Financial Data and Key Metrics Changes - The company reported a fourth quarter loss of $82.3 million compared to a loss of $0.863 million for the same quarter last year [9] - Full year fiscal 2025 earnings were $367.1 million, down from $628.7 million in fiscal 2024 [9] - EBITDA for the Moving and Storage segment increased by $5.6 million for the quarter to $217.3 million, largely from revenue growth [9] - Full year fiscal 2025 EBITDA increased by just under $52 million to $1.6197 billion [10] Business Line Data and Key Metrics Changes - Equipment rental revenue increased by $29 million or just over 4% in the fourth quarter, with a full year increase of just over $100 million or about 2.8% [12] - Self-storage revenues were up $18 million or 8% for the quarter, with a similar 8% increase for the full year [14] - Average revenue per occupied foot improved by approximately 1.6%, with a 3% increase for the same store portfolio [14] - The average occupancy ratio across all locations declined about 2.5% to just over 77% [16] Market Data and Key Metrics Changes - The company defleeted three-quarters of its pickup fleet due to profitability concerns [5] - Resale prices for vans and pickups are steady or improving, with expectations for a clearer path beyond October [6] - U Box revenue results were up just under $14 million, with both U Box moving transactions and related storage transactions growing [17] Company Strategy and Development Direction - The company aims to provide reliable, fuel-efficient vehicles and is seeking emissions regulation relief to better serve customers [5] - There is a focus on executing storage programs with precision, as storage remains a bright spot for the company [6] - The company plans to leverage its newly developed storage capacity and U Box offerings to drive growth [47] Management's Comments on Operating Environment and Future Outlook - Management noted signs of consumer optimism and a willingness to accept rate increases, indicating a potential for improved business [25] - Concerns were raised about the impact of tariffs on consumer behavior, but management observed that moving activity remains strong [56] - The company expects to see improvements in equipment acquisition costs as automakers normalize their production strategies [31] Other Important Information - Capital expenditures for new rental equipment for fiscal 2025 were $1.863 billion, a $244 million increase compared to fiscal 2024 [13] - Operating expenses in the Moving and Storage segment increased by $53.6 million, with personnel costs up $12.8 million [18] Q&A Session Summary Question: Interpretation of fourth quarter strength - Management acknowledged the fourth quarter as the strongest in six years, indicating a positive trend in top-line business [24][25] Question: Outlook for top-line growth - Management expressed optimism for modest growth, with signs of consumer willingness to engage in moving transactions [25][26] Question: Concerns about depreciation - Management clarified that while depreciation is a normal part of the business, recent increases in equipment acquisition costs have impacted financials [28][30] Question: U Box growth attribution - Management noted that U Box moving transactions are growing faster than storage transactions, with both segments seeing over 20% growth [41][42] Question: Real estate investments and CapEx expectations - Management indicated that while there is no emergency need for construction, they will continue to leverage existing assets for growth [46][47] Question: Impact of tariffs on customer behavior - Management observed that despite potential uncertainties from tariffs, moving activity remains strong, suggesting consumer confidence [56] Question: Fleet age and maintenance expenses - Management indicated that while fleet age has increased, they are working to improve the quality and availability of their trucks [85][90]