U-Haul Holding Co (UHAL) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to today's U-Haul Holding company first-quarter fiscal 2025 Investor Call. At this time, all participants are in a listen-only mode. (Operator Instructions)

大家好，歡迎參加今天的 U-Haul Holding 公司 2025 財年第一季投資者電話會議。此時，所有參與者都處於只聽模式。（操作員說明）

Please note, this call is being recorded. I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Sebastien Reyes. Please go ahead.

請注意，此通話正在錄音。如果您需要任何幫助，我將隨時待命。現在我很高興將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 2025 investor call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including, without limitation, statements regarding revenue, expenses, income and general growth of our business, may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

早安，感謝您今天加入我們。歡迎參加 U-Haul Holding Company 2025 財年第一季投資者電話會議。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, 2024, which is on file with the US 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以及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2024 年6 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和交易委員會。

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

我將把電話轉給 U-Haul Holding Company 董事長 Joe Shoen，

Good morning, and thanks for taking your time to participate today. The increased cost of new rental trucks is expressing itself in our P&L in the form of a decrease in gain on sale and increased depreciation. We have so far been unable to pass along these increased equipment costs to the consumer. As you all know, automakers have been inflating the cost of internal combustion vehicles to subsidize electric vehicles. These inflated costs are not being supported in the resale market. As we have discussed, it puts you all in a pinch, on those vehicles, we turn after 12 to 24 months, mainly pickups and vans.

早上好，感謝您今天抽出時間參加。新租賃卡車成本的增加以銷售收益減少和折舊增加的形式體現在我們的損益表中。到目前為止，我們還無法將這些增加的設備成本轉嫁給消費者。眾所周知，汽車製造商一直在抬高內燃機汽車的成本來補貼電動車。這些虛增的成本並沒有得到轉售市場的支持。正如我們所討論的，這讓你們所有人都陷入困境，對於這些車輛，我們會在 12 到 24 個月後轉向，主要是皮卡和貨車。

We remain focused on reversing the decline in moving equipment transactions. It is looking like we are finally getting traction over the same period from the prior year. While U-Haul can't get people to move, we can provide them with a better product and service once they are considering moving. The market is very competitive when the consumer has choices.

我們仍然致力於扭轉行動裝置交易的下降趨勢。看起來我們終於獲得了去年同期的牽引力。雖然 U-Haul 無法讓人們搬家，但一旦他們考慮搬家，我們可以為他們提供更好的產品和服務。當消費者有選擇時，市場競爭非常激烈。

We continue to see gains in self-storage while many large competitors are not presently doing so. However, self-storage remains a close contest. The U-Haul team will remain customer-focused to win additional business. We have continued to add self-storage units at a pace faster than we are renting them up.

我們繼續看到自助倉儲的成長，而許多大型競爭對手目前還沒有這樣做。然而，自助倉儲仍然是一場激烈的競爭。U-Haul 團隊將繼續以客戶為中心，以贏得更多業務。我們繼續增加自助倉儲單元，其速度比出租它們的速度還要快。

I still believe this is the right course. U-Haul has an outstanding team at the customer-facing level. We will continue to work to be the customer's best choice.

我仍然相信這是正確的道路。U-Haul 在面向客戶方面擁有一支出色的團隊。我們將繼續努力，成為客戶的最佳選擇。

Now I'll turn the call over to Jason to walk us through the numbers.

現在我將把電話轉給傑森，讓他向我們介紹這些數字。

Thanks, Joe. Yesterday, we reported first quarter earnings are $195 million compared to $257 million for the same quarter last year. That equates to $1 per non-voting share this quarter and $1.31 per non-voting share for the first quarter of last year. Nearly 60% of that decline came from the decrease in gains on the disposal of retired equipment.

謝謝，喬。昨天，我們報告第一季收益為 1.95 億美元，而去年同期為 2.57 億美元。這相當於本季每股無投票權股票 1 美元，去年第一季每股無投票權股票 1.31 美元。其中近 60% 的下降來自處置退役設備收益的下降。

During the remainder of my prepared remarks, all of my comparisons are going to be for the first quarter of fiscal '25 versus the first quarter of fiscal '24. Equipment rental revenue results, we had a $15 million, an increase of about 1.5%. Our first year-over-year increase in equipment rental revenue in eight quarters and is 35% higher than the first quarter of fiscal 2020, which was our last quarter before the pandemic.

在我準備好的發言的其餘部分中，我的所有比較都將針對 25 財年第一季與 24 財年第一季進行。設備租賃收入結果為1500萬美元，年增約1.5%。我們的設備租賃收入八個季度以來首次同比增長，比 2020 財年第一季（疫情爆發前的最後一個季度）高出 35%。

And I mention this because it puts our current first quarter results above where our historical trend would have had of absent the positive business side, effects of the pandemic. Transactions and revenue per transaction in both our in-town and one-way markets improved. The increase in transactions, combined with the progress that we've made in rotating older equipment out of the fleet resulted in an increase in equipment utilization.

我提到這一點是因為它使我們目前的第一季業績高於我們的歷史趨勢，如果沒有積極的業務方面，即大流行的影響。我們的城內市場和單程市場的交易量和每筆交易的收入均有所改善。交易量的增加，加上我們在淘汰舊設備方面取得的進展，導致設備利用率的提高。

July revenue results were close to even with last year's monthly result. We've had a good start here in the first week of August. Capital expenditures for new rental equipment were $539 million. That's an $85 million increase. We've increased our fiscal 2025 full year net CapEx projections by about $40 million to $1.09 billion. That's due to the addition of more units that became available from one of our manufacturers.

7 月的收入結果與去年的月度結果接近。我們在八月的第一週有了一個好的開始。新租賃設備的資本支出為 5.39 億美元。增加了 8500 萬美元。我們將 2025 財年全年淨資本支出預測增加了約 4,000 萬美元，達到 10.9 億美元。這是因為我們的製造商之一增加了更多的設備。

On the other side of the equation, proceeds from the sales of retired equipment decreased by $49 million to a total of$144 million of a combination of fewer sales of our smaller trucks and vans, along with a lower sales proceeds per unit that we received for each of those trucks. Switching gears to self storage, we were up $17 million, which is about 8%. Average revenue per occupied foot continued to improve across the entire portfolio of nearly 3%.

另一方面，由於我們的小型卡車和貨車的銷量減少，以及我們收到的每台設備的銷售收益減少，退役設備的銷售收益減少了 4,900 萬美元，總計 1.44 億美元。改用自助倉儲後，我們增加了 1,700 萬美元，相當於 8% 左右。整個產品組合的每英尺平均收入持續提高近 3%。

And if you carve out the same-store portfolio, we were up just over 4.5% per foot per occupied. Unit count at the end of June was up over 32,000 units compared to the same time last year. But as Joe alluded to, during the same timeframe, we added nearly 64,000 new units that this differential than led to our average occupancy across the entire portfolio to decline about 280 basis points to 80%.

如果你考慮同店投資組合，我們的每平方英尺每佔用面積的成長略高於 4.5%。與去年同期相比，6 月底的單位數量增加了 32,000 多套。但正如喬所提到的，在同一時間段內，我們增加了近 64,000 個新單元，這種差異導致我們整個投資組合的平均入住率下降約 280 個基點至 80%。

If you split out the same-store portfolio, we saw average occupancy come down by 120 basis points to 93.9%. And since June of last year, we grew our same-store portfolio by 59 locations. During the quarter, we invested $402 million in real estate acquisitions along the self storage and U-Box warehouse, develop costs and $108 million increase. During the quarter, we added 17 new stores locations along with expansion projects at several locations.

如果拆分同店組合，我們發現平均入住率下降了 120 個基點，降至 93.9%。自去年 6 月以來，我們的同店組合增加了 59 家。本季度，我們投資了 4.02 億美元用於收購自助倉儲和 U-Box 倉庫的房地產，開發成本增加了 1.08 億美元。本季度，我們新增了 17 家門市，並在多個地點實施了擴張項目。

The total square footage increase was just under $1.7 million net rentable square feet. We currently have about 7,700,000 new square feet being developed across 158 active projects as and another 9.2 million square feet of development pending behind that. Our U-Box revenue results are included in other revenue in our 10-Q filings. This line item increased $9 million, of which you box was a major contributor.

總面積增加近 170 萬美元的淨可出租平方英尺。目前，我們在 158 個活躍項目中正在開發約 7,700,000 平方英尺的新面積，另有 920 萬平方英尺的待開發面積。我們的 U-Box 收入結果包含在我們 10-Q 檔案中的其他收入中。該訂單項目增加了 900 萬美元，其中您的盒子是主要貢獻者。

Earnings before interest, taxes and depreciation and are moving and storage segment adjusted to remove interest income from the prior year. And I'll touch on that a little bit more here in the second increased by $16.5 million. A few comments on operating expenses. At the Moving and Storage segment, they increased $21.5 million, leaving our operating margin before depreciation and lease expense flat with the first quarter of '24.

利息、稅項和折舊前利潤以及行動和儲存部門進行了調整，以消除上一年的利息收入。我將在第二次增加 1650 萬美元時進一步討論這一點。關於營運費用的一些評論。在行動和儲存部門，他們增加了 2,150 萬美元，使我們的折舊和租賃費用前營業利潤率與 2024 年第一季持平。

On a positive note, we saw fleet repair and maintenance decreased a little over $20 million. The pace that is -- that we're unlikely to maintain throughout the rest of this year. On the other side, personnel costs were up a little over $11 million. Liability costs associated with the fleet were up $13 million in property taxes and building maintenance were up a combined $10 million.

從積極的方面來看，我們看到車隊維修和保養費用減少了略高於 2000 萬美元。我們不太可能在今年剩餘時間內保持這樣的速度。另一方面，人員成本增加略高於 1,100 萬美元。與車隊相關的責任成本增加了 1,300 萬美元，其中財產稅和建築維護費用總計增加了 1,000 萬美元。

We continue to place a premium on having access to cash at the end of June that are moving and storage segment. Our cash, along with availability, unused availability from existing facilities totaled $1,567 million. We saw interest during the quarter increased $6.6 million, while interest income on our cash and short-term investments decreased just under $9 million due to less cash being held on the balance sheet for this year, there's going to be a bit of a presentation difference on the moving and storage.

我們繼續重視在六月底獲得行動和儲存領域的現金。我們的現金以及現有設施的可用資金和未使用的可用資金總計 15.67 億美元。我們看到本季的利息增加了 660 萬美元，而由於今年資產負債表上持有的現金減少，我們的現金和短期投資的利息收入減少了近 900 萬美元，因此會出現一些列報差異關於移動和存儲。

Interest income is going to take a little bit of extra effort to make the appropriate comparison. You have any questions about that, please feel free to reach out to Sebastian myself to walk you through it on our Investor Relations website, investors.uhaul.com, we posted some supplemental materials this quarter that are in addition to our press release on our 10-Q filing you can click on these on the homepage and also on the lower right-hand corner of that page.

利息收入需要付出一些額外的努力才能進行適當的比較。您對此有任何疑問，請隨時聯繫塞巴斯蒂安本人，他會在我們的投資者關係網站Investors.uhaul.com 上引導您完成該問題，我們本季度發布了一些補充資料，這些資料是我們在我們的新聞稿上發布的補充資料。

With that, I would like to hand the call back to Angela, our operator, 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安琪拉，以開始電話的問答部分。

(Operator Instructions) Keegan Carl, Wolfe Research.

（操作員說明）Keegan Carl，Wolfe Research。

Yeah, thanks for the time guys. Maybe to kick things off, Joe mentioned on the release that it feels like the customer is winning the event for race, I guess I'm just curious, is this comment more broadly just surrounding pricing power and potential erosion around that? Or is there something else there that was meant by that comment?

是的，謝謝你們的時間。也許為了開始，喬在新聞稿中提到，感覺客戶正在贏得比賽，我想我只是好奇，這個評論是否更廣泛地圍繞著定價權和潛在的侵蝕？或者該評論還有其他意義嗎？

The customer is, of course, is going to win. I know that the -- we view this very much as the consumer products from other -- of our other people in the marketplace, view this as I would say, a real estate product. We view it as a consumer product that we think very much that if someone can with the support of the consumer that will do that by pleasingly the consumer that our intent, and we believe that will give us some modest amount of both greater ability to weather -- from a hard time.

當然，客戶將會獲勝。我知道，我們將其視為市場上其他人的消費品，正如我所說，這是一種房地產產品。我們將其視為一種消費品，我們非常認為，如果有人能夠在消費者的支持下，按照我們的意圖取悅消費者，我們相信這將為我們帶來一定程度的增強應對能力——從艱難時期開始。

It depends on who you talk to you, but that's a bunch of people think it's hard times of storage business. I'm not totally about my mind, but it's much more difficult to get new customers than it was two or three years ago.

這取決於你和誰說話，但很多人認為現在是儲存業務的困難時期。我並不完全在意自己的想法，但獲得新客戶比兩三年前困難得多。

Keegan, this is Jason. If I could also just add to that, the I mentioned the revenue per occupied foot on storage is still improving. And on the fleet, we did still see some increased revenue per mile so we haven't yet seen any decrease in pricing power there.

基根，這是傑森。如果我還可以補充一點，我提到每佔用英尺的儲存收入仍在提高。在車隊方面，我們確實仍然看到每英里收入增加，因此我們還沒有看到定價能力有任何下降。

Got it. That's really helpful. I guess one for you, Jason. I know you mentioned a little bit about July and August performance, but I guess big picture on trying to get a better feel for. Are you starting to see any sequential acceleration maybe from June to July and then July and August across your various business segments?

知道了。這真的很有幫助。我猜有一個適合你，傑森。我知道你提到了一些關於七月和八月表現的事情，但我想還是要努力獲得更好的感覺。您是否開始看到各個業務部門從 6 月到 7 月以及 7 月和 8 月出現連續加速？

I would say that storage has been fairly steady performer. My expectation going into the year was that we would start to see revenue per occupied foot trail off, that's remained pretty resilient. On the equipment rental business, I'm not ready to declare some victory on that front. It's been a little bit in fits and spurts so far this year. Fortunately, we've had more positive than we've had negative but we built up a little momentum going into July and then July flattened out, which was a little bit disappointing. And now the first week of August, it seems to be picking up. So we're certainly, I wouldn't say that all the momentum is there yet.

我想說儲存的表現相當穩定。我對今年的預期是，我們將開始看到每佔用英尺的收入下降，但仍然相當有彈性。在設備租賃業務方面，我還沒有準備好宣佈在這方面取得了一些勝利。今年到目前為止，情況有點斷斷續續。幸運的是，我們的積極因素多於消極因素，但我們在進入 7 月份時積累了一些動力，然後 7 月份趨於平緩，這有點令人失望。現在八月的第一周，情況似乎有所改善。所以我們當然，我不會說所有的動力都已經存在。

Got it. I guess just big picture, it feels like we've worked through the peak housing season, and it wasn't what people are necessarily anticipating. So I guess I'm just wondering on the moving business, did anything stand out regarding the volume or cadence of in-town versus one-way moves?

知道了。我想從大局來看，感覺我們已經度過了房地產旺季，但這並不是人們所期待的。所以我想我只是想知道搬家業務，與單向搬家相比，城內搬家的數量或節奏有什麼突出的地方嗎？

This is Joe. Well, we saw increases in both. And my experience is that the ratio of them is determined somewhat by the consumer's optimism and we saw a little bit of growth in the one way, which is a little bit more optimistic consumer. Now is that a trend? I wish I knew the answer to that. We're definitely digging deep and having to go to every corner of the market to try to find business but of course, that's what we're supposed to do anyway.

這是喬。好吧，我們看到兩者都有所增加。我的經驗是，它們的比例在某種程度上取決於消費者的樂觀情緒，我們看到了一點成長，即消費者更加樂觀。現在這是一種趨勢嗎？我希望我知道答案。我們肯定會深入挖掘，必須走遍市場的每個角落來尋找業務，但當然，無論如何，這就是我們應該做的。

Got it. I guess just shifting gears to storage, typically, the quarter from April to June is a strong quarter for storage. Obviously, the housing market is continuing to have an impact. I guess what I'm just curious is maybe on street rates, given that's what the new customer has been getting. What happened in the quarter for you guys? Have you been adjusting it at all based on what the competition is doing and are you seeing any positive trends versus last year in the same period?

知道了。我想只是轉向存儲，通常，四月到六月的季度是存儲的強勁季度。顯然，房地產市場正在繼續產生影響。我想我只是好奇的是街頭價格，因為這就是新客戶所得到的。你們這個季度發生了什麼事？您是否根據競爭對手的情況進行了調整？

I'll start off by just speaking to the actual numbers. We're still running a positive variance between well, on both of the statistics that are part of that question, asking rents this year versus last year are up for us and the spread of what the incoming rate is versus the customer outgoing is also still positive for us. So I haven't seen those have been running on average for us for really the last year or so plus 3% in that range.

我將從實際數字開始。我們仍然存在正差異，在作為該問題一部分的兩項統計數據上，今年的租金要求與去年相比有所上升，並且傳入率與客戶傳出率之間的差距也仍然存在對我們來說是積極的。所以我還沒有看到這些在過去一年左右的平均運行情況加上該範圍內的 3%。

This is Joe. I would add that what -- in my judgment is what's been happening is that we're catering to the customers to justify our rates and our competitors are not. Again, this goes back, I think, to a fundamental view of the business. I view this as a consumer product. And if I can figure out what they want, there's still reservoir of additional customers who are willing to pay a fair price. There's been a lot of discounting in the industry that's way below cost of doing business. I don't know if Jason wants to weigh in on that, but they've been pricing way, way below the cost of doing business. And of course, that usually doesn't work out over a long time.

這是喬。我想補充一點，根據我的判斷，我們正在迎合客戶，以證明我們的價格合理，而我們的競爭對手則不然。我認為，這又可以追溯到企業的基本觀點。我將其視為一種消費品。如果我能弄清楚他們想要什麼，仍然會有大量願意支付合理價格的額外客戶。該行業有很多折扣，遠低於經營成本。我不知道傑森是否想對此發表意見，但他們的定價一直低於開展業務的成本。當然，這通常不會在很長一段時間內奏效。

Then last one for me. Obviously, there's a lot of concerns around the broader consumer, particularly in storage. I guess I'm just curious, what are you seeing any change in your average length of stay to our customers reacting to the existing customer rate increase you're sending out? And then just generally, are you seeing the signs of softness in the storage customer that some of your storage competitors have called out?

然後最後一張給我。顯然，廣大消費者存在著許多擔憂，特別是在儲存方面。我想我只是好奇，您發現我們的客戶的平均停留時間對您發送的現有客戶費率增加有何反應？總的來說，您是否看到一些儲存競爭對手所指出的儲存客戶疲軟的跡象？

Well, there's been softness for two years just about certainly 18 months and we have our way of responding to that. Our competitors have their way our Wave has been tried to increase customer service the customer can justify spending their hard-earned dollars out of the whole suite. We haven't been doing whole bunch of additional discounting or hidden fees, any of this thing. And I think that long term that's going to benefit us. But the jury's still out of that, we just have a fundamentally different way of looking at the customer.

嗯，兩年來一直處於疲軟狀態，大約 18 個月，我們有自己的應對方式。我們的競爭對手有他們的方式，我們的 Wave 一直在努力提高客戶服務，客戶可以證明從整個套件中花費他們辛苦賺來的錢是合理的。我們還沒有做一大堆額外的折扣或隱藏費用，任何這樣的事情。我認為從長遠來看這將使我們受益。但目前還沒有定論，我們只是以一種根本不同的方式看待客戶。

Just for Jason, just any commentary on the length of stay? Are you seeing any difference in trends there?

就傑森而言，您對停留時間有什麼評論嗎？您發現那裡的趨勢有什麼不同嗎？

Sure. We've -- I looked at this for this last quarter. We saw maybe a little bit of like a 1% tick up in greater than two years, a couple point increase in the one to three month range. And most of that came out of the 9 to 12 or I'm sorry, like one to two year range. So a little bit of movement to the outside. But again, we're talking small percentage points. The other push point that you might look at and the strength of the consumer is what you would call our delinquency rate. And that was up maybe 20 basis points compared to the same time last year but still within the range that we would deem acceptable.

當然。我在上個季度研究過這個問題。我們看到在兩年多的時間裡可能有 1% 的上漲，在一到三個月的範圍內上漲了幾個百分點。其中大部分是從朝九晚十二開始的，抱歉，是一到兩年的時間。所以稍微往外面移動一下。但我們再說一遍，我們談論的是小百分點。您可能會關注的另一個推動點以及消費者的實力就是您所謂的拖欠率。與去年同期相比，這一數字可能上升了 20 個基點，但仍在我們認為可以接受的範圍內。

Great super-helpful. Thanks for the time, guys.

很棒超級有幫助。謝謝你們抽出時間。

You're welcome.

不客氣。

Steven Ralston, Zacks.

史蒂文·羅爾斯頓，扎克斯。

Good morning. I'm going to start with -- it might sound like an intuitive comment, but that's the first thing that comes to mind. In the last conference call, Joe mentioned that he expected the top line to improve modestly grew the calendar of 2024. And I was skeptical, but so far, it's coming to fruition. As you mentioned, the depreciation effect is coming into play with these strong CapEx program. This noncash expense is basically disguising U-Haul's earnings power. I just happened to rent a van this week, and I was impressed. It was a relatively new van under 20,000 miles. And it gave me a thought that -- CapEx timeline?

早安.我將從——這聽起來像是一個直觀的評論，但這是我首先想到的。在上次電話會議中，喬提到，他預計 2024 年的營收將小幅成長。我對此表示懷疑，但到目前為止，它正在實現。正如您所提到的，折舊效應正在透過這些強大的資本支出計劃發揮作用。這種非現金支出基本上掩蓋了 U-Haul 的獲利能力。這週我碰巧租了一輛貨車，給我留下了深刻的印象。這是一輛行駛里程不到 20,000 英里的相對較新的貨車。這讓我想到──資本支出時間表？

I'm sorry, Steven, we lost you for a second there. You dropped out on and said it gave you a thought?

對不起，史蒂文，我們暫時失去了你。你退出並說這給了你一個想法？

Yeah. So give me a thought that the -- thinking about the CapEx timeline that it might have been easier to buy smaller vehicles like vans as opposed to trucks and larger drugs for the self-moving rental market. Have those -- if that would affect depreciation in that, if you are buying more expensive, larger trucks at the tail end of the CapEx time line, we might see depreciation even increase more. Could you speak to that?

是的。因此，請考慮資本支出時間表，在自動租賃市場上購買貨車等小型車輛可能比卡車和大型藥品更容易。有那些 - 如果這會影響折舊，如果您在資本支出時間線的末尾購買更昂貴、更大的卡車，我們可能會看到折舊甚至增加更多。你能談談嗎？

Steven, this is Jason. I'll start. It's not just the larger trucks that are costing more. It's also the trucks that you're seeing are also costing more. And the vast majority of our line item gain on disposal of equipment or the insert that's part of depreciation is the majority of that is those -- it's the cargo vans and the pickups, and that's the area where we're seeing sales proceeds year-over-year decrease and now we're starting to begin to sell the units that we've been purchasing in the last 12 to 18 months that were costing us more, which is further shrinking that.

史蒂文，這是傑森。我開始吧。成本更高的不僅是大型卡車。您所看到的卡車的成本也更高。我們的絕大多數行項目收益來自設備處置或折舊的一部分插入物，其中大部分是貨車和皮卡，這就是我們今年看到銷售收入的領域-同比下降，現在我們開始出售過去12 至18 個月購買的設備，這些設備的成本更高，這進一步縮小了成本。

And then with that realization in place, we've been on new units that have been purchased, we've been increasing the depreciation on that too, so that we're not in a loss position when we go to sell them. So that's putting the upward pressure on depreciation right now. And we will continue to see that increase at least at the rate that you're seeing right now.

然後，隨著這種認識的到位，我們已經購買了新的單位，我們也一直在增加折舊，這樣當我們出售它們時，我們就不會處於虧損狀態。因此，這給目前的貶值帶來了上行壓力。我們將繼續看到這種成長，至少以你現在看到的速度成長。

All right. I don't know if my question was answered. I'm thinking about larger trucks, with larger price tags with maybe the supply is not adequate yet or you had to purchase those trucks and we might see a bolus of large trucks being bought and then all of a sudden seeing the depreciation come through.

好的。我不知道我的問題是否得到解答。我正在考慮更大的卡車，價格標籤更大，可能供應還不夠，或者你必須購買這些卡車，我們可能會看到大量大型卡車被購買，然後突然看到貶值。

Yeah. I think that what you're saying is the mix of vehicles as they come in, impacts that depreciation line. Absolutely. Right now, it's being most negatively impacted by the pickups and vans, but there's a little bubble coming at us on the big truck assuming we can get the quantity. So far, we've been buying but almost based on allocation. In other words, we haven't had the flexibility. If we could have put another 1,000 trucks in, I would have been an advocate for it. Of course, we'd run it through a financial analysis. But -- and had we bought another 1,000 big trucks, we see a bump in depreciation. I don't think there's any doubt. I don't think you're going to see, I don't think it's going to be so visible to all of you. I don't know, Jason?

是的。我認為你所說的是車輛的混合，會影響折舊線。絕對地。目前，它受到皮卡和貨車的負面影響最大，但假設我們能夠獲得數量，那麼大卡車上就會出現一些泡沫。到目前為止，我們一直在購買，但幾乎是基於分配。換句話說，我們沒有彈性。如果我們能再投入 1,000 輛卡車，我就會大力支持。當然，我們會透過財務分析來運行它。但是，如果我們再購買 1,000 輛大卡車，我們就會看到折舊率大幅上升。我認為沒有任何疑問。我不認為你們會看到，我不認為你們所有人都能看到它。我不知道，傑森？

No, I get your question, Steven, and you're right, I didn't quite answer it. We are incrementally increasing as the larger trucks become available buying them. We've made a lot of progress on the backlog. So I don't see another situation like we had immediately coming out of COVID, the rotation program is night and day from three years ago. So a lot of progress has been made there. The trucks -- the larger trucks that are dropping out are the trucks that are 15 year plus trucks that have a very low depreciation attached to them. So as those come off, not much depreciation falls off. But then the new trucks come on, there is a big depreciation number. So we're going to see more of that this year. I'm not sure if your definition a bulge, but it is going to keep increasing as -- but we're not falling behind on rotation of big trucks right now.

不，我明白你的問題，史蒂文，你是對的，我沒有完全回答。隨著更大的卡車可供購買，我們正在逐步增加。我們在積壓工作方面取得了很大進展。所以我沒有看到像我們剛從新冠疫情中恢復過來那樣的另一種情況，輪換計劃從三年前開始就是日夜不停地進行。所以那裡已經取得了很多進展。卡車—即將淘汰的較大卡車是車齡超過 15 年且折舊率非常低的卡車。因此，當這些因素消失時，貶值不會下降太多。但新卡車上來後，就會有很大的折舊數字。所以今年我們會看到更多這樣的情況。我不確定你的定義是否是膨脹，但它會繼續增加——但我們現在在大卡車的輪換方面並沒有落後。

Thank you. That answers my question. Getting a little granular here with the other interest income being moved around. But on the line that now you have separated to see the interest being earned on marketable securities, it was lower than my expectations. You mentioned that you kept some cash on the balance sheet. Could you add some color why you did that?

謝謝。這回答了我的問題。這裡要稍微詳細一點，其他利息收入會被轉移。但現在你已經分開，看到有價證券賺取的利息，這比我的預期要低。您提到您在資產負債表上保留了一些現金。可以補充一下為什麼這麼做的原因嗎？

It's just cash waiting for us to invest. So we borrowed the money a few years ago, we've been steadily working that down. I think our cash balances at moving and storage compared to a year ago were off maybe $1.3 billion, I think. So we've been working that balance down. Here in this next quarter, we're probably going to do another large borrowing and build that back up again because you can see we're last 12 months, I think our run rate on real estate investment team has run a little over $1.3 billion for 12 months. So I'm trying to keep enough cash available to maintain that pace here for at least the next couple of years.

等待我們投資的只是現金。所以我們幾年前借了這筆錢，我們一直在穩定地減少這筆錢。我認為，與一年前相比，我們在行動和儲存方面的現金餘額可能減少了 13 億美元。所以我們一直在努力降低這種平衡。在下個季度，我們可能會再次進行大規模借貸並再次備份，因為你可以看到我們在過去 12 個月裡，我認為我們房地產投資團隊的運作率略高於 13 億美元12 個月。因此，我正在努力保留足夠的現金，以便至少在未來幾年內保持這種速度。

Surprised me up over 7%. And I think there were some comments in previous conference calls that it tends to be in line with the self-moving equipment business, which -- there was a disconnect this time it was much stronger. Any reason for that?

令我驚訝的是，漲幅超過 7%。我認為在之前的電話會議中有人評論說它往往與自動行動裝置業務一致，而這次卻出現了脫節，它要強烈得多。有什麼理由嗎？

I'm sorry, you dropped out on the first part of that question. I picked it up at 7%. I didn't hear before that.

抱歉，您在該問題的第一部分中退出了。我是在7%的時候買的。在此之前我沒聽過。

Okay. From what I understand, U-Box is supposed to be generally in line with the self-moving equipment business that they, maybe they'll be off by a few hundred basis points. But generally, they'll grow about the same percent. And that's what I got from previous conference calls. But this time, U-Box was much stronger what, 5, 6 times stronger than the new equipment business. Is there a reason for that disconnect?

好的。據我了解，U-Box應該與自動行動裝置業務基本一致，也許他們會落後幾百個基點。但一般來說，它們的成長率大致相同。這就是我從之前的電話會議中得到的資訊。但這一次，U-Box比新設備業務強了5、6倍。這種脫節有原因嗎？

Sure. I'll start with that. Well, it's a smaller business that's in growth mode. So if you had the impression that it was growing the same percentage as you moved before, then I apologize for you getting that impression. It's been growing much faster. What I have said is that our estimated margin on that business, which is -- we don't do separate P&Ls for it. So it's a little bit of a guess. But the operating margin is relatively close to what you're seeing for the overall moving in storage. Those move pretty close together, but the growth on that business has been for the last several years on a percentage basis, exceeding even storage growth in most cases.

當然。我將從那開始。嗯，這是一家處於成長模式的小型企業。因此，如果您有這樣的印象，即它的增長率與您之前搬家時的百分比相同，那麼我為您產生這種印象表示歉意。它的成長速度要快得多。我所說的是我們對該業務的估計利潤率，即我們不會為其單獨計算損益表。所以這只是一個猜測。但營業利潤率與您所看到的儲存整體移動情況相對接近。這些業務的發展非常接近，但過去幾年該業務的成長一直以百分比為基礎，在大多數情況下甚至超過了儲存成長。

All right. Thank you for answering my questions.

好的。感謝您回答我的問題。

David Silver, CL King.

大衛·西爾弗，CL·金。

Yeah. Thank you. I had a couple of questions. I mean, first, and I apologize if I'm making you repeat yourself, but I just wanted to zero in on the $192,000 total of rental trucks at the end of your first quarter. And I guess that's a pickup from where we were in March, and it's exactly the same, I guess, is where we were 15 months ago. So basically, the declines in your overall rental truck portfolio that took place over 12 months, you made up in the first quarter here.

是的。謝謝。我有幾個問題。我的意思是，首先，如果我讓您重複的話，我表示歉意，但我只是想將第一季末的 192,000 美元租賃卡車總額歸零。我想這與 3 月份的情況相比有所回升，而且我想這與 15 個月前的情況完全相同。因此，基本上，您在 12 個月內整體租賃卡車組合的下降已在第一季得到了彌補。

Now I know it's not probably not apples-to-apples, but was that your intention? And I thought, if I recall correctly, Jason, I think you said the plan was to rebuild the rental fleet over fiscal '25? So I don't know, I'm just looking at the -- what I think is a meaningful bump up in your fleet in the first quarter relative to what I was expecting for the full-year. So just if you could comment on that, I'd appreciate it. Thank you.

現在我知道這可能不是同類，但這就是你的意圖嗎？我想，如果我沒記錯的話，傑森，我想你說過計畫是在 25 財年重建租賃車隊？所以我不知道，我只是專注於——我認為相對於我對全年的預期，第一季你們的機隊出現了有意義的成長。如果您能對此發表評論，我將不勝感激。謝謝。

Sure. From a numbers perspective, that couple thousands of units was the smaller pickups and cargo vans, which we're moving out every 12 to 24 months. So what happened in March was we had a bunch of them pulled out in prep for sale and then the deliveries came. There's a little bit of a dislocation there for a moment. On the box trucks, they're probably up 1,000 units from where they were last quarter. We've been pulling units from that fleet for sale. And now we just need sales to get caught up. There's only so many of those units that you can pull out at one time. So I think towards the -- my expectation would be that the fleet should be relatively flat year-over-year.

當然。從數字角度來看，這幾千輛是小型皮卡和貨車，我們每 12 到 24 個月就會搬出一次。所以三月發生的事情是我們把一堆東西拿出來準備出售，然後交貨就到了。一時間有點錯位。箱式卡車的數量可能比上個季度增加了 1,000 輛。我們一直在從該機隊中撤出設備進行出售。現在我們只需要銷量就能趕上。您一次只能拉出這麼多單位。因此，我認為，我的預期是，機隊同比應該相對持平。

Okay. Thanks for that. And then I had a question, I guess, on the storage side. But you are -- in your CapEx budget, you're allocating quite a bit or to build out your storage capacity? And then I did note this quarter, I think, 0.4 million square feet of additional space where acquired inorganically or by acquisition. So when U-Haul thinks about your plans for adding storage, is it the case where you trade off between organic and inorganic growth buy versus build, I guess? Or is it the case where you have a an organic growth target reflected in your CapEx budget and the amount of inorganic storage space that you add is really a separate somewhat unrelated issue maybe for opportunistic reasons or maybe from, I don't know, deals that take a long time to be completed. But just a comment on how inorganic and organic elements of your growth in storage play together? Thank you.

好的。謝謝你。然後我想，我有一個關於存儲方面的問題。但是，在您的資本支出預算中，您正在分配相當多的資金或用於建立儲存容量？然後我確實注意到本季度有 40 萬平方英尺的額外空間是透過無機方式或收購獲得的。因此，當 U-Haul 考慮您增加儲存的計劃時，我猜您是否需要在有機增長和無機增長購買與建設之間進行權衡？或者您的資本支出預算中反映了有機增長目標，而您添加的無機存儲空間量實際上是一個單獨的、有些不相關的問題，可能是出於機會主義原因，也可能是來自（我不知道）交易需要很長時間才能完成。但只是評論一下您儲存成長中的無機和有機元素如何共同發揮作用？謝謝。

Sure. This is Joe. And we're doing that. an entire new ground up, that's a two to four year process depending on where you are. So there's a big tail on that. So to it follows a trend line pretty much. It doesn't jump around a lot. The buying existing storage like you said, it comes and goes. We don't have a target that we want to get X amount of it. I think it's very much opportunistic and most of those deals are closed pretty quick. Some of those things take a year ago, most of them are 90 or 120 days from first look to being running the site. So I think you could see more volatility of that, if that answers your question.

當然。這是喬。我們正在這樣做。一個全新的基礎，這是一個兩到四年的過程，取決於您所在的位置。所以這上面有一條大尾巴。所以它幾乎遵循趨勢線。它不會跳很多。正如您所說，購買現有儲存空間來了又去。我們沒有設定要獲得 X 數量的目標。我認為這是非常機會主義的，而且大多數交易很快就完成了。其中一些事情需要一年前完成，大多數從第一次查看到運行網站需要 90 或 120 天。因此，如果這回答了您的問題，我認為您可能會看到更多的波動性。

Okay. No, that's helpful. And then maybe, Joe, just to stick with you, I was reading in the press release the comment that you said competitors continue to mimic our customer service and we have to implement more ways to satisfy the customer. Could you just call out, if you wouldn't mind, can you call out one or two of the mimicry examples of the mimicry you cited, and then what are the last one or two or three differentiating moves that you've made to counter the moves by your competition? Thank you.

好的。不，這很有幫助。然後，喬，也許只是為了堅持你，我在新聞稿中讀到你說競爭對手繼續模仿我們的客戶服務的評論，我們必須實施更多方法來滿足客戶。如果你不介意的話，你能不能說出你所引用的模仿的一兩個模仿例子，然後你所採取的最後一兩個或三個差異化動作是什麼？謝謝。

Sure. Very physically obvious one you'll see is all our competitors now put in windows with doors visible. That, of course, was our invasion and the competitors almost even individual investors have figured that out now, and they just mimic us. Individual door alarms, we've been the strongest in the business of that for at least 10-years, and that gap is closing. And there's some new technologies out there, too, that we have chosen not yet to implement. And so I'm not quite sure where the individual door alarms as far as customer service is really headed.

當然。從物理上看，您會看到我們所有的競爭對手現在都安裝了可見門的窗戶。當然，那是我們的入侵，競爭對手幾乎甚至個人投資者現在都意識到了這一點，他們只是模仿我們。在個人門警報器領域，我們至少在 10 年來一直是該領域最強的，而且這一差距正在縮小。還有一些我們選擇尚未實施的新技術。因此，就客戶服務而言，我不太確定各個門警報的真正方向。

I think we've done a tremendous amount on unattended move in or move out. So you can call whatever you want to call it, but giving the customer the ability to self-move in or self-move out. And I think that I credit very much Storage Express for really bringing this into focus for me and giving that to be in Storage Express eventually was acquired by Extra Space. So they, of course, are now implementing that across their portfolio.

我認為我們在無人值守的搬入或搬出方面已經做了很多工作。因此，您可以隨意稱呼它，但讓客戶能夠自行搬入或自行搬出。我認為我非常感謝 Storage Express 真正讓我關注這一點，並將其納入 Storage Express 最終被 Extra Space 收購。當然，他們現在正在他們的產品組合中實施這一點。

I don't have privy to their exact deal, but I can see what they're doing. So those are some easy ones. I don't want to tell you what I think I got to just do want to aggregate my own situation.

我不知道他們的具體交易，但我可以看到他們在做什麼。這些都是一些簡單的。我不想告訴你我認為我必須做的事情只是想總結我自己的情況。

No problem. No, I appreciate that. And then maybe just this would be my last one. But when you break out your revenues, I guess, product line, the self-moving equipment revenue -- rental revenues are up year-over-year as you called out for the first time in some -- a number of quarters, when I look at those numbers, and I think the overall market, I think you indicated both in town and one-way we're up. Should I think that U-Haul is gaining share in a static or slightly declining market?

沒問題。不，我很欣賞這一點。也許這就是我的最後一次。但是，當你公佈你的收入時，我想，產品線、自動行動裝置收入——租賃收入逐年上升，正如你在一些季度中第一次呼籲的那樣——當我看看這些數字，我認為整個市場，我認為你表明我們在城鎮和單向方面都在上漲。我是否應該認為 U-Haul 正在靜態或略有下降的市場中獲得份額？

Or is this the case where the market is growing and you're sharing in the growth on both sides. And then I'll just take it one step further. But if you are gaining share, I mean, I would have to guess that it would have to be on the one-way side? And just given your positioning on one-way, the one-way moving side of things. So if you could just comment on maybe the relationship between the change in your self-moving equipment rental revenues year-over-year and relative to the overall market share gains, static, et cetera? Thank you.

或是市場在成長而你在雙方分享成長的情況。然後我會更進一步。但如果你正在獲得份額，我的意思是，我不得不猜測它必須是單向的？只是考慮到你對單向的定位，事情的單向移動的一面。那麼，您是否可以評論一下您的自移動設備租賃收入同比變化與相對於整體市場份額增長、靜態等之間的關係？謝謝。

There are no accurate market share numbers. That's the first thing. We -- of course, we have opinions, but there are -- there is no market share information. And seriously, what's half of the business, you see more movement between people who rent equipment and people who will say, call, use owned borrowed equipment. And there's a tremendous amount of people who basically move in the backseat of their car, or a truck, they borrow from work or God forbid a horse trailer, I see it every week. And we -- I think our gains over the last 12 months have been a better placement of our product relative to the consumer and Jason's auxiliary materials that he posted up on the website, talks about what percent of the population or how many miles from.

沒有準確的市佔率數字。這是第一件事。我們當然有意見，但是沒有市佔率資訊。說真的，業務的一半是什麼，你會看到租賃設備的人和會說、打電話、使用自有借來設備的人之間有更多的流動。有大量的人基本上在他們的汽車或卡車的後座上移動，他們從工作中藉用或上帝禁止馬拖車，我每週都會看到它。我認為我們過去 12 個月的收穫是我們的產品相對於消費者的定位更好，以及傑森在網站上發布的輔助材料，談論了人口的百分比或距離有多少英里。

We're -- and he's speaking locations, then it becomes individual piece of equipment. So it gets very granular. But I think that we've made some progress. Well, there's no question in my mind, we've made progress there. And so we probably didn't take it from anybody other than owned and borrowed equipment. In other words, I'm not so sure that anybody who is a main brand saw any decline but we expanded our share of the total market, but not make at the expense of another competitor, maybe at the expense of owned and borrowed equivalent.

我們——他正在談論地點，然後它變成了單獨的設備。所以它變得非常細化。但我認為我們已經取得了一些進展。嗯，我認為毫無疑問，我們已經取得了進展。因此，除了擁有和借用的設備之外，我們可能沒有從任何人那裡拿走它。換句話說，我不太確定任何一個主要品牌都會看到任何下降，但我們擴大了整個市場的份額，但不是以犧牲另一個競爭對手為代價，也許是以自有和借用的同等產品為代價。

Very good. I appreciate all the color. Thank you.

非常好。我欣賞所有的顏色。謝謝。

Jamie Wilen, Wilen Management.

傑米·威倫，威倫管理公司。

Hi, fellows. I applaud that you look long-term in adding the self-storage units, which is going to pay off royalty over time. But as you mentioned, in the short term, it takes let's say, on average a three year period for those things not to be a hindrance to the income statement. I'm wondering if you could quantify how much of a hindrance it is from those units that have not yet matured. And it would be great to see that on a quarterly basis, so we could see if they're declining. I mean, I can't imagine that you're going to add much, much greater numbers annually than you have been, but I would love to see what that number is as it impacts the income statement?

嗨，夥伴們。我很讚賞你們在添加自助儲存單元時著眼於長遠，這將隨著時間的推移而支付版稅。但正如您所提到的，從短期來看，這些事情平均需要三年時間才不會成為損益表的障礙。我想知道你是否可以量化那些尚未成熟的單位所造成的阻礙有多大。如果能按季度看到這一點那就太好了，這樣我們就可以看看它們是否正在下降。我的意思是，我無法想像你每年會增加很多很多的數字，但我很想知道這個數字是多少，因為它會影響損益表？

This is Joe. I feel a little bit this is like the insurance company wants to have a device that knows speeding or not. I appreciate you're more on my side than the insurance company is. The -- it's not -- we don't have that calculation or make that calculation less, Jason does it and doesn't tell me, okay? So I'm very aware of it. I've been trying to reposition the last, well, I've been effective at repositioning us over the last 24 to 30 months, to get into some submarkets that I think I can reliably fill additional rooms in.

這是喬。我覺得有點像保險公司想要有一個可以知道是否超速的設備。我很感激你比保險公司更站在我這一邊。- 不是 - 我們沒有這樣的計算，或減少這樣的計算，傑森做了但沒有告訴我，好嗎？所以我非常清楚這一點。我一直在努力重新定位最後一個，嗯，在過去的 24 到 30 個月裡，我一直有效地重新定位我們，進入一些我認為我可以可靠地填充更多房間的子市場。

So -- and not to adding a tremendous rooms in downtown L.A, I'm not sure is really in my best interest or the company's best interest in that. While we're adding a little bit, that's not really the thrust. We're looking for other markets that we think are -- would allow us a little bit better cost advantage and a little bit, I guess, a cost advantage. Where we've really -- we're -- and you can't see it, and I don't know, I've asked Jason this question if he wants to.

所以——而不是在洛杉磯市中心增加一個巨大的房間，我不確定這是否真的符合我的最大利益或公司的最大利益。雖然我們添加了一點點，但這並不是真正的主旨。我們正在尋找我們認為能夠讓我們獲得更好一點的成本優勢的其他市場，我想，還有一點點成本優勢。我們確實在哪裡——我們在哪裡——你看不到它，我不知道，如果傑森願意的話，我已經問過他這個問題了。

I think our newest projects are starting to ramp up at a better rate than we were 24 months ago. Our -- and that trend, I'm hoping will continue that way. We're doing this. I think it's going to continue. And so -- and I think that my slowness is more in the difference, which Jason, I don't remember the number, but we're down like 1.5% in same-store in occupancy. That's a lot of rooms at the end of the day.

我認為我們最新的項目開始以比 24 個月前更好的速度成長。我希望我們的趨勢能夠持續下去。我們正在做這個。我認為這種情況會持續下去。所以——我認為我的緩慢更多地體現在差異上，傑森，我不記得具體數字了，但我們同店的入住率下降了大約 1.5%。一天結束時有很多房間。

That's like 900 locations, all being down 1%. And so there's a bigger drag there, listen, there's an equal drag there to the drag of new construction in my judgment, although I do not have a mathematical equation, Jamie, on that. But I think my opportunity is there as much as it is in the speed at which I put in new units.

大約有 900 個地點，全部下降了 1%。因此，那裡有一個更大的阻力，聽著，根據我的判斷，那裡有一個與新建築的阻力相同的阻力，儘管傑米，我對此沒有數學方程式。但我認為我的機會就在於我投入新單位的速度。

Would you still say it takes about three years for these -- for new units to start to be contributing?

您是否仍然認為這些新單位需要大約三年的時間才能開始做出貢獻？

Yeah, I think that's Jason, I'll let you speak.

是的，我想那是傑森，我會讓你發言的。

Yeah. It's still trending that way. It increased during COVID we picked up 10 to 15 points of occupancy per year during COVID. We're now back to normal projects that launched the last 12 months, the first three quarters of those projects, occupancy was lagging from our historical average. And then it seemed to pick up in the last quarter, which would point to, some of it is just management on that. And we're of back to where we would expect to be at the end of 12 months.

是的。現在仍然是這樣的趨勢。在新冠疫情期間，入住率增加，我們每年增加 10 至 15 個入住點。我們現在恢復了過去 12 個月啟動的正常項目，這些項目的前三個季度的入住率低於我們的歷史平均水平。然後它似乎在上個季度有所回升，這表明，其中一些只是管理方面的問題。我們已經回到了 12 個月末的預期水準。

On your overall question, my sense of it is that the new projects are not necessarily a year-over-year drag on the operating margin. But certainly, it's been a drag on the return on equity and assets. you're certainly seeing that effect there.

關於你的整體問題，我的感覺是，新專案不一定會逐年拖累營業利潤。但可以肯定的是，這拖累了股本和資產報酬率。你肯定在那裡看到了這種效果。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。欣賞它。

Stephen Farrell, Oppenheimer.

史蒂芬法雷爾，奧本海默。

Good morning. Operating expenses were up about $35 million year-over-year. How much of that is from growing the business, having more locations, personnel, compared to increases in operating expenses of the existing business?

早安.營運費用年增約 3500 萬美元。與現有業務營運費用的增加相比，其中有多少來自業務成長、擁有更多地點和人員？

It's a relatively small part of I don't have that number off the tip of my tongue right now that's not a significant part of it.

這是相對較小的一部分，我現在還沒有說出這個數字，但這並不是其中的重要部分。

The new locations are not significant?

新地點不重要嗎？

No. I would say that I'll try to find the number here before the call is out in order to verify that. But it wasn't enough to put much downward pressure on the margin, I'd say that.

不。我想說的是，我會在電話撥出之前嘗試在此處找到該號碼，以進行驗證。但我想說，這還不足以對利潤率造成太大的下行壓力。

Let me help you on this. Everything is coming up. Utilities are up. They're getting whacked with property taxes, wages are up, and we're not up enough. We need to be up more in wages. It's a very competitive marketplace for quality people. So there's a lot of upward pressure on those expense lines. And of course, the challenge is to try to figure out how to configure things so the customer is willing to accept those increased expenses.

讓我在這方面幫助你。一切即將到來。公用事業都起來了。他們受到財產稅的打擊，薪資上漲，而我們的漲幅還不夠。我們需要進一步提高工資。對優秀人才來說，這是一個競爭非常激烈的市場。因此，這些支出項目面臨很大的上行壓力。當然，挑戰在於設法弄清楚如何配置，以便客戶願意接受這些增加的費用。

And as I pointed out earlier, the increased expense from the original equipment manufacturers on trucks, customers, they're not seeing that as a big benefit to them. In other words, costs went up, but nothing happened -- there was no value increase to the customer. So we have plenty of -- we have something like 33,000 employees. We've got people all over the country doing work and it's been a battle -- and it's a continuing battle to try to make them more productive because they simply must be paid more because they're in this pinch.

正如我之前指出的，原始設備製造商在卡車上增加的費用，客戶並沒有認為這對他們有很大的好處。換句話說，成本上升了，但什麼也沒發生——客戶的價值沒有增加。所以我們有很多——我們有大約 33,000 名員工。我們讓全國各地的人們都在工作，這是一場戰鬥——而且是一場持續不斷的戰鬥，試圖提高他們的生產力，因為他們必須得到更多的報酬，因為他們處於這種緊要關頭。

They're an advice and so we have to try to do that. And that goes to -- some of it is a streamlining operations and I'm very hard focused on that, but it's we've squeezed a lot of the waste out of the deal so far. So it's not just -- there's no big breakthrough going to come around the corner as far as I can see on that, although we're pushing on all fronts on that too. Try to do it.

他們是一個建議，所以我們必須嘗試這樣做。這涉及到——其中一些是精簡運營，我非常關注這一點，但到目前為止，我們已經從交易中消除了許多浪費。所以這不僅僅是——據我所知，儘管我們也在各個方面推動這方面的工作，但在這方面不會出現重大突破。試著去做吧。

I was in a Wendy's the other day, and they would not take by order except at the kiosk, and of course, I didn't want a bunch of the junk on the burger and I didn't want the meal, and I couldn't figure the dam kiosk out, so finally, their person had to come around from the back and come up to the kiosk and do it for me. Not at least average intelligence on these fast food deals, but there, they were trying to make it work better. In fact, they went backwards and spent a ton of door to go backwards.

前幾天我在溫迪餐廳，除了在售貨亭，他們不會接受訂單，當然，我不想漢堡上有一堆垃圾，我不想吃這頓飯，我不能我不知道水壩亭，所以最後，他們的人不得不從後面繞到亭前為我做這件事。至少不是這些快餐交易的平均智力，但在那裡，他們試圖讓它運作得更好。事實上，他們倒退了，花了很多門才倒退。

So this is, I think we're not unique in that. I think that's -- you're seeing that all over people who have businesses where actual human work is being done and how can you optimize that situation or get the more productive locations. We're in that squeeze and it's going to continue for some time. I just think that's a fact. And to the extent that you need assurance that we get that, we do get it, but there's not some magic thing around the corner, a truck that cleans itself or something of that nature, or storage rooms that don't have to be maintenance or trucks that don't have to be maintenance. We're going to be changing oil and changing tires at the speed of light going on into the future, and that just cost more money today.

所以，我認為我們在這方面並不是獨一無二的。我認為，您會看到所有從事實際人力工作的企業的人都知道如何優化這種情況或獲得更有生產力的地點。我們正處於這種困境之中，而且這種情況還會持續一段時間。我只是認為這是事實。如果你需要保證我們能做到這一點，我們確實做到了，但拐角處並沒有什麼神奇的東西，一輛可以自我清潔的卡車或類似的東西，或者不需要維護的儲藏室或無需維護的卡車。未來我們將以光速更換機油和輪胎，而這在今天只會花費更多的錢。

Stephen, this is Jason. I just checked. And locations that we had this first quarter that we didn't have first quarter of last year accounted for a little more than $2 million of additional operating expense that gives you a flavor.

史蒂芬，這是傑森。我剛剛檢查過。今年第一季我們擁有而去年第一季沒有的地點佔了略多於 200 萬美元的額外營運費用，這給你帶來了樂趣。

That does. Thank you. And just to clarify the comments on your fleet size, you said it would be flat for the rest of the year. Is that from the June 30 number or March?

確實如此。謝謝。為了澄清對你們機隊規模的評論，你們說今年剩餘時間機隊規模將會持平。是 6 月 30 日的數字還是 3 月的數字？

It will be some, it will probably be somewhere in between there. And every time I make a projection or prognostication on fleet, something changes around here, and I'm usually within a couple of thousand trucks of where we're right. So we could be plus 2,000 over where we were at March or below that.

會有一些，可能介於兩者之間。每次我對車隊進行預測或預測時，這裡都會發生一些變化，而且我通常與我們正確的位置相差數千卡車。因此，我們可能會比 3 月的水準增加 2,000 或更低。

And on the last conference call, you talked about potentially reducing the fleet size by about 3,000 or 4,000 trucks, and that would put it significantly lower from where we are now. Is that something that is still in the works or it could happen?

在上次電話會議上，您談到可能將車隊規模減少約 3,000 或 4,000 輛卡車，這將大大低於我們現在的水平。這是仍在進行中還是可能發生的事情？

This is Joe. We did that as to a part of our fleet. When you look at that by a model basis, we did that. And then we had the opportunity to purchase a few more trucks became available. As I have indicated before, we've basically done an allocation on other trucks and the market is softening just a tiny bit. So the OEs came back with some "more capacity", okay?

這是喬。我們對我們機隊的一部分這樣做了。當你從模型的基礎來看，我們就是這麼做的。然後我們有機會購買更多可用的卡車。正如我之前指出的，我們基本上已經對其他卡車進行了分配，市場略有疲軟。所以，OE 帶著一些「更多的產能」回來了，好嗎？

Well, it was the motorhome guys took a with the tank and so they use a very similar truck to what we do. So they were able to change their production line to make U-Haul trucks instead of motorhome chassis. And so we got them. So there was a little opportunism there, and we're going to have that persist at least through December, I think, that we're going to get just a bit more than we had planned for ordinarily, I won't say ordinarily, but in past decades, we could tell you 10 months from now what we're going to produce damn near to the day.

嗯，房車的伙計們用了坦克，所以他們使用了一輛與我們非常相似的卡車。因此，他們能夠改變生產線，生產 U-Haul 卡車，而不是房車底盤。所以我們得到了它們。所以那裡有一點機會主義，我認為我們將至少持續到 12 月，我們會得到比我們通常計劃的多一點的東西，我不會說通常，但在過去的幾十年裡，我們可以告訴你10個月後我們將在接近這一天時生產什麼。

And the automakers had their supply lines. So basically, they trigger them to the day. It's so confused now at any given point in time, there's 20 or 30 entire missing trucks between us and the OE. I mean they just, God knows where the trucks are. And that supply chain is incredibly complex and largely beyond our control. And so not only does the manufacturer very the week they produce the trucks, which before they were like a railroad train. They can tell you what they were going to build in September to the day and be highly accurate. They no longer have that tight of a supply chain.

汽車製造商也有自己的供應線。所以基本上，他們會觸發這一天。現在在任何特定時間點都很混亂，我們和 OE 之間有 20 或 30 輛完整的卡車失踪。我的意思是他們只是，天知道卡車在哪裡。該供應鏈極其複雜，很大程度上超出了我們的控制範圍。因此，製造商不僅在生產卡車的那一周進行了嚴格的管理，而卡車之前就像火車一樣。他們可以告訴您他們在 9 月要建造什麼，並且非常準確。他們不再有那麼緊密的供應鏈。

And I don't know all their problems. I'm sure they're working very hard, but that impacts us in the -- when you look at the total fees. So yeah, we did drop probably 4,000 trucks on the small end of the fleet. And then we've picked up a few thousand trucks on the big end of the fleet and the other one, you have to look at because what varies the fleet more than anything else is the rate at which you sell, you see?

我不知道他們所有的問題。我確信他們工作非常努力，但是當你查看總費用時，這會影響我們。是的，我們確實在車隊規模較小的一端投放了大約 4,000 輛卡車。然後我們在車隊的大端挑選了幾千輛卡車，而另一輛，你必須看看，因為車隊的變化最重要的是你的銷售率，你明白嗎？

So we have a bunch of let's call the starts and fits in bringing new equipment in. And then, of course, we think we're planning when we're going to sell it. But we don't always sell as well as we had planned. And so it's not a long fire going, but there's some resistance in the resale market right now. And I think it's because the consumer is pushing on the new truck pricing, and I think that's common knowledge of Wall Street Journal reports that.

因此，我們有很多讓我們開始並適合引進新設備的機會。當然，我們認為我們正在計劃何時出售它。但我們的銷售情況並不總是像我們計劃的那樣好。因此，火勢不會持續太久，但目前轉售市場存在一些阻力。我認為這是因為消費者正在推動新卡車的定價，我認為這是《華爾街日報》報導的常識。

And so that reflects itself, of course, trickles down through used truck pricing. So there's end demand. Again, in the middle of COVID. We said we want to sell the truck that we have the line of people to buy it. Well, that's not the case today. Now we're still selling the trucks, and we're keeping more or less on program, but not as tight as we would like it to be.

當然，這也反映在二手卡車定價上。所以有最終需求。再次，在新冠疫情期間。我們說我們想賣掉這輛卡車，因為有人在排隊購買它。嗯，今天的情況並非如此。現在我們仍在銷售卡車，我們或多或少地保持著計劃，但沒有我們希望的那麼嚴格。

And you touched on potential capital raise during the quarter. How big would that be and what's your optimal level for cash just to operate the business going forward?

您談到了本季潛在的融資。規模有多大？

Sure. So it be in the form of a private placement of $500 million. Our optimal level of cash is it changes. Our floor historically has been -- I've been allowed to keep enough cash to cover a year of debt maturities excluding the fleet revolvers, but we're well above that now.

當然。所以它會以私募的形式進行，金額為 5 億美元。我們的最佳現金水準是變動。從歷史上看，我們的底線一直是——我被允許保留足夠的現金來償還一年的債務到期，不包括艦隊左輪手槍，但我們現在遠遠高於這個水平。

But I mentioned it earlier in the call. In the last year, I think we've deployed our net cash balances have decreased over $1.3 billion. So I'm just trying to prep that because we still have a couple of billion dollars of development on the balance sheet that we need to finish. So we're certainly higher than what we need to just run the business from day-to-day, but to maintain the growth rate, I'm having to be a little bit heavy on cash.

但我早些時候在電話中提到過這一點。去年，我認為我們的淨現金餘額減少了超過 13 億美元。所以我只是想做好準備，因為我們的資產負債表上還有數十億美元的開發案需要完成。因此，我們的資金肯定超出了日常營運業務所需的水平，但為了保持成長率，我必須持有大量現金。

That's all. Thank you very much.

就這樣。非常感謝。

This does conclude today's question-and-answer period. I will now turn the program back over to management for any additional or closing remarks.

今天的問答環節到此結束。我現在將把該計劃轉回管理層，以供任何補充或結束語。

Well, thanks, everyone, for participating today. As a reminder, one week from today on Thursday, August 15th, at 11:00 a.m. Pacific, 2:00 p.m. Eastern, will host our 18th Annual Virtual Analyst and Investor Day. Participants can sign in at investors.uhaul.com. Questions for the Q&A portion can be sent prior to the meeting to ir@uhaul.com or submitted live during the event. We look forward to speaking with you next week. Thank you.

好的，謝謝大家今天的參與。提醒一下，從今天開始一周，即 8 月 15 日星期四，太平洋時間上午 11:00，美國東部時間下午 2:00。東方航空將舉辦第 18 屆年度虛擬分析師和投資者日活動。參與者可以登入 Investors.uhaul.com。問答部分的問題可以在會議之前發送至 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。