Revenue Performance - 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 0.14%[7] - Self-moving equipment rental revenues reached $1,087,348 thousand, up from $1,069,405 thousand year-over-year, indicating a growth of about 1.7%[7] - Total revenues for the six months ended September 30, 2024, were $3,206,598, an increase from $3,190,168 for the same period in 2023, representing a growth of 0.5%[8] - 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 approximately 5.1%[71] Earnings and Profitability - Net earnings available to common stockholders for the quarter were $186,798 thousand, a decrease from $273,508 thousand in the prior year, reflecting a decline of approximately 31.7%[7] - Basic and diluted earnings per share of common stock were $0.91, down from $1.36 in the same quarter of 2023, representing a decrease of about 33.1%[7] - Net earnings available to common stockholders for the six months ended September 30, 2024, were $382,215, down from $530,346 in the same period of 2023, reflecting a decrease of approximately 28%[8] - 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 about 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 about 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, indicating an increase of approximately 6.7%[7] - Operating expenses for the six months ended September 30, 2024, totaled $1,680,830, an increase from $1,598,499 in 2023, 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 2023, an increase of 9.7%[8] Assets and Liabilities - Total assets as of September 30, 2024, were $20,126,551 thousand, an increase from $19,058,758 thousand as of March 31, 2024, reflecting a growth of approximately 5.6%[5] - Total liabilities increased to $12,607,153 thousand from $11,886,313 thousand, marking an increase of about 6.1%[5] - Total stockholders' equity increased to $7,519,398 thousand from $7,172,445 thousand, representing a growth of about 4.8%[5] - The 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] Investment Income - The company reported net investment and interest income of $37,794 thousand, down from $64,738 thousand year-over-year, reflecting a decline of approximately 41.7%[7] - The company reported net investment and interest income of $74,919 thousand for the six months ended September 30, 2024, down from $129,330 thousand in the same period of 2023, a decrease of about 42%[8] Cash Flow - Cash provided by operating activities 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 totaled $1,597,867 thousand, up from $1,086,326 thousand in the previous year, reflecting a significant increase of approximately 47%[16] - Net cash provided by financing activities was $510,585 thousand, compared to $233,704 thousand in the same period last year, showing an increase of about 118%[16] Dividends - 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 in August and June 2024, compared to $0.04 per share in the same months of 2023[53] Foreign Currency and Other Comprehensive Income - The company experienced a foreign currency translation loss of $240,831 as of September 30, 2024[12] - The accumulated other comprehensive loss as of September 30, 2024, totals $240,831 thousand, with significant contributions from foreign currency translation losses and unrealized net losses on investments[51] Taxation - 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, amounted to $53.9 million, up from $25.3 million for the same quarter in 2023[95] Segment Information - The company has three reportable segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance[18] - Total assets by operating segment as of September 30, 2024, included $17,164,316 thousand for Moving & Storage Consolidated, $516,162 thousand for Property & Casualty Insurance, and $3,058,427 thousand for Life Insurance[72] Legal and Compliance - The company is involved in various litigation matters, but none are expected to have a material effect on its financial position[61] - Compliance with environmental laws is not expected to materially affect the company's financial position or cash flows[60]
U-Haul pany(UHAL_B) - 2025 Q2 - Quarterly Report