Titan machinery inc. (TITN)
CashFlow / Yearly
Jan'20Jan'19Jan'18Jan'17Jan'16Jan'15Jan'14Jan'13Jan'12Jan'11Jan'10
OPERATING ACTIVITIES
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

13,953

12,182

-7,049

-14,535

-38,229

-33,417

8,104

42,559

44,145

22,342

15,737

Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization

28,067

23,605

25,105

26,868

28,538

31,768

30,794

23,464

15,263

8,969

7,950

Impairment

3,764

2,156

673

4,410

6,903

31,225

9,715

0

0

-

-

Deferred income taxes

-1,663

2,511

-8,920

-2,841

-9,171

-14,837

-4,939

6,108

16,029

1,675

1,850

Stock-based compensation expense

2,693

2,535

3,441

2,145

2,103

2,135

2,131

1,630

1,368

1,157

962

Noncash interest expense

408

2,432

3,651

5,314

6,717

4,723

4,537

3,440

535

126

-

Operating Lease, Expense

12,234

0

0

-

-

-

-

-

-

-

-

Unrealized foreign currency gain on loans to international subsidiaries

-

-

-

-

-

-5,788

534

943

-

-

-

Gain (Loss) on Repurchase of Debt Instrument

0

-615

22

3,130

0

0

-

-

-

-

-

Other, net

388

-995

2,406

925

696

-90

515

228

233

237

15

Changes in assets and liabilities, net of purchase of equipment dealerships assets and assumption of liabilities
Receivables, prepaid expenses and other assets

-6,217

13,475

1,002

1,885

-24,326

-25,395

-13,067

41,598

32,695

19,873

2,481

Inventories

99,469

-4,996

-20,338

-211,793

-196,983

-171,595

182,374

169,919

-

-

-

Inventories

-

-

-

-

-

-

-

-

305,268

63,108

61,244

Manufacturer floorplan payable

49,601

-2,635

46,141

-95,341

45,005

-157,352

27,630

20,189

47,866

-12,992

-3,660

Accounts payable, deferred revenue, accrued expenses and other and other long-term liabilities

-1,890

10,688

15,862

9,124

-14,318

-29,603

10,455

-2,739

36,428

23,245

-6,649

Income taxes

-

-

-

-

-16,277

3,548

-314

2,712

-5,623

3,688

-111

Operating Lease, Liability

-12,572

-

-

-

-

-

-

-

-

-

-

Net Cash Provided by Operating Activities

955

46,605

95,812

140,997

231,884

41,058

-82,243

-115,325

-182,185

-35,008

-47,661

INVESTING ACTIVITIES
Rental fleet purchases

14,302

5,665

12,578

3,137

341

806

783

13,358

2,642

3,429

-

Net change in U.S. treasury bills

-

-

-

-

-

-

-

-

-

-

44,994

Property and equipment purchases (excluding rental fleet)

10,714

6,286

13,537

9,288

8,070

16,206

18,227

26,474

18,780

13,303

12,394

Proceeds from sale of property and equipment

2,415

1,549

5,030

2,388

7,777

16,803

16,712

8,422

3,342

892

396

Acquisition consideration, net of cash acquired

13,887

15,299

3,652

-

-

584

4,848

31,877

48,448

32,312

7,266

Other, net

-19

131

-148

519

-508

-271

58

-9

99

296

-

Proceeds upon settlement of net investment hedge derivative instruments

-

-

-

-

-

5,840

1,108

0

-

-

-

Payments upon settlement of net investment hedge derivative instruments

-

-

-

-

-

915

981

834

-

-

-

Proceeds from Insurance Settlement, Investing Activities

-

-

-

1,431

0

0

-

-

-

-

-

Net Cash Used for Investing Activities

-36,469

-25,832

-24,589

-9,125

-126

4,403

-7,077

-64,112

-66,627

-48,448

25,730

FINANCING ACTIVITIES
Proceeds from senior convertible notes offering, net of direct issuance costs of $4,753

-

-

-

-

-

-

-

145,247

0

-

-

Proceeds from follow-on offering of common stock, net of underwriting discount of $4,166 and other direct costs of $286

-

-

-

-

-

-

-

-

74,898

-

-

Net change in non-manufacturer floorplan payable

50,158

16,818

-38,626

-116,558

-221,912

41,114

31,395

108,417

168,118

82,371

51,448

Repayments of Convertible Debt

45,644

20,025

29,093

46,013

0

0

-

-

-

-

-

Proceeds from long-term debt borrowings

23,354

3,252

33,001

14,009

72,907

113,000

143,918

113,967

37,832

23,259

23,914

Principal payments on long-term debt

4,490

16,116

36,786

17,199

116,876

140,728

133,960

145,509

30,067

20,385

19,066

Loan provided to non-controlling interest holder

-

-

-

2,148

-

3,748

-

-

-

-

-

Payment of debt issuance costs

-

-

-

-

3,397

581

1,057

-

-

-

-

Proceeds from sale of subsidiary shares to noncontrolling interest holders

-

-

-

-

-

-

-

2,464

802

-

-

Other, net

-509

-656

38

-67

322

-53

-493

-359

990

-1,862

773

Net Cash Used for Financing Activities

22,869

-16,727

-71,466

-167,976

-268,956

9,004

39,803

224,227

252,573

83,383

57,069

Effect of Exchange Rate Changes on Cash

-379

-697

488

-210

-865

-1,179

-601

-272

-31

-

-

Net Change in Cash

-13,024

3,349

245

-36,314

-38,063

53,286

-50,118

44,518

3,730

-73

35,138

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period
Income taxes, net of refunds

3,656

3,681

-5,555

-13,086

7,324

6,369

15,729

18,625

18,733

9,226

10,287

Interest

9,687

11,064

13,634

20,782

25,840

30,044

26,134

17,733

9,004

9,103

6,311

SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES
Net property and equipment financed with long-term debt, capital leases, accounts payable and accrued liabilities

11,039

5,230

752

2,496

12,156

3,829

22,242

36,482

9,755

2,980

2,312

Business combination assets acquired through direct financing

0

0

871

0

0

-

-

-

-

-

-

Long-term debt extinguished upon sale of property and equipment

-

-

-

-

3,315

0

0

-

-

-

-

Net transfer of assets from property and equipment to inventories

2,544

5,263

3,609

7,454

-

8,128

41,582

15,374

36,377

3,219

-6,528

Acquisition of noncontrolling interest through satisfaction of outstanding receivables

-

-

-

4,324

0

0

-

-

-

-

-

Net transfer of financing to long-term debt from floorplan notes payable

-

-

-

-

-

-

-

-

1,696

3,084

-3,180