U-Haul Holding Company

call. At this time, all lines are now listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Thursday, February 6, 2025. 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 U-Haul Holding Company third 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 December 31, 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. I'm excited to see some positive leadership for the country. My experience is that consumer optimism is good for the self-move business. I am seeing increased optimism with both customers and U-Haul team members. Often we are hit by a weather event in the fourth quarter that noticeably dampens rental transactions. So far, this has not been the case. As of this point, U-Haul has not had significant property or casualty losses due to the LA fires. Sometimes an event like this stimulates rental transactions. However, this does not appear to have been the case in Los Angeles. We're continuing to make progress with truck additions and deletions to correct the imbalances in our fleet due to COVID supply chain disruptions. Our typical truck can be a 10-year asset, so it takes some time to work through fleet imbalances. Should the Trump administration progress in reducing crushing regulations, U-Haul is in a position to emerge from the electric vehicle mania with only modest damage. The medium truck industry has been heading towards an unknown end. The industry needs to focus on customer needs. The truck share business, where we compete with Penske, Budget, Enterprise, and multiple local businesses, remains very competitive. As near as I can tell, market share is fairly stable right now. Our U-Box business continues to grow. Our teams continue to master the elements of this business. We are getting okay self-storage results, but are having to work hard to achieve them. The storage industry is busy dialing out personal contact and customer service. I still see the other approach as the road our customers want us to follow. I think our results validate our approach. I plan to continue to drive hard on adding storage product and take another look at this in early summer. Like yourselves, U-Haul is watching the tariff proposals. The supply chain, of course, is complex and likely some misery will result. Overall, I am willing to let Trump and his team manage and U-Haul to react. I'm the most optimistic I have been in some time. As always, however, the proof will be in the pudding. Jason, do you want to give them some numbers?