8-K
U-Haul Holding Co /NV/ (UHAL)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): May 29, 2024 |
|---|
U-Haul Holding Company
(Exact name of Registrant as Specified in Its Charter)
| Nevada | 001-11255 | 88-0106815 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 5555 Kietzke Lane<br><br>Suite 100 | ||
| Reno, Nevada | 89511 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: 775 688-6300 | ||
| --- |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.25 par value | UHAL | New York Stock Exchange |
| Series N Non-Voting Common Stock, $0.001 par value | UHAL.B | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 29, 2024, U-Haul Holding Company (the “Company“) issued a press release announcing its financial results for the year ended March 31, 2024. A copy of this press release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, unless expressly set forth by specific reference in such document.
Item 9.01 Financial Statements and Exhibits.
d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release dated May 29, 2024 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL documents) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| U-Haul Holding Company | |||
|---|---|---|---|
| Date: | May 29, 2024 | By: | Jason A. Berg |
| Jason A. Berg<br>Chief Financial Officer |
EX-99.1
Contact:
Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com
U-HAUL HOLDING COMPANY REPORTS FISCAL 2024 FINANCIAL RESULTS
RENO, Nev. (May 29, 2024)--U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2024, of $628.7 million, compared with $924.5 million for the same period last year.
For the quarter ended March 31, 2024, the Company reported net losses available to shareholders of ($0.9) million compared with net earnings of $37.4 million, for the same period last year.
“We are still a bit shy of where I expected to be on One-way moving transactions,” stated Joe Shoen, chairman of U-Haul Holding Company. “Our self-storage product has been strong. Rate cutting across many markets could erode our so far firm self-storage pricing. I continue to see pockets of opportunity for self-storage expansion and am pursuing these. We have a solid team in place and are focused.”
Highlights of Fiscal Year and Fourth Quarter 2024 Results
• Self-moving equipment rental revenues decreased $10.0 million, or 1%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and finished the full year down $253.2 million, or 7%, compared with fiscal 2023. For the quarter and full year transactions, revenue and average miles driven per transaction decreased. We finished the quarter with March monthly revenue slightly better than the same period last year.
• Self-storage revenues increased $17.5 million, or 9%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and for the full year increased $86.6 million, or 12%, compared with fiscal 2023. The average number of occupied units increased by 6%, or 31,000 units, during the fourth quarter of fiscal 2024 compared with the same period last year. Occupancy across the entire portfolio decreased 1.4% to 79.8% from the fourth quarter of last year to this year while occupancy for the subsection of these locations that have been at 80% occupancy for the last two years was down 1.9% to 92.3%. In fiscal 2024, we added approximately 5.5 million net rentable square feet or 55,000 additional units.
• For the quarter, depreciation on the rental equipment fleet increased $11.6 million while all other depreciation increased $12.3 million from buildings and improvements. Net gains from the sales of rental equipment decreased by $32.0 million. For the full fiscal year depreciation on the rental fleet increased by $44.0 million while all other depreciation increased by $40.0 million largely from buildings and improvements. Net gains from the sale of rental equipment decreased $91.8 million. Net losses from the disposal or retirement of land and buildings increased $2.0 million for the quarter and $2.3 million for the fiscal year.
• Fleet maintenance and repair costs decreased $11.0 million in the fourth quarter of fiscal 2024 compared with the same period last year and increased $33.0 million for the full year of fiscal 2024 compared with the same period last year. The decline in the fourth quarter is largely a result of improved rotation of new trucks into the fleet and older trucks out of the fleet combined with the effects of less fleet rental activity this year.
• Other operating costs at the Moving and Storage segment increased $21.3 million in the fourth quarter compared to the same period last year and $66.7 million for the full fiscal year 2024. Personnel costs accounted for an $8.8 million increase for the quarter and $50.4 million for the fiscal year.
• Gross rental equipment capital expenditures for fiscal 2024 were approximately $1,619 million compared with approximately $1,299 million for fiscal 2023. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2025. Proceeds from the sales of rental equipment were approximately $728 million for fiscal 2024 compared with $688 million in fiscal 2023. Spending on real estate related acquisitions and projects decreased approximately $83 million to $1,258 million in fiscal 2024 compared with fiscal 2023.
• Cash and credit availability at the Moving and Storage operating segment was $1,886.3 million and $2,499.2 million as of March 31, 2024 and 2023, respectively.
• On March 6, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 18, 2024. The dividend was paid on March 28, 2024.
U-Haul Holding Company will file its 10-K on Thursday May 30, 2024 and hold its investor call for fiscal 2024 on Thursday, May 30, 2024, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 188,700 trucks, 139,400 trailers and 43,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,004,000 rentable storage units and 86.8 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-K for the year ended March 31, 2024, which will be filed with the SEC on May 30th.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2024 and 2023.
| Quarters Ended March 31, | Years Ended March 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Self-moving equipment rental revenues | $ | 716,283 | $ | 726,298 | $ | 3,624,695 | $ | 3,877,917 |
| Self-storage revenues | 212,701 | 195,246 | 831,069 | 744,492 | ||||
| Self-moving and self-storage product and service sales | 73,018 | 76,220 | 335,805 | 357,286 | ||||
| Property management fees | 8,422 | 8,577 | 37,004 | 37,073 | ||||
| Life insurance premiums | 21,542 | 23,513 | 89,745 | 99,149 | ||||
| Property and casualty insurance premiums | 22,419 | 20,667 | 94,802 | 93,209 | ||||
| Net investment and interest income | 42,859 | 60,303 | 146,468 | 176,679 | ||||
| Other revenue | 81,926 | 77,827 | 466,086 | 478,886 | ||||
| Consolidated revenue | $ | 1,179,170 | $ | 1,188,651 | $ | 5,625,674 | $ | 5,864,691 |
Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2024 and 2023.
| Quarters Ended March 31, | Years Ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||||
| (Unaudited) | |||||||||
| (In thousands) | |||||||||
| Moving and storage | |||||||||
| Revenues | $ | 1,092,698 | $ | 1,110,851 | $ | 5,294,928 | $ | 5,567,714 | |
| Earnings from operations before equity in earnings of subsidiaries | 10,816 | 94,845 | 896,140 | 1,396,122 | |||||
| Property and casualty insurance | |||||||||
| Revenues | 34,091 | 28,601 | 123,085 | 103,512 | |||||
| Earnings from operations | 25,687 | 11,687 | 62,509 | 36,570 | |||||
| Life insurance | |||||||||
| Revenues | 55,284 | 53,339 | 219,202 | 206,100 | |||||
| Earnings from operations | 5,113 | 3,969 | 20,152 | 14,409 | |||||
| Eliminations | |||||||||
| Revenues | (2,903) | (4,140) | (11,541) | (12,635) | |||||
| Earnings from operations before equity in earnings of subsidiaries | (250) | (380) | (1,012) | (1,521) | |||||
| Consolidated Results | |||||||||
| Revenues | 1,179,170 | 1,188,651 | 5,625,674 | 5,864,691 | |||||
| Earnings from operations | 41,366 | 110,121 | 977,789 | 1,445,580 |
Debt Metrics
| Debt Metrics | |||||
|---|---|---|---|---|---|
| (in thousands)(unaudited) | March 31, | December 31, | September 30, | June 30, | March 31, |
| 2024 | 2023 | 2023 | 2023 | 2023 | |
| Real estate secured debt | $2,562,620 | $2,716,180 | $2,771,027 | $2,744,416 | $2,660,878 |
| Unsecured debt | 1,200,000 | 1,200,000 | 1,200,000 | 1,200,000 | 1,200,000 |
| Fleet secured debt | 2,470,603 | 2,482,356 | 2,392,021 | 2,305,116 | 2,205,824 |
| Other secured debt | 70,815 | 72,869 | 73,752 | 74,250 | 76,648 |
| Total debt | 6,304,038 | 6,471,405 | 6,436,800 | 6,323,782 | 6,143,350 |
| Moving and Storage cash | $1,380,165 | $1,736,295 | $2,068,790 | $2,302,380 | $2,034,242 |
| Moving and Storage assets | 16,149,748 | 16,193,912 | 16,156,182 | 15,742,770 | 15,211,493 |
| Moving and Storage EBITDA (TTM)** | 1,567,985 | 1,593,446 | 1,683,912 | 1,789,024 | 1,888,513 |
| Net debt to EBITDA | 3.1 | 3.0 | 2.6 | 2.2 | 2.2 |
| Net debt to total assets | 30.5% | 29.2% | 27.0% | 25.5% | 27.0% |
| Percent of debt floating | 7.2% | 6.9% | 6.3% | 7.7% | 8.4% |
| Percent of debt fixed | 92.8% | 93.1% | 93.7% | 92.3% | 91.6% |
| Percent of debt unsecured | 19.0% | 18.5% | 18.6% | 19.0% | 19.5% |
| Unencumbered asset ratio* | 4.43x | 4.00x | 3.74x | 3.55x | 3.44x |
| * Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued | |||||
| at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x | |||||
| ** Moving and Storage EBITDA (TTM) for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. |
The components of depreciation, net of gains on disposals for the fourth quarter and the full year of fiscal 2024 and 2023 are as follows:
| Quarter Ended March 31, | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| (Unaudited) | ||||
| (In thousands) | ||||
| Depreciation expense - rental equipment | $ | 145,256 | $ | 133,617 |
| Depreciation expense - non rental equipment | 24,388 | 21,720 | ||
| Depreciation expense - real estate | 44,008 | 34,367 | ||
| Total depreciation expense | $ | 213,652 | $ | 189,704 |
| Gains on disposals of rental equipment | $ | (15,813) | $ | (47,807) |
| (Gains) loss on disposals of non-rental equipment | 508 | (82) | ||
| Total net gains on disposals equipment | $ | (15,305) | $ | (47,889) |
| Depreciation, net of gains on disposals | $ | 198,347 | $ | 141,815 |
| Losses on disposals of real estate | $ | 2,594 | $ | 558 |
| Year Ended March 31, | ||||
| --- | --- | --- | --- | --- |
| 2024 | 2023 | |||
| (In thousands) | ||||
| Depreciation expense - rental equipment | $ | 564,546 | $ | 520,502 |
| Depreciation expense - non rental equipment | 94,902 | 86,178 | ||
| Depreciation expense - real estate | 158,441 | 127,199 | ||
| Total depreciation expense | $ | 817,889 | $ | 733,879 |
| Gains on disposals of rental equipment | $ | (154,989) | $ | (246,761) |
| (Gains) loss on disposals of non-rental equipment | 1,031 | (323) | ||
| Total net gains on disposals equipment | $ | (153,958) | $ | (247,084) |
| Depreciation, net of gains on disposals | $ | 663,931 | $ | 486,795 |
| Losses on disposals of real estate | $ | 7,914 | $ | 5,596 |
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows (unaudited):
| Quarters Ended March 31, | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| (In thousands, except occupancy rate) | |||||
| Unit count as of March 31 | 728 | 673 | |||
| Square footage as of March 31 | 61,857 | 56,382 | |||
| Average monthly number of units occupied | 573 | 542 | |||
| Average monthly occupancy rate based on unit count | 79.8% | 81.2% | |||
| End of period occupancy rate based on unit count | 79.3% | 81.2% | |||
| Average monthly square footage occupied | 49,986 | 46,994 | |||
| Years Ended March 31, | |||||
| --- | --- | --- | |||
| 2024 | 2023 | ||||
| (In thousands, except occupancy rate) | |||||
| Unit count as of March 31 | 728 | 673 | |||
| Square footage as of March 31 | 61,857 | 56,382 | |||
| Average monthly number of units occupied | 571 | 535 | |||
| Average monthly occupancy rate based on unit count | 82.1% | 83.4% | |||
| End of period occupancy rate based on unit count | 79.3% | 81.2% | |||
| Average monthly square footage occupied | 49,515 | 46,257 | |||
| Self-Storage Portfolio Summary | |||||
| --- | --- | --- | --- | --- | --- |
| As of March 31, 2024 | |||||
| (unaudited) | |||||
| U-Haul Owned Store Data by State | |||||
| Annual | |||||
| State/ | Units | Rentable | Revenue | Occupancy | |
| Province | Stores | Occupied | Square Feet | Per Foot | During Qtr |
| Texas | 92 | 37,288 | 4,352,819 | $14.63 | 78.0% |
| California | 87 | 32,495 | 3,021,621 | $20.95 | 81.6% |
| Florida | 83 | 32,714 | 3,575,965 | $18.19 | 79.4% |
| Illinois | 81 | 35,471 | 3,673,467 | $15.56 | 82.0% |
| Pennsylvania | 69 | 27,051 | 2,848,595 | $17.33 | 74.6% |
| New York | 65 | 26,219 | 2,536,399 | $23.04 | 77.0% |
| Ohio | 58 | 24,047 | 2,512,407 | $14.77 | 80.7% |
| Michigan | 57 | 19,615 | 2,062,980 | $15.48 | 83.6% |
| Georgia | 48 | 21,975 | 2,354,898 | $16.16 | 86.0% |
| Arizona | 44 | 24,240 | 2,736,326 | $15.44 | 79.8% |
| Wisconsin | 42 | 16,465 | 1,895,783 | $13.04 | 78.2% |
| Washington | 37 | 13,076 | 1,411,601 | $16.83 | 77.6% |
| North Carolina | 36 | 16,109 | 1,710,475 | $15.16 | 81.3% |
| New Jersey | 34 | 15,574 | 1,469,641 | $20.59 | 83.3% |
| Missouri | 34 | 12,282 | 1,528,837 | $14.75 | 77.4% |
| Tennessee | 34 | 14,595 | 1,384,645 | $14.61 | 89.3% |
| Ontario | 33 | 10,733 | 1,201,311 | $22.85 | 70.6% |
| Indiana | 33 | 10,159 | 1,158,764 | $13.81 | 76.4% |
| Massachusetts | 31 | 10,760 | 993,673 | $20.34 | 83.1% |
| Alabama | 26 | 6,880 | 791,015 | $13.86 | 76.2% |
| Top 20 Totals | 1,024 | 407,748 | 43,221,222 | $16.83 | 79.8% |
| All Others | 455 | 170,382 | 18,712,180 | $16.06 | 79.8% |
| 4Q FY 2024 Totals | 1,479 | 578,130 | 61,933,402 | $16.60 | 79.8% |
| Same Store 4Q24 | 862 | 291,213 | 27,346,592 | $16.87 | 92.3% |
| Same Store 4Q23 | 804 | 256,476 | 23,912,470 | $15.99 | 94.2% |
| Same Store 4Q22 | 685 | 202,309 | 19,138,544 | $14.60 | 95.7% |
| Non-Same Store 4Q24 | 617 | 286,917 | 34,586,810 | $16.30 | 70.1% |
| Non-Same Store 4Q23 | 621 | 290,683 | 32,546,410 | $15.85 | 72.3% |
| Non-Same Store 4Q22 | 677 | 295,192 | 31,303,792 | $14.72 | 75.4% |
| Same Store Pool Held Constant for Prior Periods | |||||
| Same Store 4Q24 | 862 | 291,213 | 27,346,592 | $16.87 | 92.3% |
| Same Store 4Q23 | 862 | 295,638 | 27,322,198 | $16.00 | 93.6% |
| Same Store 4Q22 | 862 | 293,546 | 27,324,658 | $14.65 | 93.1% |
| Non-Same Store 4Q24 | 617 | 286,917 | 34,586,810 | $16.30 | 70.1% |
| --- | --- | --- | --- | --- | --- |
| Non-Same Store 4Q23 | 561 | 252,110 | 29,204,395 | $15.82 | 70.3% |
| Non-Same Store 4Q22 | 499 | 204,705 | 23,182,066 | $14.68 | 71.1% |
| Note: Store Count, Units, and NRSF reflect active storage locations for the last month of the reporting quarter. | |||||
| Occupancy % reflects average occupancy during the reporting quarter. | |||||
| Revenue per foot is average revenue per occupied foot over fiscal year 2024. | |||||
| Same store includes storage locations with rentable storage inventory for more than three years and a capacity | |||||
| change of less than twenty units for any year-over-year period of the reporting month. | |||||
| The locations have occupancy each month during the last three years and have achieved 80% or greater physical | |||||
| occupancy for the last two years. | |||||
| Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month. |
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES
CONSOLIDATED BALANCE SHEETS
| March 31, | March 31, | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| (In thousands) | ||||
| ASSETS | ||||
| Cash and cash equivalents | $ | 1,534,544 | $ | 2,060,524 |
| Trade receivables and reinsurance recoverables, net | 215,908 | 189,498 | ||
| Inventories and parts | 150,940 | 151,474 | ||
| Prepaid expenses | 246,082 | 241,711 | ||
| Fixed maturity securities available-for-sale, net, at fair value | 2,442,504 | 2,709,037 | ||
| Equity securities, at fair value | 66,274 | 61,357 | ||
| Investments, other | 633,936 | 575,540 | ||
| Deferred policy acquisition costs, net | 121,224 | 128,463 | ||
| Other assets | 111,743 | 51,052 | ||
| Right of use assets – financing, net | 289,305 | 474,765 | ||
| Right of use assets – operating, net | 53,712 | 58,917 | ||
| Related party assets | 57,934 | 48,308 | ||
| 5,924,106 | 6,750,646 | |||
| Property, plant and equipment, at cost: | ||||
| Land | 1,670,033 | 1,537,206 | ||
| Buildings and improvements | 8,237,354 | 7,088,810 | ||
| Furniture and equipment | 1,003,770 | 928,241 | ||
| Rental trailers and other rental equipment | 936,303 | 827,696 | ||
| Rental trucks | 6,338,324 | 5,278,340 | ||
| 18,185,784 | 15,660,293 | |||
| Less: Accumulated depreciation | (5,051,132) | (4,310,205) | ||
| Total property, plant and equipment, net | 13,134,652 | 11,350,088 | ||
| Total assets | $ | 19,058,758 | $ | 18,100,734 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Liabilities: | ||||
| Accounts payable and accrued expenses | $ | 783,084 | $ | 761,039 |
| Notes, loans and finance leases payable, net | 6,271,362 | 6,108,042 | ||
| Operating lease liabilities | 55,032 | 58,373 | ||
| Policy benefits and losses, claims and loss expenses payable | 849,113 | 880,202 | ||
| Liabilities from investment contracts | 2,411,352 | 2,398,884 | ||
| Other policyholders' funds and liabilities | 18,070 | 8,232 | ||
| Deferred income | 51,175 | 52,282 | ||
| Deferred income taxes, net | 1,447,125 | 1,329,489 | ||
| Total liabilities | 11,886,313 | 11,596,543 | ||
| Common stock | 10,497 | 10,497 | ||
| Non-voting common stock | 176 | 176 | ||
| Additional paid-in capital | 462,548 | 453,643 | ||
| Accumulated other comprehensive loss | (223,216) | (285,623) | ||
| Retained earnings | 7,600,090 | 7,003,148 | ||
| Cost of common stock in treasury, net | (525,653) | (525,653) | ||
| Cost of preferred stock in treasury, net | (151,997) | (151,997) | ||
| Total stockholders' equity | 7,172,445 | 6,504,191 | ||
| Total liabilities and stockholders' equity | $ | 19,058,758 | $ | 18,100,734 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| Quarter Ended March 31, | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| (unaudited)<br><br>(In thousands, except share and per share data) | ||||
| Revenues: | ||||
| Self-moving equipment rental revenues | $ | 716,283 | $ | 726,298 |
| Self-storage revenues | 212,701 | 195,246 | ||
| Self-moving and self-storage products and service sales | 73,018 | 76,220 | ||
| Property management fees | 8,422 | 8,577 | ||
| Life insurance premiums | 21,542 | 23,513 | ||
| Property and casualty insurance premiums | 22,419 | 20,667 | ||
| Net investment and interest income | 42,859 | 60,303 | ||
| Other revenue | 81,926 | 77,827 | ||
| Total revenues | 1,179,170 | 1,188,651 | ||
| Costs and expenses: | ||||
| Operating expenses | 757,567 | 746,317 | ||
| Commission expenses | 77,236 | 76,501 | ||
| Cost of sales | 52,732 | 56,114 | ||
| Benefits and losses | 36,643 | 43,046 | ||
| Amortization of deferred policy acquisition costs | 5,212 | 6,301 | ||
| Lease expense | 7,473 | 7,878 | ||
| Depreciation, net of gains on disposals | 198,347 | 141,815 | ||
| Net losses on disposal of real estate | 2,594 | 558 | ||
| Total costs and expenses | 1,137,804 | 1,078,530 | ||
| Earnings from operations | 41,366 | 110,121 | ||
| Other components of net periodic benefit costs | (364) | (304) | ||
| Other interest income | 36,843 | - | ||
| Interest expense | (64,184) | (57,925) | ||
| Pretax earnings | 13,661 | 51,892 | ||
| Income tax expense | (14,524) | (14,483) | ||
| Earnings (losses) available to common shareholders | $ | (863) | $ | 37,409 |
| Basic and diluted earnings (losses) per share of Common Stock | $ | (0.05) | $ | 0.15 |
| Weighted average shares outstanding of Common Stock: Basic and diluted | 19,607,788 | 19,607,788 | ||
| Basic and diluted earnings per share of Non-Voting Common Stock | $ | 0.00 | $ | 0.19 |
| Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted | 176,470,092 | 176,470,092 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| Years Ended March 31, | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| (In thousands, except share and per share data) | ||||
| Revenues: | ||||
| Self-moving equipment rental revenues | $ | 3,624,695 | $ | 3,877,917 |
| Self-storage revenues | 831,069 | 744,492 | ||
| Self-moving and self-storage products and service sales | 335,805 | 357,286 | ||
| Property management fees | 37,004 | 37,073 | ||
| Life insurance premiums | 89,745 | 99,149 | ||
| Property and casualty insurance premiums | 94,802 | 93,209 | ||
| Net investment and interest income | 146,468 | 176,679 | ||
| Other revenue | 466,086 | 478,886 | ||
| Total revenues | 5,625,674 | 5,864,691 | ||
| Costs and expenses: | ||||
| Operating expenses | 3,126,471 | 3,024,547 | ||
| Commission expenses | 384,079 | 416,315 | ||
| Cost of sales | 241,563 | 263,026 | ||
| Benefits and losses | 167,035 | 164,079 | ||
| Amortization of deferred policy acquisition costs | 24,238 | 27,924 | ||
| Lease expense | 32,654 | 30,829 | ||
| Depreciation, net of gains on disposals | 663,931 | 486,795 | ||
| Net losses on disposal of real estate | 7,914 | 5,596 | ||
| Total costs and expenses | 4,647,885 | 4,419,111 | ||
| Earnings from operations | 977,789 | 1,445,580 | ||
| Other components of net periodic benefit costs | (1,458) | (1,216) | ||
| Other interest income | 120,021 | - | ||
| Interest expense | (256,175) | (223,958) | ||
| Fees on early extinguishment of debt | - | (1,009) | ||
| Pretax earnings | 840,177 | 1,219,397 | ||
| Income tax expense | (211,470) | (294,925) | ||
| Earnings available to common shareholders | $ | 628,707 | $ | 924,472 |
| Basic and diluted earnings per share of Common Stock | $ | 3.04 | $ | 5.54 |
| Weighted average shares outstanding of Common Stock: Basic and diluted | 19,607,788 | 19,607,788 | ||
| Basic and diluted earnings per share of Non-Voting Common Stock | $ | 3.22 | $ | 4.62 |
| Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted | 176,470,092 | 176,470,092 |
EARNINGS PER SHARE
We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:
| For the Quarter Ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2024 | 2023 | |||
| (Unaudited) | ||||
| (In thousands, except share and per share amounts) | ||||
| Weighted average shares outstanding of Voting Common Stock | 19,607,788 | 19,607,788 | ||
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 196,077,880 | 196,077,880 | ||
| Percent of weighted average shares outstanding of Voting Common Stock | 10% | 10% | ||
| Net earnings (losses) available to common stockholders | $ | (863) | $ | 37,409 |
| Voting Common Stock dividends declared | - | - | ||
| Non-Voting Common Stock dividends declared | (8,823) | (7,058) | ||
| Undistributed earnings (losses) available to common stockholders | $ | (9,686) | $ | 30,351 |
| Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock | $ | (969) | $ | 3,035 |
| Undistributed earnings (losses) per share of Voting Common Stock | $ | (0.05) | $ | 0.15 |
| Dividends declared per share of Voting Common Stock | $ | - | $ | - |
| Basic and diluted earnings (losses) per share of Voting Common Stock | $ | (0.05) | $ | 0.15 |
| Weighted average shares outstanding of Non-Voting Common Stock | 176,470,092 | 176,470,092 | ||
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 196,077,880 | 196,077,880 | ||
| Percent of weighted average shares outstanding of Non-Voting Common Stock | 90% | 90% | ||
| Net earnings (losses) available to common stockholders | $ | (863) | $ | 37,409 |
| Voting Common Stock dividends declared | - | - | ||
| Non-Voting Common Stock dividends declared | (8,823) | (7,058) | ||
| Undistributed earnings (losses) available to common stockholders | $ | (9,686) | $ | 30,351 |
| Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock | $ | (8,717) | $ | 27,316 |
| Undistributed earnings (losses) per share of Non-Voting Common Stock | $ | (0.05) | $ | 0.15 |
| Dividends declared per share of Non-Voting Common Stock | $ | 0.05 | $ | 0.04 |
| Basic and diluted earnings per share of Non-Voting Common Stock | $ | 0.00 | $ | 0.19 |
| For the Years Ended | ||||
| --- | --- | --- | --- | --- |
| March 31, | ||||
| 2024 | 2023 | |||
| (In thousands, except share and per share amounts) | ||||
| Weighted average shares outstanding of Voting Common Stock | 19,607,788 | 19,607,788 | ||
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 196,077,880 | 196,077,880 | ||
| Percent of weighted average shares outstanding of Voting Common Stock | 10% | 10% | ||
| Net earnings available to common stockholders | $ | 628,707 | $ | 924,472 |
| Voting Common Stock dividends declared | - | (19,608) | ||
| Non-Voting Common Stock dividends declared | (31,765) | (14,117) | ||
| Undistributed earnings available to common stockholders | $ | 596,942 | $ | 890,747 |
| Undistributed earnings available to common stockholders allocated to Voting Common Stock | $ | 59,694 | $ | 89,075 |
| Undistributed earnings per share of Voting Common Stock | $ | 3.04 | $ | 4.54 |
| Dividends declared per share of Voting Common Stock | $ | 0.00 | $ | 1.00 |
| Basic and diluted earnings per share of Voting Common Stock | $ | 3.04 | $ | 5.54 |
| Weighted average shares outstanding of Non-Voting Common Stock | 176,470,092 | 176,470,092 | ||
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 196,077,880 | 196,077,880 | ||
| Percent of weighted average shares outstanding of Non-Voting Common Stock | 90% | 90% | ||
| Net earnings available to common stockholders | $ | 628,707 | $ | 924,472 |
| Voting Common Stock dividends declared | - | (19,608) | ||
| Non-Voting Common Stock dividends declared | (31,765) | (14,117) | ||
| Undistributed earnings available to common stockholders | $ | 596,942 | $ | 890,747 |
| Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock | $ | 537,248 | $ | 801,672 |
| Undistributed earnings per share of Non-Voting Common Stock | $ | 3.04 | $ | 4.54 |
| Dividends declared per share of Non-Voting Common Stock | $ | 0.18 | $ | 0.08 |
| Basic and diluted earnings per share of Non-Voting Common Stock | $ | 3.22 | $ | 4.62 |
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of March 31, 2024 and March 31, 2023, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.
| March 31, | March 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||
| March 31, | ROU Assets | Property, Plant and Equipment | Property, Plant and Equipment | |||||
| 2024 | Financing | Adjusted | Adjusted | |||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Property, plant and equipment, at cost | ||||||||
| Land | $ | 1,670,033 | $ | - | $ | 1,670,033 | $ | 1,537,206 |
| Buildings and improvements | 8,237,354 | - | 8,237,354 | 7,088,810 | ||||
| Furniture and equipment | 1,003,770 | 61 | 1,003,831 | 937,928 | ||||
| Rental trailers and other rental equipment | 936,303 | 114,607 | 1,050,910 | 979,990 | ||||
| Rental trucks | 6,338,324 | 607,521 | 6,945,845 | 6,228,178 | ||||
| Right-of-use assets, gross | 18,185,784 | 722,189 | 18,907,973 | 16,772,112 | ||||
| Less: Accumulated depreciation | (5,051,132) | (432,884) | (5,484,016) | (4,947,259) | ||||
| Total property, plant and equipment, net | $ | 13,134,652 | $ | 289,305 | $ | 13,423,957 | $ | 11,824,853 |
| March 31, | ||||||||
| --- | --- | --- | --- | --- | --- | --- | ||
| 2023 | ||||||||
| March 31, | ROU Assets | Property, Plant and Equipment | ||||||
| 2023 | Financing | Adjusted | ||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Property, plant and equipment, at cost | ||||||||
| Land | $ | 1,537,206 | $ | - | $ | 1,537,206 | ||
| Buildings and improvements | 7,088,810 | - | 7,088,810 | |||||
| Furniture and equipment | 928,241 | 9,687 | 937,928 | |||||
| Rental trailers and other rental equipment | 827,696 | 152,294 | 979,990 | |||||
| Rental trucks | 5,278,340 | 949,838 | 6,228,178 | |||||
| Right-of-use assets, gross | 15,660,293 | 1,111,819 | 16,772,112 | |||||
| Less: Accumulated depreciation | (4,310,205) | (637,054) | (4,947,259) | |||||
| Total property, plant and equipment, net | $ | 11,350,088 | $ | 474,765 | $ | 11,824,853 |
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The earnings from operations for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income.
| Moving and Storage EBITDA<br><br>(In thousands, unaudited) | TTM | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||
| Earnings from operations * | $ | 896,140 | $ | 980,169 | $ | 1,132,142 | $ | 1,273,901 | $ | 1,396,122 |
| Depreciation | 817,889 | 793,940 | 768,475 | 749,210 | 733,879 | |||||
| Net gains on disposals | (153,958) | (186,541) | (220,858) | (238,397) | (247,084) | |||||
| Net (gains) losses on disposal of real estate | 7,914 | 5,878 | 4,153 | 4,310 | 5,596 | |||||
| Depreciation, net of (gains) losses on disposals | 671,845 | 613,277 | 551,770 | 515,123 | 492,391 | |||||
| EBITDA | $ | 1,567,985 | $ | 1,593,446 | $ | 1,683,912 | $ | 1,789,024 | $ | 1,888,513 |
| * before insurance subsidiaries |