U-Haul Holding Company Reports Fiscal 2025 Financial Results

Business Wire

28-05-2025

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 shareholders for the year ended March 31, 2025, of $367.1 million, compared with $628.7 million for the same period last year.
For the quarter ended March 31, 2025, the Company reported net losses available to shareholders of ($82.3) million compared with net losses of ($0.9) million, for the same period last year.
'We are seeing the high prices we paid for fleet replacements over the last thirty months impact the income statement. Reduced gains on the sale of rental equipment and increased fleet depreciation expense decreased earnings by nearly $260 million for the year compared to fiscal 2024. We have increased depreciation further to recognize this expense in the current period,' stated Joe Shoen, chairman of U-Haul Holding Company. 'Both the truck acquisition and sale market are showing improvement. The automakers have abandoned the mirage of going net zero and hopefully will get back to offering reliable, fairly priced trucks in quantity.'
Highlights of Fiscal Year and Fourth Quarter 2025 Results
Moving and Storage earnings before interest, taxes, depreciation and amortization (EBITDA) increased $5.6 million to $217.3 million compared to the fourth quarter of fiscal 2024 and for the full year ended March 31, 2025 increased $51.7 million to $1,619.7 compared with fiscal 2024.
Self-storage revenues increased $17.8 million, or 8.4%, in the fourth quarter of fiscal 2025 compared with the fourth quarter of fiscal 2024, and for the full year increased $66.8 million, or 8.0%, compared with fiscal 2024.
Same store occupancy decreased 0.5% to 91.9%, revenue per foot increased 3.0%, and the number of locations qualifying for the pool increased by 31.
Total portfolio of average occupied rooms increased 39,197, or 6.8%, compared to March 31, 2024, and for the full year average occupied rooms increased 35,441, or 6.2%.
During the fourth quarter, we added 20 new locations with storage and 1.6 million net rentable square feet (NRSF). Two locations were acquisitions of existing storage locations totaling 76 thousand NRSF and eighteen locations were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 1.5 million NRSF.
We have approximately 15.0 million NRSF in development or pending.
Self-moving equipment rental revenues increased $29.0 million, or 4.1%, in the fourth quarter of fiscal 2025 compared with the fourth quarter of fiscal 2024 capping the fourth consecutive quarter this year of year-over-year growth. We finished the full year up $100.8 million, or 2.8%, compared with fiscal 2024. In-town and one-way transactions and revenue per transaction both improved.
Other revenue for Moving and Storage increased $13.9 million or 17.1% during the fourth quarter of fiscal 2025, compared to the fourth quarter of fiscal 2024, and finished the full year up $39.4 million, or 8.5%, compared with 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.
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries decreased $68.1 million compared to the fourth quarter of fiscal 2024 and for the full year decreased $250.4 million compared to fiscal 2024.
Reduced gains from the disposal of retired rental equipment accounted for $30.4 million for the fourth quarter and $140.2 million for the full year of the decrease, while fleet depreciation expense increased $35.6 million for the fourth quarter and $128.1 million for the full year and real estate related depreciation expense increased $3.9 million for the quarter and $25.9 million for the full year, all compared with the fourth quarter and full year of fiscal 2024.
Fleet maintenance and repair costs declined $6.7 million and $43.1 million compared with the fourth quarter and full year of fiscal 2024, respectively.
Cash and credit availability at the Moving and Storage operating segment was $1,347.5 million and $1,886.3 million as of March 31, 2025 and 2024, respectively.
On March 5, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 17, 2025. The dividend was paid on March 28, 2025.
Our latest Supplemental financial information is available at investors.uhaul.com under 'Investor Kit.'
U-Haul Holding Company will hold its investor call for fiscal 2025 on Thursday, May 29, 2025, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.
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 192,100 trucks, 137,500 trailers and 39,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,079,000 rentable storage units and 93.7 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-K for the year ended March 31, 2025, which was filed with the SEC on May 28, 2025.
Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2025 and 2024.
Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2025 and 2024.
Debt Metrics
Debt Metrics
(in thousands) (unaudited)
March 31,
December 31,
September 30,
June 30,
March 31,
2025
2024
2024
2024
2024
Real estate secured debt
$
2,703,656
$
2,436,840
$
2,471,044
$
2,497,239
$
2,562,620
Unsecured debt
1,700,000
1,700,000
1,700,000
1,200,000
1,200,000
Fleet secured debt
2,758,821
2,724,349
2,554,194
2,544,235
2,470,603
Other secured debt
66,864
68,402
69,264
70,202
70,815
Total debt
7,229,341
6,929,591
6,794,502
6,311,676
6,304,038
Moving and Storage cash
$
872,467
$
883,108
$
1,279,493
$
1,071,779
$
1,380,165
Moving and Storage assets
17,522,952
17,291,214
17,164,316
16,447,193
16,149,748
Moving and Storage EBITDA (TTM)
1,619,714
1,614,146
1,566,396
1,584,461
1,567,985
Net debt to EBITDA
3.9
3.7
3.5
3.3
3.1
Net debt to total assets
36.3
%
35.0
%
32.1
%
31.9
%
30.5
%
Percent of debt floating
6.1
%
6.2
%
5.9
%
7.7
%
7.2
%
Percent of debt fixed
93.9
%
93.8
%
94.1
%
92.3
%
92.8
%
Percent of debt unsecured
23.5
%
24.5
%
25.0
%
19.0
%
19.0
%
Unencumbered asset ratio*
3.91
x
3.81
x
3.78
x
4.72
x
4.43
x
* 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.
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The components of depreciation, net of gains on disposals for the fourth quarter and the full year of fiscal 2025 and 2024 are as follows:
Year Ended March 31,
2025
2024
(Unaudited)
(In thousands)
Depreciation expense - rental equipment
$
692,660
$
564,546
Depreciation expense - non rental equipment
95,709
94,902
Depreciation expense - real estate
183,564
158,441
Total depreciation expense
$
971,933
$
817,889
Gains on disposals of rental equipment
$
(15,014
)
$
(154,989
)
Losses on disposals of non-rental equipment
1,265
1,031
Total net gains on disposals equipment
$
(13,749
)
$
(153,958
)
Depreciation, net of gains on disposals
$
958,184
$
663,931
Losses on disposals of real estate
$
15,758
$
7,914
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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 storage locations follows (unaudited):
Quarters Ended March 31,
2025
2024
(In thousands, except occupancy rate)
Unit count as of March 31
799
728
Square footage as of March 31
68,376
61,857
Average monthly number of units occupied
613
573
Average monthly occupancy rate based on unit count
77.3
%
79.8
%
End of period occupancy rate based on unit count
77.0
%
79.3
%
Average monthly square footage occupied
53,814
49,986
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Years Ended March 31,
2025
2024
(In thousands, except occupancy rate)
Unit count as of March 31
799
728
Square footage as of March 31
68,376
61,857
Average monthly number of units occupied
607
571
Average monthly occupancy rate based on unit count
79.2
%
82.1
%
End of period occupancy rate based on unit count
77.0
%
79.3
%
Average monthly square footage occupied
53,021
49,515
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Self-Storage Portfolio Summary
As of March 31, 2025
(unaudited)
U-Haul Owned Store Data by State
State/
Province
Stores
Units
Occupied
Rentable
Square Feet
Annual
Revenue
Per Foot
Occupancy
During Qtr
Texas
98
38,927
4,626,909
$
14.74
77.5
%
California
88
34,661
3,248,287
$
21.19
81.5
%
Florida
86
35,062
3,844,971
$
18.46
78.6
%
Illinois
83
37,087
4,087,748
$
16.03
77.4
%
Pennsylvania
72
27,860
3,126,879
$
17.82
70.5
%
New York
66
27,685
2,625,717
$
23.31
78.7
%
Ohio
64
25,611
2,886,419
$
14.93
75.6
%
Michigan
58
19,971
2,157,748
$
15.75
80.6
%
Georgia
53
22,272
2,609,877
$
16.27
80.5
%
Arizona
46
25,297
2,914,989
$
15.44
77.6
%
Wisconsin
44
16,620
2,025,606
$
13.78
72.4
%
North Carolina
40
17,138
2,043,673
$
15.32
70.7
%
Washington
37
14,364
1,587,201
$
16.62
75.4
%
Missouri
37
13,322
1,777,498
$
14.25
68.3
%
Tennessee
37
15,256
1,550,059
$
14.90
86.6
%
Ontario
34
12,072
1,353,947
$
23.00
71.7
%
New Jersey
33
16,195
1,500,430
$
20.70
83.9
%
Indiana
33
10,396
1,180,034
$
13.90
77.5
%
Minnesota
33
13,468
1,685,377
$
14.05
72.9
%
Massachusetts
31
11,166
1,007,100
$
20.58
86.0
%
Top 20 Totals
1,073
434,430
47,840,469
$
17.03
77.1
%
All Others
485
181,204
20,535,531
$
16.43
77.6
%
4Q FY 2024 Totals
1,558
615,634
68,376,000
$
16.85
77.3
%
Same Store Pool Held Constant for Prior Periods
Same Store 4Q24
893
317,736
29,661,083
$
17.32
91.9
%
Same Store 4Q23
893
320,411
29,639,638
$
16.82
92.4
%
Same Store 4Q22
893
321,055
29,615,402
$
15.93
92.4
%
Non-Same Store 4Q24
665
297,898
38,714,917
$
16.32
66.0
%
Non-Same Store 4Q23
583
256,992
32,217,390
$
16.29
68.2
%
Non-Same Store 4Q22
527
225,931
26,834,710
$
15.89
69.2
%
Same Store Pool, Prior Periods Unchanged
Same Store 4Q24
893
317,736
29,661,083
$
17.32
91.9
%
Same Store 4Q23
862
291,587
27,376,696
$
16.87
92.3
%
Same Store 4Q22
804
256,861
23,942,574
$
16.00
94.2
%
Non-Same Store 4Q24
665
297,898
38,714,917
$
16.32
66.0
%
Non-Same Store 4Q23
614
285,816
34,480,331
$
16.28
70.1
%
Non-Same Store 4Q22
618
289,536
32,439,826
$
15.84
72.3
%
Note: Store Count, Units, and NRSF reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over fiscal year 2025.
Same store includes storage locations with rentable storage inventory for more than three years and have had 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 physical 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.
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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31,
March 31,
2025
2024
(Unaudited)
ASSETS
(In thousands)
Cash and cash equivalents
$
988,828
$
1,534,544
Trade receivables and reinsurance recoverables, net
230,716
215,908
Inventories and parts
163,132
150,940
Prepaid expenses
282,406
246,082
Fixed maturity securities available-for-sale, net, at fair value
2,479,498
2,442,504
Equity securities, at fair value
65,549
66,274
Investments, other
678,254
633,936
Deferred policy acquisition costs, net
121,729
121,224
Other assets
126,732
111,743
Right of use assets – financing, net
138,698
289,305
Right of use assets – operating, net
46,025
53,712
Related party assets
45,003
57,934
Property, plant and equipment, at cost:
Land
1,812,820
1,670,033
Buildings and improvements
9,628,271
8,237,354
Furniture and equipment
1,047,414
1,003,770
Rental trailers and other rental equipment
1,046,135
936,303
Rental trucks
7,470,039
6,338,324
21,004,679
18,185,784
Less: Accumulated depreciation
(5,892,079
)
(5,051,132
)
Total property, plant and equipment, net
15,112,600
13,134,652
Total assets
$
20,479,170
$
19,058,758
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses
$
820,900
$
783,084
Notes, loans and finance leases payable, net
7,193,857
6,271,362
Operating lease liabilities
46,973
55,032
Policy benefits and losses, claims and loss expenses payable
857,521
849,113
Liabilities from investment contracts
2,511,422
2,411,352
Other policyholders' funds and liabilities
7,539
18,070
Deferred income
52,895
51,175
Deferred income taxes, net
1,489,920
1,447,125
Total liabilities
12,981,027
11,886,313
Common stock
10,497
10,497
Non-voting common stock
176
176
Additional paid-in capital
462,548
462,548
Accumulated other comprehensive loss
(229,314
)
(223,216
)
Retained earnings
7,931,886
7,600,090
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
7,498,143
7,172,445
Total liabilities and stockholders' equity
$
20,479,170
$
19,058,758
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Quarter Ended March 31,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
745,259
$
716,283
Self-storage revenues
230,532
212,701
Self-moving and self-storage products and service sales
72,729
73,018
Property management fees
8,861
8,422
Life insurance premiums
19,553
21,542
Property and casualty insurance premiums
23,540
22,419
Net investment and interest income
36,519
42,859
Other revenue
96,516
81,926
Total revenues
1,233,509
1,179,170
Costs and expenses:
Operating expenses
812,290
757,567
Commission expenses
80,758
77,236
Cost of product sales
53,114
52,732
Benefits and losses
45,668
36,643
Amortization of deferred policy acquisition costs
4,755
5,212
Lease expense
5,117
7,473
Depreciation, net of gains on disposals
268,278
198,347
Net losses on disposal of real estate
6,305
2,594
Total costs and expenses
1,276,285
1,137,804
Earnings (losses) from operations
(42,776
)
41,366
Other components of net periodic benefit costs
(372
)
(364
)
Other interest income
9,053
36,843
Interest expense
(80,419
)
(64,184
)
Pretax earnings (losses)
(114,514
)
13,661
Income tax (expense) benefit
32,223
(14,524
)
Losses available to common shareholders
$
(82,291
)
$
(863
)
Basic and diluted losses per share of Common Stock
$
(0.46
)
$
(0.05
)
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings (losses) per share of Non-Voting Common Stock
$
(0.41
)
$
0.00
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
Years Ended March 31,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
3,725,524
$
3,624,695
Self-storage revenues
897,913
831,069
Self-moving and self-storage products and service sales
327,490
335,805
Property management fees
36,811
37,004
Life insurance premiums
83,707
89,745
Property and casualty insurance premiums
98,900
94,802
Net investment and interest income
151,974
146,468
Other revenue
506,346
466,086
Total revenues
5,828,665
5,625,674
Costs and expenses:
Operating expenses
3,275,471
3,126,471
Commission expenses
407,368
384,079
Cost of product sales
234,145
241,563
Benefits and losses
182,749
167,035
Amortization of deferred policy acquisition costs
18,333
24,238
Lease expense
20,503
32,654
Depreciation, net of gains on disposals
958,184
663,931
Net losses on disposal of real estate
15,758
7,914
Total costs and expenses
5,112,511
4,647,885
Earnings from operations
716,154
977,789
Other components of net periodic benefit costs
(1,488
)
(1,458
)
Other interest income
59,057
120,021
Interest expense
(295,716
)
(256,175
)
Fees on early extinguishment of debt and costs of defeasance
(495
)
-
Pretax earnings
477,512
840,177
Income tax expense
(110,422
)
(211,470
)
Earnings available to common shareholders
$
367,090
$
628,707
Basic and diluted earnings per share of Common Stock
$
1.69
$
3.04
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
$
1.89
$
3.22
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
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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 and years ended March 31, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
March 31,
2025
2024
(Unaudited)
(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock
19,607,788
19,607,788
196,077,880
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
10
%
10
%
Net losses available to common stockholders
$
(82,291
)
$
(863
)
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends declared
(8,823
)
(8,823
)
Undistributed losses available to common stockholders
$
(91,114
)
$
(9,686
)
Undistributed losses available to common stockholders allocated to Voting Common Stock
$
(9,111
)
$
(969
)
Undistributed losses per share of Voting Common Stock
$
(0.46
)
$
(0.05
)
Dividends declared per share of Voting Common Stock
$
-
$
-
Basic and diluted losses per share of Voting Common Stock
$
(0.46
)
$
(0.05
)
Weighted average shares outstanding of Non-Voting Common Stock
176,470,092
176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock
90
%
90
%
Net losses available to common stockholders
$
(82,291
)
$
(863
)
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends declared
(8,823
)
(8,823
)
Undistributed losses available to common stockholders
$
(91,114
)
$
(9,686
)
Undistributed losses available to common stockholders allocated to Non-Voting Common Stock
$
(82,003
)
$
(8,717
)
Undistributed losses per share of Non-Voting Common Stock
$
(0.46
)
$
(0.05
)
Dividends declared per share of Non-Voting Common Stock
$
0.05
$
0.05
Basic and diluted earnings (losses) per share of Non-Voting Common Stock
$
(0.41
)
$
0.00
Expand
For the Years Ended
March 31,
2025
2024
(Unaudited)
(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock
19,607,788
19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
10
%
10
%
Net earnings available to common stockholders
$
367,090
$
628,707
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends declared
(35,294
)
(31,765
)
Undistributed earnings available to common stockholders
$
331,796
$
596,942
Undistributed earnings available to common stockholders allocated to Voting Common Stock
$
33,180
$
59,694
Undistributed earnings per share of Voting Common Stock
$
1.69
$
3.04
Dividends declared per share of Voting Common Stock
$
0.00
$
0.00
Basic and diluted earnings per share of Voting Common Stock
$
1.69
$
3.04
Weighted average shares outstanding of Non-Voting Common Stock
176,470,092
176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock
90
%
90
%
Net earnings available to common stockholders
$
367,090
$
628,707
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends declared
(35,294
)
(31,765
)
Undistributed earnings available to common stockholders
$
331,796
$
596,942
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
$
298,616
$
537,248
Undistributed earnings per share of Non-Voting Common Stock
$
1.69
$
3.04
Dividends declared per share of Non-Voting Common Stock
$
0.20
$
0.18
Basic and diluted earnings per share of Non-Voting Common Stock
$
1.89
$
3.22
Expand
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 March 31, 2025 and March 31, 2024, 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,
2024
March 31,
ROU Assets
Property, Plant and Equipment
2024
Financing
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,670,033
$
-
$
1,670,033
Buildings and improvements
8,237,354
-
8,237,354
Furniture and equipment
1,003,770
61
1,003,831
Rental trailers and other rental equipment
936,303
114,607
1,050,910
Rental trucks
6,338,324
607,521
6,945,845
Right-of-use assets, gross
18,185,784
722,189
18,907,973
Less: Accumulated depreciation
(5,051,132
)
(432,884
)
(5,484,016
)
Total property, plant and equipment, net
$
13,134,652
$
289,305
$
13,423,957
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 improve the transparency of the Company's disclosures and provide 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 improve 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.