U-Haul Holding Company (NYSE:UHAL) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET
Company Participants
Sebastien Reyes - Director of IR
Joe Shoen - Chairman, President and CEO
Jason Berg - CFO
Conference Call Participants
Steven Ralston - Zacks Investment Research
Keegan Carl - Wolfe Research
James Wilen - Wilen Investment Management Corp.
Craig Inman - Artisan Partners
Steve Farrell - Oppenheimer
Operator
Good morning. My name is Cynthia and I will be your conference operator today. At this time, I would like to welcome everyone to the U-Haul Holding Company Second Quarter Fiscal 2024 Investor Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question and answer session. [Operator Instructions] Thank you.
Sebastian Reyes, you may begin your conference.
Sebastien Reyes
Good morning. And thank you for joining us today. Welcome to the U-Haul Holding Company' second quarter of fiscal 2024 investor call. Before we begin, I'd like to remind everyone that certain of the statements during this call including without statements, including without limitation statements regarding revenue, expenses, and income in 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 risk and uncertainties, some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected for 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 September 30, 2023, 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
Thanks, Sebastian. And thank you everybody for joining us again. As I'm sure you see from the numbers we've given back more of the U-move pandemic transaction gains, that I would like. The Safemove transaction decline impacts most of our product lines. All of our business lines remain competitive. However, I'm not cutting back on rental fleet CapEx due to being starved for new equipment in the 2020 to 2022 timeframe.
Rental equipment acquisition and maintenance costs, unfortunately continue to outpace inflation. Disruption of the OE supply chain due to government mandates for electrification are a huge driver of these increased costs. The public is starting to push back on electric vehicle mandates that fail to meet nearly every metric of a sustainable vehicle strategy. And this may cause some pause with the OEs.