U-Haul Holding Co /NV/ (Form: 8-K, Received: 05/29/2024 17:19:45)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, 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 of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5555 Kietzke Lane 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 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 Chief Financial Officer

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) (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 (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