Financial Performance - Total revenue for 2024 was $5.3 billion, flat compared to the prior year[7] - Adjusted EBITDA for Q4 2024 increased by 9.8% to $335 million, with an adjusted EBITDA margin of 25.0%, up 210 basis points[7] - AFFO for Q4 2024 increased by 147.7% to $213 million, with AFFO per share rising by 72.9% to $0.83[7] - The company reported a GAAP net loss of $751 million for the full year 2024, equating to a loss of $3.70 per diluted common share[7] - Net revenues for Q4 2024 were $1,339 million, a slight increase from $1,334 million in Q4 2023[20] - Net loss attributable to Lineage, Inc. for Q4 2024 was $71 million, compared to a net loss of $52 million in Q4 2023[20] - Comprehensive loss attributable to Lineage, Inc. was $286 million in Q4 2024, a significant decrease from a comprehensive income of $3 million in Q4 2023[20] - The company reported a net loss of $751 million for the year ended December 31, 2024, compared to a net loss of $96 million in 2023[20] - Net income for Q4 2024 was a loss of $80 million, compared to a loss of $57 million in Q4 2023, and a total loss of $751 million for the year 2024 versus a loss of $96 million in 2023[56] Assets and Liabilities - Total assets as of December 31, 2024, were $18.661 billion, a decrease from $18.871 billion in 2023[18] - Total liabilities decreased significantly from $12.849 billion in 2023 to $8.967 billion in 2024[18] - The balance of redeemable noncontrolling interests as of December 31, 2023, was $349 million, an increase from $298 million as of December 31, 2022[21] - The total liabilities for redeemable noncontrolling interests decreased from $349 million in 2023 to $43 million in 2024, indicating a reduction in financial obligations[23] - The balance of total equity as of December 31, 2024, was $9,651 million, up from $5,673 million in 2023, indicating growth in shareholder value[23] Operating Expenses - Total operating expenses increased to $1,360 million in Q4 2024 from $1,276 million in Q4 2023, representing a 6.6% increase[20] - Total operating expenses for the year ended December 31, 2024, were $5,701 million, up from $4,944 million in 2023, marking a 15.3% increase[20] - The company incurred $651 million in acquisition, transaction, and other expenses for the year ended December 31, 2024, compared to $60 million in 2023[20] - General and administrative expenses for Q4 2024 were $145 million, up from $141 million in Q4 2023, with total expenses for 2024 at $539 million compared to $502 million in 2023[56] - Acquisition, restructuring, and other expenses totaled $46 million in Q4 2024, up from $23 million in Q4 2023, with total expenses for 2024 at $542 million compared to $73 million in 2023[60] Cash Flow and Investments - Cash provided by operating activities decreased to $703 million in 2024 from $796 million in 2023, reflecting a reduction in operational efficiency[25] - Total cash used in investing activities was $919 million in 2024, down from $1,066 million in 2023, showing a decrease in capital expenditures[25] - The company reported a depreciation and amortization expense of $876 million in 2024, an increase from $760 million in 2023, indicating higher asset utilization[25] - Integration capital expenditures increased to $94 million in 2024 from $75 million in 2023[52] - External growth capital investments totaled $760 million in 2024, up from $741 million in 2023[54] Revenue Segments - Total global warehousing segment revenues for Q4 2024 were $980 million, a 0.5% increase from $975 million in Q4 2023[28] - Warehouse storage revenue decreased by 3.4% to $508 million in Q4 2024 from $526 million in Q4 2023[28] - Warehouse services revenue increased by 5.1% to $472 million in Q4 2024 compared to $449 million in Q4 2023[28] - Total global warehousing segment revenues for the year ended December 31, 2024, were $3,887 million, a 0.8% increase from $3,857 million in 2023[31] - Total same warehouse revenues declined by 1.4% to $3,344 million in 2024 compared to $3,390 million in 2023[38] - Non-same warehouse revenues increased by 16.3% to $543 million in 2024 from $467 million in 2023[43] - Global Integrated Solutions segment revenues decreased by 2.2% to $1,453 million in 2024 from $1,485 million in 2023[47] Performance Metrics - EBITDA for Q4 2024 was $176 million, down from $273 million in Q4 2023, with total EBITDA for 2024 at $466 million compared to $1.14 billion in 2023[57] - Adjusted EBITDA for Q4 2024 increased to $335 million, compared to $305 million in Q4 2023, with an annual total of $1.329 billion for 2024 versus $1.278 billion in 2023[60] - Total segment NOI for Q4 2024 was $435 million, slightly down from $438 million in Q4 2023, with a total of $1.765 billion for 2024 compared to $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 $0.5275 per share, representing an annualized dividend rate of $2.11 per share[7] - The company issued common stock in an IPO, net of equity raise costs, amounting to $4,879 million in 2024, compared to a negative $6 million in 2023[25] - Stock-based compensation expenses of $215 million in 2024, a substantial increase from $26 million in 2023, reflecting a shift in compensation strategy[25] - Stock-based compensation expense increased to $44 million in Q4 2024 from $7 million in Q4 2023, with total expenses for 2024 at $215 million compared to $26 million in 2023[60] Guidance and Future Outlook - The company expects full-year 2025 adjusted EBITDA to be between $1.35 billion and $1.40 billion, and adjusted FFO per share to be between $3.40 and $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