Q2 2024 Viking Holdings Ltd Earnings Call Transcript
Key Points
- Consolidated net yield increased by 6.6% from the prior year.
- 95% of 2024 and 55% of 2025 capacity already sold as of August 11, 2024.
- Total revenue grew 9.1% year over year to almost $1.6 billion.
- Adjusted EBITDA for the second quarter totaled $493 million, improving by more than $50 million compared to the same time last year.
- Strong demand trends for 2025 with advanced bookings 20% higher than the 2024 season at the same point in time.
- Net income for the second quarter of 2024 was $156 million, down from $190 million for the same period in 2023.
- The net income includes a loss of $123 million from the revaluation of warrants issued by the company due to stock price appreciation.
- Loss of $66 million related to the net impact of the private placement derivative loss and interest expense related to the company's Series C preference shares.
- Occupancy for the second quarter was 94.3%, which, while high, indicates some room for improvement.
- Vessel expenses, excluding fuel per capacity PCDs, were down only 1.9% year over year, indicating limited cost-saving measures.
Good morning. My name is Paul, and I will be your conference operator today. At this time, I would like to welcome everyone to Viking's second-quarter 2024 earnings conference call. As a reminder, this call is being recorded. (Operator Instructions)
I would now like to turn the program to your host for today's conference, Vice President of Investor Relations, Carola Mengolini.
Good morning, everyone, and welcome to Viking's second-quarter 2024 earnings call. I am joined by Tor Hagen, Chairman and Chief Executive Officer; and Leah Talactac, Chief Financial Officer. Also available during the Q&A session is Linh Banh, Executive Vice President of Finance.
Before we get started, please note our cautionary statement regarding forward-looking information. During the call, management may discuss information that is forward-looking and involves known and unknown risks uncertainties and other factors, which may cause the actual results to be different than those expressed
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