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Share Name | Share Symbol | Market | Type |
---|---|---|---|
U Haul Holding Company | NYSE:UHAL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.51 | -0.82% | 61.73 | 62.66 | 61.60 | 61.85 | 221,413 | 01:00:00 |
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
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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