U-Haul Holding Company Reports Second Quarter Fiscal 2025 Financial Results
For the six-month period ended
“We are continuing to fine tune our U-Move efforts. Customers remain uncertain and conservative,” stated
Highlights of Second Quarter Fiscal 2025 Results
-
Self-storage revenues increased
$15.6 million , or 7.5% versus the second quarter of fiscal year 2024.- Same store occupancy decreased 0.8% to 94.1%, revenue per foot increased 1.6%, and the number of locations qualifying for the pool increased by 52.
-
Total portfolio occupied rooms increased 31,933 or 5.5% compared to
September 30, 2023 . - During the quarter we added 11 new locations with storage and 0.9 million net rentable square feet (NRSF). One was an acquisition of an existing storage location totaling 49 thousand NRSF and ten were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 0.9 million NRSF.
- We have approximately 16.8 million NRSF in development or pending.
-
Self-moving equipment rental revenues increased
$17.9 million , or 1.7% versus the second quarter of fiscal year 2024 resulting in our second consecutive quarter of year-over-year improvement. Transactions were flat compared to the second quarter of last year while revenue per transaction increased for both our In-Town and One-way markets. -
Moving and Storage Other revenue increased
$6.8 million or 4.3% versus the second quarter of fiscal 2024 due to growth of our U-Box product offering. -
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, adjusted to remove interest income, decreased
$92.5 million compared to the second quarter of fiscal 2024.-
Reduced gains from the disposal of retired rental equipment accounted for
$29.2 million of the decrease while fleet depreciation expense increased$36.0 million and real estate related depreciation expense increased$7.9 million all compared with the second quarter of fiscal 2024. -
Fleet maintenance and repair costs declined
$5.4 million compared with the second quarter of fiscal 2024.
-
Reduced gains from the disposal of retired rental equipment accounted for
-
Moving and Storage earnings before interest, taxes and depreciation (EBITDA), adjusted to remove interest income, decreased
$18.1 million compared to the second quarter of fiscal 2024. -
Cash and credit availability at the Moving and Storage segment was
$1,774.5 million as ofSeptember 30, 2024 compared with$1,886.3 million atMarch 31, 2024 . -
On
August 15, 2024 , we declared a cash dividend on our Non-Voting Common Stock of$0.05 per share to holders of record onSeptember 16, 2024 . The dividend was paid onSeptember 27, 2024 .
Supplemental financial information as of
About
About
Since 1945,
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-Q for the quarter ended
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2025 and 2024.
Quarter Ended |
||||
2024 |
|
2023 |
||
|
|
(Unaudited) |
||
(In thousands) |
||||
Self-moving equipment rentals |
$ |
1,087,348 |
$ |
1,069,405 |
Self-storage revenues |
224,519 |
|
208,890 |
|
Self-moving and self-storage product and service sales |
87,763 |
|
91,571 |
|
Property management fees |
9,586 |
|
9,267 |
|
Life insurance premiums |
20,488 |
|
22,498 |
|
Property and casualty insurance premiums |
25,767 |
|
25,571 |
|
Net investment and interest income |
37,794 |
|
64,738 |
|
Other revenue |
164,843 |
|
157,920 |
|
Consolidated revenue |
$ |
1,658,108 |
$ |
1,649,860 |
|
Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2025 and 2024.
Quarter Ended |
||||
2024 |
|
2023 |
||
|
|
(Unaudited) |
||
(In thousands) |
||||
Moving and storage |
|
|||
Revenues |
$ |
1,573,643 |
$ |
1,565,578 |
Earnings from operations before equity in earnings of subsidiaries |
280,695 |
|
401,704 |
|
Property and casualty insurance |
|
|||
Revenues |
31,461 |
|
31,852 |
|
Earnings from operations |
13,823 |
|
15,419 |
|
Life insurance |
|
|||
Revenues |
56,157 |
|
55,522 |
|
Earnings from operations |
7,690 |
|
5,608 |
|
Eliminations |
|
|||
Revenues |
(3,153) |
|
(3,092) |
|
Earnings from operations before equity in earnings of subsidiaries |
(252) |
|
(376) |
|
Consolidated Results |
|
|||
Revenues |
1,658,108 |
|
1,649,860 |
|
Earnings from operations |
301,956 |
|
422,355 |
Debt Metrics
Debt Metrics |
|||||||||||||||
(in thousands) (unaudited) |
|
|
|
|
|
||||||||||
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
||||||
Real estate secured debt |
$ |
2,471,044 |
$ |
2,497,239 |
$ |
2,562,620 |
$ |
2,716,180 |
$ |
2,771,027 |
|||||
Unsecured debt |
|
1,700,000 |
|
1,200,000 |
|
1,200,000 |
|
1,200,000 |
|
1,200,000 |
|||||
Fleet secured debt |
|
2,554,194 |
|
2,544,235 |
|
2,470,603 |
|
2,482,356 |
|
2,392,021 |
|||||
Other secured debt |
|
69,264 |
|
70,202 |
|
70,815 |
|
72,869 |
|
73,752 |
|||||
Total debt |
|
6,794,502 |
|
6,311,676 |
|
6,304,038 |
|
6,471,405 |
|
6,436,800 |
|||||
Moving and Storage cash |
$ |
1,279,493 |
$ |
1,071,779 |
$ |
1,380,165 |
$ |
1,736,295 |
$ |
2,068,790 |
|||||
Moving and Storage assets |
|
17,164,316 |
|
16,447,193 |
|
16,149,748 |
|
16,193,912 |
|
16,156,182 |
|||||
Moving and Storage EBITDA (TTM) |
|
|
1,566,396 |
|
1,584,461 |
|
1,567,985 |
|
1,593,446 |
|
1,683,912 |
||||
Net debt to EBITDA |
|
3.5 |
|
3.3 |
|
3.1 |
|
3.0 |
|
2.6 |
|||||
Net debt to total assets |
|
32.1% |
|
31.9% |
|
30.5% |
|
29.2% |
|
27.0% |
|||||
Percent of debt floating |
|
5.9% |
|
7.7% |
|
7.2% |
|
6.9% |
|
6.3% |
|||||
Percent of debt fixed |
|
94.1% |
|
92.3% |
|
92.8% |
|
93.1% |
|
93.7% |
|||||
Percent of debt unsecured |
|
25.0% |
|
19.0% |
|
19.0% |
|
18.5% |
|
18.6% |
|||||
Unencumbered asset ratio* |
3.78x |
4.72x |
4.43x |
4.00x |
3.74x |
* |
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 components of depreciation, net of gains on disposals for the second quarter of fiscal 2025 and 2024 are as follows:
Quarter Ended |
||||
2024 |
2023 |
|||
(Unaudited) |
||||
(In thousands) |
||||
Depreciation expense - rental equipment |
$ |
176,340 |
$ |
140,341 |
Depreciation expense - non rental equipment |
23,750 |
23,392 |
||
Depreciation expense - real estate |
44,735 |
37,192 |
||
Total depreciation expense |
$ |
244,825 |
$ |
200,925 |
Net gains on disposals of rental equipment |
(17,892) |
$ |
(46,928) |
|
Net losses on disposals of non-rental equipment |
337 |
125 |
||
Total net gains on disposals equipment |
$ |
(17,555) |
$ |
(46,803) |
Depreciation, net of gains on disposals |
$ |
227,270 |
$ |
154,122 |
Net losses on disposals of real estate |
$ |
2,991 |
$ |
1,715 |
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 locations follows:
Quarter Ended |
||||
2024 |
2023 |
|||
|
|
(Unaudited) |
||
(In thousands, except occupancy rate) |
||||
Unit count as of |
758 |
691 |
||
Square footage as of |
64,499 |
58,402 |
||
Average monthly number of units occupied |
610 |
578 |
||
Average monthly occupancy rate based on unit count |
80.9% |
84.2% |
||
End of September occupancy rate based on unit count |
|
80.0% |
|
83.5% |
Average monthly square footage occupied |
53,108 |
49,931 |
||
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2025 and 2024.
Six Months Ended |
||||
2024 |
2023 |
|||
(Unaudited) |
||||
(In thousands) |
||||
Self-moving equipment rentals |
$ |
2,101,680 |
$ |
2,068,611 |
Self-storage revenues |
440,256 |
407,851 |
||
Self-moving and self-storage product and service sales |
184,354 |
192,443 |
||
Property management fees |
19,081 |
18,444 |
||
Life insurance premiums |
41,228 |
45,629 |
||
Property and casualty insurance premiums |
46,996 |
45,893 |
||
Net investment and interest income |
74,919 |
129,330 |
||
Other revenue |
298,084 |
281,967 |
||
Consolidated revenue |
$ |
3,206,598 |
$ |
3,190,168 |
Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2025 and 2024.
Six Months Ended |
||||
2024 |
2023 |
|||
(Unaudited) |
||||
(In thousands) |
||||
Moving and storage |
||||
Revenues |
$ |
3,042,804 |
$ |
3,025,091 |
Earnings from operations before equity in earnings of subsidiaries |
575,753 |
788,395 |
||
Property and casualty insurance |
||||
Revenues |
59,639 |
59,691 |
||
Earnings from operations |
25,306 |
27,401 |
||
Life insurance |
||||
Revenues |
109,906 |
111,203 |
||
Earnings from operations |
7,643 |
6,964 |
||
Eliminations |
||||
Revenues |
(5,751) |
(5,817) |
||
Earnings from operations before equity in earnings of subsidiaries |
(504) |
(747) |
||
Consolidated Results |
||||
Revenues |
3,206,598 |
3,190,168 |
||
Earnings from operations |
608,198 |
822,013 |
||
The components of depreciation, net of gains on disposals for the first six months of fiscal 2025 and 2024 are as follows:
|
Six Months Ended |
|||
|
2024 |
2023 |
||
|
(Unaudited) |
|||
|
(In thousands) |
|||
Depreciation expense - rental equipment |
$ |
333,868 |
$ |
275,533 |
Depreciation expense - non rental equipment |
|
47,711 |
45,694 |
|
Depreciation expense - real estate |
|
87,559 |
73,173 |
|
Total depreciation expense |
$ |
469,138 |
$ |
394,400 |
|
||||
Net gains on disposals of rental equipment |
$ |
(25,840) |
$ |
(102,735) |
Net losses on disposals of non-rental equipment |
|
517 |
271 |
|
Total net gains on disposals equipment |
$ |
(25,323) |
$ |
(102,464) |
|
||||
Depreciation, net of gains on disposals |
$ |
443,815 |
$ |
291,936 |
|
||||
Net losses on disposals of real estate |
$ |
6,095 |
$ |
2,736 |
|
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 locations follows:
Six Months Ended |
||||
2024 |
2023 |
|||
|
|
(Unaudited) |
||
(In thousands, except occupancy rate) |
||||
Unit count as of |
758 |
691 |
||
Square footage as of |
64,499 |
58,402 |
||
Average monthly number of units occupied |
602 |
529 |
||
Average monthly occupancy rate based on unit count |
80.5% |
83.5% |
||
End of September occupancy rate based on unit count |
|
80.0% |
|
83.5% |
Average monthly square footage occupied |
52,412 |
49,279 |
Self-Storage Portfolio Summary |
||||||||||
As of |
||||||||||
(unaudited) |
||||||||||
U-Haul Owned Store Data by State |
|
|
|
|
|
|
||||
Annual |
||||||||||
State/ |
Units |
Rentable |
Revenue |
Occupancy |
||||||
Province |
Stores |
Occupied |
Square Feet |
Per Foot |
During Qtr |
|||||
|
95 |
38,681 |
4,464,341 |
|
79.3% |
|||||
|
88 |
34,103 |
3,181,088 |
|
82.4% |
|||||
|
85 |
33,813 |
3,736,937 |
|
77.6% |
|||||
|
81 |
37,392 |
3,904,707 |
|
83.9% |
|||||
|
71 |
28,216 |
3,013,510 |
|
76.1% |
|||||
|
66 |
27,725 |
2,611,589 |
|
80.5% |
|||||
|
60 |
25,124 |
2,646,025 |
|
81.6% |
|||||
|
57 |
20,530 |
2,103,664 |
|
86.7% |
|||||
|
51 |
22,373 |
2,464,567 |
|
85.2% |
|||||
|
44 |
17,109 |
2,009,358 |
|
75.3% |
|||||
|
43 |
25,431 |
2,736,698 |
|
84.2% |
|||||
|
37 |
16,825 |
1,836,403 |
|
78.5% |
|||||
|
36 |
14,019 |
1,502,356 |
|
76.8% |
|||||
|
36 |
15,100 |
1,519,561 |
|
87.5% |
|||||
|
35 |
12,982 |
1,609,272 |
|
76.2% |
|||||
|
34 |
16,196 |
1,512,750 |
|
83.9% |
|||||
|
33 |
11,857 |
1,211,460 |
|
76.1% |
|||||
|
33 |
10,718 |
1,174,751 |
|
82.4% |
|||||
|
31 |
11,244 |
997,282 |
|
87.8% |
|||||
|
27 |
7,241 |
852,224 |
|
78.7% |
|||||
Top 20 Totals |
1,043 |
426,679 |
45,088,542 |
|
80.9% |
|||||
All Others |
464 |
180,234 |
19,486,826 |
|
81.0% |
|||||
2Q 2025 Totals |
1,507 |
606,913 |
64,575,368 |
|
80.9% |
|||||
Same Store Pool Held Constant for Prior Periods |
|
|
|
|
|
|
|
|
|
|
Same Store 2Q25 |
|
893 |
|
318,885 |
|
29,373,505 |
|
|
|
94.1% |
Same Store 2Q24 |
|
893 |
|
322,797 |
|
29,340,207 |
|
|
|
94.9% |
Same Store 2Q23 |
|
893 |
|
324,205 |
|
29,339,784 |
|
|
|
95.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
614 |
|
288,028 |
|
35,201,862 |
|
|
|
70.0% |
|
|
551 |
|
255,097 |
|
29,206,735 |
|
|
|
73.6% |
|
|
494 |
|
218,320 |
|
24,107,327 |
|
|
|
74.3% |
|
|
|
|
|
|
|
|
|
|
|
Same Store 2Q25 |
|
893 |
|
318,885 |
|
29,373,505 |
|
|
|
94.1% |
Same Store 2Q24 |
|
841 |
|
280,565 |
|
25,949,457 |
|
|
|
95.0% |
Same Store 2Q23 |
|
753 |
|
233,947 |
|
21,916,035 |
|
|
|
96.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
614 |
|
288,028 |
|
35,201,862 |
|
|
|
70.0% |
|
|
605 |
|
296,627 |
|
32,528,552 |
|
|
|
75.9% |
|
|
636 |
|
307,535 |
|
31,463,318 |
|
|
|
78.4% |
|
|
|
|
|
|
|
|
|
|
|
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. |
||||||||||
Occupancy % reflects average occupancy during the reporting quarter. |
||||||||||
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending |
||||||||||
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. |
||||||||||
Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month. |
||||||||||
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
|
|
|||
|
|
|
|
|
|
2024 |
|
2024 |
|
|
(Unaudited) |
|||
|
(In thousands) |
|||
ASSETS |
|
|
||
Cash and cash equivalents |
$ |
1,435,639 |
$ |
1,534,544 |
Trade receivables and reinsurance recoverables, net |
|
217,556 |
|
215,908 |
Inventories and parts |
|
157,592 |
|
150,940 |
Prepaid expenses |
|
279,539 |
|
246,082 |
Fixed maturity securities available-for-sale, net, at fair value |
|
2,437,923 |
|
2,442,504 |
Equity securities, at fair value |
|
63,295 |
|
66,274 |
Investments, other |
|
643,893 |
|
633,936 |
Deferred policy acquisition costs, net |
|
121,329 |
|
121,224 |
Other assets |
|
130,071 |
|
111,743 |
Right of use assets - financing, net |
|
208,804 |
|
289,305 |
Right of use assets - operating, net |
|
51,308 |
|
53,712 |
Related party assets |
|
54,288 |
|
57,934 |
|
5,801,237 |
|
5,924,106 |
|
Property, plant and equipment, at cost: |
|
|
||
Land |
|
1,739,422 |
|
1,670,033 |
Buildings and improvements |
|
8,915,534 |
|
8,237,354 |
Furniture and equipment |
|
1,022,945 |
|
1,003,770 |
Rental trailers and other rental equipment |
|
989,672 |
|
936,303 |
Rental trucks |
|
7,123,968 |
|
6,338,324 |
|
19,791,541 |
|
18,185,784 |
|
Less: Accumulated depreciation |
|
(5,466,227) |
|
(5,051,132) |
Total property, plant and equipment, net |
|
14,325,314 |
|
13,134,652 |
Total assets |
$ |
20,126,551 |
$ |
19,058,758 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
||
Liabilities: |
|
|
||
Accounts payable and accrued expenses |
$ |
896,811 |
$ |
783,084 |
Notes, loans and finance leases payable, net |
|
6,760,781 |
|
6,271,362 |
Operating lease liabilities |
|
52,471 |
|
55,032 |
Policy benefits and losses, claims and loss expenses payable |
|
833,632 |
|
849,113 |
Liabilities from investment contracts |
|
2,497,031 |
|
2,411,352 |
Other policyholders' funds and liabilities |
|
8,045 |
|
18,070 |
Deferred income |
|
54,026 |
|
51,175 |
Deferred income taxes, net |
|
1,504,356 |
|
1,447,125 |
Total liabilities |
|
12,607,153 |
|
11,886,313 |
|
|
|||
Common stock |
|
10,497 |
|
10,497 |
Non-voting common stock |
|
176 |
|
176 |
Additional paid-in capital |
|
462,548 |
|
462,548 |
Accumulated other comprehensive loss |
|
(240,831) |
|
(223,216) |
Retained earnings |
|
7,964,658 |
|
7,600,090 |
Cost of common stock in treasury, net |
|
(525,653) |
|
(525,653) |
Cost of preferred stock in treasury, net |
|
(151,997) |
|
(151,997) |
Total stockholders' equity |
|
7,519,398 |
|
7,172,445 |
Total liabilities and stockholders' equity |
$ |
20,126,551 |
$ |
19,058,758 |
|
|
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||
|
||||
|
Quarter Ended |
|||
|
2024 |
|
2023 |
|
|
(Unaudited) |
|||
|
(In thousands, except share and per share data) |
|||
Revenues: |
|
|
||
Self-moving equipment rentals |
$ |
1,087,348 |
$ |
1,069,405 |
Self-storage revenues |
|
224,519 |
|
208,890 |
Self-moving and self-storage products and service sales |
|
87,763 |
|
91,571 |
Property management fees |
|
9,586 |
|
9,267 |
Life insurance premiums |
|
20,488 |
|
22,498 |
Property and casualty insurance premiums |
|
25,767 |
|
25,571 |
Net investment and interest income |
|
37,794 |
|
64,738 |
Other revenue |
|
164,843 |
|
157,920 |
Total revenues |
|
1,658,108 |
|
1,649,860 |
|
|
|||
Costs and expenses: |
|
|
||
Operating expenses |
|
891,073 |
|
835,258 |
Commission expenses |
|
119,008 |
|
111,961 |
Cost of sales |
|
62,250 |
|
66,620 |
Benefits and losses |
|
44,392 |
|
42,553 |
Amortization of deferred policy acquisition costs |
|
4,439 |
|
6,826 |
Lease expense |
|
4,729 |
|
8,450 |
Depreciation, net of gains on disposals |
|
227,270 |
|
154,122 |
Net losses on real estate |
|
2,991 |
|
1,715 |
Total costs and expenses |
|
1,356,152 |
|
1,227,505 |
|
|
|||
Earnings from operations |
|
301,956 |
|
422,355 |
Other components of net periodic benefit costs |
|
(372) |
|
(364) |
Other interest income |
|
16,131 |
|
- |
Interest expense |
|
(71,498) |
|
(63,943) |
Pretax earnings |
|
246,217 |
|
358,048 |
Income tax expense |
|
(59,419) |
|
(84,540) |
Earnings available to common shareholders |
$ |
186,798 |
$ |
273,508 |
Basic and diluted earnings per share of Common Stock |
$ |
0.91 |
$ |
1.36 |
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 |
$ |
0.96 |
$ |
1.40 |
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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||
|
||||
|
Six Months Ended |
|||
|
2024 |
|
2023 |
|
|
|
(Unaudited) |
||
|
(In thousands, except share and per share data) |
|||
Revenues: |
|
|
||
Self-moving equipment rentals |
$ |
2,101,680 |
$ |
2,068,611 |
Self-storage revenues |
|
440,256 |
|
407,851 |
Self-moving and self-storage products and service sales |
|
184,354 |
|
192,443 |
Property management fees |
|
19,081 |
|
18,444 |
Life insurance premiums |
|
41,228 |
|
45,629 |
Property and casualty insurance premiums |
|
46,996 |
|
45,893 |
Net investment and interest income |
|
74,919 |
|
129,330 |
Other revenue |
|
298,084 |
|
281,967 |
Total revenues |
|
3,206,598 |
|
3,190,168 |
|
|
|||
Costs and expenses: |
|
|
||
Operating expenses |
|
1,680,830 |
|
1,598,499 |
Commission expenses |
|
231,579 |
|
218,888 |
Cost of sales |
|
128,264 |
|
137,295 |
Benefits and losses |
|
88,398 |
|
87,897 |
Amortization of deferred policy acquisition costs |
|
9,085 |
|
14,871 |
Lease expense |
|
10,334 |
|
16,033 |
Depreciation, net of gains on disposals |
|
443,815 |
|
291,936 |
Net losses on real estate |
|
6,095 |
|
2,736 |
Total costs and expenses |
|
2,598,400 |
|
2,368,155 |
|
|
|||
Earnings from operations |
|
608,198 |
|
822,013 |
Other components of net periodic benefit costs |
|
(744) |
|
(729) |
Other interest income |
|
34,366 |
|
— |
Interest expense |
|
(138,716) |
|
(124,541) |
Fees on early extinguishment of debt |
|
(495) |
|
— |
Pretax earnings |
|
502,609 |
|
696,743 |
Income tax expense |
|
(120,394) |
|
(166,397) |
Earnings available to common shareholders |
$ |
382,215 |
$ |
530,346 |
Basic and diluted earnings per share of Common Stock |
$ |
1.86 |
$ |
2.63 |
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 |
$ |
1.96 |
$ |
2.71 |
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,
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 ended
|
|
For the Quarter Ended |
||
|
|
|
||
|
|
2024 |
|
2023 |
|
|
(Unaudited) |
||
|
|
(In thousands, except share and per share amounts) |
||
|
|
|
|
|
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 |
$ |
186,798 |
$ |
273,508 |
Voting Common Stock dividends declared |
|
- |
|
- |
Non-Voting Common Stock dividends declared |
|
(8,823) |
|
(7,059) |
Undistributed earnings available to common stockholders |
$ |
177,975 |
$ |
266,449 |
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
17,798 |
$ |
26,645 |
|
|
|
|
|
Undistributed earnings per share of Voting Common Stock |
$ |
0.91 |
$ |
1.36 |
Dividends declared per share of Voting Common Stock |
$ |
- |
$ |
- |
Basic and diluted earnings per share of Voting Common Stock |
$ |
0.91 |
$ |
1.36 |
|
|
|
|
|
|
|
|
|
|
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 |
$ |
186,798 |
$ |
273,508 |
Voting Common Stock dividends declared |
|
- |
|
- |
Non-Voting Common Stock dividends declared |
|
(8,823) |
|
(7,059) |
Undistributed earnings available to common stockholders |
$ |
177,975 |
$ |
266,449 |
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
$ |
160,178 |
$ |
239,804 |
|
|
|
|
|
Undistributed earnings per share of Non-Voting Common Stock |
$ |
0.91 |
$ |
1.36 |
Dividends declared per share of Non-Voting Common Stock |
$ |
0.05 |
$ |
0.04 |
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
0.96 |
$ |
1.40 |
The calculation of basic and diluted earnings per share for the first six months ended
|
|
For the Six Months Ended |
||
|
|
|
||
|
|
2024 |
|
2023 |
|
|
(Unaudited) |
||
|
|
(In thousands, except share and per share amounts) |
||
|
|
|
|
|
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 |
$ |
382,215 |
$ |
530,346 |
Voting Common Stock dividends declared |
|
- |
|
- |
Non-Voting Common Stock dividends declared |
|
(17,647) |
|
(14,118) |
Undistributed earnings available to common stockholders |
$ |
364,568 |
$ |
516,228 |
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
36,457 |
$ |
51,623 |
|
|
|
|
|
Undistributed earnings per share of Voting Common Stock |
$ |
1.86 |
$ |
2.63 |
Dividends declared per share of Voting Common Stock |
$ |
- |
$ |
- |
Basic and diluted earnings per share of Voting Common Stock |
$ |
1.86 |
$ |
2.63 |
|
|
|
|
|
|
|
|
|
|
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 |
$ |
382,215 |
$ |
530,346 |
Voting Common Stock dividends declared |
|
- |
|
- |
Non-Voting Common Stock dividends declared |
|
(17,647) |
|
(14,118) |
Undistributed earnings available to common stockholders |
$ |
364,568 |
$ |
516,228 |
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
$ |
328,111 |
$ |
464,605 |
|
|
|
|
|
Undistributed earnings per share of Non-Voting Common Stock |
$ |
1.86 |
$ |
2.63 |
Dividends declared per share of Non-Voting Common Stock |
$ |
0.10 |
$ |
0.08 |
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
1.96 |
$ |
2.71 |
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
As of
|
|
|
|
|
|
|
||
|
|
|
|
2024 |
|
2024 |
||
|
|
ROU Assets |
|
Property, Plant and Equipment |
|
Property, Plant and Equipment |
||
2024 |
|
Financing |
|
Adjusted |
|
Adjusted |
||
(Unaudited) |
|
|||||||
(In thousands) |
||||||||
Property, plant and equipment, at cost |
||||||||
Land |
$ |
1,739,422 |
$ |
- |
$ |
1,739,422 |
$ |
1,670,033 |
Buildings and improvements |
8,915,534 |
- |
8,915,534 |
8,237,354 |
||||
Furniture and equipment |
1,022,945 |
61 |
1,023,006 |
1,003,831 |
||||
Rental trailers and other rental equipment |
989,672 |
96,006 |
1,085,678 |
1,050,910 |
||||
Rental trucks |
7,123,968 |
436,576 |
7,560,544 |
6,945,845 |
||||
Subtotal |
19,791,541 |
532,643 |
20,324,184 |
18,907,973 |
||||
Less: Accumulated depreciation |
(5,466,227) |
(323,839) |
(5,790,066) |
(5,484,016) |
||||
Total property, plant and equipment, net |
$ |
14,325,314 |
$ |
208,804 |
$ |
14,534,118 |
$ |
13,423,957 |
|
|
|
|
|
|||
|
|
|
|
2024 |
|||
|
|
ROU Assets |
|
Property, Plant and Equipment |
|||
2024 |
|
Financing |
|
Adjusted |
|||
(In thousands) |
|||||||
Property, plant and equipment, at cost |
|||||||
Land |
$ |
1,670,033 |
$ |
- |
$ |
1,670,033 |
|
Buildings and improvements |
8,237,354 |
- |
8,237,354 |
||||
Furniture and equipment |
1,003,770 |
61 |
1,003,831 |
||||
Rental trailers and other rental equipment |
936,303 |
114,607 |
1,050,910 |
||||
Rental trucks |
6,338,324 |
607,521 |
6,945,845 |
||||
Subtotal |
18,185,784 |
722,189 |
18,907,973 |
||||
Less: Accumulated depreciation |
(5,051,132) |
(432,884) |
(5,484,016) |
||||
Total property, plant and equipment, net |
$ |
13,134,652 |
$ |
289,305 |
$ |
13,423,957 |
|
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under
Moving and Storage EBITDA (In thousands, unaudited) |
TTM |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
Earnings from operations * |
$ |
739,313 |
$ |
831,802 |
$ |
896,140 |
$ |
980,169 |
$ |
1,132,142 |
Depreciation |
892,627 |
848,727 |
817,889 |
793,940 |
768,475 |
|||||
Net gains on disposals |
(76,817) |
(106,065) |
(153,958) |
(186,541) |
(220,858) |
|||||
Net losses on disposal of real estate |
11,273 |
9,997 |
7,914 |
5,878 |
4,153 |
|||||
Depreciation, net of (gains) losses on disposals |
827,083 |
752,659 |
671,845 |
613,277 |
551,770 |
|||||
EBITDA |
$ |
1,566,396 |
$ |
1,584,461 |
$ |
1,567,985 |
$ |
1,593,446 |
$ |
1,683,912 |
* |
before insurance subsidiaries |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106548589/en/
Director of Investor Relations
(602) 263-6601
[email protected]
Source:
Primerica Reports Third Quarter 2024 Results
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