false00000044570000004457us-gaap:NonvotingCommonStockMember2024-05-292024-05-290000004457us-gaap:CommonStockMember2024-05-292024-05-2900000044572024-05-292024-05-29

 

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