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

RENO, Nev.–()–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
 
2024
 
2024
 
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
 
 
1,700,000
 
 
1,200,000
 
 
1,200,000
 
 
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
%
 
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
 
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,
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
96
38,335
4,511,005
$
14.68
77.8
%
California
88
34,060
3,242,143
$
21.17
80.4
%
Florida
86
35,151
3,804,625
$
18.41
79.7
%
Illinois
82
36,952
3,992,316
$
15.88
79.3
%
Pennsylvania
71
27,664
3,033,544
$
17.67
71.6
%
New York
66
27,413
2,627,413
$
23.28
78.3
%
Ohio
63
25,544
2,889,088
$
14.94
77.5
%
Michigan
58
20,072
2,155,979
$
15.63
81.9
%
Georgia
51
22,161
2,463,915
$
16.28
84.6
%
Arizona
45
25,275
2,814,643
$
15.33
81.1
%
Wisconsin
44
16,567
2,007,208
$
13.59
72.9
%
North Carolina
39
17,040
1,959,192
$
15.27
75.5
%
Tennessee
37
15,080
1,552,061
$
14.85
86.4
%
Washington
36
14,161
1,505,865
$
16.61
77.5
%
Missouri
36
13,114
1,724,413
$
14.24
73.0
%
Ontario
33
11,841
1,216,368
$
22.93
76.9
%
New Jersey
33
15,941
1,501,084
$
20.72
83.6
%
Indiana
33
10,410
1,176,027
$
13.67
78.8
%
Minnesota
33
13,315
1,686,176
$
14.54
72.2
%
Massachusetts
31
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 capacitychange 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 physicaloccupancy 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
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
 
 
10,497
 
Non-voting common stock
 
 
176
 
 
 
176
 
Additional paid-in capital
 
462,548
 
 
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
 
 
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
 
 
 
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
 
 
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
 
 
 
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
 
 
 
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
$
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
 
 
 
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
$
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
 
$
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
 
 
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
$
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
 
 
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
$
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
 
2024
December 31,
 
ROU Assets
 
Property, Plant and Equipment
 
Property, Plant and Equipment
2024
 
Financing
 
Adjusted
 
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,822,497
 
$

 
$
1,822,497
 
$
1,670,033
 
Buildings and improvements
 
9,305,846
 
 

 
 
9,305,846
 
 
8,237,354
 
Furniture and equipment
 
1,036,203
 
 
61
 
 
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
 
$

 
$
1,670,033
 
Buildings and improvements
 
8,237,354
 
 

 
 
8,237,354
 
Furniture and equipment
 
1,003,770
 
 
61
 
 
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
 
2024
 
2024
 
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
 
Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com
Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com

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