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

673

8,214

5,511

-445

-2,159

10,775

5,180

-1,614

1,685

2,384

-5,186

-5,932

-8,239

264

-2,702

-3,858

-34,992

3,483

170

-6,890

-28,062

2,313

-775

-6,893

-1,018

5,758

3,967

-603

15,436

14,359

5,305

7,459

17,786

12,800

6,291

7,268

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

7,006

7,797

7,200

6,064

5,716

6,442

5,921

5,526

6,156

6,681

6,173

6,095

6,972

7,068

6,620

6,208

6,950

7,764

7,157

6,667

7,853

9,169

8,017

6,729

7,646

9,806

7,473

5,869

5,946

7,304

5,287

4,927

5,091

4,119

3,411

2,642

Impairment

3,578

51

0

135

1,697

303

156

0

-

-

-

-

-

-

-

-

6,710

41

0

152

30,957

0

268

0

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-2,292

880

65

-316

-146

1,766

1,695

-804

-5,799

1,806

-1,324

-3,603

-3,666

33

183

609

-9,645

-215

192

497

-15,078

-144

153

232

-4,708

-167

-235

171

6,100

-6

-100

114

15,845

36

128

20

Stock-based compensation expense

623

773

694

603

622

664

709

540

963

746

943

789

340

600

578

627

304

663

605

531

383

674

615

463

533

606

522

470

450

416

406

358

381

347

339

301

Noncash interest expense

14

-13

6

401

408

594

701

729

734

778

1,225

914

1,009

1,689

1,238

1,378

1,431

2,268

1,253

1,765

1,222

1,175

1,175

1,151

1,143

1,149

1,137

1,108

1,101

1,060

1,105

174

-

-

-

-

Operating Lease, Expense

2,983

3,053

3,136

3,062

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized foreign currency gain on loans to international subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

-369

-429

842

-

38

-716

-100

-3,112

-2,995

-963

1,282

-

-

-

-

-

-

-

-

-

-

-

-

Loss on repurchase of senior convertible notes

-

-

-

-

-

-

-

-

-

-

-

-

-

1,028

0

2,102

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

325

55

19

-11

121

-279

-495

-342

743

-202

2,590

-725

-55

1,167

-98

-89

47

404

371

-126

-199

92

663

-646

-481

1,400

215

-619

-315

735

-293

101

95

181

-39

-4

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

-

2,481

-3,444

5,593

-

-5,075

12,314

3,803

-

7,444

2,623

-283

-

14,339

8,433

-4,702

-

-3,532

7,229

-13,525

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Receivables, prepaid expenses and other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,575

-23,925

-11,522

23,760

9,282

-34,587

27,785

31,507

9,896

-27,590

28,578

-1,208

-686

6,011

Inventories

-34,460

-6,220

61,895

78,254

-33,700

-45,211

31,564

42,351

-62,086

9,767

28,167

3,814

-120,571

-77,578

-4,222

-9,422

-124,546

-63,527

-8,388

-522

-174,043

-65,864

26,349

41,963

-

-

-

-

-

-

-

-

-

-

-

-

Inventories

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

68,800

116,322

102,258

-

108,510

148,962

40,396

72,749

132,881

70,096

29,542

Manufacturer floorplan payable

-64,031

-15,003

39,036

89,599

-31,627

-40,233

44,572

24,653

-51,593

-10,099

56,694

51,139

-74,520

-72,869

79,044

-26,996

-79,300

-62,258

173,583

12,980

-88,863

-67,846

16,665

-17,308

-123,501

10,273

75,333

65,525

-82,811

9,621

95,490

-2,111

39,649

4,499

-535

4,253

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

-

-8,335

-3,073

-9,289

-

-

-3,227

-10,244

-

-2,766

1,182

-5,744

-

15,727

-3,381

-14,892

-

-6,401

-12,352

-9,092

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-23,713

-14,639

16,626

4,636

-6,195

-4,612

17,036

25,039

-18,574

-26,240

21,790

8,659

-10,404

16,383

Income taxes

-

-

-

-

-

-

-

-

-

6,484

-342

80

-

-237

7,413

781

-10,081

1,230

-849

-6,577

5,340

1,457

2,414

-5,663

2,201

3,025

1,655

-7,195

-5,446

3,634

1,151

3,373

-4,611

1,155

-1,918

-249

Operating Lease, Liability

-3,099

-3,087

-3,260

-3,126

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Cash Provided by Operating Activities

9,244

-1,986

-9,155

2,852

34,879

25,813

12,939

-27,026

39,781

-10,846

25,945

40,932

66,599

13,963

85,309

-24,874

33,123

13,192

171,263

14,306

123,613

-3,148

-24,805

-54,602

25,112

-58,874

-42,162

-6,319

57,348

-79,325

-68,495

-24,853

-5,343

-99,977

-71,934

-4,931

INVESTING ACTIVITIES
Rental fleet purchases

1,537

3,516

5,363

3,886

1,001

1,519

1,024

2,121

794

1,562

4,610

5,612

43

938

1,595

561

49

42

138

112

304

0

-127

629

0

351

103

329

-1,656

-1,498

279

16,233

1,818

0

361

463

Property and equipment purchases (excluding rental fleet)

3,077

4,536

1,497

1,604

1,830

1,847

1,917

692

1,408

4,657

2,897

4,575

2,167

4,371

1,699

1,051

2,357

1,803

1,740

2,170

4,067

3,890

3,171

5,078

2,435

3,269

7,069

5,454

5,750

13,002

5,997

1,725

7,902

3,178

5,877

1,823

Proceeds from sale of property and equipment

1,029

716

254

416

448

487

203

411

466

2,311

1,836

417

103

902

491

892

2,642

2,934

1,567

634

3,670

10,689

1,973

471

6,115

10,182

178

237

4,400

3,088

873

61

98

2,602

-5

647

Business Combination, Consideration Transferred

-

8,780

0

2,972

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition consideration, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4,848

15,702

0

7,779

8,396

9,841

11,486

20,082

7,039

Other, net

-6

1

-6

-8

-268

230

-15

184

282

-352

-57

-21

2

451

114

-48

-312

-63

65

-198

-167

-80

4

-28

-84

837

76

-771

0

0

2

-11

0

105

-2

-4

Proceeds upon settlement of net investment hedge derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,481

2,140

1,219

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments upon settlement of net investment hedge derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

915

-

-

-

-

-

-

-

-

-

-

-

-

Net Cash Used for Investing Activities

-5,714

-16,117

-6,600

-8,038

-2,115

-18,408

-2,723

-2,586

-5,670

-3,556

-5,614

-9,749

-2,109

-3,427

-2,917

-672

234

1,129

-39

-1,450

1,947

8,435

144

-6,123

3,891

5,725

-7,070

-9,623

-16,230

-8,416

-13,184

-26,282

-19,463

-12,167

-26,323

-8,674

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

145,247

-

-

-

-

Net change in non-manufacturer floorplan payable

-12,229

12,450

37,165

12,772

-27,078

-6,526

3,046

47,376

-24,269

23,673

-12,546

-25,484

-62,080

12,378

-91,973

25,117

-20,592

-10,576

-160,743

-30,001

-42,118

-17,558

35,485

65,305

-63,935

73,813

13,109

8,408

-10,238

63,618

77,706

-22,669

5,420

88,481

51,486

22,731

Repayments of Convertible Debt

-

-

-

-

-

-

-

-

0

9,753

0

19,340

0

21,030

0

24,983

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from long-term debt borrowings

1,489

10,079

11,413

373

69

3,183

-6

6

1

0

12,885

20,115

14,009

0

0

0

13,819

39,030

19,247

811

63,126

44,042

0

5,832

82,234

30,571

30,448

665

19,231

67,008

26,428

1,300

-

-

-

-

Principal payments on long-term debt

1,293

1,257

1,062

878

1,014

1,040

637

13,425

665

13,399

20,387

2,335

15,264

586

823

526

15,411

56,997

38,781

5,687

124,575

10,595

3,053

2,505

84,510

40,345

5,700

3,405

41,918

53,639

2,146

47,806

17,928

511

7,635

3,993

Proceeds from sale of subsidiary shares to noncontrolling interest holders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,464

-

-

-

-

Other, net

0

-17

0

-492

-13

-25

-11

-607

406

114

641

-1,123

-34

23

102

-158

179

716

-130

-443

79

132

-57

-207

-299

2

-468

272

-165

139

279

-612

663

-130

95

362

Net Cash Used for Financing Activities

-12,033

21,255

1,872

11,775

-28,036

-4,408

-17,633

33,350

-24,527

635

-19,407

-28,167

-63,338

-9,246

-94,842

-550

-22,021

-31,208

-180,407

-35,320

-107,566

15,770

32,375

68,425

-67,567

64,041

37,389

5,940

-33,090

77,126

102,267

77,924

6,789

107,840

118,844

19,100

Effect of Exchange Rate Changes on Cash

-196

-249

69

-3

-226

-427

-164

120

-49

102

361

74

-432

51

-242

413

-280

-120

244

-709

-688

-548

-12

69

-562

69

-2

-106

664

-226

-796

86

-

-

-

-

Net Change in Cash

-8,699

2,903

-13,814

6,586

4,502

2,570

-7,581

3,858

9,535

-13,665

1,285

3,090

720

1,341

-12,692

-25,683

11,056

-17,007

-8,939

-23,173

17,306

20,509

7,702

7,769

-39,126

10,961

-11,845

-10,108

8,692

-10,841

19,792

26,875

-18,048

-4,304

20,587

5,495

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

-1,278

1,870

2,547

517

1,019

1,517

239

906

213

-5,771

3

0

-144

-27

-9,588

-3,327

2,041

1,190

0

4,093

570

2,065

-239

3,973

6,605

1,448

1,190

6,486

9,408

5,738

2,314

1,165

542

7,308

5,712

5,171

Interest

2,525

2,457

2,993

1,712

2,099

3,523

3,488

1,954

2,380

4,014

3,811

3,429

5,238

4,460

6,417

4,667

7,348

5,091

5,717

7,684

9,046

7,168

8,355

5,475

9,153

5,363

7,213

4,405

7,868

3,541

2,768

3,556

3,614

2,540

1,598

1,252

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

3,387

1,519

272

5,861

839

2,081

1,474

836

23

-533

908

354

-322

437

1,440

941

11,409

135

535

77

-633

494

2,868

1,100

3,606

5,109

9,242

4,285

10,329

368

15,271

10,514

1,035

6,286

2,183

251

Net transfer of assets from property and equipment to inventories

4,723

816

-2,624

-371

787

1,761

862

1,853

599

1,105

3,105

-1,200

11,865

-6,476

3,947

-1,882

-

-12,614

13,900

-7,029

-1,687

2,597

5,256

1,962

-2,233

1,702

11,991

30,122

0

987

-1,579

15,966

656

15,386

12,238

8,097

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,696