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Titan Machinery (TITN)

Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, owns and operates a network of full service agricultural and construction equipment dealer locations in North America and Europe. The network consists of US locations in Arizona, Colorado, Iowa, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming and its European stores are located in Bulgaria, Germany, Romania, Serbia and Ukraine. The Titan Machinery locations represent one or more of the CNH Industrial Brands, including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, and CNH Industrial Capital.

Company profile

Ticker
TITN
Exchange
CEO
David Meyer
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
NW Property Solutions LLC • Titan European Holdings S.a.r.l. • Titan Machinery Ukraine LLC • Titan Machinery Austria GmbH • Titan Machinery Romania S.R.L. • Titan Machinery Deutschland GmbH ...
IRS number
450357838

TITN stock data

Calendar

8 Sep 22
28 Sep 22
31 Jan 23
Quarter (USD) Jul 22 Apr 22 Jan 22 Oct 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jan 22 Jan 21 Jan 20 Jan 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 142.06M 142.06M 142.06M 142.06M 142.06M 142.06M
Cash burn (monthly) 1.68M (no burn) (no burn) (no burn) 8.76M (no burn)
Cash used (since last report) 3.23M n/a n/a n/a 16.82M n/a
Cash remaining 138.83M n/a n/a n/a 125.24M n/a
Runway (months of cash) 82.7 n/a n/a n/a 14.3 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
6 Jun 22 Frank Anglin Common Stock Grant Acquire A No No 0 2,889 0 3,634
6 Jun 22 Horner Jody L Common Stock Grant Acquire A No No 0 2,889 0 34,218
6 Jun 22 Christianson Tony Common Stock Grant Acquire A No No 0 2,889 0 53,214
6 Jun 22 Mack Richard L Common Stock Grant Acquire A No No 0 2,889 0 34,764
6 Jun 22 Erickson Stan K. Common Stock Grant Acquire A No No 0 2,889 0 36,031
13F holders Current Prev Q Change
Total holders 139 156 -10.9%
Opened positions 12 23 -47.8%
Closed positions 29 21 +38.1%
Increased positions 61 55 +10.9%
Reduced positions 43 54 -20.4%
13F shares Current Prev Q Change
Total value 402.52M 509.71M -21.0%
Total shares 17.95M 17.91M +0.3%
Total puts 53.6K 68.3K -21.5%
Total calls 135.9K 225.2K -39.7%
Total put/call ratio 0.4 0.3 +30.0%
Largest owners Shares Value Change
Dimensional Fund Advisors 1.7M $38.06M +0.9%
BLK Blackrock 1.47M $32.89M +5.1%
Vanguard 1.29M $28.84M +5.7%
PFG Principal Financial Group Inc - Registered Shares 1.13M $25.37M +29.4%
Aristotle Capital Boston 681.92K $15.28M +7.5%
ACK Asset Management 620K $13.89M +6.2%
Acadian Asset Management 550.67K $12.34M +3.3%
Global Alpha Capital Management 548.06K $12.28M -9.8%
BK Bank Of New York Mellon 485.12K $10.87M -35.7%
STT State Street 470.58K $10.55M +32.7%
Largest transactions Shares Bought/sold Change
Millennium Management 140.09K -465.42K -76.9%
BK Bank Of New York Mellon 485.12K -269.75K -35.7%
PFG Principal Financial Group Inc - Registered Shares 1.13M +257.43K +29.4%
Jacobs Levy Equity Management 269.23K +175.58K +187.5%
Portolan Capital Management 158.11K +158.11K NEW
WFC Wells Fargo & Co. 107.51K -134.73K -55.6%
Renaissance Technologies 288.2K +121.7K +73.1%
STT State Street 470.58K +115.88K +32.7%
First Eagle Investment Management 121.17K +106.17K +707.8%
Granahan Investment Management 0 -91.77K EXIT

Financial report summary

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Competition
Caterpillar
Risks
  • Risks related to our Reliance on CNH Industrial
  • We are substantially dependent upon CNH Industrial, our primary supplier of equipment and parts inventory.
  • The terms of our CNH Industrial dealer agreements subject us to restrictions that may adversely impact our business including our ability to acquire additional stores.
  • Risks Related to Economic Conditions Affecting our Customers' Demand for our Products and Services
  • Our agriculture equipment sales are significantly affected by net farm income, which is influenced by factors which we have no control.
  • Risks Related to the Competitive Conditions of the Equipment Distribution Industry
  • The equipment distribution market is subject to sudden supply-demand imbalances arising from factors over which we have no control, which can affect our equipment sales and margins.
  • Risks Related to Supply Chain
  • Risks of International Operations
  • Our international operations expose us to risks and uncertainties.
  • The Russian-Ukraine conflict has presented significant challenges and risks for our Ukraine operations.
  • Risks Related to Financial Matters
  • Our financial performance is dependent on our ability to effectively manage our inventory.
  • Our level of indebtedness could limit our financial and operational flexibility.
  • The credit agreements governing our indebtedness restrict our ability to engage in certain corporate and financial transactions, and require us to satisfy financial covenants.
  • Our variable rate indebtedness exposes us to interest rate risk.
  • We are in the process of implementing a new enterprise resource planning (“ERP”) system, and problems with the design or implementation of this ERP system could interfere with our business and operations.
  • The agricultural and construction equipment industries are highly seasonal, which can cause significant fluctuations in our results of operations and cash flow.
  • We are exposed to customer credit risks.
  • Risks Related to Governmental Regulation
  • Enactment of "right to repair" legislation could adversely affect the sales and profitability of our parts and service business.
  • Climate and Weather Risks
  • Weather conditions may negatively impact the agricultural and construction equipment markets and affect our financial results.
  • New or more stringent greenhouse gas emission standards designed to address climate change could increase costs of the equipment we purchase from our suppliers and increase our customers’ costs of operations.
  • If our acquisition plans are unsuccessful, we may not achieve our planned long-term revenue growth.
  • Our acquisitions may not be successful.
  • Our business success depends on attracting and retaining qualified personnel.
  • Labor organizing activities could negatively impact us.
  • Selling and renting agricultural and construction equipment, selling parts, and providing repair services subject us to liability risks that could adversely affect our financial condition and reputation.
  • Our common stock price has fluctuated significantly and may continue to do so in the future.
  • Security breaches and other disruptions could compromise our information systems and expose us to liability, which would cause our business and reputation to suffer.
Management Discussion
  •     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 $94.5 million in cash consideration. The Heartland Companies consist of twelve CaseIH commercial application agriculture locations, in 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. In the most recent completed fiscal year, the Heartland Companies generated revenue of approximately $214 million.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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Removed: alternate, alternative, ASU, beginning, Board, contract, discounted, ease, Facilitation, FASB, gain, hedge, interbank, issued, language, LIBOR, London, measured, monitor, occurring, optional, positive, reference, review, sentiment, spread, standard, successor, temporary, uncertainty, Update, utilizing