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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________________ to __________________

Commission File Number 001-11255

 

 

 

State or other jurisdiction of incorporation or organization

Registrant, State of Incorporation,

Address and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

 

AMERCOlogo

 

 

 

 

Nevada

AMERCO

88-0106815

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane Suite 100

 

 

Reno , Nevada 89511

 

 

Telephone ( 775 ) 688-6300

 

 

 

 

 

N/A

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock , $0.25 par value

UHAL

NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule   405 of Regulation   S-T (§232.405 of this chapter) during the preceding 12   months (or for such shorter period that the registrant was required to submit such files).   Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

Large Accelerated Filer    Accelerated filer  

Non-accelerated filer   Smaller reporting company

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 .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at November 4, 2022.

 


 

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Condensed Consolidated Balance Sheets as of September 30, 2022 (unaudited) and March 31, 2022

 

1

 

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended September 30, 2022 and 2021 (unaudited)

 

2

 

 

c) Condensed Consolidated Statements of Operations for the Six Months Ended September 30, 2022 and 2021 (unaudited)

 

3

 

 

d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2022 and 2021 (unaudited)

 

4

 

 

e) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2022 and 2021 (unaudited)

 

5

 

 

f) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended September 30, 2022 and 2021 (unaudited)

 

6

 

 

g) Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2022 and 2021 (unaudited)

 

7

 

 

h) Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

Item 2

 

.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

45

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4.

Controls and Procedures

61

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3.

Defaults Upon Senior Securities

63

Item 4.

Mine Safety Disclosures

63

Item 5.

Other Information

63

Item 6.

Exhibits

63

 


 

Part i Financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

 

 

September 30,

 

March 31,

 

 

2022

 

2022

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

3,065,115

$

2,704,137

Reinsurance recoverables and trade receivables, net

 

203,202

 

229,343

Inventories and parts, net

 

166,136

 

158,888

Prepaid expenses

 

236,035

 

236,915

Investments, fixed maturities and marketable equities

 

2,615,758

 

2,893,399

Investments, other

 

548,198

 

543,755

Deferred policy acquisition costs, net

 

146,778

 

103,828

Other assets

 

47,900

 

60,409

Right of use assets - financing, net

 

529,000

 

620,824

Right of use assets - operating, net

 

68,208

 

74,382

Related party assets

 

48,337

 

47,851

 

 

7,674,667

 

7,673,731

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,427,781

 

1,283,142

Buildings and improvements

 

6,390,317

 

5,974,639

Furniture and equipment

 

876,515

 

846,132

Rental trailers and other rental equipment

 

727,953

 

615,679

Rental trucks

 

5,087,235

 

4,638,814

 

 

14,509,801

 

13,358,406

Less: Accumulated depreciation

 

(4,041,125)

 

(3,732,556)

Total property, plant and equipment, net

 

10,468,676

 

9,625,850

Total assets

$

18,143,343

$

17,299,581

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

706,402

$

677,785

Notes, loans and finance leases payable, net

 

6,298,831

 

6,022,497

Operating lease liabilities

 

67,858

 

74,197

Policy benefits and losses, claims and loss expenses payable

 

990,233

 

978,254

Liabilities from investment contracts

 

2,390,028

 

2,336,238

Other policyholders' funds and liabilities

 

12,126

 

10,812

Deferred income

 

56,871

 

49,157

Deferred income taxes, net

 

1,307,807

 

1,265,358

Total liabilities

 

11,830,156

 

11,414,298

 

 

 

 

 

Commitments and contingencies (notes 3, 7, 8 and 9)

 

 

 

 

Stockholders' equity:

 

 

 

 

Series preferred stock, with or without par value, 50,000,000 shares authorized:

 

 

 

 

Series A preferred stock, with no par value, 6,100,000 shares authorized;

 

 

 

 

6,100,000 shares issued and none outstanding as of September 30 and March 31, 2022

 

 

Series B preferred stock, with no par value, 100,000 shares authorized; none

 

 

 

 

issued and outstanding as of September 30 and March 31, 2022

 

 

Serial common stock, with or without par value, 250,000,000 shares authorized:

 

 

 

 

Serial common stock of $0.25 par value, 10,000,000 shares authorized;

 

 

 

 

none issued and outstanding as of September 30 and March 31, 2021

 

 

Common stock, with $0.25 par value, 250,000,000 shares authorized:

 

 

 

 

Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700

 

 

 

 

issued and 19,607,788 outstanding as of September 30 and March 31, 2022

 

10,497

 

10,497

Additional paid-in capital

 

453,819

 

453,819

Accumulated other comprehensive income (loss)

 

(192,121)

 

46,384

Retained earnings

 

6,718,642

 

6,052,233

Cost of common stock in treasury, net (22,377,912 shares as of September 30 and March 31, 2022)

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net (6,100,000 shares as of September 30 and March 31, 2022)

 

(151,997)

 

(151,997)

Total stockholders' equity

 

6,313,187

 

5,885,283

Total liabilities and stockholders' equity

$

18,143,343

$

17,299,581

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1


 


AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Quarter Ended September 30,

 

 

2022

 

2021

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

1,162,025

$

1,179,061

Self-storage revenues

 

185,586

 

153,485

Self-moving and self-storage products and service sales

 

96,864

 

92,191

Property management fees

 

9,277

 

8,747

Life insurance premiums

 

25,456

 

28,913

Property and casualty insurance premiums

 

25,718

 

22,499

Net investment and interest income

 

30,509

 

36,780

Other revenue

 

167,429

 

142,578

Total revenues

 

1,702,864

 

1,664,254

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

811,594

 

696,074

Commission expenses

 

125,341

 

127,896

Cost of sales

 

72,625

 

66,491

Benefits and losses

 

37,363

 

44,630

Amortization of deferred policy acquisition costs

 

6,972

 

6,750

Lease expense

 

7,684

 

7,441

Depreciation, net of gains on disposal of $64,342 and $36,075, respectively

 

117,318

 

135,748

Net losses on disposal of real estate

 

1,872

 

523

Total costs and expenses

 

1,180,769

 

1,085,553

 

 

 

 

 

Earnings from operations

 

522,095

 

578,701

Other components of net periodic benefit costs

 

(304)

 

(280)

Interest expense

 

(57,193)

 

(39,545)

Fees on early extinguishment of debt

 

(959)

 

Pretax earnings

 

463,639

 

538,876

Income tax expense

 

(111,624)

 

(128,978)

Earnings available to common stockholders

$

352,015

$

409,898

Basic and diluted earnings per common share

$

17.95

$

20.90

Weighted average common shares outstanding: Basic and diluted

 

19,607,788

 

19,607,788

 

Related party revenues for the second quarter of fiscal 2023 and 2022, net of eliminations, were $9.3 million and $8.7 million, respectively.

Related party costs and expenses for the second quarter of fiscal 2023 and 2022, net of eliminations, were $27.0 million and $27.1 million, respectively.

Please see Note 9, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2


 

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Six Months Ended September 30,

 

 

2022

 

2021

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

2,252,800

$

2,214,438

Self-storage revenues

 

358,763

 

290,878

Self-moving and self-storage products and service sales

 

206,215

 

197,076

Property management fees

 

18,416

 

17,196

Life insurance premiums

 

51,237

 

57,618

Property and casualty insurance premiums

 

45,690

 

39,368

Net investment and interest income

 

64,082

 

71,779

Other revenue

 

303,501

 

248,757

Total revenues

 

3,300,704

 

3,137,110

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

1,544,761

 

1,310,603

Commission expenses

 

243,834

 

241,045

Cost of sales

 

152,296

 

136,406

Benefits and losses

 

81,463

 

91,928

Amortization of deferred policy acquisition costs

 

14,644

 

15,573

Lease expense

 

15,159

 

15,088

Depreciation, net of gains on disposal of $128,690 and $86,398 respectively

 

231,114

 

257,465

Net (gains) losses on disposal of real estate

 

4,179

 

(3,907)

Total costs and expenses

 

2,287,450

 

2,064,201

 

 

 

 

 

Earnings from operations

 

1,013,254

 

1,072,909

Other components of net periodic benefit costs

 

(608)

 

(560)

Interest expense

 

(106,992)

 

(78,723)

Fees on early extinguishment of debt

 

(959)

 

Pretax earnings

 

904,695

 

993,626

Income tax expense

 

(218,678)

 

(238,553)

Earnings available to common stockholders

$

686,017

$

755,073

Basic and diluted earnings per common share

$

34.99

$

38.51

Weighted average common shares outstanding: Basic and diluted

 

19,607,788

 

19,607,788

 

Related party revenues for the first six months of fiscal 2023 and 2022, net of eliminations, were $18.4 million and $17.2 million, respectively.

Related party costs and expenses for the first six months of fiscal 2023 and 2022, net of eliminations, were $52.5 million and $50.7 million, respectively.

Please see Note 9, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


 

AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended September 30, 2022

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

463,639

$

(111,624)

$

352,015

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(739)

 

 

(739)

Unrealized net loss on investments

 

(137,836)

 

29,392

 

(108,444)

Change in fair value of cash flow hedges

 

8,336

 

(2,047)

 

6,289

Amounts reclassified into earnings on hedging activities

 

24

 

(5)

 

19

Total other comprehensive income (loss)

 

(130,215)

 

27,340

 

(102,875)

 

 

 

 

 

 

 

Total comprehensive income

$

333,424

$

(84,284)

$

249,140

 

 

 

 

 

 

 

Quarter Ended September 30, 2021

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

538,876

$

(128,978)

$

409,898

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

992

 

 

992

Unrealized net gain on investments

 

52,525

 

(11,143)

 

41,382

Change in fair value of cash flow hedges

 

(74)

 

18

 

(56)

Amounts reclassified into earnings on hedging activities

 

1,003

 

(246)

 

757

Total other comprehensive income (loss)

 

54,446

 

(11,371)

 

43,075

 

 

 

 

 

 

 

Total comprehensive income

$

593,322

$

(140,349)

$

452,973

 

Six Months Ended September 30, 2022

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

904,695

$

(218,678)

$

686,017

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(542)

 

 

(542)

Unrealized net loss on investments

 

(310,882)

 

66,056

 

(244,826)

Change in fair value of cash flow hedges

 

8,506

 

(2,089)

 

6,417

Amounts reclassified into earnings on hedging activities

 

590

 

(144)

 

446

Total other comprehensive income (loss)

 

(302,328)

 

63,823

 

(238,505)

 

 

 

 

 

 

 

Total comprehensive income

$

602,367

$

(154,855)

$

447,512

 

 

 

 

 

 

 

Six Months Ended September 30, 2021

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

993,626

$

(238,553)

$

755,073

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,400)

 

 

(2,400)

Unrealized net loss on investments

 

(39,926)

 

8,281

 

(31,645)

Change in fair value of cash flow hedges

 

(142)

 

35

 

(107)

Amounts reclassified into earnings on hedging activities

 

1,990

 

(488)

 

1,502

Total other comprehensive income (loss)

 

(40,478)

 

7,828

 

(32,650)

 

 

 

 

 

 

 

Total comprehensive income

$

953,148

$

(230,725)

$

722,423

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

 

 

 

Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands)

Balance as of June 30, 2022

$

10,497

$

453,819

$

(89,246)

$

6,376,431

$

(525,653)

$

(151,997)

$

6,073,851

Foreign currency translation

 

 

 

(739)

 

 

 

 

(739)

Unrealized net loss on investments, net of tax

 

 

 

(108,444)

 

 

 

 

(108,444)

Change in fair value of cash flow hedges, net of tax

 

 

 

6,289

 

 

 

 

6,289

Amounts reclassified into earnings on hedging activities

 

 

 

19

 

 

 

 

19

Net earnings

 

 

 

 

352,015

 

 

 

352,015

Common stock dividends: ($0.50 per share)

 

 

 

 

(9,804)

 

 

 

(9,804)

Net activity

 

 

 

(102,875)

 

342,211

 

 

 

239,336

Balance as of September 30, 2022

$

10,497

$

453,819

$

(192,121)

$

6,718,642

$

(525,653)

 

(151,997)

$

6,313,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2021

$

10,497

$

453,819

$

31,132

$

5,293,730

$

(525,653)

$

(151,997)

$

5,111,528

Foreign currency translation

 

 

 

992

 

 

 

 

992

Unrealized net gain on investments, net of tax

 

 

 

41,382

 

 

 

 

41,382

Change in fair value of cash flow hedges, net of tax

 

 

 

(56)

 

 

 

 

(56)

Amounts reclassified into earnings on hedging activities

 

 

 

757

 

 

 

 

757

Net earnings

 

 

 

 

409,898

 

 

 

409,898

Common stock dividends: ($0.50 per share)

 

 

 

 

(9,804)

 

 

 

(9,804)

Net activity

 

 

 

43,075

 

400,094

 

 

 

443,169

Balance as of September 30, 2021

$

10,497

$

453,819

$

74,207

$

5,693,824

$

(525,653)

$

(151,997)

$

5,554,697

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

 

 

5


 

 

 

 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

 

 

 

Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands)

Balance as of March 31, 2022

$

10,497

$

453,819

$

46,384

$

6,052,233

$

(525,653)

$

(151,997)

$

5,885,283

Foreign currency translation

 

 

 

(542)

 

 

 

 

(542)

Unrealized net loss on investments, net of tax

 

 

 

(244,826)

 

 

 

 

(244,826)

Change in fair value of cash flow hedges, net of tax

 

 

 

6,417

 

 

 

 

6,417

Amounts reclassified into earnings on hedging activities

 

 

 

446

 

 

 

 

446

Net earnings

 

 

 

 

686,017

 

 

 

686,017

Common stock dividends: ($1.00 per share)

 

 

 

 

(19,608)

 

 

 

(19,608)

Net activity

 

 

 

(238,505)

 

666,409

 

 

 

427,904

Balance as of September 30, 2022

$

10,497

$

453,819

$

(192,121)

$

6,718,642

$

(525,653)

 

(151,997)

$

6,313,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2021

$

10,497

$

453,819

$

106,857

$

4,958,359

$

(525,653)

$

(151,997)

$

4,851,882

Foreign currency translation

 

 

 

(2,400)

 

 

 

 

(2,400)

Unrealized net loss on investments, net of tax

 

 

 

(31,645)

 

 

 

 

(31,645)

Change in fair value of cash flow hedges, net of tax

 

 

 

(107)

 

 

 

 

(107)

Amounts reclassified into earnings on hedging activities

 

 

 

1,502

 

 

 

 

1,502

Net earnings

 

 

 

 

755,073

 

 

 

755,073

Common stock dividends: ($1.00 per share)

 

 

 

 

(19,608)

 

 

 

(19,608)

Net activity

 

 

 

(32,650)

 

735,465

 

 

 

702,815

Balance as of September 30, 2021

$

10,497

$

453,819

$

74,207

$

5,693,824

$

(525,653)

$

(151,997)

$

5,554,697

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6


 

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

 

 

Six Months Ended September 30,

 

 

2022

 

2021

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

Net earnings

$  

686,017

$  

755,073

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

Depreciation

 

359,804

 

343,863

Amortization of deferred policy acquisition costs

 

14,644

 

15,573

Amortization of premiums and accretion of discounts related to investments, net

 

10,249

 

9,151

Amortization of debt issuance costs

 

3,356

 

2,791

Interest credited to policyholders

 

24,690

 

31,894

Provision for allowance for losses on trade receivables

 

(5,494)

 

222

Provision for allowance for inventories and parts reserves

 

7,125

 

8,352

Net gains on disposal of personal property

 

(128,690)

 

(86,398)

Net (gains) losses on disposal of real estate

 

4,179

 

(3,907)

Net (gains) losses on sales of investments

 

7,207

 

(3,432)

Net (gains) losses on equity investments

 

7,963

 

(4,342)

Deferred income taxes, net

 

103,828

 

138,916

Net change in other operating assets and liabilities:

 

 

 

 

Reinsurance recoverables and trade receivables

 

32,342

 

(3,771)

Inventories and parts

 

(14,416)

 

(45,718)

Prepaid expenses

 

3

 

266,780

Capitalization of deferred policy acquisition costs

 

(14,900)

 

(17,807)

Other assets

 

2,432

 

(1,327)

Related party assets

 

(1,640)

 

(2,724)

Accounts payable and accrued expenses

 

64,297

 

91,548

Policy benefits and losses, claims and loss expenses payable

 

13,654

 

18,968

Other policyholders' funds and liabilities

 

1,314

 

(1,477)

Deferred income

 

9,458

 

7,592

Related party liabilities

 

742

 

(700)

Net cash provided by operating activities

 

1,188,164

 

1,519,120

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Escrow deposits

 

9,688

 

(2,341)

Purchases of:

 

 

 

 

Property, plant and equipment

 

(1,335,528)

 

(1,039,688)

Short term investments

 

(36,173)

 

(21,669)

Fixed maturities investments

 

(202,265)

 

(415,640)

Equity securities

 

(4,356)

 

(36)

Preferred stock

 

 

(8,000)

Real estate

 

(4,931)

 

(124)

Mortgage loans

 

(75,635)

 

(106,963)

Proceeds from sales and paydowns of:

 

 

 

 

Property, plant and equipment

 

329,611

 

306,946

Short term investments

 

33,373

 

16,673

Fixed maturities investments

 

106,527

 

230,043

Equity securities

 

717

 

1,894

Mortgage loans

 

74,165

 

26,612

Net cash used by investing activities

 

(1,104,807)

 

(1,012,293)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Borrowings from credit facilities

 

792,654

 

987,048

Principal repayments on credit facilities

 

(441,019)

 

(227,072)

Payment of debt issuance costs

 

(3,942)

 

(2,092)

Finance lease payments

 

(65,831)

 

(87,500)

Securitization deposits

 

49

 

Common stock dividends paid

 

(19,608)

 

(19,608)

Investment contract deposits

 

169,017

 

199,426

Investment contract withdrawals

 

(139,917)

 

(116,021)

Net cash provided by financing activities

 

291,403

 

734,181

 

 

 

 

 

Effects of exchange rate on cash

 

(13,782)

 

(4,787)

 

 

 

 

 

Increase in cash and cash equivalents

 

360,978

 

1,236,221

Cash and cash equivalents at the beginning of period

 

2,704,137

 

1,194,012

Cash and cash equivalents at the end of period

$  

3,065,115

$  

2,430,233

The accompanying notes are an integral part of these condensed consolidated financial statements

 

7


1.Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO” or the “Company”), has a second fiscal quarter that ends on the 30 th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30 th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2022 and 2021 correspond to fiscal 2023 and 2022 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The condensed consolidated balance sheet as of September 30, 2022 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the second quarter and first six months of fiscal 2023 and 2022 and cash flows for the first six months of fiscal 2023 and 2022 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries.

Description of Operating Segments

AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada.

The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned


amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

  by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

2. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 22.4 million and $ 27.1 million as of September 30, 2022 and March 31, 2022, respectively.

Available-for-Sale Investments

Available-for-sale investments as of September 30, 2022 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Allowance for Expected Credit Losses

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

(In thousands)

U.S. treasury securities and government obligations

$

127,788

$  

735

$  

(2,289)

$  

(4,121)

$  

$

122,113

U.S. government agency mortgage-backed securities

 

36,023

 

102

 

(3,440)

 

(1,897)

 

 

30,788

Obligations of states and political subdivisions

 

165,048

 

1,853

 

(1,759)

 

(5,521)

 

 

159,621

Corporate securities

 

2,054,320

 

5,535

 

(17,759)

 

(134,689)

 

(2,008)

 

1,905,399

Mortgage-backed securities

 

364,654

 

394

 

 

(30,658)

 

 

334,390

 

$

2,747,833

$  

8,619

$  

(25,247)

$  

(176,886)

$  

(2,008)

$

2,552,311

 

Available-for-sale investments as of March 31, 2022 were as follows:

 

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Allowance for Expected Credit Losses

 

Estimated

Market

Value

 

 

 

 

 

(In thousands)

U.S. treasury securities and government obligations

$

128,078

$  

7,984

$  

$  

(969)

$  

$  

135,093

U.S. government agency mortgage-backed securities

 

44,678

 

280

 

(42)

 

(3,111)

 

 

41,805

Obligations of states and political subdivisions

 

178,040

 

15,450

 

 

(508)

 

 

192,982

Corporate securities

 

1,989,212

 

138,909

 

(402)

 

(6,604)

 

(60)

 

2,121,055

Mortgage-backed securities

 

324,029

 

7,671

 

(1)

 

(1,542)

 

 

330,157

 

$

2,664,037

$  

170,294

$  

(445)

$  

(12,734)

$  

(60)

$  

2,821,092

 

We sold available-for-sale securities with a fair value of $105.5 million during the first six months of fiscal 2023 and $352.3 million for the full year of fiscal 2022. The gross realized gains on these sales totaled $0.8 million during the first six months of fiscal 2023 and $9.5 million for the full year of fiscal 2022. The gross realized losses on these sales totaled $0.3 million during the first six months of fiscal 2023 and $1.4 million for the full year of fiscal 2022.

 

9


amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.   For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.   If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.   The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $ 1.9 million net impairment charge recorded in the first six months ended September 30, 2022.

The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:

 

 

 

September 30, 2022

 

March 31, 2022

 

 

Amortized

Cost

 

Estimated

Market

Value

 

Amortized

Cost

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

 

 

(In thousands)

Due in one year or less

$

114,799

$

114,987

$

97,969

$

99,432

Due after one year through five years

 

589,259

 

580,364

 

541,840

 

570,135

Due after five years through ten years

 

754,434

 

709,509

 

704,295

 

765,073

Due after ten years

 

924,687

 

813,061

 

995,904

 

1,056,295

 

 

2,383,179

 

2,217,921

 

2,340,008

 

2,490,935

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

364,654

 

334,390

 

324,029

 

330,157

 

$

2,747,833

$

2,552,311

$

2,664,037

$

2,821,092

As of September 30, 2022 and March 31, 2022, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income.

 

10


amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Equity investments of common stock and non-redeemable preferred stock were as follows:

 

 

September 30, 2022

 

March 31, 2022

 

 

Amortized

Cost

 

Estimated

Market

Value

 

Amortized

Cost

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Common stocks

$

29,680

$

40,526

$

27,674

$

46,212

Non-redeemable preferred stocks

 

26,054

 

22,921

 

26,054

 

26,095

 

$

55,734

$

63,447

$

53,728

$

72,307

Investments, other

The carrying value of the other investments was as follows:

 

 

September 30,

 

March 31,

 

 

2022

 

2022

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

 

 

 

 

Mortgage loans, net

$

424,633

$

423,163

Short-term investments

 

33,540

 

30,916

Real estate

 

72,165

 

67,824

Policy loans

 

10,506

 

10,309

Other equity investments

 

7,354

 

11,543

 

$

548,198

$

543,755

 

3. Borrowings

Long Term Debt

Long term debt was as follows:

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

March 31,

 

2023 Rates

 

 

Maturities

 

2022

 

2022

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

(In thousands)

Real estate loan (amortizing term) (a)

3.06

%

-

4.29

%

 

2027

-

2037

$

294,737

$  

50,259

Senior mortgages

2.70

%

-

5.50

%

 

2024

-

2042

 

2,416,027

 

2,206,268

Real estate loans (revolving credit)

3.76

%

-

4.02

%

 

2024

-

2025

 

150,000

 

535,000

Fleet loans (amortizing term)

1.61

%

-

4.99

%

 

2023

-

2029

 

113,518

 

124,651

Fleet loans (revolving credit)

3.53

%

-

3.95

%

 

2025

-

2027

 

615,000

 

560,000

Finance leases (rental equipment)

2.16

%

-

5.04

%

 

2022

-

2026

 

281,562

 

347,393

Finance liabilities (rental equipment)

1.60

%

-

5.55

%

 

2024

-

2030

 

1,186,855

 

949,936

Private placements

2.43

%

-

2.88

%

 

2029

-

2035

 

1,200,000

 

1,200,000

Other obligations

1.50

%

-

8.00

%

 

2022

-

2049

 

78,871

 

86,206

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

6,336,570

 

6,059,713

Less: Debt issuance costs

 

 

 

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