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, 2023, of $99.2 million compared with net earnings of
$198.9 million for the same period last year. Earnings per share
for Non-Voting Shares (UHAL.B) were $0.51 for the third quarter of
fiscal 2024 compared to $1.02 for the same period in fiscal
2023.
For the nine-month period ended December 31, 2023, net earnings
available to shareholders were $629.6 million compared with net
earnings of $887.1 million for the same period last year. Earnings
per share for Non-Voting Shares (UHAL.B) were $3.22 for the
nine-month period ended December 31, 2023 compared to $4.43 for the
same period in fiscal 2023.
“We continue to see pockets of modest growth in certain markets
and product lines,” stated Joe Shoen, Chairman of U-Haul Holding
Company. “Serving present moving and self-storage customers well is
our surest bet to secure more business. More opportunity remains to
improve both our level of service and our placement of equipment. I
am generally pleased with how our retail teams are performing.”
Highlights of Third Quarter Fiscal 2024 Results
- Self-moving equipment rental revenues decreased $59.0 million
or 6.6% during the third quarter of fiscal 2024, compared with the
third quarter of fiscal 2023. Transactions, revenue and average
miles driven per transaction decreased. The declines were more
pronounced for our one-way business. Compared to the same period
last year, we increased the number of Company operated retail
locations as well as the number of box trucks and trailers in the
rental fleet.
- Self-storage revenues increased $20.0 million, or 10.5% during
the third quarter of fiscal 2024, compared with the third quarter
of fiscal 2023. The average monthly number of occupied units during
the quarter increased by 5.7%, or 30,542 units, compared with the
same period last year. Our reported occupancy of all properties
regardless of length of time in the portfolio decreased 1.1% to
81.8% for the third quarter. The occupancy ratio for the subset of
these properties that have been stabilized at 80% for the last 24
months also decreased 2.1% to 92.9% during the quarter. The growth
in revenues and square feet rented comes from a combination of
occupancy gains, the addition of new capacity to the portfolio and
a 3.8% improvement in average revenue per occupied foot. During the
quarter, we added approximately 1.0 million net rentable square
feet.
- Other revenue for Moving and Storage increased $4.5 million or
4.7% during the third quarter of fiscal 2024, compared to the third
quarter of fiscal 2023 due to increases in U-Box portable moving
and storage transactions.
- For the third quarter of fiscal 2024 compared with the third
quarter of fiscal 2023, depreciation, net of gains on sales
increased $59.8 million. Page four of this press release contains
additional details about this change.
- For the first nine months of fiscal 2024 and fiscal 2023, gross
rental equipment capital expenditures were approximately $1,350
million compared with $1,016 million, proceeds from the sales of
rental equipment were $595 million compared with $527 million and
spending on real estate related acquisitions and projects were
approximately $969 million compared with $1,003 million.
- Fleet maintenance and repair costs decreased $2.9 million in
the third quarter of fiscal 2024 compared with the same period last
year.
- Operating earnings at our Moving and Storage operating segment
decreased $124.3 million compared with the same period last year to
$180.5 million. Total revenues decreased $35.7 million and total
costs and expenses increased $88.5 million.
- Cash and credit availability at the Moving and Storage
operating segment was $2,211.3 million as of December 31, 2023
compared with $2,499.2 million as of March 31, 2023.
- On December 6, 2023, we declared a cash dividend on our
Non-Voting Common Stock of $0.05 per share to holders of record on
December 18, 2023. The dividend was paid on December 29, 2023. The
Company also adopted an amendment to its dividend policy that
increases the Company’s quarterly cash dividend on its Series N
Non-Voting Common Stock from $0.04 to $0.05 per share.
U-Haul Holding Company will hold its investor call for the third
quarter of fiscal 2024 on Thursday, February 8, 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 192,200 trucks, 138,500 trailers and
44,500 towing devices. U-Haul is the third largest self-storage
operator in North America and offers nearly 977,000 rentable
storage units and 84.3 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, 2023,
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 2024 and 2023.
Quarter Ended December
31,
2023
2022
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
839,801
$
898,819
Self-storage revenues
210,517
190,483
Self-moving and self-storage product and
service sales
70,344
74,851
Property management fees
10,138
10,080
Life insurance premiums
22,574
24,399
Property and casualty insurance
premiums
26,490
26,852
Net investment and interest income
57,457
52,294
Other revenue
102,193
97,558
Consolidated revenue
$
1,339,514
$
1,375,336
Listed below are revenues and earnings from operations at each
of our operating segments for the third quarter of fiscal 2024 and
2023.
Quarter Ended December
31,
2023
2022
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
1,260,677
$
1,296,407
Earnings from operations before equity in
earnings of subsidiaries
180,467
304,717
Property and casualty insurance
Revenues
29,303
28,466
Earnings from operations
9,421
10,846
Life insurance
Revenues
52,715
52,962
Earnings from operations
8,075
4,821
Eliminations
Revenues
(3,181
)
(2,499
)
Earnings from operations before equity in
earnings of subsidiaries
(375
)
(373
)
Consolidated Results
Revenues
1,339,514
1,375,336
Earnings from operations
197,588
320,011
Debt Metrics
Debt Metrics
(in thousands)(unaudited)
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Real estate secured debt
$
2,716,180
$
2,771,027
$
2,744,416
$
2,660,878
$
2,682,036
Unsecured debt
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
Fleet secured debt
2,482,356
2,392,021
2,305,116
2,205,824
2,277,387
Other secured debt
72,869
73,752
74,250
76,648
77,399
Total debt
6,471,405
6,436,800
6,323,782
6,143,350
6,236,822
Moving and Storage cash
$
1,736,295
$
2,068,790
$
2,302,380
$
2,034,242
$
2,429,943
Moving and Storage assets
16,193,912
16,156,182
15,742,770
15,211,493
15,234,112
Moving and Storage EBITDA (TTM)
1,676,984
1,739,727
1,816,319
1,888,513
1,906,046
Net debt to EBITDA
2.8
2.5
2.2
2.2
2.0
Net debt to total assets
29.2
%
27.0
%
25.5
%
27.0
%
25.0
%
Percent of debt floating
6.9
%
6.3
%
7.7
%
8.4
%
8.3
%
Percent of debt fixed
93.1
%
93.7
%
92.3
%
91.6
%
91.7
%
Percent of debt unsecured
18.5
%
18.6
%
19.0
%
19.5
%
19.2
%
Unencumbered asset ratio*
4.00x
3.74x
3.55x
3.44x
3.35x
* 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 2024 and 2023 are as follows:
Quarter Ended December
31,
2023
2022
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment
$
143,757
$
131,144
Depreciation expense - non rental
equipment
24,820
21,291
Depreciation expense - real estate
41,260
31,935
Total depreciation expense
$
209,837
$
184,370
Gains on disposals of rental equipment
(36,441
)
$
(70,641
)
Loss on disposals of non-rental
equipment
252
137
Total gains on disposals
equipment
$
(36,189
)
$
(70,504
)
Depreciation, net of gains on
disposals
$
173,648
$
113,866
Losses on disposals of real
estate
$
2,584
$
859
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,
2023
2022
(Unaudited)
(In thousands, except occupancy
rate)
Unit count as of December 31
701
659
Square footage as of December 31
59,433
55,004
Average monthly number of units
occupied
571
540
Average monthly occupancy rate based on
unit count
81.8
%
82.9
%
End of December occupancy rate based on
unit count
81.0
%
81.9
%
Average monthly square footage
occupied
49,515
46,651
Listed below on a consolidated basis are revenues for our major
product lines for the first nine months of fiscal 2024 and
2023.
Nine Months Ended December
31,
2023
2022
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
2,908,412
$
3,151,619
Self-storage revenues
618,368
549,246
Self-moving and self-storage product and
service sales
262,787
281,066
Property management fees
28,582
28,496
Life insurance premiums
68,203
75,636
Property and casualty insurance
premiums
72,383
72,542
Net investment and interest income
186,787
116,376
Other revenue
384,160
401,059
Consolidated revenue
$
4,529,682
$
4,676,040
Listed below are revenues and earnings from operations at each
of our operating segments for the first nine months of fiscal 2024
and 2023.
Nine Months Ended December
31,
2023
2022
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
4,285,768
$
4,456,863
Earnings from operations before equity in
earnings of subsidiaries
968,862
1,301,277
Property and casualty insurance
Revenues
88,994
74,911
Earnings from operations
36,822
24,883
Life insurance
Revenues
163,918
152,761
Earnings from operations
15,039
10,440
Eliminations
Revenues
(8,998
)
(8,495
)
Earnings from operations before equity in
earnings of subsidiaries
(1,122
)
(1,141
)
Consolidated Results
Revenues
4,529,682
4,676,040
Earnings from operations
1,019,601
1,335,459
The components of depreciation, net of gains on disposals for
the first nine months of fiscal 2024 and 2023 are as follows:
Nine Months Ended December
31,
2023
2022
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment
$
419,290
$
386,885
Depreciation expense - non rental
equipment
70,514
64,458
Depreciation expense - real estate
114,433
92,832
Total depreciation expense
$
604,237
$
544,175
Gains on disposals of rental equipment
$
(139,176
)
$
(198,954
)
(Gain) loss on disposals of non-rental
equipment
523
(241
)
Total gains on disposals
equipment
$
(138,653
)
$
(199,195
)
Depreciation, net of gains on
disposals
$
465,584
$
344,980
Losses on disposals of real
estate
$
5,320
$
5,038
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,
2023
2022
(Unaudited)
(In thousands, except occupancy
rate)
Unit count as of December 31
701
659
Square footage as of December 31
59,433
55,004
Average monthly number of units
occupied
571
533
Average monthly occupancy rate based on
unit count
82.9
%
84.2
%
End of December occupancy rate based on
unit count
81.0
%
81.9
%
Average monthly square footage
occupied
49,358
46,012
Self-Storage Portfolio Summary
As of December 31, 2023
(unaudited)
U-Haul Owned Store Data by
State
Annual
State/
Units
Rentable
Revenue
Occupancy
Province
Stores
Occupied
Square Feet
Per Foot
During Qtr
Texas
91
35,648
4,179,501
$14.53
78.0%
California
87
31,953
3,012,762
$20.79
81.6%
Florida
81
32,889
3,305,898
$18.06
87.0%
Illinois
80
35,047
3,585,089
$15.43
82.9%
Pennsylvania
68
26,663
2,788,067
$17.23
75.5%
New York
65
26,208
2,450,992
$22.84
80.0%
Ohio
58
24,057
2,479,812
$14.69
82.3%
Michigan
57
19,479
2,017,664
$15.42
85.1%
Georgia
48
21,693
2,246,139
$16.04
87.5%
Arizona
45
23,936
2,673,957
$15.62
82.1%
Wisconsin
42
16,122
1,906,407
$12.98
78.9%
Washington
36
12,594
1,357,690
$16.77
77.2%
North Carolina
35
16,158
1,689,838
$15.10
82.4%
Tennessee
34
14,531
1,382,089
$14.46
90.2%
New Jersey
33
15,318
1,361,354
$20.41
88.5%
Ontario
32
10,497
1,105,741
$22.58
73.7%
Missouri
32
11,289
1,264,658
$14.87
79.2%
Massachusetts
30
10,803
993,224
$20.12
83.8%
Indiana
30
9,585
1,033,859
$13.86
80.0%
Alabama
26
6,669
791,270
$13.87
75.8%
Top 20 Totals
1,010
401,139
41,626,012
$16.74
81.7%
All Others
444
167,666
17,883,566
$15.92
82.0%
3Q 2024 Totals
1,454
568,805
59,509,578
$16.50
81.8%
Same Store 3Q24
854
282,793
26,739,006
$16.64
92.9%
Same Store 3Q23
781
245,589
23,008,321
$15.64
95.0%
Same Store 3Q22
656
192,997
18,180,683
$14.63
96.0%
Non-Same Store 3Q24
600
286,012
32,770,572
$16.34
73.1%
Non-Same Store 3Q23
626
294,388
32,071,894
$15.63
74.8%
Non-Same Store 3Q22
684
291,980
30,731,001
$14.29
77.0%
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 the average revenue
per occupied foot over the trailing twelve months ending December
2023.
'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
(December 2023).
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
CONDENSED CONSOLIDATED BALANCE
SHEETS
December 31,
March 31,
2023
2023
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
1,805,976
$
2,060,524
Trade receivables and reinsurance
recoverables, net
195,930
189,498
Inventories and parts, net
155,161
151,474
Prepaid expenses
240,525
241,711
Fixed maturity securities
available-for-sale, net, at estimated fair value
2,474,624
2,709,037
Equity securities, at estimated fair
value
59,675
61,357
Investments, other
660,253
575,540
Deferred policy acquisition costs, net
120,834
128,463
Other assets
52,807
51,052
Right of use assets – financing, net
326,244
474,765
Right of use assets – operating, net
65,361
58,917
Related party assets
48,766
48,308
6,206,156
6,750,646
Property, plant and equipment, at
cost:
Land
1,649,346
1,537,206
Buildings and improvements
7,943,232
7,088,810
Furniture and equipment
983,683
928,241
Rental trailers and other rental
equipment
927,038
827,696
Rental trucks
6,183,293
5,278,340
17,686,592
15,660,293
Less: Accumulated depreciation
(4,890,172
)
(4,310,205
)
Total property, plant and equipment,
net
12,796,420
11,350,088
Total assets
$
19,002,576
$
18,100,734
LIABILITIES AND STOCKHOLDERS'
EQUITY
Liabilities:
Accounts payable and accrued expenses
$
729,344
$
761,039
Notes, loans and finance leases payable,
net
6,437,309
6,108,042
Operating lease liabilities
64,542
58,373
Policy benefits and losses, claims and
loss expenses payable
838,945
880,202
Liabilities from investment contracts
2,363,143
2,398,884
Other policyholders' funds and
liabilities
8,012
8,232
Deferred income
45,711
52,282
Deferred income taxes, net
1,427,769
1,329,489
Total liabilities
11,914,775
11,596,543
Common stock
10,497
10,497
Non-voting common stock
176
176
Additional paid-in capital
453,643
453,643
Accumulated other comprehensive loss
(308,642
)
(285,623
)
Retained earnings
7,609,777
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
7,087,801
6,504,191
Total liabilities and stockholders'
equity
$
19,002,576
$
18,100,734
U-HAUL HOLDING COMPANY AND
CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Quarter Ended December
31,
2023
2022
(Unaudited)
(In thousands, except share and
per share data)
Revenues:
Self-moving equipment rental revenues
$
839,801
$
898,819
Self-storage revenues
210,517
190,483
Self-moving and self-storage products and
service sales
70,344
74,851
Property management fees
10,138
10,080
Life insurance premiums
22,574
24,399
Property and casualty insurance
premiums
26,490
26,852
Net investment and interest income
57,457
52,294
Other revenue
102,193
97,558
Total revenues
1,339,514
1,375,336
Costs and expenses:
Operating expenses
770,405
733,469
Commission expenses
87,955
95,980
Cost of sales
51,536
54,616
Benefits and losses
42,495
41,764
Amortization of deferred policy
acquisition costs
4,155
6,979
Lease expense
9,148
7,792
Depreciation, net of gains on
disposals
173,648
113,866
Net losses on disposal of real estate
2,584
859
Total costs and expenses
1,141,926
1,055,325
Earnings from operations
197,588
320,011
Other components of net periodic benefit
costs
(365
)
(304
)
Interest expense
(67,450
)
(59,041
)
Fees on early extinguishment of debt
—
(50
)
Pretax earnings
129,773
260,616
Income tax expense
(30,549
)
(61,764
)
Earnings available to common
stockholders
$
99,224
$
198,852
Basic and diluted earnings per share of
Common Stock
$
0.46
$
0.98
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
$
0.51
$
1.02
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 ENTITIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Nine Months Ended December
31,
2023
2022
(Unaudited)
(In thousands, except share and
per share data)
Revenues:
Self-moving equipment rental revenues
$
2,908,412
$
3,151,619
Self-storage revenues
618,368
549,246
Self-moving and self-storage products and
service sales
262,787
281,066
Property management fees
28,582
28,496
Life insurance premiums
68,203
75,636
Property and casualty insurance
premiums
72,383
72,542
Net investment and interest income
186,787
116,376
Other revenue
384,160
401,059
Total revenues
4,529,682
4,676,040
Costs and expenses:
Operating expenses
2,368,904
2,278,230
Commission expenses
306,843
339,814
Cost of sales
188,831
206,912
Benefits and losses
130,392
121,033
Amortization of deferred policy
acquisition costs
19,026
21,623
Lease expense
25,181
22,951
Depreciation, net of gains on
disposals
465,584
344,980
Net losses on disposal of real estate
5,320
5,038
Total costs and expenses
3,510,081
3,340,581
Earnings from operations
1,019,601
1,335,459
Other components of net periodic benefit
costs
(1,094
)
(912
)
Interest expense
(191,991
)
(166,033
)
Fees on early extinguishment of debt
—
(1,009
)
Pretax earnings
826,516
1,167,505
Income tax expense
(196,946
)
(280,442
)
Earnings available to common
stockholders
$
629,570
$
887,063
Basic and diluted earnings per share of
Common Stock
$
3.09
$
5.39
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
$
3.22
$
4.43
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 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 nine months ended December 31, 2023 and 2022 for our
Voting Common Stock and Non-Voting Common Stock were as
follows:
For the Quarter Ended
December 31,
2023
2022
(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
$
99,224
$
198,852
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends
declared
(8,823
)
(7,059
)
Undistributed earnings available to common
stockholders
$
90,401
$
191,793
Undistributed earnings available to common
stockholders allocated to Voting Common Stock
$
9,040
$
19,179
Undistributed earnings per share of Voting
Common Stock
$
0.46
$
0.98
Dividends declared per share of Voting
Common Stock
$
—
$
—
Basic and diluted earnings per share of
Voting Common Stock
$
0.46
$
0.98
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
$
99,224
$
198,852
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends
declared
(8,823
)
(7,059
)
Undistributed earnings available to common
stockholders
$
90,401
$
191,793
Undistributed earnings available to common
stockholders allocated to Non-Voting Common Stock
$
81,361
$
172,614
Undistributed earnings per share of
Non-Voting Common Stock
$
0.46
$
0.98
Dividends declared per share of Non-Voting
Common Stock
$
0.05
$
0.04
Basic and diluted earnings per share of
Non-Voting Common Stock
$
0.51
$
1.02
For the Nine Months
Ended
December 31,
2023
2022
(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
$
629,570
$
887,063
Voting Common Stock dividends declared
—
(19,608
)
Non-Voting Common Stock dividends
declared
(22,941
)
(7,059
)
Undistributed earnings available to common
stockholders
$
606,629
$
860,396
Undistributed earnings available to common
stockholders allocated to Voting Common Stock
$
60,663
$
86,040
Undistributed earnings per share of Voting
Common Stock
$
3.09
$
4.39
Dividends declared per share of Voting
Common Stock
$
—
$
1.00
Basic and diluted earnings per share of
Voting Common Stock
$
3.09
$
5.39
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
$
629,570
$
887,063
Voting Common Stock dividends declared
—
(19,608
)
Non-Voting Common Stock dividends
declared
(22,941
)
(7,059
)
Undistributed earnings available to common
stockholders
$
606,629
$
860,396
Undistributed earnings available to common
stockholders allocated to Non-Voting Common Stock
$
545,966
$
774,356
Undistributed earnings per share of
Non-Voting Common Stock
$
3.09
$
4.39
Dividends declared per share of Non-Voting
Common Stock
$
0.13
$
0.04
Basic and diluted earnings per share of
Non-Voting Common Stock
$
3.22
$
4.43
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, 2023 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.
December 31,
March 31,
2023
2023
December 31,
ROU Assets
Property, Plant and
Equipment
Property, Plant and
Equipment
2023
Financing
Adjusted
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,649,346
$
-
$
1,649,346
$
1,537,206
Buildings and improvements
7,943,232
-
7,943,232
7,088,810
Furniture and equipment
983,683
1,693
985,376
937,928
Rental trailers and other rental
equipment
927,038
114,884
1,041,922
979,990
Rental trucks
6,183,293
692,955
6,876,248
6,228,178
Subtotal
17,686,592
809,532
18,496,124
16,772,112
Less: Accumulated depreciation
(4,890,172
)
(483,288
)
(5,373,460
)
(4,947,259
)
Total property, plant and equipment,
net
$
12,796,420
$
326,244
$
13,122,664
$
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.
Moving and Storage EBITDA
(In thousands, unaudited)
TTM
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Earnings from operations *
$
1,063,707
$
1,187,957
$
1,301,196
$
1,396,122
$
1,435,667
Depreciation
793,940
768,475
749,210
733,879
721,950
Net gains on disposals
(186,541
)
(220,858
)
(238,397
)
(247,084
)
(255,419
)
Net losses on disposal of real estate
5,878
4,153
4,310
5,596
3,848
Depreciation, net of (gains) losses on
disposals
613,277
551,770
515,123
492,391
470,379
EBITDA
$
1,676,984
$
1,739,727
$
1,816,319
$
1,888,513
$
1,906,046
* before insurance subsidiaries
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207798494/en/
Sebastien Reyes Director of Investor Relations U-Haul Holding
Company (602) 263-6601 Sebastien_Reyes@uhaul.com
U Haul (NYSE:UHAL)
過去 株価チャート
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U Haul (NYSE:UHAL)
過去 株価チャート
から 5 2023 まで 5 2024