Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries U-Haul Holding Company Reports Third Quarter Fiscal 2024 Financial Results By: U-Haul Holding Company via Business Wire February 07, 2024 at 16:15 PM EST 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 shareholders for its third quarter ended December 31, 2023, of $99.2 million compared with net earnings of $198.9 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.51 for the third quarter of fiscal 2024 compared to $1.02 for the same period in fiscal 2023. For the nine-month period ended December 31, 2023, net earnings available to shareholders were $629.6 million compared with net earnings of $887.1 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $3.22 for the nine-month period ended December 31, 2023 compared to $4.43 for the same period in fiscal 2023. “We continue to see pockets of modest growth in certain markets and product lines,” stated Joe Shoen, Chairman of U-Haul Holding Company. “Serving present moving and self-storage customers well is our surest bet to secure more business. More opportunity remains to improve both our level of service and our placement of equipment. I am generally pleased with how our retail teams are performing.” Highlights of Third Quarter Fiscal 2024 Results Self-moving equipment rental revenues decreased $59.0 million or 6.6% during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. The declines were more pronounced for our one-way business. Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks and trailers in the rental fleet. Self-storage revenues increased $20.0 million, or 10.5% during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. The average monthly number of occupied units during the quarter increased by 5.7%, or 30,542 units, compared with the same period last year. Our reported occupancy of all properties regardless of length of time in the portfolio decreased 1.1% to 81.8% for the third quarter. The occupancy ratio for the subset of these properties that have been stabilized at 80% for the last 24 months also decreased 2.1% to 92.9% during the quarter. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 3.8% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.0 million net rentable square feet. Other revenue for Moving and Storage increased $4.5 million or 4.7% during the third quarter of fiscal 2024, compared to the third quarter of fiscal 2023 due to increases in U-Box portable moving and storage transactions. For the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023, depreciation, net of gains on sales increased $59.8 million. Page four of this press release contains additional details about this change. For the first nine months of fiscal 2024 and fiscal 2023, gross rental equipment capital expenditures were approximately $1,350 million compared with $1,016 million, proceeds from the sales of rental equipment were $595 million compared with $527 million and spending on real estate related acquisitions and projects were approximately $969 million compared with $1,003 million. Fleet maintenance and repair costs decreased $2.9 million in the third quarter of fiscal 2024 compared with the same period last year. Operating earnings at our Moving and Storage operating segment decreased $124.3 million compared with the same period last year to $180.5 million. Total revenues decreased $35.7 million and total costs and expenses increased $88.5 million. Cash and credit availability at the Moving and Storage operating segment was $2,211.3 million as of December 31, 2023 compared with $2,499.2 million as of March 31, 2023. On December 6, 2023, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 18, 2023. The dividend was paid on December 29, 2023. The Company also adopted an amendment to its dividend policy that increases the Company’s quarterly cash dividend on its Series N Non-Voting Common Stock from $0.04 to $0.05 per share. U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2024 on Thursday, February 8, 2024, at 8 a.m. Arizona Time (10 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 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers nearly 977,000 rentable storage units and 84.3 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 December 31, 2023, 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 third quarter of fiscal 2024 and 2023. Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 839,801 $ 898,819 Self-storage revenues 210,517 190,483 Self-moving and self-storage product and service sales 70,344 74,851 Property management fees 10,138 10,080 Life insurance premiums 22,574 24,399 Property and casualty insurance premiums 26,490 26,852 Net investment and interest income 57,457 52,294 Other revenue 102,193 97,558 Consolidated revenue $ 1,339,514 $ 1,375,336 Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2024 and 2023. Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Moving and storage Revenues $ 1,260,677 $ 1,296,407 Earnings from operations before equity in earnings of subsidiaries 180,467 304,717 Property and casualty insurance Revenues 29,303 28,466 Earnings from operations 9,421 10,846 Life insurance Revenues 52,715 52,962 Earnings from operations 8,075 4,821 Eliminations Revenues (3,181 ) (2,499 ) Earnings from operations before equity in earnings of subsidiaries (375 ) (373 ) Consolidated Results Revenues 1,339,514 1,375,336 Earnings from operations 197,588 320,011 Debt Metrics Debt Metrics (in thousands)(unaudited) December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Real estate secured debt $ 2,716,180 $ 2,771,027 $ 2,744,416 $ 2,660,878 $ 2,682,036 Unsecured debt 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 Fleet secured debt 2,482,356 2,392,021 2,305,116 2,205,824 2,277,387 Other secured debt 72,869 73,752 74,250 76,648 77,399 Total debt 6,471,405 6,436,800 6,323,782 6,143,350 6,236,822 Moving and Storage cash $ 1,736,295 $ 2,068,790 $ 2,302,380 $ 2,034,242 $ 2,429,943 Moving and Storage assets 16,193,912 16,156,182 15,742,770 15,211,493 15,234,112 Moving and Storage EBITDA (TTM) 1,676,984 1,739,727 1,816,319 1,888,513 1,906,046 Net debt to EBITDA 2.8 2.5 2.2 2.2 2.0 Net debt to total assets 29.2 % 27.0 % 25.5 % 27.0 % 25.0 % Percent of debt floating 6.9 % 6.3 % 7.7 % 8.4 % 8.3 % Percent of debt fixed 93.1 % 93.7 % 92.3 % 91.6 % 91.7 % Percent of debt unsecured 18.5 % 18.6 % 19.0 % 19.5 % 19.2 % Unencumbered asset ratio* 4.00x 3.74x 3.55x 3.44x 3.35x * 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 The components of depreciation, net of gains on disposals for the third quarter of fiscal 2024 and 2023 are as follows: Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 143,757 $ 131,144 Depreciation expense - non rental equipment 24,820 21,291 Depreciation expense - real estate 41,260 31,935 Total depreciation expense $ 209,837 $ 184,370 Gains on disposals of rental equipment (36,441 ) $ (70,641 ) Loss on disposals of non-rental equipment 252 137 Total gains on disposals equipment $ (36,189 ) $ (70,504 ) Depreciation, net of gains on disposals $ 173,648 $ 113,866 Losses on disposals of real estate $ 2,584 $ 859 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 December 31, 2023 2022 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 701 659 Square footage as of December 31 59,433 55,004 Average monthly number of units occupied 571 540 Average monthly occupancy rate based on unit count 81.8 % 82.9 % End of December occupancy rate based on unit count 81.0 % 81.9 % Average monthly square footage occupied 49,515 46,651 Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2024 and 2023. Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 2,908,412 $ 3,151,619 Self-storage revenues 618,368 549,246 Self-moving and self-storage product and service sales 262,787 281,066 Property management fees 28,582 28,496 Life insurance premiums 68,203 75,636 Property and casualty insurance premiums 72,383 72,542 Net investment and interest income 186,787 116,376 Other revenue 384,160 401,059 Consolidated revenue $ 4,529,682 $ 4,676,040 Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2024 and 2023. Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Moving and storage Revenues $ 4,285,768 $ 4,456,863 Earnings from operations before equity in earnings of subsidiaries 968,862 1,301,277 Property and casualty insurance Revenues 88,994 74,911 Earnings from operations 36,822 24,883 Life insurance Revenues 163,918 152,761 Earnings from operations 15,039 10,440 Eliminations Revenues (8,998 ) (8,495 ) Earnings from operations before equity in earnings of subsidiaries (1,122 ) (1,141 ) Consolidated Results Revenues 4,529,682 4,676,040 Earnings from operations 1,019,601 1,335,459 The components of depreciation, net of gains on disposals for the first nine months of fiscal 2024 and 2023 are as follows: Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 419,290 $ 386,885 Depreciation expense - non rental equipment 70,514 64,458 Depreciation expense - real estate 114,433 92,832 Total depreciation expense $ 604,237 $ 544,175 Gains on disposals of rental equipment $ (139,176 ) $ (198,954 ) (Gain) loss on disposals of non-rental equipment 523 (241 ) Total gains on disposals equipment $ (138,653 ) $ (199,195 ) Depreciation, net of gains on disposals $ 465,584 $ 344,980 Losses on disposals of real estate $ 5,320 $ 5,038 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: Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 701 659 Square footage as of December 31 59,433 55,004 Average monthly number of units occupied 571 533 Average monthly occupancy rate based on unit count 82.9 % 84.2 % End of December occupancy rate based on unit count 81.0 % 81.9 % Average monthly square footage occupied 49,358 46,012 Self-Storage Portfolio Summary As of December 31, 2023 (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 91 35,648 4,179,501 $14.53 78.0% California 87 31,953 3,012,762 $20.79 81.6% Florida 81 32,889 3,305,898 $18.06 87.0% Illinois 80 35,047 3,585,089 $15.43 82.9% Pennsylvania 68 26,663 2,788,067 $17.23 75.5% New York 65 26,208 2,450,992 $22.84 80.0% Ohio 58 24,057 2,479,812 $14.69 82.3% Michigan 57 19,479 2,017,664 $15.42 85.1% Georgia 48 21,693 2,246,139 $16.04 87.5% Arizona 45 23,936 2,673,957 $15.62 82.1% Wisconsin 42 16,122 1,906,407 $12.98 78.9% Washington 36 12,594 1,357,690 $16.77 77.2% North Carolina 35 16,158 1,689,838 $15.10 82.4% Tennessee 34 14,531 1,382,089 $14.46 90.2% New Jersey 33 15,318 1,361,354 $20.41 88.5% Ontario 32 10,497 1,105,741 $22.58 73.7% Missouri 32 11,289 1,264,658 $14.87 79.2% Massachusetts 30 10,803 993,224 $20.12 83.8% Indiana 30 9,585 1,033,859 $13.86 80.0% Alabama 26 6,669 791,270 $13.87 75.8% Top 20 Totals 1,010 401,139 41,626,012 $16.74 81.7% All Others 444 167,666 17,883,566 $15.92 82.0% 3Q 2024 Totals 1,454 568,805 59,509,578 $16.50 81.8% Same Store 3Q24 854 282,793 26,739,006 $16.64 92.9% Same Store 3Q23 781 245,589 23,008,321 $15.64 95.0% Same Store 3Q22 656 192,997 18,180,683 $14.63 96.0% Non-Same Store 3Q24 600 286,012 32,770,572 $16.34 73.1% Non-Same Store 3Q23 626 294,388 32,071,894 $15.63 74.8% Non-Same Store 3Q22 684 291,980 30,731,001 $14.29 77.0% Note: Store Count, Units and NRSF reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during the reporting quarter. Revenue per foot is the average revenue per occupied foot over the trailing twelve months ending December 2023. 'Same Store' includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month (December 2023). 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 ENTITIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, March 31, 2023 2023 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 1,805,976 $ 2,060,524 Trade receivables and reinsurance recoverables, net 195,930 189,498 Inventories and parts, net 155,161 151,474 Prepaid expenses 240,525 241,711 Fixed maturity securities available-for-sale, net, at estimated fair value 2,474,624 2,709,037 Equity securities, at estimated fair value 59,675 61,357 Investments, other 660,253 575,540 Deferred policy acquisition costs, net 120,834 128,463 Other assets 52,807 51,052 Right of use assets – financing, net 326,244 474,765 Right of use assets – operating, net 65,361 58,917 Related party assets 48,766 48,308 6,206,156 6,750,646 Property, plant and equipment, at cost: Land 1,649,346 1,537,206 Buildings and improvements 7,943,232 7,088,810 Furniture and equipment 983,683 928,241 Rental trailers and other rental equipment 927,038 827,696 Rental trucks 6,183,293 5,278,340 17,686,592 15,660,293 Less: Accumulated depreciation (4,890,172 ) (4,310,205 ) Total property, plant and equipment, net 12,796,420 11,350,088 Total assets $ 19,002,576 $ 18,100,734 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 729,344 $ 761,039 Notes, loans and finance leases payable, net 6,437,309 6,108,042 Operating lease liabilities 64,542 58,373 Policy benefits and losses, claims and loss expenses payable 838,945 880,202 Liabilities from investment contracts 2,363,143 2,398,884 Other policyholders' funds and liabilities 8,012 8,232 Deferred income 45,711 52,282 Deferred income taxes, net 1,427,769 1,329,489 Total liabilities 11,914,775 11,596,543 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 453,643 453,643 Accumulated other comprehensive loss (308,642 ) (285,623 ) Retained earnings 7,609,777 7,003,148 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 7,087,801 6,504,191 Total liabilities and stockholders' equity $ 19,002,576 $ 18,100,734 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 839,801 $ 898,819 Self-storage revenues 210,517 190,483 Self-moving and self-storage products and service sales 70,344 74,851 Property management fees 10,138 10,080 Life insurance premiums 22,574 24,399 Property and casualty insurance premiums 26,490 26,852 Net investment and interest income 57,457 52,294 Other revenue 102,193 97,558 Total revenues 1,339,514 1,375,336 Costs and expenses: Operating expenses 770,405 733,469 Commission expenses 87,955 95,980 Cost of sales 51,536 54,616 Benefits and losses 42,495 41,764 Amortization of deferred policy acquisition costs 4,155 6,979 Lease expense 9,148 7,792 Depreciation, net of gains on disposals 173,648 113,866 Net losses on disposal of real estate 2,584 859 Total costs and expenses 1,141,926 1,055,325 Earnings from operations 197,588 320,011 Other components of net periodic benefit costs (365 ) (304 ) Interest expense (67,450 ) (59,041 ) Fees on early extinguishment of debt — (50 ) Pretax earnings 129,773 260,616 Income tax expense (30,549 ) (61,764 ) Earnings available to common stockholders $ 99,224 $ 198,852 Basic and diluted earnings per share of Common Stock $ 0.46 $ 0.98 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Series N Non-Voting Common Stock $ 0.51 $ 1.02 Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 2,908,412 $ 3,151,619 Self-storage revenues 618,368 549,246 Self-moving and self-storage products and service sales 262,787 281,066 Property management fees 28,582 28,496 Life insurance premiums 68,203 75,636 Property and casualty insurance premiums 72,383 72,542 Net investment and interest income 186,787 116,376 Other revenue 384,160 401,059 Total revenues 4,529,682 4,676,040 Costs and expenses: Operating expenses 2,368,904 2,278,230 Commission expenses 306,843 339,814 Cost of sales 188,831 206,912 Benefits and losses 130,392 121,033 Amortization of deferred policy acquisition costs 19,026 21,623 Lease expense 25,181 22,951 Depreciation, net of gains on disposals 465,584 344,980 Net losses on disposal of real estate 5,320 5,038 Total costs and expenses 3,510,081 3,340,581 Earnings from operations 1,019,601 1,335,459 Other components of net periodic benefit costs (1,094 ) (912 ) Interest expense (191,991 ) (166,033 ) Fees on early extinguishment of debt — (1,009 ) Pretax earnings 826,516 1,167,505 Income tax expense (196,946 ) (280,442 ) Earnings available to common stockholders $ 629,570 $ 887,063 Basic and diluted earnings per share of Common Stock $ 3.09 $ 5.39 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Series N Non-Voting Common Stock $ 3.22 $ 4.43 Weighted average shares outstanding of Series N 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 and nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended December 31, 2023 2022 (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 $ 99,224 $ 198,852 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,823 ) (7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 9,040 $ 19,179 Undistributed earnings per share of Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Voting Common Stock $ — $ — Basic and diluted earnings per share of Voting Common Stock $ 0.46 $ 0.98 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 $ 99,224 $ 198,852 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,823 ) (7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 81,361 $ 172,614 Undistributed earnings per share of Non-Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.51 $ 1.02 For the Nine Months Ended December 31, 2023 2022 (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 $ 629,570 $ 887,063 Voting Common Stock dividends declared — (19,608 ) Non-Voting Common Stock dividends declared (22,941 ) (7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 60,663 $ 86,040 Undistributed earnings per share of Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Voting Common Stock $ — $ 1.00 Basic and diluted earnings per share of Voting Common Stock $ 3.09 $ 5.39 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 $ 629,570 $ 887,063 Voting Common Stock dividends declared — (19,608 ) Non-Voting Common Stock dividends declared (22,941 ) (7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 545,966 $ 774,356 Undistributed earnings per share of Non-Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Non-Voting Common Stock $ 0.13 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.43 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 December 31, 2023 and March 31, 2023, 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. December 31, March 31, 2023 2023 December 31, ROU Assets Property, Plant and Equipment Property, Plant and Equipment 2023 Financing Adjusted Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,649,346 $ - $ 1,649,346 $ 1,537,206 Buildings and improvements 7,943,232 - 7,943,232 7,088,810 Furniture and equipment 983,683 1,693 985,376 937,928 Rental trailers and other rental equipment 927,038 114,884 1,041,922 979,990 Rental trucks 6,183,293 692,955 6,876,248 6,228,178 Subtotal 17,686,592 809,532 18,496,124 16,772,112 Less: Accumulated depreciation (4,890,172 ) (483,288 ) (5,373,460 ) (4,947,259 ) Total property, plant and equipment, net $ 12,796,420 $ 326,244 $ 13,122,664 $ 11,824,853 March 31, 2023 March 31, ROU Assets Property, Plant and Equipment 2023 Financing Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,537,206 $ - $ 1,537,206 Buildings and improvements 7,088,810 - 7,088,810 Furniture and equipment 928,241 9,687 937,928 Rental trailers and other rental equipment 827,696 152,294 979,990 Rental trucks 5,278,340 949,838 6,228,178 Right-of-use assets, gross 15,660,293 1,111,819 16,772,112 Less: Accumulated depreciation (4,310,205 ) (637,054 ) (4,947,259 ) Total property, plant and equipment, net $ 11,350,088 $ 474,765 $ 11,824,853 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. Moving and Storage EBITDA (In thousands, unaudited) TTM December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Earnings from operations * $ 1,063,707 $ 1,187,957 $ 1,301,196 $ 1,396,122 $ 1,435,667 Depreciation 793,940 768,475 749,210 733,879 721,950 Net gains on disposals (186,541 ) (220,858 ) (238,397 ) (247,084 ) (255,419 ) Net losses on disposal of real estate 5,878 4,153 4,310 5,596 3,848 Depreciation, net of (gains) losses on disposals 613,277 551,770 515,123 492,391 470,379 EBITDA $ 1,676,984 $ 1,739,727 $ 1,816,319 $ 1,888,513 $ 1,906,046 * before insurance subsidiaries View source version on businesswire.com: https://www.businesswire.com/news/home/20240207798494/en/Contacts Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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U-Haul Holding Company Reports Third Quarter Fiscal 2024 Financial Results By: U-Haul Holding Company via Business Wire February 07, 2024 at 16:15 PM EST 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 shareholders for its third quarter ended December 31, 2023, of $99.2 million compared with net earnings of $198.9 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.51 for the third quarter of fiscal 2024 compared to $1.02 for the same period in fiscal 2023. For the nine-month period ended December 31, 2023, net earnings available to shareholders were $629.6 million compared with net earnings of $887.1 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $3.22 for the nine-month period ended December 31, 2023 compared to $4.43 for the same period in fiscal 2023. “We continue to see pockets of modest growth in certain markets and product lines,” stated Joe Shoen, Chairman of U-Haul Holding Company. “Serving present moving and self-storage customers well is our surest bet to secure more business. More opportunity remains to improve both our level of service and our placement of equipment. I am generally pleased with how our retail teams are performing.” Highlights of Third Quarter Fiscal 2024 Results Self-moving equipment rental revenues decreased $59.0 million or 6.6% during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. The declines were more pronounced for our one-way business. Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks and trailers in the rental fleet. Self-storage revenues increased $20.0 million, or 10.5% during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. The average monthly number of occupied units during the quarter increased by 5.7%, or 30,542 units, compared with the same period last year. Our reported occupancy of all properties regardless of length of time in the portfolio decreased 1.1% to 81.8% for the third quarter. The occupancy ratio for the subset of these properties that have been stabilized at 80% for the last 24 months also decreased 2.1% to 92.9% during the quarter. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 3.8% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.0 million net rentable square feet. Other revenue for Moving and Storage increased $4.5 million or 4.7% during the third quarter of fiscal 2024, compared to the third quarter of fiscal 2023 due to increases in U-Box portable moving and storage transactions. For the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023, depreciation, net of gains on sales increased $59.8 million. Page four of this press release contains additional details about this change. For the first nine months of fiscal 2024 and fiscal 2023, gross rental equipment capital expenditures were approximately $1,350 million compared with $1,016 million, proceeds from the sales of rental equipment were $595 million compared with $527 million and spending on real estate related acquisitions and projects were approximately $969 million compared with $1,003 million. Fleet maintenance and repair costs decreased $2.9 million in the third quarter of fiscal 2024 compared with the same period last year. Operating earnings at our Moving and Storage operating segment decreased $124.3 million compared with the same period last year to $180.5 million. Total revenues decreased $35.7 million and total costs and expenses increased $88.5 million. Cash and credit availability at the Moving and Storage operating segment was $2,211.3 million as of December 31, 2023 compared with $2,499.2 million as of March 31, 2023. On December 6, 2023, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 18, 2023. The dividend was paid on December 29, 2023. The Company also adopted an amendment to its dividend policy that increases the Company’s quarterly cash dividend on its Series N Non-Voting Common Stock from $0.04 to $0.05 per share. U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2024 on Thursday, February 8, 2024, at 8 a.m. Arizona Time (10 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 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers nearly 977,000 rentable storage units and 84.3 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 December 31, 2023, 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 third quarter of fiscal 2024 and 2023. Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 839,801 $ 898,819 Self-storage revenues 210,517 190,483 Self-moving and self-storage product and service sales 70,344 74,851 Property management fees 10,138 10,080 Life insurance premiums 22,574 24,399 Property and casualty insurance premiums 26,490 26,852 Net investment and interest income 57,457 52,294 Other revenue 102,193 97,558 Consolidated revenue $ 1,339,514 $ 1,375,336 Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2024 and 2023. Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Moving and storage Revenues $ 1,260,677 $ 1,296,407 Earnings from operations before equity in earnings of subsidiaries 180,467 304,717 Property and casualty insurance Revenues 29,303 28,466 Earnings from operations 9,421 10,846 Life insurance Revenues 52,715 52,962 Earnings from operations 8,075 4,821 Eliminations Revenues (3,181 ) (2,499 ) Earnings from operations before equity in earnings of subsidiaries (375 ) (373 ) Consolidated Results Revenues 1,339,514 1,375,336 Earnings from operations 197,588 320,011 Debt Metrics Debt Metrics (in thousands)(unaudited) December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Real estate secured debt $ 2,716,180 $ 2,771,027 $ 2,744,416 $ 2,660,878 $ 2,682,036 Unsecured debt 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 Fleet secured debt 2,482,356 2,392,021 2,305,116 2,205,824 2,277,387 Other secured debt 72,869 73,752 74,250 76,648 77,399 Total debt 6,471,405 6,436,800 6,323,782 6,143,350 6,236,822 Moving and Storage cash $ 1,736,295 $ 2,068,790 $ 2,302,380 $ 2,034,242 $ 2,429,943 Moving and Storage assets 16,193,912 16,156,182 15,742,770 15,211,493 15,234,112 Moving and Storage EBITDA (TTM) 1,676,984 1,739,727 1,816,319 1,888,513 1,906,046 Net debt to EBITDA 2.8 2.5 2.2 2.2 2.0 Net debt to total assets 29.2 % 27.0 % 25.5 % 27.0 % 25.0 % Percent of debt floating 6.9 % 6.3 % 7.7 % 8.4 % 8.3 % Percent of debt fixed 93.1 % 93.7 % 92.3 % 91.6 % 91.7 % Percent of debt unsecured 18.5 % 18.6 % 19.0 % 19.5 % 19.2 % Unencumbered asset ratio* 4.00x 3.74x 3.55x 3.44x 3.35x * 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 The components of depreciation, net of gains on disposals for the third quarter of fiscal 2024 and 2023 are as follows: Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 143,757 $ 131,144 Depreciation expense - non rental equipment 24,820 21,291 Depreciation expense - real estate 41,260 31,935 Total depreciation expense $ 209,837 $ 184,370 Gains on disposals of rental equipment (36,441 ) $ (70,641 ) Loss on disposals of non-rental equipment 252 137 Total gains on disposals equipment $ (36,189 ) $ (70,504 ) Depreciation, net of gains on disposals $ 173,648 $ 113,866 Losses on disposals of real estate $ 2,584 $ 859 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 December 31, 2023 2022 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 701 659 Square footage as of December 31 59,433 55,004 Average monthly number of units occupied 571 540 Average monthly occupancy rate based on unit count 81.8 % 82.9 % End of December occupancy rate based on unit count 81.0 % 81.9 % Average monthly square footage occupied 49,515 46,651 Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2024 and 2023. Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 2,908,412 $ 3,151,619 Self-storage revenues 618,368 549,246 Self-moving and self-storage product and service sales 262,787 281,066 Property management fees 28,582 28,496 Life insurance premiums 68,203 75,636 Property and casualty insurance premiums 72,383 72,542 Net investment and interest income 186,787 116,376 Other revenue 384,160 401,059 Consolidated revenue $ 4,529,682 $ 4,676,040 Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2024 and 2023. Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Moving and storage Revenues $ 4,285,768 $ 4,456,863 Earnings from operations before equity in earnings of subsidiaries 968,862 1,301,277 Property and casualty insurance Revenues 88,994 74,911 Earnings from operations 36,822 24,883 Life insurance Revenues 163,918 152,761 Earnings from operations 15,039 10,440 Eliminations Revenues (8,998 ) (8,495 ) Earnings from operations before equity in earnings of subsidiaries (1,122 ) (1,141 ) Consolidated Results Revenues 4,529,682 4,676,040 Earnings from operations 1,019,601 1,335,459 The components of depreciation, net of gains on disposals for the first nine months of fiscal 2024 and 2023 are as follows: Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 419,290 $ 386,885 Depreciation expense - non rental equipment 70,514 64,458 Depreciation expense - real estate 114,433 92,832 Total depreciation expense $ 604,237 $ 544,175 Gains on disposals of rental equipment $ (139,176 ) $ (198,954 ) (Gain) loss on disposals of non-rental equipment 523 (241 ) Total gains on disposals equipment $ (138,653 ) $ (199,195 ) Depreciation, net of gains on disposals $ 465,584 $ 344,980 Losses on disposals of real estate $ 5,320 $ 5,038 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: Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 701 659 Square footage as of December 31 59,433 55,004 Average monthly number of units occupied 571 533 Average monthly occupancy rate based on unit count 82.9 % 84.2 % End of December occupancy rate based on unit count 81.0 % 81.9 % Average monthly square footage occupied 49,358 46,012 Self-Storage Portfolio Summary As of December 31, 2023 (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 91 35,648 4,179,501 $14.53 78.0% California 87 31,953 3,012,762 $20.79 81.6% Florida 81 32,889 3,305,898 $18.06 87.0% Illinois 80 35,047 3,585,089 $15.43 82.9% Pennsylvania 68 26,663 2,788,067 $17.23 75.5% New York 65 26,208 2,450,992 $22.84 80.0% Ohio 58 24,057 2,479,812 $14.69 82.3% Michigan 57 19,479 2,017,664 $15.42 85.1% Georgia 48 21,693 2,246,139 $16.04 87.5% Arizona 45 23,936 2,673,957 $15.62 82.1% Wisconsin 42 16,122 1,906,407 $12.98 78.9% Washington 36 12,594 1,357,690 $16.77 77.2% North Carolina 35 16,158 1,689,838 $15.10 82.4% Tennessee 34 14,531 1,382,089 $14.46 90.2% New Jersey 33 15,318 1,361,354 $20.41 88.5% Ontario 32 10,497 1,105,741 $22.58 73.7% Missouri 32 11,289 1,264,658 $14.87 79.2% Massachusetts 30 10,803 993,224 $20.12 83.8% Indiana 30 9,585 1,033,859 $13.86 80.0% Alabama 26 6,669 791,270 $13.87 75.8% Top 20 Totals 1,010 401,139 41,626,012 $16.74 81.7% All Others 444 167,666 17,883,566 $15.92 82.0% 3Q 2024 Totals 1,454 568,805 59,509,578 $16.50 81.8% Same Store 3Q24 854 282,793 26,739,006 $16.64 92.9% Same Store 3Q23 781 245,589 23,008,321 $15.64 95.0% Same Store 3Q22 656 192,997 18,180,683 $14.63 96.0% Non-Same Store 3Q24 600 286,012 32,770,572 $16.34 73.1% Non-Same Store 3Q23 626 294,388 32,071,894 $15.63 74.8% Non-Same Store 3Q22 684 291,980 30,731,001 $14.29 77.0% Note: Store Count, Units and NRSF reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during the reporting quarter. Revenue per foot is the average revenue per occupied foot over the trailing twelve months ending December 2023. 'Same Store' includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month (December 2023). 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 ENTITIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, March 31, 2023 2023 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 1,805,976 $ 2,060,524 Trade receivables and reinsurance recoverables, net 195,930 189,498 Inventories and parts, net 155,161 151,474 Prepaid expenses 240,525 241,711 Fixed maturity securities available-for-sale, net, at estimated fair value 2,474,624 2,709,037 Equity securities, at estimated fair value 59,675 61,357 Investments, other 660,253 575,540 Deferred policy acquisition costs, net 120,834 128,463 Other assets 52,807 51,052 Right of use assets – financing, net 326,244 474,765 Right of use assets – operating, net 65,361 58,917 Related party assets 48,766 48,308 6,206,156 6,750,646 Property, plant and equipment, at cost: Land 1,649,346 1,537,206 Buildings and improvements 7,943,232 7,088,810 Furniture and equipment 983,683 928,241 Rental trailers and other rental equipment 927,038 827,696 Rental trucks 6,183,293 5,278,340 17,686,592 15,660,293 Less: Accumulated depreciation (4,890,172 ) (4,310,205 ) Total property, plant and equipment, net 12,796,420 11,350,088 Total assets $ 19,002,576 $ 18,100,734 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 729,344 $ 761,039 Notes, loans and finance leases payable, net 6,437,309 6,108,042 Operating lease liabilities 64,542 58,373 Policy benefits and losses, claims and loss expenses payable 838,945 880,202 Liabilities from investment contracts 2,363,143 2,398,884 Other policyholders' funds and liabilities 8,012 8,232 Deferred income 45,711 52,282 Deferred income taxes, net 1,427,769 1,329,489 Total liabilities 11,914,775 11,596,543 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 453,643 453,643 Accumulated other comprehensive loss (308,642 ) (285,623 ) Retained earnings 7,609,777 7,003,148 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 7,087,801 6,504,191 Total liabilities and stockholders' equity $ 19,002,576 $ 18,100,734 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 839,801 $ 898,819 Self-storage revenues 210,517 190,483 Self-moving and self-storage products and service sales 70,344 74,851 Property management fees 10,138 10,080 Life insurance premiums 22,574 24,399 Property and casualty insurance premiums 26,490 26,852 Net investment and interest income 57,457 52,294 Other revenue 102,193 97,558 Total revenues 1,339,514 1,375,336 Costs and expenses: Operating expenses 770,405 733,469 Commission expenses 87,955 95,980 Cost of sales 51,536 54,616 Benefits and losses 42,495 41,764 Amortization of deferred policy acquisition costs 4,155 6,979 Lease expense 9,148 7,792 Depreciation, net of gains on disposals 173,648 113,866 Net losses on disposal of real estate 2,584 859 Total costs and expenses 1,141,926 1,055,325 Earnings from operations 197,588 320,011 Other components of net periodic benefit costs (365 ) (304 ) Interest expense (67,450 ) (59,041 ) Fees on early extinguishment of debt — (50 ) Pretax earnings 129,773 260,616 Income tax expense (30,549 ) (61,764 ) Earnings available to common stockholders $ 99,224 $ 198,852 Basic and diluted earnings per share of Common Stock $ 0.46 $ 0.98 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Series N Non-Voting Common Stock $ 0.51 $ 1.02 Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 2,908,412 $ 3,151,619 Self-storage revenues 618,368 549,246 Self-moving and self-storage products and service sales 262,787 281,066 Property management fees 28,582 28,496 Life insurance premiums 68,203 75,636 Property and casualty insurance premiums 72,383 72,542 Net investment and interest income 186,787 116,376 Other revenue 384,160 401,059 Total revenues 4,529,682 4,676,040 Costs and expenses: Operating expenses 2,368,904 2,278,230 Commission expenses 306,843 339,814 Cost of sales 188,831 206,912 Benefits and losses 130,392 121,033 Amortization of deferred policy acquisition costs 19,026 21,623 Lease expense 25,181 22,951 Depreciation, net of gains on disposals 465,584 344,980 Net losses on disposal of real estate 5,320 5,038 Total costs and expenses 3,510,081 3,340,581 Earnings from operations 1,019,601 1,335,459 Other components of net periodic benefit costs (1,094 ) (912 ) Interest expense (191,991 ) (166,033 ) Fees on early extinguishment of debt — (1,009 ) Pretax earnings 826,516 1,167,505 Income tax expense (196,946 ) (280,442 ) Earnings available to common stockholders $ 629,570 $ 887,063 Basic and diluted earnings per share of Common Stock $ 3.09 $ 5.39 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Series N Non-Voting Common Stock $ 3.22 $ 4.43 Weighted average shares outstanding of Series N 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 and nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended December 31, 2023 2022 (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 $ 99,224 $ 198,852 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,823 ) (7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 9,040 $ 19,179 Undistributed earnings per share of Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Voting Common Stock $ — $ — Basic and diluted earnings per share of Voting Common Stock $ 0.46 $ 0.98 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 $ 99,224 $ 198,852 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,823 ) (7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 81,361 $ 172,614 Undistributed earnings per share of Non-Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.51 $ 1.02 For the Nine Months Ended December 31, 2023 2022 (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 $ 629,570 $ 887,063 Voting Common Stock dividends declared — (19,608 ) Non-Voting Common Stock dividends declared (22,941 ) (7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 60,663 $ 86,040 Undistributed earnings per share of Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Voting Common Stock $ — $ 1.00 Basic and diluted earnings per share of Voting Common Stock $ 3.09 $ 5.39 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 $ 629,570 $ 887,063 Voting Common Stock dividends declared — (19,608 ) Non-Voting Common Stock dividends declared (22,941 ) (7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 545,966 $ 774,356 Undistributed earnings per share of Non-Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Non-Voting Common Stock $ 0.13 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.43 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 December 31, 2023 and March 31, 2023, 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. December 31, March 31, 2023 2023 December 31, ROU Assets Property, Plant and Equipment Property, Plant and Equipment 2023 Financing Adjusted Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,649,346 $ - $ 1,649,346 $ 1,537,206 Buildings and improvements 7,943,232 - 7,943,232 7,088,810 Furniture and equipment 983,683 1,693 985,376 937,928 Rental trailers and other rental equipment 927,038 114,884 1,041,922 979,990 Rental trucks 6,183,293 692,955 6,876,248 6,228,178 Subtotal 17,686,592 809,532 18,496,124 16,772,112 Less: Accumulated depreciation (4,890,172 ) (483,288 ) (5,373,460 ) (4,947,259 ) Total property, plant and equipment, net $ 12,796,420 $ 326,244 $ 13,122,664 $ 11,824,853 March 31, 2023 March 31, ROU Assets Property, Plant and Equipment 2023 Financing Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,537,206 $ - $ 1,537,206 Buildings and improvements 7,088,810 - 7,088,810 Furniture and equipment 928,241 9,687 937,928 Rental trailers and other rental equipment 827,696 152,294 979,990 Rental trucks 5,278,340 949,838 6,228,178 Right-of-use assets, gross 15,660,293 1,111,819 16,772,112 Less: Accumulated depreciation (4,310,205 ) (637,054 ) (4,947,259 ) Total property, plant and equipment, net $ 11,350,088 $ 474,765 $ 11,824,853 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. Moving and Storage EBITDA (In thousands, unaudited) TTM December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Earnings from operations * $ 1,063,707 $ 1,187,957 $ 1,301,196 $ 1,396,122 $ 1,435,667 Depreciation 793,940 768,475 749,210 733,879 721,950 Net gains on disposals (186,541 ) (220,858 ) (238,397 ) (247,084 ) (255,419 ) Net losses on disposal of real estate 5,878 4,153 4,310 5,596 3,848 Depreciation, net of (gains) losses on disposals 613,277 551,770 515,123 492,391 470,379 EBITDA $ 1,676,984 $ 1,739,727 $ 1,816,319 $ 1,888,513 $ 1,906,046 * before insurance subsidiaries View source version on businesswire.com: https://www.businesswire.com/news/home/20240207798494/en/Contacts Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com
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 shareholders for its third quarter ended December 31, 2023, of $99.2 million compared with net earnings of $198.9 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.51 for the third quarter of fiscal 2024 compared to $1.02 for the same period in fiscal 2023. For the nine-month period ended December 31, 2023, net earnings available to shareholders were $629.6 million compared with net earnings of $887.1 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $3.22 for the nine-month period ended December 31, 2023 compared to $4.43 for the same period in fiscal 2023. “We continue to see pockets of modest growth in certain markets and product lines,” stated Joe Shoen, Chairman of U-Haul Holding Company. “Serving present moving and self-storage customers well is our surest bet to secure more business. More opportunity remains to improve both our level of service and our placement of equipment. I am generally pleased with how our retail teams are performing.” Highlights of Third Quarter Fiscal 2024 Results Self-moving equipment rental revenues decreased $59.0 million or 6.6% during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. The declines were more pronounced for our one-way business. Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks and trailers in the rental fleet. Self-storage revenues increased $20.0 million, or 10.5% during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. The average monthly number of occupied units during the quarter increased by 5.7%, or 30,542 units, compared with the same period last year. Our reported occupancy of all properties regardless of length of time in the portfolio decreased 1.1% to 81.8% for the third quarter. The occupancy ratio for the subset of these properties that have been stabilized at 80% for the last 24 months also decreased 2.1% to 92.9% during the quarter. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 3.8% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.0 million net rentable square feet. Other revenue for Moving and Storage increased $4.5 million or 4.7% during the third quarter of fiscal 2024, compared to the third quarter of fiscal 2023 due to increases in U-Box portable moving and storage transactions. For the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023, depreciation, net of gains on sales increased $59.8 million. Page four of this press release contains additional details about this change. For the first nine months of fiscal 2024 and fiscal 2023, gross rental equipment capital expenditures were approximately $1,350 million compared with $1,016 million, proceeds from the sales of rental equipment were $595 million compared with $527 million and spending on real estate related acquisitions and projects were approximately $969 million compared with $1,003 million. Fleet maintenance and repair costs decreased $2.9 million in the third quarter of fiscal 2024 compared with the same period last year. Operating earnings at our Moving and Storage operating segment decreased $124.3 million compared with the same period last year to $180.5 million. Total revenues decreased $35.7 million and total costs and expenses increased $88.5 million. Cash and credit availability at the Moving and Storage operating segment was $2,211.3 million as of December 31, 2023 compared with $2,499.2 million as of March 31, 2023. On December 6, 2023, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 18, 2023. The dividend was paid on December 29, 2023. The Company also adopted an amendment to its dividend policy that increases the Company’s quarterly cash dividend on its Series N Non-Voting Common Stock from $0.04 to $0.05 per share. U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2024 on Thursday, February 8, 2024, at 8 a.m. Arizona Time (10 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 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers nearly 977,000 rentable storage units and 84.3 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 December 31, 2023, 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 third quarter of fiscal 2024 and 2023. Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 839,801 $ 898,819 Self-storage revenues 210,517 190,483 Self-moving and self-storage product and service sales 70,344 74,851 Property management fees 10,138 10,080 Life insurance premiums 22,574 24,399 Property and casualty insurance premiums 26,490 26,852 Net investment and interest income 57,457 52,294 Other revenue 102,193 97,558 Consolidated revenue $ 1,339,514 $ 1,375,336 Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2024 and 2023. Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Moving and storage Revenues $ 1,260,677 $ 1,296,407 Earnings from operations before equity in earnings of subsidiaries 180,467 304,717 Property and casualty insurance Revenues 29,303 28,466 Earnings from operations 9,421 10,846 Life insurance Revenues 52,715 52,962 Earnings from operations 8,075 4,821 Eliminations Revenues (3,181 ) (2,499 ) Earnings from operations before equity in earnings of subsidiaries (375 ) (373 ) Consolidated Results Revenues 1,339,514 1,375,336 Earnings from operations 197,588 320,011 Debt Metrics Debt Metrics (in thousands)(unaudited) December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Real estate secured debt $ 2,716,180 $ 2,771,027 $ 2,744,416 $ 2,660,878 $ 2,682,036 Unsecured debt 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 Fleet secured debt 2,482,356 2,392,021 2,305,116 2,205,824 2,277,387 Other secured debt 72,869 73,752 74,250 76,648 77,399 Total debt 6,471,405 6,436,800 6,323,782 6,143,350 6,236,822 Moving and Storage cash $ 1,736,295 $ 2,068,790 $ 2,302,380 $ 2,034,242 $ 2,429,943 Moving and Storage assets 16,193,912 16,156,182 15,742,770 15,211,493 15,234,112 Moving and Storage EBITDA (TTM) 1,676,984 1,739,727 1,816,319 1,888,513 1,906,046 Net debt to EBITDA 2.8 2.5 2.2 2.2 2.0 Net debt to total assets 29.2 % 27.0 % 25.5 % 27.0 % 25.0 % Percent of debt floating 6.9 % 6.3 % 7.7 % 8.4 % 8.3 % Percent of debt fixed 93.1 % 93.7 % 92.3 % 91.6 % 91.7 % Percent of debt unsecured 18.5 % 18.6 % 19.0 % 19.5 % 19.2 % Unencumbered asset ratio* 4.00x 3.74x 3.55x 3.44x 3.35x * 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 The components of depreciation, net of gains on disposals for the third quarter of fiscal 2024 and 2023 are as follows: Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 143,757 $ 131,144 Depreciation expense - non rental equipment 24,820 21,291 Depreciation expense - real estate 41,260 31,935 Total depreciation expense $ 209,837 $ 184,370 Gains on disposals of rental equipment (36,441 ) $ (70,641 ) Loss on disposals of non-rental equipment 252 137 Total gains on disposals equipment $ (36,189 ) $ (70,504 ) Depreciation, net of gains on disposals $ 173,648 $ 113,866 Losses on disposals of real estate $ 2,584 $ 859 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 December 31, 2023 2022 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 701 659 Square footage as of December 31 59,433 55,004 Average monthly number of units occupied 571 540 Average monthly occupancy rate based on unit count 81.8 % 82.9 % End of December occupancy rate based on unit count 81.0 % 81.9 % Average monthly square footage occupied 49,515 46,651 Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2024 and 2023. Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 2,908,412 $ 3,151,619 Self-storage revenues 618,368 549,246 Self-moving and self-storage product and service sales 262,787 281,066 Property management fees 28,582 28,496 Life insurance premiums 68,203 75,636 Property and casualty insurance premiums 72,383 72,542 Net investment and interest income 186,787 116,376 Other revenue 384,160 401,059 Consolidated revenue $ 4,529,682 $ 4,676,040 Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2024 and 2023. Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Moving and storage Revenues $ 4,285,768 $ 4,456,863 Earnings from operations before equity in earnings of subsidiaries 968,862 1,301,277 Property and casualty insurance Revenues 88,994 74,911 Earnings from operations 36,822 24,883 Life insurance Revenues 163,918 152,761 Earnings from operations 15,039 10,440 Eliminations Revenues (8,998 ) (8,495 ) Earnings from operations before equity in earnings of subsidiaries (1,122 ) (1,141 ) Consolidated Results Revenues 4,529,682 4,676,040 Earnings from operations 1,019,601 1,335,459 The components of depreciation, net of gains on disposals for the first nine months of fiscal 2024 and 2023 are as follows: Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 419,290 $ 386,885 Depreciation expense - non rental equipment 70,514 64,458 Depreciation expense - real estate 114,433 92,832 Total depreciation expense $ 604,237 $ 544,175 Gains on disposals of rental equipment $ (139,176 ) $ (198,954 ) (Gain) loss on disposals of non-rental equipment 523 (241 ) Total gains on disposals equipment $ (138,653 ) $ (199,195 ) Depreciation, net of gains on disposals $ 465,584 $ 344,980 Losses on disposals of real estate $ 5,320 $ 5,038 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: Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 701 659 Square footage as of December 31 59,433 55,004 Average monthly number of units occupied 571 533 Average monthly occupancy rate based on unit count 82.9 % 84.2 % End of December occupancy rate based on unit count 81.0 % 81.9 % Average monthly square footage occupied 49,358 46,012 Self-Storage Portfolio Summary As of December 31, 2023 (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 91 35,648 4,179,501 $14.53 78.0% California 87 31,953 3,012,762 $20.79 81.6% Florida 81 32,889 3,305,898 $18.06 87.0% Illinois 80 35,047 3,585,089 $15.43 82.9% Pennsylvania 68 26,663 2,788,067 $17.23 75.5% New York 65 26,208 2,450,992 $22.84 80.0% Ohio 58 24,057 2,479,812 $14.69 82.3% Michigan 57 19,479 2,017,664 $15.42 85.1% Georgia 48 21,693 2,246,139 $16.04 87.5% Arizona 45 23,936 2,673,957 $15.62 82.1% Wisconsin 42 16,122 1,906,407 $12.98 78.9% Washington 36 12,594 1,357,690 $16.77 77.2% North Carolina 35 16,158 1,689,838 $15.10 82.4% Tennessee 34 14,531 1,382,089 $14.46 90.2% New Jersey 33 15,318 1,361,354 $20.41 88.5% Ontario 32 10,497 1,105,741 $22.58 73.7% Missouri 32 11,289 1,264,658 $14.87 79.2% Massachusetts 30 10,803 993,224 $20.12 83.8% Indiana 30 9,585 1,033,859 $13.86 80.0% Alabama 26 6,669 791,270 $13.87 75.8% Top 20 Totals 1,010 401,139 41,626,012 $16.74 81.7% All Others 444 167,666 17,883,566 $15.92 82.0% 3Q 2024 Totals 1,454 568,805 59,509,578 $16.50 81.8% Same Store 3Q24 854 282,793 26,739,006 $16.64 92.9% Same Store 3Q23 781 245,589 23,008,321 $15.64 95.0% Same Store 3Q22 656 192,997 18,180,683 $14.63 96.0% Non-Same Store 3Q24 600 286,012 32,770,572 $16.34 73.1% Non-Same Store 3Q23 626 294,388 32,071,894 $15.63 74.8% Non-Same Store 3Q22 684 291,980 30,731,001 $14.29 77.0% Note: Store Count, Units and NRSF reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during the reporting quarter. Revenue per foot is the average revenue per occupied foot over the trailing twelve months ending December 2023. 'Same Store' includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month (December 2023). 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 ENTITIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, March 31, 2023 2023 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 1,805,976 $ 2,060,524 Trade receivables and reinsurance recoverables, net 195,930 189,498 Inventories and parts, net 155,161 151,474 Prepaid expenses 240,525 241,711 Fixed maturity securities available-for-sale, net, at estimated fair value 2,474,624 2,709,037 Equity securities, at estimated fair value 59,675 61,357 Investments, other 660,253 575,540 Deferred policy acquisition costs, net 120,834 128,463 Other assets 52,807 51,052 Right of use assets – financing, net 326,244 474,765 Right of use assets – operating, net 65,361 58,917 Related party assets 48,766 48,308 6,206,156 6,750,646 Property, plant and equipment, at cost: Land 1,649,346 1,537,206 Buildings and improvements 7,943,232 7,088,810 Furniture and equipment 983,683 928,241 Rental trailers and other rental equipment 927,038 827,696 Rental trucks 6,183,293 5,278,340 17,686,592 15,660,293 Less: Accumulated depreciation (4,890,172 ) (4,310,205 ) Total property, plant and equipment, net 12,796,420 11,350,088 Total assets $ 19,002,576 $ 18,100,734 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 729,344 $ 761,039 Notes, loans and finance leases payable, net 6,437,309 6,108,042 Operating lease liabilities 64,542 58,373 Policy benefits and losses, claims and loss expenses payable 838,945 880,202 Liabilities from investment contracts 2,363,143 2,398,884 Other policyholders' funds and liabilities 8,012 8,232 Deferred income 45,711 52,282 Deferred income taxes, net 1,427,769 1,329,489 Total liabilities 11,914,775 11,596,543 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 453,643 453,643 Accumulated other comprehensive loss (308,642 ) (285,623 ) Retained earnings 7,609,777 7,003,148 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 7,087,801 6,504,191 Total liabilities and stockholders' equity $ 19,002,576 $ 18,100,734 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 839,801 $ 898,819 Self-storage revenues 210,517 190,483 Self-moving and self-storage products and service sales 70,344 74,851 Property management fees 10,138 10,080 Life insurance premiums 22,574 24,399 Property and casualty insurance premiums 26,490 26,852 Net investment and interest income 57,457 52,294 Other revenue 102,193 97,558 Total revenues 1,339,514 1,375,336 Costs and expenses: Operating expenses 770,405 733,469 Commission expenses 87,955 95,980 Cost of sales 51,536 54,616 Benefits and losses 42,495 41,764 Amortization of deferred policy acquisition costs 4,155 6,979 Lease expense 9,148 7,792 Depreciation, net of gains on disposals 173,648 113,866 Net losses on disposal of real estate 2,584 859 Total costs and expenses 1,141,926 1,055,325 Earnings from operations 197,588 320,011 Other components of net periodic benefit costs (365 ) (304 ) Interest expense (67,450 ) (59,041 ) Fees on early extinguishment of debt — (50 ) Pretax earnings 129,773 260,616 Income tax expense (30,549 ) (61,764 ) Earnings available to common stockholders $ 99,224 $ 198,852 Basic and diluted earnings per share of Common Stock $ 0.46 $ 0.98 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Series N Non-Voting Common Stock $ 0.51 $ 1.02 Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Nine Months Ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 2,908,412 $ 3,151,619 Self-storage revenues 618,368 549,246 Self-moving and self-storage products and service sales 262,787 281,066 Property management fees 28,582 28,496 Life insurance premiums 68,203 75,636 Property and casualty insurance premiums 72,383 72,542 Net investment and interest income 186,787 116,376 Other revenue 384,160 401,059 Total revenues 4,529,682 4,676,040 Costs and expenses: Operating expenses 2,368,904 2,278,230 Commission expenses 306,843 339,814 Cost of sales 188,831 206,912 Benefits and losses 130,392 121,033 Amortization of deferred policy acquisition costs 19,026 21,623 Lease expense 25,181 22,951 Depreciation, net of gains on disposals 465,584 344,980 Net losses on disposal of real estate 5,320 5,038 Total costs and expenses 3,510,081 3,340,581 Earnings from operations 1,019,601 1,335,459 Other components of net periodic benefit costs (1,094 ) (912 ) Interest expense (191,991 ) (166,033 ) Fees on early extinguishment of debt — (1,009 ) Pretax earnings 826,516 1,167,505 Income tax expense (196,946 ) (280,442 ) Earnings available to common stockholders $ 629,570 $ 887,063 Basic and diluted earnings per share of Common Stock $ 3.09 $ 5.39 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Series N Non-Voting Common Stock $ 3.22 $ 4.43 Weighted average shares outstanding of Series N 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 and nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended December 31, 2023 2022 (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 $ 99,224 $ 198,852 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,823 ) (7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 9,040 $ 19,179 Undistributed earnings per share of Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Voting Common Stock $ — $ — Basic and diluted earnings per share of Voting Common Stock $ 0.46 $ 0.98 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 $ 99,224 $ 198,852 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,823 ) (7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 81,361 $ 172,614 Undistributed earnings per share of Non-Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.51 $ 1.02 For the Nine Months Ended December 31, 2023 2022 (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 $ 629,570 $ 887,063 Voting Common Stock dividends declared — (19,608 ) Non-Voting Common Stock dividends declared (22,941 ) (7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 60,663 $ 86,040 Undistributed earnings per share of Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Voting Common Stock $ — $ 1.00 Basic and diluted earnings per share of Voting Common Stock $ 3.09 $ 5.39 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 $ 629,570 $ 887,063 Voting Common Stock dividends declared — (19,608 ) Non-Voting Common Stock dividends declared (22,941 ) (7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 545,966 $ 774,356 Undistributed earnings per share of Non-Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Non-Voting Common Stock $ 0.13 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.43 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 December 31, 2023 and March 31, 2023, 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. December 31, March 31, 2023 2023 December 31, ROU Assets Property, Plant and Equipment Property, Plant and Equipment 2023 Financing Adjusted Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,649,346 $ - $ 1,649,346 $ 1,537,206 Buildings and improvements 7,943,232 - 7,943,232 7,088,810 Furniture and equipment 983,683 1,693 985,376 937,928 Rental trailers and other rental equipment 927,038 114,884 1,041,922 979,990 Rental trucks 6,183,293 692,955 6,876,248 6,228,178 Subtotal 17,686,592 809,532 18,496,124 16,772,112 Less: Accumulated depreciation (4,890,172 ) (483,288 ) (5,373,460 ) (4,947,259 ) Total property, plant and equipment, net $ 12,796,420 $ 326,244 $ 13,122,664 $ 11,824,853 March 31, 2023 March 31, ROU Assets Property, Plant and Equipment 2023 Financing Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,537,206 $ - $ 1,537,206 Buildings and improvements 7,088,810 - 7,088,810 Furniture and equipment 928,241 9,687 937,928 Rental trailers and other rental equipment 827,696 152,294 979,990 Rental trucks 5,278,340 949,838 6,228,178 Right-of-use assets, gross 15,660,293 1,111,819 16,772,112 Less: Accumulated depreciation (4,310,205 ) (637,054 ) (4,947,259 ) Total property, plant and equipment, net $ 11,350,088 $ 474,765 $ 11,824,853 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. Moving and Storage EBITDA (In thousands, unaudited) TTM December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Earnings from operations * $ 1,063,707 $ 1,187,957 $ 1,301,196 $ 1,396,122 $ 1,435,667 Depreciation 793,940 768,475 749,210 733,879 721,950 Net gains on disposals (186,541 ) (220,858 ) (238,397 ) (247,084 ) (255,419 ) Net losses on disposal of real estate 5,878 4,153 4,310 5,596 3,848 Depreciation, net of (gains) losses on disposals 613,277 551,770 515,123 492,391 470,379 EBITDA $ 1,676,984 $ 1,739,727 $ 1,816,319 $ 1,888,513 $ 1,906,046 * before insurance subsidiaries View source version on businesswire.com: https://www.businesswire.com/news/home/20240207798494/en/
Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com