Titan International, Inc. (NYSE:TWI) Q3 2022 Results Conference Call November 8, 2022 9:00 AM ET Company Participants Todd Shoot - Senior Vice President, Investor Relations and Treasurer Paul Reitz - President and CEO David Martin - Senior Vice President and CFO Conference Call Participants Steve Ferazani - Sidoti Kirk Ludtke - Imperial Capital Operator Good morning, ladies and gentlemen. And welcome to the Titan International Incorporated Third Quarter 2022 Earnings Conference Call. At this time, all parti ...

Titan International, Inc. (NYSE:TWI) Q2 2022 Earnings Conference Call August 2, 2022 9:30 AM ET Company Participants Todd Shoot - Senior Vice President, Investor Relations and Treasurer Paul Reitz - President and CEO David Martin - Senior Vice President and CFO Conference Call Participants Steve Ferazani - Sidoti Kirk Ludtke - Imperial Capital Operator Good morning, ladies and gentlemen. And welcome to Titan International, Inc. Second Quarter 2022 Earnings Conference Call. At this time, all participants hav ...

Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company achieved significant year-over-year growth in Q2 and H1 2022, with net sales reaching **$1.13 billion** and net income surging to **$93.5 million**, driven by strong demand and favorable pricing Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $572,895 | $438,639 | $1,128,892 | $842,157 | | **Gross profit** | $109,653 | $61,470 | $196,382 | $114,735 | | **Income from operations** | $69,701 | $23,719 | $114,409 | $37,950 | | **Net income attributable to Titan** | $67,171 | $(2,773) | $91,093 | $10,801 | | **Diluted EPS** | $1.06 | $(0.04) | $1.43 | $0.17 | Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $929,381 | $813,304 | | **Total assets** | $1,289,184 | $1,182,685 | | **Total current liabilities** | $497,259 | $450,813 | | **Total liabilities** | $983,514 | $955,513 | | **Total equity** | $305,670 | $227,172 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by (used for) operating activities** | $48,918 | $(17,487) | | **Net cash used for investing activities** | $(9,874) | $(13,888) | | **Net cash (used for) provided by financing activities** | $(22,617) | $10,849 | | **Net increase (decrease) in cash** | $18,595 | $(21,627) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key accounting policies and significant events are detailed, including the impact of the Russia-Ukraine conflict, the sale of the Australian wheel business, and **$22.5 million** in Brazilian tax credit recognition - The company's Russian operations (Voltyre-Prom) represent approximately **9% of consolidated assets** and **6% of global sales**, with the Russia-Ukraine military conflict not significantly impacting global operations to date[24](index=24&type=chunk) - On March 31, 2022, the company sold its Australian wheel business for approximately **$17.5 million** in proceeds, recognizing a loss of **$10.9 million**, primarily from the release of a cumulative translation adjustment[25](index=25&type=chunk)[61](index=61&type=chunk) - In Q2 2022, the company recognized **$22.5 million** in other income after receiving approval from Brazilian tax authorities for indirect tax credits, with an additional **$10 million** potentially recognized upon future approval for another subsidiary[67](index=67&type=chunk)[68](index=68&type=chunk) Segment Net Sales (in thousands) | Segment | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Agricultural** | $318,585 | $231,504 | $628,184 | $440,263 | | **Earthmoving/construction** | $210,370 | $176,715 | $411,629 | $341,522 | | **Consumer** | $43,940 | $30,420 | $89,079 | $60,372 | Segment Income from Operations (in thousands) | Segment | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Agricultural** | $44,884 | $20,789 | $75,001 | $36,072 | | **Earthmoving/construction** | $22,276 | $7,462 | $38,116 | $13,037 | | **Consumer** | $9,238 | $1,881 | $14,120 | $3,548 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong H1 2022 performance to robust demand and effective cost management, leading to significant gross margin expansion and improved liquidity [Overview and Market Outlook](index=31&type=section&id=Overview%20and%20Market%20Outlook) Titan International, a global off-highway products manufacturer, anticipates continued strong demand in agricultural and earthmoving/construction markets, despite global recession concerns - Agricultural Market Outlook: Favorable conditions are expected to continue for the remainder of 2022, supported by high commodity prices, improved farmer income, and the need to replace an aging large equipment fleet[118](index=118&type=chunk) - Earthmoving/Construction Market Outlook: Momentum is expected to continue due to low equipment inventory levels and increased mining capital budgets, although global recession concerns could impact demand[119](index=119&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q2 2022 saw substantial growth, with net sales up **30.6%** to **$572.9 million** and gross profit rising **78.4%** to **$109.7 million**, driven by strong price/product mix and volume Q2 2022 vs Q2 2021 Performance Summary (in thousands) | Metric | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | **Net sales** | $572,895 | $438,639 | 30.6% | | **Gross profit** | $109,653 | $61,470 | 78.4% | | **Gross profit %** | 19.1% | 14.0% | - | | **Income from operations** | $69,701 | $23,719 | 193.9% | - The increase in net sales was driven by price/product mix and volume across all segments, with pricing actions implemented to counter rising raw material, freight, and energy costs[123](index=123&type=chunk)[125](index=125&type=chunk) - Other income for Q2 2022 was **$23.7 million**, primarily driven by a **$22.5 million** gain from indirect tax credits related to Brazilian operations[141](index=141&type=chunk) [Segment Information](index=37&type=section&id=Segment%20Information) All segments performed strongly in Q2 2022, with Agricultural net sales growing **37.6%** to **$318.6 million** and Earthmoving/Construction net sales up **19.0%** to **$210.4 million** Q2 2022 Segment Performance vs Q2 2021 (in thousands) | Segment | Net Sales | % Change | Income from Operations | % Change | | :--- | :--- | :--- | :--- | :--- | | **Agricultural** | $318,585 | 37.6% | $44,884 | 115.9% | | **Earthmoving/Construction** | $210,370 | 19.0% | $22,276 | 198.5% | | **Consumer** | $43,940 | 44.4% | $9,238 | 391.1% | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity strengthened in H1 2022, with cash increasing to **$116.7 million** and operating cash flow turning positive at **$48.9 million**, supported by **$94.8 million** available credit - Cash and cash equivalents increased to **$116.7 million** at June 30, 2022, from **$98.1 million** at December 31, 2021[174](index=174&type=chunk) - Net cash from operating activities was **$48.9 million** for the first six months of 2022, a **$66.4 million** improvement over the same period in 2021, primarily due to higher net income[174](index=174&type=chunk)[175](index=175&type=chunk) - During the first six months of 2022, the company repurchased **$25.0 million** of its common stock[179](index=179&type=chunk) - As of June 30, 2022, the company had **$94.8 million** available for borrowing under its **$125 million** revolving credit facility[182](index=182&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's exposure to market risks, including foreign currency, interest rates, and commodity prices, has not materially changed since year-end 2021 - The company's exposure to market risk, including foreign currency, interest rates, and commodity prices, has not changed materially since December 31, 2021[187](index=187&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2022[188](index=188&type=chunk) - No changes in internal control over financial reporting occurred during the second quarter of 2022 that have materially affected, or are reasonably likely to materially affect, the company's internal controls[190](index=190&type=chunk) Part II. Other Information [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings, which management does not expect to have a material effect on its financial condition or operations - The company is involved in routine legal proceedings but does not believe they will have a material effect on its financial position, results of operations, or cash flows[71](index=71&type=chunk)[195](index=195&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2021 Annual Report on Form 10-K have occurred - There have been no material changes from the risk factors disclosed in the company's 2021 Form 10-K[196](index=196&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley Act and Inline XBRL financial data files - The exhibits filed with the report include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, along with XBRL data files[199](index=199&type=chunk) [Signatures](index=47&type=section&id=Signatures) The Form 10-Q report was signed and authorized on August 1, 2022, by the Principal Executive Officer and Principal Financial Officer - The report was signed on August 1, 2022, by the company's Principal Executive Officer and Principal Financial Officer[203](index=203&type=chunk)

Financial Data and Key Metrics Changes - Q1 2022 revenue reached $556 million, the highest quarterly revenue since early 2013, with a gross margin improvement to 15.6% [9][33] - Adjusted EBITDA for Q1 was $57 million, up over $30 million from the previous year, and adjusted EPS was $0.44 compared to $0.07 last year [10][33] - Net debt leverage decreased to 2.6 times adjusted EBITDA from 2.9 times at year-end [34][53] Business Line Data and Key Metrics Changes - Agricultural segment net sales accounted for 56% of total sales, totaling $310 million, an increase of $101 million year-over-year and $45 million sequentially [35][36] - Earthmoving and Construction (EMC) segment net sales grew by $36.5 million or 22% year-over-year, with a gross profit of $31.4 million, representing a 59% increase from the previous year [38][41] - Consumer segment net sales increased by 51% year-over-year, with gross profit rising to $7.4 million, reflecting strong margins [43][44] Market Data and Key Metrics Changes - Strong commodity prices and supportive government programs are positively impacting the agricultural sector, creating a robust demand environment [12][13] - The OEM market is expected to see continued demand, with low dealer inventories projected to persist into 2023 [17][19] - The EMC segment is benefiting from anticipated infrastructure investments, supporting strong demand levels [18] Company Strategy and Development Direction - The company has increased its 2022 expectations, forecasting full-year net sales above $2.1 billion and adjusted EBITDA around $200 million [25][54] - A focus on improving operational efficiencies and restructuring underperforming businesses has positioned the company for growth [27][29] - The company is committed to sustainability, having published its first comprehensive sustainability report [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the agricultural sector's demand dynamics, stating that inflation will not significantly impact supply-demand relationships [86][92] - The company is optimistic about maintaining strong production levels and managing labor effectively despite potential challenges in the market [90][91] - Management highlighted the importance of long-term agreements with customers to ensure consistent volume and mitigate risks [95][106] Other Important Information - The company reported stable cash balances of $98 million, with operating cash flow impacted by increased working capital due to sales growth [33][47] - Capital expenditures for the year are expected to be in the range of $40 million to $50 million, with ongoing investments in production efficiency [48][49] Q&A Session Summary Question: Can you delineate between price and volume in the outlook? - Management indicated a good mix of price and volume growth, with increased production levels and improved labor productivity [61][62] Question: How does the strike at one of your customers affect guidance? - Management expressed confidence in the customer's leadership and stated that Titan can adjust deliveries without significant impact on operations [63][64] Question: What drove the substantial sequential growth in revenue? - Management attributed growth to evolving pricing strategies and a clean production period in Q1 compared to Q4, which had maintenance and holiday shutdowns [68][71] Question: Can you provide insights into the consumer business growth? - Management noted growth from utility truck tires in Latin America and strategic moves in third-party custom mixing rubber, contributing to strong margins [78][80] Question: How does inflation impact demand in the agricultural sector? - Management believes strong supply-demand dynamics will prevail despite inflation, emphasizing the importance of food production [86][92] Question: What are the plans for capital allocation? - Management stated that improved cash flow provides flexibility for growth initiatives and investments while maintaining a conservative leverage posture [114][115] Question: Are there any other non-core businesses considered for divestiture? - Management mentioned the tire recycling business as a potential area for partnership or divestiture, focusing on environmental-friendly processes [99][100]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended: March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12936 TITAN INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 1525 Kautz Road ...

Titan International, Inc. (NYSE:TWI) Q4 2021 Earnings Conference Call March 3, 2022 9:00 AM ET Company Participants Todd Shoot - Senior Vice President, Investor Relations and Treasurer Paul Reitz - President and CEO David Martin - Senior Vice President and CFO Conference Call Participants Steve Ferazani - Sidoti & Company Komal Patel - Goldman Sachs Kirk Ludtke - Imperial Capital DeForest Hitman - Walthausen & Co. Alex Blanton - Clear Harbor Asset Management Jack Voigt - Balyasny Asset Management Operator G ...

CTITAN Investor Presentation March 2022 l. Company Overview TTAN. (44) Titan International Overview Headquartered in the heartland of the U.S. in Illinois, Titan has grown to become a top global manufacturer of off-highway wheels, tires and undercarriage products Since Titan's entrance into the wheel market in 1983 and tires in 1993, it has evolved into a leading global supplier of wheels and tires for off-highway vehicles. Titan manufactures under the Goodyear Farm Tire and Titan Tire brands ITM is a premi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12936 TITAN INTERNATIONAL, INC. 1525 Kautz Road, Suite 600, West Chicago, IL 60185 (Address of principal executive offices) (217) 228-6011 (Registrant's telephone number, including ...

Titan International, Inc. (NYSE:TWI) Q3 2021 Earnings Conference Call November 4, 2021 9:00 AM ET Company Participants Todd Shoot - Senior Vice President, Investor Relations and Treasurer Paul Reitz - President & Chief Executive Officer David Martin - Senior Vice President & Chief Financial Officer Conference Call Participants Larry De Maria - William Blair Steve Ferazani - Sidoti Kirk Ludtke - Imperial Capital DeForest Hinman - Walthausen & Co. Operator Good morning ladies and gentlemen and welcome to the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended: September 30, 2021 or Delaware (State or other jurisdiction of incorporation or organization) 1525 Kautz Road, Suite 600, West Chicago, IL (Address of principal executive offices) 36-3228472 (I.R.S. Employer Identification No.) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...