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, a decline of 31.4%[1] - Earnings from operations for the first six months of fiscal 2025 were $608,198 thousand, down from $822,013 thousand in 2024, a decline of 26.0%[14] - Net earnings available to common stockholders decreased to $382,215 thousand for the six months ended September 30, 2024, down from $530,346 thousand in the same period of 2023, representing a decline of approximately 28%[24] - Earnings available to common shareholders for the quarter were $186,798,000, down from $273,508,000, resulting in a decrease of 31.7%[20] - Basic and diluted earnings per share of Common Stock decreased to $0.91 from $1.36, a decline of 33.1% year-over-year[20] - Earnings available to common shareholders for the six months were $382,215,000, down from $530,346,000, a decrease of 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 29.4%[21] Revenue and Occupancy - Self-storage revenues increased by $15.6 million, or 7.5%, year-over-year, with same store occupancy decreasing by 0.8% to 94.1%[3] - Self-storage revenues for the first six months ended September 30, 2024, were $440,256 thousand, an increase from $407,851 thousand in 2023, representing a growth of 7.4%[14] - Total revenues for the quarter ended September 30, 2024, were $1,658,108,000, a slight increase from $1,649,860,000 in the same quarter of 2023, representing a growth of 0.1%[20] - Self-storage revenues increased to $224,519,000 from $208,890,000, reflecting a growth of 7.5% compared to the previous year[20] - The average monthly occupancy rate based on unit count for September 2024 was 80.5%, down from 83.5% in September 2023[16] - The end of September occupancy rate based on unit count was 80.0% in 2024, compared to 83.5% in 2023[16] - The average monthly number of units occupied in self-storage facilities increased to 602 in September 2024 from 529 in September 2023[16] - The average revenue per occupied foot for non-same stores in Q2 2025 is $16.23, with an occupancy rate of 70.0%[17] Expenses and Costs - Total costs and expenses for the quarter rose to $1,356,152,000 from $1,227,505,000, marking an increase of 10.5%[20] - Operating expenses for the six months increased to $1,680,830,000 from $1,598,499,000, reflecting a rise of 5.1%[21] - Total depreciation expense for the first six months of fiscal 2025 was $469,138 thousand, compared to $394,400 thousand in 2024, reflecting an increase of 18.9%[15] Debt and Financial Ratios - Total debt increased to $6,794.5 million as of September 30, 2024, compared to $6,311.7 million at June 30, 2024[11] - Net debt to EBITDA ratio increased to 3.5, up from 3.3 at June 30, 2024[11] - 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] Assets and Equity - Total assets increased to $20,126,551 thousand from $19,058,758 thousand as of March 31, 2024, reflecting a growth of approximately 5.6%[19] - Total liabilities rose to $12,607,153 thousand, up from $11,886,313 thousand, indicating an increase of about 6.1%[19] - The company’s retained earnings increased to $7,964,658 thousand from $7,600,090 thousand, reflecting a growth of about 4.8%[19] - The total stockholders' equity rose to $7,519,398 thousand, up from $7,172,445 thousand, indicating an increase of approximately 4.8%[19] Equipment and Development - Approximately 16.8 million net rentable square feet (NRSF) are in development or pending[3] - The company reported net losses on disposals of rental equipment totaling $25,323 thousand for the first six months of fiscal 2025, compared to net losses of $102,464 thousand in 2024[15] - 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] Non-GAAP Measures - The company emphasized that non-GAAP financial measures, such as EBITDA, provide additional tools for investors to evaluate financial conditions, although they should not be considered substitutes for GAAP results[27]
U-Haul pany(UHAL_B) - 2025 Q2 - Quarterly Results