Lineage Inc
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
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Revenue
(3)Revenue
The following table disaggregates the Company’s net revenues by major stream and reportable segment.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Warehousing operations | $864 | $861 | $2,602 | $2,591 |
| Warehouse lease revenues | 66 | 64 | 202 | 192 |
| Managed services | 37 | 27 | 88 | 72 |
| Other | 5 | 8 | 15 | 27 |
| Total Global Warehousing | 972 | 960 | 2,907 | 2,882 |
| Transportation | 194 | 215 | 603 | 654 |
| Food sales | 55 | 60 | 163 | 186 |
| Redistribution revenues | 51 | 50 | 150 | 143 |
| E-commerce and other | 44 | 25 | 122 | 87 |
| Railcar lease revenues | 19 | 19 | 56 | 56 |
| Total Global Integrated Solutions | 363 | 369 | 1,094 | 1,126 |
| Total net revenues | $1,335 | $1,329 | $4,001 | $4,008 |
The Company has no material warranties or obligations for allowances, refunds, or other similar obligations. As a practical expedient, the Company does not assess whether a contract has a significant financing component, as the period between the transfer of service to the customer and the receipt of customer payment is less than a year.
As of September 30, 2024, the Company had $1,002 million of remaining unsatisfied performance obligations from contracts with customers subject to a non-cancellable term and within contracts that have an original expected duration exceeding one year. These obligations also do not include variable consideration beyond the non-cancellable term, which, due to the inability to quantify by estimate, is fully constrained. The Company expects to recognize 21.4% of these remaining performance obligations as revenue over the next 12 months and the remaining 78.6% to be recognized over a weighted average period of 9.7 years through 2043.
Accounts receivable balances related to contracts with customers were$796 million and$805 million as of September 30, 2024 and December 31, 2023, respectively.
Deferred revenue balances related to contracts with customers were $81 million and$93 million as of September 30, 2024 and December 31, 2023, respectively. Substantially all revenue that was included in the deferred revenue balances at the beginning of 2024 has been recognized as of September 30, 2024 and represents revenue from the satisfaction of storage and handling services billed in advance.
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