Lineage Inc
For the period ended Jun 30, 2024. Filed Aug 21, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 21, 2024
Contents
Segment information
(19)Segment information
Reportable Segments Information
The Company’s business is organized intotwo reportable segments, Global Warehousing and Global Integrated Solutions. The following table presents segment revenues and segment net operating income (NOI), with a reconciliation to Net income (loss) before income taxes. All inter-segment transactions are not significant and have been eliminated in consolidation. Asset information by reportable segment is not presented, as the Company does not produce such information internally and the CODM does not use such information to manage the business. Capital expenditures for property, plant, and equipment presented below by segment are inclusive of purchases recorded in Accounts payable and accrued liabilities during each period.
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Global Warehousing revenues | $966 | $964 | $1,935 | $1,922 |
| Global Integrated Solutions revenues | 372 | 382 | 731 | 757 |
| Total net revenues | $1,338 | $1,346 | $2,666 | $2,679 |
| Global Warehousing cost of operations | $582 | $583 | $1,166 | $1,155 |
| Global Integrated Solutions cost of operations | 309 | 322 | 609 | 640 |
| Total cost of operations | $891 | $905 | $1,775 | $1,795 |
| Global Warehousing NOI | $384 | $381 | $769 | $767 |
| Global Integrated Solutions NOI | 63 | 60 | 122 | 117 |
| Total NOI | 447 | 441 | 891 | 884 |
| Reconciling items: | ||||
| General and administrative expense | (127) | (124) | (251) | (239) |
| Depreciation expense | (164) | (136) | (322) | (265) |
| Amortization expense | (55) | (52) | (108) | (104) |
| Acquisition, transaction, and other expense | (12) | (15) | (20) | (26) |
| Restructuring, impairment, and gain (loss) on disposals | (15) | (3) | (15) | (7) |
| Equity income (loss), net of tax | (1) | — | (3) | — |
| Gain (loss) on foreign currency transactions, net | 2 | (3) | (9) | (4) |
| Interest expense, net | (148) | (116) | (287) | (231) |
| Gain (loss) on extinguishment of debt | — | — | (7) | — |
| Net income (loss) before income taxes | $(73) | $(8) | $(131) | $8 |
| Capital expenditures for property, plant, and equipment: | ||||
| Global Warehousing capital expenditures | $154 | $130 | $238 | $276 |
| Global Integrated Solutions capital expenditures | 13 | 25 | 20 | 49 |
| Corporate capital expenditures | 31 | 28 | 57 | 55 |
| Total capital expenditures for property, plant, and equipment | $198 | $183 | $315 | $380 |
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