Rush Enterprises (RUSHA) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		62,058,119
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)		16,697,663
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	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash, cash equivalents and restricted cash	$ 167,266	$ 183,725
Accounts receivable, net	286,848	259,353
Notes receivable from affiliate	6,035
Inventories, net	1,894,214	1,801,447
Prepaid expenses and other	23,338	15,779
Total current assets	2,377,701	2,260,304
Property and equipment, net	1,522,808	1,488,086
Operating lease right-of-use assets, net	115,503	120,162
Goodwill, net	419,303	420,708
Other assets, net	71,211	74,981
Total assets	4,506,526	4,364,241
Current liabilities:
Floor plan notes payable	1,226,651	1,139,744
Current maturities of finance lease obligations	40,076	36,119
Current maturities of operating lease obligations	16,084	17,438
Trade accounts payable	166,630	162,134
Customer deposits	95,835	145,326
Accrued expenses	152,625	172,549
Total current liabilities	1,697,901	1,673,310
Long-term debt, net of current maturities	396,562	414,002
Finance lease obligations, net of current maturities	97,134	97,617
Operating lease obligations, net of current maturities	101,510	104,514
Other long-term liabilities	29,586	24,811
Deferred income taxes, net	160,899	159,571
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2024 and 2023	0	0
Common stock, par value $.01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 61,869,093 Class A shares and 16,700,392 Class B shares outstanding in 2024; and 61,461,281 Class A shares and 16,364,158 Class B shares outstanding in 2023	816	806
Additional paid-in capital	563,604	542,046
Treasury stock, at cost: 1,298,522 Class A shares and 1,746,047 Class B shares in 2024; and 1,092,142 Class A shares and 1,731,157 Class B shares in 2023	(129,415)	(119,835)
Retained earnings	1,573,316	1,450,025
Accumulated other comprehensive income	(4,927)	(2,163)
Total Rush Enterprises, Inc. shareholders’ equity	2,003,394	1,870,879
Noncontrolling interest	19,540	19,537
Total shareholders’ equity	2,022,934	1,890,416
Total liabilities and shareholders’ equity	$ 4,506,526	$ 4,364,241
Common Class A [Member]
Shareholders’ equity:
Treasury Stock, Common, Shares (in shares)		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)	61,869,093	61,461,281
Treasury Stock, Common, Shares (in shares)	1,298,522	1,092,142
Common Class B [Member]
Common stock, authorized (in shares)	35,000,000	35,000,000
Common stock, outstanding (in shares)	16,700,392	16,364,158
Treasury Stock, Common, Shares (in shares)	1,746,047	1,731,157

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Revenue	$ 1,939,382	$ 1,914,503	$ 3,723,460	$ 3,739,604
Lease and rental sales	87,646	88,549	175,567	175,215
Total revenue	2,027,028	2,003,052	3,899,027	3,914,819
Cost of products sold
Lease and rental sales	62,687	61,514	126,457	121,992
Total cost of products sold	1,634,639	1,589,204	3,116,763	3,102,202
Gross profit	392,389	413,848	782,264	812,617
Selling, general and administrative expense	251,368	256,691	515,033	513,499
Depreciation and amortization expense	16,492	14,545	32,242	28,859
Gain (loss) on sale of assets	(48)	247	102	376
Operating income	124,481	142,859	235,091	270,635
Other (expense) income	44	(96)	221	2,251
Interest expense, net	19,464	12,238	37,437	23,221
Income before taxes	105,061	130,525	197,875	249,665
Income tax provision	26,278	32,001	47,603	60,351
Net income	78,783	98,524	150,272	189,314
Less: Net income (loss) attributable to noncontrolling interest	122	249	3	584
Net income attributable to Rush Enterprises, Inc.	$ 78,661	$ 98,275	$ 150,269	$ 188,730
Net income attributable to Rush Enterprises, Inc. per share of common stock:
Basic (in dollars per share)	$ 1.01	$ 1.2	$ 1.91	$ 2.31
Diluted (in dollars per share)	$ 97	$ 1.17	$ 1.84	$ 2.23
Basic (in shares)	78,270	81,690	78,706	81,926
Diluted (in shares)	80,778	84,156	81,467	84,501
Dividends declared per common share (in dollars per share)	$ 0.17	$ 0.14	$ 0.34	$ 0.28
New and Used Commercial Vehicle [Member]
Revenues
Revenue	$ 1,300,308	$ 1,250,794	$ 2,423,627	$ 2,412,519
Cost of products sold
Costs of products sold	1,179,819	1,124,339	2,185,919	2,174,704
Parts and Service [Member]
Revenues
Revenue	627,431	651,130	1,276,627	1,299,356
Cost of products sold
Costs of products sold	392,133	403,351	804,387	805,506
Finance and Insurance [Member]
Revenues
Revenue	5,937	6,189	11,331	12,760
Product and Service, Other [Member]
Revenues
Revenue	$ 5,706	$ 6,390	$ 11,875	$ 14,969

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 78,783	$ 98,524	$ 150,272	$ 189,314
Other comprehensive income (loss), net of tax:
Foreign currency translation	(873)	1,689	(2,764)	1,921
Comprehensive income	77,910	100,213	147,508	191,235
Less: Comprehensive income attributable to noncontrolling interest	122	249	3	584
Comprehensive income attributable to Rush Enterprises, Inc.	77,788	99,964	147,505	190,651
Product and Service, Other [Member]
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) attributable to Rush Enterprises, Inc.	$ (873)	$ 1,689	$ (2,764)	$ 1,921

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)	63,518	18,125
Balance			$ 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
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 adjustment									232,000			232,000
Net income								90,455,000				90,455,000	335,000
Foreign currency translation									232,000			232,000
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, 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
Foreign currency translation adjustment																1,921,000
Net income																189,314,000
Foreign currency translation																1,921,000
Balance (in shares) at Jun. 30, 2023	62,572	18,269
Balance at Jun. 30, 2023			578,000	522,375,000	(196,515,000)			1,543,941,000	(2,209,000)			1,868,170,000	19,115,000			1,887,285,000
Balance (in shares)	63,225	18,463
Balance			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 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
Stock options exercised and stock awards (in shares)	237
Stock options exercised and stock awards			1,000	3,479,000								3,480,000				3,480,000
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				5,952,000								5,952,000				5,952,000
Vesting of restricted share awards				(54,000)								(54,000)				(54,000)
Common stock repurchases					(40,305,000)							(40,305,000)				(40,305,000)
Cash dividends declared						(8,812,000)	(2,725,000)			(8,812,000)	(2,725,000)			$ (8,812,000)	$ (2,725,000)
Foreign currency translation adjustment									1,689,000			1,689,000				1,689,000
Net income								98,275,000				98,275,000	249,000			98,524,000
Foreign currency translation									1,689,000			1,689,000				1,689,000
Balance (in shares) at Jun. 30, 2023	62,572	18,269
Balance at Jun. 30, 2023			578,000	522,375,000	(196,515,000)			1,543,941,000	(2,209,000)			1,868,170,000	19,115,000			1,887,285,000
Balance (in shares)	62,572	18,269
Balance			578,000	522,375,000	(196,515,000)			1,543,941,000	(2,209,000)			1,868,170,000	19,115,000			1,887,285,000
Balance (in shares)	61,461	16,364
Balance			806,000	542,046,000	(119,835,000)			1,450,025,000	(2,163,000)			1,870,879,000				1,890,416,000
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 adjustment									(1,891,000)			(1,891,000)				(1,891,000)
Net income								71,608,000				71,608,000	(119,000)			71,489,000
Foreign currency translation									(1,891,000)			(1,891,000)				(1,891,000)
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
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
Foreign currency translation adjustment																(2,764,000)
Net income																150,272,000
Foreign currency translation																(2,764,000)
Balance (in shares) at Jun. 30, 2024	61,869	16,700
Balance at Jun. 30, 2024			816,000	563,604,000	(129,415,000)			1,573,316,000	(4,927,000)			2,003,394,000	19,540,000			2,022,934,000
Balance (in shares)	61,813	16,715
Balance			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
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
Stock options exercised and stock awards (in shares)	134
Stock options exercised and stock awards			1,000	2,098,000								2,099,000				2,099,000
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				5,515,000								5,515,000				5,515,000
Vesting of restricted share awards				(10,000)								(10,000)				(10,000)
Common stock repurchases (in shares)	(78)	(15)
Common stock repurchases					(3,953,000)							(3,953,000)				(3,953,000)
Cash dividends declared						$ (10,523,000)	$ (3,024,000)			$ (10,523,000)	$ (3,024,000)			$ (10,523,000)	$ (3,024,000)
Foreign currency translation adjustment									(873,000)			(873,000)				(873,000)
Net income								78,661,000				78,661,000	122,000			78,783,000
Foreign currency translation									(873,000)			(873,000)				(873,000)
Balance (in shares) at Jun. 30, 2024	61,869	16,700
Balance at Jun. 30, 2024			816,000	563,604,000	(129,415,000)			1,573,316,000	(4,927,000)			2,003,394,000	19,540,000			2,022,934,000
Balance (in shares)	61,869	16,700
Balance			$ 816,000	$ 563,604,000	$ (129,415,000)			$ 1,573,316,000	$ (4,927,000)			$ 2,003,394,000	$ 19,540,000			$ 2,022,934,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 150,272	$ 189,314
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	114,318	108,557
Gain on sale of property and equipment, net	(102)	(377)
Stock-based compensation expense related to employee equity awards and employee stock purchases	19,605	19,032
Deferred income tax expense	1,499	2,854
Change in accounts and notes receivable, net	(34,041)	(15,911)
Change in inventories, net	(63,376)	(174,353)
Change in prepaid expenses and other, net	(7,593)	(5,057)
Change in trade accounts payable	3,885	12,813
Change in customer deposits	(49,151)	(14,868)
Change in accrued expenses	(19,418)	(7,354)
Other, net	(373)	(634)
Net cash provided by operating activities	115,525	114,016
Acquisition of property and equipment	(172,522)	(186,000)
Proceeds from the sale of property and equipment	3,139	1,142
Other	8,255	(4,088)
Net cash used in investing activities	(161,128)	(188,946)
Cash flows from financing activities:
Draws on floor plan notes payable – non-trade, net	88,404	191,002
Proceeds from long-term debt	1,184,870	653,445
Principal payments on long-term debt	(1,200,797)	(684,803)
Principal payments on finance lease obligations	(8,486)	(9,341)
Proceeds from issuance of shares relating to equity awards and employee stock purchases	11,460	9,724
Taxes paid related to net share settlement of equity awards	(9,497)	(7,017)
Payments of cash dividends	(27,232)	(23,449)
Common stock repurchased	(9,542)	(63,857)
Net cash provided by financing activities	29,180	65,704
Net decrease in cash, cash equivalents and restricted cash	(16,423)	(9,226)
Effect of exchange rate on cash	(36)	79
Cash, cash equivalents and restricted cash, beginning of period	183,725	201,044
Cash, cash equivalents and restricted cash, end of period	167,266	191,897
Income taxes, net of refunds
Interest	40,235	25,033
Noncash activities:
Assets acquired under finance leases	$ 19,448	$ 29,401

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	6 Months Ended
	Jun. 30, 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. Authorized Shares On May 16, 2023, the Company’s shareholders approved the Certificate of Amendment to the Restated Articles of Incorporation of the Company to increase the number of authorized shares of Class A Common Stock from 60,000,000 to 105,000,000 and Class B Common Stock from 20,000,000 to 35,000,000. Stock Split On July 25, 2023, the Company’s Board of Directors declared a three two 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	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 78,661 $ 98,275 $ 150,269 $ 188,730 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 78,270 81,690 78,706 81,926 Effect of dilutive securities– Employee stock options and restricted stock awards 2,508 2,466 2,761 2,575 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 80,778 84,156 81,467 84,501 Basic earnings per common share $ 1.01 $ 1.20 $ 1.91 $ 2.31 Diluted earnings per common share and common share equivalents $ 0.97 $ 1.17 $ 1.84 $ 2.23 Options to purchase shares of common stock that were outstanding for the three months and six months ended June 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted average anti-dilutive stock options 860 1,700 589 1,490

Note 4 - Stock Options and Rest

Note 4 - Stock Options and Restricted Stock Awards	6 Months Ended
	Jun. 30, 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 $5.5 million for the three months ended June 30, 2024, and $6.0 million for the three months ended June 30, 2023. Stock-based compensation expense, included in selling, general and administrative expense, was $19.6 million for the six months ended June 30, 2024, and was $19.0 million for the six months ended June 30, 2023. As of June 30, 2024, the Company had $15.9 million of unrecognized compensation cost related to non-vested employee stock options to be recognized over a weighted-average period of 2.5 years and $20.0 million of unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 1.5 years.

Note 5 - Financial Instruments

Note 5 - Financial Instruments and Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 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 rates, 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	6 Months Ended
	Jun. 30, 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 its 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 June 30, 2024 and 2023 (in thousands): Truck Segment All Other Total As of and for the three months ended June 30, 2024 Revenues from external customers $ 2,022,756 $ 4,272 $ 2,027,028 Segment operating income 124,553 (72 ) 124,481 Segment income before taxes 105,133 (72 ) 105,061 Segment assets 4,446,418 60,108 4,506,526 For the six months ended June 30, 2024 Revenues from external customers $ 3,890,803 $ 8,224 $ 3,899,027 Segment operating income 235,340 (249 ) 235,091 Segment income before taxes 198,124 (249 ) 197,875 As of and for the three months ended June 30, 2023 Revenues from external customers $ 1,999,028 $ 4,024 $ 2,003,052 Segment operating income 142,869 (10 ) 142,859 Segment income before taxes 130,535 (10 ) 130,525 Segment assets 4,070,544 55,777 4,126,321 For the six months ended June 30, 2023 Revenues from external customers $ 3,906,969 $ 7,850 $ 3,914,819 Segment operating income 270,432 203 270,635 Segment income before taxes 249,462 203 249,665

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7 Income Taxes The Company had unrecognized income tax benefits totaling $6.7 million and $5.3 million as a component of accrued liabilities as of June 30, 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 June 30, 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 June 30, 2024, the tax years ended December 31, 2020 2019

Note 8 - Revenue

Note 8 - Revenue	6 Months Ended
	Jun. 30, 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 revenues from such sales are 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 months and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Commercial vehicle sales revenue $ 1,300,308 $ 1,250,794 $ 2,423,627 $ 2,412,519 Parts revenue 365,032 379,444 738,458 764,898 Commercial vehicle repair service revenue 262,399 271,685 538,169 534,458 Finance revenue 2,387 2,978 4,462 6,500 Insurance revenue 3,550 3,212 6,869 6,260 Other revenue 5,706 6,390 11,875 14,969 Total $ 1,939,382 $ 1,914,503 $ 3,723,460 $ 3,739,604 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not

Note 9 - Leases

Note 9 - Leases	6 Months Ended
	Jun. 30, 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 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 and six months ended June 30, 2024 and June 30, 2023 consisted of the following (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Minimum rental payments $ 76,362 $ 76,431 $ 153,229 $ 151,591 Nonlease payments 11,284 12,118 22,338 23,624 Total $ 87,646 $ 88,549 $ 175,567 $ 175,215

Note 10 - Accumulated Other Com

Note 10 - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	10 Accumulated Other Comprehensive Income 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 ) Foreign currency translation adjustment (873 ) Balance as of June 30, 2024 $ (4,927 ) 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 monthly average exchange rates 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	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, 2024 Write offs Against Allowance, net of Recoveries Balance June 30, 2024 Commercial vehicle receivables $ 102 $ 10 $ − $ 112 Manufacturers’ receivables 964 1,447 (1,602 ) 809 Leasing, parts and service receivables 1,660 1,264 (1,297 ) 1,627 Other receivables 1,079 15 (46 ) 1,048 Total $ 3,805 $ 2,736 $ (2,945 ) $ 3,596

Note 12 - Acquisitions

Note 12 - Acquisitions	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Business Combination Disclosure [Text Block]	12 Acquisitions The following acquisitions, unless otherwise noted, were considered business combinations accounted for under ASC 805 “Business Combinations.” Pro forma information was not included in accordance with ASC 805 because the acquisitions were 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. On July 15, 2024, the Company acquired certain assets of Nebraska Peterbilt, which included real estate and a Peterbilt commercial vehicle franchise in Grand Island and North Platte, Nebraska, along with commercial vehicle and parts inventory. The transaction was valued at approximately $16.5 million, with the purchase price paid in cash.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		During the three months ended June 30, 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)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 78,661 $ 98,275 $ 150,269 $ 188,730 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 78,270 81,690 78,706 81,926 Effect of dilutive securities– Employee stock options and restricted stock awards 2,508 2,466 2,761 2,575 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 80,778 84,156 81,467 84,501 Basic earnings per common share $ 1.01 $ 1.20 $ 1.91 $ 2.31 Diluted earnings per common share and common share equivalents $ 0.97 $ 1.17 $ 1.84 $ 2.23
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted average anti-dilutive stock options 860 1,700 589 1,490

Note 6 - Segment Information (T

Note 6 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Truck Segment All Other Total As of and for the three months ended June 30, 2024 Revenues from external customers $ 2,022,756 $ 4,272 $ 2,027,028 Segment operating income 124,553 (72 ) 124,481 Segment income before taxes 105,133 (72 ) 105,061 Segment assets 4,446,418 60,108 4,506,526 For the six months ended June 30, 2024 Revenues from external customers $ 3,890,803 $ 8,224 $ 3,899,027 Segment operating income 235,340 (249 ) 235,091 Segment income before taxes 198,124 (249 ) 197,875 As of and for the three months ended June 30, 2023 Revenues from external customers $ 1,999,028 $ 4,024 $ 2,003,052 Segment operating income 142,869 (10 ) 142,859 Segment income before taxes 130,535 (10 ) 130,525 Segment assets 4,070,544 55,777 4,126,321 For the six months ended June 30, 2023 Revenues from external customers $ 3,906,969 $ 7,850 $ 3,914,819 Segment operating income 270,432 203 270,635 Segment income before taxes 249,462 203 249,665

Note 8 - Revenue (Tables)

Note 8 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Commercial vehicle sales revenue $ 1,300,308 $ 1,250,794 $ 2,423,627 $ 2,412,519 Parts revenue 365,032 379,444 738,458 764,898 Commercial vehicle repair service revenue 262,399 271,685 538,169 534,458 Finance revenue 2,387 2,978 4,462 6,500 Insurance revenue 3,550 3,212 6,869 6,260 Other revenue 5,706 6,390 11,875 14,969 Total $ 1,939,382 $ 1,914,503 $ 3,723,460 $ 3,739,604

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Leases, Lease Income [Table Text Block]	Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Minimum rental payments $ 76,362 $ 76,431 $ 153,229 $ 151,591 Nonlease payments 11,284 12,118 22,338 23,624 Total $ 87,646 $ 88,549 $ 175,567 $ 175,215

Note 10 - Accumulated Other C_2

Note 10 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 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 ) Foreign currency translation adjustment (873 ) Balance as of June 30, 2024 $ (4,927 )

Note 11 - Accounts Receivable_2

Note 11 - Accounts Receivable and Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Balance December 31, 2023 Provision for the Six Months Ended June 30, 2024 Write offs Against Allowance, net of Recoveries Balance June 30, 2024 Commercial vehicle receivables $ 102 $ 10 $ − $ 112 Manufacturers’ receivables 964 1,447 (1,602 ) 809 Leasing, parts and service receivables 1,660 1,264 (1,297 ) 1,627 Other receivables 1,079 15 (46 ) 1,048 Total $ 3,805 $ 2,736 $ (2,945 ) $ 3,596

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation and Basis of Presentation (Details Textual)	Jul. 25, 2020	Mar. 31, 2024 shares	Dec. 31, 2023 shares	May 16, 2023 shares	Dec. 31, 2022 shares
Stock Split From [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	3
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2
Common Class A [Member]
Common Stock, Shares Authorized		105,000,000	105,000,000	105,000,000	60,000,000
Common Class B [Member]
Common Stock, Shares Authorized		35,000,000	35,000,000	35,000,000	20,000,000

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 78,661	$ 98,275	$ 150,269	$ 188,730
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	78,270	81,690	78,706	81,926
Effect of dilutive securities– Employee stock options and restricted stock awards (in shares)	2,508	2,466	2,761	2,575
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	80,778	84,156	81,467	84,501
Basic earnings per common share (in dollars per share)	$ 1.01	$ 1.2	$ 1.91	$ 2.31
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 0.97	$ 1.17	$ 1.84	$ 2.23

Note 3 - Earnings Per Share - A

Note 3 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Anti-dilutive options – weighted average (in shares)	860	1,700	589	1,490

Note 4 - Stock Options and Re_2

Note 4 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 15.9		$ 15.9
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	5.5	$ 6	$ 19.6	$ 19
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 20		$ 20
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 6 months

Note 6 - Segment Information (D

Note 6 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues from external customers	$ 2,027,028	$ 2,003,052	$ 3,899,027	$ 3,914,819
Segment operating income	124,481	142,859	235,091	270,635
Segment income before taxes	105,061	130,525	197,875	249,665
Segment assets	4,506,526	4,126,321	4,506,526	4,126,321	$ 4,364,241
Truck Segment [Member]
Revenues from external customers	2,022,756	1,999,028	3,890,803	3,906,969
Segment operating income	124,553	142,869	235,340	270,432
Segment income before taxes	105,133	130,535	198,124	249,462
Segment assets	4,446,418	4,070,544	4,446,418	4,070,544
Other Operating Segment [Member]
Revenues from external customers	4,272	4,024	8,224	7,850
Segment operating income		(10)	(249)	203
Segment income before taxes	(72)	(10)	(249)	203
Segment assets	$ 60,108	$ 55,777	$ 60,108	$ 55,777

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 6,700,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	0	$ 5,300,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 389,000	$ 389,000
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 (Details Textu

Note 8 - Revenue (Details Textual) $ in Thousands	Jun. 30, 2024 USD ($)
Contract with Customer, Asset, after Allowance for Credit Loss	$ 0
Contract with Customer, Liability	$ 0

Note 8 - Revenue - Disaggregate

Note 8 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue	$ 1,939,382	$ 1,914,503	$ 3,723,460	$ 3,739,604
Commercial Vehicle [Member]
Revenue	1,300,308	1,250,794	2,423,627	2,412,519
Parts [Member]
Revenue	365,032	379,444	738,458	764,898
Commercial Vehicle Repair Service [Member]
Revenue	262,399	271,685	538,169	534,458
Financial Service [Member]
Revenue	2,387	2,978	4,462	6,500
Insurance [Member]
Revenue	3,550	3,212	6,869	6,260
Product and Service, Other [Member]
Revenue	$ 5,706	$ 6,390	$ 11,875	$ 14,969

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Minimum rental payments	$ 76,362	$ 76,431	$ 153,229	$ 151,591
Nonlease payments	11,284	12,118	22,338	23,624
Total	$ 87,646	$ 88,549	$ 175,567	$ 175,215

Note 10 - Accumulated Other C_3

Note 10 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Balance		$ 1,870,879	$ 1,870,879
Balance	$ 2,003,394		2,003,394
AOCI Attributable to Parent [Member]
Balance	(4,054)	(2,163)	(2,163)
Foreign currency translation adjustment	(873)	(1,891)
Balance	$ (4,927)	$ (4,054)	$ (4,927)

Note 11 - Accounts Receivable_3

Note 11 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Balance	$ 3,805
Current period provision	2,736
Balance	3,596
Write offs against allowance, net of recoveries	(2,945)
Commercial Vehicle Receivables [Member]
Balance	102
Current period provision	10
Balance	112
Manufacturers' Receivables [Member]
Balance	964
Current period provision	1,447
Balance	809
Write offs against allowance, net of recoveries	(1,602)
Leasing, Parts and Service Receivables [Member]
Balance	1,660
Current period provision	1,264
Balance	1,627
Write offs against allowance, net of recoveries	(1,297)
Other Receivables [Member]
Balance	1,079
Current period provision	15
Balance	1,048
Write offs against allowance, net of recoveries	$ (46)

Note 12 - Acquisitions (Details

Note 12 - Acquisitions (Details Textual) - USD ($) $ in Millions	Jul. 15, 2024	Dec. 04, 2023
Freeway Ford Truck Sales, Inc. [Member]
Payments to Acquire Productive Assets		$ 16.3
Nebraska Peterbilt [Member] | Subsequent Event [Member]
Payments to Acquire Productive Assets	$ 16.5