10-Q 1 uhal-20221231.htm DECEMBER 31, 2022 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 December 31, 2022

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.

 

 

 

 

 

 

 

 

Nevada

U-Haul Holding Company

88-0106815

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane Suite 100

 

 

Reno , Nevada 89511

 

 

Telephone ( 775 ) 688-6300

 

 

 

 

 

AMERCO

 

(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

NYSE

Series N Non-Voting Common Stock, $0.001 par value

UHAL.B

NYSE

 

 

 

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 February 4, 2023.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of February 4, 2023.

 

 

 



 

                                                                                                                                                                                                                                                              

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Condensed Consolidated Balance Sheets as of December 31, 2022 (unaudited) and March 31, 2022

 

1

 

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended December 31, 2022 and 2021 (unaudited)

 

2

 

 

c) Condensed Consolidated Statements of Operations for the Nine Months Ended December 31, 2022 and 2021 (unaudited)

 

3

 

 

d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2022 and 2021 (unaudited)

 

4

 

 

e) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended December 31, 2022 and 2021 (unaudited)

 

5

 

 

f) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended December 31, 2022 and 2021 (unaudited)

 

6

 

 

g) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2022 and 2021 (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

 

47

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

62

Item 4.

Controls and Procedures

64

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

65

Item 1A.

Risk Factors

65

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

Item 3.

Defaults Upon Senior Securities

67

Item 4.

Mine Safety Disclosures

67

Item 5.

Other Information

67

Item 6.

Exhibits

67

 

 



 

Part i Financial information

Item 1. Financial Statements

U-Haul Holding Company AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

 

 

December 31,

 

March 31,

 

 

2022

 

2022

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

2,510,619

$

2,704,137

Reinsurance recoverables and trade receivables, net

 

208,182

 

229,343

Inventories and parts, net

 

150,140

 

158,888

Prepaid expenses

 

228,260

 

236,915

Investments, fixed maturities and marketable equities

 

2,723,201

 

2,893,399

Investments, other

 

518,455

 

543,755

Deferred policy acquisition costs, net

 

159,924

 

103,828

Other assets

 

57,272

 

60,409

Right of use assets - financing, net

 

504,640

 

620,824

Right of use assets - operating, net

 

63,856

 

74,382

Related party assets

 

75,549

 

47,851

 

 

7,200,098

 

7,673,731

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,504,507

 

1,283,142

Buildings and improvements

 

6,728,424

 

5,974,639

Furniture and equipment

 

898,468

 

846,132

Rental trailers and other rental equipment

 

784,394

 

615,679

Rental trucks

 

5,167,168

 

4,638,814

 

 

15,082,961

 

13,358,406

Less: Accumulated depreciation

 

(4,166,731)

 

(3,732,556)

Total property, plant and equipment, net

 

10,916,230

 

9,625,850

Total assets

$

18,116,328

$

17,299,581

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

703,412

$

677,785

Notes, loans and finance leases payable, net

 

6,200,397

 

6,022,497

Operating lease liabilities

 

63,402

 

74,197

Policy benefits and losses, claims and loss expenses payable

 

980,200

 

978,254

Liabilities from investment contracts

 

2,396,702

 

2,336,238

Other policyholders' funds and liabilities

 

12,579

 

10,812

Deferred income

 

45,222

 

49,157

Deferred income taxes, net

 

1,301,037

 

1,265,358

Total liabilities

 

11,702,951

 

11,414,298

 

 

 

 

 

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 December 31 and March 31, 2022

 

 

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

 

 

 

 

issued and outstanding as of December 31 and March 31, 2022

 

 

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 December 31 and March 31, 2022

 

 

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 December 31 and March 31, 2022

 

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 issued and outstanding as of December 31, 2022

 

176

 

Additional paid-in capital

 

453,643

 

453,819

Accumulated other comprehensive income (loss)

 

(284,116)

 

46,384

Retained earnings

 

6,910,827

 

6,052,233

Cost of common stock in treasury, net ( 22,377,912 shares as of December 31 and March 31, 2022)

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net ( 6,100,000 shares as of December 31 and March 31, 2022)

 

(151,997)

 

(151,997)

Total stockholders' equity

 

6,413,377

 

5,885,283

Total liabilities and stockholders' equity

$

18,116,328

$

17,299,581

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

 

1



 



U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Quarter Ended December 31,

 

 

2022

 

2021

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

898,819

$

975,552

Self-storage revenues

 

190,483

 

159,424

Self-moving and self-storage products and service sales

 

74,851

 

75,402

Property management fees

 

10,080

 

9,651

Life insurance premiums

 

24,399

 

27,010

Property and casualty insurance premiums

 

26,852

 

25,618

Net investment and interest income

 

52,294

 

31,184

Other revenue

 

97,558

 

100,495

Total revenues

 

1,375,336

 

1,404,336

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

733,469

 

658,095

Commission expenses

 

95,980

 

105,155

Cost of sales

 

54,616

 

57,042

Benefits and losses

 

41,372

 

47,266

Amortization of deferred policy acquisition costs

 

6,979

 

7,947

Lease expense

 

7,792

 

7,394

Depreciation, net of gains on disposal of $70,506 and $71,582, respectively

 

113,866

 

103,736

Net losses on disposal of real estate

 

859

 

977

Total costs and expenses

 

1,054,933

 

987,612

 

 

 

 

 

Earnings from operations

 

320,403

 

416,724

Other components of net periodic benefit costs

 

(304)

 

(280)

Interest expense

 

(59,041)

 

(44,042)

Fees on early extinguishment of debt

 

(50)

 

(956)

Pretax earnings

 

261,008

 

371,446

Income tax expense

 

(61,764)

 

(89,980)

Earnings available to common stockholders

$

199,244

$

281,466

Basic and diluted earnings per share of Common Stock

$

0.98

$

1.89

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

$

1.02

$

1.39

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 third quarter of fiscal 2023 and 2022, net of eliminations, were $10.1 million and $9.7 million, respectively.

Related party costs and expenses for the third quarter of fiscal 2023 and 2022, net of eliminations, were $20.6 million and $21.7 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



 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Nine Months Ended December 31,

 

 

2022

 

2021

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

3,151,619

$

3,189,990

Self-storage revenues

 

549,246

 

450,302

Self-moving and self-storage products and service sales

 

281,066

 

272,478

Property management fees

 

28,496

 

26,847

Life insurance premiums

 

75,636

 

84,628

Property and casualty insurance premiums

 

72,542

 

64,986

Net investment and interest income

 

116,376

 

102,963

Other revenue

 

401,059

 

349,252

Total revenues

 

4,676,040

 

4,541,446

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

2,278,230

 

1,968,698

Commission expenses

 

339,814

 

346,200

Cost of sales

 

206,912

 

193,448

Benefits and losses

 

122,835

 

139,194

Amortization of deferred policy acquisition costs

 

21,623

 

23,520

Lease expense

 

22,951

 

22,482

Depreciation, net of gains on disposal of $199,196 and $157,980, respectively

 

344,980

 

361,201

Net (gains) losses on disposal of real estate

 

5,038

 

(2,930)

Total costs and expenses

 

3,342,383

 

3,051,813

 

 

 

 

 

Earnings from operations

 

1,333,657

 

1,489,633

Other components of net periodic benefit costs

 

(912)

 

(840)

Interest expense

 

(166,033)

 

(122,765)

Fees on early extinguishment of debt

 

(1,009)

 

(956)

Pretax earnings

 

1,165,703

 

1,365,072

Income tax expense

 

(280,442)

 

(328,533)

Earnings available to common stockholders

$

885,261

$

1,036,539

Basic and diluted earnings per share of Common Stock

$

5.38

$

6.64

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

$

4.42

$

5.14

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 nine months of fiscal 2023 and 2022, net of eliminations, were $28.5 million and $26.8 million, respectively.

Related party costs and expenses for the first nine months of fiscal 2023 and 2022, net of eliminations, were $73.1 million and $72.3 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



 



U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended December 31, 2022

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

261,008

$

(61,764)

$

199,244

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(215)

 

 

(215)

Unrealized net loss on investments

 

(116,073)

 

24,523

 

(91,550)

Change in fair value of cash flow hedges

 

153

 

(38)

 

115

Amounts reclassified into earnings on hedging activities

 

(455)

 

110

 

(345)

Total other comprehensive income (loss)

 

(116,590)

 

24,595

 

(91,995)

 

 

 

 

 

 

 

Total comprehensive income

$

144,418

$

(37,169)

$

107,249

Quarter Ended December 31, 2021

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

371,446

$

(89,980)

$

281,466

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

112

 

 

112

Unrealized net loss on investments

 

(15,187)

 

3,195

 

(11,992)

Change in fair value of cash flow hedges

 

235

 

(57)

 

178

Amounts reclassified into earnings on hedging activities

 

1,007

 

(248)

 

759

Total other comprehensive income (loss)

 

(13,833)

 

2,890

 

(10,943)

 

 

 

 

 

 

 

Total comprehensive income

$

357,613

$

(87,090)

$

270,523

 

Nine Months Ended December 31, 2022

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

1,165,703

$

(280,442)

$

885,261

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(757)

 

 

(757)

Unrealized net loss on investments

 

(426,955)

 

90,579

 

(336,376)

Change in fair value of cash flow hedges

 

8,659

 

(2,127)

 

6,532

Amounts reclassified into earnings on hedging activities

 

134

 

(33)

 

101

Total other comprehensive income (loss)

 

(418,919)

 

88,419

 

(330,500)

 

 

 

 

 

 

 

Total comprehensive income

$

746,784

$

(192,023)

$

554,761

Nine Months Ended December 31, 2021

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

1,365,072

$

(328,533)

$

1,036,539

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,288)

 

 

(2,288)

Unrealized net loss on investments

 

(55,113)

 

11,476

 

(43,637)

Change in fair value of cash flow hedges

 

93

 

(22)

 

71

Amounts reclassified into earnings on hedging activities

 

2,997

 

(736)

 

2,261

Total other comprehensive income (loss)

 

(54,311)

 

10,718

 

(43,593)

 

 

 

 

 

 

 

Total comprehensive income

$

1,310,761

$

(317,815)

$

992,946

 

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

 

4



 

U-Haul Holding Company and consolidated subsidiaries

condensed 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 September 30, 2022

$

10,497

$

$

453,819

$

(192,121)

$

6,718,642

$

(525,653)

$

(151,997)

$

6,313,187

Common stock dividend

 

 

176

 

(176)

 

 

 

 

 

Foreign currency translation

 

 

 

 

(215)

 

 

 

 

(215)

Unrealized net loss on investments, net of tax

 

 

 

 

(91,550)

 

 

 

 

(91,550)

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

 

 

 

 

115

 

 

 

 

115

Amounts reclassified into earnings on hedging activities

 

 

 

 

(345)

 

 

 

 

(345)

Net earnings

 

 

 

 

 

199,244

 

 

 

199,244

Series N Non-Voting Common Stock dividends: ($0.04 per share)

 

 

 

 

 

(7,059)

 

 

 

(7,059)

Net activity

 

 

176

 

(176)

 

(91,995)

 

192,185

 

 

 

100,190

Balance as of December 31, 2022

$

10,497

$

176

$

453,643

$

(284,116)

$

6,910,827

$

(525,653)

$

(151,997)

$

6,413,377

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2021

$

10,497

$

$

453,819

$

74,207

$

5,693,824

$

(525,653)

$

(151,997)

$

5,554,697

Foreign currency translation

 

 

 

 

112

 

 

 

 

112

Unrealized net loss on investments, net of tax

 

 

 

 

(11,992)

 

 

 

 

(11,992)

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

 

 

 

 

178

 

 

 

 

178

Amounts reclassified into earnings on hedging activities

 

 

 

 

759

 

 

 

 

759

Net earnings

 

 

 

 

 

281,466

 

 

 

281,466

Common Stock dividends: ($0.50 per share)

 

 

 

 

 

(9,804)

 

 

 

(9,804)

Net activity

 

 

 

 

(10,943)

 

271,662

 

 

 

260,719

Balance as of December 31, 2021

$

10,497

$

$

453,819

$

63,264

$

5,965,486

$

(525,653)

$

(151,997)

$

5,815,416

 

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

 

5



 

U-Haul Holding Company and consolidated subsidiaries

condensed 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 March 31, 2022

$

10,497

$

$

453,819

$

46,384

$

6,052,233

$

(525,653)

$

(151,997)

$

5,885,283

Common stock dividend

 

 

176

 

(176)

 

 

 

 

 

Foreign currency translation

 

 

 

 

(757)

 

 

 

 

(757)

Unrealized net loss on investments, net of tax

 

 

 

 

(336,376)

 

 

 

 

(336,376)

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

 

 

 

 

6,532

 

 

 

 

6,532

Amounts reclassified into earnings on hedging activities

 

 

 

 

101

 

 

 

 

101

Net earnings

 

 

 

 

 

885,261

 

 

 

885,261

Common Stock dividends: ($1.00 per share)

 

 

 

 

 

(19,608)

 

 

 

(19,608)

Series N Non-Voting Common Stock dividends: ($0.04 per share)

 

 

 

 

 

(7,059)

 

 

 

(7,059)

Net activity

 

 

176

 

(176)

 

(330,500)

 

858,594

 

 

 

528,094

Balance as of December 31, 2022

$

10,497

$

176

$

453,643

$

(284,116)

$

6,910,827

$

(525,653)

$

(151,997)

$

6,413,377