Amerco (NASDAQ:UHAL) Q2 2020 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 10:00 am ET


Amerco (NASDAQ:UHAL) Q2 2020 Earnings Conference Call - Final Transcript


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Jason A. Berg

rentable square feet, or about 73,100 storage units to the portfolio. About 1.5 million of that square feet came online during the second quarter. Operating earnings in the Moving and Storage segment decreased $7 million to $229 million for the quarter.

I'd like to touch on a few of the more significant items. Depreciation expense associated with the rental fleet increased $17 million as we've continued to add new equipment to the fleet. Meanwhile, gains on the sale of rental equipment increased $6 million. Depreciation on all other assets, primarily storage location assets, increased by 8 million. Outside of depreciation, personnel costs represented the largest single increase in operating expenses. These costs increased at a rate greater than our revenues. Other costs, including property taxes, insurance expense and freight costs, were three of the other larger items that generated increase. These four types of expenses in aggregate accounted for approximately $26 million of the operating cost increased during the quarter.

In August, we declared a $0.50 per share cash dividend that was paid in September. As of September, 30, 2019, our cash and availability from existing loan facilities at our Moving and Storage segment totaled $559 million.

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