Amerco (NASDAQ:UHAL) Q1 2021 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 11:00 am ET


Amerco (NASDAQ:UHAL) Q1 2021 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the AMERCO First Quarter Fiscal 2021 Investor Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

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

Sebastien Reyes

Good morning, and thank you for joining us today. Welcome to the AMERCO first quarter fiscal 2021 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.

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 AMERCO's business and future operating results, please refer to Form 10-Q for the quarter ended June 30, 2020, which is on file with the U.S. Securities and Exchange Commission.

At this time, I'll now turn the call over to Joe Shoen, Chairman of AMERCO.

Edward J. Shoen

Thanks, Sebastien. Adversity, of course, separates out the hard core from the rest of the pack. That has been true inside the Company and relative to our competitors over the last five months. There is not much work from home that has been available for our teams. We have taken advantage of what opportunities there were. For the most part, instead of work from home, it has been work in the midst of it. I personally have worked in at least 32 states since the start of COVID. Canada has remained close to travel, but hopefully, it will open before September.

We have had a massive effort in place to sanitize our equipment and facilities. We have had great success with this and have protected our customers and team members. All of our stores have remained open. We have been listening carefully to the public to learn their needs. Obviously, we have lost many customers, so we have had to find new customers with needs we can craft a solution to. We are determined to persevere and actually win.

I thank you for being on the call, and I appreciate your feedback. I'll turn it over to Jason for the numbers.

Jason A. Berg

Thanks, Joe. Yesterday, we reported first quarter earnings $4.47 a share, that's compared to $6.76 a share for the same period in fiscal 2020. As we discussed back on our fourth quarter call in May, self-moving equipment rental revenue and equipment sales were the two areas most affected financially for us from COVID-19.

Looking first at equipment rental, we saw a decrease of nearly 13% or approximately $94 million for the quarter. Whether through actions taken by government authorities or