Financial Performance - For the fiscal year ended March 31, 2024, net earnings available to shareholders were $628.7 million, a decrease of 32.1% from $924.5 million in the previous year[1]. - For the fourth quarter of fiscal 2024, the company reported net losses available to shareholders of ($0.9) million, compared to net earnings of $37.4 million for the same period last year[2]. - Earnings from operations for the quarter were $41,366,000, a significant decline of 62.5% from $110,121,000 year-over-year[21]. - Net earnings available to common shareholders for the fiscal year were $628,707,000, down 31.9% from $924,472,000 in the previous year[22]. - Basic and diluted earnings per share of Common Stock for the fiscal year were $3.04, a decrease from $5.54 in 2023[22]. Revenue Trends - Self-moving equipment rental revenues decreased by $10.0 million, or 1%, in Q4 2024 compared to Q4 2023, and for the full year, revenues decreased by $253.2 million, or 7%[3]. - Self-storage revenues increased by $17.5 million, or 9%, in Q4 2024 compared to Q4 2023, and for the full year, revenues increased by $86.6 million, or 12%[3]. - Total revenues for the quarter ended March 31, 2024, were $1,179,170,000, a decrease of 0.6% from $1,188,651,000 in the same quarter of 2023[21]. - For the fiscal year ended March 31, 2024, total revenues were $5,625,674,000, a decrease of 4.1% from $5,864,691,000 in 2023[22]. Expenses and Costs - Total costs and expenses for the quarter were $1,137,804,000, an increase of 5.5% from $1,078,530,000 in the same quarter of 2023[21]. - Total depreciation expense for Q4 FY 2024 was $213,652,000, an increase of 12.6% from $189,704,000 in Q4 FY 2023[14]. - Total depreciation expense for the year ended March 31, 2024, was $817,889,000, up 11.4% from $733,879,000 in the previous year[15]. - Depreciation expense increased to $817,889 thousand for the twelve months ending March 31, 2024, compared to $733,879 thousand for the same period in 2023, marking an increase of 11.5%[32]. Assets and Liabilities - Total assets as of March 31, 2024, were $19,058,758,000, an increase from $18,100,734,000 in the previous year, reflecting a growth of 5.3%[20]. - Total liabilities increased to $11,886,313,000 as of March 31, 2024, compared to $11,596,543,000 in the prior year, marking a rise of 2.5%[20]. - Total property, plant and equipment, net increased to $13,134,652 thousand as of March 31, 2024, up from $11,824,853 thousand in the previous year, representing a growth of 11.1%[30]. Debt and Cash Flow - Total debt as of March 31, 2024, was $6,304.0 million, a decrease from $6,471.4 million as of March 31, 2023[13]. - Cash and credit availability at the Moving and Storage operating segment was $1,886.3 million as of March 31, 2024, down from $2,499.2 million in the previous year[7]. - The net debt to EBITDA ratio increased to 3.1 as of March 31, 2024, compared to 2.2 a year earlier[13]. - The company reported cash and cash equivalents of $1,534,544,000 as of March 31, 2024, down from $2,060,524,000 a year earlier, indicating a decrease of 25.5%[20]. Operational Metrics - The average number of occupied self-storage units increased by 31,000 units, or 6%, during Q4 2024 compared to the same period last year[3]. - The self-storage unit count increased to 728 as of March 31, 2024, from 673 a year earlier, representing an 8.2% growth[15]. - Average monthly occupancy rate based on unit count for FY 2024 was 82.1%, slightly down from 83.4% in FY 2023[15]. - The end of period occupancy rate based on unit count was 79.3% for Q4 FY 2024, down from 81.2% in Q4 FY 2023[15]. - The average revenue per occupied square foot for Q4 FY 2024 was $16.60, compared to $15.99 in Q4 FY 2023, showing an increase of 3.8%[16]. Adjustments and Reclassifications - The company adjusted its earnings from operations for the previous quarters, indicating a reclassification of Moving and Storage interest income as Other interest income[31].
U-Haul pany(UHAL_B) - 2024 Q4 - Annual Results