U-Haul Holding Company Reports Second Quarter Fiscal 2024 Financial Results

Rhea-AI Summary

U-Haul Holding Company (NYSE: UHAL) reports Q2 2024 net earnings of $273.5 million, down from $349.9 million in Q2 2023. Self-moving equipment rental revenues decreased by 8.0%, while self-storage revenues increased by 12.6%. Sales of self-moving and self-storage products and services decreased by 5.5%. Depreciation, net of gains on sales, increased by $36.8 million.

Positive

• Self-storage revenues increased by 12.6%, indicating a positive trend in that segment of the business.
• The addition of new capacity to the portfolio and a 6% improvement in average revenue per occupied foot contributed to the growth in revenues and square feet rented.
• The reported decrease in self-moving activity negatively affected the sales of moving supplies.

Negative

• Self-moving equipment rental revenues decreased by 8.0%, signaling a decline in that segment of the business.
• Sales of self-moving and self-storage products and services decreased by 5.5%, indicating a negative trend in those areas.

RENO, Nev.--(BUSINESS WIRE)-- U-Haul Holding Company (NYSE: UHAL) (NYSE: UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its second quarter ended September 30, 2023, of $273.5 million, compared with net earnings of $349.9 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.40 for the second quarter of fiscal 2024 compared to $1.73 for the same period in fiscal 2023.

For the six-month period ended September 30, 2023, net earnings available to shareholders were $530.3 million compared with net earnings of $688.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $2.71 for the six-month period ended September 30, 2023 compared to $3.41 for the same period in fiscal 2023.

“Overall moving activity remains below the same period last year. This affects most of our product lines,” stated Joe Shoen, chairman of U-Haul Holding Company. “We are close to stabilizing In-town moving transactions by better inventory placement. This is slow going, but there are some gains available where inventory is optimized. Implementation of existing programs is our best choice at this time.”

Highlights of Second Quarter Fiscal 2024 Results

• Self-moving equipment rental revenues decreased $92.6 million, or 8.0% for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. These declines were more pronounced in our one-way markets. Compared to the same period last year, we increased the number of box trucks and trailers in the rental fleet as well as the number of Company operated retail locations.
• Self-storage revenues increased $23.3 million, or 12.6% for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023. The average monthly number of occupied units during the quarter increased by 7%, or 38,046 units, compared to the same quarter last year. Our reported occupancy of all properties regardless of length of time in the portfolio decreased 1.3% to 83.5% for the second quarter. The occupancy ratio for the subset of these properties that have been stabilized at 80% for the last 24 months also decreased 1.6% to 95.0% during the quarter. The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and a 6% improvement in average revenue per occupied foot. During the quarter, we added approximately 0.9 million net rentable square feet.
• Sales of self-moving and self-storage products and services decreased $5.3 million, or 5.5% compared with the second quarter of fiscal 2023 due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively affected the sales of moving supplies.
• For the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023, depreciation, net of gains on sales increased $36.8 million. Page four of this press release contains additional details about this change.
• For the first six months of fiscal 2024 and fiscal 2023 gross rental equipment capital expenditures were approximately $974 million compared with $718 million, proceeds from the sales of rental equipment were $405 million compared with $325 million and spending on real estate related acquisitions and projects were approximately $633 million compared with $584 million.
• Fleet maintenance and repair costs increased $17.2 million in the second quarter of fiscal 2024 compared with the same period last year due to higher cost of preventative maintenance combined with the costs associated with preparing trucks for sale.
• Operating earnings at our Moving and Storage operating segment decreased $113.2 million compared with the same period last year to $401.7 million and represent the third best second quarter result in the Company’s history. Total revenues decreased $71.3 million and total costs and expenses increased $42.0 million.
• Cash and credit availability at the Moving and Storage segment was $2,554.9 million as of September 30, 2023 compared with $2,499.2 million at March 31, 2023.

U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2024 on Thursday, November 9, 2023, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

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

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers 967,000 rentable storage units and 83.3 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended September 30, 2023, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2024 and 2023.

		Quarter Ended September 30,
		2023				2022
		(Unaudited)
		(In thousands)
Self-moving equipment rentals		$	1,069,405			$	1,162,025
Self-storage revenues			208,890				185,586
Self-moving and self-storage product and service sales			91,571				96,864
Property management fees			9,267				9,277
Life insurance premiums			22,498				25,456
Property and casualty insurance premiums			25,571				25,718
Net investment and interest income			64,738				30,509
Other revenue			157,920				167,429
Consolidated revenue		$	1,649,860			$	1,702,864

Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2024 and 2023.

		Quarter Ended September 30,
		2023				2022
		(Unaudited)
		(In thousands)
Moving and storage
Revenues		$	1,565,578			$	1,636,858
Earnings from operations before equity in earnings of subsidiaries			401,704				514,943
Property and casualty insurance
Revenues			31,852				23,363
Earnings from operations			15,419				5,686
Life insurance
Revenues			55,522				45,696
Earnings (losses) from operations			5,608				(297	)
Eliminations
Revenues			(3,092	)			(3,053	)
Earnings from operations before equity in earnings of subsidiaries			(376	)			(386	)
Consolidated Results
Revenues			1,649,860				1,702,864
Earnings from operations			422,355				519,946

Debt Metrics

Debt Metrics
(in thousands)(unaudited)		September 30,				June 30,				March 31,				December 31,				September 30,
		2023				2023				2023				2022				2022
Real estate secured debt		$	2,771,027			$	2,744,416			$	2,660,878			$	2,682,036			$	2,860,764
Unsecured debt			1,200,000				1,200,000				1,200,000				1,200,000				1,200,000
Fleet secured debt			2,392,021				2,305,116				2,205,824				2,277,387				2,196,935
Other secured debt			73,752				74,250				76,648				77,399				78,871
Total debt			6,436,800				6,323,782				6,143,350				6,236,822				6,336,570
Moving and Storage cash		$	2,068,790			$	2,302,380			$	2,034,242			$	2,429,943			$	3,025,390
Moving and Storage assets			16,156,182				15,742,770				15,211,493				15,234,112				15,243,508
Moving and Storage EBITDA (TTM)			1,739,727				1,816,319				1,888,513				1,906,046				1,995,170
Net debt to EBITDA			2.5				2.2				2.2				2.0				1.7
Net debt to total assets			27.0	%			25.5	%			27.0	%			25.0	%			21.7	%
Percent of debt floating			6.3	%			7.7	%			8.4	%			8.3	%			10.5	%
Percent of debt fixed			93.7	%			92.3	%			91.6	%			91.7	%			89.5	%
Percent of debt unsecured			18.6	%			19.0	%			19.5	%			19.2	%			18.9	%
Unencumbered asset ratio*			3.74	x			3.55	x			3.44	x			3.35	x			2.91	x
* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

The components of depreciation, net of gains on disposals for the second quarter of fiscal 2024 and 2023 are as follows:

		Quarter Ended September 30,
		2023				2022
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment		$	140,341			$	129,220
Depreciation expense - non rental equipment			23,392				21,546
Depreciation expense - real estate			37,192				30,895
Total depreciation expense		$	200,925			$	181,661
Gains on disposals of rental equipment			(46,928	)		$	(64,312	)
(Gain) loss on disposals of non-rental equipment			125				(31	)
Total gains on disposals equipment		$	(46,803	)		$	(64,343	)
Depreciation, net of gains on disposals		$	154,122			$	117,318
Losses on disposals of real estate		$	1,715			$	1,872

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 September 30,
		2023			2022
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30		691			638
Square footage as of September 30		58,402			53,303
Average monthly number of units occupied		578			540
Average monthly occupancy rate based on unit count		84.2	%		85.4	%
End of September occupancy rate based on unit count		83.5	%		84.8	%
Average monthly square footage occupied		49,931			46,538

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2024 and 2023.

		Six Months Ended September 30,
		2023				2022
		(Unaudited)
		(In thousands)
Self-moving equipment rentals		$	2,068,611			$	2,252,800
Self-storage revenues			407,851				358,763
Self-moving and self-storage product and service sales			192,443				206,215
Property management fees			18,444				18,416
Life insurance premiums			45,629				51,237
Property and casualty insurance premiums			45,893				45,690
Net investment and interest income			129,330				64,082
Other revenue			281,967				303,501
Consolidated revenue		$	3,190,168			$	3,300,704

Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2024 and 2023.

		Six Months Ended September 30,
		2023				2022
		(Unaudited)
		(In thousands)
Moving and storage
Revenues		$	3,025,091			$	3,160,456
Earnings from operations before equity in earnings of subsidiaries			788,395				996,560
Property and casualty insurance
Revenues			59,691				46,445
Earnings from operations			27,401				14,037
Life insurance
Revenues			111,203				99,799
Earnings from operations			6,964				5,619
Eliminations
Revenues			(5,817	)			(5,996	)
Earnings from operations before equity in earnings of subsidiaries			(747	)			(768	)
Consolidated Results
Revenues			3,190,168				3,300,704
Earnings from operations			822,013				1,015,448

The components of depreciation, net of gains on disposals for the first six months of fiscal 2024 and 2023 are as follows:

		Six Months Ended September 30,
		2023				2022
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment		$	275,533			$	255,741
Depreciation expense - non rental equipment			45,694				43,167
Depreciation expense - real estate			73,173				60,897
Total depreciation expense		$	394,400			$	359,805
Gains on disposals of rental equipment		$	(102,735	)		$	(128,313	)
(Gain) loss on disposals of non-rental equipment			271				(378	)
Total gains on disposals equipment		$	(102,464	)		$	(128,691	)
Depreciation, net of gains on disposals		$	291,936			$	231,114
Losses on disposals of real estate		$	2,736			$	4,179

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:

		Six Months Ended September 30,
		2023			2022
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30		691			638
Square footage as of September 30		58,402			53,303
Average monthly number of units occupied		529			529
Average monthly occupancy rate based on unit count		83.5	%		85.0	%
End of September occupancy rate based on unit count		83.5	%		84.8	%
Average monthly square footage occupied		49,279			45,692

Self-Storage Portfolio Summary
As of September 30, 2023
(unaudited)
U-Haul Owned Store Data by State
											Annual
State/					Units			Rentable			Revenue			Occupancy
Province		Stores			Occupied			Square Feet			Per Foot			During Qtr
Texas		91			35,797			4,111,184			$14.41			79.6	%
California		87			32,507			3,001,993			$20.54			83.6	%
Illinois		80			35,570			3,523,410			$15.28			86.1	%
Florida		79			33,396			3,158,462			$17.91			89.2	%
Pennsylvania		68			27,269			2,781,615			$17.06			78.9	%
New York		64			26,418			2,421,752			$22.58			81.3	%
Ohio		58			24,350			2,426,477			$14.61			85.2	%
Michigan		56			19,583			1,963,914			$15.25			87.3	%
Georgia		49			22,076			2,245,458			$15.82			88.9	%
Arizona		43			24,278			2,514,577			$15.50			88.4	%
Wisconsin		42			16,712			1,878,988			$13.00			82.3	%
Washington		37			12,448			1,341,759			$16.64			77.5	%
North Carolina		36			16,683			1,688,842			$14.89			84.7	%
Tennessee		34			14,861			1,373,264			$14.29			92.5	%
New Jersey		33			15,585			1,350,564			$20.16			89.6	%
Ontario		32			10,530			1,100,303			$22.12			74.3	%
Missouri		32			11,481			1,262,184			$14.82			80.6	%
Massachusetts		30			10,861			984,427			$19.82			84.9	%
Indiana		30			9,792			1,024,809			$13.70			83.3	%
Alabama		25			6,779			769,150			$13.79			78.3	%
Top 20 Totals		1,006			406,976			40,923,132			$16.58			84.1	%
All Others		440			170,216			17,554,877			$15.75			84.2	%
2Q 2024 Totals		1,446			577,192			58,478,009			$16.34			84.2	%
Same Store 2Q24		841			280,565			25,949,457			$16.55			95.0	%
Same Store 2Q23		753			233,947			21,916,035			$15.18			96.7	%
Same Store 2Q22		619			179,842			16,915,706			$14.47			96.9	%
Non Same Store 2Q24		605			296,627			32,528,552			$16.11			75.9	%
Non Same Store 2Q23		636			307,535			31,463,318			$15.48			78.4	%
Non Same Store 2Q22		702			300,703			31,063,602			$14.00			78.2	%
Note: Store Count, Units and NRSF reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is the average revenue per occupied foot over the trailing twelve months ending September 2023.
'Same Store' includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the last two years.

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED BALANCE SHEETS
		September 30,				March 31,
		2023				2023
		(Unaudited)
		(In thousands)
ASSETS
Cash and cash equivalents		$	2,145,131			$	2,060,524
Reinsurance recoverables and trade receivables, net			212,565				189,498
Inventories and parts			161,535				151,474
Prepaid expenses			263,541				241,711
Investments, fixed maturities and marketable equities			2,534,164				2,770,394
Investments, other			650,151				575,540
Deferred policy acquisition costs, net			121,365				128,463
Other assets			52,769				51,052
Right of use assets – financing, net			377,733				474,765
Right of use assets – operating, net			65,316				58,917
Related party assets			40,140				48,308
			6,624,410				6,750,646
Property, plant and equipment, at cost:
Land			1,613,871				1,537,206
Buildings and improvements			7,649,849				7,088,810
Furniture and equipment			966,211				928,241
Rental trailers and other rental equipment			912,046				827,696
Rental trucks			5,921,507				5,278,340
			17,063,484				15,660,293
Less: Accumulated depreciation			(4,666,444	)			(4,310,205	)
Total property, plant and equipment, net			12,397,040				11,350,088
Total assets		$	19,021,450			$	18,100,734
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses		$	757,988			$	761,039
Notes, loans and finance leases payable, net			6,400,899				6,108,042
Operating lease liabilities			64,580				58,373
Policy benefits and losses, claims and loss expenses payable			865,397				880,202
Liabilities from investment contracts			2,393,590				2,398,884
Other policyholders' funds and liabilities			7,677				8,232
Deferred income			56,821				52,282
Deferred income taxes, net			1,444,120				1,329,489
Total liabilities			11,991,072				11,596,543
Common stock			10,497				10,497
Non-voting common stock			176				176
Additional paid-in capital			453,643				453,643
Accumulated other comprehensive loss			(275,664	)			(285,623	)
Retained earnings			7,519,376				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			7,030,378				6,504,191
Total liabilities and stockholders' equity		$	19,021,450			$	18,100,734

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Quarter Ended September 30,
		2023				2022
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rentals		$	1,069,405			$	1,162,025
Self-storage revenues			208,890				185,586
Self-moving and self-storage products and service sales			91,571				96,864
Property management fees			9,267				9,277
Life insurance premiums			22,498				25,456
Property and casualty insurance premiums			25,571				25,718
Net investment and interest income			64,738				30,509
Other revenue			157,920				167,429
Total revenues			1,649,860				1,702,864
Costs and expenses:
Operating expenses			835,258				811,594
Commission expenses			111,961				125,341
Cost of sales			66,620				72,625
Benefits and losses			42,553				39,512
Amortization of deferred policy acquisition costs			6,826				6,972
Lease expense			8,450				7,684
Depreciation, net of gains on disposals			154,122				117,318
Net losses on real estate			1,715				1,872
Total costs and expenses			1,227,505				1,182,918
Earnings from operations			422,355				519,946
Other components of net periodic benefit costs			(364	)			(304	)
Interest expense			(63,943	)			(57,193	)
Fees on early extinguishment of debt			-				(959	)
Pretax earnings			358,048				461,490
Income tax expense			(84,540	)			(111,624	)
Earnings available to common shareholders		$	273,508			$	349,866
Basic and diluted earnings per share of Common Stock		$	1.36			$	2.23
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		$	1.40			$	1.73
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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Six Months Ended September 30,
		2023				2022
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rentals		$	2,068,611			$	2,252,800
Self-storage revenues			407,851				358,763
Self-moving and self-storage products and service sales			192,443				206,215
Property management fees			18,444				18,416
Life insurance premiums			45,629				51,237
Property and casualty insurance premiums			45,893				45,690
Net investment and interest income			129,330				64,082
Other revenue			281,967				303,501
Total revenues			3,190,168				3,300,704
Costs and expenses:
Operating expenses			1,598,499				1,544,761
Commission expenses			218,888				243,834
Cost of sales			137,295				152,296
Benefits and losses			87,897				79,269
Amortization of deferred policy acquisition costs			14,871				14,644
Lease expense			16,033				15,159
Depreciation, net of gains on disposals			291,936				231,114
Net losses on real estate			2,736				4,179
Total costs and expenses			2,368,155				2,285,256
Earnings from operations			822,013				1,015,448
Other components of net periodic benefit costs			(729	)			(608	)
Interest expense			(124,541	)			(106,992	)
Fees on early extinguishment of debt			-				(959	)
Pretax earnings			696,743				906,889
Income tax expense			(166,397	)			(218,678	)
Earnings available to common shareholders		$	530,346			$	688,211
Basic and diluted earnings per share of Common Stock		$	2.63			$	4.41
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		$	2.71			$	3.41
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted			176,470,092				176,470,092

EARNINGS PER SHARE

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

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

The calculation of basic and diluted earnings per share for the quarters ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Quarter Ended
		September 30,
		2023				2022
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock			19,607,788				19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock			196,077,880				196,077,880
Percent of weighted average shares outstanding of Voting Common Stock			10	%			10	%
Net earnings available to common stockholders		$	273,508			$	349,866
Voting Common Stock dividends declared			-				(9,804	)
Non-Voting Common Stock dividends declared			(7,059	)			-
Undistributed earnings available to common stockholders		$	266,449			$	340,062
Undistributed earnings available to common stockholders allocated to Voting Common Stock		$	26,645			$	34,006
Undistributed earnings per share of Voting Common Stock		$	1.36			$	1.73
Dividends declared per share of Voting Common Stock		$	-			$	0.50
Basic and diluted earnings per share of Voting Common Stock		$	1.36			$	2.23
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		$	273,508			$	349,866
Voting Common Stock dividends declared			-				(9,804	)
Non-Voting Common Stock dividends declared			(7,059	)			-
Undistributed earnings available to common stockholders		$	266,449			$	340,062
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock		$	239,804			$	306,056
Undistributed earnings per share of Non-Voting Common Stock		$	1.36			$	1.73
Dividends declared per share of Non-Voting Common Stock		$	0.04			$	-
Basic and diluted earnings per share of Non-Voting Common Stock		$	1.40			$	1.73

The calculation of basic and diluted earnings per share for the first six months ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Six Months Ended
		September 30,
		2023				2022
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock			19,607,788				19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock			196,077,880				196,077,880
Percent of weighted average shares outstanding of Voting Common Stock			10	%			10	%
Net earnings available to common stockholders		$	530,346			$	688,211
Voting Common Stock dividends declared			-				(19,608	)
Non-Voting Common Stock dividends declared			(14,118	)			-
Undistributed earnings available to common stockholders		$	516,228			$	668,603
Undistributed earnings available to common stockholders allocated to Voting Common Stock		$	51,623			$	66,860
Undistributed earnings per share of Voting Common Stock		$	2.63			$	3.41
Dividends declared per share of Voting Common Stock		$	-			$	1.00
Basic and diluted earnings per share of Voting Common Stock		$	2.63			$	4.41
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		$	530,346			$	688,211
Voting Common Stock dividends declared			-				(19,608	)
Non-Voting Common Stock dividends declared			(14,118	)			-
Undistributed earnings available to common stockholders		$	516,228			$	668,603
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock		$	464,605			$	601,743
Undistributed earnings per share of Non-Voting Common Stock		$	2.63			$	3.41
Dividends declared per share of Non-Voting Common Stock		$	0.08			$	-
Basic and diluted earnings per share of Non-Voting Common Stock		$	2.71			$	3.41

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”). As of June 30, 2023, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during fiscal 2024. The tables below show adjusted PPE as of September 30, 2023 and March 31, 2023, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

										September 30,				March 31,
										2023				2023
		September 30,				ROU Assets				Property, Plant and Equipment				Property, Plant and Equipment
		2022				Financing				Adjusted				Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land		$	1,613,871			$	-			$	1,613,871			$	1,537,206
Buildings and improvements			7,649,849				-				7,649,849				7,088,810
Furniture and equipment			966,211				7,109				973,320				937,928
Rental trailers and other rental equipment			912,046				115,072				1,027,118				979,990
Rental trucks			5,921,507				816,075				6,737,582				6,228,178
Right-of-use assets, gross			17,063,484				938,256				18,001,740				16,772,112
Less: Accumulated depreciation			(4,666,444	)			(560,523	)			(5,226,967	)			(4,947,259	)
Total property, plant and equipment, net		$	12,397,040			$	377,733			$	12,774,773			$	11,824,853
										March 31,
										2023
		March 31,				ROU Assets				Property, Plant and Equipment
		2023				Financing				Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land		$	1,537,206			$	-			$	1,537,206
Buildings and improvements			7,088,810				-				7,088,810
Furniture and equipment			928,241				9,687				937,928
Rental trailers and other rental equipment			827,696				152,294				979,990
Rental trucks			5,278,340				949,838				6,228,178
Right-of-use assets, gross			15,660,293				1,111,819				16,772,112
Less: Accumulated depreciation			(4,310,205	)			(637,054	)			(4,947,259	)
Total property, plant and equipment, net		$	11,350,088			$	474,765			$	11,824,853

Non-GAAP Financial Measures

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

Moving and Storage EBITDA (In thousands, unaudited)		TTM
		September 30,				June 30,				March 31,				December 31,				September 30,
		2023				2023				2023				2022				2022
Earnings from operations *		$	1,187,957			$	1,301,196			$	1,396,122			$	1,435,667			$	1,534,803
Depreciation			768,475				749,210				733,879				721,950				712,896
Net gains on disposals			(220,858	)			(238,397	)			(247,084	)			(255,419	)			(256,495	)
Net losses on disposal of real estate			4,153				4,310				5,596				3,848				3,966
Depreciation, net of (gains) losses on disposals			551,770				515,123				492,391				470,379				460,367
EBITDA		$	1,739,727			$	1,816,319			$	1,888,513			$	1,906,046			$	1,995,170
* before insurance subsidiaries

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231108385243/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 are U-Haul Holding Company's Q2 2024 net earnings?

U-Haul Holding Company reported net earnings of $273.5 million for the second quarter of fiscal 2024, down from $349.9 million for the same period last year.

How did self-moving equipment rental revenues perform in Q2 2024?

Self-moving equipment rental revenues decreased by 8.0% for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023.

What was the change in self-storage revenues in Q2 2024?

Self-storage revenues increased by 12.6% for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023.

What was the change in sales of self-moving and self-storage products and services in Q2 2024?

Sales of self-moving and self-storage products and services decreased by 5.5% for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023.

How did depreciation, net of gains on sales, change in Q2 2024?

Depreciation, net of gains on sales, increased by $36.8 million for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023.