Titan International, Inc. (NYSE:TWI) Q2 2021 Earnings Conference Call July 29, 2021 9:00 AM ET Company Participants Todd Shoot - Senior Vice President, Investor Relations & Treasurer Paul Reitz - President & Chief Executive Officer David Martin - Senior Vice President & Chief Financial Officer Conference Call Participants Steve Ferazani - Sidoti Kirk Ludtke - Imperial Capital Alex Blanton - Clear Harbor Asset Management Brian DiRubbio - Baird Operator Good morning, ladies and gentlemen and welcome to the Ti ...

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

Titan International, Inc. (NYSE:TWI) Q1 2021 Earnings Conference Call May 6, 2021 9:00 AM ET Company Participants Todd Shoot - Senior Vice President, Investor Relations and Treasurer Paul Reitz - President and Chief Executive Officer David Martin - Senior Vice President and Chief Financial Officer Conference Call Participants Steve Ferazani - Sidoti Larry De Maria - William Blair Alex Blanton - Clear Harbor Asset Management Steve Ferazani - Sidoti Operator Good morning, ladies and gentlemen and welcome to t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction of incorporation or organization) 2701 Spruce Street, Quincy, IL 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, 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. (Exact name of registrant as specified in its ch ...

Titan International, Inc. (NYSE:TWI) Q4 2020 Results Conference Call March 4, 2021 9:00 AM ET Company Participants Todd Shoot - SVP, IR & Treasurer Paul Reitz - CEO, President & Director David Martin - SVP & CFO Conference Call Participants Steve Volkman - Jefferies Steve Ferazani - Sidoti Larry De Maria - William Blair Kirk Ludtke - Imperial Capital Operator Good morning, ladies and gentlemen, and welcome to the Titan International, Inc. Fourth Quarter 2020 Earnings Conference Call. At this time, all parti ...

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended December 31, 2020 FORM 10-K (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2701 Spruce Street, Quincy, IL 62301 (Address of principal executive offices) (217) 228-6011 (Registrant's telephone number, including area code ...

Titan International, Inc. (NYSE:TWI) Q3 2020 Earnings Conference Call November 5, 2020 9:00 AM ET Company Participants Todd Shoot - Senior VP, IR & Treasurer Paul Reitz - CEO, President & Director David Martin - SVP & CFO Conference Call Participants Joseph Mondillo - Sidoti & Company Komal Patel - Goldman Sachs Group Kirk Ludtke - Imperial Justine Ho - Mesirow Financial Operator Good morning, ladies and gentlemen, and welcome to the Titan International Inc. Third Quarter 2020 Earnings Conference Call. [Ope ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section presents the unaudited financial statements, management's analysis of financial condition and operations, market risk disclosures, and internal controls [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited financial statements for Q3 2020 show decreased net sales, increased net loss, reduced assets and equity, improved operating cash flow, and a dividend suspension [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section details the company's net sales, gross profit, operating loss, and net loss for the three and nine months ended September 30, 2020 and 2019 Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $304,772 | $345,905 | $932,405 | $1,146,876 | | **Gross profit** | $31,317 | $27,100 | $88,428 | $110,672 | | **Loss from operations** | $(6,808) | $(12,616) | $(19,512) | $(10,910) | | **Net loss attributable to Titan** | $(12,643) | $(19,144) | $(43,174) | $(23,590) | | **Loss per common share (Basic & Diluted)** | $(0.21) | $(0.33) | $(0.71) | $(0.43) | - The company **suspended its quarterly common stock dividend** in June 2020, after paying **$0.005 per share** in Q1 2020[24](index=24&type=chunk) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, including assets, liabilities, and equity, as of September 30, 2020, and December 31, 2019 Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 (unaudited) | Dec 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $638,415 | $651,465 | | **Total assets** | $1,016,347 | $1,114,307 | | **Total current liabilities** | $315,254 | $327,153 | | **Total liabilities** | $822,137 | $850,319 | | **Total equity** | $169,210 | $238,988 | - **Cash and cash equivalents increased to $98.8 million** as of September 30, 2020, from **$66.8 million** at December 31, 2019[14](index=14&type=chunk) - **Inventories decreased to $284.2 million** from **$333.4 million**, with long-term debt remaining stable at **$431.8 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section outlines the cash flows from operating, investing, and financing activities for the nine months ended September 30, 2020 and 2019 Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $47,431 | $31,212 | | **Net cash provided by (used for) investing activities** | $25,364 | $(96,622) | | **Net cash (used for) provided by financing activities** | $(33,936) | $63,956 | | **Net increase (decrease) in cash** | $31,973 | $(3,082) | - Investing cash flow significantly improved due to the **sale of Wheels India Limited shares for $32.9 million** in 2020, contrasting with a **$71.7 million payment** in 2019[18](index=18&type=chunk) - **Capital expenditures were reduced to $13.4 million** in the first nine months of 2020 from **$26.3 million** in the prior year period[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides additional details on the financial statements, including impacts of COVID-19, asset impairments, debt changes, and legal proceedings - The COVID-19 pandemic significantly impacted operations from March through May 2020, particularly in Europe and Latin America, leading to curtailed production and increased operating costs[21](index=21&type=chunk) - The company recorded a **$2.6 million asset impairment charge** for TTRC equipment and a **$1.0 million inventory impairment** for its Saltville, Virginia operations closure[36](index=36&type=chunk)[71](index=71&type=chunk) - **Total debt decreased from $499.7 million to $464.4 million**, with the **$36.0 million revolving credit facility fully paid down**[44](index=44&type=chunk)[188](index=188&type=chunk) - A tentative settlement in the Dico environmental litigation case involves a proposed **$11.5 million payment**, with an incremental **$5.0 million accrual** in Q3 2020[89](index=89&type=chunk)[91](index=91&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2020 net sales decline due to COVID-19 and market slowdowns, improved gross profit from cost reductions, and sufficient liquidity despite an uncertain outlook [Market Conditions and Outlook](index=36&type=section&id=Market%20Conditions%20and%20Outlook) This section discusses the uncertain market outlook due to COVID-19, recent improvements in agricultural demand, and continued declines in the earthmoving/construction sector - The outlook for the remainder of 2020 remains uncertain due to the ongoing COVID-19 pandemic, despite operations resuming after significant curtailment from March to May[116](index=116&type=chunk)[131](index=131&type=chunk) - Agricultural market demand has somewhat increased with improved commodity prices, though major OEMs reduced production, and small equipment sales are rebounding faster[133](index=133&type=chunk) - The earthmoving/construction market continues to decline due to global economic uncertainty and COVID-19, with demand for mining and large construction equipment softening since 2019[134](index=134&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) This section analyzes the company's net sales, gross profit, and operating expenses for the three months ended September 30, 2020, compared to the prior year Key Operating Results (in thousands) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | % Change | | :--- | :--- | :--- | :--- | | **Net sales** | $304,772 | $345,905 | (11.9)% | | **Gross profit** | $31,317 | $27,100 | 15.6% | | **Loss from operations** | $(6,808) | $(12,616) | (46.0)% | - Q3 2020 net sales decreased **11.9% YoY**, driven by a **9.7% volume decline** and **5.8% negative currency impact**, with COVID-19 reducing sales by approximately **$8 million**[139](index=139&type=chunk) - Q3 gross profit margin improved to **10.3% from 7.8% YoY**, despite lower sales, due to cost reduction initiatives and lower raw material prices[141](index=141&type=chunk) - Q3 SG&A expenses decreased to **$33.5 million** from **$35.0 million**, impacted by a **$5.0 million contingent legal accrual** for the Dico case[144](index=144&type=chunk) [Segment Information](index=42&type=section&id=Segment%20Information) This section provides a breakdown of net sales and operating income by Agricultural, Earthmoving/Construction, and Consumer segments for Q3 2020 and 2019 Net Sales by Segment - Q3 2020 vs Q3 2019 (in thousands) | Segment | Q3 2020 Net Sales | Q3 2019 Net Sales | % Change | | :--- | :--- | :--- | :--- | | Agricultural | $153,067 | $156,625 | (2.3)% | | Earthmoving/construction | $123,227 | $155,659 | (20.8)% | | Consumer | $28,478 | $33,621 | (15.3)% | Income (Loss) from Operations by Segment - Q3 2020 vs Q3 2019 (in thousands) | Segment | Q3 2020 Income (Loss) | Q3 2019 Income (Loss) | | :--- | :--- | :--- | | Agricultural | $3,091 | $(1,230) | | Earthmoving/construction | $656 | $(2,938) | | Consumer | $(88) | $(229) | - The Agricultural segment's Q3 operating income significantly improved due to higher gross profit from production efficiencies and lower material costs, despite a slight sales decline[165](index=165&type=chunk)[166](index=166&type=chunk) - The Earthmoving/Construction segment experienced a **20.8% drop in Q3 sales** but improved operating income to a **$0.7 million profit** from a **$2.9 million loss** YoY due to cost containment[171](index=171&type=chunk)[172](index=172&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's liquidity position, including cash balances, operating cash flow, available credit, and planned capital expenditures - As of September 30, 2020, the company held **$98.8 million in cash and cash equivalents**, an increase of **$32.0 million** from year-end 2019[183](index=183&type=chunk)[192](index=192&type=chunk) - Cash from operations for the first nine months of 2020 was **$47.4 million**, an improvement from **$31.2 million** YoY, primarily due to a **$36.7 million reduction in inventories**[183](index=183&type=chunk) - The company had **$61.4 million available** under its **$125 million revolving credit facility** as of September 30, 2020, with no outstanding borrowings[192](index=192&type=chunk) - Management expects full-year 2020 capital expenditures to be approximately **$20 million**, a reduction aimed at preserving cash due to COVID-19 impacts[193](index=193&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states there have been no material changes in its market risk disclosures since its 2019 Form 10-K report - No material changes have occurred in quantitative and qualitative market risk disclosures since the 2019 Annual Report on Form 10-K[198](index=198&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of September 30, 2020. No material changes to internal control over financial reporting occurred during the third quarter of 2020 - Management concluded the company's disclosure controls and procedures were effective as of September 30, 2020[199](index=199&type=chunk) - No material changes to internal control over financial reporting occurred during Q3 2020[200](index=200&type=chunk) [Part II. Other Information](index=51&type=section&id=Part%20II.%20Other%20Information) This section addresses legal proceedings, updated risk factors, and a list of exhibits filed with the report [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings. Specific details regarding ongoing litigation, particularly environmental matters, are referenced in Note 17 of the financial statements - The company is subject to various legal proceedings, including environmental and product liability issues, with details referenced in Note 17 of the financial statements[205](index=205&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) The company highlights the ongoing adverse impact of the COVID-19 pandemic as a significant risk factor. This includes disruptions to operations, unpredictable product demand, and potential negative effects on economic growth and financial markets, which could heighten other existing business risks - A new risk factor details the adverse impacts of the COVID-19 pandemic on the company's business, operating results, and financial condition[206](index=206&type=chunk)[207](index=207&type=chunk) - The pandemic has caused and may continue to cause unpredictable disruptions in product demand, operational activities, and customer collections, with uncertain duration and impact[207](index=207&type=chunk)[208](index=208&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002 and Inline XBRL data files - Exhibits include certifications from the Principal Executive Officer and Principal Financial Officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[212](index=212&type=chunk) - The filing also includes various Inline XBRL taxonomy documents for financial data reporting[212](index=212&type=chunk)

Financial Data and Key Metrics Changes - The company experienced a revenue decrease of 27%, resulting in net sales of $104 million, down from the previous year [10][37] - Adjusted EBITDA was over $13 million, exceeding levels from the first quarter of 2020 and year-over-year from the second quarter of 2019 [10][11] - Gross profit margins increased to 10.4% from 9.8% last year, despite a gross profit decline of $8 million [12][46] - Free cash flow for the quarter was approximately $7 million, with cash levels increasing by nearly $20 million from the previous quarter [11][68] Business Line Data and Key Metrics Changes - Agricultural segment net sales were down $17 million or 10%, with a volume decline of 8.4% and a positive pricing and mix impact of 4.9% [39][47] - Earthmoving and construction segment sales decreased by 39% or $72 million, with a volume drop of 37.5% [51][55] - Consumer segment net sales fell by 36%, with a volume decrease of 25.7% [57] Market Data and Key Metrics Changes - North American wheel sales were down 27%, primarily due to lower OEM volumes [41] - Latin American sales decreased by 37%, with half of the decline attributed to lower currency translation effects [42] - European agricultural sales were down 18%, while Russian agricultural sales increased by 13% [48] Company Strategy and Development Direction - The company is focused on managing costs and maintaining flexibility in operations to navigate the volatile COVID-19 environment [24][25] - There is an emphasis on selling non-core assets and improving working capital management to position for future growth [25][84] - The company anticipates growth in the infrastructure sector post-election, regardless of the election outcome [31] Management's Comments on Operating Environment and Future Outlook - The management expressed uncertainty regarding the second half of the year due to limited visibility from customers and ongoing pandemic impacts [14][23] - There are expectations of pent-up demand in the agricultural sector, which may eventually be released into the marketplace [18] - The management remains committed to navigating the challenges posed by the pandemic while preparing for future recovery [84] Other Important Information - The company completed the sale of its remaining shares in Wheels India, generating approximately $50 million in net proceeds over nine months [29][65] - SG&A expenses were reduced by 20% year-over-year, reflecting efforts to control costs [60][62] - The company recorded a foreign exchange gain of almost $9 million in the second quarter [63] Q&A Session Summary Question: Outlook for the back half of the year - Management indicated that visibility is limited and that typical seasonality is expected, but the order flow is changing rapidly [90][92] Question: Cost structure and raw materials - Raw material prices remain low, and the overall cost structure is stable, with temporary costs expected to return as demand increases [104][108] Question: Structural changes and consolidation - Ongoing discussions regarding structural changes are taking place, with management confident in identifying opportunities for improvement [115][118]

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: June 30, 2020 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) 2701 Spruce Stre ...