U-Haul Holding Co (UHAL) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the U-Haul Holding Company's fourth quarter fiscal year end 2025 investor conference call. (Operator Instructions) This call is being recorded on Thursday, May 29, 2025.

女士們、先生們，早安，歡迎參加 U-Haul Holding Company 2025 財年第四季投資者電話會議。（操作員指示）本次通話於 2025 年 5 月 29 日星期四錄製。

I would now like to turn the conference over to Sebastien Reyes. Please go ahead.

現在我想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 fourth quarter fiscal year-end 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 財年第四季投資者電話會議。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、收益和我們業務的總體增長的陳述，可能構成《1933 年證券法》第 27A 節（經修訂）和《1934 年證券交易法》第 21E 節（經修訂）的安全港條款所定義的前瞻性陳述。

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-K for the year ended March 31, 2025, which is on file with the US Securities and Exchange Commission.

前瞻性陳述本質上受風險和不確定性的影響，其中一些無法預測或量化。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提交的公開文件和截至 2025 年 3 月 31 日止年度的 10-K 表格。

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 控股公司董事長喬·肖恩 (Joe Shoen)。

Hello, everybody. What you see especially in our fourth quarter results are decisions made in prior years working their way through the financial statements. On a more positive note, the original equipment manufacturers appear to have decided to make reliable fuel-efficient ICE vehicles in volume at improved pricing.

大家好。在我們第四季的業績中，您尤其可以看到，前幾年所做的決策已經透過財務報表體現出來。從積極的方面來看，原始設備製造商似乎已決定以優惠的價格大量生產可靠的省油 ICE 汽車。

OEMs in U3-Haul both need to get some emissions regulation relief from the administration to be able to better serve our customers with truck product. U-Haul in the meantime, has de-fleeted three quarters of our pickup fleet as we see no path to profitability with more than a small, specialized pickup. Resale prices on both vans and pickups are steady or improving. I expect we may struggle through October on resale pricing but beyond them, it appears to be a clear path.

U3-Haul 中的原始設備製造商都需要從政府那裡獲得一些排放法規減免，以便能夠更好地為我們的客戶提供卡車產品。同時，U-Haul 已將四分之三的皮卡車隊淘汰，因為我們認為除了小型專用皮卡車之外，沒有其他盈利途徑。貨車和皮卡的轉售價格均保持穩定或上漲。我預計我們可能會在十月份的轉售定價方面遇到困難，但除此之外，這似乎是一條清晰的道路。

Our customers are expressing optimism, at least our truck share customers are. Storage remains a bright spot wherever we execute with precision our programs work. It's a less bright spot where we execute with less precision. Both self-move and self-store are consumer needs, and I expect those needs to continue. It is my challenge to make U-Haul the customer's best choice.

我們的客戶都表示樂觀，至少我們的卡車共享客戶是這樣的。無論我們在哪裡精確地執行我們的程序，儲存都是一個亮點。這是一個不太光彩的地方，我們的執行也不太精確。自助搬家和自助倉儲都是消費者的需求，我希望這些需求能持續下去。我的挑戰是讓 U-Haul 成為客戶的最佳選擇。

With that, I'll turn it to Jason to kind of get specific on the numbers.

有了這些，我會把它交給傑森來具體說明這些數字。

Thanks, Joe. So yesterday, we reported a fourth quarter loss of $82.3 million compared to a loss of $863,000 for the same quarter last year. Our full year fiscal 2025 earnings were $367.1 million, down from $628.7 million in fiscal 2024. In terms of earnings per share, the fourth quarter of this year was a $0.41 per share loss per nonvoting share loss as compared to less than $0.01 a share loss in the fourth quarter of fiscal 2024.

謝謝喬。昨天，我們報告第四季虧損8,230萬美元，而去年同期虧損86.3萬美元。我們的 2025 財年全年收益為 3.671 億美元，低於 2024 財年的 6.287 億美元。就每股收益而言，今年第四季每股無投票權股份虧損 0.41 美元，而 2024 財年第四季每股虧損不到 0.01 美元。

Earnings before interest, taxes and depreciation, EBITDA and our Moving and Storage segment increased by $5.6 million for the quarter to $217.3 million, largely from revenue growth. Our full year fiscal 2025 EBITDA increased by just under $52 million to $1.619 billion. Included in our earnings release and financial supplement, is a reconciliation of EBITDA to GAAP earnings. I'm going to highlight three large differences between the two.

本季度，息稅折舊攤銷前利潤 (EBITDA) 和搬運與倉儲部門的利潤增加了 560 萬美元，達到 2.173 億美元，主要得益於收入的成長。我們 2025 財年全年 EBITDA 增加了近 5,200 萬美元，達到 16.19 億美元。我們的收益報告和財務補充資料中包含了 EBITDA 與 GAAP 收益的對帳。我將重點介紹兩者之間的三大區別。

First, fleet depreciation from the increased level of fleet acquisitions and the cost per truck over the last several years. Second, the reduced gains on the sales of retired pickups and cargo vans. And third, the decline in interest income at the Moving and Storage segment as we reduced our short-term cash balances due to reinvestment.

首先，在過去幾年裡，由於車隊收購水準的提高和每輛卡車成本的增加，導致車隊折舊。二是退役皮卡、廂型車銷量增幅減少。第三，由於再投資導致短期現金餘額減少，搬運和倉儲部門的利息收入下降。

Of the $0.41 decline in earnings per share for the fourth quarter, about $0.16 was from fleet appreciation, $0.12 from the decrease in gains on sale rental equipment and $0.10 from the decline in interest income. For the fourth quarter, our equipment rental revenue results had a $29 million increase or just over 4%. Of note, during the prior year, we benefited from the extra day attributable to the leap year. I mentioned that because it added somewhere around $11 million to last year's results.

第四季每股收益下降 0.41 美元，其中約 0.16 美元來自車隊增值，0.12 美元來自銷售租賃設備收益的減少，0.10 美元來自利息收入的下降。第四季度，我們的設備租賃收入增加了 2,900 萬美元，增幅略高於 4%。值得注意的是，在前一年，我們受益於閏年的額外一天。我提到這一點是因為它為去年的業績增加了約 1100 萬美元。

For the fiscal year, we finished up just over $100 million for equipment rental revenue, that's about a 2.8% increase. During the fourth quarter, both our one-way and in-town transactions increased compared to last year at that time, as did our revenue per transaction. Our trailer and towing fleets also experienced improved revenue results. For the month of April and now into May, we've seen revenue continue to trend positively compared to the same period last year.

在本財政年度，我們的設備租賃收入略高於 1 億美元，成長約 2.8%。在第四季度，我們的單程和市內交易量與去年同期相比都有所增加，每筆交易的收入也有所增加。我們的拖車和牽引車隊的收入也有所提高。從四月到五月份，我們看到收入與去年同期相比繼續呈現正面趨勢。

Capital expenditures for new rental equipment for fiscal 2025 were $1.863 billion that's a $244 million increase compared to fiscal 2024. Well proceeds from the sales of retired rental equipment declined by $76 million to a total of $652 million. This is a combination of fewer pickups and cargo vans sold along with slightly lower average sales proceeds on the units that we did sell. Our initial projection for net fleet CapEx in fiscal year 2026 is $1.295 billion, that's compared to approximately $1.211 billion in fiscal 2025.

2025 財年新租賃設備的資本支出為 18.63 億美元，與 2024 財年相比增加 2.44 億美元。退役租賃設備的銷售收入減少了 7,600 萬美元，總計 6.52 億美元。這是因為皮卡和貨車銷售量較少，而且我們銷售的車輛平均銷售收​​益略低。我們對 2026 財年淨機隊資本支出的初步預測為 12.95 億美元，而 2025 財年約為 12.11 億美元。

Switching to self-storage revenues were up $18 million, 8% for the quarter. Our 12-month results were also up 8% or just under $67 million. Average revenue per occupied foot continued to improve across the entire portfolio up approximately 1.6% and if you look at just the same-store piece of that, we were up 3%.

本季轉向自助倉儲的收入增加了 1,800 萬美元，增幅為 8%。我們的 12 個月業績也成長了 8%，即略低於 6,700 萬美元。整個投資組合的每平方英尺平均收入持續提高，成長了約 1.6%，如果只看同店收入，則成長了 3%。

Our average move-in rates for the same-store portfolio were up just over 4.5% compared to the fourth quarter of last year. Our occupied unit count at the end of March was up just over 39,000 units compared to the same time last year. This time last year, when we were talking that, that same statistic was a 31,000 unit improvement. So we picked up the pace a bit compared to where we were at last year.

與去年第四季相比，我們同店平均入住率上漲了 4.5% 以上。與去年同期相比，我們三月底的入住單位數量增加了 39,000 多套。去年這個時候，當我們談論這個主題時，同樣的統計數據是增加了 31,000 個單位。因此與去年相比，我們的步伐加快了一些。

During fiscal year 2025, we added 82 new storage locations, 6.5 million new net rentable square feet across 71,000 new rooms. Our average occupancy ratio across all of our own locations during the fourth quarter declined about 2.5% to just over 77%. If you look at just the same-store portfolio, average occupancy experienced about a 50 basis points decrease to 91.9%.

在 2025 財年，我們增加了 82 個新的儲存位置，71,000 個新房間，新增 650 萬平方英尺的淨可出租面積。第四季度，我們所有門市的平均入住率下降了約 2.5%，至略高於 77%。若只看同店組合，平均入住率下降了約 50 個基點，至 91.9%。

During fiscal 2025, we invested $1.507 billion in real estate acquisitions, along with self-storage and U-Box warehouse development that's a $249 million increase over the previous year. During just the fourth quarter, we added 1.6 million new net rentable square feet, about 1.5 million of that was newly developed locations, along with expansion at existing facilities. We currently have just under 7 million new net rentable square feet being actively developed and another 8 million square feet in the pipeline behind that.

在 2025 財年，我們投資了 15.07 億美元用於房地產收購，以及自助倉儲和 U-Box 倉庫開發，比前一年增加了 2.49 億美元。光是在第四季度，我們就增加了 160 萬平方英尺的新淨可出租面積，其中約 150 萬平方英尺是新開發的地點，同時也擴大了現有設施。目前，我們正在積極開發近 700 萬平方英尺的新淨可出租面積，另有 800 萬平方英尺的淨可出租面積正在籌備中。

Our U-Box revenue results are included in other revenue in our 10-K filing. This line item was in the Moving and Storage segment was up just under $14 million, of which U-Box was a primary contributor. We are seeing both U-Box Moving transactions and the related Storage transactions grow. Over the last 12 months, we've increased our covered storage capacity or warehouse space for these containers by nearly 25%, and we're going to continue to see growth in that area.

我們的 U-Box 收入結果包含在我們的 10-K 檔案的其他收入中。搬運和倉儲部門的此項支出上漲了近 1,400 萬美元，其中 U-Box 是主要貢獻者。我們看到 U-Box 行動交易和相關的儲存交易都在成長。在過去的 12 個月中，我們將這些貨櫃的覆蓋儲存容量或倉庫空間增加了近 25%，我們將繼續看到該領域的成長。

Operating expenses at Moving and storage were up $53.6 million. Starting off on a positive note, we had another quarter of declining fleet repair and maintenance costs this time down at $6.7 million. Some of the larger expense increases that we had, personnel costs were up $12.8 million, although that was largely in line with our revenue increase.

搬運和倉儲業務的營運費用增加了 5,360 萬美元。從積極的一面開始，我們的車隊維修和維護成本又一個季度下降，這次下降到 670 萬美元。在我們的一些較大支出增加中，人事成本增加了 1,280 萬美元，儘管這與我們的收入成長基本一致。

Other costs, including utilities, property taxes and shipping costs associated with our U-Box moves were up a little over $11 million. The largest outlier for the quarter was our liability costs associated with the fleet were up $27.8 million.

其他成本，包括與我們的 U-Box 搬運相關的水電費、財產稅和運輸成本，上漲了 1,100 多萬美元。本季最大的異常值是與船隊相關的責任成本上漲了 2,780 萬美元。

As of March -- end of March, our Moving and Storage segment had cash and availability totaling $1.348 billion. On our Investor Relations website, investors.uhaul.com, we posted some supplemental materials in addition to the earnings release, the 10-K filing that are right on the front page for you to click on.

截至 3 月底，我們的搬運和倉儲部門擁有的現金和可用資金總額為 13.48 億美元。在我們的投資者關係網站 investors.uhaul.com 上，除了收益報告和 10-K 文件之外，我們還發布了一些補充資料，這些資料就在首頁上供您點擊。

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

說完這些，我想將電話交還給我們的接線生康斯坦丁，開始電話的問答部分。

(Operator Instructions)

（操作員指示）

Steven Ralston, Zacks.

史蒂文·拉爾斯頓，Zacks。

Good morning.

早安.

Morning.

早晨。

I, looking through the numbers, I noticed and obviously you're in a seasonal business, that the fourth quarter was basically the strongest in the last six years exiting out 2021, which was an exceptionally strong year. And interpreting this as the business itself, the top line business is getting stronger. First of all, like see that you can interpret that as I do.

我查看了這些數字，發現很明顯你們做的是季節性業務，第四季度基本上是過去六年表現最強勁的季度，而 2021 年是異常強勁的一年。而從業務本身來看，頂線業務正在變得更加強勁。首先，希望您能像我一樣理解這一點。

And secondly, I know Joe, he talked -- I asked him last year at the beginning of the fiscal year, what the outlook was for given his decades of experience was for the coming year. And basically, he said modest growth. And I don't know if you gave the exact numbers, but I interpreted like 2% to 3% top line growth. With all his decades of experience, what's his current outlook for the top line, exiting out the depreciation and the other things that are going on?

其次，我了解喬，他談到了——去年財政年度開始時我問過他，鑑於他幾十年的經驗，他對來年的前景有何看法。基本上，他說的是適度成長。我不知道您是否給出了確切的數字，但我將其解讀為 2% 至 3% 的營收成長率。憑藉他數十年的經驗，他對目前的收入前景、擺脫貶值和其他正在發生的事情有何看法？

Yeah. This is Joe, Steve. I think it's picking up, we're seeing signs that customers are positive. And of course, there's all these forces that you can read the paper and go crazy. But at the base store level, I think we're seeing a little bit of consumer optimism and willingness to start on some sort of a Moving adventure. Every time someone moves, it's an adventure to put a play.

是的。這是喬，史蒂夫。我認為情況正在好轉，我們看到了顧客持正面態度的跡象。當然，所有這些力量都會讓你讀到報紙並發瘋。但在基礎商店層面，我認為我們看到了消費者的一些樂觀情緒和開始某種移動冒險的意願。每次有人搬家，上演一齣戲都是一場冒險。

So if they're kind of optimistic, they're doing a little more business. And I see them doing a little more business with us, they're accepting a little bit of rate increase and when we execute with what I call with precision, they're good with all this. There's not -- that people don't have the ability to spend money or something like that.

因此，如果他們有點樂觀，他們的生意就會做得更多。我看到他們與我們做了更多的生意，他們接受了一點點的利率上調，當我們按照我所說的精準執行時，他們對這一切都很滿意。並不是說人們沒有能力花錢或諸如此類的事情。

They just want to see good value for the money or maybe even great value for the money, which we should be in the position of providing or we're kind of at the great value into the spectrum. So I'm pushing that real hard with my troops. And I think we're seeing a positive response from the customer.

他們只是想看到物有所值，甚至是物超所值，而我們應該提供這種產品，或者說，我們在這方面具有很大的價值。因此，我和我的部隊正在竭盡全力推動這一目標。我認為我們看到了客戶的正面反應。

Thank you. Now moving over to depreciation, and you spend a lot of time on that in this call and also in the press release. I consider depreciation, just part of the nature of the businesses that you're in. I mean, a constant investment stage of capital for replacing your vehicles and increasing capacity. And depreciation is just a byproduct of that and you use it well to use that to offset as an expense -- a noncash expense.

謝謝。現在轉到折舊問題，您在這次電話會議和新聞稿中花了很多時間討論這個問題。我認為折舊只是您所從事的業務性質的一部分。我的意思是，不斷投資資金來更換車輛並增加產能。折舊只是其中的副產品，您可以利用它來抵銷費用——非現金費用。

And at some point, there will be -- you'll be able to benefit from that when there's increased demand. And that's just the nature of your business in the self-storage industry and also self-moving obviously. But you rather downbeat on it, I mean this is just part of your business. And could you just comment on that? I mean, maybe some investors don't understand that.

在某種程度上，當需求增加時，你就能夠從中受益。顯然，這就是自助倉儲業和自助搬運行業的業務性質。但你對此相當悲觀，我的意思是這只是你業務的一部分。您能對此發表評論嗎？我的意思是，也許有些投資者不明白這一點。

Sure. I'm with you. The depreciation on self-storage is money in the bank that if you wanted to scratch me deep. That would be my response there. It's money in the bank, relaxed. Equipment is different, equipment really is a depreciating asset. And through this time, we had a number of things that happened. The cost of acquiring equipment exceeded our upper limit of projections, okay? It was something that was, we've not seen in 30 years.

當然。我和你在一起。如果你想深深傷害我，那麼自助倉儲的折舊就是銀行裡的錢。這就是我的回應。這是銀行裡的錢，放心吧。設備則不同，設備確實是貶值資產。在此期間，我們經歷了許多事情。購買設備的成本超出了我們預測的上限，好嗎？這是我們三十年來從未見過的事。

And then that was coupled with a shortage of equipment, which is what runs repair expense up and also causes us in the present year to be acquiring more trucks than we would on a normal adjusted basis. But I think you're absolutely -- equipment depreciation, if we can have a reasonable handle on how we bring the equipment in and how we take it out, should match up to revenues in a positive way over a three or five year cycle for sure.

再加上設備短缺，導致維修費用增加，也導致我們今年購買的卡車數量比正常調整後的數量還要多。但我認為你絕對是——如果我們能夠合理地掌握設備的引進和引出方式，那麼設備折舊肯定會在三到五年的周期內與收入產生積極的影響。

And I expect it kind of is, but there's this anomaly, the automakers and they're starting to fess up to this now, if you read press, they've been grossly subsidizing electric vehicle misadventures by jacking the people who buy internal combustion engines, whether it's consumers or fleets and that's created a net loss for everybody.

我認為情況確實如此，但存在這種異常現象，汽車製造商現在開始承認這一點，如果你看新聞，你會發現，他們通過向購買內燃機汽車的人（無論是消費者還是車隊）收取高額費用來補貼電動汽車的事故，這給每個人都造成了淨損失。

The automakers lost money because they couldn't sell the dam electric vehicles and make any money. And then we've paid arguably too much for fleet. But that now is starting to come back towards normalization. We're not quite there on, if you look at it over a 10 year trend, but we're improving. And the feedback I get from the automakers is they're pretty much done with the charade of net zero.

汽車製造商因無法銷售大量電動車而賺不到錢，因此遭受損失。而且我們為車隊付出的費用可以說太高了。但現在情況開始恢復正常。如果從 10 年的趨勢來看，我們還沒有完全達到目標，但我們正在進步。我從汽車製造商那裡得到的回饋是，他們基本上已經不再玩弄淨零的把戲了。

And it's going to allow them to write their vote. Most of these people are actually manufacturing but you must very excellent at it, if you let them go. But they have -- whatever you want to say, drunk the cool-aid and not done which is their forte. And I think they're focused on getting back to their forte, and that will benefit us, although there'll be some little lumps and bumps getting there. But I think it's going to benefit us.

它將允許他們寫下自己的選票。這些人中的大多數實際上都是製造業，但如果你讓他們走，那你一定非常擅長製造業。但是他們——無論你想說什麼，喝了酷愛飲料卻沒有做，這是他們的強項。我認為他們正致力於重拾自己的強項，這將對我們有利，儘管在前進的道路上會遇到一些小坎坷。但我認為這將對我們有益。

I saw article this morning where Mary Barra commented positively on tariffs. And of course, the article speculated whether she was trying to curry favor with the Trump administration or she actually believes this but she may be correct. Okay, it's a very -- these are complicated equations how this cost works through the economy, but costs that are just wasted. In other words, money spend to develop a vehicle that you can sell for $50, but cost you $100 that's just pure waste in the economy and we've been the victim of that, and I think that's coming to a halt. And as that comes to a halt, this statement that depreciation is a normal thing will be absolutely true.

我今天早上看到一篇文章，瑪麗·博拉對關稅發表了積極評論。當然，文章猜測她是否試圖討好川普政府，或者她真的相信這一點，但她可能是對的。好的，這是一個非常複雜的方程式，這些方程式說明了這些成本如何在經濟中發揮作用，但這些成本只是被浪費了。換句話說，你花錢開發一輛本來可以賣 50 美元的汽車，但實際上卻要花 100 美元，這純粹是經濟浪費，我們就是這種現象的受害者，我認為這種情況即將停止。當這種情況停止時，「貶值是正常現象」這一說法將絕對正確。

It should be a normal thing. And I'm -- I don't know it's a grant, but disappointed that we didn't properly see the extent to which this could go. In other words, our projection -- the range of our projections did not encompass what actually happened on either decline in retail that, resale value or the amount that the automakers would attempt to make different acquisition prices. But those are now coming back where they're more comprehensive. And normally, they work well for the whole economy. So I expect this is going to bring itself out given a little bit of time, and I'm with you 100%. Again, on Storage, depreciation is the piggybank, it's not a cost. On trucks, it's real, but it should match to revenue.

這應該是很正常的事。我不知道這是一筆贈款，但我很失望我們沒有正確地看到這筆贈款能達到什麼程度。換句話說，我們的預測範圍並不涵蓋零售價、轉售價值的下降或汽車製造商試圖制定的不同收購價格的金額的實際情況。但現在它們又回來了，而且變得更加全面。通常情況下，它們對整個經濟都有良好的作用。因此我希望這件事過一段時間就會自然解決，我完全同意你的觀點。再次強調，對於儲存而言，折舊是儲蓄罐，而不是成本。對於卡車來說，這是真實的，但它應該與收入相符。

Thank you very much for taking my questions.

非常感謝您回答我的問題。

Sure.

當然。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

Hi, good morning. Maybe to start with the U-Box growth, it jumped up meaningfully in the quarter and growing 3 times faster than Moving. What do you attribute that step up to? I saw the comment that Moving and Storage containers both increasing, or were they increasing at similar levels on a year-over-year basis.

嗨，早安。也許從 U-Box 的成長開始，它在本季大幅成長，成長速度是 Moving 的 3 倍。您認為這項進步歸功於什麼？我看到這樣的評論：搬運和儲存容器的數量都在增加，或者它們是否在同比基礎上以相似的水平增加。

Well, this is Jason. I'll start with that. The Moving transactions -- the U-Box Moving transactions are growing at a faster rate than the U-Box containers that we're keeping in Storage. Now, both are in the plus-20% range, it's just that the Moving transactions are at the higher end of that, the Storage transactions are at the lower end of that. So with as many containers that we have acquired in warehouse space that we've built out, our big opportunity is to keep more of those containers in Storage.

嗯，這是傑森。我先從那裡開始。行動交易－U-Box 行動交易的成長速度比我們儲存的 U-Box 容器的成長速度更快。現在，兩者都處於+20％的範圍內，只是行動交易處於較高端，而儲存交易處於較低端。因此，隨著我們在建造的倉庫空間中獲得了越來越多的貨櫃，我們最大的機會是將更多的貨櫃存放在倉庫中。

Okay. And then the 17% growth, I mean, not obviously you can't pinpoint it too specifically, but is that the right sort of range to think about going forward or is it still something strong but maybe more moderate than that?

好的。然後是 17% 的成長率，我的意思是，顯然你不能把它說得太具體，但這是未來值得考慮的正確範圍嗎？還是說它仍然很強勁，但可能比這更溫和？

This is Joe. I think my expectation is to stay in that range. The market's vast. We've done this largely without cannibalizing our existing customer base. So we've been able to get growth in both of those segments. I see that the U-Box has a higher growth rate then the truck share operation for many years to come. I just think that's the nature of it. Of course, it's smaller, but it's all the markets less explored also, and it's not a simple cannibalization of our other customer. So yeah, I think you can project to be a higher. And I certainly am banking on that.

我是喬。我的預期是保持在這個範圍內。市場廣闊。我們在很大程度上做到了這一點，而沒有蠶食我們現有的客戶群。因此，我們在這兩個領域都實現了成長。我認為，在未來許多年裡，U-Box 的成長率將高於卡車共享營運。我只是認為這就是它的本質。當然，它的規模較小，但也是所有尚未充分開發的市場，而且它並不是對我們其他客戶的簡單蠶食。是的，我認為你可以達到更高的水平。我當然相信這一點。

That's great to hear. Wanted to shift to real estate investments next year. Your Storage pipeline is down a $1 million or so from the prior quarter, and the U-Box warehouse space grew meaningfully last year. Do you expect real estate CapEx to be at similar levels in FY26 or do you expect it to moderate a bit just maybe your logic behind where you see it going?

聽到這個消息真是太好了。明年想轉向房地產投資。您的儲存管道比上一季減少了約 100 萬美元，而 U-Box 倉庫空間去年則大幅成長。您是否預計 26 財年的房地產資本支出將處於類似水平，或者您預計它會略有放緩，這也許只是您認為其走向背後的邏輯？

I'll touch it and I'll let Jason. He's the voice of reason here, which I think is the position you like him to play. I'm the voice of let's get there before somebody else does. So with U-Box, we've done a lot of just playing to get positioned in markets where we weren't positioned. And with the exception of a few major markets, and I'll pick Los Angeles as an example. We're woefully under U-Box in Los Angeles, but that may end up being the situation for the next 20 years.

我會觸摸它，然後讓傑森觸摸。他是這裡的理性聲音，我認為這也是您希望他扮演的角色。我的聲音是讓我們在別人之前到達那裡。因此，透過 U-Box，我們做了很多嘗試，以在尚未進入的市場中佔有一席之地。除了幾個主要市場外，我將選擇洛杉磯作為例子。我們在洛杉磯的 U-Box 下處境很糟，但這可能是未來 20 年的情況。

So but we have added U-Box capacity throughout North America. And we're -- I don't think we're in the emergency construction basis, which I would if you would have asked me a year or two years ago, I said it's an emergency, you can need more, more and more. Now we need to calmly exploit the asset that we've built because of course that's where -- that's the whole point of this. So as Jason said, as we get more people into Storage, continue to grow the Moving franchise of the U-Box product we'll be leveraging those assets and that should be positive leverage.

但我們在整個北美增加了 U-Box 容量。而且我們——我不認為我們處於緊急建設基礎，如果你在一兩年前問我，我會說這是一個緊急情況，你可能需要更多、更多、更多。現在我們需要冷靜地利用我們已經建立的資產，因為這當然是——這就是這件事的全部意義所在。因此，正如 Jason 所說，隨著越來越多的人進入儲存領域，繼續擴大 U-Box 產品的行動特許經營權，我們將利用這些資產，這應該是積極的槓桿。

Okay, that's great. And then last one for me, again, to state on the real estate side of things. You brought a lot of Storage capacity online recently that is self-storage. The maturity period, is it still moving at the historical clip on a going from day one to year one, two and three?

好的，太好了。最後我要再次強調的是，關於房地產方面的事。您最近上線了大量儲存容量，即自助倉儲。成熟期是否仍以歷史速度從第一天到第一年、第二年、第三年變化？

And then secondly, you have a larger percentage of units in that early phase of ramp up right now, it seems. Can you talk about the impact that has on EBITDA and the timeline of transitioning from money losing to EBITDA positive as Storage units mature?

其次，目前看來，處於早期階段的單位比例較大。您能否談談這對 EBITDA 的影響以及隨著儲存單元的成熟，從虧損轉變為 EBITDA 正值的時間表？

Steven, this is Jason. So the -- our rough estimate is usually approaching 70% occupancy, you're paying your bills. We're not having any issues on the lease-up of the portfolio through, say, the first three or four years. I would say that if there's any slowdown that we've seen is in the year going from year four to five, where you're going from the low 80&s to getting into the low 90%s. I would say that, that's maybe a couple of points -- percentage points slower than what we've seen before. And I'm excluding the COVID years, which were unusual.

史蒂文，這是傑森。因此——我們的粗略估計通常入住率接近 70%，您需要支付帳單。在最初的三到四年內，我們在投資組合租賃方面沒有遇到任何問題。我想說，如果說我們看到的成長放緩，那應該是在第四年到第五年之間，從80%出頭到90%出頭。我想說，這可能比我們之前看到的速度慢了幾個百分點。我還排除了 COVID 疫情年份，因為這些年份很不尋常。

So and that would point to more of a management challenge versus a consumer challenge trying to get the facility filled up to the 90% plus. Otherwise, in the first three, four years, as we're monitoring these new facilities that come on, I'm not seeing any real weakness in how they're leasing up.

因此，這更意味著管理挑戰，而不是消費者挑戰，試圖將設施的佔用率提高到 90% 以上。否則，在最初的三四年裡，當我們監控這些新設施的建成時，我並沒有發現它們的租賃方面有任何真正的疲軟跡象。

Okay, that's great. Thank you for taking my question.

好的，太好了。感謝您回答我的問題。

Andy Liu, Wolfe Research.

安迪‧劉 (Andy Liu)，沃爾夫研究公司 (Wolfe Research)。

Hey, morning everyone, and I appreciate you taking a question and really excited to be on the call for the first time. So really to kick it off, you guys talked about a lot of the positives early on the call, right, on the top line and in the deck, you mentioned higher transaction, higher revenue per transaction, it was all great news.

大家好，早安，謝謝您回答問題，我很高興第一次參加電話會議。首先，你們在電話會議初期就談到了很多積極的方面，在頂線和簡報中，你們提到了更高的交易量、更高的每筆交易收入，這些都是好消息。

So the big topic today is the tariffs, right, and that kind of happened early April. So as you look at the business on a month-to-month basis on the customers' traffic, have you guys noticed anything, any meaningful shift there perhaps folks that were thinking about Moving and now are saying like, hey, maybe I'll just stay put, given uncertainty or anything like that?

所以今天的重點是關稅，對吧，這在四月初就發生了。因此，當您逐月查看客戶流量的業務時，您是否注意到了什麼，任何有意義的轉變，也許那些正在考慮搬家的人現在說，嘿，考慮到不確定性或類似情況，也許我會留在原地？

I'll answer this. You're going to get an opinion because there's not, if someone has a fact on that, I'd appreciate hearing it. But my opinion, my observation is that if we communicate strong value that the consumer is still positive. They're a little picky and where I have stores that are poorly managed, my business is down, but that would be my answer to you. I will never get every store managed with precision, but I can get the most of them there, and that's my task.

我來回答這個問題。你會得到一個意見，因為沒有，如果有人對此有事實依據，我會很高興聽到。但我的觀點、我的觀察是，如果我們傳達強大的價值，消費者仍然是正面的。他們有點挑剔，如果我的商店管理不善，我的生意就會下滑，但這就是我對你的回答。我永遠不可能對每家商店進行精確管理，但我可以最大限度地利用它們，這就是我的任務。

So no, I'm not seeing this, and I've been very curious about this like you state, where tariffs going to make consumers uncertain and then they do nothing. If you ask my opinion, when people are uncertain, they don't move. Okay, but we're seeing people move. So my answer would be I don't think they're as uncertain as we might think.

所以不，我沒有看到這種情況，而且我對此非常好奇，就像你說的那樣，關稅會讓消費者感到不確定，然後他們什麼都不做。如果你問我的看法，當人們不確定時，他們就不會行動。好的，但是我們看到人們在移動。所以我的回答是，我認為它們並不像我們想像的那麼不確定。

Okay. Got it. That's fully fair, I know you don't fully spin around for a very long time and your super experience here. So I just wanted to kind of get your sense on you've seen things through the cycle before. So as you kind of look at, just where you are in sort of the cycle now, sort of what is your -- what's kind of your outlook here and how things might play out on the housing and the Moving side.

好的。知道了。這很公平，我知道你不會長時間旋轉，而且你在這裡擁有豐富的經驗。所以我只是想了解你之前對整個週期的了解。因此，當您看一下您現在所處的周期時，您的觀點是什麼，以及住房和搬家方面的情況將如何發展。

Yeah, I think the -- again, moving is the need for the consumer -- that continues. The question is, is it used to be for much of my career was do we get them to do business with anybody? Are they going to move in the trunk of their car or the roof for their car or some damn thing, you see. They've always been moving and of course, you watch investor moving. They're moving in wagons for god’ sakes.

是的，我認為──再次強調，消費者的需求是持續的。問題是，在我的職業生涯中，大部分時間都在思考如何讓他們與任何人做生意嗎？你知道，他們是要搬進汽車後車箱，還是搬進汽車車頂，或是搬進其他東西嗎？他們一直在行動，當然，你也會看到投資人在行動。看在上帝的份上，他們正坐著馬車前進。

So the question is what's the mode and can you -- they're going to move, the question is, can you get them into a commercial transaction that works good for both sides? Can they see it as a value? And can we use a profit out? And that's -- we work at that not, so much as can we stimulate moving demand. Can we get people to move more often? Now we have no plans, no intent, we don't care, don't accumulate any data on the subject.

所以問題是，模式是什麼，你能──他們會採取行動嗎？問題是，你能讓他們進行一項對雙方都有利的商業交易嗎？他們能將其視為一種價值嗎？我們可以利用利潤嗎？這就是──我們努力的方向並不是刺激需求的改變。我們能讓人們更頻繁地運動嗎？現在我們沒有計劃，沒有意圖，我們不關心，也不累積有關該主題的任何數據。

But can we get more of them to enter into a commercial transaction and, of course, specifically with U-Haul. And so that's kind of our task. But if people shut down and they have -- I've seen it where they've shut down, and it immediately reflects the distance of move in our statistics. They move a shorter distance on average. That's a growth statistic, but it's a pretty good indicator when the distance they move declines that overall, there's a little bit of anxiousness in the consumer group.

但是，我們能否讓更多的公司參與商業交易，當然，特別是與 U-Haul 進行交易。這就是我們的任務。但如果人們關閉了，他們已經——我已經看到他們關閉了，它立即反映出我們統計數據中的移動距離。它們平均移動的距離較短。這是一個成長統計數據，但當移動距離下降時，這是一個很好的指標，表明總體而言，消費者群體中存在一些焦慮。

Okay, Got it. That's super helpful, super helpful. So moving on to kind of the Storage side, I really appreciate you guys in putting out that slide here on sort of the revenue upside on the development pipeline. I think I remember a couple of quarters back, I kind of talked about the developments you could bring in sort of like 10% yield, 10% returns on these Storage developments.

好的，知道了。這非常有幫助，非常有幫助。因此，談到儲存方面，我非常感謝你們在這裡發布有關開發管道收入上升的幻燈片。我想我記得幾個季度前，我曾談到這些儲存開發可以帶來的收益，例如 10% 的收益，10% 的回報。

On the real estate side, we kind of hear maybe tariffs or making input costs go up or integration policy you could potentially affect the labor side of the equation. So would you -- would that potentially impact some of the yields you guys kind of initially expected for the future pipeline, that 10%?

在房地產方面，我們聽說關稅或投入成本上漲或一體化政策可能會影響等式的勞動力方面。那麼，這是否會對你們最初預期的未來管道收益率（即 10%）產生影響？

Andy, this is Jason. I've spoken with our real estate folks on the development side. And two areas of concern for us would be what goes into -- the concrete mix is in the steel. And in talking with our largest steel suppliers, we don't anticipate any significant increases in the cost of steel at least due to tariffs right now. And likewise, we haven't seen anything manifest itself yet in the cost of concrete.

安迪，這是傑森。我已經和我們開發方面的房地產人員進行了交談。我們關心的兩個問題是——混凝土混合物中含有鋼材。在與我們最大的鋼鐵供應商交談時，我們預計至少目前由於關稅原因鋼鐵成本不會大幅上漲。同樣，我們還沒有看到混凝土成本有任何明顯變化。

So what we've actually been seeing excluding the threat of tariffs is the cost of construction have been gradually coming down for us.

因此，我們實際上看到的是，排除關稅威脅，建築成本一直在逐漸下降。

That's a combination of us being a little bit smarter. And also, I think that people are just a little bit hungrier and we can get people to sharpen their pencil. So that's -- it doesn't mean that actual costs have declined, but what we're paying, this improving.

這是我們變得更聰明的結合。而且，我認為人們只是有點飢餓，我們可以讓他們削尖他們的鉛筆。所以這並不意味著實際成本下降了，而是我們支付的費用有所改善。

Okay. Got it. That's helpful, that's helpful. It's really great that you guys you look at your costs there. So really kind of following the Storage side, a lot of times, you kind of looked at your company that has on an operating side and real estate side, sometimes they could be disconnect in the valuation of the real estate, right?

好的。知道了。這很有幫助，這很有幫助。你們能看看那裡的成本真是太好了。因此，實際上，在關注儲存方面時，很多時候，您會審視公司的營運方面和房地產方面，有時它們在房地產估值方面可能會脫節，對嗎？

So looking at your Storage business, you guys own a pretty sizable footprint and kind of look at the other storage names that we covered here or in the private market, sort of the value of a self-storage facility or kind of like $300 a foot is kind of what the marketing norm is. So kind of looking at how you guys are trading. Do you guys think there is a disconnect maybe in the -- in how folks are looking at the value on the Storage portfolio?

因此，看看你們的儲存業務，你們擁有相當大的足跡，看看我們在這裡或在私人市場中介紹的其他儲存名稱，自助儲存設施的價值或每英尺 300 美元就是行銷規範。那麼看看你們的交易情況。你們是否認為人們對儲存產品組合的價值的看法存在脫節？

This is Jason. I guess to answer that is we've been trying to provide more details to help people value that. So that's an indication of we think that there's a disconnect. We think that there's more -- as people understand us more that we think the company is worth more than where it's trading at. We've been working with Wolfe and our other analysts in order to try to communicate that story.

這是傑森。我想回答這個問題的是，我們一直在努力提供更多細節來幫助人們重視這一點。所以這表示我們認為存在脫節。我們認為還有更多——隨著人們對我們的了解加深，我們認為公司的價值將高於其交易價格。我們一直在與沃爾夫和其他分析師合作，試圖傳達這個故事。

So as far as diluting the stock, everyone is listening to this call is probably better at that. What we're trying to do is present more information that our investors are asking for in order to -- so that everyone can better value the stock for themselves.

因此，就稀釋股票而言，每個人都在聽取這個意見，這可能會更好。我們試圖做的是提供更多投資者需要的信息，以便每個人都能更好地評估股票的價值。

Yeah, for sure, for sure. And I really appreciate you taking my questions today. Happy to be launching on the name, and looking forward to working guys more. I appreciate it. Thank you.

是的，當然，當然。我非常感謝您今天回答我的問題。很高興能以這個名字推出，並期待與更多的人合作。我很感激。謝謝。

You're welcome.

不客氣。

Jamie Wilen, Wilen Management.

傑米‧威倫 (Jamie Wilen)，威倫管理公司 (Wilen Management)。

Yes. As a follow-up to the previous question, it would seem like when one looks at the self-storage industry, whether they're public or private and looks at the growth of your self-storage as well as floating and U-Box there, which most of the other self-storage people do not have a similar component.

是的。作為上一個問題的後續，當人們觀察自助存儲行業時，無論是公共的還是私人的，並觀察自助存儲以及浮動存儲和 U-Box 的增長情況，似乎大多數其他自助存儲人員都沒有類似的組件。

The value of self-storage in U-Box exceeds the current stock price. So it seems like the truck rental business is being valued for less than zero. So one would hope other than just putting out information to additional Wall Street analysts that the company can garner a plan for how to reduce that valuation gap since our self-storage is so undervalued relative to its peers in the market.

U-Box 自助倉儲的價值超過了目前的股價。因此看起來卡車租賃業務的估值低於零。因此，人們希望，除了向其他華爾街分析師發布資訊之外，公司還可以製定一項計劃來縮小估值差距，因為我們的自助儲存相對於市場上的同行而言被嚴重低估。

Yeah. I think that's a great comment, Jamie, and of course, as you know I'm invested in this. And so optimizing that is in my self-interest, right? Welcome input on the subject and then trying to get there.

是的。我認為這是一個很好的評論，傑米，當然，正如你所知，我對此很感興趣。因此優化這一點符合我的自身利益，對嗎？歡迎就此主題提出意見並嘗試實現此目標。

Would you all consider repurchasing shares at this tremendous discount to intrinsic value to close that certain valuation gap?

你們會考慮以低於內在價值的價格回購股票來彌補一定的估值差距嗎？

I'm torn on that. We did some repurchases, I don't know, what, 10 or 12, 15 years ago and some members of my family liked it because I felt like they were getting more wealthy or something, but it didn't get any more money to spend. So I don't know if it really get a lot, but -- and at the same time, Jason's keeping a pretty -- he's playing his position and trying to make sure we keep ourselves very liquid and very flexible because of there is significant uncertainty in the financial remarks, I'll say, relative to five years ago maybe. And so he's trying to keep me to -- keeping with a fair amount of liquidity.

我對此感到很糾結。我們做過一些回購，我不知道，10 年、12 年、15 年前，我的一些家庭成員喜歡它，因為我覺得他們變得更富有了，但是它並沒有帶來更多的錢可以花。所以我不知道它是否真的有很多，但是 - 與此同時，傑森保持著相當不錯的 - 他正在發揮自己的作用，並試圖確保我們保持非常高的流動性和靈活性，因為財務評論中存在很大的不確定性，我想說，相對於五年前來說。所以他試著讓我保持相當數量的流動性。

So it's not been proposed. There's no proposal in front of the Board or any particular Board member that I recall who's agitating for a share back, and I'm not agitating for one but someone made the case and certainly we talked about it, but I just -- no, I don't know, it may be smart. We did it before. I was not very much in favor of it, but I try not to just run this as a hypocrisy.

所以它還沒有被提出。我記得董事會或任何特定董事會成員面前沒有提出任何提案來要求回購股份，我也沒有要求回購股份，但有人提出了這個理由，當然我們也討論過這個問題，但我只是——不，我不知道，這可能是明智之舉。我們以前也這麼做過。我並不是非常贊成這樣做，但我盡量不把它看作是一種虛偽的行為。

I would submit that the valuation gap today is much, much greater than the valuation gap when you were purchasing -- repurchasing shares a dozen years ago. It's a different equation today.

我認為，今天的估值差距比十多年前購買或回購股票時的估值差距要大得多。今天情況已經不同了。

Well, I appreciate you making that point.

嗯，我很感謝你提出這一點。

Financially, the property and casualty business, operating profits declined in the quarter from $25 million to $10 million. Is there any particular reason that would happen?

財務方面，財產和意外保險業務的營業利潤在本季從 2,500 萬美元下降至 1,000 萬美元。發生這種情況有什麼特殊原因嗎？

Jamie, this is Jason. And this is due to one of my least favored accounting rules on the face of the earth, and that is valuing common stock that we hold in our investment portfolios to market and running that change through earnings.

傑米，這是傑森。這是因為我最不喜歡的會計規則之一，即對我們投資組合中持有的普通股進行估值，並將其轉化為收益。

So we have a portfolio of common stock at the property and casualty company. Last year, during the fourth quarter, it went up in value compared to the beginning of the quarter, and we had a large gain. This year, it happened to go down in value and then combined, I think that was something like a $10 million swing just from holding the common stock, not from anything actually happening.

因此，我們在財產和意外傷害保險公司擁有普通股投資組合。去年第四季度，它的價值與季度初相比有所上升，我們獲得了巨大的收益。今年，它的價值恰好下降了，然後綜合起來，我認為這僅僅是因為持有普通股而產生的 1000 萬美元的波動，而不是因為實際發生的任何事情。

Understood. As a shareholder, I would with -- intrigued me with the thought of potentially selling off our insurance businesses and using that liquidity to repurchase shares and close the valuation gap and be able to put forth more capital into the businesses that are growing in our core businesses. Any thoughts in that direction?

明白了。作為股東，我很感興趣出售我們的保險業務，並利用這些流動性回購股票，縮小估值差距，並能夠為我們核心業務中正在成長的業務投入更多資金。對此有什麼想法嗎？

Yeah, I think that's a valid consideration. It's discussed and -- but I don't want to tell you it's something that's going to happen because -- but the idea is clear, so I guess I'd leave it at that.

是的，我認為這是一個合理的考慮。我們討論過了——但我不想告訴你這將會發生些什麼，因為——但這個想法很明確，所以我想我就此打住。

Okay. All right, thanks, fellas. Appreciate it.

好的。好的，謝謝大家。非常感謝。

Stephen Farrell, Oppenheimer.

史蒂芬法雷爾，奧本海默。

Good morning. I have a few questions about the fleet. What is the current age? And how does that compare to pre-pandemic level?

早安.我對艦隊有幾個問題。現在的年齡是多少？與疫情前的水平相比如何？

I don't have a calculation. We don't run that statistic. But if you look at unused mileage, it doesn't work. Let's take 130,000 trucks and how many miles do we have left in that fleet on a per truck basis than we did pre-COVID. Pre-COVID was our highest, we would have had the highest number of unused and therefore available miles in the fleet.

我沒有計算。我們沒有進行該統計。但如果你看一下未使用的里程，它就不起作用。假設我們有 13 萬輛卡車，那麼與疫情之前相比，每輛卡車還剩下多少英里？在新冠疫情之前，我們的飛機數量是最多的，因此我們的機隊中未使用的可用里程數也是最多的。

We have steadily been increasing that, and this year, we'll increase it again. And we -- I was just thrilled prior to COVID because I thought we've got the company into a strong position there and then COVID came and we had at first our own fear and then to acquire more capital trucks.

我們一直在穩步增加這一數字，今年我們將再次增加。在新冠疫情爆發之前，我就很興奮，因為我認為我們已經讓公司處於強勢地位，但新冠疫情爆發後，我們一開始感到害怕，然後就想購買更多的資本卡車。

And then the automakers inability or unwillingness to manufacture the trucks. So between the two of those factors, we declined rapidly, and you saw that in escalating repairs, expense of repair, expense went up a couple of $100 million in a short period of time. It was because the trucks as on average were not necessarily older but had more miles or unused -- less unused miles available.

然後汽車製造商無力或不願意生產卡車。因此，在這兩個因素的影響下，我們的業績迅速下滑，而且你會看到，在不斷升級的維修費用中，維修費用在短時間內增加了數億美元。這是因為卡車平均而言不一定較舊，但行駛里程較多或未使用里程較少。

And all these trucks have different amounts of miles that they're good for the -- there's not a one index number. But so I think we're probably by the end of this build, which will go through, the one we're in now basically is going to go through next March, I think we're probably above 90% of what we had pre-COVID. But I don't have an absolute calculation. You look at that twice a year and try to -- a whole bunch of sub positions and try to comprehend what it is.

所有這些卡車的行駛里程數都不同——沒有一個統一的索引號。但我認為，到這次建設結束時，也就是我們現在所處的階段，基本上將在明年 3 月完成，我認為我們的恢復程度可能已經超過了疫情之前的 90%。但我沒有絕對的計算。你每年看兩次，並嘗試 - 一大堆子職位，並嘗試理解它是什麼。

And so I don't have a number in the front of my mind. But we're gaining ground, which is to me, the point gain the ground and you gain a little ground, you'll get there. And there is no -- you can get too much now the fleet too new, and it just costs too much. So you want to kind of want to have the fleet.

所以我腦子裡沒有一個數字。但我們正在取得進展，對我來說，關鍵在於取得進展，只要取得一點進展，你就會成功。而且沒有——現在你可以得到太多的船隊，太新了，而且成本太高了。所以你想要擁有一支艦隊。

If I had my druthers, I'd have an equal percentage of every model in every year of production, but it never comes in that way. And so sometimes I have to buy 30% of a particular models fleet in one year because that's just what's available and what can be done. But it kind of puts a lump in the snake as we digest that. In just see it kind of despite seeing a rat go through a snake, it's just kind of a little lump it kind of works itself out.

如果我可以選擇的話，我會在每年的生產中佔有相同比例的每種型號，但事情從來不會這樣發生。因此，有時我必須在一年內購買某個特定車型的 30%，因為這是現有庫存，也是可以做到的。但當我們消化這一點時，它就像是把一塊硬塊塞進了蛇體內。儘管看到一隻老鼠穿過一條蛇，但這只是一個小腫塊，它會自行解決。

We're not as good as pre-COVID but pre-COVID was the best, we're way ahead of different times to run this company. I mean I'm proud of the fleet. I don't expect that if you randomly go into a place, you're going to get some rough truck. I'd expect you're going to get a good truck. There's been times in my career where I'd say, you've got a 50-50 chance you may get a rough truck, you're not going to experience that today. So that helps build our business because consumers somehow communicate about that.

我們不如新冠疫情之前那麼好，但新冠疫情之前是最好的，我們在經營這家公司方面遠遠領先於其他時代。我的意思是我為這支艦隊感到自豪。我不認為如果你隨意走進一個地方，你會遇到一些粗暴的卡車。我希望你能買到一輛好卡車。在我的職業生涯中，我曾多次說過，你有 50% 的機會遇到一輛破舊的卡車，但今天你不會再遇到這種情況了。這有助於我們發展業務，因為消費者可以透過某種方式對此進行交​​流。

They know I can even tell by model when they think our truck leaves a little bit, not up to their expectations. So it is -- I think we're not seeing -- we're not -- that's not being a problem for us right now, if that makes sense. It's not a problem. But we're paying up for it. That's what you see in this depreciation. We're paying up.

他們知道我甚至可以透過模型判斷我們的卡車是否達到了他們的期望。所以，我認為我們沒有看到——我們沒有——這對我們來說現在不是一個問題，如果這說得通的話。這不是問題。但我們正在為此付出代價。這就是你在這次貶值中看到的。我們正在付款。

Right. And that's -- I just wanted to follow up that you can correct me if I'm wrong, but when there were no supply constraints with the fleet rotation, I always kind of thought of maintenance expenses increasing as the depreciation is decreasing the two, more or less rounds out over the life of the vehicle.

正確的。那是——我只是想跟進一下，如果我錯了，你可以糾正我，但是當車隊輪換沒有供應限制時，我總是認為維護費用會增加，因為折舊會在車輛的使用壽命內減少兩輪，或多或少。

And is it now we have a significant increase in depreciation that's outpacing the decrease in maintenance expense and is that just a new normal because there was a big lump of spend this year and last year and not much before that? Or do you think it will eventually balance out?

現在我們的折舊費用是否大幅增加，超過了維護費用的減少？這是否只是一種新常態，因為今年和去年的支出很大，而之前沒有太多？或者您認為它最終會達到平衡？

I'm sorry, I do not want -- I would not characterize it as the new normal. Again, I expect that automakers will continue to improve quality and maybe even pricing going ahead. They have room there if they can get themselves focused on it and get their costs allocated. So they're not constantly trying to subsidize another vehicle. So they're very good at this, they're very knowledgeable people.

對不起，我不想——我不會將其描述為新常態。再次，我預計汽車製造商將繼續提高質量，甚至提高價格。如果他們能夠集中精力並分配成本，他們就有空間。所以他們不會一直試圖補貼另一輛車。所以他們非常擅長這個，他們是知識淵博的人。

And in my conversations with them as of late, that is their focus. I couldn't have said that two years ago. So if they get focused on this, I think they'll do a good job and that will trickle through to us. And then we have to do of course, a good job of what trucks we buy, we buy the right ones in the right amount. So and then there's always the issue that Jamie Wilen brought of it?

在我最近與他們的交談中，我發現這就是他們的焦點。兩年前我還不會這麼說。因此，如果他們專注於此，我認為他們會做得很好，並且也會惠及我們。當然，我們必須做好購買卡車的工作，購買適當數量的合適卡車。那麼 Jamie Wilen 帶來的問題一直存在嗎？

Or are you really making a profit or not because there's so many things and on what we call a box truck and over truck that has a square U-Haul box on the back of it, you're not out of the woods for seven or eight years, that's just the truth. And that's always been the truth, and it's not a scary thought to us. We deal with that all the time.

或者你真的賺錢了嗎，因為有太多東西，在我們所謂的箱型貨車和後面有方形 U-Haul 箱的卡車上，你在七八年內都無法擺脫困境，這就是事實。這始終是事實，對我們來說這並不是什麼可怕的想法。我們一直在處理這個問題。

But so you make a projection, an eight-year projection, this is kind of a long projection, and we try to be real sober about that because we intend to be here seven or eight years from now in on our positions, and we don't want it to be reflecting poorly on this. So we're trying to do that to the very best of our ability and we will become easier as the automakers focus back on the core competency because they're more predictable, things are predictable.

但是，如果你做一個預測，一個八年的預測，這是一個長期的預測，我們試圖對此保持清醒的頭腦，因為我們打算在七八年後繼續保持我們的立場，我們不希望它對此產生不良影響。因此，我們正在盡最大努力做到這一點，隨著汽車製造商重新專注於核心競爭力，我們會變得更容易，因為他們更可預測，事情是可預測的。

And they -- all this green business has just disrupted. Go to a car dealer and talk to the dealer, his tail role will be frightening. He has a bunch of unsold inventory and a bunch of orders for vehicles he can't source. Well, that just means the supply chain has been disrupted, and we need to rationalize the supply chain, which I think is speedily being addressed, and they will get it right because that is what they do well at.

而他們——所有這些綠色業務都剛剛被打亂。去找汽車經銷商和經銷商談談，他的尾部角色會令人恐懼。他有大量未售出的庫存和大量無法採購的車輛訂單。嗯，這只是意味著供應鏈被打亂了，我們需要合理化供應鏈，我認為這個問題正在迅速解決，他們會做好的，因為這是他們擅長的。

Well, that's good. Thank you very much.

嗯，那很好。非常感謝。

There are no further questions at this time. I'd like to turn the call back to the management team for closing comments. Sir, please go ahead.

目前沒有其他問題。我想將電話轉回給管理團隊，請他們發表最後評論。先生，請繼續。

Well, thank you, everyone, for your support. We look forward to speaking with you in August after we report our first quarter results. Thank you.

好吧，謝謝大家的支持。我們期待在八月報告第一季業績後與您交談。謝謝。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。