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

    2/5/25 4:10:00 PM ET
    $UHAL
    Rental/Leasing Companies
    Consumer Discretionary
    Get the next $UHAL alert in real time by email

    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

    [email protected]

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