Rush Enterprises Q3 2024 10-Q Filing

TL;DR

Rush Enterprises Q3 2024 10-Q filed. Check financials.

AI Summary

Rush Enterprises, Inc. reported its Q3 2024 results for the period ending September 30, 2024. The company's filing indicates a fiscal year end of December 31st. Specific financial figures and detailed operational data are presented within the 10-Q filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Rush Enterprises, Inc., crucial for understanding the company's current standing and future outlook.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the automotive retail sector can be subject to economic fluctuations and supply chain issues.

Key Numbers

• Q3 2024 — Quarterly Period (Reporting period for the 10-Q filing)
• 2024-09-30 — End of Period Date (Specific date the financial data pertains to)
• 2024-11-07 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• Rush Enterprises Inc (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-07 (date) — Filing date
• 555 IH 35 SOUTH (address) — Company's business and mailing address
• NEW BRAUNFELS (city) — Company's business and mailing city
• TX (state) — Company's business and mailing state
• 78130 (zip_code) — Company's business and mailing zip code

FAQ

Key Financial Figures

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

Filing Documents

• rusha20240930_10q.htm (10-Q) — 1414KB
• ex_741403.htm (EX-31.1) — 9KB
• ex_741401.htm (EX-31.2) — 9KB
• ex_741400.htm (EX-32.1) — 6KB
• ex_741382.htm (EX-32.2) — 5KB
• 0001437749-24-033921.txt ( ) — 4941KB
• rusha-20240930.xsd (EX-101.SCH) — 35KB
• rusha-20240930_def.xml (EX-101.DEF) — 242KB
• rusha-20240930_lab.xml (EX-101.LAB) — 211KB
• rusha-20240930_pre.xml (EX-101.PRE) — 269KB
• rusha-20240930_cal.xml (EX-101.CAL) — 41KB
• rusha20240930_10q_htm.xml (XML) — 676KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets - September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income - For the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income - For the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Shareholders' Equity – For the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows - For the Nine Months Ended September 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 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 26

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

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

SIGNATURES

SIGNATURES 29 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) September 30, December 31, 2024 2023 (unaudited) Assets Current assets: Cash, cash equivalents and restricted cash $ 185,073 $ 183,725 Accounts receivable, net 282,553 259,353 Notes receivable from affiliate 6,905 – Inventories, net 1,964,835 1,801,447 Prepaid expenses and other 21,027 15,779 Total current assets 2,460,393 2,260,304 Property and equipment, net 1,568,056 1,488,086 Operating lease right-of-use assets, net 116,085 120,162 Goodwill, net 430,004 420,708 Other assets, net 73,933 74,981 Total assets $ 4,648,471 $ 4,364,241 Liabilities and shareholders ' equity Current liabilities: Floor plan notes payable $ 1,285,033 $ 1,139,744 Current maturities of finance lease obligations 38,693 36,119 Current maturities of operating lease obligations 16,855 17,438 Trade accounts payable 173,777 162,134 Customer deposits 87,114 145,326 Accrued expenses 150,560 172,549 Total current liabilities 1,752,032 1,673,310 Long-term debt, net of current maturities 399,674 414,002 Finance lease obligations, net of current maturities 92,061 97,617 Operating lease obligations, net of current maturities 101,464 104,514 Other long-term liabilities 29,712 24,811 Deferred income taxes, net 170,571 159,571 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; 62,307,564 Class A shares and 16,695,873 Class B shares outstanding in 2024; and 61,461,281 Class A shares and 16,364,158 Class B shares outstanding in 2023 820 806 Additional paid-in capital 577,665 542,046 Treasury stock, at cost: 1,299,589 Class A shares an

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 $ 4.1 million as of September 30, 2024. 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 effect

View Full Filing

View this 10-Q filing on SEC EDGAR