U-Haul Holding (UHAL) 9 Nov 232024 Q2 Earnings call transcript

Good morning. My name is Sindhu, and I will be your conference operator today. At this time, I would like to welcome everyone to the U-Haul Holding Company Second Quarter Fiscal 2024 Investor Conference Call. [Operator Instructions] Sebastian Reyes you may begin your conference.

Good morning, and thank you for joining us today. Holding Quarter U-Haul Call. XXXX the to Company's Fiscal Second Investor Welcome

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

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

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

you, for Thanks, thank everybody, and joining us Sebastian, again.

I our As like. decline the you see than given self-move we've more The the product of lines. sure U-Move transaction impacts gains numbers, most of transaction Pandemic I'm back from would

All competitive. our of business lines remain

not are to these self-storage every and continue of OE failed revenue mandates U-Box for on to cause time next product the OEs. unfortunately government of over back pause this to frame. with XXXX the is Disruption driver am invest a to for sustainable fleet a increased meet costs. The is starting strategy in electric to CapEx vehicle continuing acquisition new public XXXX the maintenance chain huge years. mandates of U-Haul the due and inflation. X some on expectation costs may supply vehicle I cutting that metric nearly However, rental to of for Rental back in to electrification being due equipment starved outpace and the equipment push

now Our increased a now. typical low acquisition to from development X carrying will cause X causing Shutting down clearly from costs. about project revenue is years is years This strategy to opening. X

investing to consider success. businesses. remains the We Jason in of U-Store continued in call the to turn My experience. vital on run the this through also heavily our enhance digital U-Move I to our continued customer now focus the I are implementation tools over for a fundamentals numbers. will and

about the From We year, or we million morning, in this quarter X%. of quarter per brings or million to to to per Good non-voting same X-month Thanks, everyone. of for $X.XX last compared million second million for compared to $XXX second the we reported reported the second the last results. $XXX nonvoting earnings compared per an period year. Starting $XX Joe. year. decrease reported Yesterday, earnings quarter last year. non-voting with per to as our $XXX non-voting earnings the $X.XX revenue a $X.XX year. This share share Compared per equipment $XXX months million share $X.XX quarter we off share rental compared for share perspective, of $X.XX quarter had last last same to reported X

a basis, XXXX, our rental ended annual that time pre-pandemic that, we've decrease X compounded that's XXXX, increase X.X% of quarters September Over had a the in quarter, now, quarter we second second million on fiscal with rate. last $XXX Once by experienced of equipment that we billion XX, $X.XXX everyone we've quarter a starting last again, the on revenue over results second quarters million our increased where over before move X remind our to growth frame. Compared new about which $XXX revenue. had

we gains, giving we're while pandemic era that losing of say all to this from of some the are All far back that. of

that per transactions to Total pre-pandemic to fell declined trends little a last in compared the over miles we've X%, of continued. than last has still couple The transaction numbers. at what downward mile a improve, per ahead in quarters incrementally several to October year, the rate compared past last seen seen although slower year. continued we've albeit we're of continued results to revenue And trend years.

fiscal of that's million. a first X by $XXX equipment $XXX million compared $XX time Proceeds for to year. net That's increased year retired total the CapEx the net from expenditures increased same XXXX X to equipment sales $XXX million of a $XXX $XXX new approximately Capital sales rental million to We've projection, for about for were rental million the from of million. increase the our last full months months.

higher has Sales average quarter. square self-storage. revenue has a unit in split combined declined. Revenues XX% that's $XX to the rooms, with per between while up foot. were Switching occupied number of sold for volume The occupied total was increases per increased, million about proceeds improvement the increase

the end September up XX,XXX year. compared time the at count unit of occupied Our was to last same over

in our years. of experiencing XXX that points grouping It's press space occupancy the and be an During quarter that leading that the during release actions same and consumer been tell this had to units rate about XX,XXX perhaps brought changing of nearly we time the basis what in moderation frame, a decrease to the last also a occupancy occupancy couple years. we points taken we last compared XX.X%. to couple declined XXX market by our are as that's portfolio. differential to by of all-in firms have to reporting new The basis over added hear to I seen you well average rate slowdown toughened other in in same we're activity move-in as can I have where in been what behavior on same-store referring can self-storage XX%. From the read public can our

X% little on a new portfolio our asking However, rents over customers year-over-year. for entire across the up average are

the compared leaving. The a by than downward on the our are of who this new of higher rest were average consider rates very growth pressure over move-ins are to X% who incoming could is to rents been metric by self-storage paid rents little the slow Another that new paid competitors customers people likely by and reported customer our that year. have leaving. rents discounting our the the some It's

the last U-Box form first of the million During months XXXX, over with a acquisitions. X that months $XX and real development. in fiscal is Most estate invested That's self-storage in That's X increase development costs. of all $XXX first of year. million additional of the we along warehouse

self-storage. And acquisition XXX,XXX being X,XXX,XXX square bit rentable added currently net on. we about that of XXX,XXX a little of we net have rentable worked actively quarter, existing the square feet, of new north new was During the feet

million Our That's associated for Storage by to costs and million operating quarter, $XX the earnings brought decreased $XX up down combination with associated by expenses $XXX million. segment and slowing in work. $XXX for us million. maintenance preventative the repair second up maintenance of million costs U-Move the Fleet our Moving were was with were for up quarter. $XX Personnel with trucks a prepping of along costs revenue. Operating sale,

year X.X%, from same to the quarter was increase saw at of this last quarter this about up compared year for XX%. is down time around which last the significantly headcount we Our

of than was percent X we last this in revenue, reported quarters. higher what fiscal the quarter As a second

previous our line time, time At not to out to place We're in on costs liquidity. premium totaled in facilities comparison having segment access and are back our $X.XX billion. With right in However, if of call. this existing personnel cash end similar of would from Moving to periods Sindhu, and operator, go I the year, cash of continuing the years. a Storage you the now back hand begin loan of to September question-and-answer at along like to to with call availability that, portion the

from first Our comes Zacks. Steven Instructions] from question Ralston [Operator

at to Going me, are through appears, the your being I lot slightly slowdown to But it affected mid-single-digit just self-storage lower a be plateau level. step it a even down that a Moving be least a the the And like that in lower seasonality. level, operations to numbers, lower seems stepped got mean, record year. it from in activity. down level, segments. by I've gone I've incorporates of model a the to the seems to just business, through

would that? you of agree with First all,

for would I'm is This number different. is for a sure. agree. Joe. I'm But something that think not I looking that. accepting I

at from the to you of on my cost premise, point equipment increased to increased the this somewhat self-moving about with ago, that's primarily deal the due that had is expand that see Could of plans than Given you least I expected. view, guess progressing? increased also. more X only these calls have how products inflation. aberration conference cost, I also And

equipment... meant by other products, not I'll sure you I'm address So what rental but

services. Self-moving products and

Okay.

vehicles enormous into right to not mandates. see in really change don't effective increases stuck suppliers a subsidizing read combustion isn't vehicle I little our their lobby the electric gross is give margin the manufacturer don't have internal is bind where fleet. or I newspaper, control. because think there. that now. Buying there's any due When in they on All get that take, out way what We're any the have it's in out course of by pressure vehicles government to product to electric you fleet, basically way you inflationary, about you which are there motor

they have As know, them. political on pressure you tremendous

think vehicle. What manufacturer is to vehicles change they positioning. influence this have that At their what's to we any not music. The least to the stuff off. judgment term. the load the in going short replenish is vehicle buy have given that drive is they're can the purchase a gasoline losses we that stocks, on my retail going of strategy, charging can with of going we're who people of does dealerships. And electric in We have put enormous need which that have to equipment, running work business. to subsidize modulate kind face the powered But rental to on dealerships, So the see at vehicle basically do this I retail customer to really point which we sales until largely by the We're year. not customer can't the this a to a can to happens, in but productivity

more XX,XXX-plus harder maintain very way retail it's competitive it goes just is the productivity. equipment -- a have, to to having but outlets us Now other you outlets of a is wonderful productivity levels on of tool, the

and tools able there. There's basis. our still electronic equipment with gains more been deal is this a be or we've years, the improved real-time to on where Over some knowing less with made to

digital I'm economy, investing improved real our customer And hard. pretty like a that the much have to -- experience, We're steadily on big our in a person-to-person focused so percentage of and digital not experience, the wants everybody customer a real just experience. customer

little happier. see are improve gains but gains the -- So we're some experience. Those get slow, a we're there making investing that we to we're we customer and is

of So influence of want we maybe term. equipment but went position of we'll focus position We little bit. we I near this something make we control because through little to month while, takes ways the how can't have ahead But go them. because in some That costs right to it don't But I time field equipment. mine about my that and all to a ago, this that. get increasing in had going see move going some a now, them a we're big of ABCs the at where to that's totally how dent the we're these just a better you kind that's customers on is my direct And been focus. reports control. of they don't go progress

Initially, plateau not in your slightly just you the What we my did that to is self-moving accept lower view? business. basic a down step premise

to expect just what -- career, the the that accepting more have think my in ahead. the plateau, Well, finishing same don't that. growth expect had I'm calls what I no I I pack. then a we're want that, And question as thought yes, that's it. over call calling us you'll historical you're will to But that's levels. thing. course, of I okay, what my there's And I now middle be Jason of not said but you that's go

Those we've But okay? sell then everybody extent. to problem an someone you'll self-storage for sure on who self can't to face, a working -- pull to long equipment numbers, that's a that's always on eventually, numbers. I everybody Other -- a great other turn the stare from the digital the than to to gone thing. in but moving extent. but We've great you I gone work the don't than enough, else. And I'm I some room advanced think on. have not straight baked don't low-hassle the advantage in economy been if into to us follow rental enough dispatch there's gain And it that, tools, you capitalistic which

this where where we can on years this you we near say of didn't we're ago, revenue. be well project ahead good X back right we anywhere projected started, although we'd we're So out

been So than all increase my the life, rate of transactions able population greater we've at growth. to

argue that of and because moving People it deaths. is can like want. a need, births do You fundamental not a things

And rate that we we growth. say, so in performing And well, have then never lower level. you that. I've be performed never the should fact, could population the at of at accepted

so is customer our with what more we satisfy or And our finding so needs it self-move self-storage can product.

effort hard tools push product have I customers. And more U-Box a friendly. continue resonates make on the digital much now significant We our And number product. U-Box to an customer with of right to

to And to thing customer to to simplified guess, it. we're complicate, execute Our it's awkward on. an the way transactions say are still trying or in my that to I where get easier for the too there

very expenses you the for much answer. Thank

Our next Research. Carl comes Keegan from question Wolfe from

trying I the in understand some first, moving the business. maybe guess parts just what better to moving of

it's I X% So count understood year-over-year, too. grown your obviously, and store you've but footprint, down

basis. So grow given going the understand actually a well count And in just trying it's store I'm down X%. much I'm I'm mentioned with I transaction a what's of is better a assuming home bit the to year-over-year. Jason your period on how sales I'm in know on surprised how existing just not on basis. it's held comparable because curious year-over-year same

company-operated number about same locations we XX% did time manage retail that footprint. Keegan, this the the the at year at point. this time, We're distribution the XX. start with September. from about within were like last about year of is last locations to of this at XX,XXX We're Jason. I'll end to at by We grow this

on is. locations. where location in moving, kind say that. I XX try is am question what independent When pipe company I kind of of which usually I'll I to is your

which XX argue we're have or locations, more XXX if that consumer, up net something up disappointing I'd on really because is we're could effect seen to you to So I'd like like that, probably transactions. the say

we're transaction of parties these we I the hardly things of lot a think going go, as but see continue course, we learn Of growth. to kind to

it's kind know it's right a in call of controllable. is have the for stabilized And I like to transactions, [indiscernible]. number In-town it, that but word we transaction. more number, which We the than work little bit is what are don't -- it those the it's easier but one-way

but ultimately all can't And it's big decimal capture amount, so a I -- tremendous that's -- but productivity because location flow or to think small that very say a change in and still something, point there want it's move. moves, we say have is to our would self-move Yes, down we a positive not for profitability. a I you'd has a think into change and cash the me itself. We -- per

equipment maybe volume. behind, And doing equipment productivity watching by don't this behind maybe what behind little been X Jason, also on trucks type up always say, any. sales have about sales, of didn't we're on after realigning I there we we're for sales. that would But like years some X the a couldn't because know, the now we're you there we X So months buy are and we're we months to sell catching and

the most will the of into for-sale volume trucks of out trucks clear kind out oldest the help our those of some rotating create because we're repair. now So market, obviously which repair

attribute you the of just percentage think what curious, know specifically revenues And of you one-way moves commentary your your what moves? it. to on I'm is Got your moves interesting. percentage one-way I do or

XX% probably truck Jason. total to revenue. XX% is the of This revenue is rent The Yes. one-way

That's I see what really of what sort upside your guess just portfolio, in in short existing business know gears movement storage. shifting curious, to to I'm a that On of well. it. sales performing relative to home basis start here you I guess helpful. Got percentage And your are term tied customers do it's you improve? more nature? in of do

arrangements live that the in under of than are multi-families maybe all. I one we people sales it that if XX% it's truth Roughly rental at home don't people where and know do impact will roof. more

risk that's high overall -- -- a We've a of so kind if between take positive never So between seen new we've makes and I business. seen very which feel if and home of the answer consumer more correlation things, moves, sense because wouldn't question. of correlation sales kind an optimism the to your good to about moving you likely you're

than interesting different I are rate Okay. have customer your you if And pricing in because peers. your out. about thought guess public existing tailwind rent much base revenue power, storage increases is Uber then move they I thinking was a actually your maybe which roll-up, commentary how on you

This Jason. Sure. is

approach very methodical aggressive to think saw than rate in a be. last competition I the have increases, was We which more us the year, what you much

So they're with rate kind and how reacting with still an them upside have to the dealing now effects have their could successful stick. of we on impact increases whereas some think I that, could of situation our us effect

Now working product folks, providing we we normally of just stick service plan what if is go we're else with good about doing, to a it. everyone and our regardless

up have at So upon kind looked a thousand that of my appreciably, of opportunity and our hundred perhaps we discounting, estimate I an was of think I couple estimate. still based not that

that gone really product. So of we do We haven't outside advertising don't route. the U-Box

there. anything increased haven't we So

up and last the seeing, reason years. opened worked to or last concerned facilities in in it faster year, forging past, have X but would what in the believe will at today. the our team that's X us looked still us opened and work I filling ahead. rate than what I'm the no up for say to is I've So just for based same we've have I'm I upon at facilities And they're

final Got just I CapEx then on just from -- associated any it. your new fleet perspective. gears is you That's the a on of And topic, going? helpful. know really And with shifting update to are the how your then sales fresh focused used maybe they're trucks super refreshing guess on pricing here I mentioned fleet. down

is curious basis? year-over-year it Just how down maybe a of kind on

that out look I'll increased trucks prices first this in come because sell pieces, auction important Joe and at have we're sales In our right? that in hit we've the does and the of pace cargo sales X section, this smaller are There frequently. to truck vans seeing year it's before at much that and wholesale more and down. the

our gain has average So decreased.

we're trucks fleet, have On trucks the and the There, that side sale. And year us that's cabs the sales, trucks fortunately. likely more XX years pulled where throughout trucks. XX-foot we're for kind trucks trucks, not that we the referring where being were by pulling those that but had new the to maintenance repair to few we're about would larger at the last as And truck sales, from issue holding out strike, far on benefit in to the of Joe fleet. those and be the is we the prepping on to about was behind get as because XX-foot in them earlier thousand the are getting XX a those up an we chassis,

equipment, at far price. it, as a bringing year So new pretty this I'll good in higher albeit has as been a a, call

fleet through Is guess it? to be a fair the that right CapEx. replacing your CapEx in about be will as thinking decline I going guys maintenance that to near-term the there's to material work way is that And you ramp, but it assume

mid-$XXX kind to The was the I've phone. growth, discussion cycle we're part that which -- know probably our point unfortunately, at At all spend don't billion of on was which $X.X folks maintenance give down that. they mid-$XXX this gross CapEx. And and that the to be. fleet, fleet a the this part maintenance. is year $XXX Well, take. or is with on it going I figure out what think million now, going have we're the to had in million, of we'll be And from the the and maybe settle then back or net of to climbed It's today's kind CapEx pricing size It the we year maintenance the another so used of to number of million.

out to going I need will pricing to rate then a on down and the we're run to maintenance settle good of think we settle up. size where the end the where environment on fleet CapEx figure

Our Wilen Wilen next from question James from Management. comes

I Joe, we you've realized increase a shouldn't always reduce product COVID-related is of the so during little the the have is bit keys enough didn't that there. can size one mentioned to that given a U-Haul. fleet utilization? But utilization demand we down, spike, fleet profitability for right now we that

Absolutely.

the reduced advanced units. pickup have fleet X,XXX roughly We

-- trucks We tail them end. will fleet, some you is take That's will out trim Jamie, the these reduce to Yes. the sale.

Okay.

Okay.

you self-storage there Georgia In guide side, self-storage resources around where should as other as all like in rates areas more occupancy like the occupancy a metropolitan put high your they're various where the at very in rates you areas that putting chart the run have words, country. running you in for On your Pennsylvania lower? the Does units where less you business? and grow ones in to

get Generally decisions down a speaking, lot yes, to a market. micro of

Pennsylvania. let's circle, like X miles X or So say not

Georgia. in Pennsylvania. So opportunities are more still There in there are opportunities

find we sites. sites not to that going X be going go in very be places on, certain sort of market great, cost you. with competitive can very, available X kind I'm very the we the estate real where so bit the a a site but land there will so bite use that difficult, was that It's you to because hard prohibitive. I be very, are opportunistic rate now and use little and are But the have can that. in, we So just had before absolutely we committed to through right occupancy land to we're now has to stuck some sites get

on. but comes areas, they're they're great going everything So to out build not let us

Certainly, of vary not the costs much we a always course. you're very explained for is And square looking rate, whatever. can time rate. project, a country do And out $X.XX around per or And always you month substantially. find yes, a forma we variance. can it's pro foot every rates So by

for where sort because make a to to one. to any been at is it's rough least you you're some of a and places rate allow [indiscernible] get trying you're going these profit a have that forecast So going markets to profit

not in can the in driven to go something by at X You very buy say movement to difficult you're forecast it's a huge to we that make of been last would network business, words, that. need and profit get other L.A. that's a has and selling team Jason we're stuff In that some but opportunity, prices for got hard going do out over money here largely is happy something to profit. L.A. doesn't the his we years I -- going in, we and project very, to our we make have it's to okay? to going are

for thing go these of inflation running, been you to out the don't absolutely, suggest may rate Now it's would us know trying on But fact. go combination good some bail a with there. that things, to where this a and we're that's that yes, occupancy

people accumulating information a the on more XX markets. years, saw lot of course, been over of Now of lot other a there's these last people and

So close on storage had the public we best that us. time, to one clearly think very I with information

have who and good sources third-party there's Now occupancy. information on rates pretty

careful. be big these pockets So it's secret not to that are. have where So make a Does sense?

and with for close billion third you publicly can mean on billion. again, or a can self-storage can And about close grown the when we -- how that to was self-storage, we're value And when that for of probably a revenues. remove than units now, for else shareholders? and that that $X $X market largest rate How new any value see. good rate at we've look anybody thoughts the gap value of $XXX U-Haul at LSI run billion I doing traded gap we're peers for where gap value self-storage the million I operator public, faster of building we was Yes. revenue a like In $X CubeSmart

them than to little to We of a today course, of shares and did trying some bit with course, stuck try here a to we're make of of couple board. things better performance. And the heard analysts, we're with our call on the working, then, you them get trade on

of course, have to end the So at the perform. of you day,

valuations I I that I in we but No, us don't the just next of those see I are in think that's don't see years. happen. -- to So building kinds going X seeing don't increases, some

No.

Of or course, about my Europe, has it. or all of at different up I been got question sense to I've XXX% a what for to. maybe okay, is peer a experience interest yes, exposed in and your good a No me. my this can trades family's time to And it of in horizon happen that. cliff bit But operation, have I a working trust. with stuff tied of it's this patient a longer group interest. in line, that, if but at deal least wealth we're I sense where add person a much subtract. than compared I have little time towards cliff normal

vehicles, do dispose per of Or a lot of a the revenue do rental can disposal? you higher doing send have if we them to where equipment higher Does all mechanism try vans of disposal fleet a it get themselves. their and on to at like price everything, it auction? a bit U-Haul to we ourselves have companies of unit all gone from they themselves and gather talk feeling lastly, And putting about the a auctions much they when can

speaking a a they're thing. If a like of also you're of that van, Ford Econoline van, sort

a difficult, easier. bit be more probably trucks yes, would the would understood but Yes, probably I be vans

XX% sell we ourselves. Trucks,

sell X-wheeled We organization. sales vast a have trucks. We of own XX% our

we they So sales. don't with use, what the the call, think I but we I vans, it's commercial think do term

they a fleets, of just auctions, fair truck we they not XXX come and is the the someone plumbers to it's So people that lot buy or bought do so but who's here, with different want to commercial us, amount deal trucks basically us. they're medium-sized just they different have a sales outside of XX and price good and we and run your XX years, for direct

have We Internet sales presence. central a operation,

And so yes, we do sell ourselves. them

been off have our We particular XX% that own go with of or kind say, getting XX% not vehicles. of successful volume, in lots those

sell I clear maintain that we -- think trucks fleet is added for we of little need you like as constant relatively strategy needs is kind They'll sized alone are as a and this to great the lead, bit week that. to which out. our auctions the a we're some

in in that or equipment fleet a can investment forecast. we out that are You had whole clear at And hold week. our a thereby, we level

So we out matrix where Massachusetts. X of have a whole pull to going we're detailed Booster, vans

got to vans to we've those and get X into X get turned vans got we new cash. Now in

you $XXX you those a where spending, have With is but like, market. Juno, $XXX extreme on retail these I seamless ton market for year can So you always a mean million harder Jason, of really we're involved. it there's real there's some it with let's don't making I -- know, on or instance. there, don't -- time a place pickups. a to take vans And I and money it's know, if exchange, Juno. the sell of this or a gets million market one correspond the say, in doesn't Anchorage

"Well, of on we And retail price, good them, and they don't for consider don't you organization, We it. want of but a vehicles, -- so auctions are. we're they we that. move and them in how retail the skill sales -- it, The push and we are vehicle doing vehicle Penske moving the sales organization. lot them want get And probably probably say interested if I -- we're question trucks depending And kind sell vehicle no they'd rented both great, say, and to it they're get on. about we They're a a would that's use move we organization". a I day a yes, but yes, see in depend We're to more probably cars them. you set on

have sell we I think them is the a profit. deal. But to for

were risk or with kind times we get been that resale. There's need times. $XX,XXX would no per when And -- hadn't to need we've rather vehicle, or X get a it had baloney we've was they if to the So X had pinch. $XX,XXX X we prices of and evident we always where X per vehicle, in

just put liquidity premium I price. over we guess over So a

Our next from Craig Partners. question Artisan from Inman comes

I talked quarter. on you September of terms much just balance 'XX. the about all -- you I'm cash in need? think it's just Quick last cash. just do we And $X sheet question billion down this at since liquidity on probably know How looking

you of fleet good just liquidity is particularly in still? position CapEx, the build And on elevated are a where about cash? and self-storage light floor your in there and thinking So

This is Jason.

still. have way cash work to a the down We balances

pre-COVID, the million to we which had $XXX it, $XXX So worked cash We're to where million think, in the down wanted that. range. about was, I working balance we towards

year to extra amount billion And a net As we've significant $X of also building an invested of note, mentioned, in at close unfinanced from you time. real liquidity last this up we're estate.

time million $XX million down been $XX borrowings, our from this think, real real new I we've net to or have XX. So September at And adding estate. gone year last at estate

just bit estate what's there's in now. out liquidity billion state have proceeds we're we saying I'm I to unfinanced through right real if could, that that the would I we available of clearly a it actually of number. facilities. But of So existing market $X chose we finance, don't just say our over sitting --

Okay.

right. All Okay.

plenty yes, that's that's there. -- So

earth I shattering have I mean, Okay. self-storage. really rates obviously, in the don't cap any have moved questions. some

front is past acquisition, You looks pivoted that that... acquisition in to interesting all the development have on or from the anything

So they're rope something said But something. did XXX,XXX. Jason the pushing bankers though we days, going my pushing. still in got and opinion. last, like investment XX They've in did the a we big I think, ones are still sucker them

the of Yes. that of acquisition square feet self-storage quarter online Close came was in half the to facilities. from the existing

you're So markets think market call we right, in are the areas tertiary that in we self-storage is expand might headed themselves But the that, a that you have ones will the ones presence. we are wanted Those we that to are for some presence presenting participate online or where that us are, try And can. direction. just I coming today. them the to cases,

Okay.

the available you're keep wouldn't just talked -- something plenty about but to you're lean built enough mean, if you've you've between Joe, there, going acquisition, I So talked all you about along, making liquidity an come in obviously, you years, development I did -- times. all got sure know, in for

Yes.

birchildscare of little a say, kind we're think what I we a bit to fire.

-- do hopefully, that. we're So -- we that's just

nobody knows. knows. Of deal, course, for is make a know Nobody knows, if nobody we say XX% this you don't X-year or money. X-year deal I a

my present I but it. So okay, lived staff, it's through to unimaginable

think kind I these more cautious we just have little happen. I things a approach, of of And So a bit hope.

the that's long to No, Yes. term. way operate

Oppenheimer. Stephen [Operator Farrell comes Our from from Instructions] question next

You talked vehicles removing about at and the fleet. the inventory of end tail management

to of or the vehicles been there to reduce acquire more rehabilitation do opportunity sort the harder age down is replace, that For line? in CapEx X extensive for that closer help X and will median there to an have say years vehicles

done already some We've of that.

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year-over-year. to up are And Do you you know was mentioned that the where price per we incrementally mile compared pre-pandemic?

throughout. that's saw disclose specific about has but I don't the one-way last This Stephen, say we was starting I during In-Town been those increase that would with this is time. flat but and year, pandemic, was for one In-town where X-way numbers, year at numbers both it steady increased, is We that's this Jason. the referencing.

the There no conference will further the this team. are questions I management to at back time. return

would we joining for can hopefully Well, you concentrate progress I want that to and and to We're live everybody continue thank -- I everybody have results with. will on I assure everybody, doing can us. and expect work, as busy

Thank very much. you

call. conference This Thank you does conclude today's you. all Thank for attending.

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