Viking Reports Second Quarter 2024 Financial Results
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 ofJune 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
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
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 6.6% over the prior year on a 3.1% increase in capacity,” said
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
Balance Sheet and Liquidity
As of
-
The Company had
$1.8 billion in cash and cash equivalents. -
The scheduled principal paymentsfor 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
Conference Call Information
The Company has scheduled a conference call for
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
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
“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
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.
|
|
||||||||||||||||
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
|
(in USD and thousands, except per share data, unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
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 |
|
$ |
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 |
) |
|
|
||||||||||||||||
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) |
||||||||||||||||
|
(in USD and thousands, unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
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 |
$ |
151,091 |
|
|
$ |
198,472 |
|
|
$ |
(353,728 |
) |
|
$ |
(13,817 |
) |
|
|
Total comprehensive income (loss) attributable to non-controlling interests |
$ |
146 |
|
|
$ |
98 |
|
|
$ |
434 |
|
|
$ |
(38 |
) |
|
|
|
||||||||
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||||
|
(in USD and thousands, unaudited) |
||||||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
(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 |
|
|
|
||||||||
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(in USD and thousands, unaudited) |
||||||||
|
|
|
|
|
|
||||
|
|
|
Six Months Ended |
||||||
|
|
|
|
||||||
|
|
|
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 |
|
$ |
1,513,713 |
|
|
$ |
1,253,140 |
|
|
Cash and cash equivalents at |
|
|
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 |
||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
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
|
Statistical and Operating Data |
|
Six Months Ended |
||||||
|
|
|
|
||||||
|
|
|
2024 |
|
2023 |
||||
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
||||
|
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 |
|
|
|
|
|
|
|
||||
|
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
|
|
|
Three Months Ended |
|
|
Six Months Ended |
||||||||||||
|
Consolidated |
|
|
|
|
|
||||||||||||
|
|
|
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
|
|
|
Six Months Ended |
||||||
|
|
|
|
||||||
|
|
|
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 |
||||||
|
|
|
|
||||||
|
|
|
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
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
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
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
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
|
|
|
|
|
|
|||||
|
|
|
(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/
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