U-Haul Holding Co /NV/ [UHAL] Filings

10-Q 1 uhal-20240930.htm 10-Q 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the quarterly period ended September 30, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the transition period from __________________ to __________________

Commission File Number 001-11255


State or other jurisdiction of incorporation or organization	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification No.

Nevada		88-0106815

	U-Haul Holding Company (A Nevada Corporation)
	5555 Kietzke Lane Ste 100 Reno, Nevada 89511 Telephone (775) 688-6300 N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered

Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of November 7, 2024.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of November 7, 2024.

TABLE OF CONTENTS


		Page

	PART I FINANCIAL INFORMATION

Item 1.	Financial Statements

	a) Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 (unaudited)	1

	b) Consolidated Statements of Operations for the Quarters Ended September 30, 2024 and 2023 (unaudited)	2

	c) Consolidated Statements of Operations for the Six Months ended September 30, 2024 and 2023 (unaudited)	3

	d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2024 and 2023 (unaudited)	4

	e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2024 and 2023 (unaudited)	5

	f) Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended September 30, 2024 and 2023 (unaudited)	6

	g) Consolidated Statements of Cash Flows for the Six months ended September 30, 2024 and 2023 (unaudited)	7

	h) Notes to Consolidated Financial Statements (unaudited)	8

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	70

Item 4.	Controls and Procedures	73

	PART II OTHER INFORMATION

Item 1.	Legal Proceedings	73

Item 1A.	Risk Factors	73

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73

Item 3.	Defaults Upon Senior Securities	73

Item 4.	Mine Safety Disclosures	73

Item 5.	Other Information	73

Item 6.	Exhibits	74

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets


	September 30,			March 31,
	2024			2024
	(Unaudited)
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	1,435,639		$	1,534,544
Trade receivables and reinsurance recoverables, net		217,556			215,908
Inventories and parts		157,592			150,940
Prepaid expenses		279,539			246,082
Fixed maturity securities available-for-sale (net of allowance for credit loss of $2,814 and $1,052, respectively) at fair value and amortized cost ($2,682,830 and $2,660,093, respectively)		2,437,923			2,442,504
Equity securities, at fair value		63,295			66,274
Investments, other		643,893			633,936
Deferred policy acquisition costs, net		121,329			121,224
Other assets		130,071			111,743
Right of use assets - financing, net		208,804			289,305
Right of use assets - operating, net		51,308			53,712
Related party assets		54,288			57,934
		5,801,237			5,924,106
Property, plant and equipment, at cost:
Land		1,739,422			1,670,033
Buildings and improvements		8,915,534			8,237,354
Furniture and equipment		1,022,945			1,003,770
Rental trailers and other rental equipment		989,672			936,303
Rental trucks		7,123,968			6,338,324
		19,791,541			18,185,784
Less: Accumulated depreciation		(5,466,227	)		(5,051,132	)
Total property, plant and equipment, net		14,325,314			13,134,652
Total assets	$	20,126,551		$	19,058,758
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	896,811		$	783,084
Notes, loans and finance leases payable, net		6,760,781			6,271,362
Operating lease liabilities		52,471			55,032
Policy benefits and losses, claims and loss expenses payable		833,632			849,113
Liabilities from investment contracts		2,497,031			2,411,352
Other policyholders' funds and liabilities		8,045			18,070
Deferred income		54,026			51,175
Deferred income taxes, net		1,504,356			1,447,125
Total liabilities		12,607,153			11,886,313

Commitments and contingencies (notes 5 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: Series A preferred stock, with no par value, 6,100,000 shares authorized; 6,100,000 shares issued and none outstanding		—			—
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding		—			—
Serial common stock, with or without par value, 250,000,000 shares authorized: Serial common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding		—			—
Common stock, with $0.25 par value, 250,000,000 shares authorized: Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding		10,497			10,497
Series N Non-Voting Common Stock with $0.001 par value, 250,000,000 shares authorized Series N Non-Voting Common Stock, with $0.001 par value, 250,000,000 shares authorized; 176,470,092 shares issued and outstanding		176			176
Additional paid-in capital		462,548			462,548
Accumulated other comprehensive loss		(240,831	)		(223,216	)
Retained earnings		7,964,658			7,600,090
Cost of common stock in treasury, net (22,377,912 shares)		(525,653	)		(525,653	)
Cost of preferred stock in treasury, net (6,100,000 shares)		(151,997	)		(151,997	)
Total stockholders' equity		7,519,398			7,172,445
Total liabilities and stockholders' equity	$	20,126,551		$	19,058,758

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


	Quarter ended September 30,
	2024			2023
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	1,087,348		$	1,069,405
Self-storage revenues		224,519			208,890
Self-moving and self-storage products and service sales		87,763			91,571
Property management fees		9,586			9,267
Life insurance premiums		20,488			22,498
Property and casualty insurance premiums		25,767			25,571
Net investment and interest income		37,794			64,738
Other revenue		164,843			157,920
Total revenues		1,658,108			1,649,860

Costs and expenses:
Operating expenses		891,073			835,258
Commission expenses		119,008			111,961
Cost of product sales		62,250			66,620
Benefits and losses		44,392			42,553
Amortization of deferred policy acquisition costs		4,439			6,826
Lease expense		4,729			8,450
Depreciation, net of gains on disposals of ($17,555 and $46,803, respectively)		227,270			154,122
Net losses on disposal of real estate		2,991			1,715
Total costs and expenses		1,356,152			1,227,505

Earnings from operations		301,956			422,355
Other components of net periodic benefit costs		(372	)		(364	)
Other interest income		16,131			—
Interest expense		(71,498	)		(63,943	)
Pretax earnings		246,217			358,048
Income tax expense		(59,419	)		(84,540	)
Net earnings available to common stockholders	$	186,798		$	273,508
Basic and diluted earnings per share of Common Stock	$	0.91		$	1.36
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	$	0.96		$	1.40
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the second quarters ended September 30, 2024 and 2023, net of eliminations, were $9.6 million and $9.3 million, respectively.

Related party costs and expenses for the second quarters ended September 30, 2024 and 2023, net of eliminations, were $32.9 million and $25.6 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


	Six months ended September 30,
	2024			2023
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	2,101,680		$	2,068,611
Self-storage revenues		440,256			407,851
Self-moving and self-storage products and service sales		184,354			192,443
Property management fees		19,081			18,444
Life insurance premiums		41,228			45,629
Property and casualty insurance premiums		46,996			45,893
Net investment and interest income		74,919			129,330
Other revenue		298,084			281,967
Total revenues		3,206,598			3,190,168

Costs and expenses:
Operating expenses		1,680,830			1,598,499
Commission expenses		231,579			218,888
Cost of product sales		128,264			137,295
Benefits and losses		88,398			87,897
Amortization of deferred policy acquisition costs		9,085			14,871
Lease expense		10,334			16,033
Depreciation, net of gains on disposal ($25,323 and $102,464, respectively)		443,815			291,936
Net losses on disposal of real estate		6,095			2,736
Total costs and expenses		2,598,400			2,368,155

Earnings from operations		608,198			822,013
Other components of net periodic benefit costs		(744	)		(729	)
Other interest income		34,366			—
Interest expense		(138,716	)		(124,541	)
Fees on early extinguishment of debt and costs of defeasance		(495	)		—
Pretax earnings		502,609			696,743
Income tax expense		(120,394	)		(166,397	)
Net earnings available to common stockholders	$	382,215		$	530,346
Basic and diluted earnings per common share	$	1.86		$	2.63
Weighted average common shares outstanding: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	1.96		$	2.71
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the first six months ended September 30, 2024 and 2023, net of eliminations, were $19.1 million and $18.4 million, respectively.

Related party costs and expenses for the first six months ended September 30, 2024 and 2023, net of eliminations, were $63.4 million and $49.3 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)


Quarter ended September 30, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	246,217		$	(59,419	)	$	186,798
Other comprehensive income (loss):
Foreign currency translation		421			—			421
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)		(4,014	)		(18	)		(4,032	)
Change in fair value of cash flow hedges		2,312			(616	)		1,696
Amounts reclassified into earnings on hedging activities		(9,479	)		2,376			(7,103	)
Total other comprehensive income (loss)		(10,760	)		1,742			(9,018	)

Total comprehensive income (loss)	$	235,457		$	(57,677	)	$	177,780

Quarter ended September 30, 2023	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	358,048		$	(84,540	)	$	273,508
Other comprehensive income (loss):
Foreign currency translation		(2,849	)		—			(2,849	)
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)		(16,867	)		3,570			(13,297	)
Change in fair value of cash flow hedges		4,418			(1,085	)		3,333
Amounts reclassified into earnings on hedging activities		(1,345	)		330			(1,015	)
Total other comprehensive income (loss)		(16,643	)		2,815			(13,828	)

Total comprehensive income (loss)	$	341,405		$	(81,725	)	$	259,680


Six months ended September 30, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	502,609		$	(120,394	)	$	382,215
Other comprehensive income (loss):
Foreign currency translation		217			—			217
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)		(11,479	)		2,034			(9,445	)
Change in fair value of cash flow hedges		(214	)		5			(209	)
Amounts reclassified into earnings on hedging activities		(10,904	)		2,726			(8,178	)
Total other comprehensive income (loss)		(22,380	)		4,765			(17,615	)

Total comprehensive income (loss)	$	480,229		$	(115,629	)	$	364,600

Six months ended September 30, 2023	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	696,743		$	(166,397	)	$	530,346
Other comprehensive income (loss):
Foreign currency translation		(2,380	)		—			(2,380	)
Unrealized net gain on investments and future policy benefits discount rate remeasurement gains (losses)		8,676			(1,629	)		7,047
Change in fair value of cash flow hedges		9,511			(2,336	)		7,175
Amounts reclassified into earnings on hedging activities		(2,495	)		612			(1,883	)
Total other comprehensive income (loss)		13,312			(3,353	)		9,959

Total comprehensive income (loss)	$	710,055		$	(169,750	)	$	540,305

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity


		Common Stock		Series N Non-Voting Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of June 30, 2024		$	10,497	$	176	$	462,548	$	(231,813	)	$	7,786,683		$	(525,653	)	$	(151,997	)	$	7,350,441
Foreign currency translation			—		—		—		421			—			—			—			421
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		(4,032	)		—			—			—			(4,032	)
Change in fair value of cash flow hedges, net of tax			—		—		—		1,696			—			—			—			1,696
Amounts reclassified into earnings on hedging activities			—		—		—		(7,103	)		—			—			—			(7,103	)
Net earnings			—		—		—		—			186,798			—			—			186,798
Series N Non-Voting Common Stock dividends: ($0.05 per share)			—		—		—		—			(8,823	)		—			—			(8,823	)
Net activity			—		—		—		(9,018	)		177,975			—			—			168,957
Balance as of September 30, 2024		$	10,497	$	176	$	462,548	$	(240,831	)	$	7,964,658		$	(525,653	)		(151,997	)	$	7,519,398

Balance as of June 30, 2023		$	10,497	$	176	$	453,643	$	(261,836	)	$	7,252,927		$	(525,653	)	$	(151,997	)	$	6,777,757
Foreign currency translation			—		—		—		(2,849	)		—			—			—			(2,849	)
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		(13,297	)		—			—			—			(13,297	)
Change in fair value of cash flow hedges, net of tax			—

U-Haul Holding Co /NV/ [UHAL] Filings
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10-K	[2019-05-29]
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10-Q	[2018-11-07]
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10-K	[2018-05-30]
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10-Q	[2017-08-09]
10-K	[2017-05-24]
10-Q	[2017-02-08]
10-Q	[2016-11-09]
10-Q	[2016-08-03]
10-K	[2016-05-25]
10-Q	[2016-02-03]
10-Q	[2015-11-04]
10-Q	[2015-08-05]
10-K	[2015-05-27]
10-Q	[2015-02-04]
10-Q	[2014-11-05]
10-Q	[2014-08-06]
10-K	[2014-05-28]
10-Q	[2014-02-05]
10-Q	[2013-11-06]
10-Q	[2013-08-07]
10-K	[2013-06-05]
10-Q	[2013-02-06]
10-Q	[2012-11-07]
10-Q	[2012-08-08]
10-K	[2012-06-06]
10-Q	[2012-02-08]

U-Haul Holding Co /NV/ [UHAL] Filings

U-Haul Holding Co /NV/ [UHAL-B] Filings