U-Haul Holding Company (NYSE:UHAL) Q1 2024 Earnings Conference Call August 10, 2023 11:00 AM ET
Company Participants
Sebastien Reyes - Director of Investor Relations
Joe Shoen - Chairman, President, and Chief Executive Officer
Jason Berg - Chief Financial Officer
Conference Call Participants
Steven Ralston - Zacks
Keegan Carl - Wolfe Research
Steve Farrell - Oppenheimer
Craig Inman - Artisan Partners
Operator
Good day, and welcome to the U-Haul Holding Company First Quarter Fiscal 2024 Investor 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, and thank you for joining us today. Welcome to the U-Haul Holding Company first quarter fiscal 2024 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-Q for the quarter ended June 30, 2023, which is on file with the US Securities and Exchange Commission.
I will now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.
Joe Shoen
Good morning, and thank you for joining us today.
We continue to struggle to post U-Move numbers as good as the prior two years. My experience says overall moving activity has contracted. We have seen this before in an uncertain economy. Of course, we're continuing to scramble for business. As consumers become more optimistic, the entire market will likely expand.
Our repair spending on trucks and trailers continues to rise. Of course, there is always some waste and I'm working to eliminate the waste, but the fundamental drivers of repair are too few replacement units leading to increase mileage per unit and parts and labor inflation.