Lineage Inc (LINE) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to the Lineage 4th quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions).

感謝您的支持，歡迎參加 Lineage 2024 年第四季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指令）。

Thank you. I'd now like to turn the call over to Evan Barbosa, Vice President of Investor Relations. You may begin.

謝謝。現在我想將電話轉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 4th quarter and full year 2024 financial results. Joining me today are Greg Lehmkuhl, Linage's President and Chief Executive Officer, and Rob Crisci, Linage's Chief Financial Officer. Our earnings presentation, which includes supplemental financial information, can be found on our investor relations website at ir.onelineage.com

謝謝。歡迎參加 Lineage 對其 2024 年第四季和全年財務業績的討論。今天與我一起出席的還有 Linage 總裁兼執行長 Greg Lehmkuhl 和 Linage 財務長 Rob Crisci。我們的收益報告（包括補充財務資訊）可在投資者關係網站 ir.onelineage.com 上找到。

Following management's prepared remarks, we'll be happy to take your questions.

在管理層準備好發言之後，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.

翻到投影片 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下的前瞻性陳述。正如我們向美國證券交易委員會提交的文件中所述，這些聲明受到眾多風險和不確定性的影響。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。

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. 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, reporting figures are around it. Comparisons of the fourth quarter of 2024 are to the fourth quarter of 2023, and comparisons of the full year 2024 are to the full year 2023. Now, I would like to turn the call to Greg.

我們今天發布的收益報告以及本次電話會議的評論中的前瞻性陳述僅截至今天為止，不會隨著實際事件的展開而更新。此外，也將參考某些非公認會計準則財務指標。有關我們使用這些指標以及非公認會計準則 (non-GAAP) 指標與公認會計準則 (GAAP) 指標的對賬信息，請參閱今天上午發布的新聞稿。除非另有說明，否則報告數字大致如此。2024 年第四季與 2023 年第四季進行比較，2024 年全年與 2023 年全年進行比較。現在，我想把電話轉給格雷格。

Thanks, Evan, and thanks everyone for joining us today.

謝謝，埃文，也謝謝大家今天的到來。

Turning to the 2024 highlights on slide 3, I'd like to start with a brief recap of our 2024 accomplishments. We executed the largest IPO of the year and the largest re IPO of all time. This enabled us to reduce our leverage to under 5 times, which earned us investment grade ratings at both Moody's and Fitch and positions us well to continue to deploy capital across our attractive pipeline of development and M&A opportunities.

前往投影片 3 上的 2024 年亮點，我想先簡單回顧一下我們在 2024 年的成就。我們完成了今年規模最大的 IPO 和史上規模最大的再 IPO。這使得我們能夠將槓桿率降低到 5 倍以下，從而獲得了穆迪和惠譽的投資級評級，並使我們能夠繼續在有吸引力的開發和併購機會中部署資本。

Financially, we delivered 4% adjusted EBITDA growth and 6% AFFO per share growth and initiated our dividend at an annualized rate of $2.11 a share. Operationally, we delivered same warehouse physical occupancy of 78% despite a challenging external environment driven by our high-quality assets in the locations most critical to our diversified customer base.

財務方面，我們實現了 4% 的調整後 EBITDA 成長和 6% 的每股 AFFO 成長，並以每股 2.11 美元的年化率派發股息。在營運方面，儘管外部環境充滿挑戰，但由於我們在對我們多元化客戶群最為關鍵的地區擁有優質資產，我們仍實現了 78% 的倉庫實際佔用率。

As we reflect on 2024, we achieved the 2nd year in a row of our all-time best safety performance, reinforcing our first corporate value of safety, record new business wins helping to offset the industry headwinds, best ever truck turn times for our customers, the service metrics they care about the most. Best warehouse labour productivity in our history, and this continued into the first quarter.

回顧 2024 年，我們連續第二年取得了歷史最佳安全績效，強化了我們首要的企業安全價值，創下了新的業務成功，有助於抵消行業逆風，為客戶提供了有史以來最好的卡車週轉時間，這是他們最關心的服務指標。我們史上最好的倉庫勞動生產力，而這個趨勢持續到了第一季。

The issuance of our 100th patent demonstrating our unwavering commitment to innovation, automation, and data science. We received market recognition and awards like the CNBC Disrupter 50 list for the 4th consecutive year. The Fortunes 2024 changed the world list for the 2nd time, the Inc.s 2024 Best in Business Awards for the innovation and Technology category, and the 2024 Smart Way Leader by the USCPA in recognition for our dedication to sustainability through innovative freight solutions.

我們第 100 項專利的頒發表明了我們對創新、自動化和數據科學的堅定承諾。我們連續第四年獲得了市場認可和獎項，例如CNBC Disrupter 50名單。《財富》雜誌 2024 年第二次更改了世界榜單，《Inc.》雜誌 2024 年創新和技術類別最佳商業獎，以及美國註冊會計師協會 2024 年智慧方式領袖獎，以表彰我們透過創新貨運解決方案對永續發展的奉獻。

Finally, we executed on our robust pipeline of development and M&A opportunities, deploying $760 million of growth capital, including the opening of what we believe to be the most state of the art and innovative, fully automated coal store in the world in Hazleton, Pennsylvania, which opened on time and is operating as expected.

最後，我們實施了強大的開發和併購機會管道，部署了 7.6 億美元的成長資本，包括在賓州黑茲爾頓開設我們認為是世界上最先進、最具創新性的全自動煤炭倉庫，該倉庫按時開業並按預期運營。

The acquisition of Cold Point Logistics in Kansas City and several other creative acquisitions around the globe. I would like to sincerely thank all of our team members across the world for contributing to our success in 2024.

收購堪薩斯城的 Cold Point Logistics 以及全球其他幾項富有創意的收購。我要由衷感謝我們遍布全球的所有團隊成員為我們 2024 年的成功做出的貢獻。

Next slide. As we move into 2025, fresh and frozen food remains a growing segment driven by strong long-term demand. The vast majority of food consumed in developed markets requires temperature-controlled warehousing at some point in its journey forward. At Lineage, our strategically built network and cutting-edge technology gives us a significant competitive advantage and positions us as the global leader in the cold chain.

下一張投影片。進入 2025 年，新鮮和冷凍食品仍將是長期強勁需求推動的成長領域。已開發市場消費的絕大多數食品在運輸過程中都需要溫控倉儲。在 Lineage，我們策略性建構的網路和尖端技術為我們帶來了顯著的競爭優勢，並使我們成為冷鏈領域的全球領導者。

Operationally, we're seeing continued benefits from our focus on labour productivity, be process excellence, and energy management, driving efficiency across our business.

在營運方面，我們專注於勞動生產力、流程卓越和能源管理，不斷帶來效益，從而提高整個業務的效率。

And speaking of efficiencies, our LinOS initiative is on track and our early pilots are exceeding expectations. As a reminder, LinOS is our proprietary warehouse execution system that we've developed and already implemented in multiple automated facilities and have begun piloting in our conventional buildings. The software uses patented and proprietary algorithms that are a result of many years of development and collaboration between our data science, technology, and operations team.

說到效率，我們的 LinOS 計畫進展順利，早期試點結果超出預期。提醒一下，LinOS 是我們專有的倉庫執行系統，我們已經開發並已在多個自動化設施中實施，並且已開始在我們的傳統建築中試行。該軟體採用專利和專有演算法，這是我們數據科學、技術和營運團隊多年開發和合作的成果。

Our belief is that Linos will transform warehouse operations, resulting in significantly higher performance for customers while accelerating efficiency improvements. Our early pilots are both exceeding our efficiency expectations and being positively received by our hourly team members and warehouse leadership. Our teams are genuinely excited about how this technology can transform our operations. In fact, I've been getting requests from general managers asking to be next on the list as the enthusiasm around this initiative spreads. In short, it's still early, but we're more excited than ever about LinOS, and we will provide more color moving forward as our pilots continue and we learn more.

我們相信 Linos 將改變倉庫運營，從而為客戶帶來顯著更高的性能，同時加速效率的提高。我們的早期試點不僅超出了我們的效率預期，還得到了我們的小時工團隊成員和倉庫領導的正面評價。我們的團隊對於這項技術如何改變我們的營運感到非常興奮。事實上，隨著這項舉措的熱情不斷蔓延，我已經收到總經理們的請求，希望成為下一個被選中的人。簡而言之，現在還為時過早，但我們對 LinOS 比以往任何時候都更加興奮，隨著試點的繼續和我們學到更多，我們將提供更多的色彩。

Before introducing our 2025 guidance, allow me to provide some color on the path travelled over the last few years. As part of our long-term planning cycle, we recently had our data scientists refresh our analysis on the core holdings of our North American warehousing business to shed light on recent trends.

在介紹我們的 2025 年指導方針之前，請容許我先介紹過去幾年走過的道路。作為我們長期規劃週期的一部分，我們最近讓資料科學家更新了對北美倉儲業務核心資產的分析，以闡明最近的趨勢。

Now no study is perfect, but our data suggests that first of all, food consumption has not changed. In fact, our studies show that since 2021, our outbound pallet volume remains stable, fluctuating less than 1% annually. The volume just shifted between channels, for example, from food service to retail, and importantly, due to our diversification, has minimal impact on us because we store pretty much everything.

現在沒有一項研究是完美的，但我們的數據表明，首先，食物消費並沒有改變。事實上，我們的研究表明，自 2021 年以來，我們的出站托盤量保持穩定，每年波動不到 1%。例如，交易量只是在各個管道之間轉移，從食品服務到零售，重要的是，由於我們的業務多樣化，對我們的影響很小，因為我們幾乎儲存了所有東西。

However, inventory holdings have fluctuated over the past several years. Here is a brief timeline of what happened back in 2020, 2021, we saw supply chain chaos, production shortages, port shutdowns, and the inventory was bled down. 2022 was the year where customers began to rebuild inventories quickly, leading to overbuilding.

然而，過去幾年庫存持有量一直在波動。以下是 2020 年、2021 年發生的事情的簡要時間表，我們看到了供應鏈混亂、生產短缺、港口關閉以及庫存減少。 2022年是客戶開始快速重建庫存的一年，導致庫存過剩。

That overbuilding continued into the 3rd quarter of 2023 when the excess inventory began to unwind. That unwinding continued through the 2nd quarter of 2024. Set another way, inventory levels remained elevated for the first half of 2024. Since then, we've experienced a more normal seasonal pattern, which is what we expect to continue moving forward.

這種過度建設的情況一直持續到 2023 年第三季度，當時過剩庫存開始減少。這種放鬆態勢一直持續到 2024 年第二季。換句話說，2024 年上半年庫存水準仍然很高。自那時起，我們經歷了更正常的季節性模式，我們預計這種情況將會持續下去。

For 2025 we expect full year adjusted EBITDA of $1.35 billion to $1.4 billion and AFFO per share of $3.40 to $3.60.

對於 2025 年，我們預計全年調整後 EBITDA 為 13.5 億美元至 14 億美元，每股 AFFO 為 3.40 美元至 3.60 美元。

To reiterate, our 2025 guidance assumes normal seasonality from today's historically low inventory levels with no market improvement. As always, our guidance excludes the impact of unannounced future acquisitions or developments.

重申一下，我們的 2025 年指導假設當前庫存水準處於歷史低位，且市場沒有改善，屬於正常的季節性。與往常一樣，我們的指導不包括未公佈的未來收購或發展的影響。

Our solid financial position, bolstered by a strong balance sheet available cash, and significant debt capacity, provides the opportunity to deploy over $1.5 billion in capital in 2025. Now I'd like to turn the call over to our CFO, Rob Crisci.

我們穩健的財務狀況，加上強大的資產負債表可用現金和強大的債務能力，為我們在 2025 年部署超過 15 億美元資本提供了機會。現在我想將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 5 and looking briefly at our financial results for the fourth quarter, our total revenue was $1.34 billion flat versus prior year. Our adjusted EBITDA increased 10% to $335 million with adjusted EBEA margin increasing 210 basis points to 25%. Our AFFO for the quarter was up over 145% to $213 million and AFFO per share was $0.83, a 73% increase versus prior year.

謝謝格雷格。大家早安，感謝大家對 Lineage 的關注。從第 5 張投影片開始，簡單看一下我們第四季的財務業績，我們的總收入為 13.4 億美元，與去年同期持平。我們的調整後 EBITDA 成長 10% 至 3.35 億美元，調整後的 EBEA 利潤率增加 210 個基點至 25%。本季我們的 AFFO 成長超過 145%，達到 2.13 億美元，每股 AFFO 為 0.83 美元，比上年增長 73%。

We did benefit from a one-time tax item in the quarter of approximately $13 million or $0.05 aiding our AFFO results. Also in the quarter, we deployed $329 million of growth capital, including the closing of our previously announced acquisition of Cold Point Logistics. The integration is off to a great start, and we are proud to have the Call Point team as part of the lineage family.

我們確實受益於本季度約 1300 萬美元或 0.05 美元的一次性稅收項目，這有助於我們的 AFFO 業績。此外，在本季度，我們還部署了 3.29 億美元的成長資本，包括完成先前宣布的 Cold Point Logistics 的收購。整合工作取得了良好的開端，我們很榮幸能夠讓 Call Point 團隊成為我們家族的一員。

Turning to our full year 2024 results on slide 6, our total revenue for full year 2024 was $5.34 billion. Our adjusted EBITDA increased 4%. Importantly, our two-year adjusted EBITDA [Keger] is a strong 11% despite market headwinds, a testament to our ability to perform well in all market environments. Adjusted EBITA margins increased 100 basis points to 24.9% in 2024 and is up 310 basis points over the past two years. AFFO was up 25% to $705 million and AFFO per share was $3.29, a 6.5% increase versus prior year.

查看投影片 6 上的 2024 年全年業績，我們 2024 年全年的總收入為 53.4 億美元。我們的調整後 EBITDA 成長了 4%。重要的是，儘管面臨市場逆風，我們兩年的調整後 EBITDA [Keger] 仍強勁增長 11%，證明了我們有能力在所有市場環境中表現良好。調整後的 EBITA 利潤率在 2024 年增加了 100 個基點，達到 24.9%，並且在過去兩年中上漲了 310 個基點。AFFO 上漲 25% 至 7.05 億美元，每股 AFFO 為 3.29 美元，比上年增長 6.5%。

Turning to our global warehousing segment, which represented 87% of our total NOI in 2024, full year segment revenue grew 1% and total segment NOI increased 2% to 1.5 billion, delivering warehouse NOI margin of 39.5%, a 40 basis points increase. Since 2022 we've grown our total warehouse NOI margin, 390 basis points driven by strong labour productivity improvements and continued operational execution.

談到我們的全球倉儲部門，該部門占我們 2024 年總 NOI 的 87%，全年部門收入增長 1%，總部門 NOI 增長 2% 至 15 億，倉庫 NOI 利潤率為 39.5%，增加了 40 個基點。自 2022 年以來，由於勞動生產力的強勁提高和持續的營運執行，我們的總倉庫 NOI 利潤率增長了 390 個基點。

We operate highly efficient warehouses thanks to our committed team members, lean processes, and innovative techno technology. We believe we are on a long-term journey to reduce our cost structure, in particular our labour and energy expense through operational excellence and the continued deployment of our proprietary technologies. We believe we're only getting started.

由於我們擁有敬業的團隊成員、精益的流程和創新的技術，我們經營著高效的倉庫。我們相信，我們正在長期努力降低成本結構，特別是透過卓越營運和持續部署我們的專有技術來降低勞動力和能源成本。我們相信我們才剛開始。

Looking forward to 2025, we expect full year segment NOI growth of 4% to 6% on a constant currency basis and 3% to 5% on an as reported basis. We see the same warehouse NOI growth of 2% to 5% on a constant currency basis and 1% to 4% as reported.

展望 2025 年，我們預期全年分部淨營業利潤成長率（以固定匯率計算）為 4% 至 6%，以報告匯率計算為 3% 至 5%。我們看到，以固定匯率計算，倉庫 NOI 成長率為 2% 至 5%，而報告的成長率為 1% 至 4%。

As Greg outlined, we believe our market has stabilized after two years of unusual volatility driven by inventory rebalancing. Inventory levels remained elevated in the first half of 2024 and stabilized later in the year. Our guidance assumes normal seasonality for 2025, but no market improvement. We are well positioned for strong operating leverage on any incremental growth.

正如格雷格所概述的，我們相信，在經歷了兩年由庫存再平衡推動的異常波動之後，我們的市場已經穩定下來。2024 年上半年庫存水準仍然較高，並在當年稍後趨於穩定。我們的指導假設 2025 年的季節性正常，但市場不會改善。我們已做好準備，利用強大的經營槓桿來應對任何增量成長。

In summary, we expect to drive continued growth and margin expansion in 2025, all before any benefit from our LinoS project, meaningful market improvement, or incremental capital deployment.

總而言之，我們預計在 2025 年推動持續成長和利潤率擴大，這一切都發生在我們的 LinoS 專案、有意義的市場改善或增量資本部署帶來任何好處之前。

Shifting to slide 8 and covering our global integrated solution segment, we saw a slight decrease in total segment revenue, which came in at $1.5 billion, down 2% versus prior year. NOI was down 5% and NOI margin decreased 50 basis points to 15.9%. As a reminder, our global integrated solution segment offers value added solutions to our customers, which increases stickiness and supports our warehousing business.

轉到第 8 張投影片並涵蓋我們的全球整合解決方案部門，我們發現該部門總收入略有下降，達到 15 億美元，比上年下降 2%。淨營業利潤下降 5%，淨營業利益率下降 50 個基點至 15.9%。提醒一下，我們的全球整合解決方案部門為客戶提供增值解決方案，從而提高黏性並支援我們的倉儲業務。

Well, we saw declines in 2024 driven by global transportation trends and specific weakness in some European markets. We are well positioned for a rebound in 2025. This is aided by new business wins as we benefit from our customers taking advantage of our unique network and full suite of services, allowing us to partner with our customers to optimize their supply chains. For 2025, we expect full year segment NOI growth of 5% to 10%.

嗯，我們看到 2024 年出現下滑，這是由於全球運輸趨勢和一些歐洲市場的具體疲軟所致。我們已為 2025 年的反彈做好了準備。這得歸功於我們贏得的新業務，因為我們的客戶利用我們獨特的網路和全套服務，使我們能夠與客戶合作以優化他們的供應鏈。到 2025 年，我們預計全年分部淨營業利潤成長率將達到 5% 至 10%。

During the slide, we ended the year with net debt of $6.5 billion. Total liquidity at the end of the year stood at $1.8 billion including cash and revolving credit facility capacity. Our leverage ratio, defined as net debt to adjust the EBITDA was 4.9 times at the end of the year. Our strong balance sheet, available cash, and debt capacity provides the opportunity to deploy more than $1.5 billion of growth capital in 2025. We are excited to enter to enter the new year with a reloaded balance sheet and large pipeline of attractive acquisition and development opportunities that will allow us to continue to build on our position as the global industry leader.

在下滑期間，我們年底的淨債務為 65 億美元。截至年底，總流動資金為 18 億美元，包括現金和循環信貸額度。我們的槓桿率（定義為調整 EBITDA 的淨債務）在年底為 4.9 倍。我們強大的資產負債表、可用現金和負債能力為我們在 2025 年部署超過 15 億美元的成長資本提供了機會。我們很高興進入新的一年，擁有重新加載的資產負債表和大量有吸引力的收購和發展機會，這將使我們能夠繼續鞏固我們作為全球行業領導者的地位。

Turning to our 2025 guidance, which Greg already previewed, we expect full year adjusted EBITDA of $1.35 billion to $1.4 billion and AFFO per share of $3.40 to $3.60.

談到 Greg 已經預覽過的 2025 年指引，我們預計全年調整後的 EBITDA 為 13.5 億美元至 14 億美元，每股 AFFO 為 3.40 美元至 3.60 美元。

As a reminder, this guidance excludes the impact of unannounced future acquisitions or developments. We've also included some additional modelling support on this page. We are very excited to deliver a strong year for our shareholders. With that, I'll turn it back over to Greg.

提醒一下，本指南不包括未公佈的未來收購或發展的影響。我們還在此頁面上添加了一些額外的建模支援。我們非常高興能夠為股東帶來強勁的一年。說完這些，我會把話題交還給格雷格。

Thanks, Rob. I'll conclude on slide 11. We cap this transformational year on a strong note, proving once again that our business is built to perform in any environment. Our focus on execution, cost efficiencies, and smart capital deployment has forged a solid path of growth for many years, and we're excited about the opportunities ahead.

謝謝，羅布。我將在第 11 張投影片上結束演講。我們以強勁的表現結束了這轉型之年，再次證明我們的業務能夠在任何環境下發揮作用。多年來，我們專注於執行、成本效益和智慧資本配置，從而打造了一條堅實的成長道路，我們對未來的機會感到興奮。

Looking forward, we're confident in the long-term demand drivers of the global food supply chain and our ability to lead the industry. With our unmatched platform, cutting edge technology, broad customer reach, and over 100 million of incremental future NOI growth from previously completed or in process development projects that have yet to be that have yet to stabilize, we're in a great position for compounding growth and long-term shareholder value creation. Our balance sheet remains strong, giving us the flexibility to invest in a robust pipeline of strategic opportunities. Like Rob said, we're just getting started. With that, let's open it up for questions, operator.

展望未來，我們對全球食品供應鏈的長期需求驅動力以及我們引領產業的能力充滿信心。憑藉我們無與倫比的平台、尖端技術、廣泛的客戶覆蓋範圍以及來自先前完成或正在開發但尚未穩定的項目的超過 1 億的增量未來淨營運收入增長，我們在複合增長和長期股東價值創造方面處於有利地位。我們的資產負債表依然強勁，使我們能夠靈活地投資於強大的策略機會。正如羅布所說，我們才剛開始。好了，接線生，我們開始提問吧。

(Operator Instructions) Alexander Goldfarb, Piper Sandler.

（操作員指示）亞歷山大·戈德法布、派珀·桑德勒。

Hey, morning out there. So, a question on just the industry overall. You guys talked about inventory levels normalizing after the post-COVID recalibration. You talked about also being at low levels at the same time, there's tariff talk, there's still inflationary pressure, grocery prices, restaurant prices. So, what gives you confidence that the food market, the cold storage market truly has settled out and it sounds like there's some optimism in your tone that things could improve? What are some anecdotes that give you that confidence versus nervousness that the consumer is still under pressure whether it's eating out or eating at home?

嘿，早安。所以，這個問題僅針對整個產業。你們談到了新冠疫情後庫存水準恢復正常的情況。您談到了同時處於低水平，有關稅討論，仍然存在通膨壓力，食品雜貨價格，餐館價格。那麼，是什麼讓您有信心食品市場、冷藏市場確實已經穩定下來，而且您的語氣聽起來似乎有些樂觀，認為情況可能會好轉？有哪些軼事讓您有信心而不是擔心消費者無論是在外就餐還是在家就餐仍然面臨壓力？

Good morning, Alex. So, as we talked about the prepared remarks, even though the significant volatility in inventory levels we've seen for the last few years, our throughput in our core holdings really didn't change very much, less than 1%. And so, inventory fluctuated quite a bit as I outlined and settled in our core holdings in the 3rd quarter of last year and we saw normal seasonal patterns since.

早安，亞歷克斯。因此，正如我們談到準備好的發言時所說，儘管過去幾年我們看到庫存水準出現大幅波動，但我們核心持股的吞吐量實際上並沒有發生太大變化，不到 1%。因此，當我在去年第三季度概述並確定我們的核心持股時，庫存波動很大，從那時起我們看到了正常的季節性模式。

And so, if we look at the current inventory levels, they're low versus kind of pre-COVID history and we're not being optimistic. We're assuming that things just resume a seasonal pattern versus, from these historically low levels. I think the upside here is that's not in our guidance is that what we're hearing from customers is they're acutely focused on increasing sales.

因此，如果我們看一下當前的庫存水平，就會發現與疫情之前的歷史水平相比，庫存水平較低，我們並不樂觀。我們假設事情只是從這些歷史低位恢復季節性模式。我認為這裡的好處是，這不在我們的指導範圍內，我們從客戶那裡聽到的是，他們非常注重提高銷售額。

They're doing promotional activity and all kinds of things and discounting in order to get volume moving, and that would be all upside versus our guidance as our incremental margins are great and we have strong operating leverage. And so, we're not being optimistic in our guidance. We're assuming the market stays the way it is today.

他們正在進行促銷活動和各種各樣的事情以及折扣，以推動銷售成長，這與我們的指導相比都是有利的，因為我們的增量利潤率很高，而且我們擁有強大的營運槓桿。因此，我們的預測並不樂觀。我們假設市場保持目前的狀態。

Ki Bin Kim, Truist

Ki Bin Kim，Truist

Thanks, I appreciate your commentary and the color you provided on guidance, but I also wondering if you can provide some more details. For example, in occupancy, it sounds like that should still mean negative occupancy next year as the first half of this year might be a little bit challenging. I'm not sure if that's correct, but if you can provide some details on that and maybe pricing, thank you.

謝謝，我很欣賞您的評論和您提供的指導，但我也想知道您是否可以提供更多細節。例如，就入住率而言，聽起來這仍然意味著明年的入住率將為負，因為今年上半年可能會有點挑戰。我不確定這是否正確，但如果您能提供一些詳細資訊和價格，謝謝。

Yeah, for sure. So let me drill down a little bit on seasonality. So, Greg covered a lot of this, right? It's been unusual the last several years, given all the stuff Greg just talked about. So, if we drill down just a little bit more. So, if you look at our 2024 results by quarter for our new 2025 same store poll, right, which is in the appendix. You actually see that last year that the NOI is almost exactly the same each of the four quarters like within 5 billion or so. That's highly unusual and that's the result of what Greg just said, which was last year in the first half, we still had elevated inventory levels and then normal seasonality began to the second half.

是的，當然。因此，讓我深入探討季節性。那麼，格雷格已經涵蓋了許多這方面的內容，對嗎？考慮到格雷格剛才談到的所有內容，過去幾年的情況很不尋常。因此，如果我們再深入一點。因此，如果您查看我們新的 2025 年同店調查的 2024 年季度結果，就在附錄中。實際上，你會發現，去年四個季度的 NOI 幾乎完全相同，都在 50 億左右。這是非常不尋常的，這就是格雷格剛才所說的結果，也就是去年上半年，我們的庫存水準仍然很高，然後正常的季節性開始出現在下半年。

So that dynamic, therefore creates challenging comps for us in the first half of this year. The good news, as Greg mentioned, right, is that we feel the industry is stabilized at these lower levels and as Greg also said, we're not assuming any improvement.

因此，這種動態為我們在今年上半年帶來了挑戰。正如格雷格所提到的，好消息是，我們覺得行業在這些較低水平上已經穩定下來，而且正如格雷格所說，我們不認為會有任何改善。

So, drilling down again. Normal seasonality. So, if we look at pre-pandemic data, back when our industry was more normal, Q1 generally declines from Q4, then Q2 generally declined a little bit from Q1. Q3 jumps up a fair amount and then Q4 is typically the peak aided by the holiday season, then it starts to come back down. Into one and we sort of start we see this year as a normal year and expect our results to follow that trend. So, if you break that out as a sort of first half, second half, generally in a normal year you'll get 47% to 48% of your NOI EBITDA in the first half and 52 53% in the second half, and that's what our guidance assumes.

因此，再次深入研究。正常的季節性。因此，如果我們查看疫情前的數據，當我們的行業更加正常時，第一季通常會比第四季度下降，而第二季度通常會比第一季略有下降。第三季會出現相當大的成長，然後第四季通常會在假期期間達到頂峰，然後開始回落。首先，我們開始將今年視為正常的一年，並預期我們的業績將遵循這一趨勢。因此，如果將其分為上半年和下半年，一般在正常年份，上半年的 NOI EBITDA 為 47% 至 48%，下半年為 52% 至 53%，這就是我們的指導假設。

Ronald Camden, Morgan Stanley.

摩根士丹利的羅納德·卡姆登。

Hey, just a quick two parter, just I love all the same sort of guidance for the warehouse segment. I love if you could drill in a little bit how much of that is top line versus expense saves, just high level, what's driving that? And then the second question is just that $1.5 billion of capital deployment. Can you talk a little bit more about the pipeline, the kind of opportunities that you're looking at? Thanks.

嘿，這只是兩個部分的簡短介紹，我喜歡針對倉庫部分的所有相同類型的指導。我希望你能深入研究其中有多少是頂線收入，有多少是費用節省，只是高水平，是什麼推動了這一點？第二個問題就是 15 億美元的資本部署。您能否再多談談有關管道以及您正在尋找的機會類型？謝謝。

So, I'll start with pricing. In terms of pricing, we expect to get inflationary level pricing. We are most focused on being long term partners with our customers, and we treat each customer and market uniquely. At times we'll trade volume for price if it makes sense for us, and then we expect to continue to get productivity improvements, energy efficiencies and have synergies.

因此，我將從定價開始。在定價方面，我們期望獲得通膨水準的定價。我們最注重與客戶建立長期合作關係，並且我們對待每個客戶和市場都是獨一無二的。如果對我們有意義的話，我們有時會用數量換取價格，然後我們期望繼續提高生產力、能源效率並產生協同效應。

And on the on the on the pipeline, yeah, I mean the pipeline is exciting, right? None of this is in our guide. We have the capacity. We're not saying we're going to deploy $1.5 billion. We're saying we have the capacity as we laid out between our available dead and where our ratios are to do that, and there's a ton of development opportunities. There's a ton of M&A opportunities. If you look back over the past couple of years. We spent about $750 each year in terms of growth capital, right? As we've been working hard to get our balance sheet in the right position, get the IPO done so we can really accelerate the growth of this company, and we're there and we're super excited about that, and we're working on a lot of exciting things that we hope to tell people about here in the Near future.

關於管道，是的，我的意思是管道很令人興奮，對吧？我們的指南中沒有這些內容。我們有能力。我們並不是說要部署 15 億美元。我們說，我們有能力在可用的死亡人數和我們的比例之間做出安排，並且有大量的發展機會。有大量的併購機會。如果你回顧過去幾年。我們每年花費約 750 美元作為成長資本，對嗎？我們一直在努力使我們的資產負債表處於正確的位置，完成 IPO，這樣我們才能真正加速這家公司的成長，我們現在已經到了這個地步，對此我們感到非常興奮，我們正在做很多令人興奮的事情，我們希望在不久的將來告訴人們。

Thank.

感謝。

(Nicholas Stillman, Baird).

（尼古拉斯·斯蒂爾曼，貝爾德）。

Hey, good morning. Guys. I just wanted to drill in a little bit on pricing within kind of just on a per pallet basis. Seems as though that's kind of, I know you guys aggressively priced in 23 now it's a little bit flat, I guess as you look at the 25, are you willing on the new customer acquisition to kind of give up price to prioritize occupancy or how should we be kind of thinking about that?

嘿，早安。夥計們。我只是想稍微深入了解一下按托盤計算的定價。似乎有點這樣，我知道你們在 23 號店積極定價，現在價格有點持平，我想當你看看 25 號店時，你是否願意在新客戶獲取方面放棄價格以優先考慮入住率，或者我們應該如何考慮這一點？

Good morning and I'll just reinforce what I said. I mean, over time we think we can get inflationary level price increases and we're looking at each market, the supply demand dynamics in each market, and we're looking to partner with customers to make sure that we, stay a valued partner for the next for the long term here. That said, we are getting inflationary level prices in nearly all of our markets and feel confident we can do that. It's very difficult to see in the external metrics because a little bit of mixed shift between commodities or anything else can mask that that that price improvement.

早上好，我只是想重申我所說的話。我的意思是，隨著時間的推移，我們認為我們可以實現通膨水準的價格上漲，我們正在關注每個市場，每個市場的供需動態，我們希望與客戶合作，以確保我們長期保持客戶對我們的重視。也就是說，我們幾乎所有市場都實現了通膨水準的價格，我們有信心做到這一點。從外部指標來看，這非常困難，因為商品或其他任何東西之間的一點混合變化都可能掩蓋價格的上漲。

Todd Thomas, KeyBanc

托德·托馬斯（KeyBanc）

Hi, thanks. Good morning. I wanted to follow up on capital deployment. I realized guidance does not include anything incremental that has not been announced, but how should we think about the mix of equity and debt to fund future investments from here with leverage ending the year at just under 5 times on net debt to adjusted EBITDA basis.

你好，謝謝。早安.我想跟進資本部署的情況。我意識到指導意見並不包括任何尚未宣布的增量，但我們應該如何考慮股權和債務的組合，以便為未來的投資提供資金，年底的槓桿率略低於淨債務與調整後 EBITDA 基礎的 5 倍。

And then separately, I was just curious if you could talk about the yield pickup. Related to the $1.3 billion of completed and in process projects that $101 million of NOI, that that opportunity, how should we think about the cadence of that incremental NOI coming online during 2025?

另外，我很好奇您是否可以談談收益率的回升。與已完成和正在進行的 13 億美元項目（1.01 億美元的 NOI）相關，對於這個機會，我們應該如何看待 2025 年期間增量 NOI 上線的節奏？

Yeah, so on the on the first one, so the $1.5 billion, that just assumes funding with cash and debt, so no equity. Certainly, we've got plenty of opportunities to accelerate that with equity. If the math worked out, we'd always be willing to do that. Obviously, that depends a lot on share price and where you want to issue shares. So, we're just assuming debt and cash.

是的，第一個，15億美元，只是假設用現金和債務融資，所以沒有股權。當然，我們有很多機會透過公平來加速這一進程。如果計算正確，我們總是願意這麼做。顯然，這在很大程度上取決於股價以及你想在哪裡發行股票。所以，我們只假設債務和現金。

On the second point, which I think is an important one, we have a number of these great buildings that are either, we had Hazleton open recently. We've got a lot of things in progress. We talk about that 100 billion plus; I'd say about a quarter of that we're expecting it to flow through this year. And then the remainder and out years and we have very consistent yield on these projects. It's a huge part of our compounding and, we want to make sure that we people understand that that this is a big part of what we do, and we've got a lot of stuff we've already done that just hasn't rolled through our financial yet.

關於第二點，我認為這是很重要的一點，我們有許多這樣的偉大建築，我們最近開放了哈茲爾頓。我們有很多事情正在進行中。我們談論的是那1000多億；我想說，我們預計其中約四分之一將在今年實現。在接下來的幾年裡，這些項目的收益非常穩定。這是我們複合業務的重要組成部分，我們希望確保人們理解這是我們所做工作的很大一部分，而且我們已經做了很多事情，只是還沒有在我們的財務上展開。

Okay, thank you.

好的，謝謝。

Jeremy Klos, Goldman Sachs.

高盛的傑里米·克洛斯 (Jeremy Klos)。

Hey there, regarding occupancy, any concerns about the gap between economic and physical occupancy? How do you guys think about the spread between those two metrics? Thanks.

您好，關於入住率，您是否擔心經濟入住率和實際入住率之間的差距？你們如何看待這兩個指標之間的差距？謝謝。

Yeah, I mean. Our spread is relatively tight between physical and economic, and we see that absolutely as a good thing. We think long term customers do not want to pay for space that they're not using, and we feel that that's a great place to be.

是的，我是說。我們的實物和經濟之間的價差相對較小，我們絕對認為這是一件好事。我們認為長期客戶不願意為他們不使用的空間付費，我們認為這是一個很好的選擇。

Got it, thank you.

知道了，謝謝。

Of course.

當然。

Blaine Heck from Wells Fargo.

富國銀行的布萊恩·赫克。

Great, thanks. Good morning. Can you guys talk about supply and whether you're seeing pressure on rates driven by new supply in any specific markets, and then looking forward to 2025 and beyond, what do deliveries or completions look like broadly. I Guess, will we continue to have supply pressure this year?

太好了，謝謝。早安.你們能談談供應情況嗎？以及你們是否看到任何特定市場的新供應給利率帶來壓力？然後展望 2025 年及以後，交付或完工情況大致如何。我猜，今年我們還會繼續面臨供應壓力嗎？

Good morning and thanks for the question. So, I'll start just by saying, we're in a, we're in a market that grows long term globally, a very stable market as I talked about, our throughput balance on core holdings have not changed a lot. It is an attractive industry for that reason, and it's not surprising we've seen new investment over the last few years. So, as we discussed last quarter, like you mentioned, there are some new competitors that even speculative developer developers that have entered our space.

早安，感謝您的提問。所以，我首先要說的是，我們處於一個全球長期成長的市場，一個非常穩定的市場，正如我所說的，我們核心持股的吞吐量平衡並沒有太大變化。因此，這是一個有吸引力的行業，我們在過去幾年中看到新的投資也就不足為奇了。因此，正如我們上個季度所討論的，就像您所提到的，有一些新的競爭對手，甚至是投機開發商，也進入了我們的領域。

In the current construction cycle, that new capacity peaked in 2023 it came down by about 50% in both 2024 and 2025 levels versus 2023, and we expect those new deliveries to continue to decrease over time.

在目前的建設週期中，新產能在 2023 年達到峰值，與 2023 年相比，2024 年和 2025 年的水平均下降了約 50%，我們預計這些新交付量將隨著時間的推移繼續減少。

It's also important to mention that the capacity that's been had over the last few years has been built at the highest cost to build in history, absolutely for sure, and we don't expect those build costs to decline from the current levels because inflation, land costs, entitlement, and just the complexity of building, especially with automation.

另外值得一提的是，過去幾年的建設成本絕對是歷史上最高的，我們預計這些建設成本不會從當前水準下降，因為通貨膨脹、土地成本、權益以及建設的複雜性，尤其是自動化。

And so as such, it's very hard for these smaller newer players to succeed at anything below market prices in a market with rising capital cost, and we actually expect some of these businesses to underperform and some to fail, and we're seeing evidence of that in the marketplace, and we expect some of these dislocations to create opportunities for us as we continue to position ourselves as a choir of choice in the industry.

因此，在資本成本不斷上升的市場中，這些規模較小的新參與者很難以低於市場價格的價格取得成功，我們實際上預計其中一些企業的表現會不佳，有些甚至會失敗，我們在市場上看到了這方面的證據，我們預計其中一些混亂會為我們創造機會，因為我們將繼續將自己定位為行業中的首選合唱團。

And when you compare us to these new entrants. I mean, we have very distinct advantages. We have huge scale advantages. We have the network effects that come with that. We are the world leader in cold storage automation. We have proprietary technology like Lineage Link and LinOS. We have C-level customer relationships with over 13,000 customers around the world, and we have our GIS segment where we can support their coal chain from farm to for where none of these other competitors can do that. So long story short, we feel great about our ability to compete.

當你將我們與這些新進入者進行比較時。我的意思是，我們有非常明顯的優勢。我們擁有巨大的規模優勢。我們擁有隨之而來的網路效應。我們是冷藏自動化領域的全球領導者。我們擁有 Lineage Link 和 LinOS 等專有技術。我們與全球超過 13,000 名客戶建立了 C 級客戶關係，並且我們擁有自己的 GIS 部門，可以支援他們的煤炭鏈從農場到目的地，而其他競爭對手都無法做到這一點。長話短說，我們對自己的競爭能力感到非常滿意。

Thank you.

謝謝。

Of course.

當然。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yeah, thanks. Could you maybe just talk a little bit about the pricing that you're saying on the acquisitions that you're maybe looking at like how was that changed and you know with your cost of capital changing. How are you thinking about pricing on new deals going Forward?

是的，謝謝。您能否簡單談談您正在考慮的收購的定價，例如它是如何變化的，以及您的資本成本是如何變化的。您如何考慮未來新交易的定價？

Yeah, so obviously the market here has been challenged in the last few years and that, you sort of see a little of that in the public valuations and it also blows through the private valuations, ultimately, we're going to make the best decisions to drive long term value for our shareholders with the highest risk just to returns.

是的，顯然這裡的市場在過去幾年裡受到了挑戰，你可以在公開估值中看到一些挑戰，它也會衝擊私人估值，最終，我們將做出最好的決策，以最高的風險為股東創造長期價值，從而獲得回報。

So, you know there's always a good arbitrage opportunity for anything that we do. So, in the near term that accrues directly to our shareholders and then as we improve the businesses over time. That also will accelerate those returns and so really no changes, versus how we've done this in the past, we definitely benefit from having the balance sheet that we have today and that lower cost of capital, and that gives us an advantage and being number one in the industry gives us a huge advantage.

所以，你知道我們所做的任何事情總是存在著良好的套利機會。因此，在短期內，這將直接惠及我們的股東，隨著時間的推移，我們的業務也將不斷改善。這也將加速這些回報，因此實際上沒有什麼變化，與我們過去的做法相比，我們肯定會受益於我們今天的資產負債表和較低的資本成本，這給了我們優勢，成為行業第一給了我們巨大的優勢。

And so, like I said, we're excited about the opportunities here and you know if we can take advantage of any market dislocations in the air term we certainly will.

所以，就像我說的，我們對這裡的機會感到興奮，而且你知道，如果我們可以利用空中的任何市場錯位，我們肯定會這樣做。

Michael Carroll, RBC.

邁克爾·卡羅爾，RBC。

Yeah, thanks, Greg. I wanted to circle back on your LinOS comments. I know you indicated that the pilot tests are showing strong initial results. Can you help us understand what that means? I guess what did these pilots prove, and are you seeing better revenue growth and better margins on those assets? I guess how can we clarify that comment that you're seeing stronger results than you expected?

是的，謝謝，格雷格。我想回顧一下您對 LinOS 的評論。我知道您表示試點測試的初步結果非常好。你能幫助我們理解這是什麼意思嗎？我想這些試點證明了什麼？您是否看到這些資產的收入成長更好、利潤率更高？我想我們該如何澄清你看到的結果比你預期的要好這一評論？

Yeah, great question. So, as I mentioned, the little estimate initiative is very much on track. The pilots are early, but they're absolutely exceeding our expectations. We're super excited about it. This year is about proving out the functionality of the technology and getting it rolled out to different types of facilities. So, think docks, think high reach, think case pick, and getting all that technology rolled out in every aspect of the operation across different facility types to prepare for a broader roll out next year.

是的，很好的問題。因此，正如我所提到的，小規模估算計劃進展非常順利。飛行員們來得比較早，但他們的表現絕對超出了我們的預期。我們對此感到非常興奮。今年的目標是證明該技術的功能並將其推廣到不同類型的設施。因此，想想碼頭，想想高空作業，想想揀貨，並將所有這些技術推廣到不同類型設施運營的各個方面，為明年更廣泛的推廣做好準備。

And so, as I mentioned, we believe that this technology can fundamentally transform our operations, and we are seeing early indications of that. I actually have a great story, Michael, from our first pilot. In the first week of rolling out LinOS early this year in Chicagoland, our COO, Jeff Rivera, was just standing there observing the operation and kind of watched LinOS act as kind of controlling the orchestra of the operation, if you will.

正如我所提到的，我們相信這項技術可以從根本上改變我們的運營，而且我們已經看到了這方面的早期跡象。邁克爾，事實上，關於我們的第一位飛行員，我有一個很棒的故事。今年年初，在芝加哥地區推出 LinOS 的第一周，我們的營運長 Jeff Rivera 就站在那裡觀察整個運行過程，可以說他看著 LinOS 控制整個運行過程。

And one of our most senior team members, a 30-year reach truck driver who had been working with this technology for two days, drove by Jeff on his forklift, gave him a thumbs up and said, "This is freaking awesome," and he actually used a little bit more different word. But I'll be polite. And so, I think the buzz and the excitement within the company and in our leadership team has never been higher. We've never been more optimistic. That said, it's really early and we want to wait till we have more proof points before we come out with any sort of additional color, but we will definitely, we are extremely excited to share that as this year progresses.

我們團隊中最資深的成員之一，是一名擁有 30 年經驗的叉車司機，他已經使用這項技術兩天了，當他開著叉車經過傑夫身邊時，他豎起了大拇指，說道：“這真是太棒了”，實際上，他用了一個稍微不同的詞。但我會保持禮貌。因此，我認為公司內部和領導團隊的熱情和興奮程度從未如此高漲。我們從來沒有像現在這麼樂觀過。話雖如此，現在還為時過早，我們希望等到有更多的證據支持後再推出任何其他顏色，但我們一定會，而且非常高興在今年內與大家分享這一消息。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One Securities。

Hello everyone, thank you for taking my question. I know you all have a mix of large and small customers with the TOP25 customers making up about a third of revenues. As we continue to come out of this customer demand kind of draw, are you seeing a divergence in the speed at which large customers are occupying spaces versus your smaller customers, or are there any trends of note between the two?

大家好，感謝您回答我的問題。我知道你們都有大客戶和小客戶，其中前 25 名客戶約佔總收入的三分之一。隨著我們繼續擺脫這種客戶需求的吸引，您是否看到大客戶與小型客戶佔用空間的速度存在差異，或者兩者之間是否存在值得注意的趨勢？

So I would say no. We are our customer base has been very stable as we look over the trailing 12 here, and we wouldn't anticipate that to change moving forward, importantly, we're with our scale, we're touching all commodities, all customers in all in all the regions. In which we operate, and you know that that diversification is part of the, a big part of our story. So any shift that would happen that we're not anticipating, one would benefit another would would could be impacted, but we're super diversified and not a concern for us.

所以我會說不。回顧過去的 12 年，我們的客戶群一直非常穩定，我們預計這種情況不會在未來發生變化，重要的是，我們擁有規模，涉及所有商品、所有地區的所有客戶。在我們的經營中，您知道多元化是我們故事的重要組成部分。因此，任何我們沒有預料到的轉變，一個轉變會使另一個轉變受益，也可能受到影響，但我們的業務極為多元化，這並不是我們關心的問題。

Great, thank you.

太好了，謝謝。

Of course.

當然。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my question. I appreciate some of the background on the supply, but just maybe ask a little bit more directly, will competitive supply for 2025, will that be lower, higher, or the same than last. Year? Thanks.

早安.非常感謝您回答我的問題。我很欣賞有關供應的一些背景信息，但也許可以更直接地問一下，2025 年的競爭性供應量會比去年更低、更高還是相同。年？謝謝。

But what you need in terms of new things coming online, it's lower. Yeah, I guess, yeah, I mean, what competitive supply dynamics.

但就新事物上線而言，所需的成本較低。是的，我想，是的，我的意思是，什麼是競爭供應動態。

We would expect it to be consistent with last year and new supply going down moving forward.

我們預計其供應量將與去年持平，未來新增供應量將會下降。

Thank you very much. Appreciate it.

非常感謝。非常感謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

I mean, you look at the USDA data that's kind of suggesting that inventory pressures are still existing in the business.

我的意思是，你看看美國農業部的數據，這有點顯示企業仍然有庫存壓力。

There's a lot of talk about kind of continued inflationary pressure on food costs and some of the more recent data around like weaker consumer sentiment. I mean, as you kind of just look at a combination of those things, do you kind of look at that as a dynamic that continues to kind of put pressure on things for a while? I mean, some of your comments today seem like 2025 really is a year of market stabilization. But I just kind of compare it against some of that demand-related data, and I just kind of wonder if that kind of lingers for a little longer than maybe everyone is expecting.

有許多關於食品成本持續通膨壓力以及一些最新數據如消費者信心減弱的討論。我的意思是，當你把這些因素結合起來看時，你是否認為這是一種會在一段時間內持續對事物施加壓力的動力？我的意思是，你們今天的一些評論似乎認為 2025 年確實是市場穩定的一年。但我只是將其與一些與需求相關的數據進行比較，我只是有點想知道這種情況是否會比大家預期的持續更長時間。

So, on the, yeah, yeah, I'll just comment brief. So, I went through all that sort of normal seasonality information. We looked back at the USDA data for that as well. So, I mean, what you're seeing in the USDA data is that normal seasonality, at least over the past year, as we talked about, starting in the back half of last year. Go ahead, Greg.

所以，是的，是的，我只會簡短評論一下。所以，我瀏覽了所有這類正常的季節性資訊。我們也回顧了美國農業部的數據。所以，我的意思是，你在美國農業部的數據中看到的是正常的季節性，至少在過去一年中是這樣，正如我們所說的，從去年下半年開始。繼續吧，格雷格。

YYeah. And I think it's just important to point out again that despite the inflationary pressures, our throughput in our core holdings has not changed, and so the pressure has really been more on inventory levels, and that peaked in the second quarter of last year. Since then, inventory levels in our core holdings have stabilized at a lower level, and that is what our guide does not assume that there's any sort of rebound in throughput or inventory holdings.

是的。我認為有必要再次指出，儘管存在通膨壓力，但我們核心資產的吞吐量並未改變，因此庫存水準的壓力實際上更大，而庫存水準在去年第二季度達到頂峰。自那時起，我們核心持股的庫存水準已穩定在較低水平，這就是我們的指南不假設吞吐量或庫存持有量出現任何反彈的原因。

We assume things are where they are. They're not going to improve, and we feel we can perform in that environment. And just a little more on the USDA data, I think everybody knows this. But USDA data is based on a voluntary survey conducted via telephone to facility managers, and only a portion of the total cold stores in the U.S. report, and many can report inconsistently or only report for a portion of their warehouses.

我們假設事物處於其所處的位置。他們不會進步，我們覺得我們可以在那種環境下表現。關於美國農業部的數據，我想大家都知道這一點。但美國農業部的數據是基於透過電話向設施管理人員進行的自願調查，並且只有美國部分冷庫報告了數據，而且許多冷庫的報告不一致或僅報告了部分倉庫的數據。

And so, while it's an interesting data point, it's far from perfect. For us, 20% of our business is outside of the U.S., and only 40% of our commodity basket in the U.S. is reported through the USDA. So we don't believe that's a good predictor of our results in the short term, although it does certainly have correlation in the long term.

因此，雖然這是一個有趣的數據點，但它遠非完美。我們 20% 的業務在美國以外，而我們在美國銷售的商品籃子中只有 40% 是透過美國農業部報告的。因此，我們認為這不能很好地預測我們的短期業績，儘管從長期來看它確實具有相關性。

Helpful, thank you.

有幫助，謝謝。

Of course.

當然。

Michael Muller, J.P. Morgan.

邁克爾·穆勒，摩根大通。

Yeah, hi, what do you see as more normalized longer-term physical and economic occupancy levels for your portfolio?

是的，您好，您認為您的投資組合的長期實體和經濟佔用水準更加正常化嗎？

I mean, we certainly strive to move up our physical and economic over time as we gain market share, and we think we are gaining market share. Our customers are always looking to optimize their supply chains, especially our larger customers. There's a number of large optimization initiatives going on at our big customers.

我的意思是，隨著我們獲得市場份額，我們當然會努力提升我們的物質和經濟水平，而且我們認為我們正在獲得市場份額。我們的客戶始終致力於優化其供應鏈，尤其是我們的大客戶。我們的大客戶正在實施多項大型最佳化計畫。

One of them had just completed their seven-month study, and they'll be reconfiguring their North American supply chain, and we were just informed earlier this week. And it's a TOP10 customer for us that we'll get a 50% increase in business from that customer as this year progresses. So, we're looking to gain market share. We think as we optimize our cost structure, as we implement LinOS, as we continue our lean initiatives, we think we can be -- we think in the long term, we can be the lowest cost provider with the best service, with the best scale, with the broadest service offerings, and that will lead to ongoing gain of market share over time.

其中一家公司剛完成了為期七個月的研究，他們將重新配置其北美供應鏈，我們本週稍早才得知。它是我們的十大客戶之一，隨著今年的發展，來自該客戶的業務量將成長 50%。因此，我們希望獲得市場份額。我們認為，隨著我們優化成本結構、實施 LinOS、繼續推行精益計劃，我們認為我們可以——從長遠來看，我們可以成為成本最低、服務最好、規模最大、服務範圍最廣的供應商，這將使我們的市場份額隨著時間的推移不斷擴大。

Yeah, I think another thing worth pointing out, right, is because I occupancy levels have come down. There's space to sell, right? We have room in our building upsides, there's a ton of upsides.

是的，我認為另一件值得指出的事情是，因為我的入住率下降了。還有空間可以出售，對嗎？我們的建築還有很大的發展空間，有許多的發展潛力。

You don't have to go and build a bunch of new buildings in order to service your customers. You can take advantage of available space. So, I mean that's again, this is none of this is embedded in our guide, in normal course we think we can drive, someone did it same so NOI before any of these other great things we're talking about and we'll be there here in the second half of the year and moving forward. So, it's a pretty exciting time as we mentioned.

您不必為了服務客戶而去建造一堆新建築。您可以充分利用可用空間。所以，我的意思是，這些都沒有嵌入到我們的指南中，在正常情況下，我們認為我們可以駕駛，有人也這樣做了，所以在我們談論的任何其他偉大的事情之前，NOI 就會出現，我們將在今年下半年到達那裡並繼續前進。所以，正如我們所提到的，這是一個非常令人興奮的時刻。

Viktor Fediv, Scotiabank.

維克托·費迪夫（Viktor Fediv），加拿大豐業銀行。

Hello, this is Viktor Fediv on with Greg McGinniss. I'd like to ask, so at [NAREIT], you highlighted a new focus on managing your SG&A expenses. Are you able to provide more clarity on the expectations around that for 2025 and how you plan to address going forward?

大家好，我是 Viktor Fediv，今天和 Greg McGinniss 一起節目。我想問一下，在 [NAREIT]，您強調了管理 SG&A 費用的新重點。您能否更清楚地說明對 2025 年的期望以及您計劃如何應對未來？

Yeah, for sure if you look at operating leverage, both operationally and through admin, it's a huge part of what we're driving here at the company. You saw nice EBITDA growth in a down-market last year, so we're always looking to optimize. I mean, we're investing more in certain areas.

是的，如果你看一下營運槓桿，無論是營運方面還是管理方面，它都是我們公司所推動的很大一部分。去年，在低迷的市場中，EBITDA 取得了不錯的成長，因此我們一直在尋求優化。我的意思是，我們在某些​​領域投入了更多資金。

We are making sure other areas have the right size, and it's an important part of what we do. So, there's a little bit of growth in admin for '25, of course, because we're a new public company, and there's public company costs and things we didn't have before. But other than that, we are there's really just not much growth. And I think there's -- again, we built this company because we plan to grow this company to an enormous scale over a long period of time, and we've made some of those investments in advance.

我們正在確保其他區域具有合適的尺寸，這是我們工作的重要部分。因此，25 年的管理費用當然會有所成長，因為我們是一家新的上市公司，而且存在上市公司的成本以及我們以前沒有的東西。但除此之外，我們確實沒有太大的成長。我認為——我們建立這家公司是因為我們計劃在很長一段時間內將這家公司發展到龐大的規模，而且我們已經提前進行了一些投資。

And so moving forward, we can grow without a ton of incremental investment in admin. I can tell you; our CEO and I are very focused on this.

因此，展望未來，我們無需在管理方面投入大量資金即可實現成長。我可以告訴你；我們的執行長和我都非常關注這一點。

Yes. Thank you.

是的。謝謝。

Vikram Malhotra, Mizuho

維克拉姆·馬洛特拉（Vikram Malhotra），瑞穗

Good morning. Thanks for taking the question. I just want to clarify on your kind of occupancy and maybe just NOI comments and assumptions. I think you mentioned, having sort of NOI 47% 1st half and the balance in the second half. That's kind of normal seasonality.

早安.感謝您回答這個問題。我只是想澄清一下您的入住情況，也許只是 NOI 評論和假設。我想您有提到過，上半年的 NOI 為 47%，下半年的 NOI 為 47%。這是正常的季節性現象。

So, if I just run that through just to just to clarify, are you, is that embedding basically occupancy falling in the first half and picking up a fair amount in the second and essentially the NOI growth negative in the first half just on you on the on the percentage you gave and a big pick up in the second. Could you clarify that? Thanks.

因此，如果我只是為了澄清一下，您是否認為上半年的入住率基本下降，下半年會回升相當多，並且上半年的 NOI 增長基本上為負，僅對您給出的百分比而言，而下半年會大幅回升。你能澄清一下嗎？謝謝。

Yeah. I mean, I think if you run those numbers through your models, you're sort of flattish to slightly down in the first half and up in the second half. I mean, that's I think that's normal seasonality because inventory levels were elevated in the first half last year. So yeah, that's very consistent with what we just laid out.

是的。我的意思是，我認為如果你透過模型運行這些數字，你會發現上半年的數字會比較平穩或略有下降，而下半年的數字會上升。我的意思是，我認為這是正常的季節性，因為去年上半年庫存水準有所升高。是的，這與我們剛才所說的非常一致。

Thank you.

謝謝。

Ki Bin Kim, Truist

Ki Bin Kim，Truist

Thanks for taking me back. Just two quick follow-ups. First, what is the stock-based comp assumed in your '25 guidance? And second, I'm looking at Page 11 -- I'm sorry, Page 15 on your slide deck. Just curious, why did the non-same-store storage revenue fall? I mean, it looks like your economic occupancy fell 700 basis points, but your average occupied pallets were actually up 2.8%, so just a little confusing.

謝謝你送我回來。只需快速跟進兩個問題。首先，您在 25 年指引中假設的股票薪酬是多少？其次，我正在看你的投影片的第 11 頁——抱歉，是第 15 頁。只是好奇，非同店儲存收入為什麼會下降？我的意思是，看起來你們的經濟佔用率下降了 700 個基點，但你們的平均佔用托盤數實際上上升了 2.8%，所以有點令人困惑。

So, I mean, non-same store, right, there's a lot. We had some buildings move out of same store and non-same store because of the solar fire last year, but there's just a lot of stuff embedded in there. Sorry, what was the first question?

所以，我的意思是，非同一家商店，對，有很多。由於去年的太陽火災，我們將一些建築物從同一家商店和非同一家商店搬出，但那裡嵌入了很多東西。抱歉，第一個問題是什麼？

Stock-based comp.

股票型薪酬

Stock-based comp, yeah. I mean, I think we're at a normal run rate now at the end of the fourth quarter, right? A big part of the stock-based comp increase is our starting line, right, where we went to the entire company and offered equity to the majority of people. And I think that's driven a huge benefit, and it will help us in a million different ways. And so that's kind of in the base now.

是的，基於股票的補償。我的意思是，我認為我們在第四季末的運行率已經正常了，對嗎？股票薪資成長的很大一部分是我們的起跑線，對吧，我們面向整個公司，為大多數人提供股權。我認為這會帶來巨大的利益，並且會以無數種不同的方式幫助我們。這就是現在的基礎。

Part of the reason why we have all-time very good productivity, yeah.

是的，這也是我們擁有如此高生產力的原因之一。

So, what is the normalized run rate?

那麼，標準化運行率是多少？

Yeah, I think we're there for the 4th quarter.

是的，我認為我們已經進入第四季度了。

Okay, thank you.

好的，謝謝。

Alexander Goldfarb, Piper Sandler

亞歷山大‧戈德法布，派珀‧桑德勒

Hey, thank you for the follow-up. Just a two-parter here, if you don't mind. One, if you could just give us an update on the lockup or I guess the expiration of lockup of the pre-IPO investors, where you guys stand, and what's going on there?

嘿，謝謝你的跟進。如果你不介意的話，這裡只有兩個部分。第一，您能否向我們介紹一下鎖定期的最新情況，或者我猜是 IPO 前投資者鎖定期的到期情況，你們的立場是什麼，發生了什麼事情？

And then the second part is Slide 5 of the presentation really speaks to the outperformance of the platform versus flat year-over-year revenue. And just curious, is this more driven -- that outperformance, is that more driven as you guys acquire assets and you're able to put them on your system? Or do you also see similar outperformance at existing center at existing warehouses, such that and then do you think that this will be able to continue so that the Lineage technology platform that you guys spoke about at the IPO that that will continue to reflect in results and that we should see this continued outperformance of the metrics versus the top-line revenue?

然後，簡報的第二部分第 5 張投影片真正說明了該平台的優異表現與年比持平的收入。我只是好奇，這是否更有動力 - 這種優異的表現，是否更有動力，因為你們收購了資產，並且能夠將它們放到你們的系統中？或者您也看到現有中心和現有倉庫也有類似的優異表現，那麼您是否認為這種情況能夠持續下去，以便您在 IPO 上談到的 Lineage 技術平台能夠繼續反映在結果中，並且我們應該看到指標相對於營業收入的持續優異表現？

Yeah I appreciate the question. Yeah, I mean, and I appreciate you bringing it back to this. Like this is what we do. We are world-class operators. The lean processes, the technology, like yes, it's not just things we acquire. We are consistently always getting better. The whole point of lean is you're always getting better, right? And we've rolled it out across some of our companies, not everywhere. And then LinOS is all amazing upside on top of this, right?

是的，我很感謝你提出這個問題。是的，我的意思是，我很感謝你再次提起這件事。就像我們所做的那樣。我們是世界一流的營運商。精實流程、技術，是的，這不僅僅是我們所獲得的東西。我們始終在不斷進步。精實的重點在於你總是不斷進步，對嗎？我們已經在部分公司推行了這項計劃，但並非所有公司都推行。那麼 LinOS 除此之外還有令人驚嘆的優勢，對吧？

So yes, we expect to outperform, we expect to continue to drive margin improvement as we both said on the call, we're just getting started, and I think there's a ton of opportunity there.

所以是的，我們預計會表現出色，我們預計會繼續推動利潤率的提高，正如我們在電話會議上所說的那樣，我們才剛剛起步，我認為這裡有很多機會。

And as we get better, everything we acquire just becomes more creative.

隨著我們變得越來越好，我們所獲得的一切都變得更有創意。

Yeah, bigger network, more places to take advantage of that. And then I want to also appreciate the question on the sell-down, so just some comments around that. So, we don't see the sell-down process at all as a meaningful headwind, and I'll sort of give you some color on why.

是的，網路越大，可以利用的地方就越多。然後，我也想回答有關拋售的問題，所以就此發表一些評論。因此，我們根本不認為拋售過程是一個重大的阻力，我會給你解釋一下原因。

So Kevin and Adam, our founders, large individual long-term shareholders. They're obviously very, very aligned with the public market on making sure the settlement process aids our public investors and all of our investors. They control the settlement process. They plan to execute the organized sell-down over this three-year period, starting with the IPO.

我們的創辦人 Kevin 和 Adam 都是大型個人長期股東。他們顯然與公開市場非常一致，確保結算過程能夠幫助我們的公共投資者和所有投資者。他們控制解決過程。他們計劃從 IPO 開始，在這三年內實施有組織的拋售。

They're very focused on long-term share price appreciation, as are we all, increasing the public float and expanding our base of great long-term shareholders. We also have increased passive index ownership, right? We're around 30% index ownership now. And then again, thinking about the sell-down over time, only 30% of the company is publicly floated today. But of the remaining 70%, founders and management own a significant amount.

他們和我們一樣，非常注重長期股價升值，增加公眾持股並擴大我們的長期股東基礎。我們還增加了被動指數所有權，對嗎？我們現在的指數所有權約為 30%。再者，考慮到隨著時間的推移，該公司的股票拋售率只有 30%，目前該公司只有 30% 的股份是公開上市的。但在剩下的 70% 中，創辦人和管理層擁有相當一部分股份。

And obviously, we expect all of those people to be long-term owners. And so that leaves maybe two-thirds of the stock owned by pre-IPO investors. And of course, we can't predict their investment decisions, but we view a significant number of them, and they've told us such that they are also long-term holders of the stock. So, this is a very organized process over the next two-and-a-half years.

顯然，我們希望所有這些人都成為長期所有者。因此，大約有三分之二的股票由 IPO 前的投資者持有。當然，我們無法預測他們的投資決策，但我們觀察了其中相當一部分人，他們告訴我們，他們也是該股的長期持有者。因此，這是一個在未來兩年半內非常有組織的過程。

There's no like cliff dates and things that should worry people about this being a real headwind. Appreciate the question.

沒有什麼像懸崖日期之類的事情讓人們擔心這是一個真正的逆風。感謝你的提問。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Great. Thanks for taking the question. and I think your response to Alex may have answered some of it, but the stock has underperformed since the IPO.

偉大的。感謝您回答這個問題。我認為您對 Alex 的回應可能已經回答了部分問題，但自 IPO 以來，該股票的表現一直不佳。

What in your conversations with investors, what do you think is most misunderstood? What do you think the key concerns are? And what would you tell people to get more comfortable, especially as we start a new year, and you think business is stabilizing?

在您與投資人的對話中，您認為最容易被誤解的是什麼？您認為主要關注點是什麼？您會告訴人們什麼才能讓他們更安心，尤其是在我們開始新的一年並且您認為業務正在穩定的時候？

Yeah, I think what's been misunderstood is that we've been, we're growing this company 4% total EBITDA, 6% AFFO per share in a major inventory rebalancing. And so, in the start in the stiffest headwind the industry has seen in many years, we're still growing, and we're built to grow. Right now, we're delivering the best customer performance of our history where we have record new business wins.

是的，我認為人們誤解的是，我們一直在進行重大庫存再平衡，使該公司的總 EBITDA 成長 4%，每股 AFFO 成長 6%。因此，儘管一開始我們面臨著多年來行業所面臨的最嚴峻逆風，但我們仍在不斷發展，而且我們注定會不斷發展。目前，我們正在提供歷史上最好的客戶表現，並創下了新的業務記錄。

Our operational, our safety, our energy management performance is great. As Rob said, we'll get great G&A leverage going forward. We have technology and automation that no one else in the industry has, and we're built to grow. And we're going to prove that over the next several years, and I do not think we're getting credit for that on The Street yet.

我們的營運、安全和能源管理表現都非常出色。正如 Rob 所說，我們將在未來獲得巨大的 G&A 槓桿。我們擁有業內其他任何人都沒有的技術和自動化，我們致力於成長。我們將在未來幾年證明這一點，但我認為我們目前還沒有得到華爾街的認可。

And I understand that we have to show that, but we've shown it for a long time prior to going public. We were kind of in this strange rebalancing position since we've been public, and we expect to perform very well going forward.

我明白我們必須展示這一點，但在公開之前我們已經展示了很長時間了。自上市以來，我們一直處於一種奇怪的再平衡狀態，我們預計未來的表現會非常好。

And that concludes our question-and-answer session. I will now turn the call back over to Evan Barbosa for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給埃文·巴博薩 (Evan Barbosa) 作結束語。

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

謝謝。我代表整個 Lineage 團隊感謝您今天的加入我們以及您對 Lineage 的關注。我們期待在下次季度收益電話會議上再次與您交談。

Thanks, everybody.

謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。