U-Haul Holding Co. Q1 2025 10-Q Filing

TL;DR

U-Haul's Q1 2025 10-Q is in, check the numbers on life insurance and capital leases.

AI Summary

U-Haul Holding Co. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational segments, including information on life insurance and various holding entities. Key financial data points such as capital lease obligations and accumulated translation adjustments are reported for the period.

Why It Matters

This filing provides investors with a quarterly update on U-Haul's financial health and operational performance, crucial for understanding the company's trajectory in the rental and leasing sector.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but specific financial figures and operational details could indicate underlying risks or opportunities.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2023-04-01 to 2023-06-30 — Prior Year Quarter (Provides a comparative period for financial analysis.)
• 2024-03-31 — Previous Fiscal Year End (Marks the end of the prior fiscal year, useful for year-over-year comparisons.)

Key Players & Entities

• U-Haul Holding Co. /NV/ (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 0000004457 (company) — Central Index Key for U-Haul Holding Co.
• 7510 (industry_code) — Standard Industrial Classification for Auto Rental & Leasing
• NV (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.25 — nge on which registered Common Stock, $0.25 par value UHAL New York Stock Excha
• $0.001 — nge Series N Non-Voting Common Stock, $0.001 par value UHAL.B New York Stock Exc

Filing Documents

• uhal-20240630.htm (10-Q) — 5310KB
• uhal-ex31_1.htm (EX-31.1) — 14KB
• uhal-ex31_2.htm (EX-31.2) — 14KB
• uhal-ex32_1.htm (EX-32.1) — 12KB
• uhal-ex32_2.htm (EX-32.2) — 12KB
• img153335506_0.jpg (GRAPHIC) — 29KB
• 0000950170-24-092847.txt ( ) — 19734KB
• uhal-20240630.xsd (EX-101.SCH) — 2006KB
• uhal-20240630_htm.xml (XML) — 4582KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 a) Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 (unaudited) 1 b) Consolidated Statements of Operations for the Quarters Ended June 30, 2024 and 2023 (unaudited) 2 d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters Ended June 30, 2024 and 2023 (unaudited) 3 e) Consolidated Statements of Changes in Stockholders' Equity for the Quarters Ended June 30, 2024 and 2023 (unaudited) 4 g) Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2024 and 2023 (unaudited) 5 h) Notes to Consolidated Financial Statements (unaudited) 6 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 74 Item 4.

Controls and Procedures

Controls and Procedures 76

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 77 Item 1A.

Risk Factors

Risk Factors 77 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78 Item 3. Defaults Upon Senior Securities 78 Item 4. Mine Safety Disclosures 78 Item 5. Other Information 78 Item 6. Exhibits 78

Finan cial information

Part i Finan cial information

Finan cial Statements

Item 1. Finan cial Statements U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONSOLIDATE D balance sheets June 30, March 31, 2024 2024 (Unaudited) (In thousands, except share data) ASSETS Cash and cash equivalents $ 1,153,161 $ 1,534,544 Trade receivables and reinsurance recoverables, net 253,638 215,908 Inventories and parts 157,625 150,940 Prepaid expenses 248,147 246,082 Fixed maturity securities available-for-sale (net of allowance for credit loss of $ 2,995 and $ 1,052 , respectively) at fair value and amortized cost ($ 2,631,881 and $ 2,660,093 respectively) 2,395,890 2,442,504 Equity securities, at fair value 74,066 66,274 Investments, other 638,423 633,936 Deferred policy acquisition costs, net 119,806 121,224 Other assets 123,878 111,743 Right of use assets - financing, net 265,744 289,305 Right of use assets - operating, net 53,255 53,712 Related party assets 67,254 57,934 5,550,887 5,924,106 Property, plant and equipment, at cost: Land 1,727,668 1,670,033 Buildings and improvements 8,591,016 8,237,354 Furniture and equipment 1,014,086 1,003,770 Rental trailers and other rental equipment 960,853 936,303 Rental trucks 6,670,443 6,338,324 18,964,066 18,185,784 Less: Accumulated depreciation ( 5,209,526 ) ( 5,051,132 ) Total property, plant and equipment, net 13,754,540 13,134,652 Total assets $ 19,305,427 $ 19,058,758 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 833,296 $ 783,084 Notes, loans and finance leases payable, net 6,280,305 6,271,362 Operating lease liabilities 54,485 55,032 Policy benefits and losses, claims and loss expenses payable 841,861 849,113 Liabilities from investment contracts 2,406,464 2,411,352 Other policyholders' funds and liabilities 5,832 18,070 Deferred income 62,587 51,175

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The Moving and Storage operating segment ("Moving and Storage") includes U-Haul Holding Company, 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. 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 We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share . The two-class method allocates the undistributed earnings available to common stockholders to the Company's outstanding commo

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The calculation of basic and diluted earnings per share for the quarters ended June 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarters Ended June 30, 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 $ 195,417 $ 256,838 Voting Common Stock dividends declared and paid — — Non-Voting Common Stock dividends declared and paid ( 8,824 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 186,593 $ 249,779 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 18,659 $ 24,978 Undistributed earnings per share of Voting Common Stock $ 0.95 $ 1.27 Dividends declared per share of Voting Common Stock $ — $ — Basic and diluted earnings per share of Voting Common Stock $ 0.95 $ 1.27 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 $ 195,417 $ 256,838 Voting Common Stock dividends declared and paid — — Non-Voting Common Stock dividends declared and paid ( 8,824 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 186,593 $ 249,779 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Available-for-sale investments as of March 31, 2024 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Expected Credit Losses Fair Value (In thousands) U.S. treasury securities and government obligations $ 191,070 $ 2,123 $ ( 8,921 ) $ — $ 184,272 U.S. government agency mortgage-backed securities 48,067 250 ( 7,664 ) — 40,653 Obligations of states and political subdivisions 151,197 918 ( 7,533 ) — 144,582 Corporate securities 1,963,249 2,762 ( 152,799 ) ( 1,052 ) 1,812,160 Mortgage-backed securities 306,510 34 ( 45,707 ) — 260,837 $ 2,660,093 $ 6,087 $ ( 222,624 ) $ ( 1,052 ) $ 2,442,504 A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of June 30, 2024 and March 31, 2024 were as follows: June 30, 2024 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 35,130 $ ( 40 ) $ 99,447 $ ( 9,321 ) $ 134,577 $ ( 9,361 ) U.S. government agency mortgage-backed securities — — 22,893 ( 8,044 ) 22,893 ( 8,044 ) Obligations of states and political subdivisions 31,299 ( 489 ) 81,171 ( 7,619 ) 112,470 (

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