U-Haul Holding Company (UHAL) Q3 2023 Earnings Call Transcript

For the period ending December 31, 2022

February 9, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the U-Haul Holding Company Third Quarter Fiscal 2023 Investor Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

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

Sebastien Reyes

Good morning. Thank you for joining us today. Welcome to the U-Haul Holding Company third quarter fiscal 2023 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 Form 10-Q for the quarter ended December 31 2022, 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.

Joe Shoen

Good morning and thanks for being on the call. I am not satisfied with our third quarter or our year-to-date numbers. Clearly, the post-pandemic easy top line growth is going away. We knew it would. The question now is will we maintain the new customers we serve during the boom? Of course, I intend that we do.

In new move, we are experiencing a decline in average miles per one-way move and a decline in total one-way move. In in-town transactions, I would expect us to begin to stabilize. Our third quarter decline in in-town revenue is a bit misleading as while we saw last mile delivery business income decline, we have also increased our transactions with our reliable individual consumers.

Self-storage is tightening up for everyone in the sector and we're not immune to that. However, we are still re-renting rooms as customers vacate and getting a fair rate. Self-storage is very local market dependent. Of course, this is not news, and a great effort is being made to add storage in an opportunistic, as well as a strategic manner.