VIK Q3 2024 Earnings

Call Details

• Call Title: Viking Holdings Q3 2024 Earnings Call
• Date: November 19, 2024 at 1:00 PM UTC
• Management Team:
  • Carola Mengolini (Vice President of Investor Relations)
  • Torstein Hagen (Chairman and Chief Executive Officer)
  • Leah Talactac (Chief Financial Officer)
  • Linh Banh (Executive Vice President of Finance)

Call Summary

Financial Performance

• Total consolidated revenue for Q3 was $1.7B, representing an 11.4% increase year over year.
• Adjusted gross margin for Q3 was $1.1B, which increased 12% year over year.
• Consolidated net yield for Q3 was $576, representing an 11% increase versus Q3 2023.
• Adjusted EBITDA for Q3 was $554M, improving by more than $73M year over year, and adjusted EBITDA margin for the quarter was 50.4%.
• Net income for Q3 was $375M compared to a loss of $1.2B in Q3 2023, with adjusted net income excluding warrant revaluation of $394M for the quarter.
• Adjusted EPS for Q3 was $0.89 based on the new adjusted EPS metric introduced this quarter.
• Vessel expenses excluding fuel per capacity PCDs increased 2.5% in the quarter and were nearly flat year to date, driven primarily by repair and maintenance variability.
• Year to date through September 30, adjusted gross margin increased 12.3% to $2.6B and net yield was $556, up 7.5% year over year.

Guidance

• The company did not provide formal forward guidance and reiterated its policy of not issuing numeric guidance in prepared remarks.
• The stated company objective is to grow yields in the mid to high single digits on a full-year basis as booking curves evolve.
• Company commentary flagged the potential for normal cancellations late in the calendar year and noted that last-minute resales could be at lower prices, which may slightly change full-year advance bookings.
• Levers to manage outcomes were described as booking pace, marketing cadence, and deployment choices rather than explicit forward numerical guidance.
• Consolidated booking metrics as of November 3rd were presented as operational indicators rather than formal guidance inputs.
• Management reiterated the plan to prioritize finishing 2024 strongly and ensuring 2025 remains in good shape while avoiding specific numeric guidance commitments.