U-Haul Holding Company Reports First Quarter Fiscal 2025 Financial Results
U-Haul Holding Company (NYSE: UHAL, UHAL.B) reported net earnings of $195.4 million for Q1 fiscal 2025, down from $256.8 million in the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.00, compared to $1.31 in Q1 fiscal 2024. Self-storage revenues increased by 8.4%, while self-moving equipment rental revenues grew by 1.5%. The company added 17 new storage locations, expanding its net rentable square feet by 1.7 million. Moving and Storage earnings from operations decreased by $64.3 million, primarily due to reduced gains from retired rental equipment disposal and increased fleet depreciation. However, EBITDA for the Moving and Storage segment increased by $16.5 million. Cash and credit availability stood at $1,566.8 million as of June 30, 2024.
U-Haul Holding Company (NYSE: UHAL, UHAL.B) ha riportato un utile netto di 195,4 milioni di dollari per il primo trimestre dell'esercizio fiscale 2025, in diminuzione rispetto ai 256,8 milioni dello stesso periodo dell'anno precedente. L'utile per azione per le Azioni Non Votanti (UHAL.B) è stato di 1,00 dollaro, rispetto a 1,31 dollari nel primo trimestre dell'esercizio fiscale 2024. I ricavi da self-storage sono aumentati dell'8,4%, mentre i ricavi da noleggio di attrezzature per il trasloco sono cresciuti dell'1,5%. L'azienda ha aggiunto 17 nuove sedi di stoccaggio, ampliando la sua superficie netta affittabile di 1,7 milioni di piedi quadrati. Gli utili da operazioni di Trasloco e Stoccaggio sono diminuiti di 64,3 milioni di dollari, principalmente a causa della riduzione dei guadagni dalla dismissione di attrezzature a noleggio ritirate e dell'aumento dell'ammortamento della flotta. Tuttavia, l'EBITDA per il segmento Trasloco e Stoccaggio è aumentato di 16,5 milioni di dollari. La disponibilità di liquidità e credito si attestava a 1.566,8 milioni di dollari al 30 giugno 2024.
U-Haul Holding Company (NYSE: UHAL, UHAL.B) reportó una ganancia neta de 195.4 millones de dólares para el primer trimestre del año fiscal 2025, una disminución frente a los 256.8 millones del mismo período del año pasado. La ganancia por acción para las Acciones No Votantes (UHAL.B) fue de 1.00 dólar, en comparación con 1.31 dólares en el primer trimestre del año fiscal 2024. Los ingresos por autoalmacenamiento aumentaron un 8.4%, mientras que los ingresos por alquiler de equipos de mudanza crecieron un 1.5%. La compañía agregó 17 nuevas ubicaciones de almacenamiento, ampliando su superficie neta alquilable en 1.7 millones de pies cuadrados. Las ganancias de operaciones de Mudanza y Almacenamiento disminuyeron en 64.3 millones de dólares, principalmente debido a la reducción de las ganancias por la disposición de equipos de alquiler retirados y a la depreciación aumentada de la flota. Sin embargo, el EBITDA del segmento de Mudanza y Almacenamiento aumentó en 16.5 millones de dólares. La disponibilidad de efectivo y crédito era de 1,566.8 millones de dólares a fecha del 30 de junio de 2024.
U-Haul Holding Company (NYSE: UHAL, UHAL.B)는 2025 회계년도 1분기 순이익이 1억 9,540만 달러로 지난해 동기 2억 5,680만 달러에서 감소했다고 보고했습니다. 비투표 주식(UHAL.B)의 주당 순이익은 1.00달러로, 2024 회계년도 1분기의 1.31달러와 비교됩니다. 셀프 스토리지 수익은 8.4% 증가하였고, 자가 이동 장비 임대 수익은 1.5% 증가했습니다. 회사는 17개의 새로운 저장소를 추가하여 임대 가능한 면적을 170만 제곱피트 늘렸습니다. 이사 및 저장 사업부 운영에서의 수익은 6,430만 달러 감소했습니다, 주로 퇴역 임대 장비 처분의 감소한 수익과 증가한 차량 감가상각 때문입니다. 그러나 이사 및 저장 부문의 EBITDA는 1,650만 달러 증가했습니다. 2024년 6월 30일 기준으로 현금 및 신용 가능성은 15억 6,680만 달러에 달했습니다.
U-Haul Holding Company (NYSE: UHAL, UHAL.B) a annoncé un bénéfice net de 195,4 millions de dollars pour le premier trimestre de l'exercice fiscal 2025, en baisse par rapport à 256,8 millions de dollars durant la même période l'année dernière. Le bénéfice par action pour les Actions Non-Votantes (UHAL.B) était de 1,00 dollar, contre 1,31 dollar au premier trimestre de l'exercice fiscal 2024. Les revenus de l'auto-stockage ont augmenté de 8,4%, tandis que les revenus de la location d'équipements de déménagement ont augmenté de 1,5%. L'entreprise a ajouté 17 nouveaux sites de stockage, augmentant sa surface locative nette de 1,7 million de pieds carrés. Les bénéfices des opérations de Déménagement et de Stockage ont diminué de 64,3 millions de dollars, principalement en raison de la réduction des gains provenant de la vente d'équipements de location obsolètes et de la dépréciation accrue de la flotte. Cependant, l'EBITDA pour le segment Déménagement et Stockage a augmenté de 16,5 millions de dollars. La disponibilité de liquidités et de crédits s'élevait à 1 566,8 millions de dollars au 30 juin 2024.
U-Haul Holding Company (NYSE: UHAL, UHAL.B) berichtete für das erste Quartal des Geschäftsjahres 2025 einen Nettogewinn von 195,4 Millionen Dollar, ein Rückgang von 256,8 Millionen Dollar im gleichen Zeitraum des letzten Jahres. Der Gewinn pro Aktie für die nicht stimmberechtigten Aktien (UHAL.B) betrug 1,00 Dollar im Vergleich zu 1,31 Dollar im ersten Quartal des Geschäftsjahres 2024. Die Einnahmen aus Selbstlagerung stiegen um 8,4%, während die Einnahmen aus der Vermietung von Umzugsausrüstung um 1,5% wuchsen. Das Unternehmen fügte 17 neue Lagereinrichtungen hinzu und erweiterte seine netto vermietbare Fläche um 1,7 Millionen Quadratfuß. Die Einnahmen aus den Bereichen Umzug und Lagerung verringerten sich um 64,3 Millionen Dollar, hauptsächlich aufgrund reduzierter Gewinne aus der Entsorgung von stillgelegtem Mietgerät und einer erhöhten Abnutzung der Flotte. Dennoch stieg das EBITDA des Segments Umzug und Lagerung um 16,5 Millionen Dollar. Die Verfügbarkeit von Bargeld und Kredit betrug am 30. Juni 2024 1.566,8 Millionen Dollar.
- Self-storage revenues increased by 8.4% year-over-year
- Self-moving equipment rental revenues grew by 1.5%, marking the first year-over-year improvement in eight quarters
- Added 17 new storage locations, expanding net rentable square feet by 1.7 million
- Moving and Storage EBITDA increased by $16.5 million compared to Q1 fiscal 2024
- Cash and credit availability at $1,566.8 million as of June 30, 2024
- Net earnings decreased from $256.8 million to $195.4 million year-over-year
- Earnings per share for Non-Voting Shares (UHAL.B) decreased from $1.31 to $1.00
- Same store occupancy decreased by 1.2% to 93.9%
- Moving and Storage earnings from operations decreased by $64.3 million
- Reduced gains from the disposal of retired rental equipment accounted for $47.9 million of the earnings decrease
Insights
U-Haul's Q1 FY2025 results show mixed performance. While revenue growth is evident in key segments, profitability has declined.
However, operational challenges are apparent. The
U-Haul's performance reflects broader market trends in the moving and storage industry. The improvement in both In-Town and One-Way markets suggests a potential uptick in relocation activities. However, the slight decrease in same-store occupancy (
The company's aggressive expansion strategy, adding 17 new storage locations and 1.7 million net rentable square feet, demonstrates confidence in future demand. With 16.9 million nrsf in development, U-Haul is positioning itself for long-term growth. The
Investors should monitor how U-Haul balances growth investments with profitability in this competitive landscape.
U-Haul's strategy focuses on customer service differentiation and capacity expansion, important in a market where competitors are mimicking their approach. The company's emphasis on satisfying customers in new ways is a proactive stance, but it may impact short-term profitability as seen in the earnings decline.
The diversification across moving equipment rental, self-storage and U-Box services provides resilience. However, the declining profitability despite revenue growth in key segments suggests a need for operational efficiency improvements. The reduction in fleet maintenance costs (
U-Haul's strong liquidity position (
“We are making incremental progress serving more moving customers and filling storage rooms,” stated Joe Shoen, chairman of U-Haul Holding Company. “Transactions and revenue per transaction improved for both In-Town and One-way moves this quarter. Storage rooms rented are up. Most of our lines of business are hotly contested. As competitors continue to mimic our customer service, we have to implement more ways to satisfy the customer. This is a race, and the customer is the eventual winner.”
Highlights of First Quarter Fiscal 2025 Results
-
Self-storage revenues increased
$16.8 million 8.4% versus the first quarter of fiscal year 2024.-
Same store occupancy decreased
1.2% to93.9% , revenue per foot increased4.7% , and the number of locations qualifying for the pool increased by 59. -
Total portfolio occupied rooms increased 31,582 or
5.6% compared to June 30, 2023. - During the quarter we added 17 new locations with storage and 1.7 million net rentable square feet (nrsf). Eight were acquisitions of existing storage locations totaling 0.4 million nrsf and nine were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 1.3 million nrsf.
- We have approximately 16.9 million nrsf in development or pending.
-
Same store occupancy decreased
-
Self-moving equipment rental revenues increased
$15.1 million 1.5% versus first quarter of fiscal year 2024 marking our first year-over-year improvement in eight quarters. Transactions and revenue per transaction improved for both our In-Town and One-Way markets compared to the first quarter of fiscal 2024. -
Moving and Storage Other Revenue increased
$9.0 million 7.3% versus the first quarter of fiscal 2024 due to growth of our U-Box product offering. -
Moving and Storage earnings from operations, adjusted to remove interest income, decreased
$64.3 million -
Reduced gains from the disposal of retired rental equipment accounted for
$47.9 million $22.3 million $6.8 million -
Fleet maintenance and repair costs declined
$20.8 million -
Moving and Storage earnings before interest, taxes and depreciation (EBITDA), adjusted to remove interest income, increased
$16.5 million -
Cash and credit availability at the Moving and Storage segment was
$1,566.8 million $1,886.3 million -
On June 5, 2024, we declared a cash dividend on our Non-Voting Common Stock of
$0.05 - We are holding our 18th Annual Virtual Analyst and Investor meeting on Thursday, August 15, 2024 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast at investors.uhaul.com. A brief presentation by the Company will be followed by a question-and-answer session.
- Supplemental financial information as of June 30, 2024 is available at investors.uhaul.com under “Investor Kit”.
U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2025 on Thursday, August 8, 2023, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 192,000 trucks, 138,700 trailers and 39,500 towing devices. U-Haul is the third largest self-storage operator in
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended June 30, 2024, which is on file with the SEC.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2025 and 2024.
Quarter Ended June 30, |
|||||||
|
2024 |
|
|
2023 |
|
||
(Unaudited) |
|||||||
(In thousands) |
|||||||
Self-moving equipment rental revenues |
$ |
1,014,332 |
$ |
999,206 |
|||
Self-storage revenues |
|
215,737 |
|
|
198,961 |
|
|
Self-moving and self-storage product and service sales |
|
96,591 |
|
|
100,872 |
|
|
Property management fees |
|
9,495 |
|
|
9,177 |
|
|
Life insurance premiums |
|
20,740 |
|
|
23,131 |
|
|
Property and casualty insurance premiums |
|
21,229 |
|
|
20,322 |
|
|
Net investment and interest income |
|
37,125 |
|
|
64,592 |
|
|
Other revenue |
|
133,241 |
|
|
124,047 |
|
|
Consolidated revenue |
$ |
1,548,490 |
|
$ |
1,540,308 |
|
|
Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2025 and 2024.
Quarter Ended June 30, |
||||||||
|
2024 |
|
2023 |
|
||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Moving and storage |
||||||||
Revenues |
$ |
1,469,161 |
|
$ |
1,459,513 |
|
||
Earnings from operations before equity in earnings of subsidiaries |
|
295,058 |
|
386,691 |
|
|||
Property and casualty insurance |
||||||||
Revenues |
|
28,178 |
|
27,839 |
|
|||
Earnings from operations |
|
11,483 |
|
11,982 |
|
|||
Life insurance |
||||||||
Revenues |
|
53,749 |
|
55,681 |
|
|||
Earnings (losses) from operations |
|
(47 |
) |
1,356 |
|
|||
Eliminations |
||||||||
Revenues |
|
(2,598 |
) |
(2,725 |
) |
|||
Earnings from operations before equity in earnings of subsidiaries |
|
(252 |
) |
(371 |
) |
|||
Consolidated Results |
||||||||
Revenues |
|
1,548,490 |
|
1,540,308 |
|
|||
Earnings from operations |
|
306,242 |
|
399,658 |
|
|||
Debt Metrics
Debt Metrics |
|||||||||||||||
(in thousands)(unaudited) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||||||
2024 |
2024 |
2023 |
2023 |
2023 |
|||||||||||
Real estate secured debt |
$ |
2,497,239 |
$ |
2,562,620 |
$ |
2,716,180 |
$ |
2,771,027 |
$ |
2,744,416 |
|||||
Unsecured debt |
|
1,200,000 |
|
1,200,000 |
|
1,200,000 |
|
1,200,000 |
|
1,200,000 |
|||||
Fleet secured debt |
|
2,544,235 |
|
2,470,603 |
|
2,482,356 |
|
2,392,021 |
|
2,305,116 |
|||||
Other secured debt |
|
70,202 |
|
70,815 |
|
72,869 |
|
73,752 |
|
74,250 |
|||||
Total debt |
|
6,311,676 |
|
6,304,038 |
|
6,471,405 |
|
6,436,800 |
|
6,323,782 |
|||||
Moving and Storage cash |
$ |
1,071,779 |
$ |
1,380,165 |
$ |
1,736,295 |
$ |
2,068,790 |
$ |
2,302,380 |
|||||
Moving and Storage assets |
|
16,447,193 |
|
16,149,748 |
|
16,193,912 |
|
16,156,182 |
|
15,742,770 |
|||||
Moving and Storage EBITDA (TTM)** |
|
|
1,584,461 |
|
1,567,985 |
|
1,593,446 |
|
1,683,912 |
|
1,789,024 |
||||
Net debt to EBITDA |
|
3.3 |
|
3.1 |
|
3.0 |
|
2.6 |
|
2.2 |
|||||
Net debt to total assets |
|
|
|
|
|
|
|
|
|
|
|||||
Percent of debt floating |
|
|
|
|
|
|
|
|
|
|
|||||
Percent of debt fixed |
|
|
|
|
|
|
|
|
|
|
|||||
Percent of debt unsecured |
|
|
|
|
|
|
|
|
|
|
|||||
Unencumbered asset ratio* |
4.72x |
4.43x |
4.00x |
3.74x |
3.55x |
||||||||||
* |
Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a |
||
** |
Moving and Storage EBITDA (TTM) for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. |
||
The components of depreciation, net of gains on disposals are as follows:
|
Quarter Ended June 30, |
||||||
|
|
2024 |
|
|
2023 |
|
|
|
(Unaudited) |
||||||
|
(In thousands) |
||||||
Depreciation expense - rental equipment |
$ |
157,528 |
|
$ |
135,192 |
|
|
Depreciation expense - non rental equipment |
|
23,961 |
|
|
22,302 |
|
|
Depreciation expense - real estate |
|
42,824 |
|
|
35,981 |
|
|
Total depreciation expense |
$ |
224,313 |
|
$ |
193,475 |
|
|
|
|
|
|||||
Gains on disposals of rental equipment |
|
(7,948 |
) |
|
(55,807 |
) |
|
Losses on disposals of non-rental equipment |
|
180 |
|
|
146 |
|
|
Total gains on disposals equipment |
$ |
(7,768 |
) |
$ |
(55,661 |
) |
|
|
|
|
|||||
Depreciation, net of gains on disposals |
$ |
216,545 |
|
$ |
137,814 |
|
|
|
|
|
|||||
Losses on disposals of real estate |
$ |
3,104 |
|
$ |
1,021 |
|
|
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
Quarter Ended June 30, |
|||||||
2024 |
2023 |
||||||
|
|
(Unaudited) |
|||||
(In thousands, except occupancy rate) |
|||||||
Unit count as of June 30 |
748 |
683 |
|||||
Square footage as of June 30 |
63,586 |
57,530 |
|||||
Average monthly number of units occupied |
594 |
563 |
|||||
Average monthly occupancy rate based on unit count |
|
|
|||||
End of June occupancy rate based on unit count |
|
|
|
|
|||
Average monthly square footage occupied |
51,717 |
48,627 |
|||||
Self-Storage Portfolio Summary |
||||||||||
As of June 30, 2024 |
||||||||||
(unaudited) |
||||||||||
U-Haul Owned Store Data by State |
|
|
|
|
|
|
||||
Rentable |
Annual |
|||||||||
State/ |
Units |
Square |
Revenue |
Occupancy |
||||||
Province |
Stores |
Occupied |
Feet |
Per Foot |
During Qtr |
|||||
|
94 |
38,312 |
4,464,055 |
|
|
|||||
|
88 |
33,736 |
3,167,630 |
|
|
|||||
|
85 |
33,797 |
3,734,856 |
|
|
|||||
|
81 |
37,664 |
3,697,392 |
|
|
|||||
|
69 |
28,798 |
2,856,385 |
|
|
|||||
|
66 |
27,974 |
2,610,967 |
|
|
|||||
|
58 |
24,937 |
2,538,932 |
|
|
|||||
|
57 |
20,317 |
2,080,132 |
|
|
|||||
|
49 |
22,415 |
2,402,474 |
|
|
|||||
|
43 |
25,181 |
2,736,396 |
|
|
|||||
|
43 |
17,296 |
1,961,885 |
|
|
|||||
|
37 |
13,689 |
1,496,099 |
|
|
|||||
|
37 |
16,851 |
1,837,893 |
|
|
|||||
|
36 |
15,228 |
1,520,055 |
|
|
|||||
|
35 |
13,042 |
1,590,061 |
|
|
|||||
|
34 |
16,114 |
1,516,125 |
|
|
|||||
|
33 |
11,006 |
1,173,055 |
|
|
|||||
|
32 |
11,439 |
1,209,530 |
|
|
|||||
|
31 |
11,269 |
995,742 |
|
|
|||||
|
27 |
7,337 |
843,169 |
|
|
|||||
Top 20 Totals |
1,035 |
426,402 |
44,432,835 |
|
|
|||||
All Others |
461 |
179,637 |
19,229,462 |
|
|
|||||
1Q 2025 Totals |
1,496 |
606,039 |
63,662,297 |
|
|
|||||
Same Store 1Q25 |
879 |
310,441 |
28,233,523 |
|
|
|||||
Same Store 1Q24 |
820 |
266,447 |
24,473,487 |
|
|
|||||
Same Store 1Q23 |
718 |
222,894 |
20,716,950 |
|
|
|||||
Non Same Store 1Q25 |
617 |
295,598 |
35,428,773 |
|
|
|||||
Non Same Store 1Q24 |
616 |
307,371 |
33,132,703 |
|
|
|||||
Non Same Store 1Q23 |
659 |
308,734 |
31,203,865 |
|
|
|||||
Same Store Pool Held Constant for Prior Periods |
|
|
|
|
|
|
|
|
|
|
Same Store 1Q25 |
|
879 |
|
310,441 |
|
28,233,523 |
|
|
|
|
Same Store 1Q24 |
|
879 |
|
313,525 |
|
28,216,246 |
|
|
|
|
Same Store 1Q23 |
|
879 |
|
312,171 |
|
28,196,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Same Store 1Q25 |
|
617 |
|
295,598 |
|
35,428,773 |
|
|
|
|
Non-Same Store 1Q24 |
|
555 |
|
260,952 |
|
29,457,657 |
|
|
|
|
Non-Same Store 1Q23 |
|
497 |
|
220,545 |
|
23,825,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. |
||||||||||
Occupancy % reflects average occupancy during the reporting quarter. |
||||||||||
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending June 2024. |
||||||||||
Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity change of less than twenty units for any year-over-year period of the reporting month. |
||||||||||
The locations have occupancy each month during the last three years and have achieved |
||||||||||
Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month. |
||||||||||
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
June 30, |
March 31, |
|||||||
|
2024 |
|
|
2024 |
|
|||
(Unaudited) |
||||||||
(In thousands) |
||||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
1,153,161 |
|
$ |
1,534,544 |
|
||
Trade receivables and reinsurance recoverables, net |
|
253,638 |
|
|
215,908 |
|
||
Inventories and parts |
|
157,625 |
|
|
150,940 |
|
||
Prepaid expenses |
|
248,147 |
|
|
246,082 |
|
||
Fixed maturity securities available-for-sale, net, at fair value |
|
2,395,890 |
|
|
2,442,504 |
|
||
Equity securities, at fair value |
|
|
74,066 |
|
|
|
66,274 |
|
Investments, other |
|
638,423 |
|
|
633,936 |
|
||
Deferred policy acquisition costs, net |
|
119,806 |
|
|
121,224 |
|
||
Other assets |
|
123,878 |
|
|
111,743 |
|
||
Right of use assets - financing, net |
|
|
265,744 |
|
|
|
289,305 |
|
Right of use assets - operating, net |
|
|
53,255 |
|
|
|
53,712 |
|
Related party assets |
|
67,254 |
|
|
57,934 |
|
||
|
5,550,887 |
|
|
5,924,106 |
|
|||
Property, plant and equipment, at cost: |
||||||||
Land |
|
1,727,668 |
|
|
1,670,033 |
|
||
Buildings and improvements |
|
8,591,016 |
|
|
8,237,354 |
|
||
Furniture and equipment |
|
1,014,086 |
|
|
1,003,770 |
|
||
Rental trailers and other rental equipment |
|
960,853 |
|
|
936,303 |
|
||
Rental trucks |
|
6,670,443 |
|
|
6,338,324 |
|
||
|
18,964,066 |
|
|
18,185,784 |
|
|||
Less: Accumulated depreciation |
|
(5,209,526 |
) |
|
(5,051,132 |
) |
||
Total property, plant and equipment, net |
|
13,754,540 |
|
|
13,134,652 |
|
||
Total assets |
$ |
19,305,427 |
|
$ |
19,058,758 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Liabilities: |
||||||||
Accounts payable and accrued expenses |
$ |
833,296 |
|
$ |
783,084 |
|
||
Notes, loans and finance leases payable, net |
|
6,280,305 |
|
|
6,271,362 |
|
||
Operating lease liabilities |
|
|
54,485 |
|
|
|
55,032 |
|
Policy benefits and losses, claims and loss expenses payable |
|
841,861 |
|
|
849,113 |
|
||
Liabilities from investment contracts |
|
2,406,464 |
|
|
2,411,352 |
|
||
Other policyholders' funds and liabilities |
|
5,832 |
|
|
18,070 |
|
||
Deferred income |
|
62,587 |
|
|
51,175 |
|
||
Deferred income taxes, net |
|
1,470,156 |
|
|
1,447,125 |
|
||
Total liabilities |
|
11,954,986 |
|
|
11,886,313 |
|
||
Common stock |
|
10,497 |
|
|
10,497 |
|
||
Non-voting common stock |
|
|
176 |
|
|
|
176 |
|
Additional paid-in capital |
|
462,548 |
|
|
462,548 |
|
||
Accumulated other comprehensive loss |
|
(231,813 |
) |
|
(223,216 |
) |
||
Retained earnings |
|
7,786,683 |
|
|
7,600,090 |
|
||
Cost of common stock in treasury, net |
|
(525,653 |
) |
|
(525,653 |
) |
||
Cost of preferred stock in treasury, net |
|
(151,997 |
) |
|
(151,997 |
) |
||
Total stockholders' equity |
|
7,350,441 |
|
|
7,172,445 |
|
||
Total liabilities and stockholders' equity |
$ |
19,305,427 |
|
$ |
19,058,758 |
|
||
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
Quarter Ended June 30, |
||||||||
|
2024 |
|
|
|
2023 |
|
||
(Unaudited) |
||||||||
(In thousands, except share and per share data) |
||||||||
Revenues: |
||||||||
Self-moving equipment rental revenues |
$ |
1,014,332 |
|
$ |
999,206 |
|
||
Self-storage revenues |
|
215,737 |
|
|
198,961 |
|
||
Self-moving and self-storage products and service sales |
|
96,591 |
|
|
100,872 |
|
||
Property management fees |
|
9,495 |
|
|
9,177 |
|
||
Life insurance premiums |
|
20,740 |
|
|
23,131 |
|
||
Property and casualty insurance premiums |
|
21,229 |
|
|
20,322 |
|
||
Net investment and interest income |
|
37,125 |
|
|
64,592 |
|
||
Other revenue |
|
133,241 |
|
|
124,047 |
|
||
Total revenues |
|
1,548,490 |
|
|
1,540,308 |
|
||
Costs and expenses: |
||||||||
Operating expenses |
|
789,757 |
|
|
763,241 |
|
||
Commission expenses |
|
112,571 |
|
|
106,927 |
|
||
Cost of sales |
|
66,014 |
|
|
70,675 |
|
||
Benefits and losses |
|
44,006 |
|
|
45,344 |
|
||
Amortization of deferred policy acquisition costs |
|
4,646 |
|
|
8,045 |
|
||
Lease expense |
|
5,605 |
|
|
7,583 |
|
||
Depreciation, net of gains on disposals |
|
216,545 |
|
|
137,814 |
|
||
Net losses on disposal of real estate |
|
3,104 |
|
|
1,021 |
|
||
Total costs and expenses |
|
1,242,248 |
|
|
1,140,650 |
|
||
Earnings from operations |
|
306,242 |
|
|
399,658 |
|
||
Other components of net periodic benefit costs |
|
(372 |
) |
|
(365 |
) |
||
Other interest income |
|
|
18,235 |
|
|
|
- |
|
Interest expense |
|
(67,218 |
) |
|
(60,598 |
) |
||
Fees on early extinguishment of debt and costs of defeasance |
|
|
(495 |
) |
|
|
- |
|
Pretax earnings |
|
256,392 |
|
|
338,695 |
|
||
Income tax expense |
|
(60,975 |
) |
|
(81,857 |
) |
||
Earnings available to common stockholders |
$ |
195,417 |
|
$ |
256,838 |
|
||
Basic and diluted earnings per share of Common Stock |
$ |
0.95 |
|
$ |
1.27 |
|
||
Weighted average shares outstanding of Common Stock: Basic and diluted |
|
19,607,788 |
|
|
19,607,788 |
|
||
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
1.00 |
|
$ |
1.31 |
|
||
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted |
|
|
176,470,092 |
|
|
|
176,470,092 |
|
EARNINGS PER SHARE
We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock,
Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters ended June 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:
|
|
For the Quarter Ended |
||||||
|
|
June 30, |
||||||
|
|
2024 |
|
|
2023 |
|
||
|
|
(Unaudited) |
||||||
|
|
(In thousands, except share and per share amounts) |
||||||
|
|
|
|
|
||||
Weighted average shares outstanding of Voting Common Stock |
|
|
19,607,788 |
|
|
|
19,607,788 |
|
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
|
|
196,077,880 |
|
|
|
196,077,880 |
|
Percent of weighted average shares outstanding of Voting Common Stock |
|
|
|
|
|
|
||
|
|
|
|
|
||||
Net earnings available to common stockholders |
$ |
195,417 |
|
$ |
256,838 |
|
||
Voting Common Stock dividends declared |
|
|
– |
|
|
|
– |
|
Non-Voting Common Stock dividends declared |
|
|
(8,824 |
) |
|
|
(7,059 |
) |
Undistributed earnings available to common stockholders |
$ |
186,593 |
|
$ |
249,779 |
|
||
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
18,659 |
|
$ |
24,978 |
|
||
|
|
|
|
|
||||
Undistributed earnings per share of Voting Common Stock |
$ |
0.95 |
|
$ |
1.27 |
|
||
Dividends declared per share of Voting Common Stock |
$ |
– |
|
$ |
– |
|
||
Basic and diluted earnings per share of Voting Common Stock |
$ |
0.95 |
|
$ |
1.27 |
|
||
|
|
|
|
|
||||
|
|
|
|
|
||||
Weighted average shares outstanding of Non-Voting Common Stock |
|
|
176,470,092 |
|
|
|
176,470,092 |
|
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
|
|
196,077,880 |
|
|
|
196,077,880 |
|
Percent of weighted average shares outstanding of Non-Voting Common Stock |
|
|
|
|
|
|
||
|
|
|
|
|
||||
Net earnings available to common stockholders |
$ |
195,417 |
|
$ |
256,838 |
|
||
Voting Common Stock dividends declared |
|
|
– |
|
|
|
– |
|
Non-Voting Common Stock dividends declared |
|
|
(8,824 |
) |
|
|
(7,059 |
) |
Undistributed earnings available to common stockholders |
$ |
186,593 |
|
$ |
249,779 |
|
||
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
$ |
167,934 |
|
$ |
224,801 |
|
||
|
|
|
|
|
||||
Undistributed earnings per share of Non-Voting Common Stock |
$ |
0.95 |
|
$ |
1.27 |
|
||
Dividends declared per share of Non-Voting Common Stock |
$ |
0.05 |
|
$ |
0.04 |
|
||
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
1.00 |
|
$ |
1.31 |
|
||
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately
June 30, |
March 31, |
|||||||||||||||
|
2024 |
|
|
2024 |
|
|||||||||||
June 30, |
ROU
|
Property,
|
Property,
|
|||||||||||||
|
2024 |
|
Financing |
Adjusted |
Adjusted |
|||||||||||
(Unaudited) |
|
|
||||||||||||||
(In thousands) |
|
|||||||||||||||
Property, plant and equipment, at cost |
||||||||||||||||
Land |
$ |
1,727,668 |
|
$ |
- |
|
$ |
1,727,668 |
|
$ |
1,670,033 |
|
||||
Buildings and improvements |
|
8,591,016 |
|
|
- |
|
|
8,591,016 |
|
|
8,237,354 |
|
||||
Furniture and equipment |
|
1,014,086 |
|
|
61 |
|
|
1,014,147 |
|
|
1,003,831 |
|
||||
Rental trailers and other rental equipment |
|
960,853 |
|
|
104,092 |
|
|
1,064,945 |
|
|
1,050,910 |
|
||||
Rental trucks |
|
6,670,443 |
|
|
585,415 |
|
|
7,255,858 |
|
|
6,945,845 |
|
||||
Subtotal |
|
18,964,066 |
|
|
689,568 |
|
|
19,653,634 |
|
|
18,907,973 |
|
||||
Less: Accumulated depreciation |
|
(5,209,526 |
) |
|
(423,824 |
) |
|
(5,633,350 |
) |
|
(5,484,016 |
) |
||||
Total property, plant and equipment, net |
$ |
13,754,540 |
|
$ |
265,744 |
|
$ |
14,020,284 |
|
$ |
13,423,957 |
|
||||
March 31, |
|
|||||||||||||||
|
2024 |
|
|
|||||||||||||
March 31, |
ROU
|
Property,
|
|
|||||||||||||
|
2024 |
|
Financing |
Adjusted |
|
|||||||||||
|
||||||||||||||||
(In thousands) |
|
|||||||||||||||
Property, plant and equipment, at cost |
|
|||||||||||||||
Land |
$ |
1,670,033 |
|
$ |
- |
|
$ |
1,670,033 |
|
|
||||||
Buildings and improvements |
|
8,237,354 |
|
|
- |
|
|
8,237,354 |
|
|
||||||
Furniture and equipment |
|
1,003,770 |
|
|
61 |
|
|
1,003,831 |
|
|
||||||
Rental trailers and other rental equipment |
|
936,303 |
|
|
114,607 |
|
|
1,050,910 |
|
|
||||||
Rental trucks |
|
6,338,324 |
|
|
607,521 |
|
|
6,945,845 |
|
|
||||||
Subtotal |
|
18,185,784 |
|
|
722,189 |
|
|
18,907,973 |
|
|
||||||
Less: Accumulated depreciation |
|
(5,051,132 |
) |
|
(432,884 |
) |
|
(5,484,016 |
) |
|
||||||
Total property, plant and equipment, net |
$ |
13,134,652 |
|
$ |
289,305 |
|
$ |
13,423,957 |
|
|
||||||
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The earnings from operations for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income.
Moving and Storage EBITDA (In thousands, unaudited) |
TTM |
|||||||||||||||||||
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||||||||||||
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
||||||
Earnings from operations * |
$ |
831,802 |
|
$ |
896,140 |
|
$ |
980,169 |
|
$ |
1,132,142 |
|
$ |
1,273,901 |
|
|||||
Depreciation |
|
848,727 |
|
|
817,889 |
|
|
793,940 |
|
|
768,475 |
|
|
749,210 |
|
|||||
Net gains on disposals |
|
(106,065 |
) |
|
(153,958 |
) |
|
(186,541 |
) |
|
(220,858 |
) |
|
(238,397 |
) |
|||||
Net losses on disposal of real estate |
|
9,997 |
|
|
7,914 |
|
|
5,878 |
|
|
4,153 |
|
|
4,310 |
|
|||||
Depreciation, net of (gains) losses on disposals |
|
752,659 |
|
|
671,845 |
|
|
613,277 |
|
|
551,770 |
|
|
515,123 |
|
|||||
EBITDA |
$ |
1,584,461 |
|
$ |
1,567,985 |
|
$ |
1,593,446 |
|
$ |
1,683,912 |
|
$ |
1,789,024 |
|
|||||
* before insurance subsidiaries |
||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807454436/en/
Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com
Source: U-Haul Holding Company
FAQ
What were U-Haul's (UHAL) Q1 fiscal 2025 earnings?
How did U-Haul's (UHAL) self-storage business perform in Q1 fiscal 2025?
What was U-Haul's (UHAL) self-moving equipment rental revenue growth in Q1 fiscal 2025?
How many new storage locations did U-Haul (UHAL) add in Q1 fiscal 2025?
What was U-Haul's (UHAL) cash and credit availability as of June 30, 2024?
