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 its third quarter ended
December 31, 2024, of $67.2 million compared with net earnings of
$99.2 million for the same period last year. Earnings per share for
Non-Voting Shares (UHAL.B) were $0.35 for the third quarter of
fiscal 2025 compared to $0.51 for the same period in fiscal
2024.
For the nine-month period ended December 31, 2024, net earnings
available to shareholders were $449.4 million compared with net
earnings of $629.6 million for the same period last year. Earnings
per share for Non-Voting Shares (UHAL.B) were $2.31 for the
nine-month period ended December 31, 2024 compared to $3.22 for the
same period in fiscal 2024.
“Moving activity increased over the quarter as demand for our
products and services ticked up,” stated Joe Shoen, Chairman of
U-Haul Holding Company. “We are making steady improvements to
reduce friction with the customer so that it’s easier for the
public to choose U-Haul.”
Highlights of Third Quarter Fiscal 2025 Results
- Moving and Storage earnings before interest, taxes and
depreciation (EBITDA), adjusted to remove interest income,
increased $47.8 million to $376.7 million compared to the third
quarter of fiscal 2024 and for the trailing twelve months for
December 31, 2024 increased $20.7 million to $1,614.1 compared to
the trailing twelve months for December 31, 2023.
- Self-storage revenues increased $16.6 million, or 7.9%, versus
the third quarter of fiscal year 2024.
- Same store occupancy decreased 0.5% to 92.4%, revenue per foot
increased 3.0%, and the number of locations qualifying for the pool
increased by 50.
- Total portfolio of occupied rooms increased 39,055, or 6.8%,
compared to December 31, 2023.
- During the third quarter, we added 34 new locations with
storage and 2.3 million net rentable square feet (NRSF).
Twenty-three were acquisitions of existing storage locations
totaling 1.3 million NRSF and eleven were internally developed.
These newly developed locations along with expansion projects at
existing facilities accounted for the remaining 1.0 million
NRSF.
- We have approximately 16.8 million NRSF in development or
pending.
- Self-moving equipment rental revenues increased $38.8 million,
or 4.6%, compared with the third quarter of fiscal year 2024
leading to our third consecutive quarter of steadily improving
year-over-year results. In-Town transactions improved, while
revenue per transaction increased for both our In-Town and one-way
markets. Compared to the third quarter of last year we have
increased the size of the box truck fleet while decreasing the
number of trucks in the pickup fleet.
- Moving and Storage Other revenue increased $9.6 million, or
9.6%, compared with the third quarter of fiscal 2024, caused
primarily by increases in both moving and storage transactions
related to our U-Box program. We continue to expand our breadth and
reach of this program through additional warehouse space, moving
and storage containers and delivery equipment.
- Moving and Storage earnings from operations, before
consolidation of the equity in earnings of the insurance
subsidiaries, adjusted to remove interest income, decreased $25.5
million compared to the third quarter of fiscal 2024.
- Reduced gains from the disposal of retired rental equipment
accounted for $32.7 million of the decrease while fleet
depreciation expense increased $34.2 million and real estate
related depreciation expense increased $5.6 million, all compared
with the third quarter of fiscal 2024.
- Fleet maintenance and repair costs declined $10.2 million
compared with the third quarter of fiscal 2024.
- Cash and credit availability at the Moving and Storage segment
was $1,348.1 million as of December 31, 2024 compared with $1,886.3
million at March 31, 2024.
- On December 4, 2024, we declared a cash dividend on our
Non-Voting Common Stock of $0.05 per share to holders of record on
December 16, 2024. The dividend was paid on December 27, 2024.
Our latest Supplemental financial information is available at
investors.uhaul.com under “Investor Kit.”
U-Haul Holding Company will hold its investor call for the third
quarter of fiscal 2025 on Thursday, February 6, 2025, 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 193,900 trucks, 138,200 trailers and
40,300 towing devices. U-Haul is the third largest self-storage
operator in North America and offers 1,060,000 rentable storage
units and 92.0 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 December 31, 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 third quarter of fiscal 2025 and 2024.
Quarter Ended December
31,
2024
2023
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
878,585
$
839,801
Self-storage revenues
227,125
210,517
Self-moving and self-storage product and
service sales
70,407
70,344
Property management fees
8,869
10,138
Life insurance premiums
22,926
22,574
Property and casualty insurance
premiums
28,364
26,490
Net investment and interest income
40,536
57,457
Other revenue
111,746
102,193
Consolidated revenue
$
1,388,558
$
1,339,514
Listed below are the revenues and earnings from operations at
each of our operating segments for the third quarter of fiscal 2025
and 2024.
Quarter Ended December
31,
2024
2023
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
1,296,556
$
1,260,677
Earnings from operations before equity in
earnings of subsidiaries
127,277
180,467
Property and casualty insurance
Revenues
38,141
29,303
Earnings from operations
19,463
9,421
Life insurance
Revenues
56,762
52,715
Earnings from operations
4,244
8,075
Eliminations
Revenues
(2,901
)
(3,181
)
Earnings from operations before equity in
earnings of subsidiaries
(252
)
(375
)
Consolidated Results
Revenues
1,388,558
1,339,514
Earnings from operations
150,732
197,588
Debt Metrics
(in thousands)(unaudited)
December 31,
September 30,
June 30,
March 31,
December 31,
2024
2024
2024
2024
2023
Real estate secured debt
$
2,436,840
$
2,471,044
$
2,497,239
$
2,562,620
$
2,716,180
Unsecured debt
1,700,000
1,700,000
1,200,000
1,200,000
1,200,000
Fleet secured debt
2,724,349
2,554,194
2,544,235
2,470,603
2,482,356
Other secured debt
68,402
69,264
70,202
70,815
72,869
Total debt
6,929,591
6,794,502
6,311,676
6,304,038
6,471,405
Moving and Storage cash
$
883,108
$
1,279,493
$
1,071,779
$
1,380,165
$
1,736,295
Moving and Storage assets
17,291,214
17,164,316
16,447,193
16,149,748
16,193,912
Moving and Storage EBITDA (TTM)
1,614,146
1,566,396
1,584,461
1,567,985
1,593,446
Net debt to EBITDA
3.7
3.5
3.3
3.1
3.0
Net debt to total assets
35.0
%
32.1
%
31.9
%
30.5
%
29.2
%
Percent of debt floating
6.2
%
5.9
%
7.7
%
7.2
%
6.9
%
Percent of debt fixed
93.8
%
94.1
%
92.3
%
92.8
%
93.1
%
Percent of debt unsecured
24.5
%
25.0
%
19.0
%
19.0
%
18.5
%
Unencumbered asset ratio*
3.81x
3.78x
4.72x
4.43x
4.00x
* 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 third quarter of fiscal 2025 and 2024 are as follows:
Quarter Ended December
31,
2024
2023
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment
$
177,956
$
143,757
Depreciation expense - non rental
equipment
24,064
24,820
Depreciation expense - real estate
47,597
41,260
Total depreciation expense
$
249,617
$
209,837
Net gains on disposals of rental
equipment
$
(3,774
)
$
(36,441
)
Net losses on disposals of non-rental
equipment
248
252
Total net gains on disposals
equipment
$
(3,526
)
$
(36,189
)
Depreciation, net of gains on
disposals
$
246,091
$
173,648
Net losses on disposals of real
estate
$
3,358
$
2,584
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 December
31,
2024
2023
(Unaudited)
(In thousands, except occupancy
rate)
Unit count as of December 31
781
701
Square footage as of December 31
66,792
59,433
Average monthly number of units
occupied
610
571
Average monthly occupancy rate based on
unit count
78.7
%
81.8
%
End of December occupancy rate based on
unit count
78.1
%
81.0
%
Average monthly square footage
occupied
53,444
49,515
Listed below on a consolidated basis are revenues for our major
product lines for the first nine months of fiscal 2025 and
2024.
Nine Months Ended December
31,
2024
2023
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
2,980,265
$
2,908,412
Self-storage revenues
667,381
618,368
Self-moving and self-storage product and
service sales
254,761
262,787
Property management fees
27,950
28,582
Life insurance premiums
64,154
68,203
Property and casualty insurance
premiums
75,360
72,383
Net investment and interest income
115,455
186,787
Other revenue
409,830
384,160
Consolidated revenue
$
4,595,156
$
4,529,682
Listed below are the revenues and earnings from operations at
each of our operating segments for the first nine months of fiscal
2025 and 2024.
Nine Months Ended December
31,
2024
2023
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
4,339,360
$
4,285,768
Earnings from operations before equity in
earnings of subsidiaries
703,030
968,862
Property and casualty insurance
Revenues
97,780
88,994
Earnings from operations
44,769
36,822
Life insurance
Revenues
166,668
163,918
Earnings from operations
11,887
15,039
Eliminations
Revenues
(8,652
)
(8,998
)
Earnings from operations before equity in
earnings of subsidiaries
(756
)
(1,122
)
Consolidated Results
Revenues
4,595,156
4,529,682
Earnings from operations
758,930
1,019,601
The components of depreciation, net of gains on disposals for
the first nine months of fiscal 2025 and 2024 are as follows:
Nine Months Ended December
31,
2024
2023
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment
$
511,824
$
419,290
Depreciation expense - non rental
equipment
71,775
70,514
Depreciation expense - real estate
135,156
114,433
Total depreciation expense
$
718,755
$
604,237
Net gains on disposals of rental
equipment
$
(29,614
)
$
(139,176
)
Net losses on disposals of non-rental
equipment
765
523
Total net gains on disposals
equipment
$
(28,849
)
$
(138,653
)
Depreciation, net of gains on
disposals
$
689,906
$
465,584
Net losses on disposals of real
estate
$
9,453
$
5,320
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:
Nine Months Ended December
31,
2024
2023
(Unaudited)
(In thousands, except occupancy
rate)
Unit count as of December 31
781
701
Square footage as of December 31
66,792
59,433
Average monthly number of units
occupied
605
571
Average monthly occupancy rate based on
unit count
79.9
%
82.9
%
End of December occupancy rate based on
unit count
78.1
%
81.0
%
Average monthly square footage
occupied
52,756
49,358
Self-Storage Portfolio Summary
As of December 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
96
38,335
4,511,005
$
14.68
77.8
%
California
88
34,060
3,242,143
$
21.17
80.4
%
Florida
86
35,151
3,804,625
$
18.41
79.7
%
Illinois
82
36,952
3,992,316
$
15.88
79.3
%
Pennsylvania
71
27,664
3,033,544
$
17.67
71.6
%
New York
66
27,413
2,627,413
$
23.28
78.3
%
Ohio
63
25,544
2,889,088
$
14.94
77.5
%
Michigan
58
20,072
2,155,979
$
15.63
81.9
%
Georgia
51
22,161
2,463,915
$
16.28
84.6
%
Arizona
45
25,275
2,814,643
$
15.33
81.1
%
Wisconsin
44
16,567
2,007,208
$
13.59
72.9
%
North Carolina
39
17,040
1,959,192
$
15.27
75.5
%
Tennessee
37
15,080
1,552,061
$
14.85
86.4
%
Washington
36
14,161
1,505,865
$
16.61
77.5
%
Missouri
36
13,114
1,724,413
$
14.24
73.0
%
Ontario
33
11,841
1,216,368
$
22.93
76.9
%
New Jersey
33
15,941
1,501,084
$
20.72
83.6
%
Indiana
33
10,410
1,176,027
$
13.67
78.8
%
Minnesota
33
13,315
1,686,176
$
14.54
72.2
%
Massachusetts
31
11,073
1,005,182
$
20.59
85.9
%
Top 20 Totals
1,061
431,169
46,868,246
$
16.98
78.6
%
All Others
477
178,863
19,923,287
$
16.32
79.0
%
3Q 2025 Totals
1,538
610,032
66,791,533
$
16.78
78.7
%
Same Store Pool Held Constant for Prior
Periods
Same Store 3Q25
904
320,420
29,827,746
$
17.28
92.4
%
Same Store 3Q24
904
322,626
29,804,954
$
16.77
92.9
%
Same Store 3Q23
904
325,148
29,774,344
$
15.70
93.6
%
Non-Same Store 3Q25
634
289,612
36,963,786
$
16.20
67.5
%
Non-Same Store 3Q24
545
246,176
29,697,857
$
16.10
70.8
%
Non-Same Store 3Q23
499
214,652
25,298,565
$
15.50
70.6
%
Same Store Pool, Prior Periods
Unchanged
Same Store 3Q25
904
320,420
29,827,746
$
17.28
92.4
%
Same Store 3Q24
854
283,150
26,769,110
$
16.64
92.9
%
Same Store 3Q23
781
245,962
23,038,504
$
15.64
95.0
%
Non Same Store 3Q25
634
289,612
36,963,786
$
16.20
67.5
%
Non Same Store 3Q24
597
284,899
32,664,093
$
16.33
73.1
%
Non Same Store 3Q23
624
293,251
31,966,662
$
15.62
74.8
%
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 December
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
December 31,
March 31,
2024
2024
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
1,017,398
$
1,534,544
Trade receivables and reinsurance
recoverables, net
181,303
215,908
Inventories and parts
155,140
150,940
Prepaid expenses
265,891
246,082
Fixed maturity securities
available-for-sale, net, at fair value
2,617,126
2,442,504
Equity securities, at fair value
67,667
66,274
Investments, other
625,630
633,936
Deferred policy acquisition costs, net
123,015
121,224
Other assets
126,413
111,743
Right of use assets - financing, net
168,817
289,305
Right of use assets - operating, net
48,500
53,712
Related party assets
58,048
57,934
5,454,948
5,924,106
Property, plant and equipment, at
cost:
Land
1,822,497
1,670,033
Buildings and improvements
9,305,846
8,237,354
Furniture and equipment
1,036,203
1,003,770
Rental trailers and other rental
equipment
1,032,132
936,303
Rental trucks
7,347,053
6,338,324
20,543,731
18,185,784
Less: Accumulated depreciation
(5,668,514
)
(5,051,132
)
Total property, plant and equipment,
net
14,875,217
13,134,652
Total assets
$
20,330,165
$
19,058,758
LIABILITIES AND STOCKHOLDERS'
EQUITY
Liabilities:
Accounts payable and accrued expenses
$
799,452
$
783,084
Notes, loans and finance leases payable,
net
6,896,987
6,271,362
Operating lease liabilities
49,543
55,032
Policy benefits and losses, claims and
loss expenses payable
829,992
849,113
Liabilities from investment contracts
2,546,940
2,411,352
Other policyholders' funds and
liabilities
20,895
18,070
Deferred income
47,419
51,175
Deferred income taxes, net
1,507,604
1,447,125
Total liabilities
12,698,832
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
(187,238
)
(223,216
)
Retained earnings
8,023,000
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
7,631,333
7,172,445
Total liabilities and stockholders'
equity
$
20,330,165
$
19,058,758
U-HAUL HOLDING COMPANY AND
CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Quarter Ended December
31,
2024
2023
(Unaudited)
(In thousands, except share and
per share data)
Revenues:
Self-moving equipment rental revenues
$
878,585
$
839,801
Self-storage revenues
227,125
210,517
Self-moving and self-storage products and
service sales
70,407
70,344
Property management fees
8,869
10,138
Life insurance premiums
22,926
22,574
Property and casualty insurance
premiums
28,364
26,490
Net investment and interest income
40,536
57,457
Other revenue
111,746
102,193
Total revenues
1,388,558
1,339,514
Costs and expenses:
Operating expenses
782,351
770,405
Commission expenses
95,031
87,955
Cost of product sales
52,767
51,536
Benefits and losses
48,683
42,495
Amortization of deferred policy
acquisition costs
4,493
4,155
Lease expense
5,052
9,148
Depreciation, net of gains on
disposals
246,091
173,648
Net losses on disposal of real estate
3,358
2,584
Total costs and expenses
1,237,826
1,141,926
Earnings from operations
150,732
197,588
Other components of net periodic benefit
costs
(372
)
(365
)
Other interest income
15,638
—
Interest expense
(76,581
)
(67,450
)
Pretax earnings
89,417
129,773
Income tax expense
(22,251
)
(30,549
)
Earnings available to common
stockholders
$
67,166
$
99,224
Basic and diluted earnings per share of
Common Stock
$
0.30
$
0.46
Weighted average shares outstanding of
Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings per share of
Series N Non-Voting Common Stock
$
0.35
$
0.51
Weighted average shares outstanding of
Series N Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
U-HAUL HOLDING COMPANY AND
CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Nine Months Ended December
31,
2024
2023
(Unaudited)
(In thousands, except share and
per share data)
Revenues:
Self-moving equipment rental revenues
$
2,980,265
$
2,908,412
Self-storage revenues
667,381
618,368
Self-moving and self-storage products and
service sales
254,761
262,787
Property management fees
27,950
28,582
Life insurance premiums
64,154
68,203
Property and casualty insurance
premiums
75,360
72,383
Net investment and interest income
115,455
186,787
Other revenue
409,830
384,160
Total revenues
4,595,156
4,529,682
Costs and expenses:
Operating expenses
2,463,181
2,368,904
Commission expenses
326,610
306,843
Cost of product sales
181,031
188,831
Benefits and losses
137,081
130,392
Amortization of deferred policy
acquisition costs
13,578
19,026
Lease expense
15,386
25,181
Depreciation, net of gains on
disposals
689,906
465,584
Net losses on disposal of real estate
9,453
5,320
Total costs and expenses
3,836,226
3,510,081
Earnings from operations
758,930
1,019,601
Other components of net periodic benefit
costs
(1,116
)
(1,094
)
Other interest income
50,004
—
Interest expense
(215,297
)
(191,991
)
Fees on early extinguishment of debt
(495
)
—
Pretax earnings
592,026
826,516
Income tax expense
(142,645
)
(196,946
)
Earnings available to common
stockholders
$
449,381
$
629,570
Basic and diluted earnings per share of
Common Stock
$
2.16
$
3.09
Weighted average shares outstanding of
Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings per share of
Series N Non-Voting Common Stock
$
2.31
$
3.22
Weighted average shares outstanding of
Series N 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 than the dividends declared for both the Voting
Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share were 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 was added to the undistributed
earnings per share to calculate the basic and diluted earnings per
share. The process was used for both Voting Common Stock and
Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the
quarters and nine months ended December 31, 2024 and 2023 for our
Voting Common Stock and Non-Voting Common Stock were as
follows:
For the Quarter Ended
December 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 available to common
stockholders
$
67,166
$
99,224
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends
declared
(8,824
)
(8,823
)
Undistributed earnings available to common
stockholders
$
58,342
$
90,401
Undistributed earnings available to common
stockholders allocated to Voting Common Stock
$
5,834
$
9,040
Undistributed earnings per share of Voting
Common Stock
$
0.30
$
0.46
Dividends declared per share of Voting
Common Stock
$
—
$
—
Basic and diluted earnings per share of
Voting Common Stock
$
0.30
$
0.46
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
$
67,166
$
99,224
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends
declared
(8,824
)
(8,823
)
Undistributed earnings available to common
stockholders
$
58,342
$
90,401
Undistributed earnings available to common
stockholders allocated to Non-Voting Common Stock
$
52,508
$
81,361
Undistributed earnings per share of
Non-Voting Common Stock
$
0.30
$
0.46
Dividends declared per share of Non-Voting
Common Stock
$
0.05
$
0.05
Basic and diluted earnings per share of
Non-Voting Common Stock
$
0.35
$
0.51
For the Nine Months
Ended
December 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 available to common
stockholders
$
449,381
$
629,570
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends
declared
(26,471
)
(22,941
)
Undistributed earnings available to common
stockholders
$
422,910
$
606,629
Undistributed earnings available to common
stockholders allocated to Voting Common Stock
$
42,291
$
60,663
Undistributed earnings per share of Voting
Common Stock
$
2.16
$
3.09
Dividends declared per share of Voting
Common Stock
$
—
$
—
Basic and diluted earnings per share of
Voting Common Stock
$
2.16
$
3.09
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
$
449,381
$
629,570
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends
declared
(26,471
)
(22,941
)
Undistributed earnings available to common
stockholders
$
422,910
$
606,629
Undistributed earnings available to common
stockholders allocated to Non-Voting Common Stock
$
380,619
$
545,966
Undistributed earnings per share of
Non-Voting Common Stock
$
2.16
$
3.09
Dividends declared per share of Non-Voting
Common Stock
$
0.15
$
0.13
Basic and diluted earnings per share of
Non-Voting Common Stock
$
2.31
$
3.22
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 December 31, 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.
December 31,
March 31,
2024
2024
December 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
$
1,822,497
$
-
$
1,822,497
$
1,670,033
Buildings and improvements
9,305,846
-
9,305,846
8,237,354
Furniture and equipment
1,036,203
61
1,036,264
1,003,831
Rental trailers and other rental
equipment
1,032,132
66,083
1,098,215
1,050,910
Rental trucks
7,347,053
388,528
7,735,581
6,945,845
Subtotal
20,543,731
454,672
20,998,403
18,907,973
Less: Accumulated depreciation
(5,668,514
)
(285,855
)
(5,954,369
)
(5,484,016
)
Total property, plant and equipment,
net
$
14,875,217
$
168,817
$
15,044,034
$
13,423,957
March 31,
2024
March 31,
ROU Assets
Property, Plant and
Equipment
2024
Financing
Adjusted
(Unaudited)
(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 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)
Trailing Twelve Months
December 31,
September 30,
June 30,
March 31,
December 31,
2024
2024
2024
2024
2023
Earnings from operations *
$
713,846
$
739,313
$
831,802
$
896,140
$
980,169
Depreciation
932,407
892,627
848,727
817,889
793,940
Net gains on disposals
(44,154
)
(76,817
)
(106,065
)
(153,958
)
(186,541
)
Net losses on disposal of real estate
12,047
11,273
9,997
7,914
5,878
Depreciation, net of (gains) losses on
disposals
900,300
827,083
752,659
671,845
613,277
EBITDA
$
1,614,146
$
1,566,396
$
1,584,461
$
1,567,985
$
1,593,446
* before insurance subsidiaries
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250205524603/en/
Sebastien Reyes Director of Investor Relations
U-Haul Holding Company (602) 263-6601
Sebastien_Reyes@uhaul.com
U Haul (NYSE:UHAL)
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