U-Haul Holding Company Reports Fiscal 2024 Financial Results

RENO, Nev.--(BUSINESS WIRE)--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

• Self-moving equipment rental revenues decreased $10.0 million, or 1%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and finished the full year down $253.2 million, or 7%, compared with fiscal 2023. For the quarter and full year transactions, revenue and average miles driven per transaction decreased. We finished the quarter with March monthly revenue slightly better than the same period last year.
• Self-storage revenues increased $17.5 million, or 9%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and for the full year increased $86.6 million, or 12%, compared with fiscal 2023. The average number of occupied units increased by 6%, or 31,000 units, during the fourth quarter of fiscal 2024 compared with the same period last year. Occupancy across the entire portfolio decreased 1.4% to 79.8% from the fourth quarter of last year to this year while occupancy for the subsection of these locations that have been at 80% occupancy for the last two years was down 1.9% to 92.3%. In fiscal 2024, we added approximately 5.5 million net rentable square feet or 55,000 additional units.
• For the quarter, depreciation on the rental equipment fleet increased $11.6 million while all other depreciation increased $12.3 million from buildings and improvements. Net gains from the sales of rental equipment decreased by $32.0 million. For the full fiscal year depreciation on the rental fleet increased by $44.0 million while all other depreciation increased by $40.0 million largely from buildings and improvements. Net gains from the sale of rental equipment decreased $91.8 million. Net losses from the disposal or retirement of land and buildings increased $2.0 million for the quarter and $2.3 million for the fiscal year.
• Fleet maintenance and repair costs decreased $11.0 million in the fourth quarter of fiscal 2024 compared with the same period last year and increased $33.0 million for the full year of fiscal 2024 compared with the same period last year. The decline in the fourth quarter is largely a result of improved rotation of new trucks into the fleet and older trucks out of the fleet combined with the effects of less fleet rental activity this year.
• Other operating costs at the Moving and Storage segment increased $21.3 million in the fourth quarter compared to the same period last year and $66.7 million for the full fiscal year 2024. Personnel costs accounted for an $8.8 million increase for the quarter and $50.4 million for the fiscal year.
• Gross rental equipment capital expenditures for fiscal 2024 were approximately $1,619 million compared with approximately $1,299 million for fiscal 2023. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2025. Proceeds from the sales of rental equipment were approximately $728 million for fiscal 2024 compared with $688 million in fiscal 2023. Spending on real estate related acquisitions and projects decreased approximately $83 million to $1,258 million in fiscal 2024 compared with fiscal 2023.
• Cash and credit availability at the Moving and Storage operating segment was $1,886.3 million and $2,499.2 million as of March 31, 2024 and 2023, respectively.
• On March 6, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 18, 2024. The dividend was paid on March 28, 2024.

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

Contacts

Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
[phone]
[e-mail]