Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| And revenue per mile has continued to incrementally improve, albeit at a slower rate than what we've seen in the last couple of years |
| And of course, they're not perfect, but having dealt with them for 40 years, they got a considerably better quality product now than they sold us 20 years ago |
| Over the years, we've been able to deal with this with improved electronic tools and more or less knowing where our equipment is on a real-time basis |
| So all my life, we've been able to increase transactions at greater than the rate of population growth |
| And so -- but that's very positive for me because it's still a move |
| So this has been a, I'll call it, a pretty good year as far as bringing in new equipment, albeit at a higher price |
| We've seen a very positive correlation between overall consumer optimism and moves, which kind of makes sense because if you kind of feel good about things, you're more likely to take the risk of moving |
| And so we enjoy that |
| I consider this vital to our continued success |
| The improvement was split between increases in the total number of occupied rooms, combined with higher revenue per occupied square foot |
| So you can say we're right back where we started, although we're well ahead of where we projected this out 5 years ago, we did project we'd be anywhere near this good on revenue |
| Now us having 32,000-plus retail outlets is a wonderful competitive tool, but it's a very -- goes just the other way on productivity of equipment to more outlets you have, the harder it is to maintain levels of productivity |
| Compared to our last pre-pandemic second quarter, which ended on September 30 2019, we've increased our second quarter equipment rental revenue results by over $265 million on a compounded growth basis, that's about 7.5% annual rate |
| And we have the capability to do that, I think, more so than most people |
| Revenues were up $23 million |
| We're investing real steadily in improved digital experience, the customer |
| They're very fuel efficient |
| When you get into our motor vehicle fleet, there's where you see what you read about in the newspaper, which is basically the -- due to government mandates, all suppliers are subsidizing electric vehicles by enormous increases in gross margin on their internal combustion fleet |
| On a relative basis in your portfolio, it's performing well |
| And you can argue now that it's more attractive |
| But yes, absolutely, we're trying to go where the occupancy and rate combination would suggest that it's a good thing to go there |
| And that's where we're likely to get the benefit on the repair and maintenance side is by pulling those trucks out because those are the trucks that we're holding 10 to 15 years in the fleet |
| So 1 time, I think we clearly had the best information on that with public storage very close to us |
| Yes, if this stuff trades at that, it's a good deal for me |
| As a percent of revenue, this quarter was higher than what we reported in the last 2 fiscal second quarters |
| I -- we don't disclose specific numbers, but I would say that starting during the pandemic, we saw those numbers increase for both one-way and In-Town that's been steady throughout |
| And then eventually, if you work on a problem long enough, you'll gain some advantage |
| I had all my direct field reports in about a month ago, we went through some ABCs of how we're going to better position this equipment |
| Sales volume has increased, while average proceeds per unit sold has declined |
| Once again remind everyone, of the eight quarters that we had before that starting with our second quarter of fiscal 2021 where we experienced a $1,428 million increase over that timeframe |
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| Our operating earnings in our Moving and Storage segment decreased by $113 million to $402 million for the quarter, brought down by the slowing of U-Move revenue |
| October results continued to trend downward compared to last year |
| Net effect on the consumer, which is disappointing because I'd like to have seen more transactions |
| It's very likely that the downward pressure on new move-ins and the reported discounting by some of our competitors could slow our Self-Storage growth the rest of this year |
| From what I can read and hear other public firms in the self-storage space have been reporting a toughening market brought on by changing consumer behavior and perhaps rate actions that have been taken over the last couple of years |
| Shutting down development now will cause a revenue low two to three years from now |
| Over the last five quarters now we've had a $320 million decrease in U-move revenue |
| Going through the numbers, it appears, at least to me, that the operations are being affected by the slowdown in moving activity |
| This same moderation in occupancy can also be seen in, what we're referring to as, our same-store grouping in our press release where we had an occupancy decrease of about 170 basis points to 95% |
| Total transactions declined a little over 4% |
| It's this differential that's leading to our all-in average occupancy rate during the quarter decline by 120 basis points to 84.2% |
| I can tell you that we are experiencing a slowdown in move-in activity as well compared to the last couple of years |
| Disruption of the OE supply chain due to government mandates for electrification are a huge driver of these increased costs |
| Starting off with equipment rental revenue results, compared to the second quarter of last year, we had a $93 million decrease or about 8% |
| And then, of course, we're stuck with our performance |
| at the prices that stuff is selling for, very, very difficult to project the profit |
| The public is starting to push back on electric vehicle mandates that fail to meet nearly every metric of a sustainable vehicle strategy |
| I guess just any update on how they're refreshing of the fleet is going? And then I know you mentioned sales are down on your used trucks from a pricing perspective |
| The Safemove transaction decline impacts most of our product lines |
| As you know, they have tremendous political pressure on them |
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