Viking Holdings Ltd (the “Company” or “Viking”) (NYSE: VIK)
today reported financial results for the third quarter ended
September 30, 2024.
Key Highlights
- Total revenue for the third quarter of 2024 increased 11.4%, or
$171.9 million compared to the same period in 2023.
- Gross margin increased 18.0% and Adjusted Gross Margin
increased 12.0% compared to the same period in 2023, resulting in a
Net Yield of $576.
- Adjusted EBITDA increased 15.3% compared to the same period in
2023.
- Diluted EPS was $0.86 and Adjusted EPS was $0.89.
- Net Leverage improved from 3.0x as of June 30, 2024 to 2.4x as
of September 30, 2024.
- As of November 3, 2024, for its Core Products, Viking had sold
95% of its Capacity Passenger Cruise Days for the 2024 season and
70% for the 2025 season.
“The strength of our one Viking brand and our loyal guests are
two key factors that drove our impressive third quarter financial
results, positioning us for what looks to be a strong 2024,” said
Torstein Hagen, Chairman and CEO of Viking. “With our capacity sold
for 2024, our sales and marketing focus has shifted to the upcoming
2025 season and beyond. As we continue to expand our fleet in the
coming months and years, we are capitalizing on our own ability to
generate demand fueled by our distinctive and well-defined product,
strong brand recognition, effective cross-selling practices, and a
singular sales and marketing approach.”
Third Quarter 2024 Consolidated
Results
During the third quarter of 2024, Capacity PCDs increased by
1.9% over the same period in 2023. Occupancy for the third quarter
of 2024 was 94.0%.
Total revenue for the third quarter of 2024 was $1,678.7
million, an increase of $171.9 million, or 11.4% over the same
period in 2023 mainly driven by higher revenue per PCD in 2024
compared to 2023.
Gross margin for the third quarter of 2024 was $717.8 million,
an increase of $109.3 million, or 18.0%, over the same period in
2023 and Adjusted Gross Margin for the third quarter of 2024 was
$1,098.9 million, an increase of $118.1 million, or 12.0%, over the
same period in 2023. Net Yield was $576 for the third quarter, up
11.0% year-over year.
For the third quarter of 2024, vessel operating expenses were
$329.2 million and vessel operating expenses excluding fuel were
$284.8 million. Compared to the same period in 2023, vessel
operating expenses increased $11.8 million, or 3.7%, and vessel
operating expenses excluding fuel increased $12.1 million, or 4.4%
mainly driven by maintenance and repair costs and the increase in
the size of the Company's fleet in 2024 compared to 2023.
Net income for the third quarter of 2024 was $374.8 million
compared to a net loss of $1,238.2 million for the same period in
2023. The net income for the third quarter of 2024 includes a loss
of $18.6 million from the revaluation of warrants issued by the
Company due to stock price appreciation. In comparison, the third
quarter of 2023 includes a loss of $1,518.5 million from the impact
of the Series C Preference Shares and an additional $72.7 million
loss due to the revaluation of warrants issued by the Company. The
Company’s Series C Preference Shares converted into ordinary shares
immediately prior to the consummation of the Company’s IPO. The
second quarter of 2024 was the final quarterly period for which the
financial results included Private Placement derivative loss and
interest expense related to the Series C Preference Shares.
Adjusted Net Income attributable to Viking Holdings Ltd for the
third quarter of 2024 was $393.6 million.
Adjusted EBITDA increased by $73.6 million compared to the third
quarter of 2023. The increase in Adjusted EBITDA was mainly driven
by higher revenue per PCD.
Diluted EPS was $0.86 and Adjusted EPS was $0.89 for the third
quarter of 2024.
“We have already sold 70% of the capacity PCDs for our Core
Products for 2025, with both volume and rates exceeding those for
the 2024 season at the same point in time. As we continue to
deliver strong financial results, we remain equally committed to
providing unforgettable experiences for our guests,” said Leah
Talactac, CFO of Viking. “Our focus on excellence creates lasting
memories that inspire our guests to return and sail with us time
and again. In addition, our efficiently designed ships lead to
strong margins. This balance is key to our long-term success and
sustainable growth.”
Update on Operating Capacity and
Bookings
For our Core Products, operating capacity is 5% higher for the
2024 season compared to the 2023 season and 12% higher for the 2025
season compared to the 2024 season.
As of November 3, 2024, for our Core Products, we had sold 95%
of our Capacity PCDs for the 2024 season and 70% for the 2025
season. We had $4,633 million of Advance Bookings for the 2024
season, 14% higher than the 2023 season at the same point in time;
and we had $4,329 million of Advance Bookings for the 2025 season,
26% higher than the 2024 season at the same point in time. Advance
Bookings per PCD for the 2024 season was $727, 8% higher than the
2023 season at the same point in time, and Advance Bookings per PCD
for the 2025 season was $820, 7% higher than the 2024 season at the
same point in time.
Balance Sheet and
Liquidity
As of September 30, 2024:
- The Company had $2.4 billion in cash and cash equivalents and
an undrawn revolver facility of $375.0 million.
- The scheduled principal payments were $52.7 million for the
remainder of 2024 and $461.9 million for 2025.
- Deferred revenue was $4.0 billion.
New Build and Capacity
During October 2024, the Company:
- Took delivery of the Viking Sobek, a river vessel that will
operate in Egypt.
- Exercised its options for ship XIX and ship XX, which are both
scheduled for delivery in 2030 and are subject to certain financing
and other conditions.
- Entered into option agreements for four additional ocean ships,
two of which have an exercise date of October 30, 2025, for
delivery in 2031 and two of which have an exercise date of July 31,
2026, for delivery in 2032.
Based on the committed orderbook, the Company expects to take
delivery of one ocean ship later this year.
Conference Call Information
The Company has scheduled a conference call for Tuesday,
November 19, 2024, at 8 a.m. Eastern Time to discuss third quarter
2024 results and provide a business update. A link to the live
webcast can be found on the Company’s Investor Relations website at
https://ir.viking.com/. A replay of the conference call will also
be available on the same website for 30 days after the call.
About Viking
Viking was founded in 1997 and provides destination-focused
journeys on rivers, oceans, and lakes around the world. Designed
for curious travelers with interests in science, history, culture
and cuisine, Chairman and CEO Torstein Hagen often says Viking
offers experiences for The Thinking Person™. Viking has more than
450 awards to its name, including being rated #1 for Rivers, #1 for
Oceans and #1 for Expeditions by Condé Nast Traveler in the 2023
and 2024 Readers' Choice Awards. Viking is also rated a “World's
Best” for rivers, oceans and expeditions by Travel + Leisure. No
other travel company has simultaneously received the same honors by
both publications. For additional information, visit
www.viking.com.
Definitions
“Adjusted Earnings per Share” or "Adjusted EPS" represents
Adjusted Net Income attributable to Viking Holdings Ltd divided by
Adjusted Weighted-Average Shares Outstanding.
“Adjusted EBITDA” is EBITDA (consolidated net income (loss)
adjusted for interest income, interest expense, income tax benefit
(expense) and depreciation, amortization and impairment) as further
adjusted for non-cash Private Placement derivative gains and
losses, currency gains or losses, stock-based compensation expense
and other financial income (loss) (which includes forward gains and
losses, gain or loss on disposition of assets, certain non-cash
fair value adjustments, restructuring charges and non-recurring
items).
“Adjusted Gross Margin” is gross margin adjusted for vessel
operating expenses and ship depreciation and impairment. Gross
margin is calculated pursuant to IFRS as total revenue less total
cruise operating expenses and ship depreciation and impairment.
“Adjusted Net Income attributable to Viking Holdings Ltd”
represents net income (loss) attributable to Viking Holdings Ltd
excluding certain items that we believe are not part of our primary
operating business and are not an indication of our future earnings
performance. We believe that interest expense and Private Placement
derivatives gain (loss) related to our Series C Preference Shares,
warrants gain (loss), debt extinguishment and modification costs,
gain (loss) on embedded derivatives associated with debt and
financial liabilities, impairment charges and reversals and certain
other gains and losses are not a part of our primary operating
business and are not an indication of our future earnings
performance.
“Adjusted Weighted-Average Shares Outstanding” represents the
diluted weighted-average ordinary shares and special shares
outstanding, adjusted for outstanding warrants and the impact of
RSUs and stock options under the treasury stock method to the
extent not included in diluted weighted-average ordinary shares
outstanding, as further adjusted in 2024 to reflect the conversion
of the Series C Preference Shares and preference shares as if it
had occurred at the beginning of the year.
“Advance Bookings” is the aggregate ticketed amount for guest
bookings for our voyages at a specific point in time, and include
bookings for cruises, land extensions and air.
“Capacity PCDs” is, with respect to any given period, a
measurement of capacity that represents, for each ship operating
during the relevant period, the number of berths multiplied by the
number of Ship Operating Days, determined on an aggregated basis
for all ships in operation during the relevant period.
“Core Products” are Viking River, Viking Ocean, Viking
Expedition and Viking Mississippi, which are marketed to North
America, the United Kingdom, Australia and New Zealand.
“Diluted Earnings Per Share” or “Diluted EPS” is diluted net
income (loss) per share attributable to ordinary and special
shares.
“Net Debt” is Total Debt plus lease liabilities net of cash and
cash equivalents.
“Net Leverage” is Net Debt divided by trailing four quarter
Adjusted EBITDA.
“Net Yield” is Adjusted Gross Margin divided by PCDs.
“Occupancy” is the ratio, expressed as a percentage, of PCDs to
Capacity PCDs with respect to any given period. We do not allow
more than two passengers to occupy a two-berth stateroom.
Additionally, we have guests who choose to travel alone and are
willing to pay higher prices for single occupancy in a two-berth
stateroom. As a result, our Occupancy cannot exceed 100%, and may
be less than 100%, even if all our staterooms are booked.
“Passenger Cruise Days” or “PCDs” is the number of passengers
carried for each cruise, with respect to any given period and for
each ship operating during the relevant period, multiplied by the
number of Ship Operating Days.
“Ship Operating Days” is the number of days within any given
period that a ship is in service and carrying cruise passengers,
determined on an aggregated basis for all ships in operation during
the relevant period.
“Total Debt” is indebtedness outstanding, gross of loan fees,
excluding lease liabilities, Private Placement liabilities and
Private Placement derivatives.
“Vessel operating expenses excluding fuel” is vessel operating
expenses less fuel expense.
Non-IFRS Financial Measures
We use certain non-IFRS financial measures, such as Adjusted
Gross Margin, Net Yield, Adjusted EBITDA and Adjusted EPS, to
analyze our performance. We present Adjusted EBITDA as a
performance measure because we believe it facilitates a comparison
of our consolidated operating performance on a consistent basis
from period-to-period and provides for a more complete
understanding of factors and trends affecting our business than
measures under IFRS can provide alone. We also believe that
Adjusted EBITDA is useful to investors in evaluating our operating
performance because it provides a means to evaluate the operating
performance of our business on an ongoing basis using criteria that
our management uses for evaluation and planning purposes. Because
Adjusted EBITDA facilitates internal comparisons of our historical
financial position and consolidated operating performance on a more
consistent basis, our management also uses Adjusted EBITDA in
measuring our performance relative to that of our competitors,
assessing our ability to incur and service our indebtedness and in
communications with our board of directors concerning our operating
performance. We utilize Adjusted Gross Margin and Net Yield to
manage our business because these measures reflect revenue earned
net of certain direct variable costs.
We also present certain non-IFRS financial measures because we
believe that they are widely used by certain investors, securities
analysts and other interested parties as supplemental measures of
performance and liquidity. Our non-IFRS financial measures have
limitations as analytical tools, may not be comparable to other
similarly titled measures of other companies and should not be
considered in isolation or as a substitute for analysis of our
operating results as reported under IFRS.
See “Definitions” for additional information about our non-IFRS
financial measures and “Non-IFRS Reconciling Information” for a
reconciliation for each non-IFRS financial measure to the most
directly comparable IFRS financial measure.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements in this press release constitute
“forward-looking statements” within the meaning of the U.S. federal
securities laws intended to qualify for the safe harbor from
liability established by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include, but are not
limited to, all statements other than statements of historical
facts contained in this press release, including among others,
statements relating to our future financial performance, our
business prospects and strategy, our expected fleet additions, our
anticipated financial position, liquidity and capital needs and
other similar matters. In some cases, we have identified
forward-looking statements in this press release by using words
such as “anticipates,” “estimates,” “expects,” “intends,” “plans”
and “believes,” and similar expressions or future or conditional
verbs such as “will,” “should,” “would,” “may” and “could.” These
forward-looking statements are based on management’s current
expectations and assumptions about future events, which are
inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict or which are beyond our
control. You should not place undue reliance on the forward-looking
statements included in this press release or that may be made
elsewhere from time to time by us, or on our behalf. Our actual
results may differ materially from those expressed in, or implied
by, the forward-looking statements included in this press release
as a result of various factors, which are described in our filings
with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this
press release. Except as required by law, we assume no obligation
to update or revise these forward-looking statements for any
reason, even if new information becomes available in the future.
All forward-looking statements attributable to us are expressly
qualified by these cautionary statements.
VIKING HOLDINGS LTD
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in USD and thousands, except
per share data, unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
Revenue
Cruise and land
$
1,564,842
$
1,402,252
$
3,710,665
$
3,341,830
Onboard and other
113,895
104,546
273,488
248,733
Total revenue
1,678,737
1,506,798
3,984,153
3,590,563
Cruise operating expenses
Commissions and transportation costs
(366,616
)
(337,892
)
(850,104
)
(804,959
)
Direct costs of cruise, land and
onboard
(213,254
)
(188,155
)
(502,204
)
(441,848
)
Vessel operating
(329,249
)
(317,387
)
(939,337
)
(905,457
)
Total cruise operating expenses
(909,119
)
(843,434
)
(2,291,645
)
(2,152,264
)
Other operating expenses
Selling and administration
(218,978
)
(188,252
)
(659,389
)
(589,571
)
Depreciation, amortization and
impairment
(61,052
)
(62,807
)
(187,104
)
(188,817
)
Total other operating expenses
(280,030
)
(251,059
)
(846,493
)
(778,388
)
Operating income
489,588
412,305
846,015
659,911
Non-operating income (expense)
Interest income
16,758
12,607
49,965
31,440
Interest expense
(90,002
)
(122,873
)
(308,114
)
(419,800
)
Currency (loss) gain
(18,313
)
21,096
(8,133
)
6,114
Private Placement derivative loss
—
(1,494,781
)
(364,214
)
(1,428,521
)
Other financial loss
(18,359
)
(68,475
)
(164,882
)
(108,748
)
Income (loss) before income taxes
379,672
(1,240,121
)
50,637
(1,259,604
)
Income tax (expense) benefit
(4,872
)
1,929
(13,964
)
(2,901
)
Net income (loss)
$
374,800
$
(1,238,192
)
$
36,673
$
(1,262,505
)
Net income (loss) attributable to Viking
Holdings Ltd
$
375,094
$
(1,238,199
)
$
36,522
$
(1,262,499
)
Net (loss) income attributable to
non-controlling interests
$
(294
)
$
7
$
151
$
(6
)
Weighted-average ordinary and special
shares outstanding (in thousands)
Basic
431,604
221,936
339,779
221,936
Diluted
435,521
221,936
341,922
221,936
Net income (loss) per share attributable
to ordinary and special shares
Basic
$
0.87
$
(3.02
)
$
0.09
$
(3.03
)
Diluted
$
0.86
$
(3.02
)
$
0.09
$
(3.03
)
VIKING HOLDINGS LTD
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS)
(in USD and thousands,
unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
Net income (loss)
$
374,800
$
(1,238,192
)
$
36,673
$
(1,262,505
)
Other comprehensive income (loss)
Other comprehensive income (loss) to be
reclassified to net income (loss) in subsequent periods:
Exchange differences on translation of
foreign operations
(4,434
)
(2,405
)
(584
)
10,271
Net change in cash flow hedges
23,386
(14,362
)
4,369
(16,580
)
Net other comprehensive income (loss) to
be reclassified to net income (loss) in subsequent periods
18,952
(16,767
)
3,785
(6,309
)
Other comprehensive income (loss), net of
tax
18,952
(16,767
)
3,785
(6,309
)
Total comprehensive income (loss)
$
393,752
$
(1,254,959
)
$
40,458
$
(1,268,814
)
Total comprehensive income (loss)
attributable to Viking Holdings Ltd
$
394,034
$
(1,254,963
)
$
40,306
$
(1,268,780
)
Total comprehensive (loss) income
attributable to non-controlling interests
$
(282
)
$
4
$
152
$
(34
)
VIKING HOLDINGS LTD
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(in USD and thousands,
unaudited)
September 30, 2024
December 31, 2023
(audited)
Assets
Non-current assets
Property, plant and equipment and
intangible assets
$
5,878,503
$
5,684,315
Right-of-use assets
273,145
268,834
Investments in associated companies
12,655
10,473
Deferred tax assets
48,580
42,853
Other non-current assets
149,538
136,855
Total non-current assets
6,362,421
6,143,330
Current assets
Cash and cash equivalents
2,385,458
1,513,713
Accounts and other receivables
236,748
344,754
Inventories
59,451
54,602
Prepaid expenses and other current
assets
500,572
427,202
Current receivables due from related
parties
3,836
12,316
Total current assets
3,186,065
2,352,587
Total assets
$
9,548,486
$
8,495,917
Shareholders' equity and
liabilities
Shareholders' equity
$
(781,408
)
$
(5,349,879
)
Non-current liabilities
Long-term portion of bank loans and
financial liabilities
1,574,167
1,757,372
Secured Notes
1,017,031
1,015,657
Long-term portion of Unsecured Notes
2,024,017
2,270,246
Private Placement liability
—
1,394,552
Private Placement derivative
—
2,640,759
Long-term portion of lease liabilities
218,771
227,956
Deferred tax liabilities
3,860
4,082
Other non-current liabilities
26,503
171,281
Total non-current liabilities
4,864,349
9,481,905
Current liabilities
Accounts payables
264,005
244,581
Short-term portion of bank loans and
financial liabilities
200,217
253,020
Short-term portion of Unsecured Notes
249,422
—
Short-term portion of lease
liabilities
29,017
24,670
Deferred revenue
4,036,076
3,486,579
Accrued expenses and other current
liabilities
686,808
355,041
Total current liabilities
5,465,545
4,363,891
Total shareholders' equity and
liabilities
$
9,548,486
$
8,495,917
VIKING HOLDINGS LTD
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in USD and thousands,
unaudited)
Nine Months Ended
September 30,
2024
2023
Cash flows from operating
activities
Net income (loss)
$
36,673
$
(1,262,505
)
Adjustments to reconcile net income (loss)
to net cash flows
Depreciation, amortization and
impairment
187,104
188,817
Amortization of debt transaction costs
22,713
29,167
Loss on early extinguishment of debt
—
48,033
Private Placement derivative loss
364,214
1,428,521
Foreign currency loss (gain) on loans
6,027
(17,742
)
Non-cash financial loss
162,562
116,001
Stock based compensation expense
10,534
15,074
Interest income
(49,965
)
(31,440
)
Interest expense
285,401
342,600
Dividend income
(443
)
(2,969
)
Changes in working capital:
Increase in deferred revenue
549,497
273,413
Changes in other liabilities and
assets
148,424
123,151
Increase in inventories
(4,532
)
(7,877
)
Changes in deferred tax assets and
liabilities
7,728
(5,023
)
Changes in other non-current assets and
other non-current liabilities
(16,322
)
28,868
Changes in related party receivables and
payables
8,480
6,839
Income taxes paid
(6,606
)
(5,179
)
Net cash flow from operating
activities
1,711,489
1,267,749
Cash flows from investing
activities
Investments in property, plant and
equipment and intangible assets
(367,021
)
(578,121
)
Capital contribution to associated
company
(6,500
)
(7,000
)
Prepayment for vessel charter
—
(1,382
)
Dividends received
443
2,969
Interest received
52,361
31,440
Net cash flow used in investing
activities
(320,717
)
(552,094
)
Cash flows from financing
activities
Repayment of borrowings
(256,530
)
(894,922
)
Proceeds from borrowings
—
1,069,088
Transaction costs incurred for
borrowings
(4,698
)
(51,252
)
Proceeds from initial public offering, net
of underwriting discounts and commissions, and offering
expenses
243,927
—
Taxes paid related to net share settlement
of equity awards
(124,109
)
—
Dividend distribution
(18,949
)
(24,624
)
Penalties paid for early extinguishment of
debt
—
(32,906
)
Principal payments for lease
liabilities
(23,102
)
(14,067
)
Interest payments for lease
liabilities
(15,761
)
(17,271
)
Interest paid
(322,912
)
(330,521
)
Net cash flow used in financing
activities
(522,134
)
(296,475
)
Change in cash and cash equivalents
868,638
419,180
Effect of exchange rate changes on cash
and cash equivalents
3,107
(1,699
)
Net increase in cash and cash
equivalents
$
871,745
$
417,481
Cash and cash equivalents
Cash and cash equivalents at January 1
$
1,513,713
$
1,253,140
Cash and cash equivalents at September
30
2,385,458
1,670,621
Net increase in cash and cash
equivalents
$
871,745
$
417,481
The following table sets forth selected statistical and
operating data on a consolidated basis:
Statistical and Operating Data
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
Consolidated
Vessels operated
87
84
87
84
Passengers
208,337
207,425
500,103
489,909
PCDs
1,908,364
1,890,785
4,730,050
4,529,065
Capacity PCDs
2,030,236
1,992,534
5,026,720
4,799,636
Occupancy
94.0
%
94.9
%
94.1
%
94.4
%
Adjusted Gross Margin (in thousands)
$
1,098,867
$
980,751
$
2,631,845
$
2,343,756
Net Yield
$
576
$
519
$
556
$
517
Vessel operating expenses (in
thousands)
$
329,249
$
317,387
$
939,337
$
905,457
Vessel operating expenses excluding fuel
(in thousands)
$
284,804
$
272,682
$
807,940
$
769,525
Vessel operating expenses per Capacity
PCD
$
162
$
159
$
187
$
189
Vessel operating expenses excluding fuel
per Capacity PCD
$
140
$
137
$
161
$
160
The following table sets forth selected statistical and
operating data for Viking River and for Viking Ocean:
Statistical and Operating Data
Nine Months Ended
September 30,
2024
2023
(unaudited)
Viking River
Vessels operated
70
70
Passengers
276,078
277,299
PCDs
2,192,888
2,208,591
Capacity PCDs
2,300,424
2,309,656
Occupancy
95.3
%
95.6
%
Adjusted Gross Margin (in thousands)
$
1,197,797
$
1,068,040
Net Yield
$
546
$
484
Viking Ocean (a)
Vessels operated
10
9
Passengers
188,764
183,335
PCDs
2,197,517
2,045,476
Capacity PCDs
2,312,910
2,158,530
Occupancy
95.0
%
94.8
%
Adjusted Gross Margin (in thousands)
$
1,171,083
$
1,048,593
Net Yield
$
533
$
513
(a)
Vessels operated includes the Viking Yi
Dun, which operated for select Viking Ocean sailings for the nine
months ended September 30, 2024.
Non-IFRS Reconciling Information
The following table reconciles gross margin, the most directly
comparable IFRS measure, to Adjusted Gross Margin for the three and
nine months ended September 30, 2024 and 2023 on a consolidated
basis:
Three Months Ended
Nine Months Ended
Consolidated
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
(in thousands)
Total revenue
$
1,678,737
$
1,506,798
$
3,984,153
$
3,590,563
Total cruise operating expenses
(909,119
)
(843,434
)
(2,291,645
)
(2,152,264
)
Ship depreciation
(51,817
)
(54,840
)
(157,542
)
(164,375
)
Gross margin
717,801
608,524
1,534,966
1,273,924
Ship depreciation
51,817
54,840
157,542
164,375
Vessel operating
329,249
317,387
939,337
905,457
Adjusted Gross Margin
$
1,098,867
$
980,751
$
2,631,845
$
2,343,756
The following tables reconcile gross margin, the most directly
comparable IFRS measure, to Adjusted Gross Margin for the nine
months ended September 30, 2024 and 2023 for Viking River and for
Viking Ocean:
Nine Months Ended
Viking River
September 30,
2024
2023
(unaudited)
(in thousands)
Total revenue
$
1,937,289
$
1,771,808
Total cruise operating expenses
(1,146,990
)
(1,092,912
)
Ship depreciation
(57,045
)
(67,933
)
Gross margin
733,254
610,963
Ship depreciation
57,045
67,933
Vessel operating
407,498
389,144
Adjusted Gross Margin
$
1,197,797
$
1,068,040
Nine Months Ended
Viking Ocean
September 30,
2024
2023
(unaudited)
(in thousands)
Total revenue
$
1,684,506
$
1,508,344
Total cruise operating expenses
(922,988
)
(862,517
)
Ship depreciation
(75,123
)
(71,967
)
Gross margin
686,395
573,860
Ship depreciation
75,123
71,967
Vessel operating
409,565
402,766
Adjusted Gross Margin
$
1,171,083
$
1,048,593
The following table reconciles vessel operating expenses
excluding fuel to vessel operating expenses, the most directly
comparable IFRS measure, for the three and nine months ended
September 30, 2024 and 2023:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
(in thousands)
Vessel operating expenses
$
329,249
$
317,387
$
939,337
$
905,457
Fuel expense
(44,445
)
(44,705
)
(131,397
)
(135,932
)
Vessel operating expenses excluding
fuel
$
284,804
$
272,682
$
807,940
$
769,525
The following table reconciles net income (loss), the most
directly comparable IFRS measure, to Adjusted EBITDA for the three
and nine months ended September 30, 2024 and 2023:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
(in thousands)
Net income (loss)
$
374,800
$
(1,238,192
)
$
36,673
$
(1,262,505
)
Interest income
(16,758
)
(12,607
)
(49,965
)
(31,440
)
Interest expense
90,002
122,873
308,114
419,800
Income tax expense (benefit)
4,872
(1,929
)
13,964
2,901
Depreciation, amortization and
impairment
61,052
62,807
187,104
188,817
EBITDA
513,968
(1,067,048
)
495,890
(682,427
)
Private Placement derivative loss
—
1,494,781
364,214
1,428,521
Warrants loss
18,594
72,660
165,324
70,877
Other financial (income) loss
(52
)
(1,407
)
(1,656
)
45,511
Currency loss (gain)
18,313
(21,096
)
8,133
(6,114
)
Stock based compensation expense
3,476
2,815
10,534
15,074
Adjusted EBITDA
$
554,299
$
480,705
$
1,042,439
$
871,442
The following tables show the calculation of Adjusted EPS for
the three and nine months ended September 30, 2024. Additionally,
the following tables reconcile net income attributable to Viking
Holdings Ltd, the most directly comparable IFRS measure, to
Adjusted Net Income attributable to Viking Holdings Ltd and diluted
weighted-average ordinary shares and special shares outstanding,
the most directly comparable IFRS measure, to Adjusted
Weighted-Average Shares Outstanding for the three and nine months
ended September 30, 2024:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2024
(unaudited)
(in thousands)
Net income attributable to Viking Holdings
Ltd
$
375,094
$
36,522
Interest expense and Private Placement
derivatives loss related to Series C Preference Shares
—
396,207
Warrants loss
18,594
165,324
(Gain) loss, net, for debt extinguishment
and modification costs and embedded derivatives associated with
debt and financial liabilities
(52
)
(431
)
Adjusted Net Income attributable to
Viking Holdings Ltd
$
393,636
$
597,622
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2024
(unaudited)
(in thousands)
Weighted-average ordinary shares and
special shares outstanding – Diluted
435,521
341,922
Outstanding warrants
8,733
8,733
Assumed conversion of Series C Preference
Shares and preference shares at the beginning of 2024
—
82,155
Adjusted Weighted-Average Shares
Outstanding
444,254
432,810
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2024
(unaudited)
(in thousands)
Adjusted Net Income attributable to Viking
Holdings Ltd
$
393,636
$
597,622
Adjusted Weighted-Average Shares
Outstanding
444,254
432,810
Adjusted EPS
$
0.89
$
1.38
The following table calculates Net Leverage for the twelve
months ended September 30, 2024 and June 30, 2024:
September 30, 2024
June 30, 2024
(unaudited)
(in thousands, except Net
Leverage)
Long-term debt (1)
$
4,710,831
$
4,743,410
Current portion of long-term debt (1)
465,227
456,153
Long-term portion of lease liabilities
218,771
215,385
Short-term portion of lease
liabilities
29,017
24,658
Total
5,423,846
5,439,606
Less: Cash and cash equivalents
(2,385,458
)
(1,842,142
)
Net Debt
$
3,038,388
$
3,597,464
Adjusted EBITDA
$
1,261,319
$
1,187,725
Net Leverage
2.4
x
3.0
x
(1)
All amounts are gross of fees.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241119151367/en/
Investor Relations Email:
investorrelations@viking.com
Public Relations Email: vikingpr@edelman.com
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