Lineage Cell Therapeutics, Inc. · AMEX:LCTX
Lineage Cell Therapeutics — Q1 2025 Earnings Presentation
38 slides from Lineage Cell Therapeutics's earnings presentation, May 13, 2025
Slide 1: First Quarter 2025 Financial Results
First Quarter 2025 FINANCIAL RESULTS April 30, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements. Certain statements contained in this Presentation, other than historical facts, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on cur
Slide 3: Announces Landmark Agreements with Tyson Foods
Announces Landmark Agreements with Tyson Foods Agreements Summary and Timeline Assets to be Acquired Acquisition and Warehousing Agreements1 • Agreement to acquire four assets (Pottsville, PA; Olathe, KS; Rochelle, IL; Tolleson, AZ) from Tyson Foods for $247M 1.4M 49M 160K • Agreement to design, bui
Slide 4: Q1 2025 Highlights
Q1 2025 Highlights • Landmark Agreements with • Additional Capital Deployment: Tyson Foods o $100M+ stabilized EBITDA o Acquired three warehouse when complete campuses from Bellingham Cold Storage for $121M on • Q1 25 saw normal seasonality, April 1, complementing our as expected, against elevated e
Slide 5: Q1 2025 Financial Results
Q1 2025 Financial Results Total Revenue ($M) Adjusted EBITDA ($M) $1,333 $1,328 $1,292 $334 $327 $304 $1,127 $254 Q1 22 Q1 23 Q1 24 Q1 25 Q1 22 Q1 23 Q1 24 Q1 25 YoY growth +18% flat (3)% YoY growth +32% (2)% (7)% Adjusted EBITDA Margin AFFO per share $0.86 25.1% 24.6% 22.5% 23.5% $0.81 Q1 22 Q1 23
Slide 6: Global Warehousing Segment
Global Warehousing Segment Q1 2025 Highlights Total Segment • Revenue declined with a return to more typical $M Revenue NOI seasonality vs last year’s elevated inventory levels $386 $385 $958 $969 $944 $360 • Continued emphasis on efficient operations with Same $785 $285 WH cost of operations down 2
Slide 7: Global Integrated Solutions Segment
Global Integrated Solutions Segment Total Segment Q1 2025 Highlights $M Revenue • New business wins from 2H24 coming online over the $376 $359 course of 2025 $342 $348 • GIS transportation solutions increasingly in focus as customers react to US tariff announcements 2025 Segment Outlook • Q1 activit
Slide 8: Capital Structure Update
Capital Structure Update Balance Sheet Net Debt to Adjusted EBITDA Total debt outstanding of $5.2B As of $M 3/31/2025 • ~3.5 years remaining weighted average term Total Debt $5,199 • Weighted average interest rate of 2.6% Debt-like Obligations $1,734 Net debt and debt-like-obligations of $6.7B Gross
Slide 9: Maintaining 2025 Guidance
Maintaining 2025 Guidance 2025 Guidance Range Comments No change; includes ~$25M contribution from announced acquisitions, Adjusted EBITDA ($M) $1,350 - $1,400 monitoring tariff uncertainty causing customer hesitancy AFFO per share $3.40 - $3.60 No change; includes ~$0.05 contribution from announced
Slide 10: Competitive Advantages Fueling Growth Flywheel
Competitive Advantages Fueling Growth Flywheel Increasing Strong Accretive Capital NOI and Cash Flow and Deployment in Same Warehouse Tax-Efficient REIT Development Projects and Growth Yields Additional Structure Creates M&A Supports Future NOI Investment Capacity Efficient Cost of Capital Growth Ma
Slide 11: Supplemental Financial and Operating Data
Supplemental Financial and Operating Data 11
Slide 12: Global Warehouse Segment - Total
Global Warehouse Segment - Total CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended March 31, (in millions except revenue per pallet) 2025 2024 Change Warehouse storage $491 $516 (4.8) % Warehouse services 453 453 —% Total global warehousing segment revenues $944 $969 (2.6) % Power $49 $47 4.3 %
Slide 13: Global Warehouse Segment – Same Warehouse
Global Warehouse Segment – Same Warehouse SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended March 31, (in millions except revenue per pallet) 2025 2024 Change Warehouse storage $456 $483 (5.6) % Warehouse services 419 430 (2.6) % Total same warehouse revenues $875 $913 (4.2) % Power $44 $44 —%
Slide 14: Global Warehouse Segment – Non-Same Warehouse
Global Warehouse Segment – Non-Same Warehouse NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended March 31, (in millions except revenue per pallet) 2025 2024 Change Warehouse storage $35 $33 6.1 % Warehouse services 34 23 47.8 % Total non-same warehouse revenues $69 $56 23.2 % Power $5 $3 66
Slide 15: Global Warehouse Segment – Same Warehouse (Q1 2025 Pool)
Global Warehouse Segment – Same Warehouse (Q1 2025 Pool) SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST FIVE QUARTERS Three Months Ended YoY % Change March 31, June 30, September 30, December 31, March 31, 1Q 2025 (in millions except revenue per pallet) 2024 2024 2024 2024 2025 vs 1Q 2024 Warehouse sto
Slide 16: Global Integrated Solutions Segment
Global Integrated Solutions Segment CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended March 31, (in millions) 2025 2024 Change Global Integrated Solutions segment revenues $348 $359 (3.1) % Global Integrated Solutions cost of operations1 $291 $300 (3.0) % Global Integrated Solutions segment NOI
Slide 17: Greenfield and Expansion Projects
Greenfield and Expansion Projects Greenfield and Expansion Projects Completed Within The Last 36 Months and in Process Remaining Estimated Estimated Project Vintage Square Feet Cubic Feet Pallet Positions Total Cost Spend LTM NOI Stabilized NOI Stabilized NOI Stabilized (Months) Project Count (in mi
Slide 18: Debt Summary
Debt Summary As of March 31, 2025 DEBT DETAIL (in millions) Balance Contracted Interest Rate Stated Maturity Date1 Unsecured Revolving Credit Facility2 $1,962 SOFR + 0.10% + 0.925% 2/15/2029 Unsecured Term Loan – Floating 1,000 SOFR + 0.10% + 0.925% 2/15/2029 Total Unsecured Loans $2,962 Private Pla
Slide 19: Debt Summary
Debt Summary DEBT COMPOSITION $3,168 $M $119 Debt Maturity $1,000 $793 $778 $1,962 $162 $228 $328 $42 $630 $90 $550 $326 2025 2026 2027 2028 2029 2030+ Revolver Term Loan A Other Unsecured Debt Real Estate Secured Debt Equipment Financing Other Secured Debt Fixed vs Floating Secured vs Unsecured By
Slide 20: Debt Summary
Debt Summary INTEREST EXPENSE SUMMARY Interest Expense (in millions) Current Rate Maturity1 Q1 2025 Revolver S + 10bps + 0.925% 2/15/2029 $ 25 Term Loan A S + 10bps + 0.925% 2/15/2029 13 Private Placement Notes Various Various 9 Oakland Cool Port Financing S + 1.76% 5/5/2029 1 Other Debt Various Var
Slide 21: Capital Expenditures and Acquisitions
Capital Expenditures and Acquisitions RECURRING MAINTENANCE CAPITAL EXPENDITURES (in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 YoY Change Global warehousing $20 $34 $38 $57 $29 45.0 % Global integrated solutions $5 $4 $1 $11 $1 (80.0) % Information technology and other $5 $10 $6 $4 $2 (60.0)
Slide 22: Repair and Maintenance Expenses
Repair and Maintenance Expenses (in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 YoY Change Global warehousing $33 $36 $40 $35 $34 3.0% Global integrated solutions $14 $13 $13 $14 $13 (7.1)% Repair and maintenance expenses $47 $49 $53 $49 $47 —% 22
Slide 23: Global Warehouse Segment
Global Warehouse Segment HISTORICAL UTILIZATION AND MINIMUM STORAGE GUARANTEES Average Economic and Physical Occupancy in Contracts with Minimum Storage Our Global Warehousing Segment Guaranteed & Lease Revenue (as % of Rent and Storage Revenue) 87.7% 87.3% 87.2% 85.1% 84.5% 84.3% 83.7% 83.6% 83.9%
Slide 24: Global Warehouse Segment
Global Warehouse Segment HISTORICAL SAME WAREHOUSE NOI GROWTH – AS REPORTED Same Warehouse NOI – Recent Trend1 Q1 Q2 Q3 Q4 FY 2023 22.5% 19.0% 11.0% 9.0% 15.3% 2024 (2.9)% (2.3)% 2.4% 1.2% (0.6)% 2025 (7.9)% 1. As reported. 24
Slide 25: Consolidated Balance Sheets
Consolidated Balance Sheets March 31, December 31, (in millions, except par values) 2025 2024 (unaudited) Assets Current assets: Cash, cash equivalents, and restricted cash $ 197 $ 175 Accounts receivable, net 847 826 Inventories 175 187 Prepaid expenses and other current assets 171 97 Total current
Slide 26: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended March 31, (in millions, except per share amounts) 2025 2024 (unaudited) Net revenues $ 1,292 $ 1,328 Cost of operations 876 884 General and administrative expense 154 124 Depreciation expense 158 158 Amortization expense 54 53 Acquisition, tra
Slide 27: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Three Months Ended March 31, 2025 2024 (unaudited) Cash flows from operating activities: Net income (loss) $ — $ (48) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 1 1 Impairment of long-live
Slide 28: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) Three Months Ended March 31, 2025 2024 (unaudited) Cash flows from financing activities: Dividends and other distributions $ (134) $ (112) Redemption of redeemable noncontrolling interests — (6) Financing fees — (44) Proceeds from long-term debt — 81
Slide 29: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 29
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations NOI RECONCILIATION TO NET INCOME Three Months Ended March 31, (in millions) 2022 2023 2024 2025 Net Income (Loss) $1 $19 $(48) $— Stock-based compensation expense in cost of operations — — — 1 General and administrative expense 88 115 124 154 Depreciation expense 117 129 158
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations NOI RECONCILIATION TO NET INCOME - LAST FIVE QUARTERS (Q1 2025 Pool) March 31, June 30, September 30, December 31, March 31, (in millions) 2024 2024 2024 2024 2025 Net Income (Loss) $(48) $(80) $(543) $(80) $— Stock-based compensation expense in cost of operations — — 1 2 1
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME QTD Three Months Ended March 31, (in millions) 2022 2023 2024 2025 Net Income (loss) $1 $19 $(48) $— Adjustments: Depreciation and amortization expense $166 $181 $211 $212 Interest expense, net 66 115 139 60 Income tax expense (be
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME - LAST TWELVE MONTHS (LTM) Three Months Ended Twelve Months Ended (in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2025 Net Income (loss) $(80) $(543) $(80) $— $(703) Adjustments: Depreciat
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME QTD Three Months Ended March 31, 2022 2023 2024 2025 Net Income (loss) $1 $19 $(48) $— Adjustments: Real estate depreciation $71 $80 $85 $85 In-place lease intangible amortization 2 2 2 1 Net loss (gain) on sale of real estate assets
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations NET DEBT RECONCILIATION As of March 31, (in millions) 2025 Total debt, net $5,185 Finance lease obligations 1,405 Failed sale-leaseback financing obligations 69 Kloosterboer preference shares 260 Total debt and debt-like obligations $6,919 Deferred financing costs 12 Above/b
Slide 36: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use the following non-GAAP financial measures as supplemental performance measures of our business: segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Adjusted EBITDA margin, and net debt. We also use same warehouse and non-same warehouse metr
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures (continued) We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the NAREIT. NAREIT defines FFO as net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP a
Slide 38: Thank you
Thank you C O N TA C T Evan Barbosa VP, Investor Relations ir@onelineage.com 38
Lineage Cell Therapeutics — Q1 2025 Earnings Presentation on 6ix