Total Revenue | $ | 569,631 | $ | 461,007 | $ | 108,624 | 23.6 | % |
Three Months Ended April 30, | Increase/ | Percent | |||||||||||||||||||||
2023 | 2022 | (Decrease) | Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Equipment | $ | 61,114 | $ | 46,132 | $ | 14,982 | 32.5 | % | |||||||||||||||
Parts | 31,503 | 21,252 | 10,251 | 48.2 | % | ||||||||||||||||||
Service | 22,524 | 18,763 | 3,761 | 20.0 | % | ||||||||||||||||||
Rental and other | 3,439 | 2,547 | 892 | 35.0 | % | ||||||||||||||||||
Total Gross Profit | $ | 118,580 | $ | 88,694 | $ | 29,886 | 33.7 | % | |||||||||||||||
Gross Profit Margin | |||||||||||||||||||||||
Equipment | 14.2 | % | 12.9 | % | 1.3 | % | 10.1 | % | |||||||||||||||
Parts | 32.6 | % | 31.0 | % | 1.6 | % | 5.2 | % | |||||||||||||||
Service | 64.5 | % | 63.6 | % | 0.9 | % | 1.4 | % | |||||||||||||||
Rental and other | 39.5 | % | 38.8 | % | 0.7 | % | 1.8 | % | |||||||||||||||
Total Gross Profit Margin | 20.8 | % | 19.2 | % | 1.6 | % | 8.3 | % | |||||||||||||||
Gross Profit Mix | |||||||||||||||||||||||
Equipment | 51.5 | % | 52.0 | % | (0.5) | % | (1.0) | % | |||||||||||||||
Parts | 26.6 | % | 24.0 | % | 2.6 | % | 10.8 | % | |||||||||||||||
Service | 19.0 | % | 21.2 | % | (2.2) | % | (10.4) | % | |||||||||||||||
Rental and other | 2.9 | % | 2.8 | % | 0.1 | % | 3.6 | % | |||||||||||||||
Total Gross Profit Mix | 100.0 | % | 100.0 | % |
Three Months Ended April 30, | Increase/ | Percent | |||||||||||||||||||||
2023 | 2022 | (Decrease) | Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Operating Expenses | $ | 81,315 | $ | 64,152 | $ | 17,163 | 26.8 | % | |||||||||||||||
Operating Expenses as a Percentage of Revenue | 14.3 | % | 13.9 | % | 0.4 | % | 2.9 | % |
Three Months Ended April 30, | Increase/ | Percent | |||||||||||||||||||||
2023 | 2022 | (Decrease) | Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Interest and other income | $ | 720 | $ | 492 | $ | 228 | 46.3 | % | |||||||||||||||
Floorplan interest expense | (1,272) | (254) | 1,018 | n/m | |||||||||||||||||||
Other interest expense | (1,274) | (1,196) | 78 | 6.5 | % |
Three Months Ended April 30, | Increase/ | Percent | |||||||||||||||||||||
2023 | 2022 | (Decrease) | Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Provision for Income Taxes | $ | 8,474 | $ | 6,044 | $ | 2,430 | 40.2 | % |
Three Months Ended April 30, | Increase/ | Percent | |||||||||||||||||||||
2023 | 2022 | (Decrease) | Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Agriculture | $ | 423,195 | $ | 318,548 | $ | 104,647 | 32.9 | % | |||||||||||||||
Construction | 71,996 | 66,964 | 5,032 | 7.5 | % | ||||||||||||||||||
International | 74,440 | 75,495 | (1,055) | (1.4) | % | ||||||||||||||||||
Total | $ | 569,631 | $ | 461,007 | $ | 108,624 | 23.6 | % | |||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Agriculture | $ | 24,152 | $ | 16,449 | $ | 7,703 | 46.8 | % | |||||||||||||||
Construction | 4,533 | 3,210 | 1,323 | 41.2 | % | ||||||||||||||||||
International | 6,384 | 4,325 | 2,059 | 47.6 | % | ||||||||||||||||||
Segment Income Before Income Taxes | 35,069 | 23,984 | 11,085 | 46.2 | % | ||||||||||||||||||
Shared Resources | 370 | (400) | 770 | n/m | |||||||||||||||||||
Total | $ | 35,439 | $ | 23,584 | $ | 11,855 | 50.3 | % |
No. | Description | |||||||
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
101 | Financial statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended April 30, 2023, formatted in XBRL: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to the Condensed Consolidated Financial Statements. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Dated: | June 1, 2023 | ||||||||||
TITAN MACHINERY INC. | |||||||||||
By | /s/ Robert Larsen | ||||||||||
Robert Larsen | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
/s/ David J. Meyer | |||||
David J. Meyer | |||||
Board Chair and Chief Executive Officer |
/s/ Robert Larsen | |||||
Robert Larsen | |||||
Chief Financial Officer |
/s/ David J. Meyer | |||||
David J. Meyer | |||||
Board Chair and Chief Executive Officer |
/s/ Robert Larsen | |||||
Robert Larsen | |||||
Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands |
Apr. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value, in dollars per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 45,000 | 45,000 |
Common stock, shares issued | 22,669 | 22,698 |
Common stock, shares outstanding | 22,669 | 22,698 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 30, 2023 |
Apr. 30, 2022 |
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Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 26,965 | $ 17,540 |
Other Comprehensive Income (Loss) | ||
Foreign currency translation adjustments | 1,096 | (1,191) |
Comprehensive Income | $ 28,061 | $ 16,349 |
BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The quarterly operating results for Titan Machinery Inc. (the “Company”) are subject to fluctuation due to varying weather patterns, which may impact the timing and amount of equipment purchases, rentals, and after-sales parts and service purchases by the Company’s agriculture, construction and international customers. Therefore, operating results for the three-months ended April 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2024. The information contained in the consolidated balance sheet as of January 31, 2023 was derived from the audited consolidated financial statements of the Company for the fiscal year then ended. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 as filed with the SEC. Nature of Business The Company is engaged in the retail sale, service and rental of agricultural and construction machinery through its stores in the United States and Europe. The Company’s North American stores are located in Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Washington, Wisconsin, and Wyoming and its European stores are located in Bulgaria, Germany, Romania, and Ukraine. Russia/Ukraine Geopolitical Conflict In February 2022, the Russia/Ukraine conflict significantly intensified, and the sustained conflict and disruption in the region is ongoing. Titan Machinery Ukraine, LLC ("Titan Machinery Ukraine"), the Company's wholly owned Ukrainian subsidiary, has nine locations throughout Ukraine primarily in western and central Ukraine. The conflict has caused disruptions in our Ukrainian operations, with our revenues for the three months ended April 30, 2023 down 10.7% from the prior year period. These disruptions have not been material to the Company's consolidated financial statements. However, if the conflict intensifies in western and central Ukraine, it could significantly increase the adverse effect on the Company in future periods. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, impairment of long-lived assets, goodwill, or indefinite lived intangible assets, collectability of receivables, and income taxes. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Recently Adopted Accounting Guidance In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2022-04, Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This new standard requires that the buyer in a supplier finance program discloses information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption of this ASU is permitted. Entities must apply the amendments of this ASU retrospectively to all periods in which a balance sheet is presented, with the exception of the amendment on disclosure of rollforward information, which entities only need to apply prospectively. The Company has agreements with financial institutions to facilitate the purchase of inventory from designated suppliers under certain terms and conditions. Under these agreements, the Company receives extended payment terms and agrees to pay the financial institution a stated amount of confirmed invoices from its designated suppliers. The Company may incur interest in accordance with the terms of the agreements. Additionally, the Company has no involvement in establishing the terms or conditions of the arrangements between its suppliers and the financial institution. The amounts outstanding under these agreements as of April 30, 2023 and January 31, 2023 were $26.3 million and $13.0 million, respectively, and are presented as Floorplan payable on the Condensed Consolidated Balance Sheet.
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EARNINGS PER SHARE (Notes) |
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EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted earnings per share (EPS):
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REVENUE (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE | REVENUE Revenues are recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration we expect to collect in exchange for those goods or services. Sales, value added and other taxes collected from our customers concurrent with our revenue activities are excluded from revenue. The following tables present our revenue disaggregated by revenue source and segment:
Unbilled Receivables and Deferred Revenue Unbilled receivables from contracts with customers amounted to $29.5 million and $19.8 million as of April 30, 2023 and January 31, 2023, respectively. This increase in unbilled receivables is primarily the result of a seasonal increase in the volume of our service transactions in which we recognize revenue as our work is performed and prior to customer invoicing. Deferred revenue from contracts with customers amounted to $96.2 million and $118.1 million as of April 30, 2023 and January 31, 2023, respectively. Our deferred revenue most often increases in the fourth quarter of each fiscal year due to a higher level of customer down payments or prepayments and longer time periods between customer payment and delivery of the equipment asset, and the related recognition of equipment revenue, prior to its seasonal use. During the three months ended April 30, 2023 and 2022, the Company recognized $66.4 million and $64.6 million, respectively, of revenue that was included in the deferred revenue balance as of January 31, 2023 and January 31, 2022, respectively. No material amount of revenue was recognized during the three months ended April 30, 2023 or 2022 from performance obligations satisfied in previous periods.
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RECEIVABLES (Notes) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECEIVABLES | NOTE 4 - RECEIVABLES The Company provides an allowance for expected credit losses on its nonrental receivables. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics as shown in the table below. Trade and unbilled receivables from contracts with customers have credit risk and the allowance is determined by applying expected credit loss percentages to aging categories based on historical experience that are updated each quarter. The rates may also be adjusted to the extent future events are expected to differ from historical results. In addition, the allowance is adjusted based on information obtained by continued monitoring of individual customer credit. Trade receivables from finance companies, other receivables due from manufacturers, and other receivables have not historically resulted in any credit losses to the Company. These receivables are short-term in nature and deemed to be of good credit quality and have no need for any allowance for expected credit losses. Management continually monitors these receivables and should information be obtained that identifies potential credit risk, an adjustment to the allowance would be made if deemed appropriate. Trade and unbilled receivables from rental contracts are primarily in the United States and are specifically excluded from the accounting guidance in determining an allowance for expected losses. The Company provides an allowance for these receivables based on historical experience and using credit information obtained from continued monitoring of customer accounts.
Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment:
The increase in the credit loss provision in the International segment, during the three months ended April 30, 2023, was driven by a $0.2 million bad debt provision placed on the accounts receivables due from customers of Titan Machinery Ukraine, primarily due to the ongoing Russia-Ukraine conflict. The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts:
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INVENTORIES |
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES
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PROPERTY AND EQUIPMENT |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT
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Intangible Assets, Goodwill and Other |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS AND GOODWILL Finite-Lived Intangible Assets The Company's finite-lived intangible assets consist of customer relationships and covenants not to compete. The following is a summary of intangible assets with finite lives as of April 30, 2023 and January 31, 2023.
Future amortization expense, as of April 30, 2023, is expected to be as follows:
Indefinite-Lived Intangible Assets The Company's indefinite-lived intangible assets consist of distribution rights assets. The following is a summary of the changes in indefinite-lived intangible assets, by segment, for the three months ended April 30, 2023:
Goodwill The following presents changes in the carrying amount of goodwill, by segment, for the three months ended April 30, 2023:
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LINES OF CREDIT / FLOORPLAN PAYABLE |
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Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINES OF CREDIT / FLOORPLAN PAYABLE | FLOORPLAN PAYABLE/LINES OF CREDIT As of April 30, 2023, the Company had floorplan lines of credit totaling $781.0 million, which is primarily comprised of three floorplan lines of credit: (i) a $500.0 million credit facility with CNH Industrial, (ii) a $185.0 million line of credit under the Bank Syndicate Agreement, and (iii) a $50.0 million credit facility with DLL Finance LLC. The Company's outstanding balances of floorplan lines of credit as of April 30, 2023 and January 31, 2023, consisted of the following:
As of April 30, 2023, the interest bearing U.S. floorplan payables carried a variable interest rate of 6.42% compared to 5.94% as of January 31, 2023. As of April 30, 2023, foreign floorplan payables carried a variable interest rate with a range of 5.37% to 5.72%, compared to a range of 4.16% to 4.96% as of January 31, 2023 on multiple lines of credit. The Company had non-interest bearing floorplan payables of $303.8 million and $213.0 million, on April 30, 2023 and January 31, 2023, respectively.
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LONG TERM DEBT (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG TERM DEBT The following is a summary of long-term debt as of April 30, 2023 and January 31, 2023:
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) |
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Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the three month periods ended April 30, 2023 and April 30, 2022:
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LEASES (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES As Lessor Revenue generated from leasing activities is disclosed, by segment, in Note 3. The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the condensed consolidated balance sheet, of our Construction segment as of April 30, 2023 and January 31, 2023:
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FAIR VALUE OF FINANCIAL INSTRUMENTS |
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FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS As of April 30, 2023, the fair value of the Company's foreign currency contracts, which are either assets or liabilities measured at fair value on a recurring basis, was not material. These foreign currency contracts were valued using a discounted cash flow analysis, which is an income approach, utilizing readily observable market data as inputs, which is classified as a Level 2 fair value measurement. The Company also has financial instruments that are not recorded at fair value in the consolidated balance sheets, including cash, receivables, payables and long-term debt. The carrying amounts of these financial instruments approximated their fair values as of April 30, 2023 and January 31, 2023. Fair value of these financial instruments was estimated based on Level 2 fair value inputs. The estimated fair value of the Company's Level 2 long-term debt, which is provided for disclosure purposes only, is as follows:
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INCOME TAXES |
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Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Our effective tax rate was 23.9% and 25.6% for the three months ended April 30, 2023 and 2022, respectively. The effective tax rates for the three months ended April 30, 2023 and 2022 were subject to various other factors such as the impact of certain discrete items, mainly the vesting of share-based compensation, the mix of domestic and foreign income |
BUSINESS COMBINATIONS (Notes) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Fiscal 2024 On February 1, 2023, the Company acquired certain assets of Pioneer Farm Equipment Co. The acquired business consists of five agriculture equipment stores in American Falls, Blackfoot, Idaho Falls, Rexburg, and Rupert, Idaho. These locations will be included in the Company's Agriculture segment. The total consideration transferred for the acquired business was $10.1 million paid in cash. The Company has agreed to acquire the real estate of Pioneer Farm Equipment Co., subject to customary closing conditions, for a purchase price of $9.4 million. The Company anticipates completing the one remaining real estate acquisition by July 31, 2023. In connection with the acquisition, the Company acquired from CNH Industrial and certain other manufacturers, equipment and parts inventory previously owned by Pioneer Farm Equipment Co. Upon acquiring such inventories, the Company has been offered floorplan financing by the manufacturer. In total, the Company acquired inventory and recognized a corresponding liability of $12.7 million. The recognition of these inventories and associated financing liabilities are not included as part of the accounting for the business combination. Fiscal 2023 On August 1, 2022, the Company acquired all interests of three entities, Heartland Agriculture, LLC, Heartland Solutions, LLC, and Heartland Leveraged Lender, LLC, (collectively referred to as "Heartland Companies") for $94.4 million in cash consideration. The Heartland Companies consist of 12 CaseIH commercial application agriculture locations, in the states of Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Washington, and Wisconsin. The Heartland Companies have been a successful CaseIH commercial application dealer group and our acquisition of these entities provides the Company the opportunity for synergies due to the overlap of our footprints, which will allow us to package deals that will include both commercial application equipment as well as other agricultural and construction equipment to commercial customers within our core footprint. These locations are included in the Company's Agriculture segment. In the most recent completed fiscal year prior to the acquisition, the Heartland Companies generated revenue of approximately $214 million. The Company incurred $1.1 million in acquisition related expenses in connection with this acquisition, which are included in operating expenses in the condensed consolidated statement of operations. On April 1, 2022, the Company acquired certain assets of Mark's Machinery, Inc. The acquired business consisted of two agricultural equipment stores in Wagner and Yankton, South Dakota. These locations are included in the Company's Agriculture segment. The total cash consideration transferred for the acquired business was $7.7 million. In connection with the acquisition, the Company acquired from CNH Industrial and certain other manufacturers equipment and parts inventory previously owned by Mark's Machinery, Inc. Upon acquiring such inventories, the Company was offered floorplan financing by the respective manufacturers. In total, the Company acquired inventory and recognized a corresponding financing liability of $3.2 million. The recognition of these inventories and the associated financing liabilities are not included as part of the accounting for the business combination. Purchase Price Allocation Each of the above acquisitions have been accounted for under the acquisition method of accounting, which requires the Company to estimate the acquisition date fair value of the assets acquired and liabilities assumed. As of April 30, 2023, the purchase price allocation for all business combinations completed in fiscal year 2024 are preliminary as we finalize the valuation of our intangible assets acquired. The purchase price allocation for all business combinations completed in fiscal year 2023 are complete. The following table presents the purchase price allocations for all acquisitions completed during the fiscal year ended January 31, 2023 and the three months ended April 30, 2023:
The recognition of goodwill in the above business combinations arose from the acquisition of an assembled workforce and anticipated synergies expected to be realized. For the business combinations occurring during the year ended January 31, 2023, the Company recognized a non-competition intangible asset of $0.8 million and a customer relationship intangible asset of $0.2 million. The non-competition and customer relationship assets will be amortized over five year periods. The distribution rights assets are indefinite-lived intangible assets not subject to amortization. The Company estimated the fair value of the intangible assets using a multi-period excess earnings model, which is an income approach. Acquisition related costs, amounted to $1.1 million for the period ended January 31, 2023, and acquisition related costs for the period ended April 30, 2023, were not material. All acquisition related costs have been expensed as incurred and recognized as operating expenses in the condensed consolidated statements of operations. Pro Forma Information The following summarized unaudited pro forma condensed statement of operations information for the three months ended April 30, 2023 and 2022, assumes that the Heartland Companies acquisition occurred as of February 1, 2021. The Company prepared the following summarized unaudited pro forma financial results for comparative purposes only. The summarized unaudited pro forma information may not be indicative of the results that would have occurred had the Company completed the acquisition as of February 1, 2021 or that will be attained in the future.
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CONTINGENCIES (Notes) |
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Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 15 - CONTINGENCIES The Company is engaged in legal proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, it is the Company's opinion that the outcome of these various legal actions and claims will not have a material impact on its financial position, results of operations or cash flows. These matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable.
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SEGMENT INFORMATION AND OPERATING RESULTS |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION AND OPERATING RESULTS | SEGMENT INFORMATION The Company has three reportable segments: Agriculture, Construction and International. Revenue between segments is immaterial. The Company retains various unallocated income/(expense) items and assets at the general corporate level, which the Company refers to as “Shared Resources” in the table below. Shared Resources assets primarily consist of cash and property and equipment. Certain financial information for each of the Company’s business segments is set forth below.
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BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The quarterly operating results for Titan Machinery Inc. (the “Company”) are subject to fluctuation due to varying weather patterns, which may impact the timing and amount of equipment purchases, rentals, and after-sales parts and service purchases by the Company’s agriculture, construction and international customers. Therefore, operating results for the three-months ended April 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2024. The information contained in the consolidated balance sheet as of January 31, 2023 was derived from the audited consolidated financial statements of the Company for the fiscal year then ended. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 as filed with the SEC.
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Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, impairment of long-lived assets, goodwill, or indefinite lived intangible assets, collectability of receivables, and income taxes.
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Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Recently Adopted Accounting Guidance In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2022-04, Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This new standard requires that the buyer in a supplier finance program discloses information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption of this ASU is permitted. Entities must apply the amendments of this ASU retrospectively to all periods in which a balance sheet is presented, with the exception of the amendment on disclosure of rollforward information, which entities only need to apply prospectively. The Company has agreements with financial institutions to facilitate the purchase of inventory from designated suppliers under certain terms and conditions. Under these agreements, the Company receives extended payment terms and agrees to pay the financial institution a stated amount of confirmed invoices from its designated suppliers. The Company may incur interest in accordance with the terms of the agreements. Additionally, the Company has no involvement in establishing the terms or conditions of the arrangements between its suppliers and the financial institution. The amounts outstanding under these agreements as of April 30, 2023 and January 31, 2023 were $26.3 million and $13.0 million, respectively, and are presented as Floorplan payable on the Condensed Consolidated Balance Sheet.
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EARNINGS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the calculation of basic and diluted earnings per share (EPS):
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REVENUE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present our revenue disaggregated by revenue source and segment:
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RECEIVABLES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Receivables |
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Accounts Receivable, Allowance for Credit Loss | Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment:
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Impaired Financing Receivables | The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts:
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INVENTORIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories |
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PROPERTY AND EQUIPMENT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property and equipment | PROPERTY AND EQUIPMENT
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Intangible Assets, Goodwill and Other (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | The following is a summary of the changes in indefinite-lived intangible assets, by segment, for the three months ended April 30, 2023:
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Schedule of Intangible Assets and Goodwill [Table Text Block] | The following presents changes in the carrying amount of goodwill, by segment, for the three months ended April 30, 2023:
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LINES OF CREDIT / FLOORPLAN PAYABLE Summary of Outstanding Amounts (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities |
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LONG TERM DEBT (Tables) |
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | The following is a summary of long-term debt as of April 30, 2023 and January 31, 2023:
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ACCUMULATED OTHER COMPREHENSIVE INCOME AOCI (Tables) |
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the three month periods ended April 30, 2023 and April 30, 2022:
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LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Fleet Assets | The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the condensed consolidated balance sheet, of our Construction segment as of April 30, 2023 and January 31, 2023:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The estimated fair value of the Company's Level 2 long-term debt, which is provided for disclosure purposes only, is as follows:
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BUSINESS COMBINATIONS (Tables) - USD ($) $ in Thousands |
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Apr. 30, 2023 |
Jan. 31, 2023 |
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Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following table presents the purchase price allocations for all acquisitions completed during the fiscal year ended January 31, 2023 and the three months ended April 30, 2023:
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Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Current | $ 0 | $ 541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Noncurrent | 0 | 3,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Assets | 0 | 3,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,499 | $ 74,479 |
SEGMENT INFORMATION AND OPERATING RESULTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial information of business segments | Certain financial information for each of the Company’s business segments is set forth below.
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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Earnings Per Share [Abstract] | ||
Net Income (Loss) Attributable to Parent | $ 26,965 | $ 17,540 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | 295 | 210 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 26,670 | $ 17,330 |
Basic weighted-average common shares outstanding | 22,441 | 22,312 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 7 | 9 |
Weighted Average Number of Shares Outstanding, Diluted | 22,448 | 22,321 |
Earnings Per Share, Basic | $ 1.19 | $ 0.78 |
Earnings Per Share, Diluted | $ 1.19 | $ 0.78 |
REVENUE Unbilled Receivables (Details) - USD ($) $ in Thousands |
Apr. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Unbilled Receivables, Current | $ 29,500 | $ 19,800 |
REVENUE Deferred Revenue (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Apr. 30, 2023 |
Apr. 30, 2022 |
Jan. 31, 2023 |
|
Deferred Revenue Arrangement [Line Items] | |||
Deferred Revenue, Revenue Recognized | $ 66,400,000 | $ 64,600,000 | |
Deferred Revenue from Contracts with Customers [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred Revenue | $ 96,200,000 | $ 118,100,000 |
INVENTORIES (Details) - USD ($) $ in Thousands |
Apr. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
Inventory Disclosure [Abstract] | ||
New equipment | $ 497,655 | $ 369,828 |
Used equipment | 181,558 | 164,761 |
Parts and attachments | 168,695 | 164,553 |
Work in process | 6,246 | 4,797 |
Inventories | $ 854,154 | $ 703,939 |
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands |
Apr. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
PROPERTY AND EQUIPMENT | ||
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | $ 399,010 | $ 377,438 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization | 165,180 | 159,656 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization, Total | 233,830 | 217,782 |
Rental fleet equipment | ||
PROPERTY AND EQUIPMENT | ||
Property and equipment, gross | 76,928 | 75,386 |
Machinery and equipment | ||
PROPERTY AND EQUIPMENT | ||
Property and equipment, gross | 28,605 | 27,220 |
Vehicles | ||
PROPERTY AND EQUIPMENT | ||
Property and equipment, gross | 85,039 | 80,122 |
Furniture and fixtures | ||
PROPERTY AND EQUIPMENT | ||
Property and equipment, gross | 55,154 | 53,937 |
Land, Buildings and Improvements | ||
PROPERTY AND EQUIPMENT | ||
Property and equipment, gross | $ 153,284 | $ 140,773 |
PROPERTY AND EQUIPMENT Depreciation (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 30, 2023 |
Apr. 30, 2022 |
|
PROPERTY AND EQUIPMENT | ||
Cost, Depreciation | $ 1,800 | $ 1,500 |
Depreciation, Nonproduction | $ 4,800 | $ 3,500 |
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 30, 2023 |
Jan. 31, 2023 |
|
Indefinite-lived Intangible Assets [Line Items] | ||
Other Indefinite-lived Intangible Assets | $ 17,250 | $ 17,250 |
Goodwill [Line Items] | ||
Goodwill | 30,691 | 30,622 |
Goodwill, Acquired During Period | 69 | |
Agricultural Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other Indefinite-lived Intangible Assets | 17,178 | 17,178 |
Goodwill [Line Items] | ||
Goodwill | 30,691 | 30,622 |
Construction Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other Indefinite-lived Intangible Assets | $ 72 | $ 72 |
LONG TERM DEBT (Details) - USD ($) $ in Thousands |
Apr. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt | $ 100,926 | $ 97,191 |
Current maturities of long-term debt | 7,481 | 7,241 |
Long-term debt, less current maturities | 93,445 | 89,950 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Notes and Loans Payable | 72,432 | 68,689 |
Sale-leaseback Financing Obligation | ||
Debt Instrument [Line Items] | ||
Notes and Loans Payable | 10,957 | 11,252 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Notes and Loans Payable | 12,946 | 12,659 |
Loans Payable | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 86,576 | 81,349 |
Notes and Loans Payable | $ 4,591 | $ 4,591 |
ACCUMULATED OTHER COMPREHENSIVE INCOME AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Apr. 30, 2023 |
Apr. 30, 2022 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
Accumulated Other Comprehensive Income [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (6,634) | $ (6,074) | $ (7,730) | $ (4,883) |
Derivatives used in Net Investment Hedge, Net of Tax | 2,711 | 2,711 | 2,711 | 2,711 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,923) | (3,363) | $ (5,019) | $ (2,172) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 1,096 | (1,191) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ 1,096 | $ (1,191) |
LEASES (Details) - Rental Fleet Equipment [Member] - USD ($) $ in Thousands |
Apr. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 76,928 | $ 75,386 |
Construction Segment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net of accumulated depreciation | 49,234 | 48,427 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 27,694 | 26,959 |
Property and equipment, gross | $ 76,928 | $ 75,386 |
LEASES ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Apr. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
Operating lease assets | $ 47,684 | $ 50,206 |
Current operating lease liabilities | 9,888 | 9,855 |
Operating Lease, Liability, Noncurrent | $ 45,770 | $ 48,513 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands |
Apr. 30, 2023 |
Jan. 31, 2023 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Fair Value | $ 75,426 | $ 70,434 |
Long-term Debt | 100,926 | 97,191 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term Debt | 100,926 | 97,191 |
Loans Payable | ||
Fair Value Disclosures [Abstract] | ||
Long-term Debt | 86,576 | 81,349 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term Debt | $ 86,576 | $ 81,349 |
INCOME TAXES INCOME TAXES (Details) |
3 Months Ended | |
---|---|---|
Apr. 30, 2023 |
Apr. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | (23.90%) | (25.60%) |
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