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39 I AMERCO ANNUAL REPORT
Management’s Discussion and Analysis
of Financial Condition and Results of Operations
Life Insurance
Cash฀provided฀(used)฀by฀operating฀activities฀from฀Oxford฀
was฀$24.8฀million,฀$20.9฀million฀and฀($18.0)฀million฀for฀
2004,฀2003฀and฀2002,฀respectively.
In฀ addition฀ to฀ cash฀ flows฀ from฀ operating฀ activities,฀ a฀
substantial฀ amount฀ of฀ liquid฀ funds฀ is฀ available฀ through฀
Oxford’s฀short-term฀portfolio.฀At฀December฀31,฀2004,฀2003฀
and฀ 2002,฀ short-term฀ investments฀ amounted฀ to฀ $113.8฀
million,฀ $124.7฀ million฀ and฀ $80.4฀ million,฀ respectively.฀
Management฀believes฀that฀the฀overall฀sources฀of฀liquidity฀
will฀continue฀to฀meet฀foreseeable฀cash฀needs.
SAC Holdings
Cash฀ provided฀ (used)฀ by฀ operating฀ activities฀ at฀ SAC฀
Holdings฀ was฀ $1.1฀ million฀and฀ ($8.2)฀ million฀ for฀fiscal฀
2005฀and฀fiscal฀2004,฀respectively.฀Cash฀of฀$13.5฀million฀
was฀provided฀by฀operating฀activities฀in฀fiscal฀2003.฀The฀
primary฀source฀of฀cash฀in฀fiscal฀2005฀was฀a฀decrease฀in฀
accounts฀ payable฀ and฀ accrued฀ liabilities.฀ The฀ primary฀
use฀ of฀ cash฀ in฀ fiscal฀ 2004฀ was฀ the฀ deconsolidation฀ of฀
SAC฀ Holding฀ Corporation.฀ The฀ primary฀ source฀ of฀ cash฀
in฀ fiscal฀ 2003฀ was฀ an฀ increase฀in฀ accounts฀payable฀and฀
accrued฀liabilities.
Liquidity and Capital Resources — Summary
We฀ believe฀ we฀ have฀ the฀ financial฀ resources฀ needed฀
to฀ meet฀ our฀ business฀ requirements฀ including฀ capital฀
expenditures฀ for฀ the฀ investment฀ and฀ expansion฀ of฀ our฀
rental฀ fleet,฀ rental฀ equipment฀ and฀ rental฀ storage฀ space,฀
working฀ capital฀ requirements฀ and฀ our฀ preferred฀ stock฀
dividend฀program.
For฀ a฀ more฀ detailed฀ discussion฀ of฀ our฀ long-term฀
debt฀ and฀ borrowing฀ capacity,฀ please฀ see฀ footnote฀ 9฀
“Borrowings”฀ to฀ the฀ “Notes฀ to฀ the฀ Consolidated฀฀
Financial฀Statements.”