RUSH ENTERPRISES INC \TX\ RUSHA Cash Flow

Rush enterprises inc \tx\ (RUSHA)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net income
127,586	141,583	164,798	167,359	155,127	139,062	197,960	186,079	178,689	172,129	78,752	63,848	52,666	40,582	37,905	42,908	51,667	66,053	80,867	84,462	84,724	79,957	70,189	61,890	47,684	49,217	48,576	48,306	60,096	62,455	67,620	68,756	63,852	55,213	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation and amortization
178,912	175,484	172,092	169,084	175,830	185,122	183,545	181,318	170,283	157,951	156,532	156,741	157,278	157,627	156,578	153,665	150,049	144,935	142,623	136,963	131,355	126,452	116,006	108,556	100,859	93,486	87,908	83,250	78,331	73,289	68,910	65,093	60,926	56,934	0	0	0
Gain on sale of property and equipment, net
-59	-102	126	-153	382	297	-22	294	30	-105	260	1,719	1,582	1,755	1,608	68	138	-544	-539	-560	-605	151	95	80	48	5	59	118	198	176	97	924	480	418	0	0	0
Loss on impairment of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	8,247	8,247	8,236	7,718	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation expense related to employee stock options and employee stock purchases
18,722	19,005	18,012	17,311	19,002	18,059	19,420	20,788	18,740	15,606	15,485	14,786	14,037	12,875	11,921	11,911	12,282	12,384	12,105	11,487	11,773	11,343	10,797	10,208	8,663	8,645	8,262	8,046	7,465	7,332	6,972	6,610	6,244	5,683	0	0	0
Provision for deferred income tax expense
15,679	22,989	15,475	6,148	5,392	5,997	-58,687	-60,047	-62,856	-62,203	13,585	10,766	17,324	8,331	39,097	35,490	25,689	31,645	37,157	24,345	23,765	25,229	-2,228	20,203	18,953	22,081	17,107	21,455	30,371	28,164	31,461	25,641	28,442	28,680	0	0	0
Excess tax expense from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-294	-800	-974	-921	-337	-142	531	3,763	5,207	5,387	4,734	1,908	2,566	2,418	2,378	1,832	1,668	1,817	4,201	2,398	1,628	0	0	0
Change in accounts receivable, net
848	-19,831	43,071	23,978	10,820	7,746	21,771	59,267	23,663	29,424	8,368	18,872	16,568	-1,673	-59,535	-44,214	-52,077	-11,921	55,914	16,645	77,093	67,664	38,282	66,462	48,762	10,358	14,715	-12,303	-19,332	-14,184	14,431	74,667	32,328	49,986	0	0	0
Change in inventories
-341,614	-81,722	48,669	326,012	367,069	255,040	260,316	160,667	122,371	147,453	-4,746	-181,333	-222,476	-291,773	-265,374	-97,072	-153,479	-18,664	132,374	162,209	212,523	151,911	87,790	32,982	112,101	67,217	-35,868	-155,879	-205,193	-32,579	156,381	529,362	390,250	268,178	0	0	0
Change in prepaid expenses and other, net
3,301	10,237	13,262	2,556	-3,076	-1,907	3,298	3,074	4,877	3,383	-1,148	-1,176	-2,162	-24,155	-509	-830	-5,765	3,690	-77	593	3,310	13,215	-1,766	2,304	1,827	1,789	4,324	1,560	3,095	-558	-1,185	-16,127	-3,155	-1,999	0	0	0
Change in trade accounts payable
-29,220	2,241	2,100	-7,035	25,366	18,490	22,733	35,700	20,186	8,964	356	-6,549	-4,201	-22,411	-41,639	-6,312	-17,645	-4,154	25,466	19,216	9,170	24,180	43,147	24,319	31,585	38,105	17,172	6,209	10,172	-29	11,511	26,695	27,941	24,366	0	0	0
(Payments) draws on floor plan notes payable – trade, net
-44,796	-26,579	-25,050	-4,458	44,406	76,646	80,464	69,664	36,183	19,355	31,051	13,999	24,330	3,989	-3,938	8,306	-13,737	-17,005	4,466	10,640	19,350	44,870	58,056	28,158	35,685	13,044	0	0	0	-	-	-	-	-	-	-	-
Change in customer deposits
1,556	6,512	-7,016	-3,150	-2,950	8,833	17,593	2,288	11,171	8,932	7,098	8,537	-8,495	-4,020	-5,595	1,585	-13,766	-22,371	-3,293	-12,855	7,299	-13,802	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-
Change in accrued expenses
-6,781	-12,757	-1,094	1,431	10,998	24,331	7,820	-490	11,421	12,158	5,075	5,592	-1,786	-190	-12,643	-10,952	10,700	-12,013	-12,070	9,829	6,101	26,856	57,423	25,572	20,231	1,706	24,095	19,987	2,411	-6,509	-28,893	-14,228	5,350	30,669	0	0	0
Other, net
160	1,376	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by operating activities
599,342	421,272	233,962	-6,562	58,445	215,364	185,485	211,998	232,876	152,737	304,686	428,936	457,457	521,170	514,543	387,859	425,061	227,250	99,791	104,669	-547	88,937	184,300	183,373	109,327	173,488	208,137	323,238	406,619	219,336	58,127	-112,530	-194,249	-81,369	0	0	0
Cash flows from investing activities:
Acquisition of property and equipment
283,129	293,493	292,634	275,115	249,898	238,260	247,382	246,563	218,923	209,917	176,175	161,269	182,294	196,965	277,125	318,855	339,215	367,790	328,867	308,819	290,073	260,820	250,749	225,256	214,617	191,584	163,893	174,967	163,110	170,951	178,218	166,254	152,297	148,543	0	0	0
Proceeds from the sale of property and equipment
2,314	2,310	2,603	4,036	4,262	6,325	5,885	5,015	4,599	3,968	6,972	15,359	13,478	12,494	9,796	1,374	1,814	3,319	2,857	2,222	2,236	249	522	600	575	633	546	539	1,380	1,249	1,322	1,260	2,696	10,692	0	0	0
Business acquisitions
-	10,168	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	69,013	74,984	68,263	42,425	157,626	157,295	216,466	215,750	72,725	167,723	108,063	104,560	104,571	34,628	34,628	34,648	94,630	0	0	0
Purchase of equity method investment and call option
-	22,499	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-4,430	-3,394	-2,532	-1,344	-363	1,683	5,393	4,564	5,017	-1,241	-4,643	-513	224	4,708	4,243	1,010	606	3,025	2,689	2,451	2,004	-1,631	1,661	4,193	4,673	5,992	2,608	-554	-1,010	24	-8	526	178	-655	0	0	0
Net cash used in investing activities
-278,549	-320,456	-320,166	-296,377	-269,401	-227,243	-242,695	-247,942	-221,196	-206,563	-164,235	-144,872	-169,271	-189,410	-275,700	-330,029	-378,896	-436,234	-403,408	-377,036	-332,116	-416,416	-409,033	-445,165	-434,465	-269,668	-333,678	-281,937	-265,280	-274,297	-211,516	-200,148	-184,427	-231,826	0	0	0
Cash flows from financing activities:
(Payments) draws on floor plan notes payable – non-trade, net
-177,997	-104	85,697	326,602	261,536	167,812	203,135	106,203	84,753	112,261	-35,962	-151,966	-165,722	-211,802	-205,716	-43,850	-67,094	31,568	200,729	173,882	233,961	207,458	112,316	86,427	125,339	46,085	-2,852	-65,564	-162,641	-20,677	114,264	246,031	344,687	282,883	0	0	0
Proceeds from long-term debt
200,411	210,043	203,574	194,565	162,472	156,751	170,460	169,724	159,145	152,563	115,259	103,806	114,549	121,188	206,105	201,548	210,998	218,026	176,422	185,380	191,915	214,622	212,124	219,725	202,474	171,166	154,319	146,376	144,030	144,639	160,526	162,428	163,981	144,457	0	0	0
Proceeds from line of credit
-	135,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on long-term debt
185,964	183,538	181,596	177,777	163,852	167,106	163,866	160,023	153,203	145,038	150,847	155,705	160,550	164,940	165,483	160,583	152,103	154,685	140,573	133,594	133,100	112,828	107,213	99,360	90,066	88,048	82,850	83,774	78,458	73,151	71,297	70,009	67,023	68,299	0	0	0
Principal payments on finance lease obligations
7,935	8,331	10,426	10,389	11,613	12,429	12,680	12,200	12,336	12,449	18,585	20,275	21,963	23,479	18,113	18,210	16,148	14,506	12,866	11,491	12,656	12,531	13,532	14,252	13,505	13,511	13,832	12,420	12,301	11,584	11,845	12,096	10,939	14,048	0	0	0
Proceeds from issuance of shares relating to employee stock options and employee stock purchases
8,556	8,244	4,698	4,194	4,022	3,926	6,995	12,044	16,977	23,327	23,530	18,655	12,796	8,260	5,226	4,254	4,489	3,766	3,965	4,663	11,607	11,962	12,598	11,246	4,977	9,327	8,678	8,504	7,458	5,064	7,031	7,237	8,181	5,518	0	0	0
Payments of cash dividends
18,691	18,317	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax expense from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-294	-800	-974	-921	-337	-142	531	3,763	5,207	5,387	4,734	1,908	2,566	2,418	2,378	1,832	1,668	1,817	1,911	2,398	1,628	0	0	0
Common stock repurchased
52,474	58,188	116,246	112,346	108,037	120,558	64,488	55,295	64,377	33,800	37,620	47,626	51,074	43,514	33,282	20,299	0	1,464	3,728	5,019	9,921	12,253	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs
-	-	-	-	-	-	-	-	-	523	0	0	523	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
-309,825	-50,922	-33,248	265,969	205,816	19,064	134,864	60,453	30,959	96,341	-104,234	-252,921	-271,774	-314,581	-212,063	-38,114	-20,779	82,368	223,807	214,352	285,569	301,637	203,201	189,221	214,458	114,712	61,498	-6,772	-100,080	45,959	200,447	335,398	441,140	351,994	0	0	0
Net decrease in cash and cash equivalents
10,968	49,894	-119,452	-36,970	-5,140	7,185	77,654	24,509	42,639	42,515	36,217	31,143	16,412	17,179	26,780	19,716	25,386	-126,616	-79,810	-58,015	-47,094	-25,842	-21,532	-72,571	-110,680	18,532	-64,043	34,529	41,259	-9,002	47,058	22,720	62,464	38,799	0	0	0
Supplemental disclosure of cash flow information:
Interest
56,317	57,373	55,659	50,862	46,421	42,752	40,199	38,047	35,881	34,149	33,684	34,712	35,850	37,904	38,267	38,146	37,240	35,356	33,967	32,046	30,577	29,539	28,436	27,321	25,910	24,195	23,314	23,200	23,468	23,275	22,217	19,933	17,629	15,237	0	0	0
Income taxes paid (refunded), net
35,849	42,440	53,881	50,468	33,763	28,674	16,826	26,288	26,622	31,323	32,541	19,202	10,277	-10,939	-8,998	627	968	16,126	23,243	26,740	28,360	29,795	21,128	13,379	10,860	9,314	10,720	5,884	6,889	7,122	8,012	8,026	4,233	2,032	0	0	0
Noncash investing and financing activities:
Common stock issued related to business acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Assets acquired under finance leases
51,827	44,904	0	0	0	-	-	-	-	15,205	15,653	19,703	18,700	24,207	26,501	40,777	43,263	41,021	46,836	28,160	26,090	24,314	11,928	11,296	10,283	9,005	11,355	15,392	17,101	15,892	16,467	15,121	12,699	17,400	0	0	0