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spk00: Good morning, my name is Cynthia 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. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press the star followed by number two. Thank you. Sebastian Reyes, you may begin your conference.
spk01: Good morning, and thank you for joining us today. Welcome to the U-Haul Holding Company second quarter fiscal 2024 investor call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including without limitations, statements regarding revenue, expenses, and 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 risk 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 September 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.
spk02: Joe Schoen Thanks, Sebastian, and thank you, everybody, for joining us again. As I'm sure you see from the numbers, we've given back more of the U-Move pandemic transaction gains than I would like. The self-move transaction decline impacts most of our product lines. All of our business lines remain competitive. However, I am not cutting back on rental fleet capex due to being starved for new equipment in the 2020 to 2022 timeframe. Rental equipment acquisition and maintenance costs unfortunately continue to outpace inflation. Disruption of the OE supply chain due to government mandates for electrification are a huge driver of these increased costs. The public is starting to push back on electric vehicle mandates that fail to meet nearly every metric of a sustainable vehicle strategy, and this may cause some pause with the OE.
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