RENO, Nev.--(BUSINESS WIRE)--May 28, 2025--
U-Haul Holding Company (NYSE: UHAL, 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 shareholders for the year ended March 31, 2025, of $367.1 million, compared with $628.7 million for the same period last year.
For the quarter ended March 31, 2025, the Company reported net losses available to shareholders of ($82.3) million compared with net losses of ($0.9) million, for the same period last year.
"We are seeing the high prices we paid for fleet replacements over the last thirty months impact the income statement. Reduced gains on the sale of rental equipment and increased fleet depreciation expense decreased earnings by nearly $260 million for the year compared to fiscal 2024. We have increased depreciation further to recognize this expense in the current period," stated Joe Shoen, chairman of U-Haul Holding Company. "Both the truck acquisition and sale market are showing improvement. The automakers have abandoned the mirage of going net zero and hopefully will get back to offering reliable, fairly priced trucks in quantity."
Highlights of Fiscal Year and Fourth Quarter 2025 Results
--
Moving and Storage earnings before interest, taxes, depreciation and
amortization (EBITDA) increased $5.6 million to $217.3 million compared
to the fourth quarter of fiscal 2024 and for the full year ended March
31, 2025 increased $51.7 million to $1,619.7 compared with fiscal 2024.
--
Self-storage revenues increased $17.8 million, or 8.4%, in the fourth
quarter of fiscal 2025 compared with the fourth quarter of fiscal 2024,
and for the full year increased $66.8 million, or 8.0%, compared with
fiscal 2024.
--
Same store occupancy decreased 0.5% to 91.9%, revenue per foot
increased 3.0%, and the number of locations qualifying for the
pool increased by 31.
--
Total portfolio of average occupied rooms increased 39,197, or
6.8%, compared to March 31, 2024, and for the full year average
occupied rooms increased 35,441, or 6.2%.
--
During the fourth quarter, we added 20 new locations with
storage and 1.6 million net rentable square feet (NRSF). Two
locations were acquisitions of existing storage locations totaling
76 thousand NRSF and eighteen locations were internally developed.
These newly developed locations along with expansion projects at
existing facilities accounted for the remaining 1.5 million NRSF.
--
We have approximately 15.0 million NRSF in development or
pending.
--
Self-moving equipment rental revenues increased $29.0 million, or 4.1%,
in the fourth quarter of fiscal 2025 compared with the fourth quarter of
fiscal 2024 capping the fourth consecutive quarter this year of
year-over-year growth. We finished the full year up $100.8 million, or
2.8%, compared with fiscal 2024. In-town and one-way transactions and
revenue per transaction both improved.
--
Other revenue for Moving and Storage increased $13.9 million or 17.1%
during the fourth quarter of fiscal 2025, compared to the fourth quarter
of fiscal 2024, and finished the full year up $39.4 million, or 8.5%,
compared with fiscal 2024, caused primarily by increases in both moving
and storage transactions related to our U-Box program. We continue to
expand our breadth and reach of this program through additional warehouse
space, moving and storage containers and delivery equipment.
--
Moving and Storage earnings from operations, before consolidation of
the equity in earnings of the insurance subsidiaries decreased $68.1
million compared to the fourth quarter of fiscal 2024 and for the full
year decreased $250.4 million compared to fiscal 2024.
--
Reduced gains from the disposal of retired rental equipment
accounted for $30.4 million for the fourth quarter and $140.2
million for the full year of the decrease, while fleet
depreciation expense increased $35.6 million for the fourth
quarter and $128.1 million for the full year and real estate
related depreciation expense increased $3.9 million for the
quarter and $25.9 million for the full year, all compared with the
fourth quarter and full year of fiscal 2024.
--
Fleet maintenance and repair costs declined $6.7 million and $43.1
million compared with the fourth quarter and full year of fiscal 2024,
respectively.
--
Cash and credit availability at the Moving and Storage operating
segment was $1,347.5 million and $1,886.3 million as of March 31, 2025
and 2024, respectively.
--
On March 5, 2025, we declared a cash dividend on our Non-Voting Common
Stock of $0.05 per share to holders of record on March 17, 2025. The
dividend was paid on March 28, 2025.
Our latest Supplemental financial information is available at investors.uhaul.com under "Investor Kit."
U-Haul Holding Company will hold its investor call for fiscal 2025 on Thursday, May 29, 2025, at 8 a.m. Arizona Time (11 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 192,100 trucks, 137,500 trailers and 39,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,079,000 rentable storage units and 93.7 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-K for the year ended March 31, 2025, which was filed with the SEC on May 28, 2025.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2025 and 2024.
Quarters Ended March
31, Years Ended March 31,
---------------------- ----------------------
2025 2024 2025 2024
---------- ---------- ---------- ----------
(Unaudited)
(In thousands)
Self-moving
equipment rental
revenues $ 745,259 $ 716,283 $3,725,524 $3,624,695
Self-storage
revenues 230,532 212,701 897,913 831,069
Self-moving and
self-storage
product and
service sales 72,729 73,018 327,490 335,805
Property
management fees 8,861 8,422 36,811 37,004
Life insurance
premiums 19,553 21,542 83,707 89,745
Property and
casualty
insurance
premiums 23,540 22,419 98,900 94,802
Net investment
and interest
income 36,519 42,859 151,974 146,468
Other revenue 96,516 81,926 506,346 466,086
--------- --------- --------- ---------
Consolidated
revenue $1,233,509 $1,179,170 $5,828,665 $5,625,674
--------- --------- --------- ---------
Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2025 and 2024.
Quarters Ended March 31, Years Ended March 31,
------------------------ --------------------------
2025 2024 2025 2024
----------- ----------- ----------- -------------
(Unaudited)
(In thousands)
Moving and
storage
Revenues $1,153,414 $1,092,698 $5,492,774 $5,294,928
Earnings from
operations
before equity
in earnings
of
subsidiaries (57,258) 10,816 645,772 896,140
Property and
casualty
insurance
Revenues 27,384 34,091 125,164 123,085
Earnings from
operations 9,976 25,687 54,745 62,509
Life insurance
Revenues 55,201 55,284 221,869 219,202
Earnings from
operations 4,755 5,113 16,642 20,152
Eliminations
Revenues (2,490) (2,903) (11,142) (11,541)
Earnings from
operations
before equity
in earnings
of
subsidiaries (249) (250) (1,005) (1,012)
Consolidated
Results
Revenues 1,233,509 1,179,170 5,828,665 5,625,674
Earnings from
operations (42,776) 41,366 716,154 977,789
Debt Metrics
Debt Metrics
(in thousands)
(unaudited) March 31, December 31, September 30, June 30, March 31,
2025 2024 2024 2024 2024
--------------- --------------- --------------- --------------- ---------------
Real estate
secured debt $ 2,703,656 $ 2,436,840 $ 2,471,044 $ 2,497,239 $ 2,562,620
Unsecured debt 1,700,000 1,700,000 1,700,000 1,200,000 1,200,000
Fleet secured
debt 2,758,821 2,724,349 2,554,194 2,544,235 2,470,603
Other secured
debt 66,864 68,402 69,264 70,202 70,815
---------- ---------- ---------- ---------- ----------
Total debt 7,229,341 6,929,591 6,794,502 6,311,676 6,304,038
Moving and
Storage cash $ 872,467 $ 883,108 $ 1,279,493 $ 1,071,779 $ 1,380,165
Moving and
Storage assets 17,522,952 17,291,214 17,164,316 16,447,193 16,149,748
Moving and
Storage EBITDA
$(TTM)$ 1,619,714 1,614,146 1,566,396 1,584,461 1,567,985
Net debt to
EBITDA 3.9 3.7 3.5 3.3 3.1
Net debt to
total assets 36.3% 35.0% 32.1% 31.9% 30.5%
Percent of debt
floating 6.1% 6.2% 5.9% 7.7% 7.2%
Percent of debt
fixed 93.9% 93.8% 94.1% 92.3% 92.8%
Percent of debt
unsecured 23.5% 24.5% 25.0% 19.0% 19.0%
Unencumbered
asset ratio* 3.91x 3.81x 3.78x 4.72x 4.43x
* 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 fourth quarter and the full year of fiscal 2025 and 2024 are as follows:
Quarter Ended March 31,
-----------------------------
2025 2024
-------------- -------------
(Unaudited)
(In thousands)
Depreciation expense - rental equipment $ 180,836 $ 145,256
Depreciation expense - non rental
equipment 23,934 24,388
Depreciation expense - real estate 48,408 44,008
---------- ---------
Total depreciation expense $ 253,178 $ 213,652
(Gains) losses on disposals of rental
equipment $ 14,600 $ (15,813)
Losses on disposals of non-rental
equipment 500 508
---------- ---------
Total net (gains) losses on disposals
equipment $ 15,100 $ (15,305)
Depreciation, net of gains on
disposals $ 268,278 $ 198,347
---------- ---------
Losses on disposals of real estate $ 6,305 $ 2,594
Year Ended March 31,
--------------------------
2025 2024
------------ ------------
(Unaudited)
(In thousands)
Depreciation expense - rental equipment $ 692,660 $ 564,546
Depreciation expense - non rental
equipment 95,709 94,902
Depreciation expense - real estate 183,564 158,441
------- --------
Total depreciation expense $ 971,933 $ 817,889
Gains on disposals of rental equipment $ (15,014) $(154,989)
Losses on disposals of non-rental
equipment 1,265 1,031
------- --------
Total net gains on disposals equipment $ (13,749) $(153,958)
Depreciation, net of gains on disposals $ 958,184 $ 663,931
------- --------
Losses on disposals of real estate $ 15,758 $ 7,914
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 storage locations follows (unaudited):
Quarters Ended March 31,
-------------------------------------------
2025 2024
--------------------- --------------------
(In thousands, except occupancy rate)
Unit count as of March 31 799 728
Square footage as of March 31 68,376 61,857
Average monthly number of
units occupied 613 573
Average monthly occupancy
rate based on unit count 77.3% 79.8%
End of period occupancy rate
based on unit count 77.0% 79.3%
Average monthly square
footage occupied 53,814 49,986
Years Ended March 31,
-------------------------------------------
2025 2024
--------------------- --------------------
(In thousands, except occupancy rate)
Unit count as of March 31 799 728
Square footage as of March 31 68,376 61,857
Average monthly number of
units occupied 607 571
Average monthly occupancy
rate based on unit count 79.2% 82.1%
End of period occupancy rate
based on unit count 77.0% 79.3%
Average monthly square
footage occupied 53,021 49,515
Self-Storage Portfolio Summary
As of March
31, 2025
(unaudited)
-------------- ------ -------- ---------- ------- ----- ----
U-Haul Owned Store Data by State
----------------------------------------------------------------------
Annual
Rentable Revenue
State/ Units Square Per Occupancy
Province Stores Occupied Feet Foot During Qtr
-------------- ------ -------- ---------- -------- -----------
Texas 98 38,927 4,626,909 $ 14.74 77.5%
California 88 34,661 3,248,287 $ 21.19 81.5%
Florida 86 35,062 3,844,971 $ 18.46 78.6%
Illinois 83 37,087 4,087,748 $ 16.03 77.4%
Pennsylvania 72 27,860 3,126,879 $ 17.82 70.5%
New York 66 27,685 2,625,717 $ 23.31 78.7%
Ohio 64 25,611 2,886,419 $ 14.93 75.6%
Michigan 58 19,971 2,157,748 $ 15.75 80.6%
Georgia 53 22,272 2,609,877 $ 16.27 80.5%
Arizona 46 25,297 2,914,989 $ 15.44 77.6%
Wisconsin 44 16,620 2,025,606 $ 13.78 72.4%
North Carolina 40 17,138 2,043,673 $ 15.32 70.7%
Washington 37 14,364 1,587,201 $ 16.62 75.4%
Missouri 37 13,322 1,777,498 $ 14.25 68.3%
Tennessee 37 15,256 1,550,059 $ 14.90 86.6%
Ontario 34 12,072 1,353,947 $ 23.00 71.7%
New Jersey 33 16,195 1,500,430 $ 20.70 83.9%
Indiana 33 10,396 1,180,034 $ 13.90 77.5%
Minnesota 33 13,468 1,685,377 $ 14.05 72.9%
Massachusetts 31 11,166 1,007,100 $ 20.58 86.0%
Top 20 Totals 1,073 434,430 47,840,469 $ 17.03 77.1%
All Others 485 181,204 20,535,531 $ 16.43 77.6%
4Q FY 2024
Totals 1,558 615,634 68,376,000 $ 16.85 77.3%
Same Store
Pool Held
Constant for
Prior Periods
Same Store 4Q24 893 317,736 29,661,083 $ 17.32 91.9%
Same Store 4Q23 893 320,411 29,639,638 $ 16.82 92.4%
Same Store 4Q22 893 321,055 29,615,402 $ 15.93 92.4%
Non-Same Store
4Q24 665 297,898 38,714,917 $ 16.32 66.0%
Non-Same Store
4Q23 583 256,992 32,217,390 $ 16.29 68.2%
Non-Same Store
4Q22 527 225,931 26,834,710 $ 15.89 69.2%
Same Store
Pool, Prior
Periods
Unchanged
Same Store 4Q24 893 317,736 29,661,083 $ 17.32 91.9%
Same Store 4Q23 862 291,587 27,376,696 $ 16.87 92.3%
Same Store 4Q22 804 256,861 23,942,574 $ 16.00 94.2%
Non-Same Store
4Q24 665 297,898 38,714,917 $ 16.32 66.0%
Non-Same Store
4Q23 614 285,816 34,480,331 $ 16.28 70.1%
Non-Same Store
4Q22 618 289,536 32,439,826 $ 15.84 72.3%
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 average revenue per occupied foot over fiscal year
2025.
Same store includes storage locations with rentable storage inventory
for more than three years and have had 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. Prior year Same Store figures are for locations meeting the
Same Store criteria as of the prior year reporting month.
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, March 31,
2025 2024
------------ --------------
(Unaudited)
ASSETS (In thousands)
Cash and cash equivalents $ 988,828 $ 1,534,544
Trade receivables and reinsurance
recoverables, net 230,716 215,908
Inventories and parts 163,132 150,940
Prepaid expenses 282,406 246,082
Fixed maturity securities
available-for-sale, net, at fair
value 2,479,498 2,442,504
Equity securities, at fair value 65,549 66,274
Investments, other 678,254 633,936
Deferred policy acquisition costs, net 121,729 121,224
Other assets 126,732 111,743
Right of use assets -- financing, net 138,698 289,305
Right of use assets -- operating, net 46,025 53,712
Related party assets 45,003 57,934
Property, plant and equipment, at
cost:
Land 1,812,820 1,670,033
Buildings and improvements 9,628,271 8,237,354
Furniture and equipment 1,047,414 1,003,770
Rental trailers and other rental
equipment 1,046,135 936,303
Rental trucks 7,470,039 6,338,324
---------- ----------
21,004,679 18,185,784
Less: Accumulated depreciation (5,892,079) (5,051,132)
---------- ----------
Total property, plant and
equipment, net 15,112,600 13,134,652
---------- ----------
Total assets $20,479,170 $19,058,758
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued
expenses $ 820,900 $ 783,084
Notes, loans and finance leases
payable, net 7,193,857 6,271,362
Operating lease liabilities 46,973 55,032
Policy benefits and losses, claims
and loss expenses payable 857,521 849,113
Liabilities from investment
contracts 2,511,422 2,411,352
Other policyholders' funds and
liabilities 7,539 18,070
Deferred income 52,895 51,175
Deferred income taxes, net 1,489,920 1,447,125
---------- ----------
Total liabilities 12,981,027 11,886,313
---------- ----------
Common stock 10,497 10,497
Non-voting common stock 176 176
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss (229,314) (223,216)
Retained earnings 7,931,886 7,600,090
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 7,498,143 7,172,445
---------- ----------
Total liabilities and stockholders'
equity $20,479,170 $19,058,758
========== ==========
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended March 31,
-----------------------------------------------------
2025 2024
-------------------------- -------------------------
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving
equipment
rental
revenues $ 745,259 $ 716,283
Self-storage
revenues 230,532 212,701
Self-moving and
self-storage
products and
service sales 72,729 73,018
Property
management
fees 8,861 8,422
Life insurance
premiums 19,553 21,542
Property and
casualty
insurance
premiums 23,540 22,419
Net investment
and interest
income 36,519 42,859
Other revenue 96,516 81,926
------------------ ------------------
Total
revenues 1,233,509 1,179,170
------------------ ------------------
Costs and expenses:
Operating
expenses 812,290 757,567
Commission
expenses 80,758 77,236
Cost of product
sales 53,114 52,732
Benefits and
losses 45,668 36,643
Amortization of
deferred policy
acquisition
costs 4,755 5,212
Lease expense 5,117 7,473
Depreciation,
net of gains on
disposals 268,278 198,347
Net losses on
disposal of
real estate 6,305 2,594
------------------ ------------------
Total costs
and
expenses 1,276,285 1,137,804
------------------ ------------------
Earnings (losses)
from operations (42,776) 41,366
Other components
of net periodic
benefit costs (372) (364)
Other interest
income 9,053 36,843
Interest expense (80,419) (64,184)
------------------ ------------------
Pretax earnings
(losses) (114,514) 13,661
Income tax
(expense)
benefit 32,223 (14,524)
------------------ ------------------
Losses available to
common
shareholders $ (82,291) $ (863)
================== ==================
Basic and diluted
losses per share
of Common Stock $ (0.46) $ (0.05)
Weighted average
shares outstanding
of Common Stock:
Basic and diluted 19,607,788 19,607,788
Basic and diluted
earnings (losses)
per share of
Non-Voting Common
Stock $ (0.41) $ 0.00
Weighted average
shares outstanding
of Non-Voting
Common Stock:
Basic and diluted 176,470,092 176,470,092
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended March 31,
-----------------------------------------------------
2025 2024
-------------------------- -------------------------
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving
equipment
rental
revenues $ 3,725,524 $ 3,624,695
Self-storage
revenues 897,913 831,069
Self-moving and
self-storage
products and
service sales 327,490 335,805
Property
management
fees 36,811 37,004
Life insurance
premiums 83,707 89,745
Property and
casualty
insurance
premiums 98,900 94,802
Net investment
and interest
income 151,974 146,468
Other revenue 506,346 466,086
------------------ ------------------
Total
revenues 5,828,665 5,625,674
------------------ ------------------
Costs and expenses:
Operating
expenses 3,275,471 3,126,471
Commission
expenses 407,368 384,079
Cost of product
sales 234,145 241,563
Benefits and
losses 182,749 167,035
Amortization of
deferred policy
acquisition
costs 18,333 24,238
Lease expense 20,503 32,654
Depreciation,
net of gains on
disposals 958,184 663,931
Net losses on
disposal of
real estate 15,758 7,914
------------------ ------------------
Total costs
and
expenses 5,112,511 4,647,885
------------------ ------------------
Earnings from
operations 716,154 977,789
Other components
of net periodic
benefit costs (1,488) (1,458)
Other interest
income 59,057 120,021
Interest expense (295,716) (256,175)
Fees on early
extinguishment
of debt and
costs of
defeasance (495) -
------------------ ------------------
Pretax earnings 477,512 840,177
Income tax
expense (110,422) (211,470)
------------------ ------------------
Earnings available
to common
shareholders $ 367,090 $ 628,707
================== ==================
Basic and diluted
earnings per share
of Common Stock $ 1.69 $ 3.04
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 $ 1.89 $ 3.22
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 and years ended March 31, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
------------------------------------------------------
March 31,
------------------------------------------------------
2025 2024
-------------------------- --------------------------
(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 losses
available to
common
stockholders $ (82,291) $ (863)
Voting Common
Stock dividends
declared - -
Non-Voting Common
Stock dividends
declared (8,823) (8,823)
---------------- --- -----------------
Undistributed
losses available
to common
stockholders $ (91,114) $ (9,686)
---------------- --- -----------------
Undistributed
losses available
to common
stockholders
allocated to
Voting Common
Stock $ (9,111) $ (969)
Undistributed
losses per share
of Voting Common
Stock $ (0.46) $ (0.05)
Dividends
declared per
share of Voting
Common Stock $ - $ -
---------------- ---- ----------------- ---
Basic and diluted
losses per share
of Voting Common
Stock $ (0.46) $ (0.05)
---------------- --- -----------------
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 losses
available to
common
stockholders $ (82,291) $ (863)
Voting Common
Stock dividends
declared - -
Non-Voting Common
Stock dividends
declared (8,823) (8,823)
---------------- --- -----------------
Undistributed
losses available
to common
stockholders $ (91,114) $ (9,686)
---------------- --- -----------------
Undistributed
losses available
to common
stockholders
allocated to
Non-Voting Common
Stock $ (82,003) $ (8,717)
Undistributed
losses per share
of Non-Voting
Common Stock $ (0.46) $ (0.05)
Dividends declared
per share of
Non-Voting Common
Stock $ 0.05 $ 0.05
---------------- ---- ----------------- ---
Basic and diluted
earnings (losses)
per share of
Non-Voting Common
Stock $ (0.41) $ 0.00
---------------- --- ----------------- ---
For the Years Ended
----------------------------------------------------
March 31,
----------------------------------------------------
2025 2024
--------------------------- -----------------------
(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 $ 367,090 $ 628,707
Voting Common
Stock dividends
declared - -
Non-Voting Common
Stock dividends
declared (35,294) (31,765)
----------------- --- -----------------
Undistributed
earnings
available to
common
stockholders $ 331,796 $ 596,942
----------------- ---- ----------------- ---
Undistributed
earnings
available to
common
stockholders
allocated to
Voting Common
Stock $ 33,180 $ 59,694
Undistributed
earnings per
share of Voting
Common Stock $ 1.69 $ 3.04
Dividends declared
per share of
Voting Common
Stock $ 0.00 $ 0.00
----------------- ---- ----------------- ---
Basic and diluted
earnings per
share of Voting
Common Stock $ 1.69 $ 3.04
----------------- ---- ----------------- ---
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 $ 367,090 $ 628,707
Voting Common
Stock dividends
declared - -
Non-Voting Common
Stock dividends
declared (35,294) (31,765)
----------------- --- -----------------
Undistributed
earnings
available to
common
stockholders $ 331,796 $ 596,942
----------------- ---- ----------------- ---
Undistributed
earnings
available to
common
stockholders
allocated to
Non-Voting Common
Stock $ 298,616 $ 537,248
Undistributed
earnings per
share of
Non-Voting Common
Stock $ 1.69 $ 3.04
Dividends declared
per share of
Non-Voting Common
Stock $ 0.20 $ 0.18
----------------- ---- ----------------- ---
Basic and diluted
earnings per
share of
Non-Voting Common
Stock $ 1.89 $ 3.22
----------------- ---- ----------------- ---
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"). The tables below show adjusted PPE as of March 31, 2025 and March 31, 2024, 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.
March 31, March 31,
2025 2024
--------------- ---------------
Property, Plant Property, Plant
March 31, ROU Assets and Equipment and Equipment
2025 Financing Adjusted Adjusted
------------ ---------- --------------- ---------------
(Unaudited)
(In thousands)
Property, plant
and equipment,
at cost
Land $ 1,812,820 $ - $ 1,812,820 $ 1,670,033
Buildings and
improvements 9,628,271 - 9,628,271 8,237,354
Furniture and
equipment 1,047,414 61 1,047,475 1,003,831
Rental
trailers and
other rental
equipment 1,046,135 58,071 1,104,206 1,050,910
Rental trucks 7,470,039 309,475 7,779,514 6,945,845
---------- -------- ---------- ----------
Right-of-use
assets,
gross 21,004,679 367,607 21,372,286 18,907,973
Less:
Accumulated
depreciation (5,892,079) (228,909) (6,120,988) (5,484,016)
---------- -------- ---------- ----------
Total
property,
plant and
equipment,
net $15,112,600 $ 138,698 $15,251,298 $13,423,957
========== ======== ========== ==========
March 31,
2024
-------------------
Property, Plant and
March 31, ROU Assets Equipment
2024 Financing Adjusted
------------ ---------- -------------------
(Unaudited)
(In thousands)
Property, plant
and equipment,
at cost
Land $ 1,670,033 $ - $ 1,670,033
Buildings and
improvements 8,237,354 - 8,237,354
Furniture and
equipment 1,003,770 61 1,003,831
Rental
trailers and
other rental
equipment 936,303 114,607 1,050,910
Rental trucks 6,338,324 607,521 6,945,845
---------- -------- --- ----------
Right-of-use
assets,
gross 18,185,784 722,189 18,907,973
Less:
Accumulated
depreciation (5,051,132) (432,884) (5,484,016)
---------- -------- --- ----------
Total
property,
plant and
equipment,
net $13,134,652 $ 289,305 $ 13,423,957
========== ======== === ==========
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. The non-GAAP measure reported is Adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.
Moving and
Storage
Adjusted EBITDA
Calculations
(In thousands,
unaudited)
December September
March 31, 31, 30, June 30, March 31,
2025 2024 2024 2024 2024
----------- ----------- ----------- ----------- -------------
Net earnings
available to
common
stockholders $ 367,090 $ 448,518 $ 480,576 $ 567,286 $ 628,707
Income tax
expense 94,747 137,940 148,743 174,206 194,398
Fees on early
extinguishment
of debt and
costs of
defeasance 495 495 495 495 -
Interest expense 296,721 280,487 271,359 263,808 257,187
Other interest
income (59,489) (87,303) (99,292) (111,561) (120,501)
Other components
of net periodic
benefit costs 1,488 1,480 1,473 1,465 1,458
Net losses on
disposal of
real estate 15,758 12,047 11,273 9,997 7,914
Depreciation,
net of gains on
disposals 958,184 888,253 815,810 742,662 663,931
Earnings from
subsidiaries (55,280) (67,771) (64,041) (63,897) (65,109)
--------- --------- --------- --------- ---------
EBITDA $1,619,714 $1,614,146 $1,566,396 $1,584,461 $1,567,985
View source version on businesswire.com: https://www.businesswire.com/news/home/20250528750071/en/
CONTACT: Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com
(END) Dow Jones Newswires
May 28, 2025 17:48 ET (21:48 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.