Rush Enterprises (RUSHA) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Entity Central Index Key	0001012019
Entity Registrant Name	RUSH ENTERPRISES INC \TX\
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	0-20797
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1733016
Entity Address, Address Line One	555 I.H. 35 South, Suite 500
Entity Address, City or Town	New Braunfels
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78130
City Area Code	830
Local Phone Number	302-5200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,542,501
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	RUSHB
Security Exchange Name	NASDAQ
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,811,405
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	RUSHA
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 209,526	$ 148,146
Accounts receivable, net	186,757	140,186
Inventories, net	1,111,067	1,020,136
Prepaid expenses and other	16,225	15,986
Total current assets	1,523,575	1,324,454
Property and equipment, net	1,265,601	1,278,207
Operating lease right-of-use assets, net	65,674	69,008
Goodwill, net	370,331	370,331
Other assets, net	96,367	77,977
Total assets	3,321,548	3,119,977
Current liabilities:
Floor plan notes payable	702,209	630,731
Current maturities of finance lease obligations	26,913	26,695
Current maturities of operating lease obligations	11,988	12,096
Trade accounts payable	171,119	122,291
Customer deposits	71,846	80,561
Accrued expenses	144,627	131,130
Total current liabilities	1,128,702	1,003,504
Long-term debt, net of current maturities	338,426	334,926
Finance lease obligations, net of current maturities	85,522	89,835
Operating lease obligations, net of current maturities	54,780	57,976
Other long-term liabilities	27,587	26,514
Deferred income taxes, net	141,492	140,473
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2022 and 2021	0	0
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 43,093,711 Class A shares and 12,597,341 Class B shares outstanding in 2022; and 43,107,867 Class A shares and 12,398,606 Class B shares outstanding in 2021	568	563
Additional paid-in capital	482,146	470,750
Treasury stock, at cost: 531,969 Class A shares and 596,298 Class B shares in 2022; and 339,786 Class A shares and 492,052 Class B shares in 2021	(52,248)	(36,933)
Retained earnings	1,113,341	1,031,582
Accumulated other comprehensive income	1,232	787
Total shareholders’ equity	1,545,039	1,466,749
Total liabilities and shareholders’ equity	$ 3,321,548	$ 3,119,977

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class A [Member]
Common stock, authorized (in shares)	60,000,000	60,000,000
Common stock, outstanding (in shares)	43,093,711	43,107,867
Treasury stock (in shares)	531,969	339,786
Common Class B [Member]
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, outstanding (in shares)	12,597,341	12,398,606
Treasury stock (in shares)	596,298	492,052

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Revenue	$ 1,491,867	$ 1,173,579
Lease and rental	71,335	58,227
Total revenue	1,563,202	1,231,806
Cost of products sold
Lease and rental	48,561	48,058
Total cost of products sold	1,217,762	986,992
Gross profit	345,440	244,814
Selling, general and administrative expense	224,447	174,955
Depreciation and amortization expense	13,674	13,726
Gain on sale of assets	180	92
Operating income	107,499	56,225
Other income	14,064	919
Interest expense, net	1,219	507
Income before taxes	120,344	56,637
Income tax provision	27,891	11,304
Net income	$ 92,453	$ 45,333
Earnings per common share:
Basic (in dollars per share)	$ 1.65	$ 0.82
Diluted (in dollars per share)	$ 1.60	$ 0.79
Weighted average shares outstanding:
Basic (in shares)	55,938	55,567
Diluted (in shares)	57,912	57,734
Dividends declared per common share (in dollars per share)	$ 0.19	$ 0.18
Comprehensive income	$ 92,898	$ 45,588
New and Used Commercial Vehicle [Member]
Revenues
Revenue	935,719	747,719
Cost of products sold
Cost of products sold	834,993	677,092
Parts and Service [Member]
Revenues
Revenue	543,263	415,737
Cost of products sold
Cost of products sold	334,208	261,842
Finance and Insurance [Member]
Revenues
Revenue	7,525	6,465
Product and Service, Other [Member]
Revenues
Revenue	$ 5,360	$ 3,658

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Class A [Member]Common Stock [Member]	Common Class A [Member]Additional Paid-in Capital [Member]	Common Class A [Member]Treasury Stock [Member]	Common Class A [Member]Retained Earnings [Member]	Common Class A [Member]AOCI Attributable to Parent [Member]	Common Class A [Member]	Common Class B [Member]Common Stock [Member]	Common Class B [Member]Additional Paid-in Capital [Member]	Common Class B [Member]Treasury Stock [Member]	Common Class B [Member]Retained Earnings [Member]	Common Class B [Member]AOCI Attributable to Parent [Member]	Common Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2020	42,504						12,470
Balance at Dec. 31, 2020													$ 551	$ 437,646	$ (2,879)	$ 831,850	$ 869	$ 1,268,037
Stock options exercised and stock awards (in shares)	298						0
Stock options exercised and stock awards													3	5,416	0	0	0	5,419
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan													0	11,520	0	0	0	11,520
Vesting of restricted share awards (in shares)	0						345
Vesting of restricted share awards													3	(6,780)	0	0	0	(6,777)
Issuance of common stock under employee stock purchase plan (in shares)	86						0
Issuance of common stock under employee stock purchase plan													1	1,988	0	0	0	1,989
Common stock repurchases (in shares)	(3)						(155)
Common stock repurchases													0	0	(6,483)	0	0	(6,483)
Dividend common stock	$ 0	$ 0	$ 0	$ (7,684)	$ 0	$ (7,684)	$ 0	$ 0	$ 0	$ (2,380)	$ 0	$ (2,380)
Foreign currency translation adjustment													0	0	0	0	255	255
Net income													0	0	0	45,333	0	45,333
Balance (in shares) at Mar. 31, 2021	42,885						12,660
Balance at Mar. 31, 2021													558	449,790	(9,362)	867,119	1,124	1,309,229
Balance (in shares) at Dec. 31, 2021	43,108						12,399
Balance at Dec. 31, 2021													563	470,750	(36,933)	1,031,582	787	1,466,749
Stock options exercised and stock awards (in shares)	112						0
Stock options exercised and stock awards													1	2,384	0	0	0	2,385
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan													0	13,793	0	0	0	13,793
Vesting of restricted share awards (in shares)	0						302
Vesting of restricted share awards													3	(7,215)	0	0	0	(7,212)
Issuance of common stock under employee stock purchase plan (in shares)	66						0
Issuance of common stock under employee stock purchase plan													1	2,434	0	0	0	2,435
Common stock repurchases (in shares)	(192)						(104)
Common stock repurchases													0	0	(15,315)	0	0	(15,315)
Dividend common stock	$ 0	$ 0	$ 0	$ (8,189)	$ 0	$ (8,189)	$ 0	$ 0	$ 0	$ (2,505)	$ 0	$ (2,505)
Foreign currency translation adjustment													0	0	0	0	445	445
Net income													0	0	0	92,453	0	92,453
Balance (in shares) at Mar. 31, 2022	43,094						12,597
Balance at Mar. 31, 2022													$ 568	$ 482,146	$ (52,248)	$ 1,113,341	$ 1,232	$ 1,545,039

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 92,453	$ 45,333
Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation and amortization	45,809	42,601
Gain on sale of property and equipment, net	(179)	(92)
Gain on joint venture transaction	(12,500)	0
Stock-based compensation expense related to employee stock options and employee stock purchases	13,793	11,520
Provision for deferred income tax expense	1,019	(8,375)
Change in accounts receivable, net	(58,810)	(14,690)
Change in inventories	(98,292)	(1,797)
Change in prepaid expenses and other, net	(578)	(729)
Change in trade accounts payable	49,656	23,903
Change in customer deposits	(8,715)	(31,243)
Change in accrued expenses	14,574	(25,495)
Other, net	(3,645)	(795)
Net cash provided by operating activities	34,585	40,141
Cash flows from investing activities:
Acquisition of property and equipment	(45,689)	(32,933)
Proceeds from the sale of property and equipment	2,635	136
Business disposition	27,500	0
Other	(736)	638
Net cash used in investing activities	(16,290)	(32,159)
Cash flows from financing activities:
Draws (payments) on floor plan notes payable – non-trade, net	71,478	38,518
Proceeds from long-term debt	207,500	20,125
Principal payments on long-term debt	(204,000)	(44,669)
Principal payments on finance lease obligations	(3,997)	(2,090)
Proceeds from issuance of shares relating to equity awards	4,823	7,410
Taxes paid related to net share settlement of equity awards	(7,215)	(6,779)
Payments of cash dividends	(11,083)	(9,914)
Common stock repurchased	(14,421)	(6,561)
Net cash provided by (used) in financing activities	43,085	(3,960)
Net increase in cash and cash equivalents	61,380	4,022
Cash and cash equivalents, beginning of period	148,146	312,048
Cash and cash equivalents, end of period	209,526	316,070
Supplemental disclosure of cash flow information:
Interest	2,244	7,262
Income taxes (refund) paid, net	(14)	27,552
Assets acquired under finance leases	$ 2,672	$ 10,368

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1 Principles of Consolidation and Basis of Presentation The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company’s management, are necessary for a fair presentation of its operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 December 31, 2021. not may COVID- 19 While the COVID- 19 may not second 2020. 19 19 19

Note 2 - Other Assets

Note 2 - Other Assets	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Other Assets Disclosure [Text Block]	2 Other Assets Equity Method Investments and Call Option On February 25, 2019, February 25, 2024. March 31, 2022, On April 25, 2019, CAD250 2019, not March 31, 2022 $5.2 December 31, 2021, March 31, 2022, On January 3, 2022, March 31, 2022,

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	3 Commitments and Contingencies From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. However, an uninsured or partially insured claim, or claim for which indemnification is not March 31, 2022, no no not

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	4 Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 92,453 $ 45,333 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 55,938 55,567 Effect of dilutive securities– Employee stock options and restricted share awards 1,974 2,167 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 57,912 57,734 Basic earnings per common share $ 1.65 $ 0.82 Diluted earnings per common share and common share equivalents $ 1.60 $ 0.79 Options to purchase shares of common stock that were outstanding for the three March 31, 2022 2021 not March 31, 2022 March 31, 2021 Anti-dilutive options – weighted average 502 131

Note 5 - Stock Options and Rest

Note 5 - Stock Options and Restricted Stock Awards	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	5 Stock Options and Restricted Stock Awards Valuation and Expense Information The Company accounts for stock-based compensation in accordance with ASC 718 10, Compensation Stock Compensation, Stock-based compensation expense, calculated using the Black-Scholes option-pricing model for employee stock options and included in selling, general and administrative expense, was $13.8 million for the three March 31, 2022, three March 31, 2021. As of March 31, 2022,

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 Financial Instruments and Fair Value The Company measures certain financial assets and liabilities at fair value on a recurring basis. Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments as of March 31, 2022, December 31, 2021. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not

Note 7 - Segment Information

Note 7 - Segment Information	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7 Segment Information The Company currently has one one not The Company also has revenues attributable to three None The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended March 31, 2022 2021 Truck Segment All Other Totals As of and for the three months ended March 31, 2022 Revenues from external customers $ 1,559,051 $ 4,151 $ 1,563,202 Segment operating income 107,320 179 107,499 Segment income before taxes 120,259 85 120,344 Segment assets 3,266,895 54,653 3,321,548 As of and for the three months ended March 31, 2021 Revenues from external customers $ 1,228,111 $ 3,695 $ 1,231,806 Segment operating income 55,950 275 56,225 Segment income before taxes 56,432 205 56,637 Segment assets 2,958,832 49,591 3,008,423

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8 Income Taxes The Company had unrecognized income tax benefits totaling $4.3 million as a component of accrued liabilities as of March 31, 2022 December 31, 2021, may March 31, 2022 December 31, 2021. The Company does not 12 March 31, 2022, December 31, 2018 2021 December 31, 2017 2021,

Note 9 - Revenue

Note 9 - Revenue	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	9 Revenue The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue from such sales is recognized when the customer obtains control, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The following table summarizes the Company’s disaggregated revenue by revenue source, excluding lease and rental revenue, for the three March 31, 2022 2021 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Commercial vehicle sales revenue $ 935,719 $ 747,719 Parts revenue 330,743 240,436 Commercial vehicle repair service revenue 212,520 175,301 Finance revenue 4,489 3,904 Insurance revenue 3,036 2,561 Other revenue 5,360 3,658 Total $ 1,491,867 $ 1,173,579 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not March 31, 2022.

Note 10 - Leases

Note 10 - Leases	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Leases of Lessee and Lessor Disclosure [Text Block]	10 Leases Lease of Vehicles as Lessor The Company primarily leases commercial vehicles that the Company owns to customers primarily over periods of one ten not The Company’s policy is to depreciate its lease and rental fleet using a straight-line method over each customer’s contractual lease term. The lease unit is depreciated to a residual value that approximates fair value at the expiration of the lease term. This policy results in the Company realizing reasonable gross margins while the unit is in service and a corresponding gain or loss on sale when the unit is sold at the end of the lease term. Sales-type leases are recognized by the Company as lease receivables. The lessee obtains control of the underlying asset and the Company recognizes sales revenue upon lease commencement. The receivable for sales-type leases as of March 31, 2022 December 31, 2021, Lease and rental income during the three March 31, 2022 March 31, 2021 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Minimum rental payments $ 61,998 $ 50,705 Nonlease payments 9,337 7,522 Total $ 71,335 $ 58,227

Note 11 - Accumulated Other Com

Note 11 - Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	11 Accumulated Other Comprehensive Income The following table shows the components of accumulated other comprehensive income (loss) (in thousands): Balance as of December 31, 2021 $ 787 Foreign currency translation adjustment 445 Balance as of March 31, 2022 $ 1,232 The equity method investment in RTC Canada was valued using the exchange rate of one March 31, 2022.

Note 12 - Accounts Receivable a

Note 12 - Accounts Receivable and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	12 Accounts Receivable and Allowance for Credit Losses The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. Under Accounting Standards Update No. 2016 13, Financial Instruments Credit Losses (Topic 326 Accounts receivable consists primarily of commercial vehicle sales receivables, manufacturers’ receivables, leasing and parts and service receivables and other trade receivables. The Company maintains an allowance for credit losses based on the probability of default, its historical rate of losses, aging and current economic conditions. The Company writes off account balances when it has exhausted reasonable collection efforts and determined that the likelihood of collection is remote. These write-offs are charged against the allowance for credit losses. The following table summarizes the changes in the allowance for credit losses (in thousands): Balance December 31, 2021 Provision for the Three Months Ended March 31, 2022 Write offs Against Allowance, net of Recoveries Balance March 31, 2022 Commercial vehicle receivables $ 76 $ 80 $ − $ 156 Manufacturers’ receivables 419 292 (107 ) 604 Leasing, parts and service receivables 1,069 470 (409 ) 1,130 Other receivables 26 − (4 ) 22 Total $ 1,590 $ 842 $ (520 ) $ 1,912

Note 13 - Acquisition

Note 13 - Acquisition	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Business Combination Disclosure [Text Block]	13 Acquisition On December 13, 2021, The purchase price allocation has not The operations of Summit are included in the accompanying consolidated financial statements from the date of the acquisition. The preliminary purchase price was allocated based on the fair values of the assets and liabilities at the date of acquisition as follows (in thousands): Goodwill $ 73,710 Franchise rights 1,581 Inventory 76,078 Property and equipment, including real estate 113,161 Customer deposits (3,359 ) Other 1,156 Total $ 262,327 The goodwill acquired in the Summit acquisition will be amortized over 15

Note 14 - Subsequent Event

Note 14 - Subsequent Event	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	14 Subsequent Event On May 2, 2022, 30%,

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2022 2021 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 92,453 $ 45,333 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 55,938 55,567 Effect of dilutive securities– Employee stock options and restricted share awards 1,974 2,167 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 57,912 57,734 Basic earnings per common share $ 1.65 $ 0.82 Diluted earnings per common share and common share equivalents $ 1.60 $ 0.79
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	March 31, 2022 March 31, 2021 Anti-dilutive options – weighted average 502 131

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Truck Segment All Other Totals As of and for the three months ended March 31, 2022 Revenues from external customers $ 1,559,051 $ 4,151 $ 1,563,202 Segment operating income 107,320 179 107,499 Segment income before taxes 120,259 85 120,344 Segment assets 3,266,895 54,653 3,321,548 As of and for the three months ended March 31, 2021 Revenues from external customers $ 1,228,111 $ 3,695 $ 1,231,806 Segment operating income 55,950 275 56,225 Segment income before taxes 56,432 205 56,637 Segment assets 2,958,832 49,591 3,008,423

Note 9 - Revenue (Tables)

Note 9 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Commercial vehicle sales revenue $ 935,719 $ 747,719 Parts revenue 330,743 240,436 Commercial vehicle repair service revenue 212,520 175,301 Finance revenue 4,489 3,904 Insurance revenue 3,036 2,561 Other revenue 5,360 3,658 Total $ 1,491,867 $ 1,173,579

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Leases, Lease Income [Table Text Block]	Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Minimum rental payments $ 61,998 $ 50,705 Nonlease payments 9,337 7,522 Total $ 71,335 $ 58,227

Note 11 - Accumulated Other C_2

Note 11 - Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Balance as of December 31, 2021 $ 787 Foreign currency translation adjustment 445 Balance as of March 31, 2022 $ 1,232

Note 12 - Accounts Receivable_2

Note 12 - Accounts Receivable and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Balance December 31, 2021 Provision for the Three Months Ended March 31, 2022 Write offs Against Allowance, net of Recoveries Balance March 31, 2022 Commercial vehicle receivables $ 76 $ 80 $ − $ 156 Manufacturers’ receivables 419 292 (107 ) 604 Leasing, parts and service receivables 1,069 470 (409 ) 1,130 Other receivables 26 − (4 ) 22 Total $ 1,590 $ 842 $ (520 ) $ 1,912

Note 13 - Acquisition (Tables)

Note 13 - Acquisition (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Goodwill $ 73,710 Franchise rights 1,581 Inventory 76,078 Property and equipment, including real estate 113,161 Customer deposits (3,359 ) Other 1,156 Total $ 262,327

Note 2 - Other Assets (Details

Note 2 - Other Assets (Details Textual) $ in Millions, $ in Millions	Jan. 03, 2022USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Apr. 25, 2019CAD ($)	Feb. 25, 2019
Financial Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted				$ 250
Other Noncurrent Liabilities [Member] | Financial Guarantee [Member]
Guarantor Obligations, Current Carrying Value		$ 5.3	$ 5.2
Rush Truck Centres of Canada Limited [Member]
Equity Method Investment, Ownership Percentage					50.00%
Rush Truck Centres of Canada Limited [Member] | Other Noncurrent Liabilities [Member]
Equity Method Investments		38.7
Rush Truck Centres of Canada Limited [Member] | Call Option [Member]
Equity Method Investment, Remaining Ownership Percentage Not Yet Acquired					50.00%
Rush Truck Centres of Canada Limited [Member] | Call Option [Member] | Other Assets [Member]
Call Option, Fair Value Disclosure		3.6
Momentum Fuel Technologies [Member]
Equity Method Investment, Ownership Percentage	50.00%
Equity Method Investments		$ 14.9
Payments to Acquire Equity Method Investments	$ 27.5
Momentum Fuel Technologies [Member] | Other Income [Member]
Acquisition of Equity Method Investments, Realized Gain (Loss)	$ 12.5

Note 4 - Earnings Per Share - E

Note 4 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 92,453	$ 45,333
Basic (in shares)	55,938	55,567
Effect of dilutive securities– Employee stock options and restricted share awards (in shares)	1,974	2,167
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	57,912	57,734
Basic earnings per common share (in dollars per share)	$ 1.65	$ 0.82
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 1.60	$ 0.79

Note 4 - Earnings Per Share - A

Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Anti-dilutive options – weighted average (in shares)	502	131

Note 5 - Stock Options and Re_2

Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 14.3
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 7 months 6 days
Share-Based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense	$ 13.8	$ 11.5
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 17
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 8 months 12 days

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2022
Truck Segment [Member]
Number of Reportable Segments	1
Other Segments [Member]
Number of Operating Segments	3

Note 7 - Segment Information -

Note 7 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues from external customers	$ 1,563,202	$ 1,231,806
Segment operating income	107,499	56,225
Segment income before taxes	120,344	56,637
Segment assets	3,321,548	3,008,423	$ 3,119,977
Truck Segment [Member]
Revenues from external customers	1,559,051	1,228,111
Segment operating income	107,320	55,950
Segment income before taxes	120,259	56,432
Segment assets	3,266,895	2,958,832
Other Segments [Member]
Revenues from external customers	4,151	3,695
Segment operating income	179	275
Segment income before taxes	85	205
Segment assets	$ 54,653	$ 49,591

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 4,300,000	$ 4,300,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	279,000	279,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	$ 0	$ 0
Domestic Tax Authority [Member]
Open Tax Year	2018 2019 2020 2021
State and Local Jurisdiction [Member]
Open Tax Year	2017 2018 2019 2020 2021

Note 9 - Revenue - Disaggregate

Note 9 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 1,491,867	$ 1,173,579
Commercial Vehicle [Member]
Revenue	935,719	747,719
Parts [Member]
Revenue	330,743	240,436
Commercial Vehicle Repair Service [Member]
Revenue	212,520	175,301
Financial Service [Member]
Revenue	4,489	3,904
Insurance [Member]
Revenue	3,036	2,561
Product and Service, Other [Member]
Revenue	$ 5,360	$ 3,658

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Sales-type Lease, Lease Receivable	$ 5.6	$ 5.4
Minimum [Member]
Lessee, Leases, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Leases, Term of Contract (Year)	10 years

Note 10 - Leases - Rental Incom

Note 10 - Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Minimum rental payments	$ 61,998	$ 50,705
Nonlease payments	9,337	7,522
Total	$ 71,335	$ 58,227

Note 11 - Accumulated Other C_3

Note 11 - Accumulated Other Comprehensive Income (Details Textual)	Mar. 31, 2022
Rush Truck Centres of Canada Limited [Member]
Foreign Currency Exchange Rate, Translation	1.2505

Note 11 - Accumulated Other C_4

Note 11 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Balance	$ 1,466,749
Balance	1,545,039
AOCI Attributable to Parent [Member]
Balance	787
Foreign currency translation adjustment	445
Balance	$ 1,232

Note 12 - Accounts Receivable_3

Note 12 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Balance	$ 1,590
Current period provision	842
Balance	1,912
Write offs against allowance, net of recoveries	(520)
Commercial Vehicle Receivables [Member]
Balance	76
Current period provision	80
Balance	156
Manufacturers' Receivables [Member]
Balance	419
Current period provision	292
Balance	604
Write offs against allowance, net of recoveries	(107)
Leasing, Parts and Service Receivables [Member]
Balance	1,069
Current period provision	470
Balance	1,130
Write offs against allowance, net of recoveries	(409)
Other Receivables [Member]
Balance	26
Balance	22
Write offs against allowance, net of recoveries	$ (4)

Note 13 - Acquisition (Details

Note 13 - Acquisition (Details Textual) - Asset Purchase Agreement With Summit [Member] $ in Millions	Dec. 13, 2021USD ($)
Business Combination, Consideration Transferred, Total	$ 205.3
Business Combination, Consideration Transferred, Liabilities Incurred	102
Payments to Acquire Real Estate, Total	$ 57

Note 13 - Acquisition - Fair Va

Note 13 - Acquisition - Fair Values of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 13, 2021
Goodwill	$ 370,331	$ 370,331
Asset Purchase Agreement With Summit [Member]
Goodwill			$ 73,710
Franchise rights			1,581
Inventory			76,078
Property and equipment, including real estate			113,161
Customer deposits			(3,359)
Other			1,156
Total			$ 262,327

Note 14 - Subsequent Event (Det

Note 14 - Subsequent Event (Details Textual) - RTC Canada [Member] - Subsequent Event [Member] $ in Millions	May 02, 2022USD ($)
Business Acquisition, Percentage of Voting Interests Acquired	30.00%
Business Combination, Consideration Transferred, Total	$ 20
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage	80.00%