U-Haul Holding Company (UHAL) Q4 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 31, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the U-Haul Holding Company's Fourth Quarter Fiscal 2023 Year-End Investor Call. All participants will be in listen-only mode for the duration of the call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Sebastien Reyes. Please go ahead, sir.

Sebastien Reyes

Good morning, and thank you for joining us today. Welcome to the U-Haul Holding Company fourth quarter fiscal 2023 year-end investor call.

Before we begin, I would 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. 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-K for the year ended March 31, 2023, which will be filed with the U.S. Securities and Exchange Commission this week.

I'll now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.

Joe Shoen

Thanks, Sebastien, and thank you for joining us on the investor call for fiscal year 2023. As in prior times of declining consumer confidence, we have seen new move rentals shift to less mileage and relatively more in-towns than one-way rentals. The year-over-year decline in new move transactions compared to last year is comparing an outstanding year with a not so outstanding one. So, in short, last year may not have been as good as it seems, and this year is not as bad as it seems. Last mile delivery rentals have declined as these companies adjust to the present realities. I do not foresee a comparable year-over-year decline going ahead.

We continue to have considerable competition in the truck rental business, but I believe we are more than holding our own. New truck acquisitions continue to be limited by OEM capacity; this is still driving repair expense. Self-storage occupancy and the rate of [rent-up] (ph) are still solid, although below last year's highs. We continue to build and buy self-storage locations. I believe this is a good long-term deployment of capital. I have our management focused on walking and tackling. We are holding our point of sale retail teams together in an increasingly contentious retail environment. I look forward to meeting with you on our Q1 investor call.