U-Haul Holding Co (UHAL) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the U-Haul Holding Company second-quarter fiscal 2026 investor conference call. (Operator Instructions) This call is being recorded on Thursday, November 6, 2025. I would now like to turn the conference over to Sebastien Reyes. Please go ahead.

女士們、先生們，早上好，歡迎參加 U-Haul 控股公司 2026 財年第二季投資者電話會議。（操作員指示）本次通話於2025年11月6日星期四進行錄音。現在我將把會議交給塞巴斯蒂安·雷耶斯。請繼續。

Good morning and thank you for joining us today. Welcome to the U-Haul Holding Company second-quarter 2026 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，感謝各位今天收看我們的節目。歡迎參加 U-Haul 控股公司 2026 年第二季投資者電話會議。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 and Form 10-Q for the quarter ended September 30 and 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公開文件和截至 9 月 30 日和 2025 年的季度 10-Q 表格，這些文件已提交給美國證券交易委員會。

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

現在我將把電話交給U-Haul控股公司董事長喬·肖恩。

Thanks, Sebastien. The earnings crush of increased depreciation and change from booking gains on equipment sales to booking losses on equipment sales became evident this quarter. We reported this over two years ago that we were having to pay too much for trucks.

謝謝你，賽巴斯蒂安。本季度，折舊增加以及設備銷售從確認收益轉為確認損失所帶來的獲利衝擊變得顯而易見。兩年前我們就反映過，我們購買卡車的價格過高。

This pounding is likely to continue for some time as OEM manufacturers continue to bring current pricing in line. Resale values will likely decline roughly proportionally. While I'm glad to bring on new vehicles at lower cost, this likely will depress earnings in the current period.

由於OEM廠商仍在調整當前價格，這種價格暴跌的局面可能會持續一段時間。轉售價值可能大致按比例下降。雖然我很高興能以更低的成本引進新車，但這可能會在當前時期降低收益。

Since July, we have been working to expand our dealer network well above the historical pace. This should help us better balance truck and trader inventories by increasing demand. I expect some success here.

自 7 月以來，我們一直致力於以遠超以往的速度擴展經銷商網路。這應該有助於我們透過增加需求來更好地平衡卡車和貿易商的庫存。我預計會取得一些成功。

We spent more on repair in the quarter than I had anticipated. We are working a plan to slightly realize repair cost increases. As you all know, our customers drive the equivalent to the moon and back more than 12 times a day, tool repair or maintenance will always be significant cost. Mileage, however, is not up, so we can reel this expense back a bit.

本季維修費用比我預期的要高。我們正在製定計劃，以應對維修成本略有上漲的情況。如大家所知，我們的客戶每天開車往返月球的距離超過 12 次，工具維修或保養始終是一筆不小的開銷。然而，里程數並沒有增加，所以我們可以稍微減少這筆開支。

Self-storage is a positive but it remains a slug fit. Not very many gains are coming easily even on good projects. I am focused more on expanding our footprint than increasing our depth. Competition is strong, customers are value-conscious. That is an environment that U-Haul usually competes in well. Self-storage is still viewed positively by lenders, which is encouraging new competitors to enter in some markets.

自助倉儲是一項積極的舉措，但仍然不太合適。即使是好的項目，也很難輕易獲得收益。我更關注的是擴大我們的業務範圍，而不是增加我們的業務深度。競爭激烈，顧客注重性價比。這是U-Haul通常具有良好競爭力的領域。貸款機構仍然對自助倉儲持積極態度，這鼓勵了新的競爭者進入某些市場。

The administration is having success in reducing ICE regulation that has driven unnecessary dislocations in the transportation economy. It has long been a dirty little secret that these regulations are politically and not environmentally driven.

政府在減少內燃機汽車監管方面取得了成功，這些措施曾導致交通運輸經濟不必要的混亂。長期以來，這些法規是由政治因素而非環境因素所驅動的，這早已是個不為人知的秘密。

As the unproductive regulations on vehicle manufacturers and users subside, I expect a reordering that will benefit citizens and businesses alike. This is very positive for the transportation economy. Although the transportation economy, overall, will have to eat some huge residual costs from the old conceived green regulation.

隨著對汽車製造商和用戶不合理的監管逐漸減少，我預計秩序將重組，這將使公民和企業都受益。這對交通運輸經濟來說是件非常正面的事情。儘管交通運輸經濟整體上將不得不承擔一些由舊式綠色法規帶來的巨大剩餘成本。

In summary, our various business lines are solid and our results have covered a lot of expenses but are short in return to shareholders. I will now turn the meeting over to Jason to closer review the financial results.

總而言之，我們各項業務都很穩健，業績足以彌補許多開支，但股東回報卻不足。現在我將把會議交給傑森，讓他更詳細地審查財務結果。

Thanks, Joe. Yesterday, we reported second-quarter earnings of $106 million. That's compared to $187 million for the same quarter last year. This is a $0.54 per nonvoting share EPS number this quarter compared to $0.96 per share -- non-voting share in the second quarter of last year.

謝謝，喬。昨天，我們公佈了第二季財報，獲利1.06億美元。相比之下，去年同期為 1.87 億美元。本季每股無投票權收益為 0.54 美元，而去年第二季每股無投票權收益為 0.96 美元。

Earnings before interest, taxes, and depreciation, what we're calling adjusted EBITDA and our Moving and Storage segment increased 6% or nearly $32 million for the quarter. This is about the same amount of improvement that we saw in the first quarter of this year. Revenue growth across all of our Moving and Storage product lines led to this increase.

本季度，我們的息稅折舊攤提前利潤（我們稱之為調整後 EBITDA）和搬家及倉儲業務成長了 6%，即近 3,200 萬美元。這與我們今年第一季看到的改善幅度大致相同。我們所有搬家和倉儲產品線的收入成長促成了這一成長。

Included in our earnings release and financial supplement is a reconciliation of adjusted EBITDA to GAAP earnings. Once again, this quarter, the largest difference between adjusted EBITDA and GAAP earnings is depreciation, and that's also the cause of the largest negative variance in earnings year-over-year.

我們的獲利報告和財務補充文件中包含了調整後 EBITDA 與 GAAP 收益的調整表。本季度，調整後 EBITDA 與 GAAP 收益之間最大的差異仍然是折舊，這也是導致收益同比出現最大負偏差的原因。

During the second quarter of this year, we reported a $38 million loss on the disposal of retired rental equipment, whereas last year at this time, we reported an $18 million gain. Cargo vans that we purchased over the last two years that are now being sold came into the fleet with a higher cost and the current market resale values are not reflecting that resulting in the loss. We have increased the pace of depreciation on the remaining use to reflect this new reality.

今年第二季度，我們報告處置退役租賃設備虧損 3,800 萬美元，而去年同期，我們報告獲利 1,800 萬美元。我們過去兩年購買的貨車現在正在出售，這些貨車當初購入車隊時成本較高，而目前的市場轉售價值並未反映出這一點，導致我們蒙受損失。為了反映這一新情況，我們加快了剩餘使用部分的折舊速度。

Additionally, we have depreciation from increasing the size of the box truck fleet by approximately 10,000 units compared to September of last year. Between fleet depreciation and the loss on disposal, we experienced a $107 million cost increase for the quarter compared to the same time last year, translated to EPS that's about $0.43 a share. As a reminder, our total decline in earnings per share for the quarter was $0.42.

此外，與去年 9 月相比，廂型車車隊規模增加了約 10,000 輛，因此也產生了折舊。由於車隊折舊和處置損失，本季我們的成本比去年同期增加了 1.07 億美元，折合每股收益約為 0.43 美元。再次提醒大家，本季每股收益總下降了 0.42 美元。

For the second quarter, our equipment rental revenue results had a $23 million increase, that's about 2%. Revenue per transaction increased for both our In-Town and One-Way markets compared to the same time last year. There was a decrease in overall transactions.

第二季度，我們的設備租賃收入成長了 2,300 萬美元，增幅約 2%。與去年同期相比，我們的市內市場和單程市場的每筆交易收入均有所成長。整體交易量有所下降。

In a move intended to improve customer convenience, we're increasing the number of independent dealer locations across our network. In the last 12 months, we've added nearly 1,000 new locations. In fact, for the first time in our history, we've eclipsed the 25,000-location count and the plan is to continue adding. This, in conjunction with the increase in the size of our truck fleet, we believe there's an opportunity to grow moving transactions.

為了提高客戶的便利性，我們正在增加我們網路中獨立經銷商門市的數量。在過去的 12 個月裡，我們新增了近 1000 個地點。事實上，我們歷史上首次突破了 25,000 個地點大關，我們計劃繼續增加地點數量。有鑑於此，加之我們卡車車隊規模的擴大，我們認為搬家交易量有機會成長。

October results came in below trend. We're working for an improved November. Capital expenditures for new rental equipment for the first six months of this year were $1.325 billion. That's up $169 million compared to last year.

10月份的業績低於預期。我們正在努力讓11月的情況有所改善。今年上半年購買新租賃設備的資本支出為 13.25 億美元。與去年相比，增加了1.69億美元。

For the last 12 months, so the trailing 12 months, our gross fleet spend has been approximately $2.32 billion. If you net out equipment sales, it was $1.358 billion. I estimate that close to $640 million of the growth spending was growth related.

過去 12 個月，也就是過去 12 個月，我們的車隊總支出約為 23.2 億美元。如果扣除設備銷售額，則為 13.58 億美元。我估計，成長支出中近 6.4 億美元與經濟成長相關。

We had another strong quarter for self-storage. Storage revenues were up nearly $22 million, which is about 10%. Average revenue per foot continued to improve across the entire portfolio by just under 5%, while same-store was up about 4%. We are seeing the cumulative effects of our rate increases flowing through to revenue.

自助倉儲業務又迎來了一個強勁的季度。儲存收入成長了近 2,200 萬美元，增幅約 10%。整個投資組合的平均每平方英尺收入持續成長近 5%，而同店銷售額則成長約 4%。我們看到，費率上漲的累積效應正在逐步反映到收入上。

Our same-store occupancy decreased by 350 basis points in the quarter to 90.5%. As I mentioned last quarter, in July, we took on an effort system-wide to increase number of available units at our existing locations by focusing on delinquent units.

本季我們的同店入住率下降了 350 個基點，至 90.5%。正如我上個季度提到的，7 月份，我們採取了全系統範圍的努力，透過專注於拖欠款項的單元，來增加現有地點的可用單元數量。

This effort did not affect revenue directly as we don't record revenue until it's collected, but it did have the effect of reducing our reported occupancy levels for now. Of that 350-basis-point decline in same-store occupancy, about 220 basis points of that was related to removal of delinquent tenants.

這項措施並未直接影響收入，因為我們只有在收到款項後才會記錄收入，但目前確實降低了我們報告的入住率。同店入住率下降了 350 個基點，其中約 220 個基點與驅逐拖欠租金的租戶有關。

Net tenant move-ins, while slower than recent years, has picked up compared to where we were at last year, adjusted for delinquent units. During the first six months of fiscal 2026, we invested $526 million of real estate acquisitions, along with self-storage and U-Box warehouse development. That is down $208 million over the first six months compared to last year's first six months.

淨租戶入住率雖然比近年來有所下降，但與去年相比，經扣除拖欠租金的單位後，已經有所回升。在 2026 財年的前六個月，我們投資了 5.26 億美元用於房地產收購，以及自助倉儲和 U-Box 倉庫開發。與去年同期相比，今年前六個月減少了 2.08 億美元。

During the second quarter, we added 23 locations with storage that translates to about 1.6 million new net rentable square feet. And we currently have 6.5 million square feet being actively developed across 116 projects.

第二季度，我們新增了 23 個倉儲地點，相當於新增了約 160 萬平方英尺的淨可出租面積。目前，我們有 116 個項目正在積極開發中，總建築面積達 650 萬平方英尺。

Our U-Box revenue results are included in other revenue in our 10-Q filing. This line item increased $12 million, of which U-Box was a large part of that. We continue to have success increasing moving transactions as well as increasing the number of containers that our customers keep in storage, although the pace of growth for both slowed in the quarter.

我們的 U-Box 收入表現已計入 10-Q 文件中的其他收入項下。該支出增加了 1200 萬美元，其中 U-Box 佔了很大一部分。雖然本季搬家交易量和客戶儲存的貨櫃數量均有所放緩，但我們仍然成功地增加了搬家交易量和客戶儲存的貨櫃數量。

Moving to storage operating expenses were up $19 million for the second quarter. As a percent of revenue, we improved compared to the second quarter of last year. The largest component of the -- one of the larger components of the increase is personnel, which was up $12 million, but that increased at about the same rate as revenue increase. Our liability costs associated with the fleet were up $23 million and fleet repair and maintenance, as Joe mentioned, was up $10 million.

第二季倉儲營運費用增加了 1,900 萬美元。佔營收的百分比，我們比去年第二季有所提高。成長的最大組成部分之一是人員支出，增加了 1,200 萬美元，但其成長速度與收入成長速度大致相同。與車隊相關的責任成本增加了 2,300 萬美元，正如喬所提到的，車隊維修和保養成本增加了 1,000 萬美元。

Regarding the liability costs, we've made progress on the self-insurance reserves from Moving and Storage. Over the last six months, we've increased our liability by $43 million. As of September 2025, cash, along with availability from existing loan facilities at our Moving and Storage segment totaled $1.376 billion.

關於責任成本，我們在搬家和倉儲的自保準備金方面取得了進展。過去六個月，我們的負債增加了 4,300 萬美元。截至 2025 年 9 月，我們搬家和倉儲業務部門的現金以及現有貸款額度的可用資金總計為 13.76 億美元。

Supplemental financial information as of the end of September is available at our Investor website, investors.uhaul.com under what we call Investor Kit. With that, I would like to hand the call back to our operator, Angeline, to begin the question-and-answer portion of the call.

截至 9 月底的補充財務資訊可在我們的投資者網站 investors.uhaul.com 的「投資者資料包」中找到。接下來，我將把電話交還給我們的接線生安吉琳，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 like to talk about the forest. Looking at the forest instead of the trees. I'd like to congratulate you on a record top line of any quarter in the company's history. Granted, the second fiscal quarter is your strongest seasonal quarter, but nevertheless, it's a record.

我喜歡談論森林。要著眼於整片森林，而不是只專注於樹木。我想祝賀你們創下了公司歷史上任何季度的最高營收紀錄。誠然，第二財季通常是業績最好的季度，但即便如此，這仍然是一項紀錄。

Now. for the trees. As we all know, the depreciation expenses have recently been a drag to the top line. I'd like to start the conversation by clarifying your method of depreciation. I think in the past, you've mentioned that you use accelerated depreciation now. But I've noticed that sometimes the depreciation is higher in the seasonally high quarters. Is there any component of usage involved in the depreciation scheduling?

現在，來說說樹木。眾所周知，近來折舊費用一直拖累公司的營業額。我想先澄清一下你們的折舊方法，以此作為討論的開端。我記得你以前提到過，你現在採用加速折舊法。但我注意到，有時在季節性旺季，折舊率會更高。折舊計劃中是否考慮了使用情況？

Steven, hi. This is Jason. So when -- for our rental fleet, we have two basic methodologies for depreciation. The first would be for our box trucks. And that's a dynamic depreciation model that depreciates faster in the earlier years have been slowed down over time. We hold those assets generally 12 to 15 years and that schedule has not changed. But it does result if you have uneven purchases of box trucks, you can have that number either go up or down in a year.

史蒂文，你好。這是傑森。所以，對於我們的租賃車隊，我們有兩種基本的折舊方法。首先是我們的廂型車。這是一個動態折舊模型，早期折舊速度較快，隨著時間的推移折舊速度會減慢。我們一般持有這些資產 12 至 15 年，這期限沒有改變。但如果你購買廂型車的數量不均衡，那麼一年內這個數字可能會增加也可能減少。

The second part of the fleet is our cargo vans and pickups that we hold anywhere from 12 to 24 months. That's a straight-line method that is a little more responsive to what the resale market is because we sell them so much quicker. So what we're seeing today is a cargo van that would have depreciated at a certain level three years ago is now depreciating two to three times that rate per month because of what we're seeing in the resale market.

車隊的第二部分是我們的貨車和皮卡，我們持有這些車輛的時間從 12 個月到 24 個月不等。這是一種直線式銷售方法，對二手市場的反應更加靈敏，因為我們賣得更快。因此，我們今天看到的是，一輛三年前以一定速度貶值的貨車，由於二手車市場的情況，現在每月貶值速度是原來的兩到三倍。

When do you expect the depreciation expenses to peak on a quarterly basis? You have better insight into what your anticipated expense -- the purchases are going to be and also the pricing.

您預計每季的折舊費用何時達到高峰？您對預期支出有了更清晰的了解—包括要購買的商品以及價格。

So again, I look at it in two components. On the box truck fleet, I think our initial look into next year is we're going to be buying fewer of those trucks. I would expect the box truck depreciation to peak towards the end of this year, beginning of next year then start to trend down.

所以，我還是把它看成兩個組成部分。關於廂型車車隊，我認為我們明年的初步計畫是減少購買這類貨車的數量。我預計廂型車的折舊將在今年年底或明年年初達到峰值，然後開始呈下降趨勢。

On the cargo vans, whereas the price that we're looking to pay for model year '26 cargo vans is going to be coming down. That's going to be dependent on the resale market, and that's tough to judge right now. So I'd like to think that we're peaking by the end of this year, and then it should maybe flatten out will start to come down. We are not increasing the size of that part of the fleet. So at least the total number of units subject to additional depreciation isn't growing.

至於貨車，我們預計 2026 年式貨車的價格將會下降。這取決於二手車市場，現在很難判斷。所以我認為，到今年年底，疫情將達到頂峰，然後可能會趨於平穩，並開始下降。我們不會增加該部分艦隊的規模。因此，至少需要額外折舊的單位總數並沒有增加。

Can I add there, Jason. I want to add that the question always is you take the hit, every month, you take a hit when you turn the vehicle. And it's a bit of a guessing game. And so then we will routinely look at that and then mid-course make a correction because it's just how things work out.

傑森，我可以補充一下嗎？我想補充一點，問題始終在於你是否要承擔損失，每個月你都要承擔損失，當你交出車輛時，你也要承擔損失。這有點像是在猜謎遊戲。所以我們會定期查看情況，然後在過程中進行調整，因為事情就是這樣發展的。

So we try -- we go in with what we think is a reasonable rate in depreciation with this last 18 last months, and it's really come clear here, the depreciation has been significantly greater. So when I look at this number, I had the depreciation and the loss on sale to try to understand what's going to be the peak.

所以我們嘗試——我們按照過去 18 個月我們認為合理的折舊率進行計算，但很明顯，折舊已經大幅增加。所以當我查看這個數字時，我考慮了折舊和出售損失，試圖了解高峰會是多少。

And it's a little bit hard for us to forecast. Not consulting Jason here, but speaking from my personal opinion, I think we're a year away from the peak on the pickup of vans. But so much of this depends on how the new vehicles get priced because used vehicles just are a reflection of new vehicle pricing. And if new vehicle pricing comes down, it could affect our assumptions at this point, (multiple speakers) [we'll up it] to depreciation.

我們很難預測。我並不是諮詢傑森的意見，但就我個人而言，我認為廂型車的皮卡車銷售距離高峰還有一年。但這很大程度取決於新車的定價，因為二手車的價格只是新車價格的反映。如果新車價格下降，可能會影響我們目前的假設，（多人發言）[我們會提高]折舊率。

A little harder question is could you anticipate what level of depreciation is going to be at the next trough? And to put it into context, in the beginning of the 2000s, actually pre-COVID, your level of depreciation on an annual basis was about $600 million. And actually, during COVID because you weren't buying more vehicles as you -- as many as you wanted, it actually grow below $500 million for two years.

一個難度稍高的問題是：你能預測下一次低谷時的折舊水準嗎？為了讓大家更能理解，在 2000 年代初期，也就是新冠疫情爆發之前，你們的年度折舊約為 6 億美元。事實上，在新冠疫情期間，由於人們購買的車輛數量沒有像預期那麼多，汽車銷售實際上連續兩年低於 5 億美元。

Now, we're at a run rate of basically $1.1 billion of depreciation. If you could get back to a trough of $600 million, the earnings this quarter would have tripled from what you reported. That's how much of an effect this has. Given this run rate of over $1 billion in depreciation, at some point, it should peak and then trough out. Do you have any idea where that trough would be dollars wise?

目前，我們的折舊年均金額約為 11 億美元。如果利潤能回到6億美元的低谷，那麼本季的收益將比你報告的高出三倍。這就是它產生的影響。鑑於目前超過10億美元的折舊率，折舊率遲早會達到峰值，然後回落。你知道從金錢角度來看，那條長槽大概值多少錢嗎？

This is Jason. So I'll take a shot at that. So from when we went into COVID where we're at today, the fleet is at least 20,000 units larger and the trucks are costing more. So those are the two factors that are pushing the annual depreciation number up, right?

這是傑森。那我就試試吧。所以從我們進入新冠疫情到今天，車隊規模至少增加了 2 萬輛，卡車的成本也更高了。所以，這兩個因素推高了年度折舊額，對吧？

If we were ever to get to a point where we bought the same number of trucks every year, we would -- our maintenance CapEx number would end up becoming our depreciation number over time. And going into COVID, I was -- at that time, it was quoting something $600 million for the trucks at least, not including trailers or the U-Box containers.

如果我們每年都購買相同數量的卡車，那麼隨著時間的推移，我們的維護資本支出最終會變成折舊支出。進入新冠疫情時期，此時的報價是，至少卡車的報價要 6 億美元，還不包括拖車或 U-Box 貨櫃。

Where we should end up is going to be much closer, hovering around the $700 million to $750 million range, I would think, at a normalized number given the size of the fleet today. But it's going to take a little bit of time to get there.

我認為，考慮到目前艦隊的規模，經過調整後，最終的數字應該會更接近 7 億至 7.5 億美元。但要達到這個目標還需要一些時間。

That's very helpful. Last question on a completely different topic. I've noticed on social media, you have seen a lot of clips concerning some of your employees talking about day-to-day operations and innovations and equipment design. Is that a new effort of yours? Or have I just been missing it prior to this?

那很有幫助。最後一個問題，但主題完全不同。我注意到在社群媒體上，您看到了很多關於貴公司員工談論日常營運、創新和設備設計的影片片段。這是你的新嘗試嗎？還是我之前一直錯過了？

This is Sebastien. I think what you might be seeing a lot of is around our toy hauler, Steven. Yeah. I mean that's a real exciting opportunity for us. We've got a lot of really great pickup on that from really big automotive publications.

這是塞巴斯蒂安。史蒂文，我想你可能經常看到我們玩具運輸車周圍的景象。是的。我的意思是，這對我們來說是一個非常令人興奮的機會。我們從一些大型汽車雜誌上獲得了許多非常好的報導。

And I think it's a market that we weren't serving as good as we could have before and is just a natural extension of 80 years of being in the trailer business. So I think there's a lot of excitement around that. I think public is starting to realize that as well.

我認為這是我們以前沒有充分服務的市場，這只是我們80年來一直從事拖車業務的自然延伸。所以我覺得大家對此都非常興奮。我認為公眾也開始意識到這一點了。

Steven Ramsey, Thompson Research.

Steven Ramsey，湯普森研究公司。

I wanted to ask a couple of questions on growing the dealer network. You're optimistic on that effort. Can you share some of the reasons why you're optimistic? And what is the timeline for gaining momentum on this effort as far as driving more moving transactions?

我想問幾個關於拓展經銷商網路的問題。你對這項工作持樂觀態度。能分享一下您保持樂觀的原因嗎？那麼，在推動更多搬家交易方面，這項工作要取得進展的時間表是什麼？

This is Joe. I'll speak to it. I think I'm expecting to see visible numbers by May, maybe before then; it depends how well I can get the organization to perform. Always, you're looking at market penetration. And when I segment out market penetration across various markets, I continue to see areas where we're lagging our own performance.

這是喬，我來說說。我預期五月就能看到明顯的成效，也許更早；這取決於我能讓組織運作得多麼出色。始終要關注市場滲透率。當我將市場滲透率細分到各個市場時，我仍然看到我們在某些​​領域的表現落後於自身。

I don't believe that the market is that different or the potential is that much different in one market or another. So let's say, eliminating Manhattan and places like that, but going to more communities, Denver, Phoenix, there's -- I think that there is substantial opportunity for increased penetration and dealers is our most effective way to enter that.

我不認為不同市場的差異有多大，或者說不同市場的潛力有多大差異。假設我們排除曼哈頓等地，但將目光投向更多社區，例如丹佛、鳳凰城，我認為在這些地區有很大的市場滲透機會，而經銷商是我們進入這些市場最有效的方式。

Over the last 30 years, dealers have hovered at just under half of our truck and trader rental revenue. Today, they're running maybe 3 percentage points below where they've been running. So I think we've got out of kilter about that much. Now, nothing is certain, but I have significant indicators that tell me we've neglected this and whether -- so I think there's a nice increase here.

過去 30 年，經銷商的收入一直徘徊在我們卡車和貿易商租賃收入的一半以下。今天，他們的支持率可能比之前的水準低了3個百分點。所以我覺得我們在這點上有點脫節了。現在，雖然一切都還不能確定，但我有一些重要的跡象表明我們忽略了這一點，而且——所以我認為這裡出現了一個不錯的增長。

And also for better or worse, we actually are a little bit over fleeted right now, which is why Jason reports we have a little bit lower utilization. So you see oftentimes in the past, I couldn't lose maneuver. I didn't have enough equipment to allocate.

而且不管好壞，我們目前的車隊規模實際上有點過剩，這也是傑森報告說我們的車隊利用率略低的原因。所以你常常會看到，在過去，我無法失去機動性。我沒有足夠的設備可以分配。

So today, I have equipment I can allocate. So to me, it's a big opportunity. Now, of course, if I can't do this, then Jason and other people in the company will insist we squeeze the fleet down a little bit in order to up utilization. These are just ops and forces.

所以今天，我有一些設備可以分配。所以對我來說，這是一個絕佳的機會。當然，如果我做不到這一點，那麼傑森和公司裡的其他人就會堅持要求我們稍微縮減車隊規模，以提高利用率。這些只是行動和兵力。

I believe there's significant room in market penetration, and that's what I'm driving on. And we should see results by June, I believe. I'll see them sooner than that because I'll see different numbers than you see, but I believe by then, you should see some results.

我認為市場滲透率還有很大的進步空間，這也是我努力的方向。我相信到六月我們應該就能看到結果了。我會比你更早看到結果，因為我看到的數字和你看到的不一樣，但我相信到那時，你應該會看到一些結果。

That's helpful color. Maybe thinking even further out on this effort to grow the dealer network, can you talk about the long-term insights or goals as far as creating new owned U-Haul locations and the potential benefits of more U-Box warehouses in these markets if this were to come about? Is this something two years out, four years out, if this comes to fruition?

這是個很有幫助的顏色。或許從更長遠的角度來看待發展經銷商網路的努力，您能否談談在創建新的自有 U-Haul 網點方面，以及如果這些市場能夠建立更多 U-Box 倉庫，將會有哪些長期的見解或目標，以及潛在的好處？如果這件事最終得以實現，那大概要花兩年時間，還是四年時間？

Well, I've been steadily driving the whole company. The whole company has been steadily driving on increasing our storage and U-Box footprint quicker than our U-Move footprint. And I think that's because to justify a big company-owned operation, you to have suck in a fair amount of revenue, and that may not be available in markets where there's plenty of U-Box and e-store business.

嗯，我一直在穩步推動整個公司的發展。整個公司一直在穩步推進倉儲和 U-Box 業務規模的擴張，其速度超過了 U-Move 業務規模的擴張速度。我認為這是因為，要證明一家大型公司自營業務的合理性，就必須吸收相當多的收入，而這在有很多自助取貨點和網上商店的市場中可能無法實現。

So of the stores that we've opened in the last, I don't know, two or three years, nearly every one of them is going to do more self-storage than it does truck and trade or rental revenue. And that would be, I think, a continuing pattern.

因此，在我們過去兩三年開設的門市中，幾乎每家門市的自助倉儲收入都會超過貨車運輸、貿易或租賃收入。我認為，這將是一種持續的模式。

Okay. That's helpful. And then you talked about, as you described, the slugfest in storage. Would you say that the competitive intensity there is equal to what it had been? Or is it intensifying further? And what are you looking for to -- that might show this is evolving to be a bit more healthy competitive environment than it has been in this recent period?

好的。那很有幫助。然後，正如你所描述的那樣，你談到了倉庫裡的激烈爭奪。您認為那裡的競爭強度是否與以前一樣激烈？還是情況還在進一步加劇？那麼，您希望看到哪些跡象表明，當前的競爭環境正在朝著比近期更健康的局面發展呢？

Well, Jason always brings me move in, move out rental rates for our competition. They quote that. And their move-in rental rates are massively below their move-out rates, which means they're bringing you in on a little bit of a over the zealous discount and then cranking the rate up. My experience is that offends a lot of customers, they would rather just be told about what it's going to cost them and then they'll figure into their budget.

傑森總是會為我帶來競爭對手的入住和搬出租金報價。他們引用了這句話。而且他們的入住租金遠低於退房租金，這意味著他們先用過度優惠的價格吸引你入住，然後再大幅提高租金。我的經驗是，這樣做會冒犯很多顧客，他們寧願直接被告知價格，然後自己將其納入預算。

So that causes our people to point of sale to be quoting a first three- or four-months' rental rate that's going to be higher than what they're going to quote from the competition and 30% would not be a big gap. I've seen 50% gaps.

因此，我們的銷售人員在銷售點報出的前三到四個月的租金價格會高於競爭對手的報價，30% 的差距並不算大。我見過50%的差距。

So this is, to me, is foolish. It sets up an expectation on the customer that we can't provide the product to that -- at those low rates, it's not economical for anyone. So -- but our competition, the big REITs, primarily, are dead set on that pricing mechanism. And so we're just -- it just being a little bit of a slugfest and -- but overall, we're -- I think relatively, we're coming out well. It's a tough thing to know cause everybody does their information a little bit different, but I think we're coming out well overall. And I see a lot of runway ahead of us.

所以，在我看來，這是愚蠢的。這會給客戶造成一種錯覺，即我們無法以如此低的價格提供產品——以這樣的價格，對任何人來說都不經濟。但是——但我們的競爭對手，主要是大型房地產投資信託基金，卻鐵了心要採用這種定價機制。所以我們現在的情況有點膠著，但總的來說，我認為相對而言，我們表現得還不錯。這很難說，因為每個人處理資訊的方式都略有不同，但我認為總體來說我們情況不錯。我看到我們面前還有很長的路要走。

As I said in my prepared comments, we're focusing a little bit more on breadth of coverage, the depth of coverage where I think, due to their management structure, a lot of our REIT competitors are focusing more on depth of coverage than breadth, primarily because we're already in all these markets because of truck and trader rental. So we have just a little different strategy. I'm not saying it's a better or worse strategy, it's a little different, which is buying for me. I like a little differentiation.

正如我在準備好的評論中所說，我們更加重視覆蓋範圍的廣度和深度。我認為，由於管理結構的原因，我們的許多 REIT 競爭對手更注重覆蓋範圍的深度而不是廣度，這主要是因為我們已經透過卡車和貿易商租賃業務進入了所有這些市場。所以我們採取了略有不同的策略。我不是說這是更好還是更差的策略，只是有點不同，對我來說，這就是購買方式。我喜歡有點不一樣的感覺。

Okay. That's helpful. And then last quick one for me. I know your activity in Moving and Storage generally tied to overall economic activity and life events. But in this time period, with existing home sales being so depressed, I'm curious, if you think in a recovery scenario on existing home sales, if that would be a wave that would lift the growth of one-way moves and lift U-Box growth even further? Maybe, just the general linkage of One-Way moves in U-Box to existing home sales?

好的。那很有幫助。最後，我還要快速回答一個問題。我知道您在搬家和倉儲方面的活動通常與整體經濟活動和生活事件有關。但在這個時期，由於二手房銷售如此低迷，我很好奇，您認為在二手房銷售復甦的情況下，這是否會成為一股推動單向搬家增長並進一步促進U-Box增長的浪潮？也許，這只是 U-Box 中單向搬家與現有房屋銷售之間的一般聯繫？

I don't think it will be enough of a boost that you'll be able to see it. No doubt, there's some boost there, but the transaction volume it takes to move that is pretty significant. I think that there's been a lot of consumer confusion or uncertainty.

我不認為這會帶來足夠大的提升，讓你能夠看到效果。毫無疑問，這會帶來一些推動作用，但要實現這種推動作用，所需的交易量相當可觀。我認為消費者存在著許多困惑或不確定性。

And I think as that becomes stable, my experience has been that we see a little more One-Way rentals and a little bit longer One-Way rentals, And we're not seeing that presently. So this is a pattern I've seen three, maybe four times in my career, and it's -- I don't have a good way to estimate how long this will continue, but this has been a trend for a little while now. So we'll see.

我認為，隨著市場趨於穩定，根據我的經驗，我們會看到單程租賃業務增加，單程租賃業務的租期也會延長一些。但目前我們還沒有看到這種情況。所以，這種模式我在職業生涯中見過三四次了，而且——我沒有很好的方法來估計這種情況會持續多久，但這已經成為一種趨勢一段時間了。我們拭目以待。

We saw just the opposite during COVID. We got a little longer rental and a little more percentage of One-Ways. It was strangely that that turned out people were very eager to move. So no, I don't think that home sales are going to be something that would be good for you to use as a [ten stake] to try to drive a prediction.

新冠疫情期間，我們看到的情況恰恰相反。我們獲得了更長的租期和更高的單程租賃比例。奇怪的是，結果證明人們非常渴望搬家。所以，不，我不認為房屋銷售情況適合作為預測的[十倍賭注]。

Andy Liu, Wolfe Research.

Andy Liu，Wolfe Research。

Yeah. So I appreciate a lot of color around the depreciation here. I want to focus more on like the cash side, right? So digging through your comments of the input cost being hired to get the new trucks in the second-hand market, not catching up to that.

是的。所以我很欣賞這裡對折舊的各種詮釋。我想更多地關注現金方面，對吧？所以，我仔細查看了你關於在二手市場購買新卡車所需的投入成本的評論，但並沒有理解你的意思。

I just wonder on a capital allocation standpoint as you look at it today, how does the returns there compared to like money that's been elsewhere, for example, the storage side on the development you guys previously called out, so a 10% yield on this. So just wondering when you think about the avenues of where you can deploy capital, how does standing the fleet versus storage compare?

我只是想知道，從今天的資本配置角度來看，這裡的收益與投資其他地方的資金相比如何，例如你們之前提到的開發項目中的存儲方面，該項目的收益率為 10%。所以我想知道，當您考慮如何部署資金時，維護車隊和儲存相比如何？

I want to say one cautionary note, and that is what is the business cycle. And the problem is not the problem, but part of what you have to look at with the truck. It's a little bit longer asset than many people think. And certainly, storage is. So with that, I'll let Jason speak to it.

我想提醒大家一點，那就是商業週期。而問題本身並不是問題，而是你需要檢查的卡車部件的一部分。它比許多人想像的要長一些。當然，存儲也是其中之一。那麼，接下來就讓傑森來談談這個問題吧。

I was going to say about the same thing. So comparatively speaking, where costs are at, where revenue is at today, the return on trucks has directionally gone down from where it used to be. But it's a combined product offering for us.

我正想說同樣的話。因此，相對而言，就目前的成本和收入水平而言，卡車的回報率已經比以前有所下降。但對我們來說，這是一個組合產品系列。

And there was times when storage wasn't returning quite as well and the trucks and trailers carried the day for us. So I don't think we're going to -- because of just the current cost structure for a few years, but we're going to adjust the long-term strategy of the company, but we do have some work to get out of this cycle.

有時倉儲業務進展並不順利，卡車和拖車就成了我們的救星。所以我認為我們不會——僅僅因為目前的成本結構，未來幾年內都不會——但我們會調整公司的長期策略，不過我們確實需要做一些工作才能擺脫這個週期。

Okay. Yeah, I totally hear you on that point there. So double clicking on the moving side of business, you guys mentioned the transaction volume side has been coming down. I'm just curious how that has trended through the quarter?

好的。是的，我完全明白你的意思。所以，在談到業務的動態方面時，你們提到交易量方面一直在下降。我只是好奇這個趨勢在本季是如何變化的？

Like on a year-over-year basis, have things -- the year-over-year trend for, say, July to September, has that been roughly the same through the three months? Or have things been trending better or worse throughout the quarter? Just want to get a sense of -- I get that the quarter is down but just wondering how that trended. Is it sequentially improving through the quarter? Or is it about the same through the three months?

例如，從年比來看，例如 7 月到 9 月的年比趨勢，這三個月的情況是否大致相同？或者說，本季情況是呈現好轉趨勢還是惡化趨勢？我只是想了解一下情況——我知道本季業績下滑，但我只是想知道業績的趨勢如何。本季是否逐季改善？或者說，這三個月的情況都差不多？

Yeah, on transactions, we will have a good month and then we recede a little bit. And I think the fourth quarter of last year, the first quarter of this year, that six-month period, we were -- we had started to trend up in transactions.

是的，交易量方面，我們會經歷一個不錯的月份，然後就會略有下滑。我認為去年第四季、今年第一季度，也就是那六個月期間，我們的交易量開始呈現上升趨勢。

And then this quarter, we took a little bit of a step back. We saw a little bit more of that same sort of step back trend in October. So it's been the last couple of years. It's been tough to get the transaction number to turn.

然後，這個季度我們稍微退了一步。10月我們看到了更多類似的衰退趨勢。所以，這種情況已經持續兩年了。要取得交易編號一直很困難。

Got it. No, that's helpful. And then my last question, shifting to the storage side. I know you guys called that last quarter that you're working through getting some tenants out who aren't paying. So I see there's some impact on the occupancy here.

知道了。不，這很有幫助。最後一個問題，關於儲存方面。我知道你們上個季度說過，你們正在努力解決一些不付房租的租戶的問題。看來入住率確實受到了一定影響。

Just want to get a sense of is that -- have you guys gone through the bulk of that and you set up to backfill those [rates] and get occupancy up? Or is there like still a good amount of additions that you guys have to do on the storage front?

我只是想了解一下——你們是否已經完成了大部分工作，並製定了填補這些[房價]和提高入住率的措施？或者說，你們在儲存方面還有很多需要改進的地方嗎？

Yeah. This is Joe. We're through that, and we're now in the cycle of what I want us to be, which is now re-rent those rooms all to paying customers. And we're making some gains there. Of course, going in the fall is the wrong time to execute this maneuver because overall demand isn't as strong as it is in the spring.

是的。這是喬。我們已經度過了那段時期，現在正處於我希望我們達到的階段，那就是把所有房間都重新租給付費客戶。我們在這方面取得了一些進展。當然，秋季並不是執行此操作的合適時機，因為整體需求不如春季強勁。

So seeing gains right now, I think we did the right thing. Overall, revenue is up. So if you measure money, which a lot of us do, the money is working up correctly. Now it also, psychologically, with my managers, opened up more opportunity.

所以看到現在的收益，我認為我們做對了。整體而言，收入有所增長。所以，如果你衡量金錢，就像我們許多人所做的那樣，金錢的運作是正確的。現在，從心理層面來說，這對我與我的經理來說，也帶來了更多機會。

And I think that, that's going to have a subtle but very positive effect as we come into spring; just how -- the winter is always a little bit goofy, but it's always down a little bit, but sometimes not as much. So we're going to continue to drive on this. And I think we're through it. And it was the right move and now the question just is how fast can we drive revenue?

我認為這將在春季到來之際產生微妙但非常積極的影響；就像——冬天總是有點古怪，總是有點低迷，但有時低迷的程度並不那麼嚴重。所以我們會繼續推進這項工作。我想我們已經度過了難關。這是一個正確的舉措，現在的問題是，我們能以多快的速度提高收入？

Jeff Kauffman, Vertical Research Partners.

Jeff Kauffman，Vertical Research Partners。

A number of my questions have been asked, so I'm going to just go in a different direction. I know you buy most of your vehicles domestically, Ford and General Motors. But have you seen any impact to vehicle prices or vehicle costs from the tariffs that are out there?

許多問題已經被問過了，所以我打算換個方向回答。我知道你們大部分車輛都是從美國本土購買的，像是福特和通用汽車。但是，您是否看到現行的關稅對車輛價格或車輛成本產生了任何影響？

I'll try this and we buy some Stellantis fans that are assembled in Mexico. We buy some General Motors products that are assembled in Mexico or final assembly. These parts come from better than I do come from all over the planet. So they would be who we thought we would see the worst impact.

我試試這個辦法，我們買一些在墨西哥組裝的Stellantis風扇。我們購買一些通用汽車的產品，這些產品是在墨西哥組裝或最終組裝的。這些零件來自世界各地，比我本人還要好。所以，他們就是我們認為受影響最嚴重的族群。

So far, they've been picking their way through that minefield successfully. People, I would say, in other words, when it reflects down to us, and we see the net cost, they're still not clear out of the ballpark. Going in, we thought we might see the GM product built in Mexico be 15% or 20% noncompetitive. We're not seeing that presently.

到目前為止，他們已經成功地避開了那片雷區。換句話說，我想說的是，當這一切反映到我們身上，讓我們看到最終成本時，人們仍然沒有完全擺脫困境。一開始，我們認為通用汽車在墨西哥生產的產品可能會有 15% 到 20% 的競爭力不足。目前我們還沒有看到這種情況。

It's -- I don't know how the numbers work at their end. But so far -- but Ford has a little advantage here, I think. They just -- they advertise that they have hired domestic content they're a little bit less influenced. But here again, some of their raw materials come through this foreign supply chain, and it's very complex.

我不知道他們那邊的數字是如何運作的。但就目前來看——不過我認為福特在這方面略佔優勢。他們只是——他們宣傳說他們僱用了本土內容創作者，所以他們受到的影響較小。但同樣，他們的一些原料也是透過這條國外供應鏈獲得的，而且情況非常複雜。

In speaking with people, they all are dreading it, but none of them have something they can make stick with the end user. Does that make sense? And this could change as time goes on. I'm sure they all hedge stuff, did a whole bunch of things. We're living on that right now.

與人交談後發現，他們都很害怕這種情況，但他們都沒有什麼能讓最終用戶堅持下去的東西。這樣說得通嗎？隨著時間的推移，這種情況可能會改變。我相信他們都採取了各種規避措施，做了很多事。我們現在就靠這個生活。

Now, does this show up primarily in the cost of your vehicle purchases and CapEx? Or does some of this show up in repair and maintenance cost for you?

那麼，這主要體現在您的車輛購置成本和資本支出嗎？或者，其中一部分是否反映在您的維修和保養費用中？

It's going to be primarily in new vehicle costs. Although parts prices are going up. That's just a fact of life. And a lot of these components, let's pick an alternator, many of those are made non-domestically. They're sourced on domestically. And so they're going to encounter some tariff difficulties.

主要會體現在新車成本上。雖然零件價格上漲了。這就是生活的一部分。很多零件，像是交流發電機，很多都是國外生產的。它們均產自國內。因此，他們將在關稅方面遇到一些困難。

In the big number, it's not showing up yet, but everybody who's in the purchasing end of this is very wary and constantly trying to find some way to wiggle and hold prices a little longer. And we've put a lot of pressure on suppliers to hold prices.

從整體來看，這種趨勢尚未顯現，但所有參與採購的人都非常謹慎，並不斷嘗試尋找一些方法來操縱價格，使其維持更長時間。我們已經向供應商施加了很大壓力，要求他們維持價格穩定。

And again, I think a bunch of them could see this, and so they hedged their situation somehow and have kept the price increases way below these. You see numbers quoted on tariffs of 20% and 25%. We're not seeing that come through. I don't know, Jason, do you want to address that?

而且，我認為他們中的許多人都意識到了這一點，所以他們採取了某種對沖措施，將價格上漲幅度控制在遠低於這些水平的範圍內。你會看到關稅報價為 20% 和 25%。我們沒有看到這種情況發生。傑森，我不知道，你想談談這個問題嗎？

No, I haven't seen that either.

不，我也沒見過。

All right. Well, that's my question so thank you.

好的。這就是我的問題，謝謝。

Jeff, thanks for initiating coverage. Also, we appreciate that.

傑夫，謝謝你發起報道。我們也對此表示感謝。

Jamie Wilen, Wilen Management.

Jamie Wilen，Wilen Management。

I just wanted to touch base on U-Box a little bit. First, when does it come to the point in time where it has to be its own segment? I thought it was 10% of revenues. I think we're approaching that. But can you discuss U-Box's positioning?

我只是想簡單介紹一下U-Box。首先，什麼時候它才必須成為一個獨立的板塊呢？我以為是營收的10%。我認為我們正在接近那個目標。能談談U-Box的市場定位嗎？

Obviously, the revenue growth in U-Box is far greater than the rest of the company. So what are the dynamics there that are causing U-Box to have such large increases and are they gaining market share, which --? And lastly, as their revenues increase, should they reach an inflection point on operating profitability?

顯然，U-Box 的營收成長遠高於公司其他部門。那麼，究竟是什麼因素導致U-Box的銷售量大幅成長？他們是否正在獲得市場份額？——？最後，隨著收入的成長，它們的營運獲利能力是否會達到拐點？

Hi, Jamie. This is Sam Shoen. Can you repeat the last part of your question one more time?

嗨，傑米。這是薩姆·肖恩。您能再重複問題的最後一部分嗎？

As revenues are gaining and growing on U-Box, is there an inflection point where profitability dynamically moves forward?

隨著 U-Box 的營收不斷成長，是否存在一個轉捩點，獲利能力會因此而動態提升？

Got it. I'll let Jason answer that last part, but I'll just touch on some general U-Box subjects. It's good to hear from you. Thanks for the questions.

知道了。最後一部分就讓傑森來回答吧，我在這裡就簡單談談U-Box的一些基本概念。很高興收到你的來信。謝謝大家的提問。

As you noted, we continue to find success in U-Box. We had a very hot summer and then ended the quarter with a little bit of a whimper. But compared to the same period last year, in all our big revenue components of U-Box, we had increases on a percentage basis and a gross basis as well.

正如您所指出的，我們在 U-Box 領域持續取得成功。我們經歷了一個非常炎熱的夏天，然後本季末卻有點低迷。但與去年同期相比，U-Box 的所有主要收入組成部分，無論從百分比還是總額來看，都實現了成長。

Those are shipping income, storage rent, and delivery income. Those are the real drivers for the U-Box revenue. When you think about U-Box, expenses freight is where you need to focus on, those are under control. Assets aren't limitation right now; plenty of containers, plenty of warehouse space, plenty of delivery equipment.

這些收入包括運輸收入、倉儲租金和配送收入。這些才是U-Box收入的真正驅動因素。說到 U-Box，你需要關注的是運費，因為這些費用都在控制之中。目前資產不是問題；貨櫃充足，倉庫空間充足，配送設備充足。

You mentioned some of the things that are different about U-Box. A lot is the same. U-Box is a hard work business, just like the rest of U-Haul, but we're still poised for it to be an exciting cornerstone of the future. Does that help give you some color?

你提到了U-Box的一些不同之處。很多方面都一樣。U-Box 和 U-Haul 的其他業務一樣，都是需要付出艱苦努力的業務，但我們仍然相信它將成為未來令人興奮的基石。這樣能讓你感覺顏色更鮮豔一點嗎？

Do you see us gaining market share? Are we having a greater percentage of the business that's overall there? Or is the market for that type of moving growing significantly as well?

您認為我們能獲得市場佔有率嗎？我們是否佔據了該地區整體業務的更大比例？或者說，這類搬家服務的市場也在顯著成長？

No, we're gaining market share. We're -- we've got our eyes set on becoming the market leader. That's our goal. There's no doubt -- you talk to anybody in the competition we're making their life of living hell. And we're gaining market share unquestionably.

不，我們正在擴大市場份額。我們－我們的目標是成為市場領導者。這就是我們的目標。毫無疑問──你去問問任何一個參賽者，我們讓他們生不如死。毫無疑問，我們正在不斷擴大市場份額。

Living hell is good. And as far as the profitability inflection point?

人間地獄也挺好。那麼，獲利拐點究竟在哪裡呢？

Jamie, this is Jason. So the interesting thing about the U-Box is it has the profitability profile of both U-Move and U-Store, right? So on the moving transactions over the years, Sam has made great strides in the logistics side of the business and locking down those costs and being able to quote. So I think we're on actual over the road, getting boxes from one day to another through either over-the-road carriers or through our customers delivering the boxes for us. I think we're at a good margin level there.

傑米，這是傑森。U-Box 的有趣之處在於它兼具 U-Move 和 U-Store 的獲利能力，對吧？因此，多年來，隨著業務的不斷發展，Sam 在物流方面取得了長足的進步，能夠控製成本並進行報價。所以我覺得我們現在實際上是在進行公路運輸，透過公路運輸公司或我們的客戶為我們運送箱子，把箱子從一天送到另一天。我認為我們目前的利潤率處於一個不錯的水平。

So then the remaining piece of the puzzle where we can really take off is getting these -- more of these boxes in storage. And the overall occupancy in our facilities is a fraction of where we're at with the self-storage product. So there's a big upside on that as far as profitability explosion.

所以，我們真正能夠取得進展的最後一個關鍵步驟就是獲得更多這樣的箱子進行儲存。我們設施的整體入住率只是自助倉儲產品入住率的一小部分。因此，從獲利能力爆發的角度來看，這方面有很大的優勢。

My rough estimate continues to be that we're typically on a quarter-to-quarter basis within a couple of percentage points of the overall Moving and Storage margin. But the more boxes we fill, just like the more storage rooms we fill, our margin profile is going to increase.

我的粗略估計仍然是，我們通常每季的利潤率與整體搬家和倉儲利潤率的差距在幾個百分點之內。但是，就像我們裝滿的儲藏室越多一樣，我們裝滿的箱子越多，我們的利潤率就會越高。

Okay. And does the length of time that a U-Box is in storage, has that changed at all over the last year or two?

好的。在過去一兩年裡，U-Box 的儲存時間是否有所改變？

No. Generally, it's very similar to what we're seeing in traditional storage, which I think is a positive.

不。總的來說，它與我們目前在傳統儲存中看到的情況非常相似，我認為這是一件好事。

Okay. Good. Last question about capital allocation. Obviously, we're still having a whole bunch of self-storage, which does not contribute to profitability for a while. Would you ever think of selling off a bit of the self-storage that might be not our target markets and not our larger areas, so we can sell those off at full price to be able to increase where we do have some market strength and get some greater synergies?

好的。好的。關於資本配置的最後一個問題。顯然，我們仍然有很多自助倉儲設施，這在一段時間內不會帶來利潤。您是否考慮過出售一些可能並非我們目標市場或面積較大的自助倉儲業務，以便我們能夠以全價出售這些業務，從而擴大我們在市場優勢領域的規模，並獲得更大的協同效應？

I'll take that one. With very few exceptions, the answer is no. But partially because our existing footprint is we're strong in Wyoming. We're strong in North Dakota. So that's compare and contrast, let's say, to public.

我選那個。除了極少數例外情況外，答案是否定的。但部分原因是，我們在懷俄明州的業務規模很大。我們在北達科他州實力雄厚。所以，這就是與大眾的對比和比較。

Well, public isn't so motivated in those two states because they don't have operations. And so for them to initiate anything, it's -- they have to make a big push. Not to say they won't eventually make that push, but they have different priorities.

嗯，這兩個州的公眾積極性不高，因為他們沒有開展業務。因此，對他們來說，要發起任何事情，都必須大力推進。並非說他們最終不會採取這種行動，但他們的優先事項不同。

So we have some locations that I would say that -- well, actually have some locations we bought from either public or extra space because they were fringed for their -- the way they look at the market, but not so fringe for us. And I don't think that's a good strategy for us at this time. We're not totally stressed.

所以，我們有一些地方，我想說——實際上，我們有一些地方是從公共或額外的空間購買的，因為它們在他們看來是邊緣地帶——但對我們來說並不那麼邊緣。我認為這對我們來說目前不是一個好的策略。我們並沒有感到特別焦慮。

And typically, not always, but typically those locations have a decent return. They're not disadvantaged. If you get a lower rate, typically, you have a little lower going in cost. Now that's not true with new construction. With new construction, you'll be in Nowheresville and it costs a lot of the construction costs in every metro area. So -- but on existing storage, you don't end up paying -- you pay a little discount in the market because it's basically NOI driven or rate driven.

通常情況下（雖然並非總是如此），這些地方通常會有不錯的回報。他們並不處於劣勢。如果利率較低，通常情況下，你的前期投入成本也會較低一些。但對於新建建築來說，情況並非如此。新建房屋會帶你到偏僻的地方，而且會佔用每個大都市地區的大部分建築成本。所以——但是對於現有的存儲，你最終不會支付——你會在市場上獲得一些折扣，因為它基本上是由淨營業收入或費率驅動的。

I guess the question is the public storage wanted to go into Wyoming, wouldn't it be to their advantage to buy a leading participant in the market and pay full price to get there?

我想問題在於，如果這家公共倉儲公司想要進軍懷俄明州，那麼收購市場上的領先企業並支付全價進入該市場對他們來說豈不是更有利嗎？

Yes, then that is what they will do. They will do that. Absolutely. You can count on that happening. I don't -- they don't share anything with me, obviously, but sure --

是的，他們就會這麼做。他們會這麼做的。絕對地。這肯定會發生。我沒有──他們顯然什麼都沒跟我分享，不過當然可以。--

But it would seem like a logical thing that if we could get full price for a state or two and then utilize those funds to go into other areas where we could get greater returns because we're selling at high prices and buying well.

但如果我們能以全價收購一兩個州的房產，然後利用這些資金投入到其他領域，獲得更高的回報，這似乎是一個合乎邏輯的做法，因為我們賣得好，買得也好。

My experience is that it doesn't work that way. Now, you got to adjust for size of the location. Smaller locations have marginally less contribution just because that's the nature of rents. But if the locations are similarly sized, my experience is that we will do as well in a, let's just say, a Wyoming than we will in California.

我的經驗是，事情並非如此。現在，你需要根據場地大小進行調整。面積較小的地點貢獻略小，這只是租金的固有特性。但是，如果地點大小相似，根據我的經驗，我們在懷俄明州這樣的地方會比在加州做得更好。

And sometimes we'll do better at Wyoming than California because right now, storage is so hot. You go in even tertiary markets in California are priced really, really strong for sale market. So I mean, I don't know. I'm sure 1,000 places a year pass in front of me. Maybe more for Jason. And then our real estate and field people more.

有時候我們在懷俄明州的表現會比在加州更好，因為目前倉儲需求非常旺盛。即使是加州的三線市場，房價也非常非常堅挺。所以，我也不知道。我敢肯定，每年有1000個地方從我眼前經過。或許對傑森來說更多。然後還有我們的房地產和現場人員。

You can get a feel for the trends on this. So I don't think there's an opportunity to sell in those areas and reinvest in more densely populated areas. No, I don't think that's a good idea.

你可以從中了解一些趨勢。所以我認為沒有機會出售這些地區的房產，然後重新投資到人口較密集的地區。不，我覺得這不是個好主意。

Last self-storage question. People have talked about the overbuilding of self-storage over time, yet our revenues per foot are up nicely in this past quarter. How do you explain that we're able to do that in a market that's theoretically saturated?

最後一個關於自助倉儲的問題。人們一直在討論自助倉儲設施過度建設的問題，然而，上個季度我們每平方英尺的收入卻大幅成長。如何解釋我們能夠在理論上已經飽和的市場中做到這一點？

Well, a great deal that has to do with how well you manage at that level. At that level -- I was in a store the other day, and of course, we're doing trucks and storage and in walks a customer with a Starbucks and hands it to manager. I think what the hell is that? So I asked him well, that person's storage customer. She brings me in Starbucks every morning. Well, that cost more than the storage room, okay?

嗯，這很大程度上取決於你在這個層級上的管理能力。到了那個等級——前幾天我在一家店裡，當然，我們正在處理貨車和倉儲的事情，這時一位顧客拿著一杯星巴克咖啡走了進來，遞給了經理。我想問，那到底是什麼鬼東西？所以我問他，那個人的倉儲客戶。她每天早上都帶我去星巴克。嗯，那比儲藏室貴多了，好嗎？

Obviously, there's more going on than just renting the room. They have a personal relationship. I like to say that people rent storage from other people, and they rent trucks for companies. So not 100% true, but it's more true than false. So as we get a better quality manager and a manager that just simply is it's just a better quality, more service-oriented, we're able to squeeze a little more rate out and we do a decent job of surveying rates on a repetitive basis, sorting for where in the mix is there a rate opportunity.

顯然，事情不只是租房那麼簡單。他們之間有私人關係。我喜歡這樣說：人們從其他人那裡租用倉庫，他們為公司租用卡車。所以雖然不是百分之百正確，但說得有道理的地方比說得有道理的地方多。因此，當我們擁有更高品質的經理，一位更注重服務品質的經理時，我們就能再提高一些費率，並且我們會定期調查費率，找出其中的費率機會。

We essentially never do it across the board rate increase. It's always very specific to a type of storage or the size of storage done. And if you just keep at that regular, you'll sort to what is the optimum pricing you can get in that market. So I'm overall proud that we're able -- we've been able to get a little bit of increases. The storage industry has struggled with increases lately. We're able to get them, but they're hard fought. But I think --

我們基本上從不全面提高利率。它總是與儲存類型或儲存規模密切相關。如果你堅持這樣做，你就能找到在這個市場中你能獲得的最佳價格。所以總的來說，我為我們能夠取得一些成長而感到自豪。近來，倉儲業一直受到價格上漲的困擾。我們最終得到了它們，但這來之不易。但我認為--

Stephen Farrell, Oppenheimer + Close.

Stephen Farrell，奧本海默+克洛斯。

I just have a quick question about box trucks. Have you seen any relief in the pricing from manufacturers yet?

我有個關於廂型車的問題想請教一下。製造商方面是否有任何降價跡象？

This is Jason. I'll start. On the box trucks, the percentage increase over the last couple of years has been a little more to date than what we've seen on the pickups in the cargo vans. That's really where the more material issue has been. We're seeing some relief on those.

這是傑森。我先來。近年來，廂型車的成長百分比比皮卡和貨車的成長百分比高一些。這才是真正實質問題所在。我們看到這些情況有所緩解。

But if you were to take the 10-year average of what inflation was on those units, pre-COVID, to where we're at today, I would say that there's still 3,000 to 3,500 more expensive than what they would have been had we've never gone through this inflation cycle.

但是，如果以新冠疫情爆發前 10 年的平均通膨率來衡量這些單位的價格，再與今天的通膨率進行比較，我認為，即使沒有經歷這次通膨週期，這些單位的價格仍然比現在高出 3000 到 3500。

On the box trucks, it's -- don't get me wrong, they're still up, but maybe it would go from, say, a 4% average annual increase to maybe 7% to 8%.

就廂型車而言，情況是——別誤會，它們的價格仍然上漲，但也許會從平均每年 4% 的增長提高到 7% 到 8%。

I'll give a slightly different answer to that question, which is Ford and General Motors, our primary suppliers have been beset with costs that are staggering as they've attempted to adjust to a political agenda that didn't match the realities of the marketplace. So they've committed God knows how many billions of dollars and disrupted God knows how many supply lines, laid off tens of thousands of internal combustion engineers.

對於這個問題，我會給出略有不同的答案，那就是我們的主要供應商福特和通用汽車，由於試圖調整以適應與市場現實不符的政治議程，一直面臨著驚人的成本。所以他們投入了數不清的數十億美元，擾亂了數不清的供應鏈，解雇了數萬名內燃機工程師。

And they have been attempting to recover those losses on customers like ourselves or the retail customer. And that's just the position they're stuck in. They have now done an about face. I think you could see that over the last six months. Even Mary Barra now recants this stuff.

他們一直試圖從像我們這樣的客戶或零售客戶身上彌補這些損失。這就是他們目前所處的困境。他們現在態度來了個180度大轉彎。我認為過去六個月的情況已經證明了這一點。就連瑪麗·巴拉現在也收回了這些言論。

And it was -- it's been a political agenda all along. And not a manufacturing agenda, but they're stuck with -- they actually build things for money. And so they've had to overspend and overinvest and they're looking for somebody to lay these costs out on.

而事實的確如此──這從一開始就是一個政治陰謀。他們沒有製造業的議程，但他們卻被困住了——他們實際上是為了賺錢而製造產品。因此，他們不得不超支和超額投資，現在正在尋找可以承擔這些成本的人。

Or if you look at this over a 30-year cycle, you can go to the manufacturer and say, Hey, you want to complete a second shift? We can buy so many units. And we can all talk reasonably. That really has -- they've been precluded from doing that, but they just now, I would say, in the last six months have shown a little more willingness to let's all figure out how a bunch of us can make a profit as they back away from these unwanted and unneeded costs. So -- and that goes clear across the line on transportation from pickup trucks up through Class 8 vehicles.

或者，如果你從 30 年的周期來看，你可以去問製造商：“嘿，你們想完成第二個班次嗎？”我們可以購買這麼多台。我們都能理性地交流。確實如此——他們一直被禁止這樣做，但我想說，在過去的六個月裡，他們表現出了更大的意願，讓我們大家一起想辦法，在他們減少這些不必要的成本的同時，如何才能盈利。所以——這一點適用於從皮卡車到 8 級重型卡車的整個運輸領域。

Everybody is seeing the same dilemma and different people are in deeper. We're very lucky in that we did not -- we did a lot of poking around, and we did plenty of test trucks, but we didn't go and commit a significant amount of resources to alternative means of propulsion.

每個人都面臨同樣的困境，只是每個人陷入困境的程度不同。我們很幸運，因為我們沒有——我們做了很多調查，也做了很多測試卡車，但我們沒有投入大量資源去研究替代推進方式。

And although we've been compelled in, say, California, you can't build the building unless you put an electric chargers. No one is going to use them, but you can't build the building. And these costs are all inflationary. And to the automakers, there's so much -- they're covered up with them.

雖然在加州等地，我們不得不這樣做，但你不能在不安裝充電樁的情況下建造建築物。沒人會用它們，但你又不能蓋那棟大樓。而這些成本都包含了通膨因素。對汽車製造商來說，這其中牽涉甚廣──他們都被這些東西掩蓋了。

But they're trying now, and we're going to see, I think they could hold prices constant for two or three years and it wouldn't hurt a d*** thing. They've heard that from me. I make myself very clear to it.

但他們現在正在嘗試，我們拭目以待，我認為他們可以將價格維持兩到三年不變，而且不會造成任何損害。他們是從我這裡聽說的。我已明確表達了我的意思。

And given that they moved away from ICE vehicles, how long do you think it would take for them to take it back and increased supply?

鑑於他們已經放棄了內燃機汽車，你認為他們需要多久才能重新開始使用內燃機汽車並增加供應？

They're already there in many models, and they're going absolutely as fast as they can make it happen because they've now admitted internally. Again, this was not a customer-driven agenda. And in capitalism, ultimately, the customer drives the market and the customer is driving away from it on anything that's utility vehicle.

它們已經在很多模型中實現了，而且他們正在以最快的速度推進，因為他們內部已經承認了這一點。再次強調，這不是以客戶為中心的計畫。在資本主義社會，歸根究底，顧客驅動著市場，而顧客正在遠離任何實用型車輛。

On passenger cars, I have no comment. I don't keep tracking that, but apparently, electrics are very successful there. But in utility vehicles, something like what we rent their total non-starter and have been -- and everybody has known it. It's been a dirty little secret, like I said, but nobody wanted to raise their hand because the political repercussions are telling the truth were terrifying to most people.

對於乘用車，我無可奉告。我沒有持續關注這方面的情況，但顯然，電子產品在那裡非常成功。但在多用途車輛領域，像我們出租的那種車輛完全行不通，而且一直以來都是如此——每個人都知道這一點。正如我所說，這一直是一個不可告人的秘密，但沒有人願意舉手，因為說出真相的政治後果對大多數人來說太可怕了。

So the cat's out of the bag now, and I think people will speak freely about it. I won't be the only person in a transportation company who would express these same thoughts.

現在事情已經公開了，我認為人們會暢所欲言地談論這件事。我不會是運輸公司裡唯一有這種想法的人。

And just with moving, the competitors are facing the same problems that you guys are having just with increased costs of new vehicles and you guys were in a better position before the cost went up. Do you think that's led them to cut prices and keep utilization high?

而且，就搬遷而言，競爭對手也面臨著和你們一樣的問題，只是新車的成本增加了，而你們在成本上漲之前處境更好。你認為這是他們降低價格並保持高利用率的原因嗎？

No. I'm doing a round of that. In the middle of one right now, trying to see if we can ascertain what's really being priced in the market. And we've seen some discounting, but there's always some discounting. And when we do a price check, we don't just survey the computer and see what the computer shows. They say they're charging. We attempt to, actually, deal hard like a customer would, like it was real money and see we can beat them down to.

不。我正在做一輪。我現在正在進行一項調查，試圖弄清楚市場上的真實價格是多少。我們看到了一些折扣，但折扣總是會有的。當我們進行價格核查時，我們不會只是查看電腦，看看電腦顯示什麼。他們說他們要收費。我們嘗試像顧客一樣認真對待，就像在處理真錢交易一樣，看看能否把價格壓低到他們那邊。

So they're a little bit flexible. My experience so far is they're still higher than us so the consumer net-net in most applications will be very competitive, not in all applications. Nobody can be in all applications.

所以他們還是比較靈活的。根據我目前的經驗，他們的價格仍然高於我們，因此在大多數應用領域，消費者淨價將非常有競爭力，但並非所有應用領域都是如此。沒有人能同時參與所有申請。

And year-over-year, I know that fleet maintenance was up $10 million in the quarter compared to last year. Operating expenses were up about $50 million, I think. I know that you had greater insurance and liability expenses in the last two years. Are those still big drivers of the increase? Or is that leveled off?

我知道，與去年同期相比，本季車隊維護費用增加了 1,000 萬美元。我認為營運支出增加了大約5000萬美元。我知道你在過去兩年的保險和責任支出增加。這些因素仍然是成長的主要驅動力嗎？或者說，這種趨勢已經趨於平穩了？

So we -- are you talking about the six month numbers? Or the --

所以——您指的是過去六個月的數據嗎？或者--

Yeah, six months.

是的，六個月。

Yeah. So for the six months, personnel was up about $32 million; repair and maintenance, $15 million; and liability costs, $40 million. So yeah, those are still the largest components, those three. Everything else, a much smaller scale.

是的。因此，在這六個月裡，人員成本增加了約 3,200 萬美元；維修和保養成本增加了 1,500 萬美元；責任成本增加了 4,000 萬美元。是的，這三個仍然是最大的組成部分。其他一切事物，規模都小得多。

There are no further questions at this time. I will now turn the call over back to the management for closing remarks. Please go ahead.

目前沒有其他問題了。現在我將把電話轉回給管理階層，請他們作總結發言。請繼續。

Well, we look forward to speaking with everyone for our next quarterly earnings call that will be in February. Thank you very much.

我們期待在二月的下一季財報電話會議上與大家交流。非常感謝。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，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。