Lineage, Inc.

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

About this filing

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.

Mar 31, 2025 · Filed Apr 30, 2025

LINE$34.88-12.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except par values)

	March 31,	December 31,
	2025	2024
(unaudited)
Assets
Current assets:
Cash, cash equivalents, and restricted cash	$197	$175
Accounts receivable, net	847	826
Inventories	175	187
Prepaid expenses and other current assets	171	97
Total current assets	1,390	1,285
Non-current assets:
Property, plant, and equipment, net	10,644	10,627
Finance lease right-of-use assets, net	1,231	1,254
Operating lease right-of-use assets, net	618	627
Equity method investments	128	124
Goodwill	3,379	3,338
Other intangible assets, net	1,116	1,127
Other assets	262	279
Total assets	$18,768	$18,661
Liabilities, Redeemable Noncontrolling Interests, and Equity
Current liabilities:
Accounts payable and accrued liabilities	$1,132	$1,220
Accrued dividends and distributions	134	134
Deferred revenue	84	83
Current portion of long-term debt, net	55	56
Total current liabilities	1,405	1,493
Non-current liabilities:
Long-term finance lease obligations	1,240	1,249
Long-term operating lease obligations	598	605
Deferred income tax liability	324	304
Long-term debt, net	5,130	4,906
Other long-term liabilities	425	410
Total liabilities	9,122	8,967
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests	41	43
Stockholders’ equity:
Common stock, $0.01 par value per share – 500 authorized shares; 228 issued and outstanding at March 31, 2025 and December 31, 2024	2	2
Additional paid-in capital - common stock	10,791	10,764
Retained earnings (accumulated deficit)	(1,976)	(1,855)
Accumulated other comprehensive income (loss)	(231)	(273)
Total stockholders’ equity	8,586	8,638
Noncontrolling interests	1,019	1,013
Total equity	9,605	9,651
Total liabilities, redeemable noncontrolling interests, and equity	$18,768	$18,661

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in millions, except per share amounts)

	Three Months Ended March 31,
	2025	2024
(unaudited)
Net revenues	$1,292	$1,328
Cost of operations	876	884
General and administrative expense	154	124
Depreciation expense	158	158
Amortization expense	54	53
Acquisition, transaction, and other expense	15	8
Restructuring, impairment, and (gain) loss on disposals	(21)	—
Total operating expense	1,236	1,227
Income from operations	56	101
Other income (expense):
Equity income (loss), net of tax	(4)	(2)
Gain (loss) on foreign currency transactions, net	16	(11)
Interest expense, net	(60)	(139)
Gain (loss) on extinguishment of debt	—	(7)
Total other income (expense), net	(48)	(159)
Net income (loss) before income taxes	8	(58)
Income tax expense (benefit)	8	(10)
Net income (loss)	—	(48)
Less: Net income (loss) attributable to noncontrolling interests	—	(8)
Net income (loss) attributable to Lineage, Inc.	—	(40)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency hedges and interest rate hedges	(17)	3
Foreign currency translation adjustments	64	(74)
Comprehensive income (loss)	47	(119)
Less: Comprehensive income (loss) attributable to noncontrolling interests	5	(16)
Comprehensive income (loss) attributable to Lineage, Inc.	$42	$(103)
Basic earnings (loss) per share	$0.01	$(0.28)
Diluted earnings (loss) per share	$0.01	$(0.28)
Weighted average common shares outstanding:
Basic	228	162
Diluted	228	162

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)

	Common Stock
	Redeemable noncontrolling interests	Number of shares	Amount at par value	Additional paid-in capital	Series A preferred stock	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss)	Noncontrolling interests	Total equity
Balance as of December 31, 2023	$349	162	$2	$5,961	$1	$(879)	$(34)	$622	$5,673
Distributions	(1)	—	—	—	—	—	—	(12)	(12)
Stock-based compensation	—	—	—	3	—	—	—	2	5
Other comprehensive income (loss)	—	—	—	—	—	—	(63)	(8)	(71)
Redemption of redeemable noncontrolling interests	(6)	—	—	—	—	—	—	—	—
Redemption of common stock	—	—	—	(25)	—	—	—	—	(25)
Expiration of redemption option	(92)	—	—	65	—	—	—	27	92
Redeemable noncontrolling interest redemption value adjustment	6	—	—	(6)	—	—	—	—	(6)
Net income (loss)	—	—	—	—	—	(40)	—	(8)	(48)
Reallocation of noncontrolling interests	—	—	—	(7)	—	—	—	7	—
Balance as of March 31, 2024	$256	162	$2	$5,991	$1	$(919)	$(97)	$630	$5,608

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)

(in millions, except per share amounts)

	Common Stock
	Redeemable noncontrolling interests	Number of shares	Amount at par value	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss)	Noncontrolling interests	Total equity
Balance as of December 31, 2024	$43	228	$2	$10,764	$(1,855)	$(273)	$1,013	$9,651
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)	—	—	—	—	(121)	—	(14)	(135)
Stock-based compensation	—	—	—	19	—	—	21	40
Other comprehensive income (loss)	—	—	—	—	—	42	5	47
Redeemable noncontrolling interest redemption value adjustment	(2)	—	—	2	—	—	—	2
Net income (loss)	—	—	—	—	—	—	—	—
Reallocation of noncontrolling interests	—	—	—	6	—	—	(6)	—
Balance as of March 31, 2025	$41	228	$2	$10,791	$(1,976)	$(231)	$1,019	$9,605

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025	2024
(unaudited)
Cash flows from operating activities:
Net income (loss)	$—	$(48)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for credit losses	1	1
Impairment of long-lived and intangible assets	1	—
Gain on insurance recovery (see Note 16, Commitments and contingencies)	(24)	—
Depreciation and amortization	212	211
(Gain) loss on extinguishment of debt, net	—	7
Amortization of deferred financing costs and above/below market debt	2	6
Stock-based compensation	40	5
(Gain) loss on foreign currency transactions, net	(16)	11
Deferred income tax	11	(23)
Put Options fair value adjustment	2	—
Proceeds from insurance recoveries - business interruption (see Note 16, Commitments and contingencies)	8	—
Other operating activities	2	3
Changes in operating assets and liabilities (excluding effects of acquisitions):
Accounts receivable	(24)	36
Prepaid expenses, other assets, and other long-term liabilities	(39)	(21)
Inventories	12	2
Accounts payable and accrued liabilities and deferred revenue	(51)	(83)
Right-of-use assets and lease obligations	2	(2)
Net cash provided by operating activities	139	105
Cash flows from investing activities:
Acquisitions, net of cash acquired	—	(59)
Deposits on pending acquisitions and related refunds, net	—	2
Purchase of property, plant, and equipment	(151)	(147)
Proceeds from sale of assets	2	2
Proceeds from insurance recovery on impaired long-lived assets	17	—
Investments in Emergent Cold LatAm Holdings, LLC	(7)	(5)
Other investing activity	1	5
Net cash used in investing activities	(138)	(202)
Cash flows from financing activities:
Dividends and other distributions	(134)	(112)
Redemption of redeemable noncontrolling interests	—	(6)
Financing fees	—	(44)
Proceeds from long-term debt	—	81
Repayments of long-term debt and finance leases	(25)	(972)
Payment of deferred and contingent consideration liabilities	(2)	—
Borrowings on revolving line of credit	582	1,837
Repayments on revolving line of credit	(398)	(632)
Redemption of common stock	—	(25)
Other financing activity	(2)	(6)
Net cash provided by financing activities	21	121
Impact of foreign exchange rates on cash, cash equivalents, and restricted cash	—	(1)
Net increase (decrease) in cash, cash equivalents, and restricted cash	22	23
Cash, cash equivalents, and restricted cash at the beginning of the period	175	71
Cash, cash equivalents, and restricted cash at the end of the period	$197	$94

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025	2024
(unaudited)
Supplemental disclosures of cash flow information:
Cash paid for taxes	$1	$9
Cash paid for interest	$86	$161
Noncash activities:
Purchases of property, plant, and equipment in Accounts payable and accrued liabilities	$78	$73
Accrued dividends, distributions, and dividend equivalents	$135	$11
Assets acquired through exercise of a purchase option in a finance lease	$11	$—

Table of Contents for Notes to Condensed consolidated financial statements

Note · Page
Note 1	Significant accounting policies and practices	11
Note 2	Capital structure and noncontrolling interests	13
Note 3	Revenue	21
Note 4	Property, plant, and equipment	22
Note 5	Goodwill and other intangible assets, net	23
Note 6	Prepaid expenses and other current assets	23
Note 7	Income taxes	23
Note 8	Debt	24
Note 9	Derivative instruments and hedging activities	26
Note 10	Interest expense	28
Note 11	Fair value measurements	28
Note 12	Leases	29
Note 13	Other long-term liabilities	31
Note 14	Stock-based compensation	31
Note 15	Related-party balances	33
Note 16	Commitments and contingencies	34
Note 17	Accumulated other comprehensive income (loss)	36
Note 18	Earnings (loss) per share	37
Note 19	Segment information	38
Note 20	Subsequent events	40

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.