Financial Performance - For the fiscal year ended March 31, 2025, net earnings available to shareholders were $367.1 million, down from $628.7 million in the previous year[1] - For the fourth 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] - 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, marking an increase of approximately 3.6%[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] - 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] - Basic and diluted earnings per share of Non-Voting Common Stock for the year were $1.89, down from $3.22 in the previous year[28] Revenue and Occupancy - Self-storage revenues rose by $17.8 million, or 8.4%, in Q4 2025, and for the full year, they increased by $66.8 million, or 8.0%[4] - The total portfolio of average occupied rooms increased by 39,197, or 6.8%, compared to March 31, 2024, with a full-year increase of 35,441, or 6.2%[4] - 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 average monthly number of occupied units increased to 613 in Q4 FY 2025 from 573 in Q4 FY 2024, a rise of 7%[16] 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] - 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] - Operating expenses for the quarter increased to $812,290,000, compared to $757,567,000 in the same quarter of 2024, an increase of about 7.2%[22] Debt and Financial Position - Total debt as of March 31, 2025, was $7,229.3 million, up from $6,929.6 million in the previous year[14] - The net debt to EBITDA ratio increased to 3.9 as of March 31, 2025, compared to 3.7 in the previous quarter[14] - 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 the previous year[9] - Cash and cash equivalents decreased to $988,828,000 from $1,534,544,000, a decline of 35.5% year-over-year[21] - The company reported total liabilities of $12,981,027,000 as of March 31, 2025, an increase of 9.2% from $11,886,313,000 in the previous year[21] Asset Growth - Total assets increased to $20,479,170,000 as of March 31, 2025, compared to $19,058,758,000 a year earlier, reflecting a growth of 7.4%[21] - Total property, plant and equipment, net increased to $15,112,600 thousand as of March 31, 2025, up from $13,423,957 thousand in the previous year, representing a growth of 12.6%[31] - Right-of-use assets, gross reached $21,004,679 thousand as of March 31, 2025, up from $18,185,784 thousand in the previous year, marking an increase of 15.5%[31] - Rental trucks value increased to $7,470,039 thousand as of March 31, 2025, compared to $6,338,324 thousand in the previous year, indicating a growth of 17.9%[31] Other Financial Metrics - Adjusted EBITDA for the trailing twelve months as of March 31, 2025, was $1,619,714 thousand, slightly up from $1,614,146 thousand in the previous quarter, indicating stable operational performance[33] - Interest expense increased to $296,721 thousand for the quarter ending March 31, 2025, compared to $280,487 thousand in the previous quarter, showing a rise of 7.4%[33] - Other interest income decreased to $(59,489) thousand for the quarter ending March 31, 2025, compared to $(87,303) thousand in the previous quarter, indicating a decline of 31.8%[33] - Losses on disposals of real estate for FY 2025 amounted to $15,758,000, compared to $7,914,000 in FY 2024, indicating a significant increase in losses[16] - Net losses on disposal of real estate were reported at $15,758 thousand for the quarter ending March 31, 2025, up from $12,047 thousand in the previous year, representing an increase of 30.5%[33] Dividends - The company declared a cash dividend of $0.05 per share on March 5, 2025, paid on March 28, 2025[9] Transparency and Reporting - 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]

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 the fleet rotation program[77]. - The company relies on a limited number of manufacturers for 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 has implemented security protocols and employs IT security team members to mitigate cybersecurity risks[87]. - The company’s ability to maintain its network of independent dealers is crucial for serving customers and could impact financial results 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 markets 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 actively developing new technologies to adapt to changing customer demands, but the success of these initiatives is uncertain[97]. - The company may face challenges in maintaining its competitive position due to rapid technological changes and the emergence of new competitors[97]. Financial Position and Market Conditions - 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]. - The trading prices of the company's Voting Common Stock and Non-Voting Common Stock may be volatile, influenced by various market factors[107]. - Approximately 5.1% of the company's revenue was generated in Canada for both fiscal 2025 and 2024[260]. Interest Rate and Derivative Exposure - 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 market value of the fixed maturity portfolio as of March 31, 2025, was $2,479,498 thousand, with a potential decrease to $2,372,291 thousand if interest rates increased by 100 basis points[257]. - The net market value of derivative hedges related to equity market exposure was $8.8 million as of March 31, 2025, with notional amounts of $326.2 million[258]. - The company does not hedge foreign currency risk as the exposure is not considered material[260]. - Interest rate swap agreements are used to mitigate exposure to changes in interest rates, with fixed rates ranging from 2.72% to 4.71%[254]. - The interest rate risk sensitivity of the fixed maturity portfolio indicates a decrease in fair value with rising interest rates, with a drop of $121,207 thousand at +300 basis points[257]. - The company does not use derivative financial instruments for speculative purposes, focusing instead on risk mitigation[253]. Regulatory and Tax Considerations - Regulatory pressures favoring electric vehicles may require significant infrastructure improvements, potentially impacting the company's business model[80]. - 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]. - 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 carries excess of loss insurance coverage to mitigate risks associated with potential terrorist attacks[119].

Financial Performance - Net earnings available to shareholders for Q3 fiscal 2025 were $67.2 million, down from $99.2 million in the same period last year, with earnings per share for Non-Voting Shares at $0.35 compared to $0.51 in fiscal 2024[1] - For the nine-month period ended December 31, 2024, net earnings were $449.4 million, a decrease from $629.6 million year-over-year, with earnings per share at $2.31 compared to $3.22 in fiscal 2024[2] - Earnings from operations for the first nine months of fiscal 2024 were $758,930,000, a decrease of 25.6% compared to $1,019,601,000 in fiscal 2023[15] - Earnings available to common stockholders for the quarter were $67,166,000, down from $99,224,000 in the previous year, indicating a decline of approximately 32.3%[21] - Basic and diluted earnings per share of Common Stock decreased to $0.30 from $0.46, a drop of about 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] - Non-Voting Common Stock's undistributed earnings per share also decreased to $2.31 from $3.22, reflecting a decline of approximately 28.3%[27] Revenue and Growth - 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-moving equipment rental revenues rose by $38.8 million, or 4.6%, marking the third consecutive quarter of year-over-year improvement[3] - 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 approximately 3.6%[21] - Total revenues for the nine months ended December 31, 2024, were $4,595,156,000, compared to $4,529,682,000 in the same period of 2023, showing a growth of approximately 1.4%[22] Expenses and Liabilities - Operating expenses for the quarter were $782,351,000, compared to $770,405,000 in the same quarter of 2023, reflecting an increase of approximately 1.2%[21] - Total liabilities increased to $12,698,832,000 from $11,886,313,000, marking an increase of about 6.8%[20] - Total depreciation expense for the first nine months of fiscal 2024 was $718,755,000, up from $604,237,000 in fiscal 2023[16] - Depreciation expenses for the quarter rose significantly to $246,091,000 from $173,648,000, an increase of about 41.7%[21] Assets and Investments - Total assets as of December 31, 2024, amounted to $20,330,165,000, an increase from $19,058,758,000 as of March 31, 2024, representing a growth of approximately 6.7%[20] - 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] - The accumulated depreciation for total property, plant, and equipment 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] Operational Highlights - 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] - The company added 34 new storage locations during the third quarter, contributing 2.3 million net rentable square feet[3] - 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] - The average revenue per occupied square foot for the top 20 states was $16.98, with an overall occupancy rate of 78.6% for the third quarter of 2025[17] - The company operates 1,538 self-storage facilities with a total of 610,032 rentable square feet as of the third quarter of 2025[17] Cash Flow and Financing - Cash and credit availability in the Moving and Storage segment was $1,348.1 million as of December 31, 2024, down from $1,886.3 million at March 31, 2024[8] - Total debt as of December 31, 2024, was $6,929.6 million, with a net debt to EBITDA ratio of 3.7[12] - The company reported a net investment and interest income of $40,536,000 for the quarter, down from $57,457,000 in the previous year, indicating a decline of about 29.4%[21] Dividends - The company declared dividends of $0.15 per share for Non-Voting Common Stock, up from $0.13 per share in the previous year, marking a 15.4% increase[27] Accounting Changes - The company reclassified approximately $1 billion of property, plant, and equipment to Right of Use assets as part of the new accounting standard for leases adopted on April 1, 2019[29] - EBITDA for the trailing twelve months ended December 31, 2024, was reported at $1,614,146,000, an increase from $1,593,446,000 for the same period in 2023, showing a growth of about 1.3%[32] - The company reported a net loss on disposals of real estate amounting to $12,047,000 for the trailing twelve months ended December 31, 2024[32]

Revenue Growth - Self-moving equipment rental revenues increased by $38.8 million to $878.6 million in Q3 fiscal 2025, compared to $839.8 million in Q3 fiscal 2024[193]. - Self-storage revenues rose by $16.6 million to $227.1 million in Q3 fiscal 2025, with a 6.8% increase in the average monthly number of occupied units[194]. - Consolidated revenue for Q3 fiscal 2025 was $1.39 billion, up from $1.34 billion in Q3 fiscal 2024, reflecting 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 were $4,595,156,000, compared to $4,339,360,000 for the same period in 2023, showing an increase of approximately 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, representing 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[243]. - Net earnings available to common stockholders for the quarter ended December 31, 2024, were $67,166,000, consistent with the previous year’s figure of $99,224,000, reflecting a decrease of approximately 32.3%[296][297]. - The company reported net investment and interest income of $40,536,000 for the quarter ended December 31, 2024, compared to $57,457,000 in the same quarter of 2023, a decrease of approximately 29.4%[296][297]. - The company’s pretax earnings for the quarter ended December 31, 2024, were $89,417,000, down from $129,773,000 in the same quarter of 2023, reflecting a decrease of approximately 31.1%[296][297]. Costs and Expenses - Total costs and expenses rose by $95.9 million in Q3 fiscal 2025, 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]. - Depreciation expense associated with the rental fleet increased by $34.2 million in Q3 fiscal 2025, attributed to higher costs of new additions and expected decreases in resale values[204]. - Depreciation expense for rental equipment increased by $34.2 million to $178.0 million in Q3 fiscal 2025 compared to Q3 fiscal 2024[216]. - The company’s total costs and expenses for the quarter ended December 31, 2024, were $1,237,826,000, compared to $1,141,926,000 in the same quarter of 2023, representing an increase of approximately 8.4%[296][297]. - Total costs and expenses increased by $326.1 million during the first nine months of fiscal 2025 compared to the same period in fiscal 2024[237]. Cash Flow and Investments - 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]. - Net cash used in investing activities increased by $728.6 million in the first nine months of fiscal 2025, with property, plant, and equipment purchases increasing by $462.5 million[268]. - 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 reported net cash used in investing activities of $(2,438,446,000) for the nine months ended December 31, 2024, primarily due to purchases of property, plant, and equipment[302]. - Cash flows from operating activities for the nine months ended December 31, 2024, amounted to $1,255,896,000, indicating strong operational cash generation[301]. - The company reported a net change in cash and cash equivalents of $(517,146,000) for the nine months ended December 31, 2024, indicating cash flow challenges[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 reported trade receivables and reinsurance recoverables, net, of $181.3 million[292]. - Total property, plant, and equipment, net, was valued at $14,875.2 million[292]. - Total liabilities reached $13,886.3 million, with accounts payable and accrued expenses contributing $783.1 million[295]. - Stockholders' equity totaled $7,172.4 million, with retained earnings reported at $0 due to significant losses[295]. - The company holds fixed maturity securities available-for-sale valued at $2,442.5 million, indicating a strong investment position[294]. Strategic Plans and Risks - The company plans to reinvest approximately $1,115 million in its rental equipment fleet during fiscal 2025[271]. - The company anticipates increased spending on acquisitions and new development in fiscal 2025[289]. - The company plans to expand its U-Haul storage affiliate program and continue investing in the U-Box program, indicating a focus on growth strategies[314]. - The company is focused on expanding its Life Insurance segment in the senior market and growing its agency force[315]. - The company faces risks related to inflationary pressures that may challenge its ability to maintain or improve operating margins[315]. - The company acknowledges the potential impact of technology, cybersecurity, or data security breaches on its financial performance and business operations[315]. - The company is reliant on a limited number of manufacturers that supply its rental trucks, which poses a risk to operations[315]. - The company is controlled by a small contingent of stockholders, which may affect governance and decision-making[315]. - The company anticipates fluctuations in quarterly results and seasonality, which could impact overall performance[315].

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, a decline of 31.4%[1] - Earnings from operations for the first six months of fiscal 2025 were $608,198 thousand, down from $822,013 thousand in 2024, a decline of 26.0%[14] - Net earnings available to common stockholders decreased to $382,215 thousand for the six months ended September 30, 2024, down from $530,346 thousand in the same period of 2023, representing a decline of approximately 28%[24] - Earnings available to common shareholders for the quarter were $186,798,000, down from $273,508,000, resulting in a decrease of 31.7%[20] - Basic and diluted earnings per share of Common Stock decreased to $0.91 from $1.36, a decline of 33.1% year-over-year[20] - Earnings available to common shareholders for the six months were $382,215,000, down from $530,346,000, a decrease of 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 29.4%[21] Revenue and Occupancy - Self-storage revenues increased by $15.6 million, or 7.5%, year-over-year, with same store occupancy decreasing by 0.8% to 94.1%[3] - Self-storage revenues for the first six months ended September 30, 2024, were $440,256 thousand, an increase from $407,851 thousand in 2023, representing a growth of 7.4%[14] - Total revenues for the quarter ended September 30, 2024, were $1,658,108,000, a slight increase from $1,649,860,000 in the same quarter of 2023, representing a growth of 0.1%[20] - Self-storage revenues increased to $224,519,000 from $208,890,000, reflecting a growth of 7.5% compared to the previous year[20] - The average monthly occupancy rate based on unit count for September 2024 was 80.5%, down from 83.5% in September 2023[16] - The end of September occupancy rate based on unit count was 80.0% in 2024, compared to 83.5% in 2023[16] - The average monthly number of units occupied in self-storage facilities increased to 602 in September 2024 from 529 in September 2023[16] - The average revenue per occupied foot for non-same stores in Q2 2025 is $16.23, with an occupancy rate of 70.0%[17] Expenses and Costs - Total costs and expenses for the quarter rose to $1,356,152,000 from $1,227,505,000, marking an increase of 10.5%[20] - Operating expenses for the six months increased to $1,680,830,000 from $1,598,499,000, reflecting a rise of 5.1%[21] - Total depreciation expense for the first six months of fiscal 2025 was $469,138 thousand, compared to $394,400 thousand in 2024, reflecting an increase of 18.9%[15] Debt and Financial Ratios - Total debt increased to $6,794.5 million as of September 30, 2024, compared to $6,311.7 million at June 30, 2024[11] - Net debt to EBITDA ratio increased to 3.5, up from 3.3 at June 30, 2024[11] - 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] Assets and Equity - Total assets increased to $20,126,551 thousand from $19,058,758 thousand as of March 31, 2024, reflecting a growth of approximately 5.6%[19] - Total liabilities rose to $12,607,153 thousand, up from $11,886,313 thousand, indicating an increase of about 6.1%[19] - The company’s retained earnings increased to $7,964,658 thousand from $7,600,090 thousand, reflecting a growth of about 4.8%[19] - The total stockholders' equity rose to $7,519,398 thousand, up from $7,172,445 thousand, indicating an increase of approximately 4.8%[19] Equipment and Development - Approximately 16.8 million net rentable square feet (NRSF) are in development or pending[3] - The company reported net losses on disposals of rental equipment totaling $25,323 thousand for the first six months of fiscal 2025, compared to net losses of $102,464 thousand in 2024[15] - 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] Non-GAAP Measures - The company emphasized that non-GAAP financial measures, such as EBITDA, provide additional tools for investors to evaluate financial conditions, although they should not be considered substitutes for GAAP results[27]

Revenue Performance - 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 0.14%[7] - Self-moving equipment rental revenues reached $1,087,348 thousand, up from $1,069,405 thousand year-over-year, indicating a growth of about 1.7%[7] - Total revenues for the six months ended September 30, 2024, were $3,206,598, an increase from $3,190,168 for the same period in 2023, representing a growth of 0.5%[8] - 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 approximately 5.1%[71] Earnings and Profitability - Net earnings available to common stockholders for the quarter were $186,798 thousand, a decrease from $273,508 thousand in the prior year, reflecting a decline of approximately 31.7%[7] - Basic and diluted earnings per share of common stock were $0.91, down from $1.36 in the same quarter of 2023, representing a decrease of about 33.1%[7] - Net earnings available to common stockholders for the six months ended September 30, 2024, were $382,215, down from $530,346 in the same period of 2023, reflecting a decrease of approximately 28%[8] - 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 about 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 about 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, indicating an increase of approximately 6.7%[7] - Operating expenses for the six months ended September 30, 2024, totaled $1,680,830, an increase from $1,598,499 in 2023, 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 2023, an increase of 9.7%[8] Assets and Liabilities - Total assets as of September 30, 2024, were $20,126,551 thousand, an increase from $19,058,758 thousand as of March 31, 2024, reflecting a growth of approximately 5.6%[5] - Total liabilities increased to $12,607,153 thousand from $11,886,313 thousand, marking an increase of about 6.1%[5] - Total stockholders' equity increased to $7,519,398 thousand from $7,172,445 thousand, representing a growth of about 4.8%[5] - The 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] Investment Income - The company reported net investment and interest income of $37,794 thousand, down from $64,738 thousand year-over-year, reflecting a decline of approximately 41.7%[7] - The company reported net investment and interest income of $74,919 thousand for the six months ended September 30, 2024, down from $129,330 thousand in the same period of 2023, a decrease of about 42%[8] Cash Flow - Cash provided by operating activities 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 totaled $1,597,867 thousand, up from $1,086,326 thousand in the previous year, reflecting a significant increase of approximately 47%[16] - Net cash provided by financing activities was $510,585 thousand, compared to $233,704 thousand in the same period last year, showing an increase of about 118%[16] Dividends - 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 in August and June 2024, compared to $0.04 per share in the same months of 2023[53] Foreign Currency and Other Comprehensive Income - The company experienced a foreign currency translation loss of $240,831 as of September 30, 2024[12] - The accumulated other comprehensive loss as of September 30, 2024, totals $240,831 thousand, with significant contributions from foreign currency translation losses and unrealized net losses on investments[51] Taxation - 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, amounted to $53.9 million, up from $25.3 million for the same quarter in 2023[95] Segment Information - The company has three reportable segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance[18] - Total assets by operating segment as of September 30, 2024, included $17,164,316 thousand for Moving & Storage Consolidated, $516,162 thousand for Property & Casualty Insurance, and $3,058,427 thousand for Life Insurance[72] Legal and Compliance - The company is involved in various litigation matters, but none are expected to have a material effect on its financial position[61] - Compliance with environmental laws is not expected to materially affect the company's financial position or cash flows[60]

Financial Performance - Net earnings available to common shareholders for Q1 fiscal 2025 were $195.4 million, down from $256.8 million in the same period last year, with earnings per share for Non-Voting Shares at $1.00 compared to $1.31[1] - Earnings available to common stockholders decreased to $195,417 from $256,838, reflecting a decline of 23.87%[17] - Basic and diluted earnings per share of Common Stock were $0.95, down from $1.27, a decrease of 25.20%[17] - The company reported a pretax earnings of $256,392, down from $338,695, a decrease of 24.26%[17] Revenue and Growth - Total revenues for the quarter ended June 30, 2024, were $1,548,490, an increase from $1,540,308 in the same quarter of 2023, representing a growth of 0.08%[17] - Self-storage revenues increased by $16.8 million, or 8.4%, year-over-year, with total portfolio occupied rooms rising by 31,582, or 5.6%[2] - Self-moving equipment rental revenues rose by $15.1 million, or 1.5%, marking the first year-over-year improvement in eight quarters[3] - Moving and Storage Other Revenue increased by $9.0 million, or 7.3%, driven by growth in the U-Box product offering[3] - Self-moving equipment rental revenues reached $1,014,332, up from $999,206, indicating a growth of 1.13% year-over-year[17] Expenses and Costs - Total costs and expenses rose to $1,242,248 compared to $1,140,650, an increase of 8.93%[17] - Operating expenses increased to $789,757 from $763,241, marking a rise of 3.61%[17] - Total depreciation expense increased to $224.3 million in Q1 fiscal 2025, up from $193.5 million in the same quarter last year[12] - Fleet maintenance and repair costs declined by $20.8 million compared to the previous year[4] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $19,305,427 thousand, compared to $19,058,758 thousand as of March 31, 2024, showing an increase of 1.3%[16] - Total liabilities rose to $11,954,986 thousand from $11,886,313 thousand, an increase of 0.6%[16] - Cash and cash equivalents decreased to $1,153,161 thousand from $1,534,544 thousand, a decline of 25.0%[16] - Trade receivables increased to $253,638 thousand from $215,908 thousand, representing a growth of 17.5%[16] - Retained earnings increased to $7,786,683 thousand from $7,600,090 thousand, reflecting a growth of 2.4%[16] Occupancy and Storage Metrics - As of June 30, 2024, the company reported a total of 748 self-storage units, an increase from 683 units in 2023, representing a growth of 9.5%[13] - The average monthly occupancy rate decreased to 80.0% in 2024 from 82.8% in 2023, indicating a decline of 2.8 percentage points[13] - The end of June occupancy rate also fell to 81.0% in 2024 from 83.9% in 2023, a decrease of 2.9 percentage points[13] - The total rentable square footage increased to 63,586 thousand square feet in 2024 from 57,530 thousand square feet in 2023, reflecting a growth of 10.5%[13] - The average annual revenue per square foot was reported at $16.91, with an occupancy rate of 79.9% across 1,035 stores[14] Dividends and Shareholder Returns - The company declared a cash dividend of $0.05 per share on June 5, 2024, paid on June 28, 2024[5] - Non-Voting Common Stock dividends declared increased to $8,824 from $7,059, a rise of 24.98%[19] EBITDA and Operational Metrics - Moving and Storage EBITDA for June 30, 2024, is $831,802,000, a decrease from $896,140,000 for March 31, 2024[23] - Total EBITDA for the period is $1,584,461,000, showing a slight increase from $1,567,985,000 in the previous quarter[23] - Depreciation for June 30, 2024, is reported at $848,727,000, up from $817,889,000 in the prior quarter[23] - Net gains on disposals for June 30, 2024, are $(106,065,000), an improvement from $(153,958,000) in the previous quarter[23] - Net losses on disposal of real estate for June 30, 2024, are $9,997,000, compared to $7,914,000 in the prior quarter[23] - Depreciation, net of gains and losses on disposals, is $752,659,000 for June 30, 2024, up from $671,845,000 in the previous quarter[23] - The TTM EBITDA as of December 31, 2023, is $980,169,000, indicating a trend in performance[23] - The EBITDA for September 30, 2023, was $1,683,912,000, showing a decline from $1,789,024,000 for June 30, 2023[23]

Revenue Performance - Self-moving equipment rental revenues increased by $15.1 million to $1,014.3 million in Q1 FY2025 compared to Q1 FY2024[105] - Self-storage revenues rose by $16.8 million to $215.7 million in Q1 FY2025, with a 5.6% increase in average occupied units[105] - Consolidated revenue for Q1 FY2025 was $1,548.5 million, a slight increase from $1,540.3 million in Q1 FY2024[105] - Moving and Storage revenue for the first quarter of fiscal 2025 was $1,469.2 million, compared to $1,459.5 million in the first quarter of fiscal 2024, reflecting a slight increase[109] - Self-moving equipment rental revenues increased by $15.1 million in the first quarter of fiscal 2025, with an increase in transactions and revenue per transaction[109] - Self-storage revenues rose by $16.8 million in the first quarter of fiscal 2025, with a 5.6% increase in the average monthly number of occupied units[109] - Total revenues for the quarter ended June 30, 2024, were $1,548,490, an increase from $1,540,308 in the same quarter last year, representing a growth of approximately 0.5%[136] Earnings and Profitability - Earnings from operations decreased to $306.2 million in Q1 FY2025 from $399.7 million in Q1 FY2024[107] - Basic and diluted earnings per share for Q1 FY2025 were $0.95, down from $1.27 in Q1 FY2024[107] - Basic and diluted earnings per share for fiscal 2025 were $1.00, down from $1.31 in fiscal 2024[108] - Net earnings available to common stockholders for the quarter were $195,417, consistent with the previous year's figure of $256,838, showing a decline of approximately 23.8%[136][138] - The company reported earnings from operations before equity in earnings of subsidiaries at $306,242, compared to $399,658 in the same quarter last year, a decrease of about 23.3%[136][138] Costs and Expenses - Total costs and expenses increased by $101.6 million in Q1 FY2025 compared to Q1 FY2024[107] - Operating expenses totaled $789,757, up from $763,241 in the previous year, reflecting an increase of about 3.5%[136] - The total costs and expenses for the quarter were $1,242,248, compared to $1,140,650 in the same quarter last year, reflecting an increase of about 8.9%[136][138] Cash Flow and Investments - Cash and cash equivalents as of June 30, 2024, totaled $1,153.2 million, down from $1,534.5 million as of March 31, 2024[117] - Net cash provided by operating activities decreased by $11.8 million in the first three months of fiscal 2025 compared to the same period in fiscal 2024[117] - Net cash used in investing activities increased by $514.7 million in the first three months of fiscal 2025, with property, plant, and equipment purchases rising by $189.6 million[117] - Cash provided by operating activities totaled $453,903 thousand, with a significant contribution from the Moving & Storage segment at $435,628 thousand[140] - The company reported a net cash used by investing activities of $(803,318) thousand, primarily due to purchases of property, plant, and equipment totaling $(963,163) thousand[141] Insurance Segment Performance - Life insurance premiums decreased by $2.4 million to $20.7 million in Q1 FY2025 compared to Q1 FY2024[105] - Life insurance premiums for the quarter were $20,740, down from $23,131 in the previous year, indicating a decline of approximately 10.4%[136][138] - Life Insurance reported net cash provided by operating activities of $14.8 million for the first quarter of fiscal 2025, an increase from $10.2 million in the same quarter of fiscal 2024[123] - Life Insurance aims to expand its presence in the senior market through new product offerings and business acquisition opportunities[128] Financial Position - Total assets of U-Haul Holding Company as of June 30, 2024, amounted to $27,045,445,000[129] - Total liabilities were reported at $9,100,235,000, with accounts payable and accrued expenses at $833,296,000[130] - Stockholders' equity stood at $7,346,958,000, with retained earnings of $7,786,473,000[130] - The company reported $1,727,668,000 in property, plant, and equipment at cost, with total property, plant, and equipment net at $19,305,400,000[129] Future Plans and Strategies - U-Haul plans to reinvest approximately $1,090 million in its rental equipment fleet during fiscal 2025, with $395.1 million already invested in the first three months[118] - The company anticipates increased spending on acquisitions and new development in fiscal 2025, particularly in the storage business[127] - The company plans to focus on expanding its self-storage services and enhancing its technology offerings in the upcoming quarters[136] - The company is exploring potential acquisitions to strengthen its market position and drive future growth[136] - The company aims to expand its Life Insurance segment in the senior market and grow its agency force[152] Market Risks - The company is exposed to financial market risks, including changes in interest rates and currency exchange rates, and utilizes derivative financial instruments to mitigate these risks[147] - As of June 30, 2024, the company had $780.7 million in variable rate debt obligations, with $485.0 million not fixed through interest rate swaps[148] - A 100 basis point increase in the Secured Overnight Funding Rate (SOFR) would decrease future earnings and cash flows by $4.9 million annually[148] - The company's insurance subsidiaries' fixed income investment portfolios are exposed to interest rate risk, impacting asset allocation strategies[148]

Equipment Rental and Operations - As of March 31, 2024, U-Haul had nearly 21,000 independent equipment rental dealers, generating just under half of all U-Move rental revenue through this network[85] - The cost of acquiring new rental trucks has significantly increased in recent years, which could adversely affect the ability to rotate new equipment into the fleet[84] - U-Haul's reliance on a limited number of manufacturers for rental trucks poses risks related to supply chain issues and financial difficulties faced by these manufacturers[83] - The truck rental industry is highly competitive, with significant national, regional, and local competitors, which may affect pricing and rental volume[101] - Regulatory pressures may require U-Haul to phase out certain internal combustion engine vehicles and replace them with zero-emission vehicles, impacting operational costs and infrastructure[87] - U-Haul has made progress on initiatives like TruckShare 24/7 and alternative fuel networks, but adapting to regulatory changes favoring electric vehicles remains a challenge[90] Financial Position and Debt - As of March 31, 2024, the company had total debt outstanding of $6,304.0 million and operating lease liabilities of $55.0 million[106] - The company is highly leveraged, which may require a significant portion of cash flows from operations to be allocated to debt service and lease payments[107] - The company has $749.5 million of variable rate debt obligations, with $451.7 million not fixed through interest rate swaps[254] - If the Secured Overnight Funding Rate ("SOFR") were to increase by 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $4.5 million annually[254] Insurance and Risk Management - U-Haul's largest exposure to a single reinsurer was $22.1 million, with total reinsurance recoverables reported at $0.4 million and reserves at $36.2 million as of the end of fiscal year 2024[100] - Oxford's derivative hedges had a net market value of $10.5 million with notional amounts of $526.4 million as of the end of fiscal year 2024[100] - Cybersecurity incidents have occurred in the past, with the company maintaining insurance coverage for various risks, but future incidents could have a material impact on operations[98] Environmental and Regulatory Compliance - The company is subject to various environmental laws and regulations, which could lead to future liabilities affecting operations[114] - The company has implemented a remediation plan for hazardous substances on some of its real estate, indicating ongoing compliance efforts with environmental regulations[114] Tax and Corporate Governance - Changes in U.S. tax laws, including potential increases to the corporate income tax rate, could adversely impact the company's financial position and results of operations[123] - The company relies on its "controlled company" status, which allows it to nominate directors without a majority of independent directors[110] Market and Investment Risks - The trading prices of the company's Voting Common Stock and Non-Voting Common Stock may be volatile, influenced by various market factors[112] - The fair value of the fixed maturity portfolio is sensitive to interest rate changes, with a decrease to $2,324,207 thousand at +100bps in 2024 compared to $2,578,654 thousand in 2023[257] - Interest rate risk is a significant factor for the company's fixed income investment portfolios, impacting future investment strategies[255] - The company’s actuaries play a crucial role in assessing the sensitivity of fixed income securities to interest rate changes[255] Revenue and Foreign Exposure - Approximately 5.1% of the company's revenue was generated in Canada for both fiscal 2024 and 2023, indicating stable foreign revenue exposure[261] - The company does not hedge foreign currency risk as the exposure is not considered material, even with a potential 10% change in the U.S. dollar relative to the Canadian dollar[261] Derivative and Investment Management - The net market value of derivative hedges increased to $10.5 million in 2024 from $4.3 million in 2023, with notional amounts of $526.4 million and $465.7 million respectively[259] - The company employs call options as hedges against policyholder obligations, but these do not qualify for hedge accounting under GAAP[260] - The change in fair value of call options is included in net investment and interest income, reflecting gains or losses recognized at expiration[260] - The company’s asset and liability management involves estimating cash flow patterns of existing liabilities to determine duration and asset allocation strategies[255]

Financial Performance - For the fiscal year ended March 31, 2024, net earnings available to shareholders were $628.7 million, a decrease of 32.1% from $924.5 million in the previous year[1]. - For the fourth quarter of fiscal 2024, the company reported net losses available to shareholders of ($0.9) million, compared to net earnings of $37.4 million for the same period last year[2]. - Earnings from operations for the quarter were $41,366,000, a significant decline of 62.5% from $110,121,000 year-over-year[21]. - Net earnings available to common shareholders for the fiscal year were $628,707,000, down 31.9% from $924,472,000 in the previous year[22]. - Basic and diluted earnings per share of Common Stock for the fiscal year were $3.04, a decrease from $5.54 in 2023[22]. Revenue Trends - Self-moving equipment rental revenues decreased by $10.0 million, or 1%, in Q4 2024 compared to Q4 2023, and for the full year, revenues decreased by $253.2 million, or 7%[3]. - Self-storage revenues increased by $17.5 million, or 9%, in Q4 2024 compared to Q4 2023, and for the full year, revenues increased by $86.6 million, or 12%[3]. - Total revenues for the quarter ended March 31, 2024, were $1,179,170,000, a decrease of 0.6% from $1,188,651,000 in the same quarter of 2023[21]. - For the fiscal year ended March 31, 2024, total revenues were $5,625,674,000, a decrease of 4.1% from $5,864,691,000 in 2023[22]. Expenses and Costs - Total costs and expenses for the quarter were $1,137,804,000, an increase of 5.5% from $1,078,530,000 in the same quarter of 2023[21]. - Total depreciation expense for Q4 FY 2024 was $213,652,000, an increase of 12.6% from $189,704,000 in Q4 FY 2023[14]. - Total depreciation expense for the year ended March 31, 2024, was $817,889,000, up 11.4% from $733,879,000 in the previous year[15]. - Depreciation expense increased to $817,889 thousand for the twelve months ending March 31, 2024, compared to $733,879 thousand for the same period in 2023, marking an increase of 11.5%[32]. Assets and Liabilities - Total assets as of March 31, 2024, were $19,058,758,000, an increase from $18,100,734,000 in the previous year, reflecting a growth of 5.3%[20]. - Total liabilities increased to $11,886,313,000 as of March 31, 2024, compared to $11,596,543,000 in the prior year, marking a rise of 2.5%[20]. - Total property, plant and equipment, net increased to $13,134,652 thousand as of March 31, 2024, up from $11,824,853 thousand in the previous year, representing a growth of 11.1%[30]. Debt and Cash Flow - Total debt as of March 31, 2024, was $6,304.0 million, a decrease from $6,471.4 million as of March 31, 2023[13]. - Cash and credit availability at the Moving and Storage operating segment was $1,886.3 million as of March 31, 2024, down from $2,499.2 million in the previous year[7]. - The net debt to EBITDA ratio increased to 3.1 as of March 31, 2024, compared to 2.2 a year earlier[13]. - The company reported cash and cash equivalents of $1,534,544,000 as of March 31, 2024, down from $2,060,524,000 a year earlier, indicating a decrease of 25.5%[20]. Operational Metrics - The average number of occupied self-storage units increased by 31,000 units, or 6%, during Q4 2024 compared to the same period last year[3]. - The self-storage unit count increased to 728 as of March 31, 2024, from 673 a year earlier, representing an 8.2% growth[15]. - Average monthly occupancy rate based on unit count for FY 2024 was 82.1%, slightly down from 83.4% in FY 2023[15]. - The end of period occupancy rate based on unit count was 79.3% for Q4 FY 2024, down from 81.2% in Q4 FY 2023[15]. - The average revenue per occupied square foot for Q4 FY 2024 was $16.60, compared to $15.99 in Q4 FY 2023, showing an increase of 3.8%[16]. Adjustments and Reclassifications - The company adjusted its earnings from operations for the previous quarters, indicating a reclassification of Moving and Storage interest income as Other interest income[31].