Titan Machinery (TITN) 10-Q 5 Sep 24 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 31, 2024	Sep. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Entity File Number	001-33866
Entity Registrant Name	TITAN MACHINERY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0357838
Entity Address, Address Line One	644 East Beaton Drive
Entity Address, City or Town	West Fargo,
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58078-2648
City Area Code	(701)
Local Phone Number	356-0130
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	TITN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001409171
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		23,127,775
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Current Assets
Cash	$ 31,219	$ 38,066
Receivables, net of allowance for expected credit losses	131,776	153,657
Inventories, net	1,527,758	1,303,030
Prepaid expenses and other	18,347	24,262
Total current assets	1,709,100	1,519,015
Noncurrent Assets
Property and equipment, net of accumulated depreciation	357,346	298,774
Operating lease assets	37,643	54,699
Deferred income taxes	512	529
Goodwill	62,929	64,105
Intangible assets, net of accumulated amortization	51,367	53,356
Other	1,652	1,783
Total noncurrent assets	511,449	473,246
Total Assets	2,220,549	1,992,261
Current Liabilities
Accounts payable	40,434	43,846
Floorplan payable	1,168,440	893,846
Current maturities of long-term debt	9,940	13,706
Current operating lease liabilities	7,912	10,751
Deferred revenue	57,802	115,852
Accrued expenses and other	58,892	74,400
Total current liabilities	1,343,420	1,152,401
Long-Term Liabilities
Long-term debt, less current maturities	116,666	106,407
Operating lease liabilities	35,415	50,964
Deferred Income Tax Liabilities, Net	21,662	22,607
Other long-term liabilities	43,820	2,240
Total long-term liabilities	217,563	182,218
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $.00001 per share, 45,000,000 shares authorized; 23,127,895 shares issued and outstanding at July 31, 2024; 22,848,138 shares issued and outstanding at January 31, 2024	0	0
Additional paid-in-capital	259,911	258,657
Retained earnings	402,362	397,225
Accumulated other comprehensive income (loss)	(2,707)	1,760
Total Titan Machinery Inc. stockholders' equity	659,566	657,642
Total Liabilities and Stockholders' Equity	$ 2,220,549	$ 1,992,261

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2024	Jan. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value, in dollars per share	$ 0.00001	$ 0.00001
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	23,127,895	22,848,138
Common stock, shares outstanding	23,127,895	22,848,138

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Revenue	$ 633,674	$ 642,568
Total Revenue	633,674	642,568	$ 1,262,376	$ 1,212,199
Total Cost of Revenue	521,295	509,169	1,028,244	960,220
Gross Profit	112,379	133,399	234,132	251,979
Operating Expenses	95,156	88,751	194,314	170,066
Goodwill, Impairment Loss	531		531
Income from Operations	15,750	44,648	38,345	81,913
Other (Expense) Income
Interest and other (expense) income	(7,048)	641	(7,335)	1,362
Floorplan interest expense	9,218	2,457	16,282	3,729
Other interest expense	(3,734)	(1,241)	(6,193)	(2,514)
(Loss) Income Before Income Taxes	(4,250)	41,591	8,535	77,032
Provision for Income Taxes	54	10,270	3,399	18,745
Net (Loss) Income	$ (4,304)	$ 31,321	$ 5,136	$ 58,287
(Loss) Earnings per Share:
Earnings (Loss) per Share - Basic, in dollars per share	$ (0.19)	$ 1.38	$ 0.22	$ 2.56
Earnings (Loss) per Share - Diluted, in dollars per share	$ (0.19)	$ 1.38	$ 0.22	$ 2.56
Weighted Average Common Shares:
Weighted Average Number of Shares Outstanding, Basic	22,617	22,476	22,580	22,474
Weighted Average Number of Shares Outstanding, Diluted	22,617	22,484	22,583	22,480
Extinguishment of Debt, Amount			$ 11,159
Gain (Loss) on Extinguishment of Debt			3,585
Other Asset Impairment Charges	$ 942	$ 0	942	$ 0
Equipment
Revenue	465,233	480,122	933,322	909,498
Cost of Revenue	422,236	414,800	834,476	783,062
Parts
Revenue	109,805	108,510	218,032	205,116
Cost of Revenue	74,239	73,086	147,390	138,190
Service
Revenue	47,268	42,478	92,346	77,411
Cost of Revenue	16,144	14,208	32,920	26,617
Rental and Other
Revenue	11,368	11,458	18,676	20,174
Cost of Revenue	$ 8,676	$ 7,075	$ 13,458	$ 12,351

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (4,304)	$ 31,321	$ 5,136	$ 58,287
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	58	550	(4,467)	1,646
Comprehensive (Loss) Income	$ (4,246)	$ 31,871	$ 669	$ 59,933

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Shares, Outstanding		22,698
Stockholders' Equity Attributable to Parent	$ 536,306		$ 256,541	$ 284,784	$ (5,019)
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards		(29)
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards	(993)		(993)
Stock-based compensation expense	659		659
Net Income (Loss) Attributable to Parent	26,965			26,965
Other Comprehensive Income (Loss), Net of Tax	1,096				1,096
Net Income (Loss) Attributable to Parent	58,287
Shares, Outstanding		22,669
Stockholders' Equity Attributable to Parent	564,033		256,207	311,749	(3,923)
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards		195
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards	(7)		(7)
Stock-based compensation expense	784		784
Net Income (Loss) Attributable to Parent	31,321			31,321
Other Comprehensive Income (Loss), Net of Tax	550				550
Shares, Outstanding		22,864
Stockholders' Equity Attributable to Parent	596,681		256,984	343,070	(3,373)
Shares, Outstanding		22,848
Stockholders' Equity Attributable to Parent	657,642		258,657	397,225	1,760
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards		(30)
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards	(794)		(794)
Stock-based compensation expense	837		837
Net Income (Loss) Attributable to Parent	9,441			9,441
Other Comprehensive Income (Loss), Net of Tax	(4,525)				(4,525)
Net Income (Loss) Attributable to Parent	5,136
Shares, Outstanding		22,818
Stockholders' Equity Attributable to Parent	662,601		258,700	406,666	(2,765)
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards		310
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards	(51)		(51)
Stock-based compensation expense	1,262		1,262
Net Income (Loss) Attributable to Parent	(4,304)			(4,304)
Other Comprehensive Income (Loss), Net of Tax	58				58
Shares, Outstanding		23,128
Stockholders' Equity Attributable to Parent	$ 659,566		$ 259,911	$ 402,362	$ (2,707)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		9 Months Ended
	Jul. 31, 2024	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Operating Activities
Net Income (Loss) Attributable to Parent	$ (4,304)	$ 9,441	$ 31,321	$ 26,965	$ 5,136	$ 58,287	$ 5,136
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization					18,413	14,637
Asset Impairment Charges					1,473
Deferred income taxes					(650)	(2,495)
Stock-based compensation expense					2,099	1,443
Noncash interest expense					493	129
Other, net					7,319	3,250
Changes in assets and liabilities, net of effects of acquisitions
Increase (Decrease) in Accounts Receivable					18,499	(20,623)
Increase (Decrease) in Prepaid Expense and Other Assets					9,301	7,540
Inventories					(242,113)	(263,121)
Manufacturer floorplan payable					206,103	150,906
Increase (Decrease) in Deferred Revenue					(58,326)	(58,482)
Accounts payable, accrued expenses and other and other long-term liabilities					(22,688)	(14,166)
Net Cash Used for Operating Activities					(47,367)	(122,695)
Investing Activities
Rental fleet purchases					(361)	(2,690)
Property and equipment purchases (excluding rental fleet)					(22,174)	(25,347)
Proceeds from sale of property and equipment					1,198	6,029
Acquisition consideration, net of cash acquired					260	27,935
Other, net					130	(795)
Net Cash Used for Investing Activities					(21,467)	(50,738)
Financing Activities
Net change in non-manufacturer floorplan payable					78,965	185,026
Proceeds from long-term debt borrowings					0	6,503
Principal payments on long-term debt and finance leases					11,853	8,701
Payment of debt issuance costs					(3,745)	(9)
Other, net					(956)	(1,000)
Net Cash Provided by Financing Activities					62,411	181,819
Effect of Exchange Rate Changes on Cash					(424)	466
Net Change in Cash					(6,847)	8,852
Cash at Beginning of Period		$ 38,066		$ 43,913	38,066	43,913	$ 43,913
Cash at End of Period	$ 31,219		$ 52,765		31,219	52,765
Cash paid during the period
Income taxes, net of refunds					6,712	15,215
Interest					21,408	5,377
Supplemental Disclosures of Noncash Investing and Financing Activities
Net property and equipment financed with long-term debt, finance leases, accounts payable and accrued liabilities					8,415	5,175
Long-term debt to acquire finance leases					42,182	0
Net transfer of assets to property and equipment from inventories					(7,201)	$ (1,232)
SENIOR CONVERTIBLE NOTES
Gain (Loss) on Extinguishment of Debt					3,585
Extinguishment of Debt, Amount					11,159
Gain (Loss) on Extinguishment of Debt					3,585
Extinguishment of Debt, Amount					$ 11,159

BUSINESS ACTIVITY AND SIGNIFICA

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The quarterly operating results for Titan Machinery Inc. (the “Company”) are subject to fluctuation due to varying weather patterns and other factors influencing customer profitability, which may impact the timing and amount of equipment purchases, rentals, and after-sales parts and service purchases by the Company’s agriculture, construction and international customers. Therefore, operating results for the six-months ended July 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2025. The information contained in the consolidated balance sheet as of January 31, 2024 was derived from the audited consolidated financial statements of the Company for the fiscal year then ended. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024 as filed with the SEC. Nature of Business The Company is engaged in the retail sale, service and rental of agricultural and construction machinery through its stores in the United States, Europe, and Australia. The Company’s North American stores are located in Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Washington, Wisconsin, and Wyoming. Internationally, the Company's European stores are located in Bulgaria, Germany, Romania, and Ukraine and the Company's Australian stores are located in New South Wales, South Australia, and Victoria in Southeastern Australia. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, impairment of long-lived assets, goodwill, or indefinite lived intangible assets, collectability of receivables, and income taxes. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures in the rate reconciliation table for federal, state and foreign income taxes, in addition to more details about the reconciling items in some categories when items meet a certain quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements. In March 2024, the SEC adopted new rules that will require registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant's greenhouse gas emissions. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. A federal court has stayed the implementation of the SEC rules, pending the outcome of litigation challenging the rules. The Company will continue to monitor the litigation process.

EARNINGS PER SHARE (Notes)

EARNINGS PER SHARE (Notes)	6 Months Ended
	Jul. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted earnings per share (EPS): Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 (in thousands, except per share data) Numerator: Net (loss) income $ (4,304) $ 31,321 $ 5,136 $ 58,287 Allocation to participating securities — (400) (78) (689) Net (loss) income attributable to Titan Machinery Inc. common stockholders $ (4,304) $ 30,921 $ 5,058 $ 57,598 Denominator: Basic weighted-average common shares outstanding 22,617 22,476 22,580 22,474 Plus: incremental shares from vesting of restricted stock units — 8 3 6 Diluted weighted-average common shares outstanding 22,617 22,484 22,583 22,480 (Loss) Earnings Per Share: Basic $ (0.19) $ 1.38 $ 0.22 $ 2.56 Diluted $ (0.19) $ 1.38 $ 0.22 $ 2.56 Anti-dilutive shares excluded from diluted weighted-average common shares outstanding: Restricted stock units 12 — — —

REVENUE (Notes)

REVENUE (Notes)	6 Months Ended
	Jul. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration we expect to collect in exchange for those goods or services. Sales, value added and other taxes collected from our customers concurrent with our revenue activities are excluded from revenue. The following tables present our revenue disaggregated by revenue source and segment: Three Months Ended July 31, 2024 Agriculture Construction Europe Australia (1) Total (in thousands) Equipment $ 312,556 $ 52,844 $ 49,146 $ 50,687 $ 465,233 Parts 75,430 11,049 15,407 7,919 109,805 Service 34,570 7,214 3,076 2,408 47,268 Other 1,000 520 198 284 2,002 Revenue from contracts with customers 423,556 71,627 67,827 61,298 624,308 Rental 480 8,564 322 — 9,366 Total revenue $ 424,036 $ 80,191 $ 68,149 $ 61,298 $ 633,674 (1) Australia segment was created through the J.J. O’Connor & Sons Pty. Ltd. ("O’Connors") acquisition that closed in October 2023. Six Months Ended July 31, 2024 Agriculture Construction Europe Australia Total (in thousands) Equipment $ 651,269 $ 99,939 $ 96,645 $ 85,469 $ 933,322 Parts 150,395 22,879 29,931 14,827 218,032 Service 67,512 14,014 5,833 4,987 92,346 Other 1,875 836 351 435 3,497 Revenue from contracts with customers 871,051 137,668 132,760 105,718 1,247,197 Rental 670 14,015 494 — 15,179 Total revenue $ 871,721 $ 151,683 $ 133,254 $ 105,718 $ 1,262,376 Three Months Ended July 31, 2023 Agriculture Construction Europe Total (in thousands) Equipment $ 352,533 $ 53,697 $ 73,892 $ 480,122 Parts 82,246 12,537 13,727 108,510 Service 32,526 7,347 2,605 42,478 Other 1,235 588 193 2,016 Revenue from contracts with customers 468,540 74,169 90,417 633,126 Rental 529 8,694 219 9,442 Total revenue $ 469,069 $ 82,863 $ 90,636 $ 642,568 Six Months Ended July 31, 2023 Agriculture Construction Europe Total (in thousands) Equipment $ 678,193 $ 99,155 $ 132,150 $ 909,498 Parts 151,793 26,202 27,121 205,116 Service 58,793 13,683 4,935 77,411 Other 2,402 948 552 3,902 Revenue from contracts with customers 891,181 139,988 164,758 1,195,927 Rental 1,085 14,872 315 16,272 Total revenue $ 892,266 $ 154,860 $ 165,073 $ 1,212,199 Unbilled Receivables and Deferred Revenue Unbilled receivables from contracts with customers amounted to $30.8 million and $22.3 million as of July 31, 2024 and January 31, 2024, respectively. This increase in unbilled receivables is primarily the result of a seasonal increase in the volume of our service transactions in which we recognize revenue as our work is performed and prior to customer invoicing.

RECEIVABLES (Notes)

RECEIVABLES (Notes)	6 Months Ended
	Jul. 31, 2024
Receivables [Abstract]
RECEIVABLES	NOTE 4 - RECEIVABLES The Company provides an allowance for expected credit losses on its nonrental receivables. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics as shown in the table below. Trade and unbilled receivables from contracts with customers have credit risk and the allowance is determined by applying expected credit loss percentages to aging categories based on historical experience that are updated each quarter. The rates may also be adjusted to the extent future events are expected to differ from historical results. In addition, the allowance is adjusted based on information obtained by continued monitoring of individual customer credit. Short-term receivables from finance companies, other receivables due from manufacturers, and other receivables have not historically resulted in any credit losses to the Company. These receivables are short-term in nature and deemed to be of good credit quality and have no need for any allowance for expected credit losses. Management continually monitors these receivables and should information be obtained that identifies potential credit risk, an adjustment to the allowance would be made if deemed appropriate. Trade and unbilled receivables from rental contracts are primarily in the United States and are specifically excluded from the accounting guidance in determining an allowance for expected losses. The Company provides an allowance for these receivables based on historical experience and using credit information obtained from continued monitoring of customer accounts. July 31, 2024 January 31, 2024 (in thousands) Trade and unbilled receivables from contracts with customers Trade receivables due from customers $ 59,745 $ 83,187 Unbilled receivables 30,790 22,324 Less allowance for expected credit losses (3,076) (3,038) 87,459 102,473 Short-term receivables due from finance companies 22,606 28,486 Trade and unbilled receivables from rental contracts Trade receivables 4,904 3,101 Unbilled receivables 1,251 666 Less allowance for expected credit losses (588) (465) 5,567 3,302 Other receivables Due from manufacturers 14,893 18,775 Other 1,251 621 16,144 19,396 Receivables, net of allowance for expected credit losses $ 131,776 $ 153,657 Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment: Agriculture Construction Europe Australia (1) Total (in thousands) Balance at January 31, 2024 $ 164 $ 177 $ 2,638 59 $ 3,038 Current expected credit loss provision 146 110 (81) 38 213 Write-offs charged against allowance (46) (122) (42) (31) (241) Credit loss recoveries collected 2 34 57 — 93 Foreign exchange impact — — (26) (1) (27) Balance at July 31, 2024 $ 266 $ 199 $ 2,546 $ 65 $ 3,076 (1) Australia segment was created through the O'Connors acquisition that closed in October 2023. Agriculture Construction Europe Total (in thousands) Balance at January 31, 2023 $ 367 $ 124 $ 2,589 $ 3,080 Current expected credit loss provision (15) 123 244 352 Write-offs charged against allowance (143) (56) (53) (252) Credit loss recoveries collected 13 1 42 56 Foreign exchange impact — — 15 15 Balance at July 31, 2023 $ 222 $ 192 $ 2,837 $ 3,251 The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts reflected in Operating Expenses in the Condensed Consolidated Statements of Operations: Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 (in thousands) Impairment losses (recoveries) on: Receivables from sales contracts $ (61) $ 69 $ 213 $ 351 Receivables from rental contracts 16 71 130 123 $ (45) $ 140 $ 343 $ 474

INVENTORIES

INVENTORIES	6 Months Ended
	Jul. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES July 31, 2024 January 31, 2024 (in thousands) New equipment $ 939,858 $ 745,445 Used equipment 378,928 347,041 Parts and attachments 201,183 203,124 Work in process 7,789 7,420 $ 1,527,758 $ 1,303,030

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jul. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT July 31, 2024 January 31, 2024 (in thousands) Rental fleet equipment $ 81,284 $ 79,308 Machinery and equipment 31,038 31,760 Vehicles 112,897 103,765 Furniture and fixtures 54,491 57,935 Land, buildings, and leasehold improvements 260,199 204,992 539,909 477,760 Less accumulated depreciation 182,563 178,986 $ 357,346 $ 298,774 The Company includes depreciation expense related to its rental fleet and its trucking fleet, for hauling equipment, in Cost of Revenue, which was $2.4 million and $2.2 million for the three months ended July 31, 2024 and 2023, respectively, and $4.3 million and $3.9 million for the six months ended July 31, 2024 and 2023, respectively. All other depreciation expense is included in Operating Expenses, which was $6.1 million and $5.2 million for the three months ended July 31, 2024 and 2023, respectively, and $12.2 million and $10.0 million for the six months ended July 31, 2024 and 2023, respectively.

Intangible Assets, Goodwill and

Intangible Assets, Goodwill and Other	6 Months Ended
	Jul. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS AND GOODWILL Finite-Lived Intangible Assets The Company's finite-lived intangible assets consist of customer relationships and covenants not to compete. The following is a summary of intangible assets with finite lives as of July 31, 2024 and January 31, 2024: July 31, 2024 January 31, 2024 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) (in thousands) Customer relationships $ 11,893 $ (1,559) $ 10,334 $ 12,209 $ (704) $ 11,505 Covenants not to compete 1,125 (538) 587 1,236 (453) 783 $ 13,018 $ (2,097) $ 10,921 $ 13,445 $ (1,157) $ 12,288 Total expense related to the amortization of intangible assets, which is recorded in Operating Expenses in the Condensed Consolidated Statements of Operations, was $0.5 million and $0.1 million for the three months ended July 31, 2024 and 2023, respectively. Total expense related to the amortization of intangible assets, which is recorded in Operating Expenses in the Condensed Consolidated Statements of Operations, was $1.0 million and $0.2 million for the six months ended July 31, 2024 and 2023, respectively. The Company performed an interim impairment test in the second quarter of fiscal 2025 with respect to its German subsidiary's assets and recorded an impairment charge of $0.1 million within the Europe segment, which is reflected in Impairment of Intangible and Long-Lived Assets in the Condensed Consolidated Statements of Operations. Future amortization expense, as of July 31, 2024, is expected to be as follows: Fiscal Year Ending January 31, Amount (in thousands) 2025 (remainder) $ 957 2026 1,891 2027 1,865 2028 1,738 2029 1,642 Thereafter 2,828 $ 10,921 Indefinite-Lived Intangible Assets The Company's indefinite-lived intangible assets consist of distribution rights assets. The following is a summary of the changes in indefinite-lived intangible assets, by segment, for the six months ended July 31, 2024: Agriculture Construction Australia Total (in thousands) January 31, 2024 $ 18,154 $ 72 $ 22,842 $ 41,068 Foreign currency translation — — (622) (622) July 31, 2024 $ 18,154 $ 72 $ 22,220 $ 40,446 Goodwill The following presents changes in the carrying amount of goodwill, by segment, for the six months ended July 31, 2024: Agriculture Europe Australia Total (in thousands) January 31, 2024 $ 37,820 $ 474 $ 25,811 $ 64,105 Arising from business combinations — 70 — 70 Impairment — (531) — (531) Foreign currency translation — (13) (702) (715) July 31, 2024 $ 37,820 $ — $ 25,109 $ 62,929

LINES OF CREDIT _ FLOORPLAN PAY

LINES OF CREDIT / FLOORPLAN PAYABLE	6 Months Ended
	Jul. 31, 2024
Line of Credit Facility [Abstract]
LINES OF CREDIT / FLOORPLAN PAYABLE	FLOORPLAN PAYABLE/LINES OF CREDIT On May 17, 2024, the Company entered into a Fourth Amended and Restated Credit Agreement (the "Bank Syndicate Agreement") with a group of banks, which replaced the previous Third Amended and Restated Credit Agreement (the "Existing Credit Facility") the Company had entered into in April 2020. The Credit Agreement provides for a secured credit facility in an amount of up to $500.0 million, consisting of $395.0 million floorplan facility and $105.0 million revolving operating line which can be used by both the U.S. Borrowers and the Australian Borrower. The maximum aggregate facility for the Australian Borrower cannot exceed $100.0 million and the U.S. Borrowers aggregate facility cannot exceed $485.0 million. The outstanding indebtedness under the Credit Agreement matures on May 17, 2029. The amounts available under the Bank Syndicate Agreement are subject to borrowing base calculations and reduced by outstanding standby letters of credit and certain reserves. The Bank Syndicate Agreement includes a variable interest rate on outstanding balances, charges a 0.25% non-usage fee on the average monthly unused amount, and requires monthly payments of accrued interest. For the U.S. borrowings under the Credit Agreement, the Company elects at the time of any advance to choose a Base Rate Loan or a SOFR Rate Loan. The SOFR Rate is based upon one month, three month or six-month SOFR plus an adjustment (0.11448% for one-month term; 0.26161% for three-month term; and 0.42826% for six-month term), as chosen by the Company, but in no event shall the SOFR Rate be less than zero. The Base Rate is the greater of (a) the prime rate of interest announced, from time to time, by Bank of America; (b) the Federal Funds Rate plus 0.5%, and (c) one-month SOFR plus 1.0%, but in no event shall the Base Rate be less than zero. The effective interest rate on the Company’s borrowings is then calculated by adding an applicable margin to the SOFR Rate or Base Rate. The applicable margin is determined based on excess availability as determined under the Credit Agreement and ranges from 0.75% to 1.25% for Base Rate Loans and 1.75% to 2.25% for SOFR Rate Loans. The applicable margins for the U.S. loans under the Bank Syndicate Agreement are 0.25% higher than the margins under the Existing Credit Facility. For the Australian borrowings under the Credit Agreement, the Company elects at the time of the advance to choose an Australian Base Rate Loan or an Australian Bill Rate Loan. The Australian Bill Rate is based on the Bank Bill Swap Reference Bid Rate with an equivalent term of the loan, but in no event shall the Australian Bill Rate be less than zero. The Australian Base Rate is the sum of 1% plus the interbank overnight cash rate calculated by the Reserve Bank of Australia (but in no event shall the Australian cash rate be less than zero). The effective interest rate on the Australian’s borrowings is then calculated by adding an applicable margin to the Australian Bill Rate or the Australian Base Rate. The applicable margin is determined based on excess availability as determined under the Credit Agreement and ranges from 1.75% to 2.25%. As of July 31, 2024, the Company had floorplan and working capital lines of credit totaling $1.5 billion, which is primarily comprised of three floorplan lines of credit: (i) $875.0 million credit facility with CNH Industrial, (ii) $410.0 million floorplan line of credit and $90.0 million working capital line of credit under the Fourth Amended and Restated Credit Agreement, and (iii) $80.0 million credit facility with DLL Finance LLC. The Company's outstanding balances of floorplan lines of credit as of July 31, 2024 and January 31, 2024, consisted of the following: July 31, 2024 January 31, 2024 (in thousands) CNH Industrial $ 803,665 $ 567,677 Bank Syndicate Agreement Floorplan Loan 237,400 162,845 DLL Finance 43,362 38,528 Other outstanding balances with manufacturers and non-manufacturers 84,013 124,796 $ 1,168,440 $ 893,846 As of July 31, 2024, the interest-bearing U.S. floorplan payables carried a variable interest rate with a range of 7.19% to 10.68% compared to a range of 7.22% to 10.70% as of January 31, 2024. As of July 31, 2024, foreign floorplan payables carried a variable interest rate with a range of 5.18% to 7.51%, compared to a range of 5.24% to 8.27% as of January 31, 2024, on multiple lines of credit. The Company had non-interest-bearing floorplan payables of $594.1 million and $507.7 million, as of July 31, 2024 and January 31, 2024, respectively.

LONG TERM DEBT (Notes)

LONG TERM DEBT (Notes)	6 Months Ended
	Jul. 31, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG TERM DEBT The following is a summary of the Company's long-term debt as of July 31, 2024 and January 31, 2024: Description Maturity Dates Interest Rates July 31, 2024 January 31, 2024 (in thousands) Mortgage loans, secured Various through May 2039 2.1% to 7.3% $ 83,455 $ 88,669 Sale-leaseback financing obligations Various through December 2030 6.1% to 6.2% 19,608 10,043 Vehicle loans, secured Various through June 2030 2.1% to 7.4% 21,732 14,433 Other Various through February 2029 1.2% to 7.0% 1,811 6,968 Total debt 126,606 120,113 Less: current maturities (9,940) (13,706) Long-term debt, net $ 116,666 $ 106,407

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jul. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments Disclosure	NOTE 10 - DERIVATIVE INSTRUMENTS The Company holds derivative instruments for the purpose of minimizing exposure to fluctuations in foreign currency exchange rates to which the Company is exposed in the normal course of its operations. From time to time, the Company uses foreign currency forward contracts to hedge the effects of fluctuations in exchange rates on outstanding intercompany loans. The Company does not formally designate and document such derivative instruments as hedging instruments; however, the instruments are an effective economic hedge of the underlying foreign currency exposure. Both the gain or loss on the derivative instrument and the offsetting gain or loss on the underlying intercompany loan are recognized in earnings immediately, thereby eliminating or reducing the impact of foreign currency exchange rate fluctuations on net income. The Company's foreign currency forward contracts generally have one month to three-month maturities. The notional value of outstanding foreign currency contracts was $65.1 million and $25.3 million as of July 31, 2024 and January 31, 2024, respectively. As of July 31, 2024 and January 31, 2024, the fair value of the Company's outstanding derivative instruments was not material. Derivative instruments recognized as assets are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheets, and derivative instruments recognized as liabilities are recorded in accrued expenses and other in the Condensed Consolidated Balance Sheets. The following table sets forth the gains and losses recognized in income from the Company’s derivative instruments for the three and six months ended July 31, 2024 and 2023. Gains and losses are recognized in Interest and other income (expense) in the Condensed Consolidated Statements of Operations: Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 (in thousands) Foreign currency contract gain (loss) $ (25) $ 21 $ 128 $ (39)

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes)	6 Months Ended
	Jul. 31, 2024
Accumulated Other Comprehensive Income [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the six month periods ended July 31, 2024 and 2023: Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2024 $ (951) $ 2,711 $ 1,760 Other comprehensive loss (4,525) — (4,525) Balance, April 30, 2024 (5,476) 2,711 (2,765) Other comprehensive income 58 — 58 Balance, July 31, 2024 (5,418) 2,711 (2,707) Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2023 $ (7,730) $ 2,711 $ (5,019) Other comprehensive income 1,096 — 1,096 Balance, April 30, 2023 (6,634) 2,711 (3,923) Other comprehensive income 550 — 550 Balance, July 31, 2023 (6,084) 2,711 (3,373)

LEASES (Notes)

LEASES (Notes)	6 Months Ended
	Jul. 31, 2024
Leases [Abstract]
LEASES	LEASES As Lessor Revenue generated from leasing activities is disclosed, by segment, in Note 3 - Revenue. The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the condensed consolidated balance sheets, of our Construction segment as of July 31, 2024 and January 31, 2024: July 31, 2024 January 31, 2024 (in thousands) Rental fleet equipment $ 81,284 $ 79,308 Less accumulated depreciation (25,908) (27,282) $ 55,376 $ 52,026

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jul. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS As of July 31, 2024, the fair value of the Company's foreign currency contracts, which are either assets or liabilities measured at fair value on a recurring basis, was not material. These foreign currency contracts were valued using a discounted cash flow analysis, which is an income approach, utilizing readily observable market data as inputs, which is classified as a Level 2 fair value measurement. The Company also has financial instruments that are not recorded at fair value in the consolidated balance sheets, including cash, receivables, payables and long-term debt. The carrying amounts of these financial instruments approximated their fair values as of July 31, 2024 and January 31, 2024. The fair value of these financial instruments was estimated based on Level 2 fair value inputs. The estimated fair value of the Company's Level 2 long-term debt, which is provided for disclosure purposes only, is as follows: July 31, 2024 January 31, 2024 (in thousands) Carrying amount $ 105,187 $ 99,031 Fair value $ 100,398 $ 103,102

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESOur effective tax rate was 1.3% and 24.7% for the three months ended July 31, 2024 and 2023, respectively. Our effective tax rate was 39.8% and 24.3% for the six months ended July 31, 2024 and 2023, respectively. The effective tax rate for the three and six months ended July 31, 2024 and 2023 were subject to various other factors such as the impact of certain discrete items, mainly the vesting of share-based compensation, the mix of domestic and foreign income

BUSINESS COMBINATIONS (Notes)

BUSINESS COMBINATIONS (Notes)	6 Months Ended
	Jul. 31, 2024
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Fiscal 2025 The Company acquired Gose Landtechnik e.K. on March 1, 2024, which consists of one location in Germany and is included in the Europe segment. This acquisition is not considered material to the overall consolidated financial statements during the three and six months ended July 31, 2024 and has been included in the Condensed Consolidated Financial Statements from the date of the acquisition. Fiscal 2024 On October 2, 2023, the Company acquired all of the outstanding equity interests of O’Connors. The acquired business consisted of 15 Case IH dealership locations and one parts center in the states of New South Wales, South Australia, and Victoria in Southeastern Australia. Total cash consideration paid for O'Connors was $66.5 million, which was financed through available cash resources and line of credit availability. The 15 O’Connors store locations are included within the Australia segment. The Company incurred $1.1 million in acquisition related expenses in connection with this acquisition, which are included in Operating Expenses in the Consolidated Statements of Operations for the year ended January 31, 2024. The Company completed other acquisitions that were not considered material, individually or collectively, to the overall consolidated financial statements during the year ended January 31, 2024. These acquisitions consisted of five locations of Pioneer Farm Equipment Co. on February 1, 2023, in the state of Idaho, one location of Midwest Truck Parts Inc. on June 1, 2023, in the state Minnesota and one location of Scott Supply Co. on January 10, 2024, in the state of South Dakota, all of which are included in the Agriculture segment. The Company also acquired MAREP GmbH on May 1, 2023, which included two locations in Germany and is included in the Europe segment. These acquisitions have been included in the Condensed Consolidated Financial Statements from the date of the respective acquisition. Purchase Price Allocation Each of the above acquisitions has been accounted for under the acquisition method of accounting, which requires the Company to estimate the acquisition date fair value of the assets acquired and liabilities assumed. As of July 31, 2024, the purchase price allocation for all business combinations from fiscal year 2024 and prior are complete with the exception of the O'Connors acquisition for which the Company is in the process of finalizing the closing tax balances and intangible asset valuations. The following summarizes the acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill (in thousands): O’Connors October 2, 2023 (in thousands) Assets acquired: Cash $ 4,165 Receivables 8,323 Inventories 96,802 Prepaid expenses and other 314 Property and equipment 11,450 Operating lease assets 14,798 Intangible assets acquired: Customer Relationships 10,928 Distribution Rights 21,470 Goodwill 24,261 Total assets 192,511 Liabilities assumed: Accounts payable 4,702 Floorplan payable 74,815 Current operating lease liabilities 1,064 Deferred revenue 12,008 Accrued expenses and other 17,284 Long-term debt 2,371 Operating lease liabilities 13,733 Total liabilities 125,977 Net assets acquired $ 66,534 Goodwill recognized by segment: Australia $ 24,261 Goodwill expected to be deductible for tax purposes $ —

CONTINGENCIES (Notes)

CONTINGENCIES (Notes)	6 Months Ended
	Jul. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE 16 - CONTINGENCIES The Company is engaged in legal proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, it is the Company's opinion that the outcome of these various legal actions and claims will not have a material impact on its financial position, results of operations or cash flows. These matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable.

SEGMENT INFORMATION AND OPERATI

SEGMENT INFORMATION AND OPERATING RESULTS	6 Months Ended
	Jul. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION AND OPERATING RESULTS	SEGMENT AND GEOGRAPHIC INFORMATION The Company has four reportable segments: Agriculture, Construction, Europe and Australia. Revenue between segments is immaterial. The Company retains various unallocated income/(expense) items and assets at the general corporate level, which the Company refers to as “Shared Resources” in the table below. Shared Resources assets primarily consist of cash and property and equipment. Certain financial information for each of the Company’s business segments is set forth below. Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 (in thousands) (in thousands) Revenue Agriculture $ 424,036 $ 469,069 $ 871,721 $ 892,266 Construction 80,191 82,863 151,683 154,860 Europe 68,149 90,636 133,254 165,073 Australia (1) 61,298 — 105,718 — Total $ 633,674 $ 642,568 $ 1,262,376 $ 1,212,199 Income (Loss) Before Income Taxes Agriculture $ 635 $ 33,029 $ 13,680 $ 57,181 Construction (4,893) 5,156 (4,625) 9,689 Europe (2,270) 5,568 (919) 11,952 Australia 1,362 — 876 — Segment income before income taxes (5,166) 43,753 9,012 78,822 Shared Resources 916 (2,162) (477) (1,790) Total $ (4,250) $ 41,591 $ 8,535 $ 77,032 (1) Australia segment was created through the O'Connors acquisition that closed in October 2023. July 31, 2024 January 31, 2024 (in thousands) Total Assets Agriculture $ 1,340,057 $ 1,183,367 Construction 316,233 257,142 Europe 291,699 280,354 Australia 205,298 225,421 Segment assets 2,153,287 1,946,284 Shared Resources 67,262 45,977 Total $ 2,220,549 $ 1,992,261

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		9 Months Ended
	Jul. 31, 2024	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (4,304)	$ 9,441	$ 31,321	$ 26,965	$ 5,136	$ 58,287	$ 5,136

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

BUSINESS ACTIVITY AND SIGNIFI_2

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The quarterly operating results for Titan Machinery Inc. (the “Company”) are subject to fluctuation due to varying weather patterns and other factors influencing customer profitability, which may impact the timing and amount of equipment purchases, rentals, and after-sales parts and service purchases by the Company’s agriculture, construction and international customers. Therefore, operating results for the six-months ended July 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2025. The information contained in the consolidated balance sheet as of January 31, 2024 was derived from the audited consolidated financial statements of the Company for the fiscal year then ended. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024 as filed with the SEC.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, impairment of long-lived assets, goodwill, or indefinite lived intangible assets, collectability of receivables, and income taxes.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures in the rate reconciliation table for federal, state and foreign income taxes, in addition to more details about the reconciling items in some categories when items meet a certain quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements. In March 2024, the SEC adopted new rules that will require registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant's greenhouse gas emissions. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. A federal court has stayed the implementation of the SEC rules, pending the outcome of litigation challenging the rules. The Company will continue to monitor the litigation process.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jul. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the calculation of basic and diluted earnings per share (EPS): Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 (in thousands, except per share data) Numerator: Net (loss) income $ (4,304) $ 31,321 $ 5,136 $ 58,287 Allocation to participating securities — (400) (78) (689) Net (loss) income attributable to Titan Machinery Inc. common stockholders $ (4,304) $ 30,921 $ 5,058 $ 57,598 Denominator: Basic weighted-average common shares outstanding 22,617 22,476 22,580 22,474 Plus: incremental shares from vesting of restricted stock units — 8 3 6 Diluted weighted-average common shares outstanding 22,617 22,484 22,583 22,480 (Loss) Earnings Per Share: Basic $ (0.19) $ 1.38 $ 0.22 $ 2.56 Diluted $ (0.19) $ 1.38 $ 0.22 $ 2.56 Anti-dilutive shares excluded from diluted weighted-average common shares outstanding: Restricted stock units 12 — — —

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jul. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by revenue source and segment: Three Months Ended July 31, 2024 Agriculture Construction Europe Australia (1) Total (in thousands) Equipment $ 312,556 $ 52,844 $ 49,146 $ 50,687 $ 465,233 Parts 75,430 11,049 15,407 7,919 109,805 Service 34,570 7,214 3,076 2,408 47,268 Other 1,000 520 198 284 2,002 Revenue from contracts with customers 423,556 71,627 67,827 61,298 624,308 Rental 480 8,564 322 — 9,366 Total revenue $ 424,036 $ 80,191 $ 68,149 $ 61,298 $ 633,674 (1) Australia segment was created through the J.J. O’Connor & Sons Pty. Ltd. ("O’Connors") acquisition that closed in October 2023. Six Months Ended July 31, 2024 Agriculture Construction Europe Australia Total (in thousands) Equipment $ 651,269 $ 99,939 $ 96,645 $ 85,469 $ 933,322 Parts 150,395 22,879 29,931 14,827 218,032 Service 67,512 14,014 5,833 4,987 92,346 Other 1,875 836 351 435 3,497 Revenue from contracts with customers 871,051 137,668 132,760 105,718 1,247,197 Rental 670 14,015 494 — 15,179 Total revenue $ 871,721 $ 151,683 $ 133,254 $ 105,718 $ 1,262,376 Three Months Ended July 31, 2023 Agriculture Construction Europe Total (in thousands) Equipment $ 352,533 $ 53,697 $ 73,892 $ 480,122 Parts 82,246 12,537 13,727 108,510 Service 32,526 7,347 2,605 42,478 Other 1,235 588 193 2,016 Revenue from contracts with customers 468,540 74,169 90,417 633,126 Rental 529 8,694 219 9,442 Total revenue $ 469,069 $ 82,863 $ 90,636 $ 642,568 Six Months Ended July 31, 2023 Agriculture Construction Europe Total (in thousands) Equipment $ 678,193 $ 99,155 $ 132,150 $ 909,498 Parts 151,793 26,202 27,121 205,116 Service 58,793 13,683 4,935 77,411 Other 2,402 948 552 3,902 Revenue from contracts with customers 891,181 139,988 164,758 1,195,927 Rental 1,085 14,872 315 16,272 Total revenue $ 892,266 $ 154,860 $ 165,073 $ 1,212,199

RECEIVABLES (Tables)

RECEIVABLES (Tables)	6 Months Ended
	Jul. 31, 2024
Receivables [Abstract]
Schedule of Receivables	July 31, 2024 January 31, 2024 (in thousands) Trade and unbilled receivables from contracts with customers Trade receivables due from customers $ 59,745 $ 83,187 Unbilled receivables 30,790 22,324 Less allowance for expected credit losses (3,076) (3,038) 87,459 102,473 Short-term receivables due from finance companies 22,606 28,486 Trade and unbilled receivables from rental contracts Trade receivables 4,904 3,101 Unbilled receivables 1,251 666 Less allowance for expected credit losses (588) (465) 5,567 3,302 Other receivables Due from manufacturers 14,893 18,775 Other 1,251 621 16,144 19,396 Receivables, net of allowance for expected credit losses $ 131,776 $ 153,657
Accounts Receivable, Allowance for Credit Loss	Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment: Agriculture Construction Europe Australia (1) Total (in thousands) Balance at January 31, 2024 $ 164 $ 177 $ 2,638 59 $ 3,038 Current expected credit loss provision 146 110 (81) 38 213 Write-offs charged against allowance (46) (122) (42) (31) (241) Credit loss recoveries collected 2 34 57 — 93 Foreign exchange impact — — (26) (1) (27) Balance at July 31, 2024 $ 266 $ 199 $ 2,546 $ 65 $ 3,076 (1) Australia segment was created through the O'Connors acquisition that closed in October 2023. Agriculture Construction Europe Total (in thousands) Balance at January 31, 2023 $ 367 $ 124 $ 2,589 $ 3,080 Current expected credit loss provision (15) 123 244 352 Write-offs charged against allowance (143) (56) (53) (252) Credit loss recoveries collected 13 1 42 56 Foreign exchange impact — — 15 15 Balance at July 31, 2023 $ 222 $ 192 $ 2,837 $ 3,251
Impaired Financing Receivables	The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts reflected in Operating Expenses in the Condensed Consolidated Statements of Operations: Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 (in thousands) Impairment losses (recoveries) on: Receivables from sales contracts $ (61) $ 69 $ 213 $ 351 Receivables from rental contracts 16 71 130 123 $ (45) $ 140 $ 343 $ 474

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jul. 31, 2024
Inventory Disclosure [Abstract]
Schedule of inventories	July 31, 2024 January 31, 2024 (in thousands) New equipment $ 939,858 $ 745,445 Used equipment 378,928 347,041 Parts and attachments 201,183 203,124 Work in process 7,789 7,420 $ 1,527,758 $ 1,303,030

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jul. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	PROPERTY AND EQUIPMENT July 31, 2024 January 31, 2024 (in thousands) Rental fleet equipment $ 81,284 $ 79,308 Machinery and equipment 31,038 31,760 Vehicles 112,897 103,765 Furniture and fixtures 54,491 57,935 Land, buildings, and leasehold improvements 260,199 204,992 539,909 477,760 Less accumulated depreciation 182,563 178,986 $ 357,346 $ 298,774

Intangible Assets, Goodwill a_2

Intangible Assets, Goodwill and Other (Tables)	6 Months Ended
	Jul. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The following is a summary of the changes in indefinite-lived intangible assets, by segment, for the six months ended July 31, 2024: Agriculture Construction Australia Total (in thousands) January 31, 2024 $ 18,154 $ 72 $ 22,842 $ 41,068 Foreign currency translation — — (622) (622) July 31, 2024 $ 18,154 $ 72 $ 22,220 $ 40,446
Schedule of Intangible Assets and Goodwill [Table Text Block]	The following presents changes in the carrying amount of goodwill, by segment, for the six months ended July 31, 2024: Agriculture Europe Australia Total (in thousands) January 31, 2024 $ 37,820 $ 474 $ 25,811 $ 64,105 Arising from business combinations — 70 — 70 Impairment — (531) — (531) Foreign currency translation — (13) (702) (715) July 31, 2024 $ 37,820 $ — $ 25,109 $ 62,929

LINES OF CREDIT _ FLOORPLAN P_2

LINES OF CREDIT / FLOORPLAN PAYABLE Summary of Outstanding Amounts (Tables)	6 Months Ended
	Jul. 31, 2024
Line of Credit Facility [Abstract]
Schedule of Line of Credit Facilities	July 31, 2024 January 31, 2024 (in thousands) CNH Industrial $ 803,665 $ 567,677 Bank Syndicate Agreement Floorplan Loan 237,400 162,845 DLL Finance 43,362 38,528 Other outstanding balances with manufacturers and non-manufacturers 84,013 124,796 $ 1,168,440 $ 893,846

LONG TERM DEBT (Tables)

LONG TERM DEBT (Tables)	6 Months Ended
	Jul. 31, 2024
Debt Instrument [Line Items]
Schedule of Long-term Debt	The following is a summary of the Company's long-term debt as of July 31, 2024 and January 31, 2024: Description Maturity Dates Interest Rates July 31, 2024 January 31, 2024 (in thousands) Mortgage loans, secured Various through May 2039 2.1% to 7.3% $ 83,455 $ 88,669 Sale-leaseback financing obligations Various through December 2030 6.1% to 6.2% 19,608 10,043 Vehicle loans, secured Various through June 2030 2.1% to 7.4% 21,732 14,433 Other Various through February 2029 1.2% to 7.0% 1,811 6,968 Total debt 126,606 120,113 Less: current maturities (9,940) (13,706) Long-term debt, net $ 116,666 $ 106,407

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME AOCI (Tables)	6 Months Ended
	Jul. 31, 2024
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the six month periods ended July 31, 2024 and 2023: Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2024 $ (951) $ 2,711 $ 1,760 Other comprehensive loss (4,525) — (4,525) Balance, April 30, 2024 (5,476) 2,711 (2,765) Other comprehensive income 58 — 58 Balance, July 31, 2024 (5,418) 2,711 (2,707) Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2023 $ (7,730) $ 2,711 $ (5,019) Other comprehensive income 1,096 — 1,096 Balance, April 30, 2023 (6,634) 2,711 (3,923) Other comprehensive income 550 — 550 Balance, July 31, 2023 (6,084) 2,711 (3,373)

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jul. 31, 2024
Leases [Abstract]
Rental Fleet Assets	The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the condensed consolidated balance sheets, of our Construction segment as of July 31, 2024 and January 31, 2024: July 31, 2024 January 31, 2024 (in thousands) Rental fleet equipment $ 81,284 $ 79,308 Less accumulated depreciation (25,908) (27,282) $ 55,376 $ 52,026

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jul. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	The estimated fair value of the Company's Level 2 long-term debt, which is provided for disclosure purposes only, is as follows: July 31, 2024 January 31, 2024 (in thousands) Carrying amount $ 105,187 $ 99,031 Fair value $ 100,398 $ 103,102

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2024	Oct. 02, 2023
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition		O’Connors October 2, 2023 (in thousands) Assets acquired: Cash $ 4,165 Receivables 8,323 Inventories 96,802 Prepaid expenses and other 314 Property and equipment 11,450 Operating lease assets 14,798 Intangible assets acquired: Customer Relationships 10,928 Distribution Rights 21,470 Goodwill 24,261 Total assets 192,511 Liabilities assumed: Accounts payable 4,702 Floorplan payable 74,815 Current operating lease liabilities 1,064 Deferred revenue 12,008 Accrued expenses and other 17,284 Long-term debt 2,371 Operating lease liabilities 13,733 Total liabilities 125,977 Net assets acquired $ 66,534 Goodwill recognized by segment: Australia $ 24,261 Goodwill expected to be deductible for tax purposes $ —
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Current			$ 1,064
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Noncurrent			13,733
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Assets			14,798
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			$ 125,977
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	seven

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended		9 Months Ended
	Jul. 31, 2024	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ (4,304)	$ 9,441	$ 31,321	$ 26,965	$ 5,136	$ 58,287	$ 5,136
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	0		400		78	689
Net Income (Loss) Available to Common Stockholders, Basic	$ (4,304)		$ 30,921		$ 5,058	$ 57,598
Basic weighted-average common shares outstanding	22,617		22,476		22,580	22,474
Weighted Average Number Diluted Shares Outstanding Adjustment	0		8		3	6
Weighted Average Number of Shares Outstanding, Diluted	22,617		22,484		22,583	22,480
Earnings Per Share, Basic	$ (0.19)		$ 1.38		$ 0.22	$ 2.56
Earnings Per Share, Diluted	$ (0.19)		$ 1.38		$ 0.22	$ 2.56

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 633,674	$ 642,568	$ 1,262,376	$ 1,212,199
Revenue	633,674	642,568
Revenue from Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenue	624,308	633,126	1,247,197	1,195,927
Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,002	2,016	3,497	3,902
Service
Disaggregation of Revenue [Line Items]
Revenue	47,268	42,478	92,346	77,411
Parts
Disaggregation of Revenue [Line Items]
Revenue	109,805	108,510	218,032	205,116
Equipment
Disaggregation of Revenue [Line Items]
Revenue	465,233	480,122	933,322	909,498
Rental
Disaggregation of Revenue [Line Items]
Revenues	9,366	9,442	15,179	16,272
Operating Segments [Member] | Agricultural Segment [Member]
Disaggregation of Revenue [Line Items]
Revenues	424,036	469,069	871,721	892,266
Operating Segments [Member] | Agricultural Segment [Member] | Revenue from Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenue	423,556	468,540	871,051	891,181
Operating Segments [Member] | Agricultural Segment [Member] | Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,000	1,235	1,875	2,402
Operating Segments [Member] | Agricultural Segment [Member] | Service
Disaggregation of Revenue [Line Items]
Revenue	34,570	32,526	67,512	58,793
Operating Segments [Member] | Agricultural Segment [Member] | Parts
Disaggregation of Revenue [Line Items]
Revenue	75,430	82,246	150,395	151,793
Operating Segments [Member] | Agricultural Segment [Member] | Equipment
Disaggregation of Revenue [Line Items]
Revenue	312,556	352,533	651,269	678,193
Operating Segments [Member] | Agricultural Segment [Member] | Rental
Disaggregation of Revenue [Line Items]
Revenues	480	529	670	1,085
Operating Segments [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Revenues	68,149	90,636	133,254	165,073
Operating Segments [Member] | International [Member] | Revenue from Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenue	67,827	90,417	132,760	164,758
Operating Segments [Member] | International [Member] | Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	198	193	351	552
Operating Segments [Member] | International [Member] | Service
Disaggregation of Revenue [Line Items]
Revenue	3,076	2,605	5,833	4,935
Operating Segments [Member] | International [Member] | Parts
Disaggregation of Revenue [Line Items]
Revenue	15,407	13,727	29,931	27,121
Operating Segments [Member] | International [Member] | Equipment
Disaggregation of Revenue [Line Items]
Revenue	49,146	73,892	96,645	132,150
Operating Segments [Member] | International [Member] | Rental
Disaggregation of Revenue [Line Items]
Revenues	322	219	494	315
Operating Segments [Member] | Construction Segment [Member]
Disaggregation of Revenue [Line Items]
Revenues	80,191	82,863	151,683	154,860
Operating Segments [Member] | Construction Segment [Member] | Revenue from Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenue	71,627	74,169	137,668	139,988
Operating Segments [Member] | Construction Segment [Member] | Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	520	588	836	948
Operating Segments [Member] | Construction Segment [Member] | Service
Disaggregation of Revenue [Line Items]
Revenue	7,214	7,347	14,014	13,683
Operating Segments [Member] | Construction Segment [Member] | Parts
Disaggregation of Revenue [Line Items]
Revenue	11,049	12,537	22,879	26,202
Operating Segments [Member] | Construction Segment [Member] | Equipment
Disaggregation of Revenue [Line Items]
Revenue	52,844	53,697	99,939	99,155
Operating Segments [Member] | Construction Segment [Member] | Rental
Disaggregation of Revenue [Line Items]
Revenues	$ 8,564	$ 8,694	$ 14,015	$ 14,872

REVENUE Unbilled Receivables (D

REVENUE Unbilled Receivables (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Revenue from Contract with Customer [Abstract]
Unbilled Receivables, Current	$ 30,800	$ 22,300

REVENUE Deferred Revenue (Detai

REVENUE Deferred Revenue (Details) - USD ($)	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Revenue Recognized	$ 85,600,000	$ 107,700,000
Deferred Revenue from Contracts with Customers [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 57,000,000		$ 114,600,000

RECEIVABLES (Details)

RECEIVABLES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue from Contracts with Customers, Impairment Loss	$ (61)	$ 69	$ 213	$ 351
Rental Contract, Impairment Loss	16	71	130	123
Accounts Receivable, Allowance for Credit Loss					$ (3,038)	$ (3,080)
Accounts Receivable, after Allowance for Credit Loss, Current	131,776		131,776		153,657
Unbilled Receivables, Current	30,800		30,800		22,300
Accounts Receivable, Allowance for Credit Loss, Writeoff			(241)	(252)
Accounts Receivable, Credit Loss Expense (Reversal)			213	352
Accounts Receivable, Allowance for Credit Loss, Recovery			93	56
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation			(27)	15
Impaired Financing Receivables	(45)	140	343	474
Accounting Standards Update 2016-13
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss	(3,076)	(3,251)	(3,076)	(3,251)
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	59,745		59,745		83,187
Unbilled Receivables from Operating Leases and Rental Contracts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	1,251		1,251		666
Accounts Receivable, Allowance for Credit Loss	(3,076)		(3,076)		(3,038)
Accounts Receivable, after Allowance for Credit Loss, Current	87,459		87,459		102,473
Unbilled Receivables, Current	30,790		30,790		22,324
Trade Receivables due from Finance Companies [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	22,606		22,606		28,486
Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	4,904		4,904		3,101
Receivables due from Manufacturers [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	14,893		14,893		18,775
Other Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	1,251		1,251		621
Accounts Receivable, after Allowance for Credit Loss, Current	16,144		16,144		19,396
Trade And Unbilled Receivables From Rental Contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss	(588)		(588)		(465)
Accounts Receivable, after Allowance for Credit Loss, Current	5,567		5,567		3,302
Agricultural Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss	(266)	(222)	(266)	(222)	(164)	(367)
Accounts Receivable, Allowance for Credit Loss, Writeoff			(46)	(143)
Accounts Receivable, Credit Loss Expense (Reversal)			146	(15)
Accounts Receivable, Allowance for Credit Loss, Recovery			2	13
International [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss	(2,546)	(2,837)	(2,546)	(2,837)	(2,638)	(2,589)
Accounts Receivable, Allowance for Credit Loss, Writeoff			(42)	(53)
Accounts Receivable, Credit Loss Expense (Reversal)			(81)	244
Accounts Receivable, Allowance for Credit Loss, Recovery			57	42
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation			(26)	15
Construction Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss	(199)	$ (192)	(199)	(192)	(177)	$ (124)
Accounts Receivable, Allowance for Credit Loss, Writeoff			(122)	(56)
Accounts Receivable, Credit Loss Expense (Reversal)			110	123
Accounts Receivable, Allowance for Credit Loss, Recovery			34	$ 1
Australia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ (65)		(65)		$ (59)
Accounts Receivable, Allowance for Credit Loss, Writeoff			(31)
Accounts Receivable, Credit Loss Expense (Reversal)			38
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation			$ (1)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Inventory Disclosure [Abstract]
New equipment	$ 939,858	$ 745,445
Used equipment	378,928	347,041
Parts and attachments	201,183	203,124
Work in process	7,789	7,420
Inventories	$ 1,527,758	$ 1,303,030

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024
PROPERTY AND EQUIPMENT
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	$ 539,909		$ 539,909		$ 477,760
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization	182,563		182,563		178,986
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization, Total	357,346		357,346		298,774
Asset Impairment Charges			1,473
Other Asset Impairment Charges	942	$ 0	942	$ 0
Rental fleet equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	81,284		81,284		79,308
Machinery and equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	31,038		31,038		31,760
Vehicles
PROPERTY AND EQUIPMENT
Property and equipment, gross	112,897		112,897		103,765
Furniture and fixtures
PROPERTY AND EQUIPMENT
Property and equipment, gross	54,491		54,491		57,935
Land, Buildings and Improvements
PROPERTY AND EQUIPMENT
Property and equipment, gross	$ 260,199		$ 260,199		$ 204,992

PROPERTY AND EQUIPMENT Deprecia

PROPERTY AND EQUIPMENT Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
PROPERTY AND EQUIPMENT
Cost, Depreciation	$ 2,400	$ 2,200	$ 4,300	$ 3,900
Depreciation, Nonproduction	$ 6,100	$ 5,200	$ 12,200	$ 10,000

Intangible Assets, Goodwill a_3

Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Oct. 02, 2023	Jul. 31, 2024	Jul. 31, 2024	Jan. 31, 2024
Indefinite-lived Intangible Assets [Line Items]
Other Indefinite-lived Intangible Assets		$ 40,446	$ 40,446	$ 41,068
Impairment of Intangible Assets, Finite-Lived			100
Goodwill [Line Items]
Goodwill		62,929	62,929	64,105
Goodwill, Acquired During Period	$ 24,261		70
Goodwill, Foreign Currency Translation Gain (Loss)			(715)
Finite-Lived Intangible Assets [Line Items]
Goodwill, Impairment Loss		531	531
Agricultural Segment [Member]
Indefinite-lived Intangible Assets [Line Items]
Other Indefinite-lived Intangible Assets		18,154	18,154	18,154
Goodwill [Line Items]
Goodwill		37,820	37,820	37,820
Goodwill, Acquired During Period			0
Goodwill, Foreign Currency Translation Gain (Loss)			0
Construction Segment [Member]
Indefinite-lived Intangible Assets [Line Items]
Other Indefinite-lived Intangible Assets		72	72	72
International [Member]
Goodwill [Line Items]
Goodwill		$ 0	0	$ 474
Goodwill, Acquired During Period			70
Goodwill, Foreign Currency Translation Gain (Loss)			(13)
International [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill, Impairment Loss			$ 500

LINES OF CREDIT _ FLOORPLAN P_3

LINES OF CREDIT / FLOORPLAN PAYABLE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Floorplan Notes Payable	$ 1,168,440	$ 893,846
Subsequent Events [Abstract]
LINES OF CREDIT / FLOORPLAN PAYABLE	FLOORPLAN PAYABLE/LINES OF CREDIT On May 17, 2024, the Company entered into a Fourth Amended and Restated Credit Agreement (the "Bank Syndicate Agreement") with a group of banks, which replaced the previous Third Amended and Restated Credit Agreement (the "Existing Credit Facility") the Company had entered into in April 2020. The Credit Agreement provides for a secured credit facility in an amount of up to $500.0 million, consisting of $395.0 million floorplan facility and $105.0 million revolving operating line which can be used by both the U.S. Borrowers and the Australian Borrower. The maximum aggregate facility for the Australian Borrower cannot exceed $100.0 million and the U.S. Borrowers aggregate facility cannot exceed $485.0 million. The outstanding indebtedness under the Credit Agreement matures on May 17, 2029. The amounts available under the Bank Syndicate Agreement are subject to borrowing base calculations and reduced by outstanding standby letters of credit and certain reserves. The Bank Syndicate Agreement includes a variable interest rate on outstanding balances, charges a 0.25% non-usage fee on the average monthly unused amount, and requires monthly payments of accrued interest. For the U.S. borrowings under the Credit Agreement, the Company elects at the time of any advance to choose a Base Rate Loan or a SOFR Rate Loan. The SOFR Rate is based upon one month, three month or six-month SOFR plus an adjustment (0.11448% for one-month term; 0.26161% for three-month term; and 0.42826% for six-month term), as chosen by the Company, but in no event shall the SOFR Rate be less than zero. The Base Rate is the greater of (a) the prime rate of interest announced, from time to time, by Bank of America; (b) the Federal Funds Rate plus 0.5%, and (c) one-month SOFR plus 1.0%, but in no event shall the Base Rate be less than zero. The effective interest rate on the Company’s borrowings is then calculated by adding an applicable margin to the SOFR Rate or Base Rate. The applicable margin is determined based on excess availability as determined under the Credit Agreement and ranges from 0.75% to 1.25% for Base Rate Loans and 1.75% to 2.25% for SOFR Rate Loans. The applicable margins for the U.S. loans under the Bank Syndicate Agreement are 0.25% higher than the margins under the Existing Credit Facility. For the Australian borrowings under the Credit Agreement, the Company elects at the time of the advance to choose an Australian Base Rate Loan or an Australian Bill Rate Loan. The Australian Bill Rate is based on the Bank Bill Swap Reference Bid Rate with an equivalent term of the loan, but in no event shall the Australian Bill Rate be less than zero. The Australian Base Rate is the sum of 1% plus the interbank overnight cash rate calculated by the Reserve Bank of Australia (but in no event shall the Australian cash rate be less than zero). The effective interest rate on the Australian’s borrowings is then calculated by adding an applicable margin to the Australian Bill Rate or the Australian Base Rate. The applicable margin is determined based on excess availability as determined under the Credit Agreement and ranges from 1.75% to 2.25%. As of July 31, 2024, the Company had floorplan and working capital lines of credit totaling $1.5 billion, which is primarily comprised of three floorplan lines of credit: (i) $875.0 million credit facility with CNH Industrial, (ii) $410.0 million floorplan line of credit and $90.0 million working capital line of credit under the Fourth Amended and Restated Credit Agreement, and (iii) $80.0 million credit facility with DLL Finance LLC. The Company's outstanding balances of floorplan lines of credit as of July 31, 2024 and January 31, 2024, consisted of the following: July 31, 2024 January 31, 2024 (in thousands) CNH Industrial $ 803,665 $ 567,677 Bank Syndicate Agreement Floorplan Loan 237,400 162,845 DLL Finance 43,362 38,528 Other outstanding balances with manufacturers and non-manufacturers 84,013 124,796 $ 1,168,440 $ 893,846 As of July 31, 2024, the interest-bearing U.S. floorplan payables carried a variable interest rate with a range of 7.19% to 10.68% compared to a range of 7.22% to 10.70% as of January 31, 2024. As of July 31, 2024, foreign floorplan payables carried a variable interest rate with a range of 5.18% to 7.51%, compared to a range of 5.24% to 8.27% as of January 31, 2024, on multiple lines of credit. The Company had non-interest-bearing floorplan payables of $594.1 million and $507.7 million, as of July 31, 2024 and January 31, 2024, respectively.
Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	$ 1,168,440	893,846
Non-Interest Bearing Floorplan Line of Credit [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Floorplan Notes Payable	594,100	$ 507,700
Credit Facility
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 1,500,000
Credit Facility | Non-US [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate, Stated Percentage	5.18%	5.24%
Credit Facility | U.S.
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate, Stated Percentage	7.19%	7.22%
Credit Facility | Maximum [Member] | Non-US [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate, Stated Percentage	7.51%	8.27%
Credit Facility | Maximum [Member] | U.S.
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate, Stated Percentage	10.68%	10.70%
CNH Industrial Capital Credit Facility | Credit Facility
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 875,000
DLL Finance LLC [Member] | Credit Facility
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	80,000
Bank Syndicate [Domain] | Credit Facility
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	410,000
CNH Industrial Capital Credit Facility | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	803,665	$ 567,677
Bank Syndicate [Domain] | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	237,400	162,845
DLL Finance LLC [Member] | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	43,362	38,528
Other Affiliates [Member] | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	$ 84,013	$ 124,796

LONG TERM DEBT (Details)

LONG TERM DEBT (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
Debt Instrument [Line Items]
Long-term Debt	$ 126,606	$ 120,113
Current maturities of long-term debt	(9,940)	(13,706)
Long-term debt, less current maturities	116,666	106,407
Extinguishment of Debt, Amount	11,159
Mortgages
Debt Instrument [Line Items]
Notes and Loans Payable	83,455	88,669
Sale-leaseback Financing Obligation
Debt Instrument [Line Items]
Notes and Loans Payable	19,608	10,043
Secured Debt
Debt Instrument [Line Items]
Notes and Loans Payable	21,732	14,433
Loans Payable
Debt Instrument [Line Items]
Long-term Debt	105,187	99,031
Notes and Loans Payable	$ 1,811	$ 6,968

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details 1) $ in Thousands	Jul. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Notional Amount	$ 65,100

DERIVATIVE INSTRUMENTS DERIVATE

DERIVATIVE INSTRUMENTS DERIVATE INSTRUMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Foreign currency contracts | Not designated as hedging instruments
Derivative Instruments, Gain (Loss)
Foreign currency contract gain (loss)	$ (25)	$ 21	$ 128	$ (39)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2024	Jan. 31, 2023
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (5,418)	$ (5,476)	$ (6,084)	$ (6,634)	$ (951)	$ (7,730)
Derivatives used in Net Investment Hedge, Net of Tax	2,711	2,711	2,711	2,711	2,711	2,711
Accumulated Other Comprehensive Income (Loss), Net of Tax	(2,707)	(2,765)	(3,373)	(3,923)	$ 1,760	$ (5,019)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	58	(4,525)	550	1,096
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ 58	$ (4,525)	$ 550	$ 1,096

LEASES (Details)

LEASES (Details) - Rental Fleet Equipment [Member] - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 81,284	$ 79,308
Construction Segment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, net of accumulated depreciation	55,376	52,026
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(25,908)	(27,282)
Property and equipment, gross	$ 81,284	$ 79,308

LEASES ROU Assets and Lease Lia

LEASES ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Leases [Abstract]
Operating lease assets	$ 37,643	$ 54,699
Current operating lease liabilities	7,912	10,751
Operating Lease, Liability, Noncurrent	$ 35,415	$ 50,964

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Long-term Debt, Fair Value	$ 100,398	$ 103,102
Long-term Debt	126,606	120,113
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term Debt	126,606	120,113
Loans Payable
Fair Value Disclosures [Abstract]
Long-term Debt	105,187	99,031
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term Debt	$ 105,187	$ 99,031

INCOME TAXES INCOME TAXES (Deta

INCOME TAXES INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	1.30%	(24.70%)	(39.80%)	(24.30%)

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 02, 2023	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024
Business Acquisition [Line Items]
Business Combination, Acquired Receivable, Fair Value	$ 8,323
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	96,802
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	314
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	11,450
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Assets	14,798
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill
Business Acquisition, Goodwill, Expected Tax Deductible Amount	0
Goodwill		$ 62,929		$ 62,929		$ 64,105
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	192,511
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	4,702
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities	74,815
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Current	1,064
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	12,008
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	17,284
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	2,371
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Noncurrent	13,733
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	125,977
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	66,534
Goodwill, Acquired During Period	24,261			70
Business Acquisition, Pro Forma Revenue		633,674	$ 737,920	1,262,376	$ 1,349,005
Business Acquisition, Pro Forma Net Income (Loss)		(4,304)	$ 35,456	5,136	$ 63,162
Cash Acquired from Acquisition	4,165
Distribution Rights [Domain]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	21,470
Customer relationship [Domain]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	10,928
OConnor
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs	1,100
Other Payments to Acquire Businesses	66,500
Agricultural Segment [Member]
Business Acquisition [Line Items]
Goodwill		37,820		37,820		37,820
Goodwill, Acquired During Period				0
International [Member]
Business Acquisition [Line Items]
Goodwill		$ 0		0		$ 474
Goodwill, Acquired During Period				$ 70
Australia
Business Acquisition [Line Items]
Business Acquisition, Goodwill, Expected Tax Deductible Amount	$ 24,261

SEGMENT INFORMATION AND OPERA_2

SEGMENT INFORMATION AND OPERATING RESULTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2024 USD ($) segment	Jul. 31, 2023 USD ($)	Jan. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			4
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	$ 633,674	$ 642,568	$ 1,262,376	$ 1,212,199
Income (Loss) Before Income Taxes	(4,250)	41,591	8,535	77,032
Total Assets	2,220,549		2,220,549		$ 1,992,261
Revenue	633,674	642,568
Other Assets, Miscellaneous	395,897		395,897		354,382
U.S.
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	504,227	551,932
Other Assets, Miscellaneous	347,810		347,810		305,512
AUSTRALIA
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	61,298	0
Other Assets, Miscellaneous	26,988		26,988		27,637
Non-US [Member]
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	68,149	90,636
Other Assets, Miscellaneous	21,099		21,099		21,233
Shared Resources
SEGMENT INFORMATION AND OPERATING RESULTS
Income (Loss) Before Income Taxes	916	(2,162)	(477)	(1,790)
Total Assets	67,262		67,262		45,977
Operating Segments
SEGMENT INFORMATION AND OPERATING RESULTS
Income (Loss) Before Income Taxes	(5,166)	43,753	9,012	78,822
Total Assets	2,153,287		2,153,287		1,946,284
Operating Segments | Agricultural Segment [Member]
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	424,036	469,069	871,721	892,266
Income (Loss) Before Income Taxes	635	33,029	13,680	57,181
Total Assets	1,340,057		1,340,057		1,183,367
Operating Segments | Construction Segment [Member]
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	80,191	82,863	151,683	154,860
Income (Loss) Before Income Taxes	(4,893)	5,156	(4,625)	9,689
Total Assets	316,233		316,233		257,142
Operating Segments | International [Member]
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	68,149	90,636	133,254	165,073
Income (Loss) Before Income Taxes	(2,270)	5,568	(919)	$ 11,952
Total Assets	291,699		291,699		280,354
Operating Segments | Australia
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	61,298	0
Income (Loss) Before Income Taxes	1,362	$ 0
Total Assets	$ 205,298		$ 205,298		$ 225,421