U-Haul Holding Company Reports Second Quarter Fiscal 2025 Financial Results

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 [phone] [e-mail]