Rush Enterprises Reports Q1 2024 Results

TL;DR

<b>Rush Enterprises filed its Q1 2024 10-Q report, detailing financial performance and operational data.</b>

AI Summary

RUSH ENTERPRISES INC \TX\ (RUSHB) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Rush Enterprises reported Q1 2024 results. The company's fiscal year ends on December 31. The filing is a 10-Q for the period ending March 31, 2024. The company is incorporated in Texas. Rush Enterprises is in the Retail - Auto Dealers & Gasoline Stations sector.

Why It Matters

For investors and stakeholders tracking RUSH ENTERPRISES INC \TX\, this filing contains several important signals. This filing provides investors with a quarterly update on the company's financial health and operational performance, crucial for assessing investment value. Understanding the specific figures and segments reported in this 10-Q allows for a detailed analysis of Rush Enterprises' business trends and market position.

Risk Assessment

Risk Level: low — RUSH ENTERPRISES INC \TX\ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed segment revenues and year-over-year growth to understand performance drivers.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 5500 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• RUSH ENTERPRISES INC (company) — FILER
• RUSHB (company) — tk
• 20240510 (date) — dt
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 0001012019 (company) — CENTRAL INDEX KEY
• TX (location) — STATE OF INCORPORATION
• 555 IH 35 SOUTH (address) — BUSINESS ADDRESS
• NEW BRAUNFELS (location) — CITY

FAQ

Industry Context

Rush Enterprises operates in the automotive retail sector, specifically focusing on commercial vehicle dealerships and related services.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, specifically Form 10-Q for quarterly reporting.

What Investors Should Do

1. Analyze revenue breakdown by segment for Q1 2024.
2. Compare key financial metrics to prior periods if available in the full filing.
3. Identify any new risk factors or significant updates mentioned in the report.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year-end report.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value RUSHA NASDAQ Global Selec

Filing Documents

• rusha20240331_10q.htm (10-Q) — 891KB
• ex_667122.htm (EX-31.1) — 12KB
• ex_667121.htm (EX-31.2) — 11KB
• ex_667116.htm (EX-32.1) — 6KB
• ex_667115.htm (EX-32.2) — 6KB
• 0001437749-24-015965.txt (&nbsp;) — 3938KB
• rusha-20240331.xsd (EX-101.SCH) — 35KB
• rusha-20240331_def.xml (EX-101.DEF) — 245KB
• rusha-20240331_lab.xml (EX-101.LAB) — 212KB
• rusha-20240331_pre.xml (EX-101.PRE) — 270KB
• rusha-20240331_cal.xml (EX-101.CAL) — 40KB
• rusha20240331_10q_htm.xml (XML) — 404KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets - March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income - For the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income - For the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Shareholders' Equity – For the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows - For the Three Months Ended March 31, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 Item 2. Management' s Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 25

SIGNATURES

SIGNATURES 26 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements. RUSH ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, Except Shares) March 31, December 31, 2024 2023 (unaudited) Assets Current assets: Cash, cash equivalents and restricted cash $ 155,905 $ 183,725 Accounts receivable, net 303,444 259,353 Note receivable, affiliate 5,500 – Inventories, net 2,031,775 1,801,447 Prepaid expenses and other 20,377 15,779 Total current assets 2,517,001 2,260,304 Property and equipment, net 1,501,066 1,488,086 Operating lease right-of-use assets, net 119,329 120,162 Goodwill, net 419,728 420,708 Other assets, net 71,882 74,981 Total assets $ 4,629,006 $ 4,364,241 Liabilities and shareholders ' equity Current liabilities: Floor plan notes payable $ 1,248,853 $ 1,139,744 Current maturities of finance lease obligations 38,210 36,119 Current maturities of operating lease obligations 16,716 17,438 Trade accounts payable 181,079 162,134 Customer deposits 127,400 145,326 Accrued expenses 145,071 172,549 Total current liabilities 1,757,329 1,673,310 Long-term debt, net of current maturities 524,450 414,002 Finance lease obligations, net of current maturities 99,394 97,617 Operating lease obligations, net of current maturities 104,600 104,514 Other long-term liabilities 28,788 24,811 Deferred income taxes, net 159,525 159,571 Shareholders' equity: Preferred stock, par value $ .01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2024 and 2023 – – Common stock, par value $ .01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 61,813,022 Class A shares and 16,715,277 Class B shares outstanding in 2024; and 61,461,281 Class A shares and 16,364,158 Class B shares outstanding in 2023 815 806 Additional paid-in capital 556,001 542,046 Treasury stock, at cost: 1,220,155 Class A shares and 1,731,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited ) 1 – Principles of Consolidation and Basis of Presentation The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company's management, are necessary for a fair presentation of its operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year. Restricted Cash Restricted cash consists of deposits for the statutory restriction on cash related to the Company's captive insurance company of $ 3.1 million as of March 31, 2024. Stock Split On July 25, 2023, the Board of Directors of the Company declared a 3 -for- 2 stock split of the Company's Class A common stock and Class B common stock, which was effected in the form of a stock dividend. On August 28, 2023, the Company distributed one additional share of stock for every two shares of Class A common stock, par value $ 0.01 per share, and Class B common stock, par value $ 0.01 per share, held by shareholders of record as of August 7, 2023. All share and per share data in this Form 10-

View Full Filing

View this 10-Q filing on SEC EDGAR