RUSH ENTERPRISES INC TX
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Item 6. Selected Financial Data
The information below was derived from the audited consolidated financial statements included in this report and reports we have previously filed with the SEC. This information should be read together with those consolidated financial statements and the notes to those consolidated financial statements. These historical results are not necessarily indicative of the results to be expected in the future. The selected financial data presented below may not be comparable between periods in all material respects or indicative of our future financial position or results of operations due primarily to acquisitions which occurred during the periods presented. See Note 15 to the Company’s Consolidated Financial Statements for a discussion of such acquisitions. The selected financial data presented below should be read in conjunction with our other financial information included elsewhere herein.
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| SUMMARY OF INCOME STATEMENT DATA · (in thousands, except per share amounts) | |||
| Revenues | |||
| New and used commercial vehicle sales | $4,957,969 | $4,351,370 | $3,039,953 |
| Aftermarket products and services sales | 2,562,141 | 2,372,439 | 1,793,363 |
| Lease and rental | 353,780 | 322,257 | 247,234 |
| Finance and insurance | 24,271 | 29,741 | 27,964 |
| Other | 26,863 | 25,863 | 17,628 |
| Total revenues | 7,925,024 | 7,101,670 | 5,126,142 |
| Cost of products sold | 6,331,934 | 5,614,511 | 4,033,844 |
| Gross profit | 1,593,090 | 1,487,159 | 1,092,298 |
| Selling, general and administrative | 1,021,722 | 927,836 | 731,340 |
| Depreciation and amortization | 59,830 | 55,665 | 53,354 |
| Gain (loss) on sale of assets | 843 | 2,455 | 1,432 |
| Operating income | 512,381 | 506,113 | 309,036 |
| Other income | 2,597 | 22,338 | 6,417 |
| Interest expense, net | 52,917 | 19,124 | 1,770 |
| Income before income taxes | 462,061 | 509,327 | 313,683 |
| Provision (benefit) for income taxes | 114,000 | 117,242 | 72,268 |
| Net Income | 348,061 | 392,085 | 241,415 |
| Less: Noncontrolling interest | 1,006 | 703 | − |
| Net Income attributable to Rush Enterprises | $347,055 | $391,382 | $241,415 |
| Net income per common share: | |||
| Basic | $4.28 | $4.71 | $2.88 |
| Diluted | $4.15 | $4.57 | $2.78 |
| Cash dividends declared per share | $0.62 | $0.53 | $0.49 |
| Weighted average shares outstanding: | |||
| Basic | 81,089 | 83,100 | 83,838 |
| Diluted | 83,720 | 85,727 | 86,817 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| OPERATING DATA | |||
| Unit vehicle sales − | |||
| New vehicles | 32,569 | 29,842 | 23,259 |
| Used vehicles | 7,117 | 7,078 | 7,527 |
| Total unit vehicles sales | 39,686 | 36,920 | 30,786 |
| Commercial vehicle lease and rental units | 10,463 | 10,326 | 8,914 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in thousands) | |||
| BALANCE SHEET DATA | |||
| Working capital | $586,994 | $439,069 | $320,950 |
| Inventories | 1,801,447 | 1,429,429 | 1,020,136 |
| Total assets | 4,364,241 | 3,821,066 | 3,119,977 |
| Floor plan notes payable | 1,139,744 | 933,203 | 630,731 |
| Long-term debt, including current portion | 414,002 | 275,433 | 334,926 |
| Finance lease obligations, including current portion | 133,736 | 122,692 | 116,530 |
| Total shareholders’ equity | 1,890,416 | 1,763,022 | 1,466,749 |
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