Company Quick10K Filing
AMERCO
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 20 $7,375
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-K 2019-05-29 Annual: 2019-03-31
10-Q 2019-02-06 Quarter: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-K 2018-05-30 Annual: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-K 2017-05-24 Annual: 2017-03-31
10-Q 2017-02-08 Quarter: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-K 2016-05-25 Annual: 2016-03-31
10-Q 2016-02-03 Quarter: 2015-12-31
10-Q 2015-11-04 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-K 2015-05-27 Annual: 2015-03-31
10-Q 2015-02-04 Quarter: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-K 2014-05-28 Annual: 2014-03-31
10-Q 2014-02-05 Quarter: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-K 2013-06-05 Annual: 2013-03-31
10-Q 2013-02-06 Quarter: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-K 2012-06-06 Annual: 2012-03-31
10-Q 2012-02-08 Quarter: 2011-12-31
10-Q 2011-11-02 Quarter: 2011-09-30
10-Q 2011-08-03 Quarter: 2011-06-30
10-K 2011-06-09 Annual: 2011-03-31
10-Q 2011-02-02 Quarter: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-K 2010-06-09 Annual: 2010-03-31
10-Q 2010-02-04 Quarter: 2009-12-31
8-K 2020-01-10 Exhibits
8-K 2019-12-10 Exhibits
8-K 2019-12-04 Officers, Other Events, Exhibits
8-K 2019-11-06 Officers
8-K 2019-08-22 Shareholder Vote, Other Events, Exhibits
8-K 2019-08-02
8-K 2019-05-03 Exhibits
8-K 2019-05-03 Exhibits
8-K 2019-03-29
8-K 2019-03-07 Exhibits
8-K 2019-03-06 Other Events, Exhibits
8-K 2018-12-05 Other Events, Exhibits
8-K 2018-10-23 Exhibits
8-K 2018-08-28 Exhibits
8-K 2018-08-28 Exhibits
8-K 2018-08-23 Shareholder Vote, Other Events, Exhibits
8-K 2018-06-12 Other Events
8-K 2018-06-06 Other Events, Exhibits
8-K 2018-03-08 Other Events, Exhibits
8-K 2018-03-06 Exhibits
UHAL 2019-09-30
Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex311.htm
EX-31.2 ex312.htm
EX-32.1 ex321.htm
EX-32.2 ex322.htm

AMERCO Earnings 2019-09-30

UHAL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
UHAL 7,375 12,475 8,606 3,109 2,948 375 1,193 6,855 95% 5.7 3%
G 7,280 4,013 2,429 3,274 1,169 287 493 7,895 36% 16.0 7%
FIVE 7,224 1,659 1,007 1,698 612 157 246 7,045 36% 28.7 9%
R 2,886 14,522 11,914 8,842 0 318 612 9,413 0% 15.4 2%
CAR 2,643 24,455 9,085 0 286 620 5,593 0% 9.0 1%
HTZ 1,605 26,354 25,287 9,670 0 -61 3 951 0% 317.1 -0%
EHIC 1,594 10,928 6,722 0 0 0 0 5,675 0%
SP 842 1,492 1,110 1,563 209 52 109 1,192 13% 11.0 3%
HYRE 52 6 2 8 7 -8 -8 47 88% -5.8 -137%

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

[x]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2019

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

Registrant, State of Incorporation,

Address and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

 

AMERCOlogo

 

 

 

 

001-11255

AMERCO

88-0106815

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane Suite 100

 

 

Reno NV 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 [x]  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 [x] 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[x]   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 [x]

19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at November 1, 2019.

 

 


 

 

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Condensed Consolidated Balance Sheets as of September 30, 2019 (unaudited) and March 31, 2019

 

1

 

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended September 30, 2019 and 2018 (unaudited)

 

2

 

 

c) Condensed Consolidated Statements of Operations for the Six Months Ended September 30, 2019 and 2018 (unaudited)

 

3

 

 

d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2019 and 2018 (unaudited)

 

4

 

 

e) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarter Ended September 30, 2019 and 2018 (unaudited)

 

5

 

 

f) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended September 30, 2019 and 2018 (unaudited)

 

6

 

 

g) Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2019 and 2018 (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

 

44

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

Item 4.

Controls and Procedures

63

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

64

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,

 

 

2019

 

2019

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

525,231

$

673,701

Reinsurance recoverables and trade receivables, net

 

222,481

 

224,785

Inventories and parts, net

 

102,357

 

103,504

Prepaid expenses

 

194,250

 

174,100

Investments, fixed maturities and marketable equities

 

2,413,350

 

2,235,397

Investments, other

 

320,992

 

300,736

Deferred policy acquisition costs, net

 

111,708

 

136,276

Other assets

 

72,432

 

78,354

Right of use assets - financing, net

 

1,185,629

 

0

Right of use assets - operating

 

105,298

 

Related party assets

 

12,902

 

30,889

 

 

5,266,630

 

3,957,742

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,016,918

 

976,454

Buildings and improvements

 

4,371,637

 

4,003,726

Furniture and equipment

 

716,287

 

689,780

Rental trailers and other rental equipment

 

495,264

 

590,039

Rental trucks

 

3,560,034

 

4,762,028

 

 

10,160,140

 

11,022,027

Less: Accumulated depreciation

 

(2,570,568)

 

(3,088,056)

Total property, plant and equipment, net

 

7,589,572

 

7,933,971

Total assets

$

12,856,202

$

11,891,713

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

546,260

$

556,873

Notes, loans and finance/capital leases payable, net

 

4,497,912

 

4,163,323

Operating lease liability

 

104,832

 

0

Policy benefits and losses, claims and loss expenses payable

 

1,022,134

 

1,011,183

Liabilities from investment contracts

 

1,720,995

 

1,666,742

Other policyholders' funds and liabilities

 

10,911

 

15,047

Deferred income

 

35,926

 

35,186

Deferred income taxes, net

 

859,164

 

750,970

Total liabilities

 

8,798,134

 

8,199,324

 

 

 

 

 

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, 2019

 

 

 

 

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

 

 

 

 

issued and outstanding as of September 30 and March 31, 2019

 

 

 

 

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, 2019

 

 

 

 

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, 2019

 

10,497

 

10,497

Additional paid-in capital

 

453,761

 

453,326

Accumulated other comprehensive income (loss)

 

17,151

 

(66,698)

Retained earnings

 

4,255,906

 

3,976,962

Cost of common stock in treasury, net (22,377,912 shares as of September 30 and March 31, 2019)

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net (6,100,000 shares as of September 30 and March 31, 2019)

 

(151,997)

 

(151,997)

Unearned employee stock ownership plan shares

 

(1,597)

 

(4,048)

Total stockholders' equity

 

4,058,068

 

3,692,389

Total liabilities and stockholders' equity

$

12,856,202

$

11,891,713

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,

 

 

2019

 

2018

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

804,325

$

781,713

Self-storage revenues

 

104,965

 

91,493

Self-moving and self-storage products and service sales

 

73,121

 

72,913

Property management fees

 

7,233

 

7,192

Life insurance premiums

 

32,355

 

35,920

Property and casualty insurance premiums

 

18,365

 

16,283

Net investment and interest income

 

33,098

 

28,227

Other revenue

 

76,752

 

70,766

Total revenues

 

1,150,214

 

1,104,507

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

565,413

 

529,350

Commission expenses

 

86,099

 

85,334

Cost of sales

 

43,930

 

46,402

Benefits and losses

 

45,825

 

45,773

Amortization of deferred policy acquisition costs

 

6,515

 

5,899

Lease expense

 

6,356

 

8,170

Depreciation, net of gains on disposal of ($17,999 and $12,036, respectively)

 

151,553

 

132,625

Net (gains) losses on disposal of real estate

 

(217)

 

10

Total costs and expenses

 

905,474

 

853,563

 

 

 

 

 

Earnings from operations

 

244,740

 

250,944

Other components of net periodic benefit costs

 

(264)

 

(254)

Interest expense

 

(39,122)

 

(35,030)

Pretax earnings

 

205,354

 

215,660

Income tax expense

 

(49,028)

 

(52,118)

Earnings available to common stockholders

$

156,326

$

163,542

Basic and diluted earnings per common stock

$

7.97

$

8.35

Weighted average common stock outstanding: Basic and diluted

 

19,602,566

 

19,591,312

 

Related party revenues for the second quarter of fiscal 2020 and 2019, net of eliminations, were $7.2 million.

Related party costs and expenses for the second quarter of fiscal 2020 and 2019, net of eliminations, were $19.3 million and $19.0 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,

 

 

2019

 

2018

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

1,552,921

$

1,498,315

Self-storage revenues

 

203,239

 

177,705

Self-moving and self-storage products and service sales

 

153,147

 

152,154

Property management fees

 

14,389

 

14,608

Life insurance premiums

 

65,065

 

72,808

Property and casualty insurance premiums

 

31,789

 

29,064

Net investment and interest income

 

68,847

 

52,832

Other revenue

 

140,066

 

126,598

Total revenues

 

2,229,463

 

2,124,084

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

1,099,885

 

1,025,904

Commission expenses

 

166,998

 

164,591

Cost of sales

 

92,859

 

96,283

Benefits and losses

 

94,831

 

94,327

Amortization of deferred policy acquisition costs

 

12,579

 

11,930

Lease expense

 

13,392

 

16,339

Depreciation, net of gains on disposal of ($34,677 and $28,331 respectively)

 

292,153

 

259,052

Net (gains) losses on disposal of real estate

 

(1,839)

 

10

Total costs and expenses

 

1,770,858

 

1,668,436

 

 

 

 

 

Earnings from operations

 

458,605

 

455,648

Other components of net periodic benefit costs

 

(527)

 

(507)

Interest expense

 

(78,010)

 

(70,284)

Pretax earnings

 

380,068

 

384,857

Income tax expense

 

(91,320)

 

(93,466)

Earnings available to common stockholders

$

288,748

$

291,391

Basic and diluted earnings per common stock

$

14.73

$

14.87

Weighted average common stock outstanding: Basic and diluted

 

19,600,211

 

19,590,946

 

Related party revenues for the first six months of fiscal 2020 and 2019, net of eliminations, were $14.4 million and $14.6 million, respectively.

Related party costs and expenses for the first six months of fiscal 2020 and 2019, net of eliminations, were $37.1 million and $36.2 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, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

205,354

$

(49,028)

$

156,326

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

629

 

 

 

629

Unrealized net gain on investments

 

52,651

 

(11,346)

 

41,305

Change in fair value of cash flow hedges

 

(840)

 

207

 

(633)

Amounts reclassified into earnings on hedging activities

 

(366)

 

89

 

(277)

Total comprehensive income

$

257,428

$

(60,078)

$

197,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended September 30, 2018

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

215,660

$

(52,118)

$

163,542

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

1,113

 

 

 

1,113

Unrealized net loss on investments

 

(22,280)

 

4,679

 

(17,601)

Change in fair value of cash flow hedges

 

477

 

(117)

 

360

Amounts reclassified into earnings on hedging activities

 

(191)

 

47

 

(144)

Total comprehensive income

$

194,779

$

(47,509)

$

147,270

 

Six Months Ended September 30, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

380,068

$

(91,320)

$

288,748

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

3,611

 

 

 

3,611

Unrealized net gain on investments

 

104,478

 

(22,385)

 

82,093

Change in fair value of cash flow hedges

 

(2,034)

 

500

 

(1,534)

Amounts reclassified into earnings on hedging activities

 

(425)

 

104

 

(321)

Total comprehensive income

$

485,698

$

(113,101)

$

372,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 30, 2018

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

384,857

$

(93,466)

$

291,391

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(980)

 

 

 

(980)

Unrealized net loss on investments

 

(72,498)

 

15,225

 

(57,273)

Change in fair value of cash flow hedges

 

1,701

 

(418)

 

1,283

Amounts reclassified into earnings on hedging activities

 

(855)

 

210

 

(645)

Total comprehensive income

$

312,225

$

(78,449)

$

233,776

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

Description

 

Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Less: Unearned Employee Stock Ownership Plan Shares

 

Total Stockholders' Equity

 

(In thousands)

Balance as of June 30, 2019

$

10,497

$

453,535

$

(23,873)

$

4,109,384

$

(525,653)

$

(151,997)

$

(2,870)

$

3,869,023

Increase in market value of released ESOP shares

 

0

 

226

 

0

 

0

 

0

 

0

 

0

 

226

Release of unearned ESOP shares

 

0

 

0

 

0

 

0

 

0

 

0

 

1,347

 

1,347

Purchase of ESOP shares

 

0

 

0

 

0

 

0

 

0

 

0

 

(74)

 

(74)

Foreign currency translation

 

0

 

0

 

629

 

0

 

0

 

0

 

0

 

629

Unrealized net gain on investments, net of tax

 

0

 

0

 

41,305

 

0

 

0

 

0

 

0

 

41,305

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

 

0

 

0

 

(633)

 

0

 

0

 

0

 

0

 

(633)

Amounts reclassified into earnings on hedging activities

 

 

 

 

 

(277)

 

 

 

 

 

 

 

 

 

(277)

Net earnings

 

0

 

0

 

0

 

156,326

 

0

 

0

 

0

 

156,326

Common stock dividends: ($0.50 per share for fiscal 2020)

 

0

 

0

 

0

 

(9,804)

 

0

 

0

 

0

 

(9,804)

Net activity

 

0

 

226

 

41,024

 

146,522

 

0

 

0

 

1,273

 

189,045

Balance as of September 30, 2019

$

10,497

$

453,761

$

17,151

$

4,255,906

$

(525,653)

 

(151,997)

$

(1,597)

$

4,058,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2018

$

10,497

$

452,862

$

(45,966)

$

3,763,339

$

(525,653)

$

(151,997)

$

(6,937)

$

3,496,145

Increase in market value of released ESOP shares

 

0

 

144

 

0

 

0

 

0

 

0

 

0

 

144

Release of unearned ESOP shares

 

0

 

0

 

0

 

0

 

0

 

0

 

2,694

 

2,694

Purchase of ESOP shares

 

0

 

0

 

0

 

0

 

0

 

0

 

(3,292)

 

(3,292)

Foreign currency translation

 

0

 

0

 

1,113

 

0

 

0

 

0

 

0

 

1,113

Unrealized net loss on investments, net of tax

 

0

 

0

 

(17,601)

 

0

 

0

 

0

 

0

 

(17,601)

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

 

0

 

0

 

360

 

0

 

0

 

0

 

0

 

360

Amounts reclassified into earnings on hedging activities

 

 

 

 

 

(144)

 

 

 

 

 

 

 

 

 

(144)

Net earnings

 

0

 

0

 

0

 

163,542

 

0

 

0

 

0

 

163,542

Common stock dividends: ($0.50 per share for fiscal 2019)

 

0

 

0

 

0

 

(9,794)

 

0

 

0

 

0

 

(9,794)

Net activity

 

0

 

144

 

(16,272)

 

153,748

 

0

 

0

 

(598)

 

137,022

Balance as of September 30, 2018

$

10,497

$

453,006

$

(62,238)

$

3,917,087

$

(525,653)

$

(151,997)

$

(7,535)

$

3,633,167

 

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

5

 

 

 

 

 

 

 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

 

Description

 

Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Less: Unearned Employee Stock Ownership Plan Shares

 

Total Stockholders' Equity

 

(In thousands)

Balance as of March 31, 2019

$

10,497

$

453,326

$

(66,698)

$

3,976,962

$

(525,653)

$

(151,997)

$

(4,048)

$

3,692,389

Increase in market value of released ESOP shares

 

0

 

435

 

0

 

0

 

0

 

0

 

0

 

435

Release of unearned ESOP shares

 

0

 

0

 

0

 

0

 

0

 

0

 

2,656

 

2,656

Purchase of ESOP shares

 

0

 

0

 

0

 

0

 

0

 

0

 

(205)

 

(205)

Foreign currency translation

 

0

 

0

 

3,611

 

0

 

0

 

0

 

0

 

3,611

Unrealized net gain on investments, net of tax

 

0

 

0

 

82,093

 

0

 

0

 

0

 

0

 

82,093

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

 

0

 

0

 

(1,534)

 

0

 

0

 

0

 

0

 

(1,534)

Amounts reclassified into earnings on hedging activities

 

 

 

 

 

(321)

 

 

 

 

 

 

 

 

 

(321)

Net earnings

 

0

 

0

 

0

 

288,748

 

0

 

0

 

0

 

288,748

Common stock dividends: ($0.50 per share for fiscal 2020)

 

0

 

0

 

0

 

(9,804)

 

0

 

0

 

0

 

(9,804)

Net activity

 

0

 

435

 

83,849

 

278,944

 

0

 

0

 

2,451

 

365,679

Balance as of September 30, 2019

$

10,497

$

453,761

$

17,151

$

4,255,906

$

(525,653)

 

(151,997)

$

(1,597)

$

4,058,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2018

$

10,497

$

452,746

$

(4,623)

$

3,635,561

$

(525,653)

$

(151,997)

$

(7,823)

$

3,408,708

Increase in market value of released ESOP shares

 

0

 

260

 

0

 

0

 

0

 

0

 

0

 

260

Release of unearned ESOP shares

 

0

 

0

 

0

 

0

 

0

 

0

 

5,388

 

5,388

Purchase of ESOP shares

 

0

 

0

 

0

 

0

 

0

 

0

 

(5,100)

 

(5,100)

Foreign currency translation

 

0

 

0

 

(980)

 

0

 

0

 

0

 

0

 

(980)

Unrealized net loss on investments, net of tax

 

0

 

0

 

(57,273)

 

0

 

0

 

0

 

0

 

(57,273)

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

 

0

 

0

 

1,283

 

0

 

0

 

0

 

0

 

1,283

Amounts reclassified into earnings on hedging activities

 

 

 

 

 

(645)

 

 

 

 

 

 

 

 

 

(645)

Adjustment for adoption of ASU 2016 - 01

 

0

 

0

 

0

 

9,724

 

0

 

0

 

0

 

9,724

Net earnings

 

0

 

0

 

0

 

291,391

 

0

 

0

 

0

 

291,391

Common stock dividends: ($1.00 per share for fiscal 2019)

 

0

 

0

 

0

 

(19,589)

 

0

 

0

 

0

 

(19,589)

Net activity

 

0

 

260

 

(57,615)

 

281,526

 

0

 

0

 

288

 

224,459

Balance as of September 30, 2018

$

10,497

$

453,006

$

(62,238)

$

3,917,087

$

(525,653)

$

(151,997)

$

(7,535)

$

3,633,167

 

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

6

 


 

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

 

 

Six Months Ended September 30,

 

 

2019

 

2018

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

Net earnings

$ 

288,748

$ 

291,391

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

Depreciation

 

326,830

 

287,383

Amortization of deferred policy acquisition costs

 

12,579

 

11,930

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

 

6,481

 

6,457

Amortization of debt issuance costs

 

2,100

 

2,013

Interest credited to policyholders

 

26,584

 

17,726

Change in allowance for losses on trade receivables

 

(113)

 

309

Change in allowance for inventories and parts reserves

 

537

 

1,148

Net gains on disposal of personal property

 

(34,677)

 

(28,331)

Net (gains) losses on disposal of real estate

 

(1,839)

 

10

Net (gains) losses on sales of investments

 

(7,595)

 

55

Net (gains) losses on equity investments

 

(2,553)

 

1,344

Deferred income taxes

 

83,708

 

88,485

Net change in other operating assets and liabilities:

 

 

 

 

Reinsurance recoverables and trade receivables

 

2,471

 

(14,453)

Inventories and parts

 

613

 

(4,347)

Prepaid expenses

 

(21,908)

 

(17,709)

Capitalization of deferred policy acquisition costs

 

(10,370)

 

(12,926)

Other assets

 

525

 

58,139

Related party assets

 

(5,019)

 

6,181

Accounts payable and accrued expenses

 

60,587

 

57,744

Policy benefits and losses, claims and loss expenses payable

 

10,709

 

(49,774)

Other policyholders' funds and liabilities

 

(4,136)

 

3,302

Deferred income

 

2,077

 

(124)

Related party liabilities

 

1,425

 

(3,276)

Net cash provided by operating activities

 

737,764

 

702,677

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Escrow deposits

 

5,573

 

1,362

Purchases of:

 

 

 

 

Property, plant and equipment

 

(1,589,371)

 

(1,114,544)

Short term investments

 

(20,380)

 

(22,335)

Fixed maturities investments

 

(178,626)

 

(239,972)

Equity securities

 

(83)

 

(957)

Preferred stock

 

0

 

(81)

Real estate

 

(368)

 

(218)

Mortgage loans

 

(19,660)

 

(24,132)

Proceeds from sales and paydowns of:

 

 

 

 

Property, plant and equipment

 

401,451

 

429,910

Short term investments

 

17,282

 

24,568

Fixed maturities investments

 

127,683

 

64,651

Preferred stock

 

0

 

1,125

Real estate

 

311

 

Mortgage loans

 

4,299

 

12,912

Net cash used by investing activities

 

(1,251,889)

 

(867,711)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Borrowings from credit facilities

 

658,745

 

313,299

Principal repayments on credit facilities

 

(143,634)

 

(182,955)

Payment of debt issuance costs

 

(2,301)

 

(1,420)

Finance/capital lease payments

 

(180,902)

 

(147,913)

Employee stock ownership plan stock

 

(206)

 

(137)

Common stock dividends paid

 

(19,600)

 

(29,385)

Net contribution from (to) related party

 

21,600

 

0

Investment contract deposits

 

105,846

 

179,608

Investment contract withdrawals

 

(78,177)

 

(71,228)

Net cash provided (used) by financing activities

 

361,371

 

59,869

 

 

 

 

 

Effects of exchange rate on cash

 

4,284

 

(1,783)

 

 

 

 

 

Decrease in cash and cash equivalents

 

(148,470)

 

(106,948)

Cash and cash equivalents at the beginning of period

 

673,701

 

759,388

Cash and cash equivalents at the end of period

$ 

525,231

$ 

652,440

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

7

 


amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

1.Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2019 and 2018 correspond to fiscal 2020 and 2019 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation.

The condensed consolidated balance sheet as of September 30, 2019 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the second quarter and first six months of fiscal 2020 and 2019 and cash flows for the six months of fiscal 2020 and 2019 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries.

Description of Operating Segments

AMERCO has three (3) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

8

The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

2. Earnings per Share

Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted.

The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released, were 16,128 as of September 30, 2018. As of September 30, 2019, all of these shares have been released.

3. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $29.4 million and $30.8 million as of September 30, 2019 and March 31, 2019, respectively.

Available-for-Sale Investments

Available-for-sale investments as of September 30, 2019 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

(In thousands)

U.S. treasury securities and government obligations

$

133,938

$ 

7,673

$ 

(148)

$ 

0

$