U-Haul Holding Co NV
For the period ended Dec 31, 2024. Filed Feb 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2024 · Filed Feb 5, 2025
UHAL$56.74-3.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0000950170-24-122403
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-12-31; filed 2025-02-05.
0000950170-25-014444
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 165 previous paragraphs and 169 current paragraphs.
56 unchanged; 75 reworded; 37 added; 34 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (37)
Current report
Self-moving equipment rental revenues increased $38.8 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. In-Town transactions improved, while revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Current report
Property management fees decreased $1.3 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024, primarily due to decreased management incentive fees related to the above mentioned Mercury transaction of $2.3 million, partially offset by an increase in base management fees of $1.0 million.
Current report
Life insurance premiums increased $0.4 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024.
Current report
Property and casualty insurance premiums increased $1.9 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Current report
Other revenue increased $9.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024, caused primarily by increases in both moving and storage transactions related to our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Current report
As a result of the changes in revenues and expenses described above, earnings from operations decreased to $150.7 million for the third quarter of fiscal 2025, compared with $197.6 million for the third quarter of fiscal 2024.
Current report
Self-moving equipment rental revenues increased $38.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. In-Town transactions improved, while revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Current report
Sales of self-moving and self-storage products and services increased $0.1 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. This was due to an increase in sales of propane largely offset by a decline in reported sales of hitches and moving supplies. Approximately $3.9 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Current report
Property management fees decreased $1.3 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024, primarily due to decreased management incentive fees related to the above mentioned Mercury transaction of $2.3 million, partially offset by an increase in base management fees of $1.0 million.
Current report
Other revenue increased $9.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024, caused primarily by increases in both moving and storage transactions related to our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Current report
Total costs and expenses increased $89.1 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. Operating expenses increased $11.6 million. Repair costs associated with the rental fleet experienced a $10.2 million decrease during the quarter while increases in personnel and liability costs accounted for the remainder of the increase.
Current report
Premiums were $22.9 million and $22.6 million for the quarters ended September 30, 2024 and 2023, respectively. Deferred annuity deposits were $163.2 million or $81.5 million above prior year due to increased sales activity; these are accounted for on the balance sheet as deposits rather than premiums.
Current report
Benefits and losses incurred were $42.6 million and $35.8 million for the quarters ended September 30, 2024 and 2023, respectively. Interest credited to policyholders increased $5.9 million due to an increase in the interest credited rates on equity - indexed annuities. Life benefits decreased $0.9 million due to lower death claims as the effects of COVID-19 have waned along with declining new sales. Medicare supplement benefits increased by $2.5 million from the increased policies in force. Benefits on the annuities decreased $0.8 million.
Current report
Nine Months Ended December 31, 2024 compared with the Nine Months Ended December 31, 2023
Current report
Self-moving equipment rental revenues increased $71.9 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. In-Town transactions improved while revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Current report
Self-storage revenues increased $49.0 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. The average monthly number of occupied units increased by 6.0%, or 34,190 units, during the first nine months of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.7% improvement in average revenue per occupied foot. During the first nine months, we added approximately 4.9 million of new net rentable square feet.
Current report
Sales of self-moving and self-storage products and services decreased $8.0 million for the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. This was due to a decline in reported sales of hitches and moving supplies partially offset by an increase in propane sales. Approximately $14.0 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Current report
Property management fees decreased $0.6 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024, primarily due to decreased management incentive fees related to the above mentioned Mercury transaction of $3.8 million, offset by an increase in base management fees of $3.2 million.
Current report
Property and casualty insurance premiums increased $3.0 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024.
Current report
Other revenue increased $25.7 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024, caused primarily by increases in moving and storage transactions related to our U-Box®program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Current report
Nine Months Ended December 31, 2024 compared with the Nine Months Ended December 31, 2023
Current report
Self-moving equipment rental revenues increased $71.3 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. In-Town transactions improved while revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Current report
Self-storage revenues increased $49.0 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. The average monthly number of occupied units increased by 6.0%, or 34,190 units, during the first nine months of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.7% improvement in average revenue per occupied foot. During the first nine months, we added approximately 4.9 million of new net rentable square feet.
Current report
Sales of self-moving and self-storage products and services decreased $8.0 million for the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. This was due to a decline in reported sales of hitches and moving supplies partially offset by an increase in propane sales. Approximately $14.0 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Current report
Property management fees decreased $0.6 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024, primarily due to decreased management incentive fees related to the above mentioned Mercury transaction of $3.8 million, offset by an increase in base management fees of $3.2 million.
Current report
Other revenue increased $25.5 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024, caused primarily by increases in moving and storage transactions related to our U-Box®program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Current report
As a result of the changes in revenues and expenses described above, earnings from operations decreased to $747.0 million for the first nine months of fiscal 2025, compared with $1,010.2 million for the first nine months of fiscal 2024.
Current report
Nine Months Ended September 30, 2024 compared with the Nine Months Ended September 30, 2023
Current report
Operating expenses were $36.1 million and $36.5 million for the nine months ended September 30, 2024 and 2023, respectively. The change was primarily due to a decrease in commissions in select geographies.
Current report
Nine Months Ended September 30, 2024 compared with the Nine Months Ended September 30, 2023
Current report
Benefits and losses incurred were $120.4 million and $115.0 million for the nine months ended September 30, 2024 and 2023, respectively. Interest credited to policyholders increased $9.4 million due to an increase in the interest credited rates on equity - indexed annuities while the stock market has risen over the last year. Life benefits decreased $2.6 million due to lower death claims as the effects of COVID-19 have waned and lower sales due to premium adjustments that took place in late 2021. Medicare supplement benefits decreased by $0.8 million from the declined policies in force.
Current report
Consolidating statement of operations by operating segment for the nine months ended December 31, 2024 were as follows:
Current report
Consolidating statement of operations by operating segment for the nine months ended December 31, 2023 were as follows:
Current report
Consolidating cash flow statements by operating segment for the nine months ended December 31, 2024 were as follows:
Current report
Consolidating cash flow statements by operating segment for the nine months ended December 31, 2024 continued:
Current report
Consolidating cash flow statements by operating segment for the nine months ended December 31, 2023 were as follows:
Current report
Consolidating cash flow statements by operating segment for the nine months ended December 31, 2023 continued:
Removed paragraphs (34)
Previous report
Self-moving equipment rental revenues increased $17.9 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. 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. Compared to the same period last year, we increased the number of Company-operated retail locations, and independent dealers, as well as the number of box trucks in the rental fleet.
Previous report
Life insurance premiums decreased $2.0 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024 due primarily to decreased life and Medicare supplement premiums.
Previous report
Property and casualty insurance premiums increased $0.2 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024.
Previous report
Other revenue increased $6.9 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Previous report
As a result of the changes in revenues and expenses described above, earnings from operations decreased to $302.0 million for the second quarter of fiscal 2025, compared with $422.4 million for the second quarter of fiscal 2024.
Previous report
Self-moving equipment rental revenues increased $17.6 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. 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. Compared to the same period last year, we increased the number of Company-operated retail locations, and independent dealers, as well as the number of box trucks in the rental fleet.
Previous report
Sales of self-moving and self-storage products and services decreased $3.8 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. This was due to a decline in reported sales of hitches and moving supplies. Approximately $4.8 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies and hitch sales from U-Haul owned and operated locations increased.
Previous report
Other revenue increased $6.8 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Previous report
Total costs and expenses increased $129.1 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. Operating expenses increased $55.2 million. Repair costs associated with the rental fleet experienced a $5.4 million decrease during the quarter while we experienced increases in personnel, liability costs, property taxes and building maintenance. Approximately $16.5 million of the increase was due to non-recurring costs associated with our transition to a new box supplier.
Previous report
Premiums were $20.5 million and $22.5 million for the quarters ended June 30, 2024 and 2023, respectively. Medicare Supplement premiums decreased $1.3 million from the policy decrements offset by premium rate increases. Life premiums decreased $1.0 million primarily from the decrease in sales of single premium life and final expense. Both decreases were due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $150.2 million or $68.8 million above prior year and are accounted for on the balance sheet as deposits rather than premiums.
Previous report
Benefits and losses incurred were $38.7 million and $38.3 million for the quarters ended June 30, 2024 and 2023, respectively. Interest credited to policyholders was primarily responsible for the increase.
Previous report
Six Months Ended September 30, 2024 compared with the Six Months Ended September 30, 2023
Previous report
Self-moving equipment rental revenues increased $33.1 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024. Transactions and average revenue per transaction both increased. Compared to the same period last year, we increased the number of Company-operated retail locations, and independent dealers, as well as the number of box trucks in the rental fleet.
Previous report
Self-storage revenues increased $32.4 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024. The average monthly number of occupied units increased by 5.6%, or 31,758 units, during the first six months of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 2.1% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.6 million of new net rentable square feet.
Previous report
Sales of self-moving and self-storage products and services decreased $8.1 million for the first six months of fiscal 2025, compared with the first six months of fiscal 2024. This was due to a decline in reported sales of hitches and moving supplies. Approximately $10.1 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect.
Previous report
Property and casualty insurance premiums increased $1.1 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024.
Previous report
Other revenue increased $16.1 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024, caused primarily by increases in our U-Box®program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Previous report
Six Months Ended September 30, 2024 compared with the Six Months Ended September 30, 2023
Previous report
Self-moving equipment rental revenues increased $32.7 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024. Transactions and average revenue per transaction both increased. Compared to the same period last year, we increased the number of Company-operated retail locations, and independent dealers, as well as the number of box trucks in the rental fleet.
Previous report
Self-storage revenues increased $32.4 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024. The average monthly number of occupied units increased by 5.6%, or 31,758 units, during the first six months of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 2.1% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.6 million of new net rentable square feet.
Previous report
Sales of self-moving and self-storage products and services decreased $8.1 million for the first six months of fiscal 2025, compared with the first six months of fiscal 2024. This was due to a decline in reported sales of hitches and moving supplies. Approximately $10.1 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect.
Previous report
Other revenue increased $15.8 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024, caused primarily by increases in our U-Box®program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Previous report
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $601.8 million for the first six months of fiscal 2025, compared with $815.5 million for the first six months of fiscal 2024.
Previous report
Six Months Ended June 30, 2024 compared with the Six Months Ended June 30, 2023
Previous report
Operating expenses were $23.5 million and $23.4 million for the six months ended June 30, 2024 and 2023, respectively.
Previous report
Six Months Ended June 30, 2024 compared with the Six Months Ended June 30, 2023
Previous report
Benefits and losses incurred were $77.8 million and $79.2 million for the six months ended June 30, 2024 and 2023, respectively. Interest credited to policyholders was primarily responsible for the increase.
Previous report
Net cash provided by operating activities were $18.2 million and $18.1 million for the first six months ended June 30, 2024 and 2023, respectively.
Previous report
Consolidating statement of operations by operating segment for the six months ended September 30, 2024 were as follows:
Previous report
Consolidating statement of operations by operating segment for the six months ended September 30, 2023 were as follows:
Previous report
Consolidating cash flow statements by operating segment for the six months ended September 30, 2024 were as follows:
Previous report
Consolidating cash flow statements by operating segment for the six months ended September 30, 2024 continued:
Previous report
Consolidating cash flow statements by operating segment for the six months ended September 30, 2023 were as follows:
Previous report
Consolidating cash flow statements by operating segment for the six months ended September 30, 2023 continued:
Reworded paragraphs (75)
Previous wording
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the second quarter and first six months of fiscal 2025, compared with the second quarter and first six months of fiscal 2024, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2025.
Current wording
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the third quarter and first nine months of fiscal 2025, compared with the third quarter and first nine months of fiscal 2024, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2025.
Previous wording
This MD&A should be read in conjunction with the other sections of this Quarterly Report on Form 10-Q ("Quarterly Report"), including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.
Current wording
This MD&A should be read in conjunction with the other sections of this Quarterly Report on Form 10-Q (this "Quarterly Report"), including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.
Previous wording
U-Haul Holding Company, a Nevada corporation, has a second fiscal quarter that ends on the 30 th 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. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or 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.
Current wording
U-Haul Holding Company, a Nevada corporation, 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. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or 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.
Previous wording
Several class action lawsuits related to the incident were filed against U-Haul, which were consolidated into one action in the U.S. District Court for the District of Arizona (the "Court"). On October 27, 2023, the Court dismissed with prejudice all claims except those brought under the California Consumer Privacy Act. The parties settled all remaining claims for $5.1 million pursuant to an agreement approved by order of the Court on October 25, 2024. All $5.1 million is covered by insurance and has been paid by the insurer into trust for disbursement in accordance with the terms of the settlement.
Current wording
Several class action lawsuits related to the incident were filed against U-Haul, which were consolidated into one action in the U.S. District Court for the District of Arizona (the "Court"). On October 27, 2023, the Court dismissed with prejudice all claims except those brought under the California Consumer Privacy Act. The parties settled all remaining claims for $5.1 million pursuant to a settlement agreement approved by order of the Court on October 25, 2024. The full amount of $5.1 million is covered by insurance and has been paid by the insurer into trust for disbursement in accordance with the terms of the settlement agreement.
Previous wording
Listed below, on a consolidated basis, are revenues for our major product lines for the second quarter of fiscal 2025 and the second quarter of fiscal 2024:
Current wording
Listed below, on a consolidated basis, are revenues for our major product lines for the third quarter of fiscal 2025 and the third quarter of fiscal 2024:
Previous wording
Self-storage revenues increased $15.6 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. The average monthly number of occupied units increased by 5.5%, or 31,933 units, during the second quarter of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.6% improvement in average revenue per occupied foot. During the quarter, we added approximately 0.9 million new net rentable square feet.
Current wording
Self-storage revenues increased $16.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. The average monthly number of occupied units increased by 6.8%, or 39,055 units, during the third quarter of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 0.9% improvement in average revenue per occupied foot. During the quarter, we added approximately 2.3 million new net rentable square feet.
Previous wording
Sales of self-moving and self-storage products and services decreased $3.8 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. This was due to a decline in reported sales of hitches and moving supplies. Approximately $4.8 million of the decrease was related to the exercise of an option by Mercury Partners, L.P. ("Mercury") in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies and hitch sales from U-Haul owned and operated locations increased.
Current wording
Sales of self-moving and self-storage products and services increased $0.1 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. This was due to an increase in sales of propane largely offset by a decline in reported sales of hitches and moving supplies. Approximately $3.9 million of the decrease was related to the exercise of an option by Mercury Partners, L.P. ("Mercury") in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Previous wording
Net investment and interest income decreased $26.9 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. Changes in the market value of common stock investments held at our Property and Casualty Insurance subsidiary accounted for $5.0 million of the decrease and was offset by realized gains on the sale of common stock of $4.1 million. Our Life Insurance subsidiaries investment income increased $2.5 million primarily from gains on derivatives used as hedges to fixed indexed annuities. The Moving and Storage segment interest income has been classified as Other interest income in fiscal 2025 and accounts for $28.5 million of the decrease.
Current wording
Net investment and interest income decreased $16.9 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. At our Property and Casualty Insurance subsidiaries, investment income increased $7.0 million due to changes in the market value of common stock investments and realized gains on the sale of common stock. Our Life Insurance subsidiaries investment income increased $3.7 million primarily from gains on derivatives used as hedges to fixed indexed annuities. The Moving and Storage segment interest income has been classified as Other interest income in fiscal 2025 and accounts for $27.7 million of the decrease.
Previous wording
Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2025 and the second quarter of fiscal 2024. The insurance companies’ two quarters ended June 30, 2024 and 2023.
Current wording
Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2025 and the third quarter of fiscal 2024. The insurance companies’ two quarters ended June 30, 2024 and 2023.
Previous wording
Total costs and expenses increased $128.6 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. Operating expenses for Moving and Storage increased $55.2 million. Repair expenses associated with the rental fleet experienced a $5.4 million decrease during the quarter while we experienced increases in personnel, liability costs, property taxes and building maintenance. Approximately $16.5 million of the increase was due to non-recurring costs associated with our transition to a new box supplier.
Current wording
Total costs and expenses increased $95.9 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. Operating expenses for Moving and Storage increased $11.6 million. Repair expenses associated with the rental fleet experienced a $10.2 million decrease during the quarter while increases in personnel and liability costs accounted for the remainder of the increase.
Previous wording
Depreciation expense associated with our rental fleet increased $36.0 million for the second quarter of fiscal 2025 compared with the second quarter of fiscal 2024 due to the higher cost of new additions to the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net gains from the disposal of rental equipment decreased $29.2 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $7.9 million. Net losses on the disposal or retirement of land and buildings increased $1.3 million. Additional details are available in the following Moving and Storage section.
Current wording
Depreciation expense associated with our rental fleet increased $34.2 million for the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024 due to the higher cost of new additions to the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net gains from the disposal of rental equipment decreased $32.7 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $5.6 million. Net losses on the disposal or retirement of land and buildings increased $0.8 million. Additional details are available in the following Moving and Storage section.
Previous wording
Interest expense for the second quarter of fiscal 2025 was $71.5 million, compared with $63.9 million for the second quarter of fiscal 2024, due to an increase in our average cost of debt. Other interest income at Moving and Storage increased $16.1 million due to the new presentation this year compared to last year. It is related to net investment and interest income as presented last year in Moving and Storage comparing these two lines it showed a decrease of $12.3 million due to reduced invested cash balances compared to the second quarter of fiscal 2024.
Current wording
Interest expense for the third quarter of fiscal 2025 was $76.6 million, compared with $67.5 million for the third quarter of fiscal 2024, due to an increase in our average cost of debt. Other interest income at Moving and Storage increased $15.7 million due to the new presentation this year compared to last year. Prior year interest income was presented as part of operating earnings; notwithstanding the new presentation, we had a decrease of $12.0 million due to reduced invested cash balances and lower yields compared to the third quarter of fiscal 2024.
Previous wording
Income tax expense was $59.4 million for the second quarter of fiscal 2025, compared with $84.5 million for the second quarter of fiscal 2024.
Current wording
Income tax expense was $22.3 million for the third quarter of fiscal 2025, compared with $30.5 million for the third quarter of fiscal 2024.
Previous wording
As a result of the above-mentioned items, earnings available to common stockholders were $186.8 million for the second quarter of fiscal 2025, compared with $273.5 million for the second quarter of fiscal 2024.
Current wording
As a result of the above-mentioned items, earnings available to common stockholders were $67.2 million for the third quarter of fiscal 2025, compared with $99.2 million for the third quarter of fiscal 2024.
Previous wording
Listed below are revenues for our major product lines at Moving and Storage for the second quarter of fiscal 2025 and the second quarter of fiscal 2024:
Current wording
Listed below are revenues for our major product lines at Moving and Storage for the third quarter of fiscal 2025 and the third quarter of fiscal 2024:
Previous wording
Self-storage revenues increased $15.6 million during the second quarter of fiscal 2025, compared with the second quarter of fiscal 2024. The average monthly number of occupied units increased by 5.5%, or 31,933 units, during the second quarter of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.6% improvement in average revenue per occupied foot. During the quarter, we added approximately 0.9 million new net rentable square feet.
Current wording
Self-storage revenues increased $16.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. The average monthly number of occupied units increased by 6.8%, or 39,055 units, during the third quarter of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 0.9% improvement in average revenue per occupied foot. During the quarter, we added approximately 2.3 million new net rentable square feet.
Previous wording
We own and manage 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:
Current wording
We own and manage 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 was as follows:
Previous wording
Over the last 12 months we added approximately 6.1 million net rentable square feet of new storage to the system. This was a mix of approximately 1.1 million square feet of existing storage locations we acquired and 5.0 million square feet of new development.
Current wording
Over the last 12 months we added approximately 7.4 million net rentable square feet of new storage to the system. This was a mix of approximately 2.4 million square feet of existing storage locations we acquired and 5.0 million square feet of new development.
Previous wording
Depreciation expense associated with our rental fleet increased $36.0 million for the second quarter of fiscal 2025 compared with the second quarter of fiscal 2024 due to the higher cost of new additions to the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net gains from the disposal of rental equipment decreased $29.2 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $7.9 million. Net losses on the disposal or retirement of land and buildings increased $1.3 million.
Current wording
Depreciation expense associated with our rental fleet increased $34.2 million for the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024 due to the higher cost of new additions to the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net gains from the disposal of rental equipment decreased $32.7 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $5.6 million. Net losses on the disposal or retirement of land and buildings increased $0.8 million.
Previous wording
As a result of the changes in revenues and expenses described above, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $280.7 million for the second quarter of fiscal 2025, compared with $401.7 million for the second quarter of fiscal 2024.
Current wording
As a result of the changes in revenues and expenses described above, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $127.3 million for the third quarter of fiscal 2025, compared with $180.5 million for the third quarter of fiscal 2024.
Previous wording
Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $17.0 million for the second quarter of fiscal 2025, compared with $16.9 million for the second quarter of fiscal 2024.
Current wording
Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $18.0 million for the third quarter of fiscal 2025, compared with $14.2 million for the third quarter of fiscal 2024.
Previous wording
As a result of the above-mentioned changes in revenues and expenses, consolidated earnings from operations for Moving and Storage decreased to $297.7 million for the second quarter of fiscal 2025, compared with $418.6 million for the second quarter of fiscal 2024.
Current wording
As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage decreased to $145.2 million for the third quarter of fiscal 2025, compared with $194.7 million for the third quarter of fiscal 2024.
Previous wording
Premiums were $26.5 million and $26.4 million for the quarters ended June 30, 2024 and 2023, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Current wording
Premiums were $29.1 million and $27.3 million for the quarters ended September 30, 2024 and 2023, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Previous wording
Net investment and interest income was $4.9 million and $5.5 million for the quarters ended June 31, 2024 and 2023, respectively. The main driver of the change in net investment income was a net decrease in the valuation on unaffiliated common stock.
Current wording
Net investment and interest income was $9.0 million and $2.0 million for the quarters ended September 30, 2024 and 2023, respectively. The main driver of the change in net investment income was gains associated with our common stock investments.
Previous wording
Operating expenses were $11.9 million and $12.1 million for the quarters ended June 30, 2024 and 2023, respectively. The change was primarily due to an increase in adjusting income.
Current wording
Operating expenses were $12.6 million and $13.1 million for the quarters ended September 30, 2024 and 2023, respectively. The change was primarily due to a decrease in commissions in select geographies.
Previous wording
Benefits and losses incurred were $5.7 million and $4.2 million for the quarters ended June 30, 2024 and 2023, respectively. The increase was due to growth in the number of policies issued combined with adverse loss experience.
Current wording
Benefits and losses incurred were $6.0 million and $6.7 million for the quarters ended September 30, 2024 and 2023, respectively. The increase was due to growth in premiums and coverage.
Previous wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $13.8 million and $15.4 million for the quarters ended June 30, 2024 and 2023, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $19.5 million and $9.4 million for the quarters ended September 30, 2024 and 2023, respectively.
Previous wording
Net investment income was $65.9 million and $63.1 million for the six months ended June 30, 2024 and 2023, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities decreased $1.8 million. The change in the provision for expected credit losses resulted in a $2.2 million decrease. Net interest income and realized gains on the invested assets increased $5.4 million.
Current wording
Net investment income was $32.4 million and $28.7 million for the quarters ended September 30, 2024 and 2023, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities were $2.0 million. The reduction in the provision for expected credit losses resulted in a $1.6 million increase to investment income. Net interest income and realized gains on the invested assets increased $2.6 million, primarily from bonds.
Previous wording
Operating expenses were $5.3 million and $4.7 million for the quarters ended June 30, 2024 and 2023, respectively, primarily due to the increase in administrative expenses related to the adjudication of claims for an aging final expense block.
Current wording
Operating expenses were $5.3 million and $4.6 million for the quarters ended September 30, 2024 and 2023, respectively, primarily due to the increase in administrative expenses.
Previous wording
Amortization of deferred acquisition costs (“DAC”), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $4.4 million and $6.8 million for the quarters ended June 30, 2024 and 2023, respectively. The decrease in DAC amortization was primarily due to a lower amount of mortgage prepayment penalty gains, for which we offset gains with a corresponding level of amortization.
Current wording
Amortization of deferred acquisition costs (“DAC”), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $4.5 million and $4.2 million for the quarters ended September 30, 2024 and 2023, respectively. The increase in DAC amortization was primarily due to a higher amount of mortgage prepayment penalty gains, for which we offset gains with a corresponding level of amortization.
Previous wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $7.6 million and $5.5 million for the quarters ended June 30, 2024 and 2023, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $4.1 million and $8.0 million for the quarters ended September 30, 2024 and 2023, respectively.
Previous wording
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2025 and the first six months of fiscal 2024:
Current wording
Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2025 and the first nine months of fiscal 2024:
Previous wording
Life insurance premiums decreased $4.4 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024 due primarily to decreased Medicare supplement premiums.
Current wording
Life insurance premiums decreased $4.0 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024 due primarily to decreased Medicare supplement premiums.
Previous wording
Net investment and interest income decreased $54.4 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024. Changes in the market value of common stock investments held at our Property and Casualty Insurance subsidiary accounted for $6.1 million of the decrease and was offset by realized gains on the sale of common stock of $4.1 million. Our Life Insurance subsidiaries investment income increased $2.8 million primarily from gains on derivatives used as hedges to fixed indexed annuities. The Moving and Storage segment decreased as the interest income has been classified as Other interest income in fiscal 2025.
Current wording
Net investment and interest income decreased $71.3 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. At our Property and Casualty Insurance subsidiaries, investment income increased $5.8 million due to changes in the market value of common stock investments and realized gains on the sale of common stock. Our Life Insurance subsidiaries investment income increased $6.5 million primarily from gains on derivatives used as hedges to fixed indexed annuities. The Moving and Storage segment interest income has been classified as Other interest income in fiscal 2025 and accounts for $83.5 million of the decrease.
Previous wording
Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2025 and the first six months of fiscal 2024. The insurance companies’ first six months ended June 30, 2024 and 2023.
Current wording
Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2025 and the first nine months of fiscal 2024. The insurance companies’ first nine months ended September 30, 2024 and 2023.
Previous wording
Total costs and expenses increased $230.2 million during the first six months of fiscal 2025, compared with the first six months of fiscal 2024. Operating expenses for Moving and Storage increased $76.7 million. Repair costs associated with the rental fleet experienced a $26.2 million decrease during the first six months of fiscal 2025 while we experienced increases in personnel, property taxes, utilities and building maintenance. Approximately $16.5 million of the increase was due to non-recurring costs associated with our transition to a new box supplier.
Current wording
Total costs and expenses increased $326.1 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. Operating expenses for Moving and Storage increased $88.3 million. Repair costs associated with the rental fleet experienced a $38.8 million decrease during the first nine months of fiscal 2025 while we experienced increases in personnel, liability costs, property taxes, utilities and building maintenance. Approximately $16.5 million of the operating expense increase was due to non-recurring costs associated with our transition to a new box supplier that we recognized in the second quarter of fiscal 2025.
Previous wording
Depreciation expense associated with our rental fleet increased $58.3 million for the first six months of fiscal 2025 compared with the first six months of fiscal 2024 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $77.1 million as resale values have decreased while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $16.4 million. Net losses on the disposal or retirement of land and buildings increased $3.4 million. Additional details are available in the following Moving and Storage section.
Current wording
Depreciation expense associated with our rental fleet increased $92.5 million for the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $109.8 million as resale values have decreased while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $22.0 million. Net losses on the disposal or retirement of land and buildings increased $4.1 million. Additional details are available in the following Moving and Storage section.
Previous wording
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $213.8 million to $608.2 million for the first six months of fiscal 2025, as compared with $822.0 million for the first six months of fiscal 2024.
Current wording
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $260.7 million to $758.9 million for the first nine months of fiscal 2025, as compared with $1,019.6 million for the first nine months of fiscal 2024.
Previous wording
Interest expense for the first six months of fiscal 2025 was $138.7 million, compared with $124.5 million for the first six months of fiscal 2024, due to an increase in our average cost of debt. Other interest income at Moving and Storage increased $34.4 million due to the new presentation this year compared to last year. It is related to net investment and interest income as presented last year in Moving and Storage; comparing these two lines it showed a decrease of $21.2 million due to reduced invested cash balances compared to the to the first six months of fiscal 2024.
Current wording
Interest expense for the first nine months of fiscal 2025 was $215.3 million, compared with $192.0 million for the first nine months of fiscal 2024, due to an increase in our average cost of debt. Other interest income at Moving and Storage increased $50.0 million due to the new presentation this year compared to last year. Prior year interest income was presented as part of operating earnings; notwithstanding the new presentation, we had a decrease of $33.2 million due to reduced invested cash balances and lower interest yields compared to the to the first nine months of fiscal 2024.
Previous wording
Income tax expense was $120.4 million for the first six months of fiscal 2025, compared with $166.4 million for the first six months of fiscal 2024.
Current wording
Income tax expense was $142.6 million for the first nine months of fiscal 2025, compared with $196.9 million for the first nine months of fiscal 2024.
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Current report — wording carried from elsewhere
Net cash provided by operating activities were $36.1 million and $27.4 million for the first nine months ended September 30, 2024 and 2023, respectively. The increase in operating cash flows was primarily due to timing of settlement of payables for securities.