TITAN INTERNATIONAL INC (TWI) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
United States	1,074.7	836.0	583.4	672.6	711.9	642.7
Europe	577.9	479.7	343.5	400.1	469.3	411.6
Latin America	422.4	318.9	218.3	254.4	271.4	282.7
Other	94.3	145.6	114.2	121.7	149.8	131.9
Total revenues	2,169.4	1,780.2	1,259.3	1,448.7	1,602.4	1,468.9	1,265.5	1,394.8
Revenue growth [+]	21.9%	41.4%	-13.1%	-9.6%	9.1%	16.1%	-9.3%	-26.4%
United States	28.6%	43.3%	-13.3%	-5.5%	10.8%
Europe	20.5%	39.7%	-14.1%	-14.8%	14.0%
Latin America	32.5%	46.1%	-14.2%	-6.3%	-4.0%
Cost of goods sold	1,808.7	1,542.7	1,130.2	1,319.7	1,404.1	1,298.7	1,124.1	1,260.0
Gross profit	360.7	237.5	129.1	129.0	198.3	170.2	141.4	134.7
Gross margin	16.6%	13.3%	10.3%	8.9%	12.4%	11.6%	11.2%	9.7%
Selling, general and administrative	132.8	131.8	130.9	137.7	134.8	150.7	145.0	140.4
Research and development	10.4	10.1	9.0	9.9	11.1	10.3	10.0	11.2
Other operating expenses	11.7	10.5	24.5	9.9	10.1	10.5	8.9	10.5
EBITDA [+]	248.5	133.2	19.3	25.9	99.9	57.2	37.4	42.3
EBITDA growth	86.6%	589.8%	-25.6%	-74.0%	74.6%	53.1%	-11.6%	52.9%
EBITDA margin	11.5%	7.5%	1.5%	1.8%	6.2%	3.9%	3.0%	3.0%
Depreciation	42.3	47.4	52.4	52.2	55.3	55.4	57.6	66.6
EBITA	206.2	85.8	-33.1	-26.2	44.5	1.8	-20.2	-24.3
EBITA margin	9.5%	4.8%	-2.6%	-1.8%	2.8%	0.1%	-1.6%	-1.7%
Amortization of intangibles	0.4	0.6	2.3	2.2	2.3	3.0	2.2	3.0
EBIT [+]	205.8	85.2	-35.4	-28.4	42.2	-1.2	-22.4	-27.3
EBIT growth	141.6%	-340.9%	24.3%	-167.3%	-3523.3%	-94.5%	-18.1%	-55.2%
EBIT margin	9.5%	4.8%	-2.8%	-2.0%	2.6%	-0.1%	-1.8%	-2.0%
Non-recurring items [+]						9.9
Asset impairment						9.9
Interest expense, net [+]	29.8	32.2	30.6	32.0	28.3	26.9	29.3	31.4
Interest expense	29.8	32.2	30.6	32.0	28.3	30.2	32.5	34.0
Interest income						3.4	3.2	2.7
Other income (expense), net [+]	26.3	-1.9	7.8	12.4	5.9	-14.9	15.3	3.6
Gain (loss) on debt retirement		-16.0				-18.6
Gain (loss) on foreign currency transactions	0.9	12.0	-11.0	4.0	-11.2	-2.0	8.6	-4.8
Other	-25.4	-2.1	-18.8	-8.4	-17.1	-9.1	-9.9	-11.1
Pre-tax income	202.4	51.0	-58.1	-48.0	19.8	-52.9	-36.5	-55.1
Income taxes	23.2	1.1	6.9	3.5	6.8	11.2	3.3	34.8
Tax rate	11.4%	2.3%			34.1%
Minority interest	2.9	0.3	-4.7	-3.1	-3.0	-4.0	-2.2	-14.7
Net income	176.3	49.6	-60.4	-50.4	3.9	-66.4	-47.2	-92.8
Net margin	8.1%	2.8%	-4.8%	-3.5%	0.2%	-4.5%	-3.7%	-6.7%

Basic EPS [+]	$2.80	$0.80	($0.99)	($0.84)	$0.06	($1.12)	($0.87)	($1.73)
Growth	250.2%	-180.4%	18.5%	-1391.7%	-105.8%	28.0%	-49.4%	-28.7%
Diluted EPS [+]	$2.77	$0.79	($0.99)	($0.84)	$0.06	($1.12)	($0.87)	($1.73)
Growth	249.9%	-179.7%	18.5%	-1393.6%	-105.8%	28.0%	-49.4%	-28.7%

Dividends per share [+]			$0.01	$0.02	$0.02	$0.02	$0.02	$0.02
Growth		-100.0%	-50.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Shares outstanding (basic) [+]	63.0	62.1	60.8	60.1	59.8	59.3	53.9	53.7
Growth	1.5%	2.1%	1.2%	0.5%	0.8%	10.1%	0.4%	0.4%
Shares outstanding (diluted) [+]	63.7	62.7	60.8	60.1	59.9	59.3	53.9	53.7
Growth	1.6%	3.1%	1.2%	0.3%	1.0%	10.1%	0.4%	0.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.