LINE — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-06

• factors, such as the geographic location of the products stored by the customer, the type of products stored by the customer, or the different business units of a customer.

• •Warehouse Agreements. Warehouse agreements are designed to accommodate the individual needs and characteristics of our customers and may include negotiated provisions, such as a fixed term, transactional pricing for warehouse services, pricing increase mechanisms based on inflationary cost increase…

• Cost of operations. Our global warehousing segment cost of operations consists primarily of labor, power, and other warehouse costs. Labor comprises the largest component of the cost of operations from our global warehousing segment and consists primarily of employee wages (both direct and indirect)…

• Our second-largest cost of operations is power utilized in the operation of our temperature-controlled warehouses. We may, from time to time, hedge our exposure to changes in power prices through fixed rate agreements. In addition, to the extent possible and appropriate, we may seek to mitigate or o…

• •Occupancy and Throughput. After a period of inventory adjustments from our customers over the last few years, we are seeing our occupancy levels stabilize and a return to more normal seasonal inventory patterns. Occupancy, throughput, and related ancillary services were also impacted by evolving ta…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• •Warehouse Agreements. Warehouse agreements are designed to accommodate the individual needs and characteristics of our customers and may include negotiated provisions, such as a fixed term, transactional pricing for warehouse services, pricing increase mechanisms based on inflationary cost increase…

• and late payments if payment is not received within 30 days after invoicing. The initial term of our warehouse agreements generally ranges from one to five years for typical customer relationships and 10 to 20 years for build-to-suit warehouses. Renewal periods, in each case, generally range from on…

• Cost of operations. Our global warehousing segment cost of operations consists primarily of labor, power, and other warehouse costs. Labor comprises the largest component of the cost of operations from our global warehousing segment and consists primarily of employee wages (both direct and indirect)…

• •Occupancy and Throughput. Coming out of the global pandemic, we experienced higher physical occupancy levels through the first half of 2023, particularly in North America, significantly driven by customers increasing production and inventories in response to supply chain backlogs in recent years. B…

• Occupancy, throughput, and related ancillary services are also impacted by import and export activity, and we have seen notable impacts in the third quarter due to tariffs and trade policies. As trade agreements are reached, we are continuing to monitor the impact of tariffs on our and our customers…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• We are exposed to foreign currency exchange variability related to investments in and earnings from our foreign subsidiaries, as the revenues and expenses of these subsidiaries are typically generated in the currencies of the countries in which they operate. Foreign currency market risk is the possi…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• During the nine months ended September 30, 2025, we executed forward-starting hedges which will effectively lock in the floating rates on $1,250 million of our variable-rate debt upon the expiration of the above-described hedges. These hedges include swapping $750 million of borrowings under the Rev…

• We are exposed to foreign currency exchange variability related to investments in and earnings from our foreign subsidiaries, as the revenues and expenses of these subsidiaries are typically generated in the currencies of the countries in which they operate. Foreign currency market risk is the possi…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), we evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) unde…

• Based on this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were not effective as of March 31, 2026 because of the material weakness in our internal control over financial reporting identified in connection with the audit of our consolidated financial stateme…

• Notwithstanding the material weakness described below, management believes the condensed consolidated financial statements for the periods covered by and included in this Quarterly Report on Form 10-Q fairly present, in all material respects, the Company’s financial condition, results of operations,…

• As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2025, we identified the following material weakness in internal control over financial reporting related to information technology general controls (“ITGCs”) as of December 31, 2025:

• We did not design and maintain effective ITGCs for information systems that are relevant to the preparation of our consolidated financial statements. Specifically, we did not design and maintain: (i) program change management controls to ensure that program and data changes are identified, tested, a…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• Under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e…

• disclosures controls and procedures were effective as of September 30, 2025 at a reasonable assurance level. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in the reports filed or submitted by us under the Exchange…

• There have been no changes in our internal control over financial reporting identified during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) und…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• On May 4, 2026, LLH and Bay Grove Management entered into a first amendment (the “TSA Amendment”) to the transition services agreement, dated as of July 24, 2024 (the “Transition Services Agreement”), in connection with the Company’s hiring of certain employees of Bay Grove Management. Commencing as…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• The Company entered into the Transition Agreement with its retiring Chief Financial Officer, Robert Crisci, on October 31, 2025 that is expected to run through April 2, 2027, pursuant to which Mr. Crisci will remain an employee in a senior advisory role and (i) receive a weekly base salary of $15,00…

• The foregoing description of the Transition Agreement does not purport to be complete and is qualified in its entirety by the full text of the Transition Agreement, which is filed as Exhibit 10.2 to this Quarterly Report.