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].
Rush Enterprises(RUSHB) - 2024 Q4 - Annual Results