During the Q4 2021 earnings call, TWI's
President & CEO stated that Titan's business was riding a tidal
wave. That tidal wave continues!
Quarter Highlights
- Net sales were $556.0 million,
a $152.5 million (37.8%) YoY
increase, the highest quarterly sales since Q2 2013
- Gross margin was 15.6%
- Adjusted EBITDA was $56.8
million as compared to $26.3
million in Q1 of the prior year
CHICAGO, May 2, 2022
/PRNewswire/ -- Titan International, Inc. (NYSE: TWI), a leading
global manufacturer of off-highway wheels, tires, assemblies, and
undercarriage products, today reported results for the first
quarter ended March 31, 2022.
"We were able to pick up right where we left off in 2021 with
another stellar quarter to begin the year," stated Paul Reitz, President and Chief Executive
Officer. "All of our business units across all geographies
came together to deliver our strongest sales quarter in nearly nine
years. The first quarter experienced strong top line growth,
along with excellent conversion to the bottom line, as gross
margins were 15.6%, adjusted EBITDA was $57
million, and adjusted EBITDA margin climbed to 10.2%,
reaching their strongest levels in close to a decade. The
runway for our business moving forward looks good and remains
similar to what we outlined in March, with both our Agriculture and
Earthmoving / Construction segments continuing to reflect strong
demand driven by solid market fundamentals.
"Earlier this year, we commented on the positive market dynamics
creating a tidal wave for Titan to navigate in 2022 and
beyond. We continue to firmly believe this remains the
case. Our first quarter results and our 2022 order books
clearly support that, along with elevated commodity prices with
solid supply-demand fundamentals, used inventory levels at record
lows for larger equipment, and demand for new equipment that
remains robust. Elaborating further, these positive market
forces, combined with delays in order deliveries from the OEM's due
to production challenges, provide support and momentum for a
multi-year demand cycle. Aftermarket demand remains very
robust reflecting the need for replacement in the midst of
shortages of new equipment. Along with the strong agriculture
backdrop, order books are solid in earthmoving and construction and
should continue to remain positive as infrastructure spending
increases globally. Our Titan team will continue to work hard
to meet our customers growing expectations and with our impressive
and extensive manufacturing footprint that produces quality,
innovative products, we are a strong solution to meet the needs of
our global customer base.
"Based on the strength of our first quarter performance and a
similar expectation for Q2, we are now anticipating full year net
sales above $2.1 billion, with
adjusted EBITDA to be around $200
million. This revised outlook reflects more normalized
demand and production levels in the second half that are in line
with our typical seasonality trends for the business. Based
on the increased profitability and strength in the business, our
cash flow expectations have also improved, and believe we can
deliver between $55 million and
$65 million in free cash flow for the
full year.
Results of Operations
Net sales for the first quarter ended March 31, 2022, were
$556.0 million, compared to
$403.5 million in the comparable
quarter of 2021, an increase of 37.8 percent. The net sales
increase was across all segments and driven by price/product mix
and volume, with price having a greater impact due to rising raw
material costs and other inflationary impacts in the markets,
including freight. The contributing factors to the increase
in demand were increased commodity prices, improved farmer income,
replacement of an aging large equipment fleet, and lower equipment
inventory levels. The increase in net sales was offset by
unfavorable foreign currency translation of 4.4 percent or
$17.7 million.
Gross profit for the first quarter ended March 31, 2022 was
$86.7 million, compared to
$53.3 million in the comparable prior
year period. Gross margin was 15.6 percent of net sales for
the quarter, compared to 13.2 percent of net sales in the
comparable prior year period. The increase in gross profit
and margin was driven by the impact of increases in net sales, as
described previously, primarily reflective of productivity
improvements across all production facilities. In addition,
cost reduction and production initiatives continue to be executed
across global production facilities.
Selling, general, administrative, research and development
(SGARD) expenses for the first quarter of 2022 were $39.1 million, compared to $36.6 million for the comparable prior year
period. As a percentage of net sales, SGARD was 7.0 percent,
compared to 9.1 percent for the comparable prior year period.
The increase in SG&A was driven primarily by an increase in
variable costs associated with improved operating performance and
growth in sales.
Income from operations for the first quarter of 2022 was
$44.7 million, or 8.0 percent of net
sales, compared to an income of $14.2
million, or 3.5 percent of net sales, for the first quarter
of 2021. The increase in income was primarily due to the
higher sales and improvements in gross profit margins.
Sale of Australian Wheel Business
On March 29, 2022, the Company
entered into a definitive agreement for the sale of its Australian
wheel business, to OTR Tyres, a local leading national tire, wheel
and service provider. The closing date of the transaction was
March 31, 2022. The sale
includes gross proceeds and cash to be repatriated of approximately
$17.5 million, and the assumption of
all liabilities, including employee and lease obligations.
During the quarter ended March 31, 2022, the Company recorded
a loss on sale of approximately $10.9
million which was comprised primarily of the release of the
cumulative translation adjustment of approximately $10 million and closing costs associated with the
completion of the transaction of approximately $0.9 million.
Segment Information
Agricultural
Segment
|
|
|
(Amounts in thousands)
|
Three months ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
%
Increase/
(Decrease)
|
Net sales
|
$ 309,600
|
|
$ 208,759
|
|
48%
|
Gross profit
|
47,924
|
|
29,789
|
|
61%
|
Profit
margin
|
15.5 %
|
|
14.3 %
|
|
8%
|
Income from
operations
|
30,117
|
|
15,283
|
|
97%
|
During the quarter ended March 31, 2022, net sales
increased 48 percent driven by price/product mix and volume due to
significant demand increases in the global agricultural market,
reflective of improved farm commodity prices and increased farmer
income, the need for replacement of an aging large equipment fleet
and the need to replenish equipment inventory levels within the
equipment dealer channels. Pricing is primarily reflective of
increases in raw material and other inflationary cost increases in
the markets, including freight.
The increase in gross profit and margin is primarily
attributable to the impact of increases in net sales as described
previously and cost reduction and productivity initiatives executed
across global production facilities. The Company balanced the
increases of related raw materials and other inflationary cost
impacts with corresponding price increases to protect
profitability.
Earthmoving/Construction Segment
|
|
|
(Amounts in thousands)
|
Three months ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
%
Increase/
(Decrease)
|
Net sales
|
$ 201,259
|
|
$ 164,807
|
|
22%
|
Gross profit
|
31,375
|
|
19,742
|
|
59%
|
Profit
margin
|
15.6 %
|
|
12.0 %
|
|
30%
|
Income from
operations
|
15,840
|
|
5,575
|
|
184%
|
During the quarter ended March 31, 2022, the 22 percent
increase in earthmoving/construction net sales was driven by
increased price/product mix and volume, which were primarily due to
improvements in global economic conditions and recovery in
construction markets, including the return to normalized supply and
demand levels after the effects of the COVID-19 pandemic in
previous years. Pricing increases were implemented because of
inflationary input costs.
The increase in gross profit and margin was primarily driven by
continued improved production efficiencies stemming from the strong
management actions taken to improve profitability for the
long-term. Again, the Company balanced the increases related to raw
materials and other inflationary cost impacts with corresponding
price increases to protect profitability.
Consumer
Segment
|
|
(Amounts in thousands)
|
Three months ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
%
Increase/
(Decrease)
|
Net sales
|
$
45,138
|
|
$
29,952
|
|
51 %
|
Gross profit
|
7,430
|
|
3,734
|
|
99 %
|
Profit
margin
|
16.5 %
|
|
12.5 %
|
|
32 %
|
Income from
operations
|
4,882
|
|
1,667
|
|
193 %
|
During the quarter ended March 31, 2022, the 51 percent
increase in net sales was driven by favorable price/product mix and
volume impact to net sales. Demand increases related to
utility truck tires in Latin
America increased during the first quarter of 2022.
The Company has also experienced growth related to specialty
products in the United States,
primarily custom mixing of rubber stock to third
parties.
The increase in gross profit and margin was due primarily to
sales growth, increased price/product mix and the positive impact
of sales volume increase on overhead absorption.
Non-GAAP Financial Measures
Adjusted EBITDA was $56.8 million
for the first quarter of 2022, compared to $26.3 million in the comparable prior year
period. The Company utilizes EBITDA and adjusted EBITDA,
which are non-GAAP financial measures, as a means to measure its
operating performance. A reconciliation of net income (loss)
to EBITDA and adjusted EBITDA can be found at the end of this
release.
Adjusted net income applicable to common shareholders for the
first quarter of 2022 was income of $28.2
million, equal to income of $0.44 per basic and diluted share, compared to
income of $4.1 million, equal to
income of $0.07 per basic and diluted
share, in the first quarter of 2021. The Company utilizes
adjusted net income applicable to common shareholders, which is a
non-GAAP financial measure, as a means to measure its operating
performance. A reconciliation of net income (loss) applicable
to common shareholders and adjusted net income (loss) applicable to
common shareholders can be found at the end of this release.
Financial Condition
The Company ended the first quarter of 2022 with total cash and
cash equivalents of $98.1 million,
compared to $98.1 million at
December 31, 2021. Long-term debt at March 31,
2022, was $484.6 million, compared to
$452.5 million at December 31,
2021. Short-term debt was $37.9
million at March 31, 2022, compared to $32.5 million at December 31, 2021.
Net debt (total debt less cash and cash equivalents) was
$424.3 million at March 31,
2022, compared to $386.8 million at
December 31, 2021. The increase in net debt during the
first three months of 2022 was primarily due to managed investments
in working capital to support the business growth as well as
$25 million of additional borrowings
to fund the repurchase of common stock.
Net cash used by operating activities for the first three months
of 2022 was $18.5 million, compared
to net cash used by operations of $16.0
million for the comparable prior year period. Capital
expenditures were $7.6 million for
the first three months of 2022, compared to $8.9 million for the comparable prior year
period. Capital expenditures during the first three months of
2022 and 2021 represent equipment replacement and improvements,
along with new tools, dies and molds related to new product
development, as the Company seeks to enhance the Company's
manufacturing capabilities and drive productivity gains.
Teleconference and Webcast
Titan will be hosting a teleconference and webcast to discuss
the first quarter financial results on Tuesday, May 3, 2022, at 9
a.m. Eastern Time.
The real-time, listen-only webcast can be accessed using the
following link https://events.q4inc.com/attendee/321965608 or on
our website at www.titan-intl.com within the "Investor Relations"
page under the "News & Events" menu
(https://ir.titan-intl.com/news-and-events/events/default.aspx).
Listeners should access the website at least 15 minutes prior to
the live event to download and install any necessary audio
software.
A webcast replay of the teleconference will be available on our
website
(https://ir.titan-intl.com/news-and-events/events/default.aspx)
soon after the live event.
In order to participate in the real-time teleconference, with
live audio Q&A, participants should use one of the following
dial in numbers:
United States Toll Free: 1 844 200 6205
United States: 1 646 904 5544
All other locations: +1 929 526 1599
Participants Access Code: 629933
About Titan
Titan International, Inc. (NYSE: TWI) is a leading global
manufacturer of off-highway wheels, tires, assemblies, and
undercarriage products. Headquartered in West Chicago, Illinois, the Company globally
produces a broad range of products to meet the specifications of
original equipment manufacturers (OEMs) and aftermarket customers
in the agricultural, earthmoving/construction, and consumer
markets. For more information, visit www.titan-intl.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
forward-looking statements are covered by the safe harbor for
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. The words "believe," "expect,"
"anticipate," "plan," "would," "could," "potential," "may," "will,"
and other similar expressions are intended to identify
forward-looking statements, which are generally not historical in
nature. These forward-looking statements are based on our current
expectations and beliefs concerning future developments and their
potential effect on us. Although we believe the assumptions upon
which these forward-looking statements are based are reasonable,
these assumptions are subject to significant risks and
uncertainties, and are subject to change based on various factors,
some of which are beyond Titan International, Inc.'s control. As a
result, any of these assumptions could prove to be inaccurate and
the forward-looking statements based on these assumptions could be
incorrect. The matters discussed in these forward-looking
statements are subject to risks, uncertainties, and other factors
that could cause actual results and trends to differ materially
from those made, projected, or implied in or by the forward-looking
statements depending on a variety of uncertainties or other factors
including, but not limited to, the effect of the COVID-19 pandemic
on our operations and financial performance; the effect of a
recession on the Company and its customers and suppliers; changes
in the Company's end-user markets into which the Company sells its
products as a result of domestic and world economic or regulatory
influences or otherwise; changes in the marketplace, including new
products and pricing changes by the Company's competitors; the
Company's ability to maintain satisfactory labor relations;
unfavorable outcomes of legal proceedings; the Company's ability to
comply with current or future regulations applicable to the
Company's business and the industry in which it competes or any
actions taken or orders issued by regulatory authorities;
availability and price of raw materials; levels of operating
efficiencies; the effects of the Company's indebtedness and its
compliance with the terms thereof; changes in the interest rate
environment and their effects on the Company's outstanding
indebtedness; unfavorable product liability and warranty claims;
actions of domestic and foreign governments, including the
imposition of additional tariffs; geopolitical and economic
uncertainties relating to the countries in which the Company
operates or does business; risks associated with acquisitions,
including difficulty in integrating operations and personnel,
disruption of ongoing business, and increased expenses; results of
investments; the effects of potential processes to explore various
strategic transactions, including potential dispositions;
fluctuations in currency translations; risks associated with
environmental laws and regulations; risks relating to our
manufacturing facilities, including that any of our material
facilities may become inoperable; risks relating to financial
reporting, internal controls, tax accounting, and information
systems; and the other risks and factors detailed in the Company's
periodic reports filed with the Securities and Exchange Commission,
including the disclosures under "Risk Factors" in those reports.
These forward-looking statements are made only as of the date
hereof. The Company cautions that any forward-looking statements
included in this press release are subject to a number of risks and
uncertainties, and the Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, changed circumstances or future events,
or for any other reason, except as required by law.
Titan International,
Inc.
|
Consolidated Statements
of Operations
|
Amounts in
thousands, except per share data
|
|
|
Three months ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
Net sales
|
$
555,997
|
|
$
403,518
|
Cost of
sales
|
469,268
|
|
350,253
|
Gross profit
|
86,729
|
|
53,265
|
Selling, general and
administrative expenses
|
36,227
|
|
34,028
|
Research and
development expenses
|
2,920
|
|
2,553
|
Royalty
expense
|
2,874
|
|
2,453
|
Income from
operations
|
44,708
|
|
14,231
|
Interest
expense
|
(7,907)
|
|
(7,523)
|
Foreign exchange
gain
|
5,317
|
|
9,477
|
Other
expense
|
(8,859)
|
|
(368)
|
Income before income
taxes
|
33,259
|
|
15,817
|
Provision for income
taxes
|
8,681
|
|
2,594
|
Net income
|
24,578
|
|
13,223
|
Net income (loss)
attributable to noncontrolling interests
|
656
|
|
(351)
|
Net income attributable
to Titan and applicable to common shareholders
|
23,922
|
|
13,574
|
|
|
|
|
Income per common
share:
|
|
|
|
Basic
|
$
0.37
|
|
$
0.22
|
Diluted
|
$
0.37
|
|
$
0.22
|
Average common shares
and equivalents outstanding:
|
|
|
|
Basic
|
63,860
|
|
61,466
|
Diluted
|
64,350
|
|
62,414
|
Titan International,
Inc.
|
Consolidated Balance
Sheets
|
Amounts in
thousands, except share data
|
|
|
March 31,
2022
|
|
December 31,
2021
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
98,144
|
|
$
98,108
|
Accounts receivable,
net
|
309,411
|
|
255,180
|
Inventories
|
424,200
|
|
392,615
|
Prepaid and
other current assets
|
79,715
|
|
67,401
|
Total
current assets
|
911,470
|
|
813,304
|
Property,
plant and equipment, net
|
298,285
|
|
301,109
|
Operating
lease assets
|
12,526
|
|
20,945
|
Deferred
income taxes
|
15,888
|
|
16,831
|
Other
long-term assets
|
31,132
|
|
30,496
|
Total assets
|
$
1,269,301
|
|
$ 1,182,685
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities
|
|
|
|
Short-term
debt
|
$
37,853
|
|
$
32,500
|
Accounts
payable
|
302,382
|
|
278,099
|
Other
current liabilities
|
151,660
|
|
140,214
|
Total
current liabilities
|
491,895
|
|
450,813
|
Long-term
debt
|
484,600
|
|
452,451
|
Deferred
income taxes
|
4,124
|
|
3,978
|
Other
long-term liabilities
|
42,962
|
|
48,271
|
Total
liabilities
|
1,023,581
|
|
955,513
|
|
|
|
|
Equity
|
|
|
|
Titan shareholders'
equity
|
|
|
|
Common
stock ($0.0001 par value, 120,000,000 shares authorized, 66,525,269
issued at March 31, 2022 and 66,492,660 at December 31,
2021)
|
—
|
|
—
|
Additional
paid-in capital
|
561,849
|
|
562,340
|
Retained
deficit
|
(61,517)
|
|
(85,439)
|
Treasury
stock (at cost, 3,900,695 shares at March 31, 2022 and 80,876
shares at December 31, 2021)
|
(24,782)
|
|
(1,121)
|
Accumulated
other comprehensive loss
|
(227,176)
|
|
(246,480)
|
Total Titan
shareholders' equity
|
248,374
|
|
229,300
|
Noncontrolling interests
|
(2,654)
|
|
(2,128)
|
Total equity
|
245,720
|
|
227,172
|
Total liabilities and
equity
|
$
1,269,301
|
|
$ 1,182,685
|
Titan International,
Inc.
|
Consolidated Statements
of Cash Flows
|
All amounts in
thousands
|
|
|
Three months ended March 31,
|
Cash flows from operating
activities:
|
2022
|
|
2021
|
Net
income
|
$
24,578
|
|
$
13,223
|
Adjustments to
reconcile net income to net cash used for operating
activities:
|
|
|
|
Depreciation
and amortization
|
11,348
|
|
12,560
|
Loss on sale
of Australian wheel business
|
10,890
|
|
—
|
Deferred
income tax provision (benefit)
|
995
|
|
(402)
|
Gain on fixed
asset and investment sale
|
(110)
|
|
(485)
|
Stock-based
compensation
|
488
|
|
570
|
Issuance of
stock under 401(k) plan
|
360
|
|
339
|
Foreign
currency gain
|
(5,448)
|
|
(9,571)
|
(Increase)
decrease in assets:
|
|
|
|
Accounts
receivable
|
(57,332)
|
|
(63,803)
|
Inventories
|
(34,240)
|
|
(27,313)
|
Prepaid and
other current assets
|
(9,606)
|
|
(3,297)
|
Other
assets
|
(330)
|
|
337
|
Increase
(decrease) in liabilities:
|
|
|
|
Accounts
payable
|
23,918
|
|
60,581
|
Other current
liabilities
|
13,728
|
|
401
|
Other
liabilities
|
2,244
|
|
898
|
Net cash used for operating
activities
|
(18,517)
|
|
(15,962)
|
Cash flows from investing
activities:
|
|
|
|
Capital
expenditures
|
(7,637)
|
|
(8,861)
|
Proceeds from
the sale of the Australian wheel business
|
9,293
|
|
—
|
Proceeds from
sale of fixed assets
|
756
|
|
545
|
Net cash provided by (used for)
investing activities
|
2,412
|
|
(8,316)
|
Cash flows from financing
activities:
|
|
|
|
Proceeds from
borrowings
|
76,782
|
|
21,881
|
Repurchase of
common stock
|
(25,000)
|
|
—
|
Payment on
debt
|
(39,483)
|
|
(12,398)
|
Other
financing activities
|
(586)
|
|
(2,409)
|
Net cash provided by financing
activities
|
11,713
|
|
7,074
|
Effect of exchange
rate changes on cash
|
4,428
|
|
(4,273)
|
Net increase
(decrease) in cash and cash equivalents
|
36
|
|
(21,477)
|
Cash and cash
equivalents, beginning of period
|
98,108
|
|
117,431
|
Cash and cash
equivalents, end of period
|
$
98,144
|
|
$
95,954
|
Supplemental information:
|
|
|
|
Interest
paid
|
$
869
|
|
$
1,059
|
Income taxes
paid, net of refunds received
|
$
2,083
|
|
$
3,703
|
Titan International,
Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
Amounts in thousands, except earnings per
share data
The Company reports its financial results in accordance with
generally accepted accounting principles in the United States (GAAP). These supplemental
schedules provide a quantitative reconciliation between each of
adjusted net income (loss) attributable to Titan, EBITDA, adjusted
EBITDA, net sales on a constant currency basis, and net debt, each
of which is a non-GAAP financial measure and the most directly
comparable financial measures calculated and reported in accordance
with GAAP.
We present adjusted net income attributable to Titan, adjusted
earnings per common share, EBITDA, adjusted EBITDA, net sales on a
constant currency basis, and net debt, as we believe that they
assist investors with analyzing our business results. In addition,
management reviews each of these non-GAAP financial measures in
order to evaluate the financial performance of each of our
segments, as well as the Company's performance as a whole. We
believe that the presentation of these non‑GAAP financial measures
will permit investors to assess the performance of the Company on
the same basis as management.
Adjusted net income attributable to Titan, adjusted earnings per
common share, EBITDA, adjusted EBITDA, net sales on a constant
currency basis, and net debt should be considered supplemental to,
not a substitute for, the financial measures calculated in
accordance with GAAP. One should not consider these measures in
isolation or as a substitute for our results reported under GAAP.
These measures have limitations in that they do not reflect all of
the costs associated with the operations of our businesses as
determined in accordance with GAAP. In addition, these measures may
be calculated differently than non-GAAP financial measures reported
by other companies, limiting their usefulness as comparative
measures. We attempt to compensate for these limitations by
analyzing results on a GAAP basis as well as a non-GAAP basis,
prominently disclosing GAAP results and providing reconciliations
from GAAP results to non-GAAP results.
The table below provides a reconciliation of adjusted net income
attributable to Titan to net income (loss) applicable to common
shareholders, the most directly comparable GAAP financial measure,
for the three month periods ended March 31,
2022 and 2021.
|
Three months ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
|
|
|
Net income applicable
to common shareholders
|
$
23,922
|
|
13,574
|
Adjustments:
|
|
|
|
Foreign exchange
gain
|
(5,317)
|
|
(9,477)
|
Loss on sale of
Australian wheel business
|
10,890
|
|
—
|
Proceeds from
government grant
|
(1,324)
|
|
—
|
Adjusted net income
attributable to Titan
|
$
28,171
|
|
$
4,097
|
|
|
|
|
Adjusted earnings per
common share:
|
|
|
|
Basic
|
$
0.44
|
|
$
0.07
|
Diluted
|
0.44
|
|
0.07
|
|
|
|
|
Average common shares
and equivalents outstanding:
|
|
|
|
Basic
|
63,860
|
|
61,466
|
Diluted
|
64,350
|
|
62,414
|
The table below provides a reconciliation of net income (loss)
to EBITDA and adjusted EBITDA, which are non-GAAP financial
measures, for the three month periods ended March 31, 2022 and 2021.
|
Three months ended
|
|
March 31,
|
|
2022
|
|
2021
|
|
|
|
|
Net income
(loss)
|
$
24,578
|
|
$
13,223
|
Adjustments:
|
|
|
|
Provision for income
taxes
|
8,681
|
|
2,594
|
Interest expense,
excluding interest income
|
7,948
|
|
7,409
|
Depreciation and
amortization
|
11,348
|
|
12,560
|
EBITDA
|
$
52,555
|
|
$
35,786
|
Adjustments:
|
|
|
|
Foreign exchange
gain
|
(5,317)
|
|
(9,477)
|
Loss on sale of
Australian wheel business
|
10,890
|
|
—
|
Proceeds from
government grant
|
(1,324)
|
|
—
|
Adjusted
EBITDA
|
$
56,804
|
|
$
26,309
|
The table below sets forth, for the three month period ended
March 31, 2022, the impact to net
sales of currency translation (constant currency) by geography (in
thousands, except percentages):
|
Three Months Ended March 31,
|
|
Change due to currency
translation
|
|
Three Months Ended
March 31, 2022
|
|
2022
|
|
2021
|
|
% Change
from 2021
|
|
$
|
|
%
|
|
Constant Currency
|
United
States
|
$
277,055
|
|
$
186,405
|
|
48.6%
|
|
—
|
|
—%
|
|
$
277,055
|
Europe / CIS
|
145,169
|
|
112,163
|
|
29.4%
|
|
(12,707)
|
|
(11.3)%
|
|
157,876
|
Latin
America
|
98,998
|
|
66,143
|
|
49.7%
|
|
3,135
|
|
4.7%
|
|
95,863
|
Other
International
|
34,775
|
|
38,807
|
|
(10.4)%
|
|
(8,079)
|
|
(20.8)%
|
|
42,854
|
|
555,997
|
|
403,518
|
|
37.8%
|
|
(17,651)
|
|
(4.4)%
|
|
573,648
|
The table below provides a reconciliation of net debt, which is
a non-GAAP financial measure:
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
|
|
|
|
|
|
Long-term
debt
|
$
484,600
|
|
$
452,451
|
|
$
440,576
|
Short-term
debt
|
37,853
|
|
32,500
|
|
31,076
|
Total
debt
|
$
522,453
|
|
$
484,951
|
|
$
471,652
|
Cash and cash
equivalents
|
98,144
|
|
98,108
|
|
95,954
|
Net debt
|
$
424,309
|
|
$
386,843
|
|
$
375,698
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/titan-international-inc-reports-strong-first-quarter-301537668.html
SOURCE Titan International, Inc.