Financial Data and Key Metrics Changes - Total revenue for Q4 2024 increased by 20.5% year-over-year to almost $1.4 billion, driven by higher capacity and revenue per passenger cruise day (PCD) [16] - Adjusted gross margin rose by 19.5% year-over-year to nearly $870 million, resulting in a net yield of $507, which is 7.4% higher than Q4 2023 [17] - Adjusted EBITDA for Q4 totaled $306 million, up 39.7% from the previous year, with net income for Q4 2024 at $104 million compared to a loss of $594 million in Q4 2023 [18] - Adjusted net income attributable to Viking Holdings Limited for Q4 2024 was $200 million, with adjusted EPS at $0.45, and for the full year 2024, adjusted EPS was $1.86 [19] Business Line Data and Key Metrics Changes - In the river segment, capacity PCDs increased by 3.7% year-over-year, with adjusted gross margin growing by 15.8% to $1.6 billion and net yield up 11.7% to $533 [21] - For the ocean segment, capacity PCDs increased by 6.2% year-over-year, with adjusted gross margin rising by 12.1% to $1.5 billion and net yield increasing by 5% to $522 [23] Market Data and Key Metrics Changes - As of February 23, 2025, Viking was 88% booked for the year with $5.3 billion in advance bookings, which is 26% higher than the same point in 2024 [27] - For ocean cruises, advanced bookings reached $2.4 billion, 30% higher than the previous year, with operating capacity up 18% year-over-year [41] - For river cruises, advanced bookings were nearly $2.6 billion, 24% higher than last year, with operating capacity up 7% year-over-year [43] Company Strategy and Development Direction - Viking aims to grow its core capacity by 12% in 2025 with the delivery of 10 river ships and one ocean ship, emphasizing a leadership position in the river cruise market [28] - The company focuses on maintaining high customer satisfaction and operational efficiency, leveraging its unique fleet design and in-house operations to enhance profitability [30][36] - Viking is committed to expanding its market presence, including a focus on the Chinese market with tailored offerings for Chinese-speaking guests [88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for core products, with a positive outlook for 2025 despite macroeconomic uncertainties [27][84] - The company highlighted the resilience of its high-end customer demographic, which is less impacted by economic downturns compared to average consumers [106] - Management noted that they are prepared to adapt their booking strategies based on market conditions, emphasizing the importance of analyzing booking curves [44][85] Other Important Information - Viking became a publicly traded company on the New York Stock Exchange on May 1, 2024, and received the 2024 North America IPO of the Year award [12] - The company ended 2024 with total cash and cash equivalents of $2.5 billion and an undrawn revolver of $375 million, with a net leverage ratio of 2.4 times [24] Q&A Session Summary Question: Why hasn't 2026 been added to the booking curve charts? - Management focused on 2024 performance and 2025 bookings, with 2026 bookings currently ahead of 2025 at the same point in time [53][54] Question: How will Viking respond to new competition from Royal Caribbean? - Viking holds a strong market share of 52% and has a large order book, which positions it well against new entrants [57][58] Question: What are the current demand trends by region? - Management reported strong demand for 2025, with 88% of capacity sold and positive trends in both river and ocean segments [64] Question: Are there any barriers to entry for new competitors? - Viking has secured valuable docking rights in key locations, which serve as significant barriers to entry for new competitors [77][78] Question: How does Viking manage booking curves in uncertain macro environments? - Viking's strong database allows for direct demand generation, providing flexibility to adapt to market conditions [84][85] Question: What are the priorities for growth in the next 3 to 5 years? - Viking is focusing on expanding its presence in Egypt and China, with plans for additional river vessels in these markets [88][89] Question: How does Viking plan to enhance customer interaction through technology? - The company is investing in technology for online booking and customer interaction, aiming to stay ahead of industry trends [123][124]

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