Rush Enterprises (RUSHA) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	0-20797
Entity Registrant Name	RUSH ENTERPRISES, INC.
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
Entity Central Index Key	0001012019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		61,900,735
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	RUSHA
Security Exchange Name	NASDAQ
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		16,713,423
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	RUSHB
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash, cash equivalents and restricted cash	$ 155,905	$ 183,725
Accounts receivable, net	303,444	259,353
Note receivable, affiliate	5,500
Inventories, net	2,031,775	1,801,447
Prepaid expenses and other	20,377	15,779
Total current assets	2,517,001	2,260,304
Property and equipment, net	1,501,066	1,488,086
Operating lease right-of-use assets, net	119,329	120,162
Goodwill, net	419,728	420,708
Other assets, net	71,882	74,981
Total assets	4,629,006	4,364,241
Current liabilities:
Floor plan notes payable	1,248,853	1,139,744
Current maturities of finance lease obligations	38,210	36,119
Current maturities of operating lease obligations	16,716	17,438
Trade accounts payable	181,079	162,134
Customer deposits	127,400	145,326
Accrued expenses	145,071	172,549
Total current liabilities	1,757,329	1,673,310
Long-term debt, net of current maturities	524,450	414,002
Finance lease obligations, net of current maturities	99,394	97,617
Operating lease obligations, net of current maturities	104,600	104,514
Other long-term liabilities	28,788	24,811
Deferred income taxes, net	159,525	159,571
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2023 and 2022	0	0
Common stock, par value $.01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 62,053,249 Class A shares and 17,989,388 Class B shares outstanding in 2023; and 63,518,042 Class A shares and 18,124,627 Class B shares outstanding in 2022	815	806
Additional paid-in capital	556,001	542,046
Treasury stock, at cost: 266,519 Class A shares and 105,924 Class B shares in 2023; and 1,626,777 Class A shares and 1,112,446 Class B shares in 2022	(125,462)	(119,835)
Retained earnings	1,508,202	1,450,025
Accumulated other comprehensive income (loss)	(4,054)	(2,163)
Total Rush Enterprises, Inc. shareholders’ equity	1,935,502	1,870,879
Noncontrolling interest	19,418	19,537
Total shareholders’ equity	1,954,920	1,890,416
Total liabilities and shareholders’ equity	$ 4,629,006	$ 4,364,241
Common Class A [Member]
Shareholders’ equity:
Treasury Stock, Common, Shares (in shares)	1,220,155	1,092,142

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
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)	105,000,000	105,000,000
Common stock, outstanding (in shares)	61,813,022	61,461,281
Treasury Stock, Common, Shares (in shares)	1,220,155	1,092,142
Common Class B [Member]
Common stock, authorized (in shares)	35,000,000	35,000,000
Common stock, outstanding (in shares)	16,715,277	16,364,158
Treasury Stock, Common, Shares (in shares)	1,731,162	1,731,157

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Revenue	$ 1,784,078	$ 1,825,101
Lease and rental sales	87,921	86,666
Total revenue	1,871,999	1,911,767
Cost of products sold
Lease and rental sales	63,770	60,478
Total cost of products sold	1,482,124	1,512,998
Gross profit	389,875	398,769
Selling, general and administrative expense	263,665	256,808
Depreciation and amortization expense	15,750	14,314
Gain on sale of assets	150	129
Operating income	110,610	127,776
Other income (expense)	177	2,347
Interest expense, net	17,973	10,983
Income before taxes	92,814	119,140
Income tax provision	21,325	28,350
Net income	71,489	90,790
Less: Net income attributable to noncontrolling interest	(119)	335
Net income attributable to Rush Enterprises, Inc.	$ 71,608	$ 90,455
Net income attributable to Rush Enterprises, Inc. per share of common stock:
Basic (in dollars per share)	$ 0.91	$ 1.1
Diluted (in dollars per share)	$ 0.88	$ 1.07
Basic (in shares)	78,483	82,150
Diluted (in shares)	81,454	84,846
Dividends declared per common share (in dollars per share)	$ 0.17	$ 0.14
New and Used Commercial Vehicle [Member]
Revenues
Revenue	$ 1,123,319	$ 1,161,725
Cost of products sold
Costs of products sold	1,006,100	1,050,365
Parts and Service [Member]
Revenues
Revenue	649,196	648,226
Cost of products sold
Costs of products sold	412,254	402,155
Finance and Insurance [Member]
Revenues
Revenue	5,394	6,571
Product and Service, Other [Member]
Revenues
Revenue	$ 6,169	$ 8,579

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 71,489	$ 90,790
Other comprehensive income (loss), net of tax:
Foreign currency translation	(1,891)	232
Comprehensive income	69,598	91,022
Less: Comprehensive income (loss) attributable to noncontrolling interest	(119)	335
Comprehensive income attributable to Rush Enterprises, Inc.	69,717	90,687
Product and Service, Other [Member]
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) attributable to Rush Enterprises, Inc.	$ (1,891)	$ 232

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member] Common Class A [Member]	Retained Earnings [Member] Common Class B [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member] Common Class A [Member]	Parent [Member] Common Class B [Member]	Parent [Member]	Noncontrolling Interest [Member]	Common Class A [Member]	Common Class B [Member]	Total
Balance (in shares) at Dec. 31, 2022	63,518	18,125
Balance at Dec. 31, 2022			$ 572,000	$ 500,642,000	$ (130,930,000)			$ 1,378,337,000	$ (4,130,000)			$ 1,744,491,000	$ 18,531,000			$ 1,763,022,000
Stock options exercised and stock awards (in shares)	228
Stock options exercised and stock awards			2,000	3,412,000								3,414,000				3,414,000
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				13,080,000								13,080,000
Vesting of restricted share awards (in shares)		422
Vesting of restricted share awards			3,000	(6,964,000)								(6,961,000)				(6,961,000)
Issuance of common stock under employee stock purchase plan (in shares)	102
Issuance of common stock under employee stock purchase plan				2,828,000								2,828,000				2,828,000
Common stock repurchases (in shares)	(623)	(84)
Common stock repurchases					(25,280,000)							(25,280,000)				(25,280,000)
Cash dividends declared						$ (8,897,000)	$ (2,692,000)			$ (8,897,000)	$ (2,692,000)
Foreign currency translation									232,000			232,000				232,000
Net income								90,455,000				90,455,000	335,000			90,790,000
Balance (in shares) at Mar. 31, 2023	63,225	18,463
Balance at Mar. 31, 2023			577,000	512,998,000	(156,210,000)			1,457,203,000	(3,898,000)			1,810,670,000	18,866,000			1,829,536,000
Balance (in shares) at Dec. 31, 2023	61,461	16,364
Balance at Dec. 31, 2023			806,000	542,046,000	(119,835,000)			1,450,025,000	(2,163,000)			1,870,879,000				1,890,416,000
Stock options exercised and stock awards (in shares)	383
Stock options exercised and stock awards			4,000	5,997,000								6,001,000				6,001,000
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				14,090,000								14,090,000				14,090,000
Vesting of restricted share awards (in shares)		351
Vesting of restricted share awards			4,000	(9,486,000)								(9,482,000)				(9,482,000)
Issuance of common stock under employee stock purchase plan (in shares)	97
Issuance of common stock under employee stock purchase plan			1,000	3,354,000								3,355,000				3,355
Common stock repurchases (in shares)	(128)
Common stock repurchases					(5,627,000)							(5,627,000)				(5,627,000)
Cash dividends declared						$ (10,467,000)	$ (2,964,000)			$ (10,467,000)	$ (2,964,000)			$ (10,467,000)	$ (2,964,000)
Foreign currency translation									(1,891,000)			(1,891,000)				(1,891,000)
Net income								71,608,000				71,608,000	(119,000)			71,489,000
Balance (in shares) at Mar. 31, 2024	61,813	16,715
Balance at Mar. 31, 2024			$ 815,000	$ 556,001,000	$ (125,462,000)			$ 1,508,202,000	$ (4,054,000)			$ 1,935,502,000	$ 19,418,000			$ 1,954,920,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 71,489	$ 90,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	56,834	53,896
Gain on sale of property and equipment	(150)	(129)
Stock-based compensation expense related to stock options and employee stock purchases	14,090	13,080
Provision for deferred income tax expense	71	3,165
Change in accounts receivable, net	(49,933)	(8,972)
Change in inventories, net	(215,506)	(52,845)
Change in prepaid expenses and other, net	(4,623)	(2,408)
Change in trade accounts payable	17,446	27,130
Change in customer deposits	(17,705)	(15,892)
Change in accrued expenses	(26,863)	(14,699)
Other, net	(203)	(650)
Net cash provided by operating activities	(155,053)	92,466
Cash flows from investing activities:
Acquisition of property and equipment	(79,136)	(90,446)
Proceeds from the sale of property and equipment	3,035	122
Other	(6,913)	(5,190)
Net cash used in investing activities	(69,188)	(95,514)
Cash flows from financing activities:
Draws on floor plan notes payable – non-trade, net	110,172	82,642
Proceeds from long-term debt	698,754	257,705
Principal payments on long-term debt	(587,249)	(270,793)
Principal payments on finance lease obligations	(5,605)	(4,471)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	9,360	6,245
Taxes paid related to net share settlement of equity awards	(9,486)	(6,964)
Payments of cash dividends	(13,868)	(12,062)
Common stock repurchased	(5,627)	(24,008)
Net cash provided by financing activities	196,451	28,294
Net (decrease) increase in cash, cash equivalents and restricted cash	(27,790)	25,246
Effect of exchange rate on cash	(30)	204
Cash, cash equivalents and restricted cash, beginning of period	183,725	200,842
Cash, cash equivalents and restricted cash, beginning of period	155,905	226,292
Supplemental disclosure of cash flow information:
Interest	18,630	11,712
Noncash investing and financing activities:
Assets acquired under finance leases	$ 12,140	$ 16,178

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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-K for the year ended December 31, 2023. Results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year. Restricted Cash Restricted cash consists of deposits for the statutory restriction on cash related to the Company’s captive insurance company of $3.1 million as of March 31, 2024. Stock Split On July 25, 2023, the Board of Directors of the Company declared a 3-for-2 stock split of the Company’s Class A common stock and Class B common stock, which was effected in the form of a stock dividend. On August 28, 2023, the Company distributed one Foreign Currency Transactions The functional currency of the Company’s foreign subsidiary, Rush Truck Centres of Canada Limited (“RTC Canada”), is the local currency, the Canadian dollar. Results of operations for RTC Canada are translated to USD using the average exchange rate on a monthly basis during each quarter. The assets and liabilities of RTC Canada are translated into USD using the exchange rate in effect on the balance sheet date. The related translation adjustments are recorded as a separate component of the Company’s Consolidated Statements of Shareholders’ Equity in accumulated other comprehensive income (loss).

Note 2 - Commitments and Contin

Note 2 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	2 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, through self-insurance and third-party excess 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 available, could have a material adverse effect on the Company’s financial condition or results of operations. As of March 31, 2024, the Company believes that there are no pending claims or litigation, individually or in the aggregate, that are reasonably likely to have a material adverse effect on its financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations for the fiscal period in which such resolution occurred.

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	3 Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share information): Three Months Ended March 31, 2024 2023 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 71,608 $ 90,455 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 78,483 82,150 Effect of dilutive securities– Employee and director stock options and restricted share awards 2,971 2,696 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 81,454 84,846 Basic earnings per common share $ 0.91 $ 1.10 Diluted earnings per common share and common share equivalents $ 0.88 $ 1.07 Options to purchase shares of common stock that were outstanding for the three months ended March 31, 2024 and 2023 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive are as follows (in thousands): Three Months Ended March 31, 2024 2023 Weighted average anti-dilutive options 317 1,279

Note 4 - Stock Options and Rest

Note 4 - Stock Options and Restricted Stock Awards	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	4 Stock Options and Restricted Stock Awards Valuation and Expense Information The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“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 $14.1 million for the three months ended March 31, 2024, and $13.1 million for the three months ended March 31, 2023. As of March 31, 2024, the Company had $17.6 million of unrecognized compensation expense related to non-vested employee stock options to be recognized over a weighted-average period of 2.5 years and $22.8 million of unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 1.6 years.

Note 5 - Financial Instruments

Note 5 - Financial Instruments and Fair Value	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5 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, 2024, and December 31, 2023. The carrying value of current assets and current liabilities approximates the fair value due to the short maturity of these items. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not quoted, estimates are based on each obligation’s characteristics, including remaining maturities, variable interest rate, credit rating, collateral and liquidity. Accordingly, the Company concluded that the valuation measurement inputs of its long-term debt represent, at its lowest level, current market interest rates available to the Company for similar debt and the Company’s current credit standing. Thus, the carrying amount of such debt approximates fair value.

Note 6 - Segment Information

Note 6 - Segment Information	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	6 Segment Information The Company currently has one The Company also has revenues attributable to three 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 including extraordinary items. 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, 2024 and 2023 (in thousands): Truck Segment All Other Totals As of and for the three months ended March 31, 2024 Revenues from external customers $ 1,867,968 $ 4,031 $ 1,871,999 Segment operating income (loss) 110,708 (98 ) 110,610 Segment income (loss) before taxes 92,912 (98 ) 92,814 Segment assets 4,570,652 58,354 4,629,006 As of and for the three months ended March 31, 2023 Revenues from external customers $ 1,907,941 $ 3,826 $ 1,911,767 Segment operating income 127,563 213 127,776 Segment income before taxes 118,927 213 119,140 Segment assets 3,913,928 55,624 3,969,552

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7 Income Taxes The Company had unrecognized income tax benefits totaling $6.7 million as a component of accrued liabilities as of March 31, 2024 and December 31, 2023, the total of which, if recognized, would impact the Company’s effective tax rate. An unfavorable settlement would require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. The Company had approximately $389,000 accrued for the payment of interest as of March 31, 2024 and December 31, 2023. No The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of December 31, 2023, the tax years ended December 31, 2020 2019

Note 8 - Revenue

Note 8 - Revenue	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	8 Revenue The Company’s non-lease and rental 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, the 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 months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Commercial vehicle sales revenue $ 1,123,319 $ 1,161,725 Parts revenue 373,426 384,418 Commercial vehicle repair service revenue 275,770 263,808 Finance revenue 2,074 3,508 Insurance revenue 3,320 3,063 Other revenue 6,169 8,579 Total $ 1,784,078 $ 1,825,101 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not have any material contract assets or contract liabilities on the balance sheet as of March 31, 2024. Revenues related to commercial vehicle sales, parts sales, commercial vehicle repair service, finance and most other revenues are related to the Truck Segment.

Note 9 - Leases

Note 9 - Leases	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Leases of Lessee and Lessor Disclosure [Text Block]	9 Leases Lease of Vehicles as Lessor The Company primarily leases commercial vehicles that the Company owns to customers primarily over periods of one ten 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. Lease and rental income during the three months ended March 31, 2024 and March 31, 2023 consisted of the following (in thousands): Three Months Ended March 31, 2024 2023 Minimum rental payments $ 76,868 $ 75,160 Nonlease payments 11,053 11,506 Total $ 87,921 $ 86,666

Note 10 - Accumulated Other Com

Note 10 - Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	10 Accumulated Other Comprehensive Income (Loss) The following table shows the components of accumulated other comprehensive income (loss) (in thousands): Balance as of December 31, 2023 $ (2,163 ) Foreign currency translation adjustment (1,891 ) Balance as of March 31, 2024 $ (4,054 ) The functional currency of the Company’s foreign subsidiary, RTC Canada, is its local currency. Results of operations of RTC Canada are translated into USD using the average exchange rates monthly during the year. The assets and liabilities of RTC Canada are translated into USD using the exchange rates in effect on the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders' equity in accumulated other comprehensive loss and the statement of comprehensive income.

Note 11 - Accounts Receivable a

Note 11 - Accounts Receivable and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	11 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): Measurement of Credit Losses on Financial Instruments Accounts receivable consists primarily of commercial vehicle sales receivables, manufacturers’ receivables and leasing, parts and service sales 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, 2023 Provision For the Three Months Ended March 31, 2024 Write offs Against Allowance, net of Recoveries Balance March 31, 2024 Commercial vehicle receivables $ 102 $ − $ 57 $ 159 Manufacturers’ receivables 964 667 (644 ) 987 Leasing, parts and service receivables 1,660 1,095 (864 ) 1,891 Other receivables 1,079 5 (29 ) 1,055 Total $ 3,805 $ 1,767 $ (1,480 ) $ 4,092

Note 12 - Acquisition

Note 12 - Acquisition	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Business Combination Disclosure [Text Block]	12 Acquisition The following acquisition, unless otherwise noted, was considered a business combination accounted for under ASC 805 “Business Combinations.” Pro forma information is not included in accordance with ASC 805 since the acquisition was not considered material. On December 4, 2023, the Company acquired certain assets of Freeway Ford Truck Sales, Inc., which included real estate and a Ford commercial vehicle franchise in Chicago, Illinois, along with commercial vehicle and parts inventory. The transaction was valued at approximately $16.3 million, with the purchase price paid in cash.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	During the three months ended March 31, 2024, none
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 3 - Earnings Per Share (Ta

Note 3 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2024 2023 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 71,608 $ 90,455 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 78,483 82,150 Effect of dilutive securities– Employee and director stock options and restricted share awards 2,971 2,696 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 81,454 84,846 Basic earnings per common share $ 0.91 $ 1.10 Diluted earnings per common share and common share equivalents $ 0.88 $ 1.07
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended March 31, 2024 2023 Weighted average anti-dilutive options 317 1,279

Note 6 - Segment Information (T

Note 6 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Revenues from external customers $ 1,867,968 $ 4,031 $ 1,871,999 Segment operating income (loss) 110,708 (98 ) 110,610 Segment income (loss) before taxes 92,912 (98 ) 92,814 Segment assets 4,570,652 58,354 4,629,006 As of and for the three months ended March 31, 2023 Revenues from external customers $ 1,907,941 $ 3,826 $ 1,911,767 Segment operating income 127,563 213 127,776 Segment income before taxes 118,927 213 119,140 Segment assets 3,913,928 55,624 3,969,552

Note 8 - Revenue (Tables)

Note 8 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2024 2023 Commercial vehicle sales revenue $ 1,123,319 $ 1,161,725 Parts revenue 373,426 384,418 Commercial vehicle repair service revenue 275,770 263,808 Finance revenue 2,074 3,508 Insurance revenue 3,320 3,063 Other revenue 6,169 8,579 Total $ 1,784,078 $ 1,825,101

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Leases, Lease Income [Table Text Block]	Three Months Ended March 31, 2024 2023 Minimum rental payments $ 76,868 $ 75,160 Nonlease payments 11,053 11,506 Total $ 87,921 $ 86,666

Note 10 - Accumulated Other C_2

Note 10 - Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Balance as of December 31, 2023 $ (2,163 ) Foreign currency translation adjustment (1,891 ) Balance as of March 31, 2024 $ (4,054 )

Note 11 - Accounts Receivable_2

Note 11 - Accounts Receivable and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Balance December 31, 2023 Provision For the Three Months Ended March 31, 2024 Write offs Against Allowance, net of Recoveries Balance March 31, 2024 Commercial vehicle receivables $ 102 $ − $ 57 $ 159 Manufacturers’ receivables 964 667 (644 ) 987 Leasing, parts and service receivables 1,660 1,095 (864 ) 1,891 Other receivables 1,079 5 (29 ) 1,055 Total $ 3,805 $ 1,767 $ (1,480 ) $ 4,092

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation and Basis of Presentation (Details Textual) $ / shares in Units, $ in Millions	Aug. 28, 2023 $ / shares shares	Jul. 25, 2020	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares
Common Stock, Par or Stated Value Per Share			$ 0.01	$ 0.01
Common Class A [Member]
Additional Share Issued for Every Two Shares of Common Stock | shares	1
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01
Stock Split From [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		3
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		2
Deposits for Restrictions Related to Captive Insurance Company [Member]
Restricted Cash and Cash Equivalents, Current | $			$ 3.1

Note 3 - Earnings Per Share - E

Note 3 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 71,608	$ 90,455
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	78,483	82,150
Effect of dilutive securities– Employee stock options and restricted share awards (in shares)	2,971	2,696
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	81,454	84,846
Basic earnings per common share (in dollars per share)	$ 0.91	$ 1.1
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 0.88	$ 1.07

Note 3 - Earnings Per Share - A

Note 3 - Earnings Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Anti-dilutive options – weighted average (in shares)	317	1,279

Note 4 - Stock Options and Re_2

Note 4 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17.6
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 6 months
Share-Based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense	$ 14.1	$ 13.1
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 22.8
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 7 months 6 days

Note 6 - Segment Information (D

Note 6 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2024
Truck Segment [Member]
Number of Reportable Segments	1
Other Operating Segment [Member]
Number of Operating Segments	3

Note 6 - Segment Information -

Note 6 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues from external customers	$ 1,871,999	$ 1,911,767
Segment operating income	110,610	127,776
Segment income before taxes	92,814	119,140
Segment assets	4,629,006	3,969,552	$ 4,364,241
Truck Segment [Member]
Revenues from external customers	1,867,968	1,907,941
Segment operating income	110,708	127,563
Segment income before taxes	92,912	118,927
Segment assets	4,570,652	3,913,928
Other Operating Segment [Member]
Revenues from external customers	4,031	3,826
Segment operating income		213
Segment income before taxes	(98)	213
Segment assets	$ 58,354	$ 55,624

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 6,700,000	$ 6,700,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 389,000	389,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued		$ 0
Domestic Tax Jurisdiction [Member]
Open Tax Year	2020 2021 2022 2023
State and Local Jurisdiction [Member]
Open Tax Year	2019 2020 2021 2022 2023

Note 8 - Revenue - Disaggregate

Note 8 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue	$ 1,784,078	$ 1,825,101
Commercial Vehicle [Member]
Revenue	1,123,319	1,161,725
Parts [Member]
Revenue	373,426	384,418
Commercial Vehicle Repair Service [Member]
Revenue	275,770	263,808
Financial Service [Member]
Revenue	2,074	3,508
Insurance [Member]
Revenue	3,320	3,063
Product and Service, Other [Member]
Revenue	$ 6,169	$ 8,579

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual)	3 Months Ended
	Mar. 31, 2024
Minimum [Member]
Lessor, Leases, Term of Contract	1 year
Maximum [Member]
Lessor, Leases, Term of Contract	10 years

Note 9 - Leases - Rental Income

Note 9 - Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Minimum rental payments	$ 76,868	$ 75,160
Nonlease payments	11,053	11,506
Total	$ 87,921	$ 86,666

Note 10 - Accumulated Other C_3

Note 10 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance	$ 1,870,879
Balance	1,935,502
AOCI Attributable to Parent [Member]
Balance	(2,163)
Foreign currency translation adjustment	(1,891)
Balance	$ (4,054)

Note 11 - Accounts Receivable_3

Note 11 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Balance		$ 3,805
Current period provision		1,767
Write offs against allowance, net of recoveries		(1,480)
Balance		4,092
Commercial Vehicle Receivables [Member]
Balance		102
Current period provision	$ 0
Write offs against allowance, net of recoveries	57
Balance	$ 159
Manufacturers' Receivables [Member]
Balance		964
Current period provision		667
Write offs against allowance, net of recoveries		(644)
Balance		987
Leasing, Parts and Service Receivables [Member]
Balance		1,660
Current period provision		1,095
Write offs against allowance, net of recoveries		(864)
Balance		1,891
Other Receivables [Member]
Balance		1,079
Current period provision		5
Write offs against allowance, net of recoveries		(29)
Balance		$ 1,055

Note 12 - Acquisition (Details

Note 12 - Acquisition (Details Textual) $ in Millions	Dec. 04, 2023 USD ($)
Freeway Ford Truck Sales, Inc. [Member]
Payments to Acquire Productive Assets	$ 16.3