U-Haul Holding Co (UHAL) 2024 Q2 法說會逐字稿

Good morning. My name is Sindhu, and I will be your conference operator today. At this time, I would like to welcome everyone to the U-Haul Holding Company Second Quarter Fiscal 2024 Investor Conference Call. (Operator Instructions)

早安.我叫 Sindhu，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 U-Haul Holding Company 2024 財年第二季投資者電話會議。 （操作員說明）

Sebastian Reyes you may begin your conference.

塞巴斯蒂安·雷耶斯（Sebastian Reyes），您可以開始會議了。

Good morning, and thank you for joining us today. Welcome to the U-Haul Holding Company's Second Quarter Fiscal 2024 Investor Call.

早安，感謝您今天加入我們。歡迎參加 U-Haul 控股公司 2024 財年第二季投資者電話會議。

Before we begin, I'd like to remind everyone that certain of the statements during this call, including without statements include out limitation, statements regarding revenue, expenses and 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.

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、費用和收入以及我們業務總體增長的陳述，可能構成以下含義內的前瞻性陳述：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 September 30, 2023, which is on file with the U.S. Securities and Exchange Commission.

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有重大差異。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9 月30 日的季度的10-Q 表格，該表格已向美國證券交易委員會備案。外匯委員會。

I'll now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.

現在我將電話轉交給 U-Haul Holding Company 董事長 Joe Shoen。

Thanks, Sebastian, and thank you, everybody, for joining us again. As I'm sure you see from the numbers, we've given back more of the U-Move Pandemic transaction gains than I would like. The self-move transaction decline impacts most of our product lines. All of our business lines remain competitive. However, I am not cutting back on rental fleet CapEx due to being starved for new equipment in the 2020 to 2022 time frame. Rental equipment acquisition and maintenance costs unfortunately continue to outpace inflation. Disruption of the OE supply chain due to government mandates for electrification are a huge driver of these increased costs.

謝謝塞巴斯蒂安，謝謝大家再次加入我們。我確信您從數字中看到，我們回饋的 U-Move Pandemic 交易收益比我想要的要多。自搬交易下降影響了我們的大部分產品線。我們所有的業務線都保持競爭力。然而，由於 2020 年至 2022 年期間缺乏新設備，我不會削減租賃機隊的資本支出。不幸的是，租賃設備的購買和維護成本持續超過通貨膨脹。政府對電氣化的強制要求導致原配設備供應鏈中斷，這是導致成本增加的重要因素。

The public is starting to push back on electric vehicle mandates that failed to meet nearly every metric of a sustainable vehicle strategy and this may cause some pause with the OEs. U-Haul is continuing to invest in self-storage and U-Box product for the expectation of revenue over the next 5 years. Our typical project is about 3 years from acquisition to opening. Shutting down development now will cause a revenue low 2 to 3 years from now. This strategy clearly is causing increased carrying costs.

民眾開始抵制電動車法規，因為這些法規未能滿足永續汽車策略的幾乎所有指標，這可能會導致原始設備製造商暫停。 U-Haul將繼續投資自助倉儲和U-Box產品，以期實現未來5年的收入預期。我們的典型專案從收購到開業大約需要3年時間。現在停止開發將導致 2 至 3 年後收入下降。這種策略顯然導致了運輸成本的增加。

We are also investing heavily in digital tools to enhance the customer experience. I consider this vital to our continued success. My focus remains on continued implementation of the fundamentals in our U-Move and U-Store businesses. I will now turn the call over to Jason for a run through the numbers.

我們也大力投資數位工具，以增強客戶體驗。我認為這對我們的持續成功至關重要。我的重點仍然是繼續落實我們的 U-Move 和 U-Store 業務的基本原則。我現在會把電話轉給傑森，讓他瀏覽一下這些數字。

Thanks, Joe. Good morning, everyone. Yesterday, we reported second quarter earnings of $2.74 or $274 million compared to $350 million for the same quarter last year. From an earnings per share perspective, we reported $1.40 per non-voting share this quarter as compared to $1.73 per non-voting share in the second quarter of last year. This brings our reported 6-month earnings to $530 million compared to $688 million for the same period last year. We reported $2.71 per non-voting share for the 6 months compared to $3.41 per nonvoting share last year.

謝謝，喬。大家，早安。昨天，我們報告第二季度獲利為 2.74 美元，即 2.74 億美元，而去年同期為 3.5 億美元。從每股盈餘的角度來看，本季我們公佈的每股無投票權股收益為 1.40 美元，而去年第二季的每股無投票權股收益為 1.73 美元。這使得我們報告的 6 個月收益達到 5.3 億美元，而去年同期為 6.88 億美元。在我們報告的 6 個月內，每股無投票權股票為 2.71 美元，而去年的每股無投票權股票為 3.41 美元。

Starting off with equipment rental revenue results. Compared to the second quarter of last year, we had a $93 million decrease or about 8%. Over the last 5 quarters now, we've had a $320 million decrease in new move revenue. Once again, remind everyone of the 8 quarters that we had before that, starting with our second quarter of fiscal 2021, where we experienced $1.428 billion increase over that time frame.

從設備租賃收入結果開始。與去年第二季相比，我們的收入減少了 9,300 萬美元，即減少了約 8%。在過去 5 個季度中，我們的新搬家收入減少了 3.2 億美元。再次提醒大家，我們之前的 8 個季度，從 2021 財年第二季開始，在此期間我們經歷了 14.28 億美元的成長。

Compared to our last pre-pandemic second quarter, which ended on September 30, 2019, we've increased our second quarter equipment rental revenue results by over $265 million on a compounded growth basis, that's about a 7.5% annual rate. All of this to say that while we're giving back some of the pandemic era gains, we are far from losing all of that.

與截至 2019 年 9 月 30 日的大流行前第二季相比，我們第二季的設備租賃收入在複合成長的基礎上增加了超過 2.65 億美元，年增長率約為 7.5%。所有這些都表明，雖然我們正在回饋大流行時代的一些成果，但我們還遠遠沒有失去所有這些。

The trends that we've seen in the past several quarters continued. Total transactions declined a little over 4%, miles per transaction fell compared to last year, although we're still ahead of pre-pandemic numbers. And revenue per mile has continued to incrementally improve, albeit at a slower rate than what we've seen in the last couple of years. October results continued to trend downward compared to last year.

我們在過去幾個季度看到的趨勢仍在繼續。總交易量下降了略多於 4%，每筆交易的里程數與去年相比有所下降，儘管我們仍領先於大流行前的數字。每英里收入繼續逐步提高，儘管速度比我們過去幾年看到的要慢。與去年相比，10 月的業績持續呈下降趨勢。

Capital expenditures for new rental equipment for the first 6 months were $974 million. That's a $256 million increase compared to the same time last year. We've increased our fiscal 2024 full year net CapEx projection, that's net of sales from $820 million to approximately $870 million. Proceeds from the sales of retired rental equipment increased by about $80 million to a total of $405 million for the 6 months.

前 6 個月新租賃設備的資本支出為 9.74 億美元。與去年同期相比增加了 2.56 億美元。我們將 2024 財年全年淨資本支出預測（扣除銷售額後的淨額）從 8.2 億美元提高到約 8.7 億美元。 6 個月內，出售退役租賃設備的收益增加了約 8,000 萬美元，達到 4.05 億美元。

Sales volume has increased, while average proceeds per unit sold has declined. Switching to self-storage. Revenues were up $23 million that's about a 13% increase for the quarter. The improvement was split between increases in the total number of occupied rooms, combined with higher revenue per occupied square foot. Our occupied unit count at the end of September was up over 35,000 compared to the same time last year.

銷量增加，但每單位銷售的平均收益卻下降。切換到自存儲。該季度營收成長了 2,300 萬美元，增幅約為 13%。這項改善主要體現在入住房間總數的增加以及每平方英尺收入的增加。與去年同期相比，我們 9 月底的入住單位數量增加了 35,000 多個。

During that same time frame, we added nearly 53,000 new units to the portfolio. It's this differential that's leading to our all-in average occupancy rate during the quarter declined by 120 basis points to 84.2%. The same moderation in occupancy can also be seen in what we're referring to as our same-store grouping in our press release where we had an occupancy decrease of about 170 basis points to 95%.

在同一時間段內，我們為投資組合增加了近 53,000 個新單位。正是這種差異導致我們本季的整體平均入住率下降了 120 個基點，降至 84.2%。我們在新聞稿中提到的同店分組也可以看到相同的入住率下降，入住率下降了約 170 個基點，降至 95%。

From what I can read and hear other public firms in the self-storage space have been reporting a toughened market brought on by changing consumer behavior and perhaps rate actions that have been taken over the last couple of years. I can tell you that we are experiencing a slowdown in move-in activity as well compared to the last couple of years. However, our asking rents for new customers on average across the entire portfolio are up a little over 3% year-over-year.

據我所讀到和聽到的，自助倉儲領域的其他上市公司一直在報告，由於消費者行為的變化以及過去幾年採取的評級行動，市場變得更加嚴峻。我可以告訴你，與過去幾年相比，我們的入住活動也有所放緩。然而，我們整個投資組合對新客戶的平均租金要價年增率略高於 3%。

Another metric to consider is our average new customer rents compared to the rents that are paid by people who are leaving. The incoming rates were a little over 1% higher than the rents paid by customers who have been leaving. It's very likely that the downward pressure on new move-ins and the reported discounting by some of our competitors could slow our self-storage growth the rest of this year.

另一個需要考慮的指標是我們的平均新客戶租金與離開的人支付的租金相比。進來的租金比離開的客戶支付的租金高出 1% 多一點。新進駐的下行壓力以及我們一些競爭對手報告的折扣很可能會減緩我們今年剩餘時間的自助倉儲成長。

During the first 6 months of fiscal 2024, we invested $633 million in real estate acquisitions. That's along with self-storage and U-Box warehouse development. That's a $49 million increase over the first 6 months of last year. Most all of that is in the form of additional development costs. During the quarter, we added 872,000 new net rentable square feet, about 400,000 of that was the acquisition of existing self-storage.

在 2024 財年的前 6 個月，我們投資了 6.33 億美元用於房地產收購。同時，還有自助倉儲和 U-Box 倉庫的開發。這比去年前 6 個月增加了 4,900 萬美元。其中大部分都是額外的開發成本。本季度，我們新增了 872,000 平方英尺的淨可出租面積，其中約 40 萬平方英尺是收購現有的自助倉儲。

And we currently have a little bit north of 7,400,000 new net rentable square feet being actively worked on. Our operating earnings in our Moving and Storage segment decreased by $113 million to $402 million for the quarter, brought down by the slowing of U-Move revenue.

目前，我們正在積極開發 7,400,000 平方英尺的新淨可出租面積。由於 U-Move 收入放緩​​，本季我們行動和儲存部門的營業利潤下降了 1.13 億美元，至 4.02 億美元。

Operating expenses were up $24 million for the second quarter. Fleet repair and maintenance was up $17 million. That's a combination of costs associated with us prepping trucks for sale, along with costs associated with preventative maintenance work. Personnel costs were up $18 million. Our headcount for this quarter compared to the same quarter last year was up about 2.5%, which is significantly down from the increase we saw last year at this time of around 16%.

第二季營運費用增加 2,400 萬美元。車隊維修和保養費用增加了 1700 萬美元。這是與我們準備出售卡車相關的成本以及與預防性維護工作相關的成本的組合。人員成本增加了 1800 萬美元。與去年同期相比，我們本季的員工人數增加了約 2.5%，明顯低於去年同期約 16% 的增幅。

As a percent of revenue, this quarter was higher than what we reported in the last 2 fiscal second quarters. However, if you go back in time, personnel costs right now are not out of line in comparison to similar time periods in previous years. We're continuing to place a premium on having access to cash and liquidity. At the end of September of this year, cash along with availability from existing loan facilities at our Moving and Storage segment totaled $2.55 billion.

從佔收入的百分比來看，本季高於我們在過去兩個財年第二季所報告的水平。然而，如果你回顧過去，現在的人員成本與前幾年的類似時期相比並沒有什麼不同。我們將繼續重視獲得現金和流動性。截至今年 9 月底，我們的行動和儲存部門的現金以及現有貸款設施的可用金額總計 25.5 億美元。

With that, I would like to hand the call back to our operator, Sindhu, to begin the question-and-answer portion of the call.

至此，我想將電話轉交給我們的接線生 Sindhu，以開始電話的問答部分。

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

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

Going through the numbers, it appears, at least to me, that the operations are being affected by the slowdown in Moving activity. But it seems to be just like a step down to a lower plateau from your record year. I mean, I've gone through a lot of the segments. I've got a model that incorporates seasonality. And even in the self-storage business, it just seems to be stepped down to a slightly lower level, mid-single-digit level, lower level. First of all, would you agree with that?

透過這些數字，至少對我來說，營運活動似乎受到了搬家活動放緩的影響。但這似乎就像是從創紀錄的一年下降到了一個較低的平台。我的意思是，我已經經歷了很多部分。我有一個包含季節性的模型。即使在自助倉儲業務中，它似乎也只是下降到一個稍低的水平，中等個位數的水平，較低的水平。首先，你同意這個說法嗎？

This is Joe. I would agree. I'm not accepting that. I'm looking for something different. But I think that is a number for sure.

這是喬。我同意。我不接受這一點。我正在尋找不同的東西。但我認為這是一個肯定的數字。

Given that premise, at least from my point of view, the only aberration I see is that the cost of the self-moving equipment have increased more than expected. And also these products increased somewhat also. I guess about 2 conference calls ago, you had plans to deal with this increased cost, primarily due to inflation. Could you expand on how that's progressing?

考慮到這個前提，至少從我的角度來看，我看到的唯一異常是自動移動設備的成本增加超過了預期。而且這些產品也有所增加。我猜大約兩次電話會議前，你們已經計劃應對主要由於通貨膨脹而增加的成本。能詳細介紹一下進度嗎？

So I'm not sure what you meant by other products, but I'll address rental equipment...

所以我不確定你所說的其他產品是什麼意思，但我會解決租賃設備...

Self-moving products and services.

自動移動的產品和服務。

Okay. I think that any pressure there is give or take, inflationary, it's not out of control. When you get into our motor vehicle fleet, there's where you see what you read about in the newspaper, which is basically due to government mandates. All suppliers are subsidizing electric vehicles by enormous increases in gross margin on their internal combustion fleet. We're stuck in that little bind right now.

好的。我認為任何壓力都是有給予或接受的，通貨膨脹的，它並沒有失控。當您進入我們的機動車車隊時，您可以在報紙上看到您在報紙上讀到的內容，這基本上是由於政府的命令。所有供應商都透過大幅提高其內燃機車隊的毛利率來補貼電動車。我們現在陷入了這個小困境。

Buying electric vehicles isn't the way out because they don't really have a product I don't have any effective way to lobby the manufacturer to change course there. As you know, they have tremendous political pressure on them. So what's really going to have to modulate this in my judgment is sales of the dealerships. At the point they can load this stuff with the dealerships, they're going to have to face the music.

購買電動車不是出路，因為他們沒有真正的產品，我沒有任何有效的方法遊說製造商改變路線。如你所知，他們承受著巨大的政治壓力。因此，根據我的判斷，真正需要調整的是經銷商的銷售。當他們可以向經銷商裝載這些東西時，他們將不得不面對困難。

The retail customer does not have to buy the vehicle this year. We're running a business. We kind of need to replenish stocks, but the retail customer can put a vehicle purchase off. And I think that until that happens, we're not going to see any change in the manufacturer strategy, which is basically to subsidize their enormous losses on electric vehicles by charging people who drive a gasoline powered vehicle.

零售客戶今年不必購買車輛。我們正在經營一家企業。我們需要補充庫存，但零售客戶可以推遲購買車輛。我認為，在此之前，我們不會看到製造商策略發生任何變化，這基本上是透過向駕駛汽油動力汽車的人收費來補貼他們在電動車上的巨大損失。

What can we do given that we can't influence that at least in the short term. But we have to work on productivity of rental equipment, which is largely positioning. Now us having 32,000-plus retail outlets is a wonderful competitive tool, but it's a very -- goes just the other way on productivity of equipment to more outlets you have, the harder it is to maintain levels of productivity.

鑑於我們至少在短期內無法影響這一點，我們能做什麼？但我們必須在租賃設備的生產力上下功夫，這很大程度上是定位。現在，我們擁有 32,000 多個零售店，這是一個極好的競爭工具，但它是一個非常 - 設備生產力的相反方式，您擁有的商店越多，保持生產力水平就越困難。

Over the years, we've been able to deal with this with improved electronic tools and more or less knowing where our equipment is on a real-time basis. There's still some gains to be made there. And so I'm focused on that real hard. We're investing real steadily and improved digital experience, the customer -- our customer just like pretty much everybody in the economy, a big percentage of our customer wants to have a digital experience, not a person-to-person experience. So we're investing to improve that experience.

多年來，我們已經能夠透過改進的電子工具來處理這個問題，並且或多或少知道我們的設備實時在哪裡。那裡仍然有一些收穫。所以我非常專注於這一點。我們正在穩步投資並改善數位體驗，客戶——我們的客戶就像經濟中的幾乎每個人一樣，我們的客戶很大一部分希望擁有數位體驗，而不是人與人之間的體驗。因此，我們正在投資來改善這種體驗。

Those gains are slow, but we're -- we see is we're making some gains there and we get the customer a little happier. So the position of the equipment is a big focus of mine at this time because that's something we kind of control. We don't totally control it because customers go where they want to go but we have ways to influence that. And that's been my focus. I had all my direct field reports in about a month ago, we went through some ABCs of how we're going to better position this equipment. That takes a little while, you can't just move them. But we'll make some progress on that and maybe dent these increasing costs a little bit. But right now, I don't see how we're going to get ahead of them in the near term.

這些收益是緩慢的，但我們看到我們正在那裡取得一些收益，並且我們讓客戶更高興了。因此，設備的位置是我目前關注的重點，因為這是我們可以控制的。我們不能完全控制它，因為客戶會去他們想去的地方，但我們有辦法影響這一點。這就是我的重點。大約一個月前，我收到了所有直接現場報告，我們了解了一些關於如何更好地定位該設備的基本知識。這需要一點時間，你不能只是移動它們。但我們會在這方面取得一些進展，也許會稍微減少這些不斷增加的成本。但現在，我不知道我們如何在短期內超越他們。

Initially, you did not accept my premise that we just step down to a slightly lower plateau in the basic self-moving business. What is your view?

最初，您不接受我的前提，即我們只是在基本的自動駕駛業務中下降到稍低的平台。你的看法是什麼？

Well, I thought I said that, yes, we're now as what Jason calls had more historical growth levels. And you're calling that a plateau, okay, have the same thing. And there's no question that's it. But of course, over my career, that's just not my -- but I think that's what I'm accepting will then what you want to call you'll be finishing in the middle of the pack. I don't expect that. I expect us to go ahead. I think there's always room in the capitalistic economy for someone who low-hassle everybody else.

嗯，我想我說過，是的，我們現在就像傑森所說的那樣具有更高的歷史增長水平。你稱之為高原，好吧，也有同樣的事情。毫無疑問就是這樣。但當然，在我的職業生涯中，這不是我的——但我認為這就是我所接受的，然後你想稱之為你將在中間完成。我不希望這樣。我希望我們能夠繼續前進。我認為，在資本主義經濟中，那些不給其他人帶來麻煩的人總是有空間的。

And then eventually, if you work on a problem long enough, you'll gain some advantage but I don't -- other than digital tools, which I'm sure everybody follow us working on. Other than that, I don't have an advanced stare straight in the face, okay? But we've gone to sell dispatch on rental equipment to a great extent. We've gone to self moving to self-storage to a great extent. Those -- you can't pull it from the numbers, but that's baked into the numbers. And that's not been enough to turn the thing.

最終，如果你在一個問題上工作足夠長的時間，你會獲得一些優勢，但我沒有——除了數位工具，我確信每個人都會關注我們的工作。除此之外，我沒有直視臉部的高級眼神，好嗎？但我們在很大程度上已經開始銷售租賃設備的調度。我們在很大程度上已經實現了自助搬家和自助倉儲。這些——你無法從數字中得出它，但它已融入數字中。但這還不足以扭轉局面。

So you can say we're right back where we started, although we're well ahead of where we projected this out 5 years ago, we didn't project we'd be anywhere near this good on revenue.

所以你可以說我們又回到了起點，儘管我們遠遠領先 5 年前的預測，但我們並沒有預期我們的收入會達到如此良好的水平。

So all my life, we've been able to increase transactions at greater than the rate of population growth. You can argue that moving is a need, not a want. People do it because of fundamental things like births and deaths. And so then you could say, well, we should be performing at the rate of the population growth. I've never accepted that. And in fact, we have never performed at that lower level. And so what is it finding more customer needs so we can satisfy with our self-move or our self-storage product.

因此，在我的一生中，我們的交易量成長速度一直高於人口成長速度。你可以說搬家是一種需要，而不是一種想要。人們這樣做是因為諸如出生和死亡之類的基本事情。那你可以說，好吧，我們應該按照人口成長率來行事。我從來沒有接受過這一點。事實上，我們從來沒有達到這麼低的水平。那麼，如何找到更多的客戶需求，以便我們能夠滿足我們的自助搬家或自助倉儲產品呢？

We continue to push hard on the U-Box product. And U-Box product resonates with a significant number of customers. And I have an effort right now to make our digital tools much more customer friendly. Our transactions are still too awkward there in my or to complicate, I guess, the way to say it. And we're trying to get that simplified to where it's an easier thing for the customer to execute on.

我們繼續大力推動U-Box產品。 U-Box產品引起了大量客戶的共鳴。我現在正在努力使我們的數位工具對客戶更加友善。我想，我們的交易在我看來還是太尷尬了，或者說要複雜化。我們正在努力簡化這個過程，讓客戶更容易執行。

Thank you very much for the expenses answer.

非常感謝您對費用問題的回答。

Our next question comes from Keegan Carl from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Keegan Carl。

I guess maybe first, just trying to better understand what some of the moving parts in the moving business. So I understood it's down 8% year-over-year, but obviously, you've grown your store count and footprint, too. So I'm just curious how much of your store count grow in the same period year-over-year. And I know Jason mentioned transaction is down 4%. I'm assuming it's not on a comparable basis. I'm just trying to better understand because I'm actually a bit surprised how well it's held in given what's going on with the existing home sales on a year-over-year basis.

我想也許首先，只是想更了解搬家業務中的一些活動部分。所以我知道它同比下降了 8%，但顯然，您的商店數量和足跡也有所增加。所以我只是好奇你們的商店數量在同一時期同比增長了多少。我知道 Jason 提到交易量下降了 4%。我假設它不是在可比較的基礎上。我只是想更好地理解，因為考慮到現有房屋銷售的同比情況，我實際上有點驚訝它的保持情況。

Keegan, this is Jason. I'll start with the distribution footprint. We're about the same number of retail locations that we were last year at this time, like within 30. We're at about 23,730 at the end of September. We did manage to grow the company-operated locations by about 66% from last year at this time to this point.

基根，這是傑森。我將從分佈足跡開始。我們的零售店數量與去年同期大致相同，約在 30 個以內。截至 9 月底，我們的零售店數量約為 23,730 個。與去年同期相比，我們確實成功地將公司經營的門市成長了約 66%。

I'll pipe in on that. I usually kind of company location is 10 independent locations. When I try to say where am I moving, which is kind of what your question is. So you could argue that if we're up 60 locations, I'd say we're really probably up to 650 or something like that, net effect on the consumer, which is disappointing because I'd like to have seen more transactions. Of course, the parties hardly a lot of these things we kind of learn as we go, but I think we're going to continue to see transaction growth.

我會介入此事。我通常的公司地點是10個獨立的地點。當我試著說出我要去哪裡時，這就是你的問題。所以你可能會說，如果我們增加了60 個地點，我想說我們真的可能增加到650 個或類似的數量，這對消費者的淨影響是令人失望的，因為我希望看到更多的交易。當然，我們在交易過程中幾乎沒有學到很多這些東西，但我認為我們將繼續看到交易成長。

We have stabilized a little bit in what we call In-town transactions, which is the (inaudible). And those are more -- it's like controllable. I don't know the right number, but it's word for it, but it's easier to work that number kind of than it is the one-way transaction. And so -- but that's very positive for me because it's still a move. We want to capture all the moves, we can't self-move itself. Yes, it's -- I think you'd have to say and we would say I think that our productivity per location is down a decimal point or something, not a tremendous amount, but a small change there has a big change in -- ultimately into cash flow and profitability.

我們在所謂的城內交易方面已經穩定了一點，這就是（聽不清楚）。這些更多——就像是可控的。我不知道正確的數字，但它是正確的數字，但處理該數字比單向交易更容易。所以——但這對我來說非常積極，因為這仍然是一個舉動。我們想要捕捉所有的動作，但我們無法自行移動。是的，我想你必須說，我們會說我認為我們每個地點的生產力下降了小數點之類的，不是很大，但那裡的一個小變化最終會帶來很大的變化轉化為現金流和盈利能力。

So we're always watching this and also the productivity of the equipment by equipment type and volume. And we're doing some realigning there that we're a little behind, I don't know, maybe 4 months behind on sales, Jason, you say, maybe we're 4 months behind what we would like to have been on sales. But sales are now catching up after we didn't sell trucks for about 2 years there because we couldn't buy any. So now we're rotating some of those trucks out into the for-sale market, which will kind of help clear out our volume of repair because the oldest trucks obviously create the most repair.

因此，我們一直在關注這一點以及按設備類型和數量劃分的設備生產率。我們正在進行一些調整，我們有點落後，我不知道，也許銷售落後了 4 個月，傑森，你說，也許我們的銷售落後了 4 個月。但由於買不到卡車，我們在那裡已經有大約兩年沒有賣卡車了，現在銷售量正在迎頭趕上。因此，現在我們正在將其中一些卡車輪換到待售市場，這將有助於清理我們的維修量，因為最舊的卡車顯然會產生最多的維修量。

Got it. And I think your commentary on one-way moves is interesting. I'm just curious, do you know what percentage of your moves or what percentage of your revenues you attribute specifically to the one-way moves?

知道了。我認為你對單向行動的評論很有趣。我只是很好奇，您知道單向搬遷佔您的搬遷比例或收入百分比嗎？

Yes. This is Jason. The one-way revenue is probably 46% to 47% of the total truck rent revenue.

是的。這是傑森。單程收入可能佔卡車租金總收入的 46% 至 47%。

Got it. That's really helpful. I guess shifting gears here to storage. On a relative basis in your portfolio, it's performing well. I'm just curious, do you know what percentage of your customers are tied to movement more short term in nature? And I guess what sort of upside do you see in that business of existing home sales start to improve?

知道了。這真的很有幫助。我想這裡的齒輪應該要轉向儲存。相對於你的投資組合而言，它表現良好。我只是很好奇，您知道您的客戶中有多少比例與短期流動有關嗎？我想您認為現房銷售業務開始改善有哪些好處？

I don't know that home sales will impact it at all. Roughly 40% of people live in rental arrangements and maybe it's more than that if we do the truth where people are multi-families under one roof. So I wouldn't -- we've never seen a high correlation between new home sales and the business. We've seen a very positive correlation between overall consumer optimism and moves, which kind of makes sense because if you kind of feel good about things, you're more likely to take the risk of moving -- so if that's an answer to your question.

我不知道房屋銷售會對其產生影響。大約 40% 的人住在出租屋內，如果我們實話實說，人們是多個家庭住在一個屋簷下，那麼這個數字可能還不止於此。所以我不會——我們從未見過新房銷售和業務之間存在高度相關性。我們已經看到整體消費者樂觀情緒和搬家之間存在非常正相關的關係，這是有道理的，因為如果你對事情感覺良好，你就更有可能冒險搬家——所以如果這是你的答案問題。

Okay. And then maybe on storage pricing power, I thought your commentary was interesting Uber rent roll-up, which is much different than your public peers. I guess how are you thinking about rate increases in your existing customer base because you actually have a revenue tailwind if they move out.

好的。然後，也許在儲存定價能力方面，我認為你的評論很有趣，Uber 租金上漲，這與你的公共同行有很大不同。我想您如何考慮現有客戶群的利率上漲，因為如果他們搬走，您實際上會獲得收入順風。

Sure. This is Jason. We have a very methodical approach to rate increases, which I think in the last year, the competition was much more aggressive than what you saw us be. So they're kind of dealing with the effects of that, whereas I think we still have some upside now with them reacting to their situation could have an effect on us and could impact how successful our rate increases stick.

當然。這是傑森。我們對升息採取了非常有條理的方法，我認為去年的競爭比您看到的我們要激烈得多。因此，他們正在處理這種影響，而我認為我們現在仍然有一些好處，他們對自己情況的反應可能會對我們產生影響，並可能影響我們升息的成功程度。

Now we normally just go about working our plan regardless of what everyone else is doing, if we're providing a good product and service to folks, we stick with it. So I think we still have opportunity that I looked at kind of an estimate of our discounting, and that was not up appreciably, perhaps a couple of hundred thousand based upon my estimate.

現在，我們通常只是繼續執行我們的計劃，不管其他人在做什麼，如果我們為人們提供良好的產品和服務，我們就會堅持下去。因此，我認為我們仍然有機會對我們的折扣進行估計，但根據我的估計，折扣並沒有明顯增加，可能是幾十萬。

So we haven't gone that route. We don't really do advertising outside of the U-Box product. So we haven't increased anything there. So I would say I'm concerned based upon what I'm seeing, but our team is just forging ahead. And that's worked for us in the past, and I have no reason to believe it will work for us today. I've looked at facilities we've opened in the last year, and they're still filling up at the same rate or faster than what facilities have opened up in the last 3 to 4 years.

所以我們還沒走那條路。我們實際上並不在 U-Box 產品之外做廣告。所以我們沒有增加任何東西。所以我想說，根據我所看到的情況，我很擔心，但我們的團隊正在繼續前進。這在過去對我們有用，我沒有理由相信它今天對我們也有用。我查看了我們去年開設的設施，它們的填充速度仍然與過去 3 到 4 年開設的設施相同或更快。

Got it. That's super helpful. And then maybe just shifting gears here to the final topic, really focused on CapEx associated with your new fleet. I guess just any update on how they're fresh -- refreshing of the fleet is going? And then I know you mentioned sales are down on your used trucks from a pricing perspective. Just kind of curious maybe how down is it on a year-over-year basis?

知道了。這非常有幫助。然後也許只是轉移到最後一個主題，真正專注於與新機隊相關的資本支出。我想關於它們如何新鮮的任何更新——機隊的更新正在進行中嗎？然後我知道您提到從定價角度來看，您的二手卡車的銷售量有所下降。只是有點好奇也許是年比下降了多少？

I'll hit this first before Joe does because it's important to look at our truck sales in 2 pieces, right? There are the smaller trucks and cargo vans that sell in and out much more frequently. In that section, we've increased the pace of sales this year and the prices that we're seeing at auction and wholesale have come down. So our average gain has decreased. On the trucks that Joe was referring to earlier about us kind of being behind in sales, that would be the larger trucks, the 10-foot trucks up to the 26-foot trucks. There, we're about where we were at last year on truck sales, but we pulled a few more thousand from the fleet, prepping them for sale.

我會在喬之前先解決這個問題，因為將我們的卡車銷售分成兩部分很重要，對吧？較小的卡車和貨車的進出更加頻繁。在該部分，我們今年提高了銷售速度，拍賣和批發價格有所下降。所以我們的平均增益下降了。喬之前提到的關於我們銷售落後的卡車，指的是較大的卡車，從 10 英尺卡車到 26 英尺卡車。在那裡，我們的卡車銷售量與去年的水平差不多，但我們從車隊中又抽出了數千輛，準備出售。

And that's where we're likely to get the benefit on the repair and maintenance side is by pulling those trucks out because those are the trucks that we're holding 10 to 15 years in the fleet. And throughout the strike, we have not had an issue as far as getting those new cabs and chassis, fortunately. So this has been a, I'll call it, a pretty good year as far as bringing in new equipment, albeit at a higher price.

這就是我們在維修和維護方面可能獲得的好處，就是透過將這些卡車拉出來，因為這些卡車是我們在車隊中保留了 10 到 15 年的卡車。幸運的是，在整個罷工期間，我們在獲得新的駕駛室和底盤方面沒有遇到任何問題。因此，就引進新設備而言，我稱之為相當好的一年，儘管價格較高。

And I guess is it fair to assume that as you guys work through replacing the fleet that your near-term CapEx will ramp, but there's going to be a material decline in maintenance CapEx. Is that the right way to be thinking about it?

我想可以公平地假設，當你們努力更換機隊時，你們的近期資本支出將會增加，但維護資本支出將會大幅下降。這是正確的思考方式嗎？

Well, our -- I've had this discussion with the folks on the phone. The $1.6 billion gross that we're going to spend this year probably on fleet, they don't know which part was growth, which part was maintenance. At the point that we're at in the cycle now, unfortunately, all of it is kind of maintenance CapEx.

嗯，我們的——我已經透過電話與人們進行了​​討論。我們今年可能要在機隊上花費 16 億美元，他們不知道哪一部分是成長，哪一部分是維護。不幸的是，目前我們正處於這個週期，而這一切都是維護資本支出。

And I think we have another year or so of that. And then we'll settle back down and figure out what the maintenance CapEx number is going to be. It used to be kind of a net $600 million, give or take. It's climbed from the mid-$500 million to today's pricing and size of the fleet to maybe the mid-$600 million. I think we need the pricing environment to settle down and then where we're going to settle on the size of the fleet to figure out a good run rate on where maintenance CapEx will end up.

我認為我們還有一年左右的時間。然後我們會冷靜下來，計算出維護資本支出的數字是多少。過去，無論給予或接受，淨收入約為 6 億美元。它已經從 5 億美元左右攀升到今天的定價和車隊規模，可能達到 6 億美元左右。我認為我們需要確定定價環境，然後確定機隊規模，以找出維護資本支出最終的良好運作率。

Our next question comes from James Wilen from Wilen Management.

我們的下一個問題來自 Wilen Management 的 James Wilen。

Joe, you've always mentioned that fleet utilization is one of the keys to profitability for U-Haul. I realized that during the COVID-related spike, we didn't have enough product there. But given that demand is a little down, shouldn't we reduce the fleet size a bit right now so we can increase utilization?

Joe，您總是提到車隊利用率是 U-Haul 獲利的關鍵之一。我意識到，在與新冠疫情相關的高峰期間，我們沒有足夠的產品。但考慮到需求略有下降，我們現在不應該稍微減少機隊規模以提高利用率嗎？

Absolutely. We have reduced the pickup advanced fleet roughly 4,000 units. We will trim some out -- you reduce the fleet, Jamie, is the tail end. Yes. That's these trucks will take them to sale.

絕對地。我們已將高級皮卡車隊減少了約 4,000 輛。我們將削減一些——傑米，你減少了艦隊，這是尾部。是的。這些卡車將把它們運去出售。

Okay. Okay. On the self-storage side, you have a chart in there for the various occupancy rates in metropolitan areas around the country. Does that guide you at all as to where you should put your resources as you grow your self-storage business? In other words, putting more units in the ones where occupancy rates run very high like Georgia and less in areas like Pennsylvania where they're running lower?

好的。好的。在自助倉儲方面，您可以看到一張圖表，顯示全國各大都會區的各種入住率。這是否會指導您在發展自助倉儲業務時應該將資源放在哪裡？換句話說，在喬治亞州等入住率非常高的地區放置更多的單元，而在賓州等入住率較低的地區放置較少的單元？

Generally speaking, yes, a lot of decisions get down to a micro market. So let's say 3 or 5 miles circle, not like Pennsylvania. So there are still opportunities in Pennsylvania. There are more opportunities in Georgia. So we kind of sort through that. It's a little bit opportunistic because there has to be a site available so that you can find some places where the occupancy and the rate are great, but the sites are just very, very difficult, very, very cost prohibitive.

一般來說，是的，很多決策都取決於微觀市場。假設是 3 或 5 英里的圓圈，而不是像賓夕法尼亞州那樣。所以賓州仍然有機會。格魯吉亞有更多機會。所以我們對此進行了排序。這有點機會主義，因為必須有一個可用的站點，以便您可以找到一些入住率和價格都很高的地方，但這些站點非常非常困難，成本非常非常高。

I right now have 3 sites that we committed to and now we're not going to get land use on, so I'm going to be stuck with 3 sites. But in the competitive real estate market was in, we had to go hard before we can be absolutely certain land use that will bite you. So they're great areas, but they're not going to let us build everything comes out on.

我現在已經承諾了 3 個地點，但現在我們不會使用土地，所以我將被困在 3 個地點上。但在競爭激烈的房地產市場中，我們必須努力，才能絕對確定土地用途會咬你。所以它們是偉大的領域，但它們不會讓我們建造一切。

So yes, you're always looking for rate. And every time we do a project, we pro forma a rate, of course. And rates around the country can vary substantially. Certainly, $0.40 a square foot per month is very much you can find out variance. And it's not always explained by costs or whatever. So you're trying to sort for places where you're going to have a rate that at least is going to allow you to make any profit forecast a profit and get some of these markets (inaudible) because it's been a rough one.

所以是的，您總是在尋找利率。當然，每次我們做一個專案時，我們都會預估一個費率。全國各地的費率可能會大不相同。當然，每月每平方英尺 0.40 美元是非常多的，您可以找出差異。而且它並不總是用成本或其他什麼來解釋。因此，你正在嘗試尋找一些地方，在那裡你將有一個至少可以讓你使任何利潤預測盈利並獲得其中一些市場（聽不清楚）的地方，因為它一直是一個艱難的市場。

You can buy something in L.A. at the prices that stuff is selling for you're very, very difficult to project a profit. I would say our movement in L.A. over the last 4 years has been largely driven by we have to do something that we're going to go out of business, not -- it's a huge profit opportunity, okay? In other words, we need some network here and we got to get in, but are we going to make money that's going to make Jason and his team happy and doesn't it's hard to forecast that.

你可以在洛杉磯以商品賣給你的價格購買東西，但很難預測利潤。我想說的是，過去四年我們在洛杉磯的行動很大程度上是因為我們必須做一些我們將要關閉的事情，而不是——這是一個巨大的利潤機會，好嗎？換句話說，我們這裡需要一些網絡，我們必須進入，但是我們是否能賺到錢，讓傑森和他的團隊感到高興，這是很難預測的。

Now with this inflation that's been running, that may bail us out on some of these things, you don't know for a fact. But yes, absolutely, we're trying to go where the occupancy and rate combination would suggest that it's a good thing to go there. Now of course, saw a lot of other people and over the last 20 years, there's been a lot more of people accumulating information on these markets. So one time, I think we clearly had the best information on that with public storage very close to us.

現在，隨著通貨膨脹的持續，這可能會幫助我們解決其中一些問題，但事實是你不知道的。但是，是的，絕對，我們正在嘗試去那些入住率和房價組合表明去那裡是件好事的地方。當然，現在看到了許多其他人，在過去的 20 年裡，有更多的人累積了這些市場的資訊。所以有一次，我認為我們顯然擁有最好的信息，公共儲存離我們很近。

Now there's third-party sources who have pretty good information on rates and occupancy. So it's not a big secret where these pockets are. Does that make sense? So have to be careful.

現在有第三方來源提供了有關房價和入住率的詳細資訊。所以這些口袋在哪裡並不是什麼大秘密。那有意義嗎？所以一定要小心。

Yes. In self-storage now, we're doing on a run rate probably $900 million to $1 billion of revenues. And again, when you look at the publicly traded peers like CubeSmart and when LSI was public, I mean the market value for $1 billion of self-storage revenue was about $8 billion. How can we remove that value gap or close that value gap for U-Haul with -- where the third largest self-storage, we're a good operator and we've grown at a faster rate of building new units than anybody else that I can see. And any thoughts for how we can close that value gap for shareholders?

是的。現在，我們的自助倉儲業務的營收可能為 9 億至 10 億美元。再說一次，當你看看像 CubeSmart 這樣的上市同行以及 LSI 上市時，我的意思是 10 億美元的自存儲收入的市場價值約為 80 億美元。我們如何消除價值差距或縮小 U-Haul 的價值差距——作為第三大自助倉儲公司，我們是一家優秀的運營商，而且我們建造新單元的速度比其他任何人都快。我可以看到。對於如何縮小股東的價值差距有什麼想法嗎？

We did a couple of things trying to make the shares trade a little bit better than we're working, of course, with analysts, and you heard some of them on the call here today to try to get them on board. And then, of course, we're stuck with our performance. So of course, at the end of the day, you have to perform. So I think we are building in some increases, but I don't see us seeing those kinds of valuations in the next 3 years. No, I just don't -- I don't see that that's going to happen.

當然，我們做了一些事情，試圖讓股票交易比我們與分析師合作的情況更好一些，你今天在電話會議上聽到了他們中的一些人試圖讓他們參與其中。然後，當然，我們會被自己的表現所困擾。所以當然，最終你必須表現出來。因此，我認為我們正在進行一些成長，但我認為我們在未來三年內不會看到這種估值。不，我只是不——我不認為這種情況會發生。

No. Of course, all of my family's wealth is tied up in this operation, okay, 100% trust. And yes, if this stuff trades at that, it's a good deal for me. No question about it. I can add or subtract. I have a cliff sense of interest. I maybe have a little bit different time line, but I got a cliff sense of interest in Europe, where a patient person with a much longer than normal time horizon in my experience compared to your peer group or at least what I've been exposed to. But it has to happen and we're working towards that.

不，當然，我家所有的財富都綁在這個操作上了，好吧，100%的信任。是的，如果這東西能以這個價格交易，對我來說是一筆划算的交易。毫無疑問。我可以加或減。我有一種懸崖般的興趣。我的時間線可能有點不同，但我對歐洲有一種強烈的興趣，在我的經歷中，與你的同齡人或至少與我所接觸的人相比，那裡有一個耐心的人，他們的時間範圍比正常人要長得多到。但這必鬚髮生，我們正在為此努力。

And lastly, when you talk about disposal of vehicles, a lot of the equipment rental companies have gone from putting all their fleet at auctions to doing a bit of it themselves and feeling like they can gather a much higher price per unit if they can do it themselves. Does U-Haul send everything, all the vans to auction? Or do we have a mechanism ourselves where we dispose of them to try and get a higher revenue on disposal?

最後，當您談論車輛處置時，許多設備租賃公司已經從將所有車隊拍賣到自己進行一些處理，並且感覺如果可以的話，他們可以獲得更高的單位價格它自己。 U-Haul 是否會將所有物品、所有貨車都送去拍賣？或者我們自己有一個機制來處置它們，以嘗試獲得更高的處置收入？

If you're speaking of a van, they're also like a Ford Econoline van, that sort of a thing.

如果你說的是貨車，它們也類似福特 Econoline 貨車之類的東西。

Yes, I understood trucks would probably be a bit more difficult, but yes, the vans would probably be easier.

是的，我知道卡車可能會更困難一些，但是是的，貨車可能會更容易。

Trucks, we sell 90% ourselves. We have a vast sales organization. We sell 90% of our own 6-wheeled trucks. So with the vans, we do what we call, I don't think the term they use, but I think it's commercial sales. So we do a fair amount of commercial sales outside of the auctions, but the price is not a lot different here, just basically it's someone who's bought your truck for years, and they're good medium-sized fleets, we have different people that run 200 plumbers and so they come to us, and they want to buy 12 or 15 trucks and they just deal direct with us. We have a central sales operation, Internet presence.

卡車，我們自己銷售 90%。我們擁有龐大的銷售組織。我們自己銷售 90% 的六輪卡車。因此，對於貨車，我們做我們所說的，我不認為他們使用這個術語，但我認為這是商業銷售。因此，我們在拍賣之外進行了大量的商業銷售，但這裡的價格差異不大，基本上是有人購買了你的卡車多年，而且他們是很好的中型車隊，我們有不同的人我們有200名水管工，所以他們來找我們，想買12 或15 輛卡車，然後直接與我們打交道。我們有一個中央銷售業務和互聯網業務。

And so yes, we do sell them ourselves. We have not been successful with getting that kind of volume, say, 30% or 40% go off of our own lots in those particular vehicles. I think a little bit is our strategy is as we're -- we like to maintain a relatively constant sized fleet as we added the lead, which kind of needs you need to sell some trucks this week alone and that the auctions are great for that. They'll clear out. You can clear out equipment in a week. And thereby, we hold our whole investment in that fleet or are at a level that we had forecast.

所以，是的，我們確實自己出售它們。我們還沒有成功地達到這樣的數量，比如說，我們自己的批次中有 30% 或 40% 的車輛來自我們自己的車輛。我認為我們的策略是——我們希望在增加領先優勢時保持相對穩定的車隊規模，僅在本週就需要出售一些卡車，而且拍賣非常適合您的需求。那。他們會清除的。一週內就可以清理掉設備。因此，我們對該船隊的全部投資保持在我們預測的水平。

So we have a whole detailed matrix where we're going to pull 3 vans out of Booster, Massachusetts. Now we've got to get 3 new vans in and we got to get those 3 vans turned into cash. So it's a -- it doesn't always correspond with where the market is to sell on the retail market. And it gets real extreme if you take some place like, let's say, Anchorage or Juno, for instance. I mean there's one market in Juno. With those there, you have a harder time of really making this a seamless exchange, but there's a ton of money involved. I don't know, Jason, can you -- we're spending, I don't know, $500 million or $600 million a year on these vans and pickups.

因此，我們有一個完整詳細的矩陣，我們將從馬薩諸塞州助推器中拉出 3 輛貨車。現在我們必須引進 3 輛新貨車，並且必須將這 3 輛貨車變成現金。所以它並不總是與零售市場上的銷售市場相符。如果你選擇像安克雷奇或朱諾這樣的地方，情況就會變得非常極端。我的意思是朱諾有一個市場。有了這些人，你就很難真正實現無縫交換，但涉及大量資金。我不知道，傑森，你能嗎——我不知道，我們每年在這些貨車和皮卡車上花費 5 億或 6 億美元。

And so we want to see -- we're kind of interested in moving them the day we want to move them and the auctions are -- they're a good vehicle for doing that. And yes, you don't get retail price, no question about it, but we move it. We get on -- we sell a lot of vehicles, but I don't consider it a vehicle sales organization. The Penske organization, probably if you push them, they'd probably say, "Well, yes, we're a vehicle sales organization". And I would say they probably are. They're retail and use both in cars and trucks and great, that's a skill set they depend on. We're more depending on how we rented them. I think is the deal.

所以我們希望看到——我們有興趣在我們想要移動它們的那天移動它們，而拍賣是——它們是這樣做的一個很好的工具。是的，毫無疑問，你沒有得到零售價，但我們會改變它。我們相處得很好——我們銷售了很多車輛，但我不認為它是一個車輛銷售組織。潘世奇組織，如果你催促他們，他們可能會說，「嗯，是的，我們是汽車銷售組織」。我想說他們可能是。他們在汽車和卡車上零售和使用，非常棒，這是他們所依賴的技能。我們更依賴我們如何租賃它們。我認為是交易。

But we have to sell them for a profit. So if we need to get $28,000 per vehicle, we need to get $28,000 per vehicle, no baloney and we've had 1 or 2 times. There's always a risk with resale. And we've had 1 or 2 times where it was -- the prices were evident when we would rather they hadn't been in that kind of pinch. So I guess we just put a premium over liquidity over price.

但我們必須出售它們以獲取利潤。因此，如果我們需要每輛車獲得 28,000 美元，我們就需要每輛車獲得 28,000 美元，沒有胡說八道，我們已經遇到過一兩次了。轉售總是存在風險。我們曾經遇到過一兩次這樣的情況——當我們希望他們不要陷入那樣的困境時，價格是顯而易見的。所以我想我們只是將流動性溢價置於價格之上。

Our next question comes from Craig Inman from Artisan Partners.

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

Quick question just on cash. I know we talked about this last quarter. How much liquidity do you all think you need? And I'm just looking at -- it's probably down $1 billion in terms of just cash on the balance sheet since September '22. So just thinking about liquidity and particularly in light of the self-storage build and elevated fleet CapEx, where is your floor on cash? And are you in a good position there still?

關於現金的快速問題。我知道我們上個季度討論過這個問題。你們認為自己需要多少流動性？我只是在考慮——自 22 年 9 月以來，僅資產負債表上的現金就可能減少了 10 億美元。因此，只要考慮一下流動性，特別是考慮到自存儲建設和車隊資本支出的提高，您的現金底線在哪裡？你現在的處境還好嗎？

This is Jason. We have a way to work the cash balances down still. So pre-COVID, we had worked the cash balance down to about where we wanted it, which was, I think, in the $500 million to $600 million range. We're working towards that. As you mentioned, we've net invested an extra close to $1 billion from last year at this time. And also of note, we're building up a significant amount of liquidity in unfinanced real estate.

這是傑森。我們還有辦法減少現金餘額。因此，在新冠疫情爆發之前，我們已將現金餘額控制在我們想要的水平，我認為是在 5 億至 6 億美元的範圍內。我們正在為此努力。正如您所提到的，我們今年的淨投資比去年增加了近 10 億美元。另外值得注意的是，我們正在無融資房地產中累積大量流動性。

So our net real estate borrowings, I think, have gone down $90 million or at $90 million from last year at this time to September 30. And we've been adding new real estate. So there's -- I don't state it in our liquidity number. I'm just saying what's actually available through existing facilities.

因此，我認為，截至 9 月 30 日，我們的房地產淨借款已經減少了 9,000 萬美元，比去年同期減少了 9,000 萬美元。而且我們一直在增加新的房地產。所以，我沒有在我們的流動性數據中說明這一點。我只是說現有設施實際上可以提供什麼。

But I would say that we clearly have over $1 billion of unfinanced of real estate proceeds that if we chose to finance, we could, we're just sitting out of the market a bit right now.

但我想說的是，我們顯然有超過 10 億美元的未融資房地產收益，如果我們選擇融資，我們可以，我們現在只是暫時退出市場。

Okay. Okay. All right. So that's -- yes, that's plenty there. Okay. I don't really have any earth shattering questions. I mean, obviously, the cap rates have moved some in self-storage. You all have pivoted in the past from development to acquisition, anything on the acquisition front that looks interesting or is that...

好的。好的。好的。所以，是的，已經足夠了。好的。我真的沒有什麼驚天動地的問題。我的意思是，顯然，自儲存的上限利率已經發生了一些變化。過去你們都從開發轉向收購，收購方面任何看起來有趣的事情或是…

So the big ones are still pushing. They've got investment bankers pushing them and they're still going rope a sucker in my opinion. But we did though in the last, I think, 90 days, we did something. Jason said something like 400,000.

所以大佬們還在努力。他們有投資銀行家的推動，但在我看來，他們仍然是個傻瓜。但我認為，在過去的 90 天裡，我們做了一些事情。傑森說的是四十萬左右。

Yes. Close to half of the square feet that came online in the quarter was from the acquisition of existing self-storage facilities. So the ones that are coming online for us are, you might call them tertiary markets or areas that, in some cases, we have a presence that we just wanted to expand the self-storage presence. Those are the ones that are presenting themselves today. But I think you're right, the market is headed in that direction. And we will try to participate where we can.

是的。本季上線的近一半平方英尺來自收購現有的自助倉儲設施。因此，我們即將上線的市場是，您可以稱之為第三市場或地區，在某些情況下，我們只是想擴大自助倉儲的規模。這些就是今天展示自己的人。但我認為你是對的，市場正在朝這個方向發展。我們將盡力參與。

Okay. So if something did come along, I mean, obviously, between the development in an acquisition, you've got enough liquidity there, but you wouldn't -- you all talked about -- I know, Joe, you've talked about just making sure you're built for lean years, you're going to keep plenty available in all times.

好的。因此，如果確實發生了一些事情，我的意思是，顯然，在收購的發展之間，你有足夠的流動性，但你不會——你們都談到了——我知道，喬，你已經談到了只要確保您為經濟困難的年份做好準備，您就可以始終保持充足的可用空間。

Yes. I think we're kind of a little bit what we say, a birchildscare to fire. So we're just -- that's -- hopefully, we do that. Of course, nobody knows. Nobody knows, you don't know if this is a 1-year deal or a 5-year deal, nobody knows. I say we make 12% for money. So okay, it's unimaginable to my present staff, but I lived through it. So these things happen. And I think we just kind of have a little bit more of a cautious approach, I hope.

是的。我認為我們有點像我們所說的那樣，是一場火災。所以我們只是——希望我們能做到這一點。當然，沒有人知道。沒有人知道，你不知道這是一份1年合約還是5年合約，沒有人知道。我說我們賺12%是為了錢。好吧，這對我現在的員工來說是不可想像的，但我經歷過。所以這些事情就會發生。我認為我們只是採取更加謹慎的態度，我希望。

Yes. No, that's the way to operate long term.

是的。不，這才是長期經營的方式。

(Operator Instructions) Our next question comes from Stephen Farrell from Oppenheimer.

（操作員說明）我們的下一個問題來自奧本海默的史蒂芬法雷爾。

You talked about inventory management and removing vehicles at the tail end of the fleet. For the vehicles that have been harder to acquire and replace, is there an opportunity to do more extensive rehabilitation for vehicles sort of closer to the median age there that will help reduce CapEx in say 2 or 3 years down line?

您談到了庫存管理和移除車隊尾部的車輛。對於較難取得和更換的車輛，是否有機會對接近中位數車齡的車輛進行更廣泛的修復，這將有助於減少 2 或 3 年內的資本支出？

We've already done some of that. We will continue to do that. But basically, other than this aberration, we have an aberration now where the OEs are just raising prices at 2x and 3x the rate of inflation, okay? Before when the pricing increases were about the rate of inflation, our experience was is that spending that money on vehicles would turn out to be about a push, okay. And you can argue now that it's more attractive. Of course, I've had my guys on that subject for a couple of years now. And we have not seen a vehicle what we thought we should -- I won't -- not really remanufacture, but substantially reinvest in midterm, okay? We haven't seen that. And -- but we're looking at that constantly.

我們已經做了一些這樣的事情。我們將繼續這樣做。但基本上，除了這種異常之外，我們現在還有一個異常，就是營運商只是以通貨膨脹率的 2 倍和 3 倍的價格提高價格，好嗎？之前，當價格上漲與通貨膨脹率有關時，我們的經驗是，把錢花在車輛上最終會被證明是一種推動，好吧。現在你可以說它更具吸引力。當然，我已經讓我的人討論這個主題好幾年了。我們還沒有看到我們認為應該——我不會——不是真正的再製造，而是在中期大幅再投資的車輛，好嗎？我們還沒有看到這一點。而且——但我們一直在關注這一點。

And we have the capability to do that, I think, more so than most people. We do the bulk of our own maintenance and repair. So we have an extensive network of repair facilities. We also build, I'd say, 70% of our cargo boxes. So we have a whole network of assembly plants. And we've -- and before, we've converted them all and just basically rehab trucks and gone ahead. And that could be where this goes. We have a store of rebuildable engines and transmission drivetrains. We have a warehouse full of them that we've accumulated. All these are trying to hedge our bad, okay? But we haven't seen that, but that's a big opportunity right at this time, no.

我認為，我們比大多數人更有能力做到這一點。我們自己完成大部分維護和修理工作。因此，我們擁有廣泛的維修設施網路。我想說，我們 70% 的貨箱也是我們製造的。所以我們擁有一個完整的組裝廠網路。我們已經——之前，我們已經將它們全部改裝，基本上只是修復卡車，然後繼續前進。這可能就是事情的發展方向。我們擁有可重建引擎和變速箱傳動系統的商店。我們的倉庫裡裝滿了我們累積的東西。這一切都是為了對沖我們的壞處，好嗎？但我們還沒有看到這一點，但目前這是一個很大的機會，不。

That's helpful. I do know how much more of an increase in -- and you said it's 2x to 3x inflation. Do you know at what rate it would make sense economically?

這很有幫助。我確實知道通貨膨脹率會增加多少——你說這是通貨膨脹率的 2 倍到 3 倍。您知道在多大程度上它在經濟上才有意義嗎？

No, I don't have a number on that. We're just kind of -- what do you want to call it, stumbling into it. One of the nice things about -- I'll pick on Ford, they simply have got this internal combustion engine dialed in. It's not the engine that you and I knew about in high school. This thing is a finely designed engine. You don't replace rings and valves. It just doesn't happen. These motors run, run, run, run. They're beautifully made. They're very fuel efficient. So we've got some savings from that, which now, of course, they're making us give back basically, okay? But the vehicles we bought 4 years ago were pretty much at this level.

不，我沒有這方面的數字。我們只是──你想怎麼稱呼它，就陷入了困境。其中一個好處是——我會選擇福特，他們只是簡單地安裝了這款內燃機。這不是你和我在高中時了解的引擎。這東西是一個精心設計的引擎。您無需更換環和閥門。它就是不會發生。這些馬達運轉、運轉、運轉、運轉。它們製作精美。它們非常省油。所以我們從中省了一些，當然，現在他們讓我們基本上回饋，好嗎？但我們4年前買的車就差不多這個等級了。

And we -- and Ford is criticized on quality a lot in the press. And of course, they're not perfect, but having dealt with them for 40 years, they got a considerably better quality product now than they sold us 20 years ago. And so we enjoy that. That impacts a little bit. Would you repower it or do these sort of things? Before, you could see, you did a lot of repowering at 80,000 miles. Right now, we're going to see 140,000 miles and more. We'll have the occasional engine hand grenade, but no, they are not -- they don't -- they're not wearing out. The day of putting in valves and rings and just go on, it doesn't happen. You don't put in bearings. It just -- it doesn't happen.

我們以及福特在品質方面受到媒體的許多批評。當然，他們並不完美，但在與他們打交道 40 年後，他們現在得到的產品比 20 年前賣給我們的產品品質要好得多。所以我們很享受這一點。那就有點影響了。你會重新給它供電或做這些事情嗎？您可以看到，之前您在行駛 80,000 英里時進行了大量的重新充電。現在，我們將看到 140,000 英里甚至更多。我們偶爾會有引擎手榴彈，但不，它們沒有——它們沒有——它們沒有磨損。裝上閥門和環並繼續下去的那一天，這並沒有發生。你沒有放入軸承。它只是——它沒有發生。

These motors are well built. Well, you can see it with oil, it drips out. They just don't drip oil. It used to be every place we had, we had oil puddles everywhere, because the motor leaked. Well, the motors don't leak today, they're just so -- they've got this manufacturing of the internal combustion engine just as close to perfect as I could even imagine. It's a beautiful operation and so the vehicle runs.

這些電機製作精良。嗯，你可以看到它有油，它會滴下來。他們只是不滴油。以前我們的每個地方都有油坑，因為引擎漏水了。好吧，今天的馬達沒有洩漏，它們就是這樣——他們的內燃機製造技術與我想像的一樣接近完美。這是一次美妙的操作，因此車輛可以行駛。

So the van boxes, we do some reuse of van boxes. We have a whole program there. We try to -- we consider the truck has 3 lives, first live is in our One-Way fleet, second live is in our in-town fleet and the third life could be anything from we turn it into a storage room to we sell it to a plumber and that person carries on for 10 more years with a truck visiting your home and fixing your plumbing.

因此，對於貨車箱，我們對貨車箱進行了一些重複使用。我們在那裡有一個完整的計劃。我們嘗試- 我們認為卡車有3 個生命，第一個生命是我們的單向車隊，第二個生命是我們的城內車隊，第三個生命可以是任何東西，從我們把它變成儲藏室到我們出售把它交給一個水管工，然後那個人又開著卡車上門修理你的管道長達十年之久。

So there's -- we're keenly aware of these different alternatives, and we try to do them to optimize this, but it's far from a calculation. It's not a, I've got a model that just says, okay, to you today, we start doing X. No, it's not that clear at all.

因此，我們敏銳地意識到這些不同的替代方案，我們嘗試透過它們來優化這一點，但這遠遠不是計算出來的。這不是，我有一個模型只是對你說，好吧，今天我們開始做 X。不，這根本不是那麼清楚。

And you mentioned that the price per mile was up incrementally year-over-year. Do you know where we are compared to pre-pandemic?

您提到每英里的價格逐年上漲。你知道我們與大流行前相比處於什麼位置嗎？

Stephen, this is Jason. We don't disclose specific numbers, but I would say that starting during the pandemic, we saw those numbers increase for both one-way and In-Town that's been steady throughout. This year, 1-way has increased, but that's the one I was referencing. In-town is about flat with where it was last year at this time.

史蒂芬，這是傑森。我們沒有透露具體數字，但我想說，從大流行期間開始，我們看到單程和城內的數字都在增加，而且一直保持穩定。今年，1-way 有所增加，但這就是我所引用的。城內的情況與去年同期持平。

There are no further questions at this time. I will return the conference back to the management team.

目前沒有其他問題。我會將會議交還給管理團隊。

Well, I want to thank everybody for joining us. We're -- everybody, I can assure you as busy and concentrate on doing work, and I would expect we will continue to progress and hopefully have results that everybody can live with.

嗯，我要感謝大家加入我們。我們——每個人，我可以向你們保證，我們很忙，專注於工作，我希望我們能夠繼續進步，並希望取得每個人都能接受的結果。

Thank you very much.

非常感謝。

Thank you. This does conclude today's conference call. Thank you all for attending. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝大家的出席。現在您可以斷開線路。