Viking Reports Second Quarter 2024 Financial Results
Viking Holdings (NYSE: VIK) reported strong financial results for Q2 2024. Total revenue increased 9.1% to $1,587.3 million, while Adjusted Gross Margin rose 9.5% compared to Q2 2023. Net Yield grew 6.6% to $562, and Adjusted EBITDA increased 11.6%. The company's Net Leverage improved from 3.4x to 3.0x.
Viking has already sold 95% and 55% of its Capacity Passenger Cruise Days for 2024 and 2025 seasons, respectively. Advance Bookings for 2024 and 2025 are 14% and 20% higher than previous seasons. The company's fleet capacity is set to increase by 5% in 2024 and 12% in 2025.
Net income for Q2 2024 was $155.8 million, impacted by non-cash items. Excluding these, net income was $344.6 million. Viking maintains a strong liquidity position with $1.8 billion in cash and cash equivalents.
Viking Holdings (NYSE: VIK) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. Le entrate totali sono aumentate del 9,1% a $1.587,3 milioni, mentre il Margine Lordo Rettificato è cresciuto del 9,5% rispetto al secondo trimestre del 2023. Il Rendimento Netto è aumentato del 6,6% a $562 e l'EBITDA Rettificato è salito dell'11,6%. Il Leverage Netto dell'azienda è migliorato da 3,4x a 3,0x.
Viking ha già venduto il 95% e il 55% della sua Capacità di Giorni di Crociera Passeggeri per le stagioni 2024 e 2025, rispettivamente. Le Prenotazioni Anticipate per il 2024 e il 2025 sono superiori del 14% e del 20% rispetto alle stagioni precedenti. La capacità della flotta dell'azienda è destinata ad aumentare del 5% nel 2024 e del 12% nel 2025.
Il reddito netto per il secondo trimestre del 2024 è stato di $155,8 milioni, influenzato da elementi non monetari. Escludendo questi, il reddito netto è stato di $344,6 milioni. Viking mantiene una posizione di liquidità forte con $1,8 miliardi in contante e equivalenti.
Viking Holdings (NYSE: VIK) reportó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos totales aumentaron un 9,1% a $1,587.3 millones, mientras que el Margen Bruto Ajustado creció un 9,5% en comparación con el segundo trimestre de 2023. El Rendimiento Neto creció un 6,6% a $562, y el EBITDA Ajustado aumentó un 11,6%. El Apalancamiento Neto de la compañía mejoró de 3.4x a 3.0x.
Viking ya ha vendido el 95% y el 55% de su Capacidad de Días de Crucero para Pasajeros para las temporadas 2024 y 2025, respectivamente. Las Reservas Anticipadas para 2024 y 2025 son un 14% y un 20% más altas que las temporadas anteriores. La capacidad de la flota de la compañía aumentará un 5% en 2024 y un 12% en 2025.
Los ingresos netos para el segundo trimestre de 2024 fueron de $155.8 millones, impactados por elementos no monetarios. Excluyendo estos, el ingreso neto fue de $344.6 millones. Viking mantiene una sólida posición de liquidez con $1.8 mil millones en efectivo y equivalentes.
비킹 홀딩스(Viking Holdings, NYSE: VIK)는 2024년 2분기 강력한 재무 실적을 보고했습니다. 총 수익은 9.1% 증가하여 15억 8,730만 달러에 달했습니다, 그리고 조정된 총 마진은 9.5% 상승했습니다 (2023년 2분기 대비). 순 수익은 6.6% 증가하여 562달러에 달했습니다, 조정된 EBITDA는 11.6% 증가했습니다. 회사의 순 차입금 비율은 3.4배에서 3.0배로 개선되었습니다.
비킹은 이미 2024년과 2025년 시즌의 여객 크루즈 용량의 95%와 55%를 판매했습니다. 2024년과 2025년의 사전 예약은 이전 시즌보다 각각 14% 및 20% 증가했습니다. 회사의 함대 용량은 2024년에 5%, 2025년에 12% 증가할 예정입니다.
2024년 2분기 순수익은 1억 5,580만 달러였습니다, 비현금 항목의 영향을 받았습니다. 이를 제외하면 순수익은 3억 4,460만 달러였습니다. 비킹은 18억 달러의 현금 및 현금성 자산으로 강한 유동성 위치를 유지하고 있습니다.
Viking Holdings (NYSE: VIK) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024. Le chiffre d'affaires total a augmenté de 9,1 % pour atteindre 1 587,3 millions de dollars, tandis que la Marge Brute Ajustée a augmenté de 9,5 % par rapport au deuxième trimestre de 2023. Le Rendement Net a augmenté de 6,6 % pour atteindre 562 dollars, et l'EBITDA Ajusté a augmenté de 11,6 %. Le Leverage Net de l'entreprise s'est amélioré, passant de 3,4x à 3,0x.
Viking a déjà vendu 95 % et 55 % de sa Capacité de Jours de Croisière Passagers pour les saisons 2024 et 2025, respectivement. Les Réservations Anticipées pour 2024 et 2025 sont respectivement supérieures de 14 % et 20 % par rapport aux saisons précédentes. La capacité de la flotte de l'entreprise devrait augmenter de 5 % en 2024 et de 12 % en 2025.
Le revenu net pour le deuxième trimestre 2024 était de 155,8 millions de dollars, impacté par des éléments non monétaires. En excluant ceux-ci, le revenu net était de 344,6 millions de dollars. Viking maintient une position de liquidité forte avec 1,8 milliard de dollars en liquidités et équivalents de liquidités.
Viking Holdings (NYSE: VIK) hat für das zweite Quartal 2024 starke Finanzergebnisse gemeldet. Der Gesamtumsatz stieg um 9,1% auf 1.587,3 Millionen Dollar, während die angepasste Bruttomarge um 9,5% im Vergleich zum zweiten Quartal 2023 zulegte. Der Nettoertrag stieg um 6,6% auf 562 Dollar, und das angepasste EBITDA erhöhte sich um 11,6%. Die Nettoverschuldung des Unternehmens verbesserte sich von 3,4x auf 3,0x.
Viking hat bereits 95% und 55% seiner Kapazität für Passagier-Kreuzfahrttage für die Saisons 2024 und 2025 verkauft. Die Vorausbuchungen für 2024 und 2025 sind um 14% und 20% höher als in früheren Saisons. Die Flottenkapazität des Unternehmens soll im Jahr 2024 um 5% und im Jahr 2025 um 12% erhöht werden.
Der Nettogewinn für das zweite Quartal 2024 betrug 155,8 Millionen Dollar, beeinflusst durch nicht zahlungswirksame Posten. Ohne diese betrug der Nettogewinn 344,6 Millionen Dollar. Viking hält mit 1,8 Milliarden Dollar in Bar und Baräquivalenten eine starke Liquiditätsposition.
- Total revenue increased 9.1% to $1,587.3 million in Q2 2024
- Adjusted Gross Margin rose 9.5% compared to Q2 2023
- Net Yield grew 6.6% to $562
- Adjusted EBITDA increased 11.6%
- Net Leverage improved from 3.4x to 3.0x
- 95% and 55% of Capacity Passenger Cruise Days sold for 2024 and 2025 seasons
- Advance Bookings for 2024 and 2025 are 14% and 20% higher than previous seasons
- Fleet capacity set to increase by 5% in 2024 and 12% in 2025
- Strong liquidity position with $1.8 billion in cash and cash equivalents
- Net income decreased from $190.1 million in Q2 2023 to $155.8 million in Q2 2024
- Loss of $123.0 million from revaluation of warrants due to stock price appreciation
- Loss of $65.8 million related to Private Placement derivative and Series C Preference Shares
Insights
Viking's Q2 2024 results demonstrate solid growth and operational efficiency. Total revenue increased by
The company's Adjusted EBITDA grew by
Viking's strong advance bookings for 2024 and 2025, with
Viking's Q2 results and forward-looking indicators paint a positive picture for the luxury cruise market. The
The company's ability to maintain a high occupancy rate of
However, investors should monitor potential headwinds such as global economic uncertainty and geopolitical tensions that could impact travel demand. The company's focus on its core consumer demographic and product offering appears to be a successful strategy in navigating these challenges.
Viking's Q2 2024 results reflect a strong rebound in the luxury cruise sector. The
The impressive advance booking statistics, with
Viking's fleet expansion, including the delivery of new river and ocean vessels, positions the company well to capitalize on growing demand. However, the company should remain vigilant about potential oversupply in the luxury cruise market as competitors also expand their fleets.
Key Highlights
-
Total revenue for the second quarter of 2024 increased
9.1% , or$132.5 million -
Adjusted Gross Margin increased
9.5% compared to the same period in 2023, resulting in a Net Yield of$562 -
Adjusted EBITDA increased
11.6% compared to the same period in 2023. - Net Leverage improved from 3.4x as of March 31, 2024 to 3.0x as of June 30, 2024.
-
As of August 11, 2024, for the 2024 and 2025 seasons, Viking had sold
95% and55% , respectively, of its Capacity Passenger Cruise Days for its Core Products.
“We are pleased to report that we have already sold
Second Quarter 2024 Consolidated Results
During the second quarter of 2024, Capacity PCDs increased by
Total revenue for the second quarter of 2024 was
Gross margin for the second quarter of 2024 was
Vessel operating expenses and vessel operating expenses excluding fuel for the second quarter of 2024 were
Net income for the second quarter of 2024 was
Adjusted EBITDA increased by
“We are delighted to share our second quarter results which include a Net Yield growth of
Update on Operating Capacity and Bookings
For our Core Products, operating capacity is
As of August 11, 2024, for our Core Products, and for the 2024 and 2025 seasons, we had sold
Balance Sheet and Liquidity
As of June 30, 2024:
-
The Company had
$1.8 billion -
The scheduled principal payments for the remainder of 2024 and 2025 were
$101.0 million $459.3 million -
Deferred revenue was
$3.8 billion
New Build and Capacity
In August 2024, the Company took delivery of the Viking Hathor, a river vessel that will operate in
Conference Call Information
The Company has scheduled a conference call for Thursday, August 22, 2024, at 8 a.m. Eastern Time to discuss second 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 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 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 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.
“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
“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
“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.
Non-IFRS Financial Measures
We use certain non-IFRS financial measures, such as Adjusted Gross Margin, Net Yield and Adjusted EBITDA, 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
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 |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Cruise and land |
|
$ |
1,480,539 |
|
|
$ |
1,355,701 |
|
|
$ |
2,145,823 |
|
|
$ |
1,939,578 |
|
Onboard and other |
|
|
106,722 |
|
|
|
99,070 |
|
|
|
159,593 |
|
|
|
144,187 |
|
Total revenue |
|
|
1,587,261 |
|
|
|
1,454,771 |
|
|
|
2,305,416 |
|
|
|
2,083,765 |
|
Cruise operating expenses |
|
|
|
|
|
|
|
|
||||||||
Commissions and transportation costs |
|
|
(346,080 |
) |
|
|
(328,544 |
) |
|
|
(483,488 |
) |
|
|
(467,067 |
) |
Direct costs of cruise, land and onboard |
|
|
(203,523 |
) |
|
|
(178,938 |
) |
|
|
(288,950 |
) |
|
|
(253,693 |
) |
Vessel operating |
|
|
(328,998 |
) |
|
|
(324,861 |
) |
|
|
(610,088 |
) |
|
|
(588,070 |
) |
Total cruise operating expenses |
|
|
(878,601 |
) |
|
|
(832,343 |
) |
|
|
(1,382,526 |
) |
|
|
(1,308,830 |
) |
Other operating expenses |
|
|
|
|
|
|
|
|
||||||||
Selling and administration |
|
|
(220,593 |
) |
|
|
(195,649 |
) |
|
|
(440,411 |
) |
|
|
(401,319 |
) |
Depreciation, amortization and impairment |
|
|
(61,141 |
) |
|
|
(63,311 |
) |
|
|
(126,052 |
) |
|
|
(126,010 |
) |
Total other operating expenses |
|
|
(281,734 |
) |
|
|
(258,960 |
) |
|
|
(566,463 |
) |
|
|
(527,329 |
) |
Operating income |
|
|
426,926 |
|
|
|
363,468 |
|
|
|
356,427 |
|
|
|
247,606 |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
14,738 |
|
|
|
10,029 |
|
|
|
33,207 |
|
|
|
18,833 |
|
Interest expense |
|
|
(100,623 |
) |
|
|
(173,334 |
) |
|
|
(218,112 |
) |
|
|
(296,927 |
) |
Currency gain (loss) |
|
|
1,382 |
|
|
|
(11,541 |
) |
|
|
10,180 |
|
|
|
(14,982 |
) |
Private Placement derivative (loss) gain |
|
|
(57,568 |
) |
|
|
27,101 |
|
|
|
(364,214 |
) |
|
|
66,260 |
|
Other financial loss |
|
|
(121,568 |
) |
|
|
(23,707 |
) |
|
|
(146,523 |
) |
|
|
(40,273 |
) |
Income (loss) before income taxes |
|
|
163,287 |
|
|
|
192,016 |
|
|
|
(329,035 |
) |
|
|
(19,483 |
) |
Income tax expense |
|
|
(7,486 |
) |
|
|
(1,962 |
) |
|
|
(9,092 |
) |
|
|
(4,830 |
) |
Net income (loss) |
|
$ |
155,801 |
|
|
$ |
190,054 |
|
|
$ |
(338,127 |
) |
|
$ |
(24,313 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Viking Holdings Ltd |
|
$ |
155,652 |
|
|
$ |
189,928 |
|
|
$ |
(338,572 |
) |
|
$ |
(24,300 |
) |
Net income (loss) attributable to non-controlling interests |
|
$ |
149 |
|
|
$ |
126 |
|
|
$ |
445 |
|
|
$ |
(13 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average ordinary and special shares outstanding (in thousands) |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
364,787 |
|
|
|
221,936 |
|
|
|
293,362 |
|
|
|
221,936 |
|
Diluted |
|
|
367,188 |
|
|
|
406,203 |
|
|
|
293,362 |
|
|
|
406,203 |
|
Net income (loss) per share attributable to ordinary and special shares |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.37 |
|
|
$ |
0.51 |
|
|
$ |
(0.80 |
) |
|
$ |
(0.01 |
) |
Diluted |
|
$ |
0.37 |
|
|
$ |
0.46 |
|
|
$ |
(0.80 |
) |
|
$ |
(0.11 |
) |
VIKING HOLDINGS LTD |
||||||||||||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) |
||||||||||||||||
(in USD and thousands, unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income (loss) |
$ |
155,801 |
|
|
$ |
190,054 |
|
|
$ |
(338,127 |
) |
|
$ |
(24,313 |
) |
|
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 |
|
1,186 |
|
|
|
12,435 |
|
|
|
3,850 |
|
|
|
12,676 |
|
|
Net change in cash flow hedges |
|
(5,750 |
) |
|
|
(3,919 |
) |
|
|
(19,017 |
) |
|
|
(2,218 |
) |
|
Net other comprehensive (loss) income to be reclassified to net income (loss) in subsequent periods |
|
(4,564 |
) |
|
|
8,516 |
|
|
|
(15,167 |
) |
|
|
10,458 |
|
|
Other comprehensive (loss) income, net of tax |
|
(4,564 |
) |
|
|
8,516 |
|
|
|
(15,167 |
) |
|
|
10,458 |
|
|
Total comprehensive income (loss) |
$ |
151,237 |
|
|
$ |
198,570 |
|
|
$ |
(353,294 |
) |
|
$ |
(13,855 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
Total comprehensive income (loss) attributable to Viking Holdings Ltd |
$ |
151,091 |
|
|
$ |
198,472 |
|
|
$ |
(353,728 |
) |
|
$ |
(13,817 |
) |
|
Total comprehensive income (loss) attributable to non-controlling interests |
$ |
146 |
|
|
$ |
98 |
|
|
$ |
434 |
|
|
$ |
(38 |
) |
|
VIKING HOLDINGS LTD |
||||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||||
(in USD and thousands, unaudited) |
||||||||
|
|
|
|
|
||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||||
|
|
|
|
(audited) |
||||
Assets |
|
|
|
|
||||
Non-current assets |
|
|
|
|
||||
Property, plant and equipment and intangible assets |
|
$ |
5,816,957 |
|
|
$ |
5,684,315 |
|
Right-of-use assets |
|
|
260,833 |
|
|
|
268,834 |
|
Investments in associated companies |
|
|
10,414 |
|
|
|
10,473 |
|
Deferred tax assets |
|
|
48,122 |
|
|
|
42,853 |
|
Other non-current assets |
|
|
161,524 |
|
|
|
136,855 |
|
Total non-current assets |
|
|
6,297,850 |
|
|
|
6,143,330 |
|
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
|
1,842,142 |
|
|
|
1,513,713 |
|
Accounts and other receivables |
|
|
244,718 |
|
|
|
344,754 |
|
Inventories |
|
|
52,646 |
|
|
|
54,602 |
|
Prepaid expenses and other current assets |
|
|
539,048 |
|
|
|
427,202 |
|
Current receivables due from related parties |
|
|
6,267 |
|
|
|
12,316 |
|
Total current assets |
|
|
2,684,821 |
|
|
|
2,352,587 |
|
Total assets |
|
$ |
8,982,671 |
|
|
$ |
8,495,917 |
|
Shareholders' equity and liabilities |
|
|
|
|
||||
Shareholders' equity |
|
$ |
(1,180,658 |
) |
|
$ |
(5,349,879 |
) |
Non-current liabilities |
|
|
|
|
||||
Long-term portion of bank loans and financial liabilities |
|
|
1,603,075 |
|
|
|
1,757,372 |
|
Secured Notes |
|
|
1,016,566 |
|
|
|
1,015,657 |
|
Long-term portion of Unsecured Notes |
|
|
2,023,051 |
|
|
|
2,270,246 |
|
Private Placement liability |
|
|
— |
|
|
|
1,394,552 |
|
Private Placement derivative |
|
|
— |
|
|
|
2,640,759 |
|
Long-term portion of lease liabilities |
|
|
215,385 |
|
|
|
227,956 |
|
Deferred tax liabilities |
|
|
3,736 |
|
|
|
4,082 |
|
Other non-current liabilities |
|
|
36,453 |
|
|
|
171,281 |
|
Total non-current liabilities |
|
|
4,898,266 |
|
|
|
9,481,905 |
|
Current liabilities |
|
|
|
|
||||
Accounts payables |
|
|
275,244 |
|
|
|
244,581 |
|
Short-term portion of bank loans and financial liabilities |
|
|
190,805 |
|
|
|
253,020 |
|
Short-term portion of Unsecured Notes |
|
|
249,198 |
|
|
|
— |
|
Short-term portion of lease liabilities |
|
|
24,658 |
|
|
|
24,670 |
|
Deferred revenue |
|
|
3,823,353 |
|
|
|
3,486,579 |
|
Accrued expenses and other current liabilities |
|
|
701,805 |
|
|
|
355,041 |
|
Total current liabilities |
|
|
5,265,063 |
|
|
|
4,363,891 |
|
Total shareholders' equity and liabilities |
|
$ |
8,982,671 |
|
|
$ |
8,495,917 |
|
VIKING HOLDINGS LTD |
||||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in USD and thousands, unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Six Months Ended |
||||||
|
|
June 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(338,127 |
) |
|
$ |
(24,313 |
) |
Adjustments to reconcile net loss to net cash flows |
|
|
|
|
||||
Depreciation, amortization and impairment |
|
|
126,052 |
|
|
|
126,010 |
|
Amortization of debt transaction costs |
|
|
16,815 |
|
|
|
19,679 |
|
Loss on planned redemption of debt |
|
|
— |
|
|
|
48,033 |
|
Private Placement derivative loss (gain) |
|
|
364,214 |
|
|
|
(66,260 |
) |
Foreign currency (gain) loss on loans |
|
|
(20,125 |
) |
|
|
1,918 |
|
Non-cash financial loss |
|
|
145,317 |
|
|
|
44,996 |
|
Stock based compensation expense |
|
|
7,058 |
|
|
|
12,259 |
|
Interest income |
|
|
(33,207 |
) |
|
|
(18,833 |
) |
Interest expense |
|
|
201,297 |
|
|
|
229,215 |
|
Dividend income |
|
|
(442 |
) |
|
|
(2,042 |
) |
Changes in working capital: |
|
|
|
|
||||
Increase in deferred revenue |
|
|
336,774 |
|
|
|
344,057 |
|
Changes in other liabilities and assets |
|
|
84,839 |
|
|
|
90,540 |
|
Decrease (increase) in inventories |
|
|
1,956 |
|
|
|
(5,144 |
) |
Changes in deferred tax assets and liabilities |
|
|
6,040 |
|
|
|
(3,029 |
) |
Changes in other non-current assets and other non-current liabilities |
|
|
(16,760 |
) |
|
|
11,876 |
|
Changes in related party receivables and payables |
|
|
6,049 |
|
|
|
8,475 |
|
Income taxes paid |
|
|
(4,931 |
) |
|
|
(3,988 |
) |
Net cash flow from operating activities |
|
|
882,819 |
|
|
|
813,449 |
|
Cash flows from investing activities |
|
|
|
|
||||
Investments in property, plant and equipment and intangible assets |
|
|
(251,828 |
) |
|
|
(519,176 |
) |
Capital contribution to associated company |
|
|
(4,000 |
) |
|
|
(5,000 |
) |
Prepayment for vessel charter |
|
|
(1,050 |
) |
|
|
(1,201 |
) |
Dividends received |
|
|
442 |
|
|
|
2,042 |
|
Interest received |
|
|
35,603 |
|
|
|
18,833 |
|
Net cash flow used in investing activities |
|
|
(220,833 |
) |
|
|
(504,502 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Repayment of borrowings |
|
|
(206,874 |
) |
|
|
(132,899 |
) |
Proceeds from borrowings |
|
|
— |
|
|
|
1,069,088 |
|
Transaction costs incurred for borrowings |
|
|
(4,698 |
) |
|
|
(51,291 |
) |
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 |
) |
Trustee deposit for redemption of debt |
|
|
— |
|
|
|
(721,556 |
) |
Principal payments for lease liabilities |
|
|
(12,574 |
) |
|
|
(10,610 |
) |
Interest payments for lease liabilities |
|
|
(10,601 |
) |
|
|
(11,626 |
) |
Interest paid |
|
|
(197,186 |
) |
|
|
(216,510 |
) |
Net cash flow used in financing activities |
|
|
(331,064 |
) |
|
|
(100,028 |
) |
Change in cash and cash equivalents |
|
|
330,922 |
|
|
|
208,919 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(2,493 |
) |
|
|
2,321 |
|
Net increase in cash and cash equivalents |
|
$ |
328,429 |
|
|
$ |
211,240 |
|
Cash and cash equivalents |
|
|
|
|
||||
Cash and cash equivalents at January 1 |
|
$ |
1,513,713 |
|
|
$ |
1,253,140 |
|
Cash and cash equivalents at June 30 |
|
|
1,842,142 |
|
|
|
1,464,380 |
|
Net increase in cash and cash equivalents |
|
$ |
328,429 |
|
|
$ |
211,240 |
|
The following table sets forth selected statistical and operating data on a consolidated basis.
Statistical and Operating Data |
|
Three Months Ended |
|
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
||||||||
|
|
(unaudited) |
|
|
(unaudited) |
||||||||||||
Consolidated |
|
|
|
|
|
|
|
|
|
||||||||
Vessels operated |
|
|
85 |
|
|
|
83 |
|
|
|
|
85 |
|
|
|
83 |
|
Passengers |
|
|
201,317 |
|
|
|
202,854 |
|
|
|
|
291,766 |
|
|
|
282,484 |
|
PCDs |
|
|
1,846,709 |
|
|
|
1,797,017 |
|
|
|
|
2,821,686 |
|
|
|
2,638,280 |
|
Capacity PCDs |
|
|
1,958,860 |
|
|
|
1,900,496 |
|
|
|
|
2,996,484 |
|
|
|
2,807,102 |
|
Occupancy |
|
|
94.3 |
% |
|
|
94.6 |
% |
|
|
|
94.2 |
% |
|
|
94.0 |
% |
Adjusted Gross Margin (in thousands) |
|
$ |
1,037,658 |
|
|
$ |
947,289 |
|
|
|
$ |
1,532,978 |
|
|
$ |
1,363,005 |
|
Net Yield |
|
$ |
562 |
|
|
$ |
527 |
|
|
|
$ |
543 |
|
|
$ |
517 |
|
Vessel operating expenses (in thousands) |
|
$ |
328,998 |
|
|
$ |
324,861 |
|
|
|
$ |
610,088 |
|
|
$ |
588,070 |
|
Vessel operating expenses excluding fuel (in thousands) |
|
$ |
284,099 |
|
|
$ |
281,064 |
|
|
|
$ |
523,136 |
|
|
$ |
502,870 |
|
Vessel operating expenses per Capacity PCD |
|
$ |
168 |
|
|
$ |
171 |
|
|
|
$ |
204 |
|
|
$ |
209 |
|
Vessel operating expenses excluding fuel per Capacity PCD |
|
$ |
145 |
|
|
$ |
148 |
|
|
|
$ |
175 |
|
|
$ |
179 |
|
The following table sets forth selected statistical and operating data for Viking River and for Viking Ocean.
Statistical and Operating Data |
|
Six Months Ended |
||||||
|
|
June 30, |
||||||
|
|
2024 |
|
2023 |
||||
|
|
(unaudited) |
||||||
Viking River |
|
|
|
|
||||
Vessels operated |
|
|
69 |
|
|
|
69 |
|
Passengers |
|
|
150,574 |
|
|
|
149,734 |
|
PCDs |
|
|
1,167,491 |
|
|
|
1,164,543 |
|
Capacity PCDs |
|
|
1,232,728 |
|
|
|
1,225,714 |
|
Occupancy |
|
|
94.7 |
% |
|
|
95.0 |
% |
Adjusted Gross Margin (in thousands) |
|
$ |
663,672 |
|
|
$ |
589,426 |
|
Net Yield |
|
$ |
568 |
|
|
$ |
506 |
|
Viking Ocean |
|
|
|
|
||||
Vessels operated |
|
|
9 |
|
|
|
9 |
|
Passengers |
|
|
119,152 |
|
|
|
114,661 |
|
PCDs |
|
|
1,445,002 |
|
|
|
1,310,038 |
|
Capacity PCDs |
|
|
1,522,410 |
|
|
|
1,388,490 |
|
Occupancy |
|
|
94.9 |
% |
|
|
94.3 |
% |
Adjusted Gross Margin (in thousands) |
|
$ |
710,569 |
|
|
$ |
637,633 |
|
Net Yield |
|
$ |
492 |
|
|
$ |
487 |
|
Non-IFRS Reconciling Information
The following table reconciles gross margin, the most directly comparable IFRS measure, to Adjusted Gross Margin for the three and six months ended June 30, 2024 and 2023 on a consolidated basis:
|
|
Three Months Ended |
|
|
Six Months Ended |
||||||||||||
Consolidated |
|
June 30, |
|
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
||||||||
|
|
(unaudited) |
|
|
(unaudited) |
||||||||||||
(in thousands) |
|
|
|
|
|
||||||||||||
Total revenue |
|
$ |
1,587,261 |
|
|
$ |
1,454,771 |
|
|
|
$ |
2,305,416 |
|
|
$ |
2,083,765 |
|
Total cruise operating expenses |
|
|
(878,601 |
) |
|
|
(832,343 |
) |
|
|
|
(1,382,526 |
) |
|
|
(1,308,830 |
) |
Ship depreciation |
|
|
(51,628 |
) |
|
|
(55,145 |
) |
|
|
|
(105,725 |
) |
|
|
(109,535 |
) |
Gross margin |
|
|
657,032 |
|
|
|
567,283 |
|
|
|
|
817,165 |
|
|
|
665,400 |
|
Ship depreciation |
|
|
51,628 |
|
|
|
55,145 |
|
|
|
|
105,725 |
|
|
|
109,535 |
|
Vessel operating |
|
|
328,998 |
|
|
|
324,861 |
|
|
|
|
610,088 |
|
|
|
588,070 |
|
Adjusted Gross Margin |
|
$ |
1,037,658 |
|
|
$ |
947,289 |
|
|
|
$ |
1,532,978 |
|
|
$ |
1,363,005 |
|
The following tables reconcile gross margin, the most directly comparable IFRS measure, to Adjusted Gross Margin for the six months ended June 30, 2024 and 2023 for Viking River and for Viking Ocean:
|
|
Six Months Ended |
||||||
Viking River |
|
June 30, |
||||||
|
|
2024 |
|
2023 |
||||
|
|
(unaudited) |
||||||
(in thousands) |
|
|
|
|
||||
Total revenue |
|
$ |
1,057,178 |
|
|
$ |
963,275 |
|
Total cruise operating expenses |
|
|
(650,782 |
) |
|
|
(623,111 |
) |
Ship depreciation |
|
|
(38,937 |
) |
|
|
(46,067 |
) |
Gross margin |
|
|
367,459 |
|
|
|
294,097 |
|
Ship depreciation |
|
|
38,937 |
|
|
|
46,067 |
|
Vessel operating |
|
|
257,276 |
|
|
|
249,262 |
|
Adjusted Gross Margin |
|
$ |
663,672 |
|
|
$ |
589,426 |
|
|
|
Six Months Ended |
||||||
Viking Ocean |
|
June 30, |
||||||
|
|
2024 |
|
2023 |
||||
|
|
(unaudited) |
||||||
(in thousands) |
|
|
|
|
||||
Total revenue |
|
$ |
1,020,905 |
|
|
$ |
927,549 |
|
Total cruise operating expenses |
|
|
(580,285 |
) |
|
|
(554,068 |
) |
Ship depreciation |
|
|
(49,725 |
) |
|
|
(47,163 |
) |
Gross margin |
|
|
390,895 |
|
|
|
326,318 |
|
Ship depreciation |
|
|
49,725 |
|
|
|
47,163 |
|
Vessel operating |
|
|
269,949 |
|
|
|
264,152 |
|
Adjusted Gross Margin |
|
$ |
710,569 |
|
|
$ |
637,633 |
|
The following table reconciles vessel operating expenses excluding fuel to vessel operating expenses, the most directly comparable IFRS measure, for the three and six months ended June 30, 2024 and 2023:
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
(unaudited) |
|
(unaudited) |
||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
||||||||
Vessel operating expenses |
|
$ |
328,998 |
|
|
$ |
324,861 |
|
|
$ |
610,088 |
|
|
$ |
588,070 |
|
Fuel expense |
|
|
(44,899 |
) |
|
|
(43,797 |
) |
|
|
(86,952 |
) |
|
|
(85,200 |
) |
Vessel operating expenses excluding fuel |
|
$ |
284,099 |
|
|
$ |
281,064 |
|
|
$ |
523,136 |
|
|
$ |
502,870 |
|
The following table reconciles net income (loss), the most directly comparable IFRS measure, to Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023:
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
(unaudited) |
|
(unaudited) |
||||||||||||
(in thousands) |
|
|
|
|||||||||||||
Net income (loss) |
$ |
155,801 |
|
|
$ |
190,054 |
|
|
$ |
(338,127 |
) |
|
$ |
(24,313 |
) |
|
Interest income |
|
|
(14,738 |
) |
|
|
(10,029 |
) |
|
|
(33,207 |
) |
|
|
(18,833 |
) |
Interest expense |
|
|
100,623 |
|
|
|
173,334 |
|
|
|
218,112 |
|
|
|
296,927 |
|
Income tax expense |
|
|
7,486 |
|
|
|
1,962 |
|
|
|
9,092 |
|
|
|
4,830 |
|
Depreciation, amortization and impairment |
|
|
61,141 |
|
|
|
63,311 |
|
|
|
126,052 |
|
|
|
126,010 |
|
EBITDA |
|
|
310,313 |
|
|
|
418,632 |
|
|
|
(18,078 |
) |
|
|
384,621 |
|
Private Placement derivative loss (gain) |
|
|
57,568 |
|
|
|
(27,101 |
) |
|
|
364,214 |
|
|
|
(66,260 |
) |
Warrants loss (gain) |
|
|
123,019 |
|
|
|
2,297 |
|
|
|
146,730 |
|
|
|
(1,783 |
) |
Other financial (income) loss |
|
|
(497 |
) |
|
|
30,463 |
|
|
|
(1,604 |
) |
|
|
46,918 |
|
Currency (gain) loss |
|
|
(1,382 |
) |
|
|
11,541 |
|
|
|
(10,180 |
) |
|
|
14,982 |
|
Stock based compensation expense |
|
|
3,540 |
|
|
|
5,466 |
|
|
|
7,058 |
|
|
|
12,259 |
|
Adjusted EBITDA |
$ |
492,561 |
|
|
$ |
441,298 |
|
|
$ |
488,140 |
|
|
$ |
390,737 |
|
|
The following table calculates Net Leverage for the twelve months ended June 30, 2024 and March 31, 2024:
|
|
June 30, 2024 |
|
March 31, 2024 |
|||||
|
|
(unaudited) |
|||||||
(in thousands, except Net Leverage) |
|
|
|
|
|||||
Long-term debt (1) |
|
$ |
4,743,410 |
|
|
$ |
5,061,200 |
|
|
Current portion of long-term debt (1) |
|
|
456,153 |
|
|
|
276,826 |
|
|
Long-term portion of lease liabilities |
|
|
215,385 |
|
|
|
221,248 |
|
|
Short-term portion of lease liabilities |
|
|
24,658 |
|
|
|
24,433 |
|
|
Total |
|
|
5,439,606 |
|
|
|
5,583,707 |
|
|
Less: Cash and cash equivalents |
|
|
(1,842,142 |
) |
|
|
(1,673,594 |
) |
|
Net Debt |
|
$ |
3,597,464 |
|
|
$ |
3,910,113 |
|
|
|
|
|
|
|
|||||
Adjusted EBITDA |
|
$ |
1,187,725 |
|
|
$ |
1,136,462 |
|
|
Net Leverage |
|
|
3.0 |
|
x |
|
3.4 |
|
x |
(1) All amounts are gross of fees.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240822785971/en/
Investor Relations
Email: investorrelations@viking.com
Public Relations
Email: vikingpr@edelman.com
Source: Viking Holdings Ltd
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