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- **Depreciation Drag**: Q2 net income fell 43% to $106 million due to $107 million in fleet-related costs, with cargo van depreciation tripling.
- **Dealer Network Expansion**: 1,000+ new locations added in 12 months to boost moving transactions, targeting Q2 2026 for results.
- **U-Box Growth**: Other revenue rose 12%, with U-Box nearing Moving & Storage margins as storage utilization improves.
- **Self-Storage Resilience**: 10% revenue growth despite 350bps occupancy decline, driven by rate increases and delinquency cleanup.
- **Regulatory Relief**: Positive outlook on reduced ICE regulations, potentially stabilizing transportation costs industry-wide.

**【CEO Summary Section】**
- **Depreciation Impact**: Earnings were pressured by $107 million in increased depreciation and losses on equipment sales, driven by higher vehicle costs and declining resale values.
- **Dealer Network Expansion**: Accelerated dealer network growth (1,000+ new locations in 12 months) aims to balance fleet utilization and increase moving transactions, with expected results by Q2 2026.
- **Self-Storage Challenges**: Same-store occupancy declined 350bps due to delinquency cleanup, but revenue per foot rose 5%. Competition remains intense, with REITs using aggressive discounting strategies.
- **Regulatory Relief**: Positive outlook on reduced ICE vehicle regulations, which could stabilize transportation costs and benefit the broader industry.

**【CFO Financial Commentary】**
- **Q2 Results**: Net income of $106 million (-43% YoY), EPS of $0.54 (vs. $0.96 prior). Adjusted EBITDA rose 6% to $532 million, driven by 2% rental revenue growth and 10% self-storage revenue increase.
- **Fleet Costs**: $1.325 billion spent on new equipment (up 14%), with 10,000 additional box trucks. Cargo van depreciation rates tripled due to market declines.
- **U-Box Growth**: Other revenue rose $12 million, with U-Box expanding container count and storage utilization. Management targets U-Box to approach Moving & Storage margins as scale improves.
- **Liquidity**: $1.376 billion in cash and credit facilities, supporting continued fleet and real estate investments.

**【Q&A Key Highlights】**
- **Depreciation Outlook**: CFO expects box truck depreciation to peak Q4 2025, while cargo van costs depend on OEM pricing. Long-term depreciation could stabilize at $700-750 million annually.
- **Dealer Network Strategy**: CEO prioritizes breadth over depth, leveraging U-Haul's existing footprint to expand self-storage without overbuilding moving infrastructure.
- **Tariff Impact**: Minimal direct impact on vehicle costs, but parts inflation remains a concern. Ford's domestic content advantage provides some mitigation.
- **U-Box Profitability**: CFO sees U-Box nearing Moving & Storage margins as storage utilization grows. Q2 showed 12% revenue increase, with containers in storage driving margin expansion.
- **Self-Storage Sales Strategy**: Management rejects selling underperforming locations, citing strong returns in non-traditional markets and the difficulty of reinvesting proceeds effectively.

U-Haul Holding Company (UHAL) Q2 2026 Earnings Call Transcript

- **Revenue Resilience**: 4% Q1 2026 growth despite $22M fleet loss, driven by U-Box (16% YoY) and storage (9% YoY). 
- **U-Box Breakout**: 10% of 'Other Revenue,' with potential to rival U-Haul's scale. 
- **Margin Strain**: 44M operating expense rise due to fleet costs, offset by 80% EBITDA contribution from new storage units. 
- **Fleet Expansion**: 8,600 new box trucks and 5,700 rental trucks added, challenging transaction growth. 
- **Storage Pipeline**: 6.5M sq ft under development, targeting 10% unlevered IRR.

**【CFO Financial Commentary】**
- **Revenue and EBITDA Growth**: Q1 2026 revenue increased 4% year-over-year, driven by equipment rental and U-Box. Adjusted EBITDA rose 6% to $31 million, despite a $22 million loss on fleet disposal.
- **Fleet Challenges**: Depreciation costs surged due to 8,600 new box trucks and cargo van losses. July 2026 revenue trends positive, but transactions remain flat.
- **Storage Expansion**: Self-storage revenue up 9%, with 1.2M sq ft added. Same-store occupancy dipped to 93%, but future growth from 6.5M sq ft in development.
- **U-Box Momentum**: U-Box revenue grew 16%, now 10% of 'Other Revenue.' Management sees potential for U-Box to rival U-Haul's scale.
- **Margins Under Pressure**: Operating expenses rose 44M, driven by personnel (+$20M), liability costs (+$17M), and fleet maintenance.
- **Capital Allocation**: $585M spent on new equipment, $294M on real estate. Cash and revolver availability: $1.19B.

**【Q&A Key Highlights】**
- **U-Box Growth**: Sam Shoen predicts U-Box could match U-Haul's size, with 5-10% of locations equipped. Q1 2026 U-Box One-Way moves outpaced truck rentals.
- **Margin Trends**: Storage revenue from non-same-store locations could add $260M, with 80% flowing to EBITDA. Fleet-related liability costs strain margins.
- **Transaction Trends**: Flat Q1 2026 transactions, but July 2026 revenue growth from rate hikes. Fleet expansion challenges include integrating 5,700 new trucks across 800+ locations.
- **Development Costs**: $150/sq ft for storage, with 10% unlevered IRR. $1.69B in non-productive capital tied to construction in progress.

U-Haul Holding Company (UHAL) Q1 2026 Earnings Call Transcript

- **Storage Growth Accelerating**: Same-store storage revenue up 3%, move-in rates +4.5%, and 82 new locations added in FY25.
- **U-Box Outperforming**: Moving transactions growing 20%+ YoY, outpacing traditional truck rentals.
- **Capital Investment Intense**: $1.86 billion in equipment capex (+15% YoY), with 7 million sq.ft. of storage in development.
- **Potential Share Buybacks**: Management open to repurchases if valuation gap widens, though liquidity remains a priority.
- **Fleet Modernization Progressing**: Fleet unused mileage nearing pre-pandemic levels, reducing repair costs.

**【CEO Opening Remarks】**
- OEMs are now producing reliable, fuel-efficient ICE vehicles at improved pricing, addressing prior supply chain challenges.
- U-Haul reduced its pickup fleet by 75% to focus on profitable segments, with steady or improving resale prices for vans and pickups.
- Storage remains a key growth driver, particularly in locations with precise execution, with same-store revenue up 3% and move-in rates up 4.5%.
- U-Box revenue grew $14 million in the quarter, driven by expanded storage capacity and integrated moving/storage transactions.

**【CFO Financial Highlights】**
- Q4 2025 loss of $82.3 million vs. $0.66 million loss in Q4 2024; FY25 EBITDA of $1.62 billion (+$52 million YoY).
- Equipment rental revenue up 4% QoQ and 2.8% YoY, with trailer/towing fleet revenue improving.
- Capital expenditures for new equipment rose 15% YoY to $1.86 billion, reflecting fleet modernization.
- Storage revenue up 8% QoQ, with 82 new locations added in FY25 and 7 million sq.ft. in development.
- Operating expenses increased 13% YoY, driven by personnel costs (+13%) and liability costs (+56%).

**【Q&A Key Takeaways】**
- U-Box moving transactions growing 20%+ YoY, outpacing traditional truck rentals, with storage utilization improving.
- Self-storage pipeline of 15 million sq.ft. maintains 10%+ return target despite tariffs, with construction costs stabilizing.
- Management open to share buybacks if valuation gap widens, but prioritizing liquidity amid market uncertainty.
- Fleet age improving, with unused mileage approaching pre-pandemic levels, reducing repair costs over time.
- Insurance business volatility due to equity market swings, not core operations.


U-Haul Holding Company (UHAL) Q4 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q3 rental revenue up 4.5% YoY, fastest pace in 2025, driven by price gains and last-mile demand.
- **U-Box Storage Expansion**: 20%+ warehouse capacity growth over 12 months, with $9M incremental revenue from moving/storage hybrid model.
- **Cost Management Success**: Fleet repair costs down 25% YoY, offsetting 75% of EBITDA growth headwinds.
- **EV Regulatory Risk Mitigation**: U-Haul prioritizing internal combustion engine trucks, with no plans for EV fleet until proven viable.
- **Margin Expansion Potential**: New storage units could add $170M+ EBITDA if stabilized, with U-Box margins targeting self-storage levels.


**【Management Opening Remarks】**
- CEO Edward Shoen highlighted **consumer optimism driving self-move business growth** and noted **fleet adjustments to correct COVID-era imbalances**. He expressed optimism about U-Haul's ability to navigate regulatory changes, particularly in the electric vehicle (EV) space, and emphasized **U-Box storage business expansion**.
- CFO Jason Berg reported **Q3 revenue growth of 4.5%** (vs. 1.5% and 1.7% in Q1/Q2), driven by **higher average revenue per transaction** and **last-mile revenue gains**. EBITDA rose $47.8M, offsetting EPS declines due to fleet depreciation and reduced interest income.

**【CFO Financial Breakdown】**
- **Equipment Rental Revenue**: +$39M (4.5% YoY), with In-Town and trailer/towing device revenue growth.
- **Storage Revenue**: +$17M (8% YoY), with same-store occupancy up 3% and average revenue per foot improving 90bps.
- **U-Box Performance**: Other revenue +$9M, driven by both moving and storage transactions. Warehouse capacity expanded 20% over 12 months.
- **Cost Control**: Operating expenses +$11.6M, but fleet repair/maintenance costs down $10.5M YoY.

**【Q&A Key Takeaways】**
1. **Pricing Strategy**: CEO Shoen confirmed **modest price increases** to offset cost pressures, emphasizing value proposition to customers.
2. **EV Regulatory Risk**: Management expressed skepticism about EV viability for medium-duty trucks, citing **40%+ fleet cost increases** and no viable alternatives.
3. **U-Box Margins**: CFO Berg projected **$170M+ incremental EBITDA** if new storage units reach same-store occupancy levels, with long-term margin expansion potential.
4. **Leverage Outlook**: CFO Berg stated intent to remain under **5x net debt/EBITDA**, with $2B+ borrowing capacity against real estate assets.


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