Q2 2024 U-Haul Holding Co Earnings Call

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Good morning, My name is <unk> and I'll be conference operator today at this time I would like to welcome everyone to the holding company second quarter fiscal 2024 Investor Conference call. All lines have been placed on mute to prevent any background noise.

After the Speakers' remarks, there will be a question and answer session. If you would like to ask a question. During this time simply press star followed by the number one on your teleconference.

If you would like to make your question. Please press the star followed by number.

Sebastian Reyes you may begin your conference.

Good morning, and thank you for joining us today.

Welcome to the you all holding company second quarter fiscal 2024 Investor call before we begin I would like to remind everyone that certain of the statements. During this call including without statements include without limitation statements regarding revenue expenses.

And income and general growth of our business may constitute forward looking statements within the meaning of the safe Harbor provisions of section 27.

Of the Securities Act of $19 33, as amended and section 21 E of the Securities Exchange Act of $19 34 as amended.

<unk> looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified certain.

Certain factors could cause actual results to differ materially from those projected for.

For a discussion of the risks and uncertainties that may affect the company's business and future operating results. Please refer to the Companys public SEC filings and Form 10-Q for the quarter ended September 32023, which is on file with the U S Securities and Exchange Commission.

I'll now turn the call over to Joe showing chairman of U haul holding company.

Thanks, Sebastian and thank you everyone for joining us again.

As I'm sure you see from the numbers, we've given back more of the you move pandemic transaction gains that I would like.

The south loop transaction decline impacts most of our product lines.

All of our business lines remain competitive.

However, I am not cutting back.

On rental fleet capex due to being starved for new equipment in the 2020 to 2022 timeframe.

Rental equipment acquisition and maintenance cost.

Unfortunately continue to outpace inflation.

Disruption of the OE supply chain due to government mandates for electrification are a huge driver of these increased costs.

The public starting to push back on electric vehicle mandates.

That failed to meet nearly every metric of a sustainable vehicle strategy.

This may cause some pause with the Oes.