Company Quick10K Filing
Titan Machinery
Price14.54 EPS0
Shares22 P/E29
MCap325 P/FCF-39
Net Debt-17 EBIT18
TEV308 TEV/EBIT17
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-07-31 Filed 2020-09-04
10-Q 2020-04-30 Filed 2020-06-04
10-K 2020-01-31 Filed 2020-04-07
10-Q 2019-10-31 Filed 2019-12-05
10-Q 2019-07-31 Filed 2019-09-05
10-Q 2019-04-30 Filed 2019-06-06
10-K 2019-01-31 Filed 2019-04-05
10-Q 2018-10-31 Filed 2018-12-06
10-Q 2018-07-31 Filed 2018-09-06
10-Q 2018-04-30 Filed 2018-06-07
10-K 2018-01-31 Filed 2018-04-06
10-Q 2017-10-31 Filed 2017-12-07
10-Q 2017-07-31 Filed 2017-09-07
10-Q 2017-04-30 Filed 2017-06-02
10-K 2017-01-31 Filed 2017-04-07
10-Q 2016-10-31 Filed 2016-12-08
10-Q 2016-07-31 Filed 2016-09-01
10-Q 2016-04-30 Filed 2016-06-02
10-K 2016-01-31 Filed 2016-04-13
10-Q 2015-10-31 Filed 2015-12-07
10-Q 2015-07-31 Filed 2015-09-09
10-Q 2015-04-30 Filed 2015-06-09
10-K 2015-01-31 Filed 2015-04-15
10-Q 2014-10-31 Filed 2014-12-10
10-Q 2014-07-31 Filed 2014-09-09
10-Q 2014-04-30 Filed 2014-06-05
10-K 2014-01-31 Filed 2014-04-11
10-Q 2013-10-31 Filed 2013-12-05
10-Q 2013-04-30 Filed 2013-06-06
10-K 2013-01-31 Filed 2013-04-10
10-Q 2012-10-31 Filed 2012-12-06
10-Q 2012-07-31 Filed 2012-09-10
10-Q 2012-04-30 Filed 2012-06-07
10-K 2012-01-31 Filed 2012-04-11
10-Q 2011-10-31 Filed 2011-12-09
10-Q 2011-07-31 Filed 2011-09-08
10-Q 2011-04-30 Filed 2011-06-09
10-K 2011-01-31 Filed 2011-04-18
10-Q 2010-10-31 Filed 2010-12-09
10-Q 2010-07-31 Filed 2010-09-08
10-Q 2010-04-30 Filed 2010-06-09
10-K 2010-01-31 Filed 2010-04-15
8-K 2020-08-27 Earnings, Exhibits
8-K 2020-06-08
8-K 2020-05-28
8-K 2020-04-03
8-K 2020-03-26
8-K 2019-11-26
8-K 2019-08-27
8-K 2019-06-06
8-K 2019-05-30
8-K 2019-03-27
8-K 2019-02-12
8-K 2018-11-29
8-K 2018-09-17
8-K 2018-08-30
8-K 2018-06-07
8-K 2018-05-31
8-K 2018-03-29
8-K 2018-02-28

TITN 10Q Quarterly Report

Part I. - Financial Information
Item 1. Financial Statements
Note 1 - Business Activity and Significant Accounting Policies
Note 2 - Earnings per Share
Note 3 - Revenue
Note 4 - Receivables
Note 5 - Inventories
Note 6 - Property and Equipment
Note 7 - Floorplan Payable/Lines of Credit
Note 8 - Deferred Revenue
Note 9 - Senior Convertible Notes
Note 10 - Long Term Debt
Note 11 - Derivative Instruments
Note 12 - Accumulated Other Comprehensive Income (Loss)
Note 13 - Leases
Note 14 - Fair Value Measurements
Note 15 - Income Taxes
Note 16 - Business Combinations
Note 17 - Contingencies
Note 18 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a10qfy21q2ex311.htm
EX-31.2 a10qfy21q2ex312.htm
EX-32.1 a10qfy21q2ex321.htm
EX-32.2 a10qfy21q2ex322.htm

Titan Machinery Earnings 2020-07-31

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
0.80.60.40.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  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 July 31, 2020
OR

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

For the transition period from ____ to ____
 
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)
 
Registrant’s telephone number (701) 356-0130

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.00001 par value per shareTITNThe Nasdaq Stock Market LLC
 
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      No  

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     No  

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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer ☒
Non-accelerated filerSmaller 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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES     NO  

As of August 31, 2020, 22,533,401 shares of Common Stock, $0.00001 par value, of the registrant were outstanding.


Table of Contents
TITAN MACHINERY INC.
QUARTERLY REPORT ON FORM 10-Q
 
Table of Contents

 Page No.
PART I.
FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
 Consolidated Balance Sheets
 Consolidated Statements of Operations
 Consolidated Statements of Comprehensive Income
 Consolidated Statements of Stockholders' Equity
 Consolidated Statements of Cash Flows
 
Notes to Consolidated Financial Statements
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4.
CONTROLS AND PROCEDURES
PART II.
OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS
ITEM 1A.
RISK FACTORS
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
ITEM 4.
MINE SAFETY DISCLOSURES
ITEM 5.
OTHER INFORMATION
ITEM 6.
EXHIBITS
Exhibit Index
Signatures

2

Table of Contents
PART I. — FINANCIAL INFORMATION
 
ITEM 1.                FINANCIAL STATEMENTS
 
TITAN MACHINERY INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share data)
July 31, 2020January 31, 2020
Assets
Current Assets
Cash$44,484 $43,721 
Receivables, net of allowance for expected credit losses75,782 72,776 
Inventories 570,680 597,394 
Prepaid expenses and other7,144 13,655 
Total current assets698,090 727,546 
Noncurrent Assets
Property and equipment, net of accumulated depreciation 150,496 145,562 
Operating lease assets83,586 88,281 
Deferred income taxes3,337 2,147 
Goodwill2,818 2,327 
Intangible assets, net of accumulated amortization8,568 8,367 
Other1,130 1,113 
Total noncurrent assets249,935 247,797 
Total Assets$948,025 $975,343 
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable$20,734 $16,976 
Floorplan payable 352,215 371,772 
Current maturities of long-term debt3,921 13,779 
Current operating lease liabilities12,158 12,259 
Deferred revenue22,716 40,968 
Accrued expenses and other38,122 38,409 
Total current liabilities449,866 494,163 
Long-Term Liabilities
Long-term debt, less current maturities 48,665 37,789 
Operating lease liabilities83,341 88,387 
Deferred income taxes2,301 2,055 
Other long-term liabilities9,060 7,845 
Total long-term liabilities143,367 136,076 
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $.00001 per share, $45,000 shares authorized; $22,553 shares issued and outstanding at July 31, 2020; $22,335 shares issued and outstanding at January 31, 2020
  
Additional paid-in-capital251,587 250,607 
Retained earnings106,175 97,717 
Accumulated other comprehensive loss(2,970)(3,220)
Total stockholders' equity 354,792 345,104 
Total Liabilities and Stockholders' Equity$948,025 $975,343 
 See Notes to Consolidated Financial Statements
3

Table of Contents
TITAN MACHINERY INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
 Three Months Ended July 31,Six Months Ended July 31,
 2020201920202019
Revenue
Equipment$202,654 $214,435 $421,159 $408,390 
Parts61,454 59,202 118,068 111,140 
Service27,986 26,832 53,586 49,662 
Rental and other11,371 14,512 20,860 24,079 
Total Revenue303,465 314,981 613,673 593,271 
Cost of Revenue
Equipment180,231 190,707 377,278 363,861 
Parts43,032 41,732 82,649 78,546 
Service9,665 8,737 18,010 16,219 
Rental and other7,849 9,778 14,636 16,719 
Total Cost of Revenue240,777 250,954 492,573 475,345 
Gross Profit62,688 64,027 121,100 117,926 
Operating Expenses53,079 54,855 106,137 107,410 
Impairment of Long-Lived Assets  216 135 
Income from Operations9,609 9,172 14,747 10,381 
Other Income (Expense)
Interest and other income562 620 692 1,414 
Floorplan interest expense(901)(1,399)(2,054)(2,276)
Other interest expense(978)(966)(1,944)(2,607)
Income Before Income Taxes8,292 7,427 11,441 6,912 
Provision for Income Taxes1,892 1,916 2,779 1,846 
Net Income$6,400 $5,511 $8,662 $5,066 
Earnings per Share:
Basic$0.28 $0.25 $0.39 $0.23 
Diluted$0.28 $0.25 $0.39 $0.23 
Weighted Average Common Shares:
Basic22,118 21,960 22,068 21,917 
Diluted22,119 21,964 22,068 21,922 
 
See Notes to Consolidated Financial Statements

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TITAN MACHINERY INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
 
 Three Months Ended July 31,Six Months Ended July 31,
 2020201920202019
Net Income$6,400 $5,511 $8,662 $5,066 
Other Comprehensive Income
Foreign currency translation adjustments778 1,012 250 241 
Comprehensive Income$7,178 $6,523 $8,912 $5,307 
 
See Notes to Consolidated Financial Statements

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TITAN MACHINERY INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
(in thousands)

Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Shares OutstandingAmount
BALANCE, January 31, 201922,218 $ $248,423 $89,228 $(2,340)$335,311 
Cumulative-effect adjustment of adopting ASC 842, Leases   (5,464) (5,464)
Common stock issued on grant of restricted stock and exercise of stock options, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax(34) (492)  (492)
Stock-based compensation expense  603   603 
Net loss   (445) (445)
Other comprehensive loss    (771)(771)
BALANCE, April 30, 201922,184 $ $248,534 $83,319 $(3,111)$328,742 
Cumulative-effect adjustment of adopting ASC 842, Leases      
Common stock issued on grant of restricted stock and exercise of stock options, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax170      
Stock-based compensation expense  694   694 
Net Income   5,511  5,511 
Other comprehensive Income    1,012 1,012 
BALANCE, July 31, 201922,354  249,228 88,830 (2,099)335,959 

Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Shares OutstandingAmount
BALANCE, January 31, 202022,335 $ $250,607 $97,717 $(3,220)$345,104 
Cumulative-effect adjustment of adopting ASC 326, Credit Loss   (204) (204)
Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax(21) (201)  (201)
Stock-based compensation expense  645   645 
Net income   2,262  2,262 
Other comprehensive loss    (528)(528)
BALANCE, April 30, 202022,314 $ $251,051 $99,775 $(3,748)$347,078 
Cumulative-effect adjustment of adopting ASC 326, Credit Loss      
Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax239      
Stock-based compensation expense  536   536 
Net income   6,400  6,400 
Other comprehensive income    778 778 
BALANCE, July 31, 202022,553  251,587 106,175 (2,970)354,792 

See Notes to Consolidated Financial Statements
6


TITAN MACHINERY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
 Six Months Ended July 31,
 20202019
Operating Activities
Net income$8,662 $5,066 
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation and amortization11,286 13,264 
Impairment216 135 
Deferred income taxes(944)(251)
Stock-based compensation expense1,181 1,297 
Noncash interest expense75 407 
Noncash lease expense5,717 6,198 
Other, net(368)(8)
Changes in assets and liabilities
Receivables, prepaid expenses and other assets3,347 (2,149)
Inventories31,885 (140,149)
Manufacturer floorplan payable(26,726)128,635 
Accounts payable, deferred revenue, accrued expenses and other and other long-term liabilities(15,140)(12,362)
Operating lease liabilities(6,156)(6,386)
Net Cash Provided by (Used for) Operating Activities13,035 (6,303)
Investing Activities
Rental fleet purchases(6,001)(9,249)
Property and equipment purchases (excluding rental fleet)(4,472)(3,101)
Proceeds from sale of property and equipment489 670 
Acquisition consideration, net of cash acquired(6,790)(2,972)
Other, net(20)14 
Net Cash Used for Investing Activities(16,794)(14,638)
Financing Activities
Net change in non-manufacturer floorplan payable7,229 49,937 
Principal payments on senior convertible notes (45,644)
Proceeds from long-term debt borrowings1,112 11,786 
Principal payments on long-term debt and finance leases(2,952)(1,940)
Payment of debt issuance costs(670) 
Other, net(200)(492)
Net Cash Provided by Financing Activities4,519 13,647 
Effect of Exchange Rate Changes on Cash3 66 
Net Change in Cash763 (7,228)
Cash at Beginning of Period43,721 56,745 
Cash at End of Period$44,484 $49,517 
Supplemental Disclosures of Cash Flow Information
Cash paid (received) during the period
Income taxes, net of refunds$(228)$3,064 
Interest$4,103 $4,705 
Supplemental Disclosures of Noncash Investing and Financing Activities
Net property and equipment financed with long-term debt, finance leases, accounts payable and accrued liabilities$4,645 $6,133 
Net transfer of assets from (to) property and equipment to (from) inventories$319 $(2,995)

See Notes to Consolidated Financial Statements
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TITAN MACHINERY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 
NOTE 1 - 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, 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-month period ended July 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2021. The information contained in the consolidated balance sheet as of January 31, 2020 was derived from the audited consolidated financial statements for the Company for the fiscal year then ended. These 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, 2020 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 and Europe. The Company’s North American stores are located in Arizona, Colorado, Iowa, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming, and its European stores are located in Bulgaria, Germany, Romania, Serbia and Ukraine. 
Impact of the COVID-19 Pandemic
In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic, and the President of the United States declared the COVID-19 outbreak as a national emergency. The nature of COVID-19 led to worldwide shutdowns and halting of commercial and interpersonal activity as governments imposed regulations in efforts to control the spread of the pandemic, such as shelter-in-place orders and quarantines. The pandemic is a highly fluid and rapidly evolving situation, and we cannot anticipate with any certainty the length, scope, or severity of such restrictions in each of the markets that we operate. See Item 1A. Risk Factors for more information on possible impacts.
Since the beginning of the COVID-19 pandemic, the safety of our employees and customers has been and continues to be our top concern. At the onset of the pandemic we organized a COVID Task Force to implement safety protocols and to quickly respond to matters, in the event of a positive case at one of our locations.
Even though we are considered an essential business, in response to the COVID-19 pandemic, the Company closed its U.S. stores to the public on March 23, 2020 but continued operations through social distancing means in all areas: equipment, parts, service and rental. Beginning May 4, 2020, we began fully reopening our stores to the public, following pandemic safety protocols applicable to the locations. Additionally, our International stores have also been following pandemic safety protocols applicable to each location. By June 2020, all of our stores were open to the public but still maintain pandemic safety protocols.
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, 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.

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Recently Adopted Accounting Guidance
        In June 2016, the Financial Accounting Standards Board ("FASB") issued a new standard, codified in ASC 326, that modifies how entities measure credit losses on most financial instruments. The new standard replaced the "incurred loss" model with an "expected credit loss" model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the asset. The guidance impacts the Company on its accounts receivable portfolio but specifically excluded receivables from operating lease arrangements and, therefore, the Company’s receivables from rental contracts were not impacted. The guidance also requires new disclosures to allow the users of the financial statements to understand the credit risk inherent in a portfolio and how management monitors the credit quality of the portfolio, management’s estimate of expected credit losses, and changes in the estimate of expected credit losses that have taken place during the reporting period.
The Company adopted the new guidance on February 1, 2020 using a modified retrospective approach and recognized an immaterial cumulative-effect adjustment to retained earnings as of the effective date. The Company identified and updated existing internal controls and procedures to ensure compliance with the new guidance, but such modifications were not deemed to be material to the Company's overall system of internal control. While the adoption of this standard did not have a material impact on the Company's consolidated financial statements, it required changes to the Company's process of estimating expected credit losses on trade receivables. See footnote 4 for further discussion of our accounts receivables.
In February 2018, the FASB issued guidance on the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract, codified in ASC 350-40. This guidance aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This standard was adopted on February 1, 2020 and was applied using the prospective transition approach. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Accounting Guidance Not Yet Adopted
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”), which provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The Company is currently evaluating its contracts and hedging relationships that reference LIBOR to determine if the Company will adopt the new guidance.
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NOTE 2 - EARNINGS PER SHARE
The following table sets forth the calculation of basic and diluted EPS:
 Three Months Ended July 31,Six Months Ended July 31,
 2020201920202019
 (in thousands, except per share data)
Numerator:
Net income$6,400 $5,511 $8,662 $5,066 
Allocation to participating securities(101)(82)(129)(76)
Net income attributable to Titan Machinery Inc. common stockholders$6,299 $5,429 $8,533 $4,990 
Denominator:
Basic weighted-average common shares outstanding22,118 21,960 22,068 21,917 
Plus: incremental shares from vesting of restricted stock units1 4  5 
Diluted weighted-average common shares outstanding22,119 21,964 22,068 21,922 
Earnings Per Share:
Basic$0.28 $0.25 $0.39 $0.23 
Diluted$0.28 $0.25 $0.39 $0.23 
Anti-dilutive shares excluded from diluted weighted-average common shares outstanding:
Restricted stock units  18  

NOTE 3 - REVENUE
        Revenues are 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, 2020Three Months Ended July 31, 2019
AgricultureConstructionInternationalTotalAgricultureConstructionInternationalTotal
(in thousands)(in thousands)
Equipment$110,601 $48,478 $43,575 $202,654 $111,212 $