Viking Holdings Ltd (the “Company” or “Viking”) (NYSE: VIK)
today reported financial results for the second quarter ended June
30, 2024.
Key Highlights
- Total revenue for the second quarter of 2024 increased 9.1%, or
$132.5 million compared to the same period in 2023.
- 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% and 55%, respectively, of its Capacity Passenger
Cruise Days for its Core Products.
“We are pleased to report that we have already sold 95% and 55%
of the capacity PCDs for our Core Products for the 2024 and 2025
seasons, respectively,” said Torstein Hagen, Chairman and CEO of
Viking. “Our latest Advance Bookings metrics give us confidence
that our core consumer demographic continues to show resiliency,
prioritizing travel and actively seeking enriching, memorable
experiences. We are increasing our share of the luxury leisure
travel market through capacity growth while maintaining an
unparalleled offering with great value for our guests. We believe
that our clear focus on our core consumer demographic and our
product is the essence of our brand promise and the cornerstone of
our success.”
Second Quarter 2024 Consolidated
Results
During the second quarter of 2024, Capacity PCDs increased by
3.1% over the same period in 2023 and Occupancy was 94.3%.
Total revenue for the second quarter of 2024 was $1,587.3
million, an increase of $132.5 million, or 9.1% over the same
period in 2023 mainly driven by higher revenue per PCD and an
increase in the size of the Company’s fleet in 2024 compared to
2023.
Gross margin for the second quarter of 2024 was $657.0 million,
an increase of $89.7 million, or 15.8%, over the same period in
2023 and Adjusted Gross Margin for the second quarter of 2024 was
$1,037.7 million, an increase of $90.4 million, or 9.5%, over the
same period in 2023. Net Yield was $562 for the second quarter, up
6.6% year-over year.
Vessel operating expenses and vessel operating expenses
excluding fuel for the second quarter of 2024 were $329.0 million
and $284.1 million, respectively. Compared to the same period in
2023, vessel operating expenses increased $4.1 million, or 1.3%,
and vessel operating expenses excluding fuel increased $3.0
million, or 1.1% mainly driven by the increase in the size of the
Company's fleet in 2024 compared to 2023.
Net income for the second quarter of 2024 was $155.8 million
compared to $190.1 million for the same period in 2023. The net
income for the second quarter of 2024 includes a loss of $123.0
million from the revaluation of warrants issued by the Company due
to stock price appreciation. It also includes a loss of $65.8
million related to the net impact of the Private Placement
derivative (loss) gain and interest expense related to the
Company’s Series C Preference Shares. In comparison, the second
quarter of 2023 includes a gain of $3.4 million from the impact of
the Series C Preference Shares. 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 is
the final quarterly period for which the financial results will
include Private Placement derivative (loss) gain and interest
expense related to the Series C Preference Shares. Excluding the
impact of these items - the majority of which are non-cash - net
income for the period was $344.6 million.
Adjusted EBITDA increased by $51.3 million compared to the
second quarter of 2023. The increase in Adjusted EBITDA was mainly
driven by higher revenue per PCD and higher Capacity PCDs.
“We are delighted to share our second quarter results which
include a Net Yield growth of 6.6% over the prior year on a 3.1%
increase in capacity,” said Leah Talactac, CFO of Viking. “Looking
ahead, it is encouraging to see demand trends further supporting
our bookings for next year. These are a testament to the strength
of the Viking brand, the financial strength of our customer and our
nimble and proactive sales and management team.”
Update on Operating Capacity and
Bookings
For our Core Products, operating capacity is 5% higher for the
2024 season in comparison to the 2023 season and 12% higher for the
2025 season in comparison to the 2024 season.
As of August 11, 2024, for our Core Products, and for the 2024
and 2025 seasons, we had sold 95% and 55%, respectively, of our
Capacity PCDs and had $4,642 million and $3,442 million,
respectively, of Advance Bookings. Advance Bookings were 14% and
20% higher in comparison to the 2023 and 2024 seasons,
respectively, at the same point in time. Advance Bookings per PCD
for the 2024 season was $731, 8% higher than the 2023 season at the
same point in time, and Advance Bookings per PCD for the 2025
season was $833, 10% higher than the 2024 season at the same point
in time.
Balance Sheet and
Liquidity
As of June 30, 2024:
- The Company had $1.8 billion in cash and cash equivalents.
- The scheduled principal payments for the remainder of 2024 and
2025 were $101.0 million and $459.3 million, respectively.
- 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 Egypt. Based on the committed
orderbook, the Company expects to take delivery of another river
vessel and one ocean ship later this year.
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 North
America, the United Kingdom, Australia and New Zealand.
“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.
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 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, including the factors described in
the sections titled “Cautionary Statement Regarding Forward-Looking
Statements” and “Risk Factors” in our final prospectus filed on May
2, 2024 with the U.S. Securities and Exchange Commission pursuant
to Rule 424(b)(4) under the Securities Act of 1933, as amended,
relating to our Registration Statement on Form F-1.
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
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