U-Haul Holding Co (UHAL) 2024 Q1 法說會逐字稿

Good day, and welcome to the U-Haul Holding Company First Quarter Fiscal 2024 Investor Call. All participants will be listen-only mode. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Sebastien Reyes. Please go ahead.

美好的一天，歡迎參加 U-Haul Holding Company 2024 財年第一季度投資者電話會議。所有參與者都將處於僅聽模式。 （操作員說明）請注意，正在記錄此事件。我現在想把會議交給塞巴斯蒂安·雷耶斯。請繼續。

Good morning, and thank you for joining us today. Welcome to the U-Haul Holding Company First Quarter Fiscal 2024 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.

早上好，感謝您今天加入我們。歡迎參加 U-Haul Holding Company 2024 財年第一季度投資者電話會議。在我們開始之前，我想提醒大家，本次電話會議中的某些陳述，包括但不限於有關收入、支出、收入和我們業務總體增長的陳述，可能構成前瞻性陳述經修訂的1933 年證券法第27A 條和經修訂的1934 年證券交易法第21E 條的安全港條款。

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 a 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, 2023, 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.

前瞻性陳述本質上受到風險和不確定性的影響，其中一些風險和不確定性無法預測或量化。某些因素可能導致實際結果與預測結果存在重大差異。有關可能影響公司業務和未來經營業績的風險和不確定性的討論，請參閱公司向美國證券交易委員會(SEC) 公開提交的文件以及截至2023 年6 月30 日的季度的10-Q 表，該文件已向美國證券交易委員會備案。外匯委員會。現在我將把電話轉給 U-Haul Holding Company 董事長 Joe Shoen。

Good morning, and thank you for joining us today. We continue to struggle to post U-Move numbers as good as the prior 2 years. My experience says overall moving activity has contracted. We have seen this before in an uncertain economy. Of course, we're continuing to scramble for business. As consumers become more optimistic, the entire market will likely expand. Our repair spending on trucks and trailers continues to rise. Of course, there's always some waste, and I am working to eliminate the waste. But the fundamental drivers of repair are too few replacement units, leading to increased mileage per unit, and parts and labor inflation.

早上好，感謝您今天加入我們。我們繼續努力發布與前兩年一樣好的 U-Move 數據。我的經驗表明，整體搬家活動已經收縮。我們以前在不確定的經濟中已經看到過這種情況。當然，我們仍在繼續爭奪業務。隨著消費者變得更加樂觀，整個市場可能會擴大。我們在卡車和拖車上的維修支出持續增加。當然，總會有一些浪費，我正在努力消除浪費。但維修的根本驅動因素是更換單位太少，導致單位里程增加，以及零部件和勞動力的通貨膨脹。

We have not resorted to large-scale discounting in self-storage, unlike some of our major competitors. We are continuing to build and buy the rate above our rate of unit rent up. This doesn't disturb me greatly, and I plan to continue adding units and drive on increasing the room of -- rate of room rent ups.

與我們的一些主要競爭對手不同，我們沒有在自助倉儲方面採取大規模折扣。我們將繼續以高於單位租金上漲的價格建造和購買。這並沒有讓我感到太大的困擾，我計劃繼續增加單位並努力增加房間的租金上漲率。

In U-Box, our total revenue was down for the quarter due to decreased pricing. Freight costs finally went down, and we lowered some rates due to that. Our margins, however, are holding. Transactions are up. This should continue to be an expanding market for us. I look forward to speaking with you on our upcoming Investor and Analyst Video Conference, and Jason will now address the numbers in greater specifics.

在 U-Box 中，由於定價下降，我們本季度的總收入有所下降。運費最終下降了，我們因此降低了一些費率。然而，我們的利潤率保持不變。交易量上升。這對我們來說應該繼續是一個不斷擴大的市場。我期待著在即將舉行的投資者和分析師視頻會議上與您交談，傑森現在將更詳細地討論這些數字。

Thanks, Joe. Yesterday, we reported first quarter earnings of $257 million. That's compared to $338 million for the same quarter of last year, representing our company's third-best first quarter results. Looking at it from the perspective of earnings per share, we reported $1.31 per nonvoting share this quarter compared to $1.68 per nonvoting share in the first quarter of last year.

謝謝，喬。昨天，我們報告第一季度收益為 2.57 億美元。相比之下，去年同期的業績為 3.38 億美元，是我們公司第一季度第三好的業績。從每股收益的角度來看，本季度我們報告的無投票權每股收益為 1.31 美元，而去年第一季度無投票權每股收益為 1.68 美元。

Starting off with equipment rental revenue results. Compared to the first quarter of last year, we had a $92 million decrease that's about 8.4% down. To put it into context, over the last 4 quarters, we've had a nearly $230 million decrease in U-Move revenue. In the 8 quarters before that, so starting with the second quarter of fiscal 2021, we've experienced $1.428 billion increase. So in the last 12 months, we've given back a small portion of the gains.

從設備租賃收入結果開始。與去年第一季度相比，我們的收入減少了 9200 萬美元，下降了約 8.4%。結合實際情況來看，在過去 4 個季度中，我們的 U-Move 收入減少了近 2.3 億美元。在此之前的 8 個季度中，從 2021 財年第二季度開始，我們經歷了 14.28 億美元的增長。所以在過去 12 個月裡，我們回饋了一小部分收益。

The trends that we've seen in the past several quarters continued, declining transactions and reduced miles per transaction. Revenue per mile growth has remained positive, and July results trended down compared to last year.

我們在過去幾個季度看到的趨勢仍在繼續，交易量下降，每筆交易的里程數減少。每英里收入保持正增長，7 月份的業績與去年相比呈下降趨勢。

Capital expenditures for new rental equipment in the first quarter were $454 million. That's a $103 million increase compared to 1Q last year. The majority of this increase is in our box truck fleet. And we have increased our fiscal 2024 full year net CapEx projection from $685 million to approximately $820 million. I would say about 3/4 of this increase is from the addition of more units under our manufacturing schedule, but the remainder being projected decreases in sales proceeds from what we initially thought was going to happen.

第一季度新租賃設備的資本支出為 4.54 億美元。與去年第一季度相比增加了 1.03 億美元。增長的大部分來自我們的箱式卡車車隊。我們將 2024 財年全年淨資本支出預測從 6.85 億美元提高到約 8.2 億美元。我想說，這一增長的大約 3/4 是由於我們的製造計劃中增加了更多的單位，但其餘部分預計會比我們最初認為會發生的銷售收入減少。

Speaking of, proceeds from the sales of retired rental equipment increased by $34 million to a total of $193 million for the first quarter. Sales volume increased, while average proceeds per sale declined. Self-storage continues to be positive. Self-storage revenues were up $26 million. That's 15% up for the quarter. Average revenue per foot continued to improve across the entire portfolio of nearly 6%. Our occupied unit count at the end of June was up a little over 42,000 units compared to the end of June last year. During that same 12-month time frame, we've added nearly 64,000 new units to the portfolio. This differential led to the average occupancy ratio coming down for all of our owned locations by about 170 basis points to an average occupancy rate of just under 83%.

說到這裡，第一季度退役租賃設備的銷售收入增加了 3400 萬美元，達到 1.93 億美元。銷量增加，但每筆銷售的平均收益下降。自儲繼續保持積極態勢。自助倉儲收入增加了 2600 萬美元。該季度增長了 15%。整個產品組合的每英尺平均收入繼續提高近 6%。與去年 6 月底相比，我們 6 月底的入住單位數量略多於 42,000 個單位。在同一 12 個月的時間範圍內，我們向投資組合添加了近 64,000 個新單位。這種差異導致我們所有自有門店的平均入住率下降約 170 個基點，平均入住率略低於 83%。

This same moderation in occupancy was also seen in our same-store grouping of these properties. We saw about an average decrease again of 170 basis points, bringing the occupancy level to 95 -- just over 95%. We continue to fine-tune our new self-storage disclosure in the press release.

在我們對這些酒店的同店分組中也看到了同樣的入住率放緩。我們再次看到平均下降了 170 個基點，入住率達到 95，略高於 95%。我們繼續在新聞稿中微調我們新的自助存儲披露。

During the first quarter of fiscal 2024, we invested $294 million in real estate acquisitions, along with self-storage and U-Box warehouse development. That's a $16 million increase over the first quarter of last year. During the quarter, we added just over 1.1 million new net rentable square feet. About 73,000 of that was in the form of existing self-storage acquisitions. We currently have just under 7.1 million new square feet being developed across 159 projects.

2024 財年第一季度，我們投資了 2.94 億美元用於房地產收購以及自助倉儲和 U-Box 倉庫開發。這比去年第一季度增加了 1600 萬美元。本季度，我們新增淨可出租面積略高於 110 萬平方英尺。其中約 73,000 個是通過現有自助倉儲收購的形式實現的。目前，我們正在開發 159 個項目，面積近 710 萬平方英尺。

Operating earnings in our Moving and Storage segment decreased $95 million to $387 million for the quarter. Operating expenses were up $28 million for the first quarter. Fleet repair and maintenance led the way with a $30 million increase. Work continues on increasing capacity, shifting repair work to company-operated shops and rotating the truck fleet, but we are -- we have fallen behind.

本季度我們的移動和存儲部門的營業利潤減少了 9500 萬美元，至 3.87 億美元。第一季度運營費用增加 2800 萬美元。車隊維修和保養增幅最大，增加了 3000 萬美元。增加產能、將維修工作轉移到公司經營的商店以及輪換卡車車隊的工作仍在繼續，但我們已經落後了。

Personnel costs increased $11 million, about half of that coming from increased health plan costs. Compared to the last 2 years, personnel costs as a percent of revenue are elevated. However, over a longer-term view, they're not out of line on a percent of revenue basis. Some other expenses, including accident liability costs, the cost of freight and shipping and payment processing costs all decreased during the quarter.

人員成本增加了 1100 萬美元，其中約一半來自健康計劃成本的增加。與過去兩年相比，人員成本佔收入的百分比有所上升。然而，從長遠來看，它們佔收入的百分比並沒有超出標準。其他一些費用，包括事故責任成本、運費和付款處理成本在本季度均有所下降。

We continue to place a premium on having access to cash and liquidity. At June -- at the end of June, cash, along with availability from existing loan facilities that are moving to the storage segment, totaled $2.792 billion. During the quarter, interest expense at Moving and Storage increased $11 million, while interest income that we earned on our cash and short-term investments was up $22 million.

我們繼續重視獲得現金和流動性。截至 6 月底，現金以及正在轉移到存儲領域的現有貸款設施的可用資金總計為 27.92 億美元。本季度，移動和存儲的利息支出增加了 1100 萬美元，而我們通過現金和短期投資賺取的利息收入增加了 2200 萬美元。

During the quarter, we implemented accounting standards update 2018-12 that targeted improvements to the accounting for long-duration contracts. This affects most of the products that we have on the books at our life insurance subsidiary. While this new rule has increased the amount of life insurance disclosures that you're going to see in our filings, and it's going to lead to some additional earnings or comprehensive earnings shifts between years, it does not have any effect on the underlying economics of our book of business there. With that, I would like to hand the call back to our operator, Dave, to begin the question-and-answer portion of the call.

本季度，我們實施了 2018-12 會計準則更新，旨在改進長期合同的會計處理。這影響了我們人壽保險子公司賬面上的大部分產品。雖然這項新規則增加了您將在我們的文件中看到的人壽保險披露量，並且會導致年份之間的一些額外收益或綜合收益變化，但它不會對基本經濟產生任何影響我們的業務簿在那裡。這樣，我想將電話轉交給我們的接線員戴夫，以開始電話的問答部分。

(Operator Instructions) The first question comes from Steven Ralston with Zacks.

（操作員說明）第一個問題來自 Zacks 的 Steven Ralston。

Obviously, the self-moving equipment rental business is being driven by some macroeconomic factors that are out of your control. But looking down deeper, it seems like the one-way market is being especially affected. I'm wondering how the -- your effort to reposition the fleet from the situation that was created by COVID, a couple of years ago, given that slowdown in the one-way traffic business.

顯然，自移動設備租賃業務是由一些你無法控制的宏觀經濟因素推動的。但從更深入的角度來看，單向市場似乎受到的影響尤其嚴重。我想知道，考慮到單向交通業務的放緩，你們如何努力重新定位車隊，擺脫幾年前新冠疫情造成的局面。

Okay. This is Joe. I'll speak to it for a minute. At least 3 times in my career, I've seen, during the time of consumer confidence decreasing, people shorten the entire mileage that they move. And that also results in a shift of longer-mileage one-way rentals into shorter-mile rentals. The vast majority of our moves are driven by necessity, people's family grow or (inaudible) or people retire. These are life events. And they kind of continue just in a pretty even great, but people's optimism and their willingness to go a long distance in a move, we've seen decline. And I believe that's what we see going on here.

好的。這是喬。我會講一分鐘。在我的職業生涯中，我至少見過 3 次，在消費者信心下降的時期，人們縮短了他們移動的總里程。這也導致長里程單程租賃轉變為短里程租賃。我們的絕大多數搬遷都是出於必要，人們的家庭成長或（聽不清）或人們退休。這些都是生活事件。他們繼續保持著相當好的勢頭，但人們的樂觀情緒和長途搬家的意願，我們已經看到了下降。我相信這就是我們所看到的情況。

Our fleet issues are that we're not able to purchase at quite the rate that we would like to get the optimum balance of repair costs versus depreciation. And any time you buy a car or a truck, it's just like in your personal life. You're kind of trading off variable costs, repair, for fixed costs, which is capital cost. So we would rather hear today be a little bit heavier on the fixed cost. And we think that balance -- our experience says the balance would favor profits, but just don't have availability of that many units yet. Does that answer your questions?

我們的機隊問題是，我們無法按照我們希望的速度進行採購，以實現維修成本與折舊之間的最佳平衡。每當您購買汽車或卡車時，就像在您的個人生活中一樣。你需要用可變成本、維修成本來換取固定成本，即資本成本。因此，我們寧願聽到今天固定成本增加一點。我們認為這種平衡——我們的經驗表明，這種平衡將有利於利潤，但目前還沒有那麼多單位可供使用。這能回答你的問題嗎？

I was more thinking about how the equipment has migrated, let's say, from New York and California towards Florida, that the equipment is not equally dispersed.

我更多地思考設備是如何遷移的，比如說從紐約和加利福尼亞州遷移到佛羅里達州，設備的分佈並不均勻。

Yes. We -- of course, we always have some equipment imbalances. Actually, Florida and Texas, which you would think would -- that would be buried in equipment are not. And we're seeing more localized, call it unproductive or what we call unproductive areas more around retirement communities than a simple shift from the North and the East to the South. So there's a lot of factors go into that. Part of it is where my team does a better job. If they do a better job, we rent more equipment out. And I think we've got teams in Florida and Texas right now that on balance are doing a pretty good job. So they've kind of alleviated that, but we have other imbalances, and this is just is a constant juggling.

是的。當然，我們總是存在一些設備不平衡的情況。事實上，佛羅里達州和德克薩斯州，你可能認為會被埋在設備中，但事實並非如此。我們看到更多的本地化，稱之為生產力低下，或者我們所說的生產力低下的地區更多地圍繞退休社區，而不是簡單地從北部和東部轉移到南部。所以這有很多因素。部分原因是我的團隊做得更好。如果他們做得更好，我們就會租出更多設備。我認為我們現在在佛羅里達州和德克薩斯州的團隊總的來說做得非常好。所以他們在某種程度上緩解了這一點，但我們還有其他不平衡，這只是一個持續的雜耍。

Looking at something more under your control, though not completely, are the expenses. There are different components and some interesting dynamics in the different line items. But it looks like there's about a 3.5% to 4% inflation to the costs. Can you mention anything specific that you're using to address this -- these increased expenses?

看看你更能控制的事情，儘管不是完全可以控制的，那就是費用。不同的行項目有不同的組成部分和一些有趣的動態。但成本似乎上漲了約 3.5% 至 4%。您能否提及您用於解決此問題（這些增加的費用）的具體事項？

Well, of course, we're trying to purchase smarter, but there's an end to that. Everything is inflating in our experience, from electricity to steel. And we've seen a little catch-up, which probably a little more catch up in wage rates, because that's just the truth that the (technical difficulty) point of sale, which is where the bulk of our people exist. There's a lot of pressure on wages, as you see with people -- other people in retail areas if they're seeing wage pressure, we're seeing it too. And so people are getting paid more, which normally you would kind of celebrate, but it's inflationary and that's going to go on.

嗯，當然，我們正在嘗試更明智地購買，但這已經結束了。在我們的經驗中，從電力到鋼鐵，一切都在膨脹。我們已經看到了一些追趕，這可能是工資率的追趕，因為這就是（技術難度）銷售點的事實，這是我們大部分員工存在的地方。工資面臨很大的壓力，正如你在人們身上看到的那樣——零售領域的其他人如果看到工資壓力，我們也會看到。因此人們的工資越來越高，通常你會慶祝這一點，但這會導致通貨膨脹，而且這種情況將會持續下去。

I don't -- we don't have any spin on the ball as far as controlling that. What we can control and what we work very hard on is simplifying processes and making them less labor-intensive. So to a certain degree, truck rental just simply is very physical. Trailer rental is the same. It just -- just a tremendous physicality to it. We have several initiatives. One would be our Truck Share 24/7, which I think just recently broke its 6 millionth transaction. Now that's program to date. So -- but it means we're getting that process working pretty good.

我不知道——就控制球而言，我們沒有任何旋轉。我們可以控制並且努力工作的是簡化流程並降低其勞動密集度。所以在某種程度上，卡車租賃只是非常實體的。拖車租賃是一樣的。它只是——只是一個巨大的身體素質。我們有幾項舉措。其中之一是我們的 Truck Share 24/7，我認為它最近剛剛突破了第 600 萬筆交易。這是迄今為止的計劃。所以——但這意味著我們的流程運行得很好。

We also have revitalized, I would say, our focus much more on the U-Haul app, and the U-Haul app gets the customer to participate in some of this activity and reduces basically hours needed to work at the point of sale. That's not a perfect equation, but overall, it works. And we're driving on that, and I think that will continue to yield results for 2 or 3 more years. There's a lot of room to refine that.

我想說，我們還重振了我們對 U-Haul 應用程序的關注，U-Haul 應用程序讓客戶參與其中的一些活動，並基本上減少了銷售點所需的工作時間。這不是一個完美的方程式，但總的來說，它是有效的。我們正在為此努力，我認為這將在未來兩三年內繼續產生成果。還有很大的改進空間。

So I think our best chance of countering increased cost is not in that we're going to get a better deal on -- deal or something of that nature or building materials, I think that we're going to eliminate some processes that can be better done. Technology lends something to that, and get some increases in efficiency, which will result in less labor, man hours per transaction.

因此，我認為我們應對成本增加的最佳機會並不在於我們將在交易或類似性質的建築材料方面達成更好的協議，我認為我們將消除一些可以做得更好。技術為此提供了一些幫助，並提高了效率，這將減少每筆交易的勞動力和工時。

And just 1 last question on the self-storage area. You mentioned -- and it's interesting they way it was worded, but you said that you looked at that subset, that the occupancy has stabilized at 80% for at least 24 months and showed that the decline was consistent with the overall number. I assume the purpose of that was to show that the decline is consistent across most of the segments there, and therefore, it's just a general industry trend, and there's nothing specific to worry about there other than what -- that the market is weakening?

最後還有一個關於自助存儲區的問題。您提到，有趣的是，他們的措辭方式很有趣，但您說您查看了該子集，入住率至少在 24 個月內穩定在 80%，並且表明下降趨勢與總體數字一致。我認為這樣做的目的是為了表明大多數細分市場的下降是一致的，因此，這只是一個普遍的行業趨勢，除了市場正在疲軟之外，沒有什麼特別值得擔心的？

Yes, that was the general thrust of that comment. It's Jason.

是的，這就是該評論的總體主旨。是傑森。

The next question comes from Keegan Carl from Wolfe Research.

下一個問題來自 Wolfe Research 的 Keegan Carl。

So first on the Moving business being down 8.4%, it obviously includes locations that were added over the last 12 months. I'm just kind of curious on a true like-for-like basis, what you think it actually would have been down year-over-year?

首先，搬家業務下降了 8.4%，其中顯然包括過去 12 個月新增的地點。我只是有點好奇，在真正的同類基礎上，你認為它實際上會同比下降多少？

I don't have that number, but I think that's a fair question. It's more complicated than just what it's -- how many new locations you brought on because it also -- we do about half of our Moving business through independent dealers. And always, when we add a new location, we have to be careful that we're not cannibalizing those dealers. And undoubtedly, there's been some cannibalization of that by these new stores. So if they hadn't been built, we just still got in that part of the revenue. If you want to assume there's 10% or 15% cannibalization -- and I don't have a firm number on that. It's very location-specific. And then the rest of it is new business. That might be fair. I don't know, Jason, if you have any more specific on that.

我沒有這個數字，但我認為這是一個公平的問題。這比它的本質更複雜——你帶來了多少個新地點，因為它——我們大約一半的搬家業務是通過獨立經銷商完成的。而且，當我們添加新地點時，我們必須小心，不要蠶食那些經銷商。毫無疑問，這些新商店已經蠶食了這一點。因此，如果它們沒有建成，我們仍然可以獲得那部分收入。如果你想假設有 10% 或 15% 的蠶食——我沒有確切的數字。這是非常特定於地點的。然後剩下的就是新業務了。這也許是公平的。我不知道，傑森，你是否對此有更具體的了解。

Yes. I don't think that that's going to be a material part. I don't know if we would have seen a much bigger decrease on that. But that's an interesting question, Keegan.

是的。我不認為這會是一個實質性的部分。我不知道我們是否會看到更大的下降。但這是一個有趣的問題，基岡。

No, that's a super helpful way to think about it. I guess shifting gears to storage. So obviously, occupancy was down 170 basis points, and that makes sense to us, just given a challenging market. I know in the opening remarks, you said you're not lowering your street rates like the broader peer group is. But I guess I'm curious, what would it take for you to see to actually start to lower street rates?

不，這是一種非常有用的思考方式。我想應該轉向存儲。顯然，入住率下降了 170 個基點，考慮到市場充滿挑戰，這對我們來說是有道理的。我知道在開場白中，您說過您不會像更廣泛的同行群體那樣降低街頭利率。但我想我很好奇，你需要什麼才能真正開始降低街道租金？

Well, we analyze every location and every room size by location, and that's how we manage rates. So you're unlikely to see us do something like, say, put in a 10% rate decrease. If we did a rate decrease, it would more likely be in a certain size. So I'd say, 5x10 non-air-conditioned rooms or 10x15 air-conditioned rooms. Or more specifically, 10x15 air-conditioned rooms on the upper floors. So there's -- it's very, very specific.

好吧，我們按位置分析每個位置和每個房間的大小，這就是我們管理價格的方式。所以你不太可能看到我們做一些事情，比如降低 10% 的利率。如果我們降低利率，則更有可能達到一定規模。所以我想說，5x10 無空調房間或 10x15 空調房間。或者更具體地說，較高樓層的 10x15 間空調房間。所以這是非常非常具體的。

We don't have in our bag of tricks or whatever you want to call it, normally -- a normal maneuver to simply drop rates. And I mean, of course, there's -- you probably saw the nice article in The Wall Street Journal recently that said, basically anybody with a little bit of capital can get rich in storage. Well, it's a little bit more to it than that, as you might imagine. Mostly, I see people when they drop rates, that -- when they drop rates across the board, they're in a very uncomfortable situation. Once in a great while, a competitor will literally move next door or across the street. They'll drop rates as an introduction. That's not an uncommon phenomenon. And we'll lose tenants at that location because of that, but we typically don't drop the rate, because our competitor will come up with a rate increase 90 days later, and some of those customers now bounce back because now it will be cheaper.

通常，我們沒有任何技巧或任何你想稱之為的技巧——簡單地降低利率的正常策略。我的意思是，當然，您可能最近在《華爾街日報》上看到了一篇不錯的文章，其中提到，基本上任何擁有一點資本的人都可以在存儲方面致富。嗯，正如您可能想像的那樣，它的意義遠不止於此。大多數情況下，我看到人們在降低利率時，當他們全面降低利率時，他們的處境非常不舒服。有時候，競爭對手實際上會搬到隔壁或街對面。他們會降低利率作為介紹。這並不是一個罕見的現象。因此，我們會失去該地點的租戶，但我們通常不會降低費率，因為我們的競爭對手將在 90 天后提出加價，其中一些客戶現在會反彈，因為現在它將更便宜。

In the meantime, it disrupts everybody to just drop our rate overall. So that's a specific competitive situation, and that would be our typical response is, hold tight and wait for them to get a little bit of occupancy and they'll increase rates greater than they decreased them. So -- that's just about what our strategy typically is, Keegan.

與此同時，它擾亂了每個人，只是降低了我們的整體利率。因此，這是一種特定的競爭情況，我們的典型反應是，緊緊抓住並等待他們獲得一點入住率，他們增加的費率將大於他們降低的費率。所以——這就是我們通常的策略，基根。

Got it. And I guess on the topic of storage, just curious if you're seeing any change in your average length of stay? And then how that helps you guys determine what sort of rate increases you're sending out to your existing customers?

知道了。我想關於存儲的話題，只是好奇您是否發現平均停留時間有任何變化？那麼這如何幫助你們確定要向現有客戶發送什麼樣的費率上漲呢？

This is Jason. I just looked at that this last quarter, and compared to, say, like a year ago, it looks like each one of our duration stratification has maybe moved out a percent. So across the portfolio, there has been a general move to a little bit longer moves or longer stays.

這是傑森。我剛剛查看了上個季度的情況，與一年前相比，我們的每個持續時間分層似乎都移動了一個百分點。因此，在整個投資組合中，普遍出現了移動時間更長或停留時間更長的趨勢。

And I would say, while that seems paradoxical, it's not because a little bit less moving activity. A lot of the storages, people are moving in or out, and so they're going to store for 30 or 60 days because they're waiting for a place to be firmed up or these kind of just little timing difficulties. And it's overall moving declines that real short stays, not as frequent.

我想說，雖然這看起來很矛盾，但這並不是因為移動活動少了一點。很多倉庫，人們正在搬進或搬出，所以他們會儲存 30 或 60 天，因為他們正在等待一個地方被固定下來，或者這些只是一些時間上的困難。真正的短期停留是整體搬家下降，而不是那麼頻繁。

Got it. And then just 1 final 1 here on the topic of storage. So if we think about supply in general, it's often what causes storage to underperform over a short time period. You mentioned in the opening remarks that you don't necessarily plan on stopping growing your footprint right now. So I guess I'm just curious, from the operational side of things, what you would need to see for that to change?

知道了。最後 1 點是關於存儲主題的。因此，如果我們從總體上考慮供應，這通常是導致存儲在短時間內表現不佳的原因。您在開場白中提到，您不一定打算立即停止擴大您的足跡。所以我想我只是好奇，從操作方面來看，你需要看到什麼才能改變這一點？

Well, I'd have to be discouraged on the long-term prospects. When COVID broke out in March, I think, in 2020, I got a little bit uncertain. So I stopped a whole bunch of projects. And it took me at least 24 months to recover and get momentum back again. And COVID was a first-time deal for me. And if I had, let's say, that same event, I wouldn't back off. I would say no, the U.S. economy is going to roll through this and I'll have a little dip, but it's better than being undersupplied. So I was undersupplied the last half of COVID, which I lost opportunity. There's no certainty -- now, is there overbuilding? Certainly, and I've said that for a couple of years at least. .

好吧，我不得不對長期前景感到沮喪。當新冠疫情在三月份爆發時，我想，在2020年，我有點不確定。所以我停止了一大堆項目。我至少花了 24 個月才恢復並重新恢復動力。新冠疫情對我來說是第一次。如果我遇到同樣的事情，我也不會退縮。我會說不，美國經濟將會經歷這個過程，我會略有下滑，但這比供應不足要好。所以在新冠疫情的後半段，我的供應不足，我失去了機會。尚不確定——現在是否存在過度建設？當然，而且我至少已經這麼說了好幾年了。 。

Of course, there's overbuilding. The beauty of it is, the markets are local. So you could be overbuilding on the north suburb and underserved in the south suburbs. All these things exist, and of course, part of this is can you find the place that still needs more supply? We're -- as you probably are aware, we operate in all 50 states. So we make some different choices than some of our competitors. And so -- which are just kind of our strategy is to be in all 50 states. So we'll be expanding in a market maybe they're not even in because they just don't -- it's not got enough mass, they're not interested in being there.

當然，也存在過度建設的情況。它的美妙之處在於，市場是本地的。因此，北郊可能過度建設，南郊服務不足。所有這些東西都存在，當然，其中一部分是你能找到仍然需要更多供應的地方嗎？您可能知道，我們的業務遍及全美 50 個州。因此，我們做出了一些與一些競爭對手不同的選擇。因此，我們的戰略就是覆蓋所有 50 個州。因此，我們將在一個市場上擴張，也許他們根本就沒有進入，因為他們只是沒有——它沒有足夠的質量，他們對在那裡不感興趣。

And that's what I would try to do if I saw things get squirrely, which I have been doing, which is, well, let's search out some different markets that we have great long-term confidence in but aren't really on the radar of a lot of people because that market will never have 5 stores -- in 5 stores from 1 supplier. It's always going to be a smaller market, and we do find in those smaller markets and our management structure works good for it. And some of our competitors, it doesn't work good for them, which is just a slight difference in strategy, not one is better than the other, with a slight difference.

如果我看到事情變得奇怪，我就會嘗試做這件事，我一直在做，那就是，好吧，讓我們尋找一些不同的市場，我們對這些市場有很大的長期信心，但並沒有真正受到關注。很多人，因為那個市場永遠不會有 5 家商店——來自 1 個供應商的 5 家商店。它總是一個較小的市場，我們確實在這些較小的市場中發現了我們的管理結構非常適合它。而我們的一些競爭對手，這對他們來說效果並不好，這只是策略上的一點點差異，沒有一個比另一個更好，有一點點差異。

And 1 final 1 for me here. Just from a capital allocation standpoint, you guys are sitting on a ton of cash. Just curious, how we should be thinking about the deployment of that over the next several quarters and years and where you're currently finding the best risk-adjusted returns? Because it looks like it might be through short-term treasuries.

我這裡還有 1 個最後 1 個。僅從資本配置的角度來看，你們坐擁大量現金。只是好奇，我們應該如何考慮在未來幾個季度和幾年內的部署以及您目前在哪裡找到最佳的風險調整回報？因為看起來可能是通過短期國庫券。

This is Jason. So we were fortunate to lock in rate on a large piece of this cash going into this rising rate cycle, and we benefited from that. I mentioned the increase in interest income as -- as we're in short-term government securities, and we've gone out and opportunistically purchased some treasuries here and there.

這是傑森。因此，我們很幸運能夠鎖定進入這個利率上升週期的大部分現金的利率，我們從中受益。我提到利息收入的增加是因為我們持有短期政府證券，而且我們到處機會主義地購買了一些國債。

I think our sense is that we are going to be going into a credit tightening cycle. We've already seen some small anecdotal evidence of that within our own lending group. And since that is the primary way that we raise capital, we are sitting on a bunch of cash. And that will give us the ability that should we not -- should we want to buy more trucks and not have access to debt financing at that point in time or as much as we would like, it gives us some flexibility at that point.

我認為我們的感覺是我們將進入信貸緊縮週期。我們已經在我們自己的貸款集團內看到了一些關於這一點的小軼事證據。由於這是我們籌集資金的主要方式，因此我們坐擁大量現金。這將使我們有能力，如果我們不應該——如果我們想購買更多卡車，但在那時無法獲得債務融資，或者無法獲得我們想要的那麼多，那麼它在那時給了我們一些靈活性。

So our target goal for bringing cash down is probably closer to the $500 million mark. It's going to take us a few years to get back to that point. But we have -- in the pipeline of development, we're still looking at potential spending of up to $2 billion in that, along with increasing fleet purchases over the next several years.

因此，我們減少現金的目標可能接近 5 億美元大關。我們需要幾年的時間才能回到那個點。但在開發過程中，我們仍在考慮高達 20 億美元的潛在支出，以及未來幾年增加機隊採購的可能性。

The next question comes from Steve [Burrell] with Oppenheimer.

下一個問題來自史蒂夫[伯勒爾]和奧本海默。

Quick question about CapEx. Are you expecting the remaining spend to be spread out over the rest of the year or more weighted towards the next quarter or 2?

關於資本支出的快速問題。您是否預計剩餘支出將分攤到今年剩餘時間或更多地分配到下一季度或第二季度？

It will be weighted a little bit heavier for the next 2 quarters.

未來兩個季度的權重將會稍重一些。

And has it been easier to get supply from the manufacturers, Ford and them?

從製造商、福特和他們那裡獲得供應是否更容易？

Yes, it's loosening up, but it's at a snail pace and it has me biting my fingernails. They just -- the -- it's a political question. You probably know as much about it as I do, which is -- we're trying to reconfigure the automotive industry, and that's causing them fits in being able to do their fundamental job, which is manufacturing automobiles. And they've made progress on it, but it's -- they have their hands full. We're on good terms with everybody. We're getting units, but they just -- their total overall production is -- has been short of demand. And it's been that way for a while.

是的，它正在放鬆，但速度非常緩慢，讓我咬指甲。他們只是——這是——這是一個政治問題。你可能和我一樣了解這一點，那就是——我們正在努力重新配置汽車行業，這使他們能夠完成他們的基本工作，即製造汽車。他們已經在這方面取得了進展，但他們忙得不可開交。我們和每個人的關係都很好。我們正在獲得單位，但它們的總產量是供不應求。這種情況已經有一段時間了。

And how do you think that affects the fleet moving forward? Should we be expecting longer age of the fleet and less CapEx and turnover there?

您認為這對艦隊的前進有何影響？我們是否應該預期船隊的船齡更長、資本支出和營業額更少？

Well, that may happen. If it does, that basically increases our effective cost per mile, and we're trying to manage the cost per mile, which is the trade-off of repair, a variable cost with CapEx, which is basically you get a fixed cost. The balance is a little bit too much on the repair variable cost side right now, in our judgment. And we're trying to, of course, do that more towards an optimum spot. So if what you describe happens, it won't be because it was our choice, it is because the market has constrained us. Now we can go through that. We've done that before. But we think a more optimum trade-off would be larger number of annual replacement vehicles.

嗯，這可能會發生。如果確實如此，這基本上會增加我們每英里的有效成本，我們正在嘗試管理每英里的成本，這是維修的權衡，是資本支出的可變成本，基本上是固定成本。根據我們的判斷，目前維修可變成本方面的餘額有點太多。當然，我們正在努力爭取最佳位置。所以如果你描述的情況發生了，那不是因為這是我們的選擇，而是因為市場限制了我們。現在我們可以回顧一下。我們以前就這麼做過。但我們認為更佳的權衡是每年更換更多車輛。

And how should we be thinking about the impact from the increase in CapEx this year and the effect that will have on maintenance and repairs and the timing of those benefits?

我們應該如何考慮今年資本支出增加的影響以及對維護和維修以及這些好處的時間安排的影響？

Going to slow the increase, but it's not enough to stop the increase, in my judgment.

根據我的判斷，會減緩增長速度，但不足以阻止增長。

And do you think spend from the first half of this year, that will start to slow the pace more in the first half of next year or second half?

您認為從今年上半年開始支出是否會在明年上半年或下半年開始進一步放緩？

I'll let Jason take a stab at that.

我會讓傑森嘗試一下。

Steven, on this one, the pace of new acquisitions is coming in reasonably well. If we finish out this year on new acquisitions the way that it looks like, we could make a dent of maybe picking up 2,500 units over a normal pace. We started off the year about a year behind in rotation from the last few years. So that would still put us over 4 years out from fixing it at that pace.

史蒂文，在這一點上，新收購的步伐相當順利。如果我們今年按照看起來的方式完成新收購，我們可能會比正常速度增加 2,500 套。今年伊始，我們的輪換比過去幾年晚了大約一年。因此，我們仍然需要 4 年多的時間才能以這樣的速度修復它。

The bigger piece that's going to affect maintenance as to how fast we're taking the old trucks out. So the new trucks are coming in. I think our team is feeling a little bit more -- has more confidence that the new trucks will be there for them. Now we need them to start removing the older trucks that have the higher maintenance costs attached to them. And on that one, I would say we're at least a quarter behind. I don't think we made a lot of progress in this first quarter in getting older trucks pulled out of the fleet. So that's going to delay some of the benefits to repair and maintenance here at least another quarter until we can really start to pull old trucks out of the fleet so we can stop fixing them.

更大的部分將影響維護工作，即我們拆除舊卡車的速度。因此，新卡車即將到來。我認為我們的團隊感覺更有信心了，對新卡車將為他們提供幫助更有信心。現在我們需要他們開始拆除維護成本較高的舊卡車。在這一點上，我想說我們至少落後了四分之一。我認為第一季度我們在淘汰舊卡車方面並沒有取得很大進展。因此，這將導致這裡的維修和維護的一些好處至少再推遲一個季度，直到我們真正開始將舊卡車從車隊中撤出，這樣我們就可以停止修理它們。

And moving to self storage. The other self-storage REITs have reported a pretty big price per square foot drops on move-ins versus move-outs. Are you seeing the same thing?

並轉向自助存儲。其他自倉儲房地產投資信託基金報告稱，遷入與遷出時每平方英尺的價格下降相當大。你看到同樣的事情了嗎？

Our move-in rates are about 3% higher than what they were last year, and we still have a positive differential between move-in and move-out rates. So we're moving in people at a higher rate than what the people are paying who are moving out.

我們的入住率比去年高出約 3%，而且入住率和遷出率之間仍然存在正差異。因此，我們遷入人員的速度高於遷出人員所支付的費用。

And do you think that's because you have somewhat insulated -- they're not as heavily concentrated in the top 25 MSAs? Do you think that's a benefit for you guys?

您是否認為這是因為您在某種程度上有所隔離——它們沒有那麼集中在前 25 個 MSA 中？你認為這對你們有好處嗎？

I'm not so sure it is. I think it's -- we've -- you watch our -- we'll just take the REIT competitors. They'll have a good month -- they'll have a good week, they'll jam rates. I mean they could go up 15%. So they are a little bit more aggressive on the upside, which causes them to be a little more prone to retreat. Does that make sense?

我不太確定是這樣。我認為 - 我們已經 - 你看我們的 - 我們將只接受房地產投資信託基金的競爭對手。他們將度過一個美好的一個月——他們將度過一個美好的一周，他們將抑制利率。我的意思是他們可能會上漲 15%。因此，他們在上行方面更具侵略性，這導致他們更容易撤退。那有意義嗎？

Yes.

是的。

For an instance, we post rates. Now, our competitors don't post rates. They're -- the next person in line can get a different rate. So we have a different strategy. And we've tried to create an expectation with our customer, and we largely have to kind of understand what our strategy is. And for one reason or another, they think that -- is -- works for them. I think they're all probably aware or not all of it. Many customers can figure out -- the REIT down the street just dropped prices. Do they want to move to save $15 a month? Maybe, maybe not.

例如，我們發布費率。現在，我們的競爭對手不公佈費率。他們——排隊的下一個人可以獲得不同的價格。所以我們有不同的策略。我們試圖為客戶創造一個期望，我們在很大程度上必須了解我們的策略是什麼。出於某種原因，他們認為這對他們有用。我想他們可能都知道或者不知道全部。許多客戶都可以看出——街上的房地產投資信託基金剛剛降價了。他們想搬家以每月節省 15 美元嗎？也許，也許不是。

And so I think they do a little bit -- they harvest a little bit more on the up, and they give away a little bit more on the down. But I don't know that either strategy is perfect to just kind of the way we've built our customer relationship.

所以我認為他們做了一點——他們在向上收穫了更多一點，在向下也付出了更多一點。但我不知道這兩種策略是否適合我們建立客戶關係的方式。

And how do you balance rental rates versus occupancy rates when you're looking at where to set the price per square foot?

當您考慮在哪裡設定每平方英尺的價格時，如何平衡租金率和入住率？

Again, we do it by location, by room type. So a given location and -- so here in Phoenix, Arizona, I don't know, we probably have 85 or so stores. And there will be certainly 10 different rates out there on a [comparable] room. So it's pretty specific, just because you're in the Phoenix metro, [we're going to be]a lot more discerning than that. We're going to get right down to the location. We have a staff that's all (inaudible) what they do, their storage rate department. And they are looking, of course, at occupancy and ramp up both depends on where you are in the cycle if you're filling a new store or you're trying to trim the sales just right on a store that has 92%, you'd like to be at 95%. Just how you're going to trim the sales to get there? They -- I'm more -- I'm pretty much satisfied with their work and have been for some time.

同樣，我們按地點、房間類型進行操作。所以在給定的位置 - 所以在亞利桑那州鳳凰城，我不知道，我們可能有 85 家左右的商店。而且[類似]房間肯定會有 10 種不同的價格。所以這是非常具體的，僅僅因為你在鳳凰城地鐵，[我們將會]比這更有洞察力。我們要立即前往該地點。我們有一個員工（聽不清）就是他們所做的一切，他們的存儲率部門。當然，他們關注的入住率和增長都取決於你在周期中的位置，如果你正在填充一家新商店，或者你試圖在一家擁有 92% 的商店中削減銷售額，你希望達到 95%。您將如何削減銷售額以實現這一目標？他們——我更——我對他們的工作非常滿意，並且已經有一段時間了。

And on the cost side, I know you don't break out the costs, specifically for self-storage. But as locations that share in self-storage and equipment rentals, are there synergies compared to a stand-alone self-storage facility? Or are NOI margins about the same?

在成本方面，我知道您沒有詳細列出成本，特別是自助存儲的成本。但作為共享自助倉儲和設備租賃的地點，與獨立的自助倉儲設施相比是否存在協同效應？或者 NOI 利潤率大致相同嗎？

This is Jason. That -- it's a complicated question. From an asset owner, it certainly benefits the truck product line -- the equipment rental product line, the U-Box product line to have a blended location. The way a specific measurement would work for determining what the storage margin might be. We do have many locations that are essentially storage only. And the way that the costs get allocated to those locations, those look like they have -- appear to look like they have a higher margin because there just isn't as much overhead costs going on there, and you don't have to split up the profits across multiple product lines.

這是傑森。這是一個複雜的問題。對於資產所有者來說，擁有混合位置肯定有利於卡車產品線——設備租賃產品線、U-Box 產品線。特定測量用於確定存儲裕度的方式。我們確實有許多地點基本上只是存儲。成本分配到這些地點的方式，看起來他們有更高的利潤，因為那裡沒有那麼多的管理費用，而且你不必分攤提高多個產品線的利潤。

So we think the best returning locations for us have the full product line available to all the customers. And so that would look a lot different than a self-storage income statement by itself.

因此，我們認為對我們來說最好的退貨地點是為所有客戶提供完整的產品線。因此，這看起來與自存儲損益表本身有很大不同。

Got it. And last question, I saw on the release, we included the chart again for the self-storage by state. Are the same-store numbers comparable year-over-year?

知道了。最後一個問題，我在發布中看到，我們再次包含了按州進行自我存儲的圖表。同店數量與去年同期相比是否具有可比性？

So the same-store numbers that we're putting there represent what the same-store count was at that time. Right? So there's a couple of different ways of presenting that. The way we've presented it is showing what the same-store pool looked like a year ago and 2 years ago versus taking the same-store pool from this year and then carrying that back 2 years. We didn't go that route.

因此，我們放在那裡的同店數字代表了當時的同店數量。正確的？因此，有幾種不同的方式來呈現這一點。我們呈現的方式是顯示一年前和兩年前的同店池的情況，而不是從今年開始的同店池，然後將其帶回到兩年前。我們沒有走那條路。

Would it be possible to maybe include both of them just so that you can compare whatever subset you're looking at, you're looking at the same group of stores, the same cohort?

是否可以將它們都包括在內，以便您可以比較您正在查看的任何子集，您正在查看同一組商店，同一群組？

Yes. [Steve], I've been accepting feedback since last quarter on that. I would say the comments asking for that have been fewer than the ones who have been happy with it. We've tried to index this against what people are used to from our storage competitors. And we found this presentation in some of theirs. But it's an open question. So I wouldn't say that the book is closed.

是的。 [史蒂夫]，自上個季度以來我一直在接受對此的反饋。我想說，要求這樣做的評論比對此感到滿意的評論要少。我們試圖根據人們習慣的存儲競爭對手的內容來對此進行索引。我們在他們的一些演講中發現了這個演講。但這是一個懸而未決的問題。所以我不會說這本書已經關閉了。

All right. Well, that's all my questions, and I appreciate you taking my questions on the call.

好的。好了，這就是我的所有問題，感謝您在電話中回答我的問題。

The next question comes from Craig Inman with Artisan Partners.

下一個問題來自 Artisan Partners 的 Craig Inman。

Finally on here live for once instead of sending questions. I guess one of the things I was wondering about from a strategy perspective, obviously, moving in household formation, and I don't have these macro questions. But interest rates on housing and all that are a lot different now than they were 2 years ago, and you've seen that slow down. I'd imagine that kind of moving in household formation puts pressure on the truck rental business, but I'm not sure. Can you comment on just what that means for the business, how big it should be? I know you want to win and gain transactions, but some thoughts around strategy with this change in -- what the consumer can afford from housing and what we're seeing there.

終於在這裡住一次而不是發送問題了。我想從戰略角度來看，我想知道的一件事顯然是家庭組建，而我沒有這些宏觀問題。但現在的住房利率和所有其他利率與兩年前有很大不同，而且你已經看到利率放緩了。我認為這種家庭組建的搬遷會給卡車租賃業務帶來壓力，但我不確定。您能否評論一下這對企業意味著什麼？它應該有多大？我知道你想贏得併獲得交易，但圍繞這一變化的策略的一些想法——消費者可以從住房中負擔什麼以及我們在那裡看到的。

Again, I'd say the total drivers of moving are life events. When your family grows, you're looking for opportunity. A lot of forces and factors going in there, 1 that I've been focusing on most recently, is the trend towards consolidation of the people in the property -- housing rental business and the people who are attempting to (inaudible) form large tracks of rental single-family dwellings.

我再說一遍，搬家的總體驅動力是生活事件。當你的家庭壯大時，你就會尋找機會。其中有很多力量和因素，1我最近一直關注的是房地產中人員整合的趨勢——住房租賃業務和試圖（聽不清）形成大型軌道的人出租單戶住宅。

That's -- to me, that those are 2 kind of big changes that will maybe impact the frequency. People who rent more move more often. Maybe not in Manhattan, people were renting for 30 years. But in most of the country, you see all these 4- and 5-story multifamily basically apartment units that just sprung up nearly on every piece of vacant land. Well then, that's become a -- a growing subset of movers. And they have some different characteristics, and we're trying to really understand them so we can make sure that our products and services are tailored in a way that's very attractive to them.

對我來說，這兩種重大變化可能會影響頻率。租房越多的人搬家就越頻繁。也許不是在曼哈頓，人們租了30年。但在全國大部分地區，你會看到所有這些 4 層和 5 層的多戶住宅基本上都是公寓單元，幾乎在每塊空地上都拔地而起。那麼，這已經成為一個不斷增長的推動者子集。他們有一些不同的特徵，我們正在努力真正了解他們，以便確保我們的產品和服務以對他們非常有吸引力的方式量身定制。

So I think that's -- if I want to say what it was going to be -- will maybe move the needle a little bit over the next 2 or 3, 4, 5 years. I think that may be what moves the needle even more than interest rates. And these -- again, I'm sure you've heard the pitches, but they're saying we're going to get people to rent rather than own. [World War II], we've been had, let's get people to own rather rent, okay?

所以我認為——如果我想說的話——可能會在未來 2、3、4、5 年裡有所改變。我認為這可能比利率更能推動這一趨勢。還有這些——我相信你已經聽過這些宣傳，但他們說我們將讓人們租房而不是擁有。 [第二次世界大戰]，我們已經受夠了，讓我們讓人們擁有而不是租房，好嗎？

And I don't -- I don't claim to understand the overall implications of that. But you can see that they've put up -- I don't have a statistic, but you see them everywhere you go, these 4- and 5-story units are just popping up. Three years ago, I would have taken [a bet] they were overbuilt. And then they've continued building, and they're building today.

我不——我不聲稱理解這的總體含義。但你可以看到他們已經建成了——我沒有統計數據，但你到處都可以看到它們，這些 4 層和 5 層的單元才剛剛出現。三年前，我[打賭]它們已經過度建設了。然後他們繼續建設，直到今天他們還在建設。

And they seem to find customers now that, again, The Wall Street Journal reported a bunch of pressure on these people because the rising rates and -- Okay. But I think that's going to really just really drive more consolidation of ownership, not drive use. And maybe it will compress their margins for a while. But I think that this rental phenomenon and it seems like people who rent -- it's always been our mantra, people who rent are more likely to move than people who own. And so if they can have a shift in the number of people who rent, so it's going to change this movement a little bit.

他們現在似乎找到了客戶，《華爾街日報》再次報導了這些人面臨的巨大壓力，因為利率上升，而且——好吧。但我認為這確實會推動所有權的進一步整合，而不是推動使用。也許這會暫時壓縮他們的利潤。但我認為這種租賃現像以及租房的人似乎一直是我們的口頭禪，租房的人比擁有房產的人更有可能搬家。因此，如果他們能夠改變租房的人數，那麼就會稍微改變這一趨勢。

25 years ago, Phoenix was a crazy market, and they'd offer a 6-month lease, 1 month free. And people move every 6 months. So it was just (inaudible). Finally, they quit doing that, but it was great for us because they were moving a mile. Okay. So great. We get our 1995, and the total trip mileage uses maybe 7 miles for the whole trip, we make great money. But that's how sensitive these people can get. And I don't know quite what these big consolidating owners are going to do. I know they plan to pass customers between their properties. They think they will be able to encourage people to move from this property to that property, I don't know, based, I assume on some combination of amenities and rental rates. So I think that's, to me, that may be an opportunity for the whole industry. And if it is, I intend for you all to be there.

25 年前，鳳凰城是一個瘋狂的市場，他們提供 6 個月的租賃，1 個月免費。人們每六個月就會搬家一次。所以這只是（聽不清）。最後，他們不再這樣做了，但這對我們來說很好，因為他們已經前進了一英里。好的。很好。我們買的是1995年的，整個行程總里程大概用了7英里，我們賺了很多錢。但這就是這些人的敏感程度。我不太清楚這些大型整合所有者會做什麼。我知道他們計劃在他們的物業之間運送顧客。他們認為他們將能夠鼓勵人們從這個房產搬到那個房產，我不知道，基於我假設設施和租金的某種組合。所以我認為，對我來說，這可能是整個行業的機會。如果是的話，我希望你們都能夠參加。

Okay. Yes. So it's too simple a thought to think that affordability decreased and new sales are down, and that's going to really put a ton of pressure on the rental business.

好的。是的。因此，認為負擔能力下降和新銷量下降的想法太簡單了，這確實會給租賃業務帶來巨大壓力。

I really think that would be my conclusion. Yes, you're exactly right. You said it better than I did.

我真的認為這就是我的結論。是的，你說得完全正確。你說的比我說的好。

Okay. Yes. Well, my question was a little too long-winded there, sorry. And I hadn't thought about the strategy difference with the REITs in terms of how rate would play through later, because your move in rates are higher than in place, which is the opposite of the REITs. How much longer would this trend go on, given how you all operate structurally? Like how much more is there to go there in rate gains as the in-place ages?

好的。是的。好吧，我的問題有點太囉嗦了，抱歉。我沒有考慮過與房地產投資信託基金在利率如何發揮作用方面的策略差異，因為你的利率變動高於實際利率，這與房地產投資信託基金相反。考慮到你們的結構運作方式，這種趨勢會持續多久？隨著當地人口老齡化，利率還會上漲多少？

That's kind of the $64,000 question. My team still believes they have some running room. Okay? I'm probably wrong. My brain says, over the last 12 months, we saw increases at 30% of units. I'm not sure if that number is right.

這就是 64,000 美元的問題。我的團隊仍然相信他們還有一些運行空間。好的？我可能錯了。我的大腦告訴我，在過去 12 個月裡，我們看到單位數量增加了 30%。我不確定這個數字是否正確。

It sounds right.

聽起來不錯。

Don't put that in a calculation, but my team, they kind of have -- they kind of know what they're going to do for the next 30 days. I mean they don't -- they're familiar with the properties they manage. And they believe there's still room. I've been surprised. We are seeing pushback from customers. Obviously, everybody is in this economy. So -- but if (inaudible) floor air-conditioned rooms are 100% full, they're going to look at a bump in the rate. And you almost always find that if you really study a location that some class of rooms is full and another class of rooms is at 80%. Well, did you make a mistake in your original model mix? Are your rates out of line? There's several things to look at. And of course, my team looks at those things. So they think that the year ahead sees some promise for rate increases.

不要把它放在計算中，但我的團隊，他們有點知道接下來 30 天要做什麼。我的意思是他們不熟悉他們管理的資產。他們相信還有空間。我很驚訝。我們看到了客戶的抵制。顯然，每個人都處於這種經濟之中。所以 - 但如果（聽不清）樓層空調房間 100% 滿員，他們會看到價格上漲。如果您真正研究某個地點，您幾乎總是會發現某些類別的房間已滿，而另一類別的房間則為 80%。那麼，您原來的模型組合是否犯了錯誤？你們的費率是否超出標準？有幾件事需要注意。當然，我的團隊也會關注這些事情。因此他們認為未來一年有望加息。

Okay. And then I didn't catch fully on the liquidity talk there. $2 billion to finish out in-place developments? Or does that include possible deals? What was the -- just wanted some clarification on how you are thinking about liquidity.

好的。然後我沒有完全理解那裡的流動性談話。 20億美元完成就地開發？或者這是否包括可能的交易？只是想澄清一下您如何看待流動性。

That would be to finish everything that we have on the books right now.

那將是完成我們現在賬面上的所有內容。

The escrow and everything?

託管和一切？

Not including escrow.

不包括託管。

Then that cash is -- you're effectively prefunding a lot of that development with cash in case market conditions deteriorate and if you need to keep buying trucks to catch the fleet up?

那麼這筆現金是——你實際上是在用現金預先資助大量的開發項目，以防市場狀況惡化，或者你是否需要繼續購買卡車來趕上車隊的發展？

Yes. I think what we've learned over time is it's better to have it than not have it with where we're headed. So the spending on real estate -- the last 2 years now, we've been well over $1 billion in spend. I think we'll see that continue for the next couple of years at least. And then the fleet spend is increasing because we're starting to get an increased number of units, and the cost for these new units is higher than it used to be.

是的。我認為隨著時間的推移我們學到的是，在我們前進的方向上，擁有它比沒有它更好。因此，在房地產方面的支出——過去兩年，我們的支出遠遠超過 10 億美元。我認為至少在未來幾年我們會看到這種情況持續下去。然後機隊支出正在增加，因為我們開始獲得更多的單位，而這些新單位的成本比以前更高。

So in the first quarter of this year, I would say, if you took the units that we purchased this year, if we were to have bought them at last year's prices, that's about $25 million of inflation. We had bought them at the prices from 2 years ago. It's little over $40 million of inflation. So with all of those headwinds, we are being very cautious.

所以在今年第一季度，我想說，如果你拿我們今年購買的單位來說，如果我們以去年的價格購買它們，那麼通貨膨脹率約為 2500 萬美元。我們是按照兩年前的價格買的。通貨膨脹率略高於 4000 萬美元。因此，面對所有這些不利因素，我們非常謹慎。

Okay. And then on the app for the company locations, you said you crossed 6 million transactions. Can you talk about the trend in terms of some color on the percentage of transactions that are happening in the app at the company locations versus -- just -- because it does seem like it can be a labor-saving tool. Obviously, there's always going to be a group that is just going to show up and walk in. But how big a percentage of your business is that?

好的。然後在公司地點的應用程序上，您說您的交易量已超過 600 萬筆。您能否從公司所在地應用程序中發生的交易百分比的某種顏色來談談這一趨勢，而只是因為它看起來確實可以成為一種節省勞動力的工具。顯然，總會有一群人出現並走進來。但這在您的業務中佔多大比例？

Well, 2 separate subjects. One is what we call Truck Share 24/7, which can go either through the app or you could go through...

嗯，兩個不同的主題。一種是我們所說的 Truck Share 24/7，它可以通過應用程序進行，也可以通過...

Oh, yes, through desktop.

哦，是的，通過桌面。

So we're transitioning those people to the app. We're seeing good growth in the app. I think I can state correctly that 2 weeks ago, we were in the top 10 in the travel apps adopted on Google. We got ahead of steam up there, and we intend to run with it. Just where that will go, I can't predict, but we're trying to (inaudible) correct indicators on that. It looks like the app is just -- we have, as I said, 3 years of running [room], maybe. (inaudible) steady growth. So I think that that's going to pay off for us very much. And I think it will (inaudible). The customers who want to do business that way will increase their satisfaction.

因此，我們正在將這些人轉移到該應用程序上。我們看到該應用程序的良好增長。我想我可以正確地說，兩週前，我們在 Google 上採用的旅行應用程序中名列前十。我們已經領先了，而且我們打算繼續前進。我無法預測它會走向何方，但我們正在嘗試（聽不清）糾正相關指標。看起來這個應用程序只是 - 正如我所說，我們可能已經運行了 3 年 [room]。 （聽不清）穩定增長。所以我認為這會給我們帶來很大的回報。我認為會的（聽不清）。想要以這種方式開展業務的客戶將會提高他們的滿意度。

So I'm all in on it, if you just want to know what I'm working on. I'm all in on it, and I think it's going to continue to grow. How far will it go? I have no opinion. But of course, I don't know your habits, but I have adult children in there, they do so much on the handheld mobile that -- I think that's just -- that trend is here to stay. And we're trying to make sure we're in it in a big way. Of course, the (inaudible) another group of competitors who are Internet-savvy people, and they want to be industry disruptors in every industry in the world (inaudible). So I believe right now, we have better tech than they do. And my plan is to continue to have better tech than they do so that we don't give ground to those people.

所以如果你只是想知道我在做什麼的話，我會全力以赴。我全力以赴，並且我認為它會繼續增長。會走多遠？我沒有意見。當然，我不知道你的習慣，但我那裡有成年子女，他們在手持移動設備上做很多事情，我認為這就是這種趨勢將持續下去。我們正在努力確保我們能夠大力參與其中。當然，（聽不清）另一群競爭對手是精通互聯網的人，他們希望成為世界上每個行業的行業顛覆者（聽不清）。所以我相信現在我們擁有比他們更好的技術。我的計劃是繼續擁有比他們更好的技術，這樣我們就不會向那些人讓步。

Okay. Last one, I was -- I remember when filling 30,000 rooms a quarter was pretty good in the summer, and now we're 44,000 and have been above that. Anything changed in the last few years in terms of the ability to fill rooms faster, doing something better? Obviously, you have more rooms, so that makes more availability, but...

好的。最後一個，我記得夏天每個季度入住 30,000 個房間就已經很不錯了，現在我們的房間數量達到了 44,000 個，並且已經超過了這個數字。過去幾年在更快地填滿房間、做得更好方面有什麼變化嗎？顯然，你有更多的房間，這樣就可以提供更多的可用性，但是......

We have more rooms. They're thoughtfully placed in the present tense. We could -- we have stores that are 20 years old. We have stores that are 40 years old. So is that location now as hot as it once was? You see? So if we're doing this right, there's -- we have good room in newer stores. Yes, with the whole online move-in, we have a whole online move-in process for those stores. But they have -- they have amenities as good as or better than our competition. And of course, customers want certain services, and they want certain levels of customer service. And we are largely exceeding their expectations at the new stores, because the bathrooms are nice or the load/unload area is a little better. These are all they seem like small things, but to the consumer, they add up.

我們有更多的房間。它們被精心地置於現在時態。我們可以——我們有 20 年曆史的商店。我們有40年曆史的商店。那麼那個地方現在還像以前一樣熱門嗎？你看？因此，如果我們做得正確，我們就會在新商店中擁有良好的空間。是的，通過整個在線布展，我們為這些商店提供了完整的在線布展流程。但他們擁有——他們的設施與我們的競爭對手一樣好，甚至更好。當然，客戶需要特定的服務，並且他們需要特定水平的客戶服務。我們對新店的期望在很大程度上超出了他們的預期，因為浴室很好，或者裝卸區更好一些。這些看起來都是小事，但對於消費者來說，它們加起來就很重要了。

So I think what the real things that changed is the percentage of new -- or newer say, let's say, 24-, 36-month old rooms, that that percentage has risen in our own portfolio. So I think that that has had a lot to do with this. You'll see a new place come online, and it'll start renting up at a feverish pace. So that first 60% or 70% occupancy just really impacts your rent up rate overall for the company.

因此，我認為真正發生變化的是我們自己的投資組合中新房或較新房（例如 24 個月、36 個月舊房）的比例有所上升。所以我認為這與此有很大關係。你會看到一個新的地方上線，並且它會開始以狂熱的速度出租。因此，前 60% 或 70% 的入住率確實會影響公司的整體租金上漲率。

Okay. So that newer mix. And nothing in terms of just getting smarter about marketing or no big change in strategy there?

好的。所以，新的組合。僅僅在營銷方面變得更聰明或者在策略上沒有重大改變就沒有什麼意義嗎？

But everybody else is getting smarter, too. I mean normal capitalism is rat racing. So we learn a little thing, and then they learn a little thing, and we both are trying to figure out what the other one is doing and -- just its normal capitalism. So we have a slightly different strategy because of our truck and trade rental business. And so we're more interested in Wyoming, let's say, than most people are, because we rent trucks in Wyoming. We're all over Canada, most of that's just a vast uninhabited expanse. So we end up in some places our competitor would have no appetite for, but we're making them work.

但其他人也變得越來越聰明。我的意思是，正常的資本主義就是一場老鼠賽跑。所以我們學到了一點東西，然後他們也學到了一點東西，我們都在試圖弄清楚對方在做什麼——這就是正常的資本主義。因此，由於我們的卡車和貿易租賃業務，我們的策略略有不同。因此，我們比大多數人對懷俄明州更感興趣，因為我們在懷俄明州租用卡車。我們遍布加拿大，其中大部分地區只是一片無人居住的廣闊地區。因此，我們最終在一些競爭對手沒有興趣的地方，但我們正在讓它們發揮作用。

And so -- I -- there's -- everything that is -- what my son likes to call secret sauce -- is a very tiny increment. There's a bunch of them, and when you execute them all -- so let's say I came upon a new store and the rent up rate wasn't what I would have anticipated. Well, immediately, I know we're failing on 1 or more fundamentals if we go through and just basically do a top-down work up on the store. We'll find out where we're short and tune that up, rent up goes in the curves. There's a tremendous amount of alternate site selection. You want to get the right site. And we spend a lot of effort. Money. And I think all that -- tell me, Jason, I think all that's expensed. I think all our site selection expense basically just goes through...

所以——我——有——所有的東西——我兒子喜歡稱之為秘密武器的東西——都是一個非常小的增量。它們有很多，當你把它們全部執行時——假設我發現了一家新商店，租金上漲率超出了我的預期。好吧，我立刻就知道，如果我們只是對商店進行自上而下的工作，我們就會在一個或多個基本原則上失敗。我們會找出不足之處並加以調整，租金就會呈曲線上升。有大量的備用站點選擇。您想要獲得正確的網站。我們花費了很多努力。錢。我認為所有這些 - 告訴我，傑森，我認為所有這些都已支出。我認為我們所有的選址費用基本上都只是通過......

We capitalize as little as we have to.

我們盡可能少地資本化。

Yes. So we're not -- if it's a question of which way to push, we push it towards expensing it. And I think -- I just think that there's a lot -- that money comes back to you over time. You could make an argument for capitalizing it, but I just don't want to do it.

是的。所以我們不會——如果這是一個推動哪種方式的問題，我們會推動它去消耗它。我認為——我只是認為有很多——隨著時間的推移，錢會回到你身邊。你可以爭論是否要大寫，但我只是不想這樣做。

Yes, no need to defer the -- better to defer the -- pay the taxes now. Okay. No, that's -- that's it for me. Thank you.

是的，現在不需要推遲——最好推遲——繳納稅款。好的。不，那是——這就是給我的。謝謝。

This concludes our question-and-answer session. I would like to turn the conference over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交給管理層發表閉幕詞。

Well, thank you, everyone for their support. As a reminder, 1 week from today on Thursday, August 17 at 9 a.m. Pacific, we'll hold our Annual Stockholder Meeting. And then 2 hours later, at 11:00 a.m. Pacific, 2:00 p.m. Eastern, we'll host our 17th Annual Virtual Analyst and Investor Day. Both events can be accessed on the web at investors.uhaul.com. And questions for the Q&A portion of our Investor Day can be sent prior to the meeting at ir@uhaul.com or submitted live during the event. We look forward to speaking with you next week. Thank you.

嗯，謝謝大家的支持。謹此提醒，一周後的今天，即太平洋時間 8 月 17 日星期四上午 9 點，我們將召開年度股東大會。 2 小時後，太平洋時間上午 11:00，太平洋時間下午 2:00。東部，我們將舉辦第 17 屆年度虛擬分析師和投資者日。這兩項活動均可通過 Investors.uhaul.com 進行訪問。有關投資者日問答部分的問題可以在會議前發送至 ir@uhaul.com 或在活動期間現場提交。我們期待下週與您交談。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。