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 30.
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529990235/en/
Sebastien Reyes Director of Investor Relations
U-Haul Holding Company (602) 263-6601
Sebastien_Reyes@uhaul.com
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