Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001012019 | |
Entity Registrant Name | RUSH ENTERPRISES INC \TX\ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-20797 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-1733016 | |
Entity Address, Address Line One | 555 I.H. 35 South, Suite 500 | |
Entity Address, City or Town | New Braunfels | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78130 | |
City Area Code | 830 | |
Local Phone Number | 302-5200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,410,440 | |
Title of 12(b) Security | Class B Common Stock, $0.01 par value | |
Trading Symbol | RUSHB | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 27,550,553 | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value | |
Trading Symbol | RUSHA | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 137,540 | $ 181,620 |
Accounts receivable (less allowances for credit losses of $1,679 and $1,424, respectively) | 214,597 | 183,704 |
Inventories, net | 1,190,319 | 1,326,080 |
Prepaid expenses and other | 14,726 | 20,728 |
Assets held for sale | 419 | 419 |
Total current assets | 1,557,601 | 1,712,551 |
Property and equipment, net | 1,276,055 | 1,279,931 |
Operating lease right-of-use assets, net | 55,994 | 57,197 |
Goodwill, net | 292,142 | 292,142 |
Other assets, net | 60,866 | 65,508 |
Total assets | 3,242,658 | 3,407,329 |
Current liabilities: | ||
Floor plan notes payable | 888,680 | 996,336 |
Current maturities of long-term debt | 183,727 | 189,265 |
Current maturities of finance lease obligations | 23,339 | 22,892 |
Current maturities of operating lease obligations | 10,141 | 10,114 |
Trade accounts payable | 122,830 | 133,697 |
Customer deposits | 25,994 | 42,695 |
Accrued expenses | 97,133 | 112,390 |
Total current liabilities | 1,351,844 | 1,507,389 |
Long-term debt, net of current maturities | 426,727 | 438,413 |
Finance lease obligations, net of current maturities | 75,300 | 69,478 |
Operating lease obligations, net of current maturities | 46,357 | 47,555 |
Other long-term liabilities | 19,817 | 20,704 |
Deferred income taxes, net | 157,137 | 164,297 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2020 and 2019 | 0 | 0 |
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 27,532,890 Class A shares and 8,410,440 Class B shares outstanding in 2020; and 27,953,648 Class A shares and 8,240,486 Class B shares outstanding in 2019 | 469 | 465 |
Additional paid-in capital | 406,725 | 397,267 |
Treasury stock, at cost: 5,610,906 Class A shares and 5,360,832 Class B shares in 2020 and 5,055,783 Class A shares and 5,306,341 Class B shares in 2019 | (324,031) | (304,129) |
Retained earnings | 1,083,906 | 1,065,553 |
Accumulated other comprehensive income | (1,593) | 337 |
Total shareholders’ equity | 1,165,476 | 1,159,493 |
Total liabilities and shareholders’ equity | $ 3,242,658 | $ 3,407,329 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Allowances for credit losses | $ 1,679 | $ 1,424 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, outstanding (in shares) | 27,532,890 | 27,953,648 |
Treasury stock (in shares) | 5,610,906 | 5,055,783 |
Common Class B [Member] | ||
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 8,410,440 | 8,240,486 |
Treasury stock (in shares) | 5,360,832 | 5,306,341 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Revenue | $ 1,225,882 | $ 1,288,884 |
Lease and rental | 60,781 | 59,433 |
Total revenue | 1,286,663 | 1,348,317 |
Cost of products sold | ||
Lease and rental | 52,208 | 49,795 |
Total cost of products sold | 1,052,162 | 1,091,401 |
Gross profit | 234,501 | 256,916 |
Selling, general and administrative expense | 185,074 | 187,181 |
Depreciation and amortization expense | 14,330 | 12,925 |
Gain on sale of assets | 100 | 57 |
Operating income | 35,197 | 56,867 |
Other income | 1 | |
Equity in earnings of unconsolidated entities | 1,240 | 49 |
Interest expense, net | 4,769 | 7,358 |
Income before taxes | 31,669 | 49,558 |
Income tax provision | 8,562 | 12,454 |
Net income | $ 23,107 | $ 37,104 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.63 | $ 1.01 |
Diluted (in dollars per share) | $ 0.62 | $ 0.98 |
Weighted average shares outstanding: | ||
Basic (in shares) | 36,485 | 36,817 |
Diluted (in shares) | 37,326 | 37,834 |
Dividends declared per common share (in dollars per share) | $ 0.13 | $ 0.12 |
Comprehensive income | $ 21,177 | $ 37,488 |
New and Used Commercial Vehicle [Member] | ||
Revenues | ||
Revenue | 789,554 | 838,283 |
Cost of products sold | ||
Cost of products sold | 728,539 | 768,417 |
Parts and Service [Member] | ||
Revenues | ||
Revenue | 427,978 | 438,354 |
Cost of products sold | ||
Cost of products sold | 271,415 | 273,189 |
Finance and Insurance [Member] | ||
Revenues | ||
Revenue | 4,467 | 6,610 |
Product and Service, Other [Member] | ||
Revenues | ||
Revenue | $ 3,883 | $ 5,637 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Class A [Member]Common Stock [Member] | Common Class A [Member]Retained Earnings [Member] | Common Class A [Member] | Common Class B [Member]Common Stock [Member] | Common Class B [Member]Retained Earnings [Member] | Common Class B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 28,710 | 8,290 | ||||||||||
Balance at Dec. 31, 2018 | $ 458 | $ 370,025 | $ (245,842) | $ 942,287 | $ 0 | $ 1,066,928 | ||||||
Stock options exercised and stock awards (in shares) | 59 | 0 | ||||||||||
Stock options exercised and stock awards | 1 | 1,230 | 0 | 0 | 0 | 1,231 | ||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 0 | 8,836 | 0 | 0 | 0 | 8,836 | ||||||
Vesting of restricted share awards (in shares) | 0 | 226 | ||||||||||
Vesting of restricted share awards | 2 | (2,317) | 0 | 0 | 0 | (2,315) | ||||||
Issuance of common stock under employee stock purchase plan (in shares) | 57 | 0 | ||||||||||
Issuance of common stock under employee stock purchase plan | 1 | 1,680 | 0 | 0 | 0 | 1,681 | ||||||
Common stock repurchases (in shares) | (639) | (53) | ||||||||||
Common stock repurchases | 0 | 0 | (26,048) | 0 | 0 | (26,048) | ||||||
Dividends | $ (3,389) | $ (3,389) | $ (991) | $ (991) | ||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 384 | 384 | ||||||
Net income | 0 | 0 | 0 | 37,104 | 0 | 37,104 | ||||||
Balance (in shares) at Mar. 31, 2019 | 28,187 | 8,463 | ||||||||||
Balance at Mar. 31, 2019 | 462 | 379,454 | (271,890) | 975,011 | 384 | 1,083,421 | ||||||
Balance (in shares) at Dec. 31, 2019 | 27,954 | 8,240 | ||||||||||
Balance at Dec. 31, 2019 | 465 | 397,267 | (304,129) | 1,065,553 | 337 | 1,159,493 | ||||||
Stock options exercised and stock awards (in shares) | 73 | 0 | ||||||||||
Stock options exercised and stock awards | 1 | 1,421 | 0 | 0 | 0 | 1,422 | ||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 0 | 8,553 | 0 | 0 | 0 | 8,553 | ||||||
Vesting of restricted share awards (in shares) | 0 | 224 | ||||||||||
Vesting of restricted share awards | 2 | (2,416) | 0 | 0 | 0 | (2,414) | ||||||
Issuance of common stock under employee stock purchase plan (in shares) | 61 | 0 | ||||||||||
Issuance of common stock under employee stock purchase plan | 1 | 1,900 | 0 | 0 | 0 | 1,901 | ||||||
Common stock repurchases (in shares) | (555) | (54) | ||||||||||
Common stock repurchases | 0 | 0 | (19,902) | 0 | 0 | (19,902) | ||||||
Dividends | $ (3,646) | $ (3,646) | $ (1,108) | $ (1,108) | ||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (1,930) | (1,930) | ||||||
Net income | 0 | 0 | 0 | 23,107 | 0 | 23,107 | ||||||
Balance (in shares) at Mar. 31, 2020 | 27,533 | 8,410 | ||||||||||
Balance at Mar. 31, 2020 | $ 469 | $ 406,725 | $ (324,031) | $ 1,083,906 | $ (1,593) | $ 1,165,476 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 23,107 | $ 37,104 |
Adjustments to reconcile net income to net cash provided by operating activities- | ||
Depreciation and amortization | 45,192 | 41,764 |
Gain on sale of property and equipment, net | (100) | (57) |
Stock-based compensation expense related to employee stock options and employee stock purchases | 8,553 | 8,836 |
Provision for deferred income tax expense | (7,160) | 150 |
Change in accounts receivable, net | (30,893) | (10,214) |
Change in inventories | 153,569 | (106,323) |
Change in prepaid expenses and other, net | 6,002 | (934) |
Change in trade accounts payable | (11,673) | 19,788 |
(Payments) draws on floor plan notes payable – trade, net | (15,077) | 3,140 |
Change in customer deposits | (16,701) | (11,745) |
Change in accrued expenses | (15,257) | (21,233) |
Other, net | (747) | 469 |
Net cash (used in) provided by operating activities | 138,815 | (39,255) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (49,489) | (59,853) |
Proceeds from the sale of property and equipment | 172 | 168 |
Business acquisitions | (7,936) | |
Purchase of equity method investment and call option | (22,567) | |
Other | 1,984 | 948 |
Net cash used in investing activities | (47,333) | (89,240) |
Cash flows from financing activities: | ||
(Payments) draws on floor plan notes payable – non-trade, net | (92,579) | 85,314 |
Proceeds from long-term debt | 28,226 | 37,858 |
Proceeds from line of credit | 75,000 | |
Principal payments on long-term debt | (45,450) | (43,024) |
Principal payments on finance lease obligations | (2,012) | (2,408) |
Proceeds from issuance of shares relating to employee stock options and employee stock purchases | 909 | 597 |
Payments of cash dividends | (4,754) | (4,380) |
Common stock repurchased | (19,902) | (25,616) |
Net cash provided by (used in) financing activities | (135,562) | 123,341 |
Net decrease in cash and cash equivalents | (44,080) | (5,154) |
Cash and cash equivalents, beginning of period | 181,620 | 131,726 |
Cash and cash equivalents, end of period | 137,540 | 126,572 |
Supplemental disclosure of cash flow information: | ||
Interest | 12,556 | 13,612 |
Income taxes paid (refunded), net | (2) | 6,589 |
Noncash investing and financing activities: | ||
Assets acquired under finance leases | $ 12,673 | $ 5,750 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 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 December 31, 2019. not may Adoption of New Accounting Pronouncements Accounting Standards Update ("ASU") No. 2016 13, Financial Instruments - Credit Losses ( “ Topic 326 ”) : Measurement of Credit Losses on Financial Instruments ,” June 2016. 326, 326, 326 March 31, 2020, not 13 COVID- 19 In March 2020, 19” 19 19 not March 31, 2020, 19 |
Note 2 - Other Assets
Note 2 - Other Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 2 Other Assets ERP Platform The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“the ERP Platform”) of $8.4 million are recorded on the Consolidated Balance Sheet in Other Assets. Amortization expense relating to the ERP Platform, which is recognized in depreciation and amortization expense in the Consolidated Statements of Income and Comprehensive Income, was $0.5 million for the three March 31, 2020 three March 31, 2019. four Franchise Rights The Company’s only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers. The fair value of the franchise right is determined at the acquisition date by discounting the projected cash flows specific to each acquisition. The carrying value of the Company’s manufacturer franchise rights was $7.0 million as of March 31, 2020 December 31, 2019, no not Due to the fact that manufacturer franchise rights are specific to geographic region, the Company has determined that evaluating and including all locations acquired in the geographic region is the appropriate level for purposes of testing franchise rights for impairment. Management reviews indefinite-lived manufacturer franchise rights for impairment annually during the fourth may The significant estimates and assumptions used by management in assessing the recoverability of manufacturer franchise rights include estimated future cash flows, present value discount rate and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates of future cash flows, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated future cash flows projected in the evaluations of manufacturer franchise rights can vary within a range of outcomes. No impairment write down was required in the period presented. The Company cannot predict the occurrence of certain events that might adversely affect the reported value of manufacturer franchise rights in the future. Equity Method Investment and Call Option On February 25, 2019, February 25, 2024. March 31, 2020, On April 25, 2019, CAD250 2019, not March 31, 2020 December 31, 2019 March 31, 2020, |
Note 3 - Goodwill
Note 3 - Goodwill | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 3 Goodwill The Company applies a fair value-based impairment test to the carrying value of goodwill on an annual basis in the fourth may 19 not March 31, 2020. 19 March 31, 2020, not 19 may may |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 4 – Commitments and Contingencies From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to the Company for claims, including product liability actions, have not not no no not |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 23,107 $ 37,104 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 36,485 36,817 Effect of dilutive securities– Employee and director stock options and restricted share awards 841 1,017 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 37,326 37,834 Basic earnings per common share $ 0.63 $ 1.01 Diluted earnings per common share and common share equivalents $ 0.62 $ 0.98 Options to purchase shares of common stock that were outstanding for the three March 31, 2020 2019 not March 31, 2020 March 31, 2019 Weighted average anti-dilutive options 1,194 974 |
Note 6 - Stock Options and Rest
Note 6 - Stock Options and Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6 – Stock Options and Restricted S tock Awards Valuation and Expense Information The Company accounts for stock-based compensation in accordance with ASC 718 10, “Compensation – Stock Compensation,” Stock-based compensation expense, calculated using the Black-Scholes option-pricing model for employee stock options and included in selling, general and administrative expense, was $8.6 million for the three March 31, 2020, three March 31, 2019. As of March 31, 2020, |
Note 7 - Financial Instruments
Note 7 - Financial Instruments and Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7 – Financial Instruments and Fair Value The Company measures certain financial assets and liabilities at fair value on a recurring basis. Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at March 31, 2020, December 31, 2019. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not |
Note 8 - Segment Information
Note 8 - Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8 The Company currently has one one not The Company also has revenues attributable to three None The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended March 31, 2020 2019 Truck Segment All Other Totals As of and for the three months ended March 31, 20 20 Revenues from external customers $ 1,283,379 $ 3,284 $ 1,286,663 Segment operating income (loss) 35,451 (254 ) 35,197 Segment income (loss) before taxes 31,993 (324 ) 31,669 Segment assets 3,203,704 38,954 3,242,658 As of and for the three months ended March 31, 201 9 Revenues from external customers $ 1,344,449 $ 3,868 $ 1,348,317 Segment operating income 56,742 125 56,867 Segment income before taxes 49,505 53 49,558 Segment assets 3,384,441 37,585 3,422,026 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 – Income Taxes The Company had unrecognized income tax benefits totaling $3.0 million as a component of accrued liabilities as of March 31, 2020 December 31, 2019, may March 31, 2020 December 31, 2019. The Company does not 12 March 31, 2020, December 31, 2016 2019 December 31, 2015 2019 Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) In response to the COVID- 19 March 27, 2020, March 31, 2020, no may |
Note 10 - Revenue
Note 10 - Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10 – Revenue The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The following table summarizes the Company’s disaggregated revenue by revenue source for the three March 31, 2020 2019 Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Commercial vehicle sales revenue $ 789,554 $ 838,283 Parts revenue 236,597 247,317 Commercial vehicle repair service revenue 191,381 191,037 Finance revenue 2,355 4,095 Insurance revenue 2,112 2,515 Other revenue 3,883 5,637 Total $ 1,225,882 $ 1,288,884 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company does not March 31, 2020. |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee and Lessor Disclosure [Text Block] | 1 1 – Leases Lease of Vehicles as Lessor The Company leases commercial vehicles that the Company owns to customers primarily over periods of one ten not The Company’s policy is to depreciate its lease and rental fleet using a straight-line method over each customer’s contractual lease term. The lease unit is depreciated to a residual value that approximates fair value at the expiration of the lease term. This policy results in the Company realizing reasonable gross margins while the unit is in service and a corresponding gain or loss on sale when the unit is sold at the end of the lease term. Sales-type leases are recognized by the Company as lease receivables. The lessee obtains control of the underlying asset and the Company recognizes sales revenue upon lease commencement. The receivable for sales-type leases as of March 31, 2020, December 31, 2019, Rental income during the three March 31, 2020 March 31, 2019 Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Minimum rental payments $ 53,172 $ 51,743 Nonlease payments 7,609 7,690 Total $ 60,781 $ 59,433 |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 2 – Accumulated Other Comprehensive Income The following table shows the components of accumulated other comprehensive loss (in thousands): Balance as of December 31, 2019 $ 337 Foreign currency translation adjustment (1,930 ) Balance as of March 31, 2020 $ (1,593 ) The equity method investment in RTC Canada was valued using the exchange rate of one March 31, 2020. |
Note 13 - Accounts Receivable a
Note 13 - Accounts Receivable and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 1 3 – Accounts Receivable and Allowance for Credit Losses The Company adopted Topic 326 January 1, 2020. not not 326, Accounts receivable consists primarily of commercial vehicle sales, manufacturers’ receivables, leasing and parts and service receivables and other trade receivables. The Company maintains an allowance for credit losses based on probability of default, historical rate losses, aging and economic conditions. The Company’s assessment of future losses in the first 2020 19 The following table summarizes the changes in the allowance for credit losses (in thousands): Balance December 31, 2019 Current Period Provision Write offs Against Allowance, net of Recoveries Balance March 31, 2020 Commercial vehicle receivables $ 11 $ 171 $ (11 ) $ 171 Manufacturers’ receivables 410 270 (443 ) 237 Leasing, Parts and Service receivables 989 864 (641 ) 1,212 Other receivables 14 47 (2 ) 59 Total $ 1,424 $ 1,352 $ (1,097 ) $ 1,679 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 23,107 $ 37,104 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 36,485 36,817 Effect of dilutive securities– Employee and director stock options and restricted share awards 841 1,017 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 37,326 37,834 Basic earnings per common share $ 0.63 $ 1.01 Diluted earnings per common share and common share equivalents $ 0.62 $ 0.98 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2020 March 31, 2019 Weighted average anti-dilutive options 1,194 974 |
Note 8 - Segment Information (T
Note 8 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Truck Segment All Other Totals As of and for the three months ended March 31, 20 20 Revenues from external customers $ 1,283,379 $ 3,284 $ 1,286,663 Segment operating income (loss) 35,451 (254 ) 35,197 Segment income (loss) before taxes 31,993 (324 ) 31,669 Segment assets 3,203,704 38,954 3,242,658 As of and for the three months ended March 31, 201 9 Revenues from external customers $ 1,344,449 $ 3,868 $ 1,348,317 Segment operating income 56,742 125 56,867 Segment income before taxes 49,505 53 49,558 Segment assets 3,384,441 37,585 3,422,026 |
Note 10 - Revenue (Tables)
Note 10 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Commercial vehicle sales revenue $ 789,554 $ 838,283 Parts revenue 236,597 247,317 Commercial vehicle repair service revenue 191,381 191,037 Finance revenue 2,355 4,095 Insurance revenue 2,112 2,515 Other revenue 3,883 5,637 Total $ 1,225,882 $ 1,288,884 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Leases, Lease Income [Table Text Block] | Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Minimum rental payments $ 53,172 $ 51,743 Nonlease payments 7,609 7,690 Total $ 60,781 $ 59,433 |
Note 12 - Accumulated Other C_2
Note 12 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance as of December 31, 2019 $ 337 Foreign currency translation adjustment (1,930 ) Balance as of March 31, 2020 $ (1,593 ) |
Note 13 - Accounts Receivable_2
Note 13 - Accounts Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Balance December 31, 2019 Current Period Provision Write offs Against Allowance, net of Recoveries Balance March 31, 2020 Commercial vehicle receivables $ 11 $ 171 $ (11 ) $ 171 Manufacturers’ receivables 410 270 (443 ) 237 Leasing, Parts and Service receivables 989 864 (641 ) 1,212 Other receivables 14 47 (2 ) 59 Total $ 1,424 $ 1,352 $ (1,097 ) $ 1,679 |
Note 2 - Other Assets (Details
Note 2 - Other Assets (Details Textual) $ in Thousands, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Apr. 25, 2019CAD ($) | Feb. 25, 2019 | |
Capitalized Computer Software, Net, Ending Balance | $ 8,400 | ||||
Capitalized Computer Software, Amortization | 500 | $ 500 | |||
Indefinite-Lived Franchise Rights | 7,000 | ||||
Goodwill and Intangible Asset Impairment, Total | 0 | ||||
Financial Guarantee [Member] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 250 | ||||
Other Noncurrent Liabilities [Member] | Financial Guarantee [Member] | |||||
Guarantor Obligations, Current Carrying Value | 4,700 | $ 4,700 | |||
Rush Truck Centres of Canada Limited [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Rush Truck Centres of Canada Limited [Member] | Other Assets [Member] | |||||
Equity Method Investments | 24,400 | ||||
Rush Truck Centres of Canada Limited [Member] | Call Option [Member] | |||||
Equity Method Investment, Remaining Ownership Percentage Not Yet Acquired | 50.00% | ||||
Rush Truck Centres of Canada Limited [Member] | Call Option [Member] | Other Assets [Member] | |||||
Call Option, Fair Value Disclosure | 3,600 | ||||
Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 1,500 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | $ 1,200 |
Note 3 - Goodwill (Details Text
Note 3 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill, Impairment Loss | $ 0 |
Note 5 - Earnings Per Share - E
Note 5 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income available to common shareholders | $ 23,107 | $ 37,104 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 36,485 | 36,817 |
Employee and director stock options and restricted share awards (in shares) | 841 | 1,017 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares) | 37,326 | 37,834 |
Basic earnings per common share (in dollars per share) | $ 0.63 | $ 1.01 |
Diluted earnings per common share and common share equivalents (in dollars per share) | $ 0.62 | $ 0.98 |
Note 5 - Earnings Per Share - A
Note 5 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted average anti-dilutive options (in shares) | 1,194 | 974 |
Note 6 - Stock Options and Re_2
Note 6 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 11 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expense | $ 8.6 | $ 8.8 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 13.4 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days |
Note 8 - Segment Information (D
Note 8 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Truck Segment [Member] | |
Number of Reportable Segments | 1 |
Other Segments [Member] | |
Number of Operating Segments | 3 |
Note 8 - Segment Information -
Note 8 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenues from external customers | $ 1,286,663 | $ 1,348,317 | |
Segment operating income (loss) | 35,197 | 56,867 | |
Segment income (loss) before taxes | 31,669 | 49,558 | |
Segment assets | 3,242,658 | 3,422,026 | $ 3,407,329 |
Truck Segment [Member] | |||
Revenues from external customers | 1,283,379 | 1,344,449 | |
Segment operating income (loss) | 35,451 | 56,742 | |
Segment income (loss) before taxes | 31,993 | 49,505 | |
Segment assets | 3,203,704 | 3,384,441 | |
Other Segments [Member] | |||
Revenues from external customers | 3,284 | 3,868 | |
Segment operating income (loss) | (254) | 125 | |
Segment income (loss) before taxes | (324) | 53 | |
Segment assets | $ 38,954 | $ 37,585 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 3,000,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 144,000 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 |
Domestic Tax Authority [Member] | |
Open Tax Year | 2016 2017 2018 2019 |
State and Local Jurisdiction [Member] | |
Open Tax Year | 2015 2016 2017 2018 2019 |
Note 10 - Revenue - Disaggregat
Note 10 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 1,225,882 | $ 1,288,884 |
Commercial Vehicle [Member] | ||
Revenue | 789,554 | 838,283 |
Parts [Member] | ||
Revenue | 236,597 | 247,317 |
Commercial Vehicle Repair Service [Member] | ||
Revenue | 191,381 | 191,037 |
Financial Service [Member] | ||
Revenue | 2,355 | 4,095 |
Insurance [Member] | ||
Revenue | 2,112 | 2,515 |
Product and Service, Other [Member] | ||
Revenue | $ 3,883 | $ 5,637 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Sales-type Lease, Lease Receivable | $ 5.2 | $ 5.6 |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years |
Note 11 - Leases - Rental Incom
Note 11 - Leases - Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Minimum rental payments | $ 53,172 | $ 51,743 |
Nonlease payments | 7,609 | 7,690 |
Total | $ 60,781 | $ 59,433 |
Note 12 - Accumulated Other C_3
Note 12 - Accumulated Other Comprehensive Income (Details Textual) | Mar. 31, 2020 |
Rush Truck Centres of Canada Limited [Member] | |
Foreign Currency Exchange Rate, Translation | 1.4191 |
Note 12 - Accumulated Other C_4
Note 12 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Balance | $ 1,159,493 |
Balance | 1,165,476 |
AOCI Attributable to Parent [Member] | |
Balance | 337 |
Foreign currency translation adjustment | (1,930) |
Balance | $ (1,593) |
Note 13 - Accounts Receivable_3
Note 13 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Balance | $ 1,424 |
Current period provision | 1,352 |
Write offs against allowance, net of recoveries | (1,097) |
Balance | 1,679 |
Write offs against allowance, net of recoveries | (1,097) |
Commercial Vehicle Receivables [Member] | |
Balance | 11 |
Current period provision | 171 |
Write offs against allowance, net of recoveries | (11) |
Balance | 171 |
Write offs against allowance, net of recoveries | (11) |
Manufacturers' Receivables [Member] | |
Balance | 410 |
Current period provision | 270 |
Write offs against allowance, net of recoveries | (443) |
Balance | 237 |
Write offs against allowance, net of recoveries | (443) |
Leasing, Parts and Service Receivables [Member] | |
Balance | 989 |
Current period provision | 864 |
Write offs against allowance, net of recoveries | (641) |
Balance | 1,212 |
Write offs against allowance, net of recoveries | (641) |
Other Receivables [Member] | |
Balance | 14 |
Current period provision | 47 |
Write offs against allowance, net of recoveries | (2) |
Balance | 59 |
Write offs against allowance, net of recoveries | $ (2) |