Financial News

U-Haul Holding Company Reports Second Quarter Fiscal 2024 Financial Results

U-Haul Holding Company (NYSE: UHAL) (NYSE: UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its second quarter ended September 30, 2023, of $273.5 million, compared with net earnings of $349.9 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.40 for the second quarter of fiscal 2024 compared to $1.73 for the same period in fiscal 2023.

For the six-month period ended September 30, 2023, net earnings available to shareholders were $530.3 million compared with net earnings of $688.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $2.71 for the six-month period ended September 30, 2023 compared to $3.41 for the same period in fiscal 2023.

“Overall moving activity remains below the same period last year. This affects most of our product lines,” stated Joe Shoen, chairman of U-Haul Holding Company. “We are close to stabilizing In-town moving transactions by better inventory placement. This is slow going, but there are some gains available where inventory is optimized. Implementation of existing programs is our best choice at this time.”

Highlights of Second Quarter Fiscal 2024 Results

  • Self-moving equipment rental revenues decreased $92.6 million, or 8.0% for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. These declines were more pronounced in our one-way markets. Compared to the same period last year, we increased the number of box trucks and trailers in the rental fleet as well as the number of Company operated retail locations.
  • Self-storage revenues increased $23.3 million, or 12.6% for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023. The average monthly number of occupied units during the quarter increased by 7%, or 38,046 units, compared to the same quarter last year. Our reported occupancy of all properties regardless of length of time in the portfolio decreased 1.3% to 83.5% for the second quarter. The occupancy ratio for the subset of these properties that have been stabilized at 80% for the last 24 months also decreased 1.6% to 95.0% during the quarter. The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and a 6% improvement in average revenue per occupied foot. During the quarter, we added approximately 0.9 million net rentable square feet.
  • Sales of self-moving and self-storage products and services decreased $5.3 million, or 5.5% compared with the second quarter of fiscal 2023 due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively affected the sales of moving supplies.
  • For the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023, depreciation, net of gains on sales increased $36.8 million. Page four of this press release contains additional details about this change.
  • For the first six months of fiscal 2024 and fiscal 2023 gross rental equipment capital expenditures were approximately $974 million compared with $718 million, proceeds from the sales of rental equipment were $405 million compared with $325 million and spending on real estate related acquisitions and projects were approximately $633 million compared with $584 million.
  • Fleet maintenance and repair costs increased $17.2 million in the second quarter of fiscal 2024 compared with the same period last year due to higher cost of preventative maintenance combined with the costs associated with preparing trucks for sale.
  • Operating earnings at our Moving and Storage operating segment decreased $113.2 million compared with the same period last year to $401.7 million and represent the third best second quarter result in the Company’s history. Total revenues decreased $71.3 million and total costs and expenses increased $42.0 million.
  • Cash and credit availability at the Moving and Storage segment was $2,554.9 million as of September 30, 2023 compared with $2,499.2 million at March 31, 2023.

U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2024 on Thursday, November 9, 2023, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers 967,000 rentable storage units and 83.3 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended September 30, 2023, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2024 and 2023.

Quarter Ended September 30,

2023

2022

 

(Unaudited)

(In thousands)

Self-moving equipment rentals

$

1,069,405

$

1,162,025

Self-storage revenues

 

208,890

 

 

185,586

 

Self-moving and self-storage product and service sales

 

91,571

 

 

96,864

 

Property management fees

 

9,267

 

 

9,277

 

Life insurance premiums

 

22,498

 

 

25,456

 

Property and casualty insurance premiums

 

25,571

 

 

25,718

 

Net investment and interest income

 

64,738

 

 

30,509

 

Other revenue

 

157,920

 

 

167,429

 

Consolidated revenue

$

1,649,860

 

$

1,702,864

 

Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2024 and 2023.

Quarter Ended September 30,

2023

2022

 

(Unaudited)

(In thousands)

Moving and storage

Revenues

$

1,565,578

 

$

1,636,858

 

Earnings from operations before equity in earnings of subsidiaries

 

401,704

 

 

514,943

 

Property and casualty insurance

 

 

Revenues

 

31,852

 

 

23,363

 

Earnings from operations

 

15,419

 

 

5,686

 

Life insurance

 

 

Revenues

 

55,522

 

 

45,696

 

Earnings (losses) from operations

 

5,608

 

 

(297

)

Eliminations

 

 

Revenues

 

(3,092

)

 

(3,053

)

Earnings from operations before equity in earnings of subsidiaries

 

(376

)

 

(386

)

Consolidated Results

 

 

Revenues

 

1,649,860

 

 

1,702,864

 

Earnings from operations

 

422,355

 

 

519,946

 

Debt Metrics

Debt Metrics

(in thousands)(unaudited)

September 30,

June 30,

March 31,

December 31,

September 30,

2023

2023

2023

2022

2022

Real estate secured debt

$

2,771,027

 

$

2,744,416

 

$

2,660,878

 

$

2,682,036

 

$

2,860,764

 

Unsecured debt

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

Fleet secured debt

 

2,392,021

 

 

2,305,116

 

 

2,205,824

 

 

2,277,387

 

 

2,196,935

 

Other secured debt

 

73,752

 

 

74,250

 

 

76,648

 

 

77,399

 

 

78,871

 

Total debt

 

6,436,800

 

 

6,323,782

 

 

6,143,350

 

 

6,236,822

 

 

6,336,570

 

 

Moving and Storage cash

$

2,068,790

 

$

2,302,380

 

$

2,034,242

 

$

2,429,943

 

$

3,025,390

 

Moving and Storage assets

 

16,156,182

 

 

15,742,770

 

 

15,211,493

 

 

15,234,112

 

 

15,243,508

 

Moving and Storage EBITDA (TTM)

 

 

1,739,727

 

 

1,816,319

 

 

1,888,513

 

 

1,906,046

 

 

1,995,170

 

 

Net debt to EBITDA

 

2.5

 

 

2.2

 

 

2.2

 

 

2.0

 

 

1.7

 

Net debt to total assets

 

27.0

%

 

25.5

%

 

27.0

%

 

25.0

%

 

21.7

%

 

Percent of debt floating

 

6.3

%

 

7.7

%

 

8.4

%

 

8.3

%

 

10.5

%

Percent of debt fixed

 

93.7

%

 

92.3

%

 

91.6

%

 

91.7

%

 

89.5

%

Percent of debt unsecured

 

18.6

%

 

19.0

%

 

19.5

%

 

19.2

%

 

18.9

%

 

Unencumbered asset ratio*

 

3.74

x

 

3.55

x

 

3.44

x

 

3.35

x

 

2.91

x
 

* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

The components of depreciation, net of gains on disposals for the second quarter of fiscal 2024 and 2023 are as follows:

Quarter Ended September 30,

2023

2022

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

$

140,341

 

$

129,220

 

Depreciation expense - non rental equipment

 

23,392

 

 

21,546

 

Depreciation expense - real estate

 

37,192

 

 

30,895

 

Total depreciation expense

$

200,925

 

$

181,661

 

 

 

Gains on disposals of rental equipment

 

(46,928

)

$

(64,312

)

(Gain) loss on disposals of non-rental equipment

 

125

 

 

(31

)

Total gains on disposals equipment

$

(46,803

)

$

(64,343

)

 

 

Depreciation, net of gains on disposals

$

154,122

 

$

117,318

 

 

 

Losses on disposals of real estate

$

1,715

 

$

1,872

 

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

Quarter Ended September 30,

2023

2022

 

 

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of September 30

691

 

638

 

Square footage as of September 30

58,402

 

53,303

 

Average monthly number of units occupied

578

 

540

 

Average monthly occupancy rate based on unit count

84.2

%

85.4

%

End of September occupancy rate based on unit count

 

83.5

%

 

84.8

%

Average monthly square footage occupied

49,931

 

46,538

 

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2024 and 2023.

Six Months Ended September 30,

2023

2022

(Unaudited)

(In thousands)

Self-moving equipment rentals

$

2,068,611

$

2,252,800

Self-storage revenues

 

407,851

 

 

358,763

 

Self-moving and self-storage product and service sales

 

192,443

 

 

206,215

 

Property management fees

 

18,444

 

 

18,416

 

Life insurance premiums

 

45,629

 

 

51,237

 

Property and casualty insurance premiums

 

45,893

 

 

45,690

 

Net investment and interest income

 

129,330

 

 

64,082

 

Other revenue

 

281,967

 

 

303,501

 

Consolidated revenue

$

3,190,168

 

$

3,300,704

 

Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2024 and 2023.

Six Months Ended September 30,

2023

2022

(Unaudited)

(In thousands)

Moving and storage

Revenues

$

3,025,091

 

$

3,160,456

 

Earnings from operations before equity in earnings of subsidiaries

 

788,395

 

 

996,560

 

Property and casualty insurance

Revenues

 

59,691

 

 

46,445

 

Earnings from operations

 

27,401

 

 

14,037

 

Life insurance

Revenues

 

111,203

 

 

99,799

 

Earnings from operations

 

6,964

 

 

5,619

 

Eliminations

Revenues

 

(5,817

)

 

(5,996

)

Earnings from operations before equity in earnings of subsidiaries

 

(747

)

 

(768

)

Consolidated Results

Revenues

 

3,190,168

 

 

3,300,704

 

Earnings from operations

 

822,013

 

 

1,015,448

 

The components of depreciation, net of gains on disposals for the first six months of fiscal 2024 and 2023 are as follows:

Six Months Ended September 30,

2023

2022

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

$

275,533

 

$

255,741

 

Depreciation expense - non rental equipment

 

45,694

 

 

43,167

 

Depreciation expense - real estate

 

73,173

 

 

60,897

 

Total depreciation expense

$

394,400

 

$

359,805

 

 

 

Gains on disposals of rental equipment

$

(102,735

)

$

(128,313

)

(Gain) loss on disposals of non-rental equipment

 

271

 

 

(378

)

Total gains on disposals equipment

$

(102,464

)

$

(128,691

)

 

 

Depreciation, net of gains on disposals

$

291,936

 

$

231,114

 

 

 

Losses on disposals of real estate

$

2,736

 

$

4,179

 

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

Six Months Ended September 30,

2023

2022

 

 

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of September 30

691

 

638

 

Square footage as of September 30

58,402

 

53,303

 

Average monthly number of units occupied

529

 

529

 

Average monthly occupancy rate based on unit count

83.5

%

85.0

%

End of September occupancy rate based on unit count

 

83.5

%

 

84.8

%

Average monthly square footage occupied

49,279

 

45,692

 

Self-Storage Portfolio Summary

As of September 30, 2023

(unaudited)

U-Haul Owned Store Data by State

Annual

State/

Units

Rentable

Revenue

Occupancy

Province

Stores

Occupied

Square Feet

Per Foot

During Qtr

Texas

91

35,797

4,111,184

$14.41

79.6

%

California

87

 

32,507

 

3,001,993

 

$20.54

 

83.6

%

Illinois

80

 

35,570

 

3,523,410

 

$15.28

 

86.1

%

Florida

79

 

33,396

 

3,158,462

 

$17.91

 

89.2

%

Pennsylvania

68

 

27,269

 

2,781,615

 

$17.06

 

78.9

%

New York

64

 

26,418

 

2,421,752

 

$22.58

 

81.3

%

Ohio

58

 

24,350

 

2,426,477

 

$14.61

 

85.2

%

Michigan

56

 

19,583

 

1,963,914

 

$15.25

 

87.3

%

Georgia

49

 

22,076

 

2,245,458

 

$15.82

 

88.9

%

Arizona

43

 

24,278

 

2,514,577

 

$15.50

 

88.4

%

Wisconsin

42

 

16,712

 

1,878,988

 

$13.00

 

82.3

%

Washington

37

 

12,448

 

1,341,759

 

$16.64

 

77.5

%

North Carolina

36

 

16,683

 

1,688,842

 

$14.89

 

84.7

%

Tennessee

34

 

14,861

 

1,373,264

 

$14.29

 

92.5

%

New Jersey

33

 

15,585

 

1,350,564

 

$20.16

 

89.6

%

Ontario

32

 

10,530

 

1,100,303

 

$22.12

 

74.3

%

Missouri

32

 

11,481

 

1,262,184

 

$14.82

 

80.6

%

Massachusetts

30

 

10,861

 

984,427

 

$19.82

 

84.9

%

Indiana

30

 

9,792

 

1,024,809

 

$13.70

 

83.3

%

Alabama

25

 

6,779

 

769,150

 

$13.79

 

78.3

%

 

Top 20 Totals

1,006

 

406,976

 

40,923,132

 

$16.58

 

84.1

%

 

All Others

440

 

170,216

 

17,554,877

 

$15.75

 

84.2

%

 

2Q 2024 Totals

1,446

 

577,192

 

58,478,009

 

$16.34

 

84.2

%

 

Same Store 2Q24

841

 

280,565

 

25,949,457

 

$16.55

 

95.0

%

Same Store 2Q23

753

 

233,947

 

21,916,035

 

$15.18

 

96.7

%

Same Store 2Q22

619

 

179,842

 

16,915,706

 

$14.47

 

96.9

%

 

Non Same Store 2Q24

605

 

296,627

 

32,528,552

 

$16.11

 

75.9

%

Non Same Store 2Q23

636

 

307,535

 

31,463,318

 

$15.48

 

78.4

%

Non Same Store 2Q22

702

 

300,703

 

31,063,602

 

$14.00

 

78.2

%

 

Note: Store Count, Units and NRSF reflect active storage locations for the last month of the reporting quarter.

Occupancy % reflects average occupancy during the reporting quarter.

Revenue per foot is the average revenue per occupied foot over the trailing twelve months ending September 2023.

 

 

'Same Store' includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month.

The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the last two years.

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

September 30,

March 31,

2023

2023

(Unaudited)

(In thousands)

ASSETS

Cash and cash equivalents

$

2,145,131

 

$

2,060,524

 

Reinsurance recoverables and trade receivables, net

 

212,565

 

 

189,498

 

Inventories and parts

 

161,535

 

 

151,474

 

Prepaid expenses

 

263,541

 

 

241,711

 

Investments, fixed maturities and marketable equities

 

2,534,164

 

 

2,770,394

 

Investments, other

 

650,151

 

 

575,540

 

Deferred policy acquisition costs, net

 

121,365

 

 

128,463

 

Other assets

 

52,769

 

 

51,052

 

Right of use assets – financing, net

 

377,733

 

 

474,765

 

Right of use assets – operating, net

 

65,316

 

 

58,917

 

Related party assets

 

40,140

 

 

48,308

 

 

6,624,410

 

 

6,750,646

 

Property, plant and equipment, at cost:

 

 

Land

 

1,613,871

 

 

1,537,206

 

Buildings and improvements

 

7,649,849

 

 

7,088,810

 

Furniture and equipment

 

966,211

 

 

928,241

 

Rental trailers and other rental equipment

 

912,046

 

 

827,696

 

Rental trucks

 

5,921,507

 

 

5,278,340

 

 

17,063,484

 

 

15,660,293

 

Less: Accumulated depreciation

 

(4,666,444

)

 

(4,310,205

)

Total property, plant and equipment, net

 

12,397,040

 

 

11,350,088

 

Total assets

$

19,021,450

 

$

18,100,734

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

Liabilities:

 

 

Accounts payable and accrued expenses

$

757,988

 

$

761,039

 

Notes, loans and finance leases payable, net

 

6,400,899

 

 

6,108,042

 

Operating lease liabilities

 

64,580

 

 

58,373

 

Policy benefits and losses, claims and loss expenses payable

 

865,397

 

 

880,202

 

Liabilities from investment contracts

 

2,393,590

 

 

2,398,884

 

Other policyholders' funds and liabilities

 

7,677

 

 

8,232

 

Deferred income

 

56,821

 

 

52,282

 

Deferred income taxes, net

 

1,444,120

 

 

1,329,489

 

Total liabilities

 

11,991,072

 

 

11,596,543

 

 

 

Common stock

 

10,497

 

 

10,497

 

Non-voting common stock

 

176

 

 

176

 

Additional paid-in capital

 

453,643

 

 

453,643

 

Accumulated other comprehensive loss

 

(275,664

)

 

(285,623

)

Retained earnings

 

7,519,376

 

 

7,003,148

 

Cost of common stock in treasury, net

 

(525,653

)

 

(525,653

)

Cost of preferred stock in treasury, net

 

(151,997

)

 

(151,997

)

Total stockholders' equity

 

7,030,378

 

 

6,504,191

 

Total liabilities and stockholders' equity

$

19,021,450

 

$

18,100,734

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

Quarter Ended September 30,

2023

2022

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rentals

$

1,069,405

 

$

1,162,025

 

Self-storage revenues

 

208,890

 

 

185,586

 

Self-moving and self-storage products and service sales

 

91,571

 

 

96,864

 

Property management fees

 

9,267

 

 

9,277

 

Life insurance premiums

 

22,498

 

 

25,456

 

Property and casualty insurance premiums

 

25,571

 

 

25,718

 

Net investment and interest income

 

64,738

 

 

30,509

 

Other revenue

 

157,920

 

 

167,429

 

Total revenues

 

1,649,860

 

 

1,702,864

 

 

 

Costs and expenses:

 

 

Operating expenses

 

835,258

 

 

811,594

 

Commission expenses

 

111,961

 

 

125,341

 

Cost of sales

 

66,620

 

 

72,625

 

Benefits and losses

 

42,553

 

 

39,512

 

Amortization of deferred policy acquisition costs

 

6,826

 

 

6,972

 

Lease expense

 

8,450

 

 

7,684

 

Depreciation, net of gains on disposals

 

154,122

 

 

117,318

 

Net losses on real estate

 

1,715

 

 

1,872

 

Total costs and expenses

 

1,227,505

 

 

1,182,918

 

 

 

Earnings from operations

 

422,355

 

 

519,946

 

Other components of net periodic benefit costs

 

(364

)

 

(304

)

Interest expense

 

(63,943

)

 

(57,193

)

Fees on early extinguishment of debt

 

-

 

 

(959

)

Pretax earnings

 

358,048

 

 

461,490

 

Income tax expense

 

(84,540

)

 

(111,624

)

Earnings available to common shareholders

$

273,508

 

$

349,866

 

Basic and diluted earnings per share of Common Stock

$

1.36

 

$

2.23

 

Weighted average shares outstanding of Common Stock: Basic and diluted

 

19,607,788

 

 

19,607,788

 

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.40

 

$

1.73

 

Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted

 

176,470,092

 

 

176,470,092

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

Six Months Ended September 30,

2023

2022

 

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rentals

$

2,068,611

 

$

2,252,800

 

Self-storage revenues

 

407,851

 

 

358,763

 

Self-moving and self-storage products and service sales

 

192,443

 

 

206,215

 

Property management fees

 

18,444

 

 

18,416

 

Life insurance premiums

 

45,629

 

 

51,237

 

Property and casualty insurance premiums

 

45,893

 

 

45,690

 

Net investment and interest income

 

129,330

 

 

64,082

 

Other revenue

 

281,967

 

 

303,501

 

Total revenues

 

3,190,168

 

 

3,300,704

 

 

 

Costs and expenses:

 

 

Operating expenses

 

1,598,499

 

 

1,544,761

 

Commission expenses

 

218,888

 

 

243,834

 

Cost of sales

 

137,295

 

 

152,296

 

Benefits and losses

 

87,897

 

 

79,269

 

Amortization of deferred policy acquisition costs

 

14,871

 

 

14,644

 

Lease expense

 

16,033

 

 

15,159

 

Depreciation, net of gains on disposals

 

291,936

 

 

231,114

 

Net losses on real estate

 

2,736

 

 

4,179

 

Total costs and expenses

 

2,368,155

 

 

2,285,256

 

 

 

Earnings from operations

 

822,013

 

 

1,015,448

 

Other components of net periodic benefit costs

 

(729

)

 

(608

)

Interest expense

 

(124,541

)

 

(106,992

)

Fees on early extinguishment of debt

 

-

 

 

(959

)

Pretax earnings

 

696,743

 

 

906,889

 

Income tax expense

 

(166,397

)

 

(218,678

)

Earnings available to common shareholders

$

530,346

 

$

688,211

 

Basic and diluted earnings per share of Common Stock

$

2.63

 

$

4.41

 

Weighted average shares outstanding of Common Stock: Basic and diluted

 

19,607,788

 

 

19,607,788

 

Basic and diluted earnings per share of Non-Voting Common Stock

$

2.71

 

$

3.41

 

Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted

 

176,470,092

 

 

176,470,092

 

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

For the Quarter Ended

 

September 30,

 

2023

2022

 

(Unaudited)

 

(In thousands, except share and per share amounts)

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

19,607,788

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

196,077,880

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

10

%

 

10

%

 

 

 

Net earnings available to common stockholders

$

273,508

 

$

349,866

 

Voting Common Stock dividends declared

 

-

 

 

(9,804

)

Non-Voting Common Stock dividends declared

 

(7,059

)

 

-

 

Undistributed earnings available to common stockholders

$

266,449

 

$

340,062

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

26,645

 

$

34,006

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

1.36

 

$

1.73

 

Dividends declared per share of Voting Common Stock

$

-

 

$

0.50

 

Basic and diluted earnings per share of Voting Common Stock

$

1.36

 

$

2.23

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

176,470,092

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

196,077,880

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

90

%

 

90

%

 

 

 

Net earnings available to common stockholders

$

273,508

 

$

349,866

 

Voting Common Stock dividends declared

 

-

 

 

(9,804

)

Non-Voting Common Stock dividends declared

 

(7,059

)

 

-

 

Undistributed earnings available to common stockholders

$

266,449

 

$

340,062

 

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

239,804

 

$

306,056

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

1.36

 

$

1.73

 

Dividends declared per share of Non-Voting Common Stock

$

0.04

 

$

-

 

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.40

 

$

1.73

 

The calculation of basic and diluted earnings per share for the first six months ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

For the Six Months Ended

 

September 30,

 

2023

2022

 

(Unaudited)

 

(In thousands, except share and per share amounts)

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

19,607,788

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

196,077,880

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

10

%

 

10

%

 

 

 

Net earnings available to common stockholders

$

530,346

 

$

688,211

 

Voting Common Stock dividends declared

 

-

 

 

(19,608

)

Non-Voting Common Stock dividends declared

 

(14,118

)

 

-

 

Undistributed earnings available to common stockholders

$

516,228

 

$

668,603

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

51,623

 

$

66,860

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

2.63

 

$

3.41

 

Dividends declared per share of Voting Common Stock

$

-

 

$

1.00

 

Basic and diluted earnings per share of Voting Common Stock

$

2.63

 

$

4.41

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

176,470,092

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

196,077,880

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

90

%

 

90

%

 

 

 

Net earnings available to common stockholders

$

530,346

 

$

688,211

 

Voting Common Stock dividends declared

 

-

 

 

(19,608

)

Non-Voting Common Stock dividends declared

 

(14,118

)

 

-

 

Undistributed earnings available to common stockholders

$

516,228

 

$

668,603

 

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

464,605

 

$

601,743

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

2.63

 

$

3.41

 

Dividends declared per share of Non-Voting Common Stock

$

0.08

 

$

-

 

Basic and diluted earnings per share of Non-Voting Common Stock

$

2.71

 

$

3.41

 

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). As of June 30, 2023, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during fiscal 2024. The tables below show adjusted PPE as of September 30, 2023 and March 31, 2023, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

September 30,

March 31,

2023

2023

September 30,

ROU

Assets

Property, Plant

and Equipment

Property, Plant

and Equipment

2022

Financing

Adjusted

Adjusted

(Unaudited)

(In thousands)

 

Property, plant and equipment, at cost

Land

$

1,613,871

 

$

-

 

$

1,613,871

 

$

1,537,206

 

Buildings and improvements

 

7,649,849

 

 

-

 

 

7,649,849

 

 

7,088,810

 

Furniture and equipment

 

966,211

 

 

7,109

 

 

973,320

 

 

937,928

 

Rental trailers and other rental equipment

 

912,046

 

 

115,072

 

 

1,027,118

 

 

979,990

 

Rental trucks

 

5,921,507

 

 

816,075

 

 

6,737,582

 

 

6,228,178

 

Right-of-use assets, gross

 

17,063,484

 

 

938,256

 

 

18,001,740

 

 

16,772,112

 

Less: Accumulated depreciation

 

(4,666,444

)

 

(560,523

)

 

(5,226,967

)

 

(4,947,259

)

Total property, plant and equipment, net

$

12,397,040

 

$

377,733

 

$

12,774,773

 

$

11,824,853

 

 

March 31,

 

2023

 

March 31,

ROU

Assets

Property, Plant

and Equipment

 

2023

Financing

Adjusted

 

(Unaudited)

 

(In thousands)

 

Property, plant and equipment, at cost

 

Land

$

1,537,206

 

$

-

 

$

1,537,206

 

 

Buildings and improvements

 

7,088,810

 

 

-

 

 

7,088,810

 

 

Furniture and equipment

 

928,241

 

 

9,687

 

 

937,928

 

 

Rental trailers and other rental equipment

 

827,696

 

 

152,294

 

 

979,990

 

 

Rental trucks

 

5,278,340

 

 

949,838

 

 

6,228,178

 

 

Right-of-use assets, gross

 

15,660,293

 

 

1,111,819

 

 

16,772,112

 

 

Less: Accumulated depreciation

 

(4,310,205

)

 

(637,054

)

 

(4,947,259

)

 

Total property, plant and equipment, net

$

11,350,088

 

$

474,765

 

$

11,824,853

 

 

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.

Moving and Storage EBITDA

(In thousands, unaudited)

TTM

September 30,

June 30,

March 31,

December 31,

September 30,

2023

2023

2023

2022

2022

Earnings from operations *

$

1,187,957

 

$

1,301,196

 

$

1,396,122

 

$

1,435,667

 

$

1,534,803

 

 

 

 

 

 

Depreciation

 

768,475

 

 

749,210

 

 

733,879

 

 

721,950

 

 

712,896

 

Net gains on disposals

 

(220,858

)

 

(238,397

)

 

(247,084

)

 

(255,419

)

 

(256,495

)

Net losses on disposal of real estate

 

4,153

 

 

4,310

 

 

5,596

 

 

3,848

 

 

3,966

 

Depreciation, net of (gains) losses on disposals

 

551,770

 

 

515,123

 

 

492,391

 

 

470,379

 

 

460,367

 

 

 

 

 

 

EBITDA

$

1,739,727

 

$

1,816,319

 

$

1,888,513

 

$

1,906,046

 

$

1,995,170

 

 

* before insurance subsidiaries

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the myMotherLode.com Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info
Feedback