Here's where Cincinnati's newest residents are coming from. Hint: it's not just Ohio
U-Haul recently released its midyear migration trends report for 2025, which shows the most common cities where people relocated to in the first half of the year, based on U-Haul's one-way rentals data collected between January and July.
The study shows Cincinnati is one of the top destinations for people moving within the U.S., yet it also lists Ohio as a top origin state for 11 of the 35 cities examined.
Here's where new Cincinnati residents are coming from, and where some longtime locals are moving to.
Where are new Cincinnati residents coming from?
Per the report, Kentucky is the leading origin state for new residents moving to the Cincinnati metro area, followed by Indiana and Florida. Other popular origin states include Tennessee, Michigan, Illinois and more.
Here are the top 10 states where new Cincinnati residents are moving from, according to U-Haul:
Kentucky
Indiana
Florida
Tennessee
Michigan
Illinois
Texas
Georgia
North Carolina
Pennsylvania
Top out-of-state metro areas sending residents to Cincinnati
When looking at metro areas, most newcomers are arriving from other nearby cities, with Lexington, Kentucky, topping the list.
Here are the top 5 U.S. cities outside of Ohio where new Cincinnati residents are moving from, according to U-Haul:
Lexington
Indianapolis
Louisville
Chicago
Detroit
Top Ohio cities sending residents to Cincinnati
Cincinnati also draws heavily from these other Ohio cities, according to U-Haul.
Columbus
Dayton
Cleveland
Akron
Toledo
Where are Cincinnatians moving to?
While Cincinnati is gaining residents, some locals are heading elsewhere − especially to other nearby metros. Per the report, Cincinnati is listed as a common origin city for Cleveland, Columbus and Indianapolis.
Where are Ohians moving to?
Ohio was the No. 1 origin state for new residents in Detroit and Pittsburgh, Pennsylvania, according to U-Haul.
It was also among the top 10 origin states for these cities:
Atlanta
Charlotte, North Carolina
Chicago
Indianapolis
Miami
Nashville
Philadelphia
St. Louis
Tampa
Contributing: Laura Daniella Sepulveda, The Arizona Republic.
This article originally appeared on Cincinnati Enquirer: These 10 states are sending the most new residents to Cincinnati
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5 hours ago
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Can this Charlotte two-lane road handle more development? Neighbors say no
When Michelle Mitchell moved to Mountain Island in 2008, she remembered noticing how undeveloped the northwest Charlotte neighborhood was. Dense wooded areas filled the gaps between sparse subdivisions. Traffic caused a low hum alongside the chirp of a bird or the chitter of cicadas. 'I just always thought it was going to stay like that,' Mitchell said. 'I had no idea of the growth that was coming to take over this area.' In the last 17 years, Mitchell said the area has become a development hotbed. Housing is sprouting in every nook. Shopping centers line the intersections filled with some local but plenty of national retailers, restaurants and a weird amount of autoparts stores. Really, one shopping center has three of them. Wooded areas still exist. When Mitchell drives past the tall trees, she knows they'll be replaced with something or someone. And soon. But the additional residents and businesses aren't Mitchell's main concern. It's the traffic. With all the growth in the community, one thing has remained the same: Mt. Holly-Huntersville Road, the neighborhood's main corridor. The approximately 15-mile, state-owned road is a two-lane corridor. One way northeast and one way southwest. All of the area's developments feed into that roadway. For at least a decade, residents have asked for Mt. Holly-Huntersville Road improvements, specifically widening to accommodate the growth. Those request remains unfilled. And it's the state's responsibility. 'We have to rely on the state to do their job,' said Charlotte Councilwoman LaWana Mayfield. This isn't unique to Mountain Island, she said. Charlotte's growth is outpacing its roadways and public transportation options. Mayfield and Councilman Malcom Graham point to Steele Creek as another area with strained two-lane state-owned roadways. North Carolina has the second largest state-maintained road system in the U.S. It owns more than 80,300 miles of roadway, and funding to fix the roads remains sparse. Residents who use Mt. Holly-Huntersville Road have been told by city and state officials that solutions are being looked at. Even if improvements are eventually approved construction remains decades away. Meanwhile, the roadway will continue to plague residents, who say development needs to slow down so officials can think of ways to give the road a chance to catch up. 'We're steadily building and building, but the infrastructure can't keep up and traffic gets worse and worse,' Mitchell said. 'People are frustrated. We can't get in or out of the developments without sitting and waiting and getting into accidents trying to get out… 'It's dangerous. It's been like this for years and there's no plans to change it.' Ins and outs of Mt. Holly-Huntersville Road The growth along Mt. Holly-Huntersville Road really started in 2007 when Interstate 485 opened between Mount Holly Road and N.C. 16, or Brookshire Boulevard, according to Kelly Pledger. She's lived in Mountain Island since 1999, back when people didn't know that Charlotte had a third lake community besides Lake Norman and Lake Wylie, Pledger said. 'The link to the outerbelt changed everything here,' Pledger said. 'It opened things up. Not only did we become more dense in population and growth… We became a significant pass-through for people commuting to the city every day from Lincoln County, Mount Holly and places like that.' Essentially, that's why Mt. Holly-Huntersville Road exists. The roadway is considered a secondary road by the state, meaning it serves local traffic and connects drivers to the highway system. Historically, secondary roads were in rural areas and mainly used by farmers to transport goods to major areas, according to a 2016 traffic study by the N. C. Department of Transportation on improving safety on those roads. But many of those roadways are now in urban areas. 'Now, these roads often carry higher traffic volumes at higher speeds, with competing modes (bicycle and pedestrian), that were not contemplated at the time the roads were constructed,' the study stated. Mt. Holly-Huntersville Road is a prime example of that concern, connecting a growing number of local and suburban drivers from Huntersville, Mount Holly or Belmont to Charlotte's city center. 'We've watched it continue to be a bigger and bigger problem, and yet things have not changed a great deal with the infrastructure,' Pledger said. 'We've talked about it with people that can make decisions to change the outcomes as far back as 2014. And yet, here we are.' State roads and prioritization process The people Pledger is referring to are city and state officials, along with the North Carolina Department of Transportation. Because Mt. Holly-Huntersville Road is state-owned, any widening project would need to be approved and funded by the state. Developers can and have made infrastructure changes across Charlotte but the responsibility to fix the roadway remains with the state. For the state to approve such a project, there's a long series of steps. The first comes from the Charlotte Regional Transportation Planning Organization, which looks at urban transportation improvements in Iredell, Mecklenburg and Union counties. If approved, the project goes into a long-range planning document, the Metropolitan Transportation Plan, which guides and identifies transportation needs over a 30-year span. That plan is submitted to the state. If the project receives a high score through data analytics, it becomes part of the State Transportation Improvement Program, a 10-year funding and construction scheduling document. So, have residents' pleas for Mt. Holly-Huntersville Road widening fallen on deaf ears? Yes and no. Since at least 2014, Mt. Holly-Huntersville Road has not made the cut for the Metropolitan Transportation Plan. The Charlotte planning organization did not respond to a Charlotte Observer question on whether the roadway was considered for the previous plans. But one thing is clear, it wasn't nominated and therefore was never submitted to the state. However, the planning organization is currently drafting its 2055 metropolitan plan, and three sections of Mt. Holly-Huntersville Road are included. It's unclear what those projects entail. And only one has an estimated timeframe for construction. The section of Mt. Holly-Huntersville Road between Bellhaven Boulevard and Mt. Holly Road has a listed timeframe of 2046 to 2055. The 2055 plan will be adopted next year. 'We keep saying (Mt. Holly-Huntersville Road) is a problem and people keep saying it's on the list, but we just got the impression that somehow, somewhere, somebody's not stepping up and speaking out on our behalf,' Pledger said. 'And in the meantime, they continue to approve development after development after development. 'It's at the point where we can't sit back and watch it happen anymore.' Mountain Island rezonings The need to speak up sparked the creation of the Mountain Island Community Alliance this year, a neighborhood group Pledger joined. A rezoning that slipped under residents' radar also spurred an interest to ban together to question corridor growth. In March, Charlotte City Council approved a rezoning request to allow for an 80-unit affordable senior housing apartment complex on Couloak Drive off of Mt. Holly-Huntersville Road and near Brookshire Boulevard. No one attended the public hearing, but city councilmembers Mayfield and Graham said they received emails from residents concerned about traffic. City planning said the area was walkable, but that's subjective. While there's sidewalks, Pledger said, there's so much heavy car traffic in the area that it isn't feasible to walk. 'We needed to have a group that can say to developers, no, this is not an accurate representation of what it's like to live right there,' Pledger said. And there's more rezonings on the docket. While not on Mt. Holly-Huntersville Road, a development for 90 townhomes on Mt. Holly Road is pending a decision by Charlotte City Council. That decision was deferred to Aug. 18. Another rezoning for 64 townhomes on Mt. Holly-Huntersville Road may also be decided on Aug. 18. Then there's a rezoning right across from the affordable housing complex. The petition from RED Partners under Tryon Advisors, LLC, is for 70 to 85 for-sale townhomes along with a daycare center at Cooks Memorial Presbyterian Church. During a community meeting on the project, about 50 people attended and the main concern was traffic, according Jon Beall, a broker with RED. He understood the concern. 'We're trying to do everything we possibly can to develop the real estate in a responsible manner to the right intensity, and we can't control what happens with the infrastructure,' Beall said. 'Rarely does the infrastructure come before the growth.' More housing and a police station So, what's next for Mt. Holly-Huntersville Road? No roadway improvements projects, but definitely more housing. Construction is underway on several developments including 240 apartments at Easton at Mountain Island, about a mile and a half from Mitchell on Mt. Holly-Huntersville Road. Westgate Landing on Mt. Holly Road was completed this year with about 221 units. Then there's the new police station. Charlotte-Mecklenburg Police broke ground on its Northwest Division station in June on Mt. Holly-Huntersville Road. The station will be completed by 2027. The Northwest Division is a newly created sector, spawned because of growth in the area. When asked why CMPD chose the busy corridor for its new facility, a spokesperson didn't directly answer the question but said as the city grows, so does its police department. There's already a fire station along Mt. Holly-Huntersville Road. Both Mitchell and Pledger said they've seen emergency vehicles try to get through the area but traffic blocks their paths. Councilman Graham, who represents this area, said he hears residents' concerns, though he reiterated that fixing the roadway has to be paid for by the state. At an April townhall meeting, residents demanded a development moratorium be placed on the area, but Graham said that isn't feasible. What is feasible, he said, is looking at future rezonings with a critical eye. Mayfield wants council to slow down on approvals and take into consideration what's being built in the area without a rezoning process. 'Councilmember (Renee) Johnson has been saying for years, why are we not looking at the cumulative impact of what we approve,' Mayfield said. 'I'm not saying no to development. But I am saying can we take a pause and evaluate where we are, what's happening right now and then look at 20 years from now.' 'It's dangerous to drive' In June, Mitchell took The Charlotte Observer on a tour of her neighborhood around 4 p.m. on a Monday. 'I'm so embarrassed because this is a light traffic day,' Mitchell said. But to an inexperienced Mt. Holly-Huntersville Road driver, traffic and safety didn't seem light. It took about 10 minutes to travel from Brookshire Boulevard to Bellhaven Boulevard, which is about half a mile. Mitchell said sometimes it takes double that time. Several cars eager to leave the shopping centers and subdivisions made blind turns, narrowly missing oncoming traffic. No one was walking. 'The cars will steadily come and people will get impatient. It's dangerous to walk,' Mitchell said. 'It's dangerous to drive.' Mitchell shares Pledger's sentiment about the area's development. Change will happen as the city grows, Mitchell said. But if the roadways can't handle the influx of people now, what will happen when more people arrive? 'There's good in change,' Mitchell said. 'Both of my girls purchased a home nearby because it's still affordable compared to other parts of the city. The bad is the infrastructure.' At the intersection of Mt. Holly-Huntersville Road and Mitchell's subdivision of Northwoods at Northwoods Forest Drive, there's no traffic light. Mitchell often walks the area and must dart across Mt. Holly-Huntersville Road to get back home. As we patiently waited to cross over Mt. Holly-Huntersville Road in Mitchell's vehicle, one car decided to blast through the intersection, tires screeching and smoking leaving honking cars in its wake. 'Welcome to the neighborhood,' Mitchell said. Solve the daily Crossword
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AvidXchange Announces Second-Quarter 2025 Financial Results
CHARLOTTE, N.C., Aug. 06, 2025 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights: Total revenue was $110.6 million, an increase of 5.2% year-over-year, compared with $105.1 million in the second quarter of 2024. Revenue included interest income of $10.6 million compared with $11.8 million in the second quarter of 2024. General and administrative expenses included transaction and deal costs of $6.4 million primarily related to the proposed plan of merger announced on May 6, 2025. GAAP net loss was $(9.5) million, compared with a GAAP net income of $0.4 million in the second quarter of 2024. Non-GAAP net income was $10.7 million, compared with $10.7 million in the second quarter of 2024. GAAP gross profit was $73.6 million, or 66.6% of total revenue, compared with $68.7 million, or 65.3% of revenue in the second quarter of 2024. Non-GAAP gross profit was $81.6 million, or 73.8% of total revenue, compared with $76.3 million, or 72.6% of revenue in the second quarter of 2024. Adjusted EBITDA was $17.4 million compared with $17.5 million in the second quarter of 2024. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Measures and Other Performance Metrics." Second Quarter 2025 Key Business Metrics and Highlights: Total transactions processed in the second quarter of 2025 were 20.1 million, an increase of 1.8% from 19.7 million in the second quarter of 2024. Total payment volume in the second quarter of 2025 was $21.5 billion, an increase of 4.1% from $20.6 billion in the second quarter of 2024. Transaction yield in the second quarter of 2025 was $5.50, an increase of 3.2% from $5.33 in the second quarter of 2024. Financial Outlook & Earnings TeleconferenceAs disclosed previously, due to its pending acquisition by TPG in partnership with Corpay, AvidXchange has suspended its previously issued financial outlook for fiscal 2025 and will not hold a teleconference to discuss its second quarter 2025 financial results. About AvidXchange™AvidXchange is a leading provider of accounts payable ('AP') automation software and payment solutions for middle market businesses and their suppliers. AvidXchange's software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,500 businesses and it has made payments to more than 1,350,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit Forward-Looking StatementsCertain statements made in this press release constitute forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements, including, without limitation, statements regarding AvidXchange's pending acquisition by TPG in partnership with Corpay. These forward-looking statements are based on management's current expectations and beliefs as of the date they are made. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause AvidXchange's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in AvidXchange's filings with the Securities and Exchange Commission ('SEC'), including AvidXchange's Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website ( and on the SEC website at AvidXchange undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law. Non-GAAP Measures and Other Performance MetricsTo supplement the financial measures presented in our press release in accordance with generally accepted accounting principles in the United States ('GAAP'), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share. A 'non-GAAP financial measure' refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies. We have presented Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share in this press release. We define Non-GAAP Gross Profit & Gross Margin as revenue less cost of revenue excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Income (Loss) as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, acquisition-related effects on income tax, and charitable contributions of common stock. Non-GAAP income tax expense is calculated using our blended statutory rate except in periods of non-GAAP net loss when it is based on our GAAP income tax expense. In each case, non-GAAP income tax expense excludes the effects of acquisitions in the period on tax expense. We define Non-GAAP Earnings per Share as Non-GAAP Net Income (Loss) per diluted share. We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. Availability of Information on AvidXchange's WebsiteInvestors and others should note that AvidXchange routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations section of AvidXchange's website. While not all information that AvidXchange posts to the Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, AvidXchange encourages investors, the media and others interested in AvidXchange to review the information that it shares at the Investor Relations link located at Users may automatically receive email alerts and other information about AvidXchange when enrolling an email address by visiting 'Email Alerts' in the 'Resources' section of AvidXchange's Investor Relations website Investor Contact: Subhaash KumarSkumar1@ Holdings, Statements of Operations(in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 110,570 $ 105,132 $ 218,512 $ 210,730 Cost of revenues (exclusive of depreciation and amortization expense) 30,949 30,426 61,738 60,759 Operating expenses Sales and marketing 23,068 19,956 45,579 39,697 Research and development 26,975 25,008 52,357 50,912 General and administrative 33,510 22,635 62,458 46,895 Impairment and write-off of intangible assets - - - 162 Depreciation and amortization 8,479 9,208 17,148 18,515 Total operating expenses 92,032 76,807 177,542 156,181 Loss from operations (12,411 ) (2,101 ) (20,768 ) (6,210 ) Other income (expense) Interest income 4,480 5,979 8,621 12,541 Interest expense (2,010 ) (3,323 ) (4,016 ) (6,660 ) Other income 2,470 2,656 4,605 5,881 (Loss) income before income taxes (9,941 ) 555 (16,163 ) (329 ) Income tax (benefit) expense (477 ) 119 612 244 Net (loss) income $ (9,464 ) $ 436 $ (16,775 ) $ (573 ) Net (loss) income per share attributable to common stockholders, basic and diluted Basic $ (0.05 ) $ 0.00 $ (0.08 ) $ 0.00 Diluted $ (0.05 ) $ 0.00 $ (0.08 ) $ 0.00 Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted Basic 206,933,045 207,025,967 205,982,206 205,961,720 Diluted 206,933,045 210,370,559 205,982,206 205,961,720 AvidXchange Holdings, Balance Sheets(in thousands, except share and per share data) As of June 30, As of December 31, 2025 2024 Assets Current assets Cash and cash equivalents $ 335,773 $ 355,637 Restricted funds held for customers 1,148,195 1,250,346 Marketable securities 71,461 33,663 Accounts receivable, net of allowances of $4,362 and $4,279, respectively 50,988 51,671 Supplier advances receivable, net of allowances of $2,024 and $1,644 respectively 18,035 14,080 Prepaid expenses and other current assets 15,503 15,317 Total current assets 1,639,955 1,720,714 Property and equipment, net 96,632 97,592 Deferred customer origination costs, net 29,005 28,119 Goodwill 165,921 165,921 Intangible assets, net 65,235 71,068 Other noncurrent assets and deposits 7,087 6,297 Total assets $ 2,003,835 $ 2,089,711 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 20,482 $ 15,494 Accrued expenses 45,094 46,849 Payment service obligations 1,148,195 1,250,346 Deferred revenue 12,747 13,967 Current maturities of lease obligations under finance leases 36 103 Current maturities of lease obligations under operating leases 663 1,207 Current maturities of long-term debt 4,800 4,800 Total current liabilities 1,232,017 1,332,766 Long-term liabilities Deferred revenue, less current portion 10,640 11,856 Obligations under finance leases, less current maturities 63,342 63,025 Obligations under operating leases, less current maturities 1,655 1,969 Long-term debt 4,300 4,300 Other long-term liabilities 4,331 3,962 Total liabilities 1,316,285 1,417,878 Commitments and contingencies Stockholders' equity Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024 - - Common stock, $0.001 par value; 1,600,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 207,695,309 and 204,335,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 208 204 Additional paid-in capital 1,718,132 1,685,644 Accumulated deficit (1,030,790 ) (1,014,015 ) Total stockholders' equity 687,550 671,833 Total liabilities and stockholders' equity $ 2,003,835 $ 2,089,711 AvidXchange Holdings, Statements of Cash Flows(in thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net loss $ (16,775 ) $ (573 ) Adjustments to reconcile net loss to net cash used by operating activities Depreciation and amortization expense 17,148 18,515 Amortization of deferred financing costs 190 212 Provision for credit losses 1,976 1,481 Stock-based compensation 29,571 23,278 Accrued interest 638 822 Impairment and write-off on intangible assets - 162 Loss on write-off of fixed assets 3 - Gain on lease buyout (172 ) - Accretion of investments held to maturity (629 ) (2,209 ) Deferred income taxes 247 178 Changes in operating assets and liabilities Accounts receivable 184 (3,652 ) Accrued interest on investments 43 - Prepaid expenses and other current assets (186 ) (2,481 ) Other noncurrent assets (980 ) (839 ) Deferred customer origination costs (887 ) (142 ) Accounts payable 4,988 (1,378 ) Deferred revenue (2,436 ) (2,735 ) Accrued expenses and other liabilities (1,631 ) (11,388 ) Operating lease liabilities (686 ) (323 ) Total adjustments 47,381 19,501 Net cash provided by operating activities 30,606 18,928 Cash flows from investing activities Purchase of marketable securities held to maturity (65,329 ) (98,996 ) Proceeds from maturity of marketable securities held to maturity 28,117 55,996 Purchases of equipment (1,324 ) (1,100 ) Purchases of intangible assets (9,034 ) (8,087 ) Supplier advances, net (5,431 ) (4,092 ) Net cash used in investing activities (53,001 ) (56,279 ) Cash flows from financing activities Repayments of long-term debt - (813 ) Principal payments on finance leases (81 ) (150 ) Proceeds from issuance of common stock 1,474 5,393 Proceeds from issuance of common stock under ESPP 1,447 1,220 Remittance of taxes upon vesting of restricted stock units (209 ) - Payment of acquisition-related liability (100 ) (100 ) Payment service obligations (102,151 ) (385,201 ) Net cash used in financing activities (99,620 ) (379,651 ) Net decrease in cash, cash equivalents, and restricted funds held for customers (122,015 ) (417,002 ) Cash, cash equivalents, and restricted funds held for customers Cash, cash equivalents, and restricted funds held for customers, beginning of year 1,605,983 1,985,630 Cash, cash equivalents, and restricted funds held for customers, end of period $ 1,483,968 $ 1,568,628 Supplementary information of noncash investing and financing activities Property and equipment purchases in accounts payable and accrued expenses $ - $ 19 Interest paid on notes payable - 2,673 Interest paid on finance leases 3,000 2,954 Cash paid for income taxes 369 254 AvidXchange Holdings, of GAAP to Non-GAAP Measures Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin 2025 2024 2025 2024 (in thousands) Total revenues $ 110,570 $ 105,132 $ 218,512 $ 210,730 Expenses: Cost of revenues (exclusive of depreciation and amortization expense) (30,949 ) (30,426 ) (61,738 ) (60,759 ) Depreciation and amortization expense (5,977 ) (6,034 ) (12,106 ) (12,098 ) GAAP Gross profit $ 73,644 $ 68,672 $ 144,668 $ 137,873 Adjustments: Stock-based compensation expense 1,996 1,625 3,980 2,857 Depreciation and amortization expense 5,977 6,034 12,106 12,098 Non-GAAP gross profit $ 81,617 $ 76,331 $ 160,754 $ 152,828 GAAP Gross margin 66.6 % 65.3 % 66.2 % 65.4 % Non-GAAP gross margin 73.8 % 72.6 % 73.6 % 72.5 %AvidXchange Holdings, of GAAP to Non-GAAP Measures (Continued) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss), including per share amounts 2025 2024 2025 2024 (in thousands, except share and per share data) Net income (loss) $ (9,464 ) $ 436 $ (16,775 ) $ (573 ) Exclude: Provision for income taxes (477 ) 119 612 244 Income (loss) before taxes (9,941 ) 555 (16,163 ) (329 ) Amortization of acquired intangible assets 2,859 3,414 5,744 6,827 Impairment and write-off of intangible assets - - - 162 Stock-based compensation expense 15,085 12,319 29,571 23,278 Transaction and acquisition-related costs(1) 6,449 - 8,445 - Non-recurring items not indicative of ongoing operations(2) (195 ) (1,976 ) 528 (630 ) Total net adjustments 24,198 13,757 44,288 29,637 Non-GAAP income (loss) before taxes 14,257 14,312 28,125 29,308 Non-GAAP income tax expense(2) 3,550 3,564 7,003 7,298 Non-GAAP net income (loss) $ 10,707 $ 10,748 $ 21,122 $ 22,010 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic 206,933,045 207,025,967 205,982,206 205,961,720 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted 207,348,652 209,896,829 205,982,206 205,961,720 GAAP Net income (loss) per share attributable to common stockholders, basic and diluted $ (0.05 ) $ 0.00 $ (0.08 ) $ 0.00 Non-GAAP basic net income (loss) per share attributable to common stockholders, basic $ 0.05 $ 0.05 $ 0.10 $ 0.11 Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted $ 0.05 $ 0.05 $ 0.10 $ 0.11 GAAP income (loss) per common share, basic and diluted $ (0.05 ) $ 0.00 $ (0.08 ) $ 0.00 Amortization of acquired intangible assets 0.01 0.02 0.03 0.03 Impairment and write-off of intangible assets - - - - Stock-based compensation expense 0.07 0.06 0.14 0.11 Transaction and acquisition-related costs 0.03 - 0.04 - Non-recurring items not indicative of ongoing operations(1) - (0.01 ) - - Provision for income taxes (0.02 ) (0.02 ) (0.03 ) (0.03 ) Adjustment to fully diluted earnings per share 0.01 - - - Non-GAAP diluted income (loss) per common share $ 0.05 $ 0.05 $ 0.10 $ 0.11 AvidXchange Holdings, of GAAP to Non-GAAP Measures (Continued) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net Loss to Adjusted EBITDA 2025 2024 2025 2024 (in thousands) Net loss $ (9,464 ) $ 436 $ (16,775 ) $ (573 ) Depreciation and amortization 8,479 9,208 17,148 18,515 Impairment and write-off of intangible assets - - - 162 Interest income (4,480 ) (5,979 ) (8,621 ) (12,541 ) Interest expense 2,010 3,323 4,016 6,660 Provision for income taxes (477 ) 119 612 244 Stock-based compensation expense 15,085 12,319 29,571 23,278 Transaction and acquisition-related costs(1) 6,449 - 8,445 - Non-recurring items not indicative of ongoing operations(2) (195 ) (1,976 ) 528 (630 ) Adjusted EBITDA $ 17,407 $ 17,450 $ 34,924 $ 35,115 (1) For the three and six months ended June 30, 2025, this amount consists of transaction and deal costs incurred in connection with the proposed plan of merger announced on May 6, 2025 described in our unaudited consolidated financial statements. (2) For the three months ended June 30, 2025, this amount includes a $172 gain on lease buyout. For the three months ended June 30, 2024, this amount was primarily comprised of an insurance recovery of $2,110 for costs incurred in response to the cybersecurity incident that was detected in April 2023. For the six months ended June 30, 2025, this amount includes $618 in restructuring costs and a $172 gain on lease buyout. For the six months ended June 30, 2024 this amount includes $1,157 of severance costs and a net benefit of $1,808 of response costs incurred in connection with the cybersecurity incident. (3) Non-GAAP income tax expense is based on the Company's blended tax rate of 24.9% in periods the Company has Non-GAAP income before tax. In periods the Company is in a non-GAAP loss position, tax expense is based on GAAP tax expense.
Business Wire
10 hours ago
- Business Wire
U-Haul Holding Company Reports First Quarter Fiscal 2026 Financial Results
RENO, Nev.--(BUSINESS WIRE)--U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its first quarter ended June 30, 2025, of $142.3 million, compared with net earnings of $195.4 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.73 for the first quarter of fiscal 2026 compared to $1.00 for the same period in fiscal 2025. 'Revenues for self-move and self-storage are up over the same quarter last year,' stated Joe Shoen, chairman of U-Haul Holding Company. 'We are working through increased depreciation expense and losses on the sale of retired rental equipment. The race to zero emissions on work trucks has proven to be ephemeral. The increased costs to our customers and shareholders will persist for a while. U-Haul and truck OEMs need additional help from the EPA to have economical and effective product available.' Highlights of First Quarter Fiscal 2026 Results Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $52.2 million to $242.9 million compared to the first quarter of fiscal 2025. Increased losses from the disposal of retired rental equipment accounted for $29.7 million of the decrease for the first quarter, while fleet depreciation expense increased $50.7 million for the first quarter and real estate related depreciation expense increased $7.1 million for the quarter, all compared with the first quarter of fiscal 2025. Moving and Storage earnings before interest, taxes, depreciation and amortization (EBITDA) increased $30.6 million to $545.3 million compared to the first quarter of fiscal 2025 and for the trailing twelve months for June 30, 2025 increased $65.8 million to $1,650.3 million compared to the trailing twelve months for June 30, 2024. Self-storage revenues increased $18.5 million, or 8.6% versus the first quarter of fiscal year 2025. Same store occupancy decreased 1.0% to 92.8%, revenue per foot increased 0.6%, and the number of locations qualifying for the pool increased by 23. During the first quarter of fiscal 2026, we added 15 new locations with storage and 1.2 million net rentable square feet (nrsf). We have approximately 14.8 million nrsf in development or pending. Self-moving equipment rental revenues increased $43.9 million, or 4.3% versus first quarter of fiscal year 2025. Revenue per transaction increased for both our In-Town and One-Way markets compared to the first quarter of fiscal 2025. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers along with the number of box trucks in the rental fleet. Other revenue for Moving and Storage increased $20.6 million or 15.6% versus the first quarter of fiscal 2025 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment. Fleet maintenance and repair costs experienced a $5.2 million increase, compared with the first quarter of fiscal 2025. Cash and credit availability at the Moving and Storage segment was $1,191.1 million as of June 30, 2025 compared with $1,347.5 million as of March 31, 2025. On June 4, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on June 16, 2025. The dividend was paid on June 27, 2025. We are holding our 19 th Annual Virtual Analyst and Investor meeting on Thursday, August 21, 2025 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast at A brief presentation by the Company will be followed by a question-and-answer session. Our latest Supplemental financial information as of June 30, 2025, is available at under 'Investor Kit'. U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2026 on Thursday, August 7, 2025, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at To hear a simulcast of the call, or a replay, visit About U-Haul Holding Company U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment. About U-Haul Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 197,500 trucks, 137,200 trailers and 41,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,093,000 rentable storage units and 94.9 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America. 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 June 30, 2025, which is on file with the SEC. Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2026 and 2025. Listed below are revenues and earnings from operations at each of our operating segments for the first quarters of fiscal 2026 and 2025. Debt Metrics Moving and Storage (In thousands, unaudited) June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Real estate secured debt $ 2,727,545 $ 2,703,656 $ 2,436,840 $ 2,471,044 $ 2,497,239 Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,200,000 Fleet secured debt 2,792,015 2,758,821 2,724,349 2,554,194 2,544,235 Other secured debt 65,570 66,864 68,402 69,264 70,202 Total debt 7,285,130 7,229,341 6,929,591 6,794,502 6,311,676 Cash and cash equivalents $ 726,069 $ 872,467 $ 883,108 $ 1,279,493 $ 1,071,779 Total assets 17,858,535 17,522,952 17,291,214 17,164,316 16,447,193 Adjusted EBITDA (TTM) 1,650,277 1,619,714 1,614,146 1,566,396 1,584,461 Net debt to adjusted EBITDA 4.0 3.9 3.7 3.5 3.3 Net debt to total assets 36.7 % 36.3 % 35.0 % 32.1 % 31.9 % Percent of debt floating 6.1 % 6.1 % 6.2 % 5.9 % 7.7 % Percent of debt fixed 93.9 % 93.9 % 93.8 % 94.1 % 92.3 % Percent of debt unsecured 23.3 % 23.5 % 24.5 % 25.0 % 19.0 % Unencumbered asset ratio* 3.86x 3.91x 3.81x 3.78x 4.72x * 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 Expand The components of depreciation, net of gains on disposals are as follows: 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 June 30, 2025 2024 (Unaudited) (In thousands, except occupancy rate) Unit count as of June 30 813 748 Square footage as of June 30 69,560 63,586 Average monthly number of units occupied 632 594 Average monthly occupancy rate based on unit count 78.1 % 80.0 % End of June occupancy rate based on unit count 78.8 % 81.0 % Average monthly square footage occupied 55,399 51,717 Expand Self-Storage Portfolio Summary (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 98 39,874 4,640,397 $ 14.79 77.7 % California 90 35,486 3,334,972 $ 21.24 82.8 % Florida 88 35,662 3,941,751 $ 18.52 77.0 % Illinois 83 39,790 4,175,787 $ 16.16 79.0 % Pennsylvania 73 29,540 3,140,190 $ 17.96 72.5 % Ohio 66 26,571 2,999,238 $ 14.92 74.7 % New York 66 28,867 2,653,223 $ 23.41 80.7 % Michigan 60 20,923 2,311,073 $ 15.77 82.0 % Georgia 53 22,717 2,608,640 $ 16.26 80.4 % Arizona 47 25,685 2,925,300 $ 15.58 78.5 % Wisconsin 44 17,426 2,025,211 $ 13.89 74.5 % North Carolina 41 17,981 2,046,133 $ 15.33 73.0 % Washington 38 14,706 1,590,390 $ 16.69 75.9 % Missouri 38 14,389 1,812,883 $ 14.23 69.4 % Tennessee 37 15,651 1,611,024 $ 14.91 85.2 % Ontario 33 12,611 1,410,804 $ 23.07 70.0 % New Jersey 33 16,365 1,517,120 $ 20.71 84.6 % Indiana 33 11,129 1,181,366 $ 14.05 81.3 % Minnesota 33 14,135 1,687,479 $ 13.68 76.3 % Massachusetts 31 11,466 1,030,178 $ 20.65 86.8 % Top 20 Totals 1,085 450,974 48,643,160 $ 17.07 77.9 % All Others 488 189,879 20,916,713 $ 16.53 78.6 % 1Q 2026 Totals 1,573 640,853 69,559,933 $ 16.91 78.1 % Same Store 1Q26 902 330,969 30,412,656 $ 17.44 92.8 % Same Store 1Q25 902 336,770 30,393,006 $ 17.34 93.8 % Same Store 1Q24 902 338,048 30,356,491 $ 16.98 94.2 % Non-Same Store 1Q26 671 309,884 39,147,277 $ 16.31 66.7 % Non-Same Store 1Q25 591 268,531 33,192,915 $ 18.74 67.3 % Non-Same Store 1Q24 529 235,664 27,240,887 $ 18.66 70.5 % Same Store Pool Held Constant for Prior Periods Same Store 1Q26 902 330,969 30,412,656 $ 17.44 92.8 % Same Store 1Q25 879 310,825 28,263,627 $ 17.32 93.9 % Same Store 1Q24 820 266,832 24,503,591 $ 16.72 95.1 % Non-Same Store 1Q26 671 309,884 39,147,277 $ 16.31 66.7 % Non-Same Store 1Q25 614 294,476 35,322,294 $ 18.65 69.0 % Non-Same Store 1Q24 613 306,221 33,026,074 $ 18.57 74.3 % 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. Same store includes storage locations with rentable storage inventory for more than three years and 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 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. Expand U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, March 31, 2025 2025 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 877,188 $ 988,828 Trade receivables and reinsurance recoverables, net 231,002 230,716 Inventories and parts 173,299 163,132 Prepaid expenses 285,540 282,406 Fixed maturity securities available-for-sale, net, at fair value 2,521,166 2,479,498 Equity securities, at fair value 65,609 65,549 Investments, other 681,692 678,254 Deferred policy acquisition costs, net 121,621 121,729 Other assets 130,993 126,732 Right of use assets - financing, net 85,661 138,698 Right of use assets - operating, net 44,048 46,025 Related party assets 40,473 45,003 Property, plant and equipment, at cost: Land 1,835,090 1,812,820 Buildings and improvements 9,885,198 9,628,271 Furniture and equipment 1,055,983 1,047,414 Rental trailers and other rental equipment 1,081,063 1,046,135 Rental trucks 7,910,809 7,470,039 21,768,143 21,004,679 Less: Accumulated depreciation (6,178,067 ) (5,892,079 ) Total property, plant and equipment, net 15,590,076 15,112,600 Total assets $ 20,848,368 $ 20,479,170 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 901,083 $ 820,900 Notes, loans and finance leases payable, net 7,249,877 7,193,857 Operating lease liabilities 44,918 46,973 Policy benefits and losses, claims and loss expenses payable 871,530 857,521 Liabilities from investment contracts 2,537,848 2,511,422 Other policyholders' funds and liabilities 12,618 7,539 Deferred income 65,179 52,895 Deferred income taxes, net 1,504,547 1,489,920 Total liabilities 13,187,600 12,981,027 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 462,548 462,548 Accumulated other comprehensive loss (200,196 ) (229,314 ) Retained earnings 8,065,393 7,931,886 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 7,660,768 7,498,143 Total liabilities and stockholders' equity $ 20,848,368 $ 20,479,170 Expand U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES Quarter Ended June 30, 2025 2024 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 1,058,273 $ 1,014,332 Self-storage revenues 234,237 215,737 Self-moving and self-storage products and service sales 98,188 96,591 Property management fees 9,582 9,495 Life insurance premiums 19,169 20,740 Property and casualty insurance premiums 21,738 21,229 Net investment and interest income 35,211 37,125 Other revenue 154,072 133,241 Total revenues 1,630,470 1,548,490 Costs and expenses: Operating expenses 826,749 789,757 Commission expenses 116,737 112,571 Cost of product sales 72,205 66,014 Benefits and losses 45,182 44,006 Amortization of deferred policy acquisition costs 4,917 4,646 Lease expense 4,874 5,605 Depreciation, net of (gains) losses on disposals 304,009 216,545 Net (gains) losses on disposal of real estate (1,617 ) 3,104 Total costs and expenses 1,373,056 1,242,248 Earnings from operations 257,414 306,242 Other components of net periodic benefit costs (346 ) (372 ) Other interest income 10,669 18,235 Interest expense (82,330 ) (67,218 ) Fees on early extinguishment of debt and costs of defeasance (26 ) (495 ) Pretax earnings 185,381 256,392 Income tax expense (43,050 ) (60,975 ) Earnings available to common stockholders $ 142,331 $ 195,417 Basic and diluted earnings per share of Common Stock $ 0.68 $ 0.95 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 $ 0.73 $ 1.00 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 Expand 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, $0.25 par value (the 'Voting Common Stock') and the Series N Non-Voting Common Stock, $0.001 par value (the 'Non-Voting Common Stock') based on each share's percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting 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 June 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows: NON-GAAP FINANCIAL RECONCILIATION SCHEDULE As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net ('PPE') being reclassed to Right of use assets - financing, net ('ROU-financing'). The tables below show adjusted PPE as of June 30, 2025 and March 31, 2025, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP. March 31, 2025 March 31, ROU Assets Property, Plant and Equipment 2025 Financing Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,812,820 $ - $ 1,812,820 Buildings and improvements 9,628,271 - 9,628,271 Furniture and equipment 1,047,414 61 1,047,475 Rental trailers and other rental equipment 1,046,135 58,071 1,104,206 Rental trucks 7,470,039 309,475 7,779,514 Subtotal 21,004,679 367,607 21,372,286 Less: Accumulated depreciation (5,892,079 ) (228,909 ) (6,120,988 ) Total property, plant and equipment, net $ 15,112,600 $ 138,698 $ 15,251,298 Expand Non-GAAP Financial Measures Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability supplement the transparency of the Company's disclosures and provides a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and supplements the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures. Moving and Storage EBITDA Calculations (In thousands, unaudited) June 30, June 30, 2025 2024 Net earnings available to common stockholders $ 142,331 $ 195,417 Income tax expense 40,086 58,677 Fees on early extinguishment of debt and costs of defeasance 26 495 Interest expense 82,358 67,470 Other interest income (10,765 ) (18,355 ) Other components of net periodic benefit costs 346 372 Net losses on disposal of real estate (1,617 ) 3,104 Depreciation, net of gains on disposals 304,009 216,545 Elimination of net earnings from insurance subsidiaries (11,504 ) (9,018 ) Adjusted EBITDA $ 545,270 $ 514,707 Expand
