Q2 2022 Rush Enterprises Inc Earnings Call
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Good morning. I hope everyone has been able to get through obviously a little new technology through the lakes this morning. We had a couple emails with a couple folks having trouble, but hopefully everybody will get sorted out this morning and be able to join us for the call. So I'm going to get started. Good morning and welcome to the second quarter 2022 earnings release conference call. On the call today are Mike McRoberts, chief operating officer, Steve Geller, chief financial officer, Jay Haizerman, vice president and controller, and Michael Goso, vice president, general counsel, and corporate secretary.
Now, Steve will say a few words regarding forward-looking statements. Certain statements we will make today are considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Because these statements include risk and uncertainties, our 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, those discussed in our annual report on Form 10-K for the year ended December 31, 2021, and our other filings with the Securities and Exchange Commission.
As indicated in our news release, we achieved second quarter revenues of 1.8 billion and that income of 110 million or $1.92 per dollar. We put it along the chair. We put it along the chair. We put it along the chair. We put it along the chair. We put it along the chair. We put it along the chair. We put it along the chair.
Arnie's for share, excluding the one down game related to our acquisition of a controlling interest rust-rug centers can't be delimited.
We're $1.75 per dole.
We are very proud of our accomplishments this quarter. Not only did we achieve record high quarterly profits, we also completed the conversion of our previously acquired Summit locations to our SAB business system, acquired an additional 30% of Rush Drug Center's Canada Limited, repurchased $38.4 million of company stock, and declared a cash dividend of $0.21 for a common share, or a 10.5% increase in our dividend, and our fifth increase since 2018.
Our results in the second quarter were due primarily to a strong freight demand and healthy consumer spending. New drug production continues to be constrained because of component supply issues, but our Class 8 new drug sales substantially outbased the industry.
Our aftermarket results also significantly outperform the market. There is flow demand from parts and service throughout the quarter.
Our results were also positively impacted by 19 locations acquired in the fourth quarter of 2021, as well as 15 locations in Canada, through our additional investment in Rush Truck Center's Canada limited. Whose operating results are now consolidated in our financials.
In the aftermarket, our parts service and body job revenues were $598.3 million, up 34.3 percent, and our absorption ratio was $136.4.
In the second quarter, there was strong widespread demand for parts and service for most market segments.
We continue to strategically expand our workforce to service technicians and aftermarket sales for vessels throughout our network, including our new locations and extending our rigs to large national fleets. We continue to extend our rigs to large national fleets.
We expect sublime to the Franks. We'll continue to embed the industry into 2023. But we believe parts and service demand will remain strong. To do our network reach and scale in our inventory, along with our partnerships with parts and manufactures, we are better equipped to navigate any industry parts or just moving forward. Any industry parts or just moving forward.
With your continued expansion of our workforce of technicians and aftermarket professionals and by implementing our strategies at our newly acquired locations, we believe our aftermarket results will significantly outpace the market in 2022.
Turning the truck sales result 4168 new Class 8 trucks, accounting for 6.4% of the total US Class 8 market and 1.7% of the Canada market.
While new drug production is still constrained, the classic manufacturers we represent were able to increase production somewhat in the second quarter. We experienced healthy demand for most market seconds, particularly over the road construction and vocational customs.
Our backlog remains strong and we are proud of our classic flux hills and zoses.
especially given a limited number of new drugs available to sell. ACK Research forecast US Class A retail sales to be 253,000 units of 2022 up 11.3% from 2021. In Canada, you class A retail sales to be 29,500 or up 4.9% from 2021. In Canada, you class A retail sales to be 29,500 or up 4.9% from 2021.
We believe them because of the supply constraints. Retail sales of class eight trucks have a lag demand. By as many as over 100,000 trucks, we'll ask a couple of years. We'll ask a couple of years.
We believe because of this pent up demand for Class 8 truck sales and the pending changes to emissions guidelines in 2024 and 2027 that the commercial vehicle market will remain strong through 2026.
Our Class 4 through 7 new drug sales race 2815 units in a second quarter, accounting for 5.1% of the U.S. Class 4 through 7 market and 1.3% of the Canada Class 5 through 7 market.
Production capacity remain limited, the wastebearer's healthy demand for the variety of markets.
including vocational and fluidian beverage customers.
ACT research, forecast US Class 4 through 7 retail sales to be 230,000 units at 2022, now 7% from 20, 7% from 2021.
and Canada Class 527 Regill Sales to be 10,250 units are now 22.5% from 20.1.
Looking ahead, we expect the supply constraints on class 437 drugs to continue, though some manufacturers may increase production this year. We believe our results will align with the industry in 2022.
Our youth truck sales reached 1,629 units in the second quarter, down 22.2% over 21.
Overall demand softened for Class 8 on-highway use trucks.
to the weak spot rates and ID surprises, including an increased burden on overoperators as publics. to the weak spot rates and ID surprises,
However, there were still strong abuse of command for medium-duty flatbed and vocational energy
Used drug values have decreased significantly and we anticipate they will continue to soften through the year.
We are managing our values and inventory and believe we can effectively meet the needs of the market this year.
I would like to note that our lease and rental operations have grown to become a significant contributor to our company's overall profitability. With second quarter lease and rental revenues increasing 31.2% year over year.
The growth is driven by our recent acquisitions in the fourth quarter of 2021 and second quarter of 2022, as well as strong demand due to healthy freight environment and limited new drug production.
As we look ahead, we are closely monitoring inflation, interest rates, fuel prices, and other economic factors which may impact our industry.
That said, while economic growth has slowed someone, we believe strong new trucks and demand for new trucks and aftermarket parts will continue.
We are continuing to vote. We have continued to focus on our strategic indices and diligent express management.
And we believe our financial results will remain strong.
He is very important that I thank our employees for their impressive work and their ongoing commitment to our company and our future.
With that, I'll take your questions.
Thank you as a reminder to ask a question you will need to press star 1 1 on your telephone to with
Please stand by with the Pala Q&A roster.
Our first question comes from Justin Long with Stevens, you may proceed.
Thanks, good morning and congrats on the quarter.
Thank you, Joseph.
I guess to start, I wanted to ask about Class 8 sales. We saw a pretty nice step up here in the second quarter versus the first quarter. Any thoughts on how that number trends sequentially headed into 3Q and 4Q?
like it's going to be pretty flat. OK? You know, I think manufacturers have pretty much gotten to where they're going to be still dealing with, you know, not dealing as much as we were last year, of course, but there still are component supply shortages. There still are trucks being partially built that are offline. They're still dealing with those handwins.
So, you know, if I was going to look somewhere, you know, and a lot of that has to do with timing, right?
and mix what the trucks are. You know, they need bodies. Do they have this? I don't have all that detail in front of me. But as far as what we're getting from a production perspective, I would call it basically flat. You know, not like I don't want for new truck deliveries to change a whole lot over the next quarter. And I own out through Q4. Remember, we are still on allocation. Remember, we are still on allocation.
So...
It's more of what we can get, right? It's not what we have sold. Our backlog is still strong.
I'm back all this as strong as it was at the end of the quarter last year. Last quarter, she made the end of Q1. So, you know, we feel good about it. And as if manufacturers are able to ramp up production some, then, you know, go forward, but I'm not going to be able to reach out on that right now. I'm going to be able to go forward, but I'm not going to be able to reach out on that right now.
You know they're doing a decent job.
I'm managing what they've had to manage, and dealing with the supplies that we've had.
We've gotten pretty good at it. We've been dealing with it for like 15, 16 months now. So I think manufacturers have figured out how not to over promise and under deliver after what we went through in 2021.
Got it. And you started the call and mentioned the strong and widespread demand for parts and service. Obviously, a big revenue number here in the second quarter. But could you share what the same store or organic growth rate was in parts and service and how you're thinking about that in the back half?
Well, it was a robust, I think you remember right, we were 18% in Q1. It was a fairly robust 19% I was in Q2, right? So I guess I've missed the mark a little when I started coming in the first of the year and I told you to be high stangles, but I guess we missed it on the right side of it anyway. So as we look forward, I would expect Compton order.
But I still would expect some pretty solid double digit growth rates on the same store basis. I'm not sure we'll get 19. Well, you know, that's to be seen. I get reflected on where I'm at as of today, okay? And this morning July , we have continued to maintain the pace that we were setting in June . So we've seen no slide to slow down or anything. There'll be some seasonal slides that go down in the winter.
That's just natural because we have so many stores in the south just because of the air conditioning work, etc. But it's not significant. That's just abnormal seasonal things we deal with. But right now, demand remains robust. And we continue to believe and we have the initiatives that we have going on out there, whether it's mobile side or really chasing after the large fleet business. We've really been very focused on that given our network leveraging off the largest network in the country.
We still believe that we can maintain pretty strong double digits. I'm not going to go to 19, but you never know. These guys surprise me all the time. Good robust growth as we go forward.
Good to hear. I'll leave it at that. Thanks for the time.
You bet you'll take it just.
Thank you one moment for questions.
Our next question comes from Jamie Cook with Credit Suisse. You may proceed.
Hi, good morning, nice quarter. So Rusty, I guess my just first question, you know, and you're prepared to mark, so I think you said, you know, you see strong demand on the truck side, I think through 2026, just given pent up demand and you know, emissions requirements that are coming up. So just interested on sort of, that's a pretty bold statement. Just your thought process there and what your assumptions on the macro and that environment is everyone sort of worried, you know, about a recession.
And then just my second question, when you were talking about, you know, class eight sales or new truck sales or, you know, and you said,
I think you said flat, was that relative to the first half or year-to-year? Thanks.
Well, I'll answer it back in reverse order. That's sequential, Jamie. Okay, okay. That's what I thought. Yeah, that's sequential. So, a little bold statement from me. You don't hear many of them, do you? So, I wouldn't, look, those comments are industry specific directed, okay? I cannot control the General O'Donohue.
What I can tell you is that given what we've dealt with since 20, just step back a minute and look at the last two and a half years.
We were shut down for a month and a half in 2020. We didn't even build trucks when COVID hit in April and into May. So you lost that production. Then you get into 2021, you're starting about March or April , and all of a sudden we've got supply constraints.
You know, and we don't build. They'll do it in 27 US retail last year. The demand was there for way more. And so, and we get into this year, where we're gonna be in the 250, you know, understanding this industry like I do, if you go back in time, we historically have always built to max capacity.
We never, many factors have never worried about anything, but producing everything they could.
I've talked, you know, I do have some customer touch and a lot of large fleets, now not the smaller people, they're getting hurt right now, right? The spot rates and all that coming up, but a lot of large fleets have not been able to keep track and replace at the rates they want to. Okay? So you still got this pent-up demand. Look, if we have a big D.R., of course that's going to affect it all. I can't predict that and that's not my job to be that economist.
But I can tell you that all everything in the industry aligns, if you go back and look at what year and a half of what people were rejecting the year and a half ago for 2024. But understanding what's going on, what we went through a decade between 2010 and 2020, and what we didn't have in the governmental influence. What we didn't have in the governmental influence.
We didn't have really any emissions issues. We sure did between 2010, I say, you know, I'm old. We had a lot to deal with. We had some pretty big years in 05 and 06. And I would somewhat compare what we have coming in front of us on our look at 25 and 26. I'm on our look at 25 and 26.
for the same things.
excluding what we're going to start dealing with in 24. And then for most people who are figuring 24, you know we're going to be down to 170,000 US units. You know we're going to be down to 170,000 US units.
But because of taking not being able to meet demand, I think we're going to go down in 24, no question. But it's not going to go to 170, maybe it's 210, 215, these are my thoughts. I can be wrong. There's no question that they overall come because there are things for a look. But the industry specifics are aligned that once we get through that, then the whole country. And we're talking about diesel engines going up, maybe $20,000.
And I realize that the economy can override all of this. But if you look specifically, the industry specifics. But if you look specifically, the industry specifics.
They pretty much align that way, given 24 and 27 emissions and given the lack of product that we need.
Typically, we wouldn't produce to meet that demand. We didn't, we haven't done it. You know, with back laws like this, we'd be busting out at not 220 and 250 and 240. We'd be busting out at 280, 280, 190,000 units and more. Manufacturers are not running it for the past year currently. And it's really been a good thing for my perspective. This will, I like to believe outside of the overall economy.
I can't control that. We get a solved dark, a middle art, not a big art. You know, we're gonna be some effect, but I don't think it's as bad given these other things that I've talked about is what we've, you know, is what could be expected. And so that's really where those numbers I'm given to you jump from that I believe, but we're gonna eat, we're gonna be fine. So always I believe, if it is a big art and a whole good three tanks down, obviously it's gonna have nothing.
have salary increases that when effective July first and the numbers you see printed only have.
two months of Canada consolidated in a quarter. So that's when you get the third month and you take into account the salary increases that we put through the company in July , that's probably gonna add on a quarterly basis about eight to 10 million dollars to GNA. And then the rest of the lift will be just coincide with the lift and back in business after market GD.
Okay, thank you.
One thing, Jamie, I think when you look at that absorption rate, remember that takes into account expenses at the dealership level, the fixed expenses. We're managing to keep that, grow the gross a whole lot more than we are the expenses. And really it reflects the spread that you get.
Thank you.
Thank you.
Thank you. One moment for questions.
Our next question comes from Andrew Rogan with Bank of America he may proceed.
Good morning.
Thank you, Andrew. Good morning to you. Just a question, just to follow up on Jamie's question. Parts and services clearly big beneficial of the environment, big beneficial of the investments that you guys have made. It seems pricing is strong. So, first, if we have disinflation, how sticky are the prices? In part two, you outlined this.
you know regulatory environment from the next five years that i think is going to be fairly favorable so what should we expect from your part in services uh... in terms of growth uh... over the next uh... several years and how should we think about profit you know gross margins but right because it's such a huge driver of your profitability uh... and you have outlined this you know you know these big regulatory changes that can drive demand but how should we think about demand for part in services within that environment you know
of aviation, but we've also taken share at the same time. And that's really what it's all about. That, you know, this last acquisition and the last two acquisitions really continue to help fill out our map. And understanding that, you know, we're after that large fleet business, we're after all customer base. But our map is our differentiator. No one can put up a map when it comes to service, especially it draws the bottom two-thirds of the United States like us.
And, you know, we're gonna continue trying to fix here.
That's what we get paid to do around here. Competition is strong, but I have a belief that the historical track records that we put up, a support and the continued growth in our map are going to support our abilities to grow our Varsson Service Market and take care.
So, you know, I mean that's the best I can tell you. Will the fleet, if the truck market stays strong, will the average age of the fleet come down? You better believe it will. But at the same time, it's more about adding technicians, putting more emphasis on where we believe, and I don't want to get into all, everything we do. I do have people who probably listen to this call, our competitors. But you know, I do believe we have.
There's no secret sauce to this business, but there is an ability to leverage off of that map and continue to provide support to a customer through a broader base than anyone else. And we can take share. We've done it in the past and we will continue to do it from my perspective going forward. Our people are the best and we're trying to do our best to provide them the best tools we can. From a technology perspective, or even an equipment perspective, across the board, facilities, whatever.
and listening to customers and what they're asking for, especially when it comes to mobile and embedded technicians and these types of supports that I think we, you know, we lead the industry in. So I know that's just a, maybe to you, maybe a generic answer.
But it's a solid answer, my friend, let me tell you. It's what we do. And I think it's reflective in the numbers we're showing, right? And I have no reason to believe that it's going to stop.
And just to, you know, just to, and then I'll, you know, segue into question about macro, but, you know, I think a lot of folks in Wall Street are concerned about a downturn you brought it up. You know, given, you know, how you phase in price increases and given the market share, you know, that you've gained a year to date, do you think you can grow parts in services business in a mild recession? Just to apply the report to us.
I got you. It's a good question. We have historically had, the last time I had an issue and growing it.
was I was really more heavily weighted in one particular industry and you would know what that is.
And that will be all against me.
You got it, brother. And you know what the good thing about right now is?
We're not weighted that heavily in that business. So while it may slow our growth rate down and I'm not here to say guarantee 100% that if we had a you know a pretty strong recession I wouldn't have I wouldn't take a few hits because that's just natural in this business people would know They'll tighten up their belts a little bit It wouldn't be nothing as significant as we might have seen in past
And we would try to do our best to come back that with share game. So, you know, I don't see even we have a very strong recession. I see no way to take more than five percent. If I take one five percent, it would really bother me given the diversity. I mean, the diversity of our customer base now. Our customer base is much more diverse than it has been historically. So it should be better equipped to weather any storm.
that might come our way. Not that you're not going to be affected by a storm. Doggone it. We'll be in a whole lot better shape given that diversity of customer base across many market segments, not as focused. You remember back in what 17 or so, we figured that we were what 15% tied to sale or something, right? All I guess.
But it's not three. So I don't believe that we're quite as affected. We're going to get affected. But I believe we can maintain pretty close to flat. That would be my answer to you right now, Andrew.
You guys have so flat, so flat about a flat about our in a mild recession, maybe a down mid single in a mild, something more severe. Yeah, it went back, yeah, mild, flatter, better. If you get a, you know, a heavier recession to whatever will keep it within 5% of my friends. And then remember, I got another lever to both call expenses at the same time. So don't forget about the other side of the house.
Just to follow up, I guess clearly part of the reason your services are doing so well is because...
of the systems you guys have, and of course these systems give you a lot of visibility in your end markets in terms of real time. Can you just tell us what are you seeing in the economy? We're in towards the end of July , people are talking about recession. There seems to be a consensus that there's gonna be a recession the next six to 12 months. What are you seeing? Maybe go by geography. You did highlight key verticals. You did highlight that you were seeing things slowing.
What are you seeing, slowing, anything last time you sort of talked about the fact that the plot rate maybe was bottoming, what's happening there, just would greatly appreciate your insights. Thank you.
Sure, you bet. Well, I'm gonna take it for a verse order. Spot rates.
You know, I think about rates picked around three bucks and they're around $2.95 to $1.95. Somewhere in there, a giver take a few percent. So obviously, you know, they've taken quite a bit out of them. I don't know, I mean, but I can't all talk to the truckload guys and it's LTO guys about where those rates are and where they believe they're trending, they're gonna be closer to it than me. I know where they've been. And I know how it's affected some of our stuff, you know, on the other side and that small customer.
And there's no question that it's had an effect. And we'll have, I think, I was talking to a finance company last night and they were, you know, the same, you know, starting to see some delinquency and that more marginal customer out there. So that's the effect of spot rights. Now what we talk about across the country. Now what we talk about across the country.
I'll be honest, Andrew.
We're not seeing.
a lot of softening in any certain area.
One area, I've got some folks around me here at the table and I look around and everybody sort of shifts their head. Nothing's going backwards specifically. Are our antennas up and we're looking for it? We all listen to the same news headlines every day. We all read the same stuff. So yes, they are. But are we seeing it right now? No. And you know, if our customers said, look, it's...
It's solvent, but it's still pretty good, okay? I mean, is this all done yet? I'm still doing extremely well and will be the first or second most profitable year that I've ever had. I'm still doing very, very bad. I'm still doing very bad. I'm still doing very bad.
Even if we have a slight arc next year, which is zero flat, GDP, I mean from folks I've talked to, our customers, the fourth best year they've ever had even next year. So I mean,
I mean, it's pretty good in our industry right now for our customer base. I've got to tell you. And, you know, I mean, everybody's gotten their, you know, they're not going to get the same contract rates that increases. Some people said flat. You've heard one or two people say maybe a little contraction.
Some people said, well, I still get, you know, low to mid single digit in which is I don't know the marketable dictate that, which they're not hearing doom and blown.
And it's still for people that are behind on replacement. I have not heard about what I'm just gonna stop or let my fleet age more. Have not heard that yet. So I don't think it's, and you know, the truck business is usually a leader in and a leader out, you know, it's a great indicator of what's going on in this country. It comes to goods being old. But I'm not, I'm just not, I'm not seeing that or not hearing it. It's all being yes, but it was such high levels that I would get it.
10, 12, 15 percent rate increases, that would have been unrealistic to expect that to continue. But you know, nobody's talking about replacing drugs. So I really believe that to be the case. I just have, what we've seen is the only place that you've seen it, and I'm sure maybe somebody will ask you, you used. And that's usually for that.
But that's because new truck production is up and we're delivering more new trucks. So it was naturally used, that foot pressure on used, which was used to crazy rates in the spot market effect of it. We use this solvent more than anything, this is the one area that I can say is solvent.
But that would be expected as new drug deliveries increase.
I mean, the best answer I can give you is we don't.
Don't work. I am tenons or up. We read about it. We see it. We know that people are getting to get weight increases. They were, they're flat, but they're still all in a lot of weight. They're all in a lot of weight.
And there's still demand out there at this moment.
Now thanks a lot Rusty. I really appreciate it. You bet. Thank you sir.
Thank you. One moment for questions.
Our next question comes from Matthew Rookler with Gamco. You may proceed. Hey, thanks a good morning. So a question on the use truck side of things that sounds like class eight over the road, those use prices are sequentially down, but yet positive mix in the quarter. Are you able to maybe put some numbers or percentages around?
how much the over the road trucks are down on a sequential basis and then second part of the question would be You know, what are your expectations for the remainder of the year?
Got it. Good question. Use. Use peaked. Let's talk about peaks. Then we'll take it down. Peak was, well, the late fourth quarter January , something like that. And then we started falling. I started falling at the auction levels. Then rolled into retail probably by that March.
and?
numbers 20-25% depending on the exact specification. But over the road somewhere in that range. We're off it was trickling down about 5% a month there.
instead of a typical member, you typically get about a 1.5%.
depreciation on our trucks. It can be a little more different stages in his life, but just use one and a half. Well, we ramped it up to about five. Then you run about five months in a row and then we can do the math, right? Somewhere in that four to five. So you've got in that, you told me a month ago I said 20, now I might have said 25. I do expect that too, but it's still higher than where it was. It got so high.
Unlike I have never seen in my entire 40 years in this business, okay, 40 plus years.
gosh, I'm old, in this business.
Never seen it like that. I think to that kind of a, there was just such strong demand out there that it got really high skill.
than it probably was, you know, in a little over a year ago, around a year ago. So it can come down further, and I would expect it to, but not at that same pace.
You know, I think you'll see that, you know, you're getting further down the hill, right? You get into the valley and it starts declining. It was a big, it was real psychomountain, man. Real steep up top and it starts getting a little bit more, you know, a strong growth on you and it, as it comes down, but it's still declining. So maybe another.
10% the rest of this year, something like that. And that's just a guess. Because we are building more new drugs, not building as many as we probably could given demand. But we are building more, so you've got to expect it to, what, five, seven, eight, 10% more, I'm hoping that's it. And then it'll sort of solve it out and get more back. But who knows, you get a big recession, it can drop more or something. But I'm not forecasting that, but I'm out of the goggles.
So that's there's your answers Look, I mean we were we were you're buying trucks more than you sold them two years ago You know things are crazy And that's kind of stuff that was going on late last in the life Back half of last year and into the first quarter of this year. That's all ended now So it will work itself out and through this I can tell you as we always do Because we always do people need to know that yeah, our margins were down
My margins have gotten crazy. Our margins and the quarter were more like we always say eight to ten They were upper tens, but my inventory we believe is marked market It's current rate and we are working on getting our inventories delos down. We peaked at about 2,400 we're at about 2,000. I'm hoping to get to 18, 1,900 units by the end of this month.
We've been attacking it for about the last 60 plus days.
So, you know, you always look back, well, it should have started maybe 60 days before, but we started a little early. We started in good enough time, and I feel good about where we're at and where we're at. That's it. Okay. Thank you again.
attention
Thank you and as a reminder to ask a question you'll need to press star 1-1 on your telephone.
Okay.
Our next question comes from
Next question goes from Jim Masago with FACSET you may proceed.
Oh.
If you're lying on the line. What is the reason?
That's a great question.
Is.
And I'm not showing any further questions at this time. I would like to turn the call back over to Rusty Rush for any further remarks. Thank you. Thank you.
Well, we appreciate everyone's time this morning. We, uh, and listening in, we look forward to talking to you again in October with, you know, hopefully great results again. Thank you very much. We appreciate your time. Have a great, uh, have a great, nice score.
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