<SEC-DOCUMENT>0001171843-18-002950.txt : 20180423
<SEC-HEADER>0001171843-18-002950.hdr.sgml : 20180423
<ACCEPTANCE-DATETIME>20180423163953
ACCESSION NUMBER:		0001171843-18-002950
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180423
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180423
DATE AS OF CHANGE:		20180423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RUSH ENTERPRISES INC \TX\
		CENTRAL INDEX KEY:			0001012019
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				741733016
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20797
		FILM NUMBER:		18769262

	BUSINESS ADDRESS:	
		STREET 1:		555 IH 35 SOUTH
		CITY:			NEW BRAUNFELS
		STATE:			TX
		ZIP:			78130
		BUSINESS PHONE:		8306265200

	MAIL ADDRESS:	
		STREET 1:		555 IH 35 SOUTH
		CITY:			NEW BRAUNFELS
		STATE:			TX
		ZIP:			78130
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_042318.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--April 23, 2018-->April 23, 2018 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Rush Enterprises, Inc.</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Texas</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>0-20797</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>74-1733016</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">On April 23, 2018, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p><font><a href="exh_991.htm" rel="nofollow">Exhibit 99.1. Press release dated April 23, 2018</a></font></p> </font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Rush Enterprises, Inc.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: April 23, 2018</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Steven L. Keller&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Steven L. Keller</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Chief Financial Officer and Treasurer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font></p><p style="text-align: center;"><font style="font-size: 10pt;">&#160;</font></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit Number</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Description</strong></font></td></tr><tr><td><font style="font-size: 10pt;"></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">Press Release dated April 23, 2018</a> </font></td></tr></table></p></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Rush Enterprises, Inc. Reports First Quarter 2018 Results</strong></p><p style="text-align: center;" ></p><p>
 <ul><li style="text-align:left;">Revenues of $1.2 billion, net income of $21.0 million<br ></li><li>Earnings per diluted share of $0.51</li><li>Absorption ratio 120%, a first quarter record</li><li>Strong economy and focus on strategic initiatives continue to positively impact financial results</li></ul>  <p>SAN ANTONIO, Texas, April  23, 2018  (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 quarter ended March 31, 2018, the Company achieved revenues of $1.241 billion and net income of $21.0 million, or $0.51 per diluted share, compared with revenues of $1.045 billion and net income of $14.5 million, or $0.36 per diluted share, in the quarter ended March 31, 2017.&#160; These results include an additional pre-tax charge to amortization expense of $10.2 million, or $0.19 per diluted share, associated with the replacement of certain components of the Company&#8217;s Enterprise Resource Planning software platform (ERP Platform).&#160;</p>  <p>&#8220;We are very proud of our outstanding financial results this quarter, especially our record-setting first quarter revenue,&#8221; said W.M. &#8220;Rusty&#8221; Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc.&#160; &#8220;Our results were positively impacted by good economic conditions and a strong commercial vehicle market.&#160; Further, our focus on long-term strategic initiatives continues to prove successful, with our aftermarket initiatives significantly contributing to our strong start to 2018.&#160;</p>  <p>&#8220;It is important for me to recognize our employees&#8217; passion for achieving our long-term strategic initiatives and thank them for their never-ending support of our customers.&#160; Our success this quarter is directly attributable to their hard work and dedication to our customers and our strategy,&#8221; said Rush.</p>  <p align="center"><strong><em>Operations</em></strong></p>  <p><strong>Aftermarket Products and Services</strong></p>  <p>Aftermarket products and services accounted for approximately 64% of the Company&#8217;s total gross profit in the first quarter of 2018, with parts, service and body shop revenues reaching $400.3 million, up 14.3%, as compared to the first quarter of 2017.&#160; The Company achieved a quarterly absorption ratio of 120.0% in the first quarter of 2018.&#160;</p>  <p>&#8220;Our aftermarket results were bolstered by widespread activity throughout the country, notably in general freight, energy, refuse and construction.&#160; Our parts and service strategic initiatives continue to accelerate and contributed significantly to our aftermarket growth this quarter.&#160; We continue to make significant progress in growing our all-makes parts business through our expanded sales organization, enhanced technology offerings, increasing breadth of product offerings, and improved inventory sourcing and management processes.&#160; We also added more than 100 technicians across our dealership network in the first quarter, expanding our service capabilities.&#160; Looking ahead, we believe our aftermarket results will remain strong throughout 2018,&#8221; Rush noted.</p>  <p><strong>Commercial Vehicle Sales</strong></p>  <p>U.S. Class 8 retail truck sales were 51,690 units in the first quarter, up 36% over the same time period last year, according to ACT Research. The Company sold 3,312 Class 8 trucks in the first quarter, an increase of 22% compared to the first quarter of 2017, and accounted for 6.4% of the U.S. Class 8 truck market.&#160; ACT Research forecasts U.S. retail sales for Class 8 vehicles to be 254,000 units in 2018, a 29% increase compared to 2017.</p>  <p>&#8220;We experienced another strong quarter in Class 8 new truck sales due to broad-based activity across virtually all market segments,&#8221; Rush said.&#160; &#8220;Economic confidence continues to drive high order intake and a strong freight market, resulting in some constrained fleet capacity and creating higher demand for Class 8 trucks. We are experiencing this strength not only across our Peterbilt network, but also in our Navistar dealerships as increasing customer confidence in Navistar&#8217;s product line has resulted in significant growth in our Navistar vehicle backlog,&#8221; he added.&#160; &#8220;Regarding used trucks, we continue to see normal depreciation rates, and we believe our inventory is positioned appropriately to support the needs of the market.&#160; As always, we will closely monitor used truck values and supply, as we expect a significant number of used vehicles will enter the market later this year,&#8221; said Rush.</p>  <p>&#8220;We expect our Class 8 vehicle sales in the second quarter to be fairly consistent with the first quarter and to accelerate in the second half of the year,&#8221; Rush said.</p>  <p>The Company sold 2,705 Class 4-7 medium-duty commercial vehicles in the first quarter, an increase of 6% compared to the first quarter of 2017, and accounted for 4.5% of the U.S. Class 4-7 commercial vehicle market.&#160; ACT Research forecasts U.S. retail sales for Class 4-7 vehicles to reach 245,250 units in 2018, a 1% increase over 2017.&#160;</p>  <p>&#8220;Our medium-duty truck sales remained healthy in the first quarter due to strength throughout the economy and growth across the industries we support. &#160;Due to the timing of truck deliveries to large leasing and rental fleets over the next several months as well as continued strength in the construction sector, we believe our medium-duty and bus sales will grow throughout the second and third quarters,&#8221; said Rush.</p>  <p align="center"><strong><em>Financial Highlights</em></strong></p>  <p>In the first quarter, the Company&#8217;s gross revenues totaled $1.241 billion, an 18.8% increase from $1.045 billion in the first quarter of 2017.&#160; Net income for the quarter was $21.0 million, or $0.51 per diluted share, compared to net income of $14.5 million, or $0.36 per diluted share, in the quarter ended March 31, 2017.&#160; These results include a pre-tax charge to amortization expense of $10.2 million, or $0.19 per diluted share, associated with the replacement of certain components of the Company&#8217;s ERP Platform.</p>  <p>Aftermarket products and services revenues were $400.3 million in the first quarter of 2018, compared to $350.1 million in the first quarter of 2017.&#160; The Company delivered 3,312 new heavy-duty trucks, 2,705 new medium-duty commercial vehicles, 431 new light-duty commercial vehicles and 1,859 used commercial vehicles during the first quarter of 2018, compared to 2,706 new heavy-duty trucks, 2,553 new medium-duty commercial vehicles, 347 new light-duty commercial vehicles and 1,711 used commercial vehicles during the first quarter of 2017.</p>  <p>Selling general and administrative expenses increased in the first quarter, primarily due to employee benefits and payroll taxes, as is expected in the first quarter of every year. &#160;As previously disclosed in the Subsequent Events footnote to the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017, the Company determined that a majority of the components of its ERP Platform will require replacement earlier than originally anticipated when the software was installed and capitalized in 2011.&#160; Generally accepted accounting principles require the Company to prospectively adjust the useful life of the components being replaced so that the respective net book values of the components are fully amortized upon replacement.&#160; The Company expects to replace and discontinue the use of these components in May of 2018.&#160; The net book value of the components of the Company&#8217;s ERP Platform being replaced is $19.9 million, which the Company began to amortize in February 2018 and will continue to amortize through May 2018.&#160; During the first quarter of 2018, the Company recorded amortization expense of $10.6 million, including $10.2 million of accelerated amortization expense, related to replacement of its ERP Platform components.&#160; Prior to making the decision to replace these components, the Company&#8217;s amortization expense for its ERP Platform was approximately $0.9 million per quarter.&#160; The Company expects to record amortization expense of $9.3 million related to the replacement of its ERP Platform components during the second quarter of 2018.&#160;</p>  <p>In March, the Company announced that its Board of Directors approved an increase of $35 million to its existing stock repurchase program, authorizing the Company to repurchase up to an aggregate of $75 million of its common stock prior to November 29, 2018.&#160; &#8220;Free cash flow during the quarter was strong as we spent approximately $60 million on share repurchases and annual employee bonus payments and still increased our cash by more than $7 million during the quarter.&#160; Our balance sheet remains strong and we are well positioned to invest in strategic initiatives that will facilitate continued growth,&#8221; Rush added.</p>  <p align="center"><strong><em>Conference Call Information</em></strong></p>  <p align="justify">Rush Enterprises will host its quarterly conference call to discuss earnings for the first quarter on <strong>Tuesday, April 24, 2018, at 10 a.m. Eastern/9 a.m. Central</strong>.&#160; The call can be heard live by dialing <strong>877-638-4557 (U.S.) or 914-495-8522 (International) </strong>or via the Internet at http://investor.rushenterprises.com/events.cfm.&#160;</p>  <p align="justify">For those who cannot listen to the live broadcast, the webcast will be available on our website at the above link until July 10, 2018.&#160; Listen to the audio replay until May 1, 2018 by dialing <strong>855-859-2056 (U.S.) or 404-537-3406 (International)</strong> and entering the <strong>Conference ID 1468698.</strong></p>  <p align="justify"><strong>About Rush Enterprises, Inc.</strong><br >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, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs &#8212; 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 vehicle upfitting, CNG fuel systems and vehicle telematics products. Additional information about Rush Enterprises&#8217; products and services is available at www.rushenterprises.com. Follow our news on Twitter at @rushtruckcenter and on Facebook at facebook.com/rushtruckcenters.<br ><em><br > Certain statements contained herein, including those concerning current and projected market conditions, sales forecasts, market share forecasts, demand for the Company&#8217;s services and the impact of strategic initiatives are &#8220;forward-looking&#8221; 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.</em></p>  <p align="center">-Tables and Additional Information to Follow-</p>  <p align="center"><br ></p> <table style="width:100%; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td colspan="8" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="8" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="8" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>RUSH ENTERPRISES, INC. 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vertical-align: bottom ; ">48,987</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">57,680</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong>Total assets</strong></td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; 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vertical-align: bottom ; ">$</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">805,531</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">778,561</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; ">Current maturities of long-term debt</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; 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text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">17,119</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; ">Trade accounts payable</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">123,786</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">96,132</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; ">Total current liabilities</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,205,737</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; 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For purposes of deriving Adjusted Free Cash Flow from the Company&#8217;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 <em>Cash flows from financing activities</em> as their purpose is to finance the vehicle inventory that is included in <em>Cash flows from operating activities</em>; (ii) adds back proceeds from notes payable related specifically to the financing of the lease and rental fleet that are reflected in <em>Cash flows from financing activities</em>; (iii) subtracts draws on floor plan financing, net and proceeds from L&amp;RFD related to business acquisition assets that are included in <em>Cash flows from investing activities; (</em>iv) subtracts principal payments on notes payable related specifically to the financing of the lease and rental fleet that are included in <em>Cash flows from financing activities</em>; 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.&#160; &#8220;Free Cash Flow&#8221; and &#8220;Adjusted Free Cash Flow&#8221; are both presented so that investors have the same financial data that management uses in evaluating the Company&#8217;s cash flows from operating activities.&#160; &#8220;Free Cash Flow&#8221; and &#8220;Adjusted Free Cash Flow&#8221; 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&#8217;s consolidated statement of cash flows in accordance with U.S. GAAP.&#160; Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.&#160;</p> <table style="width:100%; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Invested Capital </strong>(in thousands)</td><td style="vertical-align: bottom ; 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For purposes of this analysis, management excludes L&amp;RFD, FPNP, and cash and cash equivalents, for the reasons provided in the debt analysis above and uses Adjusted Net Debt in the calculation.&#160; The Company believes this approach provides management a more accurate picture of the Company&#8217;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.&#160; &#8220;Adjusted Net (Cash) Debt&#8221; and &#8220;Adjusted Invested Capital&#8221; are both non-GAAP financial measures.&#160; Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.</p>  <p align="left"><em>Contact:&#160;<br ></em>Rush Enterprises, Inc., San Antonio <br >Steven L. Keller, 830-302-5226</p> </p><p ></p></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
