Financial Performance - Total revenue for 2024 was 335 million, with an adjusted EBITDA margin of 25.0%, up 210 basis points[7] - AFFO for Q4 2024 increased by 147.7% to 0.83[7] - The company reported a GAAP net loss of 3.70 per diluted common share[7] - Net revenues for Q4 2024 were 1,334 million in Q4 2023[20] - Net loss attributable to Lineage, Inc. for Q4 2024 was 52 million in Q4 2023[20] - Comprehensive loss attributable to Lineage, Inc. was 3 million in Q4 2023[20] - The company reported a net loss of 96 million in 2023[20] - Net income for Q4 2024 was a loss of 57 million in Q4 2023, and a total loss of 96 million in 2023[56] Assets and Liabilities - Total assets as of December 31, 2024, were 18.871 billion in 2023[18] - Total liabilities decreased significantly from 8.967 billion in 2024[18] - The balance of redeemable noncontrolling interests as of December 31, 2023, was 298 million as of December 31, 2022[21] - The total liabilities for redeemable noncontrolling interests decreased from 43 million in 2024, indicating a reduction in financial obligations[23] - The balance of total equity as of December 31, 2024, was 5,673 million in 2023, indicating growth in shareholder value[23] Operating Expenses - Total operating expenses increased to 1,276 million in Q4 2023, representing a 6.6% increase[20] - Total operating expenses for the year ended December 31, 2024, were 4,944 million in 2023, marking a 15.3% increase[20] - The company incurred 60 million in 2023[20] - General and administrative expenses for Q4 2024 were 141 million in Q4 2023, with total expenses for 2024 at 502 million in 2023[56] - Acquisition, restructuring, and other expenses totaled 23 million in Q4 2023, with total expenses for 2024 at 73 million in 2023[60] Cash Flow and Investments - Cash provided by operating activities decreased to 796 million in 2023, reflecting a reduction in operational efficiency[25] - Total cash used in investing activities was 1,066 million in 2023, showing a decrease in capital expenditures[25] - The company reported a depreciation and amortization expense of 760 million in 2023, indicating higher asset utilization[25] - Integration capital expenditures increased to 75 million in 2023[52] - External growth capital investments totaled 741 million in 2023[54] Revenue Segments - Total global warehousing segment revenues for Q4 2024 were 975 million in Q4 2023[28] - Warehouse storage revenue decreased by 3.4% to 526 million in Q4 2023[28] - Warehouse services revenue increased by 5.1% to 449 million in Q4 2023[28] - Total global warehousing segment revenues for the year ended December 31, 2024, were 3,857 million in 2023[31] - Total same warehouse revenues declined by 1.4% to 3,390 million in 2023[38] - Non-same warehouse revenues increased by 16.3% to 467 million in 2023[43] - Global Integrated Solutions segment revenues decreased by 2.2% to 1,485 million in 2023[47] Performance Metrics - EBITDA for Q4 2024 was 273 million in Q4 2023, with total EBITDA for 2024 at 1.14 billion in 2023[57] - Adjusted EBITDA for Q4 2024 increased to 305 million in Q4 2023, with an annual total of 1.278 billion in 2023[60] - Total segment NOI for Q4 2024 was 438 million in Q4 2023, with a total of 1.752 billion in 2023[56] - Adjusted EBITDA margin improved to 25.0% in Q4 2024 from 22.9% in Q4 2023, with an annual margin of 24.9% for 2024 compared to 23.9% in 2023[57] - Total non-same warehouse margin improved by 140 basis points to 36.3% in 2024 from 34.9% in 2023[43] Stock and Equity - The company declared a quarterly dividend of 2.11 per share[7] - The company issued common stock in an IPO, net of equity raise costs, amounting to 6 million in 2023[25] - Stock-based compensation expenses of 26 million in 2023, reflecting a shift in compensation strategy[25] - Stock-based compensation expense increased to 7 million in Q4 2023, with total expenses for 2024 at 26 million in 2023[60] Guidance and Future Outlook - The company expects full-year 2025 adjusted EBITDA to be between 1.40 billion, and adjusted FFO per share to be between 3.60[6] - The company cannot provide forward-looking guidance for Adjusted EBITDA and Adjusted FFO per share due to the unpredictable nature of reconciling items such as acquisitions and natural disasters[72] Operational Efficiency - Average occupied economic pallets decreased by 2.2% to 8,339 thousand in Q4 2024 from 8,525 thousand in Q4 2023[28] - Economic occupancy percentage dropped to 83.9% in Q4 2024, down 330 basis points from 87.2% in Q4 2023[28] - Average occupied economic pallets for the year ended December 31, 2024, were 8,175 thousand, a decrease of 1.4% from 8,292 thousand in 2023[31] - Average occupied economic pallets in non-same warehouses increased by 2.8% to 1,218 thousand in Q4 2024 from 1,185 thousand in Q4 2023[41] - Average physical occupied pallets in non-same warehouses increased by 1.8% to 1,118 thousand in Q4 2024 from 1,098 thousand in Q4 2023[41]
Lineage, Inc.(LINE) - 2024 Q4 - Annual Results