Lineage, Inc.(LINE) - 2025 Q1 - Quarterly Report

Financial Performance - Net revenues for Q1 2025 were $1,292 million, a decrease of 2.7$1,328 million in Q1 2024[18] - The company reported a net income of $0 million for Q1 2025, a significant improvement from a net loss of$48 million in Q1 2024[18] - Basic earnings per share for Q1 2025 were $0.01, compared to a loss of$0.28 per share in Q1 2024[18] - The company experienced a comprehensive income of $42 million in Q1 2025, compared to a comprehensive loss of$103 million in Q1 2024[18] - The company reported a net income before income taxes of $8 million for Q1 2025, compared to a net loss of$58 million in Q1 2024[165] Assets and Liabilities - Total current assets increased to $1,390 million as of March 31, 2025, up from$1,285 million at December 31, 2024, representing an 8.2% increase[16] - Total liabilities rose to $9,122 million as of March 31, 2025, compared to$8,967 million at December 31, 2024, indicating a 1.7% increase[16] - Total stockholders' equity decreased to $8,586 million as of March 31, 2025, down from$8,638 million at December 31, 2024, reflecting a 0.6% decline[16] - Cash and cash equivalents increased to $197 million as of March 31, 2025, up from$175 million at December 31, 2024, marking a 12.6% increase[16] - Accounts receivable balances increased to $754 million as of March 31, 2025, compared to$719 million at the end of 2024, representing a growth of 4.9%[87] Cash Flow and Investments - Net cash provided by operating activities for the three months ended March 31, 2025, was $139 million, an increase from$105 million in the same period of 2024, representing a 32.4% growth[26] - The company reported a net cash used in investing activities of $138 million in Q1 2025, compared to$202 million in Q1 2024, indicating a 31.7% decrease[26] - The company’s net cash provided by financing activities was $21 million in Q1 2025, down from$121 million in Q1 2024, a decline of 82.5%[26] Expenses and Costs - The cost of operations for Q1 2025 was $876 million, a slight decrease from$884 million in Q1 2024[18] - Stock-based compensation expenses rose to $40 million in Q1 2025, compared to$5 million in Q1 2024, reflecting a significant increase of 700%[26] - The company recorded a net gain of $24 million from the Kennewick warehouse fire, consisting of$25 million in insurance reimbursement, including $8 million from business interruption insurance[152] - The company recorded$36 million in general and administrative expenses for the three months ended March 31, 2025, compared to $5 million in the same period of 2024[139] Debt and Interest - The company's total debt as of March 31, 2025, was$5,199 million, an increase from $4,976 million as of December 31, 2024[99] - Cash paid for interest decreased to$86 million in Q1 2025 from $161 million in Q1 2024, a reduction of 46.6$60 million, down from $139 million in the same period of 2024[121] Shareholder Information - The company declared a dividend of$0.5275 per common share, resulting in a total payment of $120 million for the quarter ended March 31, 2025[77] - As of March 31, 2025, Lineage, Inc. had 228,207,882 common shares issued and outstanding, a slight increase from 228,191,656 shares as of December 31, 2024[47] Acquisitions and Investments - The company acquired a 75.0$121 million in cash on April 1, 2025, expanding its warehousing network[168] - An agreement was made to acquire four cold storage warehouses from Tyson Foods for approximately $247 million, with additional commitments for automated warehouse construction estimated at over$740 million[169] Other Financial Metrics - The effective tax rate for the three months ended March 31, 2025, was 100.0%, compared to 16.8% for the same period in 2024[96] - The total segment net operating income (NOI) for Q1 2025 was $417 million, down 6.1$444 million in Q1 2024[165] - Capital expenditures for property, plant, and equipment totaled $111 million in Q1 2025, a slight decrease from$117 million in Q1 2024[165]