TITAN INTERNATIONAL INC
For the period ended Jun 13, 2024. Filed Apr 24, 2024.
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Jun 13, 2024 · Filed Apr 24, 2024
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Contents
Appendix A - Adjusted EBITDA Reconciliation
The table below provides a reconciliation of net income (loss) to adjusted EBITDA, non-GAAP financial measures, for the twelve-month periods ended December 31, 2023,2022, 2021 and 2020.
| Twelve months ended | ||||
|---|---|---|---|---|
| December 31, | ||||
| (amounts in thousands) | 2023 | 2022 | 2021 | 2020 |
| Net income (loss) | $83,706 | $179,186 | $49,891 | $(65,077) |
| Adjustments: | ||||
| Provision for income taxes | 26,042 | 23,167 | 1,149 | 6,946 |
| Interest expense, excluding interest income | 29,063 | 31,273 | 31,933 | 30,351 |
| Depreciation and amortization | 42,434 | 42,747 | 47,991 | 54,655 |
| EBITDA | $181,245 | $276,373 | $130,964 | $26,875 |
| Adjustments: | ||||
| Foreign exchange loss (gain) | 22,822 | (927) | (12,020) | 11,025 |
| Loss on sale of Australian wheel business | — | 10,890 | — | — |
| Proceeds from government grant | — | (1,324) | — | — |
| Income on Brazilian indirect tax credits, gross | (475) | (32,043) | — | — |
| Loss on senior note repurchase | — | — | 16,020 | — |
| Asset impairments | — | — | — | 20,823 |
| Insurance reimbursement | — | — | — | (8,580) |
| Settlement of legal matter | — | — | — | 5,000 |
| Gain on sale of Brownsville, Texas facility | — | — | — | (4,855) |
| Loss on sale of Wheels India Limited shares | — | — | — | 2,005 |
| Restructuring charges | 1,637 | — | — | 1,737 |
| Adjusted EBITDA | $205,229 | $252,969 | $134,964 | $54,030 |
| Titan International, Inc. | / | 2024 Proxy Statement | 52 |
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Titan International, Inc.
1525 Kautz Road, Suite 600
West Chicago, IL 60185
www.titan-intl.com
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.