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
Revenue from Contract with Customer, Excluding Assessed Tax	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 from Contract with Customer, Excluding Assessed Tax growth	21.9%	41.4%	-13.1%	-9.6%	9.1%	16.1%	-9.3%	-26.4%
Cost of sales	1,808.7	1,542.7	1,130.2	1,319.7	1,404.1	1,298.7	1,124.1
Gross profit	360.7	237.5	114.3	129.0	198.3	160.3	141.4	134.7
Gross margin	16.6%	13.3%	9.1%	8.9%	12.4%	10.9%	11.2%	9.7%
Selling, general and administrative expenses	132.8	131.8	130.9	137.7	134.8	150.7	145.0	140.4
Research and development expenses	10.4	10.1	9.0	9.9	11.1	10.3	10.0	11.2
Royalty expense	11.7	10.5	9.7	9.9	10.1	10.5	8.9	10.5
Income (loss) from operations	205.8	85.2	-35.4	-28.4	42.2	-11.2	-22.4	-27.3
Operating margin	9.5%	4.8%	-2.8%	-2.0%	2.6%	-0.8%	-1.8%	-2.0%
Interest expense, net	-29.8	-32.2	-30.6	-32.0	-28.3	-30.2	-32.5	-34.0
Foreign exchange gain (loss)	0.9	12.0	-11.0	4.0	-11.2	-2.0	8.6	-4.8
Other income	-25.4	-2.1	-18.8	-8.4	-17.1	-9.1	-9.9	-11.1
Income before income taxes	202.4	51.0	-58.1	-48.0	19.8	-52.9	-36.5	-55.1
Provision for 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%
Net income	179.2	49.9	-65.1	-51.5	13.0	-64.1	-39.8	-89.8
Net income attributable to noncontrolling interests	2.9	0.3	-4.7	-3.1	-3.0	-4.0	-2.2	-14.7
Net income attributable to Titan and applicable to common shareholders	176.3	49.6	-60.4	-48.4	16.1	-60.0	-37.6	-75.2

Earnings per common share:
Basic	$2.80	$0.80	($0.99)	($0.84)	$0.06	($1.12)	($0.87)	($1.73)
Diluted	$2.77	$0.79	($0.99)	($0.84)	$0.06	($1.12)	($0.87)	($1.73)

Average common shares and equivalents outstanding:
Basic	63.0	62.1	60.8	60.1	59.8	59.3	53.9	53.7
Diluted	63.7	62.7	60.8	60.1	59.9	59.3	53.9	53.7