Wed, Aug 21, 8:33 PM (146 days ago)
In the second quarter of 2024, Lineage, Inc. reported revenues of $1,338 million, a slight decrease from $1,346 million in Q2 2023. Key factors included a $21 million decline in the same warehouse pool and an $8 million drop from closed facilities, partially offset by $16 million from expansions and $14 million from acquisitions. The global warehousing segment's net operating income (NOI) rose to $384 million, reflecting a 0.8% increase year-over-year. Operating expenses totaled $1,264 million, up from $1,235 million, driven by higher labor and depreciation costs. Net loss attributable to Lineage was $68 million, compared to a loss of $5 million in the prior year, influenced by increased interest expenses ($148 million vs. $116 million) and foreign currency losses. Cash flow from operations decreased to $260 million, while investing activities showed a cash outflow of $398 million, mainly for property and acquisitions. The company ended the quarter with $73 million in cash and $1.0 billion available under its revolving credit facility. The IPO in July 2024 raised $4,875 million, which facilitated debt repayments and bolstered liquidity, though the company continues to face challenges from inflation and changing customer demand.