Core Insights - Harley-Davidson has unveiled its all-new and refreshed motorcycle lineup for 2025, featuring models such as the Street Glide® Ultra and Pan America® 1250 ST, along with a collection of six updated Cruiser models [1][2][3] Group 1: New Models Overview - The 2025 lineup includes the Street Glide® Ultra, designed for long-distance touring, and the Pan America® 1250 ST, which is an adventure sport motorcycle suitable for daily rides and weekend touring [1][4][5] - The Cruiser collection consists of six models, all equipped with the new Milwaukee-Eight® 117 powertrain and advanced technology, utilizing the Softail® chassis [3] - The Sportster® S model has been updated with revised suspension for improved comfort, featuring a 60% increase in rear wheel travel without affecting seat height [6] Group 2: Custom Vehicle Operations (CVO) Models - Harley-Davidson's 2025 CVO™ lineup includes four limited-production models that emphasize power and prestige, featuring new design details and high-performance components [7] - The CVO™ Road Glide® ST model is inspired by competitive racing bikes and combines a Milwaukee-Eight® 121 H.O. engine with custom details for enhanced performance [7] - The CVO™ Pan America® model is equipped with rugged accessories for adventure touring, showcasing Harley-Davidson's commitment to adventure and freedom [8] Group 3: Company Vision and Mission - Harley-Davidson aims to lead the motorcycle industry through innovation and emotional connection, emphasizing the timeless pursuit of adventure and freedom [9]

IPO Market Overview - The US IPO market raised over $41 billion in 2024, surpassing the $24 billion in 2023 and $22 billion in 2022, marking the best year since 2021 [6] - The record for IPO fundraising was set in 2021 with $316.6 billion, driven by low interest rates [12] - Market participants anticipate a boom in IPO activity in 2025 due to expected regulatory easing and Federal Reserve interest rate cuts [14][15] Top IPOs of 2024 - Lineage, the world's largest cold-storage warehouse operator, raised $5.10 billion in July, the largest US IPO since Arm Holdings' $5.23 billion float in September 2023 [2] - Viking Holdings, a cruise company, raised $1.77 billion in May [10] - StandardAero, an aircraft maintenance provider, raised $1.66 billion in October [3] - Amer Sports, a Finnish sporting equipment company, raised $1.57 billion in January [4] - UL Solutions, an applied safety science company, raised $1.09 billion in April [5] Factors Influencing IPO Activity - The Federal Reserve's interest rate hikes starting in March 2022 cooled IPO activity by increasing borrowing costs and competition for investor cash [8] - Deregulation is expected to make it easier for early-stage companies to grow and attract investors [7] - The private market surge in 2024 has provided alternative funding sources for companies like SpaceX and OpenAI, reducing the urgency for IPOs [13] Future IPO Prospects - AI chip startup Cerebras Systems and Swedish payments processor Klarna are likely to test investor appetite for IPOs in 2025 [9] - Cryptocurrency-related companies are expected to see increased investor interest under the new crypto-friendly White House administration [13] - Mature companies are likely to follow suit and go public in 2025 if post-IPO trading performance is strong [13] Historical Context - The IPO market declined after 2021 due to the fading SPAC craze and disappointing post-IPO performances, such as Rivian Automotive losing over three-quarters of its value since its 2022 IPO [16] - US IPOs fell 16% on average on their first day of trading in 2022 [16]

Core Insights - Norwegian Cruise Line (NCL) is set to enhance guest experiences aboard Norwegian Bliss and Norwegian Breakaway with significant updates, including the introduction of the world's first immersive cinema and dining experience at sea, named Silver Screen Bistro, and a new outdoor recreational venue called Horizon Park [1][8]. Group 1: New Offerings - Silver Screen Bistro will debut on Norwegian Breakaway, providing an immersive movie and dining experience with oversized recliners and shareable menu items [8]. - Horizon Park will be introduced on both ships, featuring lawn-style games and an expansive stage for live entertainment, offering guests 360° ocean views [4][9]. - The Haven by Norwegian® will see updated accommodations, including new three-bedroom suites and additional balcony staterooms [5]. Group 2: Dining Enhancements - Popular dining venues will be expanded, including Cagney's Steakhouse and Teppanyaki, with the introduction of Palomar, a seafood specialty restaurant [6][10]. - The dining experience will be enhanced by replacing existing venues to accommodate more guests and improve service [6][10]. Group 3: Itinerary and Travel Options - Norwegian Bliss will embark on a 13-day itinerary from Southampton to Miami, followed by various Caribbean and Alaskan cruises starting in February 2025 [6][11]. - Norwegian Cruise Line will continue to offer a variety of tropical cruise vacations to the Caribbean and Bahamas from multiple embarkation ports [12]. Group 4: Value-Added Packages - NCL is introducing the More At Sea™ package, which includes unlimited open bar, specialty dining credits, and enhanced Wi-Fi, available for sailings starting January 1, 2025 [13].

Core Insights - Eric Stonestreet has been named the godfather of Norwegian Aqua, a new ship in Norwegian Cruise Line's fleet, and will participate in its christening ceremony on April 13, 2025, in Miami [3][4] - Norwegian Aqua is the first ship in NCL's Prima Plus Class, featuring innovative amenities such as the Aqua Slidecoaster, a hybrid rollercoaster and waterslide, and various upscale dining options [5][6] - The ship will offer seven-day Caribbean itineraries starting April 26, 2025, from Port Canaveral, Florida, and will later include voyages to Bermuda and Eastern Caribbean destinations [4][5] Company Overview - Norwegian Cruise Line has been a pioneer in the cruise industry for 57 years, allowing guests to customize their vacation experiences without assigned dining times or formal dress codes [9] - The company operates a fleet of 19 ships that visit 450 destinations worldwide, including its private island, Great Stirrup Cay, in the Bahamas [9] - NCL emphasizes superior guest service and a variety of entertainment and dining options, catering to diverse traveler needs [9][10] New Offerings - The More At Sea™ package will provide guests with enhanced value, including unlimited open bar, specialty dining credits, and shore excursion credits, starting January 1, 2025 [6] - The package can be combined with NCL's Black Friday sale, offering 50% off all cruises [6]

Third Quarter 2024 FINANCIAL RESULTS November 6, 2024 Safe Harbor Statement Certain statements contained in this presentation, including statements relating to our plans and strategies, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by Lineage's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "seek ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $1.3 billion, up 0.5% year-over-year [24] - Adjusted EBITDA increased 5.4% to $333 million, with an adjusted EBITDA margin of 24.9%, up 110 basis points [24] - Adjusted funds from operations (AFFO) for the quarter rose 52% to $208 million, with AFFO per share increasing 20% to $0.90 [25] Business Segment Data and Key Metrics Changes - Global warehousing segment, representing 87% of total NOI, saw total segment revenue grow 1.3% and total segment NOI increase by 4.4% to $383 million, with a warehouse NOI margin of 39.4% [26] - Same warehouse NOI grew 2.4% year-over-year, despite a decline in same warehouse economic occupancy to 84.1%, down 190 basis points [27] - Global integrated solutions segment, representing 13% of total NOI, experienced a revenue decrease of 1.6% to $363 million and a total segment NOI decline of 11% to $56 million [30] Market Data and Key Metrics Changes - Limited seasonal lift observed, with occupancy levels steady but below last year [12] - Competitive pressures noted in select markets due to speculative development and new supplies coming online [13] - Overall demand is stable but down compared to the previous year, as the industry continues to rebalance after supply chain disruptions [28] Company Strategy and Development Direction - Company is positioned as the acquirer of choice in the industry, focusing on strategic capital deployment and M&A opportunities [14][41] - Continued investment in technology, data science, and automation to drive operational efficiencies and enhance service offerings [8][41] - The company aims to leverage its strong balance sheet and investment-grade ratings to pursue attractive acquisition opportunities [32][41] Management's Comments on Operating Environment and Future Outlook - Management noted that customer inventory rationalization and high interest rates are impacting demand, but they remain optimistic about future recovery [12][45] - The company expects low single-digit same-store NOI growth for Q4 against a 9% comp, with a focus on controlling costs and improving labor efficiency [34][75] - Management emphasized the importance of their technology investments and operational excellence in navigating current market challenges [70][85] Other Important Information - The company declared its first quarterly dividend at an annualized rate of $2.11 per share [17] - The acquisition of ColdPoint Logistics for $223 million is expected to enhance the company's presence in the Kansas City area and is aligned with its investment criteria [22][23] - A rooftop solar panel fire at the Los Angeles facility caused significant damage, leading to an estimated $6 million headwind for Q4 [35][64] Q&A Session Summary Question: Demand and Pricing Power - Management acknowledged soft food volumes and customer inventory rationalization but expressed confidence in their ability to manage costs and maintain pricing power [44][48] Question: Automation Impact on Margins - Management indicated that fully automated facilities like Hazelton could achieve over 50% labor savings compared to traditional locations, enhancing overall productivity [51][54] Question: Acquisition Pipeline and Market Conditions - Management confirmed a robust acquisition pipeline post-IPO, with a disciplined approach to pursuing only the most accretive deals [56][59] Question: Fire Incident and Financial Impact - The fire incident at the Big Bear facility occurred in mid-August, with ongoing repairs expected to impact Q4 results but not carry over into 2025 [61][64] Question: Technology Rollout and EBITDA Impact - Management highlighted the rollout of LinOS technology aimed at improving labor efficiency, with expected benefits materializing in 2026 and beyond [70][73] Question: Customer Pricing Leverage - Management noted that larger customers currently have more leverage in pricing discussions due to the soft market, but emphasized their commitment to creating mutually beneficial solutions [103][106]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-42191 ___________________________________ Lineage, Inc. (Exact name of registrant as specified in its charter) _____________ ...

Lineage, Inc. Reports Third-Quarter 2024 Financial Results NOVI, Mich. – November 6, 2024 – Lineage, Inc. (NASDAQ: LINE) (the "Company"), the world's largest global temperaturecontrolled warehouse REIT, today announced its financial results for the third quarter of 2024. Third-Quarter 2024 Highlights • Raised $5.1 billion in gross proceeds from the Company's July 2024 IPO, marking the largest IPO of the year and largest real estate IPO of all-time • Total revenue increased 0.5% to $1.3 billion • Net loss of ...