U-Haul Holding Company

Please stand by, your program is about to begin. If you need assistance during your conference today, please press star zero. Good day, everyone, and welcome to today's U-Haul Holding Company first quarter fiscal 2025 investor call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing star one on your telephone keypad. Please note this call is being recorded. I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Sebastian Reyes. Please go ahead.

Good morning and thank you for joining us today. Welcome to the U-Haul Holding Company first quarter fiscal 2025 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, 2024, 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 thanks for taking your time to participate today. The increased cost of new rental trucks is expressing itself in our P&L in the form of a decrease in gain on sale and increased depreciation. We have so far been unable to pass along these increased equipment costs to the consumer. As you all know, automakers have been inflating the cost of internal combustion vehicles to subsidize electric vehicles. These inflated costs are not being supported in the resale market. As we have discussed, it puts you all in a pinch On those vehicles, we turn after 12 to 24 months, mainly pickups and vans. We remain focused on reversing the decline in moving equipment transactions. It is looking like we are finally getting traction over the same period in the prior year. While U-Haul can't get people to move, we can provide them with a better product and service once they are considering moving. The market is very competitive and the consumer has choices. We continue to see gains in self-storage, while many large competitors are not presently doing so. However, self-storage remains a close contest. The U-Haul team will remain customer-focused to win additional business. We have continued to add self-storage units at a pace faster than we are renting them up, I still believe this is the right course. U-Haul has an outstanding team at the customer facing level. We will continue to work to be the customer's best choice. Now I'll turn the call over to Jason to walk us through the numbers.