On this page of StockholderLetter.com we present the latest annual shareholder letter from U-Haul Holding Co /NV/ — ticker symbol UHAL. Reading current and past UHAL letters to shareholders can bring important insights into the investment thesis.

June 26, 2024
Dear Fellow Shareholders,
In tight markets, the consumer is thoughtful about trading their hard-earned dollars for value. Our level of service,
our technology and our convenience must continue to improve to win customers.
Moving transactions lagged behind our expectations this fiscal year. Consumers generally moved shorter distances,
resulting in fewer miles traveled per transaction. This behavior is consistent with previous periods of declining consumer
confidence and economic uncertainty.
Higher costs are impacting all parts of our operation. Fleet prices have increased astronomically. We continue to work
on our value proposition to encourage the customer to accept more of these cost increases.
Self-storage is very competitive. Current market conditions are not helping our long-term efforts to expand our footprint
in underserved markets. This fiscal year, we added 5,500,000 net rentable square feet and now offer over one million
storage units at locations across North America. U-Haul   is the only storage operator with operations serving customers
in all 50 states and all Canadian provinces.
U-Box   remains integral to our strategy. We have shipped boxes to over 75 countries and every state and province.
Downloads of the U-Haul app have increased from 1.5 million to over 7 million. Since our relaunch, the U-Haul app has
consistently ranked within the top twenty in the travel category of the Google Play and Apple App stores. It recently
reached top five in both app rankings. This is requiring significant resources.
Mark Haydukovich, President of Oxford Life   since 1997, retired after 45 years of service. Mark remains on Oxford   s
Board. Oxford is in good hands with a tenured and capable team. Both Oxford and Repwest   Insurance are operating
according to our plan.
My thanks to our customers, team members, U-Haul dealers, shareholders and lenders for your continued support.
Sincerely,
E.J.    Joe    Shoen
Chairman
FINANCIAL HIGHLIGHTS
Amounts in Millions, Except Share and Per Share Data
Fiscal
2024
Fiscal
2023
Fiscal
2022
$5,294.9
$5,567.7
$5,398.3
896.1
1,396.1
1,577.2
123.1
62.5
103.5
36.6
115.0
49.8
219.2
20.2
206.1
14.4
238.8
20.6
(11.5)
(12.6)
(12.4)
(1.0)
(1.5)
(1.5)
5,625.7
977.8
5,864.7
1,445.6
5,739.7
1,646.1
$628.7
$924.5
$1,124.4
19,607,788
19,607,788
19,607,788
$3.04
$5.54
$7.08
$0.0
$19.6
$29.4
176,470,092
176,470,092
176,470,092
Basic and Diluted Earnings Per Share of
Series N Non-Voting Common Stock
$3.22
$4.62
$5.58
Series N Non-Voting Common Stock
Dividends Paid or Accrued
$31.8
$14.1
$0.0
$13,134.7
$11,350.1
$9,625.9
19,058.8
18,100.7
17,327.2
Notes, Loans and Finance Leases Payable, Net
6,271.4
6,108.0
6,022.5
Stockholders    Equity
7,172.4
6,504.2
5,897.2
Closing Common Stock Price Per Share
as of March 31*
$67.54
$59.65
$59.69
Closing Series N Non-Voting Common
Stock Price Per Share as of March 31*
$66.68
$51.85
$59.69
Segment Results:
Moving and Storage
Revenues
Earnings from operations
before equity in earnings of subsidiaries
Property and Casualty Insurance
Revenues
Earnings from operations
Life Insurance
Revenues
Earnings from operations
Eliminations
Revenues
Earnings from operations
before equity in earnings of subsidiaries
Consolidated Results
Revenues
Earnings from operations
Net Earnings Available to
Common Shareholders
Weighted Average Shares Outstanding of
Common Stock, Basic and Diluted
Basic and Diluted Earnings Per Share of
Common Stock
Common Stock Dividends Paid or Accrued
Weighted Average Shares Outstanding of Series N
Non-Voting Common Stock, Basic and Diluted
Selected Balance Sheet Data:
Property, Plant and Equipment, Net
Total Assets
* Fiscal 2024 was as of March 28, 2024 because March 29 markets were closed, March 30 was a Saturday and March 31 was a Sunday.
 • shareholder letter icon 6/26/2024 Letter Continued (Full PDF)
 • stockholder letter icon 7/7/2023 UHAL Stockholder Letter
 • stockholder letter icon More "Trucking" Category Stockholder Letters
 • Benford's Law Stocks icon UHAL Benford's Law Stock Score = 73


UHAL Shareholder/Stockholder Letter Transcript:









June 26, 2024
Dear Fellow Shareholders,
In tight markets, the consumer is thoughtful about trading their hard-earned dollars for value. Our level of service,
our technology and our convenience must continue to improve to win customers.
Moving transactions lagged behind our expectations this fiscal year. Consumers generally moved shorter distances,
resulting in fewer miles traveled per transaction. This behavior is consistent with previous periods of declining consumer
confidence and economic uncertainty.
Higher costs are impacting all parts of our operation. Fleet prices have increased astronomically. We continue to work
on our value proposition to encourage the customer to accept more of these cost increases.
Self-storage is very competitive. Current market conditions are not helping our long-term efforts to expand our footprint
in underserved markets. This fiscal year, we added 5,500,000 net rentable square feet and now offer over one million
storage units at locations across North America. U-Haul   is the only storage operator with operations serving customers
in all 50 states and all Canadian provinces.
U-Box   remains integral to our strategy. We have shipped boxes to over 75 countries and every state and province.
Downloads of the U-Haul app have increased from 1.5 million to over 7 million. Since our relaunch, the U-Haul app has
consistently ranked within the top twenty in the travel category of the Google Play and Apple App stores. It recently
reached top five in both app rankings. This is requiring significant resources.
Mark Haydukovich, President of Oxford Life   since 1997, retired after 45 years of service. Mark remains on Oxford   s
Board. Oxford is in good hands with a tenured and capable team. Both Oxford and Repwest   Insurance are operating
according to our plan.
My thanks to our customers, team members, U-Haul dealers, shareholders and lenders for your continued support.
Sincerely,
E.J.    Joe    Shoen
Chairman

FINANCIAL HIGHLIGHTS
Amounts in Millions, Except Share and Per Share Data
Fiscal
2024
Fiscal
2023
Fiscal
2022
$5,294.9
$5,567.7
$5,398.3
896.1
1,396.1
1,577.2
123.1
62.5
103.5
36.6
115.0
49.8
219.2
20.2
206.1
14.4
238.8
20.6
(11.5)
(12.6)
(12.4)
(1.0)
(1.5)
(1.5)
5,625.7
977.8
5,864.7
1,445.6
5,739.7
1,646.1
$628.7
$924.5
$1,124.4
19,607,788
19,607,788
19,607,788
$3.04
$5.54
$7.08
$0.0
$19.6
$29.4
176,470,092
176,470,092
176,470,092
Basic and Diluted Earnings Per Share of
Series N Non-Voting Common Stock
$3.22
$4.62
$5.58
Series N Non-Voting Common Stock
Dividends Paid or Accrued
$31.8
$14.1
$0.0
$13,134.7
$11,350.1
$9,625.9
19,058.8
18,100.7
17,327.2
Notes, Loans and Finance Leases Payable, Net
6,271.4
6,108.0
6,022.5
Stockholders    Equity
7,172.4
6,504.2
5,897.2
Closing Common Stock Price Per Share
as of March 31*
$67.54
$59.65
$59.69
Closing Series N Non-Voting Common
Stock Price Per Share as of March 31*
$66.68
$51.85
$59.69
Segment Results:
Moving and Storage
Revenues
Earnings from operations
before equity in earnings of subsidiaries
Property and Casualty Insurance
Revenues
Earnings from operations
Life Insurance
Revenues
Earnings from operations
Eliminations
Revenues
Earnings from operations
before equity in earnings of subsidiaries
Consolidated Results
Revenues
Earnings from operations
Net Earnings Available to
Common Shareholders
Weighted Average Shares Outstanding of
Common Stock, Basic and Diluted
Basic and Diluted Earnings Per Share of
Common Stock
Common Stock Dividends Paid or Accrued
Weighted Average Shares Outstanding of Series N
Non-Voting Common Stock, Basic and Diluted
Selected Balance Sheet Data:
Property, Plant and Equipment, Net
Total Assets
* Fiscal 2024 was as of March 28, 2024 because March 29 markets were closed, March 30 was a Saturday and March 31 was a Sunday.



shareholder letter icon 6/26/2024 Letter Continued (Full PDF)
 

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