Market Overview

Rush Enterprises, Inc. Reports Fourth Quarter and Year-End 2016 Results

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  • Revenues of $4.2 billion, $40.6 million net income
  • Heavy-Duty new commercial vehicle sales challenged by decreased activity from large fleets and low used truck valuations
  • Strong performance in medium-duty new commercial vehicle sales continued throughout 2016
  • Continued to make progress on aftermarket strategic initiatives

SAN ANTONIO, Feb. 15, 2017 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA) (NASDAQ: RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the year ended December 31, 2016, the Company achieved revenues of $4.2 billion and net income of $40.6 million, or $1.00 per diluted share, compared with revenues of $5.0 billion and net income of $66.1 million, or $1.61 per diluted share, in the year ended December 31, 2015.

"New heavy-duty truck sales were off significantly in 2016, as several of our large fleet customers delayed purchases due to excess capacity, an erratic freight environment and low used truck trade-in valuations caused by an oversupply of used trucks," said W.M. "Rusty" Rush, Chairman, Chief Executive Officer and President, Rush Enterprises, Inc.  "However, our solid performance in medium-duty new truck sales was a bright spot for the year," Rush added.

"In 2016, we made progress on aftermarket strategic initiatives including all-makes parts sales growth and vehicle technologies.  We also continued to expand our compressed natural gas fuel system product offerings.  While most of our efforts in these areas in the past year were about building the foundation, we remain committed to expanding these aftermarket solutions and expect to see a positive impact on our financial results from these initiatives in 2017.  In 2016, we also strengthened our nationwide network of Rush Truck Centers by opening new locations in California and Kentucky and increasing service capabilities in California, Colorado, Illinois, Ohio and Texas," said Rush.  

"Early in 2016, we instituted extensive expense reductions to offset declining revenue, including consolidating several locations in our Rush Truck Centers network.  These efforts allowed us to manage costs and remain nimble in a down market.  Additionally, we formed a Business Process Management group that has been tasked with improving efficiencies in the way we do business throughout the organization to enable us to increase productivity, decrease expenses and better ensure a consistent experience for both our customers and our employees," Rush explained.

"I am grateful to our leadership team for helping us manage our way through a difficult year and to all of our employees for their unwavering commitment to our customers.  As always, but especially in a challenging year, their efforts are sincerely appreciated," said Rush.

Operations

Aftermarket Solutions

Aftermarket services accounted for 67% of the Company's total gross profits in 2016, with parts, service and body shop revenues reaching $1.3 billion, down 3.6% over 2015.  The Company achieved an annual absorption ratio of 112.2%. 

"The decline in demand for aftermarket services from the energy sector that began in late 2015 continued through the first quarter of 2016, and activity remained at decreased levels through 2016.  We were able to recoup some of those lost revenues in other areas, including parts and service support for construction, refuse and other business sectors, and we continued to aggressively pursue aftermarket initiatives in an effort to help offset lost energy sector revenues," Rush explained.

"In 2016, we strengthened our all-makes parts focus by expanding the product lines we offer, introducing a comprehensive parts catalog and implementing a marketing campaign of frequent communication to customers.  We believe these efforts position us well to achieve our goal of being the market leader in all-makes parts.  We also expanded distribution of our Rig Tough Truck Parts proprietary line of parts and accessories to additional Rush Truck Centers locations, and we grew our parts sales organization to support our strategic focus," Rush said.

"In 2016, we launched our RushCare Service Connect customer portal and expanded our telematics offerings; both have been well received by our customers.  We also expanded our Momentum Fuel Technologies product offering, and now offer compressed natural gas fuel systems to meet the needs of the most popular compressed natural gas applications, including waste, transit and over-the-road customers," said Rush.

"As we look ahead, we are beginning to see a slight increase in parts and service activity from the energy sector, notably an increase in our mobile services supporting energy customers.  Aftermarket business in construction, refuse and other vocational areas is expected to remain stable.  We anticipate increased adoption of RushCare Service Connect and our telematics offerings, and we remain committed to our long-term initiatives; we expect to realize positive impact from these efforts in 2017," said Rush.

Truck Sales

In 2016, Rush Class 8 retail sales accounted for 5.5% of the total U.S. Class 8 market, compared to 6.7% in 2015.  The Company sold 10,816 Class 8 trucks in 2016, a decrease of 35.9% compared to 2015.

"2016 was a tough year for heavy-duty truck sales across the industry, as U.S. Class 8 retail sales were down 22.2% compared to 2015.  Throughout 2016, significantly reduced demand from several large fleet customers negatively impacted our new Class 8 truck sales.  We saw some moderate increases in vocational activity in 2016, particularly in Texas, California and Florida, but over-the-road truck sales were sluggish throughout 2016.

"Additionally, an oversupply of used trucks throughout the industry continues to suppress used truck trade-in values, negatively impacting new truck sales.  We expect used truck valuations will remain soft for most of 2017, which will continue to negatively impact new Class 8 truck sales," said Rush.

ACT Research forecasts U.S. retail sales of Class 8 trucks to total 154,000 units in 2017, a 21.8% decrease compared to 2016 retail sales.  "We believe 2017 is going to be another tough year for Class 8 truck sales.  That said, many customers are cautiously optimistic about potential economic improvements, and as a result, we are seeing an increase in quoting activity.  Our sales force is focused, and we will compete aggressively for every truck sales opportunity that we have," said Rush.  "We are confident that, at a minimum, our Class 8 truck sales will be on pace with the industry."

Rush's U.S. Class 4-7 medium-duty truck sales reached 11,135 units in 2016, flat compared to 2015.   Rush's medium-duty new truck sales accounted for 4.9% of the total U.S. Class 4-7 market in 2016.

"Our nationwide inventory of ready-to-roll medium-duty trucks and wide range of products, including Peterbilt, International, Hino, Isuzu, Ford and Mitsubishi Fuso gives us the ability to support customers in a wide variety of business sectors.  This enabled another strong year for us in Class 4-7 truck sales in 2016," said Rush.

ACT Research forecasts U. S. retail sales of Class 4-7 vehicles to reach 232,800 units in 2017, a 2.9% increase over 2016.  "There was an uptick in quoting activity in the fourth quarter, particularly coming from the infrastructure sector and from ancillary businesses that support the infrastructure sector.  We expect this to be a key driver for medium-duty new truck sales in 2017, and we remain focused on providing work-ready inventory at our dealerships to meet the immediate needs of these customers.  We believe our Class 4-7 truck sales will remain consistent with the industry in 2017," said Rush.

Financial Highlights

For the year ended December 31, 2016, the Company's gross revenues totaled $4.2 billion, compared to gross revenues of $5.0 billion reported in 2015.  The Company reported net income for the year of $40.6 million, or $1.00 per diluted share, compared with a net income of $66.1 million, or $1.61 per diluted share in 2015. 

Aftermarket services revenues were $1.3 billion in the year ended 2016, compared to $1.4 billion in the year ended 2015.  The Company sold 30,635 new and used commercial vehicles in 2016, an 18.7% decrease compared to 37,702 new and used commercial vehicles in 2015.  The Company delivered 10,816 new heavy-duty trucks, 11,135 new medium-duty commercial vehicles, 1,676 new light-duty commercial vehicles and 7,008 used commercial vehicles during 2016, compared to 16,874 new heavy-duty trucks, 11,241 new medium-duty commercial vehicles, 1,665 new light-duty commercial vehicles and 7,922 used commercial vehicles during 2015.

In the fourth quarter of 2016, the Company's gross revenues totaled $1.0 billion, compared to gross revenues of $1.2 billion reported for the fourth quarter of 2015.  Net income for the quarter ended December 31, 2016 was $12.5 million, or $0.31 per diluted share, compared to $9.8 million, or $0.24 per diluted share, in the quarter ended December 31, 2015.  The fourth quarter of 2015 results included a $6.1 million write-down of new and used truck inventory, which reduced quarterly and 2015 earnings by $.09 per diluted share. 

Aftermarket services revenues were $325.3 million in the fourth quarter of 2016, compared to $331.4 million in the fourth quarter of 2015.  The absorption ratio was 120.6% in the fourth quarter of 2016, compared to 111.8% in the fourth quarter of 2015.  The Company delivered 2,521 new heavy-duty trucks, 2,581 new medium-duty commercial vehicles, 380 new light-duty commercial vehicles and 1,728 used commercial vehicles during the fourth quarter of 2016, compared to 3,686 new heavy-duty trucks, 2,764 new medium-duty commercial vehicles, 518 new light-duty commercial vehicles and 1,882 used commercial vehicles during the fourth quarter of 2015.  Fourth quarter 2016 Class 8 retail sales accounted for 5.7% of the U.S. market, compared to 6.1% for the same time period in 2015.  Class 4-7 retail sales in the fourth quarter of 2016 accounted for 4.7% of the U.S. market, compared to 4.6% for the same time period in 2015.

"We ended 2016 in a strong financial position with $82 million in cash, and we continue to invest in our long-term strategic initiatives.  In the fourth quarter of 2016, we completed a $40 million stock repurchase plan and adopted a new $40 million stock repurchase plan, reflecting our confidence in continued growth and our commitment to return capital to our shareholders," said Rush.

Conference Call Information

Rush Enterprises will host its quarterly conference call to discuss earnings for the fourth quarter and year-end on Thursday, February 16, 2017, at 10 a.m. Eastern/9 a.m. Central.  The call can be heard live by dialing 877-638-4557 (US) or 914-495-8522 (International), conference ID 59764681 or via the Internet at http://investor.rushenterprises.com/events.cfm

For those who cannot listen to the live broadcast, the webcast will be available on our website at the above link until April 10, 2017.  Listen to the audio replay until February 23, 2017, by dialing 855-859-2056 (US) or 404-537-3406 (International) and entering the conference ID 59764681.

About Rush Enterprises, Inc.

Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry.  The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the United States, with more than 100 dealership locations in 21 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Mitsubishi Fuso, IC Bus and Blue Bird.  They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental.  Rush Enterprises' operations also provide CNG fuel systems, telematics products and other vehicle technologies, as well as vehicle up-fitting, chrome accessories and tires.  For more information, please visit us at www.rushenterprises.com.

Certain statements contained herein, including those concerning current and projected market conditions, sales forecasts, market share forecasts, demand for the Company's services and the impact of strategic initiatives are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, product introductions and acceptance, changes in industry practices, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission.

-Tables to Follow-

 
RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Shares and Per Share Amounts)
 
  December 31,   December 31,
    2016       2015  
       
Assets      
Current assets:      
Cash and cash equivalents $ 82,026     $ 64,847  
Accounts receivable, net   156,199       156,977  
Note receivable affiliate   10,166       10,611  
Inventories, net   840,304       1,061,198  
Prepaid expenses and other   8,798       32,953  
Assets held for sale   13,955        
Total current assets   1,111,448       1,326,586  
Investments   6,231       6,650  
Property and equipment, net   1,135,805       1,172,824  
Goodwill   290,191       285,041  
Other assets, net   59,372       60,907  
Total assets $ 2,603,047     $ 2,852,008  
       
Liabilities and shareholders' equity      
Current liabilities:      
Floor plan notes payable $ 646,945     $ 854,758  
Current maturities of long-term debt   130,717       151,024  
Current maturities of capital lease obligations   14,449       14,691  
Liabilities directly associated with assets held for sale   783           –  
Trade accounts payable   97,844       120,255  
Customer deposits   18,418       22,438  
Accrued expenses   83,974       83,871  
Total current liabilities   993,130       1,247,037  
Long-term debt, net of current maturities   472,503       496,731  
Capital lease obligations, net of current maturities   70,044       69,074  
Other long-term liabilities   7,214       5,282  
Deferred income taxes, net   197,331       188,987  
Shareholders' equity:      
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2016 and 2015          
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 30,007,088 Class A shares and 9,245,447 Class B shares outstanding in 2016; and 30,303,818 Class A shares and 10,093,305 Class B shares outstanding in 2015   438       430  
Additional paid-in capital   309,127         288,294  
Treasury stock, at cost: 934,171 class A shares and 3,650,491 class B shares in 2016 and 2,616,657 class B shares in 2015   (86,882 )     (43,368 )
Retained earnings   640,428       599,846  
Accumulated other comprehensive loss, net of tax   (286 )     (305 )
Total shareholders' equity   862,825       844,897  
Total liabilities and shareholders' equity $ 2,603,047     $ 2,852,008  


RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
 
  Three Months Ended
December 31,
  Year Ended
December 31,
  2016    2015    2016    2015 
  (Unaudited)    (Unaudited)    (Unaudited)     
Revenues:              
New and used commercial vehicle sales $   635,783   $   770,630   $   2,640,019   $   3,360,808  
Parts and service   325,293     331,446     1,332,356     1,382,447  
Lease and rental   52,663     52,233     208,154     199,867  
Finance and insurance   4,376     4,777     18,582     21,150  
Other   3,156     2,733     15,503     15,461  
Total revenue   1,021,271     1,161,819     4,214,614     4,979,733  
Cost of products sold:              
New and used commercial vehicle sales   594,141     725,042     2,463,124     3,138,754  
Parts and service   208,760     214,444     851,438     879,141  
Lease and rental   45,422     46,649     182,040     176,891  
Total cost of products sold   848,323     986,135     3,496,602     4,194,786  
Gross profit   172,948     175,684     718,012     784,947  
Selling, general and administrative   136,966     144,556     587,778     619,268  
Depreciation and amortization   12,779     11,808     51,261     43,859  
Gain (loss) on sale of assets   184     37     1,755     (544 )
Operating income   23,387     19,357     80,728     121,276  
Interest expense, net   2,992     3,366     14,279     13,473  
Income  before taxes   20,395     15,991     66,449     107,803  
Provision  for income taxes   7,905     6,178     25,867     41,750  
Net income $   12,490   $   9,813   $   40,582   $   66,053  
               
Earnings per common share:              
Basic $  .32   $  .24   $  1.02   $  1.64  
Diluted $  .31   $  .24   $  1.00   $  1.61  
               
Weighted average shares outstanding:              
Basic   39,340     40,377     39,938     40,271  
Diluted   40,322     41,175     40,603     41,093  
                         

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as Absorption Ratio, Adjusted total debt, Adjusted net (cash) debt, EBITDA, Adjusted EBITDA, Free cash flow, Adjusted free cash flow and Adjusted invested capital, which exclude certain items disclosed in the attached financial tables.  The Company provides reconciliations of these measures to the most directly comparable GAAP measures. 

Management believes the presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods.  Management believes that investors should have the same information available to them that management uses to assess the Company's operating performance and capital structure.  These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures.  Investors are cautioned that non-GAAP financial measures utilized by the Company may not be comparable to similarly titled non-GAAP financial measures used by other companies. 

     
    Three Months Ended
  Vehicle Sales Revenue  (in thousands)   December 31, 2016   December 31, 2015
New heavy-duty vehicles   $   347,475     $   464,739  
New medium-duty vehicles (including bus sales revenue)       200,246         208,025  
New light-duty vehicles       14,525         14,734  
Used vehicles       68,667         77,428  
Other vehicles     4,870       5,704  
         
Absorption Ratio     120.6 %     111.8 %
                 

Absorption Ratio
Management uses several performance metrics to evaluate the performance of its commercial vehicle dealerships and considers Rush Truck Centers' "absorption ratio" to be of critical importance.  Absorption ratio is calculated by dividing the gross profit from the parts, service and body shop departments by the overhead expenses of all of a dealership's departments, except for the selling expenses of the new and used commercial vehicle departments and carrying costs of new and used commercial vehicle inventory.  When 100% absorption is achieved, then gross profit from the sale of a commercial vehicle, after sales commissions and inventory carrying costs, directly impacts operating profit.

 
Debt Analysis   (in thousands)    December 31,
2016
  December 31,
2015

Floor plan notes payable   $   646,945     $   854,758  
Current maturities of long-term debt     130,717       151,024  
Current maturities of capital lease obligations     14,449       14,691  
Liabilities directly associated with asset held for sale     783           –  
Long-term debt, net of current maturities     472,503       496,731  
Capital lease obligations, net of current maturities     70,044       69,074  
Total Debt (GAAP)     1,335,441       1,586,278  
Adjustments:      
Debt related to lease & rental fleet     (579,819 )     (603,894 )
Floor plan notes payable     (646,945 )     (854,758 )
Adjusted Total Debt (Non-GAAP)     108,677       127,626  
Adjustment:      
Cash and cash equivalents     (82,026 )     (64,847 )
Adjusted Net Debt (Non-GAAP)   $   26,651     $   62,779  
 

Management uses "Adjusted Total Debt" to reflect the Company's estimated financial obligations less debt related to lease and rental fleet (L&RFD) and floor plan notes payable (FPNP), and "Adjusted Net (Cash) Debt" to present the amount of Adjusted Total Debt net of cash and cash equivalents on the Company's balance sheet.  The FPNP is used to finance the Company's new and used inventory, with its principal balance changing daily as vehicles are purchased and sold and the sale proceeds are used to repay the notes.  Consequently, in managing the business, management views the FPNP as interest bearing accounts payable, representing the cost of acquiring the vehicle that is then repaid when the vehicle is sold, as the Company's credit agreements require it to repay loans used to purchase vehicles when such vehicles are sold.  The Company's lease & rental fleet are fully financed and are either (i) leased to customers under long-term lease arrangements or (ii), to a lesser extent, dedicated to the Company's rental business.  In both cases, the lease and rental payments fully cover the capital costs of the lease & rental fleet (i.e., the principal repayments and interest expense on the borrowings used to acquire the vehicles and the depreciation expense associated with the vehicles), plus a profit margin for the Company. The Company believes excluding the FPNP and L&RFD from the Company's total debt for this purpose provides management with supplemental information regarding the Company's capital structure and leverage profile and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts.  "Adjusted Total Debt" and "Adjusted Net (Cash) Debt" are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, the Company's debt obligations, as reported in the Company's consolidated balance sheet in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

    Twelve Months Ended
EBITDA  (in thousands)     December 31,
2016
    December 31,
2015
Net Income (GAAP)   $   40,582     $   66,053  
Provision for income taxes     25,867       41,750  
Interest expense     14,279       13,473  
Depreciation and amortization     51,261       43,859  
(Gain) loss on sale of assets     (1,755 )     544  
EBITDA  (Non-GAAP)     130,234       165,679  
Adjustment:                
Interest expense associated with FPNP     (11,901 )     (13,054 )
Restructuring and impairment charges     8,930         –  
Adjusted EBITDA (Non-GAAP)   $   127,263     $   152,625  

The Company presents EBITDA and Adjusted EBITDA as additional information about its operating results.  The presentation of Adjusted EBITDA that excludes the addition of interest expense associated with FPNP to EBITDA is consistent with management's presentation of Adjusted Total Debt, in each case reflecting management's view of interest expense associated with the FPNP as an operating expense of the Company, and to provide management with supplemental information regarding operating results and to assist investors in performing analysis that is consistent with financial models developed by management and research analysis.  Management recorded a charge to selling, general and administrative expense during the first and second quarters of 2016 related to the closing of certain dealerships and the disposition of excess real estate.  Management believes adding back this charge to EBITDA provides both the investors and management with supplemental information regarding the Company's core operating results. "EBITDA" and "Adjusted EBITDA" are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net income of the Company, as reported in the Company's consolidated statements of income in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. 

    Twelve Months Ended
Free Cash Flow  (in thousands)    December 31,
2016
December 31,
2015
Net cash provided by operations (GAAP)   $   521,170   $   227,250  
Acquisition of property and equipment     (196,965 )   (367,790 )
Free cash flow (Non-GAAP)     324,205     (140,540 )
Adjustments:      
Draws (payments) on floor plan financing, net     (211,802 )   31,568  
Proceeds from L&RFD     121,188     162,497  
Debt proceeds related to business acquisitions       –        (5,645 )
Principal payments on L&RFD     (168,644 )   (138,813 )
Non-maintenance capital expenditures     45,003     138,190  
Adjusted Free Cash Flow (Non-GAAP)   $   109,950   $    47,257  

"Free Cash Flow" and "Adjusted Free Cash Flow" are key financial measures of the Company's ability to generate cash from operating its business.  Free Cash Flow is calculated by subtracting the acquisition of property and equipment included in the Cash flows from investing activities from Net cash provided by (used in) operating activities.  For purposes of deriving Adjusted Free Cash Flow from the Company's operating cash flow, Company management makes the following adjustments: (i) adds back draws (or subtracts payments) on the floor plan financing that are included in Cash flows from financing activities, as their purpose is to finance the vehicle inventory that is included in Cash flows from operating activities; (ii) adds back proceeds from notes payable related specifically to the financing of the lease and rental fleet that are reflected in Cash flows from financing activities; (iii) subtracts draws on floor plan financing, net and proceeds from L&RFD related to business acquisition assets that are included in Cash flows from investing activities; (iv) subtracts principal payments on notes payable related specifically to the financing of the lease and rental fleet that are included in Cash flows from financing activities; and (v) adds back non-maintenance capital expenditures that are for growth and expansion (i.e. building of new dealership facilities) that are not considered necessary to maintain the current level of cash generated by the business.  "Free Cash Flow" and "Adjusted Free Cash Flow" provides management with supplemental information regarding the Company's cash flows from operating activities and assists investors in performing analysis that is consistent with the financial models developed by Company management. "Free Cash Flow" and "Adjusted Free Cash Flow" are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net cash provided by (used in) operations of the Company, as reported in the Company's consolidated statement of cash flows in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. 

Invested Capital  (in thousands)    December 31,
2016
December 31,
2015
Total Shareholders' equity (GAAP)   $   862,825 $   844,897
Adjusted net (cash) debt (Non-GAAP)     26,651   62,779
Adjusted Invested Capital (Non-GAAP)   $   889,476 $   907,676

"Adjusted Invested Capital" is a key financial measure used by the Company to calculate its return on invested capital.  For purposes of this analysis, management excludes L&RFD, FPNP, and cash and cash equivalents, for the reasons provided in the debt analysis above and uses Adjusted Net Debt in the calculation.  The Company believes this approach provides management with supplemental information regarding the Company's leverage profile and capital structure, and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts.  "Adjusted Net (Cash) Debt" and "Adjusted Invested Capital" are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, total shareholders' equity, as reported in the Company's consolidated statements of income in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

 

Contact: 
Rush Enterprises, Inc., San Antonio 
Steven L. Keller, 830-302-5226

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