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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 December 31, 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 February 1, 2021.

 

 


 

 

 


                                                                                                                                                                                                                                                              

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

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

 

1

 

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended December 31, 2020 and 2019 (unaudited)

 

2

 

 

c) Condensed Consolidated Statements of Operations for the Nine Months Ended December 31, 2020 and 2019 (unaudited)

 

3

 

 

d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2020 and 2019 (unaudited)

 

4

 

 

e) Condensed Consolidated Statements of Changes in Stockholders' Equity for the Quarters Ended December 31, 2020 and 2019 (unaudited)

 

5

 

 

f) Condensed Consolidated Statements of Changes in Stockholders' Equity for the Nine Months Ended December 31, 2020 and 2019 (unaudited)

 

6

 

 

g) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 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

66

Item 3.

Defaults Upon Senior Securities

66

Item 4.

Mine Safety Disclosures

66

Item 5.

Other Information

66

Item 6.

Exhibits

66

 

 


Part i Financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

 

 

December 31,

 

March 31,

 

 

2020

 

2020

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

1,398,840

$

494,352

Reinsurance recoverables and trade receivables, net

 

224,447

 

186,672

Inventories and parts, net

 

104,180

 

101,083

Prepaid expenses

 

450,889

 

562,904

Investments, fixed maturities and marketable equities

 

2,606,953

 

2,492,738

Investments, other

 

447,902

 

360,373

Deferred policy acquisition costs, net

 

92,139

 

103,118

Other assets

 

44,261

 

71,956

Right of use assets - financing, net

 

920,321

 

1,080,353

Right of use assets - operating

 

97,186

 

106,631

Related party assets

 

34,963

 

34,784

 

 

6,422,081

 

5,594,964

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,059,177

 

1,032,945

Buildings and improvements

 

4,996,900

 

4,663,461

Furniture and equipment

 

778,732

 

752,363

Rental trailers and other rental equipment

 

552,892

 

511,520

Rental trucks

 

3,629,888

 

3,595,933

 

 

11,017,589

 

10,556,222

Less: Accumulated depreciation

 

(2,992,365)

 

(2,713,162)

Total property, plant and equipment, net

 

8,025,224

 

7,843,060

Total assets

$

14,447,305

$

13,438,024

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

608,765

$

554,353

Notes, loans and finance/capital leases payable, net

 

4,678,227

 

4,621,291

Operating lease liability

 

97,224

 

106,443

Policy benefits and losses, claims and loss expenses payable

 

1,013,582

 

997,647

Liabilities from investment contracts

 

1,997,936

 

1,802,217

Other policyholders' funds and liabilities

 

34,867

 

10,190

Deferred income

 

37,005

 

31,620

Deferred income taxes, net

 

1,222,544

 

1,093,543

Total liabilities

 

9,690,150

 

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 December 31 and March 31, 2020

 

-

 

-

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

 

 

 

 

issued and outstanding as of December 31 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 December 31 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 December 31 and March 31, 2020

 

10,497

 

10,497

Additional paid-in capital

 

453,819

 

453,819

Accumulated other comprehensive income

 

85,910

 

34,652

Retained earnings

 

4,884,579

 

4,399,402

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

 

(525,653)

 

(525,653)

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

 

(151,997)

 

(151,997)

Unearned employee stock ownership plan shares

 

-

 

-

Total stockholders' equity

 

4,757,155

 

4,220,720

Total liabilities and stockholders' equity

$

14,447,305

$

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 December 31,

 

 

2020

 

2019

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

808,215

$

621,471

Self-storage revenues

 

123,024

 

106,701

Self-moving and self-storage products and service sales

 

74,586

 

54,454

Property management fees

 

8,765

 

9,098

Life insurance premiums

 

29,993

 

31,164

Property and casualty insurance premiums

 

19,933

 

19,267

Net investment and interest income

 

35,580

 

33,782

Other revenue

 

69,886

 

51,943

Total revenues

 

1,169,982

 

927,880

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

539,942

 

517,453

Commission expenses

 

86,891

 

66,542

Cost of sales

 

45,752

 

35,318

Benefits and losses

 

45,631

 

42,864

Amortization of deferred policy acquisition costs

 

6,572

 

8,046

Lease expense

 

7,522

 

6,490

Depreciation, net of (gains)/losses on disposal of (($ 10,952 ) and $ 2,151 , respectively)

 

152,602

 

170,074

Net losses on disposal of real estate

 

1,124

 

528

Total costs and expenses

 

886,036

 

847,315

 

 

 

 

 

Earnings from operations

 

283,946

 

80,565

Other components of net periodic benefit costs

 

(247)

 

(263)

Interest expense

 

(42,128)

 

(39,973)

Pretax earnings

 

241,571

 

40,329

Income tax expense

 

(58,586)

 

(9,397)

Earnings available to common stockholders

$

182,985

$

30,932

Basic and diluted earnings per common stock

$

9.33

$

1.58

Weighted average common stock outstanding: Basic and diluted

 

19,607,788

 

19,607,788

 

Related party revenues for the third quarter of fiscal 2021 and 2020, net of eliminations, were $8.8 million and $9.1 million, respectively.

Related party costs and expenses for the third quarter of fiscal 2021 and 2020, net of eliminations, were $18.8 million and $14.8 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

 

 

Nine Months Ended December 31,

 

 

2020

 

2019

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

2,393,530

$

2,174,392

Self-storage revenues

 

347,252

 

309,940

Self-moving and self-storage products and service sales

 

264,564

 

207,601

Property management fees

 

23,952

 

23,487

Life insurance premiums

 

91,958

 

96,229

Property and casualty insurance premiums

 

49,536

 

51,056

Net investment and interest income

 

85,895

 

102,629

Other revenue

 

225,440

 

192,009

Total revenues

 

3,482,127

 

3,157,343

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

1,606,687

 

1,617,338

Commission expenses

 

255,431

 

233,540

Cost of sales

 

159,516

 

128,177

Benefits and losses

 

130,660

 

137,695

Amortization of deferred policy acquisition costs

 

19,012

 

20,625

Lease expense

 

20,995

 

19,882

Depreciation, net of gains on disposal of ($ 40,083 and $ 32,526 , respectively)

 

455,711

 

462,227

Net (gains) losses on disposal of real estate

 

4,293

 

(1,311)

Total costs and expenses

 

2,652,305

 

2,618,173

 

 

 

 

 

Earnings from operations

 

829,822

 

539,170

Other components of net periodic benefit costs

 

(740)

 

(790)

Interest expense

 

(122,174)

 

(117,983)

Pretax earnings

 

706,908

 

420,397

Income tax expense

 

(169,832)

 

(100,717)

Earnings available to common stockholders

$

537,076

$

319,680

Basic and diluted earnings per common stock

$

27.39

$

16.31

Weighted average common stock outstanding: Basic and diluted

 

19,607,788

 

19,602,484

 

Related party revenues for the first nine months of fiscal 2021 and 2020, net of eliminations, were $24.0 million and $23.5 million, respectively.

Related party costs and expenses for the first nine months of fiscal 2021 and 2020, net of eliminations, were $55.9 million and $51.9 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 December 31, 2020

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

241,571

$

(58,586)

$

182,985

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,566)

 

-

 

(2,566)

Unrealized net gain on investments

 

12,074

 

(2,514)

 

9,560

Change in fair value of cash flow hedges

 

35

 

(9)

 

26

Amounts reclassified into earnings on hedging activities

 

972

 

(238)

 

734

Total other comprehensive income (loss)

 

10,515

 

(2,761)

 

7,754

 

 

 

 

 

 

 

Total comprehensive income

$

252,086

$

(61,347)

$

190,739

Quarter Ended December 31, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

40,329

$

(9,397)

$

30,932

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(692)

 

-

 

(692)

Unrealized net gain on investments

 

28,568

 

(6,190)

 

22,378

Change in fair value of cash flow hedges

 

479

 

(118)

 

361

Amounts reclassified into earnings on hedging activities

 

422

 

(103)

 

319

Total other comprehensive income (loss)

 

28,777

 

(6,411)

 

22,366

 

 

 

 

 

 

 

Total comprehensive income

$

69,106

$

(15,808)

$

53,298

 

Nine Months Ended December 31, 2020

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

706,908

$

(169,832)

$

537,076

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(5,193)

 

-

 

(5,193)

Unrealized net gain on investments

 

68,298

 

(13,398)

 

54,900

Change in fair value of cash flow hedges

 

(624)

 

153

 

(471)

Amounts reclassified into earnings on hedging activities

 

2,680

 

(658)

 

2,022

Total other comprehensive income (loss)

 

65,161

 

(13,903)

 

51,258

 

 

 

 

 

 

 

Total comprehensive income

$

772,069

$

(183,735)

$

588,334

Nine Months Ended December 31, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

420,397

$

(100,717)

$

319,680

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

2,919

 

-

 

2,919

Unrealized net gain on investments

 

133,046

 

(28,575)

 

104,471

Change in fair value of cash flow hedges

 

(1,555)

 

382

 

(1,173)

Amounts reclassified into earnings on hedging activities

 

(3)

 

1

 

(2)

Total other comprehensive income (loss)

 

134,407

 

(28,192)

 

106,215

 

 

 

 

 

 

 

Total comprehensive income

$

554,804

$

(128,909)

$

425,895

 

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

 

 

 

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, except per share amounts)

Balance as of September 30, 2020

$

10,497

$

453,819

$

78,156

$

4,740,809

$

(525,653)

$

(151,997)

$

-

$

4,605,631

Foreign currency translation

 

-

 

-

 

(2,566)

 

-

 

-

 

-

 

-

 

(2,566)

Unrealized net gain on investments, net of tax

 

-

 

-

 

9,560

 

-

 

-

 

-

 

-

 

9,560

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

 

-

 

-

 

26

 

-

 

-

 

-

 

-

 

26

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

734

 

-

 

-

 

-

 

-

 

734

Net earnings

 

-

 

-

 

-

 

182,985

 

-

 

-

 

-

 

182,985

Common stock dividends: ($ 2.00 per share for fiscal 2021)

 

-

 

-

 

-

 

(39,215)

 

-

 

-

 

-

 

(39,215)

Net activity

 

-

 

-

 

7,754

 

143,770

 

-

 

-

 

-

 

151,524

Balance as of December 31, 2020

$

10,497

$

453,819

$

85,910

$

4,884,579

$

(525,653)

$

(151,997)

$

-

$

4,757,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2019

$

10,497

$

453,761

$

17,151

$

4,255,906

$

(525,653)

$

(151,997)

$

(1,597)

$

4,058,068

Increase in market value of released ESOP shares

 

-

 

58

 

-

 

-

 

-

 

-

 

-

 

58

Release of unearned ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

1,597

 

1,597

Foreign currency translation

 

-

 

-

 

(692)

 

-

 

-

 

-

 

-

 

(692)

Unrealized net gain on investments, net of tax

 

-

 

-

 

22,378

 

-

 

-

 

-

 

-

 

22,378

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

 

-

 

-

 

361

 

-

 

-

 

-

 

-

 

361

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

319

 

-

 

-

 

-

 

-

 

319

Net earnings

 

-

 

-

 

-

 

30,932

 

-

 

-

 

-

 

30,932

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

 

-

 

-

 

-

 

(9,804)

 

-

 

-

 

-

 

(9,804)

Net activity

 

-

 

58

 

22,366

 

21,128

 

-

 

-

 

1,597

 

45,149

Balance as of December 31, 2019

$

10,497

$

453,819

$

39,517

$

4,277,034

$

(525,653)

$

(151,997)

$

-

$

4,103,217

 

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

 

 

 

 

 

5

 


 

 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders' equity

 

 

 

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, except per share amounts)

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)

Purchase of ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Foreign currency translation

 

-

 

-

 

(5,193)

 

-

 

-

 

-

 

-

 

(5,193)

Unrealized net gain on investments, net of tax

 

-

 

-

 

54,900

 

-

 

-

 

-

 

-

 

54,900

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

 

-

 

-

 

(471)

 

-

 

-

 

-

 

-

 

(471)

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

2,022

 

-

 

-

 

-

 

-

 

2,022

Net earnings

 

-

 

-

 

-

 

537,076

 

-

 

-

 

-

 

537,076

Common stock dividends: ($ 2.50 per share for fiscal 2021)

 

-

 

-

 

-

 

(49,019)

 

-

 

-

 

-

 

(49,019)

Net activity

 

-

 

-

 

51,258

 

485,177

 

-

 

-

 

-

 

536,435

Balance as of December 31, 2020

$

10,497

$

453,819

$

85,910

$

4,884,579

$

(525,653)

$

(151,997)

$

-

$

4,757,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

-

 

493

 

-

 

-

 

-

 

-

 

-

 

493

Release of unearned ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

4,253

 

4,253

Purchase of ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

(205)

 

(205)

Foreign currency translation

 

-

 

-

 

2,919

 

-

 

-

 

-

 

-

 

2,919

Unrealized net gain on investments, net of tax

 

-

 

-

 

104,471

 

-

 

-

 

-

 

-

 

104,471

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

 

-

 

-

 

(1,173)

 

-

 

-

 

-

 

-

 

(1,173)

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

(2)

 

-

 

-

 

-

 

-

 

(2)

Net earnings

 

-

 

-

 

-

 

319,680

 

-

 

-

 

-

 

319,680

Common stock dividends: ($ 1.00 per share for fiscal 2020)

 

-

 

-

 

-

 

(19,608)

 

-

 

-

 

-

 

(19,608)

Net activity

 

-

 

493

 

106,215

 

300,072

 

-

 

-

 

4,048

 

410,828

Balance as of December 31, 2019

$

10,497

$

453,819

$

39,517

$