Rush enterprises inc \tx\ (RUSHA)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

23,107

23,754

39,104

41,621

37,104

46,969

41,665

29,389

21,039

105,867

29,784

21,999

14,479

12,490

14,880

10,817

2,395

9,813

19,883

19,576

16,781

24,627

23,478

19,838

12,014

14,859

15,179

5,632

13,547

14,218

14,909

17,422

15,906

19,383

16,045

12,518

7,267

Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation and amortization

45,192

45,866

44,636

43,218

41,764

42,474

41,628

49,964

51,056

40,897

39,401

38,929

38,724

39,478

39,610

39,466

39,073

38,429

36,697

35,850

33,959

36,117

31,037

30,242

29,056

25,671

23,587

22,545

21,683

20,093

18,929

17,626

16,641

15,714

15,112

13,459

12,649

Gain on sale of property and equipment, net

100

-90

70

-139

57

138

-209

396

-28

-181

107

132

-163

184

1,566

-5

10

37

26

65

-672

42

5

20

84

-14

-10

-12

41

40

49

68

19

-39

876

-376

-43

Loss on impairment of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

0

11

518

7,718

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense related to employee stock options and employee stock purchases

8,553

3,202

2,709

4,258

8,836

2,209

2,008

5,949

7,893

3,570

3,376

3,901

4,759

3,449

2,677

3,152

3,597

2,495

2,667

3,523

3,699

2,216

2,049

3,809

3,269

1,670

1,460

2,264

3,251

1,287

1,244

1,683

3,118

927

882

1,317

2,557

Provision for deferred income tax expense

-7,160

1,386

16,702

4,751

150

-6,128

7,375

3,995

755

-70,812

6,015

1,186

1,408

4,976

3,196

7,744

-7,585

35,742

-411

-2,057

-1,629

41,254

-13,223

-2,637

-165

13,797

9,208

-3,887

2,963

8,823

13,556

5,029

756

12,120

7,736

7,830

994

Excess tax expense from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

514

199

0

-1,007

8

25

53

-423

203

698

3,285

1,021

383

45

459

1,679

235

5

-87

1,515

384

2,389

-1,890

745

Change in accounts receivable, net

30,893

-48,984

-9,855

28,794

10,214

13,918

-28,948

15,636

7,140

27,943

8,548

-19,968

12,901

6,887

19,052

-22,272

-5,340

-50,975

34,373

-30,135

34,816

16,860

-4,896

30,313

25,387

-12,522

23,284

12,613

-13,017

-8,165

-3,734

5,584

-7,869

20,450

56,502

-36,755

9,789

Change in inventories

-153,569

-76,013

-142,320

30,288

106,323

54,378

135,023

71,345

-5,706

59,654

35,374

33,049

19,376

-92,545

-141,213

-8,094

-49,921

-66,146

27,089

-64,501

84,894

84,892

56,924

-14,187

24,282

20,771

2,116

64,932

-20,602

-82,314

-117,895

15,618

152,012

106,646

255,086

-123,494

29,940

Change in prepaid expenses and other, net

-6,002

-3,691

8,631

4,363

934

-666

-2,075

-1,269

2,103

4,539

-2,299

534

609

8

-2,327

-452

-21,384

23,654

-2,648

-5,387

-11,929

19,887

-1,978

-2,670

-2,024

4,906

2,092

-3,147

-2,062

7,441

-672

-1,612

-5,715

6,814

-15,614

11,360

-4,559

Change in trade accounts payable

-11,673

-7,607

-5,869

-4,071

19,788

-7,748

-15,004

28,330

12,912

-3,505

-2,037

12,816

1,690

-12,113

-8,942

15,164

-16,520

-31,341

26,385

3,831

-3,029

-1,721

20,135

-6,215

11,981

17,246

1,307

1,051

18,501

-3,687

-9,656

5,014

8,300

7,853

5,528

6,260

4,725

(Payments) draws on floor plan notes payable – trade, net

-15,077

-12,431

-4,347

-12,941

3,140

-10,902

16,245

35,923

35,380

-7,084

5,445

2,442

18,552

4,612

-11,607

12,773

-1,789

-3,315

637

-9,270

-5,057

18,156

6,811

-560

20,463

31,342

-23,087

6,967

-2,178

-

-

-

-

-

-

-

-

Change in customer deposits

-16,701

9,142

4,667

4,448

-11,745

-4,386

8,533

4,648

38

4,374

-6,772

13,531

-2,201

2,540

-5,333

-3,501

2,274

965

1,847

-18,852

-6,331

20,043

-7,715

1,302

-27,432

-

-

2,586

-8,606

-

-

-

-

-

-

-

-

Change in accrued expenses

-15,257

5,958

11,856

-9,338

-21,233

17,621

14,381

229

-7,900

1,110

6,071

12,140

-7,163

-5,973

6,588

4,762

-5,567

-18,426

8,279

26,414

-28,280

-18,483

30,178

22,686

-7,525

12,084

-1,673

17,345

-26,050

34,473

-5,781

-231

-34,970

12,089

8,884

19,347

-9,651

Other, net

-747

1,603

632

-1,328

469

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by operating activities

138,815

199,651

253,564

7,312

-39,255

12,341

13,040

72,319

117,664

-17,538

39,553

93,197

37,525

134,411

163,803

121,718

101,238

127,784

37,119

158,920

-96,573

325

41,997

53,704

-7,089

95,688

41,070

-20,342

57,072

130,337

156,171

63,039

-130,211

-30,872

-14,486

-18,680

-17,331

Cash flows from investing activities:
Acquisition of property and equipment

49,489

62,898

77,522

93,220

59,853

62,039

60,003

68,003

48,215

71,161

59,184

40,363

39,209

37,419

44,278

61,388

53,880

117,579

86,008

81,748

82,455

78,656

65,960

63,002

53,202

68,585

40,467

52,363

30,169

40,894

51,541

40,506

38,010

48,161

39,577

26,549

34,256

Proceeds from the sale of property and equipment

172

210

150

1,782

168

503

1,583

2,008

2,231

63

713

1,592

1,600

3,067

9,100

-289

616

369

678

151

2,121

-93

43

165

134

180

121

140

192

93

114

981

61

166

52

2,417

8,057

Business acquisitions

-

0

0

2,232

7,936

-

-

-

-

-

-

-

-

-

-

-

-

3,897

7,210

30,057

27,849

9,868

489

4,219

143,050

9,537

59,660

3,503

25

104,535

0

0

36

34,592

0

20

60,018

Purchase of equity method investment and call option

-

0

0

-68

22,567

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-1,984

-982

-303

-1,161

-948

-120

885

-180

1,098

3,590

56

273

-5,160

188

4,186

1,010

-676

-277

953

606

1,743

-613

715

159

-1,892

2,679

3,247

639

-573

-705

85

183

461

-737

619

-165

-372

Net cash used in investing activities

-47,333

-61,706

-77,069

-92,441

-89,240

-61,416

-53,280

-65,465

-47,082

-76,868

-58,527

-38,719

-32,449

-34,540

-39,164

-63,118

-52,588

-120,830

-93,493

-111,985

-109,926

-88,004

-67,121

-67,065

-194,226

-80,621

-103,253

-56,365

-29,429

-144,631

-51,512

-39,708

-38,446

-81,850

-40,144

-23,987

-85,845

Cash flows from financing activities:
(Payments) draws on floor plan notes payable – non-trade, net

-92,579

-42,474

-134,548

91,604

85,314

43,327

106,357

26,538

-8,410

78,650

9,425

5,088

19,098

-69,573

-106,579

-8,668

-26,982

-63,487

55,287

-31,912

71,680

105,674

28,440

28,167

45,177

10,532

2,551

67,079

-34,077

-38,405

-60,161

-29,998

107,887

96,536

71,606

68,658

46,083

Proceeds from long-term debt

28,226

48,004

55,956

68,225

37,858

41,535

46,947

36,132

32,137

55,244

46,211

25,553

25,555

17,940

34,758

36,296

32,194

102,857

30,201

45,746

39,222

61,253

39,159

52,281

61,929

58,755

46,760

35,030

30,621

41,908

38,817

32,684

31,230

57,795

40,719

34,237

11,706

Proceeds from line of credit

-

0

0

60,000

75,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on long-term debt

45,450

41,694

41,862

56,958

43,024

39,752

38,043

43,033

46,278

36,512

34,200

36,213

38,113

42,321

39,058

41,058

42,503

42,864

34,158

32,578

45,085

28,752

27,179

32,084

24,813

23,137

19,326

22,790

22,795

17,939

20,250

17,474

17,488

16,085

18,962

14,488

18,764

Principal payments on finance lease obligations

2,012

823

3,150

1,950

2,408

2,918

3,113

3,174

3,224

3,169

2,633

3,310

3,337

9,305

4,323

4,998

4,853

3,939

4,420

2,936

3,211

2,299

3,045

4,101

3,086

3,300

3,765

3,354

3,092

3,621

2,353

3,235

2,375

3,882

2,604

2,078

5,484

Proceeds from issuance of shares relating to employee stock options and employee stock purchases

909

3,708

2,711

1,228

597

162

2,207

1,056

501

3,231

7,256

5,989

6,851

3,434

2,381

130

2,315

400

1,409

365

1,592

599

2,107

7,309

1,947

1,235

755

1,040

6,297

586

581

-6

3,903

2,553

787

938

1,240

Payments of cash dividends

4,754

4,739

4,761

4,437

4,380

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax expense from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

514

199

0

-1,007

8

25

53

-423

203

698

3,285

1,021

383

45

459

1,679

235

5

-87

1,515

384

99

400

745

Common stock repurchased

19,902

4,424

16,070

12,078

25,616

62,482

12,170

7,769

38,137

6,412

2,977

16,851

7,560

10,232

12,983

20,299

0

0

0

0

1,464

2,264

1,291

4,902

3,796

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs

-

-

-

-

-

-

-

-

-

0

0

0

523

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-135,562

-42,442

-201,724

69,903

123,341

-24,768

97,493

9,750

-63,411

91,032

23,082

-19,744

1,971

-109,543

-125,605

-38,597

-40,836

-7,025

48,344

-21,262

62,311

134,414

38,889

49,955

78,379

35,978

24,909

75,192

-21,367

-17,236

-43,361

-18,116

124,672

137,252

91,590

87,626

35,526

Net decrease in cash and cash equivalents

-44,080

95,503

-25,229

-15,226

-5,154

-73,843

57,253

16,604

7,171

-3,374

4,108

34,734

7,047

-9,672

-966

20,003

7,814

-71

-8,030

25,673

-144,188

46,735

13,765

36,594

-122,936

51,045

-37,274

-1,515

6,276

-31,530

61,298

5,215

-43,985

24,530

36,960

44,959

-67,650

Supplemental disclosure of cash flow information:
Interest

12,556

13,464

15,336

14,961

13,612

11,750

10,539

10,520

9,943

9,197

8,387

8,354

8,211

8,732

9,415

9,492

10,265

9,095

9,294

8,586

8,381

7,706

7,373

7,117

7,343

6,603

6,258

5,706

5,628

5,722

6,144

5,974

5,435

4,664

3,860

3,670

3,043

Income taxes paid (refunded), net

-2

1,243

7,426

27,182

6,589

12,684

4,013

10,477

1,500

836

13,475

10,811

6,201

2,054

136

1,886

-15,015

3,995

9,761

2,227

143

11,112

13,258

3,847

1,578

2,445

5,509

1,328

32

3,851

673

2,333

265

4,741

687

-1,460

-1,936

Noncash investing and financing activities:
Common stock issued related to business acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,000

-

-

-

-

-

-

-

-

-

-

-

-

Assets acquired under finance leases

12,673

20,150

9,427

9,577

5,750

-

-

-

-

6,962

2,730

3,440

2,073

7,410

6,780

2,437

7,580

9,704

21,056

4,923

5,338

15,519

2,380

2,853

3,562

3,133

1,748

1,840

2,284

5,483

5,785

3,549

1,075

6,058

4,439

1,127

5,776