U-Haul Holding Company

Good morning. My name is Lara and I will be your conference operator today. At this time, I would like to welcome everyone to the U-Haul Holding Company third 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 star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star followed by the number two. Thank you. Mr. Sebastian Reyes, you may begin your conference.

Good morning and thank you for joining us today. Welcome to the U-Haul Holding Company third 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 December 31, 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.

Well, thank you all for joining us again for our quarterly report. There have been few positive signs in the consumer demand for either truck sharing or self-storage rentals. Our U-box continues to grow, but it is simply too small a part of the total market to be considered as an indicator of moving and storage demand. We are making some modest progress in backfilling the voids created in our fleet by vehicle manufacturers' unwillingness to build sufficient truck product basically since the beginning of COVID. This will take several years to work its way completely through the fleet, assuming someone will build trucks. We continue to build and buy self-storage. I believe the right locations managed over a period of years are a good investment for the company. Everybody has their own opinion of what's going on in this market. Rising costs continue to pressure U-Haul and our customers. We are often unable to accurately predict future costs or to hedge them. My strategy is to try to absorb all legitimate costs into the present period rather than try to postpone them into an uncertain future. Our insurance subsidiaries are solid. Mark Hajdukovic the president and chairman of our Oxford Life Insurance Group, will be retiring this quarter after 45 years of leadership for this company. Mark will remain on the board of directors. I'll now pass the call to Jason Berg for some analysis of the numbers.