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  • AMERCO REPORTS THIRD QUARTER FISCAL 2022 FINANCIAL RESULTS

    February 15, 2022 by Amerco

    RENO, Nev.Feb. 9, 2022 /PRNewswire/ — AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for its third quarter ended December 31, 2021, of $281.5 million, or $14.35 per share, compared with net earnings of $183.0 million, or $9.33 per share, for the same period last year.

    For the nine-month period ended December 31, 2021, net earnings available to shareholders were $1,036.5 million, or $52.86 per share, compared with net earnings of $537.1 million, or $27.39 per share, for the same period last year.

    “Productivity improvement is the name of the game,” stated Joe Shoen, chairman of AMERCO. “Our technology is helping. Our vehicle acquisition future is muddled with low OEM production and the predicted demise of the internal combustion engine and migration to electric. We are bringing more newly constructed storage product online. This is a slow process and takes time.” 

    Highlights of Third Quarter Fiscal 2022 Results

    • Self-moving equipment rental revenues increased $167.3 million or 21% during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021. Transactions for both our In-Town and one-way markets increased as did revenue per transaction. Compared with the same period last year, we increased the number of retail locations, independent dealers, trucks and towing devices in the rental fleet.
    • Self-storage revenues increased $36.4 million, or 30% during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021. The average monthly number of occupied units increased by 24%, or 95,000 units, during the third quarter of fiscal 2022 compared with the same period last year. Occupancy for all locations increased 10.2% to 83.6% from the third quarter of last year to this year while occupancy for the subsection of these locations that have been at 80% occupancy for the last two years was 95.7%. The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and from an improvement in average revenue per occupied foot. Over the last twelve months, we added approximately 3.9 million net rentable square feet, with approximately 0.9 million of that coming on during the third quarter of fiscal 2022. 
    • Moving and Storage other revenues increased $30.4 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021 largely from increased moving and storage transactions within our U-Box program.
    • For the third quarter of fiscal 2022 compared with the third quarter of fiscal 2021, depreciation, net of gains on sales decreased $48.9 million. This was a combination of depreciation expense on the rental equipment fleet increasing $6.9 million while being more than offset by an increase on gains from the sales of rental trucks of $60.6 million from higher resale values. All other depreciation, primarily real estate related, increased $4.9 million.
    • For the first nine months of fiscal 2022 and fiscal 2021, gross rental equipment capital expenditures totaled approximately $809 million compared with $547 million, proceeds from the sales of rental equipment totaled $471 million compared with $430 million and spending on real estate related acquisitions and projects totaled approximately $783 million compared with $365 million, respectively.
    • Fleet maintenance and repair costs increased $31.9 million in the third quarter of fiscal 2022 compared with the same period last year due to preventative maintenance from higher customer activity. The reduced fleet acquisition activity associated with COVID-19 and manufacturer supply chain issues during fiscal year 2021 and the first six months of fiscal year 2022 has contributed to the increased need for preventative maintenance this year.
    • Operating earnings at our Moving and Storage operating segment increased $139.8 million in the third quarter of fiscal 2022 compared with the same period last year. Total revenues increased $236.3 million and total costs and expenses increased $96.5 million.
    • Cash and credit availability at the Moving and Storage operating segment was $2,344.2 million as of December 31, 2021 compared with $1,115.3 million as of March 31, 2021. During the quarter, the Company entered into a note purchase agreement to issue $600 million of fixed rate senior unsecured notes in a private placement offering at a weighted average interest rate of 2.71%. The notes funded in January 2022.
    • On October 6, 2021, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on October 18, 2021. The dividend was paid on October 29, 2021.

    AMERCO will hold its investor call for the third quarter of fiscal 2022 on Thursday, February 10, 2022, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com. To hear a simulcast of the call, or a replay, visit www.amerco.com.

    About AMERCO

    AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

    About U-Haul

    Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. Our customers’ patronage has enabled the U-Haul fleet to grow to approximately 176,000 trucks, 126,000 trailers and 46,000 towing devices. U-Haul is the third largest self-storage operator in North America and offers over 855,000 rentable storage units and 73.6 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry.

    Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO’s business and future operating results, please refer to our Form 10-Q for the quarter ended December 31, 2021, which is on file with the SEC.

    Report on Business Operations

    Listed below on a consolidated basis are revenues for our major product lines for the third quarter of fiscal 2022 and 2021.

       

    Quarter Ended December 31,

       

    2021

     

    2020

       

    (Unaudited)

       

    (In thousands)

    Self-moving equipment rentals

    $

    975,552

    $

    808,215

    Self-storage revenues

     

    159,424

     

    123,024

    Self-moving and self-storage product and service sales

     

    75,402

     

    74,586

    Property management fees

     

    9,651

     

    8,765

    Life insurance premiums

     

    27,010

     

    29,993

    Property and casualty insurance premiums

     

    25,618

     

    19,933

    Net investment and interest income

     

    31,184

     

    35,580

    Other revenue

     

    100,495

     

    69,886

    Consolidated revenue

    $

    1,404,336

    $

    1,169,982

    Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2022 and 2021.

       

    Quarter Ended December 31,

       

    2021

     

    2020

       

    (Unaudited)

       

    (In thousands)

    Moving and storage

           

    Revenues

    $

    1,321,580

    $

    1,085,281

    Earnings from operations before equity in earnings of subsidiaries

     

    403,853

     

    264,004

    Property and casualty insurance 

           

    Revenues

     

    29,820

     

    26,640

    Earnings from operations

     

    9,657

     

    11,491

    Life insurance  

           

    Revenues

     

    56,417

     

    61,077

    Earnings from operations

     

    3,603

     

    8,724

    Eliminations

           

    Revenues

     

    (3,481)

     

    (3,016)

    Earnings from operations before equity in earnings of subsidiaries

     

    (389)

     

    (273)

    Consolidated Results

           

    Revenues

     

    1,404,336

     

    1,169,982

    Earnings from operations

     

    416,724

     

    283,946

    The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

       

    Quarter Ended December 31,

       

    2021

     

    2020

       

    (Unaudited)

       

    (In thousands, except occupancy rate)

    Unit count as of December 31

     

    582

     

    532

    Square footage as of December 31

     

    48,836

     

    44,948

    Average monthly number of units occupied

     

    483

     

    388

    Average monthly occupancy rate based on unit count

     

    83.6%

     

    73.4%

    Average monthly square footage occupied

     

    42,239

     

    34,802

    Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2022 and 2021.

       

    Nine Months Ended December 31,

       

    2021

     

    2020

       

    (Unaudited)

       

    (In thousands)

    Self-moving equipment rentals

    $

    3,189,990

    $

    2,393,530

    Self-storage revenues

     

    450,302

     

    347,252

    Self-moving and self-storage product and service sales

     

    272,478

     

    264,564

    Property management fees

     

    26,847

     

    23,952

    Life insurance premiums

     

    84,628

     

    91,958

    Property and casualty insurance premiums

     

    64,986

     

    49,536

    Net investment and interest income

     

    102,963

     

    85,895

    Other revenue

     

    349,252

     

    225,440

    Consolidated revenue

    $

    4,541,446

    $

    3,482,127

    Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2022 and 2021.

       

    Nine Months Ended December 31,

       

    2021

     

    2020

       

    (Unaudited)

       

    (In thousands)

    Moving and storage

           

    Revenues

    $

    4,291,833

     

    3,256,899

    Earnings from operations before equity in earnings of subsidiaries

     

    1,442,836

     

    789,621

    Property and casualty insurance 

           

    Revenues

     

    82,815

     

    62,947

    Earnings from operations

     

    34,078

     

    24,338

    Life insurance  

           

    Revenues

     

    176,061

     

    170,290

    Earnings from operations

     

    13,882

     

    16,684

    Eliminations

           

    Revenues

     

    (9,263)

     

    (8,009)

    Earnings from operations before equity in earnings of subsidiaries

     

    (1,163)

     

    (821)

    Consolidated Results

           

    Revenues

     

    4,541,446

     

    3,482,127

    Earnings from operations

     

    1,489,633

     

    829,822

    The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

       

    Nine Months Ended December 31,

       

    2021

     

    2020

       

    (Unaudited)

       

    (In thousands, except occupancy rate)

    Unit count as of December 31

     

    582

     

    532

    Square footage as of December 31

     

    48,836

     

    44,948

    Average monthly number of units occupied

     

    465

     

    369

    Average monthly occupancy rate based on unit count

     

    82.6%

     

    71.0%

    Average monthly square footage occupied

     

    40,884

     

    33,036

    AMERCO AND CONSOLIDATED ENTITIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

     
       

    December 31,

     

    March 31,

       

    2021

     

    2021

       

    (Unaudited)

       
       

    (In thousands)

    ASSETS

           

    Cash and cash equivalents

    $

    2,327,462

    $

    1,194,012

    Reinsurance recoverables and trade receivables, net

     

    230,437

     

    224,426

    Inventories and parts, net

     

    166,588

     

    105,577

    Prepaid expenses

     

    211,449

     

    469,144

    Investments, fixed maturities and marketable equities

     

    2,795,442

     

    2,695,656

    Investments, other

     

    602,371

     

    489,759

    Deferred policy acquisition costs, net

     

    101,770

     

    89,749

    Other assets

     

    41,146

     

    47,730

    Right of use assets – financing, net

     

    692,814

     

    877,038

    Right of use assets – operating

     

    79,450

     

    92,505

    Related party assets

     

    56,231

     

    35,395

       

    7,305,160

     

    6,320,991

    Property, plant and equipment, at cost:

           

       Land

     

    1,264,742

     

    1,075,813

       Buildings and improvements

     

    5,726,481

     

    5,163,705

       Furniture and equipment

     

    841,957

     

    786,505

       Rental trailers and other rental equipment

     

    569,150

     

    477,921

       Rental trucks

     

    4,425,113

     

    3,909,724

       

    12,827,443

     

    11,413,668

    Less: Accumulated depreciation

     

    (3,544,525)

     

    (3,083,053)

       Total property, plant and equipment, net

     

    9,282,918

     

    8,330,615

    Total assets

    $

    16,588,078

    $

    14,651,606

    LIABILITIES AND STOCKHOLDERS’ EQUITY

           

    Liabilities:

           

       Accounts payable and accrued expenses

    $

    634,795

    $

    645,575

       Notes, loans and finance leases payable, net

     

    5,397,856

     

    4,668,907

       Operating lease liability

     

    79,334

     

    92,510

       Policy benefits and losses, claims and loss expenses payable

     

    1,003,895

     

    997,701

       Liabilities from investment contracts

     

    2,302,591

     

    2,161,530

       Other policyholders’ funds and liabilities

     

    9,610

     

    12,420

       Deferred income

     

    43,352

     

    42,592

       Deferred income taxes, net

     

    1,301,229

     

    1,178,489

    Total liabilities

     

    10,772,662

     

    9,799,724

             

    Common stock

     

    10,497

     

    10,497

    Additional paid-in capital

     

    453,819

     

    453,819

    Accumulated other comprehensive income

     

    63,264

     

    106,857

    Retained earnings

     

    5,965,486

     

    4,958,359

    Cost of common stock in treasury, net

     

    (525,653)

     

    (525,653)

    Cost of preferred stock in treasury, net

     

    (151,997)

     

    (151,997)

    Total stockholders’ equity

     

    5,815,416

     

    4,851,882

    Total liabilities and stockholders’ equity

    $

    16,588,078

    $

    14,651,606

    AMERCO AND CONSOLIDATED ENTITIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

     
       

    Quarter Ended December 31,

       

    2021

     

    2020

       

    (Unaudited)

       

    (In thousands, except share and per share data)

    Revenues:

           

    Self-moving equipment rentals

    $

    975,552

    $

    808,215

    Self-storage revenues

     

    159,424

     

    123,024

    Self-moving and self-storage products and service sales

     

    75,402

     

    74,586

    Property management fees

     

    9,651

     

    8,765

    Life insurance premiums

     

    27,010

     

    29,993

    Property and casualty insurance premiums

     

    25,618

     

    19,933

    Net investment and interest income

     

    31,184

     

    35,580

    Other revenue

     

    100,495

     

    69,886

         Total revenues

     

    1,404,336

     

    1,169,982

             

    Costs and expenses:

           

    Operating expenses

     

    658,095

     

    539,942

    Commission expenses

     

    105,155

     

    86,891

    Cost of sales

     

    57,042

     

    45,752

    Benefits and losses

     

    47,266

     

    45,631

    Amortization of deferred policy acquisition costs

     

    7,947

     

    6,572

    Lease expense

     

    7,394

     

    7,522

    Depreciation, net of gains on disposal

     

    103,736

     

    152,602

    Net losses on disposal of real estate

     

    977

     

    1,124

         Total costs and expenses

     

    987,612

     

    886,036

             

    Earnings from operations

     

    416,724

     

    283,946

    Other components of net periodic benefit costs

     

    (280)

     

    (247)

    Interest expense

     

    (44,042)

     

    (42,128)

    Fees on early extinguishment of debt

     

    (956)

     

    Pretax earnings

     

    371,446

     

    241,571

    Income tax expense

     

    (89,980)

     

    (58,586)

    Earnings available to common shareholders

    $

    281,466

    $

    182,985

    Basic and diluted earnings per common share

    $

    14.35

    $

    9.33

    Weighted average common shares outstanding: Basic and diluted

     

    19,607,788

     

    19,607,788

    AMERCO AND CONSOLIDATED ENTITIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

     
     
       

    Nine Months Ended December 31,

       

    2021

     

    2020

       

    (Unaudited)

       

    (In thousands, except share and per share data)

    Revenues:

           

    Self-moving equipment rentals

    $

    3,189,990

    $

    2,393,530

    Self-storage revenues

     

    450,302

     

    347,252

    Self-moving and self-storage products and service sales

     

    272,478

     

    264,564

    Property management fees

     

    26,847

     

    23,952

    Life insurance premiums

     

    84,628

     

    91,958

    Property and casualty insurance premiums

     

    64,986

     

    49,536

    Net investment and interest income

     

    102,963

     

    85,895

    Other revenue

     

    349,252

     

    225,440

         Total revenues

     

    4,541,446

     

    3,482,127

             

    Costs and expenses:

           

    Operating expenses

     

    1,968,698

     

    1,606,687

    Commission expenses

     

    346,200

     

    255,431

    Cost of sales

     

    193,448

     

    159,516

    Benefits and losses

     

    139,194

     

    130,660

    Amortization of deferred policy acquisition costs

     

    23,520

     

    19,012

    Lease expense

     

    22,482

     

    20,995

    Depreciation, net of gains on disposal

     

    361,201

     

    455,711

    Net (gains) losses on disposal of real estate

     

    (2,930)

     

    4,293

         Total costs and expenses

     

    3,051,813

     

    2,652,305

             

    Earnings from operations

     

    1,489,633

     

    829,822

    Other components of net periodic benefit costs

     

    (840)

     

    (740)

    Interest expense

     

    (122,765)

     

    (122,174)

    Fees on early extinguishment of debt

     

    (956)

     

    Pretax earnings

     

    1,365,072

     

    706,908

    Income tax expense

     

    (328,533)

     

    (169,832)

    Earnings available to common shareholders

    $

    1,036,539

    $

    537,076

    Basic and diluted earnings per common share

    $

    52.86

    $

    27.39

    Weighted average common shares outstanding: Basic and diluted

     

    19,607,788

     

    19,607,788

    NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

    As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets – financing, net (“ROU-financing”). As of December 31, 2021, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during the first nine months of fiscal 2022. The tables below show adjusted PPE as of December 31, 2021 and March 31, 2021, by including the ROU-financing. The assets included in the ROU-financing is not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement.

               

    December 31,

     

    March 31,

     
               

    2021

     

    2021

     
       

    December 31,

     

    ROU

    Assets

     

    Property, Plant

    and Equipment

     

    Property,

    Plant and

    Equipment

     
       

    2021

     

    Financing

     

    Adjusted

     

    Adjusted

     
       

    (Unaudited)

       
       

    (In thousands)

                       

    Property, plant and equipment, at cost

                     

    Land

    $

    1,264,742

    $

    $

    1,264,742

    $

    1,075,813

     

    Buildings and improvements

     

    5,726,481

     

     

    5,726,481

     

    5,163,705

     

    Furniture and equipment

     

    841,957

     

    14,732

     

    856,689

     

    808,821

     

    Rental trailers and other rental equipment

     

    569,150

     

    173,940

     

    743,090

     

    681,515

     

    Rental trucks

     

    4,425,113

     

    1,243,830

     

    5,668,943

     

    5,403,822

     

    Subtotal

     

    12,827,443

     

    1,432,502

     

    14,259,945

     

    13,133,676

     

    Less: Accumulated depreciation

     

    (3,544,525)

     

    (739,688)

     

    (4,284,213)

     

    (3,926,023)

     

    Total property, plant and equipment, net

    $

    9,282,918

    $

    692,814

    $

    9,975,732

    $

    9,207,653

     
               

    March 31,

               

    2021

       

    March 31,

     

    ROU

    Assets

     

    Property, Plant

    and Equipment

       

    2021

     

    Financing

     

    Adjusted

       

    (In thousands)

         

    Property, plant and equipment, at cost

               

    Land

    $

    1,075,813

    $

    $

    1,075,813

    Buildings and improvements

     

    5,163,705

     

     

    5,163,705

    Furniture and equipment

     

    786,505

     

    22,316

     

    808,821

    Rental trailers and other rental equipment

     

    477,921

     

    203,594

     

    681,515

    Rental trucks

     

    3,909,724

     

    1,494,098

     

    5,403,822

    Subtotal

     

    11,413,668

     

    1,720,008

     

    13,133,676

    Less: Accumulated depreciation

     

    (3,083,053)

     

    (842,970)

     

    (3,926,023)

    Total property, plant and equipment, net

    $

    8,330,615

    $

    877,038

    $

    9,207,653

    SOURCE AMERCO

    Originally Posted at CISION PR Newswire on February 9, 2022 by Amerco.

    Categories: Industry Articles
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