Latest news with #U-HaulHoldingCompany
Yahoo
6 days ago
- Business
- Yahoo
U-Haul (NYSE:UHAL) Beats Q1 Sales Targets
Moving and storage solutions provider U-Haul (NYSE:UHAL) beat Wall Street's revenue expectations in Q1 CY2025, with sales up 12.5% year on year to $1.23 billion. Its GAAP loss of $0.41 per share was significantly below analysts' consensus estimates. Is now the time to buy U-Haul? Find out in our full research report. Revenue: $1.23 billion vs analyst estimates of $1.16 billion (12.5% year-on-year growth, 6.7% beat) EPS (GAAP): -$0.41 vs analyst estimates of -$0.17 (significant miss) Operating Margin: -3.5%, in line with the same quarter last year Market Capitalization: $10.96 billion '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. Founded by a husband and wife duo, U-Haul (NYSE:UHAL) is a provider of rental trucks and storage facilities. Examining a company's long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Over the last five years, U-Haul grew its sales at a decent 7.9% compounded annual growth rate. Its growth was slightly above the average industrials company and shows its offerings resonate with customers. We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. U-Haul's recent performance shows its demand has slowed as its revenue was flat over the last two years. We also note many other Ground Transportation businesses have faced declining sales because of cyclical headwinds. While U-Haul's growth wasn't the best, it did do better than its peers. This quarter, U-Haul reported year-on-year revenue growth of 12.5%, and its $1.23 billion of revenue exceeded Wall Street's estimates by 6.7%. We also like to judge companies based on their projected revenue growth, but not enough Wall Street analysts cover the company for it to have reliable consensus estimates. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories. U-Haul has been a well-oiled machine over the last five years. It demonstrated elite profitability for an industrials business, boasting an average operating margin of 20.9%. This result isn't too surprising as its gross margin gives it a favorable starting point. Looking at the trend in its profitability, U-Haul's operating margin decreased by 8.8 percentage points over the last five years. This raises questions about the company's expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. In Q1, U-Haul generated an operating profit margin of negative 3.5%, in line with the same quarter last year. This indicates the company's cost structure has recently been stable. Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions. Sadly for U-Haul, its EPS declined by 4.9% annually over the last five years while its revenue grew by 7.9%. This tells us the company became less profitable on a per-share basis as it expanded due to non-fundamental factors such as interest expenses and taxes. We can take a deeper look into U-Haul's earnings to better understand the drivers of its performance. As we mentioned earlier, U-Haul's operating margin was flat this quarter but declined by 8.8 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its lower earnings; taxes and interest expenses can also affect EPS but don't tell us as much about a company's fundamentals. Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business. For U-Haul, its two-year annual EPS declines of 38.7% show it's continued to underperform. These results were bad no matter how you slice the data. In Q1, U-Haul reported EPS at negative $0.41, down from negative $0.05 in the same quarter last year. This print missed analysts' estimates. Over the next 12 months, Wall Street expects U-Haul's full-year EPS of $1.75 to grow 101%. We were impressed by how significantly U-Haul blew past analysts' revenue expectations this quarter. On the other hand, its EPS missed. Overall, this was a weaker quarter. The stock remained flat at $62.25 immediately after reporting. Is U-Haul an attractive investment opportunity at the current price? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
U-Haul Holding Company: Fiscal Q4 Earnings Snapshot
RENO, Nev. (AP) — RENO, Nev. (AP) — U-Haul Holding Company (UHAL) on Wednesday reported a loss of $82.3 million in its fiscal fourth quarter. On a per-share basis, the Reno, Nevada-based company said it had a loss of 46 cents. The parent company of the U-Haul vehicle rental service posted revenue of $1.23 billion in the period. For the year, the company reported profit of $367.1 million, or $1.69 per share. Revenue was reported as $5.83 billion. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on UHAL at Sign in to access your portfolio
San Francisco Chronicle
6 days ago
- Business
- San Francisco Chronicle
U-Haul Holding Company: Fiscal Q4 Earnings Snapshot
RENO, Nev. (AP) — RENO, Nev. (AP) — U-Haul Holding Company (UHAL) on Wednesday reported a loss of $82.3 million in its fiscal fourth quarter. On a per-share basis, the Reno, Nevada-based company said it had a loss of 46 cents. The parent company of the U-Haul vehicle rental service posted revenue of $1.23 billion in the period. For the year, the company reported profit of $367.1 million, or $1.69 per share. Revenue was reported as $5.83 billion. _____
Yahoo
6 days ago
- Business
- Yahoo
U-Haul Holding Company: Fiscal Q4 Earnings Snapshot
RENO, Nev. (AP) — RENO, Nev. (AP) — U-Haul Holding Company (UHAL) on Wednesday reported a loss of $82.3 million in its fiscal fourth quarter. On a per-share basis, the Reno, Nevada-based company said it had a loss of 46 cents. The parent company of the U-Haul vehicle rental service posted revenue of $1.23 billion in the period. For the year, the company reported profit of $367.1 million, or $1.69 per share. Revenue was reported as $5.83 billion. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on UHAL at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
6 days ago
- Business
- Business Wire
U-Haul Holding Company Reports Fiscal 2025 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 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 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 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 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. Expand 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 Expand 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 Expand 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 Expand 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. Expand 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 Expand 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 Expand 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 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 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.
