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U-HAUL HOLDING COMPANY REPORTS FISCAL 2023 FINANCIAL RESULTS

UHAL, UHAL.B

RENO, Nev., May 30, 2023 /PRNewswire/ -- 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, 2023, of $923.0 million, compared with $1,123.3 million for the same period last year.

For the quarter ended March 31, 2023, the Company reported net earnings available to shareholders of $37.7 million compared with net earnings of $86.7 million, for the same period last year.

"Overall moving activity has returned to more historic trends. Self-storage is not as hot as 24 months ago, but we are still building and filling new units," stated Joe Shoen, chairman of U-Haul Holding Company. "We continue to work on our competitive position, shoring up weak spots and improving our service to the customer."

Highlights of Fiscal Year and Fourth Quarter 2023 Results

  • Self-moving equipment rental revenues decreased $42.5 million, or 6%, in the fourth quarter of fiscal 2023 compared with the fourth quarter of fiscal 2022, and finished the full year down $80.9 million, or 2%, compared with fiscal 2022. For the quarter and full year transactions, revenue and average miles driven per transaction decreased. These declines were more pronounced in our one-way markets. Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks and trailers.
  • Self-storage revenues increased $28.4 million, or 17%, in the fourth quarter of fiscal 2023 compared with the fourth quarter of fiscal 2022, and for the full year increased $127.4 million, or 21%, compared with fiscal 2022. The average number of occupied units increased by 11%, or 51,600 units, during the fourth quarter of fiscal 2023 compared with the same period last year. Occupancy for all locations decreased 1.4% to 81.2% 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 1.5% to 94.2%. In fiscal 2023, we added approximately 6.0 million net rentable square feet, or a 12% increase.
  • For the quarter, depreciation on the rental equipment fleet increased $7.9 million while all other depreciation increased $4.0 million from buildings and improvements. Net gains from the sales of rental equipment decreased $8.3 million. For the full fiscal year depreciation on the rental fleet increased $16.3 million while all other depreciation increased $20.6 million largely from buildings and improvements. Net gains from the sale of rental equipment increased $32.9 million. Net losses from the disposal or retirement of land and buildings increased $1.7 million for the quarter and $9.7 million for the fiscal year.
  • Fleet maintenance and repair costs increased $32.4 million in the fourth quarter of fiscal 2023 compared with the same period last year and $132.9 million for the full year of fiscal 2022. The increases are primarily due to additional preventative maintenance resulting from higher fleet activity over the last several years along with the slower rotation of new equipment into the fleet and older equipment out of the fleet.
  • Other operating costs at the Moving and Storage segment increased $6.0 million in the fourth quarter compared to the same period last year and $212.8 million for the full fiscal year 2023. Personnel costs accounted for a $23.6 million increase for the quarter and $97.8 million for the fiscal year. Some expenses that experienced declines during the quarter included liability costs and freight.
  • Operating earnings at our Moving and Storage operating segment decreased $39.5 million in the fourth quarter of fiscal 2023 compared with the same period last year. Total revenues increased $4.4 million and total costs and expenses increased $43.9 million.
  • Gross rental equipment capital expenditures for fiscal 2023 were approximately $1,299 million compared with approximately $1,061 million for fiscal 2022. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2024. Proceeds from the sales of rental equipment were approximately $688 million for fiscal 2023 compared with $602 million in fiscal 2022. Spending on real estate related acquisitions and projects increased approximately $337 million to $1,341 million in fiscal 2023 compared with fiscal 2022.
  • Cash and credit availability at the Moving and Storage operating segment was $2,499.2 million and $2,723.2 million as of March 31, 2023 and 2022, respectively.

U-Haul Holding Company will hold its investor call for fiscal 2023 on Wednesday, May 31, 2023, 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.

On May 30, 2023, the Company filed Form 12b-25 extending the filing date for our 10-K. We expect to complete the 10-K filing with the SEC by this Friday.

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.

AboutU-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers 949,000 rentable storage units and 81.2 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, 2023, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2023 and 2022.



Quarters Ended March 31,


Years Ended March 31,




2023


2022


2023


2022




(Unaudited)




(In thousands)

Self-moving equipment rentals

$

726,298

$

768,817

$

3,877,917

$

3,958,807


Self-storage revenues


195,246


166,818


744,492


617,120


Self-moving and self-storage product and service sales


76,220


78,969


357,286


351,447


Property management fees


8,577


8,347


37,073


35,194


Life insurance premiums


23,513


26,399


99,149


111,027


Property and casualty insurance premiums


20,667


21,532


93,209


86,518


Net investment and interest income


60,303


45,298


176,679


148,261


Other revenue


77,827


82,121


478,886


431,373


Consolidated revenue

$

1,188,651

$

1,198,301

$

5,864,691

$

5,739,747













Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2023 and 2022.



Quarters Ended March 31,


Years Ended March 31,



2023


2022


2023


2022



(Unaudited)




(In thousands)

Moving and storage









Revenues

$

1,110,851

$

1,106,434

$

5,567,714

$

5,398,267

Earnings from operations before equity in earnings of subsidiaries


94,845


134,390


1,396,122


1,577,226

Property and casualty insurance









Revenues


28,601


32,228


103,512


115,043

Earnings from operations


11,687


15,702


36,570


49,780

Life insurance









Revenues


53,339


62,751


206,100


238,812

Earnings from operations


4,297


5,656


12,935


19,538

Eliminations









Revenues


(4,140)


(3,112)


(12,635)


(12,375)

Earnings from operations before equity in earnings of subsidiaries


(380)


(384)


(1,521)


(1,547)

Consolidated Results









Revenues


1,188,651


1,198,301


5,864,691


5,739,747

Earnings from operations


110,449


155,364


1,444,106


1,644,997











Debt Metrics

Debt Metrics











(in thousands)(unaudited)


March 31,


December 31,


September 30,


June 30,


March 31,



2023


2022


2022


2022


2022

Real estate secured debt


$ 2,660,878


$ 2,682,036


$ 2,860,764


$ 2,794,440


$ 2,641,527

Unsecured debt


1,200,000


1,200,000


1,200,000


1,350,000


1,350,000

Fleet secured debt


2,205,824


2,277,387


2,196,935


2,043,904


1,981,980

Other secured debt


76,648


77,399


78,871


81,008


86,206

Total debt


6,143,350


6,236,822


6,336,570


6,269,352


6,059,713












Moving and Storage cash


$ 2,034,242


$ 2,429,943


$ 3,025,390


$ 2,982,541


$ 2,643,213

Moving and Storage assets


15,235,637


15,234,112


15,243,508


14,911,413


14,382,417

Moving and Storage EBITDA (TTM)

1,888,513


1,906,046


1,995,170


2,053,296


2,055,858












Net debt to EBITDA


2.2


2.0


1.7


1.6


1.7

Net debt to total assets


27.0 %


25.0 %


21.7 %


22.0 %


23.8 %












Percent of debt floating


8.4 %


8.3 %


10.5 %


16.7 %


16.4 %

Percent of debt fixed


91.6 %


91.7 %


89.5 %


83.3 %


83.6 %

Percent of debt unsecured


19.5 %


19.2 %


18.9 %


21.5 %


22.3 %












Unencumbered asset ratio*


3.44x


3.35x


2.91x


2.99x


2.76x













* 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 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,



2023


2022



(In thousands, except occupancy rate)

Unit count as of March 31


673


601

Square footage as of March 31


56,382


50,366

Average monthly number of units occupied


542


491

Average monthly occupancy rate based on unit count


81.2 %


82.6 %

Average monthly square footage occupied


46,994


42,863



Years Ended March 31,



2023


2022



(In thousands, except occupancy rate)

Unit count as of March 31


673


601

Square footage as of March 31


56,382


50,366

Average monthly number of units occupied


535


471

Average monthly occupancy rate based on unit count


83.4 %


82.6 %

Average monthly square footage occupied


46,257


41,379

Self-Storage Portfolio Summary

As of March 31, 2023











(unaudited)











U-Haul Owned Store Data by State









Annual



State/




Units


Rentable


Revenue


Occupancy

Province


Stores


Occupied


Square Feet


Per Foot


During Qtr

Texas


87


33,230


3,791,229


$ 14.39


79.9 %

California


86


30,965


2,931,304


$ 20.66


81.6 %

Illinois


80


33,267


3,474,206


$ 15.04


78.9 %

Florida


79


32,432


3,147,606


$ 18.99


85.5 %

Pennsylvania


69


26,274


2,725,076


$ 16.30


74.5 %

New York


63


25,191


2,348,258


$ 22.00


78.1 %

Ohio


56


23,034


2,351,287


$ 14.32


82.0 %

Michigan


56


19,088


1,848,375


$ 14.54


89.4 %

Georgia


49


21,428


2,181,325


$ 15.59


88.0 %

Arizona


42


24,148


2,445,800


$ 15.00


89.7 %

Wisconsin


42


16,305


1,861,805


$ 12.88


81.7 %

Washington


36


11,932


1,217,056


$ 16.25


78.8 %

North Carolina


35


16,150


1,655,413


$ 14.51


83.3 %

Tennessee


34


14,330


1,378,009


$ 13.90


87.5 %

New Jersey


33


14,686


1,302,438


$ 19.84


86.6 %

Ontario


32


9,801


953,803


$ 22.44


83.5 %

Missouri


31


10,417


1,192,532


$ 14.52


75.6 %

Indiana


30


9,460


1,024,999


$ 13.33


77.1 %

Massachusetts


29


10,467


924,103


$ 19.03


86.1 %

Alabama


25


6,456


771,006


$ 14.76


72.4 %












Top 20 Totals


994


389,061


39,525,631


$ 16.42


82.0 %












All Others


428


157,336


16,856,769


$ 15.40


79.4 %












FY 2023 Totals


1,422


546,397


56,382,400


$ 16.13


81.2 %












Same Store 2023


804


256,861


23,942,574


$ 16.57


94.2 %

Same Store 2022


685


202,665


19,169,048


$ 15.13


95.7 %

Same Store 2021


586


164,711


15,880,605


$ 14.57


93.1 %












Non Same Store 2023


618


289,536


32,439,826


$ 15.69


72.3 %

Non Same Store 2022


674


294,073


31,197,308


$ 14.46


75.4 %

Non Same Store 2021


713


240,497


29,865,699


$ 13.45


65.1 %












Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during reporting quarter. Revenue per foot is average revenue per occupied foot over fiscal year 2023. 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.

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONSOLIDATED BALANCE SHEETS




March 31,


March 31,



2023


2022



(In thousands)

ASSETS





Cash and cash equivalents

$

2,060,524

$

2,704,137

Reinsurance recoverables and trade receivables, net


189,498


229,343

Inventories and parts, net


151,474


158,888

Prepaid expenses


241,711


236,915

Investments, fixed maturities and marketable equities


2,770,394


2,893,399

Investments, other


575,540


543,755

Deferred policy acquisition costs, net


152,377


103,828

Other assets


51,052


60,409

Right of use assets - financing, net


474,765


620,824

Right of use assets - operating, net


58,917


74,382

Related party assets


48,308


47,851



6,774,560


7,673,731

Property, plant and equipment, at cost:





Land


1,537,206


1,283,142

Buildings and improvements


7,088,810


5,974,639

Furniture and equipment


928,241


846,132

Rental trailers and other rental equipment


827,696


615,679

Rental trucks


5,278,340


4,638,814



15,660,293


13,358,406

Less: Accumulated depreciation


(4,310,205)


(3,732,556)

Total property, plant and equipment, net


11,350,088


9,625,850

Total assets

$

18,124,648

$

17,299,581

LIABILITIES AND STOCKHOLDERS' EQUITY





Liabilities:





Accounts payable and accrued expenses

$

761,039

$

677,785

Notes, loans and finance leases payable, net


6,108,042


6,022,497

Operating lease liabilities


58,373


74,197

Policy benefits and losses, claims and loss expenses payable


875,034


890,254

Liabilities from investment contracts


2,398,884


2,336,238

Other policyholders' funds and liabilities


8,232


10,812

Deferred income


52,282


49,157

Deferred income taxes, net


1,334,427


1,286,149

Total liabilities


11,596,313


11,347,089






Common stock


10,497


10,497

Non-voting common stock


176


-

Additional paid-in capital


453,643


453,819

Accumulated other comprehensive income (loss)


(267,046)


46,384

Retained earnings


7,008,715


6,119,442

Cost of common shares in treasury, net


(525,653)


(525,653)

Cost of preferred shares in treasury, net


(151,997)


(151,997)

Total stockholders' equity


6,528,335


5,952,492

Total liabilities and stockholders' equity

$

18,124,648

$

17,299,581

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONSOLIDATED STATEMENTS OF OPERATIONS




Quarter Ended March 31,



2023


2022



(unaudited)

(In thousands, except share and per share data)

Revenues:





Self-moving equipment rentals

$

726,298

$

768,817

Self-storage revenues


195,246


166,818

Self-moving and self-storage products and service sales


76,220


78,969

Property management fees


8,577


8,347

Life insurance premiums


23,513


26,399

Property and casualty insurance premiums


20,667


21,532

Net investment and interest income


60,303


45,298

Other revenue


77,827


82,121

Total revenues


1,188,651


1,198,301






Costs and expenses:





Operating expenses


746,317


707,843

Commission expenses


76,501


83,381

Cost of sales


56,114


66,137

Benefits and losses


42,718


47,453

Amortization of deferred policy acquisition costs


6,301


10,334

Lease expense


7,878


7,428

Depreciation, net of gains on disposals


141,815


121,551

Net (gains) losses on disposal of real estate


558


(1,190)

Total costs and expenses


1,078,202


1,042,937






Earnings from operations


110,449


155,364

Other components of net periodic benefit costs


(304)


(280)

Interest expense


(57,925)


(44,659)

Pretax earnings


52,220


110,425

Income tax expense


(14,483)


(23,678)

Earnings available to common shareholders

$

37,737

$

86,747

Basic and diluted earnings per share of Common Stock

$

0.16

$

0.44

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

$

0.20

$

0.44

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,



2023


2022



(In thousands, except share and per share data)

Revenues:





Self-moving equipment rentals

$

3,877,917

$

3,958,807

Self-storage revenues


744,492


617,120

Self-moving and self-storage products and service sales


357,286


351,447

Property management fees


37,073


35,194

Life insurance premiums


99,149


111,027

Property and casualty insurance premiums


93,209


86,518

Net investment and interest income


176,679


148,261

Other revenue


478,886


431,373

Total revenues


5,864,691


5,739,747






Costs and expenses:





Operating expenses


3,024,547


2,676,541

Commission expenses


416,315


429,581

Cost of sales


263,026


259,585

Benefits and losses


165,553


186,647

Amortization of deferred policy acquisition costs


27,924


33,854

Lease expense


30,829


29,910

Depreciation, net of gains on disposals


486,795


482,752

Net (gains) losses on disposal of real estate


5,596


(4,120)

Total costs and expenses


4,420,585


4,094,750






Earnings from operations


1,444,106


1,644,997

Other components of net periodic benefit costs


(1,216)


(1,120)

Interest expense


(223,958)


(167,424)

Fees on early extinguishment of debt


(1,009)


(956)

Pretax earnings


1,217,923


1,475,497

Income tax expense


(294,925)


(352,211)

Earnings available to common shareholders

$

922,998

$

1,123,286

Basic and diluted earnings per share of Common Stock

$

5.54

$

7.08

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

$

4.62

$

5.58

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, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:



For the Quarter Ended



March 31,



2023

2022



(Unaudited)



(In thousands, except share and per
share amounts)






Weighted average shares outstanding of Voting Common Stock


19,607,788


19,607,788

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


196,077,880


196,077,880

Percent of weighted average shares outstanding of Voting Common Stock


10 %


10 %






Net earnings available to common stockholders

$

37,737

$

86,747

Voting Common Stock dividends declared


-


-

Non-Voting Common Stock dividends declared


(7,058)


-

Undistributed earnings available to common stockholders

$

30,679

$

86,747

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

3,068

$

8,675






Undistributed earnings per share of Voting Common Stock

$

0.16

$

0.44

Dividends declared per share of Voting Common Stock

$

-

$

-

Basic and diluted earnings per share of Voting Common Stock

$

0.16

$

0.44











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

$

37,737

$

86,747

Voting Common Stock dividends declared


-


-

Non-Voting Common Stock dividends declared


(7,058)


-

Undistributed earnings available to common stockholders

$

30,679

$

86,747

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

$

27,611

$

78,072






Undistributed earnings per share of Non-Voting Common Stock

$

0.16

$

0.44

Dividends declared per share of Non-Voting Common Stock

$

0.04

$

-

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

$

0.20

$

0.44



For the Years Ended



March 31,



2023

2022



(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

$

922,998

$

1,123,286

Voting Common Stock dividends declared


(19,608)


(29,412)

Non-Voting Common Stock dividends declared


(14,117)


-

Undistributed earnings available to common stockholders

$

889,273

$

1,093,874

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

88,927

$

109,387






Undistributed earnings per share of Voting Common Stock

$

4.54

$

5.58

Dividends declared per share of Voting Common Stock

$

1.00

$

1.50

Basic and diluted earnings per share of Voting Common Stock

$

5.54

$

7.08











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

$

922,998

$

1,123,286

Voting Common Stock dividends declared


(19,608)


(29,412)

Non-Voting Common Stock dividends declared


(14,117)


-

Undistributed earnings available to common stockholders

$

889,273

$

1,093,874

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

$

800,346

$

984,487






Undistributed earnings per share of Non-Voting Common Stock

$

4.54

$

5.58

Dividends declared per share of Non-Voting Common Stock

$

0.08

$

-

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

$

4.62

$

5.58

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"). As of March 31, 2023, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during fiscal 2023. The tables below show adjusted PPE as of March 31, 2023 and March 31, 2022, 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,







2023


2022



March 31,


ROU
Assets


Property, Plant
and Equipment


Property,
Plant and
Equipment



2023


Financing


Adjusted


Adjusted



(Unaudited)



(In thousands)










Property, plant and equipment, at cost









Land

$

1,537,206

$

-

$

1,537,206

$

1,283,142

Buildings and improvements


7,088,810


-


7,088,810


5,974,639

Furniture and equipment


928,241


9,687


937,928


860,863

Rental trailers and other rental equipment


827,696


152,294


979,990


785,193

Rental trucks


5,278,340


949,838


6,228,178


5,753,062

Right-of-use assets, gross


15,660,293


1,111,819


16,772,112


14,656,899

Less: Accumulated depreciation


(4,310,205)


(637,054)


(4,947,259)


(4,410,225)

Total property, plant and equipment, net

$

11,350,088

$

474,765

$

11,824,853

$

10,246,674







March 31,







2022



March 31,


ROU Assets


Property, Plant
and Equipment



2022


Financing


Adjusted



(Unaudited)



(In thousands)

Property, plant and equipment, at cost







Land

$

1,283,142

$

-

$

1,283,142

Buildings and improvements


5,974,639


-


5,974,639

Furniture and equipment


846,132


14,731


860,863

Rental trailers and other rental equipment


615,679


169,514


785,193

Rental trucks


4,638,814


1,114,248


5,753,062

Right-of-use assets, gross


13,358,406


1,298,493


14,656,899

Less: Accumulated depreciation


(3,732,556)


(677,669)


(4,410,225)

Total property, plant and equipment, net

$

9,625,850

$

620,824

$

10,246,674

Non-GAAP Financial Measures

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

Moving and Storage EBITDA

(In thousands, unaudited)

TTM



March 31,


December 31,


September 30,


June 30,


March 31,



2023


2022


2022


2022


2022

Earnings from operations *

$

1,396,122

$

1,435,667

$

1,534,803

$

1,575,848

$

1,577,226












Depreciation


733,879


721,950


712,896


703,059


696,955

Net gains on disposals


(247,084)


(255,419)


(256,495)


(228,228)


(214,203)

Net (gains) losses on disposal of real estate


5,596


3,848


3,966


2,617


(4,120)

Depreciation, net of (gains) losses on disposals


492,391


470,379


460,367


477,448


478,632












EBITDA

$

1,888,513

$

1,906,046

$

1,995,170

$

2,053,296

$

2,055,858












* before insurance subsidiaries











Cision View original content:https://www.prnewswire.com/news-releases/u-haul-holding-company-reports-fiscal-2023-financial-results-301837809.html

SOURCE U-Haul Holding Company



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