U-Haul pany(US:UHAL)2024-11-06 21:36Revenue 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].