Revenue Growth - Self-moving equipment rental revenues increased by $38.8 million to $878.6 million in Q3 fiscal 2025, compared to $839.8 million in Q3 fiscal 2024[193]. - Self-storage revenues rose by $16.6 million to $227.1 million in Q3 fiscal 2025, with a 6.8% increase in the average monthly number of occupied units[194]. - Consolidated revenue for Q3 fiscal 2025 was $1.39 billion, up from $1.34 billion in Q3 fiscal 2024, reflecting a growth of approximately 3.5%[193]. - Self-moving equipment rental revenues increased by $38.6 million to $879.7 million in Q3 fiscal 2025 compared to Q3 fiscal 2024[208]. - Self-storage revenues rose by $16.6 million to $227.1 million in Q3 fiscal 2025, with a 6.8% increase in average monthly occupied units[209]. - Self-moving equipment rental revenues for the first nine months of fiscal 2025 increased by $71.9 million to $2.98 billion compared to the same period in fiscal 2024[228]. - Self-storage revenues for the first nine months of fiscal 2025 increased by $49.0 million to $667.4 million, with a 6.0% increase in average monthly occupied units[229]. - Total revenues for the Moving and Storage segment were $4,339.4 million for the first nine months of fiscal 2025, up from $4,285.8 million in the same period of fiscal 2024[237]. - Total revenues for the quarter ended December 31, 2024, were $1,388,558,000, an increase from $1,339,514,000 in the same quarter of 2023, representing a growth of approximately 3.6%[296][297]. - For the nine months ended December 31, 2024, total revenues were $4,595,156,000, compared to $4,339,360,000 for the same period in 2023, showing an increase of approximately 5.9%[298]. Earnings and Profitability - Earnings from operations decreased to $150.7 million in Q3 fiscal 2025, down from $197.6 million in Q3 fiscal 2024, representing a decline of about 23.7%[205]. - Earnings available to common stockholders decreased to $67.2 million in Q3 fiscal 2025 from $99.2 million in Q3 fiscal 2024[207]. - Consolidated earnings from operations for Moving and Storage decreased to $145.2 million in Q3 fiscal 2025 from $194.7 million in Q3 fiscal 2024[218]. - Earnings from operations for the Moving and Storage segment decreased to $703.0 million for the first nine months of fiscal 2025, down from $968.9 million in the same period of fiscal 2024[243]. - Net earnings available to common stockholders for the quarter ended December 31, 2024, were $67,166,000, consistent with the previous year’s figure of $99,224,000, reflecting a decrease of approximately 32.3%[296][297]. - The company reported net investment and interest income of $40,536,000 for the quarter ended December 31, 2024, compared to $57,457,000 in the same quarter of 2023, a decrease of approximately 29.4%[296][297]. - The company’s pretax earnings for the quarter ended December 31, 2024, were $89,417,000, down from $129,773,000 in the same quarter of 2023, reflecting a decrease of approximately 31.1%[296][297]. Costs and Expenses - Total costs and expenses rose by $95.9 million in Q3 fiscal 2025, with operating expenses for Moving and Storage increasing by $11.6 million[203]. - Total costs and expenses increased by $89.1 million in Q3 fiscal 2025 compared to Q3 fiscal 2024, with operating expenses rising by $11.6 million[215]. - Depreciation expense associated with the rental fleet increased by $34.2 million in Q3 fiscal 2025, attributed to higher costs of new additions and expected decreases in resale values[204]. - Depreciation expense for rental equipment increased by $34.2 million to $178.0 million in Q3 fiscal 2025 compared to Q3 fiscal 2024[216]. - The company’s total costs and expenses for the quarter ended December 31, 2024, were $1,237,826,000, compared to $1,141,926,000 in the same quarter of 2023, representing an increase of approximately 8.4%[296][297]. - Total costs and expenses increased by $326.1 million during the first nine months of fiscal 2025 compared to the same period in fiscal 2024[237]. Cash Flow and Investments - Cash and cash equivalents totaled $1,017.4 million as of December 31, 2024, down from $1,534.5 million as of March 31, 2024[266]. - Net cash provided by operating activities increased by $15.9 million in the first nine months of fiscal 2025 compared to fiscal 2024[267]. - Net cash used in investing activities increased by $728.6 million in the first nine months of fiscal 2025, with property, plant, and equipment purchases increasing by $462.5 million[268]. - Net capital expenditures at Moving and Storage were $2,333.4 million for the first nine months of fiscal 2025, compared to $1,802.8 million for the same period in 2024[273]. - The company reported net cash used in investing activities of $(2,438,446,000) for the nine months ended December 31, 2024, primarily due to purchases of property, plant, and equipment[302]. - Cash flows from operating activities for the nine months ended December 31, 2024, amounted to $1,255,896,000, indicating strong operational cash generation[301]. - The company reported a net change in cash and cash equivalents of $(517,146,000) for the nine months ended December 31, 2024, indicating cash flow challenges[302]. Financial Position - Total assets as of December 31, 2024, amounted to $20,330.1 million, with cash and cash equivalents at $883.1 million[292]. - Total liabilities reached $12,698.8 million, including accounts payable and accrued expenses of $799.5 million[293]. - Stockholders' equity totaled $7,631.3 million, with retained earnings reported at $0[293]. - The company reported trade receivables and reinsurance recoverables, net, of $181.3 million[292]. - Total property, plant, and equipment, net, was valued at $14,875.2 million[292]. - Total liabilities reached $13,886.3 million, with accounts payable and accrued expenses contributing $783.1 million[295]. - Stockholders' equity totaled $7,172.4 million, with retained earnings reported at $0 due to significant losses[295]. - The company holds fixed maturity securities available-for-sale valued at $2,442.5 million, indicating a strong investment position[294]. Strategic Plans and Risks - The company plans to reinvest approximately $1,115 million in its rental equipment fleet during fiscal 2025[271]. - The company anticipates increased spending on acquisitions and new development in fiscal 2025[289]. - The company plans to expand its U-Haul storage affiliate program and continue investing in the U-Box program, indicating a focus on growth strategies[314]. - The company is focused on expanding its Life Insurance segment in the senior market and growing its agency force[315]. - The company faces risks related to inflationary pressures that may challenge its ability to maintain or improve operating margins[315]. - The company acknowledges the potential impact of technology, cybersecurity, or data security breaches on its financial performance and business operations[315]. - The company is reliant on a limited number of manufacturers that supply its rental trucks, which poses a risk to operations[315]. - The company is controlled by a small contingent of stockholders, which may affect governance and decision-making[315]. - The company anticipates fluctuations in quarterly results and seasonality, which could impact overall performance[315].
U-Haul pany(UHAL_B) - 2025 Q3 - Quarterly Report