62 results
10-Q
2024 Q2
LINE
Lineage, Inc.
21 Aug 24
Quarterly report
4:32pm
Changes in the carrying amount of goodwill for each reportable segment for the six months ended June 30, 2024 are as follows:
(in millions) | Global Warehousing | Global Integrated Solutions | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | 2,750 | $ | 644 | $ | 3,394 | Goodwill acquired1 | 22 | — | 22 | Measurement period adjustments1 | (7) | — | (7) | Foreign currency translation | (42) | (6) | (48) | Balance, June 30, 2024 | $ | 2,723 | $ | 638 | $ | 3,361 |
10-Q
2024 Q2
LINE
Lineage, Inc.
21 Aug 24
Quarterly report
4:32pm
Maturities of lease liabilities for each of the next five years and thereafter as of June 30, 2024 are as follows (in millions):
Years Ending December 31: | Finance Leases | Operating Leases | ||||||||
2024 (six months remaining) | $ | 82 | $ | 50 | ||||||
2025 | 159 | 97 | ||||||||
2026 | 157 | 95 | ||||||||
2027 | 151 | 93 | ||||||||
2028 | 142 | 85 | ||||||||
2029 and thereafter | 1,687 | 779 | ||||||||
Total lease payments | 2,378 | 1,199 | ||||||||
Less imputed interest | (1,015) | (469) | ||||||||
Total | $ | 1,363 | $ | 730 |
10-Q
2024 Q2
LINE
Lineage, Inc.
21 Aug 24
Quarterly report
4:32pm
Supplemental condensed consolidated balance sheet information related to leases is as follows:
June 30, | December 31, | |||||||||||
2024 | 2023 | |||||||||||
Weighted average remaining lease term (in years): | Finance | 15.9 | 16.5 | |||||||||
Operating | 15.5 | 15.9 | ||||||||||
Weighted average discount rate: | Finance | 6.8 | % | 6.8 | % | |||||||
Operating | 6.5 | % | 6.5 | % |
10-Q
2024 Q2
LINE
Lineage, Inc.
21 Aug 24
Quarterly report
4:32pm
Other Consolidated Operating Expenses
Three Months Ended June 30, | Change | |||||||||||||
2024 | 2023 | % | ||||||||||||
(in millions) | Other consolidated operating expense: | Depreciation and amortization expense | $ | 219 | $ | 188 | 16.5 | % | ||||||
General and administrative expense | $ | 127 | $ | 124 | 2.4 | % | ||||||||
Acquisition, transaction, and other expense | $ | 12 | $ | 15 | (20.0) | % | ||||||||
Restructuring, impairment, and (gain) loss on disposals | $ | 15 | $ | 3 | 400.0 | % |
10-Q
2024 Q2
LINE
Lineage, Inc.
21 Aug 24
Quarterly report
4:32pm
We use EBITDA, EBITDAre, and Adjusted EBITDA as measures of our operating performance and not as measures of liquidity. The table below reconciles EBITDA, EBITDAre, and Adjusted EBITDA to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, in each case for the the three and six months ended June 30, 2024 and 2023.
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (80) | $ | (8) | $ | (128) | $ | 11 | Adjustments: | Depreciation and amortization expense | 219 | 188 | 430 | 369 | Interest expense, net | 148 | 116 | 287 | 231 | Income tax expense (benefit) | 7 | — | (3) | (3) | EBITDA | $ | 294 | $ | 296 | $ | 586 | $ | 608 | Adjustments: | Net loss (gain) on sale of real estate assets | 3 | 1 | 3 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment write-downs on real estate property | 5 | 1 | 5 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of EBITDAre of noncontrolling interests | — | (2) | (1) | (2) | EBITDAre | $ | 302 | $ | 296 | $ | 593 | $ | 609 | Adjustments: | Net (gain) loss on sale of non-real estate assets | (1) | (1) | (2) | (2) | Acquisition, restructuring, and other | 17 | 16 | 26 | 30 | Technology transformation | 7 | — | 10 | — | Loss from property destruction | 1 | — | 1 | — | Interest expense and tax expense from unconsolidated JVs | 2 | 1 | 2 | 2 | Depreciation and amortization expense from unconsolidated JVs | 2 | 2 | 3 | 3 | (Gain) loss on foreign currency exchange transactions, net | (2) | 3 | 9 | 4 | Stock-based compensation expense | 6 | 6 | 11 | 11 | (Gain) loss on extinguishment of debt | — | — | 7 | — | Allocation adjustments of noncontrolling interests | — | — | 1 | — | Adjusted EBITDA | $ | 334 | $ | 323 | $ | 661 | $ | 657 |
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