[PART I FINANCIAL INFORMATION](index=1&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents AMERCO's unaudited condensed consolidated financial statements, showing total assets increased to $12.86 billion and total liabilities to $8.80 billion, with six-month revenues rising to $2.23 billion while net earnings slightly decreased to $288.7 million [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2019 (Unaudited) | Mar 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$12,856,202** | **$11,891,713** | | Cash and cash equivalents | $525,231 | $673,701 | | Total property, plant and equipment, net | $7,589,572 | $7,933,971 | | **Total Liabilities** | **$8,798,134** | **$8,199,324** | | Notes, loans and finance/capital leases payable, net | $4,497,912 | $4,163,323 | | **Total Stockholders' Equity** | **$4,058,068** | **$3,692,389** | - The company adopted new lease accounting standards (ASC 842), resulting in the recognition of **Right of use assets of $1.29 billion** and corresponding **lease liabilities of $104.8 million** (operating) and inclusion in finance leases payable as of September 30, 2019, which were not on the balance sheet as of March 31, 2019[12](index=12&type=chunk)[81](index=81&type=chunk)[84](index=84&type=chunk) [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Quarterly Results of Operations (in thousands, except per share data) | Metric | Q2 2019 | Q2 2018 | | :--- | :--- | :--- | | Total Revenues | $1,150,214 | $1,104,507 | | Self-moving equipment rentals | $804,325 | $781,713 | | Self-storage revenues | $104,965 | $91,493 | | Earnings from operations | $244,740 | $250,944 | | Earnings available to common stockholders | $156,326 | $163,542 | | Basic and diluted EPS | $7.97 | $8.35 | Six-Month Results of Operations (in thousands, except per share data) | Metric | Six Months Ended Sep 30, 2019 | Six Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Total Revenues | $2,229,463 | $2,124,084 | | Self-moving equipment rentals | $1,552,921 | $1,498,315 | | Self-storage revenues | $203,239 | $177,705 | | Earnings from operations | $458,605 | $455,648 | | Earnings available to common stockholders | $288,748 | $291,391 | | Basic and diluted EPS | $14.73 | $14.87 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Six-Month Cash Flow Summary (in thousands) | Cash Flow Category | Six Months Ended Sep 30, 2019 | Six Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $737,764 | $702,677 | | Net cash used by investing activities | $(1,251,889) | $(867,711) | | Net cash provided by financing activities | $361,371 | $59,869 | | **Decrease in cash and cash equivalents** | **$(148,470)** | **$(106,948)** | - The significant increase in cash used by investing activities was primarily driven by a substantial rise in purchases of property, plant, and equipment, which grew to **$1.59 billion** from **$1.11 billion** year-over-year[31](index=31&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company operates through three reportable segments: **Moving and Storage (U-Haul)**, **Property and Casualty Insurance (Repwest)**, and **Life Insurance (Oxford)**[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - Total long-term debt, including finance/capital leases, increased to **$4.50 billion** as of September 30, 2019, from **$4.16 billion** as of March 31, 2019, primarily through senior mortgages and fleet loans[54](index=54&type=chunk)[56](index=56&type=chunk) - The company adopted the new lease accounting standard (Topic 842) on April 1, 2019, which resulted in the recognition of Right-of-Use assets and lease liabilities on the balance sheet for leases with terms greater than 12 months, increasing total assets and liabilities by approximately **$105.4 million** for property operating leases and reclassifying **$948.2 million** from PP&E to ROU assets for vehicle financing leases[149](index=149&type=chunk)[152](index=152&type=chunk)[84](index=84&type=chunk) - Related party transactions primarily involve management fees received from and lease/commission expenses paid to entities controlled by major stockholders, including entities under Blackwater Investments, Inc[92](index=92&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, highlighting revenue growth in self-moving equipment rentals and self-storage, driven by increased transactions and expansion of storage capacity, with consolidated revenues growing to $1.15 billion but earnings from operations decreasing slightly to $244.7 million due to higher operating expenses and increased depreciation, while maintaining strong liquidity [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q2 FY2020 vs Q2 FY2019 Revenue Performance (in millions) | Revenue Stream | Q2 FY2020 | Q2 FY2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Self-moving equipment rentals | $804.3 | $781.7 | +$22.6 | +2.9% | | Self-storage revenues | $105.0 | $91.5 | +$13.5 | +14.8% | | **Total Consolidated Revenue** | **$1,150.2** | **$1,104.5** | **+$45.7** | **+4.1%** | - Self-moving equipment rental revenue growth was driven by improved transactions in both In-town and one-way markets for trucks and trailers, supported by an increase in retail locations and fleet size[201](index=201&type=chunk) - Self-storage revenue increased significantly due to a **17% rise** in the average monthly number of occupied units and the addition of **6.1 million net rentable square feet** over the last twelve months[202](index=202&type=chunk) - Despite revenue growth, Q2 earnings from operations decreased by **$6.2 million** year-over-year, primarily due to a **$51.9 million increase** in total costs and expenses, led by higher operating expenses for the Moving and Storage segment (personnel, liability costs, property taxes) and increased depreciation[206](index=206&type=chunk)[207](index=207&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) - As of September 30, 2019, the company had cash and cash equivalents of **$525.2 million**, down from **$673.7 million** at March 31, 2019, with the Moving and Storage segment holding the majority of this cash at **$499.0 million**[258](index=258&type=chunk) Net Capital Expenditures (Six Months Ended Sep 30, in thousands) | Category | 2019 | 2018 | | :--- | :--- | :--- | | Purchases of rental equipment | $1,037,365 | $787,234 | | Purchases of real estate, construction and renovations | $423,366 | $481,024 | | **Net capital expenditures** | **$1,187,920** | **$684,634** | - Net cash from operating activities increased to **$737.8 million** for the first six months of fiscal 2020, up from **$702.7 million** in the prior year period, due to improved operations and timing of settlements[260](index=260&type=chunk)[31](index=31&type=chunk) - The company plans to reinvest approximately **$710 million** (net of sales) in its truck and trailer rental fleet during fiscal 2020, funded largely through debt financing, external leasing, and cash from operations[264](index=264&type=chunk) [Fiscal 2020 Outlook](index=32&type=section&id=Fiscal%202020%20Outlook) - The company will continue to focus on increasing transaction volume, pricing, and utilization for self-moving equipment rentals[284](index=284&type=chunk) - In the self-storage business, the focus is on acquiring new locations, completing current development projects, and increasing occupancy in the existing portfolio[285](index=285&type=chunk) - The company will continue to invest capital and resources in the U-Box® program throughout fiscal 2020[285](index=285&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from changes in interest rates and foreign currency exchange rates, with interest rate risk primarily related to $1.12 billion in variable rate debt partially mitigated by interest rate swaps, and foreign currency risk from Canadian operations considered immaterial - The primary market risk is interest rate risk associated with **$1.12 billion** of variable rate debt obligations, which the company mitigates using interest rate swaps[288](index=288&type=chunk)[289](index=289&type=chunk) - A hypothetical **100 basis point (1%) increase** in LIBOR would result in an **$8.7 million annual increase** in interest expense, negatively impacting earnings and cash flows[289](index=289&type=chunk) - Foreign currency exchange rate risk from Canadian operations is considered immaterial, as Canadian revenue constitutes approximately **4.9%** of total revenue[293](index=293&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of the end of the quarter, with no material changes to internal control over financial reporting during the period - Based on an evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[300](index=300&type=chunk) - There were no changes in internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[302](index=302&type=chunk) [PART II OTHER INFORMATION](index=34&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various litigation and claims arising from the normal course of business, none of which management believes will have a material effect on the company's financial position or results of operations - The company is a defendant in various litigation and claims arising from its normal course of business, but management does not expect these to have a material effect on financial results[90](index=90&type=chunk)[304](index=304&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) There have been no material updates to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2019 - No material updates to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended March 31, 2019, were reported[305](index=305&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the documents filed as part of the report, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act of 2002, and XBRL data files - The report includes required certifications from the CEO (Edward J. Shoen) and CFO (Jason A. Berg) pursuant to Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act[308](index=308&type=chunk)[309](index=309&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) [x]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2019 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 Registrant, State of Incorporation, Address and Telephone Number I.R.S. Employer Identifica ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) [X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended March 31, 2019 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 Registrant, State of Incorporation Address and Telephone Number I.R.S. Employer Identification No. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) [x]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended December 31, 2018 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 Registrant, State of Incorporation, Address and Telephone Number I.R.S. Employer Identi ...