Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________ to _______________________ Commission File Number 0-20797 RUSH ENTERPRISES, INC. (Exact name of registrant as specifie ...

Company Overview - Rush Enterprises operates over 125 Rush Truck Centers across 23 states in the U.S. and has a 50% equity interest in Rush Truck Centres of Canada Limited, which operates 15 locations in Ontario[25]. - The company provides a comprehensive range of services including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair, financing, leasing, and insurance products[24]. - Rush Truck Centers are strategically located in high traffic areas, ensuring accessibility for commercial vehicle customers[25]. - The company has a diverse franchise portfolio, including brands like Peterbilt, International, Hino, and Ford, among others[27]. - The company operates a network of commercial vehicle dealerships primarily under the name "Rush Truck Centers," focusing on integrated service solutions for commercial vehicle customers[169]. Business Strategy - The business strategy focuses on expanding the dealership network through strategic acquisitions and opening new locations to enhance customer service and loyalty[26]. - The company aims to reinforce its market leadership by expanding product offerings and dealership locations[26]. - The company plans to continue expanding its dealership network through acquisitions and new locations to enhance market presence[41]. - The company has invested significantly in technology, facilities, and personnel to enhance its Aftermarket Products and Services business, which may affect operating margins if not executed successfully[116]. Financial Performance - Total revenues for 2021 were approximately $5,128.0 million, with new commercial vehicle sales accounting for $2,609.6 million, or 50.9% of total revenues[47]. - Net income for 2021 was $241,415, compared to $114,887 in 2020, marking a 110.5% increase[167]. - Total revenues for 2021 reached $5,126,142, an increase from $4,735,940 in 2020, representing an 8.2% growth[167]. - Gross profit increased by $216.8 million, or 24.8%, with gross profit as a percentage of sales rising to 21.3% in 2021 from 18.5% in 2020[33]. - Aftermarket Products and Services generated revenues of approximately $1,793.4 million, representing 35.0% of total revenues and 62.7% of gross profit for 2021[43]. Sales and Revenue Breakdown - Used commercial vehicle sales contributed approximately $430.4 million, or 8.4% of total revenues for 2021[50]. - Vehicle leasing and rental revenues accounted for approximately $247.2 million, or 4.8% of total revenues for 2021[51]. - Sales of new Peterbilt commercial vehicles accounted for approximately 31.8% of total revenues in 2021, while new International commercial vehicles contributed about 10.3%[81][82]. - The company sold 30,786 total unit vehicles in 2021, a slight increase from 30,513 in 2020[168]. - New heavy-duty truck sales were 11,052 units in 2021, a 3.6% increase from 10,670 units in 2020[212]. Employee and Operational Metrics - The company employed 7,166 people as of December 31, 2021, with less than 0.7% classified as part-time[55]. - In 2021, the overall employee turnover rate was 27.49%, a significant decrease from 42.62% in 2020, attributed to involuntary reductions during the COVID-19 pandemic[67]. - The turnover rate for service and body shop technicians was 36.67% in 2021, down from 39.24% in 2020, indicating improved retention in this critical role[67]. - The absorption ratio achieved was 129.8% for the year ended December 31, 2021, compared to 118.7% in 2020[185]. Acquisitions and Growth - The company completed the acquisition of Summit Truck Group for approximately $205.3 million, financed with $102.0 million through floor plan and lease financing, and an additional $57.0 million for real estate[76]. - The acquisition of Illinois Truck Centre was valued at approximately $2.7 million, and the purchase of Commercial Engine Service was valued at approximately $4.3 million, both paid in cash[77][78]. - The company completed several acquisitions in 2021, including Summit Truck Group, enhancing its market presence and service capabilities[184]. Market Conditions and Challenges - The backlog of commercial vehicle orders increased to approximately $3,267 million as of December 31, 2021, compared to $1,247.2 million on December 31, 2020, primarily due to production constraints[93]. - The company anticipates that production of commercial vehicles in 2022 will be allocated based on historical purchases, with concerns about supply chain issues affecting demand fulfillment[111]. - Economic downturns could lead to sustained periods of decreased commercial vehicle sales, adversely impacting financial condition and results of operations[125]. - Environmental regulations may impose additional compliance costs and operational restrictions, potentially affecting the Company's financial condition[98][99]. Safety and Compliance - The OSHA Total Recordable Incident Rate (TRIR) improved to 3.87 in 2021 from 4.17 in 2020, while the Lost Time Incident Rate (LTIR) decreased to 0.71 from 0.81 in the same period, reflecting enhanced workplace safety[68]. - The company is subject to federal, state, and local environmental regulations, which may result in significant fines and remediation costs that could adversely affect financial condition and cash flows[134]. Shareholder Information - The company declared a total of $0.74 per share in cash dividends for 2021, with expectations to continue quarterly dividends, subject to the Board's discretion[157]. - The estate of W. Marvin Rush and W. M. "Rusty" Rush collectively control approximately 39.0% of the aggregate voting power of the outstanding shares, significantly influencing corporate governance[142]. - The company authorized a new stock repurchase program on November 30, 2021, allowing for the repurchase of up to $100 million of shares[162].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________ to _______________________ Commission File Number 0-20797 RUSH ENTERPRISES, INC. (Exact name of registrant as specified in its chart ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number 0-20797 RUSH ENTERPRISES, INC. FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________ to _______________________ (Exact name of registrant as specified ...

Financial Performance - Total revenues decreased by $54.9 million, or 4.3%, in Q1 2021 compared to Q1 2020[97]. - New and used commercial vehicle sales accounted for 60.7% of total revenues in Q1 2021, down from 61.4% in Q1 2020[94]. - Gross profit increased by $10.3 million, or 4.4%, in Q1 2021, with gross profit as a percentage of sales rising to 19.9% from 18.2%[107]. - Income from continuing operations before income taxes increased by $25.0 million, or 78.8%, in Q1 2021 compared to Q1 2020[117]. - Cash flows from operating activities provided $40.1 million in Q1 2021, compared to $138.8 million in Q1 2020[129]. - Selling, General and Administrative (SG&A) expenses decreased by $10.1 million, or 5.5%, in Q1 2021, with SG&A as a percentage of total revenues decreasing to 14.2% from 14.4% year-over-year[114]. Sales Forecast - A.C.T. Research forecasts new U.S. Class 8 retail truck sales to be 248,400 units in 2021, representing a 26.9% increase compared to 2020, with the company expecting to sell approximately 13,600 to 14,900 new Class 8 trucks[71]. - For new U.S. Class 4-7 retail commercial vehicle sales, A.C.T. Research forecasts sales to be 251,500 units in 2021, an 8.4% increase compared to 2020, with expected sales of approximately 10,800 to 12,500 vehicles[72]. - The company anticipates selling approximately 1,600 light-duty vehicles and 7,000 to 7,500 used commercial vehicles in 2021[73]. - The company expects blended gross margins on Aftermarket Products and Services operations to range from 36.5% to 37.5% in 2021[108]. - The company anticipates filling the majority of its backlog orders during 2021, driven by confirmed orders from major fleet customers[138]. Revenue Streams - Lease and rental revenue is expected to increase by 6% to 9% during 2021 compared to 2020[73]. - Aftermarket Products and Services revenues are projected to increase by 8% to 10% in 2021 compared to 2020, despite slight declines compared to Q1 2020[74]. - Finance and insurance revenues rose by $2.0 million, or 44.7%, in Q1 2021 compared to Q1 2020[105]. - Aftermarket Products and Services revenues decreased by $12.2 million, or 2.9%, in Q1 2021 compared to Q1 2020, but were up 5.3% from Q4 2020[98]. Operational Insights - The company operates over 100 Rush Truck Centers across 22 states, providing a comprehensive range of services for commercial vehicle customers[63]. - The company plans to continue expanding its dealership network through strategic acquisitions and new dealership openings[64]. - The absorption ratio for commercial vehicle dealerships was 122.6% in Q1 2021, compared to 114.3% in Q1 2020[96]. - The Truck Segment experiences moderate seasonality, with higher sales volumes in the second and third quarters for Aftermarket Products and Services[139]. - The diverse geographic locations of the company's dealerships help mitigate seasonal effects on new commercial vehicle sales[139]. Market Conditions - The impact of the COVID-19 pandemic on the company's revenues was significant in 2020, but business conditions have improved significantly as the economy recovers[66]. - The company has made investments in aftermarket strategic initiatives, which helped mitigate the pandemic's impact on its Aftermarket Products and Services business[68]. - New heavy-duty vehicle sales decreased by 2.7% to 2,995 units in Q1 2021, while new medium-duty vehicle sales dropped by 28.5% to 2,334 units[99][100]. - Used commercial vehicle sales increased by 23.5% to 1,924 units in Q1 2021, driven by strong demand amid supply constraints on new vehicles[103]. Financial Position - As of March 31, 2021, the company's total net liquidity was approximately $421.6 million, including $316.1 million in cash and $105.5 million available under credit agreements[70]. - As of March 31, 2021, the company had working capital of approximately $368.4 million, including $316.1 million in cash[119]. - The Floor Plan Credit Agreement has an aggregate loan commitment of $1.0 billion, with approximately $456.6 million outstanding as of March 31, 2021[136]. - As of March 31, 2021, the backlog of commercial vehicle orders was approximately $1,736.0 million, up from $1,091.4 million on March 31, 2020, indicating a year-over-year increase of approximately 59%[138]. - As of March 31, 2021, the company had floor plan borrowings of approximately $550.3 million and variable interest rate real estate debt of approximately $39.0 million, exposing it to interest rate risk[148]. Regulatory and Environmental Considerations - The company has incurred and will continue to incur capital and operating expenditures to comply with federal, state, and local environmental laws and regulations, which may impact financial performance[141]. - Future regulations may require a certain percentage of commercial vehicles sold in California to be zero-emission vehicles starting in model year 2024, which could impact the company's operations[145]. - The company does not currently believe it has any material environmental liabilities, but acknowledges potential future costs related to environmental compliance[146]. - An increase or decrease in LIBOR by 100 basis points could result in an annual interest expense change of approximately $5.9 million[148].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-20797 RUSH ENTERPRISES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

Rush Enterprises, Inc. (NASDAQ:RUSHA) Q4 2020 Earnings Conference Call February 11, 2021 10:00 AM ET Company Participants Rusty Rush - Chairman, CEO and President Mike McRoberts - COO Steve Keller - CFO Derrek Weaver - EVP Jay Hazelwood - VP and Controller Michael Goldstone - VP, General Counsel and Corporate Secretary Conference Call Participants Justin Long - Stephens Jamie Cook - Credit Suisse Andrew Obin - Bank of America Joel Tiss - BMO Brian Schwartz - Oppenheimer Operator Ladies and gentlemen, thank ...

Rush Enterprises, Inc. (NASDAQ:RUSHA) Q3 2020 Earnings Conference Call October 22, 2020 10:00 AM ET Company Participants Rusty Rush - Chairman, CEO and President Mike McRoberts - COO Steve Keller - CFO Derrek Weaver - EVP Jay Hazelwood - VP and Controller Michael Goldstone - VP, General Counsel and Corporate Secretary Conference Call Participants Justin Long - Stephens Jamie Cook - Credit Suisse Andrew Obin - Bank of America Shawn Kim - Gabelli Funds Joel Tiss - BMO Operator Good morning, ladies and gentlem ...

Financial Data and Key Metrics Changes - The company reported quarterly revenues of $1 billion, with a net income of $16.8 million or $0.46 per diluted share, and declared a cash dividend of $0.14 per common share, representing a 7.7% increase over the previous quarter [6][7][16] Business Line Data and Key Metrics Changes - Aftermarket revenues for parts, service, and body shop totaled $378 million, down 15.8% compared to Q2 2019, with an absorption ratio of 110.2% [9] - New Class 8 truck sales were 1,866 units, a decrease of 50.5% year-over-year, accounting for 5.2% of the total U.S. Class 8 market [11] - Used truck sales decreased by 15.8% year-over-year, but sales began to stabilize and rise in June [13] - Medium-duty Class 4-7 truck sales were 2,331 units, down 40% year-over-year, representing 4.6% of the U.S. market [15] Market Data and Key Metrics Changes - The energy sector was significantly impacted, with expectations of continued challenges due to global pricing wars and reduced rig counts [9] - ACT Research adjusted its U.S. Class 8 retail sales forecast to 159,000 units in 2020, an increase from previous estimates, indicating a potential recovery in the market [12] Company Strategy and Development Direction - The company is focused on maintaining long-term financial strength by implementing immediate cost management measures and strategic initiatives, including online parts ordering [7][10] - A commitment to returning value to shareholders was emphasized, with a share repurchase program reinstated and wage increases for employees [16] - The company aims to achieve a cost-to-gross profit ratio of 30% to 35% as the market recovers, down from the historical 50% [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about revenue stabilization and gradual recovery, despite ongoing uncertainties related to COVID-19 and the economic environment [8][21] - The company noted that service revenue was more heavily impacted by the oil and gas sector, but there are signs of recovery in parts and service as backlogs increase [22][23] - Management highlighted the importance of leveraging technology and improving operational efficiency to adapt to changing market conditions [62] Other Important Information - The company has not taken PPP loans, indicating a focus on self-management during the pandemic [39] - There is an ongoing evaluation of the competitive landscape, with potential opportunities for consolidation in the industry as some companies face financial distress [39] Q&A Session Summary Question: Trends in truck sales and service - Management noted an increase in quoting activity and a gradual improvement in truck sales and service, particularly in June, but emphasized the need for caution due to ongoing uncertainties [20][21] Question: Cost management and future expense structure - Management discussed efforts to reduce costs and maintain a lower expense base moving forward, aiming for a more efficient operation [24][26] Question: Geographic performance trends - California has performed well, while Texas, heavily reliant on oil and gas, has faced challenges. The Midwest is showing signs of recovery, and Florida has maintained strength despite tourism impacts [56][57] Question: Hydrogen fuel cell technology - Management acknowledged the potential of hydrogen fuel cell technology but indicated that it is still early for significant discussions or developments in this area [65][66]

Rush Enterprises, Inc. (NASDAQ:RUSHA) Q1 2020 Earnings Conference Call April 23, 2020 10:00 AM ET Company Participants Rusty Rush - Chairman, President and CEO Steve Keller - CFO Mike McRoberts - COO Derrek Weaver - EVP Jay Hazelwood - Vice President and Controller Michael Goldstone - Vice President, General Counsel, and Corporate Secretary Conference Call Participants Jamie Cook - Credit Suisse Justin Long - Stephens Joel Tiss - BMO Andrew Obin - Bank of America Operator Good morning, ladies and gentlemen, ...