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

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 its third quarter ended December 31, 2023, of $99.2 million compared with net earnings of $198.9 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.51 for the third quarter of fiscal 2024 compared to $1.02 for the same period in fiscal 2023.

For the nine-month period ended December 31, 2023, net earnings available to shareholders were $629.6 million compared with net earnings of $887.1 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $3.22 for the nine-month period ended December 31, 2023 compared to $4.43 for the same period in fiscal 2023.

“We continue to see pockets of modest growth in certain markets and product lines,” stated Joe Shoen, Chairman of U-Haul Holding Company. “Serving present moving and self-storage customers well is our surest bet to secure more business. More opportunity remains to improve both our level of service and our placement of equipment. I am generally pleased with how our retail teams are performing.”

Highlights of Third Quarter Fiscal 2024 Results

• Self-moving equipment rental revenues decreased $59.0 million or 6.6% during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. The declines were more pronounced for our one-way business. Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks and trailers in the rental fleet.
• Self-storage revenues increased $20.0 million, or 10.5% during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. The average monthly number of occupied units during the quarter increased by 5.7%, or 30,542 units, compared with the same period last year. Our reported occupancy of all properties regardless of length of time in the portfolio decreased 1.1% to 81.8% for the third quarter. The occupancy ratio for the subset of these properties that have been stabilized at 80% for the last 24 months also decreased 2.1% to 92.9% during the quarter. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 3.8% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.0 million net rentable square feet.
• Other revenue for Moving and Storage increased $4.5 million or 4.7% during the third quarter of fiscal 2024, compared to the third quarter of fiscal 2023 due to increases in U-Box portable moving and storage transactions.
• For the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023, depreciation, net of gains on sales increased $59.8 million. Page four of this press release contains additional details about this change.
• For the first nine months of fiscal 2024 and fiscal 2023, gross rental equipment capital expenditures were approximately $1,350 million compared with $1,016 million, proceeds from the sales of rental equipment were $595 million compared with $527 million and spending on real estate related acquisitions and projects were approximately $969 million compared with $1,003 million.
• Fleet maintenance and repair costs decreased $2.9 million in the third quarter of fiscal 2024 compared with the same period last year.
• Operating earnings at our Moving and Storage operating segment decreased $124.3 million compared with the same period last year to $180.5 million. Total revenues decreased $35.7 million and total costs and expenses increased $88.5 million.
• Cash and credit availability at the Moving and Storage operating segment was $2,211.3 million as of December 31, 2023 compared with $2,499.2 million as of March 31, 2023.
• On December 6, 2023, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 18, 2023. The dividend was paid on December 29, 2023. The Company also adopted an amendment to its dividend policy that increases the Company’s quarterly cash dividend on its Series N Non-Voting Common Stock from $0.04 to $0.05 per share.

U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2024 on Thursday, February 8, 2024, 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 nearly 977,000 rentable storage units and 84.3 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 December 31, 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 third quarter of fiscal 2024 and 2023.

			Quarter Ended December 31,
			2023			2022
			(Unaudited)
			(In thousands)
Self-moving equipment rental revenues		$	839,801		$	898,819
Self-storage revenues			210,517			190,483
Self-moving and self-storage product and service sales			70,344			74,851
Property management fees			10,138			10,080
Life insurance premiums			22,574			24,399
Property and casualty insurance premiums			26,490			26,852
Net investment and interest income			57,457			52,294
Other revenue			102,193			97,558
Consolidated revenue		$	1,339,514		$	1,375,336

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

			Quarter Ended December 31,
			2023				2022
			(Unaudited)
			(In thousands)
Moving and storage
Revenues		$	1,260,677			$	1,296,407
Earnings from operations before equity in earnings of subsidiaries			180,467				304,717
Property and casualty insurance
Revenues			29,303				28,466
Earnings from operations			9,421				10,846
Life insurance
Revenues			52,715				52,962
Earnings from operations			8,075				4,821
Eliminations
Revenues			(3,181	)			(2,499	)
Earnings from operations before equity in earnings of subsidiaries			(375	)			(373	)
Consolidated Results
Revenues			1,339,514				1,375,336
Earnings from operations			197,588				320,011

Debt Metrics

Debt Metrics
(in thousands)(unaudited)		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Real estate secured debt		$	2,716,180			$	2,771,027			$	2,744,416			$	2,660,878			$	2,682,036
Unsecured debt			1,200,000				1,200,000				1,200,000				1,200,000				1,200,000
Fleet secured debt			2,482,356				2,392,021				2,305,116				2,205,824				2,277,387
Other secured debt			72,869				73,752				74,250				76,648				77,399
Total debt			6,471,405				6,436,800				6,323,782				6,143,350				6,236,822
Moving and Storage cash		$	1,736,295			$	2,068,790			$	2,302,380			$	2,034,242			$	2,429,943
Moving and Storage assets			16,193,912				16,156,182				15,742,770				15,211,493				15,234,112
Moving and Storage EBITDA (TTM)			1,676,984				1,739,727				1,816,319				1,888,513				1,906,046
Net debt to EBITDA			2.8				2.5				2.2				2.2				2.0
Net debt to total assets			29.2	%			27.0	%			25.5	%			27.0	%			25.0	%
Percent of debt floating			6.9	%			6.3	%			7.7	%			8.4	%			8.3	%
Percent of debt fixed			93.1	%			93.7	%			92.3	%			91.6	%			91.7	%
Percent of debt unsecured			18.5	%			18.6	%			19.0	%			19.5	%			19.2	%
Unencumbered asset ratio*		4.00x				3.74x				3.55x				3.44x				3.35x
* 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 third quarter of fiscal 2024 and 2023 are as follows:

			Quarter Ended December 31,
			2023			2022
			(Unaudited)
			(In thousands)
Depreciation expense - rental equipment		$	143,757			$	131,144
Depreciation expense - non rental equipment			24,820				21,291
Depreciation expense - real estate			41,260				31,935
Total depreciation expense		$	209,837			$	184,370
Gains on disposals of rental equipment			(36,441	)		$	(70,641	)
Loss on disposals of non-rental equipment			252				137
Total gains on disposals equipment		$	(36,189	)		$	(70,504	)
Depreciation, net of gains on disposals		$	173,648			$	113,866
Losses on disposals of real estate		$	2,584			$	859

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 December 31,
		2023			2022
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of December 31		701			659
Square footage as of December 31		59,433			55,004
Average monthly number of units occupied		571			540
Average monthly occupancy rate based on unit count		81.8	%		82.9	%
End of December occupancy rate based on unit count		81.0	%		81.9	%
Average monthly square footage occupied		49,515			46,651

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

	Nine Months Ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	2,908,412		$	3,151,619
Self-storage revenues		618,368			549,246
Self-moving and self-storage product and service sales		262,787			281,066
Property management fees		28,582			28,496
Life insurance premiums		68,203			75,636
Property and casualty insurance premiums		72,383			72,542
Net investment and interest income		186,787			116,376
Other revenue		384,160			401,059
Consolidated revenue	$	4,529,682		$	4,676,040

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

		Nine Months Ended December 31,
		2023				2022
		(Unaudited)
		(In thousands)
Moving and storage
Revenues		$	4,285,768			$	4,456,863
Earnings from operations before equity in earnings of subsidiaries			968,862				1,301,277
Property and casualty insurance
Revenues			88,994				74,911
Earnings from operations			36,822				24,883
Life insurance
Revenues			163,918				152,761
Earnings from operations			15,039				10,440
Eliminations
Revenues			(8,998	)			(8,495	)
Earnings from operations before equity in earnings of subsidiaries			(1,122	)			(1,141	)
Consolidated Results
Revenues			4,529,682				4,676,040
Earnings from operations			1,019,601				1,335,459

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

			Nine Months Ended December 31,
			2023				2022
			(Unaudited)
			(In thousands)
Depreciation expense - rental equipment		$	419,290			$	386,885
Depreciation expense - non rental equipment			70,514				64,458
Depreciation expense - real estate			114,433				92,832
Total depreciation expense		$	604,237			$	544,175
Gains on disposals of rental equipment		$	(139,176	)		$	(198,954	)
(Gain) loss on disposals of non-rental equipment			523				(241	)
Total gains on disposals equipment		$	(138,653	)		$	(199,195	)
Depreciation, net of gains on disposals		$	465,584			$	344,980
Losses on disposals of real estate		$	5,320			$	5,038

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:

		Nine Months Ended December 31,
		2023			2022
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of December 31		701			659
Square footage as of December 31		59,433			55,004
Average monthly number of units occupied		571			533
Average monthly occupancy rate based on unit count		82.9	%		84.2	%
End of December occupancy rate based on unit count		81.0	%		81.9	%
Average monthly square footage occupied		49,358			46,012

Self-Storage Portfolio Summary
As of December 31, 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		35,648			4,179,501				$14.53					78.0%
California			87		31,953			3,012,762				$20.79					81.6%
Florida			81		32,889			3,305,898				$18.06					87.0%
Illinois			80		35,047			3,585,089				$15.43					82.9%
Pennsylvania			68		26,663			2,788,067				$17.23					75.5%
New York			65		26,208			2,450,992				$22.84					80.0%
Ohio			58		24,057			2,479,812				$14.69					82.3%
Michigan			57		19,479			2,017,664				$15.42					85.1%
Georgia			48		21,693			2,246,139				$16.04					87.5%
Arizona			45		23,936			2,673,957				$15.62					82.1%
Wisconsin			42		16,122			1,906,407				$12.98					78.9%
Washington			36		12,594			1,357,690				$16.77					77.2%
North Carolina			35		16,158			1,689,838				$15.10					82.4%
Tennessee			34		14,531			1,382,089				$14.46					90.2%
New Jersey			33		15,318			1,361,354				$20.41					88.5%
Ontario			32		10,497			1,105,741				$22.58					73.7%
Missouri			32		11,289			1,264,658				$14.87					79.2%
Massachusetts			30		10,803			993,224				$20.12					83.8%
Indiana			30		9,585			1,033,859				$13.86					80.0%
Alabama			26		6,669			791,270				$13.87					75.8%
Top 20 Totals			1,010		401,139			41,626,012				$16.74					81.7%
All Others			444		167,666			17,883,566				$15.92					82.0%
3Q 2024 Totals			1,454		568,805			59,509,578				$16.50					81.8%
Same Store 3Q24			854		282,793			26,739,006				$16.64					92.9%
Same Store 3Q23			781		245,589			23,008,321				$15.64					95.0%
Same Store 3Q22			656		192,997			18,180,683				$14.63					96.0%
Non-Same Store 3Q24			600		286,012			32,770,572				$16.34					73.1%
Non-Same Store 3Q23			626		294,388			32,071,894				$15.63					74.8%
Non-Same Store 3Q22			684		291,980			30,731,001				$14.29					77.0%
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 December 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 (December 2023).
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 ENTITIES CONDENSED CONSOLIDATED BALANCE SHEETS
			December 31,				March 31,
			2023				2023
			(Unaudited)
			(In thousands)
ASSETS
Cash and cash equivalents		$	1,805,976			$	2,060,524
Trade receivables and reinsurance recoverables, net			195,930				189,498
Inventories and parts, net			155,161				151,474
Prepaid expenses			240,525				241,711
Fixed maturity securities available-for-sale, net, at estimated fair value			2,474,624				2,709,037
Equity securities, at estimated fair value			59,675				61,357
Investments, other			660,253				575,540
Deferred policy acquisition costs, net			120,834				128,463
Other assets			52,807				51,052
Right of use assets – financing, net			326,244				474,765
Right of use assets – operating, net			65,361				58,917
Related party assets			48,766				48,308
			6,206,156				6,750,646
Property, plant and equipment, at cost:
Land			1,649,346				1,537,206
Buildings and improvements			7,943,232				7,088,810
Furniture and equipment			983,683				928,241
Rental trailers and other rental equipment			927,038				827,696
Rental trucks			6,183,293				5,278,340
			17,686,592				15,660,293
Less: Accumulated depreciation			(4,890,172	)			(4,310,205	)
Total property, plant and equipment, net			12,796,420				11,350,088
Total assets		$	19,002,576			$	18,100,734
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses		$	729,344			$	761,039
Notes, loans and finance leases payable, net			6,437,309				6,108,042
Operating lease liabilities			64,542				58,373
Policy benefits and losses, claims and loss expenses payable			838,945				880,202
Liabilities from investment contracts			2,363,143				2,398,884
Other policyholders' funds and liabilities			8,012				8,232
Deferred income			45,711				52,282
Deferred income taxes, net			1,427,769				1,329,489
Total liabilities			11,914,775				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			(308,642	)			(285,623	)
Retained earnings			7,609,777				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			7,087,801				6,504,191
Total liabilities and stockholders' equity		$	19,002,576			$	18,100,734

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
			Quarter Ended December 31,
			2023				2022
			(Unaudited)
			(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues		$	839,801			$	898,819
Self-storage revenues			210,517				190,483
Self-moving and self-storage products and service sales			70,344				74,851
Property management fees			10,138				10,080
Life insurance premiums			22,574				24,399
Property and casualty insurance premiums			26,490				26,852
Net investment and interest income			57,457				52,294
Other revenue			102,193				97,558
Total revenues			1,339,514				1,375,336
Costs and expenses:
Operating expenses			770,405				733,469
Commission expenses			87,955				95,980
Cost of sales			51,536				54,616
Benefits and losses			42,495				41,764
Amortization of deferred policy acquisition costs			4,155				6,979
Lease expense			9,148				7,792
Depreciation, net of gains on disposals			173,648				113,866
Net losses on disposal of real estate			2,584				859
Total costs and expenses			1,141,926				1,055,325
Earnings from operations			197,588				320,011
Other components of net periodic benefit costs			(365	)			(304	)
Interest expense			(67,450	)			(59,041	)
Fees on early extinguishment of debt			—				(50	)
Pretax earnings			129,773				260,616
Income tax expense			(30,549	)			(61,764	)
Earnings available to common stockholders		$	99,224			$	198,852
Basic and diluted earnings per share of Common Stock		$	0.46			$	0.98
Weighted average shares outstanding of Common Stock: Basic and diluted			19,607,788				19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock		$	0.51			$	1.02
Weighted average shares outstanding of Series N 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
			Nine Months Ended December 31,
			2023				2022
			(Unaudited)
			(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues		$	2,908,412			$	3,151,619
Self-storage revenues			618,368				549,246
Self-moving and self-storage products and service sales			262,787				281,066
Property management fees			28,582				28,496
Life insurance premiums			68,203				75,636
Property and casualty insurance premiums			72,383				72,542
Net investment and interest income			186,787				116,376
Other revenue			384,160				401,059
Total revenues			4,529,682				4,676,040
Costs and expenses:
Operating expenses			2,368,904				2,278,230
Commission expenses			306,843				339,814
Cost of sales			188,831				206,912
Benefits and losses			130,392				121,033
Amortization of deferred policy acquisition costs			19,026				21,623
Lease expense			25,181				22,951
Depreciation, net of gains on disposals			465,584				344,980
Net losses on disposal of real estate			5,320				5,038
Total costs and expenses			3,510,081				3,340,581
Earnings from operations			1,019,601				1,335,459
Other components of net periodic benefit costs			(1,094	)			(912	)
Interest expense			(191,991	)			(166,033	)
Fees on early extinguishment of debt			—				(1,009	)
Pretax earnings			826,516				1,167,505
Income tax expense			(196,946	)			(280,442	)
Earnings available to common stockholders		$	629,570			$	887,063
Basic and diluted earnings per share of Common Stock		$	3.09			$	5.39
Weighted average shares outstanding of Common Stock: Basic and diluted			19,607,788				19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock		$	3.22			$	4.43
Weighted average shares outstanding of Series N 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 nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

			For the Quarter Ended
			December 31,
			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		$	99,224			$	198,852
Voting Common Stock dividends declared			—				—
Non-Voting Common Stock dividends declared			(8,823	)			(7,059	)
Undistributed earnings available to common stockholders		$	90,401			$	191,793
Undistributed earnings available to common stockholders allocated to Voting Common Stock		$	9,040			$	19,179
Undistributed earnings per share of Voting Common Stock		$	0.46			$	0.98
Dividends declared per share of Voting Common Stock		$	—			$	—
Basic and diluted earnings per share of Voting Common Stock		$	0.46			$	0.98
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		$	99,224			$	198,852
Voting Common Stock dividends declared			—				—
Non-Voting Common Stock dividends declared			(8,823	)			(7,059	)
Undistributed earnings available to common stockholders		$	90,401			$	191,793
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock		$	81,361			$	172,614
Undistributed earnings per share of Non-Voting Common Stock		$	0.46			$	0.98
Dividends declared per share of Non-Voting Common Stock		$	0.05			$	0.04
Basic and diluted earnings per share of Non-Voting Common Stock		$	0.51			$	1.02

			For the Nine Months Ended
			December 31,
			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		$	629,570			$	887,063
Voting Common Stock dividends declared			—				(19,608	)
Non-Voting Common Stock dividends declared			(22,941	)			(7,059	)
Undistributed earnings available to common stockholders		$	606,629			$	860,396
Undistributed earnings available to common stockholders allocated to Voting Common Stock		$	60,663			$	86,040
Undistributed earnings per share of Voting Common Stock		$	3.09			$	4.39
Dividends declared per share of Voting Common Stock		$	—			$	1.00
Basic and diluted earnings per share of Voting Common Stock		$	3.09			$	5.39
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		$	629,570			$	887,063
Voting Common Stock dividends declared			—				(19,608	)
Non-Voting Common Stock dividends declared			(22,941	)			(7,059	)
Undistributed earnings available to common stockholders		$	606,629			$	860,396
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock		$	545,966			$	774,356
Undistributed earnings per share of Non-Voting Common Stock		$	3.09			$	4.39
Dividends declared per share of Non-Voting Common Stock		$	0.13			$	0.04
Basic and diluted earnings per share of Non-Voting Common Stock		$	3.22			$	4.43

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 December 31, 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.

											December 31,				March 31,
											2023				2023
			December 31,				ROU Assets				Property, Plant and Equipment				Property, Plant and Equipment
			2023				Financing				Adjusted				Adjusted
			(Unaudited)
			(In thousands)
Property, plant and equipment, at cost
Land		$	1,649,346			$	-			$	1,649,346			$	1,537,206
Buildings and improvements			7,943,232				-				7,943,232				7,088,810
Furniture and equipment			983,683				1,693				985,376				937,928
Rental trailers and other rental equipment			927,038				114,884				1,041,922				979,990
Rental trucks			6,183,293				692,955				6,876,248				6,228,178
Subtotal			17,686,592				809,532				18,496,124				16,772,112
Less: Accumulated depreciation			(4,890,172	)			(483,288	)			(5,373,460	)			(4,947,259	)
Total property, plant and equipment, net		$	12,796,420			$	326,244			$	13,122,664			$	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
			December 31,				September 30,				June 30,				March 31,				December 31,
			2023				2023				2023				2023				2022
Earnings from operations *		$	1,063,707			$	1,187,957			$	1,301,196			$	1,396,122			$	1,435,667
Depreciation			793,940				768,475				749,210				733,879				721,950
Net gains on disposals			(186,541	)			(220,858	)			(238,397	)			(247,084	)			(255,419	)
Net losses on disposal of real estate			5,878				4,153				4,310				5,596				3,848
Depreciation, net of (gains) losses on disposals			613,277				551,770				515,123				492,391				470,379
EBITDA		$	1,676,984			$	1,739,727			$	1,816,319			$	1,888,513			$	1,906,046
* before insurance subsidiaries

 

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The U-Haul Holding Company Stock at the time of publication of the news with a raise of +0,81 % to 62,25EUR on Lang & Schwarz stock exchange (07. Februar 2024, 22:24 Uhr).