Financial Performance - Net earnings available to common shareholders for Q2 fiscal 2025 were $186.8 million, down from $273.5 million in the same period last year, representing a decrease of 31.7%[1] - Earnings per share for Non-Voting Shares (UHAL.B) were $0.96, compared to $1.40 for the same period in fiscal 2024, reflecting a decline of 31.4%[1] - Total consolidated revenue for Q2 fiscal 2025 was $1,658.1 million, slightly up from $1,649.9 million in Q2 fiscal 2024[10] - Moving and Storage earnings from operations decreased by $92.5 million compared to Q2 fiscal 2024, primarily due to reduced gains from the disposal of retired rental equipment[4] - Earnings from operations for the first six months of fiscal 2025 were $608,198 thousand, down from $822,013 thousand in 2024, reflecting a decline of 26.0%[14] - Earnings available to common shareholders for the quarter were $186,798,000, down from $273,508,000, reflecting a decrease of approximately 31.7%[20] - Earnings available to common shareholders for the six months were $382,215,000, down from $530,346,000, a decrease of approximately 28.0%[21] - Basic and diluted earnings per share of Common Stock for the six months decreased to $1.86 from $2.63, a decline of about 29.4%[21] - The earnings from operations for September 30, 2024, were reported at $739,313 thousand, a decrease from $1,132,142 thousand for the same period in 2023, reflecting a decline of about 35%[28] Revenue and Occupancy - Self-storage revenues increased by $15.6 million, or 7.5%, compared to Q2 fiscal 2024, with same-store occupancy decreasing by 0.8% to 94.1%[3] - Self-moving equipment rental revenues rose by $17.9 million, or 1.7%, marking the second consecutive quarter of year-over-year improvement[3] - Self-storage revenues for the first six months ended September 30, 2024, were $440,256 thousand, up from $407,851 thousand in the same period of 2023, representing an increase of 7.4%[14] - The average monthly occupancy rate based on unit count for September 2024 was 80.9%, down from 84.2% in September 2023[13] - The end of September occupancy rate based on unit count was 80.0% in 2024, compared to 83.5% in 2023, showing a decline of 4.2%[13] - The average monthly number of units occupied in September 2024 was 610, an increase from 578 in September 2023[13] - The average monthly square footage occupied in September 2024 was 53,108, compared to 49,931 in September 2023, representing an increase of 6.4%[13] - The occupancy rate for non-same stores in Q2 2025 was 70.0%, compared to 73.6% in Q2 2024[17] - The average occupancy for all other stores was 81.0%[17] Assets and Liabilities - Total assets increased to $20,126,551,000 as of September 30, 2024, compared to $19,058,758,000 on March 31, 2024[19] - Total liabilities rose to $12,607,153,000 from $11,886,313,000 during the same period[19] - Total debt as of September 30, 2024, was $6,794.5 million, an increase from $6,311.7 million at June 30, 2024[11] - Cash and cash equivalents decreased to $1,435,639,000 from $1,534,544,000[19] - Cash and credit availability in the Moving and Storage segment was $1,774.5 million as of September 30, 2024, down from $1,886.3 million at March 31, 2024[4] Expenses and Depreciation - Total depreciation expense for the first six months of fiscal 2025 was $469,138 thousand, compared to $394,400 thousand in fiscal 2024, reflecting an increase of 18.9%[15] - Operating expenses for the six months increased to $1,680,830,000 from $1,598,499,000, representing an increase of about 5.1%[21] - The company reported total costs and expenses of $1,356,152,000 for the quarter, an increase from $1,227,505,000, indicating a rise of about 10.5%[20] Investments and Developments - The company added 11 new storage locations, contributing to a total of 0.9 million net rentable square feet (NRSF) during the quarter[3] - Approximately 16.8 million NRSF are currently in development or pending[3] - The same store pool for Q2 2025 includes 893 stores with 318,885 units, achieving an average revenue per foot of $17.20 and an occupancy rate of 94.1%[17] - Total property, plant, and equipment net value increased to $14,325,314,000 from $13,134,652,000[19] - The adjusted property, plant, and equipment net value, including ROU-financing, was $14,534,118 thousand as of September 30, 2024, compared to $13,423,957 thousand as of March 31, 2024, indicating a growth of approximately 8%[26] - The company adopted a new accounting standard for leases, resulting in approximately $1 billion of property, plant, and equipment being reclassified to Right of Use assets[25] Shareholder Information - Non-Voting Common Stock dividends declared increased to $0.10 per share, up from $0.08 per share in the previous year, marking a growth of 25%[24] - The company reported a retained earnings increase to $7,964,658,000 from $7,600,090,000[19] - The company reported a total of 196,077,880 weighted average shares outstanding for both Voting and Non-Voting Common Stock, unchanged from the previous year[24] Other Financial Metrics - EBITDA for the quarter ended September 30, 2024, was reported at $1,566,396 thousand, showing a slight decrease from $1,683,912 thousand in the same quarter of the previous year[28] - Net investment and interest income for the first six months of fiscal 2025 was $74,919 thousand, down from $129,330 thousand in the same period of 2024, a decrease of 42.1%[14] - Net investment and interest income for the quarter was $37,794,000, down from $64,738,000, reflecting a decrease of approximately 41.6%[20] - The company believes that the use of non-GAAP measures, such as EBITDA, provides additional tools for investors to evaluate financial conditions, enhancing transparency in financial disclosures[27]

Revenue Performance - Total revenues for the six months ended September 30, 2024, were $1,658,108 thousand, a slight increase from $1,649,860 thousand in the same period of 2023[7]. - Total revenues for the six months ended September 30, 2024, were $3,206,598, an increase from $3,190,168 in the same period of 2023, representing a growth of 0.5%[8]. - Total revenues for the quarter ended September 30, 2024, were $1,658,108 thousand, an increase from $1,649,860 thousand in the same quarter of 2023, representing a growth of approximately 0.9%[7]. - Total revenues for the second quarter ended September 30, 2024, were $1,573,643 thousand, compared to $1,565,578 thousand for the same period in 2023, reflecting a growth of approximately 0.4%[69]. - For the six months ended September 30, 2024, total revenues reached $3,042,804 thousand, compared to $3,206,598 thousand for the same period in 2023, showing a decline of about 5.1%[71]. Earnings and Profitability - Net earnings available to common stockholders for the quarter were $186,798 thousand, down from $273,508 thousand in the same quarter of 2023, representing a decrease of about 31.7%[7]. - Net earnings available to common stockholders for the six months ended September 30, 2024, were $382,215, down from $530,346 in the prior year, reflecting a decrease of approximately 28%[8]. - Basic and diluted earnings per share of common stock were $0.91, compared to $1.36 in the same quarter of 2023, indicating a decline of approximately 33.1%[7]. - Basic and diluted earnings per share for the six months ended September 30, 2024, were $1.86, compared to $2.63 for the same period in 2023, a decline of 29.4%[8]. - Total earnings from operations before equity in earnings of subsidiaries for the second quarter ended September 30, 2024, were $280,695 thousand, down from $401,704 thousand in the same quarter of 2023, indicating a decrease of approximately 30%[70]. Expenses and Costs - Operating expenses for the quarter were $891,073 thousand, compared to $835,258 thousand in the same quarter of 2023, reflecting an increase of approximately 6.7%[7]. - Operating expenses increased to $1,680,830 from $1,598,499, marking a rise of 5.1%[8]. - Total costs and expenses for the six months ended September 30, 2024, were $2,598,400, compared to $2,368,155 in the previous year, an increase of 9.7%[8]. - The company reported net investment and interest income of $37,794 thousand, down from $64,738 thousand in the same quarter of 2023, a decrease of about 41.7%[7]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to $20,126,551 thousand, an increase from $19,058,758 thousand as of March 31, 2024[5]. - Total liabilities increased to $12,607,153 thousand from $11,886,313 thousand, reflecting a rise of approximately 6.1%[5]. - Total stockholders' equity increased to $7,519,398 thousand from $7,172,445 thousand, reflecting a growth of approximately 4.8%[5]. - The company reported total notes, loans, and finance leases payable, net, amounted to $6.76 billion as of September 30, 2024, an increase from $6.27 billion as of March 31, 2024[39]. Cash Flow and Financing Activities - Cash provided by operating activities for the six months ended September 30, 2024, was $984,278 thousand, compared to $937,431 thousand in the prior year, indicating an increase of about 5%[16]. - Net cash used in investing activities for the six months ended September 30, 2024, was $1,597,867 thousand, up from $1,086,326 thousand in the same period of 2023, reflecting an increase of approximately 47%[16]. - Net cash provided by financing activities for the six months ended September 30, 2024, was $510,585 thousand, compared to $233,704 thousand in the prior year, showing an increase of about 118%[16]. - Total cash and cash equivalents at the end of the period were $1,435,639 thousand, down from $2,145,131 thousand at the end of the previous year, a decrease of approximately 33%[16]. Related Party Transactions - Related party revenues for the second quarter were $9.6 million, compared to $9.3 million in the previous year, showing a growth of approximately 3.2%[6]. - Related party revenues for the first six months ended September 30, 2024, were $19.1 million, compared to $18.4 million in 2023, an increase of approximately 3.8%[8]. - U-Haul's total revenues from related party agreements during the first six months of fiscal 2025 were $289.6 million, compared to $214.5 million in the same period of fiscal 2024, reflecting an increase of approximately 35%[65]. Dividends and Shareholder Returns - The company declared dividends of $0.05 per share for Series N Non-Voting Common Stock, totaling $8,823 for the period[12]. - Dividends declared for the first six months of fiscal years 2025 and 2024 were $0.05 per share for both June and August 2024, compared to $0.04 per share for the same periods in 2023[53]. - Non-Voting Common Stock dividends declared and paid for the six months ended September 30, 2024, were $(17,647) thousand, compared to $(14,118) thousand in 2023[27]. Market and Segment Information - The company has three reportable segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance, reflecting a diversified operational structure[18]. - The Moving and Storage segment includes truck and trailer rentals, sales of moving supplies, and self-storage management, indicating a focus on the "do-it-yourself" mover market[20]. - The Property and Casualty Insurance segment plans to offer additional insurance products related to U-Haul services, indicating potential market expansion[20]. Compliance and Legal Matters - The company has made capital and operating expenditures to comply with environmental laws, with no material adverse effects expected on financial position or cash flows[60]. - The company has been named in various litigation matters, but none are expected to materially affect its financial position or results of operations[61]. - The company faced a cybersecurity incident that led to a settlement of $5.1 million, all covered by insurance, related to unauthorized access to customer information[59]. Accounting and Financial Reporting - The company is currently assessing the impact of new accounting standards issued by the FASB, which may affect future financial disclosures[97]. - The effective tax rate for the quarter ended September 30, 2024, was 24.1%, compared to 23.6% for the same quarter in 2023[95]. - Income taxes paid in cash for the quarter ended September 30, 2024, were $53.9 million, up from $25.3 million in the same quarter of 2023[95].

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $195 million, down from $257 million in the same quarter last year, equating to $1 per nonvoting share compared to $1.31 per share last year [6] - Nearly 60% of the decline in earnings was attributed to decreased gains on the disposal of retired equipment [6] - Equipment rental revenue increased by $15 million, approximately 1.5%, marking the first year-over-year increase in eight quarters [7] Business Line Data and Key Metrics Changes - Equipment rental revenue saw a $15 million increase, with transactions and revenue per transaction improving in both in-town and one-way markets [7] - Self-storage revenue increased by $17 million, about 8%, with average revenue per occupied foot improving nearly 3% across the portfolio [9] - The occupied unit count for self-storage rose by over 32,000 units compared to the same time last year, although average occupancy declined by 280 basis points to 80% due to the addition of nearly 64,000 new units [10] Market Data and Key Metrics Changes - The company noted a competitive market for self-storage, with gains observed while many large competitors are not currently experiencing growth [5] - The moving equipment transactions are showing signs of recovery, with the company focusing on improving customer service to attract more business [5] Company Strategy and Development Direction - The company aims to reverse the decline in moving equipment transactions and is focused on enhancing customer service to gain market share [5] - There is a continued emphasis on expanding self-storage units, with a significant increase in capital expenditures for new rental equipment and real estate acquisitions [8][10] - The management believes that catering to customer needs will justify pricing and help maintain a competitive edge in the market [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by increased costs of new rental trucks and the inability to pass these costs onto consumers [4] - The company is optimistic about the potential for growth in the self-storage segment despite current market softness [21] - Management indicated that while there has been softness in the storage market, they are focused on improving customer service rather than discounting [21] Other Important Information - The company has increased its fiscal 2025 full-year net CapEx projection by about $40 million to $90 million due to the availability of more units from manufacturers [8] - Operating expenses increased by $35 million year-over-year, driven by higher costs in utilities, property taxes, and personnel [51] Q&A Session Summary Question: Is the comment about the customer winning related to pricing power? - Management views the business as a consumer product and believes that pleasing the consumer will enhance their ability to navigate tough times [14] Question: Are there signs of sequential acceleration in business segments? - Storage has been steady, while equipment rental has shown mixed results, with some positive momentum noted in early August [17] Question: What is the impact of the housing market on moving business? - Both in-town and one-way moves saw increases, indicating some consumer optimism [18] Question: How are street rates and customer reactions to rate increases? - Asking rents are up compared to last year, and the company is not seeing significant pushback from customers on rate increases [19] Question: What is the impact of new storage units on the income statement? - New units typically take about three years to contribute positively, and management is focused on optimizing occupancy rates [47] Question: How much of the operating expense increase is due to new locations? - New locations accounted for a little over $2 million of the additional operating expense [54]

Contact: Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com U-HAUL HOLDING COMPANY REPORTS FIRST QUARTER FISCAL 2025 FINANCIAL RESULTS RENO, Nev. (August 7, 2024)—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 common shareholders for its first quarter ended June 30, 2024, of $195.4 mil ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from __________________ to __________________ State or other jurisdiction of incorporation or organization | --- | --- | --- | |-------|-------------------------- ...

United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from __________________ to _________________ Commission File Number 001-11255 | State or other jurisdiction of | Registrant, State of Incorporation | I.R.S. Employer | | ...

Financial Data and Key Metrics Changes - The company reported a fourth quarter loss of $863,000 compared to earnings of $37.4 million for the same quarter last year [3] - For the full fiscal year 2024, earnings were $628.7 million compared to $924.5 million for fiscal 2023, indicating a significant decline [3] - Operating cash flow or EBITDA showed slight improvement for the quarter despite the loss [3] - Capital expenditures for new rental equipment increased by $320 million to $1,619 million in fiscal 2024, with a projected increase of about $100 million for fiscal 2025 [4] Business Line Data and Key Metrics Changes - Equipment rental revenue decreased by $10 million or 1% compared to the fourth quarter of last year, although March marked the first year-over-year improvement in 19 months [16] - Self-storage revenues increased by $17.5 million or 9% for the quarter and over $86.5 million or 12% for the full year, driven by a 6% increase in rented units [17] - Average sales price per unit in the resale market has been steadily declining, impacting gains on disposal of retired equipment [4] Market Data and Key Metrics Changes - The occupancy ratio for the total portfolio decreased by 140 basis points to just under 80%, largely due to the addition of 55,000 new units [17] - The company reported a decrease in average miles per transaction, although the rate of decrease has slowed [16] - Total truck transactions were down 3% for the year, with a 1% decline in the fourth quarter [16] Company Strategy and Development Direction - The company aims to expand its footprint in self-storage, despite filling rooms at a slower rate than they are adding them [3] - Management emphasized a steady pricing strategy, avoiding drastic price changes based on demand, which they believe confuses customers [10] - The company is focused on increasing productivity through IT improvements and better product offerings [3] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer confidence remains cautious, impacting miles traveled per rental [3] - The company anticipates continued declines in gains from the disposal of equipment over the next 12 months [4] - Management expressed uncertainty regarding the impact of electrification on costs and resale prices, indicating it could lead to significant increases in costs for users [31] Other Important Information - Operating expenses at moving and storage increased by $10 million for the fourth quarter and $100 million for the fiscal year [5] - The company is filing its 10-K later today, marking its first financial statement audit with Deloitte [5] - The company has a robust pipeline of active and pending projects in self-storage, totaling 7.8 million and 9.2 million square feet respectively [17] Q&A Session All Questions and Answers Question: Can you help us understand the impact of increased utilization on CapEx improvements? - Management indicated that utilization increases by decimal points, which is important for overall performance [7] Question: What percentage of your moves are typically one-way moves, and how have they performed recently? - Historically, the company has seen about 55% in-town moves and 45% one-way moves, with a slight increase in one-way revenue during COVID [22] Question: How is the competitive pricing landscape affecting your decisions around street rates? - Management noted that competitors often inflate prices and then discount them, which confuses customers, while the company maintains a steady pricing strategy [45] Question: What is the outlook for the U-Box business in terms of profitability and market share? - The U-Box business has a higher amount of one-way moves, and management is exploring ways to tap into shorter distance moves while maintaining profitability [80] Question: How does the company view the impact of remote work trends on its customer demographics? - Management observed a tidal wave of new customers due to remote work, but this trend has receded as some customers return to work [60]

Contact: Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com U-HAUL HOLDING COMPANY REPORTS FISCAL 2024 FINANCIAL RESULTS RENO, Nev. (May 29, 2024)--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 the year ended March 31, 2024, of $628.7 million, compared with $924.5 mil ...

RENO, Nev.--(BUSINESS WIRE)--U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., North America’s largest “do-it-yourself” moving and self-storage company, will participate in the Granite Research Virtual Conference Series on Wednesday, Mar. 20 and Thursday, Mar. 21. Members of the management team will host meetings with institutional investors. About U-Haul Holding Company U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Compa ...

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, on March 6, 2024 declared a quarterly cash dividend of $0.05 per share on its Series N Non-Voting Common Stock (NYSE: UHAL.B). The dividend will be payable March 28, 2024 to holders of record on March 18, 2024. This is the sixth dividend issued under the Company’s dividend policy announced in October 2022. A ...