U-Haul Holding Co. Files Q3 2024 10-Q

TL;DR

U-Haul's Q3 2024 10-Q is in: check out selling, marketing, and insurance segment details.

AI Summary

U-Haul Holding Co. reported its Q3 results for the period ending September 30, 2024. The company's filing includes details on various financial aspects, such as selling and marketing expenses, commission expenses, and common stock information. Specific segments like Property, Liability, and Casualty Insurance, as well as Life Insurance, are also referenced.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look into U-Haul's financial performance and operational segments for the third quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• Q3 — Quarter (Reporting period)
• 2024-09-30 — Date (End of fiscal quarter)

Key Players & Entities

• U-Haul Holding Co. (company) — Filer of the 10-Q
• AMERCO (company) — Former company name
• 2024-09-30 (date) — End of reporting period
• 2024-07-01 (date) — Start of reporting period
• 7756886300 (dollar_amount) — Business phone number

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-20240930.htm (10-Q) — 6825KB
• uhal-ex31_1.htm (EX-31.1) — 15KB
• uhal-ex31_2.htm (EX-31.2) — 15KB
• uhal-ex32_1.htm (EX-32.1) — 13KB
• uhal-ex32_2.htm (EX-32.2) — 12KB
• img153338389_0.jpg (GRAPHIC) — 29KB
• 0000950170-24-122403.txt ( ) — 23660KB
• uhal-20240930.xsd (EX-101.SCH) — 2056KB
• uhal-20240930_htm.xml (XML) — 5749KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements a) Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 (unaudited) 1 b) Consolidated Statements of Operations for the Quarters Ended September 30, 2024 and 2023 (unaudited) 2 c) Consolidated Statements of Operations for the Six Months ended September 30, 2024 and 2023 (unaudited) 3 d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2024 and 2023 (unaudited) 4 e) Consolidated Statements of Changes in Stockholders' Equity for the Quarters Ended September 30, 2024 and 2023 (unaudited) 5 f) Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended September 30, 2024 and 2023 (unaudited) 6 g) Consolidated Statements of Cash Flows for the Six months ended September 30, 2024 and 2023 (unaudited) 7 h) Notes to Consolidated Financial Statements (unaudited) 8 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 41 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 Item 4.

Controls and Procedures

Controls and Procedures 73

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 73 Item 1A.

Risk Factors

Risk Factors 73 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73 Item 3. Defaults Upon Senior Securities 73 Item 4. Mine Safety Disclosures 73 Item 5. Other Information 73 Item 6. Exhibits 74

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 September 30, March 31, 2024 2024 (Unaudited) (In thousands, except share data) 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 of allowance for credit loss of $ 2,814 and $ 1,052 , respectively) at fair value and amortized cost ($ 2,682,830 and $ 2,660,093 , respectively) 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of Presentation U-Haul Holding Company, a Nevada corporation ("U-Haul Holding Company"), 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 30 th 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. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2024 and 2023 correspond to fiscal 2025 and 2024 for U-Haul Holding Company. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America ("GAAP"). Interim results are not necessarily indicative of full year performance. The year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with th

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

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