U-Haul Holding Company 2023 Annual Report

July 7, 2023 Download

Dear Fellow Shareholders,

Team members and dealers at over 23,000 locations across the U.S. and Canada continued to find and retain customers. Our collective focus on service yielded the second highest annual earnings in the Company’s history.

Acquisitions of new trucks remain limited by OEM capacity. It will be years before we can normalize our fleet rotation. We are managing our repair operation according to that reality. We are counting on good management of our existing fleet and the continued growth of U-Box to help us meet the public’s mobility needs.

In fiscal 2023, we added 6,000,000 net rentable square feet of self-storage to our portfolio. The rate of rent-ups across the industry has slowed. We continue to invest in markets underserved by U-Haul. Customers respond positively to our combined product offering.

Costs are increasing. We are watching expenses. We do not plan to cut expenditures which provide service to the customer, including technology initiatives.

Our reinvigorated U-Haul app is rapidly gaining adoption. Over 1,500,000 customers downloaded the app in the first half of this calendar year.

During the fiscal year, a special committee of the board of directors effectuated several corporate actions to support the marketability and liquidity of our stock. It is unlikely that we will fully realize the effects of those actions for some time to come. We will continue to evaluate actions that are responsive to shareholders and the public markets.

Repwest Insurance and Oxford Life are performing steadily.

My thanks to our customers, team members, U-Haul dealers, shareholders and lenders for your continued support.


E.J. “Joe” Shoen