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sh

 

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, 2023

 

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

 

img152437933_0.jpg 

 

88-0106815

 

 

 

 

 

 

 

U-Haul Holding Company

(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

 

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 February 2, 2024.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of February 2, 2024.

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

 

PART I FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

1

 

 

 

 

a) Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 (unaudited)

1

 

 

 

 

b) Consolidated Statements of Operations for the Quarters Ended December 31, 2023 and 2022 (unaudited)

2

 

 

 

 

c) Consolidated Statements of Operations for the Nine Months Ended December 31, 2023 and 2022 (unaudited)

3

 

 

 

 

d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2023 and 2022 (unaudited)

4

 

 

 

 

e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended December 31, 2023 and 2022 (unaudited)

5

 

 

 

 

f) Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended December 31, 2023 and 2022 (unaudited)

6

 

 

 

 

g) Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2023 and 2022 (unaudited)

7

 

 

 

 

h) Notes to 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

74

 

 

 

Item 4.

Controls and Procedures

76

 

 

 

 

PART II OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

77

 

 

 

Item 1A.

Risk Factors

77

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

 

 

 

Item 3.

Defaults Upon Senior Securities

78

 

 

 

Item 4.

Mine Safety Disclosures

78

 

 

 

Item 5.

Other Information

78

 

 

 

Item 6.

Exhibits

78

 

 


 

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets

 

 

 

December 31,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands, except share data)

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,805,976

 

 

$

2,060,524

 

Trade receivables and reinsurance recoverables, net

 

 

195,930

 

 

 

189,498

 

Inventories and parts

 

 

155,161

 

 

 

151,474

 

Prepaid expenses

 

 

240,525

 

 

 

241,711

 

Fixed maturity securities available-for-sale (net of allowance for credit loss of $1,704 and $2,101, respectively) at fair market value and amortized cost ($2,816,481 and $3,006,587, respectively)

 

 

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

 

 

 

 

 

 

 

 

Commitments and contingencies (notes 4 and 9)

 

 

 

 

 

 

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

 

 

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 (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

 

 

7,087,801

 

 

 

6,504,191

 

Total liabilities and stockholders' equity

 

$

19,002,576

 

 

$

18,100,734

 

 

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

1

 


 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

 

 

 

Quarter ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

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 disposal ($36,189 and $70,506, respectively)

 

 

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

)

Net 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

 

 

Related party revenues for the third quarter of fiscal 2024 and 2023, net of eliminations, were $10.1 million and $10.1 million, respectively.

Related party costs and expenses for the third quarter of fiscal 2024 and 2023, net of eliminations, were $20.4 million and $20.6 million, respectively.

Please see Note 10, 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.

 

2

 


 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except share
and per share amounts)

 

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 disposal ($138,653 and $199,196, respectively)

 

 

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

)

Net earnings available to common stockholders

 

$

629,570

 

 

$

887,063

 

Basic and diluted earnings per common share

 

$

3.09

 

 

$

5.39

 

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

 

$

3.22

 

 

$

4.43

 

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 2024 and 2023, net of eliminations, were $28.6 million and $28.5 million, respectively.

Related party costs and expenses for the first nine months of fiscal 2024 and 2023, net of eliminations, were $69.7 million and $73.1 million, respectively.

Please see Note 10, 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.

3

 


 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)

 

Quarter ended December 31, 2023

 

Pre-tax

 

 

Tax

 

 

Net

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

129,773

 

 

$

(30,549

)

 

$

99,224

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

5,268

 

 

 

 

 

 

5,268

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

(41,618

)

 

 

8,833

 

 

 

(32,785

)

Change in fair value of cash flow hedges

 

 

(5,769

)

 

 

1,417

 

 

 

(4,352

)

Amounts reclassified into earnings on hedging activities

 

 

(1,471

)

 

 

362

 

 

 

(1,109

)

Total other comprehensive income (loss)

 

 

(43,590

)

 

 

10,612

 

 

 

(32,978

)

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

$

86,183

 

 

$

(19,937

)

 

$

66,246

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2022

 

Pre-tax

 

 

Tax

 

 

Net

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

260,616

 

 

$

(61,764

)

 

$

198,852

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(215

)

 

 

 

 

 

(215

)

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

(75,876

)

 

 

16,082

 

 

 

(59,794

)

Change in fair value of cash flow hedges

 

 

153

 

 

 

(38

)

 

 

115

 

Amounts reclassified into earnings on hedging activities

 

 

(456

)

 

 

111

 

 

 

(345

)

Total other comprehensive income (loss)

 

 

(76,394

)

 

 

16,155

 

 

 

(60,239

)

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

$

184,222

 

 

$

(45,609

)

 

$

138,613

 

 

Nine months ended December 31, 2023

 

Pre-tax

 

 

Tax

 

 

Net

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

826,516

 

 

$

(196,946

)

 

$

629,570

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

2,888

 

 

 

 

 

 

2,888

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

(32,942

)

 

 

7,204

 

 

 

(25,738

)

Change in fair value of cash flow hedges

 

 

3,742

 

 

 

(919

)

 

 

2,823

 

Amounts reclassified into earnings on hedging activities

 

 

(3,966

)

 

 

974

 

 

 

(2,992

)

Total other comprehensive income (loss)

 

 

(30,278

)

 

 

7,259

 

 

 

(23,019

)

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

$

796,238

 

 

$

(189,687

)

 

$

606,551

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31, 2022

 

Pre-tax

 

 

Tax

 

 

Net

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,167,505

 

 

$

(280,442

)

 

$

887,063

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(757

)

 

 

 

 

 

(757

)

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

(386,758

)

 

 

82,138

 

 

 

(304,620

)

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)

 

 

(378,722

)

 

 

79,978

 

 

 

(298,744

)

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

$

788,783

 

 

$

(200,464

)

 

$

588,319

 

 

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

4

 


 

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 September 30, 2023

 

$

10,497

 

 

$

176

 

 

$

453,643

 

 

$

(275,664

)

 

$

7,519,376

 

 

$

(525,653

)

 

$

(151,997

)

 

$

7,030,378

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

5,268

 

 

 

 

 

 

 

 

 

 

 

 

5,268

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax

 

 

 

 

 

 

 

 

 

 

 

(32,785

)

 

 

 

 

 

 

 

 

 

 

 

(32,785

)

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

 

 

 

 

 

 

 

 

 

 

 

(4,352

)

 

 

 

 

 

 

 

 

 

 

 

(4,352

)

Amounts reclassified into earnings on hedging activities

 

 

 

 

 

 

 

 

 

 

 

(1,109

)

 

 

 

 

 

 

 

 

 

 

 

(1,109

)

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

99,224

 

 

 

 

 

 

 

 

 

99,224

 

Series N Non-Voting Common Stock dividends: ($0.05 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,823

)

 

 

 

 

 

 

 

 

(8,823

)

Net activity

 

 

 

 

 

 

 

 

 

 

 

(32,978

)

 

 

90,401

 

 

 

 

 

 

 

 

 

57,423

 

Balance as of December 31, 2023

 

$

10,497

 

 

$

176

 

 

$

453,643

 

 

$

(308,642

)

 

$

7,609,777

 

 

$

(525,653

)

 

 

(151,997

)

 

$

7,087,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2022

 

$

10,497

 

 

$

 

 

$

453,819

 

 

$

(243,497

)

 

$

6,781,004

 

 

$

(525,653