Revenue Growth - Self-moving equipment rental revenues increased by $43.9 million to $1,058.3 million in Q1 fiscal 2026 compared to Q1 fiscal 2025[177] - Self-storage revenues rose by $18.5 million to $234.2 million in Q1 fiscal 2026, driven by occupancy gains and new capacity additions[178] - Total consolidated revenue for Q1 fiscal 2026 was $1,630.5 million, an increase of $82 million from $1,548.5 million in Q1 fiscal 2025[177] - Other revenue increased by $20.8 million to $154.1 million in Q1 fiscal 2026, largely due to growth in the U-Box program[182] - Total revenues for the quarter ended June 30, 2025, were $1,630,470,000, an increase from $1,548,490,000 in the same quarter of 2024, representing a growth of approximately 5.3%[243] - Self-moving equipment rental revenues reached $1,058,273,000 for Q2 2025, up from $1,014,332,000 in Q2 2024, indicating a year-over-year increase of about 4.3%[243] Earnings and Operations - Earnings from operations decreased to $257.4 million in Q1 fiscal 2026, down from $306.2 million in Q1 fiscal 2025[186] - Earnings available to common stockholders were $142.3 million in Q1 fiscal 2026, down from $195.4 million in Q1 fiscal 2025[188] - Earnings from operations for Moving and Storage decreased to $242.9 million in Q1 2026 from $295.1 million in Q1 2025[196] - Consolidated earnings from operations for Moving and Storage fell to $254.4 million in Q1 2026 from $304.1 million in Q1 2025[197] - The company reported earnings from operations of $257,414,000 for Q2 2025, slightly down from $306,242,000 in Q2 2024, a decline of approximately 15.9%[244] - Net earnings available to common stockholders for Q2 2025 were $142,331,000, compared to $195,417,000 in Q2 2024, reflecting a decrease of approximately 27.2%[244] Costs and Expenses - Total costs and expenses increased by $130.8 million in Q1 2026 compared to Q1 2025, with operating expenses for Moving and Storage rising by $44.4 million[184] - Total costs and expenses increased by $136.9 million in Q1 2026 compared to Q1 2025, with operating expenses rising by $44.4 million[193] - The company’s total costs and expenses for Q2 2025 were $1,373,056,000, compared to $1,242,248,000 in Q2 2024, marking an increase of approximately 10.5%[244] - Operating expenses for Q2 2025 totaled $826,749,000, an increase from $789,757,000 in Q2 2024, which is an increase of about 4.7%[244] Cash Flow and Investments - Net cash provided by operating activities increased by $144.5 million in the first three months of fiscal 2026 compared to the same period in fiscal 2025[212] - Net cash provided from operating activities for Moving and Storage was $554.8 million for the first three months of fiscal 2026, compared to $435.6 million for the same period in fiscal 2025[224] - Cash provided by operating activities totaled $598,376,000, compared to $453,903,000 in the prior year, representing a 31.8% increase[246][248] - Cash used in investing activities was $(764,041,000), a significant increase from $(803,318,000) in the same quarter of the previous year[246][248] - The company reported a net cash increase of $(111,640,000) during the quarter, compared to a net cash increase of $195,417,000 in the previous year[247][248] Insurance Premiums - Life insurance premiums decreased by $1.6 million to $19.2 million in Q1 fiscal 2026, primarily due to lower life and Medicare supplement premiums[179] - Property and casualty insurance premiums increased by $0.5 million to $21.7 million in Q1 fiscal 2026, reflecting related activity at U-Haul[180] - Life insurance premiums increased to $19,169,000 in Q2 2025 from $20,740,000 in Q2 2024, showing a decrease of about 7.6%[243] - Property and casualty insurance premiums for Q2 2025 were $21,738,000, down from $21,229,000 in Q2 2024, indicating a slight increase of about 2.4%[244] Capital Expenditures - Capital expenditures for rental equipment acquisitions in fiscal 2026 are estimated at approximately $1,275 million, with $425.8 million already invested in Q1 2026[216] - The company invested $294.3 million in real estate acquisitions, new construction, and renovations in the first three months of fiscal 2026[217] - Net capital expenditures for Moving and Storage were $750.4 million in Q1 2026, down from $816.5 million in Q1 2025[218] - The company anticipates maintaining a high level of real estate capital expenditures in fiscal 2026, indicating ongoing investment in property and facilities[258] Financial Position - The company has available borrowing capacity under existing credit facilities of $465.0 million as of June 30, 2025, indicating strong liquidity[232] - As of June 30, 2025, total liabilities amounted to $13,187,600, with accounts payable and accrued expenses at $901,083[240] - Total stockholders' equity as of March 31, 2025, was $7,498,143, with retained earnings of $7,931,886[242] - The company had total assets of $20,479,170 as of March 31, 2025, with property, plant, and equipment net totaling $15,112,600[242] Strategic Plans - The company plans to increase investment in its truck fleet and rental equipment to meet operational goals in fiscal 2026, with potential revenue impacts if execution falters[234] - Life Insurance aims to expand its presence in the senior market through new product offerings and business acquisitions[237] - The company plans to expand its U-Haul storage affiliate program and increase its breadth and reach of the U-Box program, indicating a focus on growth in storage solutions[257] - The company expects fiscal 2026 investments to be largely funded through debt financing, external lease financing, and cash from operations[258] Risk Management - Interest expense rose to $82.3 million in Q1 fiscal 2026, compared to $67.2 million in Q1 fiscal 2025, due to increased debt[186] - The company had $822.3 million in variable rate debt obligations as of June 30, 2025, with $447.5 million not fixed through interest rate swaps, exposing it to potential interest expense increases of $4.5 million annually if SOFR rises by 100 basis points[251] - Interest rate swap agreements are in place to mitigate exposure to interest rate changes, with fixed rates ranging from 2.72% to 4.71% on various agreements[251] - The company has utilized derivative financial instruments to hedge against equity market exposure, with a net market value change included in net investment and interest income[254]
U-Haul pany(UHAL_B) - 2026 Q1 - Quarterly Report