Financial Performance - Net earnings available to shareholders for the year ended March 31, 2025, were $367.1 million, down from $628.7 million in the previous year[1] - For the quarter ended March 31, 2025, the company reported net losses available to shareholders of ($82.3) million, compared to net losses of ($0.9) million for the same period last year[2] - Earnings available to common shareholders for the year ended March 31, 2025, were $367,090,000, down from $628,707,000 in 2024, a decrease of approximately 41.6%[23] - The company reported a net loss available to common shareholders of $82,291,000 for the quarter ended March 31, 2025, compared to a loss of $863,000 in the same quarter of 2024[22] - Basic and diluted losses per share of Common Stock for the quarter were $0.46, compared to $0.05 in the prior year[22] - Net earnings available to common stockholders decreased to $367,090 in March 2025 from $448,518 in March 2024, reflecting a decline of about 18.1%[33] Revenue and Growth - Total revenues for the quarter ended March 31, 2025, increased to $1,233,509,000, up from $1,179,170,000 in the same quarter of 2024, representing a growth of approximately 4.6%[22] - For the year ended March 31, 2025, total revenues reached $5,828,665,000, a rise from $5,625,674,000 in 2024, indicating a growth of approximately 3.6%[23] - Self-storage revenues rose by $17.8 million, or 8.4%, in Q4 2025 compared to Q4 2024, and for the full year, it increased by $66.8 million, or 8.0%[4] - Self-moving equipment rental revenues increased by $29.0 million, or 4.1%, in Q4 2025, finishing the full year up $100.8 million, or 2.8% compared to fiscal 2024[4] Expenses and Depreciation - Total depreciation expense for Q4 FY 2025 was $253,178,000, an increase of 18.5% from $213,652,000 in Q4 FY 2024[15] - For the full year FY 2025, total depreciation expense reached $971,933,000, up 18.8% from $817,889,000 in FY 2024[16] - Operating expenses for the quarter increased to $812,290,000, compared to $757,567,000 in the same quarter of 2024, marking an increase of about 7.2%[22] - The company experienced a significant increase in depreciation expenses, which rose to $268,278,000 for the quarter, compared to $198,347,000 in the prior year[22] Assets and Liabilities - Total debt as of March 31, 2025, was $7,229.3 million, an increase from $6,929.6 million in the previous year[14] - Total assets increased to $20,479,170,000 in FY 2025 from $19,058,758,000 in FY 2024, reflecting a growth of 7.4%[21] - Cash and cash equivalents decreased to $988,828,000 in FY 2025 from $1,534,544,000 in FY 2024, a decline of 35.5%[21] - Cash and credit availability at the Moving and Storage operating segment was $1,347.5 million as of March 31, 2025, down from $1,886.3 million in 2024[9] Operational Metrics - The average occupied rooms increased by 39,197, or 6.8%, compared to March 31, 2024, and for the full year, it increased by 35,441, or 6.2%[4] - The company operated 799 self-storage units as of March 31, 2025, compared to 728 units a year earlier, representing a growth of 9.8%[16] - Average monthly occupancy rate for owned storage locations in Q4 FY 2025 was 77.3%, down from 79.8% in Q4 FY 2024[16] - The end of period occupancy rate based on unit count was 77.0% for Q4 FY 2025, down from 79.3% in Q4 FY 2024[16] Investments and Dividends - The company declared a cash dividend of $0.05 per share on March 5, 2025, paid on March 28, 2025[9] - The company added 20 new storage locations with 1.6 million net rentable square feet during the fourth quarter[4] Non-GAAP Measures - The company aims to enhance transparency in financial disclosures through the use of non-GAAP measures like Adjusted EBITDA, which provides a clearer view of core business operations[32] - Adjusted EBITDA for the trailing twelve months as of March 31, 2025, was $1,619,714, compared to $1,614,146 for the same period in 2024, showing a slight increase[33]

Business Operations and Risks - As of March 31, 2025, the company had over 21,600 independent equipment rental dealers, with nearly 50% of U-Move rental revenue generated through this network[78]. - The company faces risks related to the significant increase in costs for acquiring new rental trucks, which could adversely affect its fleet rotation program[77]. - The company relies on a limited number of manufacturers for its rental trucks, primarily Ford and General Motors, exposing it to production risks[76]. - Cybersecurity incidents pose a risk to the company's operations, with past incidents not resulting in material impacts but future risks remaining significant[91]. - The company’s ability to maintain its network of independent dealers is crucial for serving customers and could affect its financial position if disrupted[79]. - The company faces significant competition in the truck rental and self-storage industries, which could adversely impact occupancy levels and rental rates[95][96]. - Economic conditions, including credit market fluctuations and inflation, may negatively affect the company's business and results of operations[98]. - The company is subject to numerous environmental laws and regulations, which could lead to increased compliance costs and potential liabilities[108][109]. - The company is classified as a "controlled company," with approximately 50.1% of Voting Common Stock owned by a small group of stockholders, potentially limiting governance standards[103][104]. - The company may face challenges in maintaining its competitive position due to rapid technological advancements and changing consumer preferences[96][97]. Financial Performance and Position - The company reported $0.4 million of reinsurance recoverables and $32.4 million of reserves and liabilities ceded to reinsurers as of December 31, 2024[93]. - The company's largest exposure to a single reinsurer was $20.3 million as of December 31, 2024[93]. - As of March 31, 2025, the company had total debt outstanding of $7,229.3 million and operating lease liabilities of $47.0 million[101]. - A.M. Best affirmed the financial strength rating for Oxford and Christian Fidelity Life Insurance Company of A, with the outlook revised to negative from stable[100]. - Approximately 5.1% of the company's revenue was generated in Canada for both fiscal 2025 and 2024, with no material impact expected from a 10% change in the U.S. dollar relative to the Canadian dollar[260]. Interest Rate and Market Risks - As of March 31, 2025, the company had $814.4 million in variable rate debt obligations, with $437.5 million not fixed through interest rate swaps[254]. - A 100 basis point increase in the Secured Overnight Funding Rate (SOFR) would decrease future earnings and cash flows by $4.4 million annually[254]. - The company's fixed maturity portfolio market value was $2,479,498 thousand as of March 31, 2025, with a sensitivity analysis showing a decrease to $2,372,291 thousand with a +100 basis point change in interest rates[257]. - The interest rate risk sensitivity of the fixed maturity portfolio indicates a potential decrease in fair value to $2,158,122 thousand with a -300 basis point change in interest rates[257]. - The company utilizes interest rate swap agreements to mitigate exposure to interest rate changes, with fixed rates ranging from 2.72% to 4.71%[254]. - The net market value of derivative hedges related to indexed annuity products was $8.8 million as of March 31, 2025, down from $10.5 million in 2024[258]. - The company does not hedge foreign currency risk as the exposure is not considered material[260]. - The company does not use derivative financial instruments for speculative purposes, focusing instead on risk mitigation strategies[253]. Strategic Initiatives and Challenges - Regulatory pressures favoring electric vehicles may require significant infrastructure improvements, potentially impacting the company's business model[80]. - The company is actively developing new technologies to adapt to changing customer demands, but the success of these initiatives is uncertain[97]. - The trading prices of the company's Voting Common Stock and Non-Voting Common Stock may be volatile, influenced by various market factors[107]. - The company carries excess of loss insurance coverage to mitigate risks associated with potential terrorist attacks, although the sufficiency of this coverage is uncertain[119]. - The Tax Cuts and Jobs Act and the CARES Act have introduced significant changes to U.S. tax laws that may adversely affect the company's financial condition[117].

Subscribers get to use a 50+ stock model account, in-depth cash flow analyses of E&P firms, and live chat discussion of the sector. Sign up today for your two-week free trial and get a new lease on oil & gas! Crude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential. One company that I continue to view as being undervalued is U-Haul ( UHAL ) . Primarily ...

Core Insights - The focus is on fundamental analysis and disciplined market research to identify investment opportunities in small cap companies with strong fundamentals, large cap companies facing temporary setbacks, and stable companies with solid dividend yields and growth potential [1]. Group 1 - The analyst has a strong quantitative background with a Ph.D. in Chemical Engineering and an MBA, indicating a robust analytical capability [1]. - The investment strategy emphasizes identifying small cap companies with growth potential, which may present unique opportunities for investors [1]. - Large cap companies undergoing temporary setbacks are also a focus, suggesting a strategy to capitalize on recovery potential [1]. Group 2 - The emphasis on stable companies with solid dividend yields indicates a preference for income-generating investments alongside growth [1].

Financial Data and Key Metrics Changes - U-Haul reported third quarter earnings of $67 million, down from $99 million in the same quarter last year, translating to $0.35 per nonvoting share this quarter compared to $0.51 per share last year [12] - EBITDA in the moving and storage segments increased by $47.8 million, primarily due to stronger revenue growth [13] - Operating expenses increased by $11.6 million, with personnel costs up just over $15 million, while fleet repair and maintenance costs declined by nearly $10.5 million [22][23] Business Line Data and Key Metrics Changes - Equipment rental revenue increased by $39 million, or over 4.5%, for the quarter, better than the 1.5% to 1.7% improvements in the first and second quarters [15] - Self-storage revenues were up $17 million, an 8% increase for the quarter, with average revenue per occupied foot improving by approximately 90 basis points [18] - U-Box revenue increased by $9 million, driven by growth in both moving and storage transactions [21] Market Data and Key Metrics Changes - The medium truck industry is described as competitive, with market share remaining stable [9] - The occupied unit count for self-storage increased by nearly 42,000 units compared to the same time last year, although average occupancy across the portfolio declined to 78.7% [19] - The company added 80,000 new units over the same timeframe, leading to a decrease in average occupancy for the same-store portion of the portfolio by 50 basis points to 92.4% [19] Company Strategy and Development Direction - The company plans to continue adding storage products and is optimistic about future growth, particularly in the U-Box business [10][11] - U-Haul is focusing on customer needs in the truck share business, competing with other major players [9] - The company is also monitoring tariff proposals and supply chain complexities while remaining optimistic about its position in the market [11] Management's Comments on Operating Environment and Future Outlook - Management noted increased consumer optimism, which is beneficial for the self-move business, and has not experienced significant losses from recent weather events [6][7] - The management expressed optimism about the company's ability to navigate regulatory changes and supply chain disruptions [8] - There is a belief that the company can maintain a competitive edge through its extensive distribution network and cost advantages [78] Other Important Information - Capital expenditures for new rental equipment for the first nine months were $1.587 billion, a $237 million increase compared to the same period last year [16] - The company has a cash balance of $1.348 billion as of December 2024, along with availability from existing loan facilities [24] Q&A Session Summary Question: What are the drivers behind the revenue growth? - Management confirmed that revenue per transaction has steadily increased, indicating a good pricing environment [28][29] Question: How are operating expenses controlled despite revenue growth? - Management acknowledged a delayed reaction in cost control measures, which have started to show results [34][35] Question: What is the outlook for U-Box and its storage potential? - Management highlighted the growth in U-Box moving and storage transactions, emphasizing the versatility of the product [42][44] Question: How does the company view competition and pricing dynamics? - Management noted that while competitors are raising prices, U-Haul's extensive distribution network provides a competitive advantage [77][78] Question: What is the current state of warehouse capacity for U-Box? - Management confirmed that warehouse growth is no longer a constraint for U-Box, allowing for increased operational efficiency [85] Question: What are the expectations for future margins in the U-Box business? - Management expressed optimism about achieving higher margins as the business scales and improves asset utilization [59][60]

Financial Performance - Net earnings available to shareholders for Q3 fiscal 2025 were $67.2 million, down from $99.2 million in Q3 fiscal 2024, with earnings per share for Non-Voting Shares at $0.35 compared to $0.51 last year[1][2] - For the nine-month period ended December 31, 2024, net earnings were $449.4 million, a decrease from $629.6 million in the same period last year, with earnings per share at $2.31 compared to $3.22[2] - Earnings from operations for the first nine months of fiscal 2025 were $758,930,000, a decrease of 25.6% compared to $1,019,601,000 in fiscal 2024[15] - Earnings available to common stockholders for the quarter were $67,166,000, down from $99,224,000 in the previous year, a decrease of 32.3%[21] - Basic and diluted earnings per share of Common Stock decreased to $0.30 from $0.46, a decline of 34.8% year-over-year[21] - Net earnings available to common stockholders decreased to $449,381,000 for the nine months ended December 31, 2024, down from $629,570,000 in the same period of 2023, representing a decline of approximately 28.6%[27] - Undistributed earnings per share of Voting Common Stock fell to $2.16, down from $3.09, indicating a decrease of about 30% year-over-year[27] - Basic and diluted earnings per share of Non-Voting Common Stock decreased to $2.31 from $3.22, reflecting a decrease of approximately 28.3%[27] Revenue and Occupancy - Total consolidated revenue for Q3 fiscal 2025 was $1,388.6 million, compared to $1,339.5 million in Q3 fiscal 2024[11] - Self-storage revenues increased by $16.6 million, or 7.9%, with same store occupancy at 92.4% and revenue per foot up by 3.0%[3] - Self-storage revenues for the first nine months of fiscal 2025 reached $667,381,000, an increase of 7.9% compared to $618,368,000 in the same period of fiscal 2024[14] - Consolidated revenue for the first nine months of fiscal 2025 was $4,595,156,000, a slight increase from $4,529,682,000 in fiscal 2024[15] - Total revenues for the quarter ended December 31, 2024, increased to $1,388,558,000, up from $1,339,514,000 in the same quarter of 2023, representing a growth of 3.7%[21] - Self-storage revenues for the quarter increased to $227,125,000, up from $210,517,000, a growth of 7.9%[21] - Average monthly occupancy rate based on unit count for December 2024 was 79.9%, down from 82.9% in December 2023[16] - The end of December occupancy rate based on unit count was 78.1% in 2024, compared to 81.0% in 2023[16] - The average monthly number of occupied units increased to 605 in December 2024 from 571 in December 2023[16] Expenses and Liabilities - Operating expenses for the quarter were $782,351,000, compared to $770,405,000 in the same quarter of 2023, an increase of 1.2%[21] - Total depreciation expense for the first nine months of fiscal 2025 was $718,755,000, up from $604,237,000 in the same period of fiscal 2024[16] - Depreciation expenses rose significantly to $246,091,000 from $173,648,000, an increase of 41.7%[21] - Total debt as of December 31, 2024, was $6,929.6 million, with a net debt to EBITDA ratio of 3.7[12] - Total liabilities increased to $12,698,832,000 from $11,886,313,000, marking an increase of 6.8%[20] Assets and Equity - Total assets as of December 31, 2024, were $20,330,165,000, an increase from $19,058,758,000 as of March 31, 2024, representing a growth of 6.7%[20] - Total stockholders' equity as of December 31, 2024, was $7,631,333,000, compared to $7,172,445,000 as of March 31, 2024, reflecting an increase of 6.4%[20] - The company’s accumulated depreciation increased to $5,954,369,000 as of December 31, 2024, compared to $5,484,016,000 as of March 31, 2024, indicating an increase of about 8.6%[30] - Total property, plant, and equipment, net increased to $15,044,034,000 as of December 31, 2024, compared to $13,423,957,000 as of March 31, 2024, reflecting a growth of approximately 12.1%[30] Segment Performance - Moving and Storage EBITDA increased by $47.8 million to $376.7 million compared to Q3 fiscal 2024, and for the trailing twelve months, it rose by $20.7 million to $1,614.1 million[3] - Self-moving equipment rental revenues rose by $38.8 million, or 4.6%, marking the third consecutive quarter of year-over-year improvement[3] - Moving and Storage Other revenue increased by $9.6 million, or 9.6%, primarily due to growth in U-Box program transactions[8] - Self-moving equipment rental revenues rose to $878,585,000, compared to $839,801,000 in the prior year, reflecting an increase of 4.6%[21] - The company added 34 new storage locations during the third quarter, contributing 2.3 million net rentable square feet[3] Dividends and Share Information - Non-Voting Common Stock dividends declared increased to $0.15 per share, up from $0.13 per share, marking a rise of approximately 15.4%[27] - The company reported a total of 196,077,880 weighted average shares outstanding for both Voting and Non-Voting Common Stock, consistent with the previous year[27] - The total undistributed earnings available to common stockholders allocated to Non-Voting Common Stock decreased to $380,619,000 from $545,966,000, a decline of about 30.3%[27]

Revenue Growth - Self-moving equipment rental revenues increased by $38.8 million to $878.6 million in Q3 fiscal 2025 compared to Q3 fiscal 2024[193]. - Self-storage revenues rose by $16.6 million to $227.1 million, with a 6.8% increase in average monthly occupied units, adding 39,055 units[194]. - Consolidated revenue for Q3 fiscal 2025 reached $1.39 billion, up from $1.34 billion in Q3 fiscal 2024, marking a growth of approximately 3.5%[193]. - Self-moving equipment rental revenues increased by $38.6 million to $879.7 million in Q3 fiscal 2025 compared to Q3 fiscal 2024[208]. - Self-storage revenues rose by $16.6 million to $227.1 million in Q3 fiscal 2025, with a 6.8% increase in average monthly occupied units[209]. - Self-moving equipment rental revenues for the first nine months of fiscal 2025 increased by $71.9 million to $2.98 billion compared to the same period in fiscal 2024[228]. - Self-storage revenues for the first nine months of fiscal 2025 increased by $49.0 million to $667.4 million, with a 6.0% increase in average monthly occupied units[229]. - Total revenues for the Moving and Storage segment were $4,339.4 million for the first nine months of fiscal 2025, up from $4,285.8 million in the same period of fiscal 2024[237]. - Total revenues for the quarter ended December 31, 2024, were $1,388,558,000, an increase from $1,339,514,000 in the same quarter of 2023, representing a growth of approximately 3.6%[296][297]. - For the nine months ended December 31, 2024, total revenues reached $4,595,156,000, compared to $4,339,360,000 for the same period in 2023, showing an increase of about 5.9%[298]. Earnings and Profitability - Earnings from operations decreased to $150.7 million in Q3 fiscal 2025, down from $197.6 million in Q3 fiscal 2024, reflecting a decline of about 23.7%[205]. - Earnings available to common stockholders decreased to $67.2 million in Q3 fiscal 2025 from $99.2 million in Q3 fiscal 2024[207]. - Consolidated earnings from operations for Moving and Storage decreased to $145.2 million in Q3 fiscal 2025 from $194.7 million in Q3 fiscal 2024[218]. - Earnings from operations for the Moving and Storage segment decreased to $703.0 million for the first nine months of fiscal 2025, down from $968.9 million in the same period of fiscal 2024[237]. - Net earnings available to common stockholders for Q4 2024 were $67,166,000, consistent with Q4 2023, indicating stable performance despite revenue growth[296][297]. - The company reported pretax earnings of $592,026,000 for the nine months ended December 31, 2024, compared to $579,686,000 in the same period of 2023, reflecting an increase of approximately 2.1%[298]. - Net earnings for the nine months ended December 31, 2023, were $629,570,000, with cash provided by operating activities totaling $1,240,043,000[303]. Costs and Expenses - Total costs and expenses rose by $95.9 million, with operating expenses for Moving and Storage increasing by $11.6 million[203]. - Total costs and expenses increased by $89.1 million in Q3 fiscal 2025 compared to Q3 fiscal 2024, with operating expenses rising by $11.6 million[215]. - Total costs and expenses for the nine months ended December 31, 2024, were $3,836,226,000, an increase from $3,636,330,000 in the same period of 2023, representing a growth of about 5.5%[298]. - The company reported a depreciation expense of $718,755,000 for the nine months ended December 31, 2024, highlighting significant asset utilization[301]. Investment and Capital Expenditures - The company plans to reinvest approximately $1,115 million in its rental equipment fleet during fiscal 2025[271]. - The company invested $1,213.9 million in real estate acquisitions, new construction, and renovations in the first nine months of fiscal 2025[272]. - Net capital expenditures at Moving and Storage were $2,333.4 million for the first nine months of fiscal 2025, compared to $1,802.8 million for the same period in 2024[273]. - The company expects to maintain a high level of real estate capital expenditures through the remainder of fiscal 2025[315]. Cash Flow and Liquidity - Cash and cash equivalents totaled $1,017.4 million as of December 31, 2024, down from $1,534.5 million as of March 31, 2024[266]. - Net cash provided by operating activities increased by $15.9 million in the first nine months of fiscal 2025 compared to fiscal 2024[267]. - Cash flows from financing activities resulted in a net cash provided of $211,234,000, primarily driven by borrowings from credit facilities totaling $1,037,082,000[304]. - Cash and cash equivalents at the end of the period were $1,017,398,000, down from $1,534,544,000 at the beginning of the period[302]. Financial Position - Total assets as of December 31, 2024, amounted to $20,330.1 million, with cash and cash equivalents at $883.1 million[292]. - Total liabilities reached $12,698.8 million, including accounts payable and accrued expenses of $799.5 million[293]. - Stockholders' equity totaled $7,631.3 million, with retained earnings reported at $0[293]. - The company holds fixed maturity securities available-for-sale valued at $2,442.5 million, indicating a strong investment position[294]. - The company reported accumulated other comprehensive income (loss) of $(223.2) million, which may impact future financial performance[295]. Risks and Future Outlook - The company faces risks related to inflationary pressures that may challenge its operating margin[315]. - The company is reliant on a limited number of manufacturers for its rental trucks, which poses a supply risk[315]. - The company acknowledges potential impacts from technology and cybersecurity breaches on its financial performance[315]. - The company anticipates fluctuations in quarterly results and seasonality affecting its performance[315]. - Future outlook includes continued focus on expanding self-storage and moving services, leveraging existing infrastructure and customer base[300].

Financial Data and Key Metrics Changes - The company reported second quarter earnings of $187 million, a decrease from $274 million in the same quarter last year, translating to earnings per share of $0.96 compared to $1.40 [9] - EBITDA for the moving and storage segment decreased by $18.1 million due to operating costs that are unlikely to recur [9] - Equipment rental revenue increased by $18 million, or about 1.7%, marking the second consecutive quarter of year-over-year increases [10] - Capital expenditures for new rental equipment for the first six months were $1.156 billion, an increase of $182 million compared to the same period last year [12] - Proceeds from the sales of retired rental equipment decreased by $44 million to a total of $361 million [14] Business Line Data and Key Metrics Changes - Self-storage revenues increased by $16 million, representing an 8% improvement, with average revenue per occupied foot up by 1.6% for the quarter [15] - The occupied unit count at the end of September was up nearly 32,000 units compared to the same time last year, with 67,000 new units added [16] - Average occupancy for the entire portfolio decreased to about 80.9%, while same-store occupancy decreased by 80 basis points to 94.1% [16] - U-Box revenue results increased by $7 million, contributing to the overall revenue growth [18] Market Data and Key Metrics Changes - October and the first week of November saw revenue continue to trend positively compared to the same time last year [12] - The self-storage industry is facing challenges due to unrealistic moving promotions, impacting overall performance [6] Company Strategy and Development Direction - The company is focused on developing new storage products and increasing the speed of bringing them online [6] - There is an emphasis on maintaining a strategy despite industry challenges, with a focus on U-Box as a service addressing consumer needs [6] - The company is increasing its fiscal 2025 full-year net CapEx projection from $1.90 billion to approximately $1.115 billion due to additional equipment availability [13] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding consumer confidence and the impact of the new administration on business [8] - The company anticipates modest improvements in the rental business but does not foresee significant changes in the near term [23] - Management acknowledged the imbalance of adding new storage units faster than they are being filled, which is affecting occupancy rates [26] Other Important Information - The company is actively considering inputs from Trian Fund Management but will not change its business plans based on their input [7] - Operating expenses in the moving and storage segment increased by over $55 million, with various cost increases noted [19] Q&A Session Summary Question: Trends in self-moving rental business and self-storage - Management noted that while there has been year-over-year improvement, they do not foresee significant changes in the next two quarters [23] Question: Self-storage year-over-year rate deterioration - Management acknowledged the imbalance of adding new rooms faster than filling them and expressed uncertainty about when stabilization will occur [26] Question: Competitive advantage of U-Box - Management confirmed that the storage component of U-Box is a competitive advantage, but acknowledged that there is room for improvement in the storage segment [35] Question: Value gap between U-Haul and competitors - Management discussed the impact of excess capacity and aggressive development on earnings, indicating that these factors are currently a drag on performance [39] Question: Balancing new unit openings with existing unit occupancy - Management expects fluctuations in the balance between new openings and occupancy rates, emphasizing the long-term growth potential [41]

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].