U-Haul Holding (UHAL) 6 Aug 222023 Q1 Earnings call transcript

Good morning, and welcome to the AMERCO First Quarter Fiscal 2023 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. First XXXX AMERCO Call. the to Quarter Investor Fiscal Welcome

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

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

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

business is truck retain morning. of going base business expanded be has ahead. able moved last years. really slowing. however, like, This we rate we're customer X Good It the over to looks overall the to The rental developed growth

expand. probe at continue we We will markets where U-Haul to can

product service U-Box growth. strong Our and continues

costs course, us re-fleet. more to is will X or take back Inflation, will sufficient will unit. I mile vehicles. of some on, factors perhaps the trend new Once a Repair pressuring had vary the this until last turned We on to have and will OEM as spigot -- with we mileage This margin, mentioned continue per expense get we repair XXXX. impact can years in we due as total maintenance negatively call, normalize. higher-mileage continue than fleet it

a at point our are footprint. success. are future. costs continuing in normalize at again I costs. look those Freight have self-move you. extent, to continued self-storage lesser some forward U-Box to pressured and component I and expect significant of will to margins We increases footprint a U-Box our expand the Thank

we compared earnings reported XXXX. Yesterday, be period of first this a This are share in first quarter is share $XX.XX last a throughout first year, of versus the comparisons of $XX.XX to quarter going My Jason. quarter unless specifically year for for the fiscal same to noted.

at experienced first this XX%. of -- improvement had revenue, equipment or $XX quarter rental top first normalized Looking million. on somewhere of of we coming X% growth around is year an that a is last about This increase

million way was first The this slowed. the transactions one primarily that certainly During surrounding revenue. compared remains a in-town uncertainty of quarter saw revenue from transaction. year. of $XXX per capital manufacturers. availability us. on in delivery the of $XXX the expenditures for coming This last front, trucks quarter from compared concern to still year increases were and million better equipment rental new for is There last schedules in new year, we On first to equipment receiving Growth

during Performance the about upon months far likely quarter, already expectation and billion, we've projection year first gross initial decreased generally for move equipment sale that's the the $X.X this Our X We're from values. at learned rental just strong. a purchases year. this ago. to retired over year was selling remains we've of of million through reduced Based what to million. to billion $X.X so for we of continue fewer Proceeds higher $XXX equipment to although self-storage resale as decrease the $XX total by trucks,

about increase. is a which million, $XX XX% up were revenues storage Our

year. same the unit compared Looking at our count occupied units of we the time XX,XXX had June, end an of occupied at increase last to

growth per north X%. of experienced as increased averaging to in foot the somewhere occupancy, addition average revenue In well, we

of these operating to X% Our June those storage group, above XX% XX%. occupancy our XX, was and of XX% XX% average at Within all locations locations the occupancy increased occupancy were locations for that ratio at year-over-year.

opportunities portfolio is self-storage did vacant create of year fill we at this our challenges ago, year. rooms to of need, X last more XX,XXX rooms. XX,XXX by available in the compared To fewer producing One to have end fewer the to years illustrate than we June have new this we And units.

For $XXX real warehouse U-Box up quarter million along million this we've invested in last That's acquisitions self-storage the first year. year, costs. from and $XXX far, so development estate with

this about feet That's months, investment square We units. being $X.X If currently of you at that new look added in X.X of feet and net X.X XX,XXX square period, of developed last over we've rentable across level have billion the investments. development north somewhere vacant. out properties feet represents this projects. X highest time new XX our new about net million square of XXX million rentable came online million Over

expenses first Personnel, as about $X and pressures highlighted headcount maintenance, and spoke this Personnel to than revenue to storage additional release million storage and from to fleet the our inflation. expense moving than earnings both In decrease by compared the escrow. segment, a million like X.X to in by press in worse XX% the to $XX as or resulted have percent faster in margin look to compared $XXX additional increased but segment in historical year operating deals We quarter to result approximately where the building, an or last land first And increased and are million revenue. and XXX projects million are we growth in last wage to rentable feet currently as year. and outpaced in $XXX of in repair million for our we saw that should Joe maintenance. that we the well a rate due the finish new decreasing net in close at yet so revenue dollars quarter them. quarter This operating we started the square watermark. in actual costs last in own construction. Those quarter not XX high time have the We've increase also quarter. moving repair year's growth a leading Operating

years, over last the normal X it. if end the to However, not of within better of at look if the you in XX they're range, context recent still back a history,

personnel percent to as compared costs basis points net the higher revenue. last of a XX are quarter first about year of example, running For

which product to compared costs However, for that, portion the in begin hand to and basis of XX-year call the periods the freight the also average over better XXX XXX question-and-answer our shipping operator, points largest of well alluded The last cost U-Haul about next products the our to as were costs basis quarter. X- our increase -- the to, is would call. Joe Danielle, like U-Box both I With to moving our locations. as amongst back for

Wilen Jamie Instruction] Management. first of [Operator Wilen question The comes from

Nice I to X% what increase on out in measure strong to that a in wanted occupancy, you're results the quarter. When at looking the start and increase increase same-store self-storage. does a revenue in rate for X% total?

Jamie, But I this answer. question. Jason. have apologize. It's is don't a great I that

the from month will more I would the color give little coming a X.X% fewer specials per maybe having that I -- on is first are say of about us discounting. On revenue that foot increase.

that staying in the number get and in. to in up cost them of of move in have people less we the the order rooms rooms, you As occupied

revenue my at number, think it's but -- is a in you we're than trying is the faster -- seeing I NOI the rate growth what I'm give a estimate. increase to

now it Many X the close you. new took from you ago, is to how got years the It moons of cash up about then it Got you a it you to to make and unit long doors was it talked take time years. of out facility? do open a positive. new the X What ground flow think

Jason. occupancy is you This I'll give figure. the

year, get get running the to XX%. years XX%; is last third first That's been advanced we've you XX%; you second what the So now. year, several at year,

the years. I we at looked of X.X year getting year, then X XX%. north occupancy and we facilities of to, averaging seeing little end at we're That everything X we're in close at close looked to And say, moved the up the first years bit last XX%, the So XX%. just -- a opened

cash Jamie, you're flowing at XX% positive probably occupancy.

Okay. Excellent. Excellent.

the program. Within U-Box

of to assume is most U-Box I double year. XX% digits. a into -- So growing the well XX%

Yes.

revenue it's at well double look line, other yes, component digits. the biggest you into that, of it's so our If

have as to a gets out of it entity that break XX% you once separate to your And total sales.

Yes.

point. So this you're that at not from that away far

got so to Yes, else everything go. upon a it's yes. depends fast it, how It to ways in relation grows

and billion -- revenues, is do units excuse out there? PODS what XXXX for I When $X worth is terms look folks today? How actually of other that that that U-Box does to were those think $X me, valuation word, look is you of at you worth in other back sorry what to say And sold billion. U-Box compete company of they compare in that with, I

question. great a That's

all, PODS data, we data, you some try see for okay? any I'd Now don't don't get we'll for source if have we Jason comparisons like PODS a to to and know tell because source good it. of First a you

it. We still growing. we track try have to See they're that some ways

shocked they're not at So they're be seeing if sold more they than I growth. I'd for good would be shocked. Xx XXXX,

market. I [indiscernible] This done think good. large they've

think it's haven't consumer think we probably works. is -- strong tried for look [indiscernible] -- response and it I us. just be I what see, the would but So -- It's to

[indiscernible] we're and these not storage I we saw And of they're while not So customers. moving customers. kind slow, mean, U-Haul growth seeing are that.

customer box So there's preference a unmet preference and move. a for customer

So we're I grow, expect this and investing. to

and in we're boxes, anticipates in further So trucks money more more basically more growth. that there putting warehouses

have always. Jason want to sure always don't and not quarter. track don't a and to is contributing that definitely U-Box I We one. every organization. value, parasite if a know being I contributing He we're the So I and has make

it's continue a this those one to grow spot to it want have. people us. to expect am additional who we of doesn't information I that because we disclose for So bright

disclosure. are ratio. accountants that it, watching So then the what's But kind want what to -- the a required as don't we'll as over then, of tip disclose do we I far lot. till And

to you've freight spike is short margins term profit And but obviously, corporate in got average. the cost, a profitability the in U-Box, similar the

how Jason. thing are to very maybe It do except the game to of of is locations, these for it's deals. allocate X you costs, co-located this because hard a gets Jamie, and down all

-- operating showed that shot step a overall Our back years about storage was large freight a margin ago, it's little and component EBITDA taken and are it that of average X upon of right costs bit up business. now the because it such a moving at best

new of the Or a number is there. have that us of of the number self-storage within give And as country? we seems and a facilities the the your building throughout component all competition like given adding? well located significant facilities, equally we're competitive advantage U-Box Does you're it facilities them have as

recognizes to even can much we customer, we're it get think them. the very, customer to cold. think a U-Box, of a we United vast that a strategy Area, these Angeles smaller I part we they're squeezing think net. trying other. sure course, our -- strategy. broad where North States moved And I'm let's move America, will Canada. U-Haul I is and Boise to to ton from, I'm of develop community. they across U-Haul some sure don't in in so be Los not have the the as that or believe each I Again, themselves advantage. to continue moves very well ahead. the who us keep say, sure, that it's And a the really position moving to is in we're PODS to also And market going out of left footprint business a And of that. the customers there's the I with Bay competitive But ties served

market then moving lastly, U-Haul which U-Haul? market a year. to and self-storage addressing of something $XX you then regular What's into And better dividend, to I business, in Storage, $XX than position $X our have billion going much is don't to value? but the value our cap of changing going splits, to is cap it's a had account you which I you said put I and obviously $XX are to so in entities greatest a long splitting value expect in done over rental, market with from our look U-Haul the for compare above Okay. name a in worth. less shareholder shareholder all be area, term, that Life When going profit value layer own shareholders were has We've into that unit. truck job of and taking intrinsic billion very company, the which market least wonderful similar for on this which at cap, at the is stock the wonderful do, of think that we -- to U-Box, to our without whether The self-storage And our billion is to its billion in size without we up are your we're so what capitalization I the toolbox center. increase how managing utilize

I those, action have that get over maybe Directors months you Board you'll next those. I the of level. input think of all on you'll one -- you'll what the things on those of most recommend every think see at are see not exactly Again, that things to happen several

board. with have my If about that's -- you [indiscernible] know other we're we an to to, independent control. of totally But as developing supposed want specific we items, a some these have

see predict at and going And to the can board so I'm the trend level. I in advance, represented but [indiscernible] not go

job watch how forward. pleasure It's chart course managing move Wonderful U-Haul these Okay. of the and to each a you for of businesses. it

Craig question Artisan comes next The from Partners. of Inman

years a CapEx could there data this to could what you in that the guessing And do look it wanted helpful. turn number, at as catch up if be? to rental we net is would throw how was would much gross like look on terms from business of and wondering not period that for that you some fleet, what a X you but be X as behind number, it on I I'm out perceive to behind some need what touch numbers you'll the CapEx. truck to first and being could

up to then Yes, end When And fleeting has you let in time. you're a And it. out. with what the not lump answer that, fleet I'm work at but up, is you much happens going Jason minute, lump an equal to like a swallowed big a pretty it's but that environment, it's inflation fleet normal seeing not if if lump snake the rat. be all to got a in market inflationary The it's up capital. looking up go that aggregation just this the is in going with that itself We're right outstrip there how gasoline vehicle well vehicles as pricing to demand of know I that increased as don't OEMs they a the stick, going so in leader, be to That's make supply. long to able And costs. rate far, are simple. have

this to of going we're so effect And see an inflation.

sell Now and there. for some on to those. be inflated the we're prices other But hand, going we to do lag going vehicles, there's get a in

up So I've trucks a lived a say, let's trucks through miles this before. of and XX,XXX What have happens miles. is bunch as bunch have XX,XXX you with end to, of that

that, performance, money still you around. see if but call let expense With I'll lumps that repair can so how it. end. to spread you rat, actual getting of distribution work with of lot to to do it, quantify I'll of the the you're desired what he these these until you kind get And with have have on gets paying snake even the do you normalize nothing a Jason mileage, an above kind again swallowing So the one keep have

Sure. I'll hit a few Craig, this ways.

little fiscal projected somewhere our of is billion. growth north XXXX So CapEx bit for now $X.X a

started probably related $X.X I $X.X is would number of of around us would year billion. comparing slowdowns, somewhere about versus as amount, over we've the billion. that that think that of cost a couple we that trucks -- to off billion already I And to the going have little be $X.X move I gotten down closer going to delivery last inflation say forward. $XXX these years million what

box probably low going rotation, X,XXX about on trucks rotation, is to multiyear this as am the discussion And to I conservative to have far probably that backup. rotation. million side, limit million on a trucks we're think $XXX the estimate, in backup north a ongoing rotation, behind but the I to the somewhere the of a is X,XXX As very the which rotation, $XXX

Okay.

mentioned Is you but just because the your because of -- few wallet could willingness that a or take of to not does So OEMs it spend? that years.

we going Yes, with to we have over mileage for to XX,XXX to them buy trucks had let's normally even about you Well, miles got do, XX,XXX totally now X to trucks say [XXX,XXX] has trucks. XX,XXX just that now where are you've were but be. it XX,XXX trucks planned and

you of their stays kind until of mileage get up So the cost fleet. the shingling the out on

to So no these career, able this on my takes through, are. different always when reasons we've come it to they're just pass consumer. they inflationary it to And how come be than they expect are they longer to for my idea always what the been have price I just we've going had through, we're had to. I lumps this cost That's over -- experience.

we've is can some So we're pricing, of fine. get been if just then going in to well, go continue some we And far, able kind get pricing. situation arbitrage to

have access Assuming we we should to to access capital. capital, have which

So think impacts know your I not it expense. come through, shocked you to to all positively it's financial reflect comes to be repair our through from change and the lump there's come expenses be loan, from of just base impacts It Hopefully need depreciation. it going business. view, going it point it'll any through, don't a and but of when in just

as some plus So under will you'll vehicles don't new vehicles. as be warranty as much higher-mileage see require more and services just

Got plays get us a I don't I of next asking. it was ball, like. what years. this That's the look it. could Yes. none U-Haul was obviously, of why curious to have over but a sense out do, X I how And crystal wanted

a mileaged evenly new fleet ones a lot it that business And rotation of the a based makes management of a to on it it of ones, matters older more and fleet. easier hurts -- of versus and of more vehicles years so number having the lot manage

Yes. you're for wiggle want, So mean, going it been to we've okay? does we're in I get to to Right fleet can't the optimize through X and mix. impact. years, going the this. you again, just we're constantly, wiggling we keep now, trying adjusting

back and automakers do. do either. I they druthers be think that to the my Christmas have idea course, get to would And no home don't Of going they're at I come what work,

be, what get And before maybe than to pandemic back the were fleet the we indicate? the would your state Joe, a newer would to preference math what Right. average like

Yes.

wood more me, it's the shed. So of kind to in

and it pandemic -- got you've my the into If good, in shape in career. best the this fleet came with was we

then so of that that some That's burned And we down. how just goes.

would guard Now more disappoint I manage because repeating pandemic some us allows And supply can franchise them what not it reserve when our customer and it. disruptive the comes course, it, it chain of like the experience The of dozens conservative and not our if are with work person. I'm comes just they're continue getting through, customers us, and customer. back rather and this, to but resulting all quality back to times, it we're ends build When is with we that disruption. by customer the can disrupted back. through and more keep of and our trying you consumer up something -- really the then want repeated so Most obviously. we

to been able make I'm and a we -- decent I want right, it to that, dollars on that's expect we've profit a would. more a out, focused serve little interested to everything, work pull to good the out. but if profit Jason, course, I would the I of very mean always so getting is So customer

the a I breaking ask. a customer -- experience Yes, going be question of worst ages, mean, to the that as is I'd truck down? was fleet U-Haul

for went it gets car never blah, it's kind the like as just gets everything. a and do but before about just the to Eventually, you down one but call little want there's and little super they it's as home it's what we it blah, if bit know it's then working kind be. -- The sags was I probably, seat to just It at turn a you to a XX the blah, day don't get quite of of it clean we Well, dragged, the kid, of handed parents. bit. -- car clean, have that the that a kid a typical although --

it's kind is just are are. this in all then situation, vehicles how So household. your of vehicles not a that happy if great And

to stored-up some mix. that more this, I blended -- what's want we're managing And customer for we okay. looking not figure for a we knows I a because value right happening losing So a to keep going out. got alternative vehicles or I'm want sort to now, continues This years. of -- we we're it this of think, experience, -- on we're with nobody, at we're And fact. really that on X have

level, should high a at would what we're say occur. do So we're trying we this

beyond mathematics just with the getting their What rental? a metrics happiness keep the or the do U-Haul of and pulse product of business have satisfaction their customer to with

people, for survey our text one rate X those It's request they a of We X -- e-mail, then And publish to we obviously. blank to the customers. is one things. we We has best and it specific on so X or can then that a customer every questions, the space, about of stars a send on us metrics review.

they those now, view location, by So can reviews.

the says, when then been all customer Mary time, things all should deserves maybe manage running get have the the customer on my a reviews off encourage managers to raise his the they like Steve that. Mary I raise, [expletive] says, when say well, a So sits company, a and

since way, kind pushing let's feel in for is I example a value of not staff we conscious to database to the was customer, have kind be years start views. considered then customer. ago, country good different value in more, the our this a how learning that But same think search our who've pretty now normally People me started it, And the were for moving But being little year the is search and overwhelmingly been that's today." them. a is for I little get something stressed. in was their I a They You telling for keywords, that a been noticing never stressful. I it's year, can "hey, kindness. staff say, kind. maybe true a really I for Canada kind customers that And ago, bit And a course, I've An already can past that kindness. thoughts. in the looking X.X

combine the of you overall I So customer of stress the reviews. and from country the and stress that learned kindness wants purely studying the then moving,

we So revenue good mean, of -- course, pretty have location. looking a by at transactions we're I

So then and -- we aggregate them into subcategories.

So to if that. is you haywire someone's was transaction immediately can something probe revenue or to dropping, you got and going say it start into

of So of at I reviews, and pretty us then what gives idea looking revenue say, thinks and good would transactions the consumer studying a it U-Haul.

hasn't metric with all that. the getting labor and and aging just trucks that And the pressured issues been

all week on people they time. go comments that working there's the Well, good. the have store, there's so last not sure, one to I Well, the there. within person that's

planned but store that's and mean customer the outside thank mean, not they're taking I on, thank empty, is when to the and that they're person, God, the I not I we came you money, work. experience So me, to

would If to work, have come today. here you there been hadn't nobody

again, And they it, here this week closing think, in every operation a been out. and the And were to have in an do it's I've retail we yourself I business. to reason kindness staff was couldn't they I goodwill, People because in, close stores so atmosphere staff was staffed. staff if on but can it this, to announced get restaurant yet okay? to you down the We are can in they Sunday many and of is work have them, this stores

However, a and to if going a demanding someone they're disappointed. business, thinks concierge little comes well, in, be is it's very

customers we on and come U-Haul when but a to them, not take is And give immune lot -- the want going and and and at of level retail it. it's now those so in right

want great Jamie's on is I'm I'll there, curious stock end And dividends and the over the Right. of economic the economic forever. at on hasn't probably or or rewarded the versus stock output comments disconnected ask I'll the just and just U-Haul's thoughts now but fishing your moments of from the created. a moments stretch -- to to regular markets I now one the in drum time value my guess moment regarding That's I value economic the value the and thoughts. around if the creation long of stance those any dividends that is beat of yes, looks in other business, don't disconnect -- kind But tied business there, to of voice

as my entire of network this probably stock you Well, to the connected company. the value know in is

So have much stock I other that. grow. in some invested in big continuing the don't stock. something tops not cash forward And or or some have have or a of just operation very broker to like I interested I'm

don't a I you, expertise hearing that stock I'm if managing think So value particular of point from me.

that's other speak, because bit the principles at of I and call. the little a by plays listen I you U-Haul general my is are figure people on kind of So when better how your understood try -- and you but Jamie that like you or business, to out people probably business, Jamie

he's to heard, position the board decisions. in being they on the Board So think I'm not Y a really I told to X, but to I'm listen tell I to. as I or say wanted to but Jamie, And subject trying because just them them me -- Z, speak

speaking I'm So until it. they on do, not

price, get to is market -- you more the you're the economic the in stock so trying shouldn't stock value not value disconnect not that be should to -- I'm that your And I how managing multiple and price, creating U-Haul was expressed and Yes. at, it's that your Okay. between hitting attention the to pay

you has do and that I how U-Haul effectively hear we being to with And communicate, that. we on

Adam of The next Sues Management. question Yacktman comes from Asset

follow to wanted up. I

is know the I not a metric flat my of the that the of amount much there's provide moving revenue should year I almost per pricing? in years, that's at prior how know especially of that reverts can from look lots X there average? last to a I do was truck to after being perfect, of think to? back If last of sort hold a data do on questions rental tremendous that how that much pieces, value it's call much you There the a risk side. sense you each of think decade. that truck and How obviously You for is last but step-up for One year, you but I that, charging decade but And it, have. of customer, the that on enduring big the on be

the think be has our And base time are in Did need. customer revert to it going prepared it's but a is to transactions in seen back. going into looks or looks this their way generally it these they the that people perceive X like business next make hang looks going like in while X months. have The to that to XX to in growth months last I answer come that question in it think the my back don't a is, trend, I Well, slowed. a on don't like And us? we rapid is us interest with it'll It them comments activity they now that we've yes. comment, get to do we're best over my step-up was

estimate. more customers bit of gouging. a there's do we've years, So just been, as course, of X But up, demand -- in goes market. the to higher in pricing the ability pay kind what tried will without have And had to addition little price. last total uptick a a you've transactions little the the that some of we've seen It's over in bit

actually of the of we and would so a local were to some were doing bad gouge. to places they had my summoned not their overplay to have trying they back, leave and I been customer And pricing mouth. I a of with felt managers say, in couple trying the that going I taste

Just because mean in but can only can double there trucks was left strategy. X not the town I mean double you rate. rate, the doesn't our you that's

me. pass is think acquiring question that our customers. what the pricing of cost I on we to with So equipment, for that hold happens are on I is, again, to we confused on cost. think see The the we going And as increased inflation

those see get That's -- people no for raise But to them. pressures. have inflated, increase. a And try. that's always vehicles these have Right to prices going really pricing I the prices have clerk, to about it. I don't bunch the accepting customers gone at at I'm was up. store, just or now is customers watching we due choice. have of yes, up feel companies prices it. and are statistics, for right I the list always to kind fact economy. to mean, up speak of a paying somewhat inflationary of going what we're expensive have but And think the they the of are everybody think, to we've and I grocery whatever understand right I got try that head that now, are And kind whole of complaining well, their say, the

I see those then, said, cars it in And let's don't Now XXX,XXX that's drop believe an the we'll what thing. rider think had think going I a the XXX,XXX GM see cars well, to cars X true. of said at chips. all the their X waiting I don't read market at XXX,XXX bucket. last in parked change something when is the or article will to course, I be yards once. for or happens week

able be pricing you've that going money, going And a little tell leverage doesn't transaction. in and don't to pretty automakers new They're I'm along. carry a going inflation, I it's although consumer outpace to can car, which getting. no but abused shopped to pass up, get uncertain know right kind a their have now, get we're much they're So it lately, authority. about, there's have the and quantities my to much this one watching for if is automakers to one-way There's experience. anything of And -- their it, we're

So to they my I back. have story. That's X carmakers it, next abused going the tell I think opinion. years think pull is and the to have won't the But

you ago? have is have about I choices. of and the position thinking they versus XX X the side, -- own. mind fleet, their which the number the public would If look especially share side, U-Haul competitive Right. been the as maybe on mentions customers business market U-Haul The brand, one-way I valuable. truck press follow-up don't compare trucks extremely years on the How moving most that, side, And definitely of on shrinking the share that specifically on of competitors the have moves release they on moving think or

but a in. up run in we're bit successful, share, little Well, sees wonderful capitalism they about being is kind of thing the when someone all someone

Hertz clear that are go Hertz old the coming they Hertz ritual decided deal have is up that's running here now going have going So they're come since with it. get and we're come business attaching they slate number and truck by our commit of our push to They've so around, but they and apparently into in getting business. able a suicide the ready and there juice, have now into are people new over back reorganized feel, to financing. going to they'll should they're company. got I'll the took a and he to to to business Penske who in where business, as clean They to were to now enterprises Well, got it.

plenty there's any this can it, look with do think people of who at if help, will could. So U-Haul money fool and

obviously, and but to going sticks with in. capitalism. -- customer just they're -- hope jump it's I the that's So us,

yourself people, you get choice going just best you you're So to the market I When tell all -- to make have customer. the you have some my kidding up. and you're dominance, for U-Haul come think

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to on self-storage gears Switching side. the

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congrats results good executing on the of Well, year. luck Okay. and for this rest finishing the

from question next Ralston Zacks. Steven The comes from

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the good solid demand. So

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to that So years out minimum. X right X you? seems like we're Does or talking about

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

be we going we're range and and few very broad in virtual participate Please have to available to feel after at free going a to weeks. that Time, meeting look for going Arizona shareholders. and to video important for we Internet, Danielle. meeting, feed encourage At take this Thursday, to to Thanks, have wanted with opportunity is time, Meeting. XX:XX a off thank Shareholder in the start investor to you a you analyst Thank and live remind going speaking Annual the Once much. this a questions and to August again, panel meetings start of you broadcast hours to our a.m. way. time, for XX, that, I everyone to our over to X forward we're Arizona that Sebastien of where on executives few participating submitting And like then ahead XX:XX questions we're to we answers. do those you I'd

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

may You disconnect. now