RUSH ENTERPRISES INC TX
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
RUSHB$58.61-0.8%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
RUSH ENTERPRISES, INC. AND SUBSIDIARIES
INDEX
| PART I. FINANCIAL INFORMATION | Page | ||
|---|---|---|---|
| Item 1. · 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) | 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 | 26 | |
| Item 4. | Controls and Procedures | 27 | |
| PART II. OTHER INFORMATION | |||
| Item 1. | Legal Proceedings | 27 | |
| Item 1A. | 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 | 30 | ||
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
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 cost: 1,298,522 Class A shares and 1,746,047 Class B shares in 2024; and 1,092,142 Class A shares and 1,731,157 Class B shares in 2023 | (129,415) | (119,835) |
| Retained earnings | 1,573,316 | 1,450,025 |
| Accumulated other comprehensive income | (4,927) | (2,163) |
| Total Rush Enterprises, Inc. shareholders’ equity | 2,003,394 | 1,870,879 |
| Noncontrolling interest | 19,540 | 19,537 |
| Total shareholders’ equity | 2,022,934 | 1,890,416 |
| Total liabilities and shareholders’ equity | $4,506,526 | $4,364,241 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.