U-Haul Holding Company

Hello everyone. Thank you for joining us and welcome to U-Haul Holding Company's first quarter fiscal 2027 investor call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Sebastien Reyes. Sebastien, please go ahead.

Good morning. Welcome to the U-Haul Holding Company first quarter fiscal 2027 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 10Q for the quarter ended June 30, 2026, which is on file with the U.S. Securities and Exchange Commission. I'll now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.

Good morning and welcome. We continue to have our work cut out for us. We need to increase U-Move and U-Store business. Operating expenses continue to creep up, and this is a combination of operating inefficiencies and pure inflation. About this time last year, we began a massive effort to net gain 3,000 independent U-Haul dealer locations. We are halfway there. and still have good momentum. For decades, U-Haul has had a strategy of convenience to the customer. Adding these locations will further that goal, enhancing affordability to our customer and positively impacting equipment utilization for U-Haul. U-Move transaction growth has room to improve. Last year at this time, We also initiated a harder line on delinquent storage accounts, pushing our same store occupancy number down. By September, we should be reporting improvements in that number, but the actual work was done one year ago. Positively, our rate of adding new storage customers is improving, but of course, we want and need more. In my judgment, continued deceptive pricing practices by most of the storage REITs is degrading the self-storage industry's reputation with the public. At the minimum, their actions are increasing government oversight of self-storage as evidenced by recent regulations in New York City. This is a shame and my team is dealing with it. U-Haul's customer-facing digital tools reflect increasing acceptance by our actual and potential customers. So I see that as a good positive. Overall, I see a compelling future for our U-Move, U-Store, and U-Box product offerings. Now I'll turn it over to Jason to walk through the current numbers.