U-Haul Holding Company

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Good morning, and thank you for joining us today. Welcome to the U-Haul Holding Company fourth quarter fiscal 2023 year-end investor call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including without limitation, statements regarding revenue, expenses, income, and general growth of our business may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected. For discussion of the risks and uncertainties that may affect a company's business and future operating results, please refer to the company's public SEC filings and Form 10-K for the year ended March 31, 2023, which will be filed with the U.S. Securities and Exchange Commission this week. I'll now turn the call over to Joe Schoen, Chairman of U-Haul Holding Company.

Thanks, Sebastian, and thank you for joining us on the investor call for fiscal year 2023. As in prior times of declining consumer confidence, we have seen U-Move rentals shift to less mileage and relatively more in-town than one-way rentals. The year-over-year decline in U-Move transactions compared to last year is comparing an outstanding year with a not so outstanding one. So in short, last year may not have been as good as it seems and this year is not as bad as it seems. Last mile delivery rentals have declined as these companies adjust to the present realities. I do not foresee a comparable year-over-year decline going ahead. We continue to have considerable competition in the truck rental business, but I believe we are more than holding our own. New truck acquisitions continue to be limited by OEM capacity. This is still driving repair expenses. Self-storage occupancy and the rate of rent-up are still solid, although below last year's highs. We continue to build and buy self-storage locations. I believe this is a good long-term deployment of capital. I have our management focused on blocking and tackling. We are holding our point-of-sale retail teams together in increasingly contentious retail environments. I look forward to meeting with you on our Q1 investor call. I'll turn it over to Jason.