Revenue Performance - Total revenues for the quarter ended September 30, 2023, were $1,649,860, a decrease of 3.1% from $1,702,864 in the same quarter of 2022[13]. - For the six months ended September 30, 2023, total revenues were $3,190,168, a decrease of 3.3% from $3,300,704 in the same period of 2022[18]. - Self-moving equipment rentals decreased to $1,069,405, down 7.9% from $1,162,025 year-over-year[13]. - Self-storage revenues for the quarter ended September 30, 2023, were $208,890, contributing to the overall revenue growth[137]. - Self-moving equipment rental revenues for the next five years are projected to be $7.14 million in 2024, with property lease revenues totaling $20.72 million in the same year[186]. Earnings and Profitability - Net earnings available to common stockholders for the quarter were $273,508, a decline of 21.8% compared to $349,866 in the prior year[15]. - Basic and diluted earnings per share of Common Stock were $1.36, down from $2.23 in the same quarter last year[15]. - The company reported a net earnings of $530,346 for the six months, down from $688,211 in the same period last year[18]. - Net earnings for the six months ended September 30, 2023, were $530,346,000, a decrease from $688,211,000 for the same period in 2022, representing a decline of approximately 22.9%[23]. - The company reported a net earnings of $273,508,000 for the quarter ended September 30, 2023, compared to $349,866,000 for the same quarter in 2022, reflecting a decrease of approximately 21.8%[25]. Assets and Liabilities - Total assets increased to $19,021,450 as of September 30, 2023, compared to $18,100,734 as of March 31, 2023[11]. - Total liabilities rose to $11,991,072, up from $11,596,543 as of March 31, 2023[11]. - The balance of stockholders' equity as of September 30, 2023, was $7,030,378,000, an increase from $6,324,173,000 as of September 30, 2022, representing a growth of about 11.2%[26]. - As of September 30, 2023, total notes, loans, and finance leases payable amounted to $6,436.8 million, an increase from $6,143.4 million as of March 31, 2023[69]. Cash Flow and Investments - Net cash provided by operating activities decreased to $937,431 in 2023 from $1,188,164 in 2022, reflecting a decline of 21.1%[31]. - Cash and cash equivalents at the end of the period were $2,145,131, down from $3,065,115 in 2022, representing a decrease of 30%[31]. - The company reported net cash used by investing activities of $1,086,326 in 2023, a slight decrease of 1.6% from $1,104,807 in 2022[31]. - The company’s cash and cash equivalents increased to $2,145,131 as of September 30, 2023, from $2,060,524 as of March 31, 2023[11]. Operating Expenses - Operating expenses for the six months increased to $1,598,499, compared to $1,544,761 in the prior year[18]. - Operating expenses for the same quarter totaled $835,258, indicating a significant investment in operational capabilities[137]. - Interest expense for the six months ended September 30, 2023, was $124,541,000, compared to $106,992,000 in the same period of 2022, representing an increase of approximately 16.3%[146]. Comprehensive Income - Total comprehensive income for the six months ended September 30, 2023, was $540,305,000, compared to $449,706,000 for the same period in 2022, indicating an increase of about 20.1%[23]. - Other comprehensive income (loss) for the six months ended September 30, 2023, showed a gain of $9,959,000, contrasting with a loss of $238,505,000 for the same period in 2022[23]. Segment Information - The company has three reportable segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance[40]. Credit and Financing - The company is in compliance with all covenants related to its loans and financing agreements as of September 30, 2023[71]. - The maximum amount outstanding during the quarter for revolving credit facilities was $1,102.0 million, up from $605.0 million in the previous year[87]. Accounting and Regulatory Changes - The Company adopted ASU 2018-12 effective April 1, 2023, impacting the measurement and disclosure of long-duration contracts[203]. - The updated accounting guidance requires annual reviews of cash flow assumptions and quarterly updates of discount rate assumptions[204].
U-Haul pany(UHAL_B) - 2024 Q2 - Quarterly Report