10q10k10q10k.net

What changed in U-Haul Holding Co /NV/'s 10-K — 2023 vs 2024

vs

Paragraph-level year-over-year comparison of U-Haul Holding Co /NV/'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+276 added−265 removedSource: 10-K (2024-05-30) vs 10-K (2023-06-02)

Top changes in U-Haul Holding Co /NV/'s 2024 10-K

276 paragraphs added · 265 removed · 208 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

33 edited+1 added−8 removed51 unchanged
Biggest changeStorage units range in size from 6 square feet to over 1,000 square feet. As of March 31, 2023, we operate 1,904 self-storage locations in the United States and Canada, with nearly 949,000 rentable storage units comprising 81.2 million square feet of rentable storage space.
Biggest changeAs of March 31, 2024, we operate 1,962 self-storage locations in the United States and Canada, with nearly 1,004,000 rentable storage units comprising 86.8 million square feet of rentable storage space. Our self-storage centers feature a wide array of security measures, ranging from electronic property access control gates to individually alarmed storage units.
Description of Operating Segments U-Haul Holding Company’s three reportable segments are: Moving and Storage, comprised of U-Haul Holding Company SM , U-Haul ® , and Amerco Real Estate Company (“Real Estate”), and the subsidiaries of U-Haul ® and Real Estate, Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and Life Insurance, comprised of Oxford and its subsidiaries.
Description of Operating and Reportable Segments U-Haul Holding Company’s three operating and reportable segments are: • Moving and Storage, comprised of U-Haul Holding Company SM , U-Haul ® , and Amerco Real Estate Company (“Real Estate”), and the subsidiaries of U-Haul ® and Real Estate, • Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and • Life Insurance, comprised of Oxford and its subsidiaries.
We also use our investor relations website as a means of disclosing material information and for complying with our disclosure obligations under Regulation FD. All such filings on our website are available free of charge. Additionally, you will find these materials on the SEC’s website at sec.gov. 1 Products and Rental Equipment Our customers are primarily “do-it-yourself” household movers.
We also use our investor relations website as a means of disclosing material information and for complying with our disclosure obligations under Regulation FD. All such filings on our website are available free of charge. Additionally, you will find these materials on the SEC’s website at sec.gov. Products and Rental Equipment Our customers are primarily “do-it-yourself” household movers.
We also provide specialty boxes for dishes, computers, flat screen television and sensitive electronic equipment, as well as tape, security locks, and packing supplies. U-Haul ® brand boxes are specifically sized to make loading easier. We estimate that U-Haul ® is North America’s largest seller and installer of hitches and towing systems.
We also provide specialty boxes for dishes, computers, flat screen television and sensitive electronic equipment, as well as tape, security locks, and packing supplies. U-Haul ® brand boxes are specifically sized to make loading easier. 3 We estimate that U-Haul ® is North America’s largest seller and installer of hitches and towing systems.
We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products.
We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing 2 reusable components and recyclable products.
Our goal is to further utilize our web-based technology platform, including our U-Haul ® app, to increase service to consumers and businesses in the moving and storage market. 4 Compliance with environmental requirements of federal, state, provincial and local governments affects our business.
Our goal is to further utilize our web-based technology platform, including our U-Haul ® app, to increase service to consumers and businesses in the moving and storage market. Compliance with environmental requirements of federal, state, provincial and local governments affects our business.
In addition, our storage business is also subject to federal, state, provincial and local laws and regulations relating to environmental protection and human health and safety. Environmental laws and regulations are complex, change frequently and could become more stringent in the future.
In addition, our storage business is also subject to federal, state, provincial and local laws 5 and regulations relating to environmental protection and human health and safety. Environmental laws and regulations are complex, change frequently and could become more stringent in the future.
U-Haul ® maximizes vehicle utilization by managing distribution of the truck and trailer fleets among the over 2,200 Company-operated stores and nearly 21,300 independent dealers. Utilizing its proprietary reservations management system, our centers and dealers electronically report their inventory in real-time, which facilitates matching equipment to customer demand.
U-Haul ® maximizes vehicle utilization by managing distribution of the truck and trailer fleets among the over 2,300 Company-operated stores and nearly 21,000 independent dealers. Utilizing its proprietary reservations management system, our centers and dealers electronically report their inventory in real-time, which facilitates matching equipment to customer demand.
We consider the trademark “U-Haul ® ” to be of material importance to our business in addition, but not limited to, the U.S. trademarks and service marks “AMERCO ® ”, “U-Haul Holding Company SM ”, “eMove ® ”, “Gentle Ride Suspension SM ”, “In-Town ® ”, “Lowest Decks SM ”, “Moving made Easier ® ”, “Make Moving Easier ® ”, “Mom’s Attic ® ”, “Moving Help ® ”, “Moving Helper ® ”, “Safemove ® ”, “Safemove Plus ® ”, “Safestor ® ”, “Safestor Mobile ® ”, “Safetow ® ”, “U-Box ® ”, “uhaul.com ® ”, “U-Haul Investors Club ® ”, “U-Haul Truck Share ® ”, “U-Haul Truck Share 24/7 ® “, “U-Note ® ”, “WebSelfStorage ® ”, and “U-Haul SmartMobilityCenter ®” , among others, for use in connection with the moving and storage business.
We consider the trademark “U-Haul ® ” to be of material importance to our business in addition, but not limited to, the U.S. trademarks and service marks “AMERCO ® ”, “U-Haul Holding Company SM ”, “eMove ® ”, “Gentle Ride Suspension SM ”, “In-Town ® ”, “Lowest Decks SM ”, “Moving made Easier ® ”, “Make Moving Easier ® ”, “Mom’s Attic ® ”, “Moving Help ® ”, “Moving Helper ® ”, “Safemove ® ”, “Safemove Plus ® ”, “Safestor ® ”, “Safestor Mobile ® ”, “Safetow ® ”, “U-Box ® ”, “uhaul.com ® ”, “U-Haul Investors Club ® ”, “U-Haul Truck Share ® ”, “U-Haul Truck Share 24/7 ® “, "collegeboxes ® “, "U-Haul Ready-To-Go Box ® “, “U-Note ® ”, “WebSelfStorage ® ”, and “U-Haul SmartMobilityCenter ®” , among others, for use in connection with the moving and storage business.
U-Haul offers U-Haul Truck Share 24/7 ® to our entire network in the United States and Canada. This technological advancement allows our customers to rent equipment through a mobile device any time of the day without having to visit the counter. U-Haul currently has several U.S. and Canadian Patents granted or pending on its U-Haul Truck Share 24/7 ® system.
U-Haul offers U-Haul Truck Share 24/7 ® to our entire network in the United States and Canada. This allows our customers to rent equipment through a mobile device any time of the day without having to visit the counter. U-Haul currently has several U.S. and Canadian Patents granted or pending on its U-Haul Truck Share 24/7 ® system.
Our largest competitors in the self-storage market are Public Storage Inc., CubeSmart, Extra Space Storage, Inc., and Life Storage, Inc. 6 Insurance Operating Segments The insurance industry is highly competitive. In addition, the marketplace includes financial services firms offering both insurance and financial products. Some of the insurance companies are owned by stockholders and others are owned by policyholders.
Our largest competitors in the self-storage market are Public Storage Inc., CubeSmart, and Extra Space Storage, Inc. Insurance Operating Segments The insurance industry is highly competitive. In addition, the marketplace includes financial services firms offering both insurance and financial products. Some of the insurance companies are owned by stockholders and others are owned by policyholders.
A significant driver of rental transaction volume is our utilization of an online reservation and sales system, through uhaul.com ® and our 24-hour 1-800-GO-U-HAUL telephone reservations system. These points of contact are prominently featured and are a major driver of customer lead sources.
A significant driver of rental transaction volume is our utilization of an online reservation and sales system, through uhaul.com ® , the U-Haul app and our 24-hour 1-800-GO-U-HAUL telephone reservations system. These points of contact are prominently featured and are a major driver of customer lead sources.
Financial information for each of our operating segments is included in the Notes to Consolidated Financial Statements as part of Item 8: Financial Statements and Supplementary Data of this Annual Report on Form 10-K. 3 Moving and Storage Operating Segment Our Moving and Storage operating segment (“Moving and Storage”) consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane.
Financial information for each of our operating and reportable segments is included in the Notes to Consolidated Financial Statements as part of Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. 4 Moving and Storage Operating Segment Our Moving and Storage operating segment (“Moving and Storage”) consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane.
On U-Haul Holding Company’s investor relations website, investors.uhaul.com, we post the following filings as soon as practicable after they are electronically filed with or furnished to the United States Securities and Exchange Commission (“SEC”): our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, proxy statements related to meetings of our stockholders, and any amendments to those reports or statements filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
On U-Haul Holding Company’s investor relations website, investors.uhaul.com, we post the following filings as soon as practicable after they are electronically filed with or furnished to the United States Securities and Exchange Commission (“SEC”): our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, proxy statements related to meetings of our stockholders, and any amendments to those reports or statements filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act.
Item 1. Business Company Overview We are North America’s largest “do-it-yourself” moving and storage operator through our subsidiary U-Haul International, Inc. (“U-Haul”). U-Haul is synonymous with “do-it-yourself” moving and storage and is a leader in supplying products and services to help people move and store their household and commercial goods.
Item 1. Busi ness Company Overview We are North America’s largest “do-it-yourself” moving and storage operator through our subsidiary U-Haul International, Inc. (“U-Haul”). U-Haul is synonymous with “do-it-yourself” moving and storage and is a leader in supplying products and services to help people move and store their household and commercial goods.
We do this by offering our system members and our independent dealers free access to our on-line U-Haul University courses that are critical for the development of specialized industry knowledge and to the safety of our team. To support more generalized education for our system members, we also provide a tuition reimbursement program.
We do this by offering our system members and our independent dealers free access to our on-line U-Haul University courses that are 6 helpful for the development of specialized industry knowledge and to the safety of our team. To support more generalized education for our system members, we also provide a tuition reimbursement program.
The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs. Net revenue from Property and Casualty Insurance was approximately 1.7%, 1.9% and 1.9% of consolidated net revenue in fiscal 2023, 2022 and 2021, respectively.
The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs. Net revenue from Property and Casualty Insurance was approximately 2.1%, 1.7% and 1.9% of consolidated net revenue in fiscal 2024, 2023 and 2022, respectively.
Certain of these marks are integral to the conduct of our business, a loss of any of which could have a material adverse affect on our business.
Certain of these marks are integral to the conduct of our business, a loss of any of which could have a material adverse effect on our business.
Life Insurance Operating Segment Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. Net revenue from Life Insurance was approximately 3.4%, 4.1% and 5.0% of consolidated net revenue in fiscal 2023, 2022 and 2021, respectively.
Life Insurance Operating Segment Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. Net revenue from Life Insurance was approximately 3.9%, 3.5% and 4.1% of consolidated net revenue in fiscal 2024, 2023 and 2022, respectively.
The Company operates over 2,200 retail locations, 11 manufacturing and assembly facilities, 151 fixed-site repair facilities, a distribution center and our corporate offices. We hire system members from the communities in which we are located and prefer to promote from within our team.
The Company operates over 2,300 retail locations, 11 manufacturing and assembly facilities, 153 fixed-site repair facilities, a distribution center and our corporate offices. We hire system members from the communities in which we are located and prefer to promote from within our team.
U-Haul ® operates nearly 949,000 rentable storage units, comprising 81.2 million square feet of rentable storage space with locations in 50 states and 10 Canadian provinces. Our owned and managed self-storage facility locations range in size up to 309,000 square feet of storage space, with individual storage units in sizes ranging from 6 square feet to over 1,000 square feet.
U-Haul ® operates nearly 1,004,000 rentable storage units, comprising 86.8 million square feet of rentable storage space with locations in 50 states and 10 Canadian provinces. Our owned and managed self-storage facility locations range in size up to 309,000 square feet of storage space, with individual storage units in sizes ranging from 6 square feet to over 1,000 square feet.
Financial benefits are a critical component of our system members’ wellness. These benefits include competitive salaries, participation in our Employee Stock Ownership Plan (“ESOP”) and 401(k) plan, life and disability insurance, health savings accounts, and the SmartDollar ® financial literacy program. Education and Development The Company encourages life-long personal and professional development for our system members.
These benefits include competitive salaries, participation in our Employee Stock Ownership Plan (“ESOP”) and 401(k) plan, life and disability insurance, health savings accounts, and the SmartDollar ® financial literacy program. Education and Development The Company encourages life-long personal and professional development for our system members.
Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. Net revenue from Moving and Storage was approximately 94.9%, 94.0% and 93.1% of consolidated net revenue in fiscal 2023, 2022 and 2021, respectively. The total number of rental trucks in the fleet increased from fiscal 2023.
Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. Net revenue from Moving and Storage was approximately 94.0%, 94.8% and 94.0% of consolidated net revenue in fiscal 2024, 2023 and 2022, respectively. The total number of rental trucks in the fleet decreased from fiscal 2023.
We have numerous competitors throughout the United States and Canada who compete with us in the in-town market. The self-storage market is large and fragmented. We believe the principal competitive factors in this industry are convenience of storage rental locations, cleanliness, security and price.
We have numerous competitors throughout the United States and Canada who compete with us in the in-town market including Enterprise Truck Rental, Turo, Fluid, Lugg, GoShare and others. The self-storage market is large and fragmented. We believe the principal competitive factors in this industry are convenience of storage rental locations, cleanliness, security and price.
We rent our distinctive orange and white U-Haul ® trucks and trailers as well as offer self-storage units through a network of over 2,200 Company-operated retail moving stores and nearly 21,300 independent U-Haul ® dealers.
We rent our distinctive orange and white U-Haul ® trucks and trailers, and orange door self-storage units, through a network of over 2,300 Company-operated retail moving stores and over 21,000 independent U-Haul ® dealers.
System Members As of March 31, 2023, we employed approximately 33,100 people in the United States and approximately 2,000 in Canada with approximately 99% of these system members working within Moving and Storage and approximately 51% of these system members working on a full-time basis.
System Members As of March 31, 2024, we employed approximately 32,200 people in the United States and approximately 2,100 in Canada with approximately 99% of these system members working within Moving and Storage and approximately 52% of these system members working on a full-time basis.
Financial Data of Segment and Geographic Areas For financial data of our segments and geographic areas please see Note 22, Financial Information by Geographic Area, and Note 22A, Consolidating Financial Information by Industry Segment, of our Notes to Consolidated Financial Statements.
Financial Data of Segment and Geographic Areas For financial data of our segments and geographic areas please see Note 21, Reportable Segment Information and Note 22, Financial Information by Geographic Area, of the Notes to Consolidated Financial Statements.
U-Haul ® has one of North America’s largest propane refilling networks, with nearly 1,200 locations providing this convenient service. We employ trained, certified personnel to refill propane cylinders and alternative fuel vehicles.
U-Haul ® has one of North America’s largest propane refilling networks, with over 1,200 locations providing this convenient service. We employ trained, certified personnel to refill propane cylinders and alternative fuel vehicles. Our network of propane dispensing locations is one of the largest automobile alternative refueling networks in North America.
As of March 31, 2023, our rental fleet consisted of approximately 192,200 trucks, 138,500 trailers and 44,500 towing devices. This equipment and our U-Haul ® brand of self-moving products and services are available through our network of managed retail moving stores and independent U-Haul dealers.
As of March 31, 2024, our rental fleet consisted of approximately 188,700 trucks, 139,400 trailers and 43,700 towing devices. This equipment and our U-Haul ® brand of self-moving products and services are available through our network of managed retail moving stores and independent U-Haul dealers.
Our self-storage centers feature a wide array of security measures, ranging from electronic property access control gates to individually alarmed storage units. At many centers, we offer climate-controlled storage units to protect temperature sensitive goods. Another extension of our strategy to make “do-it-yourself” moving and storage easier is our U-Box ® program.
At many centers, we offer climate-controlled storage units to protect temperature sensitive goods. Another extension of our strategy to make “do-it-yourself” moving and storage easier is our U-Box ® program.
We also make available a system members assistance program focusing on mental health called You Matter, which offers counseling, work-life solutions and legal guidance. 5 We encourage a work-life balance for our system members and their families through paid time off and various leave options as well as special benefits including a healthy pregnancy program and a 24/7 doctor-on-call program for their children.
We encourage a work-life balance for our system members and their families through paid time off and various leave options as well as special benefits, including a healthy pregnancy program and a 24/7 doctor-on-call program for their children. Financial benefits are a critical component of our system members’ wellness.
Our network of propane dispensing locations is one of the largest automobile alternative refueling networks in North America. 2 Our self-storage business was a natural outgrowth of our self-moving operations. Conveniently located U-Haul ® self-storage rental facilities provide clean, dry and secure space for storage of household and commercial goods.
Our self-storage business was a natural outgrowth of our self-moving operations. Conveniently located U-Haul ® self-storage rental facilities provide clean, dry and secure space for storage of household and commercial goods. Storage units range in size from 6 square feet to over 1,000 square feet.
However, continuing supply issues with our equipment manufacturers have slowed the number of new trucks we have been able to acquire this last year. In response, we slowed the sale of trucks from our existing fleet. Within our truck and trailer rental operation, we are focused on expanding our independent dealer network to provide added convenience for our customers.
The availability of new trucks for purchase has improved allowing us to increase the number of older trucks that we have retired and rotated out of the fleet in fiscal 2024. Within our truck and trailer rental operation, we are focused on expanding our independent dealer network to provide added convenience for our customers.
Removed
This wellness program encompasses nutritional guidance, smoking cessation and fitness alternatives.
Added
This wellness program encompasses nutritional guidance, smoking cessation and fitness alternatives. We also make available a system members assistance program focusing on mental health called You Matter, which offers counseling, work-life solutions and legal guidance.
Removed
Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K (“Annual Report”), contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise.
Removed
We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act.
Removed
Such statements may include, but are not limited to, the risk associated with COVID-19 or similar events on system members or customers; the impact of the economic environment on demand for our products and the cost and availability of debt and capital; estimates of capital expenditures; plans for future operations, products or services, financing needs, and strategies; our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us; liquidity and the availability of financial resources to meet our needs, goals and strategies; plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets; the impact of our compliance with environmental laws and cleanup costs; our beliefs regarding our sustainability practices; our used vehicle disposition strategy; the sources and availability of funds for our rental equipment and self-storage expansion and replacement strategies and plans; our plan to expand our U-Haul ® storage affiliate program; that additional leverage can be supported by our operations and business; the availability of alternative vehicle manufacturers; the availability and economics of electric vehicles for our rental fleet; our estimates of the residual values of our equipment fleet; our plans with respect to off-balance sheet arrangements; our plans to continue to invest in the U-Box ® program; the impact of interest rate and foreign currency exchange rate changes on our operations; the sufficiency of our capital resources; the sufficiency of capital of our insurance subsidiaries; inflationary pressures that may challenge our ability to maintain or improve upon our operating margin; and expectations regarding the potential impact to our information technology infrastructure and on our financial performance and business operations of technology, cybersecurity or data security breaches, including any related costs, fines or lawsuits, and our ability to continue ongoing operations and safeguard the integrity of our information technology infrastructure, data, and employee, customer and vendor information, as well as assumptions relating to the foregoing.
Removed
The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified.
Removed
Factors that could significantly affect results include, without limitation, the risk factors enumerated below under the heading “Risk Factors” and other factors described in this Annual Report or the other documents we file with the SEC.
Removed
These factors, the following disclosures, as well as other statements in this Annual Report and in the Notes to Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized.
Removed
We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law. 7

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

50 edited+34 added−17 removed31 unchanged
Biggest changeOur one-way rental business would depend on an in-transit recharging network throughout the United States and Canada that simply does not exist today, and that, if and when completed, may be so costly or require so much charging time as to substantially limit our ability to serve customers needing to move long distances. 8 We cooperate with original equipment manufacturers (“OEM“s), maintain and train our own technical experts and operate an equipment Technical Center that has positioned us as an industry leader in innovation for over fifty years.
Biggest changeWe cooperate with original equipment manufacturers (“OEM”s), maintain and train our own technical experts, and operate an equipment Technical Center that has positioned us as an industry leader in innovation for over fifty years. However, the proposed changes to electric, autonomous, and connected vehicles raise challenges of enormous scale.
Competition might cause us to experience a decrease in occupancy levels, limit our ability to raise rental rates or require us to offer discounted rates that would have a material effect on results of operations and financial condition.
Competition might cause us to experience a decrease in occupancy levels, limit our ability to raise rental rates, or require us to offer discounted rates that would have a material effect on our results of operations and financial condition.
Entry into the self-storage business may be accomplished through the acquisition of existing facilities by persons or institutions with the required initial capital. Development of new self-storage facilities is more difficult however, due to land use, zoning, environmental and other regulatory requirements. The self-storage industry has in the past experienced overbuilding in response to perceived increases in demand.
Entry into the self-storage business may be accomplished through the acquisition of existing facilities by persons or institutions with the required initial capital. However, development of new self-storage facilities is more difficult due to land use, zoning, environmental, and other regulatory requirements. The self-storage industry has in the past experienced overbuilding in response to perceived increases in demand.
These factors include, among others: • Quarterly variations in our results of operations or those of our competitors. • Announcements by us or our competitors of acquisitions, new products, significant contracts, commercial relationships, or capital commitments. • Recommendations by securities analysts or changes in earnings estimates. • Announcements about our earnings that are not in line with analyst expectations. • Announcements by our competitors of their earnings that are not in line with analyst expectations. 12 • Commentary by industry and market professionals about our products, strategies, and other matters affecting our business and results, regardless of its accuracy. • The volume of shares of Voting Common Stock and Non-Voting Common Stock available for public sale. • Sales of Voting Common Stock and Non-Voting Common Stock by us or by our stockholders (including sales by our directors, executive officers, and other employees). • Short sales, hedging, and other derivative transactions on shares of our Voting Common Stock and Non-Voting Common Stock. • The perceived values of Voting Common Stock and Non-Voting Common Stock relative to one another.
These factors include, among others: • Quarterly variations in our results of operations or those of our competitors. • Announcements by us or our competitors of acquisitions, new products, significant contracts, commercial relationships, or capital commitments. • Recommendations by securities analysts or changes in earnings estimates. • Announcements about our earnings that are not in line with analyst expectations. • Announcements by our competitors of their earnings that are not in line with analyst expectations. • Commentary by industry and market professionals about our products, strategies, and other matters affecting our business and results, regardless of its accuracy. 12 • The volume of shares of Voting Common Stock and Non-Voting Common Stock available for public sale. • Sales of Voting Common Stock and Non-Voting Common Stock by us or by our stockholders (including sales by our directors, executive officers, and other employees). • Short sales, hedging, and other derivative transactions on shares of our Voting Common Stock and Non-Voting Common Stock. • The perceived values of Voting Common Stock and Non-Voting Common Stock relative to one another.
Consolidation of ownership is taking place with certain owners of self-storage. We cannot assure you that we will be able to successfully compete in existing markets or expand into new markets. 10 Economic conditions, including those related to the credit markets, interest rates and inflation, may adversely affect our industry, business and results of operations.
Consolidation of ownership is taking place with certain owners of self-storage. We cannot assure you that we will be able to successfully compete in existing markets or expand into new markets. Economic conditions, including those related to the credit markets, interest rates and inflation, may adversely affect our industry, business and results of operations.
Should such a tax be enacted, we could see an increase in expenses, including compliance costs and a negative effect on our operating margin. 13 Our operations can be limited by land-use regulations. Zoning choices enacted by individual municipalities in the United States and Canada may limit our ability to serve certain markets with our products and services.
Should such a tax be enacted, we could see an increase in expenses, including compliance costs and a negative effect on our operating margin. Our operations can be limited by land-use regulations. Zoning choices enacted by individual municipalities in the United States and Canada may limit our ability to serve certain markets with our products and services.
If we must sell our assets, it may negatively affect our ability to generate revenue. In addition, we may incur additional debt or leases that would exacerbate the risks associated with our indebtedness. 11 Risks Related to our Organization A majority of our Voting Common Stock is owned by a small contingent of stockholders.
If we must sell our assets, it may negatively affect our ability to generate revenue. In addition, we may incur additional debt or leases that would exacerbate the risks associated with our indebtedness. Risks Related to our Organization A majority of our Voting Common Stock is owned by a small contingent of stockholders.
We may also need to depend upon third party providers for some of those services, and they may not be able to provide workable solutions. There is a risk that we may not be able to adequately prepare for these possibilities.
We may also need to depend upon third party providers for some of those services, and they may not be able to provide workable solutions. There is a risk that we may not be able to adequately prepare for these 8 possibilities.
We operate in a highly regulated industry and changes in existing laws and regulations or violations of existing or future laws and regulations could have a material adverse effect on our operations and profitability. Our truck, trailer and U-Box rental business is subject to regulation by various federal, state and provincial governmental entities in the United States and Canada.
We operate in a highly regulated industry and changes in existing laws and regulations or violations of existing or future laws and regulations could have a material adverse effect on our operations and profitability. Our truck, trailer, self-storage, and U-Box rental business is subject to regulation by various federal, state and provincial governmental entities in the United States and Canada.
If our operating results were to worsen significantly and our cash flows or capital resources prove inadequate, or if interest rates increase significantly, we could face liquidity problems that could materially and adversely affect our results of operations and financial condition. A.M. Best financial strength ratings are crucial to our life insurance business. In August 2022, A.M.
If our operating results were to worsen significantly and our cash flows or capital resources prove inadequate, or if interest rates increase significantly, we could face liquidity problems that could materially and adversely affect our results of operations and financial condition. A.M. Best financial strength ratings are crucial to our life insurance business. In August 2023, A.M.
Consumer and commercial spending is generally affected by the health of the economy, which places some of the factors affecting the success of our business beyond our control. Our businesses, although not as traditionally cyclical as some, could experience significant downturns in connection with or in anticipation of, declines in general economic conditions.
Consumer and commercial spending are generally affected by the health of the economy, which places some of the factors affecting the success of our business beyond our control. Our businesses, although traditionally not as cyclical as some, could experience significant downturns in connection with or in anticipation of declines in general economic conditions.
Regardless, accidents still occur and we manage the financial risk of these events through third party insurance carriers. While these excess loss and property insurance policies are available today at reasonable costs, this could change and could negatively affect our results of operations and financial position.
Regardless, accidents still occur, and we manage the financial risk of these events through third party insurance carriers. While these excess loss and property insurance policies are available today at affordable costs, this could change and could negatively affect our results of operations and financial position.
Under these corporate governance standards, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a “ controlled company ” and may elect not to comply with certain corporate governance standards, including the requirements (1) that a majority of our Board consist of independent directors, (2) that our Board have a compensation committee that consists entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities, and (3) that our director nominations be made, or recommended to our full Board, by our independent directors or by a nominations committee that consists entirely of independent directors and that we adopt a written charter or board resolution addressing the nomination process.
Under these corporate governance standards, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance standards, including the requirements (1) that a majority of our Board consist of independent directors, (2) that our Board have a compensation committee that consists entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities, and (3) that our director nominations be made, or recommended to our full Board, by our independent directors or by a nominations committee that consists entirely of independent directors and that we adopt a written charter or board resolution addressing the nomination process.
Although we believe, based on existing information, that additional leverage can be supported by our operations and revenues, our existing debt could impact us in the following ways among other considerations: require us to allocate a considerable portion of cash flows from operations to debt service and lease payments; limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; limit our ability to obtain additional financing; and place us at a disadvantage compared to our competitors who may have less debt.
Although we believe, based on existing information, that additional leverage can be supported by our operations and revenues, our existing debt could impact us in the following ways, among others: • require us to allocate a considerable portion of cash flows from operations to debt service and lease payments; • limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; • limit our ability to obtain additional financing; and 11 • place us at a disadvantage compared to our competitors who may have less debt.
We seek to minimize these risks through our operational processes and procedures; however, we may not be able to foresee events that could have an adverse effect on our operations. Item 1B. Unresolved Staff Comments None.
We seek to minimize these risks through our operational processes and procedures; however, we may not be able to foresee events that could have an adverse effect on our operations. Item 1B. Unres olved Staff Comments None.
The Tax Reform Act put into place 100% first year bonus depreciation. This decreased to 80% starting in 2023 and will continue to gradually decrease in future years and will impact our tax liability. The accounting treatment of these tax law changes was complex, and some of the changes affected both current and future periods. Others primarily affected future periods.
The Tax Reform Act put into place 100% first year bonus depreciation. This decreased to 80% starting in 2023, 60% in 2024 and will continue to gradually decrease in future years and will impact our tax liability. The accounting treatment of these tax law changes was complex, and some of the changes affected both current and future periods.
Additional changes to the U.S. tax code could negatively offset operating cashflows. Changes to tax policy, corporate tax rates or interpretations of existing tax law could change our effective tax rate, reduce future expected tax deductions and increase current and future federal income tax payments.
Others primarily affected future periods. Additional changes to the U.S. tax code could negatively offset operating cashflows. Changes to tax policy, corporate tax rates or interpretations of existing tax law could change our effective tax rate, reduce future expected tax deductions and increase current and future federal income tax payments.
Regulatory pressure in connection with the introduction and expansion of electric, autonomous and connected rental vehicles could negatively impact our ability to acquire, or our cost of acquisition for rental trucks and require infrastructure improvements that could inhibit our current business model.
Regulatory pressure in connection with the introduction and expansion of electric, autonomous, and connected rental vehicles could both require infrastructure improvement that could inhibit our current business model and negatively impact our ability to acquire, or increase our cost of acquisition for rental trucks.
Numerous potential competitors are working to establish paradigm shifting technologies from self-driving vehicles to ride-hailing services and other technologies that connect riders with vehicles. The self-storage industry is large and highly fragmented. We believe the principal competitive factors in this industry are convenience of storage rental locations, cleanliness, security and price.
Numerous potential competitors are working to establish paradigm shifting technologies from self-driving vehicles to vehicle sharing services and other technologies that connect riders with vehicles. The self-storage industry is large and fragmented. We believe the principal competitive factors in this industry are convenience of storage rental locations, cleanliness, security, and price.
We seek to limit the occurrence of such events through the design of our equipment, communication of its proper use, exhaustive repair and maintenance schedules, extensive training of our personnel, proactive risk management assessments and by providing our customers with online resources for the proper use of products and services.
We seek to limit the occurrence of such claims through the design of our equipment, communication of its proper use, repair and maintenance schedules, training of our personnel, risk management assessments, and by providing our customers with online resources for the proper use of products and services.
Our Company-operated locations and independent dealer network may require physical upgrades to accommodate these types of vehicles that are uneconomical and/or unachievable.
To accommodate ZEVs, our Company-operated locations and independent dealer network may require physical upgrades that are uneconomical and/or unachievable.
Their inability or unwillingness to make payments to us under the terms of the contracts may have a material adverse effect on our financial condition and results of operations. As of December 31, 2022, Repwest reported $0.4 million of reinsurance recoverables, net of allowances and $41.3 million of reserves and liabilities ceded to reinsurers.
Their inability or unwillingness to make payments to us under the terms of the contracts may have a material adverse effect on our financial condition and results of operations. As of the end of fiscal year 2024, Repwest reported $0.4 million of reinsurance recoverables, net of allowances and $36.2 million of reserves and liabilities ceded to reinsurers.
Compliance with changing laws and regulations could substantially impair real property and equipment productivity and increase our costs. In addition, the federal government may institute some regulation that limits carbon emissions by setting a maximum amount of carbon individual entities can emit without penalty.
Compliance with changing laws and regulations could substantially impair real property and equipment productivity and increase our costs. In addition, federal, state, or provincial governments may institute regulations that limit carbon emissions by setting a maximum amount of carbon individual entities can emit without penalty.
We may incur losses due to our reinsurers’ or counterparties’ failure to perform under existing contracts or we may be unable to secure sufficient reinsurance or hedging protection in the future. We use reinsurance and derivative contracts to mitigate our risk of loss in various circumstances.
Investors who require any such assurance should not invest in the Company. We may incur losses due to our reinsurers’ or counterparties’ failure to perform under existing contracts or we may be unable to secure sufficient reinsurance or hedging protection in the future. We use reinsurance and derivative contracts to mitigate our risk of loss in various circumstances.
Another important aspect of our fleet rotation program is the sale of used rental equipment. The sale of used equipment provides us with funds that can be used to purchase new equipment. Conditions may arise that could lead to the decrease in demand and/or resale values for our used equipment.
The sale of used equipment provides us with funds that can be used to purchase new equipment. Conditions may arise that could lead to a decrease in demand and/or resale values for our used equipment.
We cannot assure you that we will be able to maintain existing rental prices or implement price increases. Moreover, if our competitors reduce prices and we are not able or willing to do so as well, we may lose rental volume, which would likely have a materially adverse effect on our results of operations.
Moreover, if our competitors reduce prices and we are not able or willing to do so as well, we may lose rental volume, which would likely have a materially adverse effect on our results of operations.
However, the proposed changes to electric, autonomous and connected vehicles raises challenges of enormous scale. Our repair and maintenance infrastructures, including both physical plants as well as personnel, may be inappropriate for these new types of vehicles. Without such repair and maintenance capabilities it could compromise our ability to operate a fleet of such vehicles.
Our repair and maintenance infrastructures, including both physical plants as well as personnel, may be inappropriate for these new types of vehicles. Without such repair and maintenance capabilities it could compromise our ability to operate a fleet of such vehicles.
The growing insistence that the future of the economy will be based on an all-electric solution instead of a hybrid version or other alternative fuels may create an infrastructure in which personal interstate travel will be uneconomical or severely regulated. This would impact the moving business.
The growing insistence that the future of the economy will be based on an all-electric solution instead of a hybrid version or other alternative fuels may create an infrastructure in which personal interstate travel will be uneconomical or severely regulated, which could materially and adversely affect our moving business, results of operations, and financial position.
This could have a material adverse effect on our financial results, which could result in substantial losses on the sale of equipment and decreases in cash flows from the sales of equipment. We obtain our rental trucks from a limited number of manufacturers.
This could have a material adverse effect on our financial results, which could result in substantial losses and decreases in cash flows from the sale of equipment. We obtain our rental trucks from a limited number of manufacturers. Over the last twenty years, we have purchased the majority of our rental trucks from Ford Motor Company and General Motors Corporation.
The trading price of our Voting Common Stock and Non-Voting Common Stock may fluctuate widely in response to various factors, some of which are beyond our control.
In addition, the trading prices of our two series of common stock may fluctuate widely in response to various factors, some of which are beyond our control.
However, these initiatives may not enable us to successfully adapt to the requirements of a changed regulatory environment favoring or requiring all-electric or specific alternative fuel solutions. Government regulators may knowingly or unknowingly choose the winners and losers in this evolving transportation environment.
However, these initiatives may not enable us to successfully adapt to the requirements of a changed regulatory environment favoring or requiring all-electric or specific alternative fuel solutions.
Should credit markets in the United States tighten or if interest rates increase significantly, we may not be able to refinance existing debt or find additional financing on favorable terms, if at all.
We cannot guarantee that we can manage the costs lower or pass them along in the form of higher prices to our customers. Should credit markets in the United States tighten or if interest rates increase significantly, we may not be able to refinance existing debt or find additional financing on favorable terms, if at all.
As of March 31, 2023, we had total debt outstanding of $6,143.4 million and operating lease liabilities of $58.4 million.
As of March 31, 2024, we had total debt outstanding of $6,304.0 million and operating lease liabilities of $55.0 million.
Our insurance companies are heavily regulated by state insurance departments and the National Association of Insurance Commissioners. These insurance regulations are primarily in place to protect the interests of our policyholders and not our investors. Changes in these laws and regulations could increase our costs, inhibit new sales, or limit our ability to implement rate increases.
Our insurance companies are heavily regulated by state insurance departments and the National Association of Insurance Commissioners. These insurance regulations are primarily in place to protect the interests of our policyholders and not our investors.
The techniques used to obtain unauthorized access, disable or degrade service or sabotage systems change frequently, may be difficult to detect for a long time and often are not 9 recognized until launched against a target. As a result, we may be unable to anticipate these techniques or to implement adequate preventative measures.
The techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently, may be difficult to detect, and often are not 9 recognized until launched against a target. As a result, we may not anticipate an attack or respond adequately or timely, and the extent of a particular incident may not be immediately clear.
The Tax Cuts and Jobs Act (“Tax Reform Act”) and the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) made significant changes to U.S. tax laws and includes numerous provisions that affect businesses, including ours.
Changes to U.S. tax laws may adversely affect our financial condition or results of operations and create the risk that we may need to adjust our accounting for these changes. 13 The Tax Cuts and Jobs Act (“Tax Reform Act”) and the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) made significant changes to U.S. tax laws and includes numerous provisions that affect businesses, including ours.
Risks Related to our Business and Operations Our fleet rotation program can be adversely affected by financial market conditions. To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Our rental truck fleet rotation program is funded internally through operations and externally from debt and lease financing.
Although the risks are organized by headings, and each risk is 7 discussed separately, many are interrelated. Risks Related to our Business and Operations Our fleet rotation program can be adversely affected by financial market conditions. To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment.
Also, it is possible that our suppliers may face financial difficulties, government regulations or organizational changes which could negatively impact their ability to accept future orders from U-Haul or fulfill existing orders. In addition, the cost of acquiring new rental trucks could increase materially and negatively affect our ability to rotate new equipment into the fleet.
Our fleet can be negatively affected by issues our manufacturers may face within their own supply chains. Also, our suppliers may face financial difficulties, government regulations, or organizational changes which could negatively impact their ability to accept future orders from U-Haul or fulfill existing orders. In addition, the cost of acquiring new rental trucks has increased significantly in recent years.
In times of declining consumer spending we may be driven, along with our competitors, to reduce pricing, which would have a negative impact on gross profit. We cannot predict if another downturn in the economy will occur, which could result in reduced revenues and working capital.
In times of declining consumer spending, we may be driven to reduce pricing, which could have a negative impact on gross profit. In addition, any downturn in the economy could result in reduced revenues and working capital. Trends in the economy are resulting in inflationary pressures leading to an increase in our cost of doing business.
The trading price of our stock has at times experienced substantial price volatility and may continue to be volatile, including as a result of the distribution of shares of Non-Voting Common Stock. The market prices of our two series of stock and the allocation of value between the two may be volatile and their respective values may decline.
The trading price for our outstanding Voting Common Stock and Series N Non-Voting Common Stock may be volatile. The trading prices of our Voting Common Stock and Non-Voting Common Stock and the allocation of value between the two has previously been, and may be volatile and their respective values may decline.
Our ability to fund our routine fleet rotation program could be adversely affected if financial market conditions limit the general availability of external financing. This could lead us to operate trucks longer than initially planned and/or reduce the size of the fleet, either of which could materially and negatively affect our results of operations.
This could lead us to operate trucks longer than initially planned and/or reduce the size of the fleet, either of which could materially and negatively affect our results of operations. Another important aspect of our fleet rotation program is the sale of used rental equipment.
There may be areas of North America where a charging grid with adequate capacity for our customers may not exist. U-Haul has already made significant progress on several initiatives aimed at these future possibilities including: TruckShare 24/7 ® , contactless rentals, a North American propane alternative fuel network, alternative fuel test vehicles and close OEM working relationships.
U-Haul has already made significant progress on several initiatives aimed at changing technologies, consumer preferences, and the regulatory environment, including: TruckShare 24/7 ® , contactless rentals, a North American propane alternative fuel network, alternative fuel test vehicles and close OEM working relationships.
In 2022 and 2021, we experienced a cybersecurity incident which is described in this Annual Report under the headings “Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operation – Cybersecurity Incident”.
In 2021, we experienced a cybersecurity incident which is described in this Annual Report under the heading “Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operation – Cybersecurity Incident.” Although past events have not resulted in a material impact on our business strategy, results of operations or financial condition, the impacts of cybersecurity incidents in the future could be material.
Of this, Repwest’s largest exposure to a single reinsurer was $26.3 million. Risks Related to our Industry We operate in a highly competitive industry. The truck rental industry is highly competitive and includes a number of significant national, regional and local competitors, many of which are several times larger than U-Haul.
The truck rental industry is highly competitive and includes a number of significant national, regional and local competitors, many of which are several times larger than U-Haul. We believe the principal competitive factors in this industry are convenience of rental locations, availability of quality rental moving equipment, breadth of essential services and products and total cost.
The Company has not made any election relating to compliance with any of these corporate governance standards. In addition, 836,228 shares (approximately 4.3%) of our Voting Common Stock are owned under our ESOP. Each ESOP participant is entitled to vote the shares allocated to himself or herself in their discretion.
In addition, 776,964 shares (approximately 4.0% of our Voting Common Stock are owned under our ESOP. Each ESOP participant is entitled to vote the shares allocated to himself or herself in their discretion. If an ESOP participant does not vote his or her shares, those shares will be voted by the ESOP trustee, in the ESOP trustee’s discretion.
Our inability to maintain this network or its current cost structure could inhibit our ability to adequately serve our customers and could negatively affect our results of operations and financial position. The introduction or expansion of laws or regulations favoring electric, autonomous, connected and shared vehicles may negatively impact our business and results of operations.
Existing and future laws or regulations favoring electric, autonomous, and connected vehicles may negatively impact the composition of our fleet and negatively affect our business and results of operations.
There remains a possibility that governments may not select U-Haul customers and U-Haul to be among the winners. We face liability risks associated with the operation of our rental fleet, sales of our products and operation of our locations.
In addition, there is growing evidence that consumers may refuse to support an all-electric solution for their moving needs, squeezing U-Haul between government demands and consumer preferences . We face liability risks associated with the operation of our rental fleet, sales of our products, and operation of our locations.
We believe the principal competitive factors in this industry are convenience of rental locations, availability of quality rental moving equipment, breadth of essential services and products and total cost. Financial results for the Company can be adversely impacted by aggressive pricing from our competitors. Some of our competitors may have greater financial resources than we have.
Financial results for the Company can be adversely impacted by aggressive pricing from our competitors. Some of our competitors may have greater financial resources than we have. We cannot assure you that we will be able to maintain existing rental prices or implement price increases.
Although we believe that we could contract with alternative manufacturers for our rental trucks, we cannot guarantee or predict how long that would take. In addition, termination of our existing relationship with these suppliers could have a material adverse effect on our business, financial condition or results of operations for an indefinite period of time.
In addition, termination of our existing relationships with these suppliers could have a material adverse effect on our business, financial condition, or results of operations for an indefinite period of time. A significant portion of our revenues are generated through third-parties. Our business plan relies upon a network of independent dealers strategically located throughout the United States and Canada.
A significant portion of our revenues are generated through third-parties. Our business plan relies upon a network of independent dealers strategically located throughout the United States and Canada. As of March 31, 2023 we had nearly 21,300 independent equipment rental dealers. In fiscal 2023, just under half of all U-Move ® rental revenue originated through this network.
As of March 31, 2024, we had nearly 21,000 independent equipment rental dealers. In fiscal 2024, just under half of all U-Move ® rental revenue originated through this network. Our inability to maintain this network or its current cost structure could inhibit our ability to adequately serve our customers and could negatively affect our results of operations and financial position.
Removed
Although the risks are organized by headings, and each risk is discussed separately, many are interrelated. The following risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Added
Our rental truck fleet rotation program is funded internally through operations and externally from debt and lease financing. Our ability to fund our routine fleet rotation program could be adversely affected if financial market conditions limit the general availability of external financing.
Removed
Over the last twenty years, we have purchased the majority of our rental trucks from Ford Motor Company and General Motors Corporation. Our fleet can be negatively affected by issues our manufacturers may face within their own supply chains.
Added
If costs continue to significantly increase in the future, it could materially and negatively affect our ability to rotate new equipment into the fleet. Although we believe that we could contract with alternative manufacturers for our rental trucks, we cannot guarantee or predict how long that would take.
Removed
We are highly dependent upon our automated systems and the Internet for managing our business. Our information systems are largely Internet-based, including our point-of-sale reservation system, payment processing and telephone systems.
Added
For example, unless struck down by courts or otherwise amended or rescinded, the Advanced Clean Fleets (“ACF”) Regulation adopted by the California Air Resources Board would require us to phase out certain internal combustion engine vehicles from our fleet and replace them with so-called zero-emission vehicles (“ZEVs”).
Removed
While our reliance on this technology lowers our cost of providing service and expands our abilities to better serve customers, it exposes us to various risks including natural and man-made disasters, terrorist attacks and cyber-attacks. We have put into place extensive security protocols, backup systems and alternative procedures to mitigate these risks.
Added
Because many of our vehicles are used by our customers for one-way interstate moves, the ACF or similar laws and regulations that may be adopted in other states could affect our operations across North America because our one-way rental vehicles travel throughout the U.S. and Canada.
Removed
However, disruptions or breaches, detected or undetected by us, for any period of time in any portion of these systems could adversely affect our results of operations and financial condition and inflict reputational damage.
Added
Our one-way rental business would then depend, in whole or in part, on an in-transit recharging network throughout the United States and Canada to support ZEVs that one or more states may require us to incorporate into our rental fleet.
Removed
In addition, the provision of service to our customers and the operation of our networks and systems involve the storage and transmission of proprietary information and sensitive or confidential data, including personal information of customers, system members and others. Our information technology systems may be susceptible to computer viruses, attacks by computer hackers, malicious insiders, or catastrophic events.
Added
Such a recharging network does not exist today, and even if one is built, the increased rental cost, and time and cost required to charge electric vehicles or ZEVs may be so great as to substantially limit our ability to serve customers needing to move long distances.
Removed
Hackers, acting individually or in coordinated groups, may also launch distributed denial of service attacks or ransom or other coordinated attacks that may cause service outages or other interruptions in our business and access to our data.
Added
Government regulators may knowingly or unknowingly choose the winners and losers in this evolving transportation environment, and it is possible that they may not choose U-Haul customers and U-Haul to be among the winners.
Removed
In addition, breaches in security could expose us, our customers, or the individuals affected, to a risk of loss or misuse of proprietary information and sensitive or confidential data.
Added
Cybersecurity incidents are inevitable and disruptions in our information technology systems or a compromise of security with respect to those systems could adversely affect us. We rely on information technology systems to manage and support our operations and provide products, services, and support to our customers.
Removed
Any of these occurrences could result in disruptions in our operations, the loss of existing or potential customers, damage to our brand and reputation, and litigation and potential liability for the Company.
Added
In connection with these activities, we store and transmit proprietary information and sensitive or confidential data, including personally identifiable information of customers, team members and others.
Removed
In addition, the cost and operational consequences of implementing further data or system protection measures could be significant and our efforts to deter, identify, mitigate and/or eliminate any security breaches may not be successful.
Added
Our reliance on these technology systems and our storage and transmission of such data exposes us to various risks, including cyberattacks or failures in all or part of our technology systems that could result in disruptions in our operations, our ability to serve our customers, or a compromise of our data security.
Removed
Trends in the economy are resulting in inflationary pressures leading to an increase in our cost of doing business. We cannot guarantee that we can manage the costs lower or pass them along in the form of higher prices to our customers.
Added
We also face such risks through our use of third-party service providers (including banks, dealers, administrators of our medical insurance plans, and law firms), our communication and filing data with regulatory authorities and government agencies, and our other interactions with third parties, any of whom could be the source of a cyberattack on our technology systems or data.
Removed
In the event an ESOP participant does not vote his or her shares, such shares shall be voted by the ESOP trustee, in the ESOP trustee’s discretion. The trading price for our outstanding Voting Common Stock may continue to be volatile and the trading price for our newly distributed Series N Non-Voting Common Stock may also be volatile.
Added
We commit resources to prevention, detection, and mitigation to limit the adverse effects of cybersecurity incidents. We have implemented security protocols, backup systems and alternative procedures to mitigate these risks. We employ IT security team members that have cybersecurity experience or certifications and utilize third-party service providers and consultants to protect our systems and assist us in managing these risks.
Removed
An Independent Special Committee of the Board authorized the creation of a new Series of Common Stock, designated as Series N Non-Voting Common Stock, par value of $0.001 per share (the “Non-Voting Common Stock”). This series of stock is in addition to our pre-existing class of Voting Common Stock.
Added
Our Board and its Audit & Cyber Committee exercise oversight of our cybersecurity risks and management's oversight of the processes and procedures that protect our systems and data.
Removed
On November 9, 2022, each holder of our Voting Common Stock as of November 3, 2022 received nine shares of Non-Voting Common Stock for every outstanding share of Voting Common Stock through a stock dividend.
Added
However, despite our security measures, we cannot guarantee that we will not be adversely affected by cybersecurity incidents, including hacks of our systems, denial-of-service attacks, viruses and other malicious software (malware), team member error or malfeasance, phishing attacks, security breaches, disruptions during the process of upgrading or replacing computer software or hardware, or other attacks that may jeopardize the security of information stored in or transmitted by technology systems and networks that we or third-party service providers maintain, which include cloud-based networks and data center storage.
Removed
The Non-Voting Common Stock is listed on the New York Stock Exchange, and we cannot predict whether, or to what extent, a liquid trading market will develop long-term for the Non-Voting Common Stock.
Added
In addition, our response to cybersecurity incidents, our investments in our technology, and our controls, processes, and practices, may not be sufficient to shield us from significant losses or liability.

… 21 more changes not shown on this page.

Item 2. Properties

Properties — owned and leased real estate

2 edited+0 added−0 removed0 unchanged
Biggest changeWe operate over 2,200 U-Haul ® retail centers of which 494 U-Haul branded locations are managed for subsidiaries of WGHLP and Mercury Partners, L.P., and 11 manufacturing and assembly facilities. We also operate over 151 fixed-site repair facilities located throughout the United States and Canada. These facilities are used primarily for the benefit of Moving and Storage.
Biggest changeWe operate over 2,300 U-Haul ® retail centers of which 507 U-Haul branded locations are managed for subsidiaries of WGHLP and Mercury Partners, L.P., and 11 manufacturing and assembly facilities. We also operate over 153 fixed-site repair facilities located throughout the United States and Canada. These facilities are used primarily for the benefit of Moving and Storage.
Item 2. Properties The Company, through its legal subsidiaries, owns property, plant and equipment that are utilized in the manufacturing, repair and rental of U-Haul ® equipment and storage space, as well as providing office space for us. Such facilities exist throughout the United States and Canada. We also manage storage facilities owned by others.
Item 2. Pro perties The Company, through its legal subsidiaries, owns property, plant and equipment that are utilized in the manufacturing, repair and rental of U-Haul ® equipment and storage space, as well as providing office space for us. Such facilities exist throughout the United States and Canada. We also manage storage facilities owned by others.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

1 edited+0 added−0 removed0 unchanged
Biggest changeItem 4. Mine Safety Disclosures 15 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6. [Reserved] 16 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 30 Item 8.
Biggest changeItem 4. Mine Safety Disclosures 15 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6. [Reserved] 17 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

8 edited+0 added−0 removed0 unchanged
Biggest changeVoting Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date August 18, 2022 $ 0.50 September 6, 2022 September 20, 2022 April 6, 2022 $ 0.50 April 18, 2022 April 29, 2022 October 6, 2021 $ 0.50 October 18, 2021 October 29, 2021 August 19, 2021 $ 0.50 September 7, 2021 September 21, 2021 June 9, 2021 $ 0.50 June 24, 2021 July 8, 2021 Non-Voting Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date March 3, 2023 $ 0.04 March 14, 2023 March 27, 2023 December 7, 2022 $ 0.04 December 19, 2022 December 30, 2022 See Note 21, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements for a discussion of certain statutory restrictions on the ability of the insurance subsidiaries to pay dividends to U-Haul Holding Company. 15 Performance Graph The following graph compares the cumulative total stockholder return on the Company’s Voting Common Stock (UHAL) and Non-Voting Common Stock (UHAL.B) for the period March 31, 2018 through March 31, 2023 with the cumulative total return on the Dow Jones US Total Market and the Dow Jones US Transportation Average.
Biggest changeVoting Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date August 18, 2022 $ 0.50 September 6, 2022 September 20, 2022 April 6, 2022 $ 0.50 April 18, 2022 April 29, 2022 Non-Voting Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date March 6, 2024 $ 0.05 March 18, 2024 March 28, 2024 December 6, 2023 $ 0.05 December 18, 2023 December 29, 2023 August 17, 2023 $ 0.04 September 19, 2023 September 29, 2023 June 7, 2023 $ 0.04 June 20, 2023 June 30, 2023 March 3, 2023 $ 0.04 March 14, 2023 March 27, 2023 December 7, 2022 $ 0.04 December 19, 2022 December 30, 2022 See Note 28, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements for a discussion of certain statutory restrictions on the ability of the insurance subsidiaries to pay dividends to U-Haul Holding Company. 16 Performance Graph The following graph compares the cumulative total stockholder return on the Company’s Voting Common Stock (UHAL) and Non-Voting Common Stock (UHAL.B) for the period March 31, 2019 through March 31, 2024 with the cumulative total return on the Dow Jones US Total Market and the Dow Jones US Transportation Average.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities U-Haul Holding Company’s two classes of common stock are listed on the New York Stock Exchange under the trading symbols “UHAL” for our Voting Common Stock and “UHAL.B” for our Non-Voting Common Stock.
Item 5. Market for Registrant’s Com mon Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities U-Haul Holding Company’s two classes of common stock are listed on the New York Stock Exchange under the trading symbols “UHAL” for our Voting Common Stock and “UHAL.B” for our Non-Voting Common Stock.
The graph reflects the value of the investment based on the closing price of the common stock trading on the New York Stock Exchange and NASDAQ Global Select Market on March 31, 2019, 2020, 2021, 2022 and 2023.
The graph reflects the value of the investment based on the closing price of the common stock trading on the New York Stock Exchange and NASDAQ Global Select Market on March 31, 2020, 2021, 2022, 2023 and 2024.
The comparison assumes that $100 was invested on March 31, 2018 in the Company’s common stock and in each of the comparison indices.
The comparison assumes that $100 was invested on March 31, 2019 in the Company’s common stock and in each of the comparison indices.
Dividends We do not have a formal dividend policy for its Voting Common Stock (UHAL). We do have a dividend policy for our Non-Voting Common Stock (UHAL.B), which provides that unless the Board otherwise determines in its sole discretion, it is the Company’s policy to declare and pay a quarterly cash dividend of $0.04 per share.
Dividends We do not have a formal dividend policy for our Voting Common Stock (UHAL). We do have a dividend policy for our Non-Voting Common Stock (UHAL.B), which provides that unless the Board otherwise determines in its sole discretion, it is the Company’s policy to declare and pay a quarterly cash dividend.
As of March 31, 2023, there were approximately 3,300 holders of record of our Voting Common Stock and approximately 3,400 holders of record of our Non-Voting Common Stock. We derived the number of our stockholders using internal stock ledgers and utilizing Mellon Investor Services Stockholder listings.
As of March 31, 2024, there were approximately 3,500 holders of record of our Voting Common Stock and approximately 4,100 holders of record of our Non-Voting Common Stock. We derived the number of our stockholders using internal stock ledgers and utilizing Mellon Investor Services Stockholder listings.
The Board periodically considers the advisability of declaring and paying dividends to holders of each of our two classes of common stock in light of existing circumstances. The following table lists the dividends that were declared and issued for fiscal 2023 and 2022.
The dividend rate was increased from $0.04 per share 15 to $0.05 per share in December 2023. The Board periodically considers the advisability of declaring and paying dividends to holders of each of our two classes of common stock in light of existing circumstances. The following table lists the dividends that were declared and issued for fiscal 2024 and 2023.
Fiscal years ended March 31: 2018 2019 2020 2021 2022 2023 U-Haul Holding Company - UHAL $ 100 $ 108 $ 85 $ 180 $ 178 $ 176 U-Haul Holding Company - UHAL.B 100 108 85 180 178 153 Dow Jones US Total Market 100 108 91 137 146 138 Dow Jones US Transportation Average 100 100 74 141 159 139
Fiscal years ended March 31: 2019 2020 2021 2022 2023 2024 U-Haul Holding Company - UHAL $ 100 $ 78 $ 166 $ 162 $ 163 $ 184 U-Haul Holding Company - UHAL.B 100 78 166 162 141 182 Dow Jones US Total Market 100 85 127 134 128 154 Dow Jones US Transportation Average 100 74 141 156 139 156

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

100 edited+32 added−31 removed30 unchanged
Biggest changeFor detailed information regarding our debt obligations, please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements. 25 A summary of our consolidated cash flows for fiscal 2023, 2022 and 2021 is shown in the table below: Years Ended March 31, 2023 2022 2021 (In thousands) Net cash provided by operating activities $ 1,729,610 $ 1,946,235 $ 1,535,395 Net cash used by investing activities (2,421,385) (1,867,176) (1,129,529) Net cash provided by financing activities 59,795 1,433,155 287,353 Effects of exchange rate on cash (11,633) (2,089) 6,441 Net increase (decrease) in cash flow (643,613) 1,510,125 699,660 Cash at the beginning of the period 2,704,137 1,194,012 494,352 Cash at the end of the period $ 2,060,524 $ 2,704,137 $ 1,194,012 Net cash provided by operating activities decreased $216.6 million in fiscal 2023, compared with fiscal 2022.
Biggest changeA summary of our consolidated cash flows for fiscal 2024 and 2023 is shown in the table below: Year Ended March 31, 2024 2023 (In thousands) Net cash provided by operating activities $ 1,452,756 $ 1,729,610 Net cash used by investing activities (2,046,373 ) (2,421,385 ) Net cash provided by financing activities 66,533 59,795 Effects of exchange rate on cash 1,104 (11,633 ) Net increase (decrease) in cash flow (525,980 ) (643,613 ) Cash at the beginning of the period 2,060,524 2,704,137 Cash at the end of the period $ 1,534,544 $ 2,060,524 Net cash provided by operating activities decreased $276.9 million in fiscal 2024, compared with fiscal 2023 due to a decrease in Moving and Storage operating profits combined with an increase in claim payments and the timing of working capital payments and receivables. 26 Net cash used in investing activities decreased $375.0 million in fiscal 2024, compared with fiscal 2023.
For more information, please see Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements included in Item 8: Financial Statements and Supplementary Data, of this Annual Report. These arrangements were primarily used when our overall borrowing structure was more limited.
For more information, please see Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report. These arrangements were primarily used when our overall borrowing structure was more limited.
Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends or reduce existing indebtedness where possible. Property and Casualty Insurance State insurance regulations may restrict the amount of dividends that can be paid to stockholders of insurance companies.
Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends or reduce existing indebtedness where possible. 27 Property and Casualty Insurance State insurance regulations may restrict the amount of dividends that can be paid to stockholders of insurance companies.
In determining the assumptions for calculating workers’ compensation reserves, management considers multiple factors including the following: Claimant longevity, Cost trends associated with claimant treatments, Changes in ceding entity and third party administrator reporting practices, Changes in environmental factors, including legal and regulatory, Current conditions affecting claim settlements, and Future economic conditions, including inflation.
In determining the assumptions for calculating workers’ compensation reserves, management considers multiple factors, including the following: • Claimant longevity; • Cost trends associated with claimant treatments; • Changes in ceding entity and third-party administrator reporting practices; • Changes in environmental factors, including legal and regulatory; 20 • Current conditions affecting claim settlements; and • Future economic conditions, including inflation.
The accounting estimates that we deem most critical to us, and involve the most difficult, subjective or complex judgments include the following: Recoverability of Property, Plant and Equipment Our property, plant and equipment is stated at cost.
The accounting policies and estimates that we deem most critical to us, and involve the most difficult, subjective or complex judgments include the following: Recoverability of Property, Plant and Equipment Our property, plant and equipment is stated at cost.
Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements in Item 8: Financial Statements and Supplementary Data, in this Annual Report summarizes the significant accounting policies and methods used in the preparation of our consolidated financial statements and related disclosures.
Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report summarizes the significant accounting policies and methods used in the preparation of our 19 consolidated financial statements and related disclosures.
As a result of the long-tailed nature of the excess workers’ compensation policies written by Repwest from 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis, insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated.
As a result of the long-tailed nature of the excess workers’ compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis, insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated.
Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. However, as of December 31, 2022, Oxford had outstanding advances of $60.0 million through its membership in the Federal Home Loan Bank (“FHLB”).
Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. However, as of December 31, 2023, Oxford had outstanding advances of $60.0 million through its membership in the Federal Home Loan Bank (“FHLB”).
Cybersecurity Incident On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul‘s information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access.
Cybersecurity Incident On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul's information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers' information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access.
U-Haul’s mobile app, Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure. Since 1945, U-Haul has incorporated sustainable practices into its everyday operations.
Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure. Since 1945, U-Haul has incorporated sustainable practices into its everyday operations.
The methods, estimates and judgments we use in applying our accounting policies can have a significant impact on the results we report in our financial statements.
The methods, estimates and judgments we use in applying our accounting policies can have a significant impact on the results we report in our consolidated financial statements.
Due to the significant assumptions employed in this model, the amounts shown could materially differ from actual results. (c) These estimated obligations are primarily the Company’s self insurance accruals for portions of the liability coverage for our rental equipment. The estimates for future settlement are based upon historical experience and current trends.
(b) These estimated obligations are primarily the Company’s self-insurance accruals for portions of the liability coverage for our rental equipment. The estimates for future settlement are based upon historical experience and current trends. Due to the significant assumptions employed in this model, the amounts shown could materially differ from actual results.
Next, we discuss our results of operations for fiscal 2023 compared with fiscal 2022, which are followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources and Disclosures about Contractual Obligations and Commercial Commitments.
Next, we discuss our results of operations for fiscal 2024 compared with fiscal 2023, which are followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources and Disclosures about Contractual Obligations and Commercial Commitments.
For fiscal 2024, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures in fiscal 2024.
For fiscal 2025, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures in fiscal 2025.
Fleet investments in fiscal 2024 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from manufacturers and the used-truck sales market. We anticipate that the fiscal 2024 investments will be funded largely through debt financing, external lease financing and cash from operations.
Fleet investments in fiscal 2025 and beyond will be dependent upon several factors, including the availability of capital, the truck rental environment, the availability of equipment from manufacturers and the used-truck sales market. We anticipate that the fiscal 2025 investments will be funded largely through debt financing, external lease financing and cash from operations.
The discussion of our financial condition and results of operations for the year ended March 31, 2021 included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2022 is incorporated by reference into this MD&A.
The discussion of our financial condition and results of operations for the year ended March 31, 2022 included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2023 is incorporated by reference into this MD&A.
Consequently, all references to our insurance subsidiaries’ years 2022, 2021 and 2020 correspond to fiscal 2023, 2022 and 2021 for U-Haul Holding Company. Overall Strategy Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry.
Consequently, all references to our insurance subsidiaries’ years 2023, 2022 and 2021 correspond to fiscal 2024, 2023 and 2022 for U-Haul Holding Company. Overall Strategy Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry.
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations We begin this MD&A with the overall strategy of U-Haul Holding Company, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving.
Management’s Discussion a nd Analysis of Financial Condition and Results of Operations We begin this MD&A with the overall strategy of U-Haul Holding Company, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving.
We will continue to invest capital and resources in the U-Box ® program throughout fiscal 2024. Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.
We will continue to invest capital and resources in the U-Box ® program throughout fiscal 2025. Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.
Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to increase in fiscal 2024. Revenue in the U-Move ® program could be adversely impacted should we fail to execute in any of these areas.
Maintaining an adequate level of new investment in our truck fleet is an important 29 component of our plan to meet our operational goals and is likely to increase in fiscal 2025. Revenue in the U-Move ® program could be adversely impacted should we fail to execute in any of these areas.
We conclude this MD&A by discussing our outlook for fiscal 2024. This MD&A should be read in conjunction with the other sections of this Annual Report, including Item 1: Business and Item 8: Financial Statements and Supplementary Data.
We conclude this MD&A by discussing our outlook for fiscal 2025. This MD&A should be read in conjunction with the other sections of this Annual Report, including Item 1: Business and Item 8: Consolidated Financial Statements and Supplementary Data.
Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose all material events, if any, occurring during the intervening period.
Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year consolidated financial statements does not materially affect the presentation of financial position or results of operations. We disclose all material events, if any, occurring during the intervening period.
In fiscal 2024, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will increase in fiscal 2024.
In fiscal 2025, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will remain high in fiscal 2025.
As of March 31, 2023, cash and cash equivalents totaled $2,060.5 million, compared with $2,704.1 million as of March 31, 2022. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (U-Haul Holding Company, U-Haul and Real Estate).
As of March 31, 2024, cash and cash equivalents totaled $1,534.5 million, compared with $2,060.5 million as of March 31, 2023. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (U-Haul Holding Company, U-Haul and Real Estate).
We believe that stockholders’ equity at the Property and Casualty operating segment remains sufficient and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations. Our Property and Casualty operating segment stockholders’ equity was $294.5 million and $296.1 million as of December 31, 2022 and 2021, respectively.
We believe that stockholders’ equity at the Property and Casualty operating segment remains sufficient and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations. Our Property and Casualty operating segment stockholders’ equity was $350.5 million and $294.5 million as of December 31, 2023 and 2022, respectively.
We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind. uhaul.com ® is an online marketplace that connects consumers to our operations as well as independent Moving Help ® service providers and thousands of independent Self-Storage Affiliates.
We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind. uhaul.com ® and U-Haul's mobile app are an online marketplace that connects consumers to our operations as well as independent Moving Help ® service providers and thousands of independent Self-Storage Affiliates.
The Company expects to fund these development projects through a combination of internally generated funds, corporate debt and with borrowings against existing properties as they operationally mature. For fiscal 2023, the Company invested $1,341.4 million in real estate acquisitions, new construction and renovation and repair compared to $1,004.2 million in fiscal 2022.
The Company expects to fund these development projects through a combination of internally generated funds, corporate debt and with borrowings against existing properties as they operationally mature. For fiscal 2024, the Company invested $1,258.0 million in real estate acquisitions, new construction and renovation and repair compared to $1,341.4 million in fiscal 2023.
ASC 740 - Income Taxes liabilities and interest of $75.8 million is not included above due to uncertainty surrounding ultimate settlements, if any. Fiscal 2024 Outlook We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals.
ASC 740 - Income Taxes liabilities and interest of $94.6 million is not included above due to uncertainty surrounding ultimate settlements, if any. Fiscal 2025 Outlook We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals.
Liquidity and Capital Resources We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity for the foreseeable future.
Liquidity and Capital Resources We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity.
Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of March 31, 2023, we had available borrowing capacity under existing credit facilities of $465.0 million.
Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of March 31, 2024, we had available borrowing capacity under existing credit facilities of $506.1 million.
For a more detailed discussion of our long-term debt and borrowing capacity, please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements included in Item 8: Financial Statements and Supplementary Data, of this Annual Report. Historically, we used certain off-balance sheet arrangements in connection with the expansion of our self-storage business.
For a more detailed discussion of our long-term debt and borrowing capacity, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report. Historically, we used certain off-balance sheet arrangements in connection with the expansion of our self-storage business.
Life insurance premiums decreased $11.9 million during fiscal 2023, compared with fiscal 2022 primarily due to decreased sales of single premium life products and policy decrements in Medicare supplement. Property and casualty insurance premiums increased $6.7 million during fiscal 2023, compared with fiscal 2022.
Life insurance premiums decreased $9.4 million during fiscal 2024, compared with fiscal 2023 primarily due to decreased sales of single premium life products and policy decrements in Medicare supplement. Property and casualty insurance premiums increased $1.6 million during fiscal 2024, compared with fiscal 2023.
A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period. Net investment and interest income increased $28.4 million during fiscal 2023, compared with fiscal 2022.
A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period. Net investment and interest income decreased $30.2 million during fiscal 2024, compared with fiscal 2023.
U-Haul has notified impacted customers and relevant governmental authorities. 18 Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S.
U-Haul has notified impacted customers and relevant governmental authorities. Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S. District Court for the District of Arizona (the "Court").
As a result, Property and Casualty Insurance's assets are generally not available to satisfy the claims of U-Haul Holding Company, or its legal subsidiaries. For calendar year 2023, the ordinary dividend available to be paid to U-Haul Holding Company is $29.5 million.
As a result, Property and Casualty Insurance's assets are generally not available to satisfy the claims of U-Haul Holding Company, or its legal subsidiaries. For calendar year 2024, the ordinary dividend available to be paid to U-Haul Holding Company from Repwest is $34.2 million.
U-Haul estimates that during fiscal 2024 the Company will reinvest in its rental equipment fleet approximately $685 million, net of equipment sales and excluding any lease buyouts. For fiscal 2023, the Company invested, net of sales, approximately $611 million before any lease buyouts in its rental equipment fleet.
U-Haul estimates that during fiscal 2025 the Company will reinvest in its rental equipment fleet approximately $1,050 million, net of equipment sales and excluding any lease buyouts. For fiscal 2024, the Company invested, net of sales, approximately $891 million before any lease buyouts in its rental equipment fleet.
The decrease in 2022 compared with 2021 resulted from earnings of $10.0 million and a decrease in accumulated other comprehensive income of $294.5 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio.
The increase in 2023 compared with 2022 resulted from earnings of $15.5 million and a increase in accumulated other comprehensive income of $50.0 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio.
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $36.6 million and $49.8 million for the twelve months ended December 31, 2022 and 2021, respectively. Life Insurance 2022 Compared with 2021 Net premiums were $99.1 million and $111.0 million for the years ended December 31, 2022 and 2021, respectively.
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $62.5 million and $36.6 million for the twelve months ended December 31, 2023 and 2022, respectively. Life Insurance 2023 Compared with 2022 Net premiums were $89.7 million and $99.1 million for the years ended December 31, 2023 and 2022, respectively.
Property and Casualty Insurance Net cash provided by operating activities was $36.2 million, $31.2 million, and $19.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. The increase was the result of changes in intercompany balances and the timing of payables activity.
Property and Casualty Insurance Net cash provided by operating activities was $32.7 million and $36.2 million for the years ended December 31, 2023 and 2022, respectively. The decrease was the result of changes in intercompany balances and the timing of payables activity.
For more information, please see Note 21, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.
For more information, please see Note 28, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements included in, Item 8: Consolidated Financial Statements and Supplementary Data of this Annual Report.
Other revenue increased $47.5 million during fiscal 2023, compared with fiscal 2022, caused primarily by growth in our U-Box ® program. 21 Listed below are revenues and earnings from operations at each of our operating segments for fiscal 2023 and 2022. The insurance companies’ years ended December 31, 2022 and 2021.
Other revenue decreased $12.8 million during fiscal 2024, compared with fiscal 2023, caused primarily by decreases in our U-Box ® program. 22 Listed below are revenues and earnings from operations at each of our operating segments for fiscal 2024 and 2023. The insurance companies’ years ended December 31, 2023 and 2022.
Property and Casualty Insurance 2022 Compared with 2021 Net premiums were $96.2 million and $89.7 million for the years ended December 31, 2022 and 2021, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.
A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period. Net investment and interest income were $25.2 million and $7.3 million for the years ended December 31, 2023 and 2022, respectively.
With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer network, which provides added convenience for our customers and expanding the selection and availability of rental equipment to satisfy the needs of our customers.
Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer network, which provides added convenience for our customers and expanding the selection and availability of rental equipment to satisfy the needs of our customers.
We also have other policies that we consider key accounting policies, such as revenue recognition; however, these policies do not meet the definition of critical accounting estimates, because they do not generally require us to make estimates or judgments that are difficult or subjective.
We also have other significant accounting policies used to record the results of the majority of our recurring operations in our financial statements, such as revenue recognition; however, these policies do not meet the definition of critical accounting estimates, because they do not generally require us to make estimates or judgments that are difficult or subjective.
Management reviews each claim bi-annually or more frequently, if there are changes in facts or circumstances to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our IBNR liability.
Management reviews each claim bi-annually, or more frequently if there are changes in facts or circumstances, to determine if the estimated life time claim costs have increased and then adjusts the reserve estimate accordingly at that time.
Recent Accounting Pronouncements Please see Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements included in Item 8: Financial Statements and Supplementary Data, of this Annual Report for more information. 20 Results of Operations U-Haul Holding Company and Consolidated Subsidiaries Fiscal 2023 Compared with Fiscal 2022 Listed below, on a consolidated basis, are revenues for our major product lines for fiscal 2023 and fiscal 2022: Year Ended March 31, 2023 2022 (In thousands) Self-moving equipment rentals $ 3,877,917 $ 3,958,807 Self-storage revenues 744,492 617,120 Self-moving and self-storage products and service sales 357,286 351,447 Property management fees 37,073 35,194 Life insurance premiums 99,149 111,027 Property and casualty insurance premiums 93,209 86,518 Net investment and interest income 176,679 148,261 Other revenue 478,886 431,373 Consolidated revenue $ 5,864,691 $ 5,739,747 Self-moving equipment rental revenues decreased $80.9 million during fiscal 2023, compared with fiscal 2022.
Recent Accounting Pronouncements Please see Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report for more information. 21 Results of Operations U-Haul Holding Company and Consolidated Subsidiaries Fiscal 2024 Compared with Fiscal 2023 Listed below, on a consolidated basis, are revenues for our major product lines for fiscal 2024 and fiscal 2023: Year Ended March 31, 2024 2023 (In thousands) Self-moving equipment rental revenues $ 3,624,695 $ 3,877,917 Self-storage revenues 831,069 744,492 Self-moving and self-storage products and service sales 335,805 357,286 Property management fees 37,004 37,073 Life insurance premiums 89,745 99,149 Property and casualty insurance premiums 94,802 93,209 Net investment and interest income 146,468 176,679 Other revenue 466,086 478,886 Consolidated revenue $ 5,625,674 $ 5,864,691 Self-moving equipment rental revenues decreased $253.2 million during fiscal 2024, compared with fiscal 2023.
Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs. Liquidity and Capital Resources - Summary We believe we have the financial resources needed to meet our business plans including our working capital needs.
As of December 31, 2023 and 2022, cash and cash equivalents amounted to $101.9 million and $15.0 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs. 28 Liquidity and Capital Resources - Summary We believe we have the financial resources needed to meet our business plans, including our working capital needs.
Interest expense for fiscal 2023 was $224.0 million, compared with $167.4 million for fiscal 2022 due to an increase in our average outstanding debt of $871.6 million in fiscal 2023 compared with fiscal 2022 combined with a higher average cost of debt. Income tax expense was $294.9 million for fiscal 2023, compared with $352.2 million for fiscal 2022.
Interest expense for fiscal 2024 was $256.2 million, compared with $224.0 million for fiscal 2023 due to an increase in our average cost of debt. Income tax expense was $211.5 million for fiscal 2024, compared with $294.9 million for fiscal 2023.
For a more detailed discussion of these advances, please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements. Cash Provided from Operating Activities by Operating Segments Moving and Storage Net cash provided by operating activities was $1,593.7 million, $1,823.3 million and $1,428.9 million in fiscal 2023, 2022 and 2021, respectively.
For a more detailed discussion of these advances, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements. Cash Flows by Operating Segments Moving and Storage Net cash provided by operating activities was $1,319.0 million and $1,593.7 million in fiscal 2024 and 2023, respectively, due to a decrease in operating profits.
Other revenue increased $47.4 million during fiscal 2023, compared with fiscal 2022, caused primarily by growth in our U-Box ® program. 23 Total costs and expenses increased $350.6 million during fiscal 2023, compared with fiscal 2022. Operating expenses increased $345.7 million.
Other revenue decreased $13.4 million during fiscal 2024, compared with fiscal 2023, caused primarily by decreases in our U-Box ® program. Total costs and expenses increased $227.2 million during fiscal 2024, compared with fiscal 2023. Operating expenses increased $99.7 million.
The final outcome of these audits may cause changes that could materially impact our financial results. Please see Note 14, Provision for Taxes, of the Notes to Consolidated Financial Statements included in Item 8: Financial Statements and Supplementary Data, of this Annual Report for more information.
Please see Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report for more information.
Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.
Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies.
We regularly perform reviews to determine whether facts and circumstances exist, which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated.
We regularly perform reviews to determine whether facts and circumstances exist, which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers.
Self-storage data for our owned storage locations follows: Year Ended March 31, 2023 2022 (In thousands, except occupancy rate) Unit count as of March 31 673 601 Square footage as of March 31 56,382 50,366 Average monthly number of units occupied 535 471 Average monthly occupancy rate based on unit count 83.4% 82.6% Average monthly square footage occupied 46,257 41,379 During fiscal 2023, we added approximately 6.0 million net rentable square feet, a 13% increase compared to fiscal 2022 additions.
Self-storage data for our owned storage locations follows: Year Ended March 31, 2024 2023 (In thousands, except occupancy rate) Unit count as of March 31 728 673 Square footage as of March 31 61,857 56,382 Average monthly number of units occupied 571 535 Average monthly occupancy rate based on unit count 82.1 % 83.4 % End of period occupancy rate based on unit count 79.3 % 81.2 % Average monthly square footage occupied 49,515 46,257 During fiscal 2024, we added approximately 5.5 million net rentable square feet of new storage.
See Note 14, Provision for Taxes, of the Notes to Consolidated Financial Statements included in Item 8: Financial Statements and Supplementary Data, of this Annual Report for more information on income taxes. Basic and diluted earnings per share of Voting Common Stock for fiscal 2023 was $5.54, compared with $7.08 for fiscal 2022.
See Note 14, Provision for Taxes, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report for more information on income taxes.
Transactions, revenue and average miles driven per transaction decreased. These declines were more pronounced in our one-way markets. Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks, and trailers in the rental fleet. Self-storage revenues increased $127.4 million during fiscal 2023, compared with fiscal 2022.
Transactions, revenue and average miles driven per transaction decreased with the rate of decline lessening throughout the year. These declines were more pronounced in our one-way markets. Compared to the end of last year, we decreased the number of trucks in the fleet while increasing the number of trailers and retail locations.
Transactions, revenue and average miles driven per transaction decreased. These declines were more pronounced in our one-way markets. Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks, and trailers in the rental fleet. Self-storage revenues increased $127.4 million during fiscal 2023, compared with fiscal 2022.
Transactions, revenue and average miles driven per transaction decreased with the rate of decline lessening throughout the year. These declines were more pronounced in our one-way markets. Compared to the end of last year, we decreased the number of trucks in the fleet while increasing the number of trailers and retail locations.
Property and Casualty Insurance’s cash and cash equivalents and short-term investment portfolios amounted to $27.2 million, $41.7 million, and $12.9 million as of December 31, 2022, 2021, and 2020, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments.
Property and Casualty Insurance’s cash and cash equivalents and short-term investment portfolios amounted to $52.5 million and $27.2 million as of December 31, 2023 and 2022, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs.
The components of our net capital expenditures are provided in the following table: Years Ended March 31, 2023 2022 2021 (In thousands) Purchases of rental equipment $ 1,298,955 $ 1,061,439 $ 870,106 Equipment lease buyouts – – 11,477 Purchases of real estate, construction and renovations 1,341,417 1,004,192 505,112 Other capital expenditures 86,595 70,906 54,780 Gross capital expenditures 2,726,967 2,136,537 1,441,475 Less: Sales of property, plant and equipment (701,331) (623,235) (537,484) Net capital expenditures $ 2,025,636 $ 1,513,302 $ 903,991 Moving and Storage continues to hold significant cash and we believe has access to additional liquidity.
The components of our net capital expenditures are provided in the following table: Year Ended March 31, 2024 2023 (In thousands) Purchases of rental equipment $ 1,619,366 $ 1,298,955 Purchases of real estate, construction and renovations 1,257,974 1,341,417 Other capital expenditures 115,558 86,595 Gross capital expenditures 2,992,898 2,726,967 Less: Sales of property, plant and equipment (739,178 ) (701,331 ) Net capital expenditures $ 2,253,720 $ 2,025,636 Moving and Storage continues to hold significant cash and we believe has access to additional liquidity.
Our borrowing strategy has primarily focused on asset-backed financing and rental equipment leases. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings.
While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings.
As of March 31, 2023 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were: Moving & Storage Property and Casualty Insurance (a) Life Insurance (a) (In thousands) Cash and cash equivalents $ 2,034,242 $ 11,276 $ 15,006 Other financial assets 428,018 446,977 2,744,196 Debt obligations (b) 6,143,350 – – (a) As of December 31, 2022 (b) Excludes ($35,308) of debt issuance costs As of March 31, 2023, Moving and Storage had available borrowing capacity under existing credit facilities of $465.0 million.
As of March 31, 2024 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities and related party assets) and debt obligations of each operating segment were: Moving & Storage Property and Casualty Insurance (a) Life Insurance (a) (In thousands) Cash and cash equivalents $ 1,380,165 $ 52,508 $ 101,871 Other financial assets 287,233 430,955 2,733,622 Debt obligations (b) 6,304,038 — — (a) As of December 31, 2023 (b) Excludes ($32,676) of debt issuance costs As of March 31, 2024, Moving and Storage had available borrowing capacity under existing credit facilities of $506.1 million.
The majority of invested cash at the Moving and Storage segment is held in government money market funds. Our current forecasted debt payments for fiscal 2024 on all borrowings are $563.2 million.
The majority of invested cash at the Moving and Storage segment is held in government money market funds. Our current forecasted debt payments for fiscal 2025 on all borrowings are $535.0 million. For detailed information regarding our debt obligations, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements.
The decrease in deferred annuity deposits is a result of low sales at the beginning of the year improving as the year progressed. Net investment income was $102.4 million and $123.8 million for the years ended December 31, 2022 and 2021, respectively. The realized loss on derivatives used as hedges to fixed indexed annuities was $12.6 million.
Net investment income was $124.7 million and $102.4 million for the years ended December 31, 2023 and 2022, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities was $15.3 million this year compared to a $12.6 million realized loss for the prior year.
Moving and Storage Fiscal 2023 Compared with Fiscal 2022 Listed below are revenues for the major product lines at Moving and Storage for fiscal 2023 and fiscal 2022: Year Ended March 31, 2023 2022 (In thousands) Self-moving equipment rentals $ 3,882,620 $ 3,963,535 Self-storage revenues 744,492 617,120 Self-moving and self-storage products and service sales 357,286 351,447 Property management fees 37,073 35,194 Net investment and interest income 70,992 3,135 Other revenue 475,251 427,836 Moving and Storage revenue $ 5,567,714 $ 5,398,267 Self-moving equipment rental revenues decreased $80.9 million during fiscal 2023, compared with fiscal 2022 .
As a result of the above-mentioned items, earnings available to common stockholders were $628.7 million for fiscal 2024, compared with $924.5 million for fiscal 2023. 23 Moving and Storage Fiscal 2024 Compared with Fiscal 2023 Listed below are revenues for the major product lines at Moving and Storage for fiscal 2024 and fiscal 2023: Year Ended March 31, 2024 2023 (In thousands) Self-moving equipment rental revenues $ 3,629,215 $ 3,882,620 Self-storage revenues 831,069 744,492 Self-moving and self-storage products and service sales 335,805 357,286 Property management fees 37,004 37,073 Net investment and interest income — 70,992 Other revenue 461,835 475,251 Moving and Storage revenue $ 5,294,928 $ 5,567,714 Self-moving equipment rental revenues decreased $253.4 million during fiscal 2024, compared with fiscal 2023.
We continue to hold significant cash and have access to additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs. 28 As a result of the federal income tax provisions of the CARES Act we have filed applicable forms with the IRS to carryback net operating losses.
We continue to hold significant cash and have access to additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs. The IRS completed and finalized their examination for tax March 2014 through March 2021.
We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening.
Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening. Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development.
Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options. 26 The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations.
The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations.
Medicare supplement benefits decreased by $3.2 million from fewer policies in force. Benefits on the annuity supplemental contracts decreased $0.2 million. Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA“) and the value of business acquired (“VOBA”) was $27.9 million and $33.9 million for the years ended December 31, 2022 and 2021, respectively.
Amortization of deferred acquisition costs, sales inducement asset and the value of business acquired was $24.2 million and $27.9 million for the years ended December 31, 2023 and 2022, respectively.
Year Ended March 31, 2023 2022 (In thousands) Moving and storage Revenues $ 5,567,714 $ 5,398,267 Earnings from operations before equity in earnings of subsidiaries 1,396,122 1,577,226 Property and casualty insurance Revenues 103,512 115,043 Earnings from operations 36,570 49,780 Life insurance Revenues 206,100 238,812 Earnings from operations 12,935 19,538 Eliminations Revenues (12,635) (12,375) Earnings from operations before equity in earnings of subsidiaries (1,521) (1,547) Consolidated Results Revenues 5,864,691 5,739,747 Earnings from operations 1,444,106 1,644,997 Total costs and expenses increased $325.8 million during fiscal 2023, compared with fiscal 2022.
Year Ended March 31, 2024 2023 (In thousands) Moving and storage Revenues $ 5,294,928 $ 5,567,714 Earnings from operations before equity in earnings of subsidiaries 896,140 1,396,122 Property and casualty insurance Revenues 123,085 103,512 Earnings from operations 62,509 36,570 Life insurance Revenues 219,202 206,100 Earnings from operations 20,152 14,409 Eliminations Revenues (11,541 ) (12,635 ) Earnings from operations before equity in earnings of subsidiaries (1,012 ) (1,521 ) Consolidated Results Revenues 5,625,674 5,864,691 Earnings from operations 977,789 1,445,580 Total costs and expenses increased $228.8 million during fiscal 2024, compared with fiscal 2023.
Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. There was a $2.0 million net impairment charge recorded in fiscal 2023. Income Taxes We file a consolidated tax return with all of our legal subsidiaries. Our tax returns are periodically reviewed by various taxing authorities.
There was a $1.0 million and $2.0 million net impairment charge recorded in fixed maturity securities for fiscal 2024 and 2023, respectively. Income Taxes We file a consolidated tax return with all of our legal subsidiaries.
Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. Impairment of Investments Under the current expected credit loss model, a valuation allowance is recognized in earnings for credit losses.
Impairment of Investments Under the current expected credit loss model, a valuation allowance is recognized in earnings for credit losses.
Medicare supplement related DAC amortization decreased $0.5 million and will continue to decrease due to a decline in the number of policies remaining in-force. As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $12.5 million and $19.1 million for the years ended December 31, 2022 and 2021, respectively.
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $19.7 million and $13.9 million for the years ended December 31, 2023 and 2022, respectively.
Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $2,025.6 million, $1,513.3 million and $904.0 million for fiscal 2023, 2022 and 2021, respectively.
U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital. Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $2,253.7 million and $2,025.6 million for fiscal 2024 and 2023, respectively.
Description of Operating Segments U-Haul Holding Company’s three reportable segments are: Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate; Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA; and Life Insurance, comprised of Oxford and its subsidiaries. 17 See Note 1, Basis of Presentation, Note 22, Financial Information by Geographic Area, and Note 22A, Consolidating Financial Information by Industry Segment, of the Notes to Consolidated Financial Statements included in Item 8: Financial Statements and Supplementary Data, of this Annual Report.
Description of Operating and Reportable Segments U-Haul Holding Company’s three operating and reportable segments are: • Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate; • Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA; and • Life Insurance, comprised of Oxford and its subsidiaries.
Life Insurance's net deposits for the year ended December 31, 2022 were $6.8 million. State insurance regulations may restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance's assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.
As a result, Life Insurance's assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. For calendar year 2024, the ordinary dividend available to be paid to U-Haul Holding Company from Oxford is $5.3 million.
Sales of self-moving and self-storage products and services increased $5.8 million during fiscal 2023, compared with fiscal 2022, primarily due to increased hitch and propane sales partially offset by a 1% decrease in the sales of moving supplies.
During fiscal 2024, we added approximately 5.5 million net rentable square feet. Sales of self-moving and self-storage products and services decreased $21.5 million during fiscal 2024, compared with fiscal 2023, primarily due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively impacted the sales of moving supplies.
The realized loss on bonds was $6.5 million. The change in the provision for expected credit losses resulted in a $2.9 million additional decrease to the investment income. Mortgage loan interest decreased $0.9 million from the decreased prepayment penalties. The interest on the remaining assets also decreased by $0.6 million.
The change in the provision for expected credit losses resulted in a $2.8 million additional increase to the investment income this year compared to a $2.9 million decrease last year. Net interest income and realized gain on the invested assets increased $3.0 million.
Operating expenses for Moving and Storage increased $345.7 million. Repair costs associated with the rental fleet experienced a $132.9 million increase during fiscal year 2023 and personnel costs increased $97.8 million. The increases in fleet repair costs are primarily due to additional preventative maintenance resulting from higher fleet activity over the last several years.
Operating expenses for Moving and Storage increased $99.7 million. Repair expenses associated with the rental fleet experienced a $33.0 million increase during fiscal year 2024 due to higher cost of preventative maintenance along with the costs associated with selling more retired trucks. Personnel related costs increased $50.3 million along with increases in liability costs, property taxes and building maintenance.
Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio. 27 Life Insurance Life Insurance manages its financial assets to meet policyholder and other obligations including investment contract withdrawals and deposits.
The increase in 2023 compared with 2022 resulted from net earnings of $49.6 million and an increase in accumulated other comprehensive income of $6.4 million. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.
Oxford had a statutory net loss as of December 31, 2022, so no dividends can be distributed in calendar year 2023. For more information, please see Note 21, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.
For more information, please see Note 28, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements included in, Item 8: Consolidated Financial Statements and Supplementary Data of this Annual Report. Our Life Insurance operating segment stockholders’ equity was $197.7 million and $132.2 million as of December 31, 2023 and 2022, respectively.

… 83 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

14 edited+1 added−1 removed1 unchanged
Biggest changeThe change in fair value of the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. 31 Foreign Currency Exchange Rate Risk The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business.
Biggest changeAccordingly, the call options are marked to fair value on each reporting date with the change in fair value included as a component of net investment and interest income. The change in fair value of the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.
These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written.
These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index 44 between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written.
These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates. The following table illustrates the interest rate risk sensitivity of our fixed maturity portfolio as of March 31, 2023 and 2022.
These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates. The following table illustrates the interest rate risk sensitivity of our fixed maturity portfolio as of March 31, 2024 and 2023.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.
Item 7A. Quantitative and Q ualitative Disclosures About Market Risk We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.
Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration.
This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration.
Approximately 5.0%, 5.0% and 4.6% of our revenue was generated in Canada in fiscal 2023, 2022 and 2021, respectively. The result of a 10% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.
The result of a 10% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.
Market Value of Mixed Maturity Portfolio As of March 31, Change in Interest Rates (a) 2023 2022 (In thousands) -300bps $ 3,100,972 $ 3,262,844 -200bps 2,970,228 3,153,114 -100bps 2,839,624 2,992,011 No change 2,709,037 2,821,092 +100bps 2,578,654 2,650,410 +200bps 2,448,348 2,479,737 +300bps 2,318,149 2,309,224 (a) In basis points We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company.
Market Value of Mixed Maturity Portfolio As of March 31, Change in Interest Rates (a) 2024 2023 (In thousands) -300bps $ 2,798,226 $ 3,100,972 -200bps 2,679,594 2,970,228 -100bps 2,561,038 2,839,624 No change 2,442,504 2,709,037 +100bps 2,324,207 2,578,654 +200bps 2,205,932 2,448,348 +300bps 2,087,750 2,318,149 (a) In basis points We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company.
Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule.
If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk.
Following is a summary of our interest rate swaps agreements at March 31, 2023: Notional Amount Fair Value Effective Date Expiration Date Fixed Rate Floating Rate (In thousands) $ 60,347 $ 1,501 7/15/2022 7/15/2032 2.86% 1 Month SOFR 73,250 1,945 8/1/2022 8/1/2026 2.72% 1 Month SOFR 72,750 1,865 8/1/2022 8/31/2026 2.75% 1 Month SOFR 30 As of March 31, 2023, we had $821.3 million of variable rate debt obligations.
Following is a summary of our interest rate swaps agreements at March 31, 2024: Notional Amount Fair Value Effective Date Expiration Date Fixed Rate Floating Rate (In thousands) $ 57,867 $ 3,474 7/15/2022 7/15/2032 2.86 % 1 Month SOFR 70,250 2,481 8/1/2022 8/1/2026 2.72 % 1 Month SOFR 69,750 2,423 8/1/2022 8/31/2026 2.75 % 1 Month SOFR 100,000 14 8/31/2023 8/31/2025 4.71 % 1 Month SOFR As of March 31, 2024, we had $749.5 million of variable rate debt obligations, of this amount, $451.7 million is not fixed through interest rate swaps.
Of this amount, $615.0 million is not fixed through interest rate swaps. If the Secured Overnight Funding Rate (“SOFR”) were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $6.2 million annually (after consideration of the effect of the above derivative contracts).
If the Secured Overnight Funding Rate (“SOFR”) were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $4.5 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date.
Interest Rate Risk The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates.
Interest Rate Risk The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements.
The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet.
The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. At March 31, 2024 and 2023, these derivative hedges had a net market value of $10.5 million and $4.3 million, with notional amounts of $526.4 million and $465.7 million, respectively.
We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform on their obligations.
We are exposed to credit risk should these counterparties not be able to perform on their obligations.
Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the call options are marked to fair value on each reporting date with the change in fair value included as a component of net investment and interest income.
These derivative instruments are included in Investments, other; on the consolidated balance sheets. Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP.
Removed
At December 31, 2022 and 2021, these derivative hedges had a net market value of $4.3 million and $7.5 million, with notional amounts of $465.7 million and $416.7 million, respectively. These derivative instruments are included in Investments, other; on the consolidated balance sheets.
Added
Foreign Currency Exchange Rate Risk The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.1% of our revenue was generated in Canada for both fiscal 2024 and 2023, respectively.

Other UHAL 10-K year-over-year comparisons