Lineage Inc (LINE) 2024 Q3 法說會逐字稿

My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lineage third-quarter 2024 earnings conference call. I would now like to turn the conference over to Evan Barbosa, Vice President of Investor Relations. You may begin.

我叫帕姆，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Lineage 2024 年第三季財報電話會議。我現在想將會議交給投資者關係副總裁 Evan Barbosa。你可以開始了。

Thank you. Welcome to Lineage's discussion of its third quarter 2024 financial results. Joining me today are Greg Lehmkuhl, Lineage's President and Chief Executive Officer; and Rob Crisci, Lineage's Chief Financial Officer. Our earnings presentation, which includes supplemental financial information, can be found on our Investor Relations website at ir.onelineage.com. Following management's prepared remarks, we'll be happy to take your questions.

謝謝。歡迎參加 Lineage 對其 2024 年第三季財務業績的討論。今天與我一起出席的還有 Lineage 總裁兼執行長 Greg Lehmkuhl；以及 Lineage 財務長 Rob Crisci。我們的收益報告（包括補充財務資訊）可以在我們的投資者關係網站 ir.onelineage.com 上找到。在管理層準備好的發言之後，我們很樂意回答您的問題。

Turning to slide 2, before we start, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our filings with the SEC. These risks could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold.

轉向投影片 2，在我們開始之前，我想提醒大家，我們今天的評論將包括聯邦證券法規定的前瞻性陳述。正如我們向美國證券交易委員會提交的文件中所述，這些聲明存在眾多風險和不確定性。這些風險可能導致我們的實際結果與我們的評論中表達或暗示的結果有重大差異。我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅在今天做出，不會隨著實際事件的發生而更新。

In addition, reference will be made to certain non-GAAP financial measures. Information regarding our use of these measures and a reconciliation of non-GAAP to GAAP measures can be found in the press release that was issued this morning. Unless otherwise noted, reported figures are rounded and comparisons of the third quarter of 2024 are to the third quarter of 2023. Now, I would like to turn the call over to our President and CEO, Greg.

此外，也將參考某些非公認會計準則財務指標。有關我們使用這些措施以及非公認會計準則與公認會計準則措施的調節的信息，請參閱今天上午發布的新聞稿。除非另有說明，報告的數據均經過四捨五入，且 2024 年第三季與 2023 年第三季進行比較。現在，我想將電話轉給我們的總裁兼執行長格雷格。

Thanks, Evan. Good morning, and thanks, everyone, for joining us today. Turning to slide 3, given this is our first earnings call, I'll kick off the call with a quick Lineage overview. I'll then cover our third quarter highlights and share some updates around capital deployment before turning over to Rob, who will provide insights into our business segment results and an update on our capital structure. He will also share our outlook for the remainder of the year.

謝謝，埃文。早安，謝謝大家今天加入我們。前往投影片 3，鑑於這是我們的第一次財報電話會議，我將透過快速的 Lineage 概述來開始電話會議。然後，我將介紹我們第三季的亮點，並分享一些有關資本部署的最新情況，然後再交給 Rob，他將提供有關我們業務部門業績的見解以及我們資本結構的最新資訊。他也將分享我們對今年剩餘時間的展望。

Moving to slide 4, for those of you getting to know us for the first time, Lineage is the world's largest tech-enabled temperature-controlled warehouse REIT, growing from a single warehouse to over 480 with more than 3 billion cubic feet of warehouse capacity and LTM adjusted EBITDA of $1.3 billion. We're the global leader in our space with high-quality assets in locations most critical to our diversified customer base. Lineage is also differentiated by our industry-leading positions in technology, data science and automation as well as our ability to grow rapidly over the last 16 years, completing over 115 acquisitions. The cold storage industry is fragmented, and we are well positioned to continue to grow organically and through strategic capital deployment.

轉到投影片 4，對於第一次了解我們的人來說，Lineage 是全球最大的科技溫控倉庫 REIT，從單一倉庫發展到超過 480 個倉庫，倉庫容量超過 30 億立方英尺LTM 調整後EBITDA 為13 億美元。我們是該領域的全球領導者，在對我們多元化客戶群最重要的地區擁有優質資產。Lineage 的與眾不同還在於我們在技術、數據科學和自動化方面的行業領先地位，以及我們在過去 16 年中快速增長的能力，完成了超過 115 項收購。冷庫產業分散，我們有能力透過策略資本部署繼續有機成長。

Next, on slide 5, like the great compounders of our era, we generate strong durable cash flows, driving future growth and attractive long-term returns. For Lineage, the engine of our flywheel is our NOI and our same warehouse growth, which creates additional investment capacity. These strong cash flows paired with a tax-efficient REIT structure helped to create an efficient cost of capital, which we can deploy in accretive development projects and strategic M&A, supporting future NOI growth. Our IPO in July only accelerated this flywheel by reducing our leverage and lowering our cost of capital, positioning us even better for long-term compounding.

接下來，在投影片 5 上，就像我們這個時代的偉大複利者一樣，我們產生強勁持久的現金流，推動未來的成長和有吸引力的長期回報。對於 Lineage 來說，我們飛輪的引擎是我們的 NOI 和我們相同的倉庫成長，這創造了額外的投資能力。這些強勁的現金流與節稅的 REIT 結構相結合，有助於創造高效的資本成本，我們可以將其部署在增值開發項目和策略併購中，支持未來 NOI 的成長。我們 7 月的首次公開募股只是透過降低槓桿率和資本成本來加速這個飛輪，使我們能夠更好地實現長期複利。

Moving to our third quarter highlights on slide 6. I think it's fair to say that successfully executing the largest IPO of the year and the largest REIT IPO of all time certainly tops our highlight list. This was an important milestone for our company, and I want to sincerely thank the Lineage team, our Board of Directors and our bankers and advisers who worked so hard for so long to make the IPO a tremendous success. I'd also like to thank our existing and new investors who recognize what a well-positioned, specialty unicorn that Lineage is as well as our embedded long-term growth potential.

轉到幻燈片 6 上的第三季亮點。我認為可以公平地說，成功執行今年最大的 IPO 和有史以來最大的 REIT IPO 無疑位居我們的亮點清單之首。這對我們公司來說是一個重要的里程碑，我要衷心感謝 Lineage 團隊、董事會以及銀行家和顧問，他們長期努力工作，使 IPO 取得巨大成功。我還要感謝我們現有的和新的投資者，他們認識到 Lineage 是一家定位良好的專業獨角獸，也認識到我們內在的長期成長潛力。

Our IPO proceeds were used to pay down debt, bringing our leverage under 5 times, earning us investment-grade ratings at both Fitch and Moody's. The IPO also positions us for future capital deployment as we'll speak about more in a moment. Financially, in Q3, we delivered strong 20% AFFO per share growth, aided by our successful IPO and strong operational execution by the team. Notably, we continue to successfully navigate market headwinds driven by customer inventory rationalization, high interest rates and pressures from inflation limiting consumer demand as food prices remain elevated.

我們的 IPO 收益用於償還債務，使我們的槓桿率低於 5 倍，為我們贏得了惠譽和穆迪的投資級評級。此次首次公開募股也為我們未來的資本部署做好了準備，我們稍後會詳細討論。在財務方面，在我們成功的 IPO 和團隊強大的營運執行力的幫助下，第三季我們實現了每股 AFFO 20% 的強勁成長。值得注意的是，我們繼續成功應對客戶庫存合理化、高利率以及食品價格居高不下而限制消費者需求的通膨壓力所帶來的市場逆風。

We have seen limited seasonal lift as occupancy levels remain steady but below last year. In select markets, we are seeing some competitive pressures as speculative development and new supply has come online. Despite these industry headwinds, we are well positioned to win given our number one market position, technology investments, long-term relationships with over 13,000 customers, leadership in automation, network effects, our global Farm to Fork service offerings and our strong balance sheet. To that end, we believe we remain the acquirer of choice in the industry, ideally poised to take advantage of market opportunities.

由於入住率保持穩定但低於去年，我們看到季節性的提升有限。在某些市場，隨著投機性發展和新供應的出現，我們看到了一些競爭壓力。儘管存在這些行業逆風，但鑑於我們第一的市場地位、技術投資、與13,000 多家客戶的長期關係、自動化領域的領先地位、網絡效應、我們的全球「從農場到餐桌」服務產品以及強大的資產負債表，我們完全有能力獲勝。為此，我們相信我們仍然是行業中的首選收購者，並且完全準備好利用市場機會。

As demonstrated in the quarter, we controlled the controllables and we were able to deliver strong financial performance, further demonstrating our ability to perform well in various economic environments. In the third quarter, we also achieved outstanding safety performance, which is our number one priority in first corporate value. We saw all-time best turn times, the metric that matters most to our customers. I can't say enough about how Jeff Rivera, our COO, and our entire global operations team are performing for customers.

正如本季所顯示的，我們控制了可控因素，並且能夠實現強勁的財務業績，進一步證明了我們在各種經濟環境中表現良好的能力。第三季度，我們也取得了突出的安全業績，這是我們企業價值第一的工作。我們看到了有史以來最好的周轉時間，這是對我們的客戶最重要的指標。對於我們的營運長傑夫·裡維拉 (Jeff Rivera) 和我們整個全球營運團隊為客戶提供的服務，我無法說太多。

We saw all-time high customer service scores as reflected in our daily customer pulse surveys. We also saw strong productivity and warehouse margin expansion despite lower volumes. Additionally, we continue to win new business, helping to offset the industry headwinds. Thank you and great job to our global sales and commercial finance teams. We awarded equity or cash IPO bonuses to our team members around the globe, making the majority of our team members owners of the company.

正如我們的每日客戶脈搏調查所反映的那樣，我們的客戶服務得分創下了歷史新高。儘管銷量較低，但我們也看到了強勁的生產力和倉庫利潤率擴張。此外，我們繼續贏得新業務，幫助抵消行業不利因素。感謝您，我們的全球銷售和商業財務團隊做得很好。我們向全球團隊成員頒發股權或現金IPO獎金，使我們的大多數團隊成員成為公司的所有者。

We were proud to be awarded our 100th patent, underscoring our commitment to remaining the industry's innovation leader as we are a tech and data science-driven company. We also declared our first quarterly dividend, representing an annualized rate of $2.11 a share. Lastly, we continue to fuel our long-term growth flywheel by deploying over $350 million in growth capital, including our acquisition of ColdPoint Logistics closed November 1. We remain well positioned to continue to execute on our attractive pipeline of opportunities moving forward.

我們很榮幸獲得第 100 項專利，這突顯了我們作為一家技術和數據科學驅動型公司保持行業創新領導者地位的承諾。我們也宣布了首次季度股息，年化股息率為每股 2.11 美元。最後，我們透過部署超過 3.5 億美元的成長資本，包括我們於 11 月 1 日完成的對 ColdPoint Logistics 的收購，繼續為我們的長期成長飛輪提供動力。我們仍然處於有利地位，可以繼續執行我們向前發展的有吸引力的機會。

On slide 7, we continue to execute on our significant pipeline of greenfield and expansion projects. In September, we successfully opened what we consider to be the most state-of-the-art and innovative cold store in the world in Hazelton, Pennsylvania. The facility has fully automated full pallet, layer pick and case pick capabilities and is driven by our patented technology and algorithms. I would like to thank our network optimization, project management, operations, engineering, technology and our data science team for delivering another complex project on time and on budget.

在投影片 7 中，我們繼續執行重要的綠地和擴建項目。九月，我們在賓州黑茲爾頓成功開設了我們認為是世界上最先進、最具創新性的冷庫。該設施具有全自動的全托盤、層揀選和箱揀選功能，並由我們的專利技術和演算法驅動。我要感謝我們的網路優化、專案管理、營運、工程、技術和數據科學團隊按時、按預算交付了另一個複雜的專案。

On the M&A front, we fired up our acquisition engine after pausing for the IPO. Our first post-IPO acquisition was Luik Natie for $66 million, which fits perfectly into our strategy of mission-critical, hard-to-replace assets strategically positioned in port locations. The business is in the Port of Antwerp, which is the second largest port in Europe and supports our sustainability efforts by producing 80% of the energy it consumes with on-site renewables. Moving to Slide 8, we're excited to announce the largest deal since our IPO, ColdPoint Logistics, which we closed on November 1 for $223 million.

在併購方面，我們在暫停IPO之後啟動了收購引擎。我們首次公開募股後的第一筆收購是以 6,600 萬美元收購 Luik Natie，這完全符合我們在港口地區策略部署關鍵任務、難以取代資產的策略。該業務位於歐洲第二大港口安特衛普港，透過現場再生能源生產其消耗的 80% 的能源，支持我們的永續發展努力。轉向幻燈片 8，我們很高興地宣布自 IPO 以來最大的交易 ColdPoint Logistics，我們於 11 月 1 日以 2.23 億美元完成了該交易。

The acquisition expands Lineage's existing presence in the strategic Kansas City area and enhances our ability to provide an efficient solution for customers along the protein corridor with direct access to major U.S. ports via on-site rail. ColdPoint is expected to earn $16 million of EBITDA in 2024 and is well aligned with our investment criteria with an excellent management team, attractive locations, high-quality, young and owned assets. And of course, it's financially accretive. On behalf of our over 26,000 team members around the world, I'd like to formally welcome the Luik Natie and the ColdPoint teams into the Lineage family. Now I'll turn the call over to our CFO, Rob Crisci, before answering your questions.

此次收購擴大了 Lineage 在戰略性堪薩斯城地區的現有業務，並增強了我們為蛋白質走廊沿線的客戶提供高效解決方案的能力，透過現場鐵路可直接到達美國主要港口。ColdPoint 預計在 2024 年實現 1,600 萬美元的 EBITDA，並且憑藉優秀的管理團隊、有吸引力的地理位置、高品質、年輕的自有資產，與我們的投資標準非常一致。當然，它還能帶來經濟效益。我謹代表我們全球 26,000 多名團隊成員，正式歡迎 Luik Natie 和 ColdPoint 團隊加入 Lineage 大家庭。現在，在回答您的問題之前，我將把電話轉給我們的財務長 Rob Crisci。

Thanks, Greg. Good morning, everyone, and thanks for your interest in Lineage. Starting on Slide 9 and looking at our financial results for Q3, our total revenue for the quarter was $1.3 billion, up 0.5% versus prior year. Our adjusted EBITDA increased 5.4% to $333 million, with adjusted EBITDA margin increasing 110 basis points to 24.9% as our team continues to execute well with strong labor productivity driving margin growth in a flattish top line environment. Our adjusted funds from operations or AFFO for the quarter was up 52% to $208 million, aided by the substantial interest savings generated by our debt reduction post-IPO.

謝謝，格雷格。大家早安，感謝您對 Lineage 的關注。從投影片 9 開始，看看我們第三季的財務業績，我們該季度的總收入為 13 億美元，比去年同期成長 0.5%。我們的調整後EBITDA 成長了5.4%，達到3.33 億美元，調整後EBITDA 利潤率成長了110 個基點，達到24.9%，因為我們的團隊繼續表現良好，強勁的勞動生產力在平淡的營收環境中推動了利潤率成長。本季我們來自營運或 AFFO 的調整後資金增加了 52%，達到 2.08 億美元，這得益於我們在 IPO 後削減債務所產生的大量利息節省。

Importantly, AFFO per share was $0.90, a 20% increase versus prior year. Overall, as Greg mentioned, a very strong operational quarter. Next slide. Looking at our Global Warehousing segment, which represented 87% of our total NOI in the quarter. Total segment revenue grew 1.3% and total segment NOI increased by 4.4% to $383 million, delivering warehouse NOI margin of 39.4% and 120 basis point increase.

重要的是，每股 AFFO 為 0.90 美元，比上年增長 20%。總體而言，正如格雷格所提到的，這是一個非常強勁的營運季度。下一張投影片。看看我們的全球倉儲部門，該部門佔本季總 NOI 的 87%。部門總營收成長 1.3%，部門總 NOI 成長 4.4%，達到 3.83 億美元，倉庫 NOI 利潤率達 39.4%，成長 120 個基點。

Same warehouse NOI grew 2.4% on top of last year's 11% Q3 growth. So nice to see a quarter of same warehouse growth against another challenging comp. Looking at a few of the KPIs. Our same warehouse economic occupancy was 84.1%, which is down 190 basis points versus last year, but flat sequentially to what we saw in Q2. Physical occupancy was 77.6%, which ticked up slightly sequentially.

同倉 NOI 在去年第三季成長 11% 的基礎上成長了 2.4%。很高興看到四分之一的相同倉庫增長與另一個具有挑戰性的比較相比。查看一些 KPI。我們同一倉庫的經濟佔用率為 84.1%，比去年下降 190 個基點，但與第二季度持平。實體入住率為 77.6%，季減。

Our same warehouse throughput pallets decreased by 1.7% versus last year, but were flat sequentially. So to summarize, overall demand is stable but down versus prior year as our industry continues to rebalance after the supply chain disruptions over the past few years. We have seen less than typical seasonal occupancy increases, which is a trend we expect to continue through the fourth quarter. On the operational front, we continue to drive labor efficiencies and our energy operating expenses remain well managed, reflecting our commitment to cost management and sustainability.

我們同一倉庫的托盤吞吐量比去年下降了 1.7%，但與上一季持平。總而言之，整體需求穩定，但與去年相比有所下降，因為我們的行業在過去幾年供應鏈中斷後繼續重新平衡。我們看到的入住率增幅低於典型的季節性入住率，我們預計這種趨勢將持續到第四季。在營運方面，我們繼續提高勞動力效率，我們的能源營運支出保持良好管理，反映了我們對成本管理和永續發展的承諾。

As a reminder, labor and power are our two largest operating costs. We continue to control the controllables well and are positioning the business for strong operating leverage when volumes increase. We are grateful for our outstanding operating and sales leaders who are dedicated to serving our customers and our team members as Lineage continues to transform the global food supply chain. Next slide. Shifting to Slide 11, in our Global Integrated Solutions segment, which represented 13% of our total NOI in the quarter, we saw a slight decrease in total segment revenue, which came in at $363 million, down 1.6% year-over-year.

提醒一下，勞動力和電力是我們最大的兩項營運成本。我們繼續良好地控制可控因素，並在業務量增加時將業務定位為強大的營運槓桿。我們感謝傑出的營運和銷售領導者，他們在 Lineage 不斷改變全球食品供應鏈的過程中致力於為我們的客戶和團隊成員提供服務。下一張投影片。轉向投影片 11，在我們的全球整合解決方案部門（佔本季總 NOI 的 13%）中，我們看到部門總收入略有下降，為 3.63 億美元，年減 1.6%。

Additionally, our total segment NOI was down 11% to $56 million and segment margin decreased 170 basis points to 15.4%. As a reminder, our Global Integrated Solutions segment offers value-added solutions for our customers, which helps to benefit our warehousing business. The declines in the GIS segment are primarily driven by the challenging demand environment for transportation due to lower volumes and excess capacity. Notably, transportation costs are significantly higher than warehousing costs for the majority of our customers.

此外，我們的分部總 NOI 下降 11% 至 5,600 萬美元，分部利潤率下降 170 個基點至 15.4%。提醒一下，我們的全球整合解決方案部門為我們的客戶提供增值解決方案，這有助於我們的倉儲業務受益。GIS 領域的下滑主要是因為運輸量減少和產能過剩導致運輸需求環境充滿挑戰。值得注意的是，對於我們大多數客戶來說，運輸成本明顯高於倉儲成本。

Our farm-to-fork solutions drive efficiencies across their supply chains, deepening our relationships and aiding customer stickiness. Turning to Slide 12 on capital structure, we used the net proceeds from the IPO to repay the entire $2.4 billion balance on our delayed draw term loan, retire our ICE5 CMBS loan and pay off $1.2 billion of revolver. This strategic use of IPO proceeds has significantly improved our leverage profile with our leverage ratio defined as net debt to adjusted EBITDA at 4.9 times at the end of the quarter. Our total liquidity at the end of the quarter stood at $2.1 billion, including cash and capacity on our revolving credit facility.

我們的從農場到餐桌的解決方案提高了整個供應鏈的效率，加深了我們的關係並提高了客戶黏性。轉向關於資本結構的幻燈片 12，我們使用 IPO 的淨收益償還延遲提取定期貸款的全部 24 億美元餘額，註銷我們的 ICE5 CMBS 貸款並償還 12 億美元的左輪手槍。這種對 IPO 收益的策略性使用顯著改善了我們的槓桿狀況，截至本季末，我們的槓桿比率定義為淨負債與調整後 EBITDA 的比率為 4.9 倍。截至本季末，我們的總流動資金為 21 億美元，包括現金和循環信貸額度。

Subsequent to the end of the quarter, as Greg mentioned, we completed the ColdPoint acquisition using a combination of cash on hand and a draw on our revolver. Our strong balance sheet and newly attained investment-grade credit ratings positions us well to continue to execute on our large pipeline of capital deployment opportunities. Next slide. Turning to our outlook for 2024. We expect full year AFFO per share of $3.16 to $3.20. This implies Q4 AFFO per share of $0.70 to $0.74 and total Q4 AFFO of $180 million to $190 million.

正如 Greg 所提到的，本季末後，我們利用手頭現金和左輪手槍提取資金完成了對 ColdPoint 的收購。我們強大的資產負債表和新獲得的投資等級信用評級使我們能夠繼續執行大量的資本部署機會。下一張投影片。轉向我們對 2024 年的展望。我們預計全年 AFFO 每股價格為 3.16 美元至 3.20 美元。這意味著第四季度 AFFO 每股為 0.70 至 0.74 美元，第四季度 AFFO 總額為 1.8 億至 1.9 億美元。

A little more color on the Q4 guide. We see low single-digit same-store NOI growth against last year's 9% comp. This is based on our expectation of similar market conditions to Q3 with less than typical seasonal inventory increases. Notably, we experienced a rooftop solar panel fire on third-party equipment at our large Los Angeles Big Bear facility, which most importantly was extinguished without any injuries. However, the damage from the fire unfortunately has closed about half of the facility, creating an approximate $6 million headwind to Q4.

Q4 指南上有更多的色彩。與去年 9% 的比較相比，我們預期同店 NOI 成長率較低，僅為個位數。這是基於我們對與第三季類似的市場狀況的預期，且庫存成長低於典型的季節性庫存成長。值得注意的是，我們在洛杉磯大熊大型工廠的第三方設備上發生了屋頂太陽能板火災，最重要的是，火災被撲滅，沒有造成任何傷亡。然而，不幸的是，火災造成的損失已關閉了大約一半的設施，給第四季度帶來了約 600 萬美元的損失。

Lastly, we have added some additional modeling support in the appendix. For Q4, we have an estimated average share count of 257 million, which represents a full quarter of post-IPO shares. On interest expense, we are estimating $60 million for the quarter, again, representing the impact of a full quarter post-IPO. So with that, I will turn it back over to Greg to wrap up our prepared remarks.

最後，我們在附錄中添加了一些額外的建模支援。對於第四季度，我們預計平均股票數量為 2.57 億股，相當於 IPO 後股票的整個季度。在利息支出方面，我們再次估計本季的利息支出為 6,000 萬美元，這代表了 IPO 後整個季度的影響。因此，我將把它轉回格雷格來總結我們準備好的演講。

Thanks, Rob. I'll conclude on Slide 14. We delivered strong financial results in our first quarter as a public company with 5% adjusted EBITDA growth and 20% AFFO per share growth. We have significantly reduced our leverage to obtain investment-grade ratings and restarted our capital deployment engine. Moving forward, we expect to continue to benefit from our leadership position in the global food supply chain with strong long-term demand trends. We are executing well and controlling the controllables like productivity, energy management and admin expense.

謝謝，羅布。我將在投影片 14 上進行總結。作為一家上市公司，我們在第一季取得了強勁的財務業績，調整後的 EBITDA 成長了 5%，每股 AFFO 成長了 20%。我們大幅降低了槓桿以獲得投資級評級，並重新啟動了資本配置引擎。展望未來，我們預計將繼續受益於我們在全球食品供應鏈中的領導地位以及強勁的長期需求趨勢。我們執行良好，控制生產力、能源管理和管理費用等可控因素。

We have the largest platform driving significant network effects, the best assets, are the industry leaders in technology, automation and data science, are the most diversified geographically and across our more than 13,000 customers. We provide the most comprehensive set of services with our Global Integrated Solutions segment. We are leaders in lean operational excellence and believe we remain the acquirer of choice in the industry. We have the balance sheet and attractive cost of capital to take advantage of market opportunities through strategic M&A and capital deployment.

我們擁有推動顯著網路效應的最大平台、最好的資產，是技術、自動化和數據科學領域的行業領導者，是地域最多元化的公司，擁有超過 13,000 名客戶。我們的全球整合解決方案部門提供最全面的服務。我們是精實營運卓越的領導者，並相信我們仍然是業界首選的收購者。我們擁有良好的資產負債表和有吸引力的資本成本，可以透過策略併購和資本部署來利用市場機會。

In summary, we believe we're well positioned to succeed in any economic environment, and our leadership team is hyper-focused on compounding growth to drive long-term shareholder value. Lastly, I want to thank our over 26,000 team members around the world for the great work they do to safely serve our customers every day. And with that, we'll now turn the call over to the operator for your questions.

總之，我們相信我們有能力在任何經濟環境中取得成功，並且我們的領導團隊高度關注複合成長以推動長期股東價值。最後，我要感謝我們全球 26,000 多名團隊成員每天為安全地服務客戶所做的出色工作。現在，我們將把電話轉給接線員詢問您的問題。

(Operator Instructions) Ronald, Morgan Stanley.

（操作員指示）羅納德，摩根士丹利。

Great. Congrats on a strong operational and cash flow quarter. I guess my question is, you characterized demand as occupancy being stable, but still under pressure from customer inventory rationalization. as the market sort of is thinking about next year and you take a step back on the Lineage platform, can you talk about your ability to have pricing power in an environment where, again, demand is maybe stable and customers are still rationalizing inventory?

偉大的。恭喜季度營運和現金流強勁。我想我的問題是，您將需求描述為入住率穩定，但仍面臨客戶庫存合理化的壓力。由於市場正在考慮明年，而您在 Lineage 平台上退後一步，您能否談談您在需求可能穩定且客戶仍在合理化庫存的環境中擁有定價權的能力？

Ron, thanks for your question. So I think it's no secret that overall food volumes have been soft this year, both on the retail side and even a little bit more recently on the foodservice side. And as we speak to customers, I think they're very much in kind of wait-and-see mode. They know food prices while rising slower than previous years are still high and the consumer is feeling it.

羅恩，謝謝你的問題。因此，我認為今年整體食品銷售疲軟，無論是零售方面，還是最近的餐飲服務方面，這已經不是什麼秘密了。當我們與客戶交談時，我認為他們非常處於觀望狀態。他們知道食品價格雖然上漲速度比前幾年慢，但仍然很高，消費者也能感受到這一點。

So while our customers are still seeing soft demand in Q4, they are certainly anticipating a rebound, but are uncertain on when that rebound will occur. So at Lineage, we're focusing on controlling the controllables, pulling the levers we have, managing our costs, our labor productivity, firing up our M&A engine. And I think in the third quarter, we performed well and are still growing despite the soft market and believe we're extremely well positioned to see operating leverage when volumes do recover, especially given our recent productivity gains and technology investments. On the pricing question, as a reminder, our customers' warehousing costs usually constitute only low single digits percent of their revenue.

因此，儘管我們的客戶在第四季度仍然看到需求疲軟，但他們肯定預計會反彈，但不確定反彈何時會發生。因此，在 Lineage，我們專注於控制可控因素，拉動我們擁有的槓桿，管理我們的成本，我們的勞動生產率，啟動我們的併購引擎。我認為，在第三季度，我們表現良好，儘管市場疲軟，但仍在成長，並相信，當銷售恢復時，我們處於非常有利的位置，可以看到營運槓桿，特別是考慮到我們最近的生產力提高和技術投資。關於定價問題，提醒一下，我們客戶的倉儲成本通常只佔其收入的低個位數百分比。

So while our price is important, it's not nearly as important as having the peace of mind that they can safely store their products and we can get them to their customers safely. So we're constantly working with our customers to reach mutually beneficial pricing, storage guarantees, contractual structures. And all that said, we think even in this environment, we can get inflationary level increases from customers given that they know that they know our costs are going up, we're going to pay our people more next year. And the alternative to us doing that is someone else with a slowly rising cost structure like the customer themselves or other third parties.

因此，雖然我們的價格很重要，但重要的是讓他們放心地存放他們的產品，我們可以安全地將它們送到他們的客戶手中。因此，我們不斷與客戶合作，以達成互惠互利的定價、儲存保證和合約結構。話雖如此，我們認為即使在這種環境下，我們也可以從客戶那裡得到通貨膨脹水準的增加，因為他們知道我們的成本正在上升，我們明年將向員工支付更多工資。我們這樣做的替代方案是成本結構緩慢上升的其他人，例如客戶本身或其他第三方。

Caitlin Burrows, Goldman Sachs.

凱特琳·布羅斯，高盛。

Congrats on your first quarter as a public company. I guess maybe as we think about automation, how would you compare the margin of a fully automated facility like the one in Hazelton versus maybe one that's been converted versus a traditional location, realizing that wide ranges could be possible, but just trying to get some sort of sense of how impactful automation can be.

恭喜您作為上市公司的第一個季度。我想也許當我們考慮自動化時，你會如何比較像黑澤爾頓這樣的全自動設施與可能經過改造的傳統設施的利潤，意識到廣泛的範圍是可能的，但只是想獲得一些自動化的影響力有多大。

Yes. Thanks, Caitlin. So we look at each development project uniquely based on what the customer needs are. And so whether they're conventional or automated, and there's a lot of different levels of automation that we're considering, we have network optimization teams and automation teams on all three continents that collaborate and optimize the builds and expansions that we do. And so as far as the underwrite and the margins, we're not focused on margin. We're focused on return on capital.

是的。謝謝，凱特琳。因此，我們根據客戶的需求來獨特地看待每個開發項目。因此，無論它們是傳統的還是自動化的，我們正在考慮許多不同層級的自動化，我們在三大洲都有網路優化團隊和自動化團隊，他們協作並優化我們所做的建置和擴展。因此，就承保和利潤率而言，我們並不關注利潤率。我們專注於資本報酬率。

We have a very disciplined investment committee process where we're looking at each one of these. And I think we published that our yields on these projects are between 9% and 11%, and that's regardless of whether they're automated or conventional.

我們有一個非常嚴格的投資委員會流程，我們正在審查其中的每一項。我認為我們發布的這些項目的收益率在 9% 到 11% 之間，無論它們是自動化的還是傳統的。

Sorry. I wasn't necessarily wondering on the development side, but that's all helpful. I was more wondering on like a best-in-class Hazelton type location versus a traditional type property you have and trying to figure out more from like how much labor cost savings there could be from automation and maybe margin is not the right KPI. But is there some way that you could compare like the productivity or margin or whatever it might be of a fully automated best-in-class location like that versus a more traditional location?

對不起。我不一定想知道開發方面的問題，但這很有幫助。我更想知道的是，與您擁有的傳統類型房產相比，一流的黑澤爾頓類型的位置，並試圖從自動化可以節省多少勞動力成本等方面找出更多信息，也許利潤率不是正確的關鍵績效指標。但是，是否有某種方法可以將像這樣的完全自動化的一流地點與更傳統的地點進行比較，例如生產力或利潤或其他什麼？

Sure. So I'll kind of restate that the automation has a lot of different flavors. Certainly, in Hazelton, we're looking for substantial labor savings, more than 50%, given how much of that building is automated, but they vary a lot even across automated buildings. And Hazelton, like our other development projects, we expect to hit our underwrite and hit our projected returns.

當然。所以我要重申一下，自動化有很多不同的風格。當然，在黑澤爾頓，考慮到建築物的自動化程度，我們正在尋求大量勞動力節省，超過 50%，但即使在自動化建築之間，它們也有很大差異。黑澤爾頓和我們的其他開發案一樣，我們希望能夠達到我們的承保並達到我們的預期回報。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Yes, congrats on the successful IPO. Just looking at the acquisition market, clearly, you guys have been strong in that, especially synthesizing individual assets to your platform. How is that pipeline looking? And was there any slowdown during the IPO process? Presumably, what would be understandable if deal volume slowed due diligence, just given all the focus on the IPO.

是的，祝賀首次公開募股成功。只要看看收購市場，顯然，你們在這方面一直很強大，尤其是將個人資產整合到你們的平台上。這條管道看起來怎麼樣？IPO過程中是否有任何放緩的情況？想必，如果交易量減緩了盡職調查，那麼考慮到所有的注意力都集中在首次公開募股上，這是可以理解的。

So just trying to get a sense of how we should think about acquisition volumes and if there was any sort of IPO pause that we should plan for.

因此，我們只是想了解我們應該如何考慮收購量，以及我們是否應該計劃暫停 IPO。

Yes, absolutely, we intentionally slowed a full year before and through the IPO, so we could focus on executing that successfully. But I mean, listen, we believe we're clearly the acquirer of choice in our industry because we're a people and culture-centric company that people love to join. We've also been winning for a long time, and people love to join a winning team. The $223 million ColdPoint deal is just another great example of a nice sized transaction. where we were able to work directly with the sellers and the management team to make a deal that everybody felt great about, and we avoided a broader sale process.

是的，絕對的，我們故意在首次公開募股之前和期間放慢了整整一年的速度，這樣我們就可以專注於成功執行該計劃。但我的意思是，聽著，我們相信我們顯然是我們行業的首選收購者，因為我們是一家以人和文化為中心的公司，人們喜歡加入。我們也已經贏得了很長一段時間，人們喜歡加入一支獲勝的球隊。價值 2.23 億美元的 ColdPoint 交易是規模不錯的交易的另一個很好的例子。我們能夠直接與賣家和管理團隊合作，達成一項讓每個人都滿意的交易，並且避免了更廣泛的銷售流程。

So we are truly excited to fire back up our acquisition engine. We have a huge pipeline of M&A opportunities globally. We evaluate all these opportunities in all markets against our investment criteria and literally meet every single week with our investment committee, which includes Rob and me, Jeff, our COO; Brian McGowan, our Chief Network Optimization Officer, who we finally refer to as our CANOO, the Lineage M&A team; and Adam and Kevin, our Chairman, are actively involved in every one of those calls. So as an executive team, we're highly incented on AFFO per share growth and are focused on the deals that have the best risk-adjusted return and will be most accretive to shareholders.

因此，我們非常高興能夠重新啟動我們的收購引擎。我們在全球擁有大量併購機會。我們根據我們的投資標準評估所有市場中的所有這些機會，並且每週都會與我們的投資委員會舉行會議，包括 Rob 和我、我們的營運長 Jeff； Brian McGowan，我們的首席網路優化官，我們最終將其稱為 CANOO（Lineage 併購團隊）；我們的主席 Adam 和 Kevin 積極參與了每一次電話會議。因此，作為一個執行團隊，我們高度關注 AFFO 每股成長，並專注於具有最佳風險調整回報且對股東最有利的交易。

I mean and so while we have literally billions in our M&A pipeline, we are going to remain patient and disciplined and pursue only the deals that deliver the highest risk-adjusted return.

我的意思是，儘管我們的併購管道實際上有數十億美元，但我們將保持耐心和紀律，只追求能夠帶來最高風險調整回報的交易。

Michael Carroll, RBC.

麥可卡羅爾，加拿大皇家銀行。

Yes. I want to circle back to what Rob said in the prepared remarks regarding the fire, I believe, at Big Bear. I guess when did this fire happen? And did the repairs already take place? And basically, should we expect the weakness in 4Q, is that any of that going to flow into 1Q '25? Or is it just going to be contained in the fourth quarter, and we won't have any of those issues going into 2025?

是的。我想回到羅佈在準備好的關於大熊火災的評論中所說的話。我猜這火是什麼時候發生的？修復工作已經進行了嗎？基本上，我們是否應該預期第四季的疲軟，這些疲軟是否會流入 25 年第一季？或者它只會在第四季度得到遏制，而到 2025 年我們就不會再遇到任何這些問題了？

So I'll start and then turn it over to you. So I'll just start by saying safety is our number one priority, the safety of our team members, partners, communities in which we work and live. It is our company's first corporate value. And to that end, there were no injuries to our team members nor first responders as a result of the fire. In LA and Big Bear, which many of you have toured, the investigation is still ongoing.

所以我先開始，然後把它交給你。因此，我首先要說的是，安全是我們的首要任務，是我們團隊成員、合作夥伴以及我們工作和生活社區的安全。這是我們公司的第一企業價值觀。為此，我們的團隊成員和急救人員都沒有因火災受傷。在你們許多人都去過的洛杉磯和大熊鎮，調查仍在進行中。

The fire appears to have started in the solar arrays on the roof that the solar arrays are leased and operated by a third party. And we closely requested inspections of all of our solar arrays across our network and are continuing to monitor that and see any reason that this would reoccur. As far as the financial impact, I'll turn it over to Rob to provide some more color.

這場火災似乎是從屋頂上的太陽能電池組開始的，這些太陽能電池組是由第三方租賃和營運的。我們強烈要求對整個網路中的所有太陽能電池陣列進行檢查，並繼續對其進行監控，並找出導致這種情況再次發生的任何原因。至於財務影響，我會將其交給 Rob 提供更多資訊。

Yes. So the data, it was in mid-August. Yes, so we're obviously working hard to get everything back online. We removed from the same-store pool. We mentioned the headwinds. So I think we'll be able to update you in February the progress we've made, but there is certainly a lot of work that still needs to be done to get the facility back to where it was.

是的。所以數據是8月中旬。是的，所以我們顯然正在努力讓一切恢復正常。我們從同店池中刪除。我們提到了逆風。因此，我認為我們將能夠在二月向您通報我們所取得的進展，但要使設施恢復到原來的狀態，肯定還有很多工作要做。

And I think as you're all aware, because many people toured it, it's a great, very big facility. And so it's very important to us, and we're excited to get it back online.

我想你們都知道，因為很多人參觀過它，所以它是一個很棒、非常大的設施。因此，這對我們來說非常重要，我們很高興能將其重新上線。

Okay. Great. And just is there insurance proceeds that we can expect from this?

好的。偉大的。我們可以從中獲得保險收益嗎？

Yes. I think over time, yes, we are insured, and so that would come in over time.

是的。我認為隨著時間的推移，是的，我們有保險，所以隨著時間的推移，這會出現。

Yes, we expect to recover our losses.

是的，我們希望能挽回損失。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

How indicative of market pricing would you say the Cold Point acquisition is? And on that transaction, how much higher do you think you can drive EBITDA, say, over the next couple of years?

您認為 Cold Point 收購對市場定價有何影響？就該交易而言，您認為未來幾年您可以將 EBITDA 提高多少？

Yes. So I think it was a deal that we sourced. We had a great relationship there. So we're excited to add that company to the portfolio. I think we mentioned on the call, if you do the math, about a 14 times multiple. Like anything we buy, we do expect to improve that over time.

是的。所以我認為這是我們達成的一項協議。我們在那裡有很好的關係。因此，我們很高興將該公司添加到投資組合中。我想我們在電話會議上提到過，如果你算一下，大約是 14 倍。就像我們購買的任何東西一樣，我們確實希望隨著時間的推移不斷改進。

We're excited to welcome the team to the Lineage family, and we'll get to work right away on how we can make each other better. So I think over time, we certainly will drive improvement like in all of our acquisitions. But the good news is we bought it here at a nice multiple. And so all that improvement will accrue to us moving forward and our shareholders.

我們很高興歡迎團隊加入 Lineage 大家庭，我們將立即開始研究如何讓彼此變得更好。因此，我認為隨著時間的推移，我們肯定會像所有收購一樣推動改進。但好消息是我們在這裡以不錯的倍數購買了它。因此，所有這些改進都將有利於我們的前進和我們的股東。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

So a big part of your pitch at the IPO is the technology advantage you guys have built out and are continuing to build out. I guess how should we think about the benefits of your tech platform rollout on the business? And I guess I'm most interested in just maybe how it will impact EBITDA margin. And then is there anything that's rolling out in the next, say, 12 months that we should be aware of that might kind of benefit you guys in any way?

因此，你們在 IPO 上宣傳的一個重要部分是你們已經建立並正在繼續建立的技術優勢。我想我們該如何考慮你們的技術平台的推出對業務的好處？我想我最感興趣的是它可能會如何影響 EBITDA 利潤率。那麼，在接下來的 12 個月內，我們應該注意哪些即將推出的內容可能會對你們有所裨益？

So the thing that we talked about most on our roadshow was LinOS. And as a reminder, LinOS is our proprietary warehouse execution system that we've developed and implemented already in multiple automated facilities. The software uses our proprietary algorithms to optimize effectively all the movements and activity within the warehouse. The goal of the software is to attack our largest controllable cost, which is labor. We spent about $1.4 billion globally in labor.

所以我們在路演中談論最多的就是LinOS。提醒一下，LinOS 是我們專有的倉庫執行系統，我們已經在多個自動化設施中開發和實施了該系統。該軟體使用我們的專有演算法來有效優化倉庫內的所有移動和活動。該軟體的目標是攻擊我們最大的可控成本，即勞動力。我們在全球的勞動力支出約為 14 億美元。

Our current efforts are focused on rolling out LinOS in our conventional buildings, which we just began piloting in the last few weeks. In the first site we launched, we saw clear opportunities for things like task interweaving and eliminating the waste software is intended to eliminate. So we remain super excited about LinOS and our technology investments. The early results are certainly promising, and we look forward to providing some more color next year as we grow our pilots.

我們目前的工作重點是在傳統建築中推出 LinOS，我們在過去幾週剛開始試行。在我們推出的第一個網站中，我們看到了明顯的機會，例如任務交織和消除軟體旨在消除的浪費。因此，我們對 LinOS 和我們的技術投資仍然感到非常興奮。早期的結果無疑是有希望的，我們期待明年隨著我們的試點計畫的發展，提供更多的色彩。

Yes. So yes, I think as we mentioned, it's really attacking labor efficiency and getting more efficient and helping our people off to spend as much time in the freezers and remove the number of trips and forklifts that are empty. And a lot of really good stuff. We've got $1.4 billion in labor expense and that's really what we're attacking there. If you look moving out, as Greg mentioned, we're just rolling it out. So I wouldn't expect benefit to '25. I think '26 and beyond, certainly, we would, and that's what we're working towards.

是的。所以，是的，我認為正如我們所提到的，這確實提高了勞動效率並提高了效率，幫助我們的員工在冰箱中花費盡可能多的時間，並減少了空載的行程和叉車的數量。還有很多非常好的東西。我們有 14 億美元的勞動力支出，而這正是我們要攻擊的地方。如果你想搬出去，正如格雷格所提到的，我們只是將其推出。所以我不希望 25 歲能受益。我認為 26 年及以後，我們當然會這樣做，這就是我們正在努力的方向。

Samir Khanal, Evercore ISI.

薩米爾·卡納爾，Evercore ISI。

I guess, Greg or Rob, I know you talked about occupancy still under pressure and the muted seasonal pickup in 4Q. I guess how does that translate into mid-single-digit NOI growth for next year, which I know you've talked about in the past, I think, in the road show.

我想，格雷格或羅布，我知道你們談到了入住率仍然面臨壓力以及第四季度季節性回升的情況。我想這將如何轉化為明年中等個位數的 NOI 成長，我想，我知道您過去在巡迴演出中已經談到過這一點。

Yes. So we are working on controlling the controllables, as Greg mentioned. And so we're hyper focused on labor efficiency and controlling energy costs and all the things we talk about, and that will drive really good leverage when the market does improve. So certainly, this year, we gave the guidance number of low single digit for Q4. That's against a 9% comp. Throughout this year, we've had double-digit comps, right? So we did 2.4% in Q3 against 11% comp.

是的。因此，正如格雷格所提到的，我們正在努力控制可控因素。因此，我們非常關注勞動力效率和控制能源成本以及我們談論的所有事情，當市場確實改善時，這將帶來真正良好的槓桿作用。當然，今年我們給了第四季低個位數的指導數字。這是針對 9% 的補償。今年全年，我們的業績都達到了兩位數，對吧？因此，我們在第三季的業績為 2.4%，而同期同期業績為 11%。

If you look at that over two years, you're sort of in that mid-single-digit flywheel that we talk about. And moving forward to next year, again, we will benefit from easier comps. all the work that we've done. And then we'll certainly update in February on what we expect we will do for next year. We go through a very comprehensive budget process here that has already started. We're working next week, meeting with all of our people. It's a great process. And so we're going to go through that, and then we'll be able to update the Street in February.

如果你看看兩年多的時間，你會發現你正處於我們談論的中間位數位飛輪中。展望明年，我們將再次從更簡單的比賽中受益。我們所做的所有工作。然後我們肯定會在二月更新我們預計明年會做什麼。我們在這裡經歷了一個已經開始的非常全面的預算流程。我們下週將開始工作，與我們所有的員工會面。這是一個很棒的過程。因此，我們將對此進行討論，然後我們將能夠在二月更新《華爾街日報》。

But we're certainly doing all we can to make sure we stay on that flywheel, and we are very, very confident that we will deliver that flywheel moving forward.

但我們肯定會盡一切努力確保我們保持在飛輪上，並且我們非常非常有信心我們將推動飛輪向前發展。

Ami Probandt, UBS.

阿米普羅班特，瑞銀集團。

I was hoping that we could dig into the acquisition market just a little bit more, understanding that you have a unique position where you are the acquirer of choice. But if you were going to look at deals that are just on the market, what's the competitive landscape look like? Are there a lot of bidders for these products? And what sort of pricing would you expect?

我希望我們能夠進一步深入了解收購市場，並了解您擁有獨特的地位，您是首選的收購者。但如果你要看看市場上的交易，競爭格局是什麼樣的呢？這些產品有很多投標者嗎？您期望什麼樣的定價？

Yes, sure. I can start on that. So there's competition. I mean, these are attractive assets. We're in a great market. We're in the food end market, which grows over a long period of time. These are, though, very operationally intensive assets. So you've got to be a really, really good operator in order to succeed in our industry.

是的，當然。我可以從那裡開始。所以存在競爭。我的意思是，這些都是有吸引力的資產。我們處於一個巨大的市場。我們所處的食品終端市場是一個長期成長的市場。不過，這些都是營運密集型資產。因此，為了在我們的行業中取得成功，您必須成為一個非常非常優秀的營運商。

And so that definitely gives us an advantage. We have a much improved cost of capital, right, which was the whole point for doing the IPO. We got to investment grade. And so we're in a great position. We did this deal at 14 times this quarter. Every deal is different, right? So there's going to be sometimes multiples are lower than that, sometimes higher.

這絕對為我們帶來了優勢。我們的資本成本大大提高了，對吧，這就是 IPO 的重點。我們達到了投資等級。所以我們處於有利地位。本季我們進行了 14 次此類交易。每筆交易都是不同的，對嗎？因此，有時倍數會低於這個值，有時會更高。

It's really an exciting place to be sitting here in America, but having this wonderful global business. So we look at things in Australia and New Zealand, where we have a great management team. We look at things in Europe where we've got great leadership. And we can really find the best risk-adjusted returns. And again, as Greg mentioned, we're hyper focused on AFFO per share.

坐在美國這裡，卻擁有如此出色的全球業務，這確實是一個令人興奮的地方。因此，我們著眼於澳洲和紐西蘭，在那裡我們擁有一支優秀的管理團隊。我們著眼於歐洲，我們在歐洲擁有出色的領導力。我們確實可以找到最佳的風險調整報酬。再次，正如格雷格所提到的，我們非常關注每股 AFFO。

So we take into account tax and interest costs and everything else. But we can sit here and just find the best risk-adjusted returns for our capital globally. And that's a really powerful position to be in. And for myself and someone who's still new to the company after a couple of years, really exciting to be here looking at our deployment opportunities moving forward. It's a great time.

所以我們考慮稅收和利息成本以及其他一切。但我們可以坐在這裡，為我們的資本在全球範圍內找到最佳的風險調整回報。這是一個非常強大的位置。對於我自己和幾年後仍是公司新人的人來說，能夠在這裡關注我們未來的部署機會真的很令人興奮。這是一個美好的時光。

And any details that you can provide on pricing, understanding that there's a wide range?

您可以提供有關定價的任何詳細資訊嗎？

Yes. I mean, individual deals, I think over time, like we mentioned, you saw we did this multiple and things could be a little higher, a little lower. But we're always going to do financial accretive acquisitions that will benefit our AFFO per share.

是的。我的意思是，個人交易，我認為隨著時間的推移，就像我們提到的，你看到我們做了這個倍數，事情可能會更高一點，更低一點。但我們總是會進行財務增值收購，這將使我們的 AFFO 每股收益受益。

Greg McGinniss, Scotia.

格雷格·麥金尼斯，斯科細亞省。

Rob, I just wanted to touch on the mid-single-digit same-store target again. So Lineage appears to be operating well in a somewhat challenging environment. But from our view, the key driver of future same-store NOI growth is a recovery in consumer demand. Are you seeing anything from your customers or more broadly economically that give you confidence in an improving market?

羅布，我只是想再談談中個位數的同店目標。因此，Lineage 似乎在一個頗具挑戰性的環境中運作良好。但我們認為，未來同店NOI成長的關鍵驅動力是消費者需求的復甦。您是否從客戶或更廣泛的經濟角度看到任何讓您對市場改善充滿信心的訊息？

Yes. I mean I think Greg touched on a couple of those points.

是的。我的意思是，我認為格雷格談到了其中的一些觀點。

Yes. I mean, certainly, there's no doubt over the last couple of years, there was just in case inventory built up, especially with higher interest rates, customers have been focusing on optimizing their supply chains. And in many cases, that's led to inventory rationalization most predominantly this year. But given our scale and global reach, we're right in the middle of those conversations with our customers. We're working with the C-level and their executive leadership teams to help them streamline their supply chains and best position their inventory around the world.

是的。我的意思是，毫無疑問，在過去的幾年裡，為了防止庫存增加，特別是在利率上升的情況下，客戶致力於優化他們的供應鏈。在許多情況下，這導致了今年主要的庫存合理化。但考慮到我們的規模和全球影響力，我們正處於與客戶的對話之中。我們正在與 C 級主管及其執行領導團隊合作，幫助他們簡化供應鏈並在全球範圍內對庫存進行最佳定位。

So we've always taken a long-term approach with customers and believe that will lead to them growing their business with us over time. I think what we're hearing directly from customers is they are seeing demand. You are seeing discounting at the retail and foodservice level to get product flowing faster again. And I think historically, we're at very low inventory levels right now, and we would expect restocking to happen at some point. And when it does, like we've talked about, we're in an excellent position given our productivity and tech investments to take advantage of that and see great operating leverage.

因此，我們始終對客戶採取長期策略，並相信隨著時間的推移，這將導致他們與我們一起發展業務。我認為我們直接從客戶那裡聽到的是他們看到了需求。您會看到零售和餐飲服務層面的折扣，以使產品再次更快地流動。我認為從歷史上看，我們目前的庫存水準非常低，我們預計在某個時候會進行補貨。當它發生時，就像我們已經討論過的那樣，鑑於我們的生產力和技術投資可以利用這一點並看到巨大的營運槓桿，我們就處於有利的位置。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Given that it's the morning after the election, I wanted to ask whether there are any Trump policies that you guys find particularly encouraging or concerning with respect to the business? And in particular, what impact increased tariffs might have on your business given your exposure to port locations? And maybe you can also remind us how much of your portfolio is in or adjacent to port markets?

鑑於現在是大選後的第二天早上，我想問一下你們是否認為川普對企業的政策特別令人鼓舞或擔憂？特別是，考慮到您所在的港口地點，關稅增加可能會對您的業務產生什麼影響？也許您也可以提醒我們您的投資組合中有多少位於或鄰近港口市場？

I'll just say, Greg have prepared many election-related jokes. We cut them. So we'll just go right to the answering the question.

我只想說，格雷格準備了很多與選舉有關的笑話。我們把它們剪掉了。那我們就直接回答問題吧。

So listen, we've been around for more than 15 years and performed well across various administrations, across various policies and through a myriad of economic cycles. So we're confident in our plan moving forward. Specifically, if you want to talk about tariffs, for example, food is a global business and around the world. The fact is people need eat. And regardless of what happens with policy or tariffs, we feel extremely well positioned to support the global food supply chain.

聽著，我們已經存在超過 15 年了，並且在歷屆政府、各種政策和無數的經濟週期中都表現良好。因此，我們對推進計劃充滿信心。具體來說，如果你想談論關稅，例如食品是一項全球性業務，遍布世界各地。事實是人需要吃飯。無論政策或關稅發生什麼變化，我們都認為自己處於支持全球食品供應鏈的有利地位。

That's what we're built for. For example, I was meeting with an executive of one of our seafood customers not very long ago, and he was talking about how this could impact the seafood business. And he said, listen, if we see, for example, higher tariffs on China, we can simply shift and buy from Vietnam or Malaysia or Thailand or somewhere else in the world and in all cases with presence in 250 ports around the world, there's a really good chance that we're going to be able to support that product flow regardless of where it ends up.

這就是我們的目的。例如，不久前我會見了我們一位海鮮客戶的高階主管，他正在談論這將如何影響海鮮業務。他說，聽著，如果我們看到，例如，對中國徵收更高的關稅，我們可以簡單地從越南、馬來西亞、泰國或世界其他地方轉移和購買，並且在所有情況下，我們都在世界各地250 個港口開展業務，這是一個非常好的機會，我們將能夠支援該產品流，無論它最終流向何處。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

I also wanted to add my congratulations on your first reporting quarter. Question around expenses. Again, you guys did an amazing job on controlling the controllables, as you mentioned earlier on in the call. And I guess when I kind of think about 4Q and some of the industry headwinds you're still kind of mentioning, how much more kind of operating leverage do you have in that regard to really kind of flex labor up and down as you kind of see kind of changes in demand going forward?

我還想對你們的第一個報告季度表示祝賀。關於費用的問題。正如您之前在電話中提到的那樣，您在控制可控因素方面做得非常出色。我想，當我思考第四季和一些產業逆風時，你仍然會提到，在這方面，你對真正的彈性勞動力上下有多少種營運槓桿，因為你有點未來需求會發生什麼樣的變化？

Yes. So I think over the long term, as we talked about, there's a lot of room for improvement, right? We talked about LinOS and a lot of things that we're rolling out. So I think will be continued great operating leverage. Just specifically to Q4, as you saw last year, if you look back, I mean, seasonally, admin and maintenance CapEx are relatively high in the fourth quarter. That's really just a seasonal trend. A lot of that has to do with a lot of sort of year-end expenses.

是的。所以我認為從長遠來看，正如我們所討論的，還有很大的改進空間，對吧？我們討論了 LinOS 以及我們正在推出的許多東西。因此，我認為營運槓桿將繼續保持良好。具體到第四季度，正如您去年看到的那樣，如果您回顧一下，我的意思是，從季節性角度來看，第四季度的管理和維護資本支出相對較高。這實際上只是一個季節性趨勢。其中很大一部分與很多年終費用有關。

And so that's built into our guide. If you look at AFFO per share, we gave hopefully some helpful modeling numbers where you have the interest and the share count, which is now a full quarter post IPO counter each other. And the other thing I'll say on the quarters, right, is historically, we've always run this company as a private company as a full year basis company. We have this great budgeting process. We work to crush the budget. Everyone is kind of focused annually.

因此，這已納入我們的指南中。如果您查看每股 AFFO，我們希望能夠提供一些有用的建模數據，其中您的興趣和股票數量（現在是 IPO 後的完整季度）相互抵消。我要在季度中說的另一件事是，從歷史上看，我們一直將這家公司作為一家私人公司作為一家全年公司來運作。我們有一個很棒的預算流程。我們努力壓縮預算。每個人每年都有點專注。

So we're still building our muscle around quarterly forecasting. So I think over time, like we won't have a lot of our maintenance CapEx hitting in the fourth quarter. We'll be able to smooth out over the year. But that's just a few puts and takes on the Q4 guide. But we definitely feel that there's a lot of room to continue to drive labor efficiency, admin, right?

因此，我們仍在加強季度預測的實力。所以我認為隨著時間的推移，我們在第四季不會有太多的維護資本支出。我們將能夠順利度過這一年。但這只是對第四季指南的一些看法。但我們確實認為，持續提高勞動效率還有很大的空間，管理，對嗎？

From an admin perspective, this company has been built to grow and double again and again and again, right? And so we have a lot of cost. We're going to work to leverage that cost moving forward. And so hopefully, we can have not just great operating leverage in terms of sort of warehousing, but also looking at the admin line as well.

從管理的角度來看，這家公司的建立是為了一次又一次地成長和翻倍，對嗎？所以我們有很多成本。我們將努力利用這項成本繼續前進。因此，希望我們不僅能在倉儲方面擁有巨大的營運槓桿，還能在管理方面發揮作用。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫，第一資本證券公司。

We think the LEAN operations are a big piece of the story. So how many warehouses do you all have certified now? And then as you continue to roll this out, are there specific learnings or improvements you've made to the program that you'd be willing to share?

我們認為精實營運是其中的重要組成部分。那麼你們現在有多少倉庫獲得了認證呢？然後，當您繼續推出該專案時，您是否願意分享對該計劃的具體學習或改進？

Yes. We have 40-plus buildings that are certified in LEAN and many more that are being launched as we speak.

是的。我們有 40 多座建築獲得了精益認證，就在我們發言之際，還有更多建築正在啟動。

It's about 10% of the total portfolio.

約佔總投資組合的 10%。

Much more than that in NOI. But as far as facility count, it's about 10%. And yes, we're learning with each LEAN implementation with each LEAN certification. And all those best practices are posted on our lean SharePoint and shared across the network, even if buildings are not for lean process.

比 NOI 的內容多得多。但就設施數量而言，約為 10%。是的，我們正在透過每項精實認證來學習每一次精實實施。所有這些最佳實踐都發佈在我們的精益 SharePoint 上並透過網路共享，即使建築物不適合精益流程。

As you know, lean is all about supporting the operator that does the hard work every day and making their job easier to serve our customers and eliminating waste in every process. And it's continuous improvement. It's always improving. It never ends. And that spirit of always getting better is within our operations, and warehousing.

如您所知，精實就是支援每天辛勤工作的操作員，讓他們的工作更輕鬆地為我們的客戶服務，並消除每個流程中的浪費。而且它是持續改進的。它總是在進步。它永遠不會結束。這種精益求精的精神貫穿我們的營運和倉儲之中。

It's across our Global Integrated Solutions segment and across our admin functions. It's really a philosophy for which we run the company, and we think there's a whole lot of room to grow or to go to continue to optimize in all areas across the organization.

它涵蓋我們的全球整合解決方案部門和我們的管理職能。這確實是我們經營公司的理念，我們認為整個組織的所有領域都有很大的成長空間或繼續優化的空間。

Nick Thillman, Baird.

尼克·希爾曼，貝爾德。

Down year-on-year in 3Q. And I guess maybe part of that could be power-related savings that you could pass through the customer can achieve some goal on that. But just overall, taking a step back, like what leverage do customers have in pricing discussions today? Do larger customers have more advantage there? And then maybe geographically speaking, you guys touched on spec construction.

第三季年減。我想其中一部分可能是與電力相關的節省，您可以透過客戶實現一些目標。但總的來說，退一步來說，客戶在今天的定價討論中擁有什麼影響力？更大的客戶在那裡有更多優勢嗎？然後也許從地理上來說，你們談到了規範建設。

We know like markets like Texas and like Jacksonville are a little bit more hampered by that, but maybe touching a little bit on some of the soft spots you're seeing there.

我們知道像德克薩斯州和傑克遜維爾這樣的市場受到的阻礙更大一些，但也許會觸及你在那裡看到的一些軟肋。

So at the very beginning of the question cut off, can you just repeat the first sentence? Sorry about that, we couldn't hear you.

那麼問題一開始就被切斷了，你能重複第一句話嗎？抱歉，我們聽不到你的聲音。

Yes. So the first part was just on kind of rent per occupied pallet was down year-on-year. Maybe the leverage like customers have in pricing discussions today? Do larger customers have a little bit more advantage there, a little bit of commentary there and then on the geographic mix.

是的。因此，第一部分只是每個佔用托盤的租金年減。也許客戶在今天的定價討論中具有影響力？較大的客戶在那裡有更多的優勢嗎？

I think customers do have a little bit more leverage than they had over the last couple of years. I mean our customers are going through a very tough time right now in a soft market, and we're partnering with them to create solutions that make sense to them and price is one component of that. And I think you saw some of that play out in the results this year. As Rob talked about, there's been growing excitement in the cold storage category over the last several years.

我認為客戶確實比過去幾年擁有更多的影響力。我的意思是，我們的客戶目前在疲軟的市場中正在經歷一段非常艱難的時期，我們正在與他們合作，創建對他們有意義的解決方案，而價格就是其中的一個組成部分。我想你在今年的結果中看到了其中的一些結果。正如 Rob 所說，過去幾年來，冷藏類別越來越令人興奮。

This is logical given the institutionalization of our industry and in part because of the lineage story. And as champions of our industry, we welcome that excitement because it reinforces cold storage as a really important subsector of the industrial real estate market and critical infrastructure of the global food supply chain, just like data centers, cell towers and public storage have become in their markets over the last 20 years. So not surprisingly, this has drawn capital into our space and created some new competition and even some speculative developers similar to what's happening in these other exciting new categories. I mean that said, we have clear advantages over any new market entrants.

考慮到我們行業的製度化，部分原因是血統故事，這是合乎邏輯的。作為我們行業的冠軍，我們歡迎這種興奮，因為它加強了冷藏作為工業房地產市場的一個非常重要的子行業和全球食品供應鏈的關鍵基礎設施，就像數據中心、手機信號塔和公共存儲已經成為過去 20 年的市場。因此，毫不奇怪，這吸引了資本進入我們的領域，並創造了一些新的競爭，甚至一些投機開發商，類似於其他令人興奮的新類別中發生的情況。我的意思是說，我們比任何新的市場進入者都有明顯的優勢。

I mean as we spoke about in the prepared remarks, we have the largest network with over 480 warehouses globally and the network benefits that come with scale, including the largest network of port locations and distribution centers. We have a newly formed investment-grade balance sheet and superior access to capital. We have a track record for accretively deploying capital and growing the company through M&A and development, which just further increases our scale advantages and network effects. We have long-standing relationships with over 13,000 customers, interfacing, like I mentioned, with their CEOs and leadership teams, which is a barrier that's very, very hard to replicate for new competition.

我的意思是，正如我們在準備好的演講中談到的那樣，我們擁有最大的網絡，在全球擁有 480 多個倉庫，以及規模帶來的網絡優勢，包括最大的港口地點和配送中心網絡。我們擁有新形成的投資等級資產負債表和優越的資本獲取管道。我們擁有透過併購和發展不斷加大資本配置和發展公司的記錄，這進一步增強了我們的規模優勢和網路效應。我們與超過 13,000 家客戶建立了長期合作關係，正如我所提到的，我們與他們的執行長和領導團隊建立了聯繫，這是一個很難在新的競爭中複製的障礙。

We have our farm-to-fork service offerings with our integrated solutions group, so we can truly look at our customers' end-to-end supply chain and help them optimize this and make price not the only thing, if you will. We have world-class safety, M&A, development, operations, sales engineering, lean commercial finance teams around the world with decades of experience. So we feel really well positioned to continue to partner with our customers and grow. And again, they understand that when we have labor increases and other cost increases that it's fair to give us inflationary-ish level increases.

我們的整合解決方案團隊提供從農場到餐桌的服務，因此我們可以真正了解客戶的端到端供應鏈，並幫助他們優化這一點，如果您願意的話，讓價格不再是唯一的因素。我們在全球擁有世界一流的安全、併購、開發、營運、銷售工程、精實商業金融團隊，擁有數十年的經驗。因此，我們感覺自己處於有利地位，可以繼續與客戶合作並不斷發展。再說一遍，他們明白，當我們勞動力增加和其他成本增加時，給予我們通膨水準的成長是公平的。

Great. That's helpful. So just following up on just geographically, any markets where you're seeing a little bit more strength when it comes to kind of market conditions? Or is it more broad softness?

偉大的。這很有幫助。那麼，只是在地理上進行跟踪，在市場條件方面，您發現任何市場的實力更強一些嗎？還是更廣泛的柔軟？

Yes. Absolutely. We have a lot of markets that are performing very well. We have a bunch of regions. We have 22 regions in the US. We have a bunch of regions that are performing very well, Pacific Northwest. Australia, led by Brooke Miller, our President there, is doing outstanding. Our Canadian team is rocking. I can't say enough about them. So yes, we have a bunch of pockets around the world that are performing very well.

是的。絕對地。我們有很多表現非常好的市場。我們有很多地區。我們在美國有 22 個地區。我們有很多表現非常好的地區，像是太平洋西北地區。澳洲在我們總統布魯克米勒的領導下表現出色。我們的加拿大隊正在搖擺。關於他們我不能說太多。所以，是的，我們在世界各地有很多表現非常好的口袋。

Vince Tibone, Green Street.

文斯·蒂伯恩，格林街。

I wanted to follow up on an earlier comment that you're facing pressure from new supply in certain markets. Could you share what those markets are and also just discuss high-level industry-wide supply trends in the cold storage sector? And if you're able to kind of frame that in terms of percentage of stock, I think that would be helpful and just your general views about supply pressures going forward. Are you seeing a slowdown or acceleration in development starts today from your competitors? Any commentary on the supply side of things would be very helpful.

我想跟進先前的評論，即您面臨某些市場新供應的壓力。您能否分享一下這些市場，並討論一下冷庫產業的高水準全產業供應趨勢？如果您能夠按照庫存百分比來建立這個框架，我認為這會有所幫助，並且只是您對未來供應壓力的整體看法。您是否發現競爭對手今天開始放緩或加速發展？任何有關供應方面的評論都會非常有幫助。

Yes. Certainly, as I answered in the last question, there has been an influx of capital into our industry. Frankly, we think there's going to be some fallout from that and people that maybe thought it was easier than it is and don't understand the scale advantages that the larger players have. We do think that the cost to build that they experienced over the last couple of years is kind of at all-time highs, and they have investment hurdles to overcome. That said, we do think speculative development and new development will subside over the next couple of years.

是的。當然，正如我在上一個問題中回答的那樣，大量資本湧入我們的行業。坦白說，我們認為這將會產生一些影響，人們可能認為這比實際情況更容易，並且不了解較大企業所擁有的規模優勢。我們確實認為他們在過去幾年中經歷的建設成本處於歷史最高水平，並且他們需要克服投資障礙。也就是說，我們確實認為投機性開發和新開發將在未來幾年消退。

And as the industry continues its long-term growth trend, that capacity will be absorbed. So we feel great about that, about how we kind of line up against these. As far as specific markets, it's been pretty widespread. I'd say one market that was maybe oversupplied would be kind of Florida in general. We've seen some softness there due to new competition.

隨著該行業繼續其長期成長趨勢，該產能將被吸收。所以我們對此感覺很好，對我們如何對抗這些問題感覺很好。就特定市場而言，它已經相當廣泛了。我想說，佛羅裡達州可能是供應過剩的市場之一。由於新的競爭，我們看到了一些疲軟的情況。

That's really helpful. Maybe just one quick follow-up. How do you view like net lease cold storage spec product as competitive where someone is trying to lease to a single user? Or is it really more of the operating multi-tenant model that is more competitive with your exact portfolio?

這真的很有幫助。也許只是一個快速跟進。您如何看待淨租賃冷庫規格產品在有人試圖租賃給單一使用者的情況下具有競爭力？或者它實際上是更多的營運多租戶模式，與您的特定產品組合更具競爭力？

I would say more on the multi-tenant, but both certainly. I mean if a spec builder is going to build for a producer, we would rather be the people to operate that and build for them. Many of the spec buildings don't have an operator yet or a tenant and those become, I would say, risky investments, and we will evaluate acquiring those as they come online.

我會更多地談論多租戶，但兩者都是肯定的。我的意思是，如果規範建構者要為生產者構建，我們寧願成為操作該規範並為他們構建的人。許多規格建築還沒有運營商或租戶，我想說，這些成為風險投資，我們將在它們上線時評估收購它們。

We do net lease deals as well, and that's part of our capital deployment as well.

我們也進行淨租賃交易，這也是我們資本部署的一部分。

So every market is different. It's really about how much capacity and how much demand. And so you kind of add it all up and what's great in our position being the leader, we have the most information, we have the most data. We have capabilities that are unmatched and really give us a lot of confidence in which markets that we want to expand, which markets we don't want to expand competitive pressures. And so we're in a great position.

所以每個市場都是不同的。這實際上是關於有多少容量和有多少需求。所以你把這一切加起來，我們作為領導者的優勢是什麼，我們擁有最多的信息，我們擁有最多的數據。我們擁有無與倫比的能力，這確實給了我們很大的信心，讓我們知道哪些市場是我們想要拓展的，哪些市場是我們不想擴大競爭壓力的。所以我們處於有利地位。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Greg, I just wanted to follow up on the customer rationalization that you discussed a little bit that's contributing to the weaker demand environment. Are there other underlying trends impacting that rationalization that your customers are experiencing? Or is it solely related to some weaker consumer and end-user demand? And along those lines, should we assume that the challenging environment continues to impact the Global Integrated Solutions segment of the portfolio?

格雷格，我只是想跟進您討論過的導致需求環境疲軟的客戶合理化問題。是否還有其他潛在趨勢影響您的客戶正在經歷的合理化？還是只是與消費者和最終用戶需求疲軟有關？沿著這些思路，我們是否應該假設充滿挑戰的環境繼續影響投資組合的全球整合解決方案部分？

Or can GIS stabilize without a recovery in demand? What's the interplay look like there as we think about '25?

或者，在需求沒有復甦的情況下，GIS 能否穩定下來？當我們思考 25 世紀時，它們之間的互動是什麼樣的？

I'll start briefly. So what's great about our market is long-term demand trends are very good. People are always eating, that's growing. The more markets they're developing, the more markets that want access to what we do, which is be able to get the best food to people all throughout the world. So that's a great place to be. So the demand trend is up and to the right.

我先簡單介紹一下。我們市場的優點在於長期需求趨勢非常好。人總是在吃的，那是在生長的。他們開發的市場越多，想要獲得我們所做的事情的市場就越多，這能夠為世界各地的人們提供最好的食物。所以那是一個很棒的地方。因此，需求趨勢是向上且向右的。

And so it's a matter of getting back to sort of what's normal. I think in terms of the GIS segment, that is largely transportation, right? I'm sure people follow transportation companies. This is very consistent with what everyone else is seeing, right? There's more cyclicality there. Importantly, as we mentioned in the prepared remarks, the reason why this is so important for us is the farm to fork and driving more business into our warehouses.

所以問題是要回到正常狀態。我認為就 GIS 領域而言，主要是交通，對吧？我確信人們會關注運輸公司。這與其他人所看到的非常一致，對嗎？那裡有更多的周期性。重要的是，正如我們在準備好的評論中提到的，這對我們如此重要的原因是分叉農場並推動更多業務進入我們的倉庫。

And so moving forward, yes, there will be a rebound there. That's going to be a little bit more cyclical, but it's always going to be benefiting our warehousing business, which should allow the warehousing business to grow faster over time.

因此，展望未來，是的，將會出現反彈。這將更具週期性，但它總是有利於我們的倉儲業務，這應該會讓倉儲業務隨著時間的推移而更快地成長。

Okay. That's helpful. And if I could just sneak one last one in around the model. I appreciate some of the color around the fourth quarter. You mentioned the higher CapEx budget seasonally in the fourth quarter. Are you able to share a 4Q maintenance CapEx range that's embedded within the fourth quarter guide? And also, can you talk about G&A?

好的。這很有幫助。如果我能在模型周圍偷偷地放最後一張就好了。我很欣賞第四季的一些色彩。您提到第四季季節性資本支出預算較高。您能否分享第四季度指南中包含的第四季度維護資本支出範圍？另外，可以談談 G&A 嗎？

Yes. So as we mentioned, we really focus on AFFO per share. So that's the main part of our guide moving forward. There are a lot of levers that can be pulled within a quarter, right? As we always talk about the market gets better, then Admin is a little bit higher, maybe you spend more, the market softens.

是的。正如我們所提到的，我們真正關注的是每股 AFFO。這就是我們前進指南的主要部分。四分之一的時間內可以拉很多槓桿，對嗎？正如我們總是談論市場變得更好，那麼管理費會更高一點，也許你花更多的錢，市場就會走軟。

As you saw last quarter, there are certainly things we can do to make sure we deliver the results. So we really want to focus people on AFFO per share. And when we put out guidance, we certainly feel that those are good numbers to use.

正如您在上個季度所看到的，我們當然可以採取一些措施來確保我們交付成果。因此，我們確實希望讓人們關注每股 AFFO。當我們發布指導意見時，我們當然認為這些數字很好用。

Okay. But is there a specific maintenance CapEx range that's embedded in the fourth quarter guide, the 70 to 74?

好的。但第四季指南中是否包含特定的維護資本支出範圍（70 至 74）？

No.

不。

There are no more questions. I will now turn the conference back over to Evan Barbosa for closing remarks.

沒有更多問題了。現在我將把會議轉回埃文·巴博薩致閉幕詞。

On behalf of the entire Lineage team, thank you for joining us today and for your interest in Lineage. We look forward to speaking to you again on our next quarterly earnings call. Thanks.

我謹代表整個 Lineage 團隊，感謝您今天加入我們並感謝您對 Lineage 的興趣。我們期待在下一個季度的財報電話會議上再次與您交談。謝謝。