U-Haul Holding Company

by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Sebastian Reyes.

Please go ahead. Good morning and thank you for joining us today. Welcome to the UL Holding Company first quarter fiscal 2024 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 the company's business and future operating results, please refer to the company's public SEC filings and Form 10-Q for the quarter-ended June 30, 2023, which is on file with the U.S. Securities and Exchange Commission. I'll now turn the call over to Joe Schoen, Chairman of U-Haul Holding Company.

Good morning, and thank you for joining us today. We continue to struggle to post new move numbers as good as the prior two years. My experience says overall moving activity has contracted. We have seen this before in an uncertain economy. Of course, we're continuing to scramble for business. As consumers become more optimistic, the entire market will likely expand. Our repair spending on trucks and trailers continues to rise. Of course, there's always some waste, and I'm working to eliminate the waste, but the fundamental drivers of repair are too few replacement units, needing to increase mileage per unit, and parts and labor inflation. We have not resorted to large-scale discounting and self-storage, unlike some of our major competitors. We are continuing to build and buy at a rate above our rate of unit rent-up. This doesn't disturb me greatly, and I plan to continue adding units and drive on increasing the rate of room rent-ups. In UBOX, our total revenue was down for the quarter due to decreased pricing. Freight costs finally went down, and we lowered some rates due to that. Our margins, however, are holding. Transactions are up. This should continue to be an expanding market for us. I look forward to speaking with you at our upcoming investor and analyst video conference, and Jason will now address the numbers in greater specifics.