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10-Q Filing

RUSH ENTERPRISES INC TX CIK: 1012019 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001437749-19-009475
Period End Date 20190331
Filing Date 20190510
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance rusha-20190331.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $124.54M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $126.57M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $131.73M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $131.71M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $190.65M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $195.12M USD Point-in-time
Note receivable affiliate DueFromRelatedPartiesCurrent $12.88M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Note receivable affiliate DueFromRelatedPartiesCurrent $18.63M USD Point-in-time
Preferred stock, authorized (in shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Inventories, net InventoryNet $1.47B USD Point-in-time
Inventories, net InventoryNet $1.34B USD Point-in-time
Preferred stock, authorized (in shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Preferred stock, outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $10.49M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $11.43M USD Point-in-time
Preferred stock, outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $2.27M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $2.27M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Total current assets AssetsCurrent $1.82B USD Point-in-time
Total current assets AssetsCurrent $1.69B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.18B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.20B USD Point-in-time
Right-of-use assets, net LeasesRightofuseAsset - USD Point-in-time
Right-of-use assets, net LeasesRightofuseAsset $53.14M USD Point-in-time
Goodwill, net Goodwill $291.73M USD Point-in-time
Goodwill, net Goodwill $291.39M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $37.96M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $61.88M USD Point-in-time
Total assets Assets $2.90B USD Point-in-time
Total assets Assets $3.20B USD Point-in-time
Total assets Assets $3.42B USD Point-in-time
Floor plan notes payable FloorPlanNotesPayable $1.11B USD Point-in-time
Floor plan notes payable FloorPlanNotesPayable $1.02B USD Point-in-time
Line of credit LinesOfCreditCurrent $75.00M USD Point-in-time
Line of credit LinesOfCreditCurrent - USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $157.21M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $161.96M USD Point-in-time
Current maturities of finance lease obligations FinanceLeaseLiabilityCurrent $19.63M USD Point-in-time
Current maturities of finance lease obligations FinanceLeaseLiabilityCurrent $19.71M USD Point-in-time
Current maturities of operating lease obligations OperatingLeaseLiabilityCurrent $9.53M USD Point-in-time
Current maturities of operating lease obligations OperatingLeaseLiabilityCurrent - USD Point-in-time
Trade accounts payable AccountsPayableTradeCurrent $127.45M USD Point-in-time
Trade accounts payable AccountsPayableTradeCurrent $149.08M USD Point-in-time
Customer deposits ContractWithCustomerLiabilityCurrent $24.44M USD Point-in-time
Customer deposits ContractWithCustomerLiabilityCurrent $36.18M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $104.25M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $125.06M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.49B USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.65B USD Point-in-time
Long-term debt, net of current maturities LongTermDebtNoncurrent $438.79M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtNoncurrent $439.22M USD Point-in-time
Finance lease obligations, net of current maturities FinanceLeaseLiabilityNoncurrent $49.95M USD Point-in-time
Finance lease obligations, net of current maturities FinanceLeaseLiabilityNoncurrent $49.48M USD Point-in-time
Operating lease obligations, net of current maturities OperatingLeaseLiabilityNoncurrent - USD Point-in-time
Operating lease obligations, net of current maturities OperatingLeaseLiabilityNoncurrent $43.75M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $11.12M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $13.97M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilitiesNoncurrent $141.31M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilitiesNoncurrent $141.46M USD Point-in-time
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2019 and 2018 PreferredStockValue - USD Point-in-time
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2019 and 2018 PreferredStockValue - USD Point-in-time
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 28,186,893 Class A shares and 8,462,616 Class B shares outstanding in 2019; and 28,709,636 Class A shares and 8,290,277 Class B shares outstanding in 2018 CommonStockValue $462.00K USD Point-in-time
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 28,186,893 Class A shares and 8,462,616 Class B shares outstanding in 2019; and 28,709,636 Class A shares and 8,290,277 Class B shares outstanding in 2018 CommonStockValue $458.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $379.45M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $370.02M USD Point-in-time
Treasury stock, at cost: 4,430,753 Class A shares and 5,084,211 Class B shares in 2019 and 3,791,751 Class A shares and 5,030,787 Class B shares in 2018 TreasuryStockValue $245.84M USD Point-in-time
Treasury stock, at cost: 4,430,753 Class A shares and 5,084,211 Class B shares in 2019 and 3,791,751 Class A shares and 5,030,787 Class B shares in 2018 TreasuryStockValue $271.89M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $975.01M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $942.29M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax - USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $384.00K USD Point-in-time
Total shareholders equity StockholdersEquity $1.03B USD Point-in-time
Total shareholders equity StockholdersEquity $1.08B USD Point-in-time
Total shareholders equity StockholdersEquity $1.07B USD Point-in-time
Total shareholders equity StockholdersEquity $1.04B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $3.20B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $3.42B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.29B USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.18B USD 1 Quarter
Lease and rental OperatingLeasesIncomeStatementLeaseRevenue $59.43M USD 1 Quarter
Lease and rental OperatingLeasesIncomeStatementLeaseRevenue $57.52M USD 1 Quarter
Total revenue Revenues $1.24B USD 1 Quarter
Total revenue Revenues $1.35B USD 1 Quarter
Lease and rental CostOfRevenueLeaseAndRental $48.43M USD 1 Quarter
Lease and rental CostOfRevenueLeaseAndRental $49.80M USD 1 Quarter
Total cost of products sold CostOfRevenue $1.09B USD 1 Quarter
Total cost of products sold CostOfRevenue $1.01B USD 1 Quarter
Gross profit GrossProfit $227.00M USD 1 Quarter
Gross profit GrossProfit $256.92M USD 1 Quarter
Selling, general and administrative expense SellingGeneralAndAdministrativeExpense $171.67M USD 1 Quarter
Selling, general and administrative expense SellingGeneralAndAdministrativeExpense $187.18M USD 1 Quarter
Depreciation and amortization expense DepreciationAndAmortization $22.91M USD 1 Quarter
Depreciation and amortization expense DepreciationAndAmortization $12.93M USD 1 Quarter
Gain (loss) on sale of assets GainLossOnDispositionOfAssets1 $57.00K USD 1 Quarter
Gain (loss) on sale of assets GainLossOnDispositionOfAssets1 $-28.00K USD 1 Quarter
Operating income OperatingIncomeLoss $32.39M USD 1 Quarter
Operating income OperatingIncomeLoss $56.87M USD 1 Quarter
Equity in earnings of unconsolidated entities IncomeLossFromEquityMethodInvestments $49.00K USD 1 Quarter
Equity in earnings of unconsolidated entities IncomeLossFromEquityMethodInvestments - USD 1 Quarter
Interest expense, net InterestExpense $7.36M USD 1 Quarter
Interest expense, net InterestExpense $4.31M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $28.08M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $49.56M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $12.45M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $7.04M USD 1 Quarter
Net income NetIncomeLoss $37.10M USD 1 Quarter
Net income NetIncomeLoss $21.04M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.01 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.53 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.51 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.98 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 36.82M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 39.66M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 37.83M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 41.09M shares 1 Quarter
Dividends declared per common share (in dollars per share) CommonStockDividendsPerShareDeclared - USD 1 Quarter
Dividends declared per common share (in dollars per share) CommonStockDividendsPerShareDeclared $0.12 USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $21.04M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $37.49M USD 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $37.10M USD 1 Quarter
Net income NetIncomeLoss $21.04M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $51.06M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $41.76M USD 1 Quarter
(Gain) loss on sale of property and equipment, net GainLossOnSaleOfPropertyPlantEquipment $-28.00K USD 1 Quarter
(Gain) loss on sale of property and equipment, net GainLossOnSaleOfPropertyPlantEquipment $57.00K USD 1 Quarter
Stock-based compensation expense related to employee stock options and employee stock purchases ShareBasedCompensation $8.84M USD 1 Quarter
Stock-based compensation expense related to employee stock options and employee stock purchases ShareBasedCompensation $7.89M USD 1 Quarter
Provision for deferred income tax expense DeferredIncomeTaxExpenseBenefit $755.00K USD 1 Quarter
Provision for deferred income tax expense DeferredIncomeTaxExpenseBenefit $150.00K USD 1 Quarter
Change in accounts receivable, net IncreaseDecreaseInReceivables $7.14M USD 1 Quarter
Change in accounts receivable, net IncreaseDecreaseInReceivables $10.21M USD 1 Quarter
Change in inventories IncreaseDecreaseInInventories $-5.71M USD 1 Quarter
Change in inventories IncreaseDecreaseInInventories $106.32M USD 1 Quarter
Change in prepaid expenses and other, net IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.10M USD 1 Quarter
Change in prepaid expenses and other, net IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $934.00K USD 1 Quarter
Change in trade accounts payable IncreaseDecreaseInAccountsPayableTrade $12.91M USD 1 Quarter
Change in trade accounts payable IncreaseDecreaseInAccountsPayableTrade $19.79M USD 1 Quarter
Draws on floor plan notes payable trade, net IncreaseDecreaseInFloorPlanNotesPayableTradeNet $35.38M USD 1 Quarter
Draws on floor plan notes payable trade, net IncreaseDecreaseInFloorPlanNotesPayableTradeNet $3.14M USD 1 Quarter
Change in customer deposits IncreaseDecreaseInContractWithCustomerLiability $38.00K USD 1 Quarter
Change in customer deposits IncreaseDecreaseInContractWithCustomerLiability $-11.74M USD 1 Quarter
Change in accrued expenses IncreaseDecreaseInAccruedLiabilities $-7.90M USD 1 Quarter
Change in accrued expenses IncreaseDecreaseInAccruedLiabilities $-21.23M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement - USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $469.00K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-39.26M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $117.66M USD 1 Quarter
Acquisition of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $48.22M USD 1 Quarter
Acquisition of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $59.85M USD 1 Quarter
Proceeds from the sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $168.00K USD 1 Quarter
Proceeds from the sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $2.23M USD 1 Quarter
Business acquisitions PaymentsToAcquireBusinessesGross - USD 1 Quarter
Business acquisitions PaymentsToAcquireBusinessesGross $7.94M USD 1 Quarter
Purchase of equity method investment and call option PaymentsToAcquireEquityMethodInvestments $22.57M USD 1 Quarter
Purchase of equity method investment and call option PaymentsToAcquireEquityMethodInvestments - USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-948.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $1.10M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-47.08M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-89.24M USD 1 Quarter
Draws (payments) on floor plan notes payable non-trade, net IncreaseDecreaseInFloorPlanPayableNet $85.31M USD 1 Quarter
Draws (payments) on floor plan notes payable non-trade, net IncreaseDecreaseInFloorPlanPayableNet $-8.41M USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $37.86M USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $32.14M USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit - USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit $75.00M USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $43.02M USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $46.28M USD 1 Quarter
Principal payments on capital lease obligations RepaymentsOfLongTermCapitalLeaseObligations $3.22M USD 1 Quarter
Principal payments on capital lease obligations RepaymentsOfLongTermCapitalLeaseObligations $2.41M USD 1 Quarter
Issuance of shares relating to employee stock options and employee stock purchases ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $501.00K USD 1 Quarter
Issuance of shares relating to employee stock options and employee stock purchases ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $597.00K USD 1 Quarter
Payments of cash dividends PaymentsOfDividends $4.38M USD 1 Quarter
Payments of cash dividends PaymentsOfDividends - USD 1 Quarter
Common stock repurchased PaymentsForRepurchaseOfCommonStock $25.62M USD 1 Quarter
Common stock repurchased PaymentsForRepurchaseOfCommonStock $38.14M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $123.34M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-63.41M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-5.15M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $7.17M USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $124.54M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $126.57M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $131.73M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $131.71M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $124.54M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $126.57M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $131.73M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $131.71M USD Point-in-time
Interest InterestPaidNet $9.94M USD 1 Quarter
Interest InterestPaidNet $13.61M USD 1 Quarter
Income taxes paid, net IncomeTaxesPaidNet $1.50M USD 1 Quarter
Income taxes paid, net IncomeTaxesPaidNet $6.59M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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