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]
U-Haul pany(UHAL_B) - 2025 Q1 - Quarterly Report