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