Core Insights - Carnival Cruise Line is set to open its new exclusive destination, Celebration Key, on July 19, 2025, with significant construction milestones achieved [1][6] - The destination will feature five distinct portals, each offering unique experiences, and emphasizes sustainability initiatives [3][7] Construction and Features - The Suncastle, a 10-story structure, serves as the centerpiece and gateway to the other areas, including family-friendly attractions and adult-only spaces [4][6] - Celebration Key will include various recreational options such as racing waterslides, an infinity pool, and a private artisan retail village [4][5] Sustainability Initiatives - Carnival has launched a "Plant a Tree" program, replanting about 1,000 sabal palms and focusing on preserving the local environment [5][7] - The destination will feature two expansive freshwater lagoons, the largest in the Caribbean, sustained by a desalination system [5] Economic Impact - The project has involved 28 Bahamian companies and aims to create jobs and stimulate economic development in Grand Bahama [6][7] - Approximately 500 workers are currently on-site daily to ensure timely completion for the summer opening [6] Future Plans - Celebration Key will be included in hundreds of Carnival itineraries across 20 ships, with sailings available into 2027 [8] - New offerings at Pearl Cove Beach Club will include beachfront daybeds, private cabanas, and exclusive Super Villas [7]

Core Concept - The Bazaar is a unique onboard experience designed to enhance the connection between ship and shore, allowing guests to immerse themselves in the cultures of the destinations visited during their cruise [2][3]. Group 1: Experience and Offerings - The Bazaar will feature four Caribbean destination-inspired festivals, each linked to specific ports of call, offering local food, crafting experiences, and entertainment [2][3]. - On sea days, the Market at The Bazaar will showcase local artisans and provide hands-on craft experiences, with offerings changing according to festival themes [3]. - New dining options at The Bazaar will include an open kitchen concept, Mosaic, serving elevated dishes inspired by the regions visited [4]. - The Chef's Table experience at Mosaic will offer a multi-course tasting menu featuring dishes from Celebrity's global culinary leadership team, paired with award-winning wines [5]. - Chef's Studio at Mosaic will serve as a cooking school where guests can learn to prepare regional delicacies, with the curriculum changing to reflect festival themes [6]. - A casual dining concept, Spice, will provide rotating bites inspired by the ports visited, featuring a scenic café setting [7]. Group 2: Guest Engagement and Customization - Celebrity Cruises is launching the Xcel 'Dream Makers' initiative, allowing guests to influence the onboard experiences, including culinary and entertainment options [8][9]. Group 3: Shore Excursions and Future Plans - Celebrity's shore excursions will offer diverse ways to explore local cultures, including Chef's Market Discoveries and Small Group Journeys led by local guides [10]. - The Royal Beach Club in Nassau, launching in late 2025, will provide an all-inclusive beach experience with local culture at its core [10]. - Celebrity Xcel will begin its inaugural season from Fort Lauderdale, offering itineraries to the Caribbean, and will transition to European sailings in Summer 2026 [11].

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]

Financial Performance - Total net revenues for Q3 2024 were $1,335 million, a slight increase from $1,329 million in Q3 2023[9] - The company reported a net loss of $543 million for Q3 2024, compared to a net loss of $50 million in Q3 2023[9] - Basic and diluted earnings per share for Q3 2024 were both $(2.44), compared to $(0.26) in Q3 2023[10] - The company reported total operating expenses of $1,850 million in Q3 2024, significantly higher than $1,232 million in Q3 2023[9] - For the nine months ended September 30, 2024, the net income (loss) was $(671) million, compared to $(39) million for the same period in 2023[14] - The net loss attributable to common stockholders for the three months ended September 30, 2024, was $(512) million, compared to a loss of $(42) million in the same period of 2023[150] Assets and Liabilities - Total current assets increased to $1,599 million as of September 30, 2024, up from $1,256 million at December 31, 2023[7] - Total liabilities decreased significantly to $9,134 million as of September 30, 2024, down from $12,849 million at December 31, 2023[7] - Cash and cash equivalents rose to $409 million as of September 30, 2024, compared to $68 million at December 31, 2023[7] - The company’s total stockholders' equity increased to $9,026 million as of September 30, 2024, compared to $5,051 million at December 31, 2023[7] - As of September 30, 2024, total equity stands at $10,083 million, with redeemable noncontrolling interests at $39 million[12] - Total debt decreased to $5,014 million as of September 30, 2024, from $9,009 million at the end of 2023[76] Expenses - The company incurred acquisition, transaction, and other expenses of $592 million in Q3 2024, compared to $19 million in Q3 2023[9] - General and administrative expenses increased to $143 million in Q3 2024, up from $122 million in Q3 2023[9] - The company reported a depreciation and amortization expense of $640 million for the nine months ended September 30, 2024, compared to $557 million in 2023[14] - Other consolidated operating expenses included a depreciation and amortization expense of $210 million for the three months ended September 30, 2024, an increase of $22 million, or 11.7%, compared to $188 million for the same period in 2023[194] Stock and Equity - Additional paid-in capital increased to $10,744 million, reflecting ongoing capital raising efforts[12] - The company issued common stock net of equity raise costs totaling $4,873 million, contributing to the increase in additional paid-in capital[12] - The total number of shares outstanding as of September 30, 2024, was 228 million[12] - The Company executed a put option agreement allowing BGLH to distribute up to 2,036,738 shares of common stock from September 2024 to December 2025, with a liability recorded of $99 million[53] - The maximum number of shares that may be issued under the 2024 Incentive Award Plan is 12,500,000, with annual increases starting January 1, 2025[119] Acquisitions - The Company acquired Entrepôt du Nord for $60 million, strengthening its warehousing network in Canada, with $36 million allocated to property, plant, and equipment[60] - The acquisition of Eurofrigor was completed for approximately $17 million, enhancing the Company's temperature-controlled warehousing capabilities in Italy[61] - The Company purchased Luik Natie for $52 million, including potential earn-out payments of $12 million based on EBITDA performance[62] - The company acquired a warehouse and operating assets from ColdPoint Logistics for $223 million on November 1, 2024, enhancing its temperature-controlled storage capabilities[156] Cash Flow - Cash flows from operating activities for the nine months ended September 30, 2024, provided $446 million, down from $565 million in 2023[14] - The net cash used in investing activities was $(536) million for the nine months ended September 30, 2024, compared to $(645) million in 2023[14] - The company reported cash paid for interest of $454 million for the nine months ended September 30, 2024, compared to $446 million in 2023[15] Operational Metrics - The company operated 487 warehouses with a total capacity of over 85 million square feet and 3 billion cubic feet as of September 30, 2024[159] - Economic occupancy at same warehouses was 84.1% for the three months ended September 30, 2024, a decrease of 190 basis points compared to 86.0% for the same period in 2023[188] - Throughput pallets at same warehouses decreased by 1.7% to 11.3 million pallets for the three months ended September 30, 2024, compared to 11.5 million pallets for the same period in 2023[188] Debt and Financing - The Company entered into a delayed-draw term loan facility with a borrowing capacity of up to $2,400 million, fully drawn on April 9, 2024, to pay off an outstanding loan[80] - The Company repaid the full principal balance of $2,400 million on July 26, 2024, along with $7 million in accrued interest and fees, resulting in a $6 million loss on extinguishment of debt[81] - The total balance of secured debt as of September 30, 2024, was $524 million, down from $4,193 million as of December 31, 2023, due to significant debt repayments[83] Stock-Based Compensation - Stock-based compensation for the period amounted to $160 million, indicating continued investment in employee incentives[12] - The total stock-based compensation expense for September 2024 was $160 million, compared to $8 million in September 2023[137] - Stock-based compensation expense related to time-based RSUs for the three and nine months ended September 30, 2024 was $13 million and $14 million, respectively, compared to no expense in the same periods of 2023[122] Tax and Regulatory - The effective tax rate for the three months ended September 30, 2024, was 7.7%, down from 9.1% in the same period of 2023[75] - Income tax benefit for the three months ended September 30, 2024, was $45 million, an increase of $40 million from $5 million for the same period in 2023[199] Other Comprehensive Income - The balance of Accumulated other comprehensive income (loss) as of September 30, 2024, was $(58) million, an improvement from $(87) million in the same period of 2023[147]

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 ...