10-Q 1 uhal-20210930.htm SEPTEMBER 30, 2021 10-Q
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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, 2021

or

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.

 

 

 

 

AMERCOlogo

 

 

 

 

Nevada

AMERCO

88-0106815

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane Suite 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

NASDAQ Global Select Market

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 AMERCO Common Stock, $0.25 par value, were outstanding at October 29, 2021.

 

 


 

 

 

 


 

 

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Condensed Consolidated Balance Sheets as of September 30, 2021 (unaudited) and March 31, 2021

 

1

 

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended September 30, 2021 and 2020 (unaudited)

 

2

 

 

c) Condensed Consolidated Statements of Operations for the Six Months Ended September 30, 2021 and 2020 (unaudited)

 

3

 

 

d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2021 and 2020 (unaudited)

 

4

 

 

e) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2021 and 2020 (unaudited)

 

5

 

 

f) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended September 30, 2021 and 2020 (unaudited)

 

6

 

 

g) Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2021 and 2020 (unaudited)

 

7

 

 

h) Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

Item 2

 

.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

46

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4.

Controls and Procedures

62

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

63

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

64

Item 6.

Exhibits

64

 

 


 

Part i Financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

 

 

September 30,

 

March 31,

 

 

2021

 

2021

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

2,430,233

$

1,194,012

Reinsurance recoverables and trade receivables, net

 

227,935

 

224,426

Inventories and parts, net

 

142,955

 

105,577

Prepaid expenses

 

202,339

 

469,144

Investments, fixed maturities and marketable equities

 

2,845,147

 

2,695,656

Investments, other

 

571,942

 

489,759

Deferred policy acquisition costs, net

 

97,138

 

89,749

Other assets

 

51,626

 

47,730

Right of use assets - financing, net

 

752,990

 

877,038

Right of use assets - operating, net

 

85,237

 

92,505

Related party assets

 

38,773

 

35,395

 

 

7,446,315

 

6,320,991

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,172,648

 

1,075,813

Buildings and improvements

 

5,477,544

 

5,163,705

Furniture and equipment

 

811,337

 

786,505

Rental trailers and other rental equipment

 

536,814

 

477,921

Rental trucks

 

4,278,732

 

3,909,724

 

 

12,277,075

 

11,413,668

Less: Accumulated depreciation

 

(3,386,162)

 

(3,083,053)

Total property, plant and equipment, net

 

8,890,913

 

8,330,615

Total assets

$

16,337,228

$

14,651,606

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

694,284

$

645,575

Notes, loans and finance leases payable, net

 

5,335,278

 

4,668,907

Operating lease liability

 

85,199

 

92,510

Policy benefits and losses, claims and loss expenses payable

 

1,016,505

 

997,701

Liabilities from investment contracts

 

2,276,829

 

2,161,530

Other policyholders' funds and liabilities

 

10,943

 

12,420

Deferred income

 

51,212

 

42,592

Deferred income taxes, net

 

1,312,281

 

1,178,489

Total liabilities

 

10,782,531

 

9,799,724

 

 

 

 

 

Commitments and contingencies (notes 4, 8, 9 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 as of September 30 and March 31, 2021

 

 

Series B preferred stock, with no par value, 100,000 shares authorized; none

 

 

 

 

issued and outstanding as of September 30 and March 31, 2021

 

 

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 as of September 30 and March 31, 2021

 

 

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 as of September 30 and March 31, 2021

 

10,497

 

10,497

Additional paid-in capital

 

453,819

 

453,819

Accumulated other comprehensive income

 

74,207

 

106,857

Retained earnings

 

5,693,824

 

4,958,359

Cost of common stock in treasury, net (22,377,912 shares as of September 30 and March 31, 2021)

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net (6,100,000 shares as of September 30 and March 31, 2021)

 

(151,997)

 

(151,997)

Total stockholders' equity

 

5,554,697

 

4,851,882

Total liabilities and stockholders' equity

$

16,337,228

$

14,651,606

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

1

 


 


AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Quarter Ended September 30,

 

 

2021

 

2020

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

1,179,061

$

931,030

Self-storage revenues

 

153,485

 

115,273

Self-moving and self-storage products and service sales

 

92,191

 

98,628

Property management fees

 

8,747

 

7,840

Life insurance premiums

 

28,913

 

31,057

Property and casualty insurance premiums

 

22,499

 

15,869

Net investment and interest income

 

36,780

 

33,333

Other revenue

 

142,578

 

91,878

Total revenues

 

1,664,254

 

1,324,908

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

696,074

 

574,083

Commission expenses

 

127,896

 

99,365

Cost of sales

 

66,491

 

60,933

Benefits and losses

 

44,630

 

45,452

Amortization of deferred policy acquisition costs

 

6,750

 

5,552

Lease expense

 

7,441

 

6,870

Depreciation, net of gains on disposal of ($36,075 and $28,062, respectively)

 

135,748

 

137,438

Net losses on disposal of real estate

 

523

 

3,425

Total costs and expenses

 

1,085,553

 

933,118

 

 

 

 

 

Earnings from operations

 

578,701

 

391,790

Other components of net periodic benefit costs

 

(280)

 

(246)

Interest expense

 

(39,545)

 

(40,525)

Pretax earnings

 

538,876

 

351,019

Income tax expense

 

(128,978)

 

(84,654)

Earnings available to common stockholders

$

409,898

$

266,365

Basic and diluted earnings per common stock

$

20.90

$

13.58

Weighted average common stock outstanding: Basic and diluted

 

19,607,788

 

19,607,788

 

Related party revenues for the second quarter of fiscal 2022 and 2021, net of eliminations, were $8.7 million and $7.8 million, respectively.

Related party costs and expenses for the second quarter of fiscal 2022 and 2021, net of eliminations, were $27.1 million and $21.2 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

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

2

 


 

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Six Months Ended September 30,

 

 

2021

 

2020

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

2,214,438

$

1,585,315

Self-storage revenues

 

290,878

 

224,228

Self-moving and self-storage products and service sales

 

197,076

 

189,978

Property management fees

 

17,196

 

15,187

Life insurance premiums

 

57,618

 

61,965

Property and casualty insurance premiums

 

39,368

 

29,603

Net investment and interest income

 

71,779

 

50,315

Other revenue

 

248,757

 

155,554

Total revenues

 

3,137,110

 

2,312,145

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

1,310,603

 

1,066,745

Commission expenses

 

241,045

 

168,540

Cost of sales

 

136,406

 

113,764

Benefits and losses

 

91,928

 

85,029

Amortization of deferred policy acquisition costs

 

15,573

 

12,440

Lease expense

 

15,088

 

13,473

Depreciation, net of gains on disposal of ($86,398 and $29,131 respectively)

 

257,465

 

303,109

Net (gains) losses on disposal of real estate

 

(3,907)

 

3,169

Total costs and expenses

 

2,064,201

 

1,766,269

 

 

 

 

 

Earnings from operations

 

1,072,909

 

545,876

Other components of net periodic benefit costs

 

(560)

 

(493)

Interest expense

 

(78,723)

 

(80,046)

Pretax earnings

 

993,626

 

465,337

Income tax expense

 

(238,553)

 

(111,246)

Earnings available to common stockholders

$

755,073

$

354,091

Basic and diluted earnings per common stock

$

38.51

$

18.06

Weighted average common stock outstanding: Basic and diluted

 

19,607,788

 

19,607,788

 

Related party revenues for the first six months of fiscal 2022 and 2021, net of eliminations, were $17.2 million and $15.2 million, respectively.

Related party costs and expenses for the first six months of fiscal 2022 and 2021, net of eliminations, were $50.7 million and $37.2 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

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

3

 


 

AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended September 30, 2021

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

538,876

$

(128,978)

$

409,898

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

992

 

 

992

Unrealized net gain on investments

 

52,525

 

(11,143)

 

41,382

Change in fair value of cash flow hedges

 

(74)

 

18

 

(56)

Amounts reclassified into earnings on hedging activities

 

1,003

 

(246)

 

757

Total other comprehensive income (loss)

 

54,446

 

(11,371)

 

43,075

 

 

 

 

 

 

 

Total comprehensive income

$

593,322

$

(140,349)

$

452,973

 

 

 

 

 

 

 

Quarter Ended September 30, 2020

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

351,019

$

(84,654)

$

266,365

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

290

 

 

290

Unrealized net gain on investments

 

115,186

 

(24,347)

 

90,839

Change in fair value of cash flow hedges

 

46

 

(11)

 

35

Amounts reclassified into earnings on hedging activities

 

961

 

(237)

 

724

Total other comprehensive income (loss)

 

116,483

 

(24,595)

 

91,888

 

 

 

 

 

 

 

Total comprehensive income

$

467,502

$

(109,249)

$

358,253

 

Six Months Ended September 30, 2021

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

993,626

$

(238,553)

$

755,073

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,400)

 

 

(2,400)

Unrealized net loss on investments

 

(39,926)

 

8,281

 

(31,645)

Change in fair value of cash flow hedges

 

(142)

 

35

 

(107)

Amounts reclassified into earnings on hedging activities

 

1,990

 

(488)

 

1,502

Total other comprehensive income (loss)

 

(40,478)

 

7,828

 

(32,650)

 

 

 

 

 

 

 

Total comprehensive income

$

953,148

$

(230,725)

$

722,423

 

 

 

 

 

 

 

Six Months Ended September 30, 2020

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

465,337

$

(111,246)

$

354,091

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,627)

 

 

(2,627)

Unrealized net gain on investments

 

56,224

 

(10,884)

 

45,340

Change in fair value of cash flow hedges

 

(659)

 

162

 

(497)

Amounts reclassified into earnings on hedging activities

 

1,708

 

(420)

 

1,288

Total other comprehensive income (loss)

 

54,646

 

(11,142)

 

43,504

 

 

 

 

 

 

 

Total comprehensive income

$

519,983

$

(122,388)

$

397,595

 

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

4

 


 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

 

 

 

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, 2021

$

10,497

$

453,819

$

31,132

$

5,293,730

$

(525,653)

$

(151,997)

$

5,111,528

Foreign currency translation

 

 

 

992

 

 

 

 

992

Unrealized net gain on investments, net of tax

 

 

 

41,382

 

 

 

 

41,382

Change in fair value of cash flow hedges, net of tax

 

 

 

(56)

 

 

 

 

(56)

Amounts reclassified into earnings on hedging activities

 

 

 

757

 

 

 

 

757

Net earnings

 

 

 

 

409,898

 

 

 

409,898

Common stock dividends: ($0.50 per share for fiscal 2022)

 

 

 

 

(9,804)

 

 

 

(9,804)

Net activity

 

 

 

43,075

 

400,094

 

 

 

443,169

Balance as of September 30, 2021

$

10,497

$

453,819

$

74,207

$

5,693,824

$

(525,653)

 

(151,997)

$

5,554,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2020

$

10,497

$

453,819

$

(13,732)

$

4,484,248

$

(525,653)

$

(151,997)

$

4,257,182

Foreign currency translation

 

 

 

290

 

 

 

 

290

Unrealized net gain on investments, net of tax

 

 

 

90,839

 

 

 

 

90,839

Change in fair value of cash flow hedges, net of tax

 

 

 

35

 

 

 

 

35

Amounts reclassified into earnings on hedging activities

 

 

 

724

 

 

 

 

724

Net earnings

 

 

 

 

266,365

 

 

 

266,365

Common stock dividends: ($0.50 per share for fiscal 2021)

 

 

 

 

(9,804)

 

 

 

(9,804)

Net activity

 

 

 

91,888

 

256,561

 

 

 

348,449

Balance as of September 30, 2020

$

10,497

$

453,819

$

78,156

$

4,740,809

$

(525,653)

$

(151,997)

$

4,605,631

 

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

 

 

 

 

5

 


 

 

 

 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

 

 

 

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 March 31, 2021

$

10,497

$

453,819

$

106,857

$

4,958,359

$

(525,653)

$

(151,997)

$

4,851,882

Foreign currency translation

 

 

 

(2,400)

 

 

 

 

(2,400)

Unrealized net gain on investments, net of tax

 

 

 

(31,645)

 

 

 

 

(31,645)

Change in fair value of cash flow hedges, net of tax

 

 

 

(107)

 

 

 

 

(107)

Amounts reclassified into earnings on hedging activities

 

 

 

1,502

 

 

 

 

1,502

Net earnings

 

 

 

 

755,073

 

 

 

755,073

Common stock dividends: ($1.00 per share for fiscal 2022)

 

 

 

 

(19,608)

 

 

 

(19,608)

Net activity

 

 

 

(32,650)

 

735,465

 

 

 

702,815

Balance as of September 30, 2021

$

10,497

$

453,819

$

74,207

$

5,693,824

$

(525,653)

 

(151,997)

$

5,554,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2020

$

10,497

$

453,819

$

34,652

$

4,399,402

$

(525,653)

$

(151,997)

$

4,220,720

Adjustment for adoption of ASU 2016 - 13

 

 

 

 

(2,880)

 

 

 

(2,880)

Foreign currency translation

 

 

 

(2,627)

 

 

 

 

(2,627)

Unrealized net gain on investments, net of tax

 

 

 

45,340

 

 

 

 

45,340

Change in fair value of cash flow hedges, net of tax

 

 

 

(497)

 

 

 

 

(497)

Amounts reclassified into earnings on hedging activities

 

 

 

1,288

 

 

 

 

1,288

Net earnings

 

 

 

 

354,091

 

 

 

354,091

Common stock dividends: ($0.50 per share for fiscal 2021)

 

 

 

 

(9,804)

 

 

 

(9,804)

Net activity

 

 

 

43,504

 

341,407

 

 

 

384,911

Balance as of September 30, 2020

$

10,497

$

453,819

$

78,156

$

4,740,809

$

(525,653)

$

(151,997)

$

4,605,631

 

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

6

 


 

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

 

 

Six Months Ended September 30,

 

 

2021

 

2020

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

Net earnings

$  

755,073

$  

354,091

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

Depreciation

 

343,863

 

332,240

Amortization of deferred policy acquisition costs

 

15,573

 

12,440

Amortization of premiums and accretion of discounts related to investments, net

 

9,151

 

6,926

Amortization of debt issuance costs

 

2,791

 

2,755

Interest credited to policyholders

 

31,894

 

24,241

Change in allowance for losses on trade receivables

 

222

 

(140)

Change in allowance for inventories and parts reserves

 

8,352

 

106

Net gains on disposal of personal property

 

(86,398)

 

(29,131)

Net (gains) losses on disposal of real estate

 

(3,907)

 

3,169

Net gains on sales of investments

 

(3,432)

 

(1,288)

Net (gains) losses on equity investments

 

(4,342)

 

2,254

Deferred income taxes

 

138,916

 

80,198

Net change in other operating assets and liabilities:

 

 

 

 

Reinsurance recoverables and trade receivables

 

(3,771)

 

(28,288)

Inventories and parts

 

(45,718)

 

386

Prepaid expenses

 

266,780

 

116,064

Capitalization of deferred policy acquisition costs

 

(17,807)

 

(13,404)