false00000044570000004457us-gaap:CommonStockMember2024-08-072024-08-070000004457us-gaap:NonvotingCommonStockMember2024-08-072024-08-0700000044572024-08-072024-08-07

 

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): August 07, 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 August 7, 2024, U-Haul Holding Company (the “Company“) issued a press release announcing its financial results for the quarter ended June 30, 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 August 7, 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:

August 7, 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 FIRST QUARTER FISCAL 2025 FINANCIAL RESULTS

RENO, Nev. (August 7, 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 common shareholders for its first quarter ended June 30, 2024, of $195.4 million, compared with net earnings of $256.8 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.00 for the first quarter of fiscal 2025 compared to $1.31 for the same period in fiscal 2024.

“We are making incremental progress serving more moving customers and filling storage rooms,” stated Joe Shoen, chairman of U-Haul Holding Company. “Transactions and revenue per transaction improved for both In-Town and One-way moves this quarter. Storage rooms rented are up. Most of our lines of business are hotly contested. As competitors continue to mimic our customer service, we have to implement more ways to satisfy the customer. This is a race, and the customer is the eventual winner.”

Highlights of First Quarter Fiscal 2025 Results

Self-storage revenues increased $16.8 million, or 8.4% versus the first quarter of fiscal year 2024.
o
Same store occupancy decreased 1.2% to 93.9%, revenue per foot increased 4.7%, and the number of locations qualifying for the pool increased by 59.
o
Total portfolio occupied rooms increased 31,582 or 5.6% compared to June 30, 2023.
o
During the quarter we added 17 new locations with storage and 1.7 million net rentable square feet (nrsf). Eight were acquisitions of existing storage locations totaling 0.4 million nrsf and nine were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 1.3 million nrsf.
o
We have approximately 16.9 million nrsf in development or pending.
Self-moving equipment rental revenues increased $15.1 million, or 1.5% versus first quarter of fiscal year 2024 marking our first year-over-year improvement in eight quarters. Transactions and revenue per transaction improved for both our In-Town and One-Way markets compared to the first quarter of fiscal 2024.
Moving and Storage Other Revenue increased $9.0 million or 7.3% versus the first quarter of fiscal 2024 due to growth of our U-Box product offering.
Moving and Storage earnings from operations, adjusted to remove interest income, decreased $64.3 million compared to the first quarter of fiscal 2024.
Reduced gains from the disposal of retired rental equipment accounted for $47.9 million of the decrease while fleet depreciation increased $22.3 million and real estate related depreciation increased $6.8 million.
Fleet maintenance and repair costs declined $20.8 million.
Moving and Storage earnings before interest, taxes and depreciation (EBITDA), adjusted to remove interest income, increased $16.5 million compared to the first quarter of fiscal 2024.

Cash and credit availability at the Moving and Storage segment was $1,566.8 million as of June 30, 2024 compared with $1,886.3 million at March 31, 2024.
On June 5, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on June 17, 2024. The dividend was paid on June 28, 2024.
We are holding our 18th Annual Virtual Analyst and Investor meeting on Thursday, August 15, 2024 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast at investors.uhaul.com. A brief presentation by the Company will be followed by a question-and-answer session.
Supplemental financial information as of June 30, 2024 is available at investors.uhaul.com under “Investor Kit”.

U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2025 on Thursday, August 8, 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.

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 192,000 trucks, 138,700 trailers and 39,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,024,000 rentable storage units and 88.5 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-Q for the quarter ended June 30, 2024, which is on file with the SEC.

###

 


Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2025 and 2024.

 

 

Quarter Ended June 30,

 

 

2024

 

2023

 

 

(Unaudited)

 

 

(In thousands)

 Self-moving equipment rental revenues

$

$1,014,332

$

999,206

 Self-storage revenues

 

215,737

 

198,961

 Self-moving and self-storage product and service sales

 

96,591

 

100,872

 Property management fees

 

9,495

 

9,177

 Life insurance premiums

 

20,740

 

23,131

 Property and casualty insurance premiums

 

21,229

 

20,322

 Net investment and interest income

 

37,125

 

64,592

 Other revenue

 

133,241

 

124,047

 Consolidated revenue

$

$1,548,490

$

1,540,308

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2025 and 2024.

 

 

Quarter Ended June 30,

 

 

2024

 

2023

 

 

(Unaudited)

 

 

(In thousands)

 Moving and storage

 

 

 

 

 Revenues

$

$1,469,161

$

1,459,513

 Earnings from operations before equity in earnings of subsidiaries

 

295,058

 

386,691

 Property and casualty insurance

 

 

 

 

 Revenues

 

28,178

 

27,839

 Earnings from operations

 

11,483

 

11,982

 Life insurance

 

 

 

 

 Revenues

 

53,749

 

55,681

 Earnings (losses) from operations

 

(47)

 

1,356

 Eliminations

 

 

 

 

 Revenues

 

(2,598)

 

(2,725)

 Earnings from operations before equity in earnings of subsidiaries

 

(252)

 

(371)

 Consolidated Results

 

 

 

 

 Revenues

 

1,548,490

 

1,540,308

 Earnings from operations

 

306,242

 

399,658


 

 


Debt Metrics

Debt Metrics

 

 

 

 

 

 

 

 

 

 

(in thousands)(unaudited)

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

 

2024

 

2024

 

2023

 

2023

 

2023

Real estate secured debt

 

$2,497,239

 

$2,562,620

 

$2,716,180

 

$2,771,027

 

$2,744,416

Unsecured debt

 

1,200,000

 

1,200,000

 

1,200,000

 

1,200,000

 

1,200,000

Fleet secured debt

 

2,544,235

 

2,470,603

 

2,482,356

 

2,392,021

 

2,305,116

Other secured debt

 

70,202

 

70,815

 

72,869

 

73,752

 

74,250

  Total debt

 

6,311,676

 

6,304,038

 

6,471,405

 

6,436,800

 

6,323,782

 

 

 

 

 

 

 

 

 

 

 

Moving and Storage cash

 

$1,071,779

 

$1,380,165

 

$1,736,295

 

$2,068,790

 

$2,302,380

Moving and Storage assets

 

16,447,193

 

16,149,748

 

16,193,912

 

16,156,182

 

15,742,770

Moving and Storage EBITDA (TTM)**

1,584,461

 

1,567,985

 

1,593,446

 

1,683,912

 

1,789,024

 

 

 

 

 

 

 

 

 

 

 

Net debt to EBITDA

 

3.3

 

3.1

 

3.0

 

2.6

 

2.2

Net debt to total assets

 

31.9%

 

30.5%

 

29.2%

 

27.0%

 

25.5%

 

 

 

 

 

 

 

 

 

 

 

Percent of debt floating

 

7.7%

 

7.2%

 

6.9%

 

6.3%

 

7.7%

Percent of debt fixed

 

92.3%

 

92.8%

 

93.1%

 

93.7%

 

92.3%

Percent of debt unsecured

 

19.0%

 

19.0%

 

18.5%

 

18.6%

 

19.0%

 

 

 

 

 

 

 

 

 

 

 

Unencumbered asset ratio*

 

4.72x

 

4.43x

 

4.00x

 

3.74x

 

3.55x

 

 

 

 

 

 

 

 

 

 

 

* 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 are as follows:

Quarter Ended June 30,

2024

2023

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

$

157,528

$

135,192

Depreciation expense - non rental equipment

23,961

22,302

Depreciation expense - real estate

42,824

35,981

Total depreciation expense

$

224,313

$

193,475

Gains on disposals of rental equipment

(7,948)

(55,807)

Losses on disposals of non-rental equipment

180

146

Total gains on disposals equipment

$

(7,768)

$

(55,661)

Depreciation, net of gains on disposals

$

216,545

$

137,814

Losses on disposals of real estate

$

3,104

$

1,021


 


The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

 

 

Quarter Ended June 30,

 

 

2024

 

2023

(Unaudited)

 

 

(In thousands, except occupancy rate)

Unit count as of June 30

 

748

 

683

Square footage as of June 30

 

63,586

 

57,530

Average monthly number of units occupied

 

594

 

563

Average monthly occupancy rate based on unit count

 

80.0%

 

82.8%

End of June occupancy rate based on unit count

81.0%

83.9%

Average monthly square footage occupied

 

51,717

 

48,627


 

 


Self-Storage Portfolio Summary

 

 

 

 

 

 

As of June 30, 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

 

94

 

38,312

 

4,464,055

 

$14.68

 

77.1%

California

 

88

 

33,736

 

3,167,630

 

$21.03

 

81.9%

Florida

 

85

 

33,797

 

3,734,856

 

$18.33

 

76.0%

Illinois

 

81

 

37,664

 

3,697,392

 

$15.66

 

84.7%

Pennsylvania

 

69

 

28,798

 

2,856,385

 

$17.47

 

77.2%

New York

 

66

 

27,974

 

2,610,967

 

$23.12

 

78.5%

Ohio

 

58

 

24,937

 

2,538,932

 

$14.86

 

81.6%

Michigan

 

57

 

20,317

 

2,080,132

 

$15.58

 

84.5%

Georgia

 

49

 

22,415

 

2,402,474

 

$16.24

 

85.6%

Arizona

 

43

 

25,181

 

2,736,396

 

$15.40

 

81.8%

Wisconsin

 

43

 

17,296

 

1,961,885

 

$13.30

 

77.8%

Washington

 

37

 

13,689

 

1,496,099

 

$16.77

 

74.3%

North Carolina

 

37

 

16,851

 

1,837,893

 

$15.25

 

76.4%

Tennessee

 

36

 

15,228

 

1,520,055

 

$14.76

 

87.6%

Missouri

 

35

 

13,042

 

1,590,061

 

$14.56

 

73.5%

New Jersey

 

34

 

16,114

 

1,516,125

 

$20.73

 

81.5%

Indiana

 

33

 

11,006

 

1,173,055

 

$13.75

 

81.2%

Ontario

 

32

 

11,439

 

1,209,530

 

$23.14

 

72.4%

Massachusetts

 

31

 

11,269

 

995,742

 

$20.45

 

85.8%

Alabama

 

27

 

7,337

 

843,169

 

$13.92

 

77.9%

 

 

 

 

 

 

 

 

 

 

 

Top 20 Totals

 

1,035

 

426,402

 

44,432,835

 

$16.91

 

79.9%

 

 

 

 

 

 

 

 

 

 

 

All Others

 

461

 

179,637

 

19,229,462

 

$16.20

 

80.3%

 

 

 

 

 

 

 

 

 

 

 

1Q 2025 Totals

 

1,496

 

606,039

 

63,662,297

 

$16.70

 

80.0%

 

 

 

 

 

 

 

 

 

 

 

Same Store 1Q25

 

879

 

310,441

 

28,233,523

 

$17.05

 

93.9%

Same Store 1Q24

 

820

 

266,447

 

24,473,487

 

$16.28

 

95.1%

Same Store 1Q23

 

718

 

222,894

 

20,716,950

 

$14.79

 

96.8%

 

 

 

 

 

 

 

 

 

 

 

Non Same Store 1Q25

 

617

 

295,598

 

35,428,773

 

$16.30

 

69.1%

Non Same Store 1Q24

 

616

 

307,371

 

33,132,703

 

$16.03

 

74.4%

Non Same Store 1Q23

 

659

 

308,734

 

31,203,865

 

$15.14

 

77.1%

 

 

 

 

 

 

 

 

 

 

 

Same Store Pool Held Constant for Prior Periods

Same Store 1Q25

879

310,441

28,233,523

$17.05

93.9%

Same Store 1Q24

879

313,525

28,216,246

$16.30

94.9%

Same Store 1Q23

879

312,171

28,196,738

$14.98

94.4%

Non-Same Store 1Q25

617

295,598

35,428,773

$16.30

69.1%

Non-Same Store 1Q24

555

260,952

29,457,657

$15.95

71.7%

Non-Same Store 1Q23

497

220,545

23,825,830

$14.97

73.3%

Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter.

Occupancy % reflects average occupancy during the reporting quarter.

 

Revenue per foot is average revenue per occupied foot over the trailing twelve months ending June 2024.

 

 

 

Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity

change of less than twenty units for any year-over-year period of the reporting month.

The locations have occupancy each month during the last three years and have achieved 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 SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

June 30,

 

March 31,

 

 

2024

 

2024

 

 

(Unaudited)

 

 

 

 

(In thousands)

ASSETS

 

 

 

 

Cash and cash equivalents

$

1,153,161

$

1,534,544

Trade receivables and reinsurance recoverables, net

 

253,638

 

215,908

Inventories and parts

 

157,625

 

150,940

Prepaid expenses

 

248,147

 

246,082

Fixed maturity securities available-for-sale, net, at fair value

 

2,395,890

 

2,442,504

Equity securities, at fair value

74,066

66,274

Investments, other

 

638,423

 

633,936

Deferred policy acquisition costs, net

 

119,806

 

121,224

Other assets

 

123,878

 

111,743

Right of use assets - financing, net

265,744

289,305

Right of use assets - operating, net

53,255

53,712

Related party assets

 

67,254

 

57,934

 

 

5,550,887

 

5,924,106

Property, plant and equipment, at cost:

 

 

 

 

  Land

 

1,727,668

 

1,670,033

  Buildings and improvements

 

8,591,016

 

8,237,354

  Furniture and equipment

 

1,014,086

 

1,003,770

  Rental trailers and other rental equipment

 

960,853

 

936,303

  Rental trucks

 

6,670,443

 

6,338,324

 

 

18,964,066

 

18,185,784

Less: Accumulated depreciation

 

(5,209,526)

 

(5,051,132)

  Total property, plant and equipment, net

 

13,754,540

 

13,134,652

Total assets

$

19,305,427

$

19,058,758

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

  Accounts payable and accrued expenses

$

833,296

$

783,084

  Notes, loans and finance leases payable, net

 

6,280,305

 

6,271,362

  Operating lease liabilities

54,485

55,032

  Policy benefits and losses, claims and loss expenses payable

 

841,861

 

849,113

  Liabilities from investment contracts

 

2,406,464

 

2,411,352

  Other policyholders' funds and liabilities

 

5,832

 

18,070

  Deferred income

 

62,587

 

51,175

  Deferred income taxes, net

 

1,470,156

 

1,447,125

Total liabilities

 

11,954,986

 

11,886,313

 

 

 

 

 

Common stock

 

10,497

 

10,497

Non-voting common stock

176

176

Additional paid-in capital

 

462,548

 

462,548

Accumulated other comprehensive loss

 

(231,813)

 

(223,216)

Retained earnings

 

7,786,683

 

7,600,090

Cost of common stock in treasury, net

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net

 

(151,997)

 

(151,997)

Total stockholders' equity

 

7,350,441

 

7,172,445

Total liabilities and stockholders' equity

$

19,305,427

$

19,058,758

 



 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Quarter Ended June 30,

 

 

2024

2023

 

 

(Unaudited)

 

 

(In thousands, except share and per share data)

Revenues:

 

 

 

 

Self-moving equipment rental revenues

$

1,014,332

$

999,206

Self-storage revenues

 

215,737

 

198,961

Self-moving and self-storage products and service sales

 

96,591

 

100,872

Property management fees

 

9,495

 

9,177

Life insurance premiums

 

20,740

 

23,131

Property and casualty insurance premiums

 

21,229

 

20,322

Net investment and interest income

 

37,125

 

64,592

Other revenue

 

133,241

 

124,047

     Total revenues

 

1,548,490

 

1,540,308

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

789,757

 

763,241

Commission expenses

 

112,571

 

106,927

Cost of sales

 

66,014

 

70,675

Benefits and losses

 

44,006

 

45,344

Amortization of deferred policy acquisition costs

 

4,646

 

8,045

Lease expense

 

5,605

 

7,583

Depreciation, net of gains on disposals

 

216,545

 

137,814

Net losses on disposal of real estate

 

3,104

 

1,021

     Total costs and expenses

 

1,242,248

 

1,140,650

 

 

 

 

 

Earnings from operations

 

306,242

 

399,658

Other components of net periodic benefit costs

 

(372)

 

(365)

Other interest income

18,235

-

Interest expense

 

(67,218)

 

(60,598)

Fees on early extinguishment of debt and costs of defeasance

(495)

-

Pretax earnings

 

256,392

 

338,695

Income tax expense

 

(60,975)

 

(81,857)

Earnings available to common stockholders

$

195,417

$

256,838

Basic and diluted earnings per share of Common Stock

$

0.95

$

1.27

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

$

1.00

$

1.31

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 ended June 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

For the Quarter Ended

June 30,

2024

2023

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

10%

10%

Net earnings available to common stockholders

$

195,417

$

256,838

Voting Common Stock dividends declared

Non-Voting Common Stock dividends declared

(8,824)

(7,059)

Undistributed earnings available to common stockholders

$

186,593

$

249,779

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

18,659

$

24,978

Undistributed earnings per share of Voting Common Stock

$

0.95

$

1.27

Dividends declared per share of Voting Common Stock

$

$

Basic and diluted earnings per share of Voting Common Stock

$

0.95

$

1.27

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

$

195,417

$

256,838

Voting Common Stock dividends declared

Non-Voting Common Stock dividends declared

(8,824)

(7,059)

Undistributed earnings available to common stockholders

$

186,593

$

249,779

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

167,934

$

224,801

Undistributed earnings per share of Non-Voting Common Stock

$

0.95

$

1.27

Dividends declared per share of Non-Voting Common Stock

$

0.05

$

0.04

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.00

$

1.31


 


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 June 30, 2024 and March 31, 2024, 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.

 

 

 

 

 

 

June 30,

 

March 31,

 

 

 

 

 

 

2024

 

2024

 

 

June 30,

 

ROU Assets

 

Property, Plant and Equipment

 

Property, Plant and Equipment

 

 

2024

 

Financing

 

Adjusted

 

Adjusted

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost

 

 

 

 

 

 

 

 

Land

$

1,727,668

$

-

$

1,727,668

$

1,670,033

Buildings and improvements

 

8,591,016

 

-

 

8,591,016

 

8,237,354

Furniture and equipment

 

1,014,086

 

61

 

1,014,147

 

1,003,831

Rental trailers and other rental equipment

 

960,853

 

104,092

 

1,064,945

 

1,050,910

Rental trucks

 

6,670,443

 

585,415

 

7,255,858

 

6,945,845

Subtotal

 

18,964,066

 

689,568

 

19,653,634

 

18,907,973

Less: Accumulated depreciation

 

(5,209,526)

 

(423,824)

 

(5,633,350)

 

(5,484,016)

Total property, plant and equipment, net

$

13,754,540

$

265,744

$

14,020,284

$

13,423,957

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

2024

 

 

March 31,

 

ROU Assets

 

Property, Plant and Equipment

 

 

2024

 

Financing

 

Adjusted

 

 

 

 

 

(In thousands)

Property, plant and equipment, at cost

 

 

 

 

 

 

Land

$

1,670,033

$

-

$

1,670,033

Buildings and improvements

 

8,237,354

 

-

 

8,237,354

Furniture and equipment

 

1,003,770

 

61

 

1,003,831

Rental trailers and other rental equipment

 

936,303

 

114,607

 

1,050,910

Rental trucks

 

6,338,324

 

607,521

 

6,945,845

Subtotal

 

18,185,784

 

722,189

 

18,907,973

Less: Accumulated depreciation

 

(5,051,132)

 

(432,884)

 

(5,484,016)

Total property, plant and equipment, net

$

13,134,652

$

289,305

$

13,423,957


 

 


Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The earnings from operations for December 31, 2023, 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

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

 

2024

 

2024

 

2023

 

2023

 

2023

Earnings from operations *

$

831,802

$

896,140

$

980,169

$

1,132,142

$

1,273,901

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

848,727

 

817,889

 

793,940

 

768,475

 

749,210

Net gains on disposals

 

(106,065)

 

(153,958)

 

(186,541)

 

(220,858)

 

(238,397)

Net losses on disposal of real estate

 

9,997

 

7,914

 

5,878

 

4,153

 

4,310

Depreciation, net of (gains) losses on disposals

 

752,659

 

671,845

 

613,277

 

551,770

 

515,123

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

1,584,461

$

1,567,985

$

1,593,446

$

1,683,912

$

1,789,024

 

 

 

 

 

 

 

 

 

 

 

* before insurance subsidiaries

 

 

 

 

 

 

 

 

 

 

###