U-Haul Holding Company

Good day, everyone, and welcome to the U-Haul Holding Company second quarter fiscal year 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 the star and 1 on your telephone keypad. You may withdraw yourself from the queue by pressing star 2. Please note, this call may be recorded. I'll be standing by if you should need any assistance. It is my pleasure to turn the conference over to Sebastian Reyes.

Good morning, and thank you for joining us today. Welcome to the U-Haul Holding Company second quarter fiscal 2025 investor call. Before we begin, I would 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, Section 27A, of the Securities Act of 1933 as amended, and Section 21 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-Q for the quarter ended September 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.

Thanks, Sebastian. This is the time of year that we try to lock down our moving truck and trade our CapEx. The big unknown for us is how successful the new administration will be in getting EV mandates turned around. If the vehicle manufacturers can gain some certainty, that will help us with our strategy. Rental income on moving equipment is up slightly. My teams remain focused on this measurement, but we've been getting very modest results. We are continuing to develop new storage product and bringing it online faster than we are filling units. The industry, the storage industry, is beset upon by unrealistic move-in promotions. We are holding with our strategy, but we're watching this all the time. Ubox, which is our service that addresses both the time and the place needs of consumers, is still making progress. We have a significant infrastructure now in place that can reliably handle growth in our transactions, and I expect we're going to see some. I have a word on the, an update on the acquisition of U-Haul holding company shares by Treon Fund Manager LP, Nelson Peltz. As you know, Treon filed a 13F with the SEC on August 14 regarding their U-Haul holding company stock holdings as of June 30. Since then, Jason Burke has met once with Treon representatives, and they have sent us a 31-page PowerPoint presentation. Treon has also communicated with other U-Haul holding company shareholders. Of course, Treon's reputation precedes them. We regularly consider multiple inputs and factors and will continue to do so. We have our business plans in place. There will not be any changes to our plans due to Trion's input. Jason continues to work to get accurate, helpful information to you as investors, and he will continue to do so. Many things are up in the air regarding consumer confidence. We look forward to the new administration positively contributing to this which will just make our ability to see the future a little more accurate. With that, I'll turn it over to Jason to take you through the numbers.