U-Haul pany(UHAL) - 2025 Q2 - Quarterly Results

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, reflecting a decline of 31.4%[1] - Total consolidated revenue for Q2 fiscal 2025 was $1,658.1 million, slightly up from $1,649.9 million in Q2 fiscal 2024[10] - Moving and Storage earnings from operations decreased by $92.5 million compared to Q2 fiscal 2024, primarily due to reduced gains from the disposal of retired rental equipment[4] - Earnings from operations for the first six months of fiscal 2025 were $608,198 thousand, down from $822,013 thousand in 2024, reflecting a decline of 26.0%[14] - Earnings available to common shareholders for the quarter were $186,798,000, down from $273,508,000, reflecting a decrease of approximately 31.7%[20] - Earnings available to common shareholders for the six months were $382,215,000, down from $530,346,000, a decrease of approximately 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 about 29.4%[21] - The earnings from operations for September 30, 2024, were reported at $739,313 thousand, a decrease from $1,132,142 thousand for the same period in 2023, reflecting a decline of about 35%[28] Revenue and Occupancy - Self-storage revenues increased by $15.6 million, or 7.5%, compared to Q2 fiscal 2024, with same-store occupancy decreasing by 0.8% to 94.1%[3] - Self-moving equipment rental revenues rose by $17.9 million, or 1.7%, marking the second consecutive quarter of year-over-year improvement[3] - Self-storage revenues for the first six months ended September 30, 2024, were $440,256 thousand, up from $407,851 thousand in the same period of 2023, representing an increase of 7.4%[14] - The average monthly occupancy rate based on unit count for September 2024 was 80.9%, down from 84.2% in September 2023[13] - The end of September occupancy rate based on unit count was 80.0% in 2024, compared to 83.5% in 2023, showing a decline of 4.2%[13] - The average monthly number of units occupied in September 2024 was 610, an increase from 578 in September 2023[13] - The average monthly square footage occupied in September 2024 was 53,108, compared to 49,931 in September 2023, representing an increase of 6.4%[13] - The occupancy rate for non-same stores in Q2 2025 was 70.0%, compared to 73.6% in Q2 2024[17] - The average occupancy for all other stores was 81.0%[17] Assets and Liabilities - Total assets increased to $20,126,551,000 as of September 30, 2024, compared to $19,058,758,000 on March 31, 2024[19] - Total liabilities rose to $12,607,153,000 from $11,886,313,000 during the same period[19] - Total debt as of September 30, 2024, was $6,794.5 million, an increase from $6,311.7 million at June 30, 2024[11] - Cash and cash equivalents decreased to $1,435,639,000 from $1,534,544,000[19] - 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] Expenses and Depreciation - Total depreciation expense for the first six months of fiscal 2025 was $469,138 thousand, compared to $394,400 thousand in fiscal 2024, reflecting an increase of 18.9%[15] - Operating expenses for the six months increased to $1,680,830,000 from $1,598,499,000, representing an increase of about 5.1%[21] - The company reported total costs and expenses of $1,356,152,000 for the quarter, an increase from $1,227,505,000, indicating a rise of about 10.5%[20] Investments and Developments - The company added 11 new storage locations, contributing to a total of 0.9 million net rentable square feet (NRSF) during the quarter[3] - Approximately 16.8 million NRSF are currently in development or pending[3] - The same store pool for Q2 2025 includes 893 stores with 318,885 units, achieving an average revenue per foot of $17.20 and an occupancy rate of 94.1%[17] - Total property, plant, and equipment net value increased to $14,325,314,000 from $13,134,652,000[19] - The adjusted property, plant, and equipment net value, including ROU-financing, was $14,534,118 thousand as of September 30, 2024, compared to $13,423,957 thousand as of March 31, 2024, indicating a growth of approximately 8%[26] - 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] Shareholder Information - Non-Voting Common Stock dividends declared increased to $0.10 per share, up from $0.08 per share in the previous year, marking a growth of 25%[24] - The company reported a retained earnings increase to $7,964,658,000 from $7,600,090,000[19] - The company reported a total of 196,077,880 weighted average shares outstanding for both Voting and Non-Voting Common Stock, unchanged from the previous year[24] Other Financial Metrics - EBITDA for the quarter ended September 30, 2024, was reported at $1,566,396 thousand, showing a slight decrease from $1,683,912 thousand in the same quarter of the previous year[28] - Net investment and interest income for the first six months of fiscal 2025 was $74,919 thousand, down from $129,330 thousand in the same period of 2024, a decrease of 42.1%[14] - Net investment and interest income for the quarter was $37,794,000, down from $64,738,000, reflecting a decrease of approximately 41.6%[20] - The company believes that the use of non-GAAP measures, such as EBITDA, provides additional tools for investors to evaluate financial conditions, enhancing transparency in financial disclosures[27]