U-Haul Holding Company Reports Third Quarter Fiscal 2024 Financial Results

RENO, Nev.–(BUSINESS WIRE)–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.

Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2024 and 2023.

Debt Metrics

The components of depreciation, net of gains on disposals for the third quarter of fiscal 2024 and 2023 are as follows:

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:

Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2024 and 2023.

Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2024 and 2023.

The components of depreciation, net of gains on disposals for the first nine months of fiscal 2024 and 2023 are as follows:

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:

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:

Contacts

Sebastien Reyes

Director of Investor Relations

U-Haul Holding Company

(602) 263-6601

[email protected]

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