Titan machinery inc. (TITN)
CashFlow / TTM
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

13,953

11,121

13,682

13,351

12,182

16,026

7,635

-2,731

-7,049

-16,973

-19,093

-16,609

-14,535

-41,288

-38,069

-35,197

-38,229

-31,299

-32,469

-33,414

-33,417

-6,373

-2,928

1,814

8,104

24,558

33,159

34,497

42,559

44,909

43,350

44,336

44,145

0

0

0

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

28,067

26,777

25,422

24,143

23,605

24,045

24,284

24,536

25,105

25,921

26,308

26,755

26,868

26,846

27,542

28,079

28,538

29,441

30,846

31,706

31,768

31,561

32,198

31,654

30,794

29,094

26,592

24,406

23,464

22,609

19,424

17,548

15,263

0

0

0

Impairment

3,764

1,883

2,135

2,291

2,156

0

0

0

-

-

-

-

-

-

-

-

6,903

31,150

31,109

31,377

31,225

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-1,663

483

1,369

2,999

2,511

-3,142

-3,102

-6,121

-8,920

-6,787

-8,560

-7,053

-2,841

-8,820

-9,068

-9,059

-9,171

-14,604

-14,533

-14,572

-14,837

-4,467

-4,490

-4,878

-4,939

5,869

6,030

6,165

6,108

15,853

15,895

16,123

16,029

0

0

0

Stock-based compensation expense

2,693

2,692

2,583

2,598

2,535

2,876

2,958

3,192

3,441

2,818

2,672

2,307

2,145

2,109

2,172

2,199

2,103

2,182

2,193

2,203

2,135

2,285

2,217

2,124

2,131

2,048

1,858

1,742

1,630

1,561

1,492

1,425

1,368

0

0

0

Noncash interest expense

408

802

1,409

2,104

2,432

2,758

2,942

3,466

3,651

3,926

4,837

4,850

5,314

5,736

6,315

6,330

6,717

6,508

5,415

5,337

4,723

4,644

4,618

4,580

4,537

4,495

4,406

4,374

3,440

0

0

0

-

-

-

-

Operating Lease, Expense

12,234

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized foreign currency gain on loans to international subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,121

-

-3,890

-6,923

-7,170

-5,788

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Loss on repurchase of senior convertible notes

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

388

184

-150

-664

-995

-373

-296

2,789

2,406

1,608

2,977

289

925

1,027

264

733

696

450

138

430

-90

-372

936

488

515

681

16

-492

228

638

84

338

233

0

0

0

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

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Receivables, prepaid expenses and other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-8,112

-2,405

-13,067

26,240

33,987

34,601

41,598

42,391

9,676

-906

32,695

0

0

0

Inventories

99,469

100,229

61,238

30,907

-4,996

-33,382

21,596

18,199

-20,338

-78,823

-166,168

-198,557

-211,793

-215,768

-201,717

-205,883

-196,983

-246,480

-248,817

-214,080

-171,595

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Inventories

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

370,617

394,988

316,122

305,268

0

0

0

Manufacturer floorplan payable

49,601

82,005

56,775

62,311

-2,635

-22,601

7,533

19,655

46,141

23,214

-39,556

-17,206

-95,341

-100,121

-89,510

5,029

45,005

35,442

29,854

-127,064

-157,352

-191,990

-113,871

-55,203

27,630

68,320

67,668

87,825

20,189

142,649

137,527

41,502

47,866

0

0

0

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

-

0

0

0

-

-

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-17,090

428

10,455

10,865

31,268

18,889

-2,739

2,015

-14,365

-6,195

36,428

0

0

0

Income taxes

-

-

-

-

-

-

-

-

-

0

0

6,599

-

-2,124

-657

-8,919

-16,277

-856

-629

2,634

3,548

409

1,977

1,218

-314

-7,961

-7,352

-7,856

2,712

3,547

1,068

-2,001

-5,623

0

0

0

Operating Lease, Liability

-12,572

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Cash Provided by Operating Activities

955

26,590

54,389

76,483

46,605

51,507

14,848

27,854

95,812

122,630

147,439

206,803

140,997

107,521

106,750

192,704

231,884

322,374

306,034

109,966

41,058

-57,443

-113,169

-130,526

-82,243

-50,007

-70,458

-96,791

-115,325

-178,016

-198,668

-202,107

-182,185

0

0

0

INVESTING ACTIVITIES
Rental fleet purchases

14,302

13,766

11,769

7,430

5,665

5,458

5,501

9,087

12,578

11,827

11,203

8,188

3,137

3,143

2,247

790

341

596

554

289

806

502

853

1,083

783

-873

-2,722

-2,546

13,358

16,832

18,330

18,412

2,642

0

0

0

Property and equipment purchases (excluding rental fleet)

10,714

9,467

6,778

7,198

6,286

5,864

8,674

9,654

13,537

14,296

14,010

12,812

9,288

9,478

6,910

6,951

8,070

9,780

11,867

13,298

16,206

14,574

13,953

17,851

18,227

21,542

31,275

30,203

26,474

28,626

18,802

18,682

18,780

0

0

0

Proceeds from sale of property and equipment

2,415

1,834

1,605

1,554

1,549

1,567

3,391

5,024

5,030

4,667

3,258

1,913

2,388

4,927

6,959

8,035

7,777

8,805

16,560

16,966

16,803

19,248

18,741

16,946

16,712

14,997

7,903

8,598

8,422

4,120

3,634

2,756

3,342

0

0

0

Business Combination, Consideration Transferred

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition consideration, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,848

20,550

20,550

28,329

31,877

26,016

37,502

49,805

48,448

0

0

0

Other, net

-19

-281

-52

-61

131

681

99

57

-148

-428

375

546

519

205

-309

-358

-508

-363

-380

-441

-271

-188

729

801

58

142

-695

-769

-9

-9

96

92

99

0

0

0

Proceeds upon settlement of net investment hedge derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,840

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments upon settlement of net investment hedge derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

915

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net Cash Used for Investing Activities

-36,469

-32,870

-35,161

-31,284

-25,832

-29,387

-14,535

-17,426

-24,589

-21,028

-20,899

-18,202

-9,125

-6,782

-2,226

652

-126

1,587

8,893

9,076

4,403

6,347

3,637

-3,577

-7,077

-27,198

-41,339

-47,453

-64,112

-67,345

-71,096

-84,235

-66,627

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

145,247

0

0

0

-

-

-

-

Net change in non-manufacturer floorplan payable

50,158

35,309

16,333

-17,786

16,818

19,627

49,826

34,234

-38,626

-76,437

-87,732

-167,159

-116,558

-75,070

-98,024

-166,794

-221,912

-243,438

-250,420

-54,192

41,114

19,297

110,668

88,292

31,395

85,092

74,897

139,494

108,417

124,075

148,938

122,718

168,118

0

0

0

Repayments of Convertible Debt

-

-

-

-

-

-

-

-

29,093

29,093

40,370

40,370

46,013

46,013

24,983

24,983

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from long-term debt borrowings

23,354

21,934

15,038

3,619

3,252

3,184

1

12,892

33,001

47,009

47,009

34,124

14,009

13,819

52,849

72,096

72,907

122,214

127,226

107,979

113,000

132,108

118,637

149,085

143,918

80,915

117,352

113,332

113,967

0

0

0

-

-

-

-

Principal payments on long-term debt

4,490

4,211

3,994

3,569

16,116

15,767

28,126

47,876

36,786

51,385

38,572

19,008

17,199

17,346

73,757

111,715

116,876

226,040

179,638

143,910

140,728

100,663

130,413

133,060

133,960

91,368

104,662

101,108

145,509

121,519

68,391

73,880

30,067

0

0

0

Proceeds from sale of subsidiary shares to noncontrolling interest holders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,464

0

0

0

-

-

-

-

Other, net

-509

-522

-530

-541

-656

-237

-98

554

38

-402

-493

-1,032

-67

146

839

607

322

222

-362

-289

-53

-431

-561

-972

-493

-359

-222

525

-359

469

200

16

990

0

0

0

Net Cash Used for Financing Activities

22,869

6,866

-18,797

-38,302

-16,727

-13,218

-8,175

-9,949

-71,466

-110,277

-120,158

-195,593

-167,976

-126,659

-148,621

-234,186

-268,956

-354,501

-307,523

-94,741

9,004

49,003

97,274

102,288

39,803

74,280

87,365

152,243

224,227

264,106

294,820

311,397

252,573

0

0

0

Effect of Exchange Rate Changes on Cash

-379

-409

-587

-820

-697

-520

9

534

488

105

54

-549

-210

-58

-229

257

-865

-1,273

-1,701

-1,957

-1,179

-1,053

-436

-426

-601

625

330

-464

-272

0

0

0

-

-

-

-

Net Change in Cash

-13,024

177

-156

6,077

3,349

8,382

-7,853

1,013

245

-8,570

6,436

-7,541

-36,314

-25,978

-44,326

-40,573

-38,063

-31,813

5,703

22,344

53,286

-3,146

-12,694

-32,241

-50,118

-2,300

-24,102

7,535

44,518

17,778

24,315

25,110

3,730

0

0

0

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

3,656

5,953

5,600

3,292

3,681

2,875

-4,413

-4,649

-5,555

-5,912

-168

-9,759

-13,086

-10,901

-9,684

-96

7,324

5,853

6,728

6,489

6,369

12,404

11,787

13,216

15,729

18,532

22,822

23,946

18,625

9,759

11,329

14,727

18,733

0

0

0

Interest

9,687

9,261

10,327

10,822

11,064

11,345

11,836

12,159

13,634

16,492

16,938

19,544

20,782

22,892

23,523

22,823

25,840

27,538

29,615

32,253

30,044

30,151

28,346

27,204

26,134

24,849

23,027

18,582

17,733

13,479

12,478

11,308

9,004

0

0

0

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

8,491

9,053

10,255

5,230

4,414

1,800

1,234

752

407

1,377

1,909

2,496

14,227

13,925

13,020

12,156

114

473

2,806

3,829

8,068

12,683

19,057

22,242

28,965

24,224

30,253

36,482

27,188

33,106

20,018

9,755

0

0

0

Net transfer of assets from property and equipment to inventories

2,544

-1,392

-447

3,039

5,263

5,075

4,419

6,662

3,609

14,875

7,294

8,136

7,454

0

0

1,235

-

-7,430

7,781

-863

8,128

7,582

6,687

13,422

41,582

43,815

43,100

29,530

15,374

16,030

30,429

44,246

36,377

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,696

0

0

0