U-Haul Holding Co. Files Q3 FY25 10-Q

TL;DR

U-Haul's Q3 FY25 10-Q is in, check the financials for rental and insurance segments.

AI Summary

U-Haul Holding Co. filed its 10-Q for the period ending December 31, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2025. Key financial data and segment information are presented, including details on various assets and liabilities.

Why It Matters

This filing provides investors and analysts with a detailed look at U-Haul's financial health and operational performance during the recent quarter, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• Q3 FY25 — Quarterly Period (The filing covers the third quarter of fiscal year 2025.)
• 2024-12-31 — End of Reporting Period (The financial data is as of this date.)
• 2025-02-05 — Filing Date (The date the report was submitted to the SEC.)

Key Players & Entities

• U-Haul Holding Co. (company) — Filer of the 10-Q
• AMERCO (company) — Former company name
• NV (company) — State of incorporation
• Reno (location) — City for business and mail address
• 2024-12-31 (date) — Period of report
• 2025-02-05 (date) — Filing date

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-20241231.htm (10-Q) — 8502KB
• uhal-ex31_1.htm (EX-31.1) — 16KB
• uhal-ex31_2.htm (EX-31.2) — 16KB
• uhal-ex32_1.htm (EX-32.1) — 14KB
• uhal-ex32_2.htm (EX-32.2) — 13KB
• img153361454_0.jpg (GRAPHIC) — 29KB
• 0000950170-25-014444.txt ( ) — 29712KB
• uhal-20241231.xsd (EX-101.SCH) — 2061KB
• uhal-20241231_htm.xml (XML) — 7963KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements a) Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024 (unaudited) 1 b) Consolidated Statements of Operations for the Quarters Ended December 31, 2024 and 2023 (unaudited) 2 c) Consolidated Statements of Operations for the Nine Months ended December 31, 2024 and 2023 (unaudited) 3 d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2024 and 2023 (unaudited) 4 e) Consolidated Statements of Changes in Stockholders' Equity for the Quarters Ended December 31, 2024 and 2023 (unaudited) 5 f) Consolidated Statements of Changes in Stockholders' Equity for the Nine Months Ended December 31, 2024 and 2023 (unaudited) 6 g) Consolidated Statements of Cash Flows for the Nine Months ended December 31, 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 42 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 4.

Controls and Procedures

Controls and Procedures 74

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 74 Item 1A.

Risk Factors

Risk Factors 74 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 74 Item 3. Defaults Upon Senior Securities 74 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 74 Item 6. Exhibits 75

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 December 31, March 31, 2024 2024 (Unaudited) (In thousands, except share data) ASSETS Cash and cash equivalents $ 1,017,398 $ 1,534,544 Trade receivables and reinsurance recoverables, net 181,303 215,908 Inventories and parts 155,140 150,940 Prepaid expenses 265,891 246,082 Fixed maturity securities available-for-sale (net of allowance for credit loss of $ 3,049 and $ 1,052 , respectively) at fair value and amortized cost ($ 2,776,940 and $ 2,660,093 , respectively) 2,617,126 2,442,504 Equity securities, at fair value 67,667 66,274 Investments, other 625,630 633,936 Deferred policy acquisition costs, net 123,015 121,224 Other assets 126,413 111,743 Right of use assets - financing, net 168,817 289,305 Right of use assets - operating, net 48,500 53,712 Related party assets 58,048 57,934 5,454,948 5,924,106 Property, plant and equipment, at cost: Land 1,822,497 1,670,033 Buildings and improvements 9,305,846 8,237,354 Furniture and equipment 1,036,203 1,003,770 Rental trailers and other rental equipment 1,032,132 936,303 Rental trucks 7,347,053 6,338,324 20,543,731 18,185,784 Less: Accumulated depreciation ( 5,668,514 ) ( 5,051,132 ) Total property, plant and equipment, net 14,875,217 13,134,652 Total assets $ 20,330,165 $ 19,058,758 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 799,452 $ 783,084 Notes, loans and finance leases payable, net 6,896,987 6,271,362 Operating lease liabilities 49,543 55,032 Policy benefits and losses, claims and loss expenses payable 829,992 849,113 Liabilities from investment contracts 2,546,940 2,411,352 Other policyholders' funds and liabilities 20,895 18,070 Deferred income 47,419

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 third fiscal quarter that ends on the 31 st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 undi

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