U-Haul Holding Company (NYSE: UHAL) (NYSE: 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, 2023, of $273.5 million,
compared with net earnings of $349.9 million for the same period
last year. Earnings per share for Non-Voting Shares (UHAL.B) were
$1.40 for the second quarter of fiscal 2024 compared to $1.73 for
the same period in fiscal 2023.
For the six-month period ended September 30, 2023, net earnings
available to shareholders were $530.3 million compared with net
earnings of $688.2 million for the same period last year. Earnings
per share for Non-Voting Shares (UHAL.B) were $2.71 for the
six-month period ended September 30, 2023 compared to $3.41 for the
same period in fiscal 2023.
“Overall moving activity remains below the same period last
year. This affects most of our product lines,” stated Joe Shoen,
chairman of U-Haul Holding Company. “We are close to stabilizing
In-town moving transactions by better inventory placement. This is
slow going, but there are some gains available where inventory is
optimized. Implementation of existing programs is our best choice
at this time.”
Highlights of Second Quarter Fiscal 2024 Results
- Self-moving equipment rental revenues decreased $92.6 million,
or 8.0% for the second quarter of fiscal 2024 compared with the
second quarter of fiscal 2023. Transactions, revenue and average
miles driven per transaction decreased. These declines were more
pronounced in our one-way markets. Compared to the same period last
year, we increased the number of box trucks and trailers in the
rental fleet as well as the number of Company operated retail
locations.
- Self-storage revenues increased $23.3 million, or 12.6% for the
second quarter of fiscal 2024 compared with the second quarter of
fiscal 2023. The average monthly number of occupied units during
the quarter increased by 7%, or 38,046 units, compared to the same
quarter last year. Our reported occupancy of all properties
regardless of length of time in the portfolio decreased 1.3% to
83.5% for the second quarter. The occupancy ratio for the subset of
these properties that have been stabilized at 80% for the last 24
months also decreased 1.6% to 95.0% during the quarter. The growth
in revenues and square feet rented comes from a combination of
occupancy gains at existing locations, the addition of new capacity
to the portfolio and a 6% improvement in average revenue per
occupied foot. During the quarter, we added approximately 0.9
million net rentable square feet.
- Sales of self-moving and self-storage products and services
decreased $5.3 million, or 5.5% compared with the second quarter of
fiscal 2023 due to decreased sales of hitches, moving supplies and
propane. The decrease in self-moving transactions has negatively
affected the sales of moving supplies.
- For the second quarter of fiscal 2024 compared with the second
quarter of fiscal 2023, depreciation, net of gains on sales
increased $36.8 million. Page four of this press release contains
additional details about this change.
- For the first six months of fiscal 2024 and fiscal 2023 gross
rental equipment capital expenditures were approximately $974
million compared with $718 million, proceeds from the sales of
rental equipment were $405 million compared with $325 million and
spending on real estate related acquisitions and projects were
approximately $633 million compared with $584 million.
- Fleet maintenance and repair costs increased $17.2 million in
the second quarter of fiscal 2024 compared with the same period
last year due to higher cost of preventative maintenance combined
with the costs associated with preparing trucks for sale.
- Operating earnings at our Moving and Storage operating segment
decreased $113.2 million compared with the same period last year to
$401.7 million and represent the third best second quarter result
in the Company’s history. Total revenues decreased $71.3 million
and total costs and expenses increased $42.0 million.
- Cash and credit availability at the Moving and Storage segment
was $2,554.9 million as of September 30, 2023 compared with
$2,499.2 million at March 31, 2023.
U-Haul Holding Company will hold its investor call for the
second quarter of fiscal 2024 on Thursday, November 9, 2023, 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 967,000 rentable storage units
and 83.3 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 September 30, 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 second quarter of fiscal 2024 and 2023.
Quarter Ended September
30,
2023
2022
(Unaudited)
(In thousands)
Self-moving equipment rentals
$
1,069,405
$
1,162,025
Self-storage revenues
208,890
185,586
Self-moving and self-storage product and
service sales
91,571
96,864
Property management fees
9,267
9,277
Life insurance premiums
22,498
25,456
Property and casualty insurance
premiums
25,571
25,718
Net investment and interest income
64,738
30,509
Other revenue
157,920
167,429
Consolidated revenue
$
1,649,860
$
1,702,864
Listed below are revenues and earnings from operations at each
of our operating segments for the second quarter of fiscal 2024 and
2023.
Quarter Ended September
30,
2023
2022
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
1,565,578
$
1,636,858
Earnings from operations before equity in
earnings of subsidiaries
401,704
514,943
Property and casualty insurance
Revenues
31,852
23,363
Earnings from operations
15,419
5,686
Life insurance
Revenues
55,522
45,696
Earnings (losses) from operations
5,608
(297
)
Eliminations
Revenues
(3,092
)
(3,053
)
Earnings from operations before equity in
earnings of subsidiaries
(376
)
(386
)
Consolidated Results
Revenues
1,649,860
1,702,864
Earnings from operations
422,355
519,946
Debt Metrics
Debt Metrics
(in thousands)(unaudited)
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Real estate secured debt
$
2,771,027
$
2,744,416
$
2,660,878
$
2,682,036
$
2,860,764
Unsecured debt
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
Fleet secured debt
2,392,021
2,305,116
2,205,824
2,277,387
2,196,935
Other secured debt
73,752
74,250
76,648
77,399
78,871
Total debt
6,436,800
6,323,782
6,143,350
6,236,822
6,336,570
Moving and Storage cash
$
2,068,790
$
2,302,380
$
2,034,242
$
2,429,943
$
3,025,390
Moving and Storage assets
16,156,182
15,742,770
15,211,493
15,234,112
15,243,508
Moving and Storage EBITDA (TTM)
1,739,727
1,816,319
1,888,513
1,906,046
1,995,170
Net debt to EBITDA
2.5
2.2
2.2
2.0
1.7
Net debt to total assets
27.0
%
25.5
%
27.0
%
25.0
%
21.7
%
Percent of debt floating
6.3
%
7.7
%
8.4
%
8.3
%
10.5
%
Percent of debt fixed
93.7
%
92.3
%
91.6
%
91.7
%
89.5
%
Percent of debt unsecured
18.6
%
19.0
%
19.5
%
19.2
%
18.9
%
Unencumbered asset ratio*
3.74
x
3.55
x
3.44
x
3.35
x
2.91
x
* 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 2024 and 2023 are as follows:
Quarter Ended September
30,
2023
2022
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment
$
140,341
$
129,220
Depreciation expense - non rental
equipment
23,392
21,546
Depreciation expense - real estate
37,192
30,895
Total depreciation expense
$
200,925
$
181,661
Gains on disposals of rental equipment
(46,928
)
$
(64,312
)
(Gain) loss on disposals of non-rental
equipment
125
(31
)
Total gains on disposals
equipment
$
(46,803
)
$
(64,343
)
Depreciation, net of gains on
disposals
$
154,122
$
117,318
Losses on disposals of real
estate
$
1,715
$
1,872
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,
2023
2022
(Unaudited)
(In thousands, except occupancy
rate)
Unit count as of September 30
691
638
Square footage as of September 30
58,402
53,303
Average monthly number of units
occupied
578
540
Average monthly occupancy rate based on
unit count
84.2
%
85.4
%
End of September occupancy rate based on
unit count
83.5
%
84.8
%
Average monthly square footage
occupied
49,931
46,538
Listed below on a consolidated basis are revenues for our major
product lines for the first six months of fiscal 2024 and 2023.
Six Months Ended September
30,
2023
2022
(Unaudited)
(In thousands)
Self-moving equipment rentals
$
2,068,611
$
2,252,800
Self-storage revenues
407,851
358,763
Self-moving and self-storage product and
service sales
192,443
206,215
Property management fees
18,444
18,416
Life insurance premiums
45,629
51,237
Property and casualty insurance
premiums
45,893
45,690
Net investment and interest income
129,330
64,082
Other revenue
281,967
303,501
Consolidated revenue
$
3,190,168
$
3,300,704
Listed below are revenues and earnings from operations at each
of our operating segments for the first six months of fiscal 2024
and 2023.
Six Months Ended September
30,
2023
2022
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
3,025,091
$
3,160,456
Earnings from operations before equity in
earnings of subsidiaries
788,395
996,560
Property and casualty insurance
Revenues
59,691
46,445
Earnings from operations
27,401
14,037
Life insurance
Revenues
111,203
99,799
Earnings from operations
6,964
5,619
Eliminations
Revenues
(5,817
)
(5,996
)
Earnings from operations before equity in
earnings of subsidiaries
(747
)
(768
)
Consolidated Results
Revenues
3,190,168
3,300,704
Earnings from operations
822,013
1,015,448
The components of depreciation, net of gains on disposals for
the first six months of fiscal 2024 and 2023 are as follows:
Six Months Ended September
30,
2023
2022
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment
$
275,533
$
255,741
Depreciation expense - non rental
equipment
45,694
43,167
Depreciation expense - real estate
73,173
60,897
Total depreciation expense
$
394,400
$
359,805
Gains on disposals of rental equipment
$
(102,735
)
$
(128,313
)
(Gain) loss on disposals of non-rental
equipment
271
(378
)
Total gains on disposals
equipment
$
(102,464
)
$
(128,691
)
Depreciation, net of gains on
disposals
$
291,936
$
231,114
Losses on disposals of real
estate
$
2,736
$
4,179
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,
2023
2022
(Unaudited)
(In thousands, except occupancy
rate)
Unit count as of September 30
691
638
Square footage as of September 30
58,402
53,303
Average monthly number of units
occupied
529
529
Average monthly occupancy rate based on
unit count
83.5
%
85.0
%
End of September occupancy rate based on
unit count
83.5
%
84.8
%
Average monthly square footage
occupied
49,279
45,692
Self-Storage Portfolio Summary
As of September 30, 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
35,797
4,111,184
$14.41
79.6
%
California
87
32,507
3,001,993
$20.54
83.6
%
Illinois
80
35,570
3,523,410
$15.28
86.1
%
Florida
79
33,396
3,158,462
$17.91
89.2
%
Pennsylvania
68
27,269
2,781,615
$17.06
78.9
%
New York
64
26,418
2,421,752
$22.58
81.3
%
Ohio
58
24,350
2,426,477
$14.61
85.2
%
Michigan
56
19,583
1,963,914
$15.25
87.3
%
Georgia
49
22,076
2,245,458
$15.82
88.9
%
Arizona
43
24,278
2,514,577
$15.50
88.4
%
Wisconsin
42
16,712
1,878,988
$13.00
82.3
%
Washington
37
12,448
1,341,759
$16.64
77.5
%
North Carolina
36
16,683
1,688,842
$14.89
84.7
%
Tennessee
34
14,861
1,373,264
$14.29
92.5
%
New Jersey
33
15,585
1,350,564
$20.16
89.6
%
Ontario
32
10,530
1,100,303
$22.12
74.3
%
Missouri
32
11,481
1,262,184
$14.82
80.6
%
Massachusetts
30
10,861
984,427
$19.82
84.9
%
Indiana
30
9,792
1,024,809
$13.70
83.3
%
Alabama
25
6,779
769,150
$13.79
78.3
%
Top 20 Totals
1,006
406,976
40,923,132
$16.58
84.1
%
All Others
440
170,216
17,554,877
$15.75
84.2
%
2Q 2024 Totals
1,446
577,192
58,478,009
$16.34
84.2
%
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
%
Same Store 2Q22
619
179,842
16,915,706
$14.47
96.9
%
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
%
Non Same Store 2Q22
702
300,703
31,063,602
$14.00
78.2
%
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 September
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.
The locations have occupancy each month
during the last three years and have achieved 80% or greater
physical occupancy for the last two years.
U-HAUL HOLDING COMPANY AND
CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
September 30,
March 31,
2023
2023
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
2,145,131
$
2,060,524
Reinsurance recoverables and trade
receivables, net
212,565
189,498
Inventories and parts
161,535
151,474
Prepaid expenses
263,541
241,711
Investments, fixed maturities and
marketable equities
2,534,164
2,770,394
Investments, other
650,151
575,540
Deferred policy acquisition costs, net
121,365
128,463
Other assets
52,769
51,052
Right of use assets – financing, net
377,733
474,765
Right of use assets – operating, net
65,316
58,917
Related party assets
40,140
48,308
6,624,410
6,750,646
Property, plant and equipment, at
cost:
Land
1,613,871
1,537,206
Buildings and improvements
7,649,849
7,088,810
Furniture and equipment
966,211
928,241
Rental trailers and other rental
equipment
912,046
827,696
Rental trucks
5,921,507
5,278,340
17,063,484
15,660,293
Less: Accumulated depreciation
(4,666,444
)
(4,310,205
)
Total property, plant and equipment,
net
12,397,040
11,350,088
Total assets
$
19,021,450
$
18,100,734
LIABILITIES AND STOCKHOLDERS'
EQUITY
Liabilities:
Accounts payable and accrued expenses
$
757,988
$
761,039
Notes, loans and finance leases payable,
net
6,400,899
6,108,042
Operating lease liabilities
64,580
58,373
Policy benefits and losses, claims and
loss expenses payable
865,397
880,202
Liabilities from investment contracts
2,393,590
2,398,884
Other policyholders' funds and
liabilities
7,677
8,232
Deferred income
56,821
52,282
Deferred income taxes, net
1,444,120
1,329,489
Total liabilities
11,991,072
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
(275,664
)
(285,623
)
Retained earnings
7,519,376
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
7,030,378
6,504,191
Total liabilities and stockholders'
equity
$
19,021,450
$
18,100,734
U-HAUL HOLDING COMPANY AND
CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Quarter Ended September
30,
2023
2022
(Unaudited)
(In thousands, except share and
per share data)
Revenues:
Self-moving equipment rentals
$
1,069,405
$
1,162,025
Self-storage revenues
208,890
185,586
Self-moving and self-storage products and
service sales
91,571
96,864
Property management fees
9,267
9,277
Life insurance premiums
22,498
25,456
Property and casualty insurance
premiums
25,571
25,718
Net investment and interest income
64,738
30,509
Other revenue
157,920
167,429
Total revenues
1,649,860
1,702,864
Costs and expenses:
Operating expenses
835,258
811,594
Commission expenses
111,961
125,341
Cost of sales
66,620
72,625
Benefits and losses
42,553
39,512
Amortization of deferred policy
acquisition costs
6,826
6,972
Lease expense
8,450
7,684
Depreciation, net of gains on
disposals
154,122
117,318
Net losses on real estate
1,715
1,872
Total costs and expenses
1,227,505
1,182,918
Earnings from operations
422,355
519,946
Other components of net periodic benefit
costs
(364
)
(304
)
Interest expense
(63,943
)
(57,193
)
Fees on early extinguishment of debt
-
(959
)
Pretax earnings
358,048
461,490
Income tax expense
(84,540
)
(111,624
)
Earnings available to common
shareholders
$
273,508
$
349,866
Basic and diluted earnings per share of
Common Stock
$
1.36
$
2.23
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
$
1.40
$
1.73
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,
2023
2022
(Unaudited)
(In thousands, except share and
per share data)
Revenues:
Self-moving equipment rentals
$
2,068,611
$
2,252,800
Self-storage revenues
407,851
358,763
Self-moving and self-storage products and
service sales
192,443
206,215
Property management fees
18,444
18,416
Life insurance premiums
45,629
51,237
Property and casualty insurance
premiums
45,893
45,690
Net investment and interest income
129,330
64,082
Other revenue
281,967
303,501
Total revenues
3,190,168
3,300,704
Costs and expenses:
Operating expenses
1,598,499
1,544,761
Commission expenses
218,888
243,834
Cost of sales
137,295
152,296
Benefits and losses
87,897
79,269
Amortization of deferred policy
acquisition costs
14,871
14,644
Lease expense
16,033
15,159
Depreciation, net of gains on
disposals
291,936
231,114
Net losses on real estate
2,736
4,179
Total costs and expenses
2,368,155
2,285,256
Earnings from operations
822,013
1,015,448
Other components of net periodic benefit
costs
(729
)
(608
)
Interest expense
(124,541
)
(106,992
)
Fees on early extinguishment of debt
-
(959
)
Pretax earnings
696,743
906,889
Income tax expense
(166,397
)
(218,678
)
Earnings available to common
shareholders
$
530,346
$
688,211
Basic and diluted earnings per share of
Common Stock
$
2.63
$
4.41
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
$
2.71
$
3.41
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, 2023 and 2022 for our Voting Common
Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
September 30,
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
$
273,508
$
349,866
Voting Common Stock dividends declared
-
(9,804
)
Non-Voting Common Stock dividends
declared
(7,059
)
-
Undistributed earnings available to common
stockholders
$
266,449
$
340,062
Undistributed earnings available to common
stockholders allocated to Voting Common Stock
$
26,645
$
34,006
Undistributed earnings per share of Voting
Common Stock
$
1.36
$
1.73
Dividends declared per share of Voting
Common Stock
$
-
$
0.50
Basic and diluted earnings per share of
Voting Common Stock
$
1.36
$
2.23
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
$
273,508
$
349,866
Voting Common Stock dividends declared
-
(9,804
)
Non-Voting Common Stock dividends
declared
(7,059
)
-
Undistributed earnings available to common
stockholders
$
266,449
$
340,062
Undistributed earnings available to common
stockholders allocated to Non-Voting Common Stock
$
239,804
$
306,056
Undistributed earnings per share of
Non-Voting Common Stock
$
1.36
$
1.73
Dividends declared per share of Non-Voting
Common Stock
$
0.04
$
-
Basic and diluted earnings per share of
Non-Voting Common Stock
$
1.40
$
1.73
The calculation of basic and diluted earnings per share for the
first six months ended September 30, 2023 and 2022 for our Voting
Common Stock and Non-Voting Common Stock were as follows:
For the Six Months
Ended
September 30,
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
$
530,346
$
688,211
Voting Common Stock dividends declared
-
(19,608
)
Non-Voting Common Stock dividends
declared
(14,118
)
-
Undistributed earnings available to common
stockholders
$
516,228
$
668,603
Undistributed earnings available to common
stockholders allocated to Voting Common Stock
$
51,623
$
66,860
Undistributed earnings per share of Voting
Common Stock
$
2.63
$
3.41
Dividends declared per share of Voting
Common Stock
$
-
$
1.00
Basic and diluted earnings per share of
Voting Common Stock
$
2.63
$
4.41
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
$
530,346
$
688,211
Voting Common Stock dividends declared
-
(19,608
)
Non-Voting Common Stock dividends
declared
(14,118
)
-
Undistributed earnings available to common
stockholders
$
516,228
$
668,603
Undistributed earnings available to common
stockholders allocated to Non-Voting Common Stock
$
464,605
$
601,743
Undistributed earnings per share of
Non-Voting Common Stock
$
2.63
$
3.41
Dividends declared per share of Non-Voting
Common Stock
$
0.08
$
-
Basic and diluted earnings per share of
Non-Voting Common Stock
$
2.71
$
3.41
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”). As of June
30, 2023, the balance of ROU-financing also includes the rental
equipment purchased under new financing liability leases during
fiscal 2024. The tables below show adjusted PPE as of September 30,
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.
September 30,
March 31,
2023
2023
September 30,
ROU
Assets
Property, Plant
and Equipment
Property, Plant
and Equipment
2022
Financing
Adjusted
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,613,871
$
-
$
1,613,871
$
1,537,206
Buildings and improvements
7,649,849
-
7,649,849
7,088,810
Furniture and equipment
966,211
7,109
973,320
937,928
Rental trailers and other rental
equipment
912,046
115,072
1,027,118
979,990
Rental trucks
5,921,507
816,075
6,737,582
6,228,178
Right-of-use assets, gross
17,063,484
938,256
18,001,740
16,772,112
Less: Accumulated depreciation
(4,666,444
)
(560,523
)
(5,226,967
)
(4,947,259
)
Total property, plant and equipment,
net
$
12,397,040
$
377,733
$
12,774,773
$
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
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Earnings from operations *
$
1,187,957
$
1,301,196
$
1,396,122
$
1,435,667
$
1,534,803
Depreciation
768,475
749,210
733,879
721,950
712,896
Net gains on disposals
(220,858
)
(238,397
)
(247,084
)
(255,419
)
(256,495
)
Net losses on disposal of real estate
4,153
4,310
5,596
3,848
3,966
Depreciation, net of (gains) losses on
disposals
551,770
515,123
492,391
470,379
460,367
EBITDA
$
1,739,727
$
1,816,319
$
1,888,513
$
1,906,046
$
1,995,170
* before insurance subsidiaries
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108385243/en/
Sebastien Reyes Director of Investor Relations
U-Haul Holding Company (602) 263-6601
Sebastien_Reyes@uhaul.com
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