U-Haul 2008 Annual Report Download - page 21

16
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
General
We begin this MD&A with the overall strategy of AMERCO, followed by a description of our operating segments
and the strategy of our operating segments to give the reader an overview of the goals of our business and the
direction in which our businesses and products are moving. This is followed by a section entitled “Critical
Accounting Policies and Estimates” that we believe is important to understanding the assumptions and judgments
incorporated in our reported financial results. In the next section, we discuss our results of operations for fiscal 2008
compared with fiscal 2007, and for fiscal 2007 compared with fiscal 2006 beginning with an overview. We then
provide an analysis of changes in our balance sheet and cash flows and discuss our financial commitments in the
sections entitled “Liquidity and Capital Resources” and “Disclosures about Contractual Obligations and Commercial
Commitments.” We conclude this MD&A by discussing our outlook for fiscal 2009.
This MD&A should be read in conjunction with the other sections of this Annual Report on Form 10-K, including
“Item 1: Business”, “Item 6: Selected Financial Data” and “Item 8: Financial Statements and Supplementary Data.”
The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption
“Cautionary Statements Regarding Forward-Looking Statements,” all of which are based on our current
expectations and could be affected by the uncertainties and risk factors described throughout this filing and
particularly under the section “Item 1A: Risk Factors.” Our actual results may differ materially from these forward-
looking statements.
AMERCO has a fiscal year that ends on the 31st of March for each year that is referenced. Our insurance company
subsidiaries have fiscal years that end on the 31st of December for each year that is referenced. They have been
consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year
reporting as required by state insurance departments. Management believes that consolidating their calendar year
into our fiscal year financial statements does not materially affect the financial position or results of operations. The
Company discloses any material events occurring during the intervening period. Consequently, all references to our
insurance subsidiaries’ years 2007, 2006 and 2005 correspond to fiscal 2008, 2007 and 2006 for AMERCO.
Overall Strategy
Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and
storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself”
moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul with our
full line of moving and self-storage related products and services and the convenience of our broad geographic
presence.
Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-
storage rental facilities and related moving and self-storage products and services. We are able to expand our
distribution and improve customer service by increasing the amount of moving equipment and storage rooms
available for rent, expanding the number of independent dealers in our network and expanding and taking advantage
of our growing eMove capabilities.
RepWest is focused on providing and administering property and casualty insurance to U-Haul, its customers, its
independent dealers and affiliates.
Oxford is focused on long-term capital growth through direct writing and reinsuring of life, Medicare supplement
and annuity products in the senior marketplace.