U-Haul Holding Company Reports Third Quarter Fiscal 2025 Financial Results

Published: 2025-02-05 16:12:04 ET UHAL

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, 2024, of $67.2 million compared with net earnings of $99.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.35 for the third quarter of fiscal 2025 compared to $0.51 for the same period in fiscal 2024.

For the nine-month period ended December 31, 2024, net earnings available to shareholders were $449.4 million compared with net earnings of $629.6 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $2.31 for the nine-month period ended December 31, 2024 compared to $3.22 for the same period in fiscal 2024.

“Moving activity increased over the quarter as demand for our products and services ticked up,” stated Joe Shoen, Chairman of U-Haul Holding Company. “We are making steady improvements to reduce friction with the customer so that it’s easier for the public to choose U-Haul.”

Highlights of Third Quarter Fiscal 2025 Results

Our latest Supplemental financial information is available at investors.uhaul.com under “Investor Kit.”

U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2025 on Thursday, February 6, 2025, 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 193,900 trucks, 138,200 trailers and 40,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,060,000 rentable storage units and 92.0 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, 2024, 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 2025 and 2024.

Quarter Ended December 31,

2024

2023

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

878,585

839,801

Self-storage revenues

227,125

210,517

Self-moving and self-storage product and service sales

70,407

70,344

Property management fees

8,869

10,138

Life insurance premiums

22,926

22,574

Property and casualty insurance premiums

28,364

26,490

Net investment and interest income

40,536

57,457

Other revenue

111,746

102,193

Consolidated revenue

1,388,558

1,339,514

Listed below are the revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2025 and 2024.

Quarter Ended December 31,

2024

2023

(Unaudited)

(In thousands)

Moving and storage

Revenues

1,296,556

1,260,677

Earnings from operations before equity in earnings of subsidiaries

127,277

180,467

Property and casualty insurance

Revenues

38,141

29,303

Earnings from operations

19,463

9,421

Life insurance

Revenues

56,762

52,715

Earnings from operations

4,244

8,075

Eliminations

Revenues

(2,901

)

(3,181

)

Earnings from operations before equity in earnings of subsidiaries

(252

)

(375

)

Consolidated Results

Revenues

1,388,558

1,339,514

Earnings from operations

150,732

197,588

Debt Metrics

(in thousands)(unaudited)

December 31,

September 30,

June 30,

March 31,

December 31,

2024

2023

Real estate secured debt

2,436,840

2,471,044

2,497,239

2,562,620

2,716,180

Unsecured debt

1,700,000

1,200,000

Fleet secured debt

2,724,349

2,554,194

2,544,235

2,470,603

2,482,356

Other secured debt

68,402

69,264

70,202

70,815

72,869

Total debt

6,929,591

6,794,502

6,311,676

6,304,038

6,471,405

Moving and Storage cash

883,108

1,279,493

1,071,779

1,380,165

1,736,295

Moving and Storage assets

17,291,214

17,164,316

16,447,193

16,149,748

16,193,912

Moving and Storage EBITDA (TTM)

1,614,146

1,566,396

1,584,461

1,567,985

1,593,446

Net debt to EBITDA

3.7

3.5

3.3

3.1

3.0

Net debt to total assets

35.0

32.1

31.9

30.5

29.2

Percent of debt floating

6.2

5.9

7.7

7.2

6.9

Percent of debt fixed

93.8

94.1

92.3

92.8

93.1

Percent of debt unsecured

24.5

25.0

19.0

18.5

Unencumbered asset ratio*

3.81x

3.78x

4.72x

4.43x

4.00x

* 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 2025 and 2024 are as follows:

Quarter Ended December 31,

2024

2023

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

177,956

143,757

Depreciation expense - non rental equipment

24,064

24,820

Depreciation expense - real estate

47,597

41,260

Total depreciation expense

249,617

209,837

Net gains on disposals of rental equipment

(3,774

)

(36,441

)

Net losses on disposals of non-rental equipment

248

252

Total net gains on disposals equipment

(3,526

)

(36,189

)

Depreciation, net of gains on disposals

246,091

173,648

Net losses on disposals of real estate

3,358

2,584

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,

2024

2023

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of December 31

781

701

Square footage as of December 31

66,792

59,433

Average monthly number of units occupied

610

571

Average monthly occupancy rate based on unit count

78.7

81.8

End of December occupancy rate based on unit count

78.1

81.0

Average monthly square footage occupied

53,444

49,515

Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2025 and 2024.

Nine Months Ended December 31,

2024

2023

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

2,980,265

2,908,412

Self-storage revenues

667,381

618,368

Self-moving and self-storage product and service sales

254,761

262,787

Property management fees

27,950

28,582

Life insurance premiums

64,154

68,203

Property and casualty insurance premiums

75,360

72,383

Net investment and interest income

115,455

186,787

Other revenue

409,830

384,160

Consolidated revenue

4,595,156

4,529,682

Listed below are the revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2025 and 2024.

Nine Months Ended December 31,

2024

2023

(Unaudited)

(In thousands)

Moving and storage

Revenues

4,339,360

4,285,768

Earnings from operations before equity in earnings of subsidiaries

703,030

968,862

Property and casualty insurance

Revenues

97,780

88,994

Earnings from operations

44,769

36,822

Life insurance

Revenues

166,668

163,918

Earnings from operations

11,887

15,039

Eliminations

Revenues

(8,652

)

(8,998

)

Earnings from operations before equity in earnings of subsidiaries

(756

)

(1,122

)

Consolidated Results

Revenues

4,595,156

4,529,682

Earnings from operations

758,930

1,019,601

The components of depreciation, net of gains on disposals for the first nine months of fiscal 2025 and 2024 are as follows:

Nine Months Ended December 31,

2024

2023

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

511,824

419,290

Depreciation expense - non rental equipment

71,775

70,514

Depreciation expense - real estate

135,156

114,433

Total depreciation expense

718,755

604,237

Net gains on disposals of rental equipment

(29,614

)

(139,176

)

Net losses on disposals of non-rental equipment

765

523

Total net gains on disposals equipment

(28,849

)

(138,653

)

Depreciation, net of gains on disposals

689,906

465,584

Net losses on disposals of real estate

9,453

5,320

Nine Months Ended December 31,

2024

2023

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of December 31

781

701

Square footage as of December 31

66,792

59,433

Average monthly number of units occupied

605

571

Average monthly occupancy rate based on unit count

79.9

82.9

End of December occupancy rate based on unit count

78.1

81.0

Average monthly square footage occupied

52,756

49,358

As of December 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

38,335

4,511,005

14.68

77.8

California

34,060

3,242,143

21.17

80.4

Florida

35,151

3,804,625

18.41

79.7

Illinois

36,952

3,992,316

15.88

79.3

Pennsylvania

27,664

3,033,544

17.67

71.6

New York

27,413

2,627,413

23.28

78.3

Ohio

25,544

2,889,088

14.94

77.5

Michigan

20,072

2,155,979

15.63

81.9

Georgia

22,161

2,463,915

16.28

84.6

Arizona

25,275

2,814,643

15.33

81.1

Wisconsin

16,567

2,007,208

13.59

72.9

North Carolina

17,040

1,959,192

15.27

75.5

Tennessee

15,080

1,552,061

14.85

86.4

Washington

14,161

1,505,865

16.61

77.5

Missouri

13,114

1,724,413

14.24

73.0

Ontario

11,841

1,216,368

22.93

76.9

New Jersey

15,941

1,501,084

20.72

83.6

Indiana

10,410

1,176,027

13.67

78.8

Minnesota

13,315

1,686,176

14.54

72.2

Massachusetts

11,073

1,005,182

20.59

85.9

Top 20 Totals

1,061

431,169

46,868,246

16.98

78.6

All Others

477

178,863

19,923,287

16.32

79.0

3Q 2025 Totals

1,538

610,032

66,791,533

16.78

78.7

Same Store Pool Held Constant for Prior Periods

Same Store 3Q25

904

320,420

29,827,746

17.28

92.4

Same Store 3Q24

904

322,626

29,804,954

16.77

92.9

Same Store 3Q23

904

325,148

29,774,344

15.70

93.6

Non-Same Store 3Q25

634

289,612

36,963,786

16.20

67.5

Non-Same Store 3Q24

545

246,176

29,697,857

16.10

70.8

Non-Same Store 3Q23

499

214,652

25,298,565

15.50

70.6

Same Store Pool, Prior Periods Unchanged

Same Store 3Q25

904

320,420

29,827,746

17.28

92.4

Same Store 3Q24

854

283,150

26,769,110

16.64

92.9

Same Store 3Q23

781

245,962

23,038,504

15.64

95.0

Non Same Store 3Q25

634

289,612

36,963,786

16.20

67.5

Non Same Store 3Q24

597

284,899

32,664,093

16.33

73.1

Non Same Store 3Q23

624

293,251

31,966,662

15.62

74.8

Note: Store Count, Units, and NRSF figures 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 the trailing twelve months ending December 2024.

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

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

Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31,

March 31,

2024

(Unaudited)

(In thousands)

ASSETS

Cash and cash equivalents

1,017,398

1,534,544

Trade receivables and reinsurance recoverables, net

181,303

215,908

Inventories and parts

155,140

150,940

Prepaid expenses

265,891

246,082

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

2,617,126

2,442,504

Equity securities, at fair value

67,667

66,274

Investments, other

625,630

633,936

Deferred policy acquisition costs, net

123,015

121,224

Other assets

126,413

111,743

Right of use assets - financing, net

168,817

289,305

Right of use assets - operating, net

48,500

53,712

Related party assets

58,048

57,934

5,454,948

5,924,106

Property, plant and equipment, at cost:

Land

1,822,497

1,670,033

Buildings and improvements

9,305,846

8,237,354

Furniture and equipment

1,036,203

1,003,770

Rental trailers and other rental equipment

1,032,132

936,303

Rental trucks

7,347,053

6,338,324

20,543,731

18,185,784

Less: Accumulated depreciation

(5,668,514

)

(5,051,132

)

Total property, plant and equipment, net

14,875,217

13,134,652

Total assets

20,330,165

19,058,758

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Accounts payable and accrued expenses

799,452

783,084

Notes, loans and finance leases payable, net

6,896,987

6,271,362

Operating lease liabilities

49,543

55,032

Policy benefits and losses, claims and loss expenses payable

829,992

849,113

Liabilities from investment contracts

2,546,940

2,411,352

Other policyholders' funds and liabilities

20,895

18,070

Deferred income

47,419

51,175

Deferred income taxes, net

1,507,604

1,447,125

Total liabilities

12,698,832

11,886,313

Common stock

10,497

Non-voting common stock

176

Additional paid-in capital

462,548

Accumulated other comprehensive loss

(187,238

)

(223,216

)

Retained earnings

8,023,000

7,600,090

Cost of common stock in treasury, net

(525,653

)

(525,653

)

Cost of preferred stock in treasury, net

(151,997

)

(151,997

)

Total stockholders' equity

7,631,333

7,172,445

Total liabilities and stockholders' equity

20,330,165

19,058,758

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Quarter Ended December 31,

2024

2023

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

878,585

839,801

Self-storage revenues

227,125

210,517

Self-moving and self-storage products and service sales

70,407

70,344

Property management fees

8,869

10,138

Life insurance premiums

22,926

22,574

Property and casualty insurance premiums

28,364

26,490

Net investment and interest income

40,536

57,457

Other revenue

111,746

102,193

Total revenues

1,388,558

1,339,514

Costs and expenses:

Operating expenses

782,351

770,405

Commission expenses

95,031

87,955

Cost of product sales

52,767

51,536

Benefits and losses

48,683

42,495

Amortization of deferred policy acquisition costs

4,493

4,155

Lease expense

5,052

9,148

Depreciation, net of gains on disposals

246,091

173,648

Net losses on disposal of real estate

3,358

2,584

Total costs and expenses

1,237,826

1,141,926

Earnings from operations

150,732

197,588

Other components of net periodic benefit costs

(372

)

(365

)

Other interest income

15,638

—

Interest expense

(76,581

)

(67,450

)

Pretax earnings

89,417

129,773

Income tax expense

(22,251

)

(30,549

)

Earnings available to common stockholders

67,166

99,224

Basic and diluted earnings per share of Common Stock

0.30

0.46

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

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

0.35

0.51

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

176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

2024

2023

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

2,980,265

2,908,412

Self-storage revenues

667,381

618,368

Self-moving and self-storage products and service sales

254,761

262,787

Property management fees

27,950

28,582

Life insurance premiums

64,154

68,203

Property and casualty insurance premiums

75,360

72,383

Net investment and interest income

115,455

186,787

Other revenue

409,830

384,160

Total revenues

4,595,156

4,529,682

Costs and expenses:

Operating expenses

2,463,181

2,368,904

Commission expenses

326,610

306,843

Cost of product sales

181,031

188,831

Benefits and losses

137,081

130,392

Amortization of deferred policy acquisition costs

13,578

19,026

Lease expense

15,386

25,181

Depreciation, net of gains on disposals

689,906

465,584

Net losses on disposal of real estate

9,453

5,320

Total costs and expenses

3,836,226

3,510,081

Earnings from operations

758,930

1,019,601

Other components of net periodic benefit costs

(1,116

)

(1,094

)

Other interest income

50,004

—

Interest expense

(215,297

)

(191,991

)

Fees on early extinguishment of debt

(495

)

—

Pretax earnings

592,026

826,516

Income tax expense

(142,645

)

(196,946

)

Earnings available to common stockholders

449,381

629,570

Basic and diluted earnings per share of Common Stock

2.16

3.09

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

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

2.31

3.22

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

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 than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share were 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 was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was 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, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

For the Quarter Ended

December 31,

2024

2023

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

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

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

Net earnings available to common stockholders

67,166

99,224

Voting Common Stock dividends declared

—

Non-Voting Common Stock dividends declared

(8,824

)

(8,823

)

Undistributed earnings available to common stockholders

58,342

90,401

Undistributed earnings available to common stockholders allocated to Voting Common Stock

5,834

9,040

Undistributed earnings per share of Voting Common Stock

0.30

0.46

Dividends declared per share of Voting Common Stock

—

Basic and diluted earnings per share of Voting Common Stock

0.30

0.46

Weighted average shares outstanding of Non-Voting Common Stock

176,470,092

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

196,077,880

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

Net earnings available to common stockholders

67,166

99,224

Voting Common Stock dividends declared

—

Non-Voting Common Stock dividends declared

(8,824

)

(8,823

)

Undistributed earnings available to common stockholders

58,342

90,401

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

52,508

81,361

Undistributed earnings per share of Non-Voting Common Stock

0.30

0.46

Dividends declared per share of Non-Voting Common Stock

0.05

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

0.35

0.51

For the Nine Months Ended

December 31,

2024

2023

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

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

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

Net earnings available to common stockholders

449,381

629,570

Voting Common Stock dividends declared

—

Non-Voting Common Stock dividends declared

(26,471

)

(22,941

)

Undistributed earnings available to common stockholders

422,910

606,629

Undistributed earnings available to common stockholders allocated to Voting Common Stock

42,291

60,663

Undistributed earnings per share of Voting Common Stock

2.16

3.09

Dividends declared per share of Voting Common Stock

—

Basic and diluted earnings per share of Voting Common Stock

2.16

3.09

Weighted average shares outstanding of Non-Voting Common Stock

176,470,092

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

196,077,880

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

Net earnings available to common stockholders

449,381

629,570

Voting Common Stock dividends declared

—

Non-Voting Common Stock dividends declared

(26,471

)

(22,941

)

Undistributed earnings available to common stockholders

422,910

606,629

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

380,619

545,966

Undistributed earnings per share of Non-Voting Common Stock

2.16

3.09

Dividends declared per share of Non-Voting Common Stock

0.15

0.13

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

2.31

3.22

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

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

December 31,

March 31,

2024

December 31,

ROU Assets

Property, Plant and Equipment

2024

Financing

Adjusted

(Unaudited)

(In thousands)

Property, plant and equipment, at cost

Land

1,822,497

1,670,033

Buildings and improvements

9,305,846

8,237,354

Furniture and equipment

1,036,203

1,036,264

1,003,831

Rental trailers and other rental equipment

1,032,132

66,083

1,098,215

1,050,910

Rental trucks

7,347,053

388,528

7,735,581

6,945,845

Subtotal

20,543,731

454,672

20,998,403

18,907,973

Less: Accumulated depreciation

(5,668,514

)

(285,855

)

(5,954,369

)

(5,484,016

)

Total property, plant and equipment, net

14,875,217

168,817

15,044,034

13,423,957

March 31,

2024

March 31,

ROU Assets

Property, Plant and Equipment

2024

Financing

Adjusted

(Unaudited)

(In thousands)

Property, plant and equipment, at cost

Land

1,670,033

Buildings and improvements

8,237,354

Furniture and equipment

1,003,770

1,003,831

Rental trailers and other rental equipment

936,303

114,607

1,050,910

Rental trucks

6,338,324

607,521

6,945,845

Subtotal

18,185,784

722,189

18,907,973

Less: Accumulated depreciation

(5,051,132

)

(432,884

)

(5,484,016

)

Total property, plant and equipment, net

13,134,652

289,305

13,423,957

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The earnings from operations for December 31, 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)

Trailing Twelve Months

December 31,

September 30,

June 30,

March 31,

December 31,

2024

2023

Earnings from operations *

713,846

739,313

831,802

896,140

980,169

Depreciation

932,407

892,627

848,727

817,889

793,940

Net gains on disposals

(44,154

)

(76,817

)

(106,065

)

(153,958

)

(186,541

)

Net losses on disposal of real estate

12,047

11,273

9,997

7,914

5,878

Depreciation, net of (gains) losses on disposals

900,300

827,083

752,659

671,845

613,277

EBITDA

1,614,146

1,566,396

1,584,461

1,567,985

1,593,446

* before insurance subsidiaries

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