U-HAUL HOLDING COMPANY REPORTS FISCAL 2023 FINANCIAL RESULTS
RENO, Nev., May 30, 2023 /PRNewswire/ -- U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2023, of $923.0 million, compared with $1,123.3 million for the same period last year.
For the quarter ended March 31, 2023, the Company reported net earnings available to shareholders of $37.7 million compared with net earnings of $86.7 million, for the same period last year.
"Overall moving activity has returned to more historic trends. Self-storage is not as hot as 24 months ago, but we are still building and filling new units," stated Joe Shoen, chairman of U-Haul Holding Company. "We continue to work on our competitive position, shoring up weak spots and improving our service to the customer."
Highlights of Fiscal Year and Fourth Quarter 2023 Results
- Self-moving equipment rental revenues decreased $42.5 million, or 6%, in the fourth quarter of fiscal 2023 compared with the fourth quarter of fiscal 2022, and finished the full year down $80.9 million, or 2%, compared with fiscal 2022. For the quarter and full year transactions, revenue and average miles driven per transaction decreased. These declines were more pronounced in our one-way markets. Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks and trailers.
- Self-storage revenues increased $28.4 million, or 17%, in the fourth quarter of fiscal 2023 compared with the fourth quarter of fiscal 2022, and for the full year increased $127.4 million, or 21%, compared with fiscal 2022. The average number of occupied units increased by 11%, or 51,600 units, during the fourth quarter of fiscal 2023 compared with the same period last year. Occupancy for all locations decreased 1.4% to 81.2% from the fourth quarter of last year to this year while occupancy for the subsection of these locations that have been at 80% occupancy for the last two years was down 1.5% to 94.2%. In fiscal 2023, we added approximately 6.0 million net rentable square feet, or a 12% increase.
- For the quarter, depreciation on the rental equipment fleet increased $7.9 million while all other depreciation increased $4.0 million from buildings and improvements. Net gains from the sales of rental equipment decreased $8.3 million. For the full fiscal year depreciation on the rental fleet increased $16.3 million while all other depreciation increased $20.6 million largely from buildings and improvements. Net gains from the sale of rental equipment increased $32.9 million. Net losses from the disposal or retirement of land and buildings increased $1.7 million for the quarter and $9.7 million for the fiscal year.
- Fleet maintenance and repair costs increased $32.4 million in the fourth quarter of fiscal 2023 compared with the same period last year and $132.9 million for the full year of fiscal 2022. The increases are primarily due to additional preventative maintenance resulting from higher fleet activity over the last several years along with the slower rotation of new equipment into the fleet and older equipment out of the fleet.
- Other operating costs at the Moving and Storage segment increased $6.0 million in the fourth quarter compared to the same period last year and $212.8 million for the full fiscal year 2023. Personnel costs accounted for a $23.6 million increase for the quarter and $97.8 million for the fiscal year. Some expenses that experienced declines during the quarter included liability costs and freight.
- Operating earnings at our Moving and Storage operating segment decreased $39.5 million in the fourth quarter of fiscal 2023 compared with the same period last year. Total revenues increased $4.4 million and total costs and expenses increased $43.9 million.
- Gross rental equipment capital expenditures for fiscal 2023 were approximately $1,299 million compared with approximately $1,061 million for fiscal 2022. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2024. Proceeds from the sales of rental equipment were approximately $688 million for fiscal 2023 compared with $602 million in fiscal 2022. Spending on real estate related acquisitions and projects increased approximately $337 million to $1,341 million in fiscal 2023 compared with fiscal 2022.
- Cash and credit availability at the Moving and Storage operating segment was $2,499.2 million and $2,723.2 million as of March 31, 2023 and 2022, respectively.
U-Haul Holding Company will hold its investor call for fiscal 2023 on Wednesday, May 31, 2023, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.
On May 30, 2023, the Company filed Form 12b-25 extending the filing date for our 10-K. We expect to complete the 10-K filing with the SEC by this Friday.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
AboutU-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers 949,000 rentable storage units and 81.2 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company's business and future operating results, please refer to our Form 10-K for the year ended March 31, 2023, which is on file with the SEC.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2023 and 2022.
Quarters Ended March 31, |
Years Ended March 31, |
|||||||||
2023 |
2022 |
2023 |
2022 |
|||||||
(Unaudited) |
||||||||||
(In thousands) |
||||||||||
Self-moving equipment rentals |
$ |
726,298 |
$ |
768,817 |
$ |
3,877,917 |
$ |
3,958,807 |
||
Self-storage revenues |
195,246 |
166,818 |
744,492 |
617,120 |
||||||
Self-moving and self-storage product and service sales |
76,220 |
78,969 |
357,286 |
351,447 |
||||||
Property management fees |
8,577 |
8,347 |
37,073 |
35,194 |
||||||
Life insurance premiums |
23,513 |
26,399 |
99,149 |
111,027 |
||||||
Property and casualty insurance premiums |
20,667 |
21,532 |
93,209 |
86,518 |
||||||
Net investment and interest income |
60,303 |
45,298 |
176,679 |
148,261 |
||||||
Other revenue |
77,827 |
82,121 |
478,886 |
431,373 |
||||||
Consolidated revenue |
$ |
1,188,651 |
$ |
1,198,301 |
$ |
5,864,691 |
$ |
5,739,747 |
||
Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2023 and 2022.
Quarters Ended March 31, |
Years Ended March 31, |
||||||||
2023 |
2022 |
2023 |
2022 |
||||||
(Unaudited) |
|||||||||
(In thousands) |
|||||||||
Moving and storage |
|||||||||
Revenues |
$ |
1,110,851 |
$ |
1,106,434 |
$ |
5,567,714 |
$ |
5,398,267 |
|
Earnings from operations before equity in earnings of subsidiaries |
94,845 |
134,390 |
1,396,122 |
1,577,226 |
|||||
Property and casualty insurance |
|||||||||
Revenues |
28,601 |
32,228 |
103,512 |
115,043 |
|||||
Earnings from operations |
11,687 |
15,702 |
36,570 |
49,780 |
|||||
Life insurance |
|||||||||
Revenues |
53,339 |
62,751 |
206,100 |
238,812 |
|||||
Earnings from operations |
4,297 |
5,656 |
12,935 |
19,538 |
|||||
Eliminations |
|||||||||
Revenues |
(4,140) |
(3,112) |
(12,635) |
(12,375) |
|||||
Earnings from operations before equity in earnings of subsidiaries |
(380) |
(384) |
(1,521) |
(1,547) |
|||||
Consolidated Results |
|||||||||
Revenues |
1,188,651 |
1,198,301 |
5,864,691 |
5,739,747 |
|||||
Earnings from operations |
110,449 |
155,364 |
1,444,106 |
1,644,997 |
|||||
Debt Metrics
Debt Metrics |
||||||||||
(in thousands)(unaudited) |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|||||
2023 |
2022 |
2022 |
2022 |
2022 |
||||||
Real estate secured debt |
$ 2,660,878 |
$ 2,682,036 |
$ 2,860,764 |
$ 2,794,440 |
$ 2,641,527 |
|||||
Unsecured debt |
1,200,000 |
1,200,000 |
1,200,000 |
1,350,000 |
1,350,000 |
|||||
Fleet secured debt |
2,205,824 |
2,277,387 |
2,196,935 |
2,043,904 |
1,981,980 |
|||||
Other secured debt |
76,648 |
77,399 |
78,871 |
81,008 |
86,206 |
|||||
Total debt |
6,143,350 |
6,236,822 |
6,336,570 |
6,269,352 |
6,059,713 |
|||||
Moving and Storage cash |
$ 2,034,242 |
$ 2,429,943 |
$ 3,025,390 |
$ 2,982,541 |
$ 2,643,213 |
|||||
Moving and Storage assets |
15,235,637 |
15,234,112 |
15,243,508 |
14,911,413 |
14,382,417 |
|||||
Moving and Storage EBITDA (TTM) |
1,888,513 |
1,906,046 |
1,995,170 |
2,053,296 |
2,055,858 |
|||||
Net debt to EBITDA |
2.2 |
2.0 |
1.7 |
1.6 |
1.7 |
|||||
Net debt to total assets |
27.0 % |
25.0 % |
21.7 % |
22.0 % |
23.8 % |
|||||
Percent of debt floating |
8.4 % |
8.3 % |
10.5 % |
16.7 % |
16.4 % |
|||||
Percent of debt fixed |
91.6 % |
91.7 % |
89.5 % |
83.3 % |
83.6 % |
|||||
Percent of debt unsecured |
19.5 % |
19.2 % |
18.9 % |
21.5 % |
22.3 % |
|||||
Unencumbered asset ratio* |
3.44x |
3.35x |
2.91x |
2.99x |
2.76x |
|||||
* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x |
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows (unaudited):
Quarters Ended March 31, |
||||
2023 |
2022 |
|||
(In thousands, except occupancy rate) |
||||
Unit count as of March 31 |
673 |
601 |
||
Square footage as of March 31 |
56,382 |
50,366 |
||
Average monthly number of units occupied |
542 |
491 |
||
Average monthly occupancy rate based on unit count |
81.2 % |
82.6 % |
||
Average monthly square footage occupied |
46,994 |
42,863 |
||
Years Ended March 31, |
||||
2023 |
2022 |
|||
(In thousands, except occupancy rate) |
||||
Unit count as of March 31 |
673 |
601 |
||
Square footage as of March 31 |
56,382 |
50,366 |
||
Average monthly number of units occupied |
535 |
471 |
||
Average monthly occupancy rate based on unit count |
83.4 % |
82.6 % |
||
Average monthly square footage occupied |
46,257 |
41,379 |
||
Self-Storage Portfolio Summary |
||||||||||
As of March 31, 2023 |
||||||||||
(unaudited) |
||||||||||
U-Haul Owned Store Data by State |
||||||||||
Annual |
||||||||||
State/ |
Units |
Rentable |
Revenue |
Occupancy |
||||||
Province |
Stores |
Occupied |
Square Feet |
Per Foot |
During Qtr |
|||||
Texas |
87 |
33,230 |
3,791,229 |
$ 14.39 |
79.9 % |
|||||
California |
86 |
30,965 |
2,931,304 |
$ 20.66 |
81.6 % |
|||||
Illinois |
80 |
33,267 |
3,474,206 |
$ 15.04 |
78.9 % |
|||||
Florida |
79 |
32,432 |
3,147,606 |
$ 18.99 |
85.5 % |
|||||
Pennsylvania |
69 |
26,274 |
2,725,076 |
$ 16.30 |
74.5 % |
|||||
New York |
63 |
25,191 |
2,348,258 |
$ 22.00 |
78.1 % |
|||||
Ohio |
56 |
23,034 |
2,351,287 |
$ 14.32 |
82.0 % |
|||||
Michigan |
56 |
19,088 |
1,848,375 |
$ 14.54 |
89.4 % |
|||||
Georgia |
49 |
21,428 |
2,181,325 |
$ 15.59 |
88.0 % |
|||||
Arizona |
42 |
24,148 |
2,445,800 |
$ 15.00 |
89.7 % |
|||||
Wisconsin |
42 |
16,305 |
1,861,805 |
$ 12.88 |
81.7 % |
|||||
Washington |
36 |
11,932 |
1,217,056 |
$ 16.25 |
78.8 % |
|||||
North Carolina |
35 |
16,150 |
1,655,413 |
$ 14.51 |
83.3 % |
|||||
Tennessee |
34 |
14,330 |
1,378,009 |
$ 13.90 |
87.5 % |
|||||
New Jersey |
33 |
14,686 |
1,302,438 |
$ 19.84 |
86.6 % |
|||||
Ontario |
32 |
9,801 |
953,803 |
$ 22.44 |
83.5 % |
|||||
Missouri |
31 |
10,417 |
1,192,532 |
$ 14.52 |
75.6 % |
|||||
Indiana |
30 |
9,460 |
1,024,999 |
$ 13.33 |
77.1 % |
|||||
Massachusetts |
29 |
10,467 |
924,103 |
$ 19.03 |
86.1 % |
|||||
Alabama |
25 |
6,456 |
771,006 |
$ 14.76 |
72.4 % |
|||||
Top 20 Totals |
994 |
389,061 |
39,525,631 |
$ 16.42 |
82.0 % |
|||||
All Others |
428 |
157,336 |
16,856,769 |
$ 15.40 |
79.4 % |
|||||
FY 2023 Totals |
1,422 |
546,397 |
56,382,400 |
$ 16.13 |
81.2 % |
|||||
Same Store 2023 |
804 |
256,861 |
23,942,574 |
$ 16.57 |
94.2 % |
|||||
Same Store 2022 |
685 |
202,665 |
19,169,048 |
$ 15.13 |
95.7 % |
|||||
Same Store 2021 |
586 |
164,711 |
15,880,605 |
$ 14.57 |
93.1 % |
|||||
Non Same Store 2023 |
618 |
289,536 |
32,439,826 |
$ 15.69 |
72.3 % |
|||||
Non Same Store 2022 |
674 |
294,073 |
31,197,308 |
$ 14.46 |
75.4 % |
|||||
Non Same Store 2021 |
713 |
240,497 |
29,865,699 |
$ 13.45 |
65.1 % |
|||||
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during reporting quarter. Revenue per foot is average revenue per occupied foot over fiscal year 2023. Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity change of less than twenty units for any year-over-year period of the reporting month. The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the last two years.
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES |
||||
CONSOLIDATED BALANCE SHEETS |
||||
March 31, |
March 31, |
|||
2023 |
2022 |
|||
(In thousands) |
||||
ASSETS |
||||
Cash and cash equivalents |
$ |
2,060,524 |
$ |
2,704,137 |
Reinsurance recoverables and trade receivables, net |
189,498 |
229,343 |
||
Inventories and parts, net |
151,474 |
158,888 |
||
Prepaid expenses |
241,711 |
236,915 |
||
Investments, fixed maturities and marketable equities |
2,770,394 |
2,893,399 |
||
Investments, other |
575,540 |
543,755 |
||
Deferred policy acquisition costs, net |
152,377 |
103,828 |
||
Other assets |
51,052 |
60,409 |
||
Right of use assets - financing, net |
474,765 |
620,824 |
||
Right of use assets - operating, net |
58,917 |
74,382 |
||
Related party assets |
48,308 |
47,851 |
||
6,774,560 |
7,673,731 |
|||
Property, plant and equipment, at cost: |
||||
Land |
1,537,206 |
1,283,142 |
||
Buildings and improvements |
7,088,810 |
5,974,639 |
||
Furniture and equipment |
928,241 |
846,132 |
||
Rental trailers and other rental equipment |
827,696 |
615,679 |
||
Rental trucks |
5,278,340 |
4,638,814 |
||
15,660,293 |
13,358,406 |
|||
Less: Accumulated depreciation |
(4,310,205) |
(3,732,556) |
||
Total property, plant and equipment, net |
11,350,088 |
9,625,850 |
||
Total assets |
$ |
18,124,648 |
$ |
17,299,581 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Liabilities: |
||||
Accounts payable and accrued expenses |
$ |
761,039 |
$ |
677,785 |
Notes, loans and finance leases payable, net |
6,108,042 |
6,022,497 |
||
Operating lease liabilities |
58,373 |
74,197 |
||
Policy benefits and losses, claims and loss expenses payable |
875,034 |
890,254 |
||
Liabilities from investment contracts |
2,398,884 |
2,336,238 |
||
Other policyholders' funds and liabilities |
8,232 |
10,812 |
||
Deferred income |
52,282 |
49,157 |
||
Deferred income taxes, net |
1,334,427 |
1,286,149 |
||
Total liabilities |
11,596,313 |
11,347,089 |
||
Common stock |
10,497 |
10,497 |
||
Non-voting common stock |
176 |
- |
||
Additional paid-in capital |
453,643 |
453,819 |
||
Accumulated other comprehensive income (loss) |
(267,046) |
46,384 |
||
Retained earnings |
7,008,715 |
6,119,442 |
||
Cost of common shares in treasury, net |
(525,653) |
(525,653) |
||
Cost of preferred shares in treasury, net |
(151,997) |
(151,997) |
||
Total stockholders' equity |
6,528,335 |
5,952,492 |
||
Total liabilities and stockholders' equity |
$ |
18,124,648 |
$ |
17,299,581 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES |
||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||
Quarter Ended March 31, |
||||
2023 |
2022 |
|||
(unaudited) (In thousands, except share and per share data) |
||||
Revenues: |
||||
Self-moving equipment rentals |
$ |
726,298 |
$ |
768,817 |
Self-storage revenues |
195,246 |
166,818 |
||
Self-moving and self-storage products and service sales |
76,220 |
78,969 |
||
Property management fees |
8,577 |
8,347 |
||
Life insurance premiums |
23,513 |
26,399 |
||
Property and casualty insurance premiums |
20,667 |
21,532 |
||
Net investment and interest income |
60,303 |
45,298 |
||
Other revenue |
77,827 |
82,121 |
||
Total revenues |
1,188,651 |
1,198,301 |
||
Costs and expenses: |
||||
Operating expenses |
746,317 |
707,843 |
||
Commission expenses |
76,501 |
83,381 |
||
Cost of sales |
56,114 |
66,137 |
||
Benefits and losses |
42,718 |
47,453 |
||
Amortization of deferred policy acquisition costs |
6,301 |
10,334 |
||
Lease expense |
7,878 |
7,428 |
||
Depreciation, net of gains on disposals |
141,815 |
121,551 |
||
Net (gains) losses on disposal of real estate |
558 |
(1,190) |
||
Total costs and expenses |
1,078,202 |
1,042,937 |
||
Earnings from operations |
110,449 |
155,364 |
||
Other components of net periodic benefit costs |
(304) |
(280) |
||
Interest expense |
(57,925) |
(44,659) |
||
Pretax earnings |
52,220 |
110,425 |
||
Income tax expense |
(14,483) |
(23,678) |
||
Earnings available to common shareholders |
$ |
37,737 |
$ |
86,747 |
Basic and diluted earnings per share of Common Stock |
$ |
0.16 |
$ |
0.44 |
Weighted average shares outstanding of Common Stock: Basic and diluted |
19,607,788 |
19,607,788 |
||
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
0.20 |
$ |
0.44 |
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted |
176,470,092 |
176,470,092 |
||
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES |
||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||
Years Ended March 31, |
||||
2023 |
2022 |
|||
(In thousands, except share and per share data) |
||||
Revenues: |
||||
Self-moving equipment rentals |
$ |
3,877,917 |
$ |
3,958,807 |
Self-storage revenues |
744,492 |
617,120 |
||
Self-moving and self-storage products and service sales |
357,286 |
351,447 |
||
Property management fees |
37,073 |
35,194 |
||
Life insurance premiums |
99,149 |
111,027 |
||
Property and casualty insurance premiums |
93,209 |
86,518 |
||
Net investment and interest income |
176,679 |
148,261 |
||
Other revenue |
478,886 |
431,373 |
||
Total revenues |
5,864,691 |
5,739,747 |
||
Costs and expenses: |
||||
Operating expenses |
3,024,547 |
2,676,541 |
||
Commission expenses |
416,315 |
429,581 |
||
Cost of sales |
263,026 |
259,585 |
||
Benefits and losses |
165,553 |
186,647 |
||
Amortization of deferred policy acquisition costs |
27,924 |
33,854 |
||
Lease expense |
30,829 |
29,910 |
||
Depreciation, net of gains on disposals |
486,795 |
482,752 |
||
Net (gains) losses on disposal of real estate |
5,596 |
(4,120) |
||
Total costs and expenses |
4,420,585 |
4,094,750 |
||
Earnings from operations |
1,444,106 |
1,644,997 |
||
Other components of net periodic benefit costs |
(1,216) |
(1,120) |
||
Interest expense |
(223,958) |
(167,424) |
||
Fees on early extinguishment of debt |
(1,009) |
(956) |
||
Pretax earnings |
1,217,923 |
1,475,497 |
||
Income tax expense |
(294,925) |
(352,211) |
||
Earnings available to common shareholders |
$ |
922,998 |
$ |
1,123,286 |
Basic and diluted earnings per share of Common Stock |
$ |
5.54 |
$ |
7.08 |
Weighted average shares outstanding of Common Stock: Basic and diluted |
19,607,788 |
19,607,788 |
||
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
4.62 |
$ |
5.58 |
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted |
176,470,092 |
176,470,092 |
||
EARNINGS PER SHARE
We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company's outstanding common stock, $0.25 par value (the "Voting Common Stock") and the Series N Non-Voting Common Stock, $0.001 par value (the "Non-Voting Common Stock") based on each share's percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended |
||||
March 31, |
||||
2023 |
2022 |
|||
(Unaudited) |
||||
(In thousands, except share and per |
||||
Weighted average shares outstanding of Voting Common Stock |
19,607,788 |
19,607,788 |
||
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
196,077,880 |
196,077,880 |
||
Percent of weighted average shares outstanding of Voting Common Stock |
10 % |
10 % |
||
Net earnings available to common stockholders |
$ |
37,737 |
$ |
86,747 |
Voting Common Stock dividends declared |
- |
- |
||
Non-Voting Common Stock dividends declared |
(7,058) |
- |
||
Undistributed earnings available to common stockholders |
$ |
30,679 |
$ |
86,747 |
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
3,068 |
$ |
8,675 |
Undistributed earnings per share of Voting Common Stock |
$ |
0.16 |
$ |
0.44 |
Dividends declared per share of Voting Common Stock |
$ |
- |
$ |
- |
Basic and diluted earnings per share of Voting Common Stock |
$ |
0.16 |
$ |
0.44 |
Weighted average shares outstanding of Non-Voting Common Stock |
176,470,092 |
176,470,092 |
||
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
196,077,880 |
196,077,880 |
||
Percent of weighted average shares outstanding of Non-Voting Common Stock |
90 % |
90 % |
||
Net earnings available to common stockholders |
$ |
37,737 |
$ |
86,747 |
Voting Common Stock dividends declared |
- |
- |
||
Non-Voting Common Stock dividends declared |
(7,058) |
- |
||
Undistributed earnings available to common stockholders |
$ |
30,679 |
$ |
86,747 |
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
$ |
27,611 |
$ |
78,072 |
Undistributed earnings per share of Non-Voting Common Stock |
$ |
0.16 |
$ |
0.44 |
Dividends declared per share of Non-Voting Common Stock |
$ |
0.04 |
$ |
- |
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
0.20 |
$ |
0.44 |
For the Years Ended |
||||
March 31, |
||||
2023 |
2022 |
|||
(In thousands, except share and per |
||||
Weighted average shares outstanding of Voting Common Stock |
19,607,788 |
19,607,788 |
||
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
196,077,880 |
196,077,880 |
||
Percent of weighted average shares outstanding of Voting Common Stock |
10 % |
10 % |
||
Net earnings available to common stockholders |
$ |
922,998 |
$ |
1,123,286 |
Voting Common Stock dividends declared |
(19,608) |
(29,412) |
||
Non-Voting Common Stock dividends declared |
(14,117) |
- |
||
Undistributed earnings available to common stockholders |
$ |
889,273 |
$ |
1,093,874 |
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
88,927 |
$ |
109,387 |
Undistributed earnings per share of Voting Common Stock |
$ |
4.54 |
$ |
5.58 |
Dividends declared per share of Voting Common Stock |
$ |
1.00 |
$ |
1.50 |
Basic and diluted earnings per share of Voting Common Stock |
$ |
5.54 |
$ |
7.08 |
Weighted average shares outstanding of Non-Voting Common Stock |
176,470,092 |
176,470,092 |
||
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
196,077,880 |
196,077,880 |
||
Percent of weighted average shares outstanding of Non-Voting Common Stock |
90 % |
90 % |
||
Net earnings available to common stockholders |
$ |
922,998 |
$ |
1,123,286 |
Voting Common Stock dividends declared |
(19,608) |
(29,412) |
||
Non-Voting Common Stock dividends declared |
(14,117) |
- |
||
Undistributed earnings available to common stockholders |
$ |
889,273 |
$ |
1,093,874 |
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
$ |
800,346 |
$ |
984,487 |
Undistributed earnings per share of Non-Voting Common Stock |
$ |
4.54 |
$ |
5.58 |
Dividends declared per share of Non-Voting Common Stock |
$ |
0.08 |
$ |
- |
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
4.62 |
$ |
5.58 |
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net ("PPE") being reclassed to right of use assets - financing, net ("ROU-financing"). As of March 31, 2023, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during fiscal 2023. The tables below show adjusted PPE as of March 31, 2023 and March 31, 2022, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.
March 31, |
March 31, |
|||||||
2023 |
2022 |
|||||||
March 31, |
ROU |
Property, Plant |
Property, |
|||||
2023 |
Financing |
Adjusted |
Adjusted |
|||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Property, plant and equipment, at cost |
||||||||
Land |
$ |
1,537,206 |
$ |
- |
$ |
1,537,206 |
$ |
1,283,142 |
Buildings and improvements |
7,088,810 |
- |
7,088,810 |
5,974,639 |
||||
Furniture and equipment |
928,241 |
9,687 |
937,928 |
860,863 |
||||
Rental trailers and other rental equipment |
827,696 |
152,294 |
979,990 |
785,193 |
||||
Rental trucks |
5,278,340 |
949,838 |
6,228,178 |
5,753,062 |
||||
Right-of-use assets, gross |
15,660,293 |
1,111,819 |
16,772,112 |
14,656,899 |
||||
Less: Accumulated depreciation |
(4,310,205) |
(637,054) |
(4,947,259) |
(4,410,225) |
||||
Total property, plant and equipment, net |
$ |
11,350,088 |
$ |
474,765 |
$ |
11,824,853 |
$ |
10,246,674 |
March 31, |
||||||
2022 |
||||||
March 31, |
ROU Assets |
Property, Plant |
||||
2022 |
Financing |
Adjusted |
||||
(Unaudited) |
||||||
(In thousands) |
||||||
Property, plant and equipment, at cost |
||||||
Land |
$ |
1,283,142 |
$ |
- |
$ |
1,283,142 |
Buildings and improvements |
5,974,639 |
- |
5,974,639 |
|||
Furniture and equipment |
846,132 |
14,731 |
860,863 |
|||
Rental trailers and other rental equipment |
615,679 |
169,514 |
785,193 |
|||
Rental trucks |
4,638,814 |
1,114,248 |
5,753,062 |
|||
Right-of-use assets, gross |
13,358,406 |
1,298,493 |
14,656,899 |
|||
Less: Accumulated depreciation |
(3,732,556) |
(677,669) |
(4,410,225) |
|||
Total property, plant and equipment, net |
$ |
9,625,850 |
$ |
620,824 |
$ |
10,246,674 |
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.
Moving and Storage EBITDA (In thousands, unaudited) |
TTM |
|||||||||
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||
2023 |
2022 |
2022 |
2022 |
2022 |
||||||
Earnings from operations * |
$ |
1,396,122 |
$ |
1,435,667 |
$ |
1,534,803 |
$ |
1,575,848 |
$ |
1,577,226 |
Depreciation |
733,879 |
721,950 |
712,896 |
703,059 |
696,955 |
|||||
Net gains on disposals |
(247,084) |
(255,419) |
(256,495) |
(228,228) |
(214,203) |
|||||
Net (gains) losses on disposal of real estate |
5,596 |
3,848 |
3,966 |
2,617 |
(4,120) |
|||||
Depreciation, net of (gains) losses on disposals |
492,391 |
470,379 |
460,367 |
477,448 |
478,632 |
|||||
EBITDA |
$ |
1,888,513 |
$ |
1,906,046 |
$ |
1,995,170 |
$ |
2,053,296 |
$ |
2,055,858 |
* before insurance subsidiaries |
||||||||||
SOURCE U-Haul Holding Company
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