U-Haul 2016 Annual Report Download - page 22

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16
Item 6. Selected Financial Data
The following selected financial data should be read in conjunction with the MD&A, and the
Consolidated Financial Statements and related notes in this Annual Report.
Listed below is selected financial data for AMERCO and consolidated subsidiaries for each of the last
five years:
Years Ended March 31,
2016
2015
2014
2013
2012
(In thousands, except share and per share data)
Summary of Operations:
Self-moving equipment rentals
$
2,297,980
$
2,146,391
$
1,955,423
$
1,767,520
$
1,678,256
Self-storage revenues
247,944
211,136
181,794
152,660
134,376
Self-moving and self-storage products and service sales
251,541
244,177
234,187
221,117
213,854
Property management fees
26,533
25,341
24,493
24,378
23,266
Life insurance premiums
162,662
156,103
157,919
178,115
277,562
Property and casualty insurance premiums
50,020
46,456
41,052
34,342
32,631
Net investment and interest income
86,805
84,728
79,591
82,903
73,552
Other revenue
152,171
160,199
160,793
97,552
78,530
Total revenues
3,275,656
3,074,531
2,835,252
2,558,587
2,512,027
Operating expenses
1,470,047
1,479,409
1,313,674
1,193,934
1,115,126
Commission expenses
262,627
249,642
227,332
204,758
190,254
Cost of sales
144,990
146,072
127,270
107,216
116,542
Benefits and losses
167,436
158,760
156,702
180,676
320,191
Amortization of deferred policy acquisition costs
23,272
19,661
19,982
17,376
13,791
Lease expense
49,780
79,798
100,466
117,448
131,215
Depreciation, net of (gains) losses on disposals (b)
290,690
278,165
259,612
237,996
208,901
Total costs and expenses
2,408,842
2,411,507
2,205,038
2,059,404
2,096,020
Earnings from operations
866,814
663,024
630,214
499,183
416,007
Interest expense
(97,903)
(97,525)
(92,692)
(90,696)
(90,371)
Fees and amortization on early extinguishment of debt
–
(4,081)
–
–
–
Pretax earnings
768,911
561,418
537,522
408,487
325,636
Income tax expense
(279,910)
(204,677)
(195,131)
(143,779)
(120,269)
Net earnings
489,001
356,741
342,391
264,708
205,367
Less: Excess of redemption value over carrying value of preferred shares redeemed
–
–
–
–
(5,908)
Less: Preferred stock dividends (a)
–
–
–
–
(2,913)
Earnings available to common shareholders
$
489,001
$
356,741
$
342,391
$
264,708
$
196,546
Basic and diluted earnings per common share
$
24.95
$
18.21
$
17.51
$
13.56
$
10.09
Weighted average common shares outstanding: Basic and diluted
19,596,110
19,586,633
19,558,758
19,518,779
19,476,187
Cash dividends declared and accrued Preferred stock (a)
$
–
$
–
$
–
$
–
$
2,913
Cash dividends declared and accrued Common stock
97,960
19,594
19,568
97,421
–
Balance Sheet Data:
Property, plant and equipment, net
$
5,017,511
$
4,107,637
$
3,409,211
$
2,755,054
$
2,372,365
Total assets
8,150,725
6,872,175
5,998,978
5,306,601
4,654,051
Notes, loans and leases payable
2,688,758
2,190,869
1,942,359
1,661,845
1,486,211
Stockholders' equity
2,251,406
1,884,359
1,527,368
1,229,259
1,035,820
(a) Fiscal 2012 reflects the elimination of $0.3 million paid to affiliates.
(b) (Gains) losses were ($98.7) million, ($74.6) million, ($33.6) million, ($22.5) million and ($20.9) million for fiscal 2016, 2015, 2014, 2013 and 2012, respectively.