U-Haul Holding Company Reports Third Quarter Fiscal 2025 Financial Results
U-Haul Holding Company (NYSE: UHAL) reported Q3 fiscal 2025 net earnings of $67.2 million, down from $99.2 million in the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) decreased to $0.35 from $0.51 year-over-year.
Key highlights include: Moving and Storage EBITDA increased by $47.8 million to $376.7 million; self-storage revenues grew 7.9% with same-store occupancy at 92.4%; self-moving equipment rental revenues rose 4.6% to $38.8 million. The company added 34 new storage locations with 2.3 million net rentable square feet.
Cash and credit availability in the Moving and Storage segment stood at $1,348.1 million as of December 31, 2024. The company declared a $0.05 per share dividend on Non-Voting Common Stock, paid on December 27, 2024.
U-Haul Holding Company (NYSE: UHAL) ha riportato un utile netto del terzo trimestre dell'esercizio 2025 di 67,2 milioni di dollari, in calo rispetto ai 99,2 milioni di dollari dello stesso periodo dell'anno scorso. L'utile per azione per le azioni non votanti (UHAL.B) è diminuito a 0,35 dollari rispetto a 0,51 dollari rispetto all'anno precedente.
I punti salienti includono: l'EBITDA del settore Traslochi e Magazzino è aumentato di 47,8 milioni di dollari, raggiungendo 376,7 milioni di dollari; i ricavi da affitto di self-storage sono cresciuti del 7,9% con un tasso di occupazione nei negozi comparabili del 92,4%; i ricavi da noleggio di attrezzature per traslochi sono aumentati del 4,6% a 38,8 milioni di dollari. L'azienda ha aperto 34 nuove sedi di stoccaggio, aggiungendo 2,3 milioni di piedi quadrati di spazio affittabile netto.
La disponibilità di liquidità e credito nel segmento Traslochi e Magazzino era di 1.348,1 milioni di dollari al 31 dicembre 2024. L'azienda ha dichiarato un dividendo di 0,05 dollari per azione sulle azioni ordinarie non votanti, pagato il 27 dicembre 2024.
U-Haul Holding Company (NYSE: UHAL) reportó ganancias netas de 67.2 millones de dólares en el tercer trimestre del ejercicio fiscal 2025, en comparación con 99.2 millones de dólares en el mismo período del año pasado. Las ganancias por acción para las acciones no votantes (UHAL.B) disminuyeron a 0.35 dólares desde 0.51 dólares interanualmente.
Los aspectos destacados incluyen: EBITDA de Mudanza y Almacenamiento aumentó en 47.8 millones de dólares, alcanzando 376.7 millones de dólares; los ingresos por autoservicio de almacenamiento crecieron un 7.9% con una ocupación en tiendas similares del 92.4%; los ingresos por alquiler de equipos de auto-mudanza aumentaron un 4.6% a 38.8 millones de dólares. La compañía agregó 34 nuevas ubicaciones de almacenamiento, sumando 2.3 millones de pies cuadrados rentables netos.
La disponibilidad de efectivo y crédito en el segmento de Mudanza y Almacenamiento se situaba en 1,348.1 millones de dólares al 31 de diciembre de 2024. La compañía declaró un dividendo de 0.05 dólares por acción sobre acciones ordinarias no votantes, pagado el 27 de diciembre de 2024.
U-Haul Holding Company (NYSE: UHAL)는 2025 회계 연도 3분기 순이익이 6,720만 달러로, 지난 해 같은 기간의 9,920만 달러에서 감소했다고 보고했습니다. 비투표주식(UHAL.B)의 주당 수익은 전년 대비 0.51달러에서 0.35달러로 감소했습니다.
주요 내용으로는: 이사 및 저장 부문의 EBITDA가 4,780만 달러 증가하여 3억 7,670만 달러에 달했으며; 셀프 스토리지 수익은 7.9% 증가하고 동종 업종 점유율은 92.4%에 달했습니다; 자가 이사 장비 임대 수익은 4.6% 증가하여 3,880만 달러에 이릅니다. 회사는 34개의 새로운 저장소와 230만 평방 피트의 순 임대 가능 면적을 추가했습니다.
2024년 12월 31일 기준으로 이사 및 저장 부문에서 현금 및 신용 가용성이 13억 4,810만 달러로 나타났습니다. 회사는 비투표 보통주에 대해 주당 0.05달러의 배당금을 선언했으며, 이는 2024년 12월 27일에 지급됩니다.
U-Haul Holding Company (NYSE: UHAL) a annoncé un bénéfice net de 67,2 millions de dollars pour le troisième trimestre de l'exercice 2025, en baisse par rapport à 99,2 millions de dollars pour la même période de l'année dernière. Le bénéfice par action pour les actions sans droit de vote (UHAL.B) a diminué à 0,35 dollar, contre 0,51 dollar l'année précédente.
Parmi les points essentiels : l’EBITDA des départements Déménagement et Stockage a augmenté de 47,8 millions de dollars pour atteindre 376,7 millions de dollars ; les revenus de l’autopartage de stockage ont augmenté de 7,9 % avec un taux d’occupation des magasins comparables de 92,4 % ; les revenus provenant de la location d’équipements de déménagement ont augmenté de 4,6 % à 38,8 millions de dollars. L’entreprise a ouvert 34 nouveaux sites de stockage d’une superficie totale de 2,3 millions de pieds carrés.
La disponibilité de liquidités et de crédits dans le secteur Déménagement et Stockage s'élevait à 1 348,1 millions de dollars au 31 décembre 2024. L'entreprise a déclaré un dividende de 0,05 dollar par action sur les actions ordinaires sans droit de vote, versé le 27 décembre 2024.
U-Haul Holding Company (NYSE: UHAL) meldete für das dritte Quartal des Geschäftsjahres 2025 einen Nettogewinn von 67,2 Millionen Dollar, ein Rückgang von 99,2 Millionen Dollar im selben Zeitraum des Vorjahres. Der Gewinn pro Aktie für die nicht stimmberechtigten Aktien (UHAL.B) sank im Jahresvergleich von 0,51 Dollar auf 0,35 Dollar.
Wesentliche Highlights umfassen: Das EBITDA im Bereich Umzüge und Lagerung stieg um 47,8 Millionen Dollar auf 376,7 Millionen Dollar; die Einnahmen aus Self-Storage wuchsen um 7,9% bei einer vergleichbaren Belegung von 92,4%; die Einnahmen aus der Vermietung von Umzugsgeräten stiegen um 4,6% auf 38,8 Millionen Dollar. Das Unternehmen eröffnete 34 neue Lagerstandorte mit 2,3 Millionen netto vermietbaren Quadratfuß.
Die Verfügbarkeit von Bargeld und Kredit im Bereich Umzüge und Lagerung betrug zum 31. Dezember 2024 1.348,1 Millionen Dollar. Das Unternehmen erklärte eine Dividende von 0,05 Dollar pro Aktie auf nicht stimmberechtigte Stammaktien, die am 27. Dezember 2024 ausgezahlt wurde.
- Moving and Storage EBITDA increased $47.8 million to $376.7 million
- Self-storage revenues grew 7.9% year-over-year
- Self-moving equipment rental revenues increased 4.6%
- Added 34 new storage locations with 2.3 million net rentable square feet
- Fleet maintenance and repair costs declined $10.2 million
- Net earnings declined 32.3% to $67.2 million from $99.2 million year-over-year
- EPS decreased to $0.35 from $0.51 in the same quarter last year
- Same store occupancy decreased 0.5% to 92.4%
- Cash and credit availability decreased to $1,348.1 million from $1,886.3 million in March 2024
Insights
U-Haul's Q3 FY2025 results reveal a complex narrative of strategic transformation amid challenging market conditions. While the
Operational Strengths:
- The
$47.8 million increase in Moving and Storage EBITDA demonstrates improved core operational efficiency - Self-storage segment shows robust growth with
7.9% revenue increase and impressive92.4% occupancy rate - Strategic fleet optimization is yielding results with
$10.2 million reduction in maintenance costs
Strategic Execution:
- Aggressive expansion with 34 new storage locations adding 2.3 million NRSF demonstrates confident market positioning
- The 16.8 million NRSF development pipeline suggests strong growth trajectory
- Shift in fleet composition (more box trucks, fewer pickups) aligns with evolving customer demands
The reduction in cash position from
For the nine-month period ended December 31, 2024, net earnings available to shareholders were
“Moving activity increased over the quarter as demand for our products and services ticked up,” stated Joe Shoen, Chairman of U-Haul Holding Company. “We are making steady improvements to reduce friction with the customer so that it’s easier for the public to choose U-Haul.”
Highlights of Third Quarter Fiscal 2025 Results
-
Moving and Storage earnings before interest, taxes and depreciation (EBITDA), adjusted to remove interest income, increased
$47.8 million $376.7 million $20.7 million $1,614.1 -
Self-storage revenues increased
$16.6 million 7.9% , versus the third quarter of fiscal year 2024.-
Same store occupancy decreased
0.5% to92.4% , revenue per foot increased3.0% , and the number of locations qualifying for the pool increased by 50. -
Total portfolio of occupied rooms increased 39,055, or
6.8% , compared to December 31, 2023. - During the third quarter, we added 34 new locations with storage and 2.3 million net rentable square feet (NRSF). Twenty-three were acquisitions of existing storage locations totaling 1.3 million NRSF and eleven were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 1.0 million NRSF.
- We have approximately 16.8 million NRSF in development or pending.
-
Same store occupancy decreased
-
Self-moving equipment rental revenues increased
$38.8 million 4.6% , compared with the third quarter of fiscal year 2024 leading to our third consecutive quarter of steadily improving year-over-year results. In-Town transactions improved, while revenue per transaction increased for both our In-Town and one-way markets. Compared to the third quarter of last year we have increased the size of the box truck fleet while decreasing the number of trucks in the pickup fleet. -
Moving and Storage Other revenue increased
$9.6 million 9.6% , compared with the third quarter of fiscal 2024, caused primarily by increases in both moving and storage transactions related to our U-Box program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment. -
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, adjusted to remove interest income, decreased
$25.5 million -
Reduced gains from the disposal of retired rental equipment accounted for
$32.7 million $34.2 million $5.6 million -
Fleet maintenance and repair costs declined
$10.2 million
-
Reduced gains from the disposal of retired rental equipment accounted for
-
Cash and credit availability at the Moving and Storage segment was
$1,348.1 million $1,886.3 million -
On December 4, 2024, we declared a cash dividend on our Non-Voting Common Stock of
$0.05
Our latest Supplemental financial information is available at investors.uhaul.com under “Investor Kit.”
U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2025 on Thursday, February 6, 2025, 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 193,900 trucks, 138,200 trailers and 40,300 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 December 31, 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 third quarter of fiscal 2025 and 2024.
Quarter Ended December 31, |
|||||
2024 |
2023 |
||||
|
(Unaudited) |
||||
(In thousands) |
|||||
Self-moving equipment rental revenues |
$ |
878,585 |
|
$ |
839,801 |
Self-storage revenues |
|
227,125 |
|
|
210,517 |
Self-moving and self-storage product and service sales |
|
70,407 |
|
|
70,344 |
Property management fees |
|
8,869 |
|
|
10,138 |
Life insurance premiums |
|
22,926 |
|
|
22,574 |
Property and casualty insurance premiums |
|
28,364 |
|
|
26,490 |
Net investment and interest income |
|
40,536 |
|
|
57,457 |
Other revenue |
|
111,746 |
|
|
102,193 |
Consolidated revenue |
$ |
1,388,558 |
|
$ |
1,339,514 |
Listed below are the revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2025 and 2024.
Quarter Ended December 31, |
|||||||
2024 |
2023 |
||||||
|
(Unaudited) |
||||||
(In thousands) |
|||||||
Moving and storage |
|||||||
Revenues |
$ |
1,296,556 |
|
$ |
1,260,677 |
|
|
Earnings from operations before equity in earnings of subsidiaries |
|
127,277 |
|
|
180,467 |
|
|
Property and casualty insurance |
|
|
|||||
Revenues |
|
38,141 |
|
|
29,303 |
|
|
Earnings from operations |
|
19,463 |
|
|
9,421 |
|
|
Life insurance |
|
|
|||||
Revenues |
|
56,762 |
|
|
52,715 |
|
|
Earnings from operations |
|
4,244 |
|
|
8,075 |
|
|
Eliminations |
|
|
|||||
Revenues |
|
(2,901 |
) |
|
(3,181 |
) |
|
Earnings from operations before equity in earnings of subsidiaries |
|
(252 |
) |
|
(375 |
) |
|
Consolidated Results |
|
|
|||||
Revenues |
|
1,388,558 |
|
|
1,339,514 |
|
|
Earnings from operations |
|
150,732 |
|
|
197,588 |
|
|
Debt Metrics |
||||||||||||||||||||
(in thousands)(unaudited) |
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|||||||||||
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
||||||||||||
Real estate secured debt |
$ |
2,436,840 |
|
$ |
2,471,044 |
|
$ |
2,497,239 |
|
$ |
2,562,620 |
|
$ |
2,716,180 |
|
|||||
Unsecured debt |
|
1,700,000 |
|
|
1,700,000 |
|
|
1,200,000 |
|
|
1,200,000 |
|
|
1,200,000 |
|
|||||
Fleet secured debt |
|
2,724,349 |
|
|
2,554,194 |
|
|
2,544,235 |
|
|
2,470,603 |
|
|
2,482,356 |
|
|||||
Other secured debt |
|
68,402 |
|
|
69,264 |
|
|
70,202 |
|
|
70,815 |
|
|
72,869 |
|
|||||
Total debt |
|
6,929,591 |
|
|
6,794,502 |
|
|
6,311,676 |
|
|
6,304,038 |
|
|
6,471,405 |
|
|||||
Moving and Storage cash |
$ |
883,108 |
|
$ |
1,279,493 |
|
$ |
1,071,779 |
|
$ |
1,380,165 |
|
$ |
1,736,295 |
|
|||||
Moving and Storage assets |
|
17,291,214 |
|
|
17,164,316 |
|
|
16,447,193 |
|
|
16,149,748 |
|
|
16,193,912 |
|
|||||
Moving and Storage EBITDA (TTM) |
|
|
1,614,146 |
|
|
1,566,396 |
|
|
1,584,461 |
|
|
1,567,985 |
|
|
1,593,446 |
|
||||
Net debt to EBITDA |
|
3.7 |
|
|
3.5 |
|
|
3.3 |
|
|
3.1 |
|
|
3.0 |
|
|||||
Net debt to total assets |
|
35.0 |
% |
|
32.1 |
% |
|
31.9 |
% |
|
30.5 |
% |
|
29.2 |
% |
|||||
Percent of debt floating |
|
6.2 |
% |
|
5.9 |
% |
|
7.7 |
% |
|
7.2 |
% |
|
6.9 |
% |
|||||
Percent of debt fixed |
|
93.8 |
% |
|
94.1 |
% |
|
92.3 |
% |
|
92.8 |
% |
|
93.1 |
% |
|||||
Percent of debt unsecured |
|
24.5 |
% |
|
25.0 |
% |
|
19.0 |
% |
|
19.0 |
% |
|
18.5 |
% |
|||||
Unencumbered asset ratio* |
|
3.81x |
|
|
3.78x |
|
|
4.72x |
|
|
4.43x |
|
|
4.00x |
|
|||||
* 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 |
||||||||||||||||||||
The components of depreciation, net of gains on disposals for the third quarter of fiscal 2025 and 2024 are as follows:
Quarter Ended December 31, |
||||||||
2024 |
2023 |
|||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Depreciation expense - rental equipment |
$ |
177,956 |
|
$ |
143,757 |
|
||
Depreciation expense - non rental equipment |
|
24,064 |
|
|
24,820 |
|
||
Depreciation expense - real estate |
|
47,597 |
|
|
41,260 |
|
||
Total depreciation expense |
$ |
249,617 |
|
$ |
209,837 |
|
||
Net gains on disposals of rental equipment |
$ |
(3,774 |
) |
$ |
(36,441 |
) |
||
Net losses on disposals of non-rental equipment |
|
248 |
|
|
252 |
|
||
Total net gains on disposals equipment |
$ |
(3,526 |
) |
$ |
(36,189 |
) |
||
Depreciation, net of gains on disposals |
$ |
246,091 |
|
$ |
173,648 |
|
||
Net losses on disposals of real estate |
$ |
3,358 |
|
$ |
2,584 |
|
||
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
Quarter Ended December 31, |
||||||
2024 |
2023 |
|||||
|
|
(Unaudited) |
||||
(In thousands, except occupancy rate) |
||||||
Unit count as of December 31 |
781 |
|
701 |
|
||
Square footage as of December 31 |
66,792 |
|
59,433 |
|
||
Average monthly number of units occupied |
610 |
|
571 |
|
||
Average monthly occupancy rate based on unit count |
78.7 |
% |
81.8 |
% |
||
End of December occupancy rate based on unit count |
|
78.1 |
% |
|
81.0 |
% |
Average monthly square footage occupied |
53,444 |
|
49,515 |
|
||
Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2025 and 2024.
Nine Months Ended December 31, |
||||||
2024 |
2023 |
|||||
(Unaudited) |
||||||
(In thousands) |
||||||
Self-moving equipment rental revenues |
$ |
2,980,265 |
$ |
2,908,412 |
||
Self-storage revenues |
|
667,381 |
|
618,368 |
||
Self-moving and self-storage product and service sales |
|
254,761 |
|
262,787 |
||
Property management fees |
|
27,950 |
|
28,582 |
||
Life insurance premiums |
|
64,154 |
|
68,203 |
||
Property and casualty insurance premiums |
|
75,360 |
|
72,383 |
||
Net investment and interest income |
|
115,455 |
|
186,787 |
||
Other revenue |
|
409,830 |
|
384,160 |
||
Consolidated revenue |
$ |
4,595,156 |
$ |
4,529,682 |
||
Listed below are the revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2025 and 2024.
Nine Months Ended December 31, |
||||||||
2024 |
2023 |
|||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Moving and storage |
||||||||
Revenues |
$ |
4,339,360 |
|
$ |
4,285,768 |
|
||
Earnings from operations before equity in earnings of subsidiaries |
|
703,030 |
|
|
968,862 |
|
||
Property and casualty insurance |
||||||||
Revenues |
|
97,780 |
|
|
88,994 |
|
||
Earnings from operations |
|
44,769 |
|
|
36,822 |
|
||
Life insurance |
||||||||
Revenues |
|
166,668 |
|
|
163,918 |
|
||
Earnings from operations |
|
11,887 |
|
|
15,039 |
|
||
Eliminations |
||||||||
Revenues |
|
(8,652 |
) |
|
(8,998 |
) |
||
Earnings from operations before equity in earnings of subsidiaries |
|
(756 |
) |
|
(1,122 |
) |
||
Consolidated Results |
||||||||
Revenues |
|
4,595,156 |
|
|
4,529,682 |
|
||
Earnings from operations |
|
758,930 |
|
|
1,019,601 |
|
||
The components of depreciation, net of gains on disposals for the first nine months of fiscal 2025 and 2024 are as follows:
Nine Months Ended December 31, |
||||||||
2024 |
2023 |
|||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Depreciation expense - rental equipment |
$ |
511,824 |
|
$ |
419,290 |
|
||
Depreciation expense - non rental equipment |
|
71,775 |
|
|
70,514 |
|
||
Depreciation expense - real estate |
|
135,156 |
|
|
114,433 |
|
||
Total depreciation expense |
$ |
718,755 |
|
$ |
604,237 |
|
||
Net gains on disposals of rental equipment |
$ |
(29,614 |
) |
$ |
(139,176 |
) |
||
Net losses on disposals of non-rental equipment |
|
765 |
|
|
523 |
|
||
Total net gains on disposals equipment |
$ |
(28,849 |
) |
$ |
(138,653 |
) |
||
Depreciation, net of gains on disposals |
$ |
689,906 |
|
$ |
465,584 |
|
||
Net losses on disposals of real estate |
$ |
9,453 |
|
$ |
5,320 |
|
||
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
Nine Months Ended December 31, |
||||||
2024 |
2023 |
|||||
|
|
(Unaudited) |
||||
(In thousands, except occupancy rate) |
||||||
Unit count as of December 31 |
781 |
|
701 |
|
||
Square footage as of December 31 |
66,792 |
|
59,433 |
|
||
Average monthly number of units occupied |
605 |
|
571 |
|
||
Average monthly occupancy rate based on unit count |
79.9 |
% |
82.9 |
% |
||
End of December occupancy rate based on unit count |
|
78.1 |
% |
|
81.0 |
% |
Average monthly square footage occupied |
52,756 |
|
49,358 |
|
||
| Self-Storage Portfolio Summary | ||||||||||||
As of December 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 |
|||||||
|
96 |
38,335 |
4,511,005 |
$ |
14.68 |
77.8 |
% |
|||||
|
88 |
34,060 |
3,242,143 |
$ |
21.17 |
80.4 |
% |
|||||
|
86 |
35,151 |
3,804,625 |
$ |
18.41 |
79.7 |
% |
|||||
|
82 |
36,952 |
3,992,316 |
$ |
15.88 |
79.3 |
% |
|||||
|
71 |
27,664 |
3,033,544 |
$ |
17.67 |
71.6 |
% |
|||||
|
66 |
27,413 |
2,627,413 |
$ |
23.28 |
78.3 |
% |
|||||
|
63 |
25,544 |
2,889,088 |
$ |
14.94 |
77.5 |
% |
|||||
|
58 |
20,072 |
2,155,979 |
$ |
15.63 |
81.9 |
% |
|||||
|
51 |
22,161 |
2,463,915 |
$ |
16.28 |
84.6 |
% |
|||||
|
45 |
25,275 |
2,814,643 |
$ |
15.33 |
81.1 |
% |
|||||
|
44 |
16,567 |
2,007,208 |
$ |
13.59 |
72.9 |
% |
|||||
|
39 |
17,040 |
1,959,192 |
$ |
15.27 |
75.5 |
% |
|||||
|
37 |
15,080 |
1,552,061 |
$ |
14.85 |
86.4 |
% |
|||||
|
36 |
14,161 |
1,505,865 |
$ |
16.61 |
77.5 |
% |
|||||
|
36 |
13,114 |
1,724,413 |
$ |
14.24 |
73.0 |
% |
|||||
|
33 |
11,841 |
1,216,368 |
$ |
22.93 |
76.9 |
% |
|||||
|
33 |
15,941 |
1,501,084 |
$ |
20.72 |
83.6 |
% |
|||||
|
33 |
10,410 |
1,176,027 |
$ |
13.67 |
78.8 |
% |
|||||
|
33 |
13,315 |
1,686,176 |
$ |
14.54 |
72.2 |
% |
|||||
|
31 |
11,073 |
1,005,182 |
$ |
20.59 |
85.9 |
% |
|||||
Top 20 Totals |
1,061 |
431,169 |
46,868,246 |
$ |
16.98 |
78.6 |
% |
|||||
All Others |
477 |
178,863 |
19,923,287 |
$ |
16.32 |
79.0 |
% |
|||||
3Q 2025 Totals |
1,538 |
610,032 |
66,791,533 |
$ |
16.78 |
78.7 |
% |
|||||
Same Store Pool Held Constant for Prior Periods |
|
|
|
|
|
|
|
|
|
|
||
Same Store 3Q25 |
|
904 |
|
320,420 |
|
29,827,746 |
|
$ |
17.28 |
|
92.4 |
% |
Same Store 3Q24 |
|
904 |
|
322,626 |
|
29,804,954 |
|
$ |
16.77 |
|
92.9 |
% |
Same Store 3Q23 |
|
904 |
|
325,148 |
|
29,774,344 |
|
$ |
15.70 |
|
93.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
||
Non-Same Store 3Q25 |
|
634 |
|
289,612 |
|
36,963,786 |
|
$ |
16.20 |
|
67.5 |
% |
Non-Same Store 3Q24 |
|
545 |
|
246,176 |
|
29,697,857 |
|
$ |
16.10 |
|
70.8 |
% |
Non-Same Store 3Q23 |
|
499 |
|
214,652 |
|
25,298,565 |
|
$ |
15.50 |
|
70.6 |
% |
Same Store Pool, Prior Periods Unchanged |
|
|
|
|
|
|
|
|
|
|
||
Same Store 3Q25 |
|
904 |
|
320,420 |
|
29,827,746 |
|
$ |
17.28 |
|
92.4 |
% |
Same Store 3Q24 |
|
854 |
|
283,150 |
|
26,769,110 |
|
$ |
16.64 |
|
92.9 |
% |
Same Store 3Q23 |
|
781 |
|
245,962 |
|
23,038,504 |
|
$ |
15.64 |
|
95.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
||
Non Same Store 3Q25 |
|
634 |
|
289,612 |
|
36,963,786 |
|
$ |
16.20 |
|
67.5 |
% |
Non Same Store 3Q24 |
|
597 |
|
284,899 |
|
32,664,093 |
|
$ |
16.33 |
|
73.1 |
% |
Non Same Store 3Q23 |
|
624 |
|
293,251 |
|
31,966,662 |
|
$ |
15.62 |
|
74.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
||
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 December 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 |
||||||||
December 31, |
March 31, |
|||||||
2024 |
2024 |
|||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
1,017,398 |
|
$ |
1,534,544 |
|
||
Trade receivables and reinsurance recoverables, net |
|
181,303 |
|
|
215,908 |
|
||
Inventories and parts |
|
155,140 |
|
|
150,940 |
|
||
Prepaid expenses |
|
265,891 |
|
|
246,082 |
|
||
Fixed maturity securities available-for-sale, net, at fair value |
|
2,617,126 |
|
|
2,442,504 |
|
||
Equity securities, at fair value |
|
|
67,667 |
|
|
|
66,274 |
|
Investments, other |
|
625,630 |
|
|
633,936 |
|
||
Deferred policy acquisition costs, net |
|
123,015 |
|
|
121,224 |
|
||
Other assets |
|
126,413 |
|
|
111,743 |
|
||
Right of use assets - financing, net |
|
|
168,817 |
|
|
|
289,305 |
|
Right of use assets - operating, net |
|
|
48,500 |
|
|
|
53,712 |
|
Related party assets |
|
58,048 |
|
|
57,934 |
|
||
|
5,454,948 |
|
|
5,924,106 |
|
|||
Property, plant and equipment, at cost: |
||||||||
Land |
|
1,822,497 |
|
|
1,670,033 |
|
||
Buildings and improvements |
|
9,305,846 |
|
|
8,237,354 |
|
||
Furniture and equipment |
|
1,036,203 |
|
|
1,003,770 |
|
||
Rental trailers and other rental equipment |
|
1,032,132 |
|
|
936,303 |
|
||
Rental trucks |
|
7,347,053 |
|
|
6,338,324 |
|
||
|
20,543,731 |
|
|
18,185,784 |
|
|||
Less: Accumulated depreciation |
|
(5,668,514 |
) |
|
(5,051,132 |
) |
||
Total property, plant and equipment, net |
|
14,875,217 |
|
|
13,134,652 |
|
||
Total assets |
$ |
20,330,165 |
|
$ |
19,058,758 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Liabilities: |
||||||||
Accounts payable and accrued expenses |
$ |
799,452 |
|
$ |
783,084 |
|
||
Notes, loans and finance leases payable, net |
|
6,896,987 |
|
|
6,271,362 |
|
||
Operating lease liabilities |
|
|
49,543 |
|
|
|
55,032 |
|
Policy benefits and losses, claims and loss expenses payable |
|
829,992 |
|
|
849,113 |
|
||
Liabilities from investment contracts |
|
2,546,940 |
|
|
2,411,352 |
|
||
Other policyholders' funds and liabilities |
|
20,895 |
|
|
18,070 |
|
||
Deferred income |
|
47,419 |
|
|
51,175 |
|
||
Deferred income taxes, net |
|
1,507,604 |
|
|
1,447,125 |
|
||
Total liabilities |
|
12,698,832 |
|
|
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 |
|
(187,238 |
) |
|
(223,216 |
) |
||
Retained earnings |
|
8,023,000 |
|
|
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 |
|
7,631,333 |
|
|
7,172,445 |
|
||
Total liabilities and stockholders' equity |
$ |
20,330,165 |
|
$ |
19,058,758 |
|
||
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
Quarter Ended December 31, |
||||||||
2024 |
|
2023 |
||||||
(Unaudited) |
||||||||
(In thousands, except share and per share data) |
||||||||
Revenues: |
||||||||
Self-moving equipment rental revenues |
$ |
878,585 |
|
$ |
839,801 |
|
||
Self-storage revenues |
|
227,125 |
|
|
210,517 |
|
||
Self-moving and self-storage products and service sales |
|
70,407 |
|
|
70,344 |
|
||
Property management fees |
|
8,869 |
|
|
10,138 |
|
||
Life insurance premiums |
|
22,926 |
|
|
22,574 |
|
||
Property and casualty insurance premiums |
|
28,364 |
|
|
26,490 |
|
||
Net investment and interest income |
|
40,536 |
|
|
57,457 |
|
||
Other revenue |
|
111,746 |
|
|
102,193 |
|
||
Total revenues |
|
1,388,558 |
|
|
1,339,514 |
|
||
Costs and expenses: |
||||||||
Operating expenses |
|
782,351 |
|
|
770,405 |
|
||
Commission expenses |
|
95,031 |
|
|
87,955 |
|
||
Cost of product sales |
|
52,767 |
|
|
51,536 |
|
||
Benefits and losses |
|
48,683 |
|
|
42,495 |
|
||
Amortization of deferred policy acquisition costs |
|
4,493 |
|
|
4,155 |
|
||
Lease expense |
|
5,052 |
|
|
9,148 |
|
||
Depreciation, net of gains on disposals |
|
246,091 |
|
|
173,648 |
|
||
Net losses on disposal of real estate |
|
3,358 |
|
|
2,584 |
|
||
Total costs and expenses |
|
1,237,826 |
|
|
1,141,926 |
|
||
Earnings from operations |
|
150,732 |
|
|
197,588 |
|
||
Other components of net periodic benefit costs |
|
(372 |
) |
|
(365 |
) |
||
Other interest income |
|
|
15,638 |
|
|
|
— |
|
Interest expense |
|
(76,581 |
) |
|
(67,450 |
) |
||
Pretax earnings |
|
89,417 |
|
|
129,773 |
|
||
Income tax expense |
|
(22,251 |
) |
|
(30,549 |
) |
||
Earnings available to common stockholders |
$ |
67,166 |
|
$ |
99,224 |
|
||
Basic and diluted earnings per share of Common Stock |
$ |
0.30 |
|
$ |
0.46 |
|
||
Weighted average shares outstanding of Common Stock: Basic and diluted |
|
19,607,788 |
|
|
19,607,788 |
|
||
Basic and diluted earnings per share of Series N Non-Voting Common Stock |
$ |
0.35 |
|
$ |
0.51 |
|
||
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted |
|
|
176,470,092 |
|
|
|
176,470,092 |
|
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
Nine Months Ended December 31, |
||||||||
|
2024 |
|
|
2023 |
|
|||
|
|
(Unaudited) |
||||||
(In thousands, except share and per share data) |
||||||||
Revenues: |
||||||||
Self-moving equipment rental revenues |
$ |
2,980,265 |
|
$ |
2,908,412 |
|
||
Self-storage revenues |
|
667,381 |
|
|
618,368 |
|
||
Self-moving and self-storage products and service sales |
|
254,761 |
|
|
262,787 |
|
||
Property management fees |
|
27,950 |
|
|
28,582 |
|
||
Life insurance premiums |
|
64,154 |
|
|
68,203 |
|
||
Property and casualty insurance premiums |
|
75,360 |
|
|
72,383 |
|
||
Net investment and interest income |
|
115,455 |
|
|
186,787 |
|
||
Other revenue |
|
409,830 |
|
|
384,160 |
|
||
Total revenues |
|
4,595,156 |
|
|
4,529,682 |
|
||
Costs and expenses: |
||||||||
Operating expenses |
|
2,463,181 |
|
|
|
2,368,904 |
|
|
Commission expenses |
|
326,610 |
|
|
|
306,843 |
|
|
Cost of product sales |
|
181,031 |
|
|
|
188,831 |
|
|
Benefits and losses |
|
137,081 |
|
|
|
130,392 |
|
|
Amortization of deferred policy acquisition costs |
|
13,578 |
|
|
|
19,026 |
|
|
Lease expense |
|
15,386 |
|
|
|
25,181 |
|
|
Depreciation, net of gains on disposals |
|
689,906 |
|
|
|
465,584 |
|
|
Net losses on disposal of real estate |
|
9,453 |
|
|
|
5,320 |
|
|
Total costs and expenses |
|
3,836,226 |
|
|
|
3,510,081 |
|
|
|
||||||||
Earnings from operations |
|
758,930 |
|
|
|
1,019,601 |
|
|
Other components of net periodic benefit costs |
|
(1,116 |
) |
|
|
(1,094 |
) |
|
Other interest income |
|
|
50,004 |
|
|
|
— |
|
Interest expense |
|
(215,297 |
) |
|
|
(191,991 |
) |
|
Fees on early extinguishment of debt |
|
|
(495 |
) |
|
|
— |
|
Pretax earnings |
|
592,026 |
|
|
|
826,516 |
|
|
Income tax expense |
|
(142,645 |
) |
|
|
(196,946 |
) |
|
Earnings available to common stockholders |
$ |
449,381 |
|
$ |
629,570 |
|
||
Basic and diluted earnings per share of Common Stock |
$ |
2.16 |
|
$ |
3.09 |
|
||
Weighted average shares outstanding of Common Stock: Basic and diluted |
|
19,607,788 |
|
|
19,607,788 |
|
||
Basic and diluted earnings per share of Series N Non-Voting Common Stock |
$ |
2.31 |
|
$ |
3.22 |
|
||
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted |
|
|
176,470,092 |
|
|
|
176,470,092 |
|
EARNINGS PER SHARE
We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock,
Our undistributed earnings per share were 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 was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters and nine months ended December 31, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:
|
|
For the Quarter Ended |
||||||
|
|
December 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 available to common stockholders |
$ |
67,166 |
|
$ |
99,224 |
|
||
Voting Common Stock dividends declared |
|
|
— |
|
|
|
— |
|
Non-Voting Common Stock dividends declared |
|
|
(8,824 |
) |
|
|
(8,823 |
) |
Undistributed earnings available to common stockholders |
$ |
58,342 |
|
$ |
90,401 |
|
||
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
5,834 |
|
$ |
9,040 |
|
||
|
|
|
|
|
||||
Undistributed earnings per share of Voting Common Stock |
$ |
0.30 |
|
$ |
0.46 |
|
||
Dividends declared per share of Voting Common Stock |
$ |
— |
|
$ |
— |
|
||
Basic and diluted earnings per share of Voting Common Stock |
$ |
0.30 |
|
$ |
0.46 |
|
||
|
|
|
|
|
||||
|
|
|
|
|
||||
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 |
$ |
67,166 |
|
$ |
99,224 |
|
||
Voting Common Stock dividends declared |
|
|
— |
|
|
|
— |
|
Non-Voting Common Stock dividends declared |
|
|
(8,824 |
) |
|
|
(8,823 |
) |
Undistributed earnings available to common stockholders |
$ |
58,342 |
|
$ |
90,401 |
|
||
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
$ |
52,508 |
|
$ |
81,361 |
|
||
|
|
|
|
|
||||
Undistributed earnings per share of Non-Voting Common Stock |
$ |
0.30 |
|
$ |
0.46 |
|
||
Dividends declared per share of Non-Voting Common Stock |
$ |
0.05 |
|
$ |
0.05 |
|
||
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
0.35 |
|
$ |
0.51 |
|
||
|
|
For the Nine Months Ended |
||||||
|
|
December 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 available to common stockholders |
$ |
449,381 |
|
$ |
629,570 |
|
||
Voting Common Stock dividends declared |
|
|
— |
|
|
— |
|
|
Non-Voting Common Stock dividends declared |
|
|
(26,471 |
) |
|
(22,941 |
) |
|
Undistributed earnings available to common stockholders |
$ |
422,910 |
|
$ |
606,629 |
|
||
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
42,291 |
|
$ |
60,663 |
|
||
|
|
|
|
|||||
Undistributed earnings per share of Voting Common Stock |
|
$ |
2.16 |
|
$ |
3.09 |
|
|
Dividends declared per share of Voting Common Stock |
$ |
— |
|
$ |
— |
|
||
Basic and diluted earnings per share of Voting Common Stock |
$ |
2.16 |
|
$ |
3.09 |
|
||
|
|
|
|
|||||
|
|
|
|
|||||
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 |
$ |
449,381 |
|
$ |
629,570 |
|
||
Voting Common Stock dividends declared |
|
|
— |
|
|
— |
|
|
Non-Voting Common Stock dividends declared |
|
|
(26,471 |
) |
|
(22,941 |
) |
|
Undistributed earnings available to common stockholders |
$ |
422,910 |
|
$ |
606,629 |
|
||
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
$ |
380,619 |
|
$ |
545,966 |
|
||
|
|
|
|
|||||
Undistributed earnings per share of Non-Voting Common Stock |
$ |
2.16 |
|
$ |
3.09 |
|
||
Dividends declared per share of Non-Voting Common Stock |
$ |
0.15 |
|
$ |
0.13 |
|
||
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
2.31 |
|
$ |
3.22 |
|
||
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
|
|
|
|
December 31, |
|
March 31, |
||||||||||
|
|
|
|
2024 |
|
2024 |
||||||||||
December 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 |
$ |
1,822,497 |
|
$ |
- |
|
$ |
1,822,497 |
|
$ |
1,670,033 |
|
||||
Buildings and improvements |
|
9,305,846 |
|
|
- |
|
|
9,305,846 |
|
|
8,237,354 |
|
||||
Furniture and equipment |
|
1,036,203 |
|
|
61 |
|
|
1,036,264 |
|
|
1,003,831 |
|
||||
Rental trailers and other rental equipment |
|
1,032,132 |
|
|
66,083 |
|
|
1,098,215 |
|
|
1,050,910 |
|
||||
Rental trucks |
|
7,347,053 |
|
|
388,528 |
|
|
7,735,581 |
|
|
6,945,845 |
|
||||
Subtotal |
|
20,543,731 |
|
|
454,672 |
|
|
20,998,403 |
|
|
18,907,973 |
|
||||
Less: Accumulated depreciation |
|
(5,668,514 |
) |
|
(285,855 |
) |
|
(5,954,369 |
) |
|
(5,484,016 |
) |
||||
Total property, plant and equipment, net |
$ |
14,875,217 |
|
$ |
168,817 |
|
$ |
15,044,034 |
|
$ |
13,423,957 |
|
||||
|
|
|
|
March 31, |
||||||||
|
|
|
|
2024 |
||||||||
March 31, |
|
ROU Assets |
|
Property, Plant and Equipment |
||||||||
2024 |
|
Financing |
|
Adjusted |
||||||||
(Unaudited) |
||||||||||||
(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 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) |
Trailing Twelve Months |
|||||||||||||||||||
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|||||||||||
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|||||||||||
Earnings from operations * |
$ |
713,846 |
|
$ |
739,313 |
|
$ |
831,802 |
|
$ |
896,140 |
|
$ |
980,169 |
|
|||||
Depreciation |
|
932,407 |
|
|
892,627 |
|
|
848,727 |
|
|
817,889 |
|
|
793,940 |
|
|||||
Net gains on disposals |
|
(44,154 |
) |
|
(76,817 |
) |
|
(106,065 |
) |
|
(153,958 |
) |
|
(186,541 |
) |
|||||
Net losses on disposal of real estate |
|
12,047 |
|
|
11,273 |
|
|
9,997 |
|
|
7,914 |
|
|
5,878 |
|
|||||
Depreciation, net of (gains) losses on disposals |
|
900,300 |
|
|
827,083 |
|
|
752,659 |
|
|
671,845 |
|
|
613,277 |
|
|||||
EBITDA |
$ |
1,614,146 |
|
$ |
1,566,396 |
|
$ |
1,584,461 |
|
$ |
1,567,985 |
|
$ |
1,593,446 |
|
|||||
* before insurance subsidiaries |
||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250205524603/en/
Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com
Source: U-Haul Holding Company
FAQ
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