Contact:

Sebastien Reyes

Director of Investor Relations

U-Haul Holding Company

(602) 263-6601

Sebastien_Reyes@uhaul.com

U-HAUL HOLDING COMPANY REPORTS FISCAL 2023 FINANCIAL RESULTS

RENO, Nev. (May 30, 2023)--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, 2023, of $923.0 million, compared with $1,123.3 million for the same period last year.

For the quarter ended March 31, 2023, the Company reported net earnings available to shareholders of $37.7 million compared with net earnings of $86.7 million, for the same period last year.

“Overall moving activity has returned to more historic trends. Self-storage is not as hot as 24 months ago, but we are still building and filling new units,” stated Joe Shoen, chairman of U-Haul Holding Company. “We continue to work on our competitive position, shoring up weak spots and improving our service to the customer.”

Highlights of Fiscal Year and Fourth Quarter 2023 Results

• Self-moving equipment rental revenues decreased $42.5 million, or 6%, in the fourth quarter of fiscal 2023 compared with the fourth quarter of fiscal 2022, and finished the full year down $80.9 million, or 2%, compared with fiscal 2022.  For the quarter and full year 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 retail locations, independent dealers, trucks and trailers.
• Self-storage revenues increased $28.4 million, or 17%, in the fourth quarter of fiscal 2023 compared with the fourth quarter of fiscal 2022, and for the full year increased $127.4 million, or 21%, compared with fiscal 2022.  The average number of occupied units increased by 11%, or 51,600 units, during the fourth quarter of fiscal 2023 compared with the same period last year.  Occupancy for all locations decreased 1.4% to 81.2% 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 1.5% to 94.2%.  In fiscal 2023, we added approximately 6.0 million net rentable square feet, or a 12% increase.    
• For the quarter, depreciation on the rental equipment fleet increased $7.9 million while all other depreciation increased $4.0 million from buildings and improvements.  Net gains from the sales of rental equipment decreased $8.3 million.  For the full fiscal year depreciation on the rental fleet increased $16.3 million while all other depreciation increased $20.6 million largely from buildings and improvements. Net gains from the sale of rental equipment increased $32.9 million. Net losses from the disposal or retirement of land and buildings increased $1.7 million for the quarter and $9.7 million for the fiscal year.
• Fleet maintenance and repair costs increased $32.4 million in the fourth quarter of fiscal 2023 compared with the same period last year and $132.9 million for the full year of fiscal 2022.  The increases are primarily due to additional preventative maintenance resulting from higher

• Cash and credit availability at the Moving and Storage operating segment was $2,499.2 million and $2,723.2 million as of March 31, 2023 and 2022, respectively. 

U-Haul Holding Company will hold its investor call for fiscal 2023 on Wednesday, May 31, 2023, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

On May 30, 2023, the Company filed Form 12b-25 extending the filing date for our 10-K.  We expect to complete the 10-K filing with the SEC by this Friday. 

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 949,000 rentable storage units and 81.2 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, 2023, which is on file with the SEC.

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2023 and 2022.

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):

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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, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

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 March 31, 2023, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during fiscal 2023. The tables below show adjusted PPE as of March 31, 2023 and March 31, 2022, 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.