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Note 6 - Segment Information
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

6 – Segment Information

 

The Company reports information based on operating segments identified in accordance with how the chief operating decision maker (“CODM”) evaluates business performance and allocates resources. As of the reporting period, the Company operates with one CODM: W.M. “Rusty” Rush, the Chief Executive Officer, President and Chairman of the Board.

 

As of the reporting period, the Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a network of commercial vehicle dealerships in the United States and Ontario, Canada that provide an integrated one-stop source for the commercial vehicle needs of its customers, including retail sales of new and used commercial vehicles; aftermarket parts sales, service and collision center facilities; vehicle upfitting and financial services, including the financing of new and used commercial vehicle purchases, insurance products and truck leasing and rentals. The commercial vehicle dealerships are deemed a single reporting unit because they have similar economic characteristics. The Company’s CODM considers the entire Truck Segment, not individual dealerships or departments within its dealerships, when making decisions about resources to be allocated to the segment and assessing its performance.

 

In addition to the Truck Segment, the Company generates revenue from two additional operating segments: Retail Tire Sales and Insurance Services. These operating segments do not meet the quantitative thresholds for separate reporting as specified under the guidance of ASC 280-10. Therefore, they are consolidated under the “All Other” category in the segment disclosures below. These segments share accounting policies consistent with the summary of significant accounting policies.

 

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on segment operating income, 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 September 30, 2025 and 2024 (in thousands):

 

   

Truck Segment

    

All Other

    

Totals

  

As of and for the three months ended September 30, 2025

                        

Revenues from external customers

   $ 1,876,793     $ 3,972     $ 1,880,765  

Cost of products sold

     1,505,469       544       1,506,013  

Controllable expenses

     223,311       1,488       224,799  

Allocated expenses

     47,876       2,047       49,923  

Segment operating income (loss)

   $ 100,137     $ (107 )   $ 100,030  

Other Income (loss)

     (438 )     -       (438 )

Interest income

     586       -       586  

Interest expense

     12,209       95       12,304  

Income taxes

     20,136       -       20,136  

Net income (loss)

   $ 67,940     $ (202 )   $ 67,738  

Segment assets

     4,492,954       60,108       4,553,062  

Capital expenditures

     108,811       -       108,811  

Depreciation and amortization

     18,006       149       18,155  
                         

As of and for the nine months ended September 30, 2025

                        

Revenues from external customers

   $ 5,650,359     $ 11,943     $ 5,662,302  

Cost of products sold

     4,548,630       1,489       4,550,119  

Controllable expenses

     670,744       4,705       675,449  

Allocated expenses

     129,086       5,543       134,629  

Segment operating income (loss)

   $ 301,899     $ 206     $ 302,105  

Other Income (loss)

     (1,250 )     -       (1,250 )

Interest income

     1,409       -       1,409  

Interest expense

     38,439       277       38,716  

Income taxes

     62,204       -       62,204  

Net income (loss)

   $ 201,415     $ (71 )   $ 201,344  

Segment assets

     4,492,954       60,108       4,553,062  

Capital expenditures

     349,242       -       349,242  

Depreciation and amortization

     52,585       437       53,022  

As of and for the three months ended September 30, 2024

                        

Revenues from external customers

   $ 1,891,777     $ 4,356     $ 1,896,133  

Cost of products sold

     1,516,568       524       1,517,092  

Controllable expenses

     216,711       1,298       218,009  

Allocated expenses

     37,946       2,332       40,278  

Segment operating income (loss)

   $ 120,552     $ 202     $ 120,754  

Other Income (loss)

     149       -       149  

Interest income

     479       -       479  

Interest expense

     18,051       91       18,142  

Income taxes

     23,820       -       23,820  

Net income (loss)

   $ 79,309     $ 111     $ 79,420  

Segment assets

     4,494,444       58,617       4,553,061  

Capital expenditures

     135,660       -       135,660  

Depreciation and amortization

     19,006       128       19,134  
                         

As of and for the nine months ended September 30, 2024

                        

Revenues from external customers

   $ 5,782,579     $ 12,580     $ 5,795,159  

Cost of products sold

     4,632,329       1,525       4,633,855  

Controllable expenses

     664,143       4,515       668,658  

Allocated expenses

     130,215       6,587       136,802  

Segment operating income (loss)

   $ 355,892     $ (47 )   $ 355,845  

Other Income (loss)

     370       -       370  

Interest income

     780       -       780  

Interest expense

     55,606       275       55,881  

Income taxes

     71,422       -       71,422  

Net income (loss)

   $ 230,014     $ (322 )   $ 229,692  

Segment assets

     4,494,444       58,617       4,553,061  

Capital expenditures

     328,839       -       328,839  

Depreciation and amortization

     50,991       385       51,376