U-Haul Holding Company (NYSE:UHAL) Q1 2025 Earnings Conference Call August 8, 2024 11:00 AM ET

Company Participants

Sebastien Reyes - Director of Investor Relations
Edward Joe Shoen - Chairman, President & Chief Executive Officer
Jason Berg - Chief Financial Officer

Conference Call Participants

Keegan Carl - Wolfe Research
Steven Ralston - Zacks
David Silver - CL King
James Wilen - Wilen Management
Stephen Farrell - Oppenheimer

Operator

Good day, everyone, and welcome to today's U-Haul Holding Company First Quarter Fiscal 2025 Investor Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this call is being recorded. I will be standing by if you should need any assistance. It is now my pleasure 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 2025 investor call. Before we begin, I'd 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, 2024, 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.

Edward Joe Shoen

Good morning, and thanks for taking your time to participate today. The increased cost of new rental trucks is expressing itself in our P&L in the form of a decrease in gain on sale and increased depreciation. We have so far been unable to pass along these increased equipment costs to the consumer. As you all know, automakers have been inflating the cost of internal combustion vehicles to subsidize electric vehicles. These inflated costs are not being supported in the resale market. As we have discussed, it puts you all in a pinch, on those vehicles, we turn after 12 to 24 months, mainly pickups and vans.