Viking Reports Third Quarter 2024 Financial Results
Viking Holdings reported strong Q3 2024 financial results with total revenue increasing 11.4% to $1,678.7 million compared to Q3 2023. Key performance metrics showed significant growth with gross margin up 18.0%, Adjusted EBITDA rising 15.3%, and diluted EPS of $0.86. The company achieved 94% occupancy and has sold 95% of its Core Products capacity for 2024 and 70% for 2025. Advance Bookings for 2024 reached $4,633 million, 14% higher than 2023, while 2025 bookings are at $4,329 million, 26% higher than 2024 at the same point. The company's net leverage improved from 3.0x to 2.4x, with $2.4 billion in cash and cash equivalents.
Viking Holdings ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un incremento del fatturato totale dell'11,4% a 1.678,7 milioni di dollari rispetto al terzo trimestre del 2023. I principali indicatori di performance hanno mostrato una crescita significativa, con il margine lordo in aumento del 18,0%, l'EBITDA rettificato che è aumentato del 15,3% e l'EPS diluito a 0,86 dollari. L'azienda ha raggiunto un tasso di occupazione del 94% e ha venduto il 95% della capacità dei suoi Prodotti Core per il 2024 e il 70% per il 2025. Le prenotazioni anticipate per il 2024 hanno raggiunto 4.633 milioni di dollari, con un aumento del 14% rispetto al 2023, mentre le prenotazioni per il 2025 si attestano a 4.329 milioni di dollari, il 26% in più rispetto al 2024 nello stesso periodo. La leva netta dell'azienda è migliorata da 3,0x a 2,4x, con 2,4 miliardi di dollari in contante e disponibilità liquide.
Viking Holdings reportó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento del 11,4% en los ingresos totales, alcanzando los 1.678,7 millones de dólares en comparación con el tercer trimestre de 2023. Los principales indicadores de rendimiento mostraron un crecimiento significativo, con un margen bruto que aumentó un 18,0%, EBITDA ajustado que subió un 15,3% y un EPS diluido de 0,86 dólares. La compañía logró una ocupación del 94% y ha vendido el 95% de su capacidad de Productos Core para 2024 y el 70% para 2025. Las reservas anticipadas para 2024 alcanzaron los 4.633 millones de dólares, un 14% más que en 2023, mientras que las reservas de 2025 se sitúan en 4.329 millones, un 26% más que en 2024 en el mismo momento. La deuda neta de la compañía mejoró de 3.0x a 2.4x, con 2.4 mil millones de dólares en efectivo y equivalentes de efectivo.
Viking Holdings는 2024년 3분기 재무 성과가 강력하다고 보고했으며, 총 수익이 2023년 3분기 대비 11.4% 증가하여 16억 7,870만 달러에 달했습니다. 주요 성과 지표는 총 마진이 18.0% 증가하고 조정된 EBITDA가 15.3% 상승하며, 희석 EPS는 0.86 달러에 도달하는 등 상당한 성장을 보여주었습니다. 회사는 94%의 점유율을 달성했으며, 2024년에는 Core 제품의 95%를 판매하고 2025년에는 70%를 판매했습니다. 사전 예약은 2024년 46억 3,300만 달러에 달하며, 이는 2023년보다 14% 증가한 수치입니다. 또한 2025년 예약은 43억 2,900만 달러로 2024년 같은 시점 대비 26% 증가했습니다. 회사의 순 레버리지 비율은 3.0배에서 2.4배로 개선되었으며, 현금 및 현금성 자산은 24억 달러에 달합니다.
Viking Holdings a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec une augmentation du chiffre d'affaires total de 11,4 % à 1 678,7 millions de dollars par rapport au troisième trimestre 2023. Les principaux indicateurs de performance ont montré une croissance significative, avec une marge brute en hausse de 18,0 %, un EBITDA ajusté en hausse de 15,3 % et un BPA dilué de 0,86 dollar. L'entreprise a atteint un taux d'occupation de 94 % et a vendu 95 % de sa capacité de Produits Core pour 2024 et 70 % pour 2025. Les réservations avancées pour 2024 ont atteint 4 633 millions de dollars, soit 14 % de plus qu'en 2023, tandis que les réservations pour 2025 s'élèvent à 4 329 millions de dollars, soit 26 % de plus qu'en 2024 à la même période. L'endettement net de l'entreprise s'est amélioré de 3,0x à 2,4x, avec 2,4 milliards de dollars en liquidités et équivalents de liquidités.
Viking Holdings hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit einem Anstieg des Gesamtumsatzes um 11,4% auf 1.678,7 Millionen Dollar im Vergleich zum dritten Quartal 2023. Die wichtigsten Leistungskennzahlen zeigten ein signifikantes Wachstum, mit einer Bruttomarge von 18,0%, einem Anstieg des bereinigten EBITDA um 15,3% und einem verwässerten EPS von 0,86 Dollar. Das Unternehmen erreichte eine Auslastung von 94% und hat 95% seiner Core-Produkte Kapazität für 2024 und 70% für 2025 verkauft. Die Vorausbuchungen für 2024 beliefen sich auf 4.633 Millionen Dollar, was 14% mehr als 2023 ist, während die Buchungen für 2025 bei 4.329 Millionen Dollar liegen, was 26% mehr als für 2024 zu demselben Zeitpunkt ist. Die Nettoverschuldung des Unternehmens verbesserte sich von 3,0x auf 2,4x, mit 2,4 Milliarden Dollar in Bar und bargeldäquivalenten.
- Revenue increased 11.4% to $1,678.7 million in Q3 2024
- Gross margin improved 18.0% year-over-year
- Adjusted EBITDA grew 15.3% compared to Q3 2023
- Net leverage improved from 3.0x to 2.4x
- Advance bookings for 2025 up 26% compared to 2024
- Strong cash position of $2.4 billion
- Operating capacity increasing 12% for 2025 season
- Loss of $18.6 million from warrant revaluation due to stock price changes
- Vessel operating expenses increased 3.7% year-over-year
- Scheduled debt payments of $461.9 million due in 2025
Insights
Viking's Q3 results showcase robust financial performance with
Forward-looking indicators are particularly impressive:
The cruise industry dynamics reflected in Viking's results show strong consumer demand persisting into 2025. The
The
Key Highlights
-
Total revenue for the third quarter of 2024 increased
11.4% , or$171.9 million -
Gross margin increased
18.0% and Adjusted Gross Margin increased12.0% 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 $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 and70% 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
Total revenue for the third quarter of 2024 was
Gross margin for the third quarter of 2024 was
For the third quarter of 2024, vessel operating expenses were
Net income for the third quarter of 2024 was
Adjusted EBITDA increased by
Diluted EPS was
“We have already sold
Update on Operating Capacity and Bookings
For our Core Products, operating capacity is
As of November 3, 2024, for our Core Products, we had sold
Balance Sheet and Liquidity
As of September 30, 2024:
-
The Company had
$2.4 billion $375.0 million -
The scheduled principal payments were
$52.7 million $461.9 million -
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
“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
“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
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
Source: Viking Holdings Ltd
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