SEC Form 10-K filed by Titan Machinery Inc.

4/3/24 4:24:38 PM ET

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

___________________________________________

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED JANUARY 31, 2024 OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-33866

___________________________________________

TITAN MACHINERY INC.

(Exact name of registrant as specified in its charter)


Delaware			45-0357838
(State or Other Jurisdiction of Incorporation or Organization)			(IRS Employer Identification No.)

644 East Beaton Drive

West Fargo, ND 58078-2648

(Address of Principal Executive Offices)

(701) 356-0130

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value per share	TITN	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

___________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

The aggregate market value of our common stock held by non-affiliates as of July 31, 2023, the last business day of our most recently completed second fiscal quarter, was approximately $645.0 million (based on the last sale price of $31.92 per share on such date as reported on the Nasdaq Global Select Market).

The number of shares outstanding of the registrant's common stock as of March 25, 2024 was 22,848,792 shares.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement for the registrant's 2024 Annual Meeting of Stockholders are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this report. The definitive proxy statement for the registrant’s 2024 Annual Meeting of Stockholders will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.


		Page No.
	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	23
Item 1C.	Cybersecurity	23
Item 3.	Legal Proceedings	26
Item 4.	Mine Safety Disclosures	27
	PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	27
Item 6.	Reserved	28

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 8.	Financial Statements and Supplementary Data	46
Item 9.	Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosure	86
Item 9A.	Controls and Procedures	86
Item 9B.	Other Information	86
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	86
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	86
Item 11.	Executive Compensation	87
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	87
Item 13.	Certain Relationships and Related Transactions, and Director Independence	87
Item 14.	Principal Accountant Fees and Services	87
	PART IV
Item 15.	Exhibits a nd Financial Statement Schedules	87
Item 16.	Form 10-K Summary	91


	Agriculture Segment	Construction Segment	Europe Segment	Australia Segment	Total
United States
North Dakota	12	4	—	—	16
Minnesota	15	3	—	—	18
Iowa	12	3	—	—	15
Nebraska	14	2	—	—	16
South Dakota	11	2	—	—	13
Colorado	—	3	—	—	3
Idaho	6	—	—	—	6
Kansas	1	—	—	—	1
Missouri	1	—	—	—	1
Montana	1	—	—	—	1
Washington	1	—	—	—	1
Wisconsin	1	1	—	—	2
Wyoming	1	—	—	—	1
European Countries
Bulgaria	—	—	8	—	8
Germany	—	—	7	—	7
Romania	—	—	14	—	14
Ukraine	—	—	10	—	10

Australian States
New South Wales	—	—	—	1	1
South Australia	—	—	—	4	4
Victoria	—	—	—	10	10
Total	76	18	39	15	148


	January 31,
	2019		2020		2021		2022		2023		2024
Titan Machinery Inc.	$	100.00	$	65.15	$	113.66	$	164.35	$	234.47	$	142.64
S&P 500 Retail Index	100.00		119.51		167.91		182.83		147.04		188.29
Russell 2000 Index	100.00		107.65		138.30		135.28		128.85		129.87


	Year Ended January 31,
	2024			2023
	(dollars in thousands)
Equipment
Revenue	$	2,145,316		$	1,711,559
Cost of revenue	1,864,558			1,477,539
Gross profit	$	280,758		$	234,020
Gross profit margin	13.1		%	13.7		%
Parts
Revenue	$	410,841		$	327,196
Cost of revenue	279,921			220,418
Gross profit	$	130,920		$	106,778
Gross profit margin	31.9		%	32.6		%
Service
Revenue	$	157,315		$	129,803
Cost of revenue	53,981			46,208
Gross profit	$	103,334		$	83,595
Gross profit margin	65.7		%	64.4		%
Rental and other
Revenue	$	44,973		$	40,748
Cost of revenue	28,631			25,302
Gross profit	$	16,342		$	15,446
Gross profit margin	36.3		%	37.9		%


	Year Ended January 31,				Increase/		Percent
	2024		2023		(Decrease)		Change
	(dollars in thousands)
Equipment	$	2,145,316	$	1,711,559	$	433,757	25.3	%
Parts	410,841		327,196		83,645		25.6	%
Service	157,315		129,803		27,512		21.2	%
Rental and other	44,973		40,748		4,225		10.4	%
Total Revenue	$	2,758,445	$	2,209,306	$	549,139	24.9	%


			Page
Titan Machinery Inc.—Financial Statements
Audited Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)			47
Report of Independent Registered Public Accounting Firm			49
Consolidated Balance Sheets as of January 31, 2024 and 2023			50
Consolidated Statements of Operations for the fiscal years ended January 31, 2024, 2023 and 2022			51
Consolidated Statements of Comprehensive Income for the fiscal years ended January 31, 2024, 2023 and 2022			52
Consolidated Statements of Stockholders' Equity for the fiscal years ended January 31, 2024, 2023 and 2022			53
Consolidated Statements of Cash Flows for the fiscal years ended January 31, 2024, 2023 and 2022			54
Notes to Consolidated Financial Statements			54


	January 31, 2024		January 31, 2023
Assets
Current Assets
Cash	$	38,066	$	43,913
Receivables, net of allowance for expected credit losses	153,657		95,844
Inventories	1,303,030		703,939
Prepaid expenses and other	24,262		25,554


Total current assets	1,519,015		869,250
Noncurrent Assets
Property and equipment, net of accumulated depreciation	298,774		217,782
Operating lease assets	54,699		50,206
Deferred income taxes	529		1,246
Goodwill	64,105		30,622
Intangible assets, net of accumulated amortization	53,356		18,411
Other	1,783		1,178
Total noncurrent assets	473,246		319,445
Total Assets	$	1,992,261	$	1,188,695

Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable	$	43,846	$	40,834
Floorplan payable	893,846		258,372

Current maturities of long-term debt	13,706		7,241
Current maturities of operating leases	10,751		9,855
Deferred revenue	115,852		119,845
Accrued expenses and other	74,400		62,004


Total current liabilities	1,152,401		498,151
Long-Term Liabilities
Long-term debt, less current maturities	106,407		89,950
Operating lease liabilities	50,964		48,513
Deferred income taxes	22,607		9,563
Other long-term liabilities	2,240		6,212
Total long-term liabilities	182,218		154,238
Commitments and Contingencies (Note 12)
Stockholders' Equity
Common stock, par value $0.00001 per share, 45,000,000 shares authorized; 22,848,138 shares issued and outstanding at January 31, 2024; 22,697,761 shares issued and outstanding at January 31, 2023	—		—
Additional paid-in-capital	258,657		256,541
Retained earnings	397,225		284,784
Accumulated other comprehensive income (loss)	1,760		(5,019)
Total stockholders' equity	657,642		536,306
Total Liabilities and Stockholders' Equity	$	1,992,261	$	1,188,695


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	Shares Outstanding	Amount
BALANCE, JANUARY 31, 2021	22,335	$	—	$	250,607	$	97,717	$	(3,220)	$	345,104
Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax	35	—		(1,012)		—		—		(1,012)
Stock-based compensation expense	—	—		2,554		—		—		2,554
Cumulative-effect adjustment of adopting ASC 326, Financial Instruments - Credit Losses	—	—		—		—		—		(204)
Net income	—	—		—		66,047		—		66,047
Other comprehensive loss	—	—		—		—		(3,671)		(3,671)
BALANCE, JANUARY 31, 2022	22,588	—		254,455		182,916		(2,172)		435,199
Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax	110	—		(1,144)		—		—		(1,144)
Stock-based compensation expense	—	—		3,230		—		—		3,230
Net income	—	—		—		101,868		—		101,868
Other comprehensive loss	—	—		—		—		(2,847)		(2,847)
BALANCE, JANUARY 31, 2023	22,698	—		256,541		284,784		(5,019)		536,306
Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax	150	—		(1,004)		—		—		(1,004)
Stock-based compensation expense	—	—		3,120		—		—		3,120
Net income	—	—		—		112,441		—		112,441
Other comprehensive income	—	—		—		—		6,779		6,779
BALANCE, JANUARY 31, 2024	22,848	$	—	$	258,657	$	397,225	$	1,760	$	657,642


Buildings and leasehold improvements			Lesser of 15 - 40 years or lease term
Machinery and equipment			3 - 10 years
Furniture and fixtures			3 - 10 years
Vehicles			3 - 10 years
Rental fleet			3 - 10 years


	Year Ended January 31, 2024
	Agriculture		Construction		Europe		Australia		Total
	(in thousands)
Equipment	$	1,624,010	$	221,140	$	245,423	$	54,743	$	2,145,316
Parts	293,554		51,019		54,356		11,912		410,841
Service	117,087		26,913		10,437		2,878		157,315
Other	5,180		1,998		760		276		8,214
Revenue from contracts with customers	2,039,831		301,070		310,976		69,809		2,721,686
Rental	4,432		31,393		934		—		36,759
Total revenues	$	2,044,263	$	332,463	$	311,910	$	69,809	$	2,758,445


	Year Ended January 31,
	2024		2023
Revenue
Equipment	77.8	%	77.5	%
Parts	14.9	%	14.8	%
Service	5.7	%	5.9	%
Rental and other	1.6	%	1.8	%
Total Revenue	100.0	%	100.0	%
Total Cost of Revenue	80.7	%	80.1	%
Gross Profit Margin	19.3	%	19.9	%
Operating Expenses	13.1	%	13.6	%



Income from Operations	6.2	%	6.3	%
Other Income (Expense)	(0.7)	%	(0.2)	%
Income Before Income Taxes	5.5	%	6.1	%
Provision for Income Taxes	1.4	%	1.5	%
Net Income	4.1	%	4.6	%


	Year Ended January 31,				Increase/		Percent
	2024		2023		(Decrease)		Change
	(dollars in thousands)
Revenue
Agriculture	$	2,044,263	$	1,601,720	$	442,543	27.6	%
Construction	332,463		308,457		24,006		7.8	%
Europe	311,910		299,129		12,781		4.3	%
Australia	69,809		—		69,809		*N/M
Total	$	2,758,445	$	2,209,306	$	549,139	24.9	%

Income Before Income Taxes
Agriculture	$	121,072	$	102,733	$	18,339	17.9	%
Construction	18,346		18,569		(223)		(1.2)	%
Europe	16,487		20,197		(3,710)		(18.4)	%
Australia	4,115		—		4,115		*N/M
Segment income before income taxes	160,020		141,499		18,521		13.1	%
Shared Resources	(8,980)		(6,258)		(2,722)		43.5	%
Total	$	151,040	$	135,241	$	15,799	11.7	%
*N/M = Not Meaningful


	2024		2023		2022
Operating Activities
Net income	$	112,441	$	101,868	$	66,047
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	31,479		25,197		22,139
Impairment of goodwill, intangible assets and long lived assets	—		—		1,498
Deferred income taxes	2,910		7,639		4,315
Stock-based compensation expense	3,120		3,230		2,554
Noncash interest expense	292		245		218

Gain on sale of property and equipment	(1,349)		(502)		(4,525)
Other, net	7,968		9,383		10,593
Changes in assets and liabilities, net of effects of acquisitions
Receivables	(48,091)		5,267		(12,399)
Prepaid expenses and other assets	615		4,619		(24,638)
Inventories	(476,389)		(180,929)		5,799
Manufacturer floorplan payable	368,111		69,633		14,233
Deferred revenue	(15,542)		(20,901)		74,244
Accounts payable, accrued expenses and other and other long-term liabilities	(17,845)		(13,933)		(1,162)


Net Cash (Used for) Provided by Operating Activities	(32,280)		10,816		158,916
Investing Activities
Rental fleet purchases	(10,812)		(9,994)		(14,594)
Property and equipment purchases (excluding rental fleet)	(51,549)		(27,217)		(23,033)
Proceeds from sale of property and equipment	7,134		3,756		16,046
Acquisition consideration, net of cash acquired	(107,548)		(100,471)		(33,643)

Other, net	(597)		(139)		26
Net Cash Used for Investing Activities	(163,372)		(134,065)		(55,198)
Financing Activities
Net change in non-manufacturer floorplan payable	183,148		22,334		(35,443)

Proceeds from long-term debt borrowings	19,599		8,415		10,348
Principal payments on long-term debt and finance leases	(13,045)		(7,637)		(9,212)

Other, net	(1,125)		(1,153)		(1,028)
Net Cash Provided by (Used for) Financing Activities	188,577		21,959		(35,335)
Effect of Exchange Rate Changes on Cash	1,228		(946)		(1,224)


	Year Ended January 31,
	2024		2023		2022
	(in thousands, except per share data)
Numerator
Net income	$	112,441	$	101,868	$	66,047
Allocation to participating securities	(1,519)		(1,295)		(977)
Net income attributable to Titan Machinery Inc. common stockholders	$	110,922	$	100,573	$	65,070
Denominator
Basic weighted-average common shares outstanding	22,493		22,373		22,238
Plus: incremental shares from assumed vesting of restricted stock units	6		7		10
Diluted weighted-average common shares outstanding	22,499		22,380		22,248

Earnings per Share:
Basic	$	4.93	$	4.50	$	2.93
Diluted	$	4.93	$	4.49	$	2.92


	Year Ended January 31, 2023
	Agriculture		Construction		Europe		Total
	(in thousands)
Equipment	$	1,269,298	$	201,077	$	241,184	$	1,711,559
Parts	228,520		50,628		48,048		327,196
Service	96,418		25,079		8,306		129,803
Other	4,044		1,897		915		6,856
Revenue from contracts with customers	1,598,280		278,681		298,453		2,175,414
Rental	3,440		29,776		676		33,892
Total revenues	$	1,601,720	$	308,457	$	299,129	$	2,209,306


	Year Ended January 31, 2022
	Agriculture		Construction		Europe		Total
	(in thousands)
Equipment	$	823,590	$	209,318	$	258,776	$	1,291,684
Parts	166,623		50,449		49,844		266,916
Service	81,506		26,401		7,734		115,641
Other	3,006		1,913		517		5,436
Revenue from contracts with customers	1,074,725		288,081		316,871		1,679,677
Rental	2,026		29,083		1,120		32,229
Total revenues	$	1,076,751	$	317,164	$	317,991	$	1,711,906


	January 31, 2024						January 31, 2023
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
	(in thousands)						(in thousands)
Covenants not to compete	$	1,236	$	(453)	$	783	$	1,025	$	(222)	$	803
Customer relationships	12,209		(704)		11,505		538		(180)		358
	$	13,445	$	(1,157)	$	12,288	$	1,563	$	(402)	$	1,161


Fiscal years ending January 31,	Amount
	(in thousands)
2025	$	1,991
2026	1,973
2027	1,947
2028	1,784
2029	1,688
Thereafter	2,905
	$	12,288


			Year Ended January 31,
Description	Maturity Dates	Interest Rates	2024		2023
			(in thousands)
Mortgage loans, secured	Various through May 2039	2.1% to 7.3%	$	88,669	$	68,689
Sale-leaseback financing obligations	Various through December 2030	3.4% to 10.3%	10,043		11,252

Vehicle loans, secured	Various through December 2029	2.1% to 6.8%	14,433		12,659
Other	Various through July 2039	1.2% to 3.6%	6,968		4,591
Total debt			120,113		97,191
Less: current maturities			13,706		7,241
Long-term debt, net			$	106,407	$	89,950


Years Ending January 31,	Amounts
	(in thousands)
2025	$	13,706
2026	9,318
2027	15,906
2028	14,596
2029	24,260
Thereafter	42,327
	$	120,113


		Year Ended January 31,
	Classification	2024		2023		2022
		(in thousands)
Finance lease cost:
Amortization of leased assets	Operating expenses	$	679	$	862	$	1,036
Interest on lease liabilities	Other interest expense	172		184		255
Operating lease cost	Operating expenses and rental and other cost of revenue	13,356		13,535		14,471
Short-term lease cost	Operating expenses	—		71		273
Variable lease cost	Operating expenses	1,885		2,013		2,332
Sublease income	Interest and other income	(2,395)		(1,384)		(894)
		$	13,697	$	15,281	$	17,473


	Operating		Finance
	Leases		Leases		Total
Fiscal Year Ending January 31,	(in thousands)
2025	$	14,321	$	702	$	15,023
2026	13,674		562		14,236
2027	12,654		449		13,103
2028	10,788		344		11,132
2029	8,134		187		8,321
Thereafter	17,235		164		17,399
Total lease payments	76,806		2,408		79,214
Less: Interest	15,091		443		15,534
Present value of lease liabilities	$	61,715	$	1,965	$	63,680


	January 31, 2024	January 31, 2023
Weighted-average remaining lease term (years):
Operating leases	6.9	5.7
Financing leases	4.1	4.7
Weighted-average discount rate:
Operating leases	6.4%	6.1%
Financing leases	8.8%	8.3%


	Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Nonvested at January 31, 2023	280	$	22.84
Granted	201	26.48
Forfeited	(22)	26.34
Vested	(123)	20.93
Nonvested at January 31, 2024	336	$	25.48

SEC Form 10-K filed by Titan Machinery Inc.

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	Foreign Currency Translation Adjustment		Net Investment Hedging Instruments, Unrealized Gain		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, January 31, 2021	$	(1,212)	$	2,711	$	1,499
Total other comprehensive loss	(3,671)		—		(3,671)
Balance, January 31, 2022	(4,883)		2,711		(2,172)
Total other comprehensive income	(2,847)		—		(2,847)
Balance, January 31, 2023	(7,730)		2,711		(5,019)
Total other comprehensive loss	6,779		—		6,779
Balance, January 31, 2024	$	(951)	$	2,711	$	1,760


	O’Connors		Heartland Companies
	October 2, 2023		August 1, 2022
Assets acquired:
Cash	$	4,165	$	1,583
Receivables	8,323		9,007
Inventories	96,802		103,504
Prepaid expenses and other	314		602
Property and equipment	11,450		20,204
Operating lease assets	14,798		3,928
Intangible assets:
Non-Competition	—		700
Customer Relationships	10,928		200
Distribution Rights	21,470		6,200
Goodwill	24,261		21,087

Total assets	192,511		167,015
Liabilities Assumed:
Accounts payable	4,702		18,547
Floorplan payable	74,815		31,699
Current operating lease liabilities	1,064		541
Deferred revenue	12,008		5,195
Accrued expenses and other	17,284		3,523
Long-term debt	2,371		4,591
Operating lease liabilities	13,733		3,387
Other Long-term liabilities	—		5,152

Total liabilities	125,977		72,635
Net assets acquired	$	66,534	$	94,380

Goodwill recognized by segment:
Agriculture	$	—	$	21,087


Australia	24,261		—
Goodwill expected to be deductible for tax purposes	—		21,087


Classification	Beginning Balance		Additions Charged to Expenses		Deductions for Write-offs, Net of Recoveries		Foreign Currency Translation Adjustments		Ending Balance
	(in thousands)
Valuation reserve deduction from receivables:
Year Ended January 31, 2024	$	3,440	$	928	$	(922)	$	57	$	3,503
Year Ended January 31, 2023	2,448		1,674		(655)		(27)		3,440
Year Ended January 31, 2022	4,933		260		(2,688)		(57)		2,448


No.						Description
2.1						Securities Purchase Agreement, dated as of July 8, 2022, by and among Titan Machinery Inc.; Heartland Agriculture, LLC; Gordon Glade, Jeff Keller, Robert Caldwell and Michael Stopkotte; Michael Anderson, Barb Anderson, David Clare, Scott Reins, Shawn Sterling, The Constance Kent Revocable Trust and Lenco Enterprises, LLC; and Robert Caldwell, solely in his capacity as Seller Representative (incorporated herein by reference to Exhibit 2.1 of the registrant's Current Report on Form 8-K filed with the Commission on July 14, 2022).

2.1.1						Amendment No. 1 to Securities Purchase Agreement, dated as of July 28, 2022, by and among Titan Machinery Inc.; Heartland Agriculture, LLC; Gordon Glade, Jeff Keller, Robert Caldwell and Michael Stopkotte; Michael Anderson, Barb Anderson, David Clare, Scott Reins, Shawn Sterling, The Constance Kent Revocable Trust and Lenco Enterprises, LLC; and Robert Caldwell, solely in his capacity as Seller Representative (incorporated herein by reference to Exhibit 2.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on September 9, 2022).

2.2						Securities Purchase Agreement, dated as of July 8, 2022, by and among Titan Machinery Inc.; Heartland Solutions, LLC; Oak Hill Capital, LLC, Jeff Keller and Robert Caldwell; Robert Caldwell, solely in his capacity as Seller Representative; and solely for purposes of being bound by Sections 6.07 and 9.13 thereof, Gordon Glade (incorporated herein by reference to Exhibit 2.2 of the registrant's Current Report on Form 8-K filed with the Commission on July 14, 2022).

2.3						Securities Purchase Agreement, dated as of July 8, 2022, by and among Titan Machinery Inc.; Heartland Leverage Lender, LLC; Gordon Glade, Jeff Keller and Robert Caldwell; and Robert Caldwell, solely in his capacity as Seller Representative (incorporated herein by reference to Exhibit 2.3 of the registrant's Current Report on Form 8-K filed with the Commission on July 14, 2022).

2.3.1						Amendment No. 1 to Securities Purchase Agreement, dated as of July 29, 2022, by and among Titan Machinery Inc.; Heartland Leverage Lender, LLC; Gordon Glade, Jeff Keller and Robert Caldwell; and Robert Caldwell, solely in his capacity as Seller Representative (incorporated herein by reference to Exhibit 2.2 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on September 9, 2022).

3.1						Certificate of Incorporation of the registrant, as amended (incorporated herein by reference to Exhibit 3.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on September 10, 2012, File No. 001-33866).

3.2						Bylaws of the registrant, as amended (incorporated herein by reference to Exhibit 3.2 of the registrant's Annual Report on Form 10-K filed with the Commission on April 16, 2009, File No. 001-33866).

4.1						Specimen Certificate representing shares of common stock of Titan Machinery Inc. (incorporated by reference to Exhibit 4.1 of the registrant's Amendment No. 6 to Registration Statement on Form S-1, Reg. No. 333-145526, filed with the Commission on December 3, 2007).

4.2						Description of Securities of Titan Machinery registered under Section 12 of the Exchange Act of 1934, as amended (incorporated herein by reference to Exhibit 4.3 of the registrant's Annual Report on Form 10-K filed with the Commission on April 7, 2020).

10.1						Amended and Restated Employment Agreement, dated March 6, 2013, between David Meyer and the registrant (incorporated herein by reference to Exhibit 10.2 of the registrant's Annual Report on Form 10-K filed with the Commission on April 10, 2013, File No. 001-33866).**

10.1.1						Amendment dated March 1, 2014 to the Amended and Restated Employment Agreement, dated March 6, 2013, between David Meyer and the registrant (incorporated herein by reference to Exhibit 10.54 of the registrant's Annual Report on Form 10-K filed with the Commission on April 11, 2014).**

1 0.1.2						Amendment dated October 17, 2023 to the Amended and Restated Employment Agreement, dated March 6, 2013, between David Meyer and the registrant (incorporated herein by reference to Exhibit 10.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on December 7, 2023)

10.2						Executive Employment Agreement, dated October 17, 2023, between Bryan J. Knutson and the registrant (incorporated herein by reference to Exhibit 10.2 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on December 7, 2023).**

10.3						Executive Employment Agreement, dated September 29, 2022, between Robert Larsen and the Company (incorporated herein by reference to Exhibit 10.1 of the registrant's Current Report on Form 8-K filed with the Commission on September 30, 2022).**


No.						Description
10.4						Agricultural Equipment Sales & Service Agreement, dated May 31, 2017, between CNH Industrial America LLC and the registrant (incorporated herein by reference to Exhibit 10.3 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 2, 2017).

10.4 .1						Amendment to the Agricultural Equipment Sales & Service Agreement, dated May 31, 2017, between CNH Industrial America LLC and the registrant (incorporated herein by reference to Exhibit 10.4 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 2, 2017).

10.5						Form of CaseIH Agriculture Equipment Sales and Service Agreement between CNH Industrial America LLC and Titan Machinery Inc. (incorporated herein by reference to Exhibit 10.3 of the registrant’s Quarterly Report on Form 10-Q filed with the Commission on September 9, 2022).

10.5 .1						Revision 1 to the Case IH Agricultural Equipment Sales and Service Agreement between CNH Industrial America LLC and Titan Machinery Inc. (incorporated herein by reference to Exhibit 10.4 of the registrant’s Quarterly Report on Form 10-Q filed with the Commission on September 9, 2022).

10.6						Construction Equipment Sales & Service Agreement, dated May 31, 2017, between CNH Industrial America LLC and the registrant (incorporated herein by reference to Exhibit 10.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 2, 2017).

10.6 .1						Amendment to the Construction Equipment Sales & Service Agreement, dated May 31, 2017, between CNH Industrial America LLC and the registrant (incorporated herein by reference to Exhibit 10.2 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 2, 2017).

10.7						New Holland Equipment Sales & Service Agreement, dated May 31, 2017, between CNH Industrial America LLC and the registrant (incorporated herein by reference to Exhibit 10.5 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 2, 2017).

10.7 .1						Amendment to the New Holland Equipment Sales & Service Agreement, dated May 31, 2017, between CNH Industrial America LLC and the registrant (incorporated herein by reference to Exhibit 10.6 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 2, 2017).

10.8						Dealer Security Agreement dated April 14, 2003 between New Holland North America, Inc. and the registrant (incorporated herein by reference to Exhibit 10.14 of the registrant's Amendment No. 2 to Registration Statement on Form S-1, Reg. No. 333-145526, filed with the Commission on October 10, 2007).

10.9						Dealer Security Agreements between CNH America LLC and the registrant (incorporated herein by reference to Exhibit 10.15 of the registrant's Amendment No. 2 to Registration Statement on Form S-1, Reg. No. 333-145526, filed with the Commission on October 10, 2007).

10.1 0						Agreement to Grant Commercial Application Equipment Distribution Rights, dated as of August 1, 2022, by and between CNH Industrial America LLC and Titan Machinery Inc. (incorporated herein by reference to Exhibit 10.2 of the registrant’s Quarterly Report on Form 10-Q filed with the Commission on September 9, 2022).

10.1 1						Amended and Restated Wholesale Floorplan Credit Facility and Security Agreement, dated November 13, 2007, between CNH Capital America LLC and the registrant (incorporated herein by reference to Exhibit 10.25 of the registrant's Amendment No. 5 to Registration Statement on Form S-1, Reg. No. 333-145526, filed with the Commission on November 27, 2007).

10.1 1 .1						Letter Agreement with CNH Capital America, LLC dated September 30, 2011, amending the November 13, 2007 Amended and Restated Wholesale Floorplan Credit Facility and Security Agreement (incorporated herein by reference to Exhibit 10.3 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on December 9, 2011, File No. 001-33866).

10.1 1 .2						Letter Agreement with CNH Capital America, LLC dated November 20, 2012, amending the November 13, 2007 Amended and Restated Wholesale Floorplan Credit Facility and Security Agreement (incorporated herein by reference to Exhibit 10.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on December 6, 2012, File No. 001-33866).

10.1 1 .3						Letter Agreement with CNH Capital America, LLC dated February 15, 2013, amending the November 13, 2007 Amended and Restated Wholesale Floorplan Credit Facility and Security Agreement (incorporated herein by reference to Exhibit 10.49 of the registrant's Annual Report on Form 10-K filed with the Commission on April 10, 2013, File No. 001-33866).

10.1 1 .4						Amendment dated December 8, 2014 to the Amended and Restated Wholesale Floor Plan Credit Facility and Security Agreement dated November 13, 2007 by and between the registrant and CNH Industrial Capital America LLC (incorporated herein by reference to Exhibit 10.2 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on December 10, 2014, File No. 001-33866).


No.						Description
10.11.5*						Letter Agreement, dated December 6, 2023, to the Amended and Restated Wholesale Floor Plan Credit Facility and Security Agreement and Inventory Finance Agreement, dated November 13, 2007 and December 17, 2018 respectively, by and between Titan Machinery Inc. and CNH Industrial Capital America LLC (incorporated herein by reference to Exhibit 10.4 of the registrant’s Quarterly Report on Form 10-Q filed with the Commission on December 7, 2023).

10.1 1.6						Inventory Finance Agreement, dated December 17, 2018, between CNH Industrial Capital Australia Pty Limited and J.J. O'Connor & Sons Pty Ltd. (incorporated herein by reference to Exhibit 10.4 of the registrant’s Quarterly Report on Form 10-Q filed with the Commission on December 7, 2023).

10.11.7						Third Amendment, dated January 31, 2023, to the Amended and Restated Third Revolving Credit Agreement dated November 13, 2007 by and between the registrant and CNH Industrial Capital America LLC.

10.1 2						Third Amended and Restated Credit Agreement, dated as of April 3, 2020, by and among the registrant, as Borrower, the financial institutions party thereto, as lenders, Bank of America, N.A., as Administrative Agent, Bank of American, N.A., Wells Fargo Bank N.A., and Regions Bank, as Joint Lead Arrangers and Joint Book Runners, Wells Fargo Bank, N.A., and Regions Bank, as Joint Syndication Agents, and BBVA USE as Documentation Agent (incorporated by reference to Exhibit 10.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 4, 2020).

10.1 2 .1						Amendment dated June 4, 2021 to the Third Amended and Restated Credit Agreement, dated as of April 3, 2020, by and among the registrant, as Borrower, the financial institutions party thereto, as lenders, Bank of America, N.A., as Administrative Agent, Bank of American, N.A., Wells Fargo Bank N.A., and Regions Bank, as Joint Lead Arrangers and Joint Book Runners, Wells Fargo Bank, N.A., and Regions Bank, as Joint Syndication Agents, and BBVA USE as Documentation Agent (incorporated by reference to Exhibit 10.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on September 3, 2021).

10.1 2 .2						Amendment No. 2 to Third Amended and Restated Credit Agreement, dated October 31, 2022, by and among Titan Machinery Inc., Heartland Agriculture, LLC, Heartland Ag Kansas, LLC and Bank of America, N.A. (incorporated herein by reference to Exhibit 10.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on December 8, 2022).

10.1 2 .3						Amendment No. 3 to Third Amended and Restated Credit Agreement, dated September 1, 2023, by and among Titan Machinery Inc., Heartland Agriculture, LLC, Heartland Ag Kansas, LLC and Bank of America, N.A. (incorporated herein by reference to Exhibit 10.1 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on September 7, 2023).

10.1 2 .3						Joinder to Third Amended and Restated Credit Agreement, dated as of August 31, 2022, by and among Titan Machinery Inc., Heartland Agriculture, LLC, Heartland Ag Kansas, LLC and Bank of America, N.A. (incorporated herein by reference to Exhibit 10.5 of the registrant’s Quarterly Report on Form 10-Q filed with the Commission on September 9, 2022).

10.1 2 .4						Joinder to Third Amended and Restated Guaranty and Security Agreement, dated as of August 31, 2022, by and among Titan Machinery Inc., Heartland Agriculture, LLC, Heartland Ag Kansas, LLC and Bank of America, N.A. (incorporated herein by reference to Exhibit 10.6 of the registrant’s Quarterly Report on Form 10-Q filed with the Commission on September 9, 2022).

10.14						Amended and Restated Titan Machinery Inc. 2014 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the Commission on June 9, 2020).**

10.15						Form of Titan Machinery Inc. Restricted Stock Agreement (for non-employee directors) under the Amended and Restated Titan Machinery Inc. 2014 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.12.2 of the registrant's Quarterly Report on Form 10-K filed with the Commission on April 1, 2022).**

10.16						Form of Titan Machinery Inc. Restricted Stock Agreement under the Amended and Restated Titan Machinery Inc. 2014 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.3 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 4, 2020).**

10.17						Form of Titan Machinery Inc. Restricted Stock Unit Agreement under the Amended and Restated Titan Machinery Inc. 2014 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.4 of the registrant's Quarterly Report on Form 10-Q filed with the Commission on June 4, 2020).**

10.18						Form of Director and Officer Indemnification Agreement (incorporated herein by reference to Exhibit 10.19 of the registrant's Annual Report on Form 10-K with the Commission on April 5, 2019).

10.19						Titan Machinery Inc. Non-Employee Director Compensation Plan (incorporated herein by reference to Exhibit 10.20 of the registrant's Annual Report on Form 10-K with the Commission on April 1, 2022).**


No.						Description
10.20						Description of Titan Machinery Inc.’s Executive Cash Bonus Plan (incorporated herein by reference to Exhibit 10.34 of the registrant’s Annual Report on Form 10-K filed with the Commission on April 15, 2015). **

21.1*						Subsidiaries of Titan Machinery Inc.

23.1*						Consent of Deloitte & Touche LLP

24.1*						Power of Attorney

31.1*						Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*						Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*						Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*						Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

97*						Clawback Policy, dated as of September 7, 2023

101*						The following materials from Titan Machinery Inc.'s Annual Report on Form 10-K for the year ended January 31, 2024 formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of January 31, 2024 and 2023, (ii) the Consolidated Statements of Operations for the fiscal years ended January 31, 2024, 2023 and 2022, (iii) the Consolidated Statements of Comprehensive Income for the fiscal years ended January 31, 2024, 2023 and 2022, (iv) the Consolidated Statements of Stockholders' Equity for the fiscal years ended January 31, 2024, 2023 and 2022, (v) the Consolidated Statements of Cash Flows for the fiscal years ended January 31, 2024, 2023 and 2022, and (vi) the Notes to the Consolidated Financial Statements.

101.SCH*						Inline XBRL Taxonomy Extension Schema Document

101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


Signature	Title	Date
/s/ BRYAN KNUTSON	President, Chief Executive Officer (principal executive officer) and Director	April 3, 2024
Bryan Knutson

/s/ ROBERT LARSEN	Chief Financial Officer (principal financial officer and principal accounting officer)	April 3, 2024
Robert Larsen

*	Executive Chairman of the Board of Directors	April 3, 2024
David J. Meyer

*	Director
Frank Anglin III		April 3, 2024

*	Director
Tony Christianson		April 3, 2024

*	Director
Stan Erickson		April 3, 2024

*	Director
Christine Hamilton		April 3, 2024

*	Director
Jody Horner		April 3, 2024

*	Director
Richard Lewis		April 3, 2024

*	Director
Richard Mack		April 3, 2024

Date	Price Target	Rating	Analyst
8/20/2024		Outperform → Market Perform	Northland Capital
8/15/2024	$15.00	Buy → Hold	Lake Street
6/5/2024	$32.00 → $20.00	Buy → Neutral	B. Riley Securities
7/25/2023	$50.00	Buy	Lake Street
12/13/2022	$48.00	Buy	B. Riley Securities
11/24/2021	$35.00 → $40.00	Buy	Craig-Hallum
11/24/2021	$37.00 → $41.00	Outperform → Neutral	Robert W. Baird
11/24/2021	$37.00 → $41.00	Outperform → Neutral	Baird