Viking Holdings Ltd · NYSE:VIK
Viking — Q1 2024 Earnings Presentation
21 slides from Viking's earnings presentation, May 29, 2024
Slide 1: Q1 2024 Earnings Presentation
Q1 2024 Earnings Presentation May 29, 2024
Slide 2: Disclaimers and additional information
Disclaimers and additional information Forward-looking statements Certain statements in this presentation 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 Litiga
Slide 3: Business Overview
Business Overview 2
Slide 4: One brand encompassing highly rated products
One brand encompassing highly rated products 92 vessels across our products River Ocean Expedition Mississippi 80 River Vessels 9 Ocean Ships 2 Expedition Ships 1 Time-chartered River Ship 18 to be delivered by 2026; 8 to be delivered by 2029 (2); 378 guests 386 guests 8 option contracts 2 option co
Slide 5: Viking is different
Viking is different At heart Vikings are contrarians, and hence, from the beginning, the vision has been to build a different cruise line Focus on English-speaking adults aged 55+ One brand Destination focused – the destination is the destination, not the ship Small ships Quiet, understated elegance
Slide 6: Celebrating our IPO milestone
Celebrating our IPO milestone Post-IPO Ownership Structure(1) Began trading on the NYSE on May 1, 2024 Priced at $24 per share Hagen Family(2) CPP Investments Closed $1.8 billion IPO with net proceeds of approximately $245.5 million to Viking and $1.4 53.4% economic 13.6% economic 87.0% voting
Slide 7: Our core tenets remain the same
Our core tenants remain the same 1. We will continue to obsess over our guests by offering an excellent travel experience at a good value 2. We will continue to treat all Viking employees as part of our family and keep the family ethos that has been foundational to our company culture since the begi
Slide 8: Q1 2024 Highlights
Q1 2024 Highlights 7
Slide 9: Q1 2024 key metrics
Q1 2024 key metrics Viking Holding Ltd Financial and Operating Results Three Months Ended Twelve Months Ended March 31, March 31, December 31, 2024 2023 2024 2023 (in millions, except for PCD, per PCD and percentage information) Total revenue $ 718 $ 629 $ 4,800 $ 4,710 Adjusted Gross Margin(1) 495
Slide 10: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Three Months Ended March 31, 2024 2023 Viking River Occupancy 92.1% 93.5% Adjusted Gross Margin(1) (in millions) $ 108 $ 81 Net Yield $ 609 $ 593 Three Months Ended March 31, 2024 2023 Viking Ocean Occupancy 94.5% 93.9% Adjusted Gross Margin(1) (in millions
Slide 11: Strong cash generation and manageable near-term bond maturities
Strong cash generation and manageable near-term bond maturities Key Balance Sheet Metrics as of March 31, 2024 Bond Maturities (in millions) $825 $850 $720 $675 $1.7bill $3.9bill 3.4x Cash and cash Net Debt(2) Net Leverage(2) equivalents(1) $250 2024 2025 2026 2027 2028 2029 2030 2031 ______________
Slide 12: Business Outlook
Business Outlook 11
Slide 13: Viking has a robust booking outlook
Viking has a robust booking outlook 2024 Season 5% 91% $4.6bill 15% Capacity PCD increase Capacity PCD sold Advance Bookings Advance Bookings (booked YTD) growth(1) 2025 Season 12% 39% $2.5bill 27% Capacity PCD increase Capacity PCD sold Advance Bookings Advance Bookings (booked YTD) growth(1) _____
Slide 14: Ocean Advance Bookings update
Ocean Advance Bookings update 2024 vs. 2023 • 2024 Advance Bookings to date was 16% higher than the 2023 season at the same point in time in 2023, due to increases in passengers and pricing • Operating capacity increased by 7%, 91% of 2024 capacity sold as of May 19, 2024 • 2024 Advance Bookings per
Slide 15: River Advance Bookings update
River Advance Bookings update 2024 vs. 2023 • 2024 Advance Bookings to date was 13% higher than the 2023 season at the same point in time in 2023, due to increases in passengers and pricing • Operating capacity increased by 4%, 92% of 2024 capacity sold as of May 19, 2024 • 2024 Advance Bookings per
Slide 16: Attractive committed orderbook
Attractive committed orderbook Viking River 2024 2025 2026 2027 2028 2029 2030 Total River committed orderbook Longships (190 berths) 4 4 8 Longships (102-168 berths) 3 3 Other (80-82 berths) 2 3 2 7 Total committed orderbook 2 10 6 18 River options Longships (190 berths) 4 4 8 Total (including opti
Slide 17: Appendix
Appendix 16
Slide 18: Financial and operating definitions
Financial and operating 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, lo
Slide 19: Adjusted Gross Margin reconciliation
Adjusted Gross Margin reconciliation Adjusted Gross Margin - Consolidated Three Months Ended March 31, 2024 2023 (in thousands) (unaudited) Total revenue $ 718,155 $ 628,994 Total cruise operating expenses (503,925) (476,487) Ship depreciation (54,096) (54,390) Gross margin 160,134 98,117 Ship depre
Slide 20: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Adjusted EBITDA Three Months Ended Last Twelve Months Year Ended March 31, March 31, December 31, 2024 2023 2024 2023 (in thousands) (unaudited) (unaudited) Net loss $ (493,928) $ (214,367) $ (2,138,162) $ (1,858,601) Interest income (18,469) (8,804) (57,692) (48,027)
Slide 21: Net Leverage
Net Leverage March 31, 2024 December 31, 2023 (unaudited) (in thousands, except Net Leverage) Long-term debt (1) $ 5,061,200 $ 5,155,673 Current portion of long-term debt (1) 276,826 270,888 Long-term portion of lease liabilities 221,248 227,956 Short-term portion of lease liabilities 24,433 24,670