U-Haul Holding (UHAL) 26 May 222022 Q4 Earnings call transcript

Good morning, and welcome to the AMERCO Fourth Quarter Fiscal 2022 Year-End Investor Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Sebastien Reyes. Please go ahead.

Good morning, and thank you for joining us today. Fourth XXXX AMERCO Investor the to Quarter Year-end Fiscal Call. Welcome

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

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

results, of uncertainties XX-K AMERCO's Joe For Form Commission. may Shoen, Chairman U.S. March a for call the and AMERCO. risks turn year Exchange and to the the XXXX, I'll file discussion with refer now on please the which ended Securities is to future that operating XX, affect business of and over

Good blessed morning, and has past lot years. U-Haul of storage internal market. There the been a consumers X in stressed-out the migration over moving strong population the are with everyone. still

historically rent having could much rates. and having we for current to scramble equipment. There high If with those vehicle product, moving manage to we more probably to remains are meet at elsewhere. continues we inflation Fortunately, fill the to in simply had occurring demand market it. We're Self-storage facts.

in we your Jason, projects. managing of has for I environment. you borrowing continued ever-changing have solid will term. build We for and place, want are do thanks capped effectively the continue to and cost to… our support. the up team Jason through My ground near conversion a

the fourth reported period a earnings same a we in for share share. That's Yesterday, $X.XX XXXX. fiscal compared to $X.XX Joe. of Thanks, quarter

fourth equipment about a $XX this the million going of the rental compared in year. For start previous the this fourth improvement the we year. the net share in in discussing XX% that I'm top before. increase year XX% morning to saw had fourth Keep of or an compared $XX.XX last of the fiscal on increase quarter of XXXX, year earnings reported nearly came quarter $XX.XX revenue. of We to that as full we the quarter mind to

For rental fiscal the million. increased XX%, $XXX full XXXX, year of equipment revenue or by

and a average improvements and year, revenue and trailers quarter increases towing the transaction. revenue For had transactions trucks, in-town devices revenue the combination per one-way as well The were fiscal across both as all of markets. the

through moderated. of year, progressed the in April growth and into rate have the transaction improvements May. has U-Move we continue As We've revenue seen now

year our count We end trucks. the improved the this new increased spending did year trucks just on over as of the we of As fleet increase year of to availability XXX,XXX to compared truck fiscal amount the reported, fleet XXXX.

However, were million well it it fiscal $XXX expenditures XXXX. compared and frankly on billion below rental $X.XX XXXX we year Capital where with fiscal for the to it equipment for new was be. wanted still needed

just averaged under billion last growth now, acquisitions. the just fiscal the fleet $X.X averaged Whereas through billion. had years $X year years we we've XXXX under a For XXXX, in X

billion we year, equipment $X.X next into around in gross projecting purchases. Going are

the per a slowed storage course, sale resulted has the retire units by the elevated. levels, unit million the from but of this fleet. that upon availability. in manufacturer depends We've year. to total increased remains strong. rental and we proceeds and fiscal Of Self of $XX this sell, number that volume million Proceeds equipment retired last below were was of Sales $XXX growth performance XXXX of

XX% Revenues of or end for were year, the continued March XX,XXX and million and that compared the previous of unit Our increased April. trend finished million or $XXX the units at XX up by months the quarter, count through XX%. occupied March up we to $XX

quarter last for all-in the portfolio entire from increased for XX% rate year blended year. to occupancy Our the XX% this

For I'll increased definition the facilities for being X from the XX% last XXX year years, at by quarter points occupancy to have last subset basis use to the that of stabilized, the of of and those fourth this XX%. year

also XX year. the year fit properties We time had that this more this last same versus definition

for increase the currently saw quarter. we XXX indicating year, we not moving deals somewhere about our And building projects. We We have full storage million at year. just a expenditures billion are feet on on. escrow for the but Operating the that X up seeing related repair that increased operating And increase. have as XXX are well. million in personnel nearly for and $XXX to our that the million properties may to on. currently around for expenses, not X,XXX were $X or fleet and rates maintenance $XXX.X that's increased for we of earnings half may net $XXX rentable Spending that, and quarter real million from $XXX expenses have Operating for our largest the year. we by to were million, $XX.X to $X.XXX close We $XXX under million up segment started capital in accounted million somewhere own revenue development billion improvements still per fiscal foot across of XXXX, behind estate last around have square yet average

While retail the saw fourth is revenue freight increases with have expense. associated A the than big begin rotation in costs call increased hand chunk combined or with to liability call. totaled from revenue to to quarter storage fleet, the XX, This our faster I with XXXX, increased at loan customers. our and sales. facilities Joe, existing the of line include the revenue. equipment moving cash personnel with the of segment program driven back quarter licensing, of our of than with goods categories, by miles during maintenance expense the At and Other that faster our operator, we result increased increases, and that, of U-Box billion. fleet stayed and product cost the slowing portion during repair in question-and-answer our associated storage With like associated $X.XXX moving would the and sold March availability

Instructions]. [Operator

Joe, going Artisan X Craig that Partners. questions of go I'm call and ahead to in from Inman came the at ask ahead

seen capacity business? The some back to businesses first give is, regards seeing planning truck gains you COVID-induced future how in revenue rental in we've from a rental are management is What the with bump. the business? activity And

of of but don't fact. a There's that, and not bit through have rate some first I that storage the give business I in know the levels, back pre-coated to absolute and take step guess. I that increase I'll we're a dollars, for that think We're think seeing it been of fall in that. the to revenue moving rate just well may but back. to going gain don't Okay.

I think that's going to stick.

what to stick. went so people wow through it what as step-up working I didn't COVID, a didn't very maybe away, across to that's vendor plan to that had see. rebuff see out much the That's -- customer is So don't starting I've who been would the the these try so be bump customer when close a business I'm to the towards. We've the a try their doors,

second probably business our people got sure, services of we got really from used never competitors, who've was half we, some and the some before. So and question? business the products for from What

the rental planning truck future business? capacity you in are How

have due trucks our number to the to now, that Right wanted our to forced we all inability plans get. secure been of

have. an the much XX much manufacturers driven to, And if by look they pressure next change product to very capacity description. meets very going version. you the electric as what So to for simply to their incredible They're have that line be, it's don't months, Jason product that alluded under

would of kind for our they vehicles hope that get something they've else not emerged. of normally fleet the that what in So curtailed something has consider production yet we else

use. vehicles So that simply the months. the our that's going just of drive over to would of fleet an plan XX And really there's next type undersupply we

The from And influences is, can is the second talk do about they business? in to Where you the question opportunity hurt rising the there most? improve? where Craig inflation

new No seeing about acquisitions. construction vehicle cost Jason and clearly, that. to, question We're inflation Well, alluded is up. stores, building we're of as and

inflated think ago. property that already a had year I

property. So that's we're difficult now. going inflation of inflation very and probably that Wage year, some say. is inflation our real, in we're this although that to construction more expenses realize current results last incurring to reflect There's in did year the actually we than

On the rental hand, rates equipment other are inflating.

to we acquired rates So that some to some older costing might inflate prices, it's the for a if inflation. have rate whether vehicles actually fact it's but pick extent, where new storage we might dollars. we fleet a that know closer monitor selling at the in is what get don't any prior equipment, you for, -- I if In prices storage, the few imply fairly for recently more built of selling were little

and you going -- paying on margin Jason, So -- the prices if are are to dollars me market. going a bunch that And of had also. built into there's we'll that people like have of they're A to in. up it inflation add like the in those stick, bit rates explicitly that? would people little and looks very then billions you pick who something of

affected what's talk year just more cost. obvious most is for the I'll us Sure. results in about this

this and costs year So various a things U-Box to have we've shipping freight us accounting. Those containers on expense, sold our around country. one us our number that moving the through. of for then goods quite shipping affect we're dwindling and the still that seeing seen run And method stores for utilizes bit, margin example, around the supplies, of of cost costs we're companies propane, hitches, those products, retail LIFO of elevated

of to tends accentuate that So environment. an sold goods inflationary our in cost

statement are as they incurring the over or goes, equipment the into as depreciation self-storage and the up. income we're earnings side bleed time those steps economically. as that And as then costs earnings will side, far On

our now, have but reasonably see transaction presently, things. it in gratuitous front if the -- optimistic, and Energy take. so there's many, in our make they much only resulting people but I -- turns consumer still negative, that move they seem up, I'll it's value. counter. price on fuel don't will it's discuss people it's obviously, to one are many of more the shorter other going at going are fuel, in costs experience the And Right that is salespeople people lower distances, sentiment way and comment. of

are energy. efficient truck our get more we happen to probably pulling XX They're have peers. get people happened fuel could over I their yet, the as has cost fuel-efficient just -- very it if concerned rental months. about than fleet But negative well too next but which and a the still, going not horns think of

up think to go ready So back questions. I any we're queued to

Our with will Zacks. first question come Steven Ralston from

me? you First, hear can

good. Yes. Very

we've now seen the -- tremendous prior first expenses basically margin operating the last in this with quarter, as also to quarter year expanding. of in ago to where The the a rise equal means last you've But said, saw increase is quarters the the leverage Jason And captured the rise quarter. X revenue. margins that prior

As model, I and the fleet financial implement it expenses your the fleet to dynamics will comes financial margin to you of affect steady describe Could program? go just are talk or relative it seems about, X personnel going for maintenance you the you rotation expenses that reason reaccelerate How costs through your those like the expenses revenues? my down forward. as

Jason. is and with that -- repair start one. I'll Sure. off effect biggest this The is maintenance. I'll

So a one-for-one trade-off. not we're it's necessarily --

go right largely the is that depreciation which your more costs equipment. is up. maintenance being that As signal aging a driven are decreases, What's accentuating on fleet then now so customer is activity, miles your

outside hire we're it along keep made has and and and maintenance, complete in to on preventative more stay for which mechanics into more and using the difficult that longer the you staffed comes a So little which little then of mechanics, market, translates labor much takes for usually higher work. lines with bit also more to a the us cost which repair seeing bit fully systems, couple them

those on hit fronts. getting we're X So

then quarter, the it's been through For it in margin -- been And the repair the negative. months, margin point, But it's year, for negative. to getting not up fourth your and maintenance was tightening the XX turned year.

of necessarily but bring effect will one, maintenance, not for then have sell it's X should we a equipment more that amount repair. the that and an equipment, So on in highest requires we as the

mentioned that a put the in management XXXX the fiscal In the $X.X its estimates billion, you But it was the gross. it it money mentioned you $X.X believe billion. here be the was will increasing I -- fleet was towards call, Could explain you on discrepancy? XX-K, but

The difference we is going we're much to how think sell.

to less what gross the of sales then new is sales used that the right around $X.X the number bring XX-K think cost equipment. we're the net in And quote to we proceeds in the in sales So we billion offset of we proceeds. going

So out. that's why we net that

right. All

square to self-storage almost double Moving to moving was the you about increased X.X%, of locations strategically facilities? The the And about number at footage but area. X.X%. are that larger

we start phases. with there A chunk is one. storage do that in I'll our what happens projects big typically of

we storage into And maybe to then So it little facility additional open will phases. feet up XX,XXX tranche XX,XXX available. square out as with a kind of as

a So won't that adding new facilities. to square up show but existing as facility, footage we're

while to And your is it average me foot a per also in seeing footage, up. going this was surprise we're that rate square increase

they're paying, increases. just believe paying market. to And getting rate a It's interestingly, can't a just strong going the is. what it, people they're There's see are It's now, predict strong storage I Steve. on you steady story based that market when they no it see around other future.

before be has going we of just business, in the where that some I analysis this X can little have years conservative some at inflation, plenty that field thing tell. a any go to there'll that with we I industry mill think breaks lose of some people what X me But like up, real it's you heart -- last assure when do here, deals. projects see There and tremendous bunch a assume storage the go more with If other people, I said Maybe point there's the goes assumptions up made we'll has investing it that. have I've quite rate going of think I ago a caused are a that's than deal, but of who other buy got rosy unwilling up. years cause we to can't didn't people or what exuberant, atone. here, money deals. to my sums stringent it. everybody but a just As I the some deals to are gets make and financial believe me, over pretty bit We of kills the of our in doing good I it aren't

to pretty X stampede still but a -- So that. I'm hard on

on. going so And that's kind what's of

about it's what England. and generalize I think hard to be storage rate the going doing localized. thing business the It's real that it community other there's some rates to business. gets the storage in is And Well, increase still have very New know well, oriented. are to you in say,

So little and I of competitors chance we trying markets And I'm They they're all but real staying with more I suspect little could my intelligent those share have that locations, that seeing pick a are people. don't markets a nose other could me, strong. course, to over of too. have in some strong. are see think

vacancy to on you that assume have Do that's public of substantial of -- rented have our One course, do, pick I vacancy. Most in trying at is don't we're do our what thing portfolio So We've a you occupancy they're our a those you up. is, locations. to. But, number what kind trying little different that's of today. is places

Sure.

under So our is occupancy. over we're whole our average occupancy. And the have portfolio XX% XX% XX%. But facilities now of occupancy XX% for are at we those averaging locations, just

So there. is of averaging well they're that number locations, our is above and XX%, XX% over occupancy X/X of

I lemon. rooms lot have working stores with of have rented. have out and that a see So opportunity we're can still opportunity juice rate still an to of and some increase you getting that they the rates don't But

develop increases, say So rate rate we is in market would think is trying where hold. the thing areas the the will we biggest to I and are assuming

Adam Sues come from will Management. question Yacktman Asset with next Our

and in we've now one shareholders for know, a of investors of the outside years, number largest been you America As if of the we're largest, not company. the

was I like the value the But the certainly shareholders also see both and quiet been we thought So that of and in pretty it frankly, positioning pieces. company's overdue. we've long we

comments out So expand a first we main the -- the drivers Maybe we maybe around truck detail. can can truck for with the questions you of side. business previous a of I'll today. little reach more in on start Can couple the on

up talked about margin the to overall, prior this since quarter, is pandemic. but significantly pressure the You the business

You driven is of How of step up. little miles reverting talked versus pre-pandemic the worries number and to back much which transactions the that a you number about bit of pricing versus one potentially about most levels?

transactions is cost more overall I'll transactions. Over whether that seen knows they there. sentiment say available the will I'm with start the if be and decline, little whatever out get that's what career, to changes we some And a revenue times people there'll and bad is anybody pandemic still something. get And and rate will sure and we'll that good consumer about and if mobility hold, us. but not be improves, if still out it. But longer not quite times, absolutely. I've pessimistic, worried is distance some revenue transactions I'm the movers, moves business become when what move. And most that's of drive, people manage my they'll or doing what

So always closely. transactions more closely. I the ahead, dollars. to Jason. Go dollars He's watch very, Jason let I'll speak managing very

it. the transaction, and to portion average combination increase a closer with down by of and I the year, the and per fiscal split that between was the X/X other from half the charging our would compare is of to of the rate for the per you that mile. miles increase revenue coming then if transaction rate Adam, were was of of is our miles increase about number the transactions we other of customers which the miles say then the fourth probably quarter, driven part And and being half with So

is year quarter this year had was quarter the of comparison the by first we hindered has that as versus which that part gone last year, So the on, first COVID.

seeing down So increase to transaction last on year little of a naturally a a going reasonably it top bit, per we're still good was come quarter transaction. but strong very

Okay. on And my side. truck second the question

and in business? across comes the much And profit do advantage country mentioned the and the there's there's different count or compete of competitive of side maybe one-way one-way moves any sort think anyone moves? in-town of you U-Haul of versus on the to -- can business how then of You How there? Is of one-way moves revenue sort truck about you moving that with kind from moving there a state.

their the to has most comprehensive and U-Haul if I'll margin. to more they destination, talk network, of on your where competition. go important have both have Jason drop do which to I'll the means comment to off. because get they do has and go see truck to be the it part where we're any economy which the likely is distribution customer is the at origin to to

differential, rate truck So a unspoken get off the might a even residents. your to is of competitor x another to part you if the have back and have miles drive to it it yourself drop

bit. have. a advantage So little that might erodes price they

other to expensive So more maintain. much on hand, the is network our

hot I numbers, budget, [indiscernible] real minus. little maybe outlets, less, So but a that, have around something don't probably maybe like has somewhere X,XXX X,XXX

just more outlets see to -- neighborhood. can your us going that with likelihood up maybe much against them XX,XXX we or in you So XX,XXX be have a we're

normal see they that service locations. is affects the the the economy, their It awareness in the daily So customers' because our affects available travels, that move. also

don't And And so clear. see the well, it's they competitor, quite if available as is their not community. they in perceive self-move

won't. their they they're and it's they we say Now That's But because overcome strategies. don't, apparatus always business. yet hasn't manage. as If had It get a margin less competitors fools, to have touted we -- the that. to higher on overcome. different they to much us have it the If between not guess I Internet to have is going

run has one. So margin successful I'd if But U-Haul I was running a those. relatively overall their our strategy deal, higher U-Haul been

-- thoughts know you on margin. relative So Jason, don't any you if have I

Sure.

we of as doesn't have those far can half our comes really be the If a at revenue. goes, structured in transaction the profitability is less really the from. matter way So business half revenue it dealer. we're a could it little bottom things split and where doing the little us the The or is right, could to a it it in-town be from shouldn't over perspective be it could as It at line. matter business one-way town, company one-way, to be store, than

better the Moving but it's side, and that on disentangle just discussed truck sort on them between that compare business make how both, one storage you it How truck are U-Haul about the to how of synergies operation if you you've the and can business, to many you storage qualitatively the two that calls -- different for one the that's hard standalone storage, more together? make the truck only to of prior if detail, storage renting them customers business to are storage together? a discuss or think offering the maybe financials both had

in is rental going greater the if the So you're business. truck cost in substantially

to have simply real You have more estate.

operation into if take we let's squeeze we they CubeSmart. do but truck -- component, just their have So and that, can go They -- so And we storage have that, not the can acre. do like we normally. an rental in, won't somebody

to hazy our waiting in if down for on you allocate storage into at go figure for that our basically more to some see up. I've sweat personnel there's places, which We're Then they're They're going go time. Well, mostly do they're get that engages they're much bad. in That's good or not over of sitting is be probably to probably more business moving area, that's be place, So the wages because going one of costs a everywhere their to hours you volume or Not can personnel now. got something does, perspiring how two different. more, they're costs business, that's places creating from work. cost less but and now. And to you our And that holds the a a a you very ass what value truth. happen. they're go going

reflect on us. So little know. don't to it's I rougher maybe going a

know had other I CubeSmart don't. is like that don't strategies. just I days some I I glad stores different think there's I I'm one -- days more wish they're and there's

So we in of strong a -- there's coincidence storage. moving

You in they Beacon XXs. XXXXs, moving in in the big a could the is go company storage, related. were

my So I like baseball. crew, hotdogs always coexist. tell it's and just They

all capture I'm business? sometimes capture number Well, public move the you But customers a get and don't get with storage equipment. different our treat reasons great statistically a that move move the we sure for always that as that always we win or you in inside of there's customers And business. we in. -- group, a in, they of know can bunch why did there's Now CubeSmart that it. And

consumers it's their on why there's legitimate our very part. to the very a some other performance location But you're you geographic if there, business. get going preferences. Storage have specific reasons is And Sometimes media storage product. for make

who pretty customers years. fairly storage how move a So of it answer truck. many exact into people into the rental been not but how a move And way, many move for U-Haul been maybe other that's point, percentage XX roughly, the consistent constant use into I customers probably number, that's to can storage?

either to So shop, And I able be between one think don't strategies But and is think has. exclusive people different other. a is our of competition just the storage storage positive. and they're move use I what us into one-stop to being rental equipment

okay. is we it, sometimes. That how works both they're renting but think how strategies and us public planned good storage I'm I that trucks, that's that sure benefits

comments changes up the truck capital that when some around you had question to there’s made were there’s previous of priorities rebuild is call And in for big truck discussed. of we to sort need feet know following really topic, the last thinking today sort sort and listening of I is of capital maybe any shareholder feedback. the been if you And on allocation. which in sort fleet, a My

how than But way up a are Debt levels think and just and managed the is direction pay conservatively. small investors. of levels, capital side. forward? on repurchase CapEx conservative in the sort very pre-pandemic have dividend, sort unusual. been the I about which sort curious, of lower there more of a the And token continuing invest to peers, I’m conservative business never you we’re you and change any thinking than of big so And step you has company going thinking priorities essentially and storage storage stock, are in

thinking. be active Board put I say public we into So just very having I without there’s we’re of something. of discussion math long-term doing I anything can a a don’t it’s of lot other to don’t I’d beyond a active a very think, have say anything I I shareholders. that can there’s for the people, balanced know that than fairly lot maximization lot the outlook and if know effort wealth talking that make just SEC are or

and On or equipment self-storage of U-Box. we front I don’t the allocating operational though, think have into next year or changed any our plans between going

those in ahead move areas. to continue to are plans Our

year It’s real $X maybe real I would that but would this On year, a about we billion somewhere close to that’s little do I side. would look we suspect what hard like spent – a next on get least year to bit real how whatnot. hopefully more or truck tell we estate next side, and this the looked permitting estimate. at through it and the But year. can think many that projects more rough

question Wilen Management. with come next will Wilen from Our Jamie

start number. year. that I'll us experienced on during is self-storage. Congrats last $X fiscal you you a the year? was rate decent increase Could a in what in pretty the billion on profits tell great

Sure.

of was to rate higher a X.X%, it per than maybe the year, the number, were out course up over it average you if year. X% more moving now, we're -- the in think average X% current the on foot that the I is are move-ins. about People last

to industry. that Is a seems part the Okay. below of your That strategy? little be bit

think I above you And rates, it's properties here rate. economic XX, When you to their looked And quote of discounting. the recently. economic go XX%. historical occupancy at was occupancy look industry portfolio at was the their I about have but

the rate the is. what So isn't rate

month we're X discount have a difference discounting. And And we And discounting. -- with have haven't that all we extensive is a we engaging in standard is changed that not rental. so truck not

that thinking Jason? any So we've sustain to to way that, than agree to quoted of were over numbers you Jason able period. Could my XX-year higher the been

I than in overall the higher. would X% but portfolio normal kind to to is -- the say of is current that rates or higher of about X X% X.X% points X% historical, move-in X%

Historically, get up take is believe, you, you're I XX% filling used your to that same The quicker? have Or units opening to years it they that rate. expectation? up been that X now, to

XX Months, maybe less.

XX --

[indiscernible], Market explain XX months, facilities hot. they but such. would way the [indiscernible] other it. like I share just to for a hot with I'd been I and Market’s manage -- visit similar numbers I me, number. has can't people think don't I faster don't [indiscernible]. quote but totally

think we're at anywhere unique that that. not I near

-- Because year million you you of feet square fiscal X%. space current opened up in the X.X Okay. obviously, at

occupancy have So your it tremendously. overall and rates grown obviously has --

that anticipated. that X had a So year obviously you quicker much pace than is

quicker. is, competition that of that it's I And managers. creates Way an is. interesting encourage thing course, And does between what

people. expectations those recognition give to -- people we of themselves. raised people's It's other So

sports general do Our them causes It's of have a or expectation general better. -- our store same higher to in managers that anything. in themselves and

rate. on that So I'm trying up hang to rent to

more I'm Now on massively But trying because, us. we'll it's economic hang to out. of that see course, to works for how that

game that And million do X annually feet adding on Correct. as you you move million the square X forward? plan? plan Is to

said you more. add you now, I'd XX,XXX to if we're little rooms? up, a could actually quote bit Right like

Yes.

per So rooms roughly XX average room. the foot up XX,XXX rooms, square adhesives were

about be renting is up increase. what products. seeing kind faster lead we're doesn't than work the it but at adding just out great on that we're would of rate I So adding in because product, so you're way is occupancy the renting overall which like the I'm time rate up, to adding product

product So not I but the need to that me. and lose don't get a with present be hangover it adding enough I troubles caught much that I opportunity, so product

that, trying doing I'm and somewhat be successful that. I'll So to manage

about at would faster the of I in So else assume square because than you a industry. of rate just you annual of have, growing number progress, facilities footage terms in the anybody in are

Well, it a little gets confusing.

programs management Public Space out Life, there. CubeSmart, and competitors, Our have X all major Extra [indiscernible],

public their there to So than facing increasing important faster us. the

That's Although than increasing we're owned do. you study square more I think and I Jason faster. in footage,

I over opened Yes. our the the with difference that the what say that some is movers and we're versus acquiring started. existing of maybe and product fastest products built vast we've the -- pace majority X years, putting something I new on has else would is And kept say in someone last industry. would or a of

take And somewhere think a think years we in I hundred us, best space, X.X few so our period, million on of give for thousand. put feet -- square XX-month the one or for around adding I

So put some I as to have square being think we upside as far footage more do able on.

that, And I you you you is assets development your have XXX of properties, What's believe in kind have of under yet of the in self-storage? that value land bank. said not that

great number a I of have right it's question. Jamie, that apologize. don't in I me. front

Okay.

over Moving to for U-Box a second.

number really You out of are of we trucks number what have, number feet the self-storage. containers versus there years out there devices, U-Box of ago. haven't the about the have explicit But discussed you and had we X today towing we square very trailers,

days U-Boxes. I in a remember clip number don't XX like that kind you obsolete remember. seeing about you trying up actually amount that's like where dislocations. still -- and to We're them what average say have call I'm is. is of growing later, I and a I the business above It's every at we're trucks, of number, good anything U-Box to pretty the need

oversupply. to several because doesn't we We're We're some not we going We're sources. boxes competitor. able up So quick. of internal patterns It X production. demand but out could Francisco to move continue don't from move do pretty just guarantee because X so know then mean into move more tend hauls, or darn near-term want steadily and get out We move we jack X the some trying see Francisco. an third our the is then that into shut you're more new from of we it are like Mostly wants We we're most to -- increase have be somewhere might months. increased reason say have San There a I increasing. the to months take next parties. just don't off there build box see possibility San to buy over are Texas, are new they'll going people shut it. the having to new Texas I I'm them where in to off north. third to person people that parties no I people our to

doing So Austin. too at can San many to to move so we've with constantly, we're they having boxes empties Austin to get been Francisco, that

basic flows. the balance the still way economic still those -- we understand on we're to working what's flows. most We're So

utilization. So you get best the

we're that You at are. I But says little son, cannot runs work better think a who think my we're U-Box, truck better at trucks. with people it the Sam, than he's I --

we've the to competition. storage storage? on truck like just component have else Jason, we of or good, learned Do that? how healthy you much should the business say have. number into the it's other We in things idea space any So occupancy able is box rate U-Box business a know you be leverage U-Box to a big do

have No, I that. don't

so -- than in But in new It's box seasonal. the winter. with summer business there. boxes storage little up we good That's It's grow. the to for a the in continues bit the news storage end

how on to a So about product this and product years think report you storage isn't business. both XX and U-Boxes -- a we're it moving out, in exactly

I they much And good we better to better and open a business markets, we the I here's of You if at -- sell team able think going a changed opened. service members just people a that to open lines. know exactly warehouse know it or to a to it's got we'll don't it. last warehouse, big There's XX I'll -- going U-Box and big that in other because will the quote. here But motivate that L.A. immediately in pick impact If my people -- helped how months, I we'd front have was it there's But we the course, that because report the motivates think for better. of move Sacral the be

warehouse We capacity. have not enough U-Box

your the customers' premises, an and to people leaves my storage it as soon as warehouse hot don't underperformed. about because our box modern critical selling building. the want So it to premise. come having performance halfway are And the needs they customer be there secure means to because because we And inside is a to that back go timed

So drives same better that there's in keeping added the Seattle. footage little about I say what would we're there. square bit to thing We've business. L.A., a but that. there. square to not overall part get We'll And desperately is I'm continue space up. And add fighting to footage of

X more Although within we bump will will that I a that and get business. in brought warehouses last correctly located there immediately. bump nice just nice a month, online think in everything, if warehouse Seattle can business or X the our cause I And our

there's -- the U-Box market that's market a So is. big

jump is it, The this of so books answer million. just Jamie, costs your about previous properties or call you the to are Jason. are, on that at I $XXX bank land real quick. in question, wanted to XXX for the that

Is million past year. that revenue was U-Box. Okay. I all look fiscal On When $XXX this the other XX-K, U-Box? to in

with not we revenues that few have is yet. It's other certainly else as hasn't the Joe yet programs and majority would requirement their -- operations revenue, report no it's that that gross that, publicly. yet. not. it it's of No, a X but fall reports component separately those into of The mark mentioned, becoming XX% that to There's hit

box XX% XX%. Would so as the in you your revenues up was Other revenues or year? nearly Okay. past being up characterize

quite It XX% is not certainly if high,

U-Box. large Okay. don't to U-Box And mention other How competitor that is that relative want lastly, by I name? to on

be Well, hear their that. revenue, if us to you get you could we'll a I'd part. faster get

any U-Box facilities have? how how might idea they Do facilities you have you many to have relative many

don't. U-Box people The don't. I I No, probably do, but

some at think point. locations on number this got I we've

gap dividend I hope to questioner over you in you're the public for the year. and happens come close created would what had to an you I to hope a to of stock, to think stock discount so can end is the previous I you closing the what's what incredible incumbent family the can for really largest number And next to of by which the company, about the back value your best I -- some buying do over And Board it's U-Haul, value but you the your there be conclusion. all you've it's said the firm have hope avenues policy the of ways think upon which drive between shareholders gap, giving next think value, as a one, a whether lastly, you X And splitting value and would to about are worth. the the many creating to of regards is about more to market of disposal. to changing name the or value months, that

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

first results We Well, We with after it. you. everyone, Thank really our your thanks, participation August. for speaking in we to report appreciate today. quarter look forward you

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

now may lines. You your disconnect