Financial Performance - Total revenue decreased by 2.7% to $1,292 million in Q1 2025[6] - Adjusted EBITDA decreased by 7.0% to $304 million, with an adjusted EBITDA margin decrease of 110 basis points to 23.5%[6] - Income from operations decreased to $56 million in Q1 2025, down 44.5% from $101 million in Q1 2024[22] - Net income attributable to Lineage, Inc. was $0 million in Q1 2025, compared to a loss of $40 million in Q1 2024[22] - Comprehensive income attributable to Lineage, Inc. was $42 million in Q1 2025, a significant improvement from a loss of $103 million in Q1 2024[22] - Basic and diluted earnings per share were both $0.01 in Q1 2025, compared to a loss of $0.28 per share in Q1 2024[22] - Adjusted EBITDA for Q1 2025 was $304 million, down from $327 million in Q1 2024, representing a decrease of approximately 7.0%[51] - Adjusted EBITDA margin for Q1 2025 was 23.5%, compared to 24.6% in Q1 2024[51] - Funds from operations (FFO) for Q1 2025 increased to $87 million, up from $39 million in Q1 2024[53] - Core FFO for Q1 2025 was $89 million, slightly higher than $86 million in Q1 2024[53] - Adjusted FFO for Q1 2025 was $219 million, compared to $148 million in Q1 2024, indicating a significant increase of approximately 47.3%[53] Cash Flow and Investments - Cash flows from operating activities increased to $139 million in Q1 2025, compared to $105 million in Q1 2024[28] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 were $197 million, up from $94 million at the end of Q1 2024[28] - The company had a net cash used in investing activities of $138 million in Q1 2025, compared to $202 million in Q1 2024[28] - Maintenance capital expenditures rose to $32 million in Q1 2025 from $30 million in Q1 2024[42] - External growth capital investments decreased to $67 million in Q1 2025 from $129 million in Q1 2024[47] Revenue Segments - Total global warehousing segment revenues decreased by 2.6% to $944 million in Q1 2025 from $969 million in Q1 2024[30] - Global warehousing segment NOI declined by 6.5% to $360 million in Q1 2025 compared to $385 million in Q1 2024[30] - Average occupied economic pallets decreased by 1.6% to 8,056 thousand in Q1 2025 from 8,187 thousand in Q1 2024[30] - Total same warehouse revenues fell by 4.2% to $875 million in Q1 2025 from $913 million in Q1 2024[34] - Non-same warehouse revenues increased by 23.2% to $69 million in Q1 2025 from $56 million in Q1 2024[37] - Global Integrated Solutions segment revenues decreased by 3.1% to $348 million in Q1 2025 from $359 million in Q1 2024[40] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.5275 per share, representing an annualized dividend rate of $2.11 per share[6] Strategic Agreements and Future Plans - Lineage signed a definitive agreement to acquire four cold storage warehouses from Tyson Foods for $247 million[6] - The company plans to deploy approximately $1 billion of capital over the coming years as part of new agreements with Tyson Foods[6] - Full-year 2025 adjusted EBITDA guidance is maintained at $1.35 to $1.40 billion, and AFFO per share guidance is maintained at $3.40 to $3.60[5] Operational Insights - The company experienced more normal seasonal trends in Q1 2025 after elevated inventory levels in previous years[4] - Lineage's network is designed for flexibility to adapt to shifting customer needs while maintaining high service levels[4] - The company anticipates heightened uncertainty in the industry due to potential impacts from evolving U.S. tariff policies[7] Other Financial Metrics - Total operating expenses for Q1 2025 were $1,236 million, slightly up from $1,227 million in Q1 2024[22] - The company reported a gain of $16 million on foreign currency transactions in Q1 2025, compared to a loss of $11 million in Q1 2024[22] - The company reported a net loss of $48 million in Q1 2025 compared to a net income in Q1 2024[50] - The weighted average common shares outstanding increased to 256 million in Q1 2025 from 182 million in Q1 2024[53] - The company reported a net loss on foreign currency exchange transactions of $16 million in Q1 2025, compared to a gain of $11 million in Q1 2024[51]
Lineage, Inc.(LINE) - 2025 Q1 - Quarterly Results