유홀(UHAL) 2027 회계연도 2분기 실적 발표 콘퍼런스콜: 순이익 증가, 자본지출 감소

핵심 요약

• 유홀 홀딩 컴퍼니(U-Haul Holding Company)는 2027 회계연도 2분기 순이익이 1억 3,700만 달러를 기록해 전년 동기의 1억 600만 달러에서 증가했다고 발표했다. 무의결권 주당순이익(EPS)은 0.54달러에서 0.71달러로 늘었다.
• 무빙 및 스토리지(Moving and Storage) 부문 조정 EBITDA는 500만 달러 증가한 5억 4,800만 달러를 기록했으나, 조정 EBITDA 마진은 약 90bp 하락했다.
• 장비 렌탈 매출은 시내(in-town) 거래 건수 증가와 시내 및 편도(one-way) 시장 전반의 건당 매출 개선에 힘입어 3,700만 달러 증가했다.
• 셀프 스토리지 매출은 1,600만 달러(약 6%) 증가했다. 동일 점포 입주율은 110bp 하락한 89.5%를 기록한 반면, 전체 포트폴리오 기준 점유 평방피트당 평균 매출은 3%에 약간 못 미치는 수준으로 증가했다.
• 유홀은 자본 집약도를 지속적으로 낮췄다. 상반기 순 차량 설비투자(CapEx)는 2억 2,300만 달러 감소했으며, 경영진은 연간 감소액이 여전히 5억 달러를 넘어설 것으로 예상하고 있다.
• 화물 및 운송비는 여전히 주요 비용 압박 요인으로 작용해 2분기 비용을 2,450만 달러에 약간 못 미치는 수준으로 증가시켰다. 경영진은 단기적으로 업계 운송 비용이 감소하지는 않을 것으로 전망하고 있다.

주요 재무 데이터

사업 및 운영 성과

장비 렌탈

렌탈 매출 성장은 시내 및 편도 시장 모두에서의 성과를 반영했다. 시내 거래 건수가 증가했으며, 거래당 주행 마일 수 증가와 마일당 매출 상승에 힘입어 두 부문 모두에서 건당 매출이 개선되었다.

유홀은 2025년 9월부터 2026년 9월 사이에 직영 지점 63곳을 추가하고 독립 딜러 네트워크를 순기준 500개 이상 확장했다. 경영진은 딜러망 확장이 차량 배치를 개선하기 위한 회사의 주요 내부 촉매제라고 평가하면서도, 진행 속도가 기대보다 느렸다는 점을 인정했다.

10월 거래 추세는 초기 긍정적 신호를 보였다. 직전 12개월(TTM) 기준 거래 건수는 수백만 건의 기반 중 약 2만 3,000~2만 4,000건 개선되는 데 그쳤으나 플러스 영역으로 전환되었다. 편도 평균 이동 거리 역시 3개 분기 연속 개선되었으며, 편도 마일당 매출도 소폭 증가했다.

셀프 스토리지 및 유박스(U-Box)

신규 고객 대상 셀프 스토리지 평균 임대료는 전년 동기 대비 약 2% 상승했다. 퇴거 고객의 임대료는 입주 임대료보다 약 1% 낮은 수준을 유지했다. 경영진은 점유 평방피트당 매출 개선의 일부는 작년 연체실 정리 효과가 비교 대상에서 제외됨에 따라 점차 약화될 것이라고 언급했다.

해당 분기 동안 유홀은 순 임대 가능 면적 기준 총 100만 평방피트 규모의 스토리지 지점 10곳을 추가했다. 회사는 110개 프로젝트에 걸쳐 약 550만 평방피트를 개발 중이며, 아직 착공하지 않은 파이프라인에 550만 평방피트를 추가로 보유하고 있다. 이는 전년도의 활성 개발 중 면적 650만 평방피트 및 파이프라인 770만 평방피트보다 낮은 수치다.

유박스는 배송 컨테이너 수와 보관 컨테이너 수가 모두 증가하며 매출 성장세로 돌아섰다. 유박스 보관 고객의 대부분은 여전히 이사를 통해 해당 서비스를 처음 이용한다. 경영진은 기존 보관 시설이 가득 찼을 때 전통적인 셀프 스토리지 수요를 유박스 이용으로 전환할 수 있는 추가적인 기회가 있다고 보고 있다.

비용, 감가상각 및 차량 매각

인건비, 재산세 및 자체 보험 책임 비용은 합산하여 2,100만 달러를 약간 웃도는 수준으로 증가했다. 화물 및 운송비는 주로 유박스 부문에서 발생하며 2,450만 달러에 조금 못 미치게 증가했다.

차량 감가상각비는 450만 달러 감소했다. 렌탈 장비 매각 손실은 3,400만 달러 개선되어 이번 분기 매각 손실은 420만 달러를 기록했다. 경영진은 이러한 개선의 배경으로 지난 12개월간 추가 감가상각을 반영한 점과 탄탄한 재매각 수익을 꼽았다. 또한 신형 카고 밴은 초기 도입 비용이 낮아 감가상각비 부담 역시 적다.

자사주 매입

유홀은 해당 분기 동안 의결권 있는 보통주 14만 9,927주를 1,010만 달러에, 무의결권 보통주 109만 5,478주를 6,820만 달러에 매입했다. 실적 발표 당시 남은 자사주 매입 한도는 2억 2,400만 달러에 약간 못 미쳤다. 경영진은 금융시장 변동성 속에서 유동성 확보 필요성과 자사주 매입 사이의 균형을 맞추고 있다고 밝혔다.

경영진 가이던스

• 경영진은 연간 순 차량 투자가 5억 달러를 소폭 상회하는 수준으로 감소할 것이라는 전망을 유지했다.
• 회사가 주요 시장에서 창고 커버리지를 완성해 감에 따라 유박스 관련 부동산 지출은 지속적으로 감소 추세를 보일 것으로 예상된다. 계획된 실내 공간(covered-space) 건설 규모는 1~2년 전 검토되었던 수준의 약 절반에 해당한다.
• 셀프 스토리지 개발 지출 속도는 경영진이 예상하는 안정 상태(steady-state) 수준에 근접하고 있다.
• 경영진은 2027 회계연도 하반기 차량 책임 비용에서 상당한 규모의 유리한 변동이 나타날 것으로 기대하고 있다.
• 경영진에 따르면 10월 매출은 2분기 실적 대비 다소 높은 추세를 보였다.

위험 요인 및 주목할 점

• 화물 운송업체들이 단기적으로 운임을 인하하지 않을 것으로 예상됨에 따라, 유박스 마진은 높은 운송 비용에 계속 노출되어 있다.
• 동일 점포 스토리지 입주율은 89.5%로 하락했으며, 순 입주 건수는 경영진의 목표치를 밑돌았다.
• 경영진은 현재 이사나 셀프 스토리지 부문 모두에서 구조적인 외부 수요 촉매제가 보이지 않는다고 판단하고 있다.
• 딜러망 확장 프로그램의 진행 속도가 충분히 빠르지 않아, 경영진이 최적의 차량 보유 규모를 최종 평가하기에는 이르다.
• 전년도 연체실 정리에 따른 기저 효과가 소멸하면서, 전년 동기 대비 셀프 스토리지 가격 개선 효과의 일부가 사라질 것으로 예상된다.

애널리스트 질의응답(Q&A) 주요 내용

경영진은 유박스 화물 비용 완화 방안이 내부 프로세스 개선, 고객 가격에 운송 비용 반영, '로드 쉐어(load-share)' 프로그램 확대라는 세 가지 조치에 기반한다고 밝혔다. 이 프로그램은 유박스 화물 운송을 편도 트럭 렌탈 고객과 연계하여, 해당 고객에게 렌탈 할인을 제공함으로써 기존 운송업체보다 저렴한 비용으로 컨테이너를 운송하는 방식이다.

회사 매출 구성과 관련해 경영진은 셀프 스토리지와 유박스의 보관 부문이 지닌 반복 매출(recurring) 특성을 강조했다. 보관 고객의 평균 서비스 이용 기간은 30개월 이상이다. 전체 매출에서 장비 렌탈이 차지하는 비중이 줄어듦에 따라, 경영진은 구조적인 마진 개선을 예상하고 있다.

경영진은 또한 거래 건수 증가와 거래당 주행 마일 수를 잠재적 영업 회복의 핵심 지표로 꼽았다. 두 지표의 최근 추세는 모두 개선되었으나, 회사는 이를 공식적인 수요 전망으로 제시하는 데까지는 선을 그었다.

계절적 비수기 동안 현장 팀은 스토리지 운영, 고객 리뷰 관리, 지연된 유지보수 처리에 집중할 예정이다. 유홀은 직원을 지원하기 위한 AI 도구도 도입하고 있으나, 경영진은 어떤 프로세스나 절차도 완전 자율 방식으로 AI에 위임된 것은 없다고 밝혔다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, everyone. Thank you for joining us, and welcome to U-Haul Holding Company's Second Quarter Fiscal 2027 Investor Call. [Operator Instructions]

I will now hand the conference over to Sebastien Reyes. Please go ahead.

Sebastien Reyes

Good morning, and thank you for joining us today. Welcome to the U-Haul Holding Company Second Quarter Fiscal 2027 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 the company's business and future operating results, please refer to the company's public SEC filings and Form 10-Q for the quarter ended September 30, 2026, which is on file with the U.S. Securities and Exchange Commission.

I'll now turn the call over to Jason Berg, Chief Financial Officer of U-Haul Holding Company.

Jason Berg

Thanks, Sebastien. Good morning to everyone. I'm speaking to you today from our home office here in Phoenix, Arizona. Our CEO, Joe Shoen, is speaking at an industry event today and is unavailable for this call. Here in the office with me in addition to Sebastien are Sam Shoen and J.T. Taylor, the President of our U-Haul International subsidiary.

Yesterday, we reported second quarter earnings of $137 million compared to earnings of $106 million for the same quarter last year. In terms of earnings per share, that's $0.71 per nonvoting share this year compared to $0.54 last year. From here on out, all of my references in the prepared remarks are going to be for the second quarter of this year versus last year, unless otherwise noted.

Earnings before interest, taxes and depreciation, what we call adjusted EBITDA at the Moving and Storage segment increased $5 million for the quarter to $548 million. Included in our release and the financial supplement that we post on our website is a reconciliation of adjusted EBITDA to GAAP earnings.

Starting off with equipment rental revenue. For the quarter, it rose $37 million with gains in both our in-town and one-way markets. Within that, we saw in-town transactions increase, while revenue per transaction improved across both in-town and one-way. This was driven by more miles per transaction and higher revenue per mile. By the end of September of this year versus last year, between those 2 dates, we added 63 new company-operated locations, and we increased our independent dealer network by a net total of over 500 locations.

October revenue has trended a bit higher than what our second quarter results were. Capital expenditures for new rental equipment were $466 million. That's a $275 million decrease compared to the same period last year, while proceeds from the sales of retired rental equipment went down by $21 million to a total of $198 million. For the first 6 months of the fiscal year, we are down $223 million now on net fleet CapEx. We're still projecting a decrease of a little over $500 million for net fleet investments by the end of the fiscal year.

Storage revenues were up $16 million. That's about a 6% increase. Average revenue per occupied foot for our total portfolio, so I'm including both same-store and lease-up locations, improved by just under 3%. Some portion of this year-over-year improvement is going to dissipate now that we're a full year past the cleanup of delinquent rooms. Our average new customer rental rates have increased by about 2% year-over-year, while rates for customers leaving are still about 1% lower than what the move-in rates are.

Same-store occupancy decreased by 110 basis points to 89.5%. We're seeing net move-in and move-out activity consistent but remains behind what our goal is.

During the first 6 months of fiscal 2027, we invested $432 million in real estate acquisitions along with the development of self-storage and U-Box warehouse. That's a $94 million decrease over the first 6 months of last year. Just in the second quarter, we added 10 new locations with storage totaling 1 million net rentable square feet.

We currently have approximately 5.5 million new square feet being developed across 110 projects. And our pipeline of projects not yet started is about 5.5 million square feet as well. To put that in context, last year, active development was about 6.5 million square feet and the pipeline was 7.7 million. So we're making progress in moderating the pipeline of new storage projects. The pace of our development spending is approaching likely our steady state.

Moving to storage. Operating expenses increased $54 million. Compared to the same quarter last year, our adjusted EBITDA margin went down by about 90 basis points, but we did have an improvement in our operating margin, largely due to depreciation. Personnel, property taxes and self-insurance liability costs increased by a combined just over $21 million. The issues that arose in the first quarter with freight and shipping costs continued into the second quarter, increasing by just under $24.5 million.

As an industry, I don't see freight carriers lowering costs in the near term. Our U-Box team, which accounts for the largest portion of this variance is working to make sure that our customer rates reflect the reality of the situation as well as continuing to advance our load share program that teams U-Box shipments with our one-way truck rental customers. While we're on U-Box, we saw the program return to revenue growth this quarter. We had an increase in the number of containers shipped as well as the number of containers in storage.

We had fleet depreciation reach an inflection point that we've been talking about for a while now. It decreased by $4.5 million in the quarter, while losses from the disposal of rental equipment decreased $34 million, resulting in a loss of $4.2 million for the quarter. The equipment that we sold had a lower cost, primarily from the additional depreciation that we've recognized over the last 12 months, while proceeds in the resale market have been resilient.

The newer cargo vans that we've added to the rental fleet the last 9 months have a lower initial cost, and therefore, we're seeing lower depreciation charges. As of September 30 this year, we had cash along with availability from existing loan facilities at the moving and storage segment of $1.335 billion.

A quick update on the share repurchase program. During the second quarter, we repurchased 149,927 shares of voting common stock at a cost of $10.1 million, and 1,095,478 shares of nonvoting common stock at a cost of $68.2 million. As of today, the maximum amount that we can still repurchase is just under $224 million. Given the volatility in -- that we're seeing in finance markets, we're balancing our plan to maintain adequate liquidity with our belief that our common stock and in particular, the nonvoting shares continue to be undervalued.

Before I hand the call back to our operator, I wanted to reiterate a couple of very important trends that give me optimism in the quarter. First, revenue growth, while slower than we'd like to see, has been durable and steady. Second, the adjustments that we've made over the last year plus to slow our growth CapEx plans for both fleet and self-storage are showing tangible results in lower spending and depreciation.

And finally, on the expense front, our largest expense, personnel is in line with revenue growth. We should also run a sizable positive variance on fleet liability costs over the second half of this year. And outside of the freight shipping costs, our other expenses really are not out of line.

With that, I'd like to hand the call back to our operator, Connor, to begin the question-and-answer portion of the call.

Operator

The first question is from the line of Steven Ramsey of Thompson Research Group. A reminder to unmute yourself locally.

질의응답

Steven Ramsey

Can you hear me at this point?

Jason Berg

Yes, Steven, we can hear you. Thanks for your patience.

Steven Ramsey

Okay. Great. And thank you for the color so far. With self-storage up 6% and U-Box storage growing as well, can you talk about if U-Box storage is growing faster than self-storage, obviously, at a lower base? And are there any observations you're seeing on the ground why customers are choosing one or the other when they have the option for both? Or is this more reflective of internal efforts to guide customers to one or the other?

Jason Berg

Well, we certainly have efforts in place to try to guide customers towards the U-Box storage product. I would say that still the majority of the storage customers that we're seeing in U-Box are the result of them using the product for a move. And then it goes into storage. So as we increase the number of moves, we're seeing the number of containers and storage increase. Anecdotally, we have some centers across the system that have figured this out and are doing a fantastic job of converting storage customers when they're full on traditional self-storage, converting them into U-Box containers. But I wouldn't say that, that's been a meaningful increase across the system yet. That's a big opportunity for us.

Steven Ramsey

Okay. That's great. And then it appears that U-Box covered warehouse space growth continues to outpace U-Box revenue growth even with both moving and storage usage growing. Is that the right perception? And if it is, do you expect U-Box investment to also be reduced in the coming quarters?

Jason Berg

Yes. As I look at the pipeline, the projected covered spaces that we're looking to build are probably about half of what they were a year ago or 2 years ago. And that's -- that's a function of we've been building out this network of warehouses across the country to get them into areas where we have, I don't know if they really want to call it this, but I'll call it a hub-and-spoke type situation where customers can access the U-Box at just about any U-Haul location, but then the storage of it takes place at these larger warehouses that we've been building.

And as we work our way through all of the major markets that need warehouses, we're not going to have to go back in and build more warehouses. So I fully expect the spend on U-Box-related real estate to continue to trend down.

Steven Ramsey

Okay. That's helpful. And then last one for me. Freight and shipping costs, again, a pressure with U-Box. Can you talk about where you see that going in the next couple of quarters or settling out?

Jason Berg

Yes, a few things. There's -- what I've focused on a lot in the calls here is just the increase in cost from an industry perspective. I think what our team here at the home office and out in the field is focused on is things that they can do a little bit better to make sure that they're not causing a situation where we have to pay more for freight. So I think we're making progress on that front, and we're going to optimize the freight costs as much as we can, even though they're going to go up.

So first, we're trying to make sure our processes are bulletproof, so we're not causing an increase in freight expense. Second, we're then trying to make sure that the realities of the freight cost for shipping these boxes around is appropriately reflected in the rates that we're charging customers, right? These shipping costs are not unique to us. They're universal to anyone that's shipping containers around the country. So everyone has the same challenge, and we should be pricing appropriately.

And then third, we have a program internally where it was a program that Sam developed years ago that we group U-Box shipments that are going to markets that we also have one-way customers driving U-Haul trucks to and the U-Haul customers then for a deal on their truck rental, take the boxes with them. And that's another way of doing shipping for us. And there's a certain amount more that we need to compensate customers for because of the increase in fuel prices, but it's not nearly the same increase that we're seeing in over-the-road carriers.

Operator

Your next question comes from the line of Steven Ralston with Zacks.

Steven Ralston

Congratulations on another record revenue quarter. Just one question for me today. I dug into the composition of those total revenues, and I realized I need to get a better gauge on the operating leverage of the self-moving rental business. I noticed that the peak quarter for the self-moving rental revenue is actually the second quarter of fiscal 2022 when moving activity was elevated due to COVID. And since then, that peak in that segment, self-moving revenue is actually down 2.6%.

The growth drivers that contributed to the record revenue quarter this quarter were self-storage, which is up almost 71% over that period since the second quarter of fiscal '22 and other revenue, which is mainly U-Box, which is up about 30%. As a result, together, both lines make up now over 25% of total U-Haul revenue. However, it really looks like the self-moving business looks well positioned for a leveraged growth phase. The fleet is relatively young and depreciation is at a cyclical peak. Much as it was in 2 other periods when U-Haul stock dramatically outperformed, one, starting, I think, in 2004 and the other one in 2009.

I wish Joe was here to answer this with a historical perspective, but are there any similarities between those periods and today other than the peak in depreciation? And even if not, what were the drivers then that signaled an earnings growth phase was beginning?

Jason Berg

Great question. I appreciate you going back in history like that. The -- in both of those situations, I think you can attribute a lot of the success that we had back then to management focus. So the 2004 time frame, we were coming out of a financial restructuring process. There was a lot of noise that kind of took focus off of what the core operations were. The fleet was allowed to age a bit. That was in the early 2000s, and then by 2004 and then '09. And then I also think of '16, it's times where we had the fleet in excellent shape.

And then we did something that expanded our reach. And I would say today, what we're focused on in order for trying to create our own catalyst here is this dealer expansion program, right? Because if we look out into the marketplace, I don't think there's anything either on the self-storage front or on the moving front that looks like a structural demand catalyst out with the customers. So then it's just us having to do a better job of trying to place the trucks and the dealer program is that.

Is it going to result in as big of improvements as we saw back then? I think the jury is still out on that. We're up a net 500 dealers. I think we would have liked to have been up more than that by this time. We made comments 9 months ago that we're going to see after the summer months, how the dealer program was able to absorb the fleet. And I don't think we made enough progress on the dealer front to really make a final call on the fleet size. So I think that, that call is going to be pushed out a little bit.

So Steve, I don't know if I answered the question to your liking. I'm sure Joe would have done a little bit better job at that. But I think in each of those instances, there was a degree of management focus that we're able to get back to because I don't recall a significant event outside of the COVID run-up that would cause the increase in demand. And I may just be forgetting it.

Steven Ralston

Thank you for reminding me about the catalyst of the dealer expansion program. Could you make any comment on this dichotomy of the growth rates between the core self-moving rental business and those 2 top line growth engines? It personally surprised me when I started looking at the numbers.

Jason Berg

Yes. I think what excites us about the evolution of the company is the stickiness of the nonmoving revenue, right? So if you think about storage and then part of U-Box, which is the storage component, there's -- when you get a customer, there's an ongoing annuity, right, that they stay in the product for a longer period of time, whereas a move, you make the move and then you're done and then you get ready to help the next person, whereas in storage, they're staying in excess of 30 months on average.

So I think we're excited about that piece of it. And that's why I have a slide in the investor deck that shows as that ratio of equipment rental revenue declines as a percent of the total, I anticipate our margins continuing to improve structurally.

Operator

And your next question comes from the line of Jeff Kauffman with Citizens Bank.

Jeffrey Kauffman

Congratulations on the improvements that are there, I think, despite a slow revenue market. I want to follow a little bit along the last question. So I'll throw it out to you, Jason, Sam and J.T. You mentioned that you don't see any structural demand catalysts like we had in COVID, right? But nobody saw COVID coming. But yet, it does feel like a lot of other companies that I'm watching are coming off the bottom of a long cycle of slow growth, no growth mediocrity.

We are starting to see depreciation and gains on sale normalize. You're working to get occupancy a little higher, and that is working, maybe not as quick as we'd hope. But if you take a look at previous cycle bottoms and kind of leveling out toward higher growth, are there certain canaries in the coal mine that tend to show themselves when we're getting back to a more normalized growth rate? And absent kind of the big mega catalysts that are out there, are you seeing anything that convinces you things are getting slightly better or slightly worse in the external environment?

Jason Berg

Sure. The data points that I look at internally to kind of see which direction the ship is headed, one would be just overall transactions, right? The last couple of years, we've survived a lot on trying to recoup the cost increases that we've faced by passing some of that along to customers. And that's been buoying up revenue. Our -- when transactions begin to turn, I think that, that's a sign that business should be improving for us. And the last 2 months or so, we've had a pretty good transaction growth.

And I look at kind of a trailing 12-month transaction count and compare it to the previous 12 months. And we've been running negative on that measurement here for quite some time. And in October, we shifted over to positive. Now it's several 23,000, 24,000 transactions on millions, but it's headed in the right direction. And I would say any time that we start to see transaction growth, that has typically been a positive sign for us in the long term.

Another point that I would say is miles per transaction. We've been running now for several years kind of negative miles per transaction numbers on the one-way fleet. And now we've compiled 3 quarters in a row where we're starting to see small improvements in the average distance of people's moves. We -- and positively with that is we also saw a little bit of an improvement on revenue per mile for one-way. And typically, the longer the move that you get, the harder it is to pick up revenue per mile, we saw both go up. So those are 2 things that internal statistics that we look at that typically would say something right is happening underneath.

Jeffrey Kauffman

And then just kind of taking that a little further in the extension, and thank you for that granularity. So we're getting out of the stronger seasonal quarters. We're heading into the more moderate quarters of the year. What do you think in terms of when you look at where the company is now, are there hatches to batten down further? Are there projects that you want to engage in that will make things stronger for the upturn?

Are there things -- and I know depreciation is starting to settle in the right direction, gain on sale starting to settle in the right direction. We've slowed down growth in the storage business. But as we head into the slower seasonal time of the year, are there opportunities that are out there for you to take advantage of?

Jason Berg

Absolutely. This is the time that our field team starts to get a little bit of a breather from the hectic pace of the moving season, and they can start to focus on a few other things, making sure that the storage product at their location is cleaned up the way that it should be, perhaps finishing some projects and generally focusing on other items that in the heat of the moment, we don't want to laden them with one more thing to do.

So this is normally the time that we can get to other projects. And Joe and J.T. are communicating with the team, I think storage is a big focus of that right now as far as making sure we're reading customer reviews and addressing them at a location-by-location basis because things just tend to get a little bit behind, especially if the location is heavy on equipment rental, there's things that you maybe just don't get a garage door fixed right away or there's something else falls behind on the maintenance side, we can address those items. And then as far as other things we're doing here at the home office, the rollout of our teams here utilizing the AI tools that we have is really exciting. We haven't handed any processes or procedures over to AI on an autonomous basis where it's doing it itself. But we're working hand in glove with the tool and the output that at least what I'm seeing is really powerful.

Operator

There are no further questions at this time. I will now turn the call back over to management for closing remarks.

Jason Berg

Well, I appreciate everyone attending. I'm sure that on the next call, Joe will be able to be here for -- to answer some of the other questions I might not have been able to for you. Otherwise, our team looks forward to building on the success of this quarter. I think it was a really hopeful quarter, and then we'll report back to you on our progress the first week of February. Thank you very much.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.