Q3 2024 Viking Holdings Ltd Earnings Call Transcript
Key Points
- Viking Holdings Ltd (VIK) reported a strong third-quarter performance with consolidated net yield up 11% from the prior year.
- The company has achieved a high booking rate with 95% of 2024 capacity and 70% of 2025 capacity already sold.
- Viking Holdings Ltd (VIK) has been recognized as the number one brand for oceans, rivers, and expeditions by Conde Nast Traveler for the second consecutive year.
- The company has a strong brand loyalty, with repeat guest percentage increasing from 27% in 2015 to 53% in 2024.
- Viking Holdings Ltd (VIK) has a robust financial position with total cash and cash equivalents of $2.4 billion and an undrawn revolver facility of $375 million.
- Vessel expenses, excluding fuel, increased by 2.5% this quarter compared to the same time last year, mainly due to repair and maintenance costs.
- The company experienced a slowdown in bookings around the time of the Middle East conflict, although it has since recovered.
- There is a concern about booking too far in advance, which could impact yield management.
- The company has a significant portion of its capacity in Egypt, which, while small, could be impacted by geopolitical instability.
- Viking Holdings Ltd (VIK) is not currently contemplating dividends or share buybacks, which may not align with some shareholder expectations for capital return.
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 third-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 third-quarter 2024 earnings conference 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 or implied. Please
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