UHAL U Haul Holding Company

U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its first quarter ended June 30, 2024, of $195.4 million, compared with net earnings of $256.8 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.00 for the first quarter of fiscal 2025 compared to $1.31 for the same period in fiscal 2024.

“We are making incremental progress serving more moving customers and filling storage rooms,” stated Joe Shoen, chairman of U-Haul Holding Company. “Transactions and revenue per transaction improved for both In-Town and One-way moves this quarter. Storage rooms rented are up. Most of our lines of business are hotly contested. As competitors continue to mimic our customer service, we have to implement more ways to satisfy the customer. This is a race, and the customer is the eventual winner.”

Highlights of First Quarter Fiscal 2025 Results

• Self-storage revenues increased $16.8 million, or 8.4% versus the first quarter of fiscal year 2024.
  • Same store occupancy decreased 1.2% to 93.9%, revenue per foot increased 4.7%, and the number of locations qualifying for the pool increased by 59.
  • Total portfolio occupied rooms increased 31,582 or 5.6% compared to June 30, 2023.
  • During the quarter we added 17 new locations with storage and 1.7 million net rentable square feet (nrsf). Eight were acquisitions of existing storage locations totaling 0.4 million nrsf and nine were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 1.3 million nrsf.
  • We have approximately 16.9 million nrsf in development or pending.
• Self-moving equipment rental revenues increased $15.1 million, or 1.5% versus first quarter of fiscal year 2024 marking our first year-over-year improvement in eight quarters. Transactions and revenue per transaction improved for both our In-Town and One-Way markets compared to the first quarter of fiscal 2024.
• Moving and Storage Other Revenue increased $9.0 million or 7.3% versus the first quarter of fiscal 2024 due to growth of our U-Box product offering.
• Moving and Storage earnings from operations, adjusted to remove interest income, decreased $64.3 million compared to the first quarter of fiscal 2024.
• Reduced gains from the disposal of retired rental equipment accounted for $47.9 million of the decrease while fleet depreciation increased $22.3 million and real estate related depreciation increased $6.8 million.
• Fleet maintenance and repair costs declined $20.8 million.
• Moving and Storage earnings before interest, taxes and depreciation (EBITDA), adjusted to remove interest income, increased $16.5 million compared to the first quarter of fiscal 2024.
• Cash and credit availability at the Moving and Storage segment was $1,566.8 million as of June 30, 2024 compared with $1,886.3 million at March 31, 2024.
• On June 5, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on June 17, 2024. The dividend was paid on June 28, 2024.
• We are holding our 18th Annual Virtual Analyst and Investor meeting on Thursday, August 15, 2024 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast at investors.uhaul.com. A brief presentation by the Company will be followed by a question-and-answer session.
• Supplemental financial information as of June 30, 2024 is available at investors.uhaul.com under “Investor Kit”.

U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2025 on Thursday, August 8, 2023, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 192,000 trucks, 138,700 trailers and 39,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,024,000 rentable storage units and 88.5 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended June 30, 2024, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2025 and 2024.

Quarter Ended June 30,

 

2024

 

 

 

2023

 

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

$

1,014,332

 

$

999,206

Self-storage revenues

 

215,737

 

 

 

198,961

 

Self-moving and self-storage product and service sales

 

96,591

 

 

 

100,872

 

Property management fees

 

9,495

 

 

 

9,177

 

Life insurance premiums

 

20,740

 

 

 

23,131

 

Property and casualty insurance premiums

 

21,229

 

 

 

20,322

 

Net investment and interest income

 

37,125

 

 

 

64,592

 

Other revenue

 

133,241

 

 

 

124,047

 

Consolidated revenue

$

1,548,490

 

 

$

1,540,308

 

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2025 and 2024.

Quarter Ended June 30,

 

2024

 

 

2023

 

(Unaudited)

(In thousands)

Moving and storage

 

Revenues

$

1,469,161

 

 

$

1,459,513

 

Earnings from operations before equity in earnings of subsidiaries

 

295,058

 

 

386,691

 

Property and casualty insurance

 

Revenues

 

28,178

 

 

27,839

 

Earnings from operations

 

11,483

 

 

11,982

 

Life insurance

 

Revenues

 

53,749

 

 

55,681

 

Earnings (losses) from operations

 

(47

)

 

1,356

 

Eliminations

 

Revenues

 

(2,598

)

 

(2,725

)

Earnings from operations before equity in earnings of subsidiaries

 

(252

)

 

(371

)

Consolidated Results

 

Revenues

 

1,548,490

 

 

1,540,308

 

Earnings from operations

 

306,242

 

 

399,658

 

Debt Metrics

Debt Metrics

(in thousands)(unaudited)

June 30,

March 31,

December 31,

September 30,

June 30,

2024

2024

2023

2023

2023

Real estate secured debt

$

2,497,239

$

2,562,620

$

2,716,180

$

2,771,027

$

2,744,416

Unsecured debt

 

1,200,000

 

1,200,000

 

1,200,000

 

1,200,000

 

1,200,000

Fleet secured debt

 

2,544,235

 

2,470,603

 

2,482,356

 

2,392,021

 

2,305,116

Other secured debt

 

70,202

 

70,815

 

72,869

 

73,752

 

74,250

Total debt

 

6,311,676

 

6,304,038

 

6,471,405

 

6,436,800

 

6,323,782

 

Moving and Storage cash

$

1,071,779

$

1,380,165

$

1,736,295

$

2,068,790

$

2,302,380

Moving and Storage assets

 

16,447,193

 

16,149,748

 

16,193,912

 

16,156,182

 

15,742,770

Moving and Storage EBITDA (TTM)**

 

 

1,584,461

 

1,567,985

 

1,593,446

 

1,683,912

 

1,789,024

 

Net debt to EBITDA

 

3.3

 

3.1

 

3.0

 

2.6

 

2.2

Net debt to total assets

 

31.9%

 

30.5%

 

29.2%

 

27.0%

 

25.5%

 

Percent of debt floating

 

7.7%

 

7.2%

 

6.9%

 

6.3%

 

7.7%

Percent of debt fixed

 

92.3%

 

92.8%

 

93.1%

 

93.7%

 

92.3%

Percent of debt unsecured

 

19.0%

 

19.0%

 

18.5%

 

18.6%

 

19.0%

 

Unencumbered asset ratio*

4.72x

4.43x

4.00x

3.74x

3.55x

*

Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

**

Moving and Storage EBITDA (TTM) for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income.

The components of depreciation, net of gains on disposals are as follows:

 

Quarter Ended June 30,

 

 

2024

 

 

2023

 

 

(Unaudited)

 

(In thousands)

Depreciation expense - rental equipment

$

157,528

 

$

135,192

 

Depreciation expense - non rental equipment

 

23,961

 

 

22,302

 

Depreciation expense - real estate

 

42,824

 

 

35,981

 

Total depreciation expense

$

224,313

 

$

193,475

 

 

 

 

Gains on disposals of rental equipment

 

(7,948

)

 

(55,807

)

Losses on disposals of non-rental equipment

 

180

 

 

146

 

Total gains on disposals equipment

$

(7,768

)

$

(55,661

)

 

 

 

Depreciation, net of gains on disposals

$

216,545

 

$

137,814

 

 

 

 

Losses on disposals of real estate

$

3,104

 

$

1,021

 

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

Quarter Ended June 30,

2024

2023

 

 

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of June 30

748

683

Square footage as of June 30

63,586

57,530

Average monthly number of units occupied

594

563

Average monthly occupancy rate based on unit count

80.0%

82.8%

End of June occupancy rate based on unit count

 

81.0%

 

83.9%

Average monthly square footage occupied

51,717

48,627

 

Self-Storage Portfolio Summary

As of June 30, 2024

(unaudited)

U-Haul Owned Store Data by State

 

 

 

 

 

 

Rentable

Annual

State/

Units

Square

Revenue

Occupancy

Province

Stores

Occupied

Feet

Per Foot

During Qtr

Texas

94

38,312

4,464,055

$14.68

77.1%

California

88

33,736

3,167,630

$21.03

81.9%

Florida

85

33,797

3,734,856

$18.33

76.0%

Illinois

81

37,664

3,697,392

$15.66

84.7%

Pennsylvania

69

28,798

2,856,385

$17.47

77.2%

New York

66

27,974

2,610,967

$23.12

78.5%

Ohio

58

24,937

2,538,932

$14.86

81.6%

Michigan

57

20,317

2,080,132

$15.58

84.5%

Georgia

49

22,415

2,402,474

$16.24

85.6%

Arizona

43

25,181

2,736,396

$15.40

81.8%

Wisconsin

43

17,296

1,961,885

$13.30

77.8%

Washington

37

13,689

1,496,099

$16.77

74.3%

North Carolina

37

16,851

1,837,893

$15.25

76.4%

Tennessee

36

15,228

1,520,055

$14.76

87.6%

Missouri

35

13,042

1,590,061

$14.56

73.5%

New Jersey

34

16,114

1,516,125

$20.73

81.5%

Indiana

33

11,006

1,173,055

$13.75

81.2%

Ontario

32

11,439

1,209,530

$23.14

72.4%

Massachusetts

31

11,269

995,742

$20.45

85.8%

Alabama

27

7,337

843,169

$13.92

77.9%

 

Top 20 Totals

1,035

426,402

44,432,835

$16.91

79.9%

 

All Others

461

179,637

19,229,462

$16.20

80.3%

 

1Q 2025 Totals

1,496

606,039

63,662,297

$16.70

80.0%

 

Same Store 1Q25

879

310,441

28,233,523

$17.05

93.9%

Same Store 1Q24

820

266,447

24,473,487

$16.28

95.1%

Same Store 1Q23

718

222,894

20,716,950

$14.79

96.8%

 

Non Same Store 1Q25

617

295,598

35,428,773

$16.30

69.1%

Non Same Store 1Q24

616

307,371

33,132,703

$16.03

74.4%

Non Same Store 1Q23

659

308,734

31,203,865

$15.14

77.1%

 

Same Store Pool Held Constant for Prior Periods

 

 

 

 

 

 

 

 

 

 

Same Store 1Q25

 

879

 

310,441

 

28,233,523

 

$17.05

 

93.9%

Same Store 1Q24

 

879

 

313,525

 

28,216,246

 

$16.30

 

94.9%

Same Store 1Q23

 

879

 

312,171

 

28,196,738

 

$14.98

 

94.4%

 

 

 

 

 

 

 

 

 

 

 

Non-Same Store 1Q25

 

617

 

295,598

 

35,428,773

 

$16.30

 

69.1%

Non-Same Store 1Q24

 

555

 

260,952

 

29,457,657

 

$15.95

 

71.7%

Non-Same Store 1Q23

 

497

 

220,545

 

23,825,830

 

$14.97

 

73.3%

 

 

 

 

 

 

 

 

 

 

 

Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter.

Occupancy % reflects average occupancy during the reporting quarter.

Revenue per foot is average revenue per occupied foot over the trailing twelve months ending June 2024.

Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity change of less than twenty units for any year-over-year period of the reporting month.

The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the last two years.

Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

June 30,

March 31,

 

2024

 

 

2024

 

(Unaudited)

(In thousands)

ASSETS

Cash and cash equivalents

$

1,153,161

 

$

1,534,544

 

Trade receivables and reinsurance recoverables, net

 

253,638

 

 

215,908

 

Inventories and parts

 

157,625

 

 

150,940

 

Prepaid expenses

 

248,147

 

 

246,082

 

Fixed maturity securities available-for-sale, net, at fair value

 

2,395,890

 

 

2,442,504

 

Equity securities, at fair value

 

 

74,066

 

 

 

66,274

 

Investments, other

 

638,423

 

 

633,936

 

Deferred policy acquisition costs, net

 

119,806

 

 

121,224

 

Other assets

 

123,878

 

 

111,743

 

Right of use assets - financing, net

 

 

265,744

 

 

 

289,305

 

Right of use assets - operating, net

 

 

53,255

 

 

 

53,712

 

Related party assets

 

67,254

 

 

57,934

 

 

5,550,887

 

 

5,924,106

 

Property, plant and equipment, at cost:

Land

 

1,727,668

 

 

1,670,033

 

Buildings and improvements

 

8,591,016

 

 

8,237,354

 

Furniture and equipment

 

1,014,086

 

 

1,003,770

 

Rental trailers and other rental equipment

 

960,853

 

 

936,303

 

Rental trucks

 

6,670,443

 

 

6,338,324

 

 

18,964,066

 

 

18,185,784

 

Less: Accumulated depreciation

 

(5,209,526

)

 

(5,051,132

)

Total property, plant and equipment, net

 

13,754,540

 

 

13,134,652

 

Total assets

$

19,305,427

 

$

19,058,758

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Accounts payable and accrued expenses

$

833,296

 

$

783,084

 

Notes, loans and finance leases payable, net

 

6,280,305

 

 

6,271,362

 

Operating lease liabilities

 

 

54,485

 

 

 

55,032

 

Policy benefits and losses, claims and loss expenses payable

 

841,861

 

 

849,113

 

Liabilities from investment contracts

 

2,406,464

 

 

2,411,352

 

Other policyholders' funds and liabilities

 

5,832

 

 

18,070

 

Deferred income

 

62,587

 

 

51,175

 

Deferred income taxes, net

 

1,470,156

 

 

1,447,125

 

Total liabilities

 

11,954,986

 

 

11,886,313

 

 

Common stock

 

10,497

 

 

10,497

 

Non-voting common stock

 

 

176

 

 

 

176

 

Additional paid-in capital

 

462,548

 

 

462,548

 

Accumulated other comprehensive loss

 

(231,813

)

 

(223,216

)

Retained earnings

 

7,786,683

 

 

7,600,090

 

Cost of common stock in treasury, net

 

(525,653

)

 

(525,653

)

Cost of preferred stock in treasury, net

 

(151,997

)

 

(151,997

)

Total stockholders' equity

 

7,350,441

 

 

7,172,445

 

Total liabilities and stockholders' equity

$

19,305,427

 

$

19,058,758

 

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

Quarter Ended June 30,

 

2024

 

 

 

2023

 

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

$

1,014,332

 

$

999,206

 

Self-storage revenues

 

215,737

 

 

198,961

 

Self-moving and self-storage products and service sales

 

96,591

 

 

100,872

 

Property management fees

 

9,495

 

 

9,177

 

Life insurance premiums

 

20,740

 

 

23,131

 

Property and casualty insurance premiums

 

21,229

 

 

20,322

 

Net investment and interest income

 

37,125

 

 

64,592

 

Other revenue

 

133,241

 

 

124,047

 

Total revenues

 

1,548,490

 

 

1,540,308

 

 

Costs and expenses:

Operating expenses

 

789,757

 

 

763,241

 

Commission expenses

 

112,571

 

 

106,927

 

Cost of sales

 

66,014

 

 

70,675

 

Benefits and losses

 

44,006

 

 

45,344

 

Amortization of deferred policy acquisition costs

 

4,646

 

 

8,045

 

Lease expense

 

5,605

 

 

7,583

 

Depreciation, net of gains on disposals

 

216,545

 

 

137,814

 

Net losses on disposal of real estate

 

3,104

 

 

1,021

 

Total costs and expenses

 

1,242,248

 

 

1,140,650

 

 

Earnings from operations

 

306,242

 

 

399,658

 

Other components of net periodic benefit costs

 

(372

)

 

(365

)

Other interest income

 

 

18,235

 

 

 

-

 

Interest expense

 

(67,218

)

 

(60,598

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(495

)

 

 

-

 

Pretax earnings

 

256,392

 

 

338,695

 

Income tax expense

 

(60,975

)

 

(81,857

)

Earnings available to common stockholders

$

195,417

 

$

256,838

 

Basic and diluted earnings per share of Common Stock

$

0.95

 

$

1.27

 

Weighted average shares outstanding of Common Stock: Basic and diluted

 

19,607,788

 

 

19,607,788

 

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.00

 

$

1.31

 

Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted

 

 

176,470,092

 

 

 

176,470,092

 

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended June 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

For the Quarter Ended

 

 

June 30,

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10%

 

 

10%

 

 

 

 

 

Net earnings available to common stockholders

$

195,417

 

$

256,838

 

Voting Common Stock dividends declared

 

 

–

 

 

 

–

 

Non-Voting Common Stock dividends declared

 

 

(8,824

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

$

186,593

 

$

249,779

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

18,659

 

$

24,978

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

0.95

 

$

1.27

 

Dividends declared per share of Voting Common Stock

$

–

 

$

–

 

Basic and diluted earnings per share of Voting Common Stock

$

0.95

 

$

1.27

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,470,092

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

 

90%

 

 

90%

 

 

 

 

 

Net earnings available to common stockholders

$

195,417

 

$

256,838

 

Voting Common Stock dividends declared

 

 

–

 

 

 

–

 

Non-Voting Common Stock dividends declared

 

 

(8,824

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

$

186,593

 

$

249,779

 

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

167,934

 

$

224,801

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

0.95

 

$

1.27

 

Dividends declared per share of Non-Voting Common Stock

$

0.05

 

$

0.04

 

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.00

 

$

1.31

 

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of June 30, 2024 and March 31, 2024, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

June 30,

March 31,

 

2024

 

 

2024

 

June 30,

ROU Assets

Property, Plant and Equipment

Property, Plant and Equipment

 

2024

 

Financing

Adjusted

Adjusted

(Unaudited)

 

 

(In thousands)

 

 

Property, plant and equipment, at cost

Land

$

1,727,668

 

$

-

 

$

1,727,668

 

$

1,670,033

 

Buildings and improvements

 

8,591,016

 

 

-

 

 

8,591,016

 

 

8,237,354

 

Furniture and equipment

 

1,014,086

 

 

61

 

 

1,014,147

 

 

1,003,831

 

Rental trailers and other rental equipment

 

960,853

 

 

104,092

 

 

1,064,945

 

 

1,050,910

 

Rental trucks

 

6,670,443

 

 

585,415

 

 

7,255,858

 

 

6,945,845

 

Subtotal

 

18,964,066

 

 

689,568

 

 

19,653,634

 

 

18,907,973

 

Less: Accumulated depreciation

 

(5,209,526

)

 

(423,824

)

 

(5,633,350

)

 

(5,484,016

)

Total property, plant and equipment, net

$

13,754,540

 

$

265,744

 

$

14,020,284

 

$

13,423,957

 

 

March 31,

 

 

2024

 

 

March 31,

ROU Assets

Property, Plant and Equipment

 

 

2024

 

Financing

Adjusted

 

 

(In thousands)

 

Property, plant and equipment, at cost

 

Land

$

1,670,033

 

$

-

 

$

1,670,033

 

 

Buildings and improvements

 

8,237,354

 

 

-

 

 

8,237,354

 

 

Furniture and equipment

 

1,003,770

 

 

61

 

 

1,003,831

 

 

Rental trailers and other rental equipment

 

936,303

 

 

114,607

 

 

1,050,910

 

 

Rental trucks

 

6,338,324

 

 

607,521

 

 

6,945,845

 

 

Subtotal

 

18,185,784

 

 

722,189

 

 

18,907,973

 

 

Less: Accumulated depreciation

 

(5,051,132

)

 

(432,884

)

 

(5,484,016

)

 

Total property, plant and equipment, net

$

13,134,652

 

$

289,305

 

$

13,423,957

 

 

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The earnings from operations for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income.

Moving and Storage EBITDA

(In thousands, unaudited)

TTM

June 30,

March 31,

December 31,

September 30,

June 30,

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

Earnings from operations *

$

831,802

 

$

896,140

 

$

980,169

 

$

1,132,142

 

$

1,273,901

 

 

Depreciation

 

848,727

 

 

817,889

 

 

793,940

 

 

768,475

 

 

749,210

 

Net gains on disposals

 

(106,065

)

 

(153,958

)

 

(186,541

)

 

(220,858

)

 

(238,397

)

Net losses on disposal of real estate

 

9,997

 

 

7,914

 

 

5,878

 

 

4,153

 

 

4,310

 

Depreciation, net of (gains) losses on disposals

 

752,659

 

 

671,845

 

 

613,277

 

 

551,770

 

 

515,123

 

 

EBITDA

$

1,584,461

 

$

1,567,985

 

$

1,593,446

 

$

1,683,912

 

$

1,789,024

 

 

* before insurance subsidiaries

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240807454436/en/

Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com