Exhibit 99.1 Contact: Rush Enterprises, Inc., New Braunfels Steven L. Keller, 830-302-5226 RUSH ENTERPRISES, INC. REPORTS SECOND QUARTER 2025 RESULTS, ANNOUNCES $0.19 PER SHARE DIVIDEND NEW BRAUNFELS, Texas, July 30, 2025 — Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the quarter ended June 30, 2025, the Company achieved revenues of $1.931 billion and net income of $72.4 million, or $0.90 per d ...

Revenue Performance - Total revenues decreased by $21.2 million, or 1.1%, in Q1 2025 compared to Q1 2024, primarily due to decreased Aftermarket Products and Services revenue[68] - Aftermarket Products and Services revenues totaled $619.1 million in Q1 2025, down 4.6% from Q1 2024, attributed to weak demand and fewer working days[69] - New and used commercial vehicle sales revenues increased by $7.5 million, or 0.7%, in Q1 2025 compared to Q1 2024[70] - Light-duty vehicle sales increased by 3.1% to 470 units in Q1 2025, compared to 456 units in Q1 2024[73] - Used commercial vehicle sales decreased by 2.7% to 1,769 units in Q1 2025, down from 1,818 units in Q1 2024[73] Sales and Market Trends - New Class 8 truck sales were 3,222 units in Q1 2025, a 7.8% decrease from 3,494 units in Q1 2024, influenced by economic uncertainty and high interest rates[71] - New Class 4 through 7 medium-duty commercial vehicle sales were 3,329 units in Q1 2025, a slight decrease of 0.1% compared to Q1 2024[72] - The forecast for new U.S. Class 8 retail truck sales in 2025 is 213,300 units, representing a 13.8% decrease compared to 2024[58] - The expected U.S. market share for new Class 8 truck sales in 2025 is between 5.4% and 5.9%, translating to approximately 11,500 to 12,500 units sold[58] Financial Performance - Gross profit decreased by $32.1 million, or 8.2%, in Q1 2025, with gross profit as a percentage of sales falling to 19.3% from 20.8% in Q1 2024[76] - Gross margins from Aftermarket Products and Services decreased to 35.8% in Q1 2025, down from 36.5% in Q1 2024, with gross profit for this segment at $221.3 million[77] - SG&A expenses decreased by $14.9 million, or 5.6%, in Q1 2025, with SG&A as a percentage of total revenues decreasing to 13.4% from 14.1% in Q1 2024[83] - Net interest expense decreased by $5.1 million, or 28.4%, in Q1 2025, attributed to lower inventory levels and interest rates[84] - Income before income taxes decreased by $14.2 million, or 15.4%, in Q1 2025 compared to Q1 2024[85] Working Capital and Financing - Working capital as of March 31, 2025, was approximately $751.3 million, including $228.7 million in cash[87] - In Q1 2025, net cash used in financing activities was $56.4 million, with $288.4 million from long-term debt borrowings and $6.2 million from equity compensation share issuance[102] - In Q1 2024, net cash provided by financing activities was $196.5 million, primarily from $713.8 million in long-term debt borrowings and $110.2 million from net draws on floor plan notes payable[103] - As of March 31, 2025, the outstanding amount under the WF Credit Agreement was approximately $142.4 million, with a revolving credit loan commitment of up to $175.0 million[104] - The PLC Agreement allows for up to $500.0 million in revolving credit loans, with approximately $220.0 million outstanding as of March 31, 2025[105] Backlog and Production - The backlog of commercial vehicle orders as of March 31, 2025, was approximately $1,401.3 million, down from $2,047.1 million on March 31, 2024[112] - The company expects to fill most of its backlog orders during 2025, assuming manufacturers can meet their production schedules[112] Regulatory Environment - The EPA 2027 Low NOx rule will require commercial vehicle engines to emit significantly less NOx starting in model year 2027, increasing the useful life of vehicles and extending warranty terms[122] - The GHG-3 rule mandates an increasing percentage of "zero-emission" vehicles from 2027 to 2032, likely reducing the production of diesel internal combustion engines[122] - CARB's Advanced Clean Trucks rule requires a certain percentage of commercial vehicles sold in California to be "zero-emission," with a goal of 100% zero-emission vehicles for Class 3 through 8 by 2050 and 30% by 2030[123] - Additional regulations or enforcement of existing regulations by CARB could lead to increased compliance costs and operational restrictions, potentially impacting the company's financial condition[123] - The EPA is reconsidering previously approved engine emissions regulations, including the GHG-3 rule, which may be revoked or modified[122] - Multiple lawsuits are pending challenging CARB's rules and the GHG-3 rule, which could affect regulatory outcomes and compliance requirements[122] Market Risks - The company is exposed to market risks related to interest rates from various credit agreements, including the PFC Floor Plan Credit Agreement and the BMO Floor Plan Credit Agreement[125] - A 100 basis point increase or decrease in the prime rate, SOFR, or CORRA could result in an annual interest expense change of approximately $13.3 million[125] - Seventeen U.S. states and the District of Columbia have committed to advance the market for electric commercial vehicles, aligning with CARB's emissions regulations[123]

Financial Performance - Revenues for Q1 2025 were $1.85 billion, a 1.1% decrease from $1.87 billion in Q1 2024, with net income of $60.3 million or $0.73 per diluted share compared to $71.6 million or $0.88 per diluted share in the prior year[20]. - Total revenue for Q1 2025 was $1,850,830, a decrease of 1.5% from $1,871,999 in Q1 2024[34]. - Gross profit for Q1 2025 was $357,760, down from $389,875 in Q1 2024, reflecting a decline of 8.2%[34]. - Net income attributable to Rush Enterprises, Inc. for Q1 2025 was $60,322, compared to $71,608 in Q1 2024, representing a decrease of 15.7%[34]. - EBITDA for the twelve months ended March 31, 2025, was $517,312, down from $557,220 in the prior year[40]. Sales and Market Performance - New Class 8 truck sales in the U.S. totaled 3,154 units, a decrease of 7.4% year-over-year, representing 6.1% of the new U.S. Class 8 truck market[12]. - New U.S. Class 4-7 retail commercial vehicle sales were 3,204 units, relatively flat compared to the first quarter of 2024, accounting for 5.6% of the total new U.S. Class 4-7 commercial vehicle market[15]. - The company expects continued strong sales to vocational and public sector customers throughout 2025, although not at the levels experienced in 2024[14]. - Concerns regarding tariffs and emissions regulations are causing customers to delay vehicle orders, impacting overall demand for new Class 8 trucks[5][14]. Aftermarket and Leasing - Aftermarket products and services generated revenues of $619.1 million, down 4.6% from $649.2 million in Q1 2024, accounting for approximately 61.9% of total gross profit[9][21]. - Leasing and rental revenue increased by 2.7% to $90.3 million compared to Q1 2024, with full-service leasing revenue showing growth due to additional vehicles being put into service[18][22]. - The company anticipates a slight improvement in aftermarket revenues in Q2 2025, supported by current parts inventory levels[11]. Financial Position and Cash Flow - Total assets increased to $4,687,941 as of March 31, 2025, up from $4,617,547 at the end of 2024[32]. - Total debt (GAAP) decreased to $1,610,920 as of March 31, 2025, from $1,910,907 a year earlier[39]. - Adjusted Free Cash Flow for the twelve months ended March 31, 2025, was $698,346, significantly up from $198,709 in the previous year[41]. - Cash and cash equivalents increased to $228,719 as of March 31, 2025, from $155,905 a year earlier[39]. - Total shareholders' equity increased from $1,935,502 thousand in March 2024 to $2,166,936 thousand in March 2025, reflecting a growth of approximately 11.9%[43]. - Adjusted Invested Capital rose from $1,783,671 thousand in March 2024 to $1,941,788 thousand in March 2025, indicating an increase of about 8.9%[43]. - Adjusted Net Debt improved from $(151,831) thousand in March 2024 to $(225,148) thousand in March 2025, showing a reduction in net debt[43]. Stock and Dividends - The company repurchased $30.9 million of its common stock during the quarter, totaling $37.4 million of the $150.0 million authorized by the Board[23]. - The company declared dividends of $0.18 per common share in Q1 2025, compared to $0.17 in Q1 2024[34]. Non-GAAP Measures - Free Cash Flow and Adjusted Free Cash Flow are key financial measures for the Company, calculated from operating cash flows and adjusted for specific financing activities[42]. - The Company emphasizes that Free Cash Flow and Adjusted Free Cash Flow are non-GAAP measures and should be considered alongside GAAP measures for a comprehensive financial analysis[42]. - Management's adjustments to derive Adjusted Free Cash Flow include adding back certain financing draws and subtracting specific payments related to lease and rental fleet financing[42]. - The Company believes that its approach to calculating Adjusted Invested Capital provides a clearer picture of its leverage profile and capital structure[43]. - Non-GAAP measures like Adjusted Net Debt and Adjusted Invested Capital may vary among companies and are not directly comparable to similar measures used by other firms[43]. - The focus on Free Cash Flow and Adjusted Free Cash Flow aims to align investor understanding with management's evaluation of cash generation capabilities[42]. - The financial metrics presented are intended to assist investors in performing consistent analyses aligned with the Company's financial models[43].

SAN ANTONIO, April 10, 2025 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc., (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America will host a conference call to discuss earnings for the first quarter 2025 on Thursday, May 1, 2025 at 10:00 a.m. Eastern/9:00 a.m. Central. Earnings will be reported after the close of market on Wednesday, April 30, 2025. The call will be available at http://investor.rushenterprises.com/events.cfm on Thursday, May 1, 2025 at 1 ...

[Part I](index=6&type=section&id=Part%20I) [Business](index=6&type=section&id=Item%201.%20Business) Rush Enterprises, Inc. is an integrated retailer of commercial vehicles and related services, operating primarily through its Truck Segment via a network of 'Rush Truck Centers' across the United States and Canada - Rush Enterprises operates as a full-service, integrated retailer of commercial vehicles and related services through its network of over **143 Rush Truck Centers** in 23 states and Ontario, Canada[26](index=26&type=chunk)[27](index=27&type=chunk) - The company's business strategy focuses on providing integrated solutions through its 'one-stop center' model, expanding product and service offerings, and growing its geographic footprint via acquisitions and new dealership openings[28](index=28&type=chunk)[36](index=36&type=chunk) - As of December 31, 2024, the company's backlog of commercial vehicle orders was approximately **$1.51 billion**, a significant decrease from **$3.73 billion** on December 31, 2023, attributed to decreased demand for new Class 8 trucks and the ongoing freight recession[102](index=102&type=chunk) - Sales of new Peterbilt commercial vehicles accounted for approximately **34.3% of total revenues** in 2024, while sales of new International commercial vehicles accounted for **17.4%**[85](index=85&type=chunk)[86](index=86&type=chunk) 2024 Revenue and Gross Profit Contribution | Category | Revenue (2024) | % of Total Revenue | % of Gross Profit | | :--- | :--- | :--- | :--- | | New Commercial Vehicle Sales | $4,553.0 million | 58.3% | N/A | | Aftermarket Products & Services | $2,516.0 million | 32.2% | 60.4% | | Used Commercial Vehicle Sales | $335.8 million | 4.3% | N/A | | Vehicle Leasing and Rental | $354.9 million | 4.5% | N/A | | Finance and Insurance | $22.0 million | 0.3% | N/A | [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to its business operations, financial condition, and regulatory environment - The company is highly dependent on PACCAR for the supply of Peterbilt trucks and parts, which generate the majority of its revenues, and a negative change in this relationship could materially harm operations[111](index=111&type=chunk)[112](index=112&type=chunk) - Dealership agreements with Peterbilt are terminable if the aggregate voting power of W.M. 'Rusty' Rush and other key executives falls below **22%**, posing a significant change of control risk[117](index=117&type=chunk) - Long-term technological advances, such as drivetrain electrification and autonomous vehicles, could adversely affect the parts and service business, which currently relies on internal combustion engines[123](index=123&type=chunk)[124](index=124&type=chunk) - The business is subject to economic risks, including periods of decline in commercial vehicle sales during economic downturns, and financial risks such as the need for additional financing and the negative effects of rising interest rates[127](index=127&type=chunk)[128](index=128&type=chunk)[134](index=134&type=chunk) - Federal and state regulations on engine emissions (e.g., EPA 2027 Low NOx, CARB rules) are complex and subject to change, which could affect product demand and require reliance on manufacturers to supply compliant vehicles[142](index=142&type=chunk)[144](index=144&type=chunk) - The company is controlled by one shareholder, W.M. 'Rusty' Rush, who holds approximately **35.6% of the aggregate voting power**, allowing for substantial control over corporate matters[157](index=157&type=chunk) [Unresolved Staff Comments](index=28&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - None[164](index=164&type=chunk) [Cybersecurity](index=28&type=section&id=Item%201C.%20Cybersecurity) The company employs an enterprise-wide cybersecurity program based on the Center for Internet Security (CIS) Critical Security Framework - The company's cybersecurity risk management program is based on the Center for Internet Security (CIS) Critical Security Framework to ensure the confidentiality, integrity, and availability of its systems and data[166](index=166&type=chunk) - Cybersecurity oversight is managed by the Chief Information Officer (CIO), who reports to the Chief Operating Officer (COO), with the Audit Committee of the Board of Directors having specific oversight responsibility[167](index=167&type=chunk) - Although no material breach has been experienced, the company acknowledges its systems are frequent targets of cyberattacks, and a significant disruption could result in material harm to the business[168](index=168&type=chunk) [Properties](index=28&type=section&id=Item%202.%20Properties) The company's corporate headquarters are owned and located in New Braunfels, Texas - The company owns its corporate headquarters in New Braunfels, Texas[169](index=169&type=chunk) - As of December 2024, the company owns or leases numerous facilities for its operations across 23 U.S. states and Ontario, Canada[169](index=169&type=chunk) - The company owns and operates a **10,950-acre guest ranch** near Cotulla, Texas, for client development[169](index=169&type=chunk) [Legal Proceedings](index=29&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course of business litigation and maintains liability insurance - The company is involved in litigation arising from its operations in the ordinary course of business and maintains liability insurance[171](index=171&type=chunk) - As of December 31, 2024, management believes there are no pending legal proceedings that are reasonably likely to have a material adverse effect on the company's financial position[171](index=171&type=chunk) [Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[172](index=172&type=chunk) [Part II](index=29&type=section&id=Part%20II) [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=29&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Rush Enterprises' Class A (RUSHA) and Class B (RUSHB) common stock trade on the NASDAQ Global Select Market - The company's Class A and Class B common stock are traded on The NASDAQ Global Select Market under the symbols RUSHA and RUSHB, respectively[174](index=174&type=chunk) - On December 3, 2024, a new stock repurchase program was approved, authorizing the repurchase of up to **$150.0 million** of Class A and/or Class B common stock[180](index=180&type=chunk) - The company's 5-year cumulative total return was **187.61%** (assuming $100 invested on 12/31/2019), outperforming the S&P 500 (**97.02%**) and a peer group (**138.42%**)[181](index=181&type=chunk)[182](index=182&type=chunk) 2024 Quarterly Dividends and Stock Price Range | Quarter | Dividend per Share | Class A High | Class A Low | Class B High | Class B Low | | :--- | :--- | :--- | :--- | :--- | :--- | | Q1 | $0.17 | $53.72 | $42.77 | $53.35 | $45.00 | | Q2 | $0.17 | $53.78 | $41.51 | $53.31 | $37.85 | | Q3 | $0.18 | $56.64 | $40.99 | $51.91 | $37.92 | | Q4 | $0.18 | $65.15 | $49.52 | $58.61 | $43.81 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2024, Rush Enterprises experienced a slight **1.5% decrease** in gross revenues to **$7.8 billion**, with a **3.9% drop** in gross profit - The company's absorption ratio, a key metric measuring how well aftermarket gross profit covers dealership overhead, was **132.2%** in 2024, down from **135.3%** in 2023[194](index=194&type=chunk) - As of December 31, 2024, the company had working capital of approximately **$736.1 million**, including **$228.1 million in cash**, which is considered sufficient to meet operating requirements for the next twelve months[234](index=234&type=chunk) Summary of 2024 Performance vs. 2023 | Metric | 2024 | Change vs. 2023 | | :--- | :--- | :--- | | Gross Revenues | $7,804.7 million | -1.5% | | Gross Profit | N/A | -3.9% | | New Class 8 Unit Sales | N/A | -11.4% | | New Class 4-7 Unit Sales | N/A | +5.1% | | Aftermarket Products & Services Revenue | $2,516.0 million | -1.8% | | Absorption Ratio | 132.2% | from 135.3% | 2025 Industry Outlook (A.C.T. Research) | Vehicle Class | 2025 U.S. Retail Sales Forecast | % Change vs. 2024 | | :--- | :--- | :--- | | Class 8 Trucks | 252,000 units | +1.9% | | Class 4-7 Commercial Vehicles | 266,300 units | +5.7% | [Results of Operations](index=35&type=section&id=Results%20of%20Operations) For the year ended December 31, 2024, total revenues decreased by **1.5%** to **$7.80 billion** compared to 2023 - The decrease in new Class 8 truck sales was attributed to the ongoing freight recession and high interest rates, while the increase in Class 4-7 sales was due to strong demand and increased production[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) - Gross margins on new Class 8 truck sales decreased to **8.9%** in 2024 from **9.7%** in 2023, while used vehicle margins increased to **18.9%** from **12.4%** due to successful sales strategy execution[224](index=224&type=chunk)[226](index=226&type=chunk) Financial Performance (2024 vs. 2023) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $7,804.7M | $7,925.0M | -1.5% | | Gross Profit | $1,531.4M | $1,593.1M | -3.9% | | Gross Margin | 19.6% | 20.1% | -0.5 ppt | | SG&A Expenses | $995.6M | $1,021.7M | -2.6% | | Operating Income | $468.1M | $512.4M | -8.6% | | Net Interest Expense | $70.9M | $52.9M | +33.9% | | Income Before Taxes | $397.8M | $462.1M | -13.9% | Vehicle Unit Sales (2024 vs. 2023) | Vehicle Type | 2024 Units | 2023 Units | % Change | | :--- | :--- | :--- | :--- | | New Heavy-Duty (Class 8) | 15,465 | 17,457 | -11.4% | | New Medium-Duty (Class 4-7) | 13,935 | 13,264 | +5.1% | | New Light-Duty | 2,105 | 1,848 | +13.9% | | Used Vehicles | 7,110 | 7,117 | -0.1% | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity remains strong, with **$736.1 million** in working capital, including **$228.1 million** in cash, as of December 31, 2024 - The company expects to make capital expenditures of approximately **$200.0 million to $250.0 million** for its leasing operations and **$35.0 million to $40.0 million** for recurring items during 2025[238](index=238&type=chunk) - In December 2024, the company entered into a new **$800.0 million** floor plan credit agreement with Paccar Financial Corp. (PFC) and amended its BMO floor plan agreement, reducing the commitment to **$675.0 million**[255](index=255&type=chunk)[256](index=256&type=chunk) - During 2024, the company paid cash dividends of **$55.5 million** and repurchased **$15.7 million** of its common stock[249](index=249&type=chunk) Cash Flow Summary (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash from Operating Activities | $619,550 | $295,713 | | Net cash used in Investing Activities | ($445,578) | ($387,030) | | Net cash (used in) from Financing Activities | ($129,321) | $73,962 | | Net Increase/(Decrease) in Cash | $44,651 | ($17,319) | [Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risk, primarily from interest rate fluctuations on its variable-rate debt, which totaled approximately **$1.34 billion** as of December 31, 2024 - The company's primary market risk is interest rate risk related to its variable-rate floor plan and lease fleet financing agreements[260](index=260&type=chunk)[261](index=261&type=chunk) - As of December 31, 2024, the company had approximately **$1,344.8 million** in outstanding borrowings subject to variable interest rates[261](index=261&type=chunk) - A **100 basis point (1.0%)** increase or decrease in the underlying interest rates (prime, SOFR, CORRA) would cause a corresponding change in annual interest expense of approximately **$13.4 million**[261](index=261&type=chunk) [Financial Statements and Supplementary Data](index=45&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for the fiscal year ended December 31, 2024, including the Report of Independent Registered Public Accounting Firm, Consolidated Balance Sheets, Statements of Income, Comprehensive Income, Shareholders' Equity, and Cash Flows, along with the accompanying Notes to Consolidated Financial Statements - The independent auditor, Ernst & Young LLP, provided an unqualified opinion, stating the financial statements are presented fairly in all material respects in conformity with U.S. GAAP[266](index=266&type=chunk) - A critical audit matter identified was the estimation of commercial vehicle inventory reserves, which involves subjective judgment regarding future demand and sales prices[271](index=271&type=chunk)[272](index=272&type=chunk) Consolidated Balance Sheet Highlights (As of Dec 31) | Account | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Total Assets | $4,617,547 | $4,364,241 | | Total Liabilities | $2,455,644 | $2,473,825 | | Total Shareholders' Equity | $2,161,903 | $1,890,416 | Consolidated Statement of Income Highlights (Year Ended Dec 31) | Account | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Total Revenue | $7,804,746 | $7,925,024 | | Gross Profit | $1,531,416 | $1,593,090 | | Operating Income | $468,090 | $512,381 | | Net Income Attributable to Rush | $304,153 | $347,055 | | Diluted EPS | $3.72 | $4.15 | [Notes to Consolidated Financial Statements](index=54&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information supplementing the consolidated financial statements - Sales of new Peterbilt commercial vehicles, purchased from PACCAR, accounted for approximately **58.8%** of the company's new vehicle sales revenue in 2024[347](index=347&type=chunk) - The company has one reportable business segment: the Truck Segment, which includes its network of commercial vehicle dealerships and related services[428](index=428&type=chunk) - In July 2024, the company acquired Nebraska Peterbilt for approximately **$16.5 million**, and in May 2022, it acquired an additional **30%** of RTC Canada for approximately **$20.0 million**, bringing its interest to **80%** and resulting in consolidation[419](index=419&type=chunk)[422](index=422&type=chunk) - The company's effective tax rate was **23.3%** in 2024, compared to **24.7%** in 2023[411](index=411&type=chunk) Future Minimum Lease Payments (as of Dec 31, 2024, in thousands) | Year | Finance Leases | Operating Leases | | :--- | :--- | :--- | | 2025 | $43,603 | $21,082 | | 2026 | $32,510 | $20,345 | | 2027 | $24,226 | $19,536 | | 2028 | $19,998 | $17,399 | | 2029 | $13,978 | $15,074 | | Thereafter | $11,647 | $49,538 | | **Total** | **$145,962** | **$142,974** | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=81&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports that there were no changes in or disagreements with its accountants on accounting and financial disclosure - None[447](index=447&type=chunk) [Controls and Procedures](index=81&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of December 31, 2024 - The company's CEO and CFO concluded that disclosure controls and procedures were effective as of December 31, 2024[448](index=448&type=chunk) - Management assessed internal control over financial reporting based on the COSO 2013 framework and concluded it was effective as of December 31, 2024[451](index=451&type=chunk) - Ernst & Young LLP, the independent auditor, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2024[452](index=452&type=chunk)[454](index=454&type=chunk) [Other Information](index=83&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[462](index=462&type=chunk) [Part III](index=83&type=section&id=Part%20III) [Directors, Executive Officers and Corporate Governance](index=83&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2025 Annual Meeting of Shareholders - The information for this item is incorporated by reference from the Company's Proxy Statement for the 2025 Annual Meeting of Shareholders[464](index=464&type=chunk) [Executive Compensation](index=83&type=section&id=Item%2011.%20Executive%20Compensation) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2025 Annual Meeting of Shareholders - The information for this item is incorporated by reference from the Company's Proxy Statement for the 2025 Annual Meeting of Shareholders[465](index=465&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=84&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2025 Annual Meeting of Shareholders - The information for this item is incorporated by reference from the Company's Proxy Statement for the 2025 Annual Meeting of Shareholders[467](index=467&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=84&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2025 Annual Meeting of Shareholders - The information for this item is incorporated by reference from the Company's Proxy Statement for the 2025 Annual Meeting of Shareholders[468](index=468&type=chunk) [Principal Accountant Fees and Services](index=84&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2025 Annual Meeting of Shareholders - The information for this item is incorporated by reference from the Company's Proxy Statement for the 2025 Annual Meeting of Shareholders[469](index=469&type=chunk) [Part IV](index=85&type=section&id=Part%20IV) [Exhibits, Financial Statement Schedules](index=85&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements included in Item 8 and provides an index of all exhibits filed with the Form 10-K - This item lists the financial statements contained in Part II, Item 8 of the report[472](index=472&type=chunk) - Financial statement schedules are omitted as the required information is inapplicable or already presented in the consolidated financial statements or notes[473](index=473&type=chunk) - An index of exhibits is provided, including key corporate governance documents, credit agreements, and management compensation plans[474](index=474&type=chunk) [Form 10-K Summary](index=89&type=section&id=Item%2016.%20Form%2010-K%20Summary) This section was intentionally left blank in the report - Intentionally left blank[484](index=484&type=chunk)

Financial Performance - For the year ended December 31, 2024, the Company achieved revenues of $7.8 billion and net income of $304.2 million, or $3.72 per diluted share, compared to revenues of $7.9 billion and net income of $347.1 million, or $4.15 per diluted share for 2023[1]. - The company achieved its second highest annual revenue in history despite challenging operating conditions, with total revenue of $7.80 billion for 2024[28]. - Net income attributable to Rush Enterprises, Inc. for 2024 was $304.2 million, down from $347.1 million in 2023[37]. - Basic earnings per share for 2024 were $3.85, down from $4.28 in 2023[37]. - EBITDA for the twelve months ended December 31, 2024, was $553,596,000, compared to $572,959,000 in 2023, reflecting a decrease of approximately 3.4%[44]. - Adjusted EBITDA (Non-GAAP) decreased to $463,902,000 in 2024 from $518,937,000 in 2023, a decline of approximately 10.6%[44]. - Free cash flow (Non-GAAP) improved to $176,967,000 in 2024 from a negative $73,168,000 in 2023, indicating a significant turnaround[45]. Sales and Market Performance - The Company sold 15,465 new Class 8 trucks in 2024, a decrease of 11.4% compared to 2023, accounting for 6.1% of the new U.S. Class 8 truck market[13]. - The Company delivered 38,615 new and used commercial vehicles in 2024, a 2.7% decrease compared to 39,686 in 2023[23]. - Vehicle sales revenue for new heavy-duty vehicles decreased to $773,376,000 in 2024 from $816,532,000 in 2023, a decline of approximately 5.3%[40]. - New medium-duty vehicle sales revenue increased to $400,930,000 in 2024 from $359,767,000 in 2023, an increase of approximately 11.4%[40]. - The Company anticipates U.S. and Canadian retail sales of new Class 8 trucks to total 277,200 units in 2025, a 0.7% increase compared to 2024[13]. - The Company expects new Class 8 truck sales to be challenging in the first half of 2025, with a potential recovery in the second half[6]. Revenue Streams - Aftermarket products and services revenues were $2.5 billion for the year ended 2024, down 1.8% compared to $2.6 billion in 2023[10]. - Leasing and Rental revenue in 2024 was $354.9 million, up 0.3% from 2023[20]. - Lease and rental revenue increased by 1.3% in Q4 2024 compared to Q4 2023[26]. Shareholder Returns - The Board of Directors declared a cash dividend of $0.18 per share of Class A and Class B common stock, to be paid on March 18, 2025[1]. - Total cash dividends paid to shareholders in 2024 amounted to $54.9 million, reflecting an 8.5% increase over 2023[27]. - The company repurchased $16.4 million of its common stock during 2024, with $6.5 million repurchased in Q4 2024 under a new plan allowing for $150 million in repurchases through December 31, 2025[27]. Operational Efficiency - The Company's absorption ratio was 132.2% in 2024, compared to 135.3% in 2023[10]. - The absorption ratio improved to 133.0% in 2024 from 130.8% in 2023, indicating better operational efficiency[40]. Assets and Liabilities - Total assets increased to $4.62 billion in 2024, up from $4.36 billion in 2023[35]. - Total debt decreased to $1,620,350,000 in 2024 from $1,687,482,000 in 2023, a reduction of approximately 4.0%[42]. - Adjusted total debt (Non-GAAP) was reported at $3,571,000 in 2024, down from $4,112,000 in 2023[42]. - Total shareholders' equity increased to $2,141,549,000 in 2024 from $1,870,879,000 in 2023, an increase of approximately 14.5%[47]. - Adjusted invested capital (Non-GAAP) rose to $1,916,989,000 in 2024 from $1,691,266,000 in 2023, an increase of approximately 13.4%[47]. Strategic Initiatives - The company operates 57 franchises across the U.S. and Canada, with over 10,100 trucks in its lease and rental fleet[26]. - Rush Enterprises remains focused on long-term strategic initiatives as it enters its 60th year in the commercial vehicle industry[28].

Financial Performance - Revenues for Q3 2024 were $1.896 billion, a decrease of 4.3% from $1.981 billion in Q3 2023, with net income of $79.1 million or $0.97 per diluted share[1] - Total revenue for the three months ended September 30, 2024, was $1,896,133, a decrease of 4.2% compared to $1,980,740 for the same period in 2023[24] - Net income attributable to Rush Enterprises, Inc. for the three months ended September 30, 2024, was $79,132, a decrease of 1.8% from $80,278 in the same period of 2023[25] - Gross profit for the nine months ended September 30, 2024, was $1,161,305, down from $1,207,022 in the same period of 2023, reflecting a decrease of 3.8%[24] Sales and Market Performance - The company sold 3,604 new Class 8 trucks in Q3 2024, a decrease of 16.7% compared to Q3 2023, capturing 5.3% of the new U.S. Class 8 truck market[8] - New Class 4 through 7 commercial vehicle sales increased by 4.2% year-over-year, with 3,379 units sold in Q3 2024[11] - ACT Research forecasts a 12.5% decrease in U.S. and Canadian retail sales of new Class 8 trucks for 2024, totaling 264,000 units[8] Expenses and Charges - The company recognized a one-time, pre-tax charge of approximately $3.3 million related to Hurricane Helene in Q3 2024[1] - Leasing and rental revenue decreased by 0.4% year-over-year, attributed to a slight decrease in rental utilization[15] - The company reported a finance and insurance revenue of $5,780 for the three months ended September 30, 2024, down from $6,317 in the same period of 2023, a decrease of 8.5%[24] Assets and Liabilities - Current assets increased to $2,460,393 as of September 30, 2024, from $2,260,304 as of December 31, 2023, representing an increase of 8.8%[23] - Total assets reached $4,648,471 as of September 30, 2024, up from $4,364,241 as of December 31, 2023, indicating a growth of 6.5%[23] - Total current liabilities increased to $1,752,032 as of September 30, 2024, compared to $1,673,310 as of December 31, 2023, reflecting an increase of 4.7%[23] - Long-term debt, net of current maturities, decreased to $399,674 as of September 30, 2024, from $414,002 as of December 31, 2023, a reduction of 3.5%[23] Shareholder Returns and Equity - The company declared dividends of $0.18 per common share for the three months ended September 30, 2024, compared to $0.17 for the same period in 2023[25] - Total Shareholders' Equity (GAAP) increased to $2,083,145 thousand as of September 30, 2024, from $1,899,612 thousand, marking a growth of 9.7%[35] - Adjusted Invested Capital (Non-GAAP) rose to $1,902,057 thousand from $1,711,772 thousand, an increase of 11.1%[35] Cash Flow and Debt - Free Cash Flow (Non-GAAP) was negative at $(72,111) thousand for the twelve months ended September 30, 2024, compared to $(34,427) thousand in the prior year[33] - Adjusted Free Cash Flow (Non-GAAP) decreased to $398,156 thousand from $442,138 thousand, a decline of 9.9%[33] - Total Debt (GAAP) increased to $1,815,461 thousand as of September 30, 2024, from $1,568,733 thousand a year earlier, representing a 15.7% increase[30] - Adjusted Total Debt (Non-GAAP) decreased slightly to $3,985 thousand from $4,148 thousand year-over-year[30] EBITDA and Interest Expense - EBITDA (Non-GAAP) for the twelve months ended September 30, 2024, was $543,608 thousand, down from $588,673 thousand in the previous year, a decrease of 7.7%[32] - Adjusted EBITDA (Non-GAAP) also decreased to $472,169 thousand from $541,867 thousand, reflecting a decline of 12.8%[32] - Interest expense increased to $70,603 thousand for the twelve months ended September 30, 2024, compared to $45,877 thousand in the previous year, a rise of 54.1%[32] Market Outlook - The company expects a typical seasonal decline in aftermarket results in Q4 2024 but anticipates slow improvement in market conditions in Q1 2025[7] - The absorption ratio for Q3 2024 was 132.6%, slightly down from 132.8% in Q3 2023[5] - The company reported an absorption ratio of 132.6% for the three months ended September 30, 2024, compared to 132.8% for the same period in 2023[28]

Core Viewpoint - Rush Enterprises, Inc. will host a conference call to discuss its third-quarter earnings for 2024 on October 30, 2024, following the earnings report on October 29, 2024 [1][2]. Company Overview - Rush Enterprises, Inc. operates the largest network of commercial vehicle dealerships in North America, with over 150 locations across 23 states and Ontario, Canada [3]. - The company represents various truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Dennis Eagle, IC Bus, and Blue Bird [3]. - Rush Enterprises provides a comprehensive range of services, including sales of new and used vehicles, aftermarket parts, service and body shop operations, financing, insurance, leasing, and rental [3]. - The company also offers CNG fuel systems through its investment in Cummins Clean Fuel Technologies, Inc., as well as telematics products and other vehicle technologies [3].

Sales Forecast - New U.S. Class 8 retail truck sales are forecasted to be 228,700 units in 2024, representing a 15.8% decrease compared to 2023[49] - The company expects to sell approximately 13,000 to 14,000 new Class 8 trucks in 2024, with a market share of 5.7% to 6.1%[49] - For Class 4 through 7 retail commercial vehicle sales, a forecast of 262,000 units in 2024 indicates a 3.7% increase compared to 2023[50] - The company anticipates selling approximately 13,000 to 14,000 new Class 4 through 7 commercial vehicles in 2024, with a market share of 4.9% to 5.3%[50] - The company expects to sell approximately 1,800 to 2,000 light-duty vehicles and 6,500 to 7,500 used commercial vehicles in 2024[54] Revenue and Profitability - Total revenues from new and used commercial vehicle sales accounted for 64.1% of total revenues for the three months ended June 30, 2024[54] - Total revenues increased by $24.0 million, or 1.2%, in Q2 2024 compared to Q2 2023, primarily due to strong truck sales[59] - Gross profit margin for new and used commercial vehicle sales was 30.7% for the three months ended June 30, 2024, compared to 30.6% for the same period in 2023[55] - Operating income margin was 6.2% for the three months ended June 30, 2024, down from 7.1% in the same period of 2023[54] - Gross profit decreased by $21.5 million, or 5.2%, in Q2 2024, with gross profit as a percentage of sales dropping to 19.4% from 20.7% in Q2 2023[63] - Gross profit decreased by $30.4 million, or 3.7%, in the first six months of 2024, with gross profit as a percentage of sales at 20.1%, down from 20.8% in the same period of 2023[76] Costs and Expenses - The cost of products sold was 80.6% of total revenues for the three months ended June 30, 2024, compared to 79.3% for the same period in 2023[54] - Aftermarket Products and Services revenues are expected to remain flat to slightly down in 2024 compared to 2023[51] - Aftermarket Products and Services revenues decreased by $23.7 million, or 3.6%, in Q2 2024 due to weaker demand from the freight recession and high interest rates[59] - SG&A expenses decreased by $5.3 million, or 2.1%, in Q2 2024, with SG&A as a percentage of total revenues decreasing to 12.4%[69] Vehicle Sales Performance - New heavy-duty vehicle sales decreased by 4.0% to 4,128 units in Q2 2024, while new medium-duty vehicle sales increased by 6.2% to 3,691 units[60][61] - In the first six months of 2024, the company sold 6,829 new Class 4 through 7 medium-duty commercial vehicles in the U.S., a 4.9% increase from 6,513 units in the same period of 2023[74] - Used commercial vehicle sales decreased by 0.3% to 3,541 units in the first six months of 2024, compared to 3,553 units in the first six months of 2023[75] - Used vehicle revenue decreased by 25.3% to $80.4 million in Q2 2024, reflecting a decline in used commercial vehicle sales[59] Financial Position and Capital Expenditures - As of June 30, 2024, the company had working capital of approximately $673.0 million, including $167.3 million in cash[79] - The company expects to purchase or lease commercial vehicles worth approximately $170.0 million to $180.0 million for its leasing operations during 2024[82] - The company has a backlog of commercial vehicle orders amounting to approximately $1,812.1 million as of June 30, 2024, down from $4,041.6 million on June 30, 2023, indicating decreased demand for new Class 8 trucks due to various market conditions[100] Debt and Interest Expenses - Net interest expense increased by $7.2 million, or 59.1%, in Q2 2024 due to higher vehicle inventory levels and elevated interest rates[70] - Net interest expense increased by $14.2 million, or 61.2%, in the first six months of 2024 compared to the same period in 2023[78] - The company is exposed to market risks related to interest rates from various financing agreements[111] - An increase or decrease in SOFR, CORRA, or the prime rate of 100 basis points could lead to an annual interest expense change of approximately $13.8 million[111] Environmental and Regulatory Compliance - The company is subject to various environmental regulations that may incur capital and operating expenditures, impacting financial performance[103] - The company has entered into agreements to comply with new greenhouse gas emissions regulations, which may affect operational costs and product demand[108] - Compliance with environmental laws could require additional expenditures that may adversely affect financial results[109] - The complexity and potential changes in environmental regulations could impact product demand[109] Corporate Governance and Risk Management - The company believes there are no pending claims or litigation that are likely to materially affect its financial position or results of operations as of June 30, 2024[115] - The company's disclosure controls and procedures were deemed effective as of June 30, 2024, ensuring timely reporting and decision-making[113] - There have been no material changes in internal control over financial reporting during the three months ended June 30, 2024[114] - The company maintains liability insurance deemed adequate by management to cover potential litigation risks[115]

SAN ANTONIO, July 09, 2024 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc., (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, will host a conference call to discuss earnings for the second quarter of 2024 on Thursday, August 1 at 10:00 a.m. Eastern/9:00 a.m. Central. Earnings will be reported after the close of market on Wednesday July 31, 2024. Participants may register for the call at: https://register.vevent.com/register/BIa133312289504836aed447e6b ...