Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

U-Haul Holding Company Reports 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 the year ended March 31, 2024, of $628.7 million, compared with $924.5 million for the same period last year.

For the quarter ended March 31, 2024, the Company reported net losses available to shareholders of ($0.9) million compared with net earnings of $37.4 million, for the same period last year.

"We are still a bit shy of where I expected to be on One-way moving transactions," stated Joe Shoen, chairman of U-Haul Holding Company. "Our self-storage product has been strong. Rate cutting across many markets could erode our so far firm self-storage pricing. I continue to see pockets of opportunity for self-storage expansion and am pursuing these. We have a solid team in place and are focused."

Highlights of Fiscal Year and Fourth Quarter 2024 Results

U-Haul Holding Company will file its 10-K on Thursday, May 30, 2024 and hold its investor call for fiscal 2024 on Thursday, May 30, 2024, 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 188,700 trucks, 139,400 trailers and 43,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,004,000 rentable storage units and 86.8 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, 2024, which will be filed with the SEC on May 30.

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 2024 and 2023.

Quarters Ended March 31,

Years Ended March 31,

2024

2023

2024

2023

 

(Unaudited)

 

 

(In thousands)

Self-moving equipment rental revenues

$

716,283

$

726,298

$

3,624,695

$

3,877,917

Self-storage revenues

 

212,701

 

195,246

 

831,069

 

744,492

Self-moving and self-storage product and service sales

 

73,018

 

76,220

 

335,805

 

357,286

Property management fees

 

8,422

 

8,577

 

37,004

 

37,073

Life insurance premiums

 

21,542

 

23,513

 

89,745

 

99,149

Property and casualty insurance premiums

 

22,419

 

20,667

 

94,802

 

93,209

Net investment and interest income

 

42,859

 

60,303

 

146,468

 

176,679

Other revenue

 

81,926

 

77,827

 

466,086

 

478,886

Consolidated revenue

$

1,179,170

$

1,188,651

$

5,625,674

$

5,864,691

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

Quarters Ended March 31,

Years Ended March 31,

 

 

2024

 

2023

 

2024

 

2023

 

 

(Unaudited)

 

 

 

 

(In thousands)

Moving and storage

Revenues

$

1,092,698

 

$

1,110,851

 

$

5,294,928

 

$

5,567,714

 

Earnings from operations before equity in earnings of subsidiaries

 

10,816

 

 

94,845

 

 

896,140

 

 

1,396,122

 

Property and casualty insurance

Revenues

 

34,091

 

 

28,601

 

 

123,085

 

 

103,512

 

Earnings from operations

 

25,687

 

 

11,687

 

 

62,509

 

 

36,570

 

Life insurance

Revenues

 

55,284

 

 

53,339

 

 

219,202

 

 

206,100

 

Earnings from operations

 

5,113

 

 

3,969

 

 

20,152

 

 

14,409

 

Eliminations

Revenues

 

(2,903

)

 

(4,140

)

 

(11,541

)

 

(12,635

)

Earnings from operations before equity in earnings of subsidiaries

 

(250

)

 

(380

)

 

(1,012

)

 

(1,521

)

Consolidated Results

Revenues

 

1,179,170

 

 

1,188,651

 

 

5,625,674

 

 

5,864,691

 

Earnings from operations

 

41,366

 

 

110,121

 

 

977,789

 

 

1,445,580

 

Debt Metrics

Debt Metrics

(in thousands)(unaudited)

March 31,

December 31,

September 30,

June 30,

March 31,

2024

2023

2023

2023

2023

Real estate secured debt

$

2,562,620

 

$

2,716,180

 

$

2,771,027

 

$

2,744,416

 

$

2,660,878

 

Unsecured debt

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

Fleet secured debt

 

2,470,603

 

 

2,482,356

 

 

2,392,021

 

 

2,305,116

 

 

2,205,824

 

Other secured debt

 

70,815

 

 

72,869

 

 

73,752

 

 

74,250

 

 

76,648

 

Total debt

 

6,304,038

 

 

6,471,405

 

 

6,436,800

 

 

6,323,782

 

 

6,143,350

 

 

Moving and Storage cash

$

1,380,165

 

$

1,736,295

 

$

2,068,790

 

$

2,302,380

 

$

2,034,242

 

Moving and Storage assets

 

16,149,748

 

 

16,193,912

 

 

16,156,182

 

 

15,742,770

 

 

15,211,493

 

Moving and Storage EBITDA (TTM)**

 

 

1,567,985

 

 

1,593,446

 

 

1,683,912

 

 

1,789,024

 

 

1,888,513

 

 

Net debt to EBITDA

 

3.1

 

 

3.0

 

 

2.6

 

 

2.2

 

 

2.2

 

Net debt to total assets

 

30.5

%

 

29.2

%

 

27.0

%

 

25.5

%

 

27.0

%

 

Percent of debt floating

 

7.2

%

 

6.9

%

 

6.3

%

 

7.7

%

 

8.4

%

Percent of debt fixed

 

92.8

%

 

93.1

%

 

93.7

%

 

92.3

%

 

91.6

%

Percent of debt unsecured

 

19.0

%

 

18.5

%

 

18.6

%

 

19.0

%

 

19.5

%

 

Unencumbered asset ratio*

4.43x

4.00x

3.74x

3.55x

3.44x

 

* 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

** Moving and Storage EBITDA (TTM) for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income.

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

Quarter Ended March 31,

2024

2023

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

$

145,256

 

$

133,617

 

Depreciation expense - non rental equipment

 

24,388

 

 

21,720

 

Depreciation expense - real estate

 

44,008

 

 

34,367

 

Total depreciation expense

$

213,652

 

$

189,704

 

 

Gains on disposals of rental equipment

$

(15,813

)

$

(47,807

)

(Gains) loss on disposals of non-rental equipment

 

508

 

 

(82

)

Total net gains on disposals equipment

$

(15,305

)

$

(47,889

)

 

Depreciation, net of gains on disposals

$

198,347

 

$

141,815

 

 

Losses on disposals of real estate

$

2,594

 

$

558

 

Year Ended March 31,

2024

2023

 

(In thousands)

Depreciation expense - rental equipment

$

564,546

 

$

520,502

 

Depreciation expense - non rental equipment

 

94,902

 

 

86,178

 

Depreciation expense - real estate

 

158,441

 

 

127,199

 

Total depreciation expense

$

817,889

 

$

733,879

 

 

Gains on disposals of rental equipment

$

(154,989

)

$

(246,761

)

(Gains) loss on disposals of non-rental equipment

 

1,031

 

 

(323

)

Total net gains on disposals equipment

$

(153,958

)

$

(247,084

)

 

Depreciation, net of gains on disposals

$

663,931

 

$

486,795

 

 

Losses on disposals of real estate

$

7,914

 

$

5,596

 

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,

2024

2023

(In thousands, except occupancy rate)

Unit count as of March 31

728

 

673

 

Square footage as of March 31

61,857

 

56,382

 

Average monthly number of units occupied

573

 

542

 

Average monthly occupancy rate based on unit count

79.8

%

81.2

%

End of period occupancy rate based on unit count

 

79.3

%

 

81.2

%

Average monthly square footage occupied

49,986

 

46,994

 

Years Ended March 31,

2024

2023

(In thousands, except occupancy rate)

Unit count as of March 31

728

 

673

 

Square footage as of March 31

61,857

 

56,382

 

Average monthly number of units occupied

571

 

535

 

Average monthly occupancy rate based on unit count

82.1

%

83.4

%

End of period occupancy rate based on unit count

 

79.3

%

 

81.2

%

Average monthly square footage occupied

49,515

 

46,257

 

Self-Storage Portfolio Summary

As of March 31, 2024

(unaudited)

U-Haul Owned Store Data by State

 

Annual

State/

Units

Rentable

Revenue

Occupancy

Province

Stores

Occupied

Square Feet

Per Foot

During Qtr

Texas

92

37,288

4,352,819

$

14.63

78.0

%

California

87

32,495

3,021,621

$

20.95

81.6

%

Florida

83

32,714

3,575,965

$

18.19

79.4

%

Illinois

81

35,471

3,673,467

$

15.56

82.0

%

Pennsylvania

69

27,051

2,848,595

$

17.33

74.6

%

New York

65

26,219

2,536,399

$

23.04

77.0

%

Ohio

58

24,047

2,512,407

$

14.77

80.7

%

Michigan

57

19,615

2,062,980

$

15.48

83.6

%

Georgia

48

21,975

2,354,898

$

16.16

86.0

%

Arizona

44

24,240

2,736,326

$

15.44

79.8

%

Wisconsin

42

16,465

1,895,783

$

13.04

78.2

%

Washington

37

13,076

1,411,601

$

16.83

77.6

%

North Carolina

36

16,109

1,710,475

$

15.16

81.3

%

New Jersey

34

15,574

1,469,641

$

20.59

83.3

%

Missouri

34

12,282

1,528,837

$

14.75

77.4

%

Tennessee

34

14,595

1,384,645

$

14.61

89.3

%

Ontario

33

10,733

1,201,311

$

22.85

70.6

%

Indiana

33

10,159

1,158,764

$

13.81

76.4

%

Massachusetts

31

10,760

993,673

$

20.34

83.1

%

Alabama

26

6,880

791,015

$

13.86

76.2

%

 

Top 20 Totals

1,024

407,748

43,221,222

$

16.83

79.8

%

 

All Others

455

170,382

18,712,180

$

16.06

79.8

%

 

4Q FY 2024 Totals

1,479

578,130

61,933,402

$

16.60

79.8

%

 

Same Store 4Q24

862

291,213

27,346,592

$

16.87

92.3

%

Same Store 4Q23

804

256,476

23,912,470

$

15.99

94.2

%

Same Store 4Q22

685

202,309

19,138,544

$

14.60

95.7

%

 

Non-Same Store 4Q24

617

286,917

34,586,810

$

16.30

70.1

%

Non-Same Store 4Q23

621

290,683

32,546,410

$

15.85

72.3

%

Non-Same Store 4Q22

677

295,192

31,303,792

$

14.72

75.4

%

 

 

 

 

 

 

Same Store Pool Held Constant for Prior Periods

Same Store 4Q24

862

291,213

27,346,592

$

16.87

92.3

%

Same Store 4Q23

862

295,638

27,322,198

$

16.00

93.6

%

Same Store 4Q22

862

293,546

27,324,658

$

14.65

93.1

%

 

 

 

 

 

 

Non-Same Store 4Q24

617

286,917

34,586,810

$

16.30

70.1

%

Non-Same Store 4Q23

561

252,110

29,204,395

$

15.82

70.3

%

Non-Same Store 4Q22

499

204,705

23,182,066

$

14.68

71.1

%

 

 

 

 

 

 

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 2024.

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.

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

CONSOLIDATED BALANCE SHEETS

 

March 31,

March 31,

2024

2023

(In thousands)

ASSETS

Cash and cash equivalents

$

1,534,544

 

$

2,060,524

 

Trade receivables and reinsurance recoverables, net

 

215,908

 

 

189,498

 

Inventories and parts

 

150,940

 

 

151,474

 

Prepaid expenses

 

246,082

 

 

241,711

 

Fixed maturity securities available-for-sale, net, at fair value

 

2,442,504

 

 

2,709,037

 

Equity securities, at fair value

 

 

66,274

 

 

 

61,357

 

Investments, other

 

633,936

 

 

575,540

 

Deferred policy acquisition costs, net

 

121,224

 

 

128,463

 

Other assets

 

111,743

 

 

51,052

 

Right of use assets ? financing, net

 

289,305

 

 

474,765

 

Right of use assets ? operating, net

 

53,712

 

 

58,917

 

Related party assets

 

57,934

 

 

48,308

 

 

5,924,106

 

 

6,750,646

 

Property, plant and equipment, at cost:

Land

 

1,670,033

 

 

1,537,206

 

Buildings and improvements

 

8,237,354

 

 

7,088,810

 

Furniture and equipment

 

1,003,770

 

 

928,241

 

Rental trailers and other rental equipment

 

936,303

 

 

827,696

 

Rental trucks

 

6,338,324

 

 

5,278,340

 

 

18,185,784

 

 

15,660,293

 

Less: Accumulated depreciation

 

(5,051,132

)

 

(4,310,205

)

Total property, plant and equipment, net

 

13,134,652

 

 

11,350,088

 

Total assets

$

19,058,758

 

$

18,100,734

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Accounts payable and accrued expenses

$

783,084

 

$

761,039

 

Notes, loans and finance leases payable, net

 

6,271,362

 

 

6,108,042

 

Operating lease liabilities

 

55,032

 

 

58,373

 

Policy benefits and losses, claims and loss expenses payable

 

849,113

 

 

880,202

 

Liabilities from investment contracts

 

2,411,352

 

 

2,398,884

 

Other policyholders' funds and liabilities

 

18,070

 

 

8,232

 

Deferred income

 

51,175

 

 

52,282

 

Deferred income taxes, net

 

1,447,125

 

 

1,329,489

 

Total liabilities

 

11,886,313

 

 

11,596,543

 

 

Common stock

 

10,497

 

 

10,497

 

Non-voting common stock

 

 

176

 

 

 

176

 

Additional paid-in capital

 

462,548

 

 

453,643

 

Accumulated other comprehensive loss

 

(223,216

)

 

(285,623

)

Retained earnings

 

7,600,090

 

 

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

 

7,172,445

 

 

6,504,191

 

Total liabilities and stockholders' equity

$

19,058,758

 

$

18,100,734

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

Quarter Ended March 31,

2024

 

2023

(unaudited)
(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

$

716,283

 

$

726,298

 

Self-storage revenues

 

212,701

 

 

195,246

 

Self-moving and self-storage products and service sales

 

73,018

 

 

76,220

 

Property management fees

 

8,422

 

 

8,577

 

Life insurance premiums

 

21,542

 

 

23,513

 

Property and casualty insurance premiums

 

22,419

 

 

20,667

 

Net investment and interest income

 

42,859

 

 

60,303

 

Other revenue

 

81,926

 

 

77,827

 

Total revenues

 

1,179,170

 

 

1,188,651

 

 

Costs and expenses:

Operating expenses

 

757,567

 

 

746,317

 

Commission expenses

 

77,236

 

 

76,501

 

Cost of sales

 

52,732

 

 

56,114

 

Benefits and losses

 

36,643

 

 

43,046

 

Amortization of deferred policy acquisition costs

 

5,212

 

 

6,301

 

Lease expense

 

7,473

 

 

7,878

 

Depreciation, net of gains on disposals

 

198,347

 

 

141,815

 

Net losses on disposal of real estate

 

2,594

 

 

558

 

Total costs and expenses

 

1,137,804

 

 

1,078,530

 

 

Earnings from operations

 

41,366

 

 

110,121

 

Other components of net periodic benefit costs

 

(364

)

 

(304

)

Other interest income

 

 

36,843

 

 

 

-

 

Interest expense

 

(64,184

)

 

(57,925

)

Pretax earnings

 

13,661

 

 

51,892

 

Income tax expense

 

(14,524

)

 

(14,483

)

Earnings (losses) available to common shareholders

$

(863

)

$

37,409

 

Basic and diluted earnings (losses) per share of Common Stock

$

(0.05

)

$

0.15

 

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

$

0.00

 

$

0.19

 

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

CONSOLIDATED STATEMENTS OF OPERATIONS

 

Years Ended March 31,

2024

2023

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

$

3,624,695

 

$

3,877,917

 

Self-storage revenues

 

831,069

 

 

744,492

 

Self-moving and self-storage products and service sales

 

335,805

 

 

357,286

 

Property management fees

 

37,004

 

 

37,073

 

Life insurance premiums

 

89,745

 

 

99,149

 

Property and casualty insurance premiums

 

94,802

 

 

93,209

 

Net investment and interest income

 

146,468

 

 

176,679

 

Other revenue

 

466,086

 

 

478,886

 

Total revenues

 

5,625,674

 

 

5,864,691

 

 

Costs and expenses:

Operating expenses

 

3,126,471

 

 

3,024,547

 

Commission expenses

 

384,079

 

 

416,315

 

Cost of sales

 

241,563

 

 

263,026

 

Benefits and losses

 

167,035

 

 

164,079

 

Amortization of deferred policy acquisition costs

 

24,238

 

 

27,924

 

Lease expense

 

32,654

 

 

30,829

 

Depreciation, net of gains on disposals

 

663,931

 

 

486,795

 

Net losses on disposal of real estate

 

7,914

 

 

5,596

 

Total costs and expenses

 

4,647,885

 

 

4,419,111

 

 

Earnings from operations

 

977,789

 

 

1,445,580

 

Other components of net periodic benefit costs

 

(1,458

)

 

(1,216

)

Other interest income

 

 

120,021

 

 

 

-

 

Interest expense

 

(256,175

)

 

(223,958

)

Fees on early extinguishment of debt

 

 

-

 

 

 

(1,009

)

Pretax earnings

 

840,177

 

 

1,219,397

 

Income tax expense

 

(211,470

)

 

(294,925

)

Earnings available to common shareholders

$

628,707

 

$

924,472

 

Basic and diluted earnings per share of Common Stock

$

3.04

 

$

5.54

 

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

$

3.22

 

$

4.62

 

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, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

For the Quarter Ended

 

March 31,

 

2024

2023

 

(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 (losses) available to common stockholders

$

(863

)

$

37,409

 

Voting Common Stock dividends declared

 

-

 

 

-

 

Non-Voting Common Stock dividends declared

 

(8,823

)

 

(7,058

)

Undistributed earnings (losses) available to common stockholders

$

(9,686

)

$

30,351

 

Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock

$

(969

)

$

3,035

 

 

 

 

Undistributed earnings (losses) per share of Voting Common Stock

$

(0.05

)

$

0.15

 

Dividends declared per share of Voting Common Stock

$

-

 

$

-

 

Basic and diluted earnings (losses) per share of Voting Common Stock

$

(0.05

)

$

0.15

 

 

 

 

 

 

 

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 (losses) available to common stockholders

$

(863

)

$

37,409

 

Voting Common Stock dividends declared

 

-

 

 

-

 

Non-Voting Common Stock dividends declared

 

(8,823

)

 

(7,058

)

Undistributed earnings (losses) available to common stockholders

$

(9,686

)

$

30,351

 

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

$

(8,717

)

$

27,316

 

 

 

 

Undistributed earnings (losses) per share of Non-Voting Common Stock

$

(0.05

)

$

0.15

 

Dividends declared per share of Non-Voting Common Stock

$

0.05

 

$

0.04

 

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

$

0.00

 

$

0.19

 

 

For the Years Ended

 

March 31,

 

2024

2023

 

(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

$

628,707

 

$

924,472

 

Voting Common Stock dividends declared

 

-

 

 

(19,608

)

Non-Voting Common Stock dividends declared

 

(31,765

)

 

(14,117

)

Undistributed earnings available to common stockholders

$

596,942

 

$

890,747

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

59,694

 

$

89,075

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

3.04

 

$

4.54

 

Dividends declared per share of Voting Common Stock

$

0.00

 

$

1.00

 

Basic and diluted earnings per share of Voting Common Stock

$

3.04

 

$

5.54

 

 

 

 

 

 

 

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

$

628,707

 

$

924,472

 

Voting Common Stock dividends declared

 

-

 

 

(19,608

)

Non-Voting Common Stock dividends declared

 

(31,765

)

 

(14,117

)

Undistributed earnings available to common stockholders

$

596,942

 

$

890,747

 

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

$

537,248

 

$

801,672

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

3.04

 

$

4.54

 

Dividends declared per share of Non-Voting Common Stock

$

0.18

 

$

0.08

 

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

$

3.22

 

$

4.62

 

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, 2024 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.

March 31,

March 31,

2024

2023

March 31,

ROU Assets

Property, Plant and Equipment

Property, Plant and Equipment

2024

Financing

Adjusted

Adjusted

(Unaudited)

(In thousands)

 

Property, plant and equipment, at cost

Land

$

1,670,033

 

$

-

 

$

1,670,033

 

$

1,537,206

 

Buildings and improvements

 

8,237,354

 

 

-

 

 

8,237,354

 

 

7,088,810

 

Furniture and equipment

 

1,003,770

 

 

61

 

 

1,003,831

 

 

937,928

 

Rental trailers and other rental equipment

 

936,303

 

 

114,607

 

 

1,050,910

 

 

979,990

 

Rental trucks

 

6,338,324

 

 

607,521

 

 

6,945,845

 

 

6,228,178

 

Right-of-use assets, gross

 

18,185,784

 

 

722,189

 

 

18,907,973

 

 

16,772,112

 

Less: Accumulated depreciation

 

(5,051,132

)

 

(432,884

)

 

(5,484,016

)

 

(4,947,259

)

Total property, plant and equipment, net

$

13,134,652

 

$

289,305

 

$

13,423,957

 

$

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. The earnings from operations for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income.

Moving and Storage EBITDA
(In thousands, unaudited)

TTM

March 31,

December 31,

September 30,

June 30,

March 31,

2024

2023

2023

2023

2023

Earnings from operations *

$

896,140

 

$

980,169

 

$

1,132,142

 

$

1,273,901

 

$

1,396,122

 

 

Depreciation

 

817,889

 

 

793,940

 

 

768,475

 

 

749,210

 

 

733,879

 

Net gains on disposals

 

(153,958

)

 

(186,541

)

 

(220,858

)

 

(238,397

)

 

(247,084

)

Net (gains) losses on disposal of real estate

 

7,914

 

 

5,878

 

 

4,153

 

 

4,310

 

 

5,596

 

Depreciation, net of (gains) losses on disposals

 

671,845

 

 

613,277

 

 

551,770

 

 

515,123

 

 

492,391

 

 

EBITDA

$

1,567,985

 

$

1,593,446

 

$

1,683,912

 

$

1,789,024

 

$

1,888,513

 

 

* before insurance subsidiaries

 


These press releases may also interest you

at 21:30
Holistic Mental Health Services for All Ages Counseling Unconditionally provides a wide range of therapy services in Louisville including child therapy, teen therapy, couples counseling, and more. Our dedicated therapists use...

at 21:30
To catalyze a viable blue finance market, foster green bonds and support smaller businesses in Vietnam, IFC is providing a financing package of $150 million to Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB). The investment...

at 21:00
Bunker Hill Mining Corp. ("Bunker Hill" or the "Company") announces that it has elected to issue an aggregate of 4,653,409 shares of common stock of the Company (the "Interest Shares") to certain holders of 7.5% convertible debentures (the "Series 1...

at 20:13
Sealed Air Corporation ("SEE") today announced that its previously announced cash tender offer (the "Tender Offer") for any and all of its 5.500% senior notes due 2025 (the "Notes") expired at 5:00 p.m. New York City time, on June 24, 2024 (the...

at 20:12
NYC whistleblower attorney Timothy J. McInnis announced a $354,085 settlement against The Raleigh Racquet Club, Inc. (RRC), a non-profit social and recreational club located in Raleigh, North Carolina and its former president, Kurt Harrison Ihly...

at 20:05
Copenhagen Infrastructure Partners ("CIP"), via its Flagship Fund Copenhagen Infrastructure II K/S ("CI II"), and Burmeister & Wain Scandinavian Contractor ("BWSC"), have signed an agreement to divest the UK biomass heat and power plant, Kent...



News published on and distributed by: