U-Haul Holding (UHAL) 30 May 192019 Q4 Earnings call transcript

Good morning and welcome to the AMERCO Fourth Quarter Fiscal 2019 Year-end Investor Call. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Sebastien Reyes. Please go ahead, sir.

Good morning and thank you for joining us today. fourth XXXX AMERCO investor the to quarter year-end fiscal call. Welcome

XXA statements amended to Act begin, this that limitation, within statements constitute and of Securities Exchange Section Section XXXX of income I business Securities as we Act Harbor of remind general call provisions revenue, growth the and XXE would without forward-looking the during Safe Before may of statements like everyone our expenses, the certain including, of amended. regarding meaning of the of XXXX as the of

some statements which Certain subject Forward-looking results those inherently to are cause could be risks to quantified. and or uncertainties, materially from projected. of predicted differ actual cannot factors

operating of For Form the year March Commission. for U.S. to risks ended a the and XX-K Exchange and affect the XXXX file discussion with future on please which results, Securities is XX, that refer uncertainties may and AMERCO’s business

now Chairman over turn to I call Shoen, Joe the will AMERCO. of

remains this moving to and equipment locations. Good we year. dealer grow both competitive able past very rental morning. were Still fiscal company-owned The market all

reinvest our continuing to Repair I’m comfortable in higher are moving with. operation. equipment expense We remain rental than

costs bodies, hubs. presently will the the to expanding or are large should probably which increase manufacturers are road. acquisition and five equipment repair XX our drive original We our and help no same their results XX repair frames the revamping down costs. unfortunately, months This At time, changing our again doubt

Our existing storage self solid. locations are

in has online tremendous is and a that still there more pipeline. amount the come of product new However,

needs increase. markets. year-over-year and so units storage expansion our units growth We network, in we our in we occupied continue add to believe what to for see continue U-Haul's to various opportunities still

well as We consider opportunistic. storage strategic self as

year-over-year. ahead here. of will We outstrip rented year units storage and added will over to locations Likely, continue us Jason? units grow rental fiscal storage to continue

here period the per to comparison. apples more we an $X.XX Thanks, back of few going to a of to compared adjustments for Joe. reported Yesterday I’m share share fiscal go to a same get apples fourth $X.XX XXXX. the us to through earnings quarter of of

fourth XXXX, fiscal an benefit Act. Tax related insurance for we to companies So have additional of the recognizing our net million $XX.X Reform the recorded of tax quarter

you from previous losses of per we If of had a compared year, share exclude Again, item this to this the that’s year. adjusted $X.XX $X.XX share. earnings

nonrecurring the of XXXX fiscal per For XXXX, $XX.XX of Chelsea we of sale net share. a net all two share a gain the location. fiscal $X.XX reported results part earnings XXXX. taxes $XX.XX share of net York -- of was gain compared of events. for One recorded significant likely our included of a full-year large a to We New

The benefit per us was other $XX.XX Act the and net was the event to full-year for Tax the Reform share.

release to measurement amounts think per we is to previous earnings a well. adjusted a So items, in supplemental earnings year our these And of we’ve look press share the compared of $XX.XX. reconciliation in Again, as at excluding of results $XX.XX. year's included result this our that’s these useful which for

over the again, increase, a about Moving to to $XXX full-year the $XX just close on rental X%. business. finished with million the increased revenues we for and X% quarter, Equipment million

rental in-town the and trailers and did both devices trucks, and the During towing quarter for our fleet. the as of full-year, our number one-way increased, revenues in

and on independent as of account operated also dealers company our an saw Joe mentioned We increase locations.

of upcoming what corporate the refer of accounted into fourth repair and that you or third we continued end activity the for experienced the of last as delivery the these business, two. might we U-Move growth a some of next see improvement. costs or the the will with many trailing revenue account mile quarter quarter quarter in has quarter the fourth associated which rentals quarter. first During possible to is into half increased portion It here

million sales that’s as $XXX were to on also trailers trucks of OEM retired for fiscal we and increased from Proceeds normalizing XXXX, the from the resale the of Capital million up million rental million equipment effects previous made $XXX from new from our schedule, recalls expenditures $X,XXX progress last a year. the recovering $X,XXX year.

Our rental spending. contemplates in fiscal in for increase initial projection XXXX CapEx truck an box

the spend We $X.X about are growth billion. estimating of

in projecting the net We CapEx $XXX the sales million. are which expecting growth the of proceeds in from are fleet sales, somewhere improvement also around equipment, combining we spend

And in were gain up occupied of up -- came revenues year to finished portion growth rooms. gain for the close from $XX XX%. million, Storage under we just A of XX% large quarter. $XX the the portion revenue for or million revenue the

and count from If year compared May. March you occupied continued into to previous at XX occupied increase our to April widen room previous has That spread the had look same day, the of at we now at rooms. the year an XX,XXX

at If year statistic, we rooms look last time. back at a XX,XXX that you up go to and year are this were

We see of are rates square continuing our from most to also increasing foot locations. improvement in-place revenue in underlying our on an

I information our wanted to regarding give occupancy you figures. a little reported bit more

the occupancy I’ve reported three years throughout occupancy more. under for all of just occupancy or fiscal was XX%. been providing average additional color or facilities some Our XXXX on open

their three last year last just increased to those year, the as for average were here basis open of that over least at XXX years this occupancy under about locations points XX%. time So

from million fiscal related million. That’s $XXX was real Our time. this for CapEx year $X,XXX XXXX at last estate up

about million all earnings XXXX, fourth moving quarter. During and to the million. we the Operating the coming by portfolio to that year, the X.X million for last segment exclude just in over online the million fiscal million. quarter year, in And to net for storage feet square added going of I’m of rentable with the X.X $XXX from $XX to year $XX million estate $XX real gain increased increased for a

The the to fourth largest go improvement for was for for costs. of want quarter personnel couple this reduction the in the of quarter. quarter here I the expense through fourth year -- a highlights

fourth recur XXXX. of to million This we the year, quarter During paid fiscal reform. did related in tax bonus last $XX income not

cost variances with bonus from for as percent fourth compensation, were personnel total revenue the exclude in the of and the year you full-year. If last quarter line of still a

the about for were $X repair million quarter, costs $XX For total year up and our up the fleet million.

While for we're from prepped the this volume we feel continuing of quarter progress reduction the units make front, all came nearly in on to for being improvement sale. a

cost are work truck. the incurred on continuing We per to lowering

course with in year. the for which We’ve increased quarter the to million and and continued rental up were expense Depreciation average we over just lease of if associated end year all point-to-point close last million X.X%. up being the to the the year, X% invest size of of $X the the and of fleet, to are resulted fleet versus $XX the fleet end year for we close you in look

equipment quarter during million the and $XX with up were delivery costs. A sale utility the rental costs fuel the the that shipping legal flat over on and quarter U-Boxes, expenses of of for few taxes and year. increases fees and for professional property operating saw included in associated additional the Gains we and our

and transfer in looking life and fourth a Oxford end reinsurance insurance of quarter, the also back terminated quarter. small resulted the termination the underlying the our on premium of benefit subsidiary of But in of for Oxford this results assets -- at block day, reserves agreement policies. a the note, The the for the gap the accounting quarter. to insurance some One to this gain other the for odd a party led during for

cash cash and per on fiscal fourth brings And a we quarter of existing share XX facilities declared $X.XX dividends $XXX $XXXX During XXXX, moving share. dividend, cash amount fiscal declared March loan segment. in from of to and totaled That finally April. total storage at availability year, for this the was paid million our that of $X the

the call would With that, you. question-and-answer the hand Nancy like I portion to call. back Thank begin of to to

Instructions] first Thank Please question comes George our from C.L. Godfrey go from King. And you. ahead. [Operator

Thank my you thank taking you and question. for

repair keeping and from comment down is Jason, a and today future basis? preventing lowering on you a can elevated Thanks. that to maintenance today, you repair per basis, the truck truck in expense what the do that expense fleet or it that bring per you can what preventing on On

basis it's big it on Jason XX getting to sell we over a back much down vehicles and but alluded, came out. isn't basically a going not last the condition do cost it's how per But where to basis. spike, as as still as we down, and do, saw could it Per mile don't truck we that even of to know months I actually quite ago come months falling. with We XX believe

that. are doing a of job managing better We

right the OEs about It's miles, commonality another what to They’re we The that how more component and hopefully. that that are now more pretty Otherwise cost miles wants, new not basically. government varies to and is customer down but there changing what in It maintenance going cycle So more to be responding everything biggest stable buy is pay maintenance. running between to we run simple. of thing the impacts what linearly. or we're their wants. much is them

use they a and continuing of weight And they’re customer. more is the you simply very content also out adding vehicle, so out damage. the lot pull vulnerable unneeded to are more the in of unused And of vehicle. weight it by our to is And pull that

around to buck them. that and So continue no those we’re are going trends there's getting just long-term to

million, outside will and well it's will We expanding help to [ph] you we’re our which in -- We're specific result total it places, Most you the a that, But need of staffed million we some how don’t pull Herndon ongoing it's capital million at about you be expanding are maintenance have if repair facility. we want more it long-term of in do or where $XX or our be, basically to And cost capacity, capacity us have $XX five we company could maintenance be the ourselves. but before we have calmly Maybe expenditures them the will it's $XX we time And will in working are repair into and and facilities we pull to I it. months. XX amount because the -- million owned so for done. problem now know of depending invest have will modest to of expensive that very less or cost account of shops, less savings. assets have what send those $XX those progress. and we

Understood.

-- So months, there to just was say, I'm to just the ago, months commonality be clear, XX on because a so basis months period prior trucks susceptible back going the repaired so across month less were and chassis. so could the mile XX damage Joe, XX per easily, XX -- more the truck

get because damage can't changing going you the doesn’t Now synergy that basis. are mile economies the if trucks are vulnerable still are because we’re a on per get damaged more trucks more Do and how going those because lighter, by they that costs repairing to and trucks that’s and mile this that ourselves per the going address in-house bring sound are new of trucks lighter, I we scale easily of on to more be down, they’re a like to right? have to

trend or just the goes of its long-term bought goes repair the you than price can to continue price car much car you car. kind Yes, a up of price up a car the so even of the know I of pretty the believe more on you the and deal, the figure that’s if going and and

would of have we vehicles fine. things the could we autonomous you're things both what just so increasing vise they government, and But weight was is are at solution to content, but in automakers, magic the raise with they’re additional are were to customer. and customer no is they if which and wanted less are responding this content our that real with those if these them, try seeing things be aimed doing costs. for, kind and But the they a something irrelevant charge basically -- there to to like manage that just So of most okay, in our

my questions. taking for Understood. Thanks

from The Investment go Zacks comes Ian from ahead. question Research. next Gilson Please

Good gentlemen. morning,

Ian. morning, Good

the the contract, one on first, sector? termination insurance have future new in any significant that impact The is going life on to revenue that

it you don't specific I could wish No, little a revenues Jason. but don’t I that, it's give profitability I on is down going affecting the to or that appreciable. this bit. go think be the significantly. a see I Ian, number will

did quarter, than year-ago? fourth Okay. a In the more trucks we sell

No, we sold fewer.

still cost quarter year-ago. up in the slightly But the versus was a

So Is per the increased. that cost truck correct?

getting the And Well, a A bulk before. there's is been repair about costs fleet things was we have associated Ian, trucks the a increases year months the vast just of the with from maintenance larger over costs has repair few preventative than and X.X% on. maintenance. for that’s our ready in last it But lot going X%, XX of sale.

that's We are additional costs. seeing more resulting preventative miles driven, maintenance in

at absolute preventive So we maintenance dollars associated increase much just fleet year-over-year, having more when of with is doing look fleet. the the on in the that than

were What in sales truck have Do Okay. the it? quarter? the you

right that now. I you for will find

are You talking gross about proceeds?

Yes.

about For the million. $XX quarter

How did locations have the dealer year? many we dealer independent at of locations the Okay. end

Just over XX,XXX.

XX,XXX was last I the same numbers think year?

Yes, marginally. we are up

exact if Let's we -- number. see we an see I don’t if we have give know will … can you

at at so XX,XXX. at XX,XXX, we’re about year year end last year net. Yes, we’re end This year at XXX the the of a the the of

Okay.

particular fourth revenue a Any the weather, …? basis, quarter the a per self the was at in flooding, Looking at looking the down comparison. room on that reason, year-over-year storage anything and

I’m Ian. Excuse me, sorry,

year, our I added to close into self-storage think locations last XXX the pool. we’ve new Over

combination think locations year average I is year per they’ve -- room. other markets year, to low of the open and I a per foot been year much and averaged seeing If and But that XX locations see were last put on on year foot that per with we're per revenue that you last to discounting to revenue I month what we've of that the improvement the effect locations as a at foot occupancy this X% very it we're more. our in some new had revenue their isn't last about the has revenue first that look point, or months existing this amount ago. free opening your

Okay, great. Thank you very much.

lower in floods I know you the -- impact but year sunning not does thing into expansive first So St. significant in don’t the it going a the flooding have quarter? that the think Midwest Louis, every

Ian. is, it think don't I

the a they’ve it of just itself and kind out. couple tornado should work a goes problems, whole of have We couple of and into had that But wrecked buildings. equation

big So nothing clear. weather not sure -- so When because they there to it's customers No, numbers It's not can overall -- results. up come roof get room. not its location a it, it's the they lost events, that a pickup their impact rent for -- you a in a just I would you would significant. basis, by say mean, you I really but sometimes too location see not but and is

It's all for Okay, me. great. much. Thank you very

next question from Wilen from Jamie go The comes Wilen Management. Please ahead.

the Couple Is revenues side. Hey is X.X%, folks. of questions. I market will or rental of with that truck up X%. that volume related to most that differential is start The in price? share were up a fleet gain

It's XX-XX. almost

X% X% volume think about I and it's price.

particular, ballpark. I think in that the overall you in but variance a that's get an number it's

So fleet same? the utilization about is

Yes.

a up be teeny might It little bit.

it's tiny Jason a utilization. very year. work much But I to [multiple be -- always utilization, stable are we fleet been where happy to a it's We overall with speakers]. bit that's and last want in below and on never we’ve progress our fleet think

improvements some utilization. every model. see did see improvements truck just about in did We We across

Okay.

-- is trust but talking decimal That me. we’re points,

Okay?

bit for about Got great that I units what year? truck higher, the about you. Ian in the question So is as per -- sales not truck little dollar the sold gross price you were higher? -- and a asked the as a your fourth proceeds sales of moving quarter but last were thought we

Yes.

what is a profits we $X,XXX to [Indiscernible] $X,XXX it up the we only easier the a little. to $XXX or increased always is, Yes, it And $X,XXX, prep question after to get And little that’s sale going know spending sale spending for into. are a in is. okay? get a in are a

the than year, sale quarter absolutely less at to compared did what or pleased the bit we a still think, balance So, It's to just to better year we a the do we’re little did to quite it's we what I this and But expense we first and prep quarter just for and last attempting by the of last fewer look just to value, a you -- where improve much of result. We I did better. better the resale room little bit can -- if of more places and I’m manage it. think the -- places with truck offended a per to -- we much their and we improve. the I’m on prior know have I question basis result we dance,

the fourth the just about question, the sales I we Hey, did Jamie in half last in did clarify. of We fourth year year. quarter your of to to quarter this of number as wanted

Okay.

Okay.

self-storage. to over Moving

where at facilities, things efficient don’t utilizing about self-storage the how business. very capital self storage have much manage for -- running our the the good seems everything profitable of instantly we you’re We don't truck and to of manage is nice you expertise our running for operation, don't lease for thought are others. a talk like at outside What’s it's adjunct the you One have in place, others involved, and really we for up, to rental an so facilities. wait

time so Jamie, the had is think storage, from substantial a locations little $XX,XXX any of upfront amount about X had we that, a or under -- at clear, management. fee we very the We significant how X%. X money have is getting business. is pretty we and years, to, we that XXX and at at is people. to less When don't we I out established guess cases, had a The not into Space it's management. storage hope collecting -- get ran and or pretty And in depending one-time it talk and made which -- talking somewhere is And what memory works all. going greater. success my under I’m that for if much we first but I my totally managing doing, I’m Extra you for on they’re X% smart fee that most to want to

Space a that got storage basically. pretty Extra X% for that package it Space platform, other of that a a We I a and And Extra My are model presence, the has that that, think we broken spend which to of in is insurance. program our try to the public variety awareness. we accounting point-of-sale is likely also presence, a provide I this we after we we profit, right and more reduce our believe But mailing, scalable that you’re just for to think reason experience out management more have to have X%, real and Now well. modest strong and affiliates. a brand includes But over we different that some. approach group long-term lately both that what grow call like a to going and heard no going business to do self-storage think something is CubeSmart changed a is now and services, then of locations web whom managed continue

with little country through recollection XXXX locations bit my it's I experience really on the have XXXX or is did And contributing. I a little feel there. over could real off a dates. about So it was didn't XXX we right We wasn’t across -- and be just said, the my it good. as 'XX, in something

for you self-storage units, $X facilities. about Okay. last a new In billion the spent year

total. in stated really that’s Well,

then confusing we you question? little what assumption at for a sorry, I And divide would because the bit looked have be I ahead, your spent one was -- off. I’m number. so that then by go cut other unit, a -- a bad shouldn’t What it's and of to but number so that

X.XX%. the question read the units there, those occupancy was if Well, the about statistic is, in initial I Okay. in

allocation will a very up wouldn’t of to it happening as it last managing on capital are Wouldn’t which centers, opposed so I X really machine them would X understand X seems cash much units? and into level, have We of overwhelmed spending, like into overall occupancy that our well rates, units our strategy, we turn few to occupancy are mature, be. reduces this obviously the before get more expenditure new unproductive, of the wiser spending years the aggressively existing because existing in units, more spend to be our as things it in last is far doing years but not like reduces a they we are kind which investment rates our so our profitability of to enterprise profitable whole. let turn But more XX% become close to it's we of profitable, spending which let do, the at these takes but could these more as good the years, mature would we that company much yet. that amount and of now of X the or more,

a negative all self-storage. we’re building business. don’t call That’s closing things that should a having municipalities is, of more of a it. in declaring answer built a on multifamily self-storage it, more ever fair now simply single home apartment question. and a one I clear, a land who or There's use to the happening people I They’re bunch moratoriums. door. different And storage and very with an the that’s know these effect everybody places what there's seeing built the course, is And

had but on, California go years. least for will that long for how it's Oakland hard Oakland, X say, to won Now at

it ban City mind one across the Other done. New got and and is of in of a outright New then making that. that but but number York My have not hard. of pushed that was we operators it doing don't are an get politically, just municipalities doing put did, those didn't York there's clear, back kind that country that

months we amount demise. a an their retailers have of XX more bit big-box And this So there's have of a average little -- then opportunism. than of lot last

to productive XX XX coming of had of in months in opportunity rather on So than we jumped XX. faster, had those locations a I'm see with and or feet, little an most and land-use we both view that them kind they show so are hoping them a as up,

Jason, opportunism by little might little would a $XXX had time guess the to and that a maybe locations those on I kind of that, took a million operating totally are we more. take of be bit So we

I a in sounds specific, speakers]. Yes, don’t have [multiple it the like

good amount of money. its -- Pretty a substantial

but would big my say time we're it little the bit And we opportunity in them show foolish. so remarks, opportunism yet jumped prepared or there's as now. boxes that still a I that some smart as will view I said and and we on Only strategic, was an

Of on what course, we this fill be was but year Then pushing we’re know able we margin based numbers. in I still what move, you'll So we number, by good and think rooms the it of, a it's add … big have see pipeline, to more in that the will will big absolute we okay? enough a

that Joe. Say again,

will more you or will rooms construct rooms fill you will you fill the and will and construct. You

can the starting more than next X months we in rooms fill construct X progress tell so we’re firm the fill. what’s build And of what’s fiscal again more -- is see the we happen. next No, in to on to can this to you we will going I kind than months of going year. up,

our months and fill I’ve clearly we’re on steadily. increasing what consistently over you’re increasing of focused for we’re the rate about fill, our Now up rate that very been is every month and talking pretty understood XX of

which fill, of rate the you’ve points. increasing steadily add are as you should more stores now because you We

a advantage in you already market in. in not an You that out disadvantaged, see there's it that put sense you’re you’re but renting a of they’re

rate, doing filling, seeing for next that is you we’re to anecdotal going three I’ve about this, the a are to the so do why lot if -- next quarters. months is information the statistic you're proceed it X shows same likely of occupancy we’re added for than I’ve whole we okay the gross percentage to right what losing the which now be were courage but, yes, so proportionally which And the or for more next units with that’s

I think it's pretty consistent.

into which That thinking will come And into start may second words, we … Now what our coming normalize were that will coming to of quarter now. time. In happen I'm next about only course that see into other I that May.

spending And what normalize now? $X if billion would we’re there, a

words whether it don’t would in I as other about as fast be So in adding. know but we will filling we’re money, rooms be

that. on and capital length from should kind financing, of depending notes. access good So to it capital been all markets, We’ve the with be sustainable markets good blessed good

be is expenses very good profile what our got fixed as to be going revenue matching of as what So we to consider our that far what with we goes.

We have comfortable on that at pretty out that, matching pretty looking with least or years. good seven five we’re

And profitable years ago, Okay. facilities ramp, storage grouping four are opened the the Jason, let's of say self we they today? profitability

that been consistently these their we’ve NOI so hitting Yes, as this tracking they’re we’ve talked year a and hitting these pro those acquisitions third about. forma They’re are now. Once properties positive or group, profitable.

conversions three. mean, the quarter those these so -- everyone is -- So it of that really of one doing have for that started up these I about properties fairly there we we groups from ups started we're we fourth a and for year right groups XXXX, when are so tracking and now its tracking, of ground started lot we’ve and on talked each of this we far to in past, we XX -- the quarter

as into breaking they an previous NOI seeing averaging the posted those are and group, in total we’re a And and in acquisitions close XX% to As this that, new XXX able we NOI improvement into group. occupancy still from pool last to losses year is we were they’re the tracking and acquisitions now a added positive territory. offset what the

the offset older are projects and So starting that help the acquisitions to new ones. development strain the from

for very get as self what shareholders, lastly, in you’re little then And Okay. credit building storage. we

investment are you a a job but it. Obviously, running $X.X but has Storage, I billion. spending, lot capitalization look has of revenues doing at You’re of good a more doing a you, than XX% of which Life market when

flow a would if cash a don't that your I value we remodel in But opposed capture business the business earnings? is truck the of great more it in is the So shareholders forgetting how flow have to to oriented, say very company realize we position rest profit math, to for is in just is going do we have cash rental, we self $X are once they’re worth it how billion, to the storage but greater and is oriented related to that what which the than storage, which up. repaint centers is the as did operation, ever of self about which much rest storage

kind a that’s Well, question. of $XX,XXX

make will on places. good these We earnings

me time is least I the pop We course, one-time one of that question going are there But why and level really These the -- things think of But at I’ve did. company every the granular right up there's we’re I that no looked in there's the everyone is I at, don’t see glad tells how readout I’m now more profits. -- end see store much making that. at to level. a you a

profit really unit, self that mixed translate And put to good revenue then storage. that are that I of the is lower there's we gets truck going that’s from that’s multiple it, As I investors just Jamie, but other think stream question business and and net that’s just that multiple presently saying side. truth and around -- a think no a a what's now earnings so -- you’re should a that a the to I think profit, it's that on can dance

answer I have an that. to So don't

of the everybody as world's company. U-Haul, our so you Okay. of most widely could folks. And to one change name the recognized could corporate lastly, names we you, Thank name brand would appreciate then that if

Okay.

Please comes go The Inman Craig from next Artisan ahead. question Partners. from

or I currently? Good you Question Can years debt leverage you’re talk hasn't guys. been leverage. about Hey, EBIT every It's kicking last, has. the as much levels on five comfortable don’t and you up as how run just morning. six know, with for

Craig, Jason. this is

the $X.X we estate $X.X So year of about end at debt of of the real about debt. had and billion fleet billion

kind $XXX So one to our level goes comfortable think on at far would -- comfort from And flow the is total I be ways measurement debt. total current we measure an as there levels, million our that of another million. of cash we $XXX -- EBITDAR or EBIT maybe that debt as

say, those a to financial we a XXX within we is have disruption markets. such out million manage in in than, any total debt what the always more trying number that so Now don't spread can manage be maturities million to underneath our of there should that XXX to year, we’re maturities a trying

in the hope out. years on the that have, some a rooms normally those so maturities would the have last question. that focused filling gone and few that we've got those And to more on out year we now helps done what we so created and financing properties we’re something I we’ve to is or in the X in than spreading next answer X development. And are of

I Yes, it's as all why what it we’ve I quite and earnings does. mean just debt much land and we that’s -- don't have we’ve buildings But the the was assets, but asking. kicked -- and up.

yourself look a what In how you at and and -- the look terms of, of give at at business, year the this, would financial end you what are grade? I frame scorecard, what metrics the I the get

fleet, I and just at the storage look -- Well, is from utilization locations Joe. of this very simply. the occupancy

is that’s it's financial not that’s for -- which a a answer a it's of you. a kind number so Now -- not bad -- published

you break I in of can look asked to and this at series a it down -- then we know break individual down locations. zones we You want to what

cost now different Propane, are -- and personnel my on of real question its revenue and has So I than I got the or think trying to it not multiple much, I’m streams we’re much. hard. asset, then individual it, original is revenue asset inside anything my risk, More got which I which ones. We but but goes too focused Those keep at I locations, leverage. towing moving so so it the to devices. storage, want look is to trailers to a not have streams. Self this enough, I and what see keep my rental basically at supplies on eye I it's can then don’t back from good how the major look truck revenue U-Box, an a on

different And it. things risk coming are where assess us and so you’re trying that to at are the the from

train course trying how not electrification to and deal that have electrification, if risks we’re sure on learn, probably company to trying that snookered as mean words on try make that business. some this there's are trying business. it, of in doing other finally then will That's in whole a get this standing of share mobile course, but our for prepared be risk watch is out and but ugly not others, I that catastrophe, us and practical, whatever far when be of they’re it's figure way going of push in It's there's want the will in track totally the going some startups and mentioned to don't come company A not and a -- ride when pipeline, why we’re participating, turns doesn’t lot as -- version they see far my either with it's [ph]. TV, storage Lyft today, to we're out it of you to our these to the we finally a from it so this the real the there's Of to read because actually by get there to devastating to assess we or I edge you specific XX whole markets. or through. newspaper amount somebody, remarks to into that’s oversupply, on we’re And

aware the storage a we’re other know are seeing not other the not the to it. I’m trying They’re the Now it be that we of where who one in people think bunch it. of I aware majors, precipitates. of

in of foot kind all race. are a We

maybe and more development by three, So say of figure by done independents, more. Jason, would the majors is a I

statistic some they’re if they’re a and on estimated statistics me coming numbers much me, down million better, the I’m they’re on unknown showed but Jason, don’t while not very still I -- wrong, online? So the Jason, feet really other square X I they have what's pike. it, that see accurate statistics coming good day here the correct

XX.

position coming be way will I be how to I to I by. see. where to from can't try That’s I impact low what something coming as can got I -- not million show that’s I I that just we’re -- that putting know be standing a there's -- but track -- have spreadsheet, to the and going That you very to big, in train online. a much said try train more online. at look a I XX on no, be I’m going than not to got but low. be That’s informed, but that’s comes don’t in the when I

to at. I’m guess. your I of looking bunch metric a question, That’s a that’s non-answers So

What for financial about capital idea? at level, scorecard -- ROE, just ROA, the return on a

Of so always with look his, that don't I know it. will course bugging we I at it, is me on he -- he's but Jason, let obsessed

It's kind parts some approach. of of the

is combined in so kind model many there embedded So offering. diverse of our economic product

are the launch on at our of the the at insurance looking the storage looking goods each individual in cost piece, We looking looking to sales relation the we are return facility, trucks, we retail we of at companies. are sold, at are

And structure seen it can makes so and that on But or then we … micro our can of and kind inefficiency if do very and there of level those, looking -- we big are invested week about on from return, might that tell there's capital just point. and a you every return individual those some that if from difference we perspective, I be at down overall of basis, on capital, all then kind the the a far one talk I’m sense doing kind in return and roll at of assets return one up and sit each -- that on as as an as our

Okay.

time. much combined all level at macro but … so not the a

A of sense. that make lot

those be the storage, I you bonus all curious got just but was --- be the pay year going for employees? flavor. capital a You’ve hard did to to numbers all depressed, to to And self this would it are going

Yes, thousands incentive of Not on have we an compensation. people overall.

So, as little of teeny us not predilection. company. it in the can yet in we out. incentive made I if are get who appropriate a position where my we things every yes, them right a this overpaid I a people a hell town ahead. bonus, there there, if I now, declare I’m money for comp here. but where are that most to it is of get to broad get clear it's more feel want I’m reasonable and lot going that’s in They’re wages. and ahead gone bunch I It to But see And There's people all we not bonus, earn I’m for working and spread to, very of don't

said but your you crazily. of encourage we say from year-ago thing. convoluted, side, to release ahead its which this last frame I are to of at apples We same -- a to from are are trying guess tried Jason worrying, would course back the pull and and and year I time. very apples it press go to the largely He always

we hear. all but want -- So hear to what we

I but think tend -- is any question single empty Substantially, last positive we're well had. guy, are where want not where good all. were I Am I’m about No, think I at there's be? where There So year that. be. which we half I to And be to ahead it position is or is a now. very year-ago. measure feel of we I that of ahead no I I think. we don’t at same to glass And I'm from every year a a everybody, for better by want

Okay. strong results know Yes, I for are if And the we'd to expect but picking up. results out employees. -- that bonuses potentially come for are

I [ph], to first. Yes, appropriate think strong but it's get got we’ve results

Okay.

I I But, it's guess appropriate. yes, would think

don’t questions. you. Thank I any other have Okay.

Thank too. you

Mr. Zacks question from a Investment Research. And go is Gilson Please Ian asking follow-up ahead.

tied the type How of is long-term up much. mortgage on very basis? thanks Yes, debt the much

the The the exact Do XX-K. count total that. can in get you $X.X don’t It's to billion. you that how will question I have meantime, that I try I real revolvers. debt or in of about is estate offline. get the another of is much to

is Here K hold front in you this pull you, one. it can maybe just of The out.

credit revolving the real billion, on $X.X million. the the is of So estate $XXX

rest the largely type So, financing. mortgage is

tied That XX on is that tied than -- on up up more years?

financing? type mortgage the On

Yes.

way we on Yes, do think first that and our some years to they is out XX due are those maturities come older reach all XXXX. on the in probably to term have But starting XXXX. those, ones the I shortest

you much. great. Thank very Okay,

closing question-and-answer for over back our conference to session. management remarks. turn would I concludes This any the like to

you This to your a have support. to Thank you you I is I’m of Thank call. to of forward again. again. commonality I shareholder imagine appreciate our talking we have interest next look I lot and myself. Joe. like we when a

attending for conference presentation. now The today's you concluded. is Thank

You may day. good Have now disconnect. a