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 |