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2018 Annual Report

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2018 Annual Report 2018 Annual Report Rush Enterprises 2018 Annual Report W. Marvin Rush Founder, Rush Enterprises 2018 1938–2018 RUSH ENTERPRISES ANNUAL REPORT With the entrepreneurial spirit, larger-than-life personality and leadership of Founder W. Marvin Rush, Rush Enterprises became a full-service dealership network that spanned the southern United States from coast to coast. Today, Rush Enterprises is the largest commercial vehicle dealership group and the largest Peterbilt, International, Hino and Isuzu dealer in the country. All this would not be possible without Marvin’s vision and never-ending determination to succeed. Throughout his career, Marvin took great pride in building a strong culture in Rush Enterprises. In 1992, he introduced the Rush Enterprises Coin, with our company motto, “The Customer is the Boss,” and our Core Values of Fairness, Excellence, Productivity and Positive Attitude. To this day, each and every Rush Enterprises employee carries their Rush Coin proudly. W. Marvin Rush passed away on May 17, 2018, at the age of 79. We honor his memory by continuing to uphold the culture that meant so much to him. REVENUE (billions) PARTS AND SERVICE REVENUE (millions) 2018 $5.5 2018 $1,670.1 2017 $4.7 2017 $1,471.3 2016 2016 2018 $4.2 $1,332.4 2018 2015 $5.0 2015 $1,382.4 RUSH ENTERPRISES ANNUAL REPORT 2014 $4.7 2014 $1,315.7 RUSH ENTERPRISES ANNUAL REPORT SHAREHOLDERS’ EQUITY (millions) ABSORPTION RATIO 2018 $1,066.9 2018 122% 2017 $1,040.4 2017 121% 2016 $862.8 2016 112% 2015 $844.9 2015 116% 2014 $764.3 2014 118% EARNINGS PER SHARE (from continuing operations) GROSS PROFIT (millions) 2018 $3.45 2018 $978.3 2017 $4.20 2017 $829.9 2016 $1.00 2016 $718.0 2015 $1.61 2015 $784.9 2014 $1.96 2014 $756.0 THE COMPANY OPERATES 120 NEW AND USED COMMERCIAL VEHICLE SALES (units) NET INCOME (millions) RUSH TRUCK CENTERS IN 22 STATES. 2018 37,797 2018 $139.1 2017 32,756 2017 $172.1 2016 30,635 2016 $40.6 2015 37,702 2015 $66.1 2014 35,352 2014 $80.0 About the Company Rush Enterprises, Inc., is the premier solutions provider and other vehicle technologies as well as vehicle to the commercial vehicle industry. The Company up-fitting, chrome accessories and tires. owns and operates the largest network of commercial vehicle dealerships in the United States, with 120 Rush Every Rush Enterprises employee receives a coin 30% 28% Truck Centers strategically located in high-traffic areas on engraved with our company values – productivity, Parts and Service Truck Sales fairness, excellence and positive attitude. These are 65% 64% or near major highways in 22 states. These vehicle centers Truck Sales Parts and Service represent truck and bus manufacturers, including Peterbilt, more than just words. They are the standards that set International, Hino, Isuzu, Ford, Mitsubishi Fuso, IC Bus, us apart. Employees know that the customer is the boss. We do not just ask what we can do for them. We ask 2018 REVENUE 2018 GROSS PROFIT Blue Bird, Collins and Elkhart Coach. what more we can do for them. We want our customers $978.3 Million $5.5 Billion These one-stop centers offer an integrated approach to expect more. That is why we expect more from every to meeting customer needs – from service, parts and employee. We count on them to deliver, so our customers collision repair to new and used vehicle sales and leasing know they can count on us. 5% 8% plus a wide array of financial services, including Lease and Rental/Finance Lease and Rental/Finance financing and insurance. Rush Enterprises’ operations For more information, visit rushenterprises.com. and Insurance/Other and Insurance/Other also provide CNG fuel systems, telematics products Chairman’s Letter Instead, we remained as committed and passionate as ever continued to expand the breadth of our all-makes parts about our strategic growth initiatives, which significantly offerings and launched our second catalog, which includes 138 contributed to our financial results. As a result, 2018 was parts brands and 9,000 of the most commonly needed parts. one of the strongest years in our company history. For 2018 In early 2019, we introduced RushCare Parts Connect, RUSH ENTERPRISES ANNUAL REPORT the first time ever, our revenues surpassed the $5 billion a business-to-business ecommerce platform that gives mark, ending the year at $5.5 billion, and our net income customers 24/7 access to shop our entire nationwide was $139.1 million. Our financial results were driven by $250 million parts inventory online. RushCare Parts the successful execution of our strategy, as well as a healthy Connect represents a multiyear, multimillion-dollar nationwide economy and strong activity in the many market investment in technology that allows us to offer one of the segments we support. We sold 37,797 new and used trucks, most comprehensive online sources for all-makes parts with the best fourth quarter in company history for both available today. It is built upon the same proven technology medium- and heavy-duty truck sales. Aftermarket revenues that our parts sales professionals use in our dealerships, and increased to $1.7 billion, a record high, and our absorption offering this technology to our customers was the natural next ratio was an all-time high of 122.4%. step for us as the premier solutions provider in the industry. We also remained focused on investing in our future and Additionally, in 2018 we grew our team of aftermarket sales adding value to our shareholders, as demonstrated by the specialists and added four parts and service locations to our execution of our capital allocation strategy. In 2018, we paid network. Further, our 28 RushCare Rapid Parts Call Centers two cash dividends totaling $9.3 million. We also repurchased continue to support customers around the country through $125.2 million of stock and adopted a repurchase plan that the parts ordering process whenever they need us. allows us to repurchase $150 million of stock through December 31, 2019; as of December 31, 2018, there was $84.1 Enhanced Service Offerings million remaining to be spent under the plan. We ended We truly believe that service technicians are the heartbeat 2018 in a strong financial position, with $131.7 million in of our dealerships and the key to reducing our customers’ cash. As we implement our strategic initiatives, we continue dwell time. In 2018, we increased the number of technicians to invest in people and technologies, which will help equip us in our dealerships by over 300, which allows us to better for long-term success. We remain committed to the strategic utilize our facilities throughout the country and reduce our expansion of our dealership network and adding new, customers’ dwell time. We continue to offer contract and innovative offerings to our portfolio of customer solutions. mobile technicians so we can reach customers whenever With an economy as strong as it was in 2018, it could and wherever they need us. We are focused on recruiting programs to bring in new talent, and we are also just as have been possible for any company in our industry A Strategic Focus on Aftermarket committed to programs that will help our existing technicians Solutions and Technologies grow and succeed throughout their careers with us. to get comfortable and still have a profitable year. Our aftermarket revenues increased 13.5% to $1.7 billion As part of our RushCare Xpress Services portfolio, in 2018 in 2018, a record high. Aftermarket services accounted we launched Xpress Check to triage and quickly alert But that’s not who we are. for 63.4% of our annual gross profits. Our results were customers of expected costs and time needed for their positively impacted by the robust economy and activity repair, and Xpress PM to provide preventive maintenance in many market segments, but particularly from refuse, in dedicated service bays. RushCare Xpress Services are construction and over-the-road customers. Importantly, designed to help get our customers back on the road faster, our multiyear investment in aftermarket strategic and we look forward to fostering relationships with these initiatives accounted for a significant amount of customers and growing our business with these additions our revenue growth in 2018. to our RushCare Xpress Service offerings. Building an All-Makes Parts Culture Our service communication platform, RushCare Service With our unending focus on growing our Connect, along with our RushCare Call Centers, continue parts business and building an all-makes to support fleets with transparent service communication culture in our company, in 2018 we that helps them operate their vehicles and manage their business effectively. The system fully integrates with our confident our used truck inventory and pricing levels can preferred telematics platform as well as customers’ own or support market demand. third-party service event management software, giving them For Class 4-7 truck sales, ACT Research forecasts 262,300 a full view of their entire fleet. We are continually improving 2018 units in 2019, a 1.6% increase over 2018. Due to continued our RushCare Service Connect offerings and plan to launch RUSH ENTERPRISES ANNUAL REPORT strength in the markets we support and our ability to provide enhancements to these offerings in 2019. a variety of medium-duty solutions to our customers, we We will continue to expand our online RushCare portal believe our 2019 results will be on pace with our 2018 to provide customers with access to our entire suite of medium-duty truck sales. RushCare Parts Connect is the most comprehensive online source for all-makes parts. RushCare offerings in one convenient place.
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