Q1 2027 U-Haul Holding Co Earnings Call

August 6, 2026

Operator: Hello, everyone. Thank you for joining us and welcome to U-Haul Holding Company's Q1 fiscal 2027 investor call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Sebastien Reyes. Sebastien, please go ahead.

Speaker #1: Hello everyone, thank you for joining us, and welcome to U-Haul Holding Company's first quarter fiscal 2027 investor call. After today's prepared remarks, we will host a Q&A session, and if you would like to ask a question, please press star 1 to raise your hand.

Speaker #1: To withdraw your question, press star 1 again. I will now hand the conference over to Sebastien Reyes. Sebastien, please go ahead.

Speaker #2: Good morning. Welcome to the U-Haul Holding Company first quarter fiscal 2027 investor call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including without limitation, statements regarding revenue, expenses, income, and general growth of our business, may constitute forward-looking statements within the meeting of the Safe Harbor Provisions of Section 27(a) of the Securities Act of 1933 as amended, and Section 21(e) of the Securities Exchange Act of 1934 as amended.

Sebastien Reyes: Good morning. Welcome to the U-Haul Holding Company Q1 fiscal 2027 investor call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including without limitation, statements regarding revenue, expenses, income, and general growth of our business may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected.

Speaker #2: Forward-looking statements are inherently subject to risks and uncertainties; some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected.

Speaker #2: For a discussion of the risks and uncertainties that may affect a company's business and future operating results, please refer to the company's public SEC filings and Form 10-Q for the quarter ended June 30, 2026, which is on file with the U.S.

Sebastien Reyes: For a discussion of the risks and uncertainties that may affect the company's business and future operating results, please refer to the company's public SEC filings and Form 10-Q for the Q1 ended 30 June 2026, which is on file with the U.S. Securities and Exchange Commission. I'll now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.

Speaker #2: Securities and Exchange Commission. I'll now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.

Speaker #3: Good morning and welcome. We continue to have our work cut out for us. We need to increase U-Move and U-Store business. Operating expenses continue to creep up, and this is a combination of operating inefficiencies and pure inflation.

Joe Shoen: Good morning. Welcome. We continue to have our work cut out for us. We need to increase U-Move and U-Store business. Operating expenses continue to creep up, this is a combination of operating inefficiencies and pure inflation. About this time last year, we began a massive effort to net gain 3,000 independent U-Haul dealer locations. We are halfway there and still have good momentum. For decades, U-Haul has had a strategy of convenience to the customer. Adding these locations will further that goal, enhancing affordability to our customer and positively impacting equipment utilization for U-Haul. U-Move transaction growth has room to improve. Last year at this time, we also initiated a harder line on delinquent storage accounts, pushing our same-store occupancy number down. By September, we should be reporting improvements in that number, the actual work was done one year ago.

Speaker #3: About this time last year, we began a massive effort to net gain 3,000 independent U-Haul dealer locations. We are halfway there, and still have good momentum.

Speaker #3: For decades, U-Haul has had a strategy of convenience to the customer. Adding these locations will further that goal, enhancing affordability to our customer and positively impacting equipment utilization for U-Haul.

Speaker #3: U-Move transaction growth has room to improve. Last year, at this time, we also initiated a harder line on delinquent storage accounts. Pushing our same-store occupancy number down.

Speaker #3: By September, we should be reporting improvements in that number, but the actual work was done one year ago. Positively, our rate of adding new storage customers is improving, but of course, we want and need more.

Joe Shoen: Positively, our rate of adding new storage customers is improving. Of course, we want and need more. In my judgment, continued deceptive pricing practices by most of the storage REITs is degrading the self-storage industry's reputation with the public. At the minimum, their actions are increasing government oversight of self-storage, as evidenced by recent regulations in New York City. This is a shame. My team is dealing with it. U-Haul's customer-facing digital tools reflect increasing acceptance by our actual and potential customers. I see that as a good positive. Overall, I see a compelling future for our U-Move, U-Store, and U-Box product offerings. Now, I'll turn it over to Jason to walk through the current numbers.

Speaker #3: In my judgment, continued deceptive pricing practices by most of the storage REITs is degrading the self-storage industry's reputation with the public. At the minimum, their actions are increasing government oversight of self-storage as evidenced by recent regulations in New York City.

Speaker #3: This is a shame, e, in my team, is dealing with it. U-Haul's customer-facing digital tools reflect increasing acceptance by our actual and potential customers.

Speaker #3: I see that as a good positive. Overall, I see a compelling future for our U-Move, U-Store, and U-Box product offerings. Now, I'll turn it over to Jason to walk through the current numbers.

Speaker #1: Thanks, Joe. Yesterday, we reported first quarter earnings of $123 million, compared to $142 million for the same quarter last year. In terms of earnings per share, the first quarter of this year was $63 cents per non-voting share, compared to $73 cents for the same period last year.

Jason Berg: Thanks, Joe. Yesterday, we reported first quarter earnings of $123 million compared to $142 million for the same quarter last year. In terms of earnings per share, the first quarter of this year was $0.63 per non-voting share, compared to $0.73 for the same period last year. Earnings before interest, taxes, and depreciation, what we refer to as adjusted EBITDA, at our moving and storage segment decreased $9 million for the quarter to $537 million. Included in both our press release and our financial supplement is a reconciliation showing how you go from GAAP earnings to adjusted EBITDA. For the first quarter, our equipment rental revenues increased $29 million compared to the same time last year. Transactions and revenue increased across both our in-town and one-way markets.

Speaker #1: Earnings before interest, taxes, and depreciation, what we refer to as adjusted EBITDA, at our moving and storage segment, decreased $9 million for the quarter to $537 million.

Speaker #1: Included in both our release of our press release and our financial supplement is a reconciliation showing how you go from gap earnings to adjusted EBITDA.

Speaker #1: For the first quarter, our equipment rental revenues increased $29 million, compared to the same time last year. Transactions in revenue increased across both our in- town and one-way markets.

Speaker #1: Compared to the end of June this year, to June of the previous year, we added $75 new company operated locations, and we had a net increase of over $1,100 independent dealers.

Jason Berg: Compared to the end of June this year to June of the previous year, we added 75 new company-operated locations. We had a net increase of over 1,100 independent dealers. For the month of July, revenue has trended in line with what we saw in the first quarter results. Capital expenditures for new rental equipment in the first quarter of fiscal 2027 were $602 million. That's a $17 million increase compared to the same three-month period last year. While proceeds from the sales of retired rental equipment were down about $14 million to $145 million. We're still projecting a decrease of over $500 million for net fleet investing over the back three quarters of the year. Storage revenues were up $16 million. That's about a 7% increase for the quarter.

Speaker #1: For the month of July, revenue has trended in line with what we saw in the first quarter results. Capital expenditures for new rental equipment in the first quarter of fiscal 2027 were $602 million.

Speaker #1: That's a $17 million increase, compared to the same three-month period last year. While proceeds from the sales of retired rental equipment were down about $14 million, to $145 million.

Speaker #1: We're still projecting a decrease of over $500 million for net fleet investing over the back three quarters of the year. Storage revenues were up $16 million, that's about a 7 percent increase for the quarter.

Speaker #1: Our average revenue per occupied foot for the total portfolio sum, including both same-store and lease-up properties, improved by over 6 percent. Digging into that number, our average new customer rental rates have increased by about 2.5 percent year over year, while our rates on customers who are leaving are just under 2 percent.

Jason Berg: Our average revenue per occupied foot for the total portfolio sum, including both same store and lease-up properties, improved by over 6%. Digging into that number, our average new customer rental rates have increased by about 2.5% year over year, while our rates on customers who are leaving are just under 2% lower than what the move-in rate was. Same-store occupancy was down 456 basis points to 88.3%. Nearly all of that is due to the harder line that we took on delinquent units in the second quarter of last year. As Joe mentioned, net tenant move-in activity is picking up. We're still behind where we think it can be. During the first quarter of this year, we invested $194 million in real estate acquisitions, along with self-storage and U-Box warehouse development. That's a $100 million decrease over the first quarter of last year.

Speaker #1: Lower than what the move-in rate was. Same-store occupancy was down 456 basis points, to 88.3 percent, nearly all of that is due to the harder line that we took on delinquent units in the second quarter of last year.

Speaker #1: As Joe mentioned, net tenant move-in activity is picking up, but we're still behind where we think it can be. During the first quarter of this year, we invested $194 million in real estate acquisitions, along with self-storage and U-Box warehouse development.

Speaker #1: That's a $100 million decrease over the first quarter of last year. In this first quarter of this year, we added 18 locations with storage, totaling 1.1 million net rentable square feet.

Jason Berg: In this Q1 of this year, we added 18 locations with storage, totaling 1.1 million net rentable square feet. We currently have approximately 5.7 million new square feet being developed across 106 projects, and then another 6.3 million of potential future development behind that in properties that we own but haven't yet started. To put that in context, last year at this time, those two figures were 6.5 million square feet for active and 8.3 million square feet on pending, respectively. My projections have us continuing to see spending on self-storage growth decline. Moving and Storage operating expenses were up $55 million for the Q1 compared to the same period last year. Our adjusted EBITDA margin declined by just over 1.5%. Personnel, fleet maintenance, and self-insurance liability costs were up just over $20 million.

Jason Berg: In this Q1 of this year, we added 18 locations with storage, totaling 1.1 million net rentable square feet. We currently have approximately 5.7 million new square feet being developed across 106 projects, and then another 6.3 million of potential future development behind that in properties that we own but haven't yet started. To put that in context, last year at this time, those two figures were 6.5 million square feet for active and 8.3 million square feet on pending, respectively. My projections have us continuing to see spending on self-storage growth decline. Moving and Storage operating expenses were up $55 million for the Q1 compared to the same period last year. Our Adjusted EBITDA margin declined by just over 1.5%. Personnel, fleet maintenance, and self-insurance liability costs were up just over $20 million.

Speaker #1: We currently have approximately 5.7 million new square feet being developed across 106 projects, and then another 6.3 million of potential future development behind that in properties that we own but haven't yet started.

Speaker #1: To put that in context, last year at this time, those two figures were 6.5 million square feet for active and 8.3 million square feet on pending, respectively.

Speaker #1: My projections have us continuing to see spending on self-storage growth decline. Moving and storage operating expenses were up $55 million, for the quarter, compared to the same period last year.

Speaker #1: Our EBITDA margin declined by just over 1.5 percent. Personnel fleet maintenance and self-insurance liability costs were up just over $20 million. During the quarter, freight and shipping costs became more of a margin issue, with these costs increasing close to $22.5 million from the run-up and what carriers are now charging.

Jason Berg: During the Q1, freight and shipping costs became more of a margin issue with these costs increasing close to $22.5 million from the run-up in what carriers are now charging. Shipping of our U-Box containers accounts for the largest component, with the smaller piece coming from shipping our retail products and repair parts in our system. For this last piece, our team is working to build further efficiencies into how we ship within the company. On the U-Box side, we continue to work with carriers, as well as evaluating additional customer pricing adjustments. This cost is likely to be a headwind for the rest of this year, peaking here in July, and then lessening over the H2. That's a lot of conjecture given how the freight markets are trending right now.

Speaker #1: Shipping of our U-Box containers accounts for the largest component, but there's a smaller piece coming from shipping our retail products and repair parts in our system.

Speaker #1: For this last piece, our team is working to build further efficiencies into how we ship within the company. On the U-Box side, we continue to work with carriers, as well as evaluating additional customer pricing adjustments.

Speaker #1: This cost is likely to be a headwind for the rest of this year, peaking here in July and then lessening over the back half of the year, but that's a lot of conjecture given how the freight markets are trending right now.

Jason Berg: Fleet depreciation increased $13.5 million for the Q1, but I'd like to point out only 800,000 of that increase was recognized after the month of April. It was May of last year that we began to materially increase the depreciation rate on our cargo van fleet. Those year-over-year negative variances are beginning to subside. Losses from the disposal of retired rental equipment decreased $24 million, actually resulting in a gain of $1.9 million for the Q1. The resale market for cargo vans started the fiscal year relatively strong and has been receding incrementally since. If this trend continues, it could lead to us holding the units purchased this fiscal year longer as we look ahead. As of 30 June of this year, cash and availability at the Moving and Storage segment totaled $1.349 billion.

Speaker #1: Fleet depreciation increased $13.5 million for the quarter, but I'd like to point out only $800,000 of that increase was recognized after the month of April.

Speaker #1: It was May of last year that we began to materially increase the depreciation rate on our cargo van fleet, so those year-over-year negative variances are beginning to subside.

Speaker #1: Losses from the disposal of retired rental equipment decreased $24 million, actually resulting in a gain of $1.9 million for the quarter. The resale market for cargo vans started the fiscal year relatively strong and has been receding incrementally since.

Speaker #1: If this trend continues, it could lead to us holding the units purchased this fiscal year longer as we look ahead. As of June 30th, this year, cash and availability at the moving and storage segment totaled $1,349,000,000.

Speaker #1: With regard to the $350 million share repurchase program that we announced during our last earnings release here in May, during the first quarter we started making purchases for both our voting and non-voting shares.

Jason Berg: With regard to the $350 million share repurchase program that we announced during our last earnings release here in May, during the Q1, we started making purchases for both our voting and non-voting shares. Through June, we repurchased 248,368 shares of voting at a cost of $15.6 million and 584,278 shares of our non-voting stock at a cost of $32.4 million. Since 30 June, through the close of the market yesterday, we've acquired an additional 149,747 voting shares and 813,211 non-voting shares. As of today, the maximum amount that we can still use for repurchases is just under $242 million. At today's prices, we still see value in repurchasing the shares. We're holding our 20th annual virtual analyst and investor meeting on Thursday, 20 August 2026 at 11:00 AM Arizona time, which is 2:00 PM Eastern Time.

Speaker #1: Through June, we repurchased $248,368 shares of voting at a cost of $15.6 million, and $584,278 shares of our non-voting stock at a cost of $32.4 million.

Speaker #1: Since June 30th, through the close of the market yesterday, we've acquired an additional $149,747 voting shares and $813,211 non-voting shares. As of today, the maximum amount that we can still use for repurchases is just under $242 million.

Speaker #1: At today's prices, we still see value in repurchasing the shares. We're holding our 20th annual virtual analyst and investor meeting on Thursday, August 20th, 2026, at 11 o'clock AM Arizona time, which is 2 o'clock PM Eastern Time.

Speaker #1: This is an opportunity to interact directly with company representatives through a live video webcast at investors.uhall.com. We'll have a brief presentation by the company and then the rest of the session will be questions and answers.

Jason Berg: This is an opportunity to interact directly with company representatives through a live video webcast at investors.uhaul.com. We'll have a brief presentation by the company, and then the rest of the session will be questions and answers. Feel free to submit the questions to us early by sending them to Sebastien, or there will be a process for submitting them live during the presentation. With that, I'd like to hand the call back to our operator to begin the question and answer portion of the call.

Speaker #1: Feel free to submit the questions to us early by sending them to Sebastien or there will be a process for submitting them live, during the presentation.

Speaker #1: With that, I'd like to hand the call back to our operator to begin the question-and-answer portion of the call.

Speaker #2: We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 to raise your hand.

Operator: We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you're muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. The first question is from the line of Steven Ramsey with Thompson Research Group. Your line is now open. Please go ahead.

Speaker #2: To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #2: And if you're muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. The first question is from the line of Stephen Ramsey with Thomson Research Group.

Speaker #2: Your line is now open. Please go ahead.

Speaker #3: Hi, good morning, everyone. Thanks for taking my questions. Maybe to start with, in storage, the development and pending square footage gradually declining to the $12 million level right now, do you expect this to continue gliding down in the next few quarters or through the rest of this year?

Steven Ramsey: Hi. Good morning, everyone. Thanks for taking my questions. Maybe to start with, in storage, the development and pending square footage gradually declining to the 12 million level right now, do you expect this to continue gliding down in the next few quarters or through the rest of this year? Is there a floor in your mind on either the pending or developed square footage that you would like to maintain for future business purposes?

Speaker #3: And is there a floor in your mind on either the pending or developed square footage that you would like to maintain for future business purposes?

Speaker #4: Well, first of all, what you'd like to do is you'd like to be developing just slightly more than you're renting. And right now, there's a significant gap there.

Joe Shoen: Well, first of all, what you'd like to do is you'd like to be developing just slightly more than you're renting. Right now, there's a significant gap there, where we had been developing at about twice the rate we were renting up. I don't have a hard number in my mind, but we're probably now developing at 140% of the rate we're renting up. There's been improvement there. I expect continued improvement there, and I'd like it to be closer. Part of the problem with development is by the time you see a store open, the company probably has three years on the site. Many of these things that you're seeing come up in the numbers we're really committed to at this point maybe two years ago. I have a pretty good idea of where we're headed, but we also pack into that number purchases.

Speaker #4: We had been developing at about twice the rate we were renting up. That's I don't have a hard number in my mind, but we're probably now developing at $140% of the rate we're renting up.

Speaker #4: So there's been improvement there. I expect continued improvement there, and I'd like it to be closer. Part of the problem with development is, by the time you see a store open, the company probably has three years in the site.

Speaker #4: So many of these things were that you're seeing come up in the numbers were really committed to at this point, maybe two years ago.

Speaker #4: So I have a pretty good idea of where we're headed, but we also pack into that number purchases. And should purchases should something open up, we're looking at it, and we would try to make a hard run at it.

Joe Shoen: Should purchases, should something open up, we're looking at it, and we would try to make a hard run at it. If you're buying existing, even if they're only 50% occupied, there's considerable value to that. Jason, do you have anything to add?

Speaker #4: So if you're buying existing, even if they're only 50% occupied, there's considerable value to that. Jason, do you have any?

Steven Ramsey: Okay. That's helpful.

Speaker #3: Okay. Okay. That's helpful.

Jason Berg: No, I don't.

Speaker #1: No, I don't.

Speaker #3: Okay, that's helpful. And then, good to get some of the color on the opex growth. Maybe just to unpack it another way, opex grew 7%, while moving and storage revenue was up 3%.

Steven Ramsey: Okay. That's helpful. Good to get some of the color on the OpEx growth. Maybe another way to unpack it, OpEx grew 7%, moving and storage revenue up 3%. Can you maybe dissect how much of the operating expense growth was for the freight issues and how much of it is more in your control, such as repair and maintenance? Basically, what actions could you take in the next few quarters to moderate the OpEx growth down to where moving and storage revenue is?

Speaker #3: Can you maybe dissect how much of the operating expense growth was for the freight issues and how much of it is more in your controls, such as repair and maintenance, basically what actions could you take in the next few quarters to moderate the opex growth down to where moving in storage revenue is?

Speaker #4: Okay. Let me take a bite out, and then we'll turn it to Jason. Part of this is inflationary, and we've pushed back on this, and we've had a lag, but that stuff inevitably catches up to you.

Joe Shoen: Okay. Let me take a bite out of it and then we'll turn it to Jason. Part of this is inflationary, and we've pushed back on this, and we've had a lag. That stuff inevitably catches up to you. That's it. Reported inflation is lower than what I think actual inflation is, both for our customers and for the company ultimately. Of course, it puts pressure on personnel. Most of our increase in personnel has been in medical benefits, not in base compensation. There's a built-in, I should say, postponed reckoning there. With the fleet, part of this had to do with the rate at which we are selling trucks. Prior to sale, we bring the truck up to good saleable condition, and that could cost easily $4,000 a unit.

Speaker #4: So that's it. Reported inflation is lower than what I think actual inflation is, both for our customers and for the company ultimately. Of course, it puts pressure on personnel.

Speaker #4: Most of our increase in personnel has been in medical benefits, not in base compensation. So there's a built-in I should say postponed reckoning there.

Speaker #4: With the fleet, part of this had to do with the rate at which we are selling trucks prior to sale. We bring the truck up to good saleable condition, and that could cost easily $4,000 a unit.

Speaker #4: So that pushed our numbers to around a little bit in this quarter. And it kind of moves the expenses between quarters. So I think we might see a little bit better in that in the next quarter.

Joe Shoen: That pushed our numbers around a little bit in this quarter, and it kind of moves the expenses between quarters. I think we might see a little bit better in that in the next quarter. Jason, do you want to add to that?

Speaker #4: Jason, you want to add to that?

Speaker #1: Sure. If you think about our big three costs: personnel, repair and maintenance, and the liability costs for the fleet, those three costs this quarter were up about $20 million and they represent about 70% of our operating expense number.

Jason Berg: Sure. If you think about our big three costs, personnel, repair and maintenance, and the liability costs for the fleet, those three costs this quarter were up about $20 million. They represent about 70% of our operating expense number. If you were to take those as a percent of revenue, I would estimate that they probably took down the margin somewhere around 25 basis points. Whereas the freight number, the $22-plus million increase there, as a percent of its normal run rate, is fairly significant. Now, we're coming off of a three-year period where the freight market has been extremely positive for people who are shipping and not so much for people that are doing the shipping.

Jason Berg: Sure. If you think about our big three costs, personnel, repair and maintenance, and the liability costs for the fleet, those three costs this quarter were up about $20 million. They represent about 70% of our operating expense number. If you were to take those as a percent of revenue, I would estimate that they probably took down the margin somewhere around 25 basis points. Whereas the freight number, the $22+ million increase there, as a percent of its normal run rate, is fairly significant. Now, we're coming off of a three-year period where the freight market has been extremely positive for people who are shipping and not so much for people that are doing the shipping.

Speaker #1: So if you were to take those as a percent of revenue, I would estimate that they probably took down the margin somewhere around 25 basis points.

Speaker #1: Whereas the freight number, the $22-plus million increase there, as a percent of its normal run rate, is fairly significant. Now, we're coming off of a three-year period where the freight market has been extremely positive for people who are shipping and not so much for people that are doing the shipping.

Speaker #1: So, if there's a positive to this—and we're going to have to balance this with revenue expectations for you, Box—is that for the largest portion of this freight cost increase, we're either going to eat some of that cost or pass some of it along to the customers.

Jason Berg: If there's a positive to this, and we're going to have to balance this with revenue expectations for U-Box, is that for the largest portion of this freight cost increase, we're either going to eat some of that cost or pass some of it along to the customers, and I think we'll probably be doing some version of a little bit of both.

Speaker #1: And I think we'll probably be doing some version of a little bit of both.

Speaker #3: Okay. Okay. That's helpful. And then last one for me, halfway through the effort to add dealers, can you talk about how effective this has been in your mind and are you still confident that you need to go all the way to where that goal was?

Steven Ramsey: Okay. That's helpful. Last one from me, halfway through the effort to add dealers, can you talk about how effective this has been in your mind? Are you still confident that you need to go all the way to where that goal was?

Speaker #4: Yes. What happens of course is you bring somebody on and typically the revenue lags behind as they just learn. So it's kind of a anybody's guess is how far or how mature is your addition of it.

Joe Shoen: Yes, what happens, of course, is you bring somebody on and typically the revenue lags behind as they just learn. It's kind of anybody's guess is how far or how mature is your addition of it. It's certainly no more than half, because no more than half have been brought online. I would say probably in numbers coming through, it's probably closer to a third complete because those numbers, the first period of time, the dealer is just getting established. The market will support 3,000 dealers if we will thoughtfully open them. There's quite a little bit to this. Of course, we have about 850 people who opening dealers is part of their job content, so we have quite a force pretty much overlaid the population, just about how the population exists. I think that we can certainly do 3,000.

Speaker #4: It's certainly no more than half because no more than half have been brought online. I would say probably in numbers coming through, it's probably closer to a third complete because those numbers the first period of time the dealer is just getting established.

Speaker #4: We can easily see the market will support 3,000 dealers if we will thoughtfully open them. There's quite a little bit to this. Of course, we have about 850 people for whom opening dealers is part of their force, pretty much overlaid on the population, just about how the population exists.

Speaker #4: I think that we can certainly do 3,000, but we will do when we get there and how much more emphasis on it we'll put.

Joe Shoen: What we will do when we get there and how much more emphasis on us we'll put, I don't know. If you looked at us over the 30-year period, what you'd see is dealers and U-Haul operated stores have kind of a 10 to one ratio. We're just kind of adjusting up where we had ought to be. We've had quite a drive on adding company-owned locations, which of course, drives CapEx real hard. With dealer, the CapEx is in fleet, not in property, plant, and equipment. The fleet, if you can handle the dealer by just being a little more deft on how you handle distribution, you don't have a huge capital commitment to add more dealers. That's a positive part of this whole deal. I believe we can add the 3,000. We already outgun our competitors pretty solidly, but our goal isn't to outgun them.

Speaker #4: I don't know. If you looked at us over the 30-year period, what you see is dealers and U-Haul operate as stores have kind of a 10 to 1 ratio.

Speaker #4: And we're just kind of adjusting up where we had ought to be. We've had quite a drive on adding company-owned locations, which of course drives capex really hard.

Speaker #4: With dealer, the capex is in fleet, not in property plan equipment. So the fleet if you can handle the dealer by just being a little more deft on how you handle distribution, you don't have a capital commitment to add more dealers.

Speaker #4: So that's a positive part of this whole deal. I believe we can add the 3,000 and we already outgunned our competitors pretty solidly. But our goal isn't to outgun them.

Speaker #4: Our goal is to try to get a better connection with the customer where the customer defaults to U-Hauls as a solution. We have compelling evidence that if we'll introduce a truck into a community, imagine it was one truck.

Joe Shoen: Our goal is to try to get a better connection with the customer, where the customer defaults to U-Haul as a solution. We have compelling evidence that if we'll introduce a truck into a community, imagine it was one truck, it's not, but if we introduce one truck into a community and hold the line for 10 years, we have solid evidence that the consumers in that community will drop about 19 vehicles from the registrations. In other words, a whole bunch of pickups and vans and miscellaneous vehicles the customers are hanging onto. When they find U-Haul is a reliable and nearby solution, it's a more cost-effective solution than holding onto a vehicle. There's a lot of pressure in the country right now to reduce vehicles.

Speaker #4: It's not, but if we introduce one truck into a community and hold the line for 10 years, we have solid evidence that the consumers in that community will drop about 19 vehicles from the registration.

Speaker #4: So in other words, a whole bunch of pickups and vans and miscellaneous vehicles the customers are hanging onto. When they find U-Haul as a reliable and nearby solution, it's a more cost-effective solution than holding onto a vehicle.

Speaker #4: So there's a lot of pressure in the country right now to reduce vehicles. Of course, that isn't what the automakers are looking for. And it's not our goal, but it is what we see come out of it, which helps align our goals with the goals of most communities they're trying to get a reduction there.

Joe Shoen: Of course, that isn't what the automakers are looking for, and it's not our goal, but it is what we see come out of it, which helps align our goals with the goals of most communities that are trying to get a reduction there. I think there's room. Executing it's a little bit of a hat trick, but we have good momentum right now, and I have good esprit de corps in my team. I would expect we'll continue.

Speaker #4: That's why I think there's I think there's room. Executing it's a little bit of a hat trick, but we're we have good momentum right now, and I have good esprit de corps in my team.

Speaker #4: So I would expect we'll continue.

Speaker #3: Thank you for the color.

Steven Ramsey: Thank you for the color.

Speaker #1: The next question is from the line of Stephen Ralston of ZAX. Your line is now open. Please go ahead.

Operator: The next question is from the line of Steven Ralston of Zacks. Your line is now open. Please go ahead.

Speaker #5: Good morning. First, I'd like to congratulate Joe on his 50th anniversary with U-Haul. I looked at the photos in the social media and it looked like you had a nice party.

Steven Ralston: Good morning.

Joe Shoen: Good morning.

Steven Ralston: First, I'd like to congratulate Joe on his 50th anniversary with U-Haul.

Joe Shoen: Well, thank you.

Steven Ralston: I looked at the photos in the social media, and it looked like you had a nice party.

Speaker #4: Yeah. I'm not Mr. Party exactly, but you're right. We had a nice party.

Joe Shoen: Yeah. I'm not Mr. Party, exactly, you're right. We got a nice party.

Speaker #5: In the self-moving segment, I noticed both transactions and total revenues increased both across in-town and one-way markets. But it appears that the average revenue per transaction is not headed in the same direction.

Steven Ralston: In the self-moving segment, I noticed both transactions and total revenues increased, both across in-town and one-way markets. It appears that the average revenue per transaction is not headed in the same direction. Could you unpack the dynamics behind this divergence?

Speaker #5: Could you unpack the dynamics behind this divergence?

Speaker #1: Sure. Stephen, this is Jason. So it continues to be a little bit of a balancing act with where we're at on rates and where we're at on transactions.

Jason Berg: Sure, Steven. This is Jason. It continues to be a little bit of a balancing act with where we're at on rates and where we're at on transactions. On our one-way business this quarter, we saw a pickup on revenue and a little bit stronger on a percentage basis pickup in transactions, but the average revenue per transaction was still off a little bit. For the longest time now, that's been due to miles per transaction, but we actually saw a small increase in miles per one-way transaction for the quarter. We just, for the last 2 quarters, have seen the revenue per mile step back a little bit, and our team is looking at that. It has not been a concerted effort to try to do that, so I don't think that's going to be a trend that will continue.

Jason Berg: Sure, Steven. This is Jason. It continues to be a little bit of a balancing act with where we're at on rates and where we're at on transactions. On our one-way business this quarter, we saw a pickup on revenue and a little bit stronger on a percentage basis pickup in transactions, but the average revenue per transaction was still off a little bit. For the longest time now, that's been due to miles per transaction, but we actually saw a small increase in miles per one-way transaction for the quarter. We just, for the last two quarters, have seen the revenue per mile step back a little bit, and our team is looking at that. It has not been a concerted effort to try to do that, so I don't think that's going to be a trend that will continue.

Speaker #1: So on our one-way business this quarter, we saw a pickup on revenue and a little bit stronger on a percentage basis pickup in transactions.

Speaker #1: But the average revenue per transaction was still off a little bit. And for the longest time now, that's been due to miles per transaction.

Speaker #1: But we actually saw a small increase in miles per one-way transaction for the quarter. So we've just for the last two quarters, have seen the revenue per mile step back a little bit.

Speaker #1: And our team is looking at that. It's not has not been a concerted effort to try to do that. So I don't think that's going to be a trend that will continue.

Speaker #1: On the in-town business, transactions have been up, I would say, on a quarterly basis in a fairly spotty fashion. We had a decent about a 2% increase in in-town transactions for this quarter.

Jason Berg: On the in-town business, transactions have been up, I would say, on a quarterly basis in a fairly spotty fashion. We had a decent, about a 2% increase in in-town transactions for this quarter. I'm sorry, revenue. The transaction increase was probably half a percent. I apologize. On there, we saw revenue per mile outpace the decrease in miles a little bit. We haven't really had a quarter yet where everything is trending in a positive direction. I would say that we just haven't had, other than a fairly steady increase in revenue, the three major factors that contributed to that haven't lined up all in one quarter.

Speaker #1: I'm sorry, revenue. The transaction increase was probably half a percent. I apologize. On there, we saw revenue per mile outpace the decrease in miles a little bit.

Speaker #1: So we haven't really had a quarter yet where everything is trending in a positive direction. I would say that we just haven't had other than a fairly steady increase in revenue, the three major factors that contribute to that haven't lined up all in one quarter.

Speaker #4: I might add to that. I've consistently been kind of a little bit of a transactions now revenue to follow guy, which annoys some people here.

Joe Shoen: I might add to that. I've consistently been kind of a little bit of a transactions now revenue to follow guy, which annoys some people here. There's a certain amount of truth to it. As we've added locations, it's become more convenient to people, and in fact, that is reflected in maybe a little bit lower ticket because maybe they drove 5 miles less or something of that nature. In my experience, if you can drive transactions, and particularly bring newer people into the customer base, that over the period, they will continue. They will tend to repeat, and we'll see continued growth. That's what I'm driving on. I think we have pretty good awareness here, revenue per transaction and miles per transaction. We're not alarmed.

Speaker #4: But there's a certain amount of truth to it. So as we've added locations, it's become more convenient to people. And in fact, that's reflected in maybe a little bit lower ticket because they didn't drive quite maybe they drove five miles less or something of that nature.

Speaker #4: But in my experience, if you can drive transactions and particularly bring newer people into the customer base, that over a period, they will continue.

Speaker #4: They will tend to repeat, and we'll see continued growth. So that's what I'm driving at. But I think we have pretty good awareness here of revenue per transaction and miles per transaction.

Speaker #4: We're not alarmed.

Speaker #5: Thank you. Moving over to U-Box, other revenue only grew 1.1% this quarter, which we know is primarily driven by U-Box. Over the last two quarters, U-Box has expanded its footprint in warehouse space, containers, and delivery vehicles.

Steven Ralston: Thank you. Moving over to U-Box. Other revenue only grew 1.1% this quarter, which we know is primarily driven by U-Box. Over the last few quarters, U-Box has expanded its footprint in more house space and containers and delivery vehicles. Is this due to a tough comparison against last year's 15.5% growth in the Q1 of the last fiscal year, or is something else impeding U-Box's top-line growth?

Speaker #5: Is this due to a tough comparison against last year's 15, roughly half percent growth in the first quarter of the last fiscal year, or is it something else impeding Ubox's top-line growth?

Speaker #1: Well, I'll start with that and let Joe clean up if he needs to. The transactions the underlying transactions for the quarter looked better than the actual revenue result.

Jason Berg: Well, I'll start with that and let Joe clean up if he needs to. The underlying transactions for the quarter looked better than the actual revenue results. Part of this, I would attribute a couple million dollars of the variance is just due to how we've done the accounting for some of the insurance products associated with this product, and shifted some of that to our P&C company from here. Even given that, it wasn't a blowout quarter for U-Box. Number of boxes in storage is up, and the number of boxes that we shipped is up. It's just that the average revenue per each of those didn't climb as fast.

Speaker #1: So part of this, I would attribute a couple million dollars of the variance is just due to how we've done the accounting for some of the insurance products associated with this product.

Speaker #1: And shifted some of that to our P&C company from here. But even given that, it wasn't a blowout quarter for Ubox. So number of boxes in storage is up.

Speaker #1: And the number of boxes that we shipped is up. It's just that the average revenue per each of those didn't climb as fast. And I referenced the issue that we have with freight.

Jason Berg: I referenced the issue that we have with freight, and that's going to be a balancing act as we go through the rest of this year, is how much of the inflation that we're facing can the customer bear without us affecting transactions too much.

Speaker #1: And that's going to be a balancing act as we go through the rest of this year is how much of the inflation that we're facing can the customer bear without us affecting transactions too much.

Speaker #4: I might add to that that when you see this freight goes up, it has another kind of a strange consequence. It often reflects more late shipments.

Joe Shoen: I might add to that when you see this freight goes up, it has another kind of a strange consequence. It often reflects more late shipments. Late shipments really annoy the customer. We had an increase in late shipments that had something to do just with the general freight market. In other words, people were bidding a job, awarded the job, then they just didn't show, okay. Which causes us to have to basically book some real expedited. Expedited shipments can cost you three times what a regular shipment costs. I can't quite unpack that number, but there's an underlying thread going on here. We made some changes probably four weeks ago now that have driven down late shipments, and that'll drive up customer satisfaction. You're always running the blend of this.

Speaker #4: And late shipments really annoy the customer. So we had an increase in late shipments that had something to do just with the general freight market.

Speaker #4: In other words, people were bidding a job awarded the job, then they just didn't show. Okay? Which causes us to have to basically book some real expedited and expedited shipments can cost you three times.

Speaker #4: But a regular shipment costs it. I can't quite unpack that number, but there's an underlying thread going on here. We made some changes probably four weeks ago now that have driven down late shipments.

Speaker #4: And that'll drive up customer satisfaction. You're always running the blend of this. So I think we made a misstep there that has been corrected.

Joe Shoen: I think we made a misstep there that has been corrected, and I think that we will be proceeding ahead calmly and solidly. The increase in boxes and storage is another key metric we've driven on hard over the last nine months. We're starting to see some results there. The U-Box product is kind of a mix of U-Move and U-Store. It's hard to characterize the customer as one or the other. The greater margin is in the storage of the U-Box rather than the shipping of the U-Box. As we drive on more storage, which we attribute to U-Box, we don't put that into our storage numbers, but it, in fact, is storage. As we drive on the more storage for U-Box, I think it's going to help our margins a little bit and drive the whole thing.

Speaker #4: And I think that we will be proceeding ahead calmly and solidly. The increase in boxes in storage is another key metric we've driven on hard over the last nine months.

Speaker #4: And we're starting to see some results there. The Ubox product is kind of a mix of you move in your store. It's hard to characterize the customer as one or the other.

Speaker #4: And the greater margin is in the storage of the U-Box rather than the shipping of the U-Box. So as we drive on more storage, which we attribute to U-Box, we don't put that into our storage numbers, but it, in fact, is storage.

Speaker #4: So as we drive on the more storage for Ubox, I think it's going to help our margins a little bit. And drive the whole thing.

Speaker #4: So yeah, we were a little slower than what we had hoped to do, but it appears to be turning the corner.

Joe Shoen: Yeah, we were a little slow from what we had hoped to do, but it appears to be turning the corner.

Speaker #5: Thank you. And just a last quick ick question. Concerning the share repurchase program, with the announcement last quarter, your stock has gone up 42% since you announced the program.

Steven Ralston: Thank you. Just a last quick question concerning the share repurchase program. With the announcement last quarter, your stock has gone up 42% since you announced the repurchase program. Looking at how it's composed, roughly $32 and a half million was deployed toward non-voting stock and $15 and a half million to voting stock, which is a 2 to 1 ratio, roughly. The ratio between non-voting and voting shares is 9 to 1. Is there a strategic reasoning concerning this mix?

Steven Ralston: Thank you. Just a last quick question concerning the share repurchase program. With the announcement last quarter, your stock has gone up 42% since you announced the repurchase program. Looking at how it's composed, roughly $32 and a half million was deployed toward non-voting stock and $15 and $500,000 to voting stock, which is a 2 to 1 ratio, roughly. The ratio between non-voting and voting shares is 9 to 1. Is there a strategic reasoning concerning this mix?

Speaker #5: But looking at the how it's composed, roughly 32 and a half million was deployed toward non-voting stock and 15 and a half million to voting stock, which is a two-to-one ratio roughly.

Speaker #5: And but the ratio between non-voting and voting shares is nine to one. Is there a strategic reasoning concerning this mix?

Jason Berg: I'll start with that. This is Jason. When we first rolled out the plan, we were testing different allocations and different trading strategies to see what effect it would have on the shares. When the safe harbor window closed and we had to switch to a 10b5-1 plan, I think you've seen in the numbers that we put into the Q as subsequent to the quarter and what I just reported now, that it shifted a little bit more towards buying the non-voting shares. In our minds, there really shouldn't be much of a valuation difference between those two shares, but it's interesting to see where individual investors decide to attribute value. I guess that's my insight into it.

Jason Berg: I'll start with that. This is Jason. When we first rolled out the plan, we were testing different allocations and different trading strategies to see what effect it would have on the shares. When the safe harbor window closed and we had to switch to a 10b5-1 plan, I think you've seen in the numbers that we put into the quarter as subsequent to the quarter and what I just reported now, that it shifted a little bit more towards buying the non-voting shares. In our minds, there really shouldn't be much of a valuation difference between those two shares, but it's interesting to see where individual investors decide to attribute value. I guess that's my insight into it.

Speaker #1: I'll start with that. This is Jason. So when we first rolled out the plan, we were testing different allocations and different trading strategies to see what effect it would have on the shares.

Speaker #1: When the Safe Harbor window closed and we had to switch to a 10B51 plan, I think you've seen in the numbers that we put into the queue as subsequent to the quarter and what I just reported now that it shifted a little bit more towards buying the non-voting shares.

Speaker #1: In our minds, there really shouldn't be much of a valuation difference between those two shares. But it's interesting to see where individual investors decide to attribute value.

Speaker #1: And so I guess that's my insight into it.

Steven Ralston: Mm-hmm. Are you saying it's almost totally due to the regulatory restrictions of implementing a share repurchase program?

Speaker #5: Yeah. In other are you saying it's almost totally due to the regulatory restrictions of implementing a share repurchase program?

Speaker #1: No. We set the plan. But then the plan just runs outside the safe outside the Safe Harbor window. I would say the I mean, if you look at the number of shares that we've repurchased, and the number of shares that are trading, it's not our trading activity that I don't believe it's the actual trades that are driving the share price.

Jason Berg: No. We set the plan. The plan just runs outside the safe harbor window. I would say, if you look at the number of shares that we've repurchased and the number of shares that are trading, it's not our trading activity, I don't believe it's the actual trades that are driving the share price, because we're a relatively small piece of the overall activity.

Speaker #1: Because we're a relatively small piece of the overall activity.

Speaker #5: Oh, no. I didn't mean to imply that at all. I was thinking that I know it's based on the average volume of the shares on a given day.

Steven Ralston: Oh, no, I didn't mean to imply that at all.

Jason Berg: Okay.

Steven Ralston: I was thinking that I know it's based on the average volume of the shares on a given day that is regulatorily controlled, and if that was forcing you to have this skew initially.

Speaker #5: That is regulatory controlled. And if that was forcing you to have this skew initially.

Speaker #1: No. That's not the case at all.

Jason Berg: No, that's not the case at all.

Speaker #5: All right. Thank you for answering my questions.

Steven Ralston: All right. Thank you for answering my questions.

Speaker #1: You're welcome.

Jason Berg: You're welcome.

Speaker #3: The next question is from the line of Andy Loy. From Wolf Research. Your line is now open. Please go ahead.

Operator: The next question is from the line of Andy Liu from Wolfe Research. Your line is now open. Please go ahead.

Andy Liu: Hey, morning. Thank you for taking the question. A lot of good ground is already covered, my question is really as you think about the U-Haul footprint geographically. Just kind of wondering where you guys look to expand or even contract, because when I look at the earnings release, you guys get the top 20 markets. I see the biggest growth in square footage on the storage side is North Carolina, Ontario, and then you actually had some square footage decline quarter-over-quarter from places like Missouri and Indiana. I'm just curious, are there certain states or markets that are performing relatively better that you're looking to expand more into, or is there some places where there could be some portfolio pruning going on?

Speaker #6: Hey, morning. Thank you for taking the question. A lot of good ground has already been covered, so my question is really, as you think about the U-Haul footprint geographically, right?

Speaker #6: Just kind of wondering were you guys looking to expand or even contract? Because I look because when I look at the earnings release, right, you guys get the top 20 markets.

Speaker #6: I see kind of the biggest growth in square footage on the storage side. It's North Carolina, Ontario, and then you actually had some square footage decline quarter over quarter from places like Missouri and Indiana.

Speaker #6: So I'm just curious, are there certain states or markets that are performing relatively better that you're looking to expand more into? Or are there some places where there could be some portfolio pruning going on?

Speaker #4: This is Joe. We're not dropping storage except a condemnation or something of that nature. We're I'm trying to think of a place a couple of times we've done a redevelopment of a place so you'd take the storage down and then magically two years later you add more rooms to the same site.

Joe Shoen: This is Joe. We're not dropping storage except a condemnation or something of that nature. I'm trying to think of a place. A couple of times we've done a redevelopment of a place, you take the storage down and then magically two years later you add more rooms to the same site. As far as no, we're not pruning the portfolio. That'd be the answer to that first question. The second part to me was, how are you deciding where to put it? Well, as you probably are better aware than I am, there's a bunch of sharp people with plenty of statistical information building storage also. We are looking for where we see an opportunity for us, and often because we have such a broad footprint, we may see an opportunity. I don't know currently.

Speaker #4: So as far as no, we're not pruning the portfolio. That'd be the answer to that first question. The second question the second part to me was how are you deciding where to put it?

Speaker #4: Well, as you probably are better aware than I am, there's a bunch of sharp people with plenty of statistical information building storage also. So we are looking for where we see an opportunity for us.

Speaker #4: And often because we have such a broad footprint, we may see an opportunity. So I don't know currently. The last time I looked, public storage was serving 41 states.

Joe Shoen: The last time I looked, Public Storage was serving 41 states, they're not competing in nine states. I might see more opportunity there. For instance, we put a bunch of storage into Wyoming and Montana, not exactly New York City, but we think they were all opportunities, we're kind of being opportunistic. Storage is very much a local market when you get down to an individual storage. It's geographically specific, I guess would be a better way to say it. Storage is geographically specific. You only store in Montana if you have some other contact or relation with Montana. There's always brand awareness issues, and we, I think, work on them. I think maybe our re-competitors are making some decisions more driven by that than we are. We believe we have fairly good brand awareness.

Speaker #4: So they're not competing in nine states. So I might see more opportunity there. For instance, we've put a bunch of storage into Wyoming and Montana.

Speaker #4: Not exactly New York City, but we think they were all opportunities. And so, we're kind of being opportunistic. Storage is very much a local market when you get down to an individual store.

Speaker #4: It's geographically specific, I guess would be a better way to say it. Storage is geographically specific. You only store in Montana if you have some other contact or relation with Montana.

Speaker #4: There's always brand awareness issues. And we I think work on them. I don't think I think maybe our recompetitors are making some decisions more driven by that than we are.

Speaker #4: We've believe we have fairly good brand awareness. So no, we're not pruning. And yes, we're trying to look for where the opportunity is. And oftentimes it's taking out of us out of some of the major metros because there's not a major metro in the United well, I'll say there is one.

Joe Shoen: No, we're not pruning, yes, we're trying to look for where the opportunity is, oftentimes it's taking us out of some of the major metros because there's not a major metro in the United Well, I'll say there is one. El Paso, I mean, Laredo, Texas. We went into Laredo, nobody else was there. Okay, well, I won't bore you with all the reasons, but that's a significant metro area with no national competitors. That would be an example. We're in there because we're in with the U-Move product and we're familiar with the market. We consider that a good market. The rest of the country may say it's an unsettled border town and they don't want a piece of it. Well, that'll be okay too. We're already in, we're already dealing with it.

Speaker #4: El Paso I mean, Laredo, Texas. We went into Laredo. Nobody else is there. Okay. Well, I won't bore you with all the reasons. But that's a significant metro area with no national competitors.

Speaker #4: So that would be an example of we're in there because we're in with the UMove product and we're familiar with the market. It's just so we consider that a good market.

Speaker #4: The rest of the country may say it's an unsettled border town and they don't want a piece of it. Well, that'll be okay too.

Speaker #4: We're already in. We're already dealing with it.

Speaker #6: Okay. No. No. Awesome. That's a lot of good detail there. I appreciate that. And you brought up the interesting point of kind of brand recognition.

Andy Liu: Okay. No, awesome. That's a lot of good detail there. I appreciate that. You brought up the interesting point of your kind of brand recognition. I know earlier this year, and you guys do this periodically as well, put onto your website about things such as, earlier this year it was the rate lock for a year. As you talk about the pace of net move-ins picking up, would you attribute that more towards you guys are doing something unique and different or do you see a broader improvement in the overall industry and leasing environment?

Speaker #6: I know earlier this year, right, and you guys do this periodically as well. Put onto your website about things such as this early this year, it was the rate lock for a year.

Speaker #6: So as you talk about kind of the pace of move-in of net move-ins picking up, would you attribute that more towards kind of you or do you see a broader improvement in the overall industry and leasing environment?

Speaker #4: No, I don't think the industry and leasing environment is improving. I think, in fact, that the major companies we're competing with are destroying the industry's reputation with the consumer, or eroding it.

Joe Shoen: No, I don't think the industry and leasing environment is improving. I think it's the fact that the major companies we're competing with are destroying the industry's reputation with the consumer, or eroding it. They're not destroying it. That's overbroad, but they're eroding it. We're using price lock to try to distinguish that, but it's difficult for consumers to separate one big company from another. It's a little bit of an uphill battle, but we're dealing with that battle, and we have been the only major person who's ever posted prices at their location for probably 30 years. We have a whole different view of relations to consumers than some other people do, and only the future will determine who's correct.

Speaker #4: They're not destroying it. That's overbroad. But they're eroding it. And we're using price lock to try to distinguish that. But it's difficult for consumers to separate one big company from another.

Speaker #4: And so it's a little bit of an uphill battle. But we're dealing with that battle. And that's we have had a we have been the only major person who's ever posted prices in their at their location for probably 30 years.

Speaker #4: And we have a whole different view of relations to consumers. Then some other people do. And only the future will determine who's correct.

Speaker #6: Okay, great. No, thanks so much for all the details there. Thanks so much for your time.

Andy Liu: Okay, great. No, thanks so much for all the details there. Thanks for your time.

Speaker #3: The next question is from Jeff Kaufman of Citizens Bank. Your line is now open. Please go ahead.

Operator: The next question is from Jeff Kauffman of Citizens Bank. Your line is now open. Please go ahead.

Speaker #5: Thank you very much. Well, congratulations, Joe. And also, I guess I'm kind of wondering, are you surprised by the share reaction post the announcement of the buyback?

Jeff Kauffman: Thank you very much. Well, congratulations, Joe. Also, I guess I'm kind of wondering, are you surprised by the share reaction post the announcement of the buyback?

Speaker #4: No, I think the market was sweating us out a little bit, and then they quit sweating us out. The value's there—and more. But of course, it's always a question of time.

Joe Shoen: No, I think the market was sweating us out a little bit, and they quit sweating us out. The value's there and more, but of course, it's always a question of time, and you all have a relatively tight timeframe. I too often see things in terms of decades rather than quarters, we have to get kind of a happy meeting place, and I think that the buyback gave us a little bit more of a happy meeting place.

Speaker #4: And you all have a relatively tight time frame. So I too often see things in terms of decades rather than quarters. And so we have to get kind of a happy meeting place.

Speaker #4: And I think that the buyback gave us a little bit more of a happy meeting place.

Jeff Kauffman: Well, it's nice that the market's seeing the value now. Question for gains on sale. Big turn this quarter, great to see. I know we're still well off of probably where we should be on a normalized basis, but given the big year-on-year change of almost $24 million, could you talk a little bit about the components of it? How much of that change was we sold more vehicles? How much of that change was a change in vehicle price? How much of that change was relative to the lower depreciable value that you guys have been pushing through the P&L?

Speaker #5: Well, it's nice that the market's seeing the value now. Question for Gaines on Sale. Big turn. This quarter, great to see. I know we're still well off of probably where we should be on a normalized basis.

Speaker #5: But given the big year-on-year change of almost 24 million, could you talk a little bit about the components of it? How much of that change was we sold more vehicles?

Speaker #5: How much of that change was a change in vehicle price? How much of that change was relative to the lower depreciable value that you guys have been pushing through the P&L?

Speaker #4: Well, I'll touch on it. Then I'll let Jason. He's a much more precise on his numbers. But basically, there's with all this, depreciation and resale are murky.

Joe Shoen: Well, I'll touch on it, then I'll let Jason, he's much more precise on his numbers. Basically, with all this, depreciation and resale are murky, our objective is to try to reflect actual depreciation. You'll see sometimes we are more aggressive than other companies because we think there was real, actual depreciation. We're trying to match it in. We did a poor job of that, I think, for three years because we were foolishly optimistic on resale values. We got a little more realistic on resale values, our depreciation came in. We're realizing the costs every quarter, which when I took accounting and principles of accounting, that was one of them. Try to have income and expense in the same period. I think it's just a better reflection, okay?

Speaker #4: And so our objective is to try to reflect actual depreciation. And so you'll see sometimes we are more aggressive than other companies. Well, because we think there was real actual depreciation.

Speaker #4: And so we're trying to match it in we did a poor job of that, I think, for three years. Because we were foolishly optimistic on resale values.

Speaker #4: We got a little more realistic on resale values and started appreciation came in. So we're realizing the costs every quarter. Which when I took accounting and principles of accounting, that was one of them.

Speaker #4: Try to have income and expense in the same period, so I think it's just a better reflection. Okay. So you could say it was all due to depreciation.

Joe Shoen: You could say it was all due to depreciation, and you understand it's not. We don't have total product line visibility of income. I can't say we know for a fact how did the pickups do, how in fact did the. Because a bunch of expenses are allocated if you look at our total operating expenses. We saw improvement across the board, including on equipment condition. Equipment condition impacts resale. If it's too good, you've not run the equipment hard enough. If the equipment condition is poor, you've run the equipment too hard. That's a little bit of a murky one, but we did a better balancing job, and most of the actions we took on that really date back probably 20 months.

Speaker #4: And you understand it's not. But and we don't have total product line visibility of income. I can't say we know for a fact how did the pickups do, how in fact did the because a bunch of expenses are allocated in if you look at our total operating expenses.

Speaker #4: But we saw improvement across the board, including on equipment condition. So equipment condition impacts resale. If it's too good, you've not run the equipment hard enough.

Speaker #4: If the equipment condition is poor, you've run the equipment too hard. And so that's a little bit of a murky one. But we did a better balancing job.

Speaker #4: And most of the actions we took on that really date back probably 20 months, because this has to all process through on a sales cycle, if that makes sense.

Joe Shoen: Because this has to all process through on a sales cycle, if that makes sense, and the sales cycle is something like 20 months. It's been moving around because we've had dead ends, we've held sales, and Jason alluded to, we might hold some sales going into this fall. It's just a constant trade-off. You're trying to optimize that, and it doesn't just run statistically on railroad tracks. A big part of that is because of the total disruption of the automotive industry and new prices and resale prices have oscillated, not our experience for 40 years was they crept up. They've been oscillating, and they've actually crept down, or not crept down. They've, in some cases, fell dramatically over the last three years relative to acquisition prices.

Speaker #4: And the sales cycle is something like 20 months. It's been moving around because we've had dead ends, and so we've held sales. And Jason alluded to the fact that we might hold some sales going into this fall.

Speaker #4: We were just it's just a constant trade-off. You're trying to optimize that. And it's not a it's not just run statistically on railroad tracks.

Speaker #4: And a big part of that is because of the total disruption of the automotive industry. And new prices and resale prices have oscillated, not our experience for 40 years was they crept up.

Speaker #4: But they've been oscillating. And they've actually crept down—or, not crept down, they've, in some cases, fallen dramatically over the last three years, relative to acquisition prices.

Joe Shoen: The automakers are very hard working at trying to regulate this, because of course it upsets their business massively. A great deal of this has to do with political movements related to green energy and battery-powered or non-internal combustion related engines. This has kind of whipsawed everything, but those things have. There's been some shock absorbers put on that mess over the last year, and that's helped us. It's helped everybody get some predictability. We don't just adjust our depreciation every quarter. We try to have a little more continuity because you don't know if something's an incident or a trend, and we're looking at this constantly trying to evaluate it. I would say our guesses were more accurate, let's put that, than what our guesses were in some prior times. That had to do with something with how well we did our job.

Speaker #4: The automakers are very hardworking at trying to regulate this and get a because of course, it upsets their business massively. A great deal of this has to do with movements political movements related to green energy and battery-powered or non-internal combustion-related engines.

Speaker #4: And so this has kind of whipsawed everything. But there have been some shock absorbers put on that mess over the last year.

Speaker #4: And that's helped us. It's helped everybody get some predictability. We can't just adjust what we can't we don't just adjust our depreciation every quarter.

Speaker #4: We try to have a little more continuity. You don't know if something's an incident or a trend, and we're looking at this constantly, trying to evaluate.

Speaker #4: And so I would say our guesses were more accurate—let's put it that way—than what our guesses were in some prior times.

Speaker #4: But that had to do with something with how well we did our job, but had a lot to do with this oscillation in the market, which has had some brakes put on it, which is going to be a net gain for everybody.

Joe Shoen: It had a lot to do with this oscillation in the market, which has had some brakes put on it, which is going to be a net gain for everybody.

Jeff Kauffman: Jason?

Joe Shoen: Jason?

Speaker #3: Jason.

Speaker #5: Well, I guess what I would say is you have two primary variables: what you buy the truck for and what you sell it for, and then how we depreciate it over the course of its life.

Jason Berg: Well, I guess what I would say is that you have two primary variables, what you buy the truck for and what you sell it for, then how we depreciate it over the course of the life. What we've done a better job of doing over the last 12 months is depreciating the correct amount, and now you can see that in our results today. Our results last year showed that we weren't depreciating it nearly enough. This year, eking out a small gain, we're seeing that, okay, well, we've depreciated the trucks the correct amount. A positive note is we don't have to increase the amount of depreciation per unit for the next year, so that's a positive. If there's something that isn't such a positive, is that we're not at the point where we can dramatically decrease the depreciation per unit going forward, right?

Speaker #5: What has what we've done a better job of doing over the last 12 months is depreciating the correct amount, and now you can see that in our results today.

Speaker #5: Our results last year showed that we weren't depreciating nearly enough. This year, eking out a small gain, we're seeing that, okay, well, we've depreciated the trucks the correct amount.

Speaker #5: And so, on a positive note, we don't have to increase the amount of depreciation per unit for the next year. So that's a positive.

Speaker #5: If there’s something that isn’t such a positive, it’s that we’re not at the point where we can dramatically decrease the depreciation per unit going forward, right?

Jason Berg: Which is really the next step that we're aiming for. What we've seen is incremental movement over the model year 2025 and model year 2026. The cost of the new units has been coming in. Now, most of what we've sold this Q1 was still the higher-priced units, but we were selling into a market with higher resale values. Those higher resale values appear to be a bit temporary and that the levels that we sold at in the Q1 aren't sticking, but they're not going into an area that is terrible. It's just not quite as good. I think what we're looking forward to is, as we purchase the rest of the cargo van fleet that we expect to buy this fiscal year, the average price of the units coming in is going to be going down.

Speaker #5: Which is really the next step that we're aiming for. So, what we've seen is incremental movement over model year '25 and model year '26; the cost of the new units has been coming in.

Speaker #5: Now, most of what we've sold this first quarter was still the higher-priced units. But we were selling it into a market with higher resale values.

Speaker #5: Those higher resale values appear to be a bit temporary. And that the levels that we sold that in the first quarter aren't sticking. But they're not going into an area that is terrible.

Speaker #5: It's just not quite as good. So, I think what we're looking forward to is, as we purchase the rest of the cargo van fleet that we expect to buy this fiscal year, the average price of the units coming in is going to be going down.

Speaker #5: So, the ones that we brought in early have been the highest-priced units. Then they're going to trend down. I've said this the last several calls: we're going to evaluate the resale market.

Jason Berg: The ones that we brought in early have been the highest priced units, then they're going to trend down. We've said this the last several calls, we're going to evaluate the resale market, and if the resale market levels out, great, we may continue buying at this pace next fiscal year. If the resale market continues to go down, then we'll hold these trucks next year and not sell into a down market.

Speaker #5: And if the resale market levels out, great. We may continue buying at this pace next fiscal year. But if the resale market continues to go down, then we'll hold these trucks next year and not sell into a down market.

Speaker #5: Okay, that was very helpful. So, I guess my takeaway is it's more a function of things that you've done internally than the external market becoming incrementally better.

Jeff Kauffman: Okay. That was very helpful. I guess my takeaway is it's more a function of things that you've done internally than the external market becoming incrementally better.

Speaker #5: No, I would say that prices are down, which we can credit to our negotiating tactics, or that's just where it's at. I would say that's just where the market's headed.

Jason Berg: No, I would say that prices are down, which we can credit our negotiating tactics, or that's just where it's at. I would say that's just where the market's headed. The resale market was pretty good for a few kind of idiosyncratic reasons the Q1 of this year that probably aren't going to stick. We have stuck with our depreciation. We did one thing right, we stuck with our depreciation number, and that appears to have been adequate.

Speaker #5: And then the resale market was pretty good for a few kind of idiosyncratic reasons in the first quarter of this year that probably aren't going to stick.

Speaker #5: So, we have stuck with our depreciation. We did one thing right: we stuck with our depreciation number, and that appears to have been adequate.

Speaker #5: All right. Thank you very much.

Jeff Kauffman: All right. Thank you very much.

Speaker #1: Next question. It's from the line of Jamie Willen with Willen Management. Your line is now open. Please go ahead.

Operator: Next question is from the line of James Wilen with Wilen Management. Your line is now open. Please go ahead.

Speaker #4: Hey, fellas. First, I want to commend you on the change in capital allocation strategy that you engineered last quarter. It's going a good way towards starting to narrow the value gap.

James Wilen: Hey, fellas. First, I want to commend you on the change in capital allocation strategy that you engineered last quarter. It's going a good way towards starting to narrow the value gap. I appreciate that. Question is on self-storage. As you look to build out your network and as look at the numbers for occupancy rates and the rental rates per square foot, what is the thing that drives you toward different areas? I realize it's always a local market and everything is individual, but are you targeting towards certain areas where occupancy rates are very high, or is it more the rental rates that you start with? Which number are you trying to drive more? Do you want to drive occupancy rates or rental rates as you operate the self-storage facility?

Jamie Wilen: Hey, fellas. First, I want to commend you on the change in capital allocation strategy that you engineered last quarter. It's going a good way towards starting to narrow the value gap. I appreciate that. Question is on self-storage. As you look to build out your network and as look at the numbers for occupancy rates and the rental rates per square foot, what is the thing that drives you toward different areas? I realize it's always a local market and everything is individual, but are you targeting towards certain areas where occupancy rates are very high, or is it more the rental rates that you start with? Which number are you trying to drive more? Do you want to drive occupancy rates or rental rates as you operate the self-storage facility?

Speaker #4: I appreciate that. The question is, on self-storage, as you look to build out your network and just look at the numbers for occupancy rates and the rental rates per square foot, what is the thing that drives you toward different areas?

Speaker #4: I realize it's always a local market and everything is individual. But are you targeting certain areas where occupancy rates are very high, or is it more the rental rates that you start with?

Speaker #4: And which number are you trying to drive more? Do you want to drive occupancy rates or rental rates as you operate the sell storage facility?

Speaker #4: Jamie, operationally, we are focused on occupancy rates, and we manage rental rates centrally, pretty much. So I deal most of the time with the field force.

Joe Shoen: Jamie, operationally, we are focused on occupancy rates, and we manage rental rates centrally pretty much. I deal most of the time with the field force, and the field force at this time, they accept the price and now the challenge is to rent them. We have a group of analysts in here who can add and subtract just fine, and they're trying to optimize that. If you look, you'll see that we've seen steady increase in average rental rate. As Jason would point out, you're actually seeing our move-in rate a little bit above our move-out rate. We're the outlier in the industry. Most people are seeing their move-in rate significantly below their move-out rate. They have at least 24 months of that.

Speaker #4: And the field force is just trying to accept the price. And now the challenge is to rent them. But we have a group of analysts in here who can add and subtract just fine.

Speaker #4: And they're trying to optimize that. And if you look, you'll see that we have seen steady increase in average rental rate. And as Jason would point out, you're actually seeing our move-in rate a little bit above our move-out rate.

Speaker #4: And that's not been a worthy outlier in the industry. Most people are seeing their move-in rate significantly below their move-out rate. And that's been there—they have at least 24 months of that.

Speaker #4: I don't know how long, but everybody— they got every bit of 24 months of that. So we have a little bit of a different strategy.

Joe Shoen: I don't know how long, but they got every bit of 24 months of that. We have a little bit of a different strategy. We have another thing that other people don't have. I have something Like 2,400, 2,300 stores. Some of them have a very strong truck rental orientation, and some of them have a very strong storage orientation. For internal strategic reasons, I may be going to try to balance out by putting storage in that community because I just simply don't have as much as I want to be able to get optimum results. In other words, how I spread my overhead makes a difference in how I look at the thing. In the last couple of board meetings, we call those abutting properties. We did some abutting properties that we might not do if we didn't already have a store.

Speaker #4: We have another thing that other people don't have. I have something like 2,400, 2,300 stores. And some of them have a very, very strong truck rental orientation.

Speaker #4: And some of them have a very, very strong storage orientation. And so, kind of for internal strategic reasons, I may be going to try to balance out by putting storage in that community, because I just simply don't have as much as I want to be able to get optimum results.

Speaker #4: In other words, how I spread my overhead makes a difference in how I look at the thing. So the last couple of board meetings, we call those a budding properties.

Speaker #4: So we did some abutting properties that we might not do if we didn't already have a store. That kind of makes sense. So it's not red hot and running in place.

Joe Shoen: That kind of makes sense. It's not red hot and running place, but we're in there with the U-Haul. We plan to be there 10 years from now, and at some point, we're going to have to put storage in order to get enough total revenue to allow us to function. There's other pressures that you don't see. On the West Coast of the United States, there's tremendous momentum to introducing a minimum wage for salaried personnel. This is kind of a new concept. Most of us think minimum wages have to do with hourly personnel. These communities are coming in, and they're coming in with numbers in the $80,000 to 90,000 range. In many communities, it's not supportable with the level of business that we're doing at that location.

Speaker #4: But we're in there with the U-Haul. We plan to be there 10 years from now. And at some point, we're going to have to put storage in, in order to get enough total revenue to allow us to function.

Speaker #4: There are other pressures that you don't see on the West Coast of the United States. There's tremendous momentum to introduce minimum wage for salaried personnel.

Speaker #4: This is kind of a new concept. Most of us think minimum wages have to do with hourly personnel, but these communities are coming in.

Speaker #4: And they're coming in with numbers in the $80,000 to $90,000 range. And in many communities, it's not supportable with the level of business that we're doing at that location.

Speaker #4: As you know, once you raise one tier of wages, it kind of trickles through every other tier. So that has driving up the break-even revenue number that we need on a site.

Joe Shoen: As you know, once you raise 1 tier of wages, it kind of trickles through every other tier. That is driving up the break-even revenue number that we need on a site. A site that may have been very profitable, or at least acceptably profitable for 10 years, now is facing pressures that ultimately may be too great for them to endure. We're going to put in storage, as an adjunct, and it'll kind of make the whole thing a little more optimized.

Speaker #4: So, a site that may have been very profitable, or at least acceptably profitable, for 10 years now is facing pressures that ultimately may be too great for them to endure.

Speaker #4: So we're going to put it in storage as an adjunct, and it'll kind of make the whole thing a little more optimized. Okay. On the U-Box side, you said transactions haven't increased in U-Box.

James Wilen: Okay. On the U-Box side, you said transactions haven't increased in U-Box. How would you characterize your market share there versus where it was a few months ago? The second part of that, Jason, you mentioned that we have to sell insurance on U-Box. I'm sorry to say I've never rented a U-Box, that's got to be a very profitable operation for us to I'm not sure what damages you're insuring for in the U-Box, one would think it's a very high profit margin for you.

Jamie Wilen: Okay. On the U-Box side, you said transactions haven't increased in U-Box. How would you characterize your market share there versus where it was a few months ago? The second part of that, Jason, you mentioned that we have to sell insurance on U-Box. I'm sorry to say I've never rented a U-Box, that's got to be a very profitable operation for us to I'm not sure what damages you're insuring for in the U-Box, one would think it's a very high profit margin for you.

Speaker #4: How would you characterize your market share there versus where it was a few months ago? And the second part of that, Jason, you mentioned that we actually sell insurance on U-Box.

Speaker #4: I'm sorry to say I've never rented a U-Box. But obviously, that's got to be a very profitable operation for us, too. I'm not sure what damages your insurance covers for the U-Box.

Speaker #4: But one would think it's a very high profit margin for you.

Speaker #2: Well, we would hope we’d have a good profit margin. We have two different kinds of insurance. One is damage in transit, and one is damage in storage.

Joe Shoen: Well, we would hope we'd have a good profit margin. We have 2 different kinds of insurance. One is damage in transit, and one is damage in storage. Damage in storage would be something like a rodent got in your box, something like that, which that we have pretty good control over. Damage in transit, because we consign the box to a shipper in many cases, it's not quite as predictable. We're making a profit on both of those lines. We intend to continue to make a profit on them. It also, to a certain extent, increases the confidence of the mover. They feel, "Well, I have insurance. It's insured." They get a little more confidence in the whole process. As to market share, we don't have anything that's reliable data. We try different things to get something that we can gauge ourselves to.

Joe Shoen: Well, we would hope we'd have a good profit margin. We have two different kinds of insurance. One is damage in transit, and one is damage in storage. Damage in storage would be something like a rodent got in your box, something like that, which that we have pretty good control over. Damage in transit, because we consign the box to a shipper in many cases, it's not quite as predictable. We're making a profit on both of those lines. We intend to continue to make a profit on them. It also, to a certain extent, increases the confidence of the mover. They feel, well, I have insurance. It's insured. They get a little more confidence in the whole process. As to market share, we don't have anything that's reliable data. We try different things to get something that we can gauge ourselves to.

Speaker #2: So, damage in storage would be something like a rodent got in your box, something like that. That we have pretty good control over. Damage in transit, because we consign the box to a shipper in many cases, it's not quite as predictable.

Speaker #2: And so we're making a profit on both of those lines. We intend to continue to make a profit on them, and it also, to a certain extent, increases the confidence of the mover.

Speaker #2: They feel, "Well, I have insurance. It's insured." So there's a little more confidence in the whole process. As far as market share, we don't have anything that's reliable data.

Speaker #2: We try different things to get something that we can gauge ourselves to. PODS, which is the biggest brand in the industry, I think we saw a little resurgence for them in the last six months.

Joe Shoen: PODS, which is the biggest brand in the industry, I think we saw a little resurgence for them in the last 6 months. They got a little more I don't know if they put a new guy in charge or whatever. They put a little more zip in their step. On the myriad of other competitors, most of them are going to be also-rans, although they're all good people, it's very difficult to develop a network, they have a lot of constraints in being competitive there. We have substantially the network in place. I'm still anticipating constructing a warehouse in Manhattan. Okay? I got the land. I'm in the planning process. One day we're going to break ground, and we'll plop down $20 or $30 million, put the warehouse in Manhattan. If you looked at the United States as a whole, we have substantially positioned ourselves.

Joe Shoen: PODS, which is the biggest brand in the industry, I think we saw a little resurgence for them in the last six months. They got a little more I don't know if they put a new guy in charge or whatever. They put a little more zip in their step. On the myriad of other competitors, most of them are going to be also-rans, although they're all good people, it's very difficult to develop a network, they have a lot of constraints in being competitive there. We have substantially the network in place. I'm still anticipating constructing a warehouse in Manhattan. Okay? I got the land. I'm in the planning process. One day we're going to break ground, and we'll plop down $20 or $30 million, put the warehouse in Manhattan. If you looked at the United States as a whole, we have substantially positioned ourselves.

Speaker #2: They got a little more. Somebody—I don't know if they put a new guy in charge or whatever—they got to put a little more zip in their step.

Speaker #2: On the myriad of other competitors, they're kind of most of them are going to be also RAMS, although they're all good people. And it's very difficult to develop a network.

Speaker #2: And so they have a lot of constraints in being competitive there. We have substantially the network in place. I am still anticipating constructing a warehouse in Manhattan.

Speaker #2: Okay. I got the land. I'm in the planning process. One day, we're going to break ground, and we'll plop down $20 or $30 million.

Speaker #2: But in the warehouse in Manhattan, if you look at the United States as a whole, we have substantially positioned ourselves. So we have a network.

Joe Shoen: We have a network. I have a network. We have a network. Nobody's close to us on the network. That asset, other than property taxes and such, that asset, once you've got it built, it's not a big cash drain. Okay? We're obviously increasing our share, but we don't really have a way to tell you. It's just the truth. Internally, we get all excited because we're all looking to beat the other team like everybody is. To tell you that we could tell you share, I think is overstating the facts.

Speaker #2: I have a network. We have a network. Nobody's close to us on the network. And that asset, other than property taxes and such, that asset, once you've got it built, it's not a big cash drain.

Speaker #2: Okay, so we're obviously increasing our share, but we don't really have a way to tell you—it's just the truth. Internally, we get all excited because we're all looking to beat the other team, like everybody is.

Speaker #2: But to tell you that we could tell your share, I think, is the overstating of the facts.

Speaker #4: Thanks, fellows. Great job of moving all these businesses forward. Appreciate it.

James Wilen: Thanks, fellas. Great job on moving all these businesses forward. Appreciate it.

Jamie Wilen: Thanks, fellas. Great job on moving all these businesses forward. Appreciate it.

Speaker #1: We have reached the end of the Q&A session. I will now turn the call back to management for closing remarks.

Operator: We have reached the end of the Q&A session. I will now turn the call back to management for closing remarks.

Speaker #3: Well, as Jason mentioned earlier, we'll hold our 20th annual virtual analyst and investor meeting on Thursday, August 20, at 2:00 PM Eastern. You can access the video webcast at investors.uhall.com.

Sebastien Reyes: Well, as Jason mentioned earlier, we'll hold our 20th annual virtual analyst and investor meeting on Thursday, 20 August at 2:00 PM Eastern. You can access the video webcast at investors.uhaul.com. After our brief presentation, we'll have a Q&A session. You can send questions that you have ahead of time to IR@uhaul.com, you can submit the questions live during the event. Thanks for today, we'll talk to you in a few weeks.

Speaker #3: After our brief presentation, we'll have a Q&A session. You can send questions that you have ahead of time to ir@uhall.com, or you can submit the questions live during the event.

Speaker #3: Thanks for today, and we'll talk to you in a few weeks.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.

Q1 2027 U-Haul Holding Co Earnings Call

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