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

U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for its third quarter ended December 31, 2023, of $99.2 million compared with net earnings of $198.9 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.51 for the third quarter of fiscal 2024 compared to $1.02 for the same period in fiscal 2023.

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

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

Highlights of Third Quarter Fiscal 2024 Results

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

U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2024 on Thursday, February 8, 2024, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers nearly 977,000 rentable storage units and 84.3 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended December 31, 2023, which is on file with the SEC.

Report on Business Operations

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

Quarter Ended December 31,

2023

2022

 

 

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

$

839,801

$

898,819

Self-storage revenues

210,517

190,483

Self-moving and self-storage product and service sales

70,344

74,851

Property management fees

10,138

10,080

Life insurance premiums

22,574

24,399

Property and casualty insurance premiums

26,490

26,852

Net investment and interest income

57,457

52,294

Other revenue

102,193

97,558

Consolidated revenue

$

1,339,514

$

1,375,336

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

Quarter Ended December 31,

2023

2022

 

 

(Unaudited)

(In thousands)

Moving and storage

Revenues

$

1,260,677

 

$

1,296,407

 

Earnings from operations before equity in earnings of subsidiaries

180,467

 

304,717

 

Property and casualty insurance

Revenues

29,303

 

28,466

 

Earnings from operations

9,421

 

10,846

 

Life insurance

Revenues

52,715

 

52,962

 

Earnings from operations

8,075

 

4,821

 

Eliminations

Revenues

(3,181

)

(2,499

)

Earnings from operations before equity in earnings of subsidiaries

(375

)

(373

)

Consolidated Results

Revenues

1,339,514

 

1,375,336

 

Earnings from operations

197,588

 

320,011

 

Debt Metrics

Debt Metrics

 

 

 

 

 

 

 

 

 

(in thousands)(unaudited)

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

2023

 

2023

 

2023

 

2023

 

2022

Real estate secured debt

$

2,716,180

 

$

2,771,027

 

$

2,744,416

 

$

2,660,878

 

$

2,682,036

 

Unsecured debt

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

 

1,200,000

 

Fleet secured debt

 

2,482,356

 

 

2,392,021

 

 

2,305,116

 

 

2,205,824

 

 

2,277,387

 

Other secured debt

 

72,869

 

 

73,752

 

 

74,250

 

 

76,648

 

 

77,399

 

Total debt

 

6,471,405

 

 

6,436,800

 

 

6,323,782

 

 

6,143,350

 

 

6,236,822

 

 

Moving and Storage cash

$

1,736,295

 

$

2,068,790

 

$

2,302,380

 

$

2,034,242

 

$

2,429,943

 

Moving and Storage assets

 

16,193,912

 

 

16,156,182

 

 

15,742,770

 

 

15,211,493

 

 

15,234,112

 

Moving and Storage EBITDA (TTM)

 

 

1,676,984

 

 

1,739,727

 

 

1,816,319

 

 

1,888,513

 

 

1,906,046

 

 

Net debt to EBITDA

 

2.8

 

 

2.5

 

 

2.2

 

 

2.2

 

 

2.0

 

Net debt to total assets

 

29.2

%

 

27.0

%

 

25.5

%

 

27.0

%

 

25.0

%

 

Percent of debt floating

 

6.9

%

 

6.3

%

 

7.7

%

 

8.4

%

 

8.3

%

Percent of debt fixed

 

93.1

%

 

93.7

%

 

92.3

%

 

91.6

%

 

91.7

%

Percent of debt unsecured

 

18.5

%

 

18.6

%

 

19.0

%

 

19.5

%

 

19.2

%

 

Unencumbered asset ratio*

4.00x

3.74x

3.55x

3.44x

3.35x

 

* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

 

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

Quarter Ended December 31,

2023

2022

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

$

143,757

 

$

131,144

 

Depreciation expense - non rental equipment

 

24,820

 

21,291

 

Depreciation expense - real estate

 

41,260

 

31,935

 

Total depreciation expense

$

209,837

 

$

184,370

 

 

 

Gains on disposals of rental equipment

 

(36,441

)

$

(70,641

)

Loss on disposals of non-rental equipment

 

252

 

 

137

 

Total gains on disposals equipment

$

(36,189

)

$

(70,504

)

 

Depreciation, net of gains on disposals

$

173,648

 

$

113,866

 

 

Losses on disposals of real estate

$

2,584

 

$

859

 

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

Quarter Ended December 31,

2023

2022

 

 

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of December 31

701

 

659

 

Square footage as of December 31

59,433

 

55,004

 

Average monthly number of units occupied

571

 

540

 

Average monthly occupancy rate based on unit count

81.8

%

82.9

%

End of December occupancy rate based on unit count

 

81.0

%

 

81.9

%

Average monthly square footage occupied

49,515

 

46,651

 

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

Nine Months Ended December 31,

2023

2022

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

$

2,908,412

$

3,151,619

Self-storage revenues

 

618,368

 

549,246

Self-moving and self-storage product and service sales

 

262,787

 

281,066

Property management fees

 

28,582

 

28,496

Life insurance premiums

 

68,203

 

75,636

Property and casualty insurance premiums

 

72,383

 

72,542

Net investment and interest income

 

186,787

 

116,376

Other revenue

 

384,160

 

401,059

Consolidated revenue

$

4,529,682

$

4,676,040

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

Nine Months Ended December 31,

2023

2022

(Unaudited)

(In thousands)

Moving and storage

Revenues

$

4,285,768

 

$

4,456,863

 

Earnings from operations before equity in earnings of subsidiaries

 

968,862

 

 

1,301,277

 

Property and casualty insurance

Revenues

 

88,994

 

 

74,911

 

Earnings from operations

 

36,822

 

 

24,883

 

Life insurance

Revenues

 

163,918

 

 

152,761

 

Earnings from operations

 

15,039

 

 

10,440

 

Eliminations

Revenues

 

(8,998

)

 

(8,495

)

Earnings from operations before equity in earnings of subsidiaries

 

(1,122

)

 

(1,141

)

Consolidated Results

Revenues

 

4,529,682

 

 

4,676,040

 

Earnings from operations

 

1,019,601

 

 

1,335,459

 

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

Nine Months Ended December 31,

2023

2022

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

$

419,290

 

$

386,885

 

Depreciation expense - non rental equipment

70,514

 

64,458

 

Depreciation expense - real estate

114,433

 

92,832

 

Total depreciation expense

$

604,237

 

$

544,175

 

 

Gains on disposals of rental equipment

$

(139,176

)

$

(198,954

)

(Gain) loss on disposals of non-rental equipment

523

 

(241

)

Total gains on disposals equipment

$

(138,653

)

$

(199,195

)

 

Depreciation, net of gains on disposals

$

465,584

 

$

344,980

 

 

Losses on disposals of real estate

$

5,320

 

$

5,038

 

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

Nine Months Ended December 31,

2023

2022

 

 

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of December 31

701

 

659

 

Square footage as of December 31

59,433

 

55,004

 

Average monthly number of units occupied

571

 

533

 

Average monthly occupancy rate based on unit count

82.9

%

84.2

%

End of December occupancy rate based on unit count

 

81.0

%

 

81.9

%

Average monthly square footage occupied

49,358

 

46,012

 

Self-Storage Portfolio Summary

As of December 31, 2023

(unaudited)

U-Haul Owned Store Data by State

 

 

 

 

 

 

Annual

State/

Units

Rentable

Revenue

Occupancy

Province

Stores

Occupied

Square Feet

Per Foot

During Qtr

Texas

91

35,648

4,179,501

$14.53

78.0%

California

87

31,953

3,012,762

$20.79

81.6%

Florida

81

32,889

3,305,898

$18.06

87.0%

Illinois

80

35,047

3,585,089

$15.43

82.9%

Pennsylvania

68

26,663

2,788,067

$17.23

75.5%

New York

65

26,208

2,450,992

$22.84

80.0%

Ohio

58

24,057

2,479,812

$14.69

82.3%

Michigan

57

19,479

2,017,664

$15.42

85.1%

Georgia

48

21,693

2,246,139

$16.04

87.5%

Arizona

45

23,936

2,673,957

$15.62

82.1%

Wisconsin

42

16,122

1,906,407

$12.98

78.9%

Washington

36

12,594

1,357,690

$16.77

77.2%

North Carolina

35

16,158

1,689,838

$15.10

82.4%

Tennessee

34

14,531

1,382,089

$14.46

90.2%

New Jersey

33

15,318

1,361,354

$20.41

88.5%

Ontario

32

10,497

1,105,741

$22.58

73.7%

Missouri

32

11,289

1,264,658

$14.87

79.2%

Massachusetts

30

10,803

993,224

$20.12

83.8%

Indiana

30

9,585

1,033,859

$13.86

80.0%

Alabama

26

6,669

791,270

$13.87

75.8%

 

Top 20 Totals

1,010

401,139

41,626,012

$16.74

81.7%

 

All Others

444

167,666

17,883,566

$15.92

82.0%

 

3Q 2024 Totals

1,454

568,805

59,509,578

$16.50

81.8%

 

Same Store 3Q24

854

282,793

26,739,006

$16.64

92.9%

Same Store 3Q23

781

245,589

23,008,321

$15.64

95.0%

Same Store 3Q22

656

192,997

18,180,683

$14.63

96.0%

 

Non-Same Store 3Q24

600

286,012

32,770,572

$16.34

73.1%

Non-Same Store 3Q23

626

294,388

32,071,894

$15.63

74.8%

Non-Same Store 3Q22

684

291,980

30,731,001

$14.29

77.0%

 

Note: Store Count, Units and NRSF reflect active storage locations for the last month of the reporting quarter.

Occupancy % reflects average occupancy during the reporting quarter.

Revenue per foot is the average revenue per occupied foot over the trailing twelve months ending December 2023.

 

'Same Store' includes storage locations with rentable storage inventory for more than three years

and a capacity change of less than twenty units for any year-over-year period of the reporting month (December 2023).

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

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

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

December 31,

March 31,

2023

2023

(Unaudited)

(In thousands)

ASSETS

Cash and cash equivalents

$

1,805,976

 

$

2,060,524

 

Trade receivables and reinsurance recoverables, net

195,930

 

189,498

 

Inventories and parts, net

155,161

 

151,474

 

Prepaid expenses

240,525

 

241,711

 

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

2,474,624

 

2,709,037

 

Equity securities, at estimated fair value

 

59,675

 

 

61,357

 

Investments, other

660,253

 

575,540

 

Deferred policy acquisition costs, net

120,834

 

128,463

 

Other assets

52,807

 

51,052

 

Right of use assets – financing, net

 

326,244

 

 

474,765

 

Right of use assets – operating, net

 

65,361

 

 

58,917

 

Related party assets

48,766

 

48,308

 

6,206,156

 

6,750,646

 

Property, plant and equipment, at cost:

Land

1,649,346

 

1,537,206

 

Buildings and improvements

7,943,232

 

7,088,810

 

Furniture and equipment

983,683

 

928,241

 

Rental trailers and other rental equipment

927,038

 

827,696

 

Rental trucks

6,183,293

 

5,278,340

 

17,686,592

 

15,660,293

 

Less: Accumulated depreciation

(4,890,172

)

(4,310,205

)

Total property, plant and equipment, net

12,796,420

 

11,350,088

 

Total assets

$

19,002,576

 

$

18,100,734

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Accounts payable and accrued expenses

$

729,344

 

$

761,039

 

Notes, loans and finance leases payable, net

6,437,309

 

6,108,042

 

Operating lease liabilities

 

64,542

 

 

58,373

 

Policy benefits and losses, claims and loss expenses payable

838,945

 

880,202

 

Liabilities from investment contracts

2,363,143

 

2,398,884

 

Other policyholders' funds and liabilities

8,012

 

8,232

 

Deferred income

45,711

 

52,282

 

Deferred income taxes, net

1,427,769

 

1,329,489

 

Total liabilities

11,914,775

 

11,596,543

 

 

Common stock

10,497

 

10,497

 

Non-voting common stock

 

176

 

 

176

 

Additional paid-in capital

453,643

 

453,643

 

Accumulated other comprehensive loss

(308,642

)

(285,623

)

Retained earnings

7,609,777

 

7,003,148

 

Cost of common stock in treasury, net

(525,653

)

(525,653

)

Cost of preferred stock in treasury, net

(151,997

)

(151,997

)

Total stockholders' equity

7,087,801

 

6,504,191

 

Total liabilities and stockholders' equity

$

19,002,576

 

$

18,100,734

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

Quarter Ended December 31,

2023

 

2022

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

$

839,801

 

$

898,819

 

Self-storage revenues

210,517

 

190,483

 

Self-moving and self-storage products and service sales

70,344

 

74,851

 

Property management fees

10,138

 

10,080

 

Life insurance premiums

22,574

 

24,399

 

Property and casualty insurance premiums

26,490

 

26,852

 

Net investment and interest income

57,457

 

52,294

 

Other revenue

102,193

 

97,558

 

Total revenues

1,339,514

 

1,375,336

 

 

Costs and expenses:

Operating expenses

770,405

 

733,469

 

Commission expenses

87,955

 

95,980

 

Cost of sales

51,536

 

54,616

 

Benefits and losses

42,495

 

41,764

 

Amortization of deferred policy acquisition costs

4,155

 

6,979

 

Lease expense

9,148

 

7,792

 

Depreciation, net of gains on disposals

173,648

 

113,866

 

Net losses on disposal of real estate

2,584

 

859

 

Total costs and expenses

1,141,926

 

1,055,325

 

 

Earnings from operations

197,588

 

320,011

 

Other components of net periodic benefit costs

(365

)

(304

)

Interest expense

(67,450

)

(59,041

)

Fees on early extinguishment of debt

 

 

 

(50

)

Pretax earnings

129,773

 

260,616

 

Income tax expense

(30,549

)

(61,764

)

Earnings available to common stockholders

$

99,224

 

$

198,852

 

Basic and diluted earnings per share of Common Stock

$

0.46

 

$

0.98

 

Weighted average shares outstanding of Common Stock: Basic and diluted

 

19,607,788

 

 

19,607,788

 

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

$

0.51

 

$

1.02

 

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

 

176,470,092

 

 

176,470,092

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

Nine Months Ended December 31,

2023

2022

 

 

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

$

2,908,412

 

$

3,151,619

 

Self-storage revenues

618,368

 

549,246

 

Self-moving and self-storage products and service sales

262,787

 

281,066

 

Property management fees

28,582

 

28,496

 

Life insurance premiums

68,203

 

75,636

 

Property and casualty insurance premiums

72,383

 

72,542

 

Net investment and interest income

186,787

 

116,376

 

Other revenue

384,160

 

401,059

 

Total revenues

4,529,682

 

4,676,040

 

 

Costs and expenses:

Operating expenses

2,368,904

 

 

2,278,230

 

Commission expenses

306,843

 

 

339,814

 

Cost of sales

188,831

 

 

206,912

 

Benefits and losses

130,392

 

 

121,033

 

Amortization of deferred policy acquisition costs

19,026

 

 

21,623

 

Lease expense

25,181

 

 

22,951

 

Depreciation, net of gains on disposals

465,584

 

 

344,980

 

Net losses on disposal of real estate

5,320

 

 

5,038

 

Total costs and expenses

3,510,081

 

 

3,340,581

 

 

Earnings from operations

1,019,601

 

 

1,335,459

 

Other components of net periodic benefit costs

(1,094

)

 

(912

)

Interest expense

(191,991

)

 

(166,033

)

Fees on early extinguishment of debt

 

 

 

(1,009

)

Pretax earnings

826,516

 

 

1,167,505

 

Income tax expense

(196,946

)

 

(280,442

)

Earnings available to common stockholders

$

629,570

 

$

887,063

 

Basic and diluted earnings per share of Common Stock

$

3.09

 

$

5.39

 

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

 

19,607,788

 

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

$

3.22

 

$

4.43

 

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

 

176,470,092

 

 

176,470,092

 

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters and nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

For the Quarter Ended

 

 

December 31,

 

 

2023

2022

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

19,607,788

 

 

19,607,788

 

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

 

196,077,880

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

10

%

 

10

%

 

 

 

 

 

Net earnings available to common stockholders

$

99,224

 

$

198,852

 

Voting Common Stock dividends declared

 

 

 

 

Non-Voting Common Stock dividends declared

 

(8,823

)

 

(7,059

)

Undistributed earnings available to common stockholders

$

90,401

 

$

191,793

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

9,040

 

$

19,179

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

0.46

 

$

0.98

 

Dividends declared per share of Voting Common Stock

$

 

$

 

Basic and diluted earnings per share of Voting Common Stock

$

0.46

 

$

0.98

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

176,470,092

 

 

176,470,092

 

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

 

196,077,880

 

 

196,077,880

 

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

 

90

%

 

90

%

 

 

 

 

 

Net earnings available to common stockholders

$

99,224

 

$

198,852

 

Voting Common Stock dividends declared

 

 

 

 

Non-Voting Common Stock dividends declared

 

(8,823

)

 

(7,059

)

Undistributed earnings available to common stockholders

$

90,401

 

$

191,793

 

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

$

81,361

 

$

172,614

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

0.46

 

$

0.98

 

Dividends declared per share of Non-Voting Common Stock

$

0.05

 

$

0.04

 

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

$

0.51

 

$

1.02

 

 

For the Nine Months Ended

 

 

December 31,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

19,607,788

 

 

19,607,788

 

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

 

196,077,880

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

10

%

 

10

%

 

 

 

 

 

Net earnings available to common stockholders

$

629,570

 

$

887,063

 

Voting Common Stock dividends declared

 

 

 

(19,608

)

Non-Voting Common Stock dividends declared

 

(22,941

)

 

(7,059

)

Undistributed earnings available to common stockholders

$

606,629

 

$

860,396

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

60,663

 

$

86,040

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

3.09

 

$

4.39

 

Dividends declared per share of Voting Common Stock

$

 

$

1.00

 

Basic and diluted earnings per share of Voting Common Stock

$

3.09

 

$

5.39

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

176,470,092

 

 

176,470,092

 

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

 

196,077,880

 

 

196,077,880

 

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

 

90

%

 

90

%

 

 

 

 

 

Net earnings available to common stockholders

$

629,570

 

$

887,063

 

Voting Common Stock dividends declared

 

 

 

(19,608

)

Non-Voting Common Stock dividends declared

 

(22,941

)

 

(7,059

)

Undistributed earnings available to common stockholders

$

606,629

 

$

860,396

 

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

$

545,966

 

$

774,356

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

3.09

 

$

4.39

 

Dividends declared per share of Non-Voting Common Stock

$

0.13

 

$

0.04

 

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

$

3.22

 

$

4.43

 

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of December 31, 2023 and March 31, 2023, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

December 31,

March 31,

 

2023

2023

 

December 31,

ROU Assets

Property, Plant and Equipment

Property, Plant and Equipment

 

2023

Financing

Adjusted

Adjusted

 

(Unaudited)

 

 

(In thousands)

 

Property, plant and equipment, at cost

 

Land

$

1,649,346

 

$

-

 

$

1,649,346

 

$

1,537,206

 

 

Buildings and improvements

7,943,232

 

-

 

7,943,232

 

7,088,810

 

 

Furniture and equipment

983,683

 

1,693

 

985,376

 

937,928

 

 

Rental trailers and other rental equipment

927,038

 

114,884

 

1,041,922

 

979,990

 

 

Rental trucks

6,183,293

 

692,955

 

6,876,248

 

6,228,178

 

 

Subtotal

17,686,592

 

809,532

 

18,496,124

 

16,772,112

 

 

Less: Accumulated depreciation

(4,890,172

)

(483,288

)

(5,373,460

)

(4,947,259

)

 

Total property, plant and equipment, net

$

12,796,420

 

$

326,244

 

$

13,122,664

 

$

11,824,853

 

 

March 31,

2023

March 31,

ROU Assets

Property, Plant and Equipment

2023

Financing

Adjusted

(Unaudited)

(In thousands)

Property, plant and equipment, at cost

Land

$

1,537,206

 

$

-

 

$

1,537,206

 

Buildings and improvements

7,088,810

 

-

 

7,088,810

 

Furniture and equipment

928,241

 

9,687

 

937,928

 

Rental trailers and other rental equipment

827,696

 

152,294

 

979,990

 

Rental trucks

5,278,340

 

949,838

 

6,228,178

 

Right-of-use assets, gross

15,660,293

 

1,111,819

 

16,772,112

 

Less: Accumulated depreciation

(4,310,205

)

(637,054

)

(4,947,259

)

Total property, plant and equipment, net

$

11,350,088

 

$

474,765

 

$

11,824,853

 

Non-GAAP Financial Measures

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

Moving and Storage EBITDA

(In thousands, unaudited)

TTM

December 31,

September 30,

June 30,

March 31,

December 31,

2023

2023

2023

2023

2022

Earnings from operations *

$

1,063,707

 

$

1,187,957

 

$

1,301,196

 

$

1,396,122

 

$

1,435,667

 

 

Depreciation

793,940

 

768,475

 

749,210

 

733,879

 

721,950

 

Net gains on disposals

(186,541

)

(220,858

)

(238,397

)

(247,084

)

(255,419

)

Net losses on disposal of real estate

5,878

 

4,153

 

4,310

 

5,596

 

3,848

 

Depreciation, net of (gains) losses on disposals

613,277

 

551,770

 

515,123

 

492,391

 

470,379

 

 

EBITDA

$

1,676,984

 

$

1,739,727

 

$

1,816,319

 

$

1,888,513

 

$

1,906,046

 

 

* before insurance subsidiaries

 

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