Rush Enterprises Q2 2024 10-Q Filed

TL;DR

RUSHA 10-Q filed: Q2 2024 financials out, shows receivables. Nothing major flagged.

AI Summary

Rush Enterprises, Inc. (RUSHA) filed its 10-Q for the period ending June 30, 2024. The company reported its financial results for the second quarter of 2024. Key financial data includes receivables from manufacturers, commercial vehicles, leasing, parts, and services, as well as other receivables. The filing also mentions a subsequent event on July 15, 2024, related to Nebraska Peterbilt Member.

Why It Matters

This filing provides investors with an update on Rush Enterprises' financial performance and position for the second quarter of 2024, including details on their various receivable accounts.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative news.

Key Numbers

• N/A — Total Revenue (Specific revenue figures are not detailed in the provided snippet.)
• N/A — Net Income (Specific net income figures are not detailed in the provided snippet.)
• N/A — Earnings Per Share (Specific EPS figures are not detailed in the provided snippet.)

Key Players & Entities

• Rush Enterprises, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 2024-07-15 (date) — Date of a subsequent event
• Nebraska Peterbilt Member (company) — Related to a subsequent event
• Freeway Ford Truck Sales Inc. (company) — Mentioned in relation to a prior event date

FAQ

Key Financial Figures

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

Filing Documents

• rusha20240630_10q.htm (10-Q) — 1242KB
• ex_707927.htm (EX-31.1) — 10KB
• ex_707928.htm (EX-31.2) — 9KB
• ex_707929.htm (EX-32.1) — 6KB
• ex_707930.htm (EX-32.2) — 6KB
• 0001437749-24-025891.txt ( ) — 4644KB
• rusha-20240630.xsd (EX-101.SCH) — 35KB
• rusha-20240630_def.xml (EX-101.DEF) — 246KB
• rusha-20240630_lab.xml (EX-101.LAB) — 211KB
• rusha-20240630_pre.xml (EX-101.PRE) — 273KB
• rusha-20240630_cal.xml (EX-101.CAL) — 41KB
• rusha20240630_10q_htm.xml (XML) — 592KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets - June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income - For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income - For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Shareholders' Equity – For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows - For the Six Months Ended June 30, 2024 and 2023 (unaudited) 8

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 28

SIGNATURES

SIGNATURES 30 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements. RUSH ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS JUNE 30, 2024, AND DECEMBER 31, 2023 (In Thousands, Except Shares) June 30, December 31, 2024 2023 (unaudited) Assets Current assets: Cash, cash equivalents and restricted cash $ 167,266 $ 183,725 Accounts receivable, net 286,848 259,353 Notes receivable from affiliate 6,035 – Inventories, net 1,894,214 1,801,447 Prepaid expenses and other 23,338 15,779 Total current assets 2,377,701 2,260,304 Property and equipment, net 1,522,808 1,488,086 Operating lease right-of-use assets, net 115,503 120,162 Goodwill, net 419,303 420,708 Other assets, net 71,211 74,981 Total assets $ 4,506,526 $ 4,364,241 Liabilities and shareholders ' equity Current liabilities: Floor plan notes payable $ 1,226,651 $ 1,139,744 Current maturities of finance lease obligations 40,076 36,119 Current maturities of operating lease obligations 16,084 17,438 Trade accounts payable 166,630 162,134 Customer deposits 95,835 145,326 Accrued expenses 152,625 172,549 Total current liabilities 1,697,901 1,673,310 Long-term debt, net of current maturities 396,562 414,002 Finance lease obligations, net of current maturities 97,134 97,617 Operating lease obligations, net of current maturities 101,510 104,514 Other long-term liabilities 29,586 24,811 Deferred income taxes, net 160,899 159,571 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; 61,869,093 Class A shares and 16,700,392 Class B shares outstanding in 2024; and 61,461,281 Class A shares and 16,364,158 Class B shares outstanding in 2023 816 806 Additional paid-in capital 563,604 542,046 Treasury stock, at

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. Authorized Shares On May 16, 2023, the Company's shareholders approved the Certificate of Amendment to the Restated Articles of Incorporation of the Company to increase the number of authorized shares of Class A Common Stock from 60,000,000 to 105,000,000 and Class B Common Stock from 20,000,000 to 35,000,000 . Stock Split On July 25, 2023, the Company's Board of Directors declared a three -for- two stock split with respect to both the Company's Class A and Class B common stock. The stock split was effected in the form of a stock dividend paid on August 28, 2023, to shareholders of record as of August 7, 2023. Holders of the Company's common stock received an additional one-half share for

View Full Filing

View this 10-Q filing on SEC EDGAR