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, ...

Rush Enterprises, Inc. (NASDAQ:RUSHA) Q4 2019 Earnings Conference Call February 13, 2020 10:00 AM ET CompanyParticipants Rusty Rush - Chairman, President & CEO Steve Keller - CFO Conference Call Participants Jamie Cook - Credit Suisse Justin Long - Stephens Joel Tiss - BMO Capital Markets Chris Armes - Buckingham Research Operator Good morning, ladies and gentlemen, and welcome to the Rush Enterprises, Inc. Fourth Quarter and Year End 2019 Earnings Results. At this time, all participants are in a listen-onl ...