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 second
quarter ended September 30, 2024, of $186.8 million, compared with
net earnings of $273.5 million for the same period last year.
Earnings per share for Non-Voting Shares (UHAL.B) were $0.96 for
the second quarter of fiscal 2025 compared to $1.40 for the same
period in fiscal 2024.
For the six-month period ended September 30, 2024, net earnings
available to shareholders were $382.2 million compared with net
earnings of $530.3 million for the same period last year. Earnings
per share for Non-Voting Shares (UHAL.B) were $1.96 for the
six-month period of fiscal 2025 compared to $2.71 for the same
period in fiscal 2024.
“We are continuing to fine tune our U-Move efforts. Customers
remain uncertain and conservative,” stated Joe Shoen, Chairman of
U-Haul Holding Company. “U-Box is steadily gaining, U-Store is
growing, but still at a pace slower than we are adding additional
units. We have made some modest gains in repair. We will continue
to focus on serving customers in a superior fashion.”
Highlights of Second Quarter Fiscal 2025 Results
- Self-storage revenues increased $15.6 million, or 7.5% versus
the second quarter of fiscal year 2024.
- Same store occupancy decreased 0.8% to 94.1%, revenue per foot
increased 1.6%, and the number of locations qualifying for the pool
increased by 52.
- Total portfolio occupied rooms increased 31,933 or 5.5%
compared to September 30, 2023.
- During the quarter we added 11 new locations with storage and
0.9 million net rentable square feet (NRSF). One was an acquisition
of an existing storage location totaling 49 thousand NRSF and ten
were internally developed. These newly developed locations along
with expansion projects at existing facilities accounted for the
remaining 0.9 million NRSF.
- We have approximately 16.8 million NRSF in development or
pending.
- Self-moving equipment rental revenues increased $17.9 million,
or 1.7% versus the second quarter of fiscal year 2024 resulting in
our second consecutive quarter of year-over-year improvement.
Transactions were flat compared to the second quarter of last year
while revenue per transaction increased for both our In-Town and
One-way markets.
- Moving and Storage Other revenue increased $6.8 million or 4.3%
versus the second quarter of fiscal 2024 due to growth of our U-Box
product offering.
- Moving and Storage earnings from operations, before
consolidation of the equity in earnings of the insurance
subsidiaries, adjusted to remove interest income, decreased $92.5
million compared to the second quarter of fiscal 2024.
- Reduced gains from the disposal of retired rental equipment
accounted for $29.2 million of the decrease while fleet
depreciation expense increased $36.0 million and real estate
related depreciation expense increased $7.9 million all compared
with the second quarter of fiscal 2024.
- Fleet maintenance and repair costs declined $5.4 million
compared with the second quarter of fiscal 2024.
- Moving and Storage earnings before interest, taxes and
depreciation (EBITDA), adjusted to remove interest income,
decreased $18.1 million compared to the second quarter of fiscal
2024.
- Cash and credit availability at the Moving and Storage segment
was $1,774.5 million as of September 30, 2024 compared with
$1,886.3 million at March 31, 2024.
- On August 15, 2024, we declared a cash dividend on our
Non-Voting Common Stock of $0.05 per share to holders of record on
September 16, 2024. The dividend was paid on September 27,
2024.
Supplemental financial information as of September 30, 2024 is
available at investors.uhaul.com under “Investor Kit.”
U-Haul Holding Company will hold its investor call for the
second quarter of fiscal 2025 on Thursday, November 7, 2024, at 8
a.m. Arizona Time (10 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 193,100 trucks, 138,700 trailers and
40,200 towing devices. U-Haul is the third largest self-storage
operator in North America and offers 1,037,000 rentable storage
units and 89.6 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 September 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 second quarter of fiscal 2025 and 2024.
Quarter Ended September
30,
2024
2023
(Unaudited)
(In thousands)
Self-moving equipment rentals
$
1,087,348
$
1,069,405
Self-storage revenues
224,519
208,890
Self-moving and self-storage product and
service sales
87,763
91,571
Property management fees
9,586
9,267
Life insurance premiums
20,488
22,498
Property and casualty insurance
premiums
25,767
25,571
Net investment and interest income
37,794
64,738
Other revenue
164,843
157,920
Consolidated revenue
$
1,658,108
$
1,649,860
Listed below are the revenues and earnings from operations at
each of our operating segments for the second quarter of fiscal
2025 and 2024.
Quarter Ended September
30,
2024
2023
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
1,573,643
$
1,565,578
Earnings from operations before equity in
earnings of subsidiaries
280,695
401,704
Property and casualty insurance
Revenues
31,461
31,852
Earnings from operations
13,823
15,419
Life insurance
Revenues
56,157
55,522
Earnings from operations
7,690
5,608
Eliminations
Revenues
(3,153)
(3,092)
Earnings from operations before equity in
earnings of subsidiaries
(252)
(376)
Consolidated Results
Revenues
1,658,108
1,649,860
Earnings from operations
301,956
422,355
Debt Metrics
Debt Metrics
(in thousands) (unaudited)
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Real estate secured debt
$
2,471,044
$
2,497,239
$
2,562,620
$
2,716,180
$
2,771,027
Unsecured debt
1,700,000
1,200,000
1,200,000
1,200,000
1,200,000
Fleet secured debt
2,554,194
2,544,235
2,470,603
2,482,356
2,392,021
Other secured debt
69,264
70,202
70,815
72,869
73,752
Total debt
6,794,502
6,311,676
6,304,038
6,471,405
6,436,800
Moving and Storage cash
$
1,279,493
$
1,071,779
$
1,380,165
$
1,736,295
$
2,068,790
Moving and Storage assets
17,164,316
16,447,193
16,149,748
16,193,912
16,156,182
Moving and Storage EBITDA (TTM)
1,566,396
1,584,461
1,567,985
1,593,446
1,683,912
Net debt to EBITDA
3.5
3.3
3.1
3.0
2.6
Net debt to total assets
32.1%
31.9%
30.5%
29.2%
27.0%
Percent of debt floating
5.9%
7.7%
7.2%
6.9%
6.3%
Percent of debt fixed
94.1%
92.3%
92.8%
93.1%
93.7%
Percent of debt unsecured
25.0%
19.0%
19.0%
18.5%
18.6%
Unencumbered asset ratio*
3.78x
4.72x
4.43x
4.00x
3.74x
*
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
The components of depreciation, net of gains on disposals for
the second quarter of fiscal 2025 and 2024 are as follows:
Quarter Ended September
30,
2024
2023
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment
$
176,340
$
140,341
Depreciation expense - non rental
equipment
23,750
23,392
Depreciation expense - real estate
44,735
37,192
Total depreciation expense
$
244,825
$
200,925
Net gains on disposals of rental
equipment
(17,892)
$
(46,928)
Net losses on disposals of non-rental
equipment
337
125
Total net gains on disposals
equipment
$
(17,555)
$
(46,803)
Depreciation, net of gains on
disposals
$
227,270
$
154,122
Net losses on disposals of real
estate
$
2,991
$
1,715
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 September
30,
2024
2023
(Unaudited)
(In thousands, except occupancy
rate)
Unit count as of September 30
758
691
Square footage as of September 30
64,499
58,402
Average monthly number of units
occupied
610
578
Average monthly occupancy rate based on
unit count
80.9%
84.2%
End of September occupancy rate based on
unit count
80.0%
83.5%
Average monthly square footage
occupied
53,108
49,931
Listed below on a consolidated basis are revenues for our major
product lines for the first six months of fiscal 2025 and 2024.
Six Months Ended September
30,
2024
2023
(Unaudited)
(In thousands)
Self-moving equipment rentals
$
2,101,680
$
2,068,611
Self-storage revenues
440,256
407,851
Self-moving and self-storage product and
service sales
184,354
192,443
Property management fees
19,081
18,444
Life insurance premiums
41,228
45,629
Property and casualty insurance
premiums
46,996
45,893
Net investment and interest income
74,919
129,330
Other revenue
298,084
281,967
Consolidated revenue
$
3,206,598
$
3,190,168
Listed below are the revenues and earnings from operations at
each of our operating segments for the first six months of fiscal
2025 and 2024.
Six Months Ended September
30,
2024
2023
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
3,042,804
$
3,025,091
Earnings from operations before equity in
earnings of subsidiaries
575,753
788,395
Property and casualty insurance
Revenues
59,639
59,691
Earnings from operations
25,306
27,401
Life insurance
Revenues
109,906
111,203
Earnings from operations
7,643
6,964
Eliminations
Revenues
(5,751)
(5,817)
Earnings from operations before equity in
earnings of subsidiaries
(504)
(747)
Consolidated Results
Revenues
3,206,598
3,190,168
Earnings from operations
608,198
822,013
The components of depreciation, net of gains on disposals for
the first six months of fiscal 2025 and 2024 are as follows:
Six Months Ended September
30,
2024
2023
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment
$
333,868
$
275,533
Depreciation expense - non rental
equipment
47,711
45,694
Depreciation expense - real estate
87,559
73,173
Total depreciation expense
$
469,138
$
394,400
Net gains on disposals of rental
equipment
$
(25,840)
$
(102,735)
Net losses on disposals of non-rental
equipment
517
271
Total net gains on disposals
equipment
$
(25,323)
$
(102,464)
Depreciation, net of gains on
disposals
$
443,815
$
291,936
Net losses on disposals of real
estate
$
6,095
$
2,736
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:
Six Months Ended September
30,
2024
2023
(Unaudited)
(In thousands, except occupancy
rate)
Unit count as of September 30
758
691
Square footage as of September 30
64,499
58,402
Average monthly number of units
occupied
602
529
Average monthly occupancy rate based on
unit count
80.5%
83.5%
End of September occupancy rate based on
unit count
80.0%
83.5%
Average monthly square footage
occupied
52,412
49,279
Self-Storage Portfolio Summary
As of September 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
95
38,681
4,464,341
$14.70
79.3%
California
88
34,103
3,181,088
$21.12
82.4%
Florida
85
33,813
3,736,937
$18.40
77.6%
Illinois
81
37,392
3,904,707
$15.76
83.9%
Pennsylvania
71
28,216
3,013,510
$17.56
76.1%
New York
66
27,725
2,611,589
$23.18
80.5%
Ohio
60
25,124
2,646,025
$14.93
81.6%
Michigan
57
20,530
2,103,664
$15.58
86.7%
Georgia
51
22,373
2,464,567
$16.26
85.2%
Wisconsin
44
17,109
2,009,358
$13.45
75.3%
Arizona
43
25,431
2,736,698
$15.33
84.2%
North Carolina
37
16,825
1,836,403
$15.27
78.5%
Washington
36
14,019
1,502,356
$16.69
76.8%
Tennessee
36
15,100
1,519,561
$14.84
87.5%
Missouri
35
12,982
1,609,272
$14.42
76.2%
New Jersey
34
16,196
1,512,750
$20.77
83.9%
Ontario
33
11,857
1,211,460
$23.05
76.1%
Indiana
33
10,718
1,174,751
$13.68
82.4%
Massachusetts
31
11,244
997,282
$20.47
87.8%
Alabama
27
7,241
852,224
$13.91
78.7%
Top 20 Totals
1,043
426,679
45,088,542
$16.95
80.9%
All Others
464
180,234
19,486,826
$16.32
81.0%
2Q 2025 Totals
1,507
606,913
64,575,368
$16.76
80.9%
Same Store Pool Held Constant for Prior
Periods
Same Store 2Q25
893
318,885
29,373,505
$17.20
94.1%
Same Store 2Q24
893
322,797
29,340,207
$16.59
94.9%
Same Store 2Q23
893
324,205
29,339,784
$15.42
95.1%
Non-Same Store 2Q25
614
288,028
35,201,862
$16.23
70.0%
Non-Same Store 2Q24
551
255,097
29,206,735
$15.97
73.6%
Non-Same Store 2Q23
494
218,320
24,107,327
$15.20
74.3%
Same Store 2Q25
893
318,885
29,373,505
$17.20
94.1%
Same Store 2Q24
841
280,565
25,949,457
$16.55
95.0%
Same Store 2Q23
753
233,947
21,916,035
$15.18
96.7%
Non Same Store 2Q25
614
288,028
35,201,862
$16.23
70.0%
Non Same Store 2Q24
605
296,627
32,528,552
$16.11
75.9%
Non Same Store 2Q23
636
307,535
31,463,318
$15.48
78.4%
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 September
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
September 30,
March 31,
2024
2024
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
1,435,639
$
1,534,544
Trade receivables and reinsurance
recoverables, net
217,556
215,908
Inventories and parts
157,592
150,940
Prepaid expenses
279,539
246,082
Fixed maturity securities
available-for-sale, net, at fair value
2,437,923
2,442,504
Equity securities, at fair value
63,295
66,274
Investments, other
643,893
633,936
Deferred policy acquisition costs, net
121,329
121,224
Other assets
130,071
111,743
Right of use assets - financing, net
208,804
289,305
Right of use assets - operating, net
51,308
53,712
Related party assets
54,288
57,934
5,801,237
5,924,106
Property, plant and equipment, at
cost:
Land
1,739,422
1,670,033
Buildings and improvements
8,915,534
8,237,354
Furniture and equipment
1,022,945
1,003,770
Rental trailers and other rental
equipment
989,672
936,303
Rental trucks
7,123,968
6,338,324
19,791,541
18,185,784
Less: Accumulated depreciation
(5,466,227)
(5,051,132)
Total property, plant and equipment,
net
14,325,314
13,134,652
Total assets
$
20,126,551
$
19,058,758
LIABILITIES AND STOCKHOLDERS'
EQUITY
Liabilities:
Accounts payable and accrued expenses
$
896,811
$
783,084
Notes, loans and finance leases payable,
net
6,760,781
6,271,362
Operating lease liabilities
52,471
55,032
Policy benefits and losses, claims and
loss expenses payable
833,632
849,113
Liabilities from investment contracts
2,497,031
2,411,352
Other policyholders' funds and
liabilities
8,045
18,070
Deferred income
54,026
51,175
Deferred income taxes, net
1,504,356
1,447,125
Total liabilities
12,607,153
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
(240,831)
(223,216)
Retained earnings
7,964,658
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
7,519,398
7,172,445
Total liabilities and stockholders'
equity
$
20,126,551
$
19,058,758
U-HAUL HOLDING COMPANY AND
CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Quarter Ended September
30,
2024
2023
(Unaudited)
(In thousands, except share and
per share data)
Revenues:
Self-moving equipment rentals
$
1,087,348
$
1,069,405
Self-storage revenues
224,519
208,890
Self-moving and self-storage products and
service sales
87,763
91,571
Property management fees
9,586
9,267
Life insurance premiums
20,488
22,498
Property and casualty insurance
premiums
25,767
25,571
Net investment and interest income
37,794
64,738
Other revenue
164,843
157,920
Total revenues
1,658,108
1,649,860
Costs and expenses:
Operating expenses
891,073
835,258
Commission expenses
119,008
111,961
Cost of sales
62,250
66,620
Benefits and losses
44,392
42,553
Amortization of deferred policy
acquisition costs
4,439
6,826
Lease expense
4,729
8,450
Depreciation, net of gains on
disposals
227,270
154,122
Net losses on real estate
2,991
1,715
Total costs and expenses
1,356,152
1,227,505
Earnings from operations
301,956
422,355
Other components of net periodic benefit
costs
(372)
(364)
Other interest income
16,131
-
Interest expense
(71,498)
(63,943)
Pretax earnings
246,217
358,048
Income tax expense
(59,419)
(84,540)
Earnings available to common
shareholders
$
186,798
$
273,508
Basic and diluted earnings per share of
Common Stock
$
0.91
$
1.36
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
$
0.96
$
1.40
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
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Six Months Ended September
30,
2024
2023
(Unaudited)
(In thousands, except share and
per share data)
Revenues:
Self-moving equipment rentals
$
2,101,680
$
2,068,611
Self-storage revenues
440,256
407,851
Self-moving and self-storage products and
service sales
184,354
192,443
Property management fees
19,081
18,444
Life insurance premiums
41,228
45,629
Property and casualty insurance
premiums
46,996
45,893
Net investment and interest income
74,919
129,330
Other revenue
298,084
281,967
Total revenues
3,206,598
3,190,168
Costs and expenses:
Operating expenses
1,680,830
1,598,499
Commission expenses
231,579
218,888
Cost of sales
128,264
137,295
Benefits and losses
88,398
87,897
Amortization of deferred policy
acquisition costs
9,085
14,871
Lease expense
10,334
16,033
Depreciation, net of gains on
disposals
443,815
291,936
Net losses on real estate
6,095
2,736
Total costs and expenses
2,598,400
2,368,155
Earnings from operations
608,198
822,013
Other components of net periodic benefit
costs
(744)
(729)
Other interest income
34,366
—
Interest expense
(138,716)
(124,541)
Fees on early extinguishment of debt
(495)
—
Pretax earnings
502,609
696,743
Income tax expense
(120,394)
(166,397)
Earnings available to common
shareholders
$
382,215
$
530,346
Basic and diluted earnings per share of
Common Stock
$
1.86
$
2.63
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
$
1.96
$
2.71
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 September 30, 2024 and 2023 for our Voting Common
Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
September 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
$
186,798
$
273,508
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends
declared
(8,823)
(7,059)
Undistributed earnings available to common
stockholders
$
177,975
$
266,449
Undistributed earnings available to common
stockholders allocated to Voting Common Stock
$
17,798
$
26,645
Undistributed earnings per share of Voting
Common Stock
$
0.91
$
1.36
Dividends declared per share of Voting
Common Stock
$
-
$
-
Basic and diluted earnings per share of
Voting Common Stock
$
0.91
$
1.36
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
$
186,798
$
273,508
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends
declared
(8,823)
(7,059)
Undistributed earnings available to common
stockholders
$
177,975
$
266,449
Undistributed earnings available to common
stockholders allocated to Non-Voting Common Stock
$
160,178
$
239,804
Undistributed earnings per share of
Non-Voting Common Stock
$
0.91
$
1.36
Dividends declared per share of Non-Voting
Common Stock
$
0.05
$
0.04
Basic and diluted earnings per share of
Non-Voting Common Stock
$
0.96
$
1.40
The calculation of basic and diluted earnings per share for the
first six months ended September 30, 2024 and 2023 for our Voting
Common Stock and Non-Voting Common Stock were as follows:
For the Six Months
Ended
September 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
$
382,215
$
530,346
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends
declared
(17,647)
(14,118)
Undistributed earnings available to common
stockholders
$
364,568
$
516,228
Undistributed earnings available to common
stockholders allocated to Voting Common Stock
$
36,457
$
51,623
Undistributed earnings per share of Voting
Common Stock
$
1.86
$
2.63
Dividends declared per share of Voting
Common Stock
$
-
$
-
Basic and diluted earnings per share of
Voting Common Stock
$
1.86
$
2.63
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
$
382,215
$
530,346
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends
declared
(17,647)
(14,118)
Undistributed earnings available to common
stockholders
$
364,568
$
516,228
Undistributed earnings available to common
stockholders allocated to Non-Voting Common Stock
$
328,111
$
464,605
Undistributed earnings per share of
Non-Voting Common Stock
$
1.86
$
2.63
Dividends declared per share of Non-Voting
Common Stock
$
0.10
$
0.08
Basic and diluted earnings per share of
Non-Voting Common Stock
$
1.96
$
2.71
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 September 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.
September 30,
March 31,
2024
2024
September 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
$
1,739,422
$
-
$
1,739,422
$
1,670,033
Buildings and improvements
8,915,534
-
8,915,534
8,237,354
Furniture and equipment
1,022,945
61
1,023,006
1,003,831
Rental trailers and other rental
equipment
989,672
96,006
1,085,678
1,050,910
Rental trucks
7,123,968
436,576
7,560,544
6,945,845
Subtotal
19,791,541
532,643
20,324,184
18,907,973
Less: Accumulated depreciation
(5,466,227)
(323,839)
(5,790,066)
(5,484,016)
Total property, plant and equipment,
net
$
14,325,314
$
208,804
$
14,534,118
$
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
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Earnings from operations *
$
739,313
$
831,802
$
896,140
$
980,169
$
1,132,142
Depreciation
892,627
848,727
817,889
793,940
768,475
Net gains on disposals
(76,817)
(106,065)
(153,958)
(186,541)
(220,858)
Net losses on disposal of real estate
11,273
9,997
7,914
5,878
4,153
Depreciation, net of (gains) losses on
disposals
827,083
752,659
671,845
613,277
551,770
EBITDA
$
1,566,396
$
1,584,461
$
1,567,985
$
1,593,446
$
1,683,912
*
before insurance subsidiaries
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241106548589/en/
Sebastien Reyes Director of Investor Relations
U-Haul Holding Company (602) 263-6601
Sebastien_Reyes@uhaul.com
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