TITAN Q3 Earnings Presentation

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#1TITAN CAT TITAN INVESTOR PRESENTATION NOVEMBER 2023 NYSE: TWI#2Forward-Looking Statements & Non-GAAP Metrics Forward-Looking Statements The accompanying material includes forward-looking comments and information concerning the company's expectations and objectives for the future. Readers of this material should understand that these forward-looking statements are based on the Company's expectations and subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results may differ materially from those projected in these forward-looking statements as a result of certain factors which are contained in the Company's most recent 10K filing. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this document will in fact transpire. Reconciliation of GAAP to Non-GAAP Financial Measures The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). These supplemental schedules provide a quantitative reconciliation between each of adjusted net income attributable to Titan, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt, each of which is a non-GAAP financial measure and the most directly comparable financial measures calculated and reported in accordance with GAAP. We present adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt, as we believe that they assist investors with analyzing our business results. In addition, management reviews each of these non-GAAP financial measures in order to evaluate the financial performance of each of our segments, as well as the Company's performance as a whole. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management. Adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. One should not consider these measures in isolation or as a substitute for our results reported under GAAP. These measures have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may be calculated differently than non-GAAP financial measures reported by other companies, limiting their usefulness as comparative measures. We attempt to compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results. TITAN 2#3Titan International Overview WHY WE MATTER • We produce equipment to help farmers feed the world, construction operators develop projects & miners extract resources. TITAN • We have cultivated longstanding relations with blue-chip OEM customers who rely on us as a complete solutions provider. For decades, we have brought innovative products to market that make equipment run better WHO WE ARE Titan is a global leading manufacturer of off- highway tires, wheels & undercarriage equipment. WHAT WE DO (OUR 3 SEGMENTS) • Agriculture - wheels & tires for all types of Ag equipment from tractors & harvesters to sprayers & irrigation pivots. Earthmoving / Construction (EMC) – undercarriages (including steel tracks), wheels and tires for earthmoving, mining, construction & forestry equipment. Consumer - bias truck tires (LatAm) & light truck tires (Non-US); custom rubber mixing (US), high speed brakes (EUR) & turf tires. TITAN KEY DATA Share Price1 $12.47 Market Cap $772M Total Revenues (TTM)² $1.94B TTM Revenues Total Revenues (2023E)³ $1.88B Adjusted EBITDA (TTM) $220M Adjusted EBITDA (2023E) $205M FCF (2023E) $115M Net Debt $215M Leverage Ratio 1.0x Ag OEMC □ Consumer 1 Share Price is 50 day moving average as of 10/30/23, market Cap utilized 61.9 Million shares outstanding as of 10/24/23. 2 TTM financials, Net Debt and Leverage Ratio as of 9/30/23 32023 Estimates represent midpoint of guidance issued with Q2, 2023 Earnings Release 3#4Why Invest in TWI ? Financial Improvement Titan's Strong Foundation Global Market Leadership Strong Global End Market Demand Strategic Transformation Sustained Financial Performance The Opportunity TITAN • • • • • Long-standing relationships with blue-chip OEMs, dealers, and consumers Recognized global brands History of market share gains through new product development Macro: Growing Global Ag and Infrastructure needs driving multi-decade demand 2023: Effectively navigating industry-wide post-pandemic destocking dynamic 2024: Well-positioned to benefit from expected return of inventory /order alignment Optimized portfolio and improved price discipline Invested in operational efficiencies Enhanced working capital management "One Titan❞ enterprise-wide culture transformation Raised gross margin and cash flow baselines • Reduced cyclical correlation, expanded customer base and wallet share $ • Reduced leverage from ~11.5x in 2019 to ~1x today - Supports balanced capital allocation – share buyback, organic investments, highly selective M&A Consistent Earnings and Cash Flow Generation via Organic Growth Investments & Highly Selective, Value-Focused M&A to advance manufacturing/product capabilities and distribution, positioning Titan to capture improved and sustained return on capital *Leverage profile defined as Net Debt/TTM Adj. EBITDA 4#5☐ Strategic Actions Have Elevated The Baseline 2019 AEBITDA: $38M, 3% 2018 AEBITDA: $119M, 7% Pre-2019 Underperforming assets, inefficient supply chain ▪ Lack of optimization & operational inefficiencies Highly-levered balance sheet Multi-Year Strategic Transformation 1 Focus on Core Sold underperforming assets Increased plant utilization Focus on market niches/customers 2 Operational Excellence Supply chain strengthening Quality improvements 80/20 optimization Operational Excellence Focus on Core 3 Product Innovation New products Increased market penetration 2022 AEBITDA: $253M, 12% 2021 AEBITDA: $135M, 8% Product Development & Optimization AEBITDA New Titan Foundation ✓ Optimized Product Portfolio Strong Customer Relationships ✓ Nimble Operations ✓ Stronger Financial Foundation Significant Free Cash Flow Generation ✓ Fortified Balance Sheet ~$50M ~$25M ~$15M AEBITDA AEBITDA TITAN 5#6Long-term Growth Strategy/Engine 5 1 Leverage Secular Trends Allocate Capital To Optimize Shareholder Returns Collaborative Customer Relationships 2 TITAN Expand Footprint & 4 Capabilities Develop Innovative Solutions 3 Key Drivers Multi-year secular trends Preeminent partner to leading OEMs & aftermarket companies. + Commitment to R&D & innovation Competitive advantage as a complete solutions provider Strong balance sheet supports debt repayment, share repurchases & investments in organic growth/highly selective M&A TITAN 6#7Strong Balance Sheet & FCF Supports Capital Optionality Full-Year FCF* & Leverage Ratio** ☐ Product innovation (R&D) ■ One Titan team development 11.5x 6.4x $9 $36 Free Cash Flow Leverage Ratio $114 $143 2.9x 1.1x 1.0x $(28) 2019 2020 2021 2022 TTM Commitment to Maintain Conservative Leverage Posture TITAN Organic Growth ☐ Expand manufacturing capabilities ■ Grow customer relationships Balanced Capital Allocation, Focused on Driving Long- Capital Returns Term Value Strategic M&A ■ Active $50M share repurchase program *Free Cash Flow defined as Operating Cash flow less Capex **Leverage Ratio calculated by Net Debt/TTM Adj. EBITDA Highly selective in core markets Increase market penetration Distribution JVs and/ or investments ■ Off-take relationships 7#8Unmatched Global Footprint, High Barriers to Entry Serving customers regionally and locally provides significant competitive advantage $1.9B 7,500 TTM Revenue Global Employees • North America Quincy, IL Bryan, OH Europe/CIS • Dallas, TX · Des Moines, IA Ceprano, Italy Fanano, Italy • Kidderminster, UK ° Monreal del Campo, Spain • Elkhorn, WI Finale Emilia, Italy • Potenza, Italy • Freeport, IL Flers, France St. Helens, UK • Fort McMurray, AB, Canada Gevelsburg, Germany 0 Valsamoggia, Italy • Holden, WV Jesi, Italy • Volgograd, Russia • Jefferson, GA • Querétaro, Mexico . · • Saskatoon, SK, Canada Union City, TN West-Chicago, IL (Corporate headquarters) Winston-Salem, NC 17% TTM Gross Margin $220M TTM Latin South America Atibaia, Brazil • Buenos Aires, Argentina . Cali, Columbia • Iquique, Chile Lima, Peru Adj. EBITDA . Parauapebas, Pará, Brazil • São Paulo, Brazil / Santiago, Chile 1.0x Net Debt Leverage 15% ROIC Tires Wheels ⚫ Undercarriage Mining Services Distribution TITAN Asia / Africa Aydin, Turkey Heidelberg, South Africa • Jakarta, Indonesia . Liuzhou, China • Tianjin, China . Visakhapatnam, Andhra Pradesh, India Australia Perth, WA Yatala, QLD 8#9Long-term Secular Tailwinds STRONG AG DEMAND Supported by population growth strong commodity prices & elevated farmer income REPLACEMENT CYCLE Driven by aging equipment, technological innovation, and strong aftermarket presence Corn and Soybean Prices CONSTRUCTION SPENDING Supported by global government infrastructure needs/programs (roads, bridges and housing starts) LOCALIZED PRODUCTION Driven by supply chain challenges, risk mitigation and shorter freight times US Construction Spending $20 $15 $10 $5 Billion $200 $150 $100 $50 $- $0 Corn Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Soybean Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Total Construction Total Private Construction Total Public Construction TITAN Sources: 1) https://www.macrotrends.net/chartes/commodities; 2) U.S. Census Bureau 9#10Industry Leading Product Innovation Deep culture of product development and innovation to meet customers' evolving needs, translating to increased performance and financial benefits Agra EDGE TM Undercarriage in Forestry Ultimate Flex Technology TM (UFT™) Single Piece Wheel Innovation AGRA EDGE YER UFT Play Thehmaingry High performing, cost competitive radial R-1W tires Filling the gap as an affordable, American-made solution competing against foreign products commonly experiencing supply chain disruptions New Forestry solution was well received in 2022, opening the door for new opportunities Superior performance for remote location of operation, aggressive terrain conditions and extreme movement of the undercarriage on steep slopes Industry-exclusive technology provides major competitive advantage to OEM and Aftermarket customers. UFTT is the only tire technology that can act as a replacement to three types of tires, conventional, increased flexion (IF) and very high flexion (VF) ◉ New patent-pending design for doubling wheel life, while reducing wheel weight Enabling extreme loads at 50 mph unmatched by any other wheel produced for crane applications TITAN 10#11CASE 5550 AG - Low Sidewall Technology® (LSW®) ☐ ☐ ◉ End-user enthusiasm and demand for industry leading technology remains high Industry Leading Technology: Performance-enhancing LSW wheel and tire assemblies make farmers' equipment perform better Continuing LSW Momentum: LSW has been growing in popularity since its introduction and this trend continued across both OEM and aftermarket distribution channels in 2022 Superior Alternative to Tracks: LSW equipped machines create 38% less compaction, can road 30% faster, ride a lot smoother and can save up to 30% in fuel costs compared to tracks. Lower Carbon Emissions: LSW tires distribute weight of the tractor over a larger footprint which reduces compaction and the need for tillage, resulting in reduced tractor operating hours. NEW HOLLENT TITAN 167-747 BIG BID 11#12Continued Focus on Operational Excellence Recent investments in our plants globally are driving operational efficiencies and energy savings North America Europe South America Asia 8% improvement in press output in Des Moines, Iowa Increased capacity in Bryan, Ohio plant Increased N.A. wheel capacity for small Ag 12% energy savings n Italian ITM facilities Increased production capacity in France 15% reduction in electricity consumption in Germany. 11% increase in production output compared to 2021 due to strategic plant investments Increase energy efficiency every year since 2013 83% increased efficiency in the Turkey facility TITAN 12#13Commitment to ESG • • • • ENVIRONMENTAL Titan is developing a life cycle assessment (LCA) to enhance new product development Remain dedicated to implementing responsible sourcing requirements with new Tire business Natural Rubber policy Committed to monitoring energy usage and reducing scope 1 and 2 emissions Establishing climate-related accounting processes and procedures in preparation for anticipated SEC Climate Disclosure TITAN • SOCIAL Remain a dedicated signatory to UN Global Compact Committed to working with ethical supply chain partners and continue to monitor partners throughout relationship Refreshed annual employee training, now including module focused on diversity and inclusion GOVERNANCE • Increased Board diversity • • • Separate Chairman of the Board and CEO roles and all committee chairs independent Developing new policy related to Cybersecurity, including response plan in the event of a breach Committed to transparency and publishing Titan's Corporate Social Responsibility report bi-annually 13#14940 R FERCA TITAN SEGMENT OVERVIEW & BACKGROUND TITAN 14#15Agriculture Segment Ag Segment Facts ■ Wheels, tires, and undercarriage components for use on a variety of agricultural equipment Wide range of wheel and tire sizes including the largest agricultural wheel in North American and the largest agricultural tire in the world Market leading products, innovation expertise, and global manufacturing footprint drive Titan's competitive advantage Key Segment Drivers ■ " Large Ag retail demand continues at strong levels supported by replacement needs for aging equipment fleet U.S. Farmer sentiment is strong, with net farm income well above historical levels, supported by strong crop prices In Europe, pent up demand levels provide support in 2023 and beyond LatAm market remains strong with significant runway for continued growth due to low inventory levels and positive trends for global Ag economy TITAN Tires and wheels produced in North America, Europe and CIS and distributed globally SINCE 1898 GOOD YEAR FARM TIRES MADE BY TITAN Tires produced in North America and Latin America and distributed globally Im Undercarriage parts produced in Europe, Latin America, North America, and Asia and distributed globally Revenue ($M) & Gross Margin (%) Revenue -Gross Margin $949 $652 $635 $1,192 $1,063 16% 16% 14% 11% 9% 2019 2020 2021 2022 TTM TITAN 15#16EMC Segment EMC Segment Facts The majority of EMC revenue is undercarriage parts and complete undercarriage solutions under the premium ITM brand, which operates globally in both the OEM and aftermarket channels ITM also operates a European foundry, which produces customized steel-cast products for construction and mining markets providing significant competitive advantage This segment also includes wheels and tires sold primarily in North and South America and Europe, and supports various types of OTR earthmoving, mining, construction, road building and forestry equipment Key Segment Drivers Construction demand driven by commodity prices, road construction, infrastructure, government appropriations, housing starts and other macroeconomic drivers Construction and Earthmoving markets in good position due to low inventory levels, solid non-residential construction and mineral commodity prices as relatively high levels Ilm Undercarriage parts produced in Europe, Latin America, North America, and Asia and distributed globally TITAN Tires and wheels produced in North America, Europe and CIS and distributed globally SINCE 1898 FARM TIRES MADE BY TITAN" Tires produced in North America and Latin America and distributed globally ■ Improving market fundamentals are anticipated to support continued improvement in 2023 and beyond TITAN Revenue ($M) & Gross Margin (%) Revenue -Gross Margin $649 $510 $807 $724 $693 17% 17% 12% 10% 9% GOOD YEAR 2019 2020 2021 2022 TTM 16#17EMC - ITM Products and Customers OEM Undercarriage System ■ ◉ • ITM Facts Full-service provider and manufacturer of ITM undercarriage systems and products, including steel tracks Significant blue-chip OEM customer base Strong relationships in mining aftermarket channels and expanding into forestry markets Full range and lifecycle of applications for crawling machines serving the construction, mining, forestry, road building and agriculture industries 70% OE/30% AM Increase geographic footprint through series of trainings in current and new markets ■ Expanded into 80 new Latin American distributors LIEBHERR JOHN DEERE HITACHI KOMATSU W WIRTGEN GROUP A JOHN DEERE COMPANY AMK Rio Tinto Peabody ENERGY Undercarriage Components TITAN VALE ITM Dealers BHP 17#18Consumer Segment Consumer Segment Facts " Bias truck tires and light truck tires outside of the US, customer mixing of rubber stock in the US, high speed breaks in Europe and Turf Tires No dedicated manufacturing exists for products in this segment providing increased utilization and productivity for existing production facilities Focus for future growth will be the development of third-party customer mixing of rubber stock; strong market potential exists which will allow for further efficiencies in production TITAN Tires and wheels produced in North America, Europe and CIS and distributed globally SINCE 1898 GOOD YEAR FARM TIRES MADE BY TITAN" Revenue ($M) & Gross Margin (%) $147 Revenue -Gross Margin $137 $114 $170 $154 TITAN Tires produced in North America and Latin America and distributed globally hm 19% 18% 13% 10% 10% 2019 2020 2021 2022 TTM Undercarriage parts produced in Europe, Latin America, North America, and Asia and distributed globally 18#19940 R FERCA TITAN FINANCIALS 19#20Significantly Enhanced Financial Performance Revenue ($B) +14% CAGR Gross Margin +770 BPS $2.2 $1.9 $1.8 $1.4 $1.3 16.6% 16.7% 13.3% 10.4% 8.9% 2019 2020 2021 2022 TTM 2019 2020 2021 2022 TTM Adj. EBITDA ($M) +81% CAGR $253 $220 Adj. EPS +$3.03 $2.20 $1.69 $0.60 $135 $54 -$0.83 -$0.55 $38 2019 2020 2021 2022 TTM 2019 2020 2021 2022 TTM TITAN 20#212023 Financial Outlook Revenue (in $B) $2.17 FY 2022 Actual Adj. EBITDA (in $M) Free Cash Flow (in $M) $110 - $120 $253 $1.85 - $1.9 FY 2023 Outlook $114 $200 - $210 FY 2022 Actual FY 2023 Outlook FY 2022 Actual FY 2023 Outlook Market Financial Context: Net Sales: While underlying macroeconomic conditions in Ag and Construction remain strong, 2023 net sales are expected to be negatively impacted by OEM customer inventory destocking, primarily in North and South America. Adjusted EBITDA: Despite lower expected revenue levels in 2023, Titan is expected to deliver strong results on the bottom line. At $200 to $210M, Adj. EBITDA 2023 is expected to be the third strongest year in Titan's history in terms of profitability. Free Cash Flow: $110 to $120M, Titan is expected to deliver similar FCF to 2022, despite lower profitability levels, in part due to continued focus on working capital management. TITAN 21#22Focus on Balanced Growth & Margin Enhancement Revenue Mix/Trend (in $ billions) Gross Margin Trend $1.6 $1.4 $1.3 $1.8 $2.2 $1.9 $0.2 $0.2 $0.2 $0.1 $0.1 $0.1 $0.7 $0.8 $0.7 mill onl $0.7 $0.6 $0.5 $1.2 $1.1 $0.9 $0.7 $0.7 $0.6 2018 2019 2020 TITAN AG EMC 2021 ■Consumer 2022 TTM 2018 2019 2020 Total -AG 20% 15% 10% 5% 0% 2021 2022 TTM EMC -Consumer 22#23Revenue By Quarter ($M) 2021-2023 Quarterly Financial Trends $404 $439 $450 $488 $556 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 TITAN $573 $531 $510 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 $549 $481 $402 520 0 Q1'21 $40,0 $60.0 $120.0 $100,0 $60.0 13.2% 14.0% 3.4% 12.8% 15.6% $53 $61 Gross Profit ($M) & GM % By Quarter AEBITDA ($M) & % of Sales by Quarter $60 $63 $87 19.1% 16.5% $88 $110 15.0% 17.4% 17.9% $77 $96 $86 20% 16.4% 18% 99$ 14% 12% 10% Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 8% 10.2% $82 14.3% 11.5% 10.4% $61 $53 $68 Q1'21 Q2'21 Q3'21 $26 $37 $35 $36 8.5% 7.8% 7.4% 6.5% $57 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 23 12.3% 12.3% 69$ $41 10.1%#24Consistent Working Capital Management $193 Net Q3 - Working Capital ($M) 26.8% 2022 --- 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 25.2% Days Sales 51 48 49 48 Outstanding (DSO) ...... 54 53 53 5.4 54 21.1% 20.7% Days A/P in 84 85 85 87 86 81 90 90 101 Inventory (DPI) $413 $373 $360 Days Payable (60) (57) (55) (57) (57) (55) -55 $284 $261 $282 Outstanding (DPO) $239 Cash Conversion Cycle 75 76 81 77 78 88 100 $151 $195 $254 $257 Working Capital (% 19.4% 19.1% 20.7% 19.6% 20.0% 22.2% 25.2% of Sales) 2020 2021 2022 2023 Cash ($M) $98 $117 $117 $160 $164 $196 $212 AR Inventory AP -Working Capital as % of Sales TITAN 24#25Strong Growth, Supportive Balance Sheet Net Debt/ TTM AEBITDA ($M) Leverage Ratio Trend $427M Debt Breakdown as of September 30th, 2023 $71 5.3x $264 $253 $241 $236 $220 $210 4.1x 3.3x $166 2.9x 2.6x $135 1.8x $95 1.4x $116 1.1x-1.0x-1.0x-1.0x Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 TTM AEBITDA ($M) TITAN -Net Debt Leverage Ratio $396 $24 $7 $0 7.0% Secured Titan Europe Other $125M Revolving Notes Due 2028 Credit Facilities Credit Facility Due 2026 ■ Revolving credit facility balance is $0 (paid off as of the end of September 2022) ■Net Debt of $215.4M as of end of September 2023, lowest level since Q3'12 25#26Flexible Operating Structure Demonstrated ability to manage labor and variable overhead costs while leveraging global buying power Significant coordination between COGS Structure Raw Materials Labor -10% supply chain inventory control, production, operations, and treasury management on global scale to drive efficiency and control spending Overhead -30% Raw Materials ~60% Pricing mechanisms to reflect raw material costs vary regionally and by individual customer relationships. TITAN *Other raw materials include Fabric, Chemicals, and Carbon Black used in the tire production process Other* -30% Steel -40% Rubber -30% 26#27940 R FERCA TITAN APPENDIX 27#28Diverse, Global Revenue Base Revenue by Segment Consumer 8% Revenue by Geography Other 4% Latin America 20% Earthmoving/ Construction ("EMC") 37% Revenue by Product Agricultural 55% U.S. 49% Revenue by Channel* Europe/CIS 27% TITAN Tires 50% Wheels 25% Undercarriage 25% Percentages represent approximate trend over recent years * • • Aftermarket ("AM") 35% Original Equipment ("OE") 65% Approximate Channel Split By Product Tires: 50% OE / 50% AM Wheels: 90% OE / 10% AM Undercarriage: 70% OE/30% AM 28#29Sept 2023 YTD Cash Flow In $ Millions $160 $32 $85 $(13) $(25) $(19) $(41) $34 $212 Cash Dec. 2022 Net Income Depreciation & Amortization Net Change in Working Capital Net Payment of Debt Repurchase of Common Stock CAPEX All Other* - Cash Sep. 2023 * "All Other" category primarily of prepaid and other assets of $18M and other current liabilities of $10M TITAN 29#30Q3 Financial Overview* 2020 2021 2022 2023 Sales $305M $450M $531M $402M Gross Profit $31M $60M $88M $66M Gross Margin % 10.3% 13.4% 16.5% 16.4% Adjusted EBITDA $14M $35M $61M $41M Adjusted EBITDA % 4.7% 7.8% 11.5% 10.1% Net income (loss) attrib. to Titan ($13M) $11M $43M $19M Adjusted EPS - Diluted ($0.10) $0.17 $0.54 $0.29 Free Cash Flow $37M $6M $40M $37M TITAN *All figures adjusted to remove impact of one-time items. Refer to Appendix for reconciliation of non-GAAP metrics. 30#31Q3 EBITDA Reconciliation Adj. EBITDA Reconciliation | Q3 2020-2023 ($ Millions) Q3 2020 Q3 2021 Q3 2022 Q3 2023 Net Income (Loss) (13) 11 43 20 Provision for Income Taxes 0 5 11 5 Interest Expense, excluding Interest Income 8 8 8 7 Depreciation & Amortization EBITDA Foreign exchange (Gain) / Loss Brazilian Tax Credits Legal Settlement Adjusted EBITDA 13 11 10 10 8 36 72 41 1 (0) (1) (1) I (10) 5 14 35 61 41 TITAN *All figures adjusted to remove impact of one-time items. Refer to Appendix for reconciliation of non-GAAP metrics. 31#32Investor Contact Information TITAN Investor Relations Contacts: MST TITAN Alan Snyder Phone: 630-251-0589 [email protected] Jeremy Hellman Phone: 212-836-9626 [email protected] 32

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