U-Haul pany(UHAL) - 2025 Q3 - Quarterly Results

Financial Performance - Net earnings available to shareholders for Q3 fiscal 2025 were $67.2 million, down from $99.2 million in Q3 fiscal 2024, with earnings per share for Non-Voting Shares at $0.35 compared to $0.51 last year[1][2] - For the nine-month period ended December 31, 2024, net earnings were $449.4 million, a decrease from $629.6 million in the same period last year, with earnings per share at $2.31 compared to $3.22[2] - Earnings from operations for the first nine months of fiscal 2025 were $758,930,000, a decrease of 25.6% compared to $1,019,601,000 in fiscal 2024[15] - Earnings available to common stockholders for the quarter were $67,166,000, down from $99,224,000 in the previous year, a decrease of 32.3%[21] - Basic and diluted earnings per share of Common Stock decreased to $0.30 from $0.46, a decline of 34.8% year-over-year[21] - Net earnings available to common stockholders decreased to $449,381,000 for the nine months ended December 31, 2024, down from $629,570,000 in the same period of 2023, representing a decline of approximately 28.6%[27] - Undistributed earnings per share of Voting Common Stock fell to $2.16, down from $3.09, indicating a decrease of about 30% year-over-year[27] - Basic and diluted earnings per share of Non-Voting Common Stock decreased to $2.31 from $3.22, reflecting a decrease of approximately 28.3%[27] Revenue and Occupancy - Total consolidated revenue for Q3 fiscal 2025 was $1,388.6 million, compared to $1,339.5 million in Q3 fiscal 2024[11] - Self-storage revenues increased by $16.6 million, or 7.9%, with same store occupancy at 92.4% and revenue per foot up by 3.0%[3] - Self-storage revenues for the first nine months of fiscal 2025 reached $667,381,000, an increase of 7.9% compared to $618,368,000 in the same period of fiscal 2024[14] - Consolidated revenue for the first nine months of fiscal 2025 was $4,595,156,000, a slight increase from $4,529,682,000 in fiscal 2024[15] - Total revenues for the quarter ended December 31, 2024, increased to $1,388,558,000, up from $1,339,514,000 in the same quarter of 2023, representing a growth of 3.7%[21] - Self-storage revenues for the quarter increased to $227,125,000, up from $210,517,000, a growth of 7.9%[21] - Average monthly occupancy rate based on unit count for December 2024 was 79.9%, down from 82.9% in December 2023[16] - The end of December occupancy rate based on unit count was 78.1% in 2024, compared to 81.0% in 2023[16] - The average monthly number of occupied units increased to 605 in December 2024 from 571 in December 2023[16] Expenses and Liabilities - Operating expenses for the quarter were $782,351,000, compared to $770,405,000 in the same quarter of 2023, an increase of 1.2%[21] - Total depreciation expense for the first nine months of fiscal 2025 was $718,755,000, up from $604,237,000 in the same period of fiscal 2024[16] - Depreciation expenses rose significantly to $246,091,000 from $173,648,000, an increase of 41.7%[21] - Total debt as of December 31, 2024, was $6,929.6 million, with a net debt to EBITDA ratio of 3.7[12] - Total liabilities increased to $12,698,832,000 from $11,886,313,000, marking an increase of 6.8%[20] Assets and Equity - Total assets as of December 31, 2024, were $20,330,165,000, an increase from $19,058,758,000 as of March 31, 2024, representing a growth of 6.7%[20] - Total stockholders' equity as of December 31, 2024, was $7,631,333,000, compared to $7,172,445,000 as of March 31, 2024, reflecting an increase of 6.4%[20] - The company’s accumulated depreciation increased to $5,954,369,000 as of December 31, 2024, compared to $5,484,016,000 as of March 31, 2024, indicating an increase of about 8.6%[30] - Total property, plant, and equipment, net increased to $15,044,034,000 as of December 31, 2024, compared to $13,423,957,000 as of March 31, 2024, reflecting a growth of approximately 12.1%[30] Segment Performance - Moving and Storage EBITDA increased by $47.8 million to $376.7 million compared to Q3 fiscal 2024, and for the trailing twelve months, it rose by $20.7 million to $1,614.1 million[3] - Self-moving equipment rental revenues rose by $38.8 million, or 4.6%, marking the third consecutive quarter of year-over-year improvement[3] - Moving and Storage Other revenue increased by $9.6 million, or 9.6%, primarily due to growth in U-Box program transactions[8] - Self-moving equipment rental revenues rose to $878,585,000, compared to $839,801,000 in the prior year, reflecting an increase of 4.6%[21] - The company added 34 new storage locations during the third quarter, contributing 2.3 million net rentable square feet[3] Dividends and Share Information - Non-Voting Common Stock dividends declared increased to $0.15 per share, up from $0.13 per share, marking a rise of approximately 15.4%[27] - The company reported a total of 196,077,880 weighted average shares outstanding for both Voting and Non-Voting Common Stock, consistent with the previous year[27] - The total undistributed earnings available to common stockholders allocated to Non-Voting Common Stock decreased to $380,619,000 from $545,966,000, a decline of about 30.3%[27]