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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________________ to __________________

Commission File Number 001-11255

 

 

 

State or other jurisdiction of incorporation or organization

Registrant, State of Incorporation,

Address and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

 

AMERCOlogo

 

 

 

 

Nevada

AMERCO

88-0106815

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane Suite 100

 

 

Reno , Nevada 89511

 

 

Telephone ( 775 ) 688-6300

 

 

 

 

 

N/A

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock , $0.25 par value

UHAL

NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule   405 of Regulation   S-T (§232.405 of this chapter) during the preceding 12   months (or for such shorter period that the registrant was required to submit such files).   Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

Large Accelerated Filer    Accelerated filer  

Non-accelerated filer   Smaller reporting company

Emerging growth company

 

 


 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at November 2, 2020.

 

 


 

 

 

 


 

 

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Condensed Consolidated Balance Sheets as of September 30, 2020 (unaudited) and March 31, 2020

 

1

 

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended September 30, 2020 and 2019 (unaudited)

 

2

 

 

c) Condensed Consolidated Statements of Operations for the Six Months Ended September 30, 2020 and 2019 (unaudited)

 

3

 

 

d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2020 and 2019 (unaudited)

 

4

 

 

e) Condensed Consolidated Statements of Changes in Stockholders' Equity for the Quarter Ended September 30, 2020 and 2019 (unaudited)

 

5

 

 

f) Condensed Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended September 30, 2020 and 2019 (unaudited)

 

6

 

 

g) Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2020 and 2019 (unaudited)

 

7

 

 

h) Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

Item 2

 

.

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

46

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

Item 4.

Controls and Procedures

63

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

64

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

64

Item 6.

Exhibits

65

 

 


 

Part i Financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

 

 

September 30,

 

March 31,

 

 

2020

 

2020

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

1,215,568

$

494,352

Reinsurance recoverables and trade receivables, net

 

213,397

 

186,672

Inventories and parts, net

 

100,595

 

101,083

Prepaid expenses

 

447,073

 

562,904

Investments, fixed maturities and marketable equities

 

2,495,342

 

2,492,738

Investments, other

 

425,527

 

360,373

Deferred policy acquisition costs, net

 

93,407

 

103,118

Other assets

 

71,314

 

71,956

Right of use assets - financing, net

 

970,361

 

1,080,353

Right of use assets - operating

 

101,946

 

106,631

Related party assets

 

32,397

 

34,784

 

 

6,166,927

 

5,594,964

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,052,205

 

1,032,945

Buildings and improvements

 

4,863,590

 

4,663,461

Furniture and equipment

 

767,290

 

752,363

Rental trailers and other rental equipment

 

531,465

 

511,520

Rental trucks

 

3,644,674

 

3,595,933

 

 

10,859,224

 

10,556,222

Less: Accumulated depreciation

 

(2,902,673)

 

(2,713,162)

Total property, plant and equipment, net

 

7,956,551

 

7,843,060

Total assets

$

14,123,478

$

13,438,024

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

630,666

$

554,353

Notes, loans and finance/capital leases payable, net

 

4,701,225

 

4,621,291

Operating lease liability

 

101,976

 

106,443

Policy benefits and losses, claims and loss expenses payable

 

1,015,189

 

997,647

Liabilities from investment contracts

 

1,838,280

 

1,802,217

Other policyholders' funds and liabilities

 

5,426

 

10,190

Deferred income

 

41,715

 

31,620

Deferred income taxes, net

 

1,183,370

 

1,093,543

Total liabilities

 

9,517,847

 

9,217,304

 

 

 

 

 

Commitments and contingencies (notes 4, 8, 9 and 10)

 

 

 

 

Stockholders' equity:

 

 

 

 

Series preferred stock, with or without par value, 50,000,000 shares authorized:

 

 

 

 

Series A preferred stock, with no par value, 6,100,000 shares authorized;

 

 

 

 

6,100,000 shares issued and none outstanding as of September 30 and March 31, 2020

 

-

 

-

Series B preferred stock, with no par value, 100,000 shares authorized; none

 

 

 

 

issued and outstanding as of September 30 and March 31, 2020

 

-

 

-

Serial common stock, with or without par value, 250,000,000 shares authorized:

 

 

 

 

Serial common stock of $ 0.25 par value, 10,000,000 shares authorized;

 

 

 

 

none issued and outstanding as of September 30 and March 31, 2020

 

-

 

-

Common stock, with $ 0.25 par value, 250,000,000 shares authorized:

 

 

 

 

Common stock of $ 0.25 par value, 250,000,000 shares authorized; 41,985,700

 

 

 

 

issued and 19,607,788 outstanding as of September 30 and March 31, 2020

 

10,497

 

10,497

Additional paid-in capital

 

453,819

 

453,819

Accumulated other comprehensive income

 

78,156

 

34,652

Retained earnings

 

4,740,809

 

4,399,402

Cost of common stock in treasury, net ( 22,377,912 shares as of September 30 and March 31, 2020)

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net ( 6,100,000 shares as of September 30 and March 31, 2020)

 

(151,997)

 

(151,997)

Unearned employee stock ownership plan stock

 

-

 

-

Total stockholders' equity

 

4,605,631

 

4,220,720

Total liabilities and stockholders' equity

$

14,123,478

$

13,438,024

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

 


 


AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Quarter Ended September 30,

 

 

2020

 

2019

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

931,030

$

804,325

Self-storage revenues

 

115,273

 

104,965

Self-moving and self-storage products and service sales

 

98,628

 

73,121

Property management fees

 

7,840

 

7,233

Life insurance premiums

 

31,057

 

32,355

Property and casualty insurance premiums

 

15,869

 

18,365

Net investment and interest income

 

33,333

 

33,098

Other revenue

 

91,878

 

76,752

Total revenues

 

1,324,908

 

1,150,214

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

574,083

 

565,413

Commission expenses

 

99,365

 

86,099

Cost of sales

 

60,933

 

43,930

Benefits and losses

 

45,452

 

45,825

Amortization of deferred policy acquisition costs

 

5,552

 

6,515

Lease expense

 

6,870

 

6,356

Depreciation, net of gains on disposal of ($28,062 and $17,999, respectively)

 

137,438

 

151,553

Net (gains) losses on disposal of real estate

 

3,425

 

(217)

Total costs and expenses

 

933,118

 

905,474

 

 

 

 

 

Earnings from operations

 

391,790

 

244,740

Other components of net periodic benefit costs

 

(246)

 

(264)

Interest expense

 

(40,525)

 

(39,122)

Pretax earnings

 

351,019

 

205,354

Income tax expense

 

(84,654)

 

(49,028)

Earnings available to common stockholders

$

266,365

$

156,326

Basic and diluted earnings per common stock

$

13.58

$

7.97

Weighted average common stock outstanding: Basic and diluted

 

19,607,788

 

19,602,566

 

Related party revenues for the second quarter of fiscal 2021 and 2020, net of eliminations, were $7.8 million and $7.2 million, respectively.

Related party costs and expenses for the second quarter of fiscal 2021 and 2020, net of eliminations, were $21.2 million and $19.3 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

 


 

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Six Months Ended September 30,

 

 

2020

 

2019

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

1,585,315

$

1,552,921

Self-storage revenues

 

224,228

 

203,239

Self-moving and self-storage products and service sales

 

189,978

 

153,147

Property management fees

 

15,187

 

14,389

Life insurance premiums

 

61,965

 

65,065

Property and casualty insurance premiums

 

29,603

 

31,789

Net investment and interest income

 

50,315

 

68,847

Other revenue

 

155,554

 

140,066

Total revenues

 

2,312,145

 

2,229,463

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

1,066,745

 

1,099,885

Commission expenses

 

168,540

 

166,998

Cost of sales

 

113,764

 

92,859

Benefits and losses

 

85,029

 

94,831

Amortization of deferred policy acquisition costs

 

12,440

 

12,579

Lease expense

 

13,473

 

13,392

Depreciation, net of gains on disposal of ($29,131 and $34,677 respectively)

 

303,109

 

292,153

Net (gains) losses on disposal of real estate

 

3,169

 

(1,839)

Total costs and expenses

 

1,766,269

 

1,770,858

 

 

 

 

 

Earnings from operations

 

545,876

 

458,605

Other components of net periodic benefit costs

 

(493)

 

(527)

Interest expense

 

(80,046)

 

(78,010)

Pretax earnings

 

465,337

 

380,068

Income tax expense

 

(111,246)

 

(91,320)

Earnings available to common stockholders

$

354,091

$

288,748

Basic and diluted earnings per common stock

$

18.06

$

14.73

Weighted average common stock outstanding: Basic and diluted

 

19,607,788

 

19,600,211

 

Related party revenues for the first six months of fiscal 2021 and 2020, net of eliminations, were $15.2 million and $14.4 million, respectively.

Related party costs and expenses for the first six months of fiscal 2021 and 2020, net of eliminations, were $37.2 million and $37.1 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

 


 

AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended September 30, 2020

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

351,019

$

(84,654)

$

266,365

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

290

 

-

 

290

Unrealized net gain on investments

 

115,186

 

(24,347)

 

90,839

Change in fair value of cash flow hedges

 

46

 

(11)

 

35

Amounts reclassified into earnings on hedging activities

 

961

 

(237)

 

724

Total other comprehensive income (loss)

 

116,483

 

(24,595)

 

91,888

 

 

 

 

 

 

 

Total comprehensive income

$

467,502

$

(109,249)

$

358,253

 

 

 

 

 

 

 

Quarter Ended September 30, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

205,354

$

(49,028)

$

156,326

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

629

 

-

 

629

Unrealized net gain on investments

 

52,651

 

(11,346)

 

41,305

Change in fair value of cash flow hedges

 

(840)

 

207

 

(633)

Amounts reclassified into earnings on hedging activities

 

(366)

 

89

 

(277)

Total other comprehensive income (loss)

 

52,074

 

(11,050)

 

41,024

 

 

 

 

 

 

 

Total comprehensive income

$

257,428

$

(60,078)

$

197,350

 

Six Months Ended September 30, 2020

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

465,337

$

(111,246)

$

354,091

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,627)

 

-

 

(2,627)

Unrealized net gain on investments

 

56,224

 

(10,884)

 

45,340

Change in fair value of cash flow hedges

 

(659)

 

162

 

(497)

Amounts reclassified into earnings on hedging activities

 

1,708

 

(420)

 

1,288

Total other comprehensive income (loss)

 

54,646

 

(11,142)

 

43,504

 

 

 

 

 

 

 

Total comprehensive income

$

519,983

$

(122,388)

$

397,595

 

 

 

 

 

 

 

Six Months Ended September 30, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

380,068

$

(91,320)

$

288,748

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

3,611

 

-

 

3,611

Unrealized net gain on investments

 

104,478

 

(22,385)

 

82,093

Change in fair value of cash flow hedges

 

(2,034)

 

500

 

(1,534)

Amounts reclassified into earnings on hedging activities

 

(425)

 

104

 

(321)

Total other comprehensive income (loss)

 

105,630

 

(21,781)

 

83,849

 

 

 

 

 

 

 

Total comprehensive income

$

485,698

$

(113,101)

$

372,597

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

 


 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders' equity

Description

 

Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Less: Unearned Employee Stock Ownership Plan Shares

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands)

Balance as of June 30, 2020

$

10,497

$

453,819

$

(13,732)

$

4,484,248

$

(525,653)

$

(151,997)

$

-

$

4,257,182

Increase in market value of released ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Release of unearned ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Purchase of ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Foreign currency translation

 

-

 

-

 

290

 

-

 

-

 

-

 

-

 

290

Unrealized net gain on investments, net of tax

 

-

 

-

 

90,839

 

-

 

-

 

-

 

-

 

90,839

Change in fair value of cash flow hedges, net of tax

 

-

 

-

 

35

 

-

 

-

 

-

 

-

 

35

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

724

 

-

 

-

 

-

 

-

 

724

Net earnings

 

-

 

-

 

-

 

266,365

 

-

 

-

 

-

 

266,365

Common stock dividends: ($0.50 per share for fiscal 2021)

 

-

 

-

 

-

 

(9,804)

 

-

 

-

 

-

 

(9,804)

Net activity

 

-

 

-

 

91,888

 

256,561

 

-

 

-

 

-

 

348,449

Balance as of September 30, 2020

$

10,497

$

453,819

$

78,156

$

4,740,809

$

(525,653)

 

(151,997)

$

-

$

4,605,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2019

$

10,497

$

453,535

$

(23,873)

$

4,109,384

$

(525,653)

$

(151,997)

$

(2,870)

$

3,869,023

Increase in market value of released ESOP shares

 

-

 

226

 

-

 

-

 

-

 

-

 

-

 

226

Release of unearned ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

1,347

 

1,347

Purchase of ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

(74)

 

(74)

Foreign currency translation

 

-

 

-

 

629

 

-

 

-

 

-

 

-

 

629

Unrealized net gain on investments, net of tax

 

-

 

-

 

41,305

 

-

 

-

 

-

 

-

 

41,305

Change in fair value of cash flow hedges, net of tax

 

-

 

-

 

(633)

 

-

 

-

 

-

 

-

 

(633)

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

(277)

 

-

 

-

 

-

 

-

 

(277)

Net earnings

 

-

 

-

 

-

 

156,326

 

-

 

-

 

-

 

156,326

Common stock dividends: ($0.50 per share for fiscal 2020)

 

-

 

-

 

-

 

(9,804)

 

-

 

-

 

-

 

(9,804)

Net activity

 

-

 

226

 

41,024

 

146,522

 

-

 

-

 

1,273

 

189,045

Balance as of September 30, 2019

$

10,497

$

453,761

$

17,151

$

4,255,906

$

(525,653)

$

(151,997)

$

(1,597)

$

4,058,068

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

5

 


 

 

 

 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders' equity

 

Description

 

Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Less: Unearned Employee Stock Ownership Plan Shares

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands)

Balance as of March 31, 2020

$

10,497

$

453,819

$

34,652

$

4,399,402

$

(525,653)

$

(151,997)

$

-

$

4,220,720

Adjustment for adoption of ASU 2016 - 13

 

-

 

-

 

-

 

(2,880)

 

-

 

-

 

-

 

(2,880)

Increase in market value of released ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Release of unearned ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Purchase of ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Foreign currency translation

 

-

 

-

 

(2,627)

 

-

 

-

 

-

 

-

 

(2,627)

Unrealized net gain on investments, net of tax

 

-

 

-

 

45,340

 

-

 

-

 

-

 

-

 

45,340

Change in fair value of cash flow hedges, net of tax

 

-

 

-

 

(497)

 

-

 

-

 

-

 

-

 

(497)

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

1,288

 

-

 

-

 

-

 

-

 

1,288

Net earnings

 

-

 

-

 

-

 

354,091

 

-

 

-

 

-

 

354,091

Common stock dividends: ($0.50 per share for fiscal 2021)

 

-

 

-

 

-

 

(9,804)

 

-

 

-

 

-

 

(9,804)

Net activity

 

-

 

-

 

43,504

 

341,407

 

-

 

-

 

-

 

384,911

Balance as of September 30, 2020

$

10,497

$

453,819

$

78,156

$

4,740,809

$

(525,653)

 

(151,997)

$

-

$

4,605,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2019

$

10,497

$

453,326

$

(66,698)

$

3,976,962

$

(525,653)

$

(151,997)

$

(4,048)

$

3,692,389

Increase in market value of released ESOP shares

 

-

 

435

 

-

 

-

 

-

 

-

 

-

 

435

Release of unearned ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

2,656

 

2,656

Purchase of ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

(205)

 

(205)

Foreign currency translation

 

-

 

-

 

3,611

 

-

 

-

 

-

 

-