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 Fiscal 2024 Financial Results By: U-Haul Holding Company via Business Wire May 29, 2024 at 17:27 PM EDT 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 the year ended March 31, 2024, of $628.7 million, compared with $924.5 million for the same period last year. For the quarter ended March 31, 2024, the Company reported net losses available to shareholders of ($0.9) million compared with net earnings of $37.4 million, for the same period last year. “We are still a bit shy of where I expected to be on One-way moving transactions,” stated Joe Shoen, chairman of U-Haul Holding Company. “Our self-storage product has been strong. Rate cutting across many markets could erode our so far firm self-storage pricing. I continue to see pockets of opportunity for self-storage expansion and am pursuing these. We have a solid team in place and are focused.” Highlights of Fiscal Year and Fourth Quarter 2024 Results Self-moving equipment rental revenues decreased $10.0 million, or 1%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and finished the full year down $253.2 million, or 7%, compared with fiscal 2023. For the quarter and full year transactions, revenue and average miles driven per transaction decreased. We finished the quarter with March monthly revenue slightly better than the same period last year. Self-storage revenues increased $17.5 million, or 9%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and for the full year increased $86.6 million, or 12%, compared with fiscal 2023. The average number of occupied units increased by 6%, or 31,000 units, during the fourth quarter of fiscal 2024 compared with the same period last year. Occupancy across the entire portfolio decreased 1.4% to 79.8% from the fourth quarter of last year to this year while occupancy for the subsection of these locations that have been at 80% occupancy for the last two years was down 1.9% to 92.3%. In fiscal 2024, we added approximately 5.5 million net rentable square feet or 55,000 additional units. For the quarter, depreciation on the rental equipment fleet increased $11.6 million while all other depreciation increased $12.3 million from buildings and improvements. Net gains from the sales of rental equipment decreased by $32.0 million. For the full fiscal year depreciation on the rental fleet increased by $44.0 million while all other depreciation increased by $40.0 million largely from buildings and improvements. Net gains from the sale of rental equipment decreased $91.8 million. Net losses from the disposal or retirement of land and buildings increased $2.0 million for the quarter and $2.3 million for the fiscal year. Fleet maintenance and repair costs decreased $11.0 million in the fourth quarter of fiscal 2024 compared with the same period last year and increased $33.0 million for the full year of fiscal 2024 compared with the same period last year. The decline in the fourth quarter is largely a result of improved rotation of new trucks into the fleet and older trucks out of the fleet combined with the effects of less fleet rental activity this year. Other operating costs at the Moving and Storage segment increased $21.3 million in the fourth quarter compared to the same period last year and $66.7 million for the full fiscal year 2024. Personnel costs accounted for an $8.8 million increase for the quarter and $50.4 million for the fiscal year. Gross rental equipment capital expenditures for fiscal 2024 were approximately $1,619 million compared with approximately $1,299 million for fiscal 2023. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2025. Proceeds from the sales of rental equipment were approximately $728 million for fiscal 2024 compared with $688 million in fiscal 2023. Spending on real estate related acquisitions and projects decreased approximately $83 million to $1,258 million in fiscal 2024 compared with fiscal 2023. Cash and credit availability at the Moving and Storage operating segment was $1,886.3 million and $2,499.2 million as of March 31, 2024 and 2023, respectively. On March 6, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 18, 2024. The dividend was paid on March 28, 2024. U-Haul Holding Company will file its 10-K on Thursday, May 30, 2024 and hold its investor call for fiscal 2024 on Thursday, May 30, 2024, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com. About U-Haul Holding Company U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment. About U-Haul Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 188,700 trucks, 139,400 trailers and 43,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,004,000 rentable storage units and 86.8 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-K for the year ended March 31, 2024, which will be filed with the SEC on May 30. Report on Business Operations Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2024 and 2023. Quarters Ended March 31, Years Ended March 31, 2024 2023 2024 2023 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 716,283 $ 726,298 $ 3,624,695 $ 3,877,917 Self-storage revenues 212,701 195,246 831,069 744,492 Self-moving and self-storage product and service sales 73,018 76,220 335,805 357,286 Property management fees 8,422 8,577 37,004 37,073 Life insurance premiums 21,542 23,513 89,745 99,149 Property and casualty insurance premiums 22,419 20,667 94,802 93,209 Net investment and interest income 42,859 60,303 146,468 176,679 Other revenue 81,926 77,827 466,086 478,886 Consolidated revenue $ 1,179,170 $ 1,188,651 $ 5,625,674 $ 5,864,691 Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2024 and 2023. Quarters Ended March 31, Years Ended March 31, 2024 2023 2024 2023 (Unaudited) (In thousands) Moving and storage Revenues $ 1,092,698 $ 1,110,851 $ 5,294,928 $ 5,567,714 Earnings from operations before equity in earnings of subsidiaries 10,816 94,845 896,140 1,396,122 Property and casualty insurance Revenues 34,091 28,601 123,085 103,512 Earnings from operations 25,687 11,687 62,509 36,570 Life insurance Revenues 55,284 53,339 219,202 206,100 Earnings from operations 5,113 3,969 20,152 14,409 Eliminations Revenues (2,903 ) (4,140 ) (11,541 ) (12,635 ) Earnings from operations before equity in earnings of subsidiaries (250 ) (380 ) (1,012 ) (1,521 ) Consolidated Results Revenues 1,179,170 1,188,651 5,625,674 5,864,691 Earnings from operations 41,366 110,121 977,789 1,445,580 Debt Metrics Debt Metrics (in thousands)(unaudited) March 31, December 31, September 30, June 30, March 31, 2024 2023 2023 2023 2023 Real estate secured debt $ 2,562,620 $ 2,716,180 $ 2,771,027 $ 2,744,416 $ 2,660,878 Unsecured debt 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 Fleet secured debt 2,470,603 2,482,356 2,392,021 2,305,116 2,205,824 Other secured debt 70,815 72,869 73,752 74,250 76,648 Total debt 6,304,038 6,471,405 6,436,800 6,323,782 6,143,350 Moving and Storage cash $ 1,380,165 $ 1,736,295 $ 2,068,790 $ 2,302,380 $ 2,034,242 Moving and Storage assets 16,149,748 16,193,912 16,156,182 15,742,770 15,211,493 Moving and Storage EBITDA (TTM)** 1,567,985 1,593,446 1,683,912 1,789,024 1,888,513 Net debt to EBITDA 3.1 3.0 2.6 2.2 2.2 Net debt to total assets 30.5 % 29.2 % 27.0 % 25.5 % 27.0 % Percent of debt floating 7.2 % 6.9 % 6.3 % 7.7 % 8.4 % Percent of debt fixed 92.8 % 93.1 % 93.7 % 92.3 % 91.6 % Percent of debt unsecured 19.0 % 18.5 % 18.6 % 19.0 % 19.5 % Unencumbered asset ratio* 4.43x 4.00x 3.74x 3.55x 3.44x * Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x ** Moving and Storage EBITDA (TTM) for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. The components of depreciation, net of gains on disposals for the fourth quarter and the full year of fiscal 2024 and 2023 are as follows: Quarter Ended March 31, 2024 2023 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 145,256 $ 133,617 Depreciation expense - non rental equipment 24,388 21,720 Depreciation expense - real estate 44,008 34,367 Total depreciation expense $ 213,652 $ 189,704 Gains on disposals of rental equipment $ (15,813 ) $ (47,807 ) (Gains) loss on disposals of non-rental equipment 508 (82 ) Total net gains on disposals equipment $ (15,305 ) $ (47,889 ) Depreciation, net of gains on disposals $ 198,347 $ 141,815 Losses on disposals of real estate $ 2,594 $ 558 Year Ended March 31, 2024 2023 (In thousands) Depreciation expense - rental equipment $ 564,546 $ 520,502 Depreciation expense - non rental equipment 94,902 86,178 Depreciation expense - real estate 158,441 127,199 Total depreciation expense $ 817,889 $ 733,879 Gains on disposals of rental equipment $ (154,989 ) $ (246,761 ) (Gains) loss on disposals of non-rental equipment 1,031 (323 ) Total net gains on disposals equipment $ (153,958 ) $ (247,084 ) Depreciation, net of gains on disposals $ 663,931 $ 486,795 Losses on disposals of real estate $ 7,914 $ 5,596 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 storage locations follows (unaudited): Quarters Ended March 31, 2024 2023 (In thousands, except occupancy rate) Unit count as of March 31 728 673 Square footage as of March 31 61,857 56,382 Average monthly number of units occupied 573 542 Average monthly occupancy rate based on unit count 79.8 % 81.2 % End of period occupancy rate based on unit count 79.3 % 81.2 % Average monthly square footage occupied 49,986 46,994 Years Ended March 31, 2024 2023 (In thousands, except occupancy rate) Unit count as of March 31 728 673 Square footage as of March 31 61,857 56,382 Average monthly number of units occupied 571 535 Average monthly occupancy rate based on unit count 82.1 % 83.4 % End of period occupancy rate based on unit count 79.3 % 81.2 % Average monthly square footage occupied 49,515 46,257 Self-Storage Portfolio Summary As of March 31, 2024 (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 92 37,288 4,352,819 $ 14.63 78.0 % California 87 32,495 3,021,621 $ 20.95 81.6 % Florida 83 32,714 3,575,965 $ 18.19 79.4 % Illinois 81 35,471 3,673,467 $ 15.56 82.0 % Pennsylvania 69 27,051 2,848,595 $ 17.33 74.6 % New York 65 26,219 2,536,399 $ 23.04 77.0 % Ohio 58 24,047 2,512,407 $ 14.77 80.7 % Michigan 57 19,615 2,062,980 $ 15.48 83.6 % Georgia 48 21,975 2,354,898 $ 16.16 86.0 % Arizona 44 24,240 2,736,326 $ 15.44 79.8 % Wisconsin 42 16,465 1,895,783 $ 13.04 78.2 % Washington 37 13,076 1,411,601 $ 16.83 77.6 % North Carolina 36 16,109 1,710,475 $ 15.16 81.3 % New Jersey 34 15,574 1,469,641 $ 20.59 83.3 % Missouri 34 12,282 1,528,837 $ 14.75 77.4 % Tennessee 34 14,595 1,384,645 $ 14.61 89.3 % Ontario 33 10,733 1,201,311 $ 22.85 70.6 % Indiana 33 10,159 1,158,764 $ 13.81 76.4 % Massachusetts 31 10,760 993,673 $ 20.34 83.1 % Alabama 26 6,880 791,015 $ 13.86 76.2 % Top 20 Totals 1,024 407,748 43,221,222 $ 16.83 79.8 % All Others 455 170,382 18,712,180 $ 16.06 79.8 % 4Q FY 2024 Totals 1,479 578,130 61,933,402 $ 16.60 79.8 % Same Store 4Q24 862 291,213 27,346,592 $ 16.87 92.3 % Same Store 4Q23 804 256,476 23,912,470 $ 15.99 94.2 % Same Store 4Q22 685 202,309 19,138,544 $ 14.60 95.7 % Non-Same Store 4Q24 617 286,917 34,586,810 $ 16.30 70.1 % Non-Same Store 4Q23 621 290,683 32,546,410 $ 15.85 72.3 % Non-Same Store 4Q22 677 295,192 31,303,792 $ 14.72 75.4 % Same Store Pool Held Constant for Prior Periods Same Store 4Q24 862 291,213 27,346,592 $ 16.87 92.3 % Same Store 4Q23 862 295,638 27,322,198 $ 16.00 93.6 % Same Store 4Q22 862 293,546 27,324,658 $ 14.65 93.1 % Non-Same Store 4Q24 617 286,917 34,586,810 $ 16.30 70.1 % Non-Same Store 4Q23 561 252,110 29,204,395 $ 15.82 70.3 % Non-Same Store 4Q22 499 204,705 23,182,066 $ 14.68 71.1 % 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 average revenue per occupied foot over fiscal year 2024. 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. 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 CONSOLIDATED BALANCE SHEETS March 31, March 31, 2024 2023 (In thousands) ASSETS Cash and cash equivalents $ 1,534,544 $ 2,060,524 Trade receivables and reinsurance recoverables, net 215,908 189,498 Inventories and parts 150,940 151,474 Prepaid expenses 246,082 241,711 Fixed maturity securities available-for-sale, net, at fair value 2,442,504 2,709,037 Equity securities, at fair value 66,274 61,357 Investments, other 633,936 575,540 Deferred policy acquisition costs, net 121,224 128,463 Other assets 111,743 51,052 Right of use assets – financing, net 289,305 474,765 Right of use assets – operating, net 53,712 58,917 Related party assets 57,934 48,308 5,924,106 6,750,646 Property, plant and equipment, at cost: Land 1,670,033 1,537,206 Buildings and improvements 8,237,354 7,088,810 Furniture and equipment 1,003,770 928,241 Rental trailers and other rental equipment 936,303 827,696 Rental trucks 6,338,324 5,278,340 18,185,784 15,660,293 Less: Accumulated depreciation (5,051,132 ) (4,310,205 ) Total property, plant and equipment, net 13,134,652 11,350,088 Total assets $ 19,058,758 $ 18,100,734 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 783,084 $ 761,039 Notes, loans and finance leases payable, net 6,271,362 6,108,042 Operating lease liabilities 55,032 58,373 Policy benefits and losses, claims and loss expenses payable 849,113 880,202 Liabilities from investment contracts 2,411,352 2,398,884 Other policyholders' funds and liabilities 18,070 8,232 Deferred income 51,175 52,282 Deferred income taxes, net 1,447,125 1,329,489 Total liabilities 11,886,313 11,596,543 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 462,548 453,643 Accumulated other comprehensive loss (223,216 ) (285,623 ) Retained earnings 7,600,090 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 7,172,445 6,504,191 Total liabilities and stockholders' equity $ 19,058,758 $ 18,100,734 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended March 31, 2024 2023 (unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 716,283 $ 726,298 Self-storage revenues 212,701 195,246 Self-moving and self-storage products and service sales 73,018 76,220 Property management fees 8,422 8,577 Life insurance premiums 21,542 23,513 Property and casualty insurance premiums 22,419 20,667 Net investment and interest income 42,859 60,303 Other revenue 81,926 77,827 Total revenues 1,179,170 1,188,651 Costs and expenses: Operating expenses 757,567 746,317 Commission expenses 77,236 76,501 Cost of sales 52,732 56,114 Benefits and losses 36,643 43,046 Amortization of deferred policy acquisition costs 5,212 6,301 Lease expense 7,473 7,878 Depreciation, net of gains on disposals 198,347 141,815 Net losses on disposal of real estate 2,594 558 Total costs and expenses 1,137,804 1,078,530 Earnings from operations 41,366 110,121 Other components of net periodic benefit costs (364 ) (304 ) Other interest income 36,843 - Interest expense (64,184 ) (57,925 ) Pretax earnings 13,661 51,892 Income tax expense (14,524 ) (14,483 ) Earnings (losses) available to common shareholders $ (863 ) $ 37,409 Basic and diluted earnings (losses) per share of Common Stock $ (0.05 ) $ 0.15 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.00 $ 0.19 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONSOLIDATED STATEMENTS OF OPERATIONS Years Ended March 31, 2024 2023 (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 3,624,695 $ 3,877,917 Self-storage revenues 831,069 744,492 Self-moving and self-storage products and service sales 335,805 357,286 Property management fees 37,004 37,073 Life insurance premiums 89,745 99,149 Property and casualty insurance premiums 94,802 93,209 Net investment and interest income 146,468 176,679 Other revenue 466,086 478,886 Total revenues 5,625,674 5,864,691 Costs and expenses: Operating expenses 3,126,471 3,024,547 Commission expenses 384,079 416,315 Cost of sales 241,563 263,026 Benefits and losses 167,035 164,079 Amortization of deferred policy acquisition costs 24,238 27,924 Lease expense 32,654 30,829 Depreciation, net of gains on disposals 663,931 486,795 Net losses on disposal of real estate 7,914 5,596 Total costs and expenses 4,647,885 4,419,111 Earnings from operations 977,789 1,445,580 Other components of net periodic benefit costs (1,458 ) (1,216 ) Other interest income 120,021 - Interest expense (256,175 ) (223,958 ) Fees on early extinguishment of debt - (1,009 ) Pretax earnings 840,177 1,219,397 Income tax expense (211,470 ) (294,925 ) Earnings available to common shareholders $ 628,707 $ 924,472 Basic and diluted earnings per share of Common Stock $ 3.04 $ 5.54 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.62 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 EARNINGS PER SHARE We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended March 31, 2024 2023 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10 % 10 % Net earnings (losses) available to common stockholders $ (863 ) $ 37,409 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (8,823 ) (7,058 ) Undistributed earnings (losses) available to common stockholders $ (9,686 ) $ 30,351 Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock $ (969 ) $ 3,035 Undistributed earnings (losses) per share of Voting Common Stock $ (0.05 ) $ 0.15 Dividends declared per share of Voting Common Stock $ - $ - Basic and diluted earnings (losses) per share of Voting Common Stock $ (0.05 ) $ 0.15 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 (losses) available to common stockholders $ (863 ) $ 37,409 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (8,823 ) (7,058 ) Undistributed earnings (losses) available to common stockholders $ (9,686 ) $ 30,351 Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock $ (8,717 ) $ 27,316 Undistributed earnings (losses) per share of Non-Voting Common Stock $ (0.05 ) $ 0.15 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.00 $ 0.19 For the Years Ended March 31, 2024 2023 (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 $ 628,707 $ 924,472 Voting Common Stock dividends declared - (19,608 ) Non-Voting Common Stock dividends declared (31,765 ) (14,117 ) Undistributed earnings available to common stockholders $ 596,942 $ 890,747 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 59,694 $ 89,075 Undistributed earnings per share of Voting Common Stock $ 3.04 $ 4.54 Dividends declared per share of Voting Common Stock $ 0.00 $ 1.00 Basic and diluted earnings per share of Voting Common Stock $ 3.04 $ 5.54 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 $ 628,707 $ 924,472 Voting Common Stock dividends declared - (19,608 ) Non-Voting Common Stock dividends declared (31,765 ) (14,117 ) Undistributed earnings available to common stockholders $ 596,942 $ 890,747 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 537,248 $ 801,672 Undistributed earnings per share of Non-Voting Common Stock $ 3.04 $ 4.54 Dividends declared per share of Non-Voting Common Stock $ 0.18 $ 0.08 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.62 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 March 31, 2024 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. March 31, March 31, 2024 2023 March 31, ROU Assets Property, Plant and Equipment Property, Plant and Equipment 2024 Financing Adjusted Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,670,033 $ - $ 1,670,033 $ 1,537,206 Buildings and improvements 8,237,354 - 8,237,354 7,088,810 Furniture and equipment 1,003,770 61 1,003,831 937,928 Rental trailers and other rental equipment 936,303 114,607 1,050,910 979,990 Rental trucks 6,338,324 607,521 6,945,845 6,228,178 Right-of-use assets, gross 18,185,784 722,189 18,907,973 16,772,112 Less: Accumulated depreciation (5,051,132 ) (432,884 ) (5,484,016 ) (4,947,259 ) Total property, plant and equipment, net $ 13,134,652 $ 289,305 $ 13,423,957 $ 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. The earnings from operations for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. Moving and Storage EBITDA (In thousands, unaudited) TTM March 31, December 31, September 30, June 30, March 31, 2024 2023 2023 2023 2023 Earnings from operations * $ 896,140 $ 980,169 $ 1,132,142 $ 1,273,901 $ 1,396,122 Depreciation 817,889 793,940 768,475 749,210 733,879 Net gains on disposals (153,958 ) (186,541 ) (220,858 ) (238,397 ) (247,084 ) Net (gains) losses on disposal of real estate 7,914 5,878 4,153 4,310 5,596 Depreciation, net of (gains) losses on disposals 671,845 613,277 551,770 515,123 492,391 EBITDA $ 1,567,985 $ 1,593,446 $ 1,683,912 $ 1,789,024 $ 1,888,513 * before insurance subsidiaries View source version on businesswire.com: https://www.businesswire.com/news/home/20240529990235/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. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
U-Haul Holding Company Reports Fiscal 2024 Financial Results By: U-Haul Holding Company via Business Wire May 29, 2024 at 17:27 PM EDT 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 the year ended March 31, 2024, of $628.7 million, compared with $924.5 million for the same period last year. For the quarter ended March 31, 2024, the Company reported net losses available to shareholders of ($0.9) million compared with net earnings of $37.4 million, for the same period last year. “We are still a bit shy of where I expected to be on One-way moving transactions,” stated Joe Shoen, chairman of U-Haul Holding Company. “Our self-storage product has been strong. Rate cutting across many markets could erode our so far firm self-storage pricing. I continue to see pockets of opportunity for self-storage expansion and am pursuing these. We have a solid team in place and are focused.” Highlights of Fiscal Year and Fourth Quarter 2024 Results Self-moving equipment rental revenues decreased $10.0 million, or 1%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and finished the full year down $253.2 million, or 7%, compared with fiscal 2023. For the quarter and full year transactions, revenue and average miles driven per transaction decreased. We finished the quarter with March monthly revenue slightly better than the same period last year. Self-storage revenues increased $17.5 million, or 9%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and for the full year increased $86.6 million, or 12%, compared with fiscal 2023. The average number of occupied units increased by 6%, or 31,000 units, during the fourth quarter of fiscal 2024 compared with the same period last year. Occupancy across the entire portfolio decreased 1.4% to 79.8% from the fourth quarter of last year to this year while occupancy for the subsection of these locations that have been at 80% occupancy for the last two years was down 1.9% to 92.3%. In fiscal 2024, we added approximately 5.5 million net rentable square feet or 55,000 additional units. For the quarter, depreciation on the rental equipment fleet increased $11.6 million while all other depreciation increased $12.3 million from buildings and improvements. Net gains from the sales of rental equipment decreased by $32.0 million. For the full fiscal year depreciation on the rental fleet increased by $44.0 million while all other depreciation increased by $40.0 million largely from buildings and improvements. Net gains from the sale of rental equipment decreased $91.8 million. Net losses from the disposal or retirement of land and buildings increased $2.0 million for the quarter and $2.3 million for the fiscal year. Fleet maintenance and repair costs decreased $11.0 million in the fourth quarter of fiscal 2024 compared with the same period last year and increased $33.0 million for the full year of fiscal 2024 compared with the same period last year. The decline in the fourth quarter is largely a result of improved rotation of new trucks into the fleet and older trucks out of the fleet combined with the effects of less fleet rental activity this year. Other operating costs at the Moving and Storage segment increased $21.3 million in the fourth quarter compared to the same period last year and $66.7 million for the full fiscal year 2024. Personnel costs accounted for an $8.8 million increase for the quarter and $50.4 million for the fiscal year. Gross rental equipment capital expenditures for fiscal 2024 were approximately $1,619 million compared with approximately $1,299 million for fiscal 2023. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2025. Proceeds from the sales of rental equipment were approximately $728 million for fiscal 2024 compared with $688 million in fiscal 2023. Spending on real estate related acquisitions and projects decreased approximately $83 million to $1,258 million in fiscal 2024 compared with fiscal 2023. Cash and credit availability at the Moving and Storage operating segment was $1,886.3 million and $2,499.2 million as of March 31, 2024 and 2023, respectively. On March 6, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 18, 2024. The dividend was paid on March 28, 2024. U-Haul Holding Company will file its 10-K on Thursday, May 30, 2024 and hold its investor call for fiscal 2024 on Thursday, May 30, 2024, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com. About U-Haul Holding Company U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment. About U-Haul Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 188,700 trucks, 139,400 trailers and 43,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,004,000 rentable storage units and 86.8 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-K for the year ended March 31, 2024, which will be filed with the SEC on May 30. Report on Business Operations Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2024 and 2023. Quarters Ended March 31, Years Ended March 31, 2024 2023 2024 2023 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 716,283 $ 726,298 $ 3,624,695 $ 3,877,917 Self-storage revenues 212,701 195,246 831,069 744,492 Self-moving and self-storage product and service sales 73,018 76,220 335,805 357,286 Property management fees 8,422 8,577 37,004 37,073 Life insurance premiums 21,542 23,513 89,745 99,149 Property and casualty insurance premiums 22,419 20,667 94,802 93,209 Net investment and interest income 42,859 60,303 146,468 176,679 Other revenue 81,926 77,827 466,086 478,886 Consolidated revenue $ 1,179,170 $ 1,188,651 $ 5,625,674 $ 5,864,691 Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2024 and 2023. Quarters Ended March 31, Years Ended March 31, 2024 2023 2024 2023 (Unaudited) (In thousands) Moving and storage Revenues $ 1,092,698 $ 1,110,851 $ 5,294,928 $ 5,567,714 Earnings from operations before equity in earnings of subsidiaries 10,816 94,845 896,140 1,396,122 Property and casualty insurance Revenues 34,091 28,601 123,085 103,512 Earnings from operations 25,687 11,687 62,509 36,570 Life insurance Revenues 55,284 53,339 219,202 206,100 Earnings from operations 5,113 3,969 20,152 14,409 Eliminations Revenues (2,903 ) (4,140 ) (11,541 ) (12,635 ) Earnings from operations before equity in earnings of subsidiaries (250 ) (380 ) (1,012 ) (1,521 ) Consolidated Results Revenues 1,179,170 1,188,651 5,625,674 5,864,691 Earnings from operations 41,366 110,121 977,789 1,445,580 Debt Metrics Debt Metrics (in thousands)(unaudited) March 31, December 31, September 30, June 30, March 31, 2024 2023 2023 2023 2023 Real estate secured debt $ 2,562,620 $ 2,716,180 $ 2,771,027 $ 2,744,416 $ 2,660,878 Unsecured debt 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 Fleet secured debt 2,470,603 2,482,356 2,392,021 2,305,116 2,205,824 Other secured debt 70,815 72,869 73,752 74,250 76,648 Total debt 6,304,038 6,471,405 6,436,800 6,323,782 6,143,350 Moving and Storage cash $ 1,380,165 $ 1,736,295 $ 2,068,790 $ 2,302,380 $ 2,034,242 Moving and Storage assets 16,149,748 16,193,912 16,156,182 15,742,770 15,211,493 Moving and Storage EBITDA (TTM)** 1,567,985 1,593,446 1,683,912 1,789,024 1,888,513 Net debt to EBITDA 3.1 3.0 2.6 2.2 2.2 Net debt to total assets 30.5 % 29.2 % 27.0 % 25.5 % 27.0 % Percent of debt floating 7.2 % 6.9 % 6.3 % 7.7 % 8.4 % Percent of debt fixed 92.8 % 93.1 % 93.7 % 92.3 % 91.6 % Percent of debt unsecured 19.0 % 18.5 % 18.6 % 19.0 % 19.5 % Unencumbered asset ratio* 4.43x 4.00x 3.74x 3.55x 3.44x * Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x ** Moving and Storage EBITDA (TTM) for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. The components of depreciation, net of gains on disposals for the fourth quarter and the full year of fiscal 2024 and 2023 are as follows: Quarter Ended March 31, 2024 2023 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 145,256 $ 133,617 Depreciation expense - non rental equipment 24,388 21,720 Depreciation expense - real estate 44,008 34,367 Total depreciation expense $ 213,652 $ 189,704 Gains on disposals of rental equipment $ (15,813 ) $ (47,807 ) (Gains) loss on disposals of non-rental equipment 508 (82 ) Total net gains on disposals equipment $ (15,305 ) $ (47,889 ) Depreciation, net of gains on disposals $ 198,347 $ 141,815 Losses on disposals of real estate $ 2,594 $ 558 Year Ended March 31, 2024 2023 (In thousands) Depreciation expense - rental equipment $ 564,546 $ 520,502 Depreciation expense - non rental equipment 94,902 86,178 Depreciation expense - real estate 158,441 127,199 Total depreciation expense $ 817,889 $ 733,879 Gains on disposals of rental equipment $ (154,989 ) $ (246,761 ) (Gains) loss on disposals of non-rental equipment 1,031 (323 ) Total net gains on disposals equipment $ (153,958 ) $ (247,084 ) Depreciation, net of gains on disposals $ 663,931 $ 486,795 Losses on disposals of real estate $ 7,914 $ 5,596 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 storage locations follows (unaudited): Quarters Ended March 31, 2024 2023 (In thousands, except occupancy rate) Unit count as of March 31 728 673 Square footage as of March 31 61,857 56,382 Average monthly number of units occupied 573 542 Average monthly occupancy rate based on unit count 79.8 % 81.2 % End of period occupancy rate based on unit count 79.3 % 81.2 % Average monthly square footage occupied 49,986 46,994 Years Ended March 31, 2024 2023 (In thousands, except occupancy rate) Unit count as of March 31 728 673 Square footage as of March 31 61,857 56,382 Average monthly number of units occupied 571 535 Average monthly occupancy rate based on unit count 82.1 % 83.4 % End of period occupancy rate based on unit count 79.3 % 81.2 % Average monthly square footage occupied 49,515 46,257 Self-Storage Portfolio Summary As of March 31, 2024 (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 92 37,288 4,352,819 $ 14.63 78.0 % California 87 32,495 3,021,621 $ 20.95 81.6 % Florida 83 32,714 3,575,965 $ 18.19 79.4 % Illinois 81 35,471 3,673,467 $ 15.56 82.0 % Pennsylvania 69 27,051 2,848,595 $ 17.33 74.6 % New York 65 26,219 2,536,399 $ 23.04 77.0 % Ohio 58 24,047 2,512,407 $ 14.77 80.7 % Michigan 57 19,615 2,062,980 $ 15.48 83.6 % Georgia 48 21,975 2,354,898 $ 16.16 86.0 % Arizona 44 24,240 2,736,326 $ 15.44 79.8 % Wisconsin 42 16,465 1,895,783 $ 13.04 78.2 % Washington 37 13,076 1,411,601 $ 16.83 77.6 % North Carolina 36 16,109 1,710,475 $ 15.16 81.3 % New Jersey 34 15,574 1,469,641 $ 20.59 83.3 % Missouri 34 12,282 1,528,837 $ 14.75 77.4 % Tennessee 34 14,595 1,384,645 $ 14.61 89.3 % Ontario 33 10,733 1,201,311 $ 22.85 70.6 % Indiana 33 10,159 1,158,764 $ 13.81 76.4 % Massachusetts 31 10,760 993,673 $ 20.34 83.1 % Alabama 26 6,880 791,015 $ 13.86 76.2 % Top 20 Totals 1,024 407,748 43,221,222 $ 16.83 79.8 % All Others 455 170,382 18,712,180 $ 16.06 79.8 % 4Q FY 2024 Totals 1,479 578,130 61,933,402 $ 16.60 79.8 % Same Store 4Q24 862 291,213 27,346,592 $ 16.87 92.3 % Same Store 4Q23 804 256,476 23,912,470 $ 15.99 94.2 % Same Store 4Q22 685 202,309 19,138,544 $ 14.60 95.7 % Non-Same Store 4Q24 617 286,917 34,586,810 $ 16.30 70.1 % Non-Same Store 4Q23 621 290,683 32,546,410 $ 15.85 72.3 % Non-Same Store 4Q22 677 295,192 31,303,792 $ 14.72 75.4 % Same Store Pool Held Constant for Prior Periods Same Store 4Q24 862 291,213 27,346,592 $ 16.87 92.3 % Same Store 4Q23 862 295,638 27,322,198 $ 16.00 93.6 % Same Store 4Q22 862 293,546 27,324,658 $ 14.65 93.1 % Non-Same Store 4Q24 617 286,917 34,586,810 $ 16.30 70.1 % Non-Same Store 4Q23 561 252,110 29,204,395 $ 15.82 70.3 % Non-Same Store 4Q22 499 204,705 23,182,066 $ 14.68 71.1 % 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 average revenue per occupied foot over fiscal year 2024. 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. 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 CONSOLIDATED BALANCE SHEETS March 31, March 31, 2024 2023 (In thousands) ASSETS Cash and cash equivalents $ 1,534,544 $ 2,060,524 Trade receivables and reinsurance recoverables, net 215,908 189,498 Inventories and parts 150,940 151,474 Prepaid expenses 246,082 241,711 Fixed maturity securities available-for-sale, net, at fair value 2,442,504 2,709,037 Equity securities, at fair value 66,274 61,357 Investments, other 633,936 575,540 Deferred policy acquisition costs, net 121,224 128,463 Other assets 111,743 51,052 Right of use assets – financing, net 289,305 474,765 Right of use assets – operating, net 53,712 58,917 Related party assets 57,934 48,308 5,924,106 6,750,646 Property, plant and equipment, at cost: Land 1,670,033 1,537,206 Buildings and improvements 8,237,354 7,088,810 Furniture and equipment 1,003,770 928,241 Rental trailers and other rental equipment 936,303 827,696 Rental trucks 6,338,324 5,278,340 18,185,784 15,660,293 Less: Accumulated depreciation (5,051,132 ) (4,310,205 ) Total property, plant and equipment, net 13,134,652 11,350,088 Total assets $ 19,058,758 $ 18,100,734 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 783,084 $ 761,039 Notes, loans and finance leases payable, net 6,271,362 6,108,042 Operating lease liabilities 55,032 58,373 Policy benefits and losses, claims and loss expenses payable 849,113 880,202 Liabilities from investment contracts 2,411,352 2,398,884 Other policyholders' funds and liabilities 18,070 8,232 Deferred income 51,175 52,282 Deferred income taxes, net 1,447,125 1,329,489 Total liabilities 11,886,313 11,596,543 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 462,548 453,643 Accumulated other comprehensive loss (223,216 ) (285,623 ) Retained earnings 7,600,090 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 7,172,445 6,504,191 Total liabilities and stockholders' equity $ 19,058,758 $ 18,100,734 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended March 31, 2024 2023 (unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 716,283 $ 726,298 Self-storage revenues 212,701 195,246 Self-moving and self-storage products and service sales 73,018 76,220 Property management fees 8,422 8,577 Life insurance premiums 21,542 23,513 Property and casualty insurance premiums 22,419 20,667 Net investment and interest income 42,859 60,303 Other revenue 81,926 77,827 Total revenues 1,179,170 1,188,651 Costs and expenses: Operating expenses 757,567 746,317 Commission expenses 77,236 76,501 Cost of sales 52,732 56,114 Benefits and losses 36,643 43,046 Amortization of deferred policy acquisition costs 5,212 6,301 Lease expense 7,473 7,878 Depreciation, net of gains on disposals 198,347 141,815 Net losses on disposal of real estate 2,594 558 Total costs and expenses 1,137,804 1,078,530 Earnings from operations 41,366 110,121 Other components of net periodic benefit costs (364 ) (304 ) Other interest income 36,843 - Interest expense (64,184 ) (57,925 ) Pretax earnings 13,661 51,892 Income tax expense (14,524 ) (14,483 ) Earnings (losses) available to common shareholders $ (863 ) $ 37,409 Basic and diluted earnings (losses) per share of Common Stock $ (0.05 ) $ 0.15 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.00 $ 0.19 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONSOLIDATED STATEMENTS OF OPERATIONS Years Ended March 31, 2024 2023 (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 3,624,695 $ 3,877,917 Self-storage revenues 831,069 744,492 Self-moving and self-storage products and service sales 335,805 357,286 Property management fees 37,004 37,073 Life insurance premiums 89,745 99,149 Property and casualty insurance premiums 94,802 93,209 Net investment and interest income 146,468 176,679 Other revenue 466,086 478,886 Total revenues 5,625,674 5,864,691 Costs and expenses: Operating expenses 3,126,471 3,024,547 Commission expenses 384,079 416,315 Cost of sales 241,563 263,026 Benefits and losses 167,035 164,079 Amortization of deferred policy acquisition costs 24,238 27,924 Lease expense 32,654 30,829 Depreciation, net of gains on disposals 663,931 486,795 Net losses on disposal of real estate 7,914 5,596 Total costs and expenses 4,647,885 4,419,111 Earnings from operations 977,789 1,445,580 Other components of net periodic benefit costs (1,458 ) (1,216 ) Other interest income 120,021 - Interest expense (256,175 ) (223,958 ) Fees on early extinguishment of debt - (1,009 ) Pretax earnings 840,177 1,219,397 Income tax expense (211,470 ) (294,925 ) Earnings available to common shareholders $ 628,707 $ 924,472 Basic and diluted earnings per share of Common Stock $ 3.04 $ 5.54 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.62 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 EARNINGS PER SHARE We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended March 31, 2024 2023 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10 % 10 % Net earnings (losses) available to common stockholders $ (863 ) $ 37,409 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (8,823 ) (7,058 ) Undistributed earnings (losses) available to common stockholders $ (9,686 ) $ 30,351 Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock $ (969 ) $ 3,035 Undistributed earnings (losses) per share of Voting Common Stock $ (0.05 ) $ 0.15 Dividends declared per share of Voting Common Stock $ - $ - Basic and diluted earnings (losses) per share of Voting Common Stock $ (0.05 ) $ 0.15 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 (losses) available to common stockholders $ (863 ) $ 37,409 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (8,823 ) (7,058 ) Undistributed earnings (losses) available to common stockholders $ (9,686 ) $ 30,351 Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock $ (8,717 ) $ 27,316 Undistributed earnings (losses) per share of Non-Voting Common Stock $ (0.05 ) $ 0.15 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.00 $ 0.19 For the Years Ended March 31, 2024 2023 (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 $ 628,707 $ 924,472 Voting Common Stock dividends declared - (19,608 ) Non-Voting Common Stock dividends declared (31,765 ) (14,117 ) Undistributed earnings available to common stockholders $ 596,942 $ 890,747 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 59,694 $ 89,075 Undistributed earnings per share of Voting Common Stock $ 3.04 $ 4.54 Dividends declared per share of Voting Common Stock $ 0.00 $ 1.00 Basic and diluted earnings per share of Voting Common Stock $ 3.04 $ 5.54 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 $ 628,707 $ 924,472 Voting Common Stock dividends declared - (19,608 ) Non-Voting Common Stock dividends declared (31,765 ) (14,117 ) Undistributed earnings available to common stockholders $ 596,942 $ 890,747 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 537,248 $ 801,672 Undistributed earnings per share of Non-Voting Common Stock $ 3.04 $ 4.54 Dividends declared per share of Non-Voting Common Stock $ 0.18 $ 0.08 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.62 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 March 31, 2024 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. March 31, March 31, 2024 2023 March 31, ROU Assets Property, Plant and Equipment Property, Plant and Equipment 2024 Financing Adjusted Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,670,033 $ - $ 1,670,033 $ 1,537,206 Buildings and improvements 8,237,354 - 8,237,354 7,088,810 Furniture and equipment 1,003,770 61 1,003,831 937,928 Rental trailers and other rental equipment 936,303 114,607 1,050,910 979,990 Rental trucks 6,338,324 607,521 6,945,845 6,228,178 Right-of-use assets, gross 18,185,784 722,189 18,907,973 16,772,112 Less: Accumulated depreciation (5,051,132 ) (432,884 ) (5,484,016 ) (4,947,259 ) Total property, plant and equipment, net $ 13,134,652 $ 289,305 $ 13,423,957 $ 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. The earnings from operations for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. Moving and Storage EBITDA (In thousands, unaudited) TTM March 31, December 31, September 30, June 30, March 31, 2024 2023 2023 2023 2023 Earnings from operations * $ 896,140 $ 980,169 $ 1,132,142 $ 1,273,901 $ 1,396,122 Depreciation 817,889 793,940 768,475 749,210 733,879 Net gains on disposals (153,958 ) (186,541 ) (220,858 ) (238,397 ) (247,084 ) Net (gains) losses on disposal of real estate 7,914 5,878 4,153 4,310 5,596 Depreciation, net of (gains) losses on disposals 671,845 613,277 551,770 515,123 492,391 EBITDA $ 1,567,985 $ 1,593,446 $ 1,683,912 $ 1,789,024 $ 1,888,513 * before insurance subsidiaries View source version on businesswire.com: https://www.businesswire.com/news/home/20240529990235/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 the year ended March 31, 2024, of $628.7 million, compared with $924.5 million for the same period last year. For the quarter ended March 31, 2024, the Company reported net losses available to shareholders of ($0.9) million compared with net earnings of $37.4 million, for the same period last year. “We are still a bit shy of where I expected to be on One-way moving transactions,” stated Joe Shoen, chairman of U-Haul Holding Company. “Our self-storage product has been strong. Rate cutting across many markets could erode our so far firm self-storage pricing. I continue to see pockets of opportunity for self-storage expansion and am pursuing these. We have a solid team in place and are focused.” Highlights of Fiscal Year and Fourth Quarter 2024 Results Self-moving equipment rental revenues decreased $10.0 million, or 1%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and finished the full year down $253.2 million, or 7%, compared with fiscal 2023. For the quarter and full year transactions, revenue and average miles driven per transaction decreased. We finished the quarter with March monthly revenue slightly better than the same period last year. Self-storage revenues increased $17.5 million, or 9%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and for the full year increased $86.6 million, or 12%, compared with fiscal 2023. The average number of occupied units increased by 6%, or 31,000 units, during the fourth quarter of fiscal 2024 compared with the same period last year. Occupancy across the entire portfolio decreased 1.4% to 79.8% from the fourth quarter of last year to this year while occupancy for the subsection of these locations that have been at 80% occupancy for the last two years was down 1.9% to 92.3%. In fiscal 2024, we added approximately 5.5 million net rentable square feet or 55,000 additional units. For the quarter, depreciation on the rental equipment fleet increased $11.6 million while all other depreciation increased $12.3 million from buildings and improvements. Net gains from the sales of rental equipment decreased by $32.0 million. For the full fiscal year depreciation on the rental fleet increased by $44.0 million while all other depreciation increased by $40.0 million largely from buildings and improvements. Net gains from the sale of rental equipment decreased $91.8 million. Net losses from the disposal or retirement of land and buildings increased $2.0 million for the quarter and $2.3 million for the fiscal year. Fleet maintenance and repair costs decreased $11.0 million in the fourth quarter of fiscal 2024 compared with the same period last year and increased $33.0 million for the full year of fiscal 2024 compared with the same period last year. The decline in the fourth quarter is largely a result of improved rotation of new trucks into the fleet and older trucks out of the fleet combined with the effects of less fleet rental activity this year. Other operating costs at the Moving and Storage segment increased $21.3 million in the fourth quarter compared to the same period last year and $66.7 million for the full fiscal year 2024. Personnel costs accounted for an $8.8 million increase for the quarter and $50.4 million for the fiscal year. Gross rental equipment capital expenditures for fiscal 2024 were approximately $1,619 million compared with approximately $1,299 million for fiscal 2023. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2025. Proceeds from the sales of rental equipment were approximately $728 million for fiscal 2024 compared with $688 million in fiscal 2023. Spending on real estate related acquisitions and projects decreased approximately $83 million to $1,258 million in fiscal 2024 compared with fiscal 2023. Cash and credit availability at the Moving and Storage operating segment was $1,886.3 million and $2,499.2 million as of March 31, 2024 and 2023, respectively. On March 6, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 18, 2024. The dividend was paid on March 28, 2024. U-Haul Holding Company will file its 10-K on Thursday, May 30, 2024 and hold its investor call for fiscal 2024 on Thursday, May 30, 2024, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com. About U-Haul Holding Company U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment. About U-Haul Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 188,700 trucks, 139,400 trailers and 43,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,004,000 rentable storage units and 86.8 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-K for the year ended March 31, 2024, which will be filed with the SEC on May 30. Report on Business Operations Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2024 and 2023. Quarters Ended March 31, Years Ended March 31, 2024 2023 2024 2023 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 716,283 $ 726,298 $ 3,624,695 $ 3,877,917 Self-storage revenues 212,701 195,246 831,069 744,492 Self-moving and self-storage product and service sales 73,018 76,220 335,805 357,286 Property management fees 8,422 8,577 37,004 37,073 Life insurance premiums 21,542 23,513 89,745 99,149 Property and casualty insurance premiums 22,419 20,667 94,802 93,209 Net investment and interest income 42,859 60,303 146,468 176,679 Other revenue 81,926 77,827 466,086 478,886 Consolidated revenue $ 1,179,170 $ 1,188,651 $ 5,625,674 $ 5,864,691 Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2024 and 2023. Quarters Ended March 31, Years Ended March 31, 2024 2023 2024 2023 (Unaudited) (In thousands) Moving and storage Revenues $ 1,092,698 $ 1,110,851 $ 5,294,928 $ 5,567,714 Earnings from operations before equity in earnings of subsidiaries 10,816 94,845 896,140 1,396,122 Property and casualty insurance Revenues 34,091 28,601 123,085 103,512 Earnings from operations 25,687 11,687 62,509 36,570 Life insurance Revenues 55,284 53,339 219,202 206,100 Earnings from operations 5,113 3,969 20,152 14,409 Eliminations Revenues (2,903 ) (4,140 ) (11,541 ) (12,635 ) Earnings from operations before equity in earnings of subsidiaries (250 ) (380 ) (1,012 ) (1,521 ) Consolidated Results Revenues 1,179,170 1,188,651 5,625,674 5,864,691 Earnings from operations 41,366 110,121 977,789 1,445,580 Debt Metrics Debt Metrics (in thousands)(unaudited) March 31, December 31, September 30, June 30, March 31, 2024 2023 2023 2023 2023 Real estate secured debt $ 2,562,620 $ 2,716,180 $ 2,771,027 $ 2,744,416 $ 2,660,878 Unsecured debt 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 Fleet secured debt 2,470,603 2,482,356 2,392,021 2,305,116 2,205,824 Other secured debt 70,815 72,869 73,752 74,250 76,648 Total debt 6,304,038 6,471,405 6,436,800 6,323,782 6,143,350 Moving and Storage cash $ 1,380,165 $ 1,736,295 $ 2,068,790 $ 2,302,380 $ 2,034,242 Moving and Storage assets 16,149,748 16,193,912 16,156,182 15,742,770 15,211,493 Moving and Storage EBITDA (TTM)** 1,567,985 1,593,446 1,683,912 1,789,024 1,888,513 Net debt to EBITDA 3.1 3.0 2.6 2.2 2.2 Net debt to total assets 30.5 % 29.2 % 27.0 % 25.5 % 27.0 % Percent of debt floating 7.2 % 6.9 % 6.3 % 7.7 % 8.4 % Percent of debt fixed 92.8 % 93.1 % 93.7 % 92.3 % 91.6 % Percent of debt unsecured 19.0 % 18.5 % 18.6 % 19.0 % 19.5 % Unencumbered asset ratio* 4.43x 4.00x 3.74x 3.55x 3.44x * Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x ** Moving and Storage EBITDA (TTM) for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. The components of depreciation, net of gains on disposals for the fourth quarter and the full year of fiscal 2024 and 2023 are as follows: Quarter Ended March 31, 2024 2023 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 145,256 $ 133,617 Depreciation expense - non rental equipment 24,388 21,720 Depreciation expense - real estate 44,008 34,367 Total depreciation expense $ 213,652 $ 189,704 Gains on disposals of rental equipment $ (15,813 ) $ (47,807 ) (Gains) loss on disposals of non-rental equipment 508 (82 ) Total net gains on disposals equipment $ (15,305 ) $ (47,889 ) Depreciation, net of gains on disposals $ 198,347 $ 141,815 Losses on disposals of real estate $ 2,594 $ 558 Year Ended March 31, 2024 2023 (In thousands) Depreciation expense - rental equipment $ 564,546 $ 520,502 Depreciation expense - non rental equipment 94,902 86,178 Depreciation expense - real estate 158,441 127,199 Total depreciation expense $ 817,889 $ 733,879 Gains on disposals of rental equipment $ (154,989 ) $ (246,761 ) (Gains) loss on disposals of non-rental equipment 1,031 (323 ) Total net gains on disposals equipment $ (153,958 ) $ (247,084 ) Depreciation, net of gains on disposals $ 663,931 $ 486,795 Losses on disposals of real estate $ 7,914 $ 5,596 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 storage locations follows (unaudited): Quarters Ended March 31, 2024 2023 (In thousands, except occupancy rate) Unit count as of March 31 728 673 Square footage as of March 31 61,857 56,382 Average monthly number of units occupied 573 542 Average monthly occupancy rate based on unit count 79.8 % 81.2 % End of period occupancy rate based on unit count 79.3 % 81.2 % Average monthly square footage occupied 49,986 46,994 Years Ended March 31, 2024 2023 (In thousands, except occupancy rate) Unit count as of March 31 728 673 Square footage as of March 31 61,857 56,382 Average monthly number of units occupied 571 535 Average monthly occupancy rate based on unit count 82.1 % 83.4 % End of period occupancy rate based on unit count 79.3 % 81.2 % Average monthly square footage occupied 49,515 46,257 Self-Storage Portfolio Summary As of March 31, 2024 (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 92 37,288 4,352,819 $ 14.63 78.0 % California 87 32,495 3,021,621 $ 20.95 81.6 % Florida 83 32,714 3,575,965 $ 18.19 79.4 % Illinois 81 35,471 3,673,467 $ 15.56 82.0 % Pennsylvania 69 27,051 2,848,595 $ 17.33 74.6 % New York 65 26,219 2,536,399 $ 23.04 77.0 % Ohio 58 24,047 2,512,407 $ 14.77 80.7 % Michigan 57 19,615 2,062,980 $ 15.48 83.6 % Georgia 48 21,975 2,354,898 $ 16.16 86.0 % Arizona 44 24,240 2,736,326 $ 15.44 79.8 % Wisconsin 42 16,465 1,895,783 $ 13.04 78.2 % Washington 37 13,076 1,411,601 $ 16.83 77.6 % North Carolina 36 16,109 1,710,475 $ 15.16 81.3 % New Jersey 34 15,574 1,469,641 $ 20.59 83.3 % Missouri 34 12,282 1,528,837 $ 14.75 77.4 % Tennessee 34 14,595 1,384,645 $ 14.61 89.3 % Ontario 33 10,733 1,201,311 $ 22.85 70.6 % Indiana 33 10,159 1,158,764 $ 13.81 76.4 % Massachusetts 31 10,760 993,673 $ 20.34 83.1 % Alabama 26 6,880 791,015 $ 13.86 76.2 % Top 20 Totals 1,024 407,748 43,221,222 $ 16.83 79.8 % All Others 455 170,382 18,712,180 $ 16.06 79.8 % 4Q FY 2024 Totals 1,479 578,130 61,933,402 $ 16.60 79.8 % Same Store 4Q24 862 291,213 27,346,592 $ 16.87 92.3 % Same Store 4Q23 804 256,476 23,912,470 $ 15.99 94.2 % Same Store 4Q22 685 202,309 19,138,544 $ 14.60 95.7 % Non-Same Store 4Q24 617 286,917 34,586,810 $ 16.30 70.1 % Non-Same Store 4Q23 621 290,683 32,546,410 $ 15.85 72.3 % Non-Same Store 4Q22 677 295,192 31,303,792 $ 14.72 75.4 % Same Store Pool Held Constant for Prior Periods Same Store 4Q24 862 291,213 27,346,592 $ 16.87 92.3 % Same Store 4Q23 862 295,638 27,322,198 $ 16.00 93.6 % Same Store 4Q22 862 293,546 27,324,658 $ 14.65 93.1 % Non-Same Store 4Q24 617 286,917 34,586,810 $ 16.30 70.1 % Non-Same Store 4Q23 561 252,110 29,204,395 $ 15.82 70.3 % Non-Same Store 4Q22 499 204,705 23,182,066 $ 14.68 71.1 % 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 average revenue per occupied foot over fiscal year 2024. 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. 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 CONSOLIDATED BALANCE SHEETS March 31, March 31, 2024 2023 (In thousands) ASSETS Cash and cash equivalents $ 1,534,544 $ 2,060,524 Trade receivables and reinsurance recoverables, net 215,908 189,498 Inventories and parts 150,940 151,474 Prepaid expenses 246,082 241,711 Fixed maturity securities available-for-sale, net, at fair value 2,442,504 2,709,037 Equity securities, at fair value 66,274 61,357 Investments, other 633,936 575,540 Deferred policy acquisition costs, net 121,224 128,463 Other assets 111,743 51,052 Right of use assets – financing, net 289,305 474,765 Right of use assets – operating, net 53,712 58,917 Related party assets 57,934 48,308 5,924,106 6,750,646 Property, plant and equipment, at cost: Land 1,670,033 1,537,206 Buildings and improvements 8,237,354 7,088,810 Furniture and equipment 1,003,770 928,241 Rental trailers and other rental equipment 936,303 827,696 Rental trucks 6,338,324 5,278,340 18,185,784 15,660,293 Less: Accumulated depreciation (5,051,132 ) (4,310,205 ) Total property, plant and equipment, net 13,134,652 11,350,088 Total assets $ 19,058,758 $ 18,100,734 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 783,084 $ 761,039 Notes, loans and finance leases payable, net 6,271,362 6,108,042 Operating lease liabilities 55,032 58,373 Policy benefits and losses, claims and loss expenses payable 849,113 880,202 Liabilities from investment contracts 2,411,352 2,398,884 Other policyholders' funds and liabilities 18,070 8,232 Deferred income 51,175 52,282 Deferred income taxes, net 1,447,125 1,329,489 Total liabilities 11,886,313 11,596,543 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 462,548 453,643 Accumulated other comprehensive loss (223,216 ) (285,623 ) Retained earnings 7,600,090 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 7,172,445 6,504,191 Total liabilities and stockholders' equity $ 19,058,758 $ 18,100,734 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended March 31, 2024 2023 (unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 716,283 $ 726,298 Self-storage revenues 212,701 195,246 Self-moving and self-storage products and service sales 73,018 76,220 Property management fees 8,422 8,577 Life insurance premiums 21,542 23,513 Property and casualty insurance premiums 22,419 20,667 Net investment and interest income 42,859 60,303 Other revenue 81,926 77,827 Total revenues 1,179,170 1,188,651 Costs and expenses: Operating expenses 757,567 746,317 Commission expenses 77,236 76,501 Cost of sales 52,732 56,114 Benefits and losses 36,643 43,046 Amortization of deferred policy acquisition costs 5,212 6,301 Lease expense 7,473 7,878 Depreciation, net of gains on disposals 198,347 141,815 Net losses on disposal of real estate 2,594 558 Total costs and expenses 1,137,804 1,078,530 Earnings from operations 41,366 110,121 Other components of net periodic benefit costs (364 ) (304 ) Other interest income 36,843 - Interest expense (64,184 ) (57,925 ) Pretax earnings 13,661 51,892 Income tax expense (14,524 ) (14,483 ) Earnings (losses) available to common shareholders $ (863 ) $ 37,409 Basic and diluted earnings (losses) per share of Common Stock $ (0.05 ) $ 0.15 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.00 $ 0.19 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONSOLIDATED STATEMENTS OF OPERATIONS Years Ended March 31, 2024 2023 (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 3,624,695 $ 3,877,917 Self-storage revenues 831,069 744,492 Self-moving and self-storage products and service sales 335,805 357,286 Property management fees 37,004 37,073 Life insurance premiums 89,745 99,149 Property and casualty insurance premiums 94,802 93,209 Net investment and interest income 146,468 176,679 Other revenue 466,086 478,886 Total revenues 5,625,674 5,864,691 Costs and expenses: Operating expenses 3,126,471 3,024,547 Commission expenses 384,079 416,315 Cost of sales 241,563 263,026 Benefits and losses 167,035 164,079 Amortization of deferred policy acquisition costs 24,238 27,924 Lease expense 32,654 30,829 Depreciation, net of gains on disposals 663,931 486,795 Net losses on disposal of real estate 7,914 5,596 Total costs and expenses 4,647,885 4,419,111 Earnings from operations 977,789 1,445,580 Other components of net periodic benefit costs (1,458 ) (1,216 ) Other interest income 120,021 - Interest expense (256,175 ) (223,958 ) Fees on early extinguishment of debt - (1,009 ) Pretax earnings 840,177 1,219,397 Income tax expense (211,470 ) (294,925 ) Earnings available to common shareholders $ 628,707 $ 924,472 Basic and diluted earnings per share of Common Stock $ 3.04 $ 5.54 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.62 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 EARNINGS PER SHARE We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended March 31, 2024 2023 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10 % 10 % Net earnings (losses) available to common stockholders $ (863 ) $ 37,409 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (8,823 ) (7,058 ) Undistributed earnings (losses) available to common stockholders $ (9,686 ) $ 30,351 Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock $ (969 ) $ 3,035 Undistributed earnings (losses) per share of Voting Common Stock $ (0.05 ) $ 0.15 Dividends declared per share of Voting Common Stock $ - $ - Basic and diluted earnings (losses) per share of Voting Common Stock $ (0.05 ) $ 0.15 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 (losses) available to common stockholders $ (863 ) $ 37,409 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (8,823 ) (7,058 ) Undistributed earnings (losses) available to common stockholders $ (9,686 ) $ 30,351 Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock $ (8,717 ) $ 27,316 Undistributed earnings (losses) per share of Non-Voting Common Stock $ (0.05 ) $ 0.15 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.00 $ 0.19 For the Years Ended March 31, 2024 2023 (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 $ 628,707 $ 924,472 Voting Common Stock dividends declared - (19,608 ) Non-Voting Common Stock dividends declared (31,765 ) (14,117 ) Undistributed earnings available to common stockholders $ 596,942 $ 890,747 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 59,694 $ 89,075 Undistributed earnings per share of Voting Common Stock $ 3.04 $ 4.54 Dividends declared per share of Voting Common Stock $ 0.00 $ 1.00 Basic and diluted earnings per share of Voting Common Stock $ 3.04 $ 5.54 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 $ 628,707 $ 924,472 Voting Common Stock dividends declared - (19,608 ) Non-Voting Common Stock dividends declared (31,765 ) (14,117 ) Undistributed earnings available to common stockholders $ 596,942 $ 890,747 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 537,248 $ 801,672 Undistributed earnings per share of Non-Voting Common Stock $ 3.04 $ 4.54 Dividends declared per share of Non-Voting Common Stock $ 0.18 $ 0.08 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.62 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 March 31, 2024 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. March 31, March 31, 2024 2023 March 31, ROU Assets Property, Plant and Equipment Property, Plant and Equipment 2024 Financing Adjusted Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,670,033 $ - $ 1,670,033 $ 1,537,206 Buildings and improvements 8,237,354 - 8,237,354 7,088,810 Furniture and equipment 1,003,770 61 1,003,831 937,928 Rental trailers and other rental equipment 936,303 114,607 1,050,910 979,990 Rental trucks 6,338,324 607,521 6,945,845 6,228,178 Right-of-use assets, gross 18,185,784 722,189 18,907,973 16,772,112 Less: Accumulated depreciation (5,051,132 ) (432,884 ) (5,484,016 ) (4,947,259 ) Total property, plant and equipment, net $ 13,134,652 $ 289,305 $ 13,423,957 $ 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. The earnings from operations for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. Moving and Storage EBITDA (In thousands, unaudited) TTM March 31, December 31, September 30, June 30, March 31, 2024 2023 2023 2023 2023 Earnings from operations * $ 896,140 $ 980,169 $ 1,132,142 $ 1,273,901 $ 1,396,122 Depreciation 817,889 793,940 768,475 749,210 733,879 Net gains on disposals (153,958 ) (186,541 ) (220,858 ) (238,397 ) (247,084 ) Net (gains) losses on disposal of real estate 7,914 5,878 4,153 4,310 5,596 Depreciation, net of (gains) losses on disposals 671,845 613,277 551,770 515,123 492,391 EBITDA $ 1,567,985 $ 1,593,446 $ 1,683,912 $ 1,789,024 $ 1,888,513 * before insurance subsidiaries View source version on businesswire.com: https://www.businesswire.com/news/home/20240529990235/en/
Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com