U-Haul Holding Co (UHAL) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the U-Hall Holding Company first-quarter fiscal 2026 investor call conference. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025.

各位女士、先生，早安，歡迎參加 U-Hall Holding Company 2026 財年第一季投資者電話會議。（操作員指示）本次通話於2025年8月7日星期四進行錄音。

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

現在我將把會議交給塞巴斯蒂安·雷耶斯。請繼續，先生。

Good morning, everyone. Thanks for joining us. Welcome to the U-Hall Holding Company first-quarter 2026 investor call.

各位早安。謝謝您的參與。歡迎參加 U-Hall Holding Company 2026 年第一季投資者電話會議。

Before we begin, I'd like to remind everyone that certain of the statements during this call, including without 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.

在開始之前，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、利潤和我們業務總體增長的陳述，可能構成經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條安全港條款所指的前瞻性陳述。

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 in Form 10-Q for the quarter ended June 30, 2025, which is on file with the US Securities and Exchange Commission.

前瞻性陳述本身存在風險和不確定性，其中一些風險和不確定性是無法預測或量化的。某些因素可能導致實際結果與預期結果有重大差異。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截至 2025 年 6 月 30 日的季度報告（表格 10-Q），該報告已提交美國證券交易委員會備案。

I will now turn the call over to Jason Berg, Chief Financial Officer of U-Haul Holding Company.

現在我將把電話交給U-Haul控股公司的財務長Jason Berg。

Thanks, Sebastien. I'm speaking to you today from our offices here in Phoenix, Arizona. Joe Shoen, our Chairman and CEO, is unable to attend today's call. However, he is going to be available to speak to you at length and answer questions in two weeks at our Annual Investor and Analyst webcast. We do have Sam Shoen, the Vice Chairman of our Board of Directors, here with us today to answer questions.

謝謝你，賽巴斯蒂安。今天我正在亞利桑那州鳳凰城的辦公室和大家通話。我們的董事長兼執行長喬·肖恩今天無法參加電話會議。不過，他將在兩週後的年度投資者和分析師網路研討會上與您進行深入交流並回答問題。今天，我們的董事會副主席 Sam Shoen 先生來到現場，回答大家的問題。

Yesterday, we reported first-quarter earnings of $142 million compared to $195 million for the same quarter last year. In terms of EPS, that's $0.73 per nonvoting share this quarter versus $1 per nonvoting share last year at this time.

昨天，我們公佈了第一季獲利1.42億美元，去年同期獲利為1.95億美元。就每股收益而言，本季每股無投票權收益為 0.73 美元，而去年同期每股無投票權收益為 1 美元。

Earnings before interest, taxes and depreciation, that -- I'll refer to this as adjusted EBITDA, in our Moving and Storage segment increased 6% or nearly $31 million for the quarter, driven by strong revenue growth across all of our product lines. Included in our release and our financial supplement is a reconciliation of adjusted EBITDA to GAAP earnings.

在我們的搬家和倉儲業務部門，息稅折舊攤銷前利潤（我稱之為調整後 EBITDA）在本季度增長了 6%，即近 3100 萬美元，這主要得益於我們所有產品線的強勁收入增長。我們的新聞稿和財務補充文件中包含了調整後 EBITDA 與 GAAP 收益的調整表。

The largest difference between adjusted EBITDA and GAAP earnings is depreciation, and this is also the cause of the largest negative variance in earnings year over year. During the first quarter of this year, we swung to a $22 million loss on the disposal of retired rental equipment as compared to an $8 million gain last year. Cargo vans that we purchased over the last two years that are now being sold came into the fleet with higher initial costs, and the current market resale values are not reflecting this that's resulting in a loss. We have increased the pace of depreciation of the remaining units to reflect this new reality.

調整後 EBITDA 與 GAAP 收益之間最大的差異是折舊，這也是收益比去年同期出現最大負偏差的原因。今年第一季度，我們處分退役租賃設備虧損 2,200 萬美元，而去年同期則獲利 800 萬美元。我們過去兩年購買的貨車現在正在出售，這些貨車當初投入車隊時初始成本較高，而目前的市場轉售價值並沒有反映出這一點，導致我們虧損。為了反映這一新情況，我們加快了剩餘單位的折舊速度。

Additionally, we have depreciation from increasing the size of the box truck fleet by approximately 8,600 units compared to June of last year. Pricing on new cargo vans for the upcoming model year indicates some nominal improvement. Of the $0.27 decline in earnings per share in the first quarter, $0.21 is from fleet depreciation and $0.12 is from the increase in losses on rental equipment sales.

此外，與去年 6 月相比，廂型車車隊規模增加了約 8,600 輛，因此也產生了折舊。即將上市的新貨車定價顯示價格略有下降。第一季每股收益下降 0.27 美元，其中 0.21 美元來自車隊折舊，0.12 美元來自租賃設備銷售損失增加。

For the first quarter, our equipment rental revenue results had a $44 million increase, just over 4%. Revenue per transaction increased for both our in-town and one-way markets compared to the first quarter of last year. Overall transactions largely held steady with what we saw in the first quarter of last year. For the month of July, we've seen revenue continue to trend positively compared to the same period last year, but we haven't yet seen a big improvement in transactions.

第一季度，我們的設備租賃收入成長了 4,400 萬美元，略高於 4%。與去年第一季相比，我們市內市場和單程市場的每筆交易收入均有所成長。整體交易量與去年第一季基本保持穩定。7 月份，我們看到營收與去年同期相比持續保持正面趨勢，但交易量尚未大幅改善。

Capital expenditures for new rental equipment in the first quarter were $585 million. That's a $46 million increase compared to the same time last year. This increase was spread across acquisitions of box trucks, trailers, towing devices and cargo vans.

第一季用於新租賃設備的資本支出為 5.85 億美元。與去年同期相比，增加了 4,600 萬美元。這一增長體現在廂式貨車、拖車、牽引裝置和貨車的購置上。

Self-storage continues to be positive. Storage revenues were up $19 million, which is about a 9% increase for the quarter. Average revenue per foot continued to improve across the entire portfolio, up just over 1%, while our same-store portfolio was up, but it was up just under 1% per occupied foot. Our same-store occupancy decreased by 100 basis points to just under 93%.

自助倉儲市場持續保持積極態勢。儲存收入增加了 1,900 萬美元，比上一季成長了約 9%。整個投資組合的平均每平方英尺收入持續成長，成長略高於 1%，而我們的同店投資組合也有所成長，但每佔用平方英尺的成長略低於 1%。我們的同店入住率下降了 100 個基點，略低於 93%。

In July, we took on an effort system-wide to increase the number of available rooms at our existing locations by focusing on delinquent units. While this effort will not affect revenue directly as we don't record any revenue until it's collected, it will serve to reduce our reported occupancy level a few points if we don't refill all of those rooms in time for September reporting.

7 月，我們採取了全系統範圍的措施，透過專注於欠租單元，增加現有場所的可用房間數量。雖然這項措施不會直接影響收入，因為我們只有在收到款項後才會記錄收入，但如果我們無法在 9 月的報告期間之前重新填滿所有房間，這將導致我們報告的入住率下降幾個百分點。

In our financial supplement, you will see that we have a slide that shows where future storage revenue growth is coming from, and the future revenue growth from our existing portfolio has increased. This is partially from us making these rooms now available to paying customers.

在我們的財務補充文件中，您會看到有一張幻燈片顯示了未來儲存收入成長的來源，而我們現有投資組合的未來收入成長已經增加。部分原因是我們現在向付費客戶提供這些房間。

During the first quarter of this year, we invested $294 million in real estate acquisitions, along with self-storage and U-Box warehouse development. That's down $108 million from the first quarter of last year. During the three months, we added 15 locations with storage, and it's about 1.2 million new net rentable square feet. We currently have approximately 6.5 million new square feet being developed across 124 projects.

今年第一季度，我們投資了 2.94 億美元用於房地產收購，以及自助倉儲和 U-Box 倉庫開發。這比去年第一季減少了1.08億美元。三個月內，我們新增了 15 個倉儲地點，新增淨可出租面積約 120 萬平方英尺。我們目前有大約 650 萬平方英尺的新建築面積正在開發，分佈在 124 個項目中。

Our U-Box revenue results are included in other revenue in our 10-Q filing, and this line item increased $21 million, of which U-Box is a large part. U-Box revenue by itself was up about 16%. We continue to have success increasing U-Box moving transactions as well as increasing the number of these containers that customers are keeping in storage.

我們的 U-Box 收入已計入 10-Q 文件中的其他收入項下，該收入增加了 2,100 萬美元，其中 U-Box 佔很大一部分。U-Box 本身的營收成長了約 16%。我們在提高 U-Box 搬家交易量以及增加客戶存放的此類容器數量方面持續取得成功。

Moving and storage operating expenses increased $44 million for the quarter. As a percent of revenue, we were even with the first quarter of last year. The largest components of the increase were personnel, which was up $20 million. Liability costs were up $17 million, and we did see an increase in fleet repair and maintenance due to the increased size of the fleet. That was up about $5 million. As of the end of June this year, cash, along with availability from our existing corporate revolver at the Moving and Storage segment, totaled $1.191 billion.

本季搬遷和倉儲營運費用增加了 4,400 萬美元。以營收百分比計算，我們與去年第一季持平。此次成長的最大組成部分是人員支出，增加了 2,000 萬美元。責任成本增加了 1,700 萬美元，而且由於車隊規模擴大，車隊維修和保養費用也有所增加。那大約增加了500萬美元。截至今年 6 月底，現金加上我們在搬家和倉儲部門現有的企業循環信貸額度，總計 11.91 億美元。

We are holding our 19th Annual Virtual Analyst and Investor Meeting on Thursday, August 21 at 11:00 AM, at 2:00 PM Eastern Time. This is an opportunity to interact directly with company representatives through a live video webcast, which you can find at investors.uhall.com. Once again, we'll have a brief presentation by the company, followed by a question-and-answer session. Please feel free to submit questions to us early through the Investor website or send it to Sebastien. Or you can just submit them live during the webcast would be good either way.

我們將於8月21日星期四上午11:00（美國東部時間下午2:00）舉行第19屆年度虛擬分析師和投資者會議。這是一個透過即時視訊網路直播與公司代表直接互動的機會，您可以在 investors.uhall.com 上觀看直播。屆時，公司將進行簡短的介紹，隨後是問答環節。請隨時透過投資者網站向我們提交問題，或將問題發送給 Sebastien。或者你也可以在網路直播期間即時提交，兩種方法都行。

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

接下來，我將把電話交還給我們的接線生剋洛伊，讓她開始問答環節。

(Operator Instructions) Steven Ralston, Zacks.

（操作說明）史蒂文·拉爾斯頓，Zacks。

I had some questions specifically for Joe, but I also have one specifically for Sam. I'll delay my questions for Joe until the investor conference.

我有一些問題專門問喬，但我也有一個問題專門問薩姆。我會等到投資者大會再向喬提問。

The top line is improving, like Joe expected. And I had one specific question about U-Box, which I know Sam heads. U-Box once again has achieved double-digit growth this quarter, and it's through that tried-and-true formula of U-Haul that by adding capacity and then, specifically, in the case of U-Box, increasing warehouse space along with the number of containers and the number of delivery equipment.

正如喬所預期的那樣，業績正在改善。我還有一個關於 U-Box 的具體問題，我知道 Sam 是 U-Box 的負責人。U-Box 本季再次實現了兩位數的成長，這得益於 U-Haul 屢試不爽的模式，即增加產能，具體來說，就 U-Box 而言，增加了倉庫空間、貨櫃數量和配送設備數量。

This is a growing area, and I assume ultimately will be broken out as a segment as it reaches 10% of revenues. How much potential do you still think there's left in U-Box? It's been growing. Do you think it's like 10% done or 25% done? Or is it just too early to tell?

這是一個正在成長的領域，我估計當其收入達到 10% 時，最終會作為一個獨立的業務板塊劃分出來。你認為U-Box還有多少潛力？它一直在增長。你覺得完成了10%還是25%？還是現在下結論還為時過早？

Well, thanks for the question, Steve. This is Sam talking. I think you started off some wise observations. Of course, it's way too early to tell. I'm on the more optimistic side. I don't see why there's any reason that U-Box couldn't be as big as U-Haul is today. And I think we're just at the infancy.

謝謝你的提問，史蒂夫。這是山姆在說話。我認為你一開始的觀察很有見地。當然，現在下結論還為時過早。我比較樂觀。我不明白為什麼 U-Box 不能像今天的 U-Haul 一樣大。我認為我們還處於起步階段。

I think you really can't start answering that question until you start to get some real clarity on -- from the consumer of if they understand what this product and service really is. Of course, we're so blessed with traditional U-Haul that if you're 6 or 96, you know exactly what U-Haul is and what it does. And when you see it parked on the side of the road, you know exactly what it's there for.

我認為，只有在真正弄清楚消費者是否理解這款產品和服務究竟是什麼之後，才能開始回答這個問題。當然，我們非常幸運地擁有傳統的 U-Haul 服務，無論你是 6 歲還是 96 歲，你都確切地知道 U-Haul 是什麼以及它是做什麼的。當你看到它停在路邊時，你就知道它是做什麼用的了。

The customer isn't quite there. The consumer isn't quite there with the U-Box portable moving and storage model. When they do, I think we'll really be able to answer the question you have. But I think it's -- the market is quite large. And as time goes on, you'll see it continue to grow as a pillar of U-Hall Company.

顧客還沒完全到位。消費者對 U-Box 便攜式搬家和儲存模式還沒有完全接受。等他們做到了，我想我們就能真正回答你的問題了。但我認為——市場相當大。隨著時間的推移，你會看到它不斷發展壯大，成為 U-Hall 公司的支柱產業。

Let me just ask it in a slightly different way. Of the number of locations that you have across the United States, how many have functionality for U-Box? It's the same question.

我換個方式問吧。在美國境內，你們擁有眾多營業地點，其中有多少地點具備 U-Box 功能？這是同一個問題。

Sure. So it depends what you're defining as you a U-Haul and, of course, most of the time in -- within the company, we look at our outlets, including our dealers. So if you want to make the calculation from that, you're looking at somewhere between 5% and 10%. If you're looking based on company stores, you're looking a little closer around half.

當然。所以這取決於你如何定義“U-Haul”，當然，大多數時候——在公司內部，我們會關注我們的商店，包括我們的經銷商。所以，如果你想據此進行計算，結果大概在 5% 到 10% 之間。如果你以公司門市為準，那麼大概在一半左右。

So needless to say, that's not necessarily assuming that you've got adequate build-out of the U-Box product piggybacked at those locations. So for example, you take a rather large market like Phoenix, you're still barely scratching the surface of the capability that we need to service the customer. And we're just going to have to keep building it out. And if what you're trying to do is make a projection to say should this double, triple, quadruple, 10x, you're going in the right direction.

因此，不言而喻，這並不一定意味著你已經在這些地方充分部署了 U-Box 產品。舉例來說，即使是像鳳凰城這樣相當大的市場，我們仍然只是觸及了為客戶提供服務所需能力的冰山一角。我們只能繼續擴建下去。如果你想預測它是否會翻倍、三倍、四倍、翻十倍，那麼你的方向是對的。

Steven Ramsey, Thompson Research Group.

Steven Ramsey，湯普森研究小組。

I wanted to start with U-Box, and I would just assume that transactions in U-Box is more associated with One-Way moves. Are you able to see if U-Box One-Way moves are growing faster than the rental segment One-Way moves? Or said another way, with One-Way transactions being up, is that a rising tide for U-Box?

我想先從 U-Box 開始，我假設 U-Box 中的交易更多是與單程搬家相關。您能否查看一下 U-Box 單程搬家業務的成長速度是否比租賃式單程搬家業務的成長速度更快？換句話說，隨著單向交易的增加，這是否預示著 U-Box 的前景一片光明？

Well, this is Jason. I'll start and just set the scene with the truck One-Way transactions -- truck and trailer. Those have been from flat to up just slightly, up 10,000 or 20,000 transactions in the quarter.

這位是傑森。我先從卡車單程交易——卡車和拖車——開始，介紹一下情況。這些交易量基本上持平或略有上升，本季增加了 1 萬到 2 萬筆交易。

So I'll let Sam to juxtapose his experience with U-Box One-Way transactions.

所以，就讓 Sam 來比較一下他使用 U-Box 單向交易的經驗。

Yes. U-Box One-Way transactions are leading the way. They're exceeding our truck rental transactions as a percentage. As far as a rising tide, I think they're decoupled in many ways. I certainly don't look at the performance of the One-Way shipping of U-Box product and juxtapose it against the truck rental numbers and say, well, we only have so much we can go or capped or one number is dragging down the other. I don't necessarily see it that way. And I think what you should expect is for U-Box performance as a percentage to exceed the truck rental gains that we're able to make. There's little doubt of that.

是的。U-Box 單向交易處於領先地位。他們的卡車租賃交易量佔比超過了我們。至於水位上升這件事，我認為它們在很多方面都是脫鉤的。我當然不會把 U-Box 產品的單程運輸業績與卡車租賃數量進行對比，然後說，嗯，我們只能做到這麼多，或者說已經達到上限，或者說一個數字拖累了另一個數字。我並不完全這麼認為。我認為，U-Box 的業績成長百分比應該會超過我們能夠獲得的卡車租賃收益。這點毋庸置疑。

Okay. That's helpful. And then wanted to think about the margin profile of the business, 35%, virtually flattish year over year, even with Moving transactions up and then Storage and U-Box with a higher margin profile also growing faster. Can you maybe dissect what is causing margin trends in the quarter or if it's better to reflect over the recent past and maybe the puts and takes to the company margin?

好的。那很有幫助。然後我想考慮一下業務的利潤率情況，35%，與前一年相比幾乎沒有變化，即使搬家交易量增加，而利潤率更高的倉儲和U-Box業務也增長更快。您能否分析一下導致本季利潤率趨勢的原因？或者回顧一下最近的情況，以及對公司利潤率產生影響的買賣交易是否更合適？

Sure. This is Jason. I'll start with that. We put a new slide in the investor deck this time around that shows a proxy for cash flow, which would be adjusted EBITDA, the EBITDA margin and then the share of equipment rental revenue versus the share of storage revenue. And we don't have U-Box revenue in there yet.

當然。這是傑森。我先從這裡開始。這次我們在投資人簡報中新增了一張投影片，展示了現金流的近似值，即調整後的 EBITDA、EBITDA 利潤率，以及裝置租賃收入佔比與儲存收入佔比之比。而且我們還沒有把U-Box的收入算進去。

But the two newer revenue line, Storage, which is strange calling that newer, but it's newer than the original equipment rental revenue, both of those, when we include those in new projects, it has the effect of increasing the projected return.

但是，新增的兩項收入來源——儲存（雖然稱之為新增收入來源有些奇怪，但它確實比原始設備租賃收入來源要新）——當我們把這兩項收入來源納入新項目時，就會增加預期的回報。

Now as you know, and you've been to some of our facilities, you see how everything kind of interacts and interrelates. It is very hard for us to break it out separately, but we certainly have seen that when we add more of each of those products to a location, the profitability improves.

如您所知，並且您也參觀過我們的一些設施，您將看到所有事物是如何相互作用和相互關聯的。我們很難將它們分開來看，但我們確實發現，當我們在某個地點增加每種產品的供應量時，獲利能力就會提高。

Okay. That's helpful. And then maybe to think about some of the dynamics playing out in the Storage segment, a lot of new facilities and units in the total base. Maybe as a headwind to the margin profile of the slides in the last couple of quarters have been helpful to see that. Can you maybe talk about the glide path there of how units getting soaked up can be positive to margin, certain thresholds that need to be hit to elevate the margin within the Storage business?

好的。那很有幫助。然後或許可以考慮倉儲領域的一些動態變化，例如總規模中新增的許多設施和單元。也許過去幾季的幻燈片顯示，利潤率的下滑對公司造成了不利影響，這有助於我們理解這一點。您能否談談儲存業務中，產品銷售成長如何對利潤率產生正面影響，以及需要達到哪些特定門檻才能提高利潤率？

Yes. On the slide in the deck that we have that shows where future storage revenue is coming from, there's a portion of that that shows Storage revenue from existing locations, or what we call non-same-store locations, ones that haven't hit 90%. And that number, taking it from where it is today to where it would be at 90% is somewhere -- it's going to be somewhere around $260 million, give or take.

是的。在我們展示未來儲存收入來源的幻燈片中，有一部分顯示了來自現有地點的儲存收入，或者我們稱之為非同店地點的儲存收入，這些地點的儲存收入尚未達到 90%。而從現在的水平到達到 90% 的水平，這個數字大概會在 2.6 億美元左右，上下浮動。

By the time we get there, there's likely going to be rate increases that will be a little bit more -- those are at locations where we've opened, and the expense load has largely been recognized in our financial statements. So that additional revenue, a very rough estimate would be maybe 80% of that, give or take, is going to flow to the bottom line.

到那時，價格可能會上漲更多一些——這些上漲發生在我們已經開設分店的地方，而且大部分費用已經在我們的財務報表中反映出來。因此，這筆額外的收入，粗略估計大約有 80% 左右，將會轉化為利潤。

In some locations, it will be more than that. At some of the newer locations, that might not be all of that, but as a general rule of thumb, to give you a sense. So a lot of the headwinds that we're facing right now on the EBITDA margin or on the GAAP operating margin are truck related.

在某些地方，價格還會更高。在一些較新的地點，情況可能並非如此，但作為一般經驗法則，可以給你一個大致的概念。因此，我們目前在 EBITDA 利潤率或 GAAP 營業利潤率方面面臨的許多不利因素都與卡車有關。

It's the liability costs associated with the fleet. We've seen an increase in the severity of claims. I don't think we're seeing more accidents. I think the fleet is in real good conditions as far as accidents go. But the severity of those that we're running into is a little bit more significant, and we're building reserves back up, and that's affecting the margin. And that does hit earnings and EBITDA for both of those.

這是與車隊相關的責任成本。我們發現索賠案件的嚴重程度增加。我不認為事故數量增加了。我認為就事故發生率而言，這支車隊的狀況非常好。但我們遇到的問題的嚴重性要大一些，我們正在重建儲備，這影響了利潤率。這確實會影響這兩家公司的收益和 EBITDA。

And then for the earnings cycle, it's this depreciation headwind that we're facing. We're going to have to work through this cohort of trucks -- cargo vans we purchased the last two years. And then likely after this year, the spend on the box truck fleet will begin to slow a bit. And then we should peak on depreciation and then hopefully trend back down.

而就獲利週期而言，我們面臨的正是這種折舊逆風。我們必須盡快處理掉這批卡車——也就是我們過去兩年購買的貨車。然後，很可能從今年開始，廂型車車隊的支出將開始放緩。然後我們應該會達到折舊峰值，之後有望回落。

Okay. That's helpful, Jason. And the last quick one for me. When looking at the pending and developed storage square footage currently at 14.8 million, that's been sliding down for a few quarters. Is that a number that you expect to kind of gradually keep coming down over the next few quarters? Or is there a level of developed and pending square footage that you think it's a minimum level that we do not want to go under?

好的。那很有幫助，傑森。最後，我還要快速回答一個問題。從目前已建成和正在建設中的倉儲面積（1,480萬平方英尺）來看，這個數字已經連續幾季下滑了。你預計這個數字會在接下來的幾季逐漸下降嗎？或者，您是否認為已開發和待開發的建築面積存在一個最低標準，我們不希望低於這個標準？

There's certainly an amount that we don't want to go under. I don't think we're close to that right now. But what we've been trying to do is slow the spend not because we don't believe in sell storage or not because we don't want to expand, but because we want to be rational in our capital allocation and make sure that we have enough to last us.

當然，我們絕對不想低於某個最低限額。我認為我們目前離那個目標還很遠。但我們一直努力放慢支出速度，並不是因為我們不相信出售倉儲設施，也不是因為我們不想擴張，而是因為我們希望理性地進行資本配置，確保我們有足夠的資金維持營運。

And with the way that the fleet has been chewing up some capital during this time frame, we're pulling back a little bit on real estate spend. But you don't want to pull back too much or you have what happens to us during COVID, where we shut a bunch of stuff down, and then it takes a while to start it back up, and you get kind of this unusual amount.

鑑於這段時間以來船隊一直在消耗大量資金，我們正在減少房地產支出。但你也不想過度收縮，否則就會像我們在新冠疫情期間那樣，我們關閉了很多東西，然後需要一段時間才能重新啟動，結果就會出現這種不尋常的數量。

If we could stay somewhere in the, say, 4.5 million to 6 million square foot range each year, I think that's something that, operationally, we've proven that we can handle. And if we do that, spending is likely to continue to decrease.

如果我們每年的建築面積能保持在 450 萬到 600 萬平方英尺的範圍內，我認為從營運角度來看，我們已經證明我們能夠勝任。如果我們這樣做，支出可能會繼續下降。

Andy Liu, Wolfe Research.

Andy Liu，Wolfe Research。

So really just wanted to double click first on the transaction volume. You guys talked about kind of flat to maybe slightly up in the quarter. Just wondering if you guys noticed anything in terms of sort of like the month-to-month trends. It's flat in the quarter, but had the month-to-month trends kind of like improving through the quarter? Or is it kind of pretty steady through the quarter? Any color would be helpful.

所以，我其實只是想先雙擊交易量。你們之前討論過，這季度的行情比較平穩，可能略有上漲。想問大家有沒有註意到什麼類似每月趨勢之類的東西。本季整體持平，但季比趨勢是否略有改善？或者說，整個季度都比較穩定？任何顏色都會有幫助。

Sure. All of our comparisons are going to be year over year because our business doesn't really compare well month to month. So our best quarter for Moving is really our second quarter. The second best would be the first quarter that we just finished, and then it goes third quarter and the fourth quarter are worst. So we're always comparing with how we did the year before because, largely, moving activity tends to look the same year over year.

當然。我們所有的比較都將以同比為單位，因為我們的業務很難進行每月比較。所以，我們搬家業務最好的季度其實是第二季。第二好的是剛結束的第一季度，然後是第三和第四季度，這兩季度最差。所以我們總是會和前一年的情況進行比較，因為整體而言，搬家業務的經營狀況往往每年都差不多。

So what I mentioned for July is we're again seeing revenue increase from rates that we're having to charge because our cost of doing business has gone up. But we haven't yet seen traction on transactions. And we're going through a process right now. I mentioned that the size of the fleet has increased. I think from last year, we're up maybe 5,700 trucks. From the last quarter, we're up about 5,000 trucks. But we're also up close to 800 locations compared to last year between dealer locations and our company locations.

我之前提到的7月份的情況是，由於我們的營運成本上升，我們不得不提高收費標準，因此收入再次增加。但我們尚未看到交易方面的進展。我們目前正在經歷一個過程。我提到艦隊規模已經擴大。我認為與去年相比，我們可能增加了 5700 輛卡車。與上一季相比，我們增加了約 5000 輛卡車。但與去年相比，我們的門市數量（包括經銷商門市和公司門市）也接近 800 家。

So we're going through the process, which is fairly difficult of placing this new equipment in places that we think is going to be productive and opening dealers and doing that in an efficient fashion. And that's what we're working on now.

所以我們正在經歷這個過程，這個過程相當困難，我們需要將這些新設備放置在我們認為會產生效益的地方，開設經銷商，並以高效的方式完成這項工作。這就是我們目前正在努力的方向。

Now if that doesn't work out the way that we think it is, we'll probably end up increasing the sales of trucks and reduce the size of the fleet. But right now, we think there's opportunity to use these trucks. To give you a sense of the challenge that we're facing, in the last two years, the number of locations that we've added is equal to the size of our second largest truck competitor, right?

如果事情的發展不如我們預期，我們最終可能會增加卡車的銷量，並減少車隊的規模。但就目前而言，我們認為有機會利用這些卡車。為了讓您了解我們面臨的挑戰，在過去的兩年裡，我們新增的地點數量相當於我們第二大卡車競爭對手的規模，對吧？

So in opening that many locations and distributing trucks across them and getting customers and our team to be able to route customers at those locations is a bit of a challenge, and that's what we're working through right now. And we're working through it at the same time that we're investing quite a bit in the fleet. But our plan is that all of this is going to pay off in the years to come.

因此，開設這麼多地點，將卡車分配到各個地點，並讓客戶和我們的團隊能夠為客戶規劃路線，這確實是一個挑戰，而這正是我們目前正在努力解決的問題。我們正在努力解決這個問題，同時也對船隊進行大量投資。但我們的計劃是，所有這些努力都將在未來幾年得到回報。

Got it, got it. And sorry about that. I should have worded my question a little clear. I meant monthly trend as how did April year over year go, how did May year over year and June year over year. Has it been kind of year over year flat for all three months? Or has it been maybe improving on a year-over-year basis from April through June?

明白了，明白了。對此我深感抱歉。我應該把問題問得更清楚一些。我指的是月度趨勢，例如四月年比情況如何，五月年比情況如何，六月同比情況如何。這三個月的數據都和去年同期基本持平嗎？或者，從四月到六月，情況是否比去年同期有所改善？

Got it. Okay. I went astray on that one, didn't I? So the revenue has been steadily up year over year. I would say that transactions, we have some on weeks and some off weeks. And we deal with the same issue that we've dealt with since the very beginning of the company, and that is people tend to move at the end of the month.

知道了。好的。我在這件事上犯了錯誤，不是嗎？因此，營收逐年穩定成長。我覺得交易量方面，有的周交易量很高，有的周交易量很低。我們面臨的問題和公司成立之初就一直存在的問題一樣，那就是人們往往在月底搬家。

So you get this cluster of transactions at the end of the month. And depending upon how the calendar falls from year to year, you can see these weird oddities. So looking at it over a three-month period, you tend to flatten some of that out. And what I would say is we still haven't got traction, however you want to look at it.

所以你會在月底看到這波交易集中出現。根據每年日曆的變動情況，你可能會看到這些奇怪的現象。因此，從三個月的時間跨度來看，你往往會使其中一些變化趨於平緩。我想說的是，無論從哪個角度來看，我們仍然沒有取得進展。

Month over month versus last year or for the three months, the traction still hasn't hit. And I'm not seeing that in July yet either. But it's not like we're far off. There are some weeks that we're up on transactions. So we're right there. We're right there.

與去年同期相比，或與過去三個月相比，成長動能仍沒有顯現。而且我七月也沒看到這種情況。但我們離目標並不遙遠。有些週我們的交易量會高於預期。我們就到了。我們就在那裡。

Okay. Got it, got it. That's helpful. And then kind of shifting over to the storage side -- I mean, the storage stuff. I know you guys added a new slide here. So I think that segment is getting -- you guys are pushing for a little more focus on the segment. So I really want to ask on that slide on the future revenue coming out online.

好的。明白了，明白了。那很有幫助。然後逐漸轉向存儲方面——我的意思是，存儲方面的東西。我知道你們在這裡新增了一張新幻燈片。所以我覺得這個細分市場正在得到——你們正在努力讓這個細分市場得到更多關注。所以，我真的很想問那張幻燈片上關於未來線上收入的問題。

You guys gave what the future would look like on a revenue basis. Have you guys looked at it maybe on even an NOI or an EBITDA basis, kind of what that future pipeline is? I know you guys don't disclose margins, but just want to get a sense if that is the revenue number, how that hits the bottom line.

你們展望了未來收入方面的前景。你們有沒有從淨營業收入（NOI）或息稅折舊攤提前利潤（EBITDA）的角度來分析一下未來的業務發展前景？我知道你們不公開利潤率，但我只是想了解一下，如果這是一個收入數字，那麼它對最終利潤的影響有多大。

Yes. I answered the question for Steven just now. On the non-same-store locations that are already open, the additional revenue, somewhere around, I would say, 80% of that should probably fall to the bottom line. If you're asking about the other ones that haven't opened yet, those are tougher because, as a whole, most of them have all of our product lines embedded. And so I don't have a clear answer to give you on that because we -- I mean, breaking out storage revenue as part of that.

是的。我剛才回答了史蒂文的問題。對於已經開業的非同店地點，新增收入大約有 80% 應該計入利潤。如果你問的是那些尚未開業的門市，那情況就比較棘手了，因為總體而言，大多數門市都包含了我們所有的產品線。所以，我無法給你一個明確的答案，因為我們──我的意思是，要把儲存收入單獨列出來。

No. It's really to give you on that front. So kind of, I guess, asking another way maybe on the development, the spending side of it, kind of how much does it cost for you to put this pipeline up? As I look at your slides, right, and if you have a five-year look-back period, you did about $5.5 billion of investment, and you brought 26 million square feet of new space online. So that kind of backs into like $200 a foot. I'm not sure if that's a good proxy for the spend going forward.

不。確實是為了在這方面給你一些幫助。所以，我想換個方式問，從開發和支出方面來說，建造這條管道需要多少錢？從你的投影片來看，如果回顧過去五年，你投資了大約 55 億美元，並新增了 2,600 萬平方英尺的空間投入使用。所以這樣算下來，大概是每呎200美元。我不確定這是否能很好地代表未來的支出狀況。

Yes. I don't know if I would be here this long if I allowed a bunch of $220 a foot storage to -- so that -- on that slide, the $5.8 billion represents the amount that we spent in that five years. So it's not exactly -- that's not for the -- that doesn't represent the 26 million square feet that went on. It represents a big portion of it.

是的。如果我允許大量每平方英尺 220 美元的儲存空間——所以——在那張幻燈片上，58 億美元代表了我們五年來的花費，我不知道我是否還能在這裡待這麼久。所以它並不完全——那不是——那並不能代表實際發生的 2600 萬平方英尺的面積。它佔了很大一部分。

But I'd say there's two complicating factors to that calculation. One is because we do all this development on balance sheet, there's a certain amount that we've spent that isn't yet productive, right? We bought the properties. We started -- we have construction in progress, but they're not renting rooms yet.

但我認為有兩個因素會讓這個計算變得複雜。一是因為我們所有的研發投入都反映在資產負債表上，所以有一部分投入尚未產生效益，對吧？我們買下了這些房產。我們已經開工了——目前正在施工，但房間還沒有出租。

For the last couple of years, that number has run about $1.7 billion. We're probably about $1.690 billion in capital we've invested that isn't really producing revenue right now. And I would say, five years ago, that number was probably closer to $1 billion.

近兩年來，這個數字一直維持在17億美元左右。我們可能已經投入了約 16.9 億美元的資金，但這些資金目前還沒有真正產生收入。而我認為，五年前，這個數字可能接近 10 億美元。

So then I would take $650 million out of the numerator because that really is extra money that's spent on assets that aren't productive yet. And then the part that's a little also challenging to figure out is that also includes building U-Box warehouse space.

所以，我會從分子中減去 6.5 億美元，因為那實際上是額外的錢花在了尚未產生效益的資產上。還有一點比較棘手的是，這其中也包括建造 U-Box 倉庫空間。

And if you were to convert the amount of covered spaces that we've added the last five years to storage square foot -- because each one of those boxes is a 5x8 storage room -- that's going to add somewhere between 8 million to 9 million square feet of self-storage space. So in reality, what the number could get to for our investment per foot should be much closer to, say, $150 a foot. That's the long story to get to the short answer, which is it should be about $150.

如果將我們過去五年新增的有頂空間數量換算成儲存面積（因為每個箱子都是一個 5x8 的儲存室），那麼這將增加 800 萬到 900 萬平方英尺的自助儲存空間。所以實際上，我們每英尺的投資額應該更接近，比如說，每英尺 150 美元。說了這麼多，簡單來說就是，價格應該在 150 美元左右。

Okay. Got it, got it. Super helpful. And then sort of last question for me. I know you guys -- I asked last quarter as well. The development -- the yield that you guys set on these storage developments, you guys mentioned it was closer to like -- I think it was like 10%, right? So just curious how you guys closed that 10% number. Is that 10% on the $150 of per square-foot spend that you just referenced? Or is there a different method you're using to calculate the 10%?

好的。明白了，明白了。非常有用。最後一個問題。我知道你們——上個季度我也問過這個問題。你們之前提到的這些儲能項目的發展預期收益率，好像接近——我記得是10%，對吧？我很好奇你們是如何達成10%這個目標的。是指你剛才提到的每平方英尺150美元支出的10%嗎？或者，您使用的是其他方法來計算這 10%？

Yes. That's going to be the unlevered IRR. So you take your total investment in the property, and we're looking out, I think it's 7 to 10 years of then capping it at the end of that time frame and looking to see how it performs over that time frame. If you were to try to convert that to a cap rate, it's probably going to be somewhere between 7.5, 8.

是的。那將是未槓桿化的內部報酬率。所以，你要把你對房產的總投資額，我們展望未來，我認為是 7 到 10 年，然後在這個時間段結束時將其鎖定，看看它在這個時間段內的表現如何。如果要將其轉換為資本化率，則可能在 7.5 到 8 之間。

There are no further questions at this time. I would now like to turn the conference back over to management for any closing remarks.

目前沒有其他問題了。現在我將會議交還給管理階層，請他們作總結發言。

Well, this is Jason. I hope everyone is just holding their questions for the Annual Investor Day, which is going to be in about two weeks. If you have any feedback in between, please feel free to shoot to us. Otherwise, we look forward to seeing you then. Thank you very much.

這位是傑森。我希望大家能把問題留到兩週後的年度投資人日上來提出。如果您在此期間有任何回饋意見，請隨時向我們提出。否則，我們期待屆時與您見面。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。