Viking Holdings Ltd (VIK) 2024 Q3 法說會逐字稿

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)

早安.我叫保羅，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Viking 2024 年第三季財報電話會議。提醒一下，本次通話正在錄音。（操作員指令）

I would now like to turn the program to your host for today's conference, Vice President of Investor Relations, Carola Mengolini.

現在，我想將節目單交給今天會議的主持人、投資者關係副總裁 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.

大家早安，歡迎參加維京 2024 年第三季財報電話會議。與我一起的還有董事長兼執行長 Tor Hagen；以及財務長 Leah Talactac。財務執行副總裁 Linh Banh 也出席了問答環節。

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 evaluate the forward-looking information in the context of these factors, which are detailed in today's press release as well as in our filings with the SEC.

在我們開始之前，請注意我們關於前瞻性資訊的警告聲明。在電話會議中，管理階層可能會討論前瞻性訊息，涉及已知和未知的風險、不確定性和其他因素，這些因素可能會導致實際結果與明示或暗示的結果不同。請根據這些因素評估前瞻性信息，這些信息在今天的新聞稿以及我們向美國證券交易委員會提交的文件中詳細說明。

The forward-looking statements are as of today, and we assume no obligation to update or supplement these statements. We may also refer to certain non-IFRS financial metrics, which are reconciled and described in our press release posted on our Investor Relations website at ir.viking.com.

這些前瞻性陳述截至今天為止，我們不承擔更新或補充這些陳述的義務。我們也可能參考某些非國際財務報告準則 (IFRS) 財務指標，這些指標已在我們的投資者關係網站 ir.viking.com 上發布的新聞稿中進行協調和描述。

Tor and Leah will provide a strategic overview of the company, a recap of our third-quarter results, and an update on the current booking environment. We will then open the call for your questions. To supplement today's call, we have prepared an earnings presentation that will also be available on our Investor Relations website following this call.

Tor 和 Leah 將提供公司的策略概述、我們第三季的業績回顧以及當前預訂環境的最新情況。然後我們將開始回答你們的問題。為了補充今天的電話會議，我們準備了一份收益報告，該報告也將在本次電話會議結束後在我們的投資者關係網站上發布。

With that, I'm pleased to turn the call over to Tor.

說完這些，我很高興將電話轉給 Tor。

Thank you, Carola. And good morning, everyone. I will start today's call by highlighting a few performance indicators for the quarter, which has been remarkably strong. As you can see on slide 3, we reported great third-quarter results with our consolidated net yield up 11% from the prior year. Additionally, we continue to experience strong demand for our core products with 95% of our 2024 capacity and 70% of our 2025 capacity sold as of November 3, 2024.

謝謝你，卡羅拉。大家早安。我將在今天的電話會議上首先強調本季的一些績效指標，這些指標非常強勁。正如您在投影片 3 上看到的，我們報告了出色的第三季業績，合併淨收益率較上年增長了 11%。此外，我們的核心產品持續受到強勁需求，截至 2024 年 11 月 3 日，我們 2024 年產能的 95% 和 2025 年產能的 70% 已售出。

I believe that this booking position reflects how well our products resonate with our target consumers. To this end, today, I want to take the opportunity to talk a little bit more about our ability to generate demand, which is fueled by our top-rated and well-defined product, effective cross-selling practices, strong brand recognition, and a singular sales and marketing approach.

我相信這個預訂位置反映了我們的產品與目標消費者的共鳴程度。為此，今天，我想藉此機會進一步談談我們創造需求的能力，這種能力源於我們一流且明確的產品、有效的交叉銷售實踐、強大的品牌認知度以及獨特的銷售和營銷方法。

Now if you look at the next slide, I want to start by highlighting the scale and reach of our operations. We sail across five oceans, 21 rivers, and the five great lakes, offering our guests unforgettable experiences in over 85 countries and across all seven continents. What sets us apart is that we achieved this global presence under a single brand, Viking, a name that stands for excellence in all three categories of the cruise industry, ocean, deliver, and expedition.

現在，如果你看下一張投影片，我想先強調我們的營運規模和範圍。我們航行穿越五大洋、21 條河流和五大湖，為我們的客人提供遍布 85 多個國家和七大洲的難忘體驗。我們的獨特之處在於，我們透過單一品牌「維京」實現了全球影響力，「維京」代表了遊輪產業在遠洋、運送和探險三個領域的卓越表現。

Each of our products consistently reflects the high standards of the one Viking brand. This allows our marketing efforts and strong brand loyalty to drive growth across all our offerings. And while I mentioned that our top-rated product continues to fuel demand, it is immensely gratifying to see this excellence consistently being recognized.

我們的每一款產品都始終體現著 Viking 品牌的高標準。這使得我們的行銷努力和強大的品牌忠誠度能夠推動我們所有產品的成長。雖然我提到我們的頂級產品繼續推動需求，但看到這種卓越品質不斷得到認可，我們感到非常欣慰。

If you follow me on the next slide, you will see that for the second year in a row, Viking was rated number one for oceans, number one for rivers, and number one for expeditions by Conde Nast Traveler in their 2024 Readers' Choice Awards. This achievement marks the first time that a travel company has won these three categories in back-to-back years.

如果您跟著我看下一張投影片，您會看到，維京號連續第二年在《康泰納仕旅行者》 2024 年讀者選擇獎中被評為海洋第一名、河流第一名和探險第一名。這是旅遊公司首次連續兩年榮獲這三個類別的殊榮。

These awards are particularly meaningful because they are voted by our guests, which means that they reflect our team's hard work, passion, and dedication to excellence. These levels of guest satisfaction are gratifying for many reasons, but one of them is that they increase brand loyalty.

這些獎項特別有意義，因為它們是由我們的客人投票選出的，這意味著它們反映了我們團隊的辛勤工作、熱情和對卓越的奉獻精神。這些水準的客戶滿意度令人滿意，原因有很多，其中之一就是它們提高了品牌忠誠度。

If we move to slide 6, you can see that our repeat guest percentage has steadily increased over time from 27% for the 2015 season to 53% for the '24 season to date. Moreover, in the graphs at the bottom of the slide, you can see that we leverage this strong brand loyalty for future product launches.

如果我們移到投影片 6，您會看到我們的回頭客百分比隨著時間的推移穩步上升，從 2015 年賽季的 27% 上升到 24 年賽季至今的 53%。此外，在幻燈片底部的圖表中，您可以看到我們利用這種強大的品牌忠誠度來推出未來的產品。

Over 60% of bookings for each of the inaugural seasons for Viking Ocean, Viking Expedition, and Viking Mississippi were made by past guests. These trends show that our guests trust Viking to deliver the best-in-class travel experiences, whether it be new itineraries for products they love or completely new offerings. In summary, one of the benefits of our single brand is our ability to effectively cross-sell across our product offering to our loyal customer base.

維京海洋號、維京探險號和維京密西西比號首航季的預訂中，超過 60% 都是由之前的客人預訂的。這些趨勢表明，我們的客人信任維京遊輪能夠提供一流的旅行體驗，無論是他們喜愛的產品的新行程，還是全新的產品。總而言之，我們單一品牌的優勢之一是我們能夠有效地向忠實的客戶群進行產品交叉銷售。

Moving to slide 7, for the past 27 years, we have built a single brand that is highly recognized by our target markets around the world. Today, we are the leading brand in North America outbound river market and in the luxury ocean market. As of the third quarter of 2024, we had 92% of total US brand awareness for river cruises and 80% for luxury ocean cruises.

第 7 頁，過去 27 年來，我們打造了一個受到全球目標市場高度認可的單一品牌。今天，我們已成為北美出境江河遊市場和豪華海洋遊市場的領導品牌。截至 2024 年第三季度，我們在美國河流遊輪品牌知名度達到 92%，在美國豪華海洋遊輪品牌知名度達到 80%。

With a single brand, our strong brand awareness drives growth for all our products. Our brand message is clear, and we can streamline and leverage our sales and marketing efforts. Now as I mentioned earlier, Viking operates globally. This past quarter, I traveled to Egypt and China, and I would like to share some updates on these unique regions.

憑藉單一品牌，我們強大的品牌知名度推動了所有產品的成長。我們的品牌訊息很明確，我們可以簡化和利用我們的銷售和行銷工作。正如我之前提到的，維京在全球開展業務。上個季度，我去了埃及和中國，我想分享一些關於這些獨特地區的最新情況。

First, let's focus on Egypt on slide 8. Just a couple of weeks ago, I was in Luxor for the naming of our two newest vessels for the Nile River, the Viking Hathor and the Viking Sobek. These beautiful ships can accommodate 82 guests each, and I believe that they offer the most elegant way to navigate the Nile. This addition brings our Egypt count to six ships, and we have four more under construction to be delivered by 2026.

首先，我們來關注幻燈片 8 上的埃及。就在幾週前，我來到盧克索，為我們兩艘最新的尼羅河船隻“維京哈索爾號”和“維京索貝克號”命名。這些漂亮的船每艘可容納 82 位客人，我相信它們提供了航行尼羅河最優雅的方式。此次新增的船隻使我們在埃及的船隻數量達到 6 艘，另外還有 4 艘正在建造中，預計將於 2026 年交付。

Although Egypt represents a small portion of our total capacity in the low single digits for 2025, it is a destination of great interest for our guests. For example, our 12-night Pharaohs and Pyramids itinerary offers our guests a fascinating and culturally rich experience that garners demand and strong yields. We are frankly very pleased to be able to offer this highly distinctive product.

儘管到 2025 年，埃及僅占我們總容量的一小部分（個位數），但它仍然是我們客人非常感興趣的目的地。例如，我們為期 12 晚的法老王和金字塔行程為我們的客人提供了令人著迷且文化豐富的體驗，吸引了大量遊客並獲得了豐厚的收益。坦白說，我們非常高興能夠提供這種極具特色的產品。

This quarter, I also traveled to Shanghai. If you now flip to the next slide, you will see that as it pertains to China and the Asian market in general, we have adopted a unique approach rooted in a couple of core principles, which include destination-focused experiences and a single-language environment on board. So let's begin by addressing our ocean cruises in Asia for English-speaking guests.

本季度，我還去了上海。如果您現在翻到下一張投影片，您會看到，針對中國和整個亞洲市場，我們採用了一種獨特的方法，這種方法植根於幾個核心原則，其中包括以目的地為中心的體驗和機上單一語言環境。因此，我們首先來介紹一下我們為講英語的客人提供的亞洲海上巡遊。

In September, we celebrated our return to China with Viking Yi Dun, offering exclusive itineraries and access to rarely visited destinations. China is a fascinating country, and our guests can now explore its coastline with the same level of comfort that have been provided on our ocean offerings. This marks the start of an exciting journey for us, and we plan to expand this program in 2025 with new itineraries that include Japan.

9 月份，我們與維京毅頓一起慶祝了我們重返中國，為遊客提供獨家行程以及遊覽鮮有人去的目的地的機會。中國是一個迷人的國家，我們的客人現在可以以與我們在海上提供的同樣舒適的體驗探索其海岸線。這標誌著我們一段令人興奮的旅程的開始，我們計劃在 2025 年擴大該計劃，增加包括日本在內的新行程。

In addition, we are expanding our ocean cruises to better serve our Asian guests. We believe that the Asian market has been historically underserved by the cruise industry. To this end, we will provide culturally rich experiences on the product tailored specifically to our Asian guests' preferences and language.

此外，我們正在擴大我們的海上巡遊航線，以便更好地服務我們的亞洲客人。我們認為，亞洲市場一直以來都未能得到充分的郵輪業服務。為此，我們將根據亞洲客人的喜好和語言，提供富有文化底蘊的產品體驗。

And lastly, since 2016, we have offered river cruises in Europe for Chinese guests. These itineraries feature curated excursions, cuisine adapted to their taste, and a fully Mandarin-speaking crew. Currently, we operate four dedicated vessels for these experiences. While the products I've highlighted represent only a very small portion of our overall portfolio, they are very appealing to our target demographics and play an important role in our long-term growth strategy.

最後，自 2016 年以來，我們為中國客人提供歐洲河流遊輪之旅。這些行程包括精心策劃的短途旅行、適合他們口味的美食以及全程講普通話的船員。目前，我們營運四艘專門用於此類體驗的船隻。雖然我重點介紹的產品僅占我們整體產品組合的一小部分，但它們對我們的目標群體非常有吸引力，並且在我們的長期成長策略中發揮重要作用。

Now shifting gears and turning to slide 10, during this quarter, we completed a secondary offering of 34.5 million shares on behalf of TPG Capital and CPP Investments at a price of $31 per share. As you can see on the slide, this event slightly changed the ownership composition, increasing the institutional float.

現在換個話題，翻到第 10 張投影片，在本季度，我們代表 TPG Capital 和 CPP Investments 完成了 3,450 萬股的二次發行，價格為每股 31 美元。正如您在幻燈片上看到的，此事件略微改變了所有權結構，增加了機構流通股。

We appreciate all who participated in the offering and the continued interest and support in our company. We have much to be proud of in this quarter, and we look forward to our continued success and growth. With that, I will turn to Leah to discuss our financials.

我們感謝所有參與此次募款的人以及對我們公司的持續關注和支持。本季我們有很多值得驕傲的事情，我們期待繼續取得成功和成長。說完這些，我將與 Leah 討論我們的財務狀況。

Thank you, Tor, and good morning to everyone. We are pleased to have reported a very strong third quarter. On a consolidated basis, total revenue in the quarter increased 11.4% year over year to almost $1.7 billion, mainly due to higher revenue per PCDs. Adjusted gross margin increased 12% year over year to $1.1 billion, resulting in a net yield of $576, 11% higher than the third quarter of 2023.

謝謝你，Tor，大家早安。我們很高興地報告第三季業績非常強勁。從綜合來看，本季總營收年增 11.4% 至近 17 億美元，主要由於每台 PCD 的營收增加。調整後毛利率年增 12% 至 11 億美元，淨收益為 5.76 億美元，比 2023 年第三季高出 11%。

We believe this to be quite remarkable because, as I have mentioned before, 2023 was already a very good year for us. Vessel expenses, excluding fuel per capacity PCDs, increased 2.5% this quarter compared to the same time last year but remained almost flat on a year-to-date basis. This quarter's year-over-year increase was mainly due to repair and maintenance costs. These expenses can vary between quarters depending on the fleet needs and other factors.

我們認為這是非常了不起的，因為正如我之前提到的，2023 年對我們來說已經是非常好的一年。本季度，船舶費用（不包括每容量 PCD 的燃料費用）與去年同期相比增加了 2.5%，但年初至今幾乎持平。本季的年增率主要由於維修和維護成本。根據車隊需求和其他因素，這些費用在不同季度可能會有所差異。

Adjusted EBITDA for the third quarter totaled $554 million, improving more than $73 million when compared to the same time last year. This significant year-over-year increase was driven by higher revenues per PCDs in both the river and ocean segments. The adjusted EBITDA margin was 50.4% for the third quarter and 37.6% for the last trailing 12 months.

第三季調整後 EBITDA 總計 5.54 億美元，較去年同期成長 7,300 多萬美元。與去年同期相比，這一顯著的成長是由於河流和海洋運輸領域每 PCD 收入的增加。第三季調整後的 EBITDA 利潤率為 50.4%，過去 12 個月調整後的 EBITDA 利潤率為 37.6%。

Net income for the third quarter of 2024 was $375 million compared to a loss of $1.2 billion for the same period in 2023. The net income for the third quarter of 2024 includes a loss of almost $19 million from the revaluation of warrants issued by the company due to stock price appreciation. In comparison, the third quarter of 2023 includes a loss of $1.5 billion from the impact of the Series C preference shares and an additional $73 million loss due to the revaluation of warrants.

2024 年第三季淨收入為 3.75 億美元，而 2023 年同期虧損 12 億美元。2024年第三季的淨收入包括因股價上漲導致公司發行的認股權證重新評估而產生的近1,900萬美元的損失。相較之下，2023 年第三季包括因 C 系列優先股的影響而造成的 15 億美元損失，以及因認股權證重新估價而造成的額外 7,300 萬美元損失。

Excluding the warrants loss, adjusted net income attributable to Viking Holdings Limited for the third quarter of 2024 was $394 million. Adjusted net income attributable to Viking Holdings Limited represents net income or loss, excluding certain items that we believe are not part of our primary operating business and do not reflect future earnings performance. This metric served as a numerator for calculating our adjusted EPS, which we introduced this quarter. Adjusted EPS was $0.89.

不包括認股權證損失，2024 年第三季歸屬於維京控股有限公司的調整後淨收入為 3.94 億美元。歸屬於維京控股有限公司的調整後淨收入代表淨收入或虧損，不包括我們認為不屬於我們主要營運業務且不反映未來獲利表現的某些項目。此指標是計算我們本季推出的調整後每股盈餘的分子。調整後每股收益為 0.89 美元。

Before moving to our reportable segments, I would like to highlight that year to date, our adjusted gross margin increased 12.3% year over year to $2.6 billion, and our net yield was $556, 7.5% higher than the same period last year. Now I will briefly discuss our two reportable segments, river and ocean. Unless noted, I will be referring to year-to-date metrics or nine months ended September 30, 2024.

在介紹我們的報告部門之前，我想強調一下，今年迄今為止，我們的調整後毛利率年增 12.3% 至 26 億美元，淨收益率為 5.56 億美元，比去年同期高 7.5%。現在我將簡要討論我們的兩個報告部分，河流和海洋。除非另有說明，我將參考年初至今的指標或截至 2024 年 9 月 30 日的九個月。

For the river segment, our capacity PCDs are relatively flat year over year. Although during the third quarter, we took delivery of the Viking Hathor, a beautiful vessel that started sailing the Nile by the end of August. Adjusted gross margin grew 12.1% year to date to $1.2 billion and net yield was $546, up more than 13% year over year, driven by strong demand for our European itineraries. Occupancy was 95.3% for the nine-month period.

對於河流部分，我們的容量PCD較去年同期相對穩定。儘管在第三季度，我們接收了維京哈索爾號（Viking Hathor），這是一艘漂亮的船隻，並於 8 月底開始在尼羅河上航行。調整後毛利率今年迄今成長 12.1%，達到 12 億美元，淨收益為 5.46 億美元，年成長逾 13%，這得益於歐洲行程的強勁需求。前九個月的入住率為 95.3%。

For ocean, capacity PCDs increased 7.2% year over year, mainly due to the delivery of the Viking Saturn in April of 2023 and the addition of the Viking Yi Dun in September of 2024. Occupancy for the period was 95%. Adjusted gross margin increased 11.7% year over year to $1.2 billion, and net yield was $533, up 4% compared to the previous year.

就海運而言，運力PCD年增7.2%，主要原因是2023年4月交付了Viking Saturn號，以及2024年9月增加了Viking Yi Dun號。本期間的入住率為 95%。調整後毛利率年增11.7%至12億美元，淨收益為5.33億美元，年增4%。

Now let's move to the balance sheet. As of September 30, 2024, we had total cash and cash equivalents of $2.4 billion and an undrawn revolver facility of $375 million. Our net debt was $3 billion. And to this end, our net leverage improved from 3.0 times as of June 30, 2024, to 2.4 times as of September 30, 2024. As of September 30, deferred revenue was $4 billion.

現在我們來看資產負債表。截至 2024 年 9 月 30 日，我們的現金及現金等價物總額為 24 億美元，未使用的循環信貸額度為 3.75 億美元。我們的淨債務為30億美元。為此，我們的淨槓桿率從 2024 年 6 月 30 日的 3.0 倍改善至 2024 年 9 月 30 日的 2.4 倍。截至 9 月 30 日，遞延收入為 40 億美元。

Also on slide 14, you can see our current bond maturity outlook, which has not changed since we last reported, with one bond maturity due in May 2025 and all other maturities in 2027 and beyond. With this, I'd like to confirm our debt amortization for 2024 and 2025. As of September 30, 2024, the scheduled principal payments for the remainder of 2024 are $53 million and $462 million for the full-year 2025.

同樣在投影片 14 上，您可以看到我們目前的債券到期前景，自上次報告以來一直沒有變化，其中一筆債券將於 2025 年 5 月到期，所有其他債券將於 2027 年及以後到期。在此，我想確認我們 2024 年和 2025 年的債務攤提。截至 2024 年 9 月 30 日，2024 年剩餘時間的預定本金支付額為 5,300 萬美元，2025 年全年的預定本金支付額為 4.62 億美元。

From a committed capital expenditure perspective and for the full-year 2024, the total expected committed ship CapEx is about $850 million or $440 million net of financing. And for the full-year 2025, the total expected committed ship CapEx is about $770 million or $150 million net of financing. The main drivers of the quarterly increases in total committed ship CapEx for both 2024 and 2025 are related to changes in the ocean fleet.

從承諾的資本支出角度來看，就 2024 年全年而言，預計承諾的船舶資本支出總額約為 8.5 億美元，或融資淨額 4.4 億美元。就 2025 年全年而言，預計承諾的船舶資本支出總額約為 7.7 億美元，或融資淨額 1.5 億美元。2024 年和 2025 年承諾船舶資本支出總額季度成長的主要驅動因素與遠洋船隊的變化有關。

With that, I'll turn it back to Tor to review our business outlook, including our booking curves.

說完這些，我將回到 Tor 來回顧我們的業務前景，包括我們的預訂曲線。

Thanks, Leah. Let's now dive into the booking curves, which are all as of November 3, 2024. On slide 16, we show our consolidated metrics for our core products. As you can see, 95% of our 2024 capacity PCDs is already booked, and we have sold $4.6 billion of advanced bookings. This is 14% higher than the 2023 season at the same point in time.

謝謝，利亞。現在讓我們深入了解預訂曲線，它們均截至 2024 年 11 月 3 日。在投影片 16 上，我們展示了我們核心產品的綜合指標。如您所見，我們 2024 年容量 PCD 的 95% 已被預訂，並且我們已經售出了 46 億美元的預訂。這比 2023 年同一時間點的賽季高出 14%。

These metrics are very similar to what we shared last quarter with the 2024 capacity mostly sold out. I will note as we approach the end of the calendar year, we might experience a few cancellations, which is normal. While we typically resell these rooms, the last-minute prices may be lower than the original rates, causing the full-year advanced bookings to slightly change.

這些指標與我們上個季度分享的非常相似，2024 年的產能基本上已售罄。我要指出的是，隨著日曆年的臨近，我們可能會遇到一些取消的情況，這是正常的。雖然我們通常會轉售這些房間，但最後一刻的價格可能低於原始價格，導致全年預訂略有變化。

Now moving to 2025, the figures look very encouraging. Our capacity is increasing by 12%, and we are already 70% booked with $4.3 billion of advanced bookings. These are 26% higher than the 2024 season at the same point of time in 2023. This metric is higher than what we shared last quarter, mainly due to strong demand, but also due to a slightly easier comparable. Last year, we saw some volume slowdown in October due to the conflict in the Middle East. Aside from this, the reality is that we are achieving very strong bookings for 2025, and we are very pleased with it.

現在到了2025年，這些數字看起來非常令人鼓舞。我們的運力增加了 12%，預訂率已達 70%，提前預訂金額達 43 億美元。這比 2023 年同一時間點的 2024 年賽季高出 26%。該指標高於我們上個季度分享的水平，主要是由於需求強勁，但也因為可比較性略微容易一些。去年，由於中東衝突，十月份的貿易量有所放緩。除此之外，現實情況是，我們 2025 年的預訂量非常強勁，我們對此感到非常滿意。

On the next slide, you will see our curves for the ocean cruises. This is slide 17. I will start with the green line, which shows the bookings for 2024. Overall, we have sold $1.9 billion of advanced bookings, which is 15% higher than last year at the same point in time. Notably, our operating capacity is up 6% year over year, and we have already sold 94% of the capacity. I will also note that we are very pleased with the 2024 rates, which are $661 compared to $614 last year.

在下一張投影片中，您將看到我們的海上巡遊曲線。這是第 17 張投影片。我將從綠線開始，它顯示的是 2024 年的預訂情況。整體而言，我們已售出 19 億美元的預購訂單，比去年同期成長 15%。值得注意的是，我們的營運產能年增6％，並且已經銷售了94％的產能。我還要指出的是，我們對 2024 年的費率非常滿意，今年的費率為 661 美元，而去年的費率為 614 美元。

If we now look at the blue line, you will see booking trends for the 2025 season. We have sold about $2 billion in advanced bookings, which is 30% higher than last year at this point in time. Our operating capacity is up 18% year over year, and 74% of the 2025 capacity is already sold. Regarding the rates, they equal $753 compared to $680 for the 2024 season at the same point in time.

如果我們現在看藍線，您將看到 2025 年季節的預訂趨勢。我們已售出約 20 億美元的預購訂單，比去年同期高出 30%。我們的營運產能年增18%，2025年產能的74%已經售出。就費率而言，今年的費率為 753 美元，而 2024 年同一時間點的費率為 680 美元。

Now if we move to slide 18, you will see curves for the river cruises. I will start with advanced bookings for 2024, which is the green line. As you can see, we have sold more than $2.3 billion in advanced bookings, which is 14% higher than last year. Our operating capacity for river is up 4% year over year. So we're having a great year with 96% of the 2024 capacity already sold and with rates that are equal to $759 compared to $689 in 2023. Like ocean, we have very little to sell for 2024, and our teams are now focused on 2025 and beyond.

現在，如果我們移到第 18 張投影片，您將看到河流巡遊的曲線。我將從 2024 年的提前預訂開始，也就是綠線。正如您所看到的，我們的預售額已經超過 23 億美元，比去年同期成長了 14%。我們的河流運營能力年增4％。因此，我們度過了一個美好的一年，2024 年的 96% 的運力已經售出，票價為 759 美元，而 2023 年的票價為 689 美元。就像海洋一樣，我們在 2024 年幾乎沒有什麼可賣的，我們的團隊現在專注於 2025 年及以後。

Now looking at the blue line, these are the advanced bookings for the 2025 season. As you can see, we have sold about $2 billion in advanced bookings, which is 22% higher than the 2024 season at the same point in time. Our operating capacity for the river is up 7% year over year, and 67% is already sold. In summary, these are very good trends for 2025 with rates equal to $856 compared to $819 in 2024. Overall, we are very pleased with all these metrics, which are advancing in line, and in some cases, even exceeding some of our expectations.

現在看藍線，這些是 2025 年賽季的提前預訂。如您所見，我們的預售額已達約 20 億美元，比 2024 年同期高出 22%。我們的河流運營能力年增7％，其中67％已經售出。總而言之，這對 2025 年來說是非常好的趨勢，利率將達到 856 美元，而 2024 年的利率為 819 美元。總體而言，我們對所有這些指標都非常滿意，這些指標正在按計劃推進，在某些情況下甚至超出了我們的預期。

Now Leah will add some color to our order book and capacity.

現在 Leah 將為我們的訂單和產能增添一些色彩。

Thank you, Tor. Moving to our order book and capacity updates, during the month of October, we took delivery of the Viking Sobek. As Tor just mentioned, this is an 82-guest vessel that is sailing on the Nile River in Egypt. In October, we also exercised our options for Ocean Ships 19 and 20, which are both scheduled for delivery in 2030. These ships are similar in size, accommodating about 998 guests each.

謝謝你，Tor。談到我們的訂單和產能更新，十月份，我們接收了 Viking Sobek。正如托爾剛才提到的，這是一艘可載 82 名客人的船，正在埃及尼羅河上航行。10 月份，我們還行使了遠洋船 19 號和 20 號的選擇權，這兩艘船計劃於 2030 年交付。這些船的大小相似，每艘可容納約 998 位客人。

And lastly, we entered into an option agreement for four additional ocean ships that, if exercised, will be delivered in 2031 and 2032, two each year. These cruise ships will be built by the Fincantieri Shipyard, which has delivered the entire Viking Ocean fleet. As you can see, there is a lot going on at Viking, and we are thrilled to share news on further growth. As we continue to deliver strong financial results, we remain equally committed to providing unforgettable experiences for our guests. This balance is key to our long-term success and sustainable growth.

最後，我們簽訂了另外四艘遠洋船舶的選擇權協議，如果行使，將於 2031 年和 2032 年交付，每年兩艘。這些郵輪將由 Fincantieri 船廠建造，該船廠曾經交付了整個維京海洋艦隊。正如您所看到的，維京正在發生很多事情，我們很高興分享有關進一步發展的消息。在我們持續取得強勁財務表現的同時，我們同樣致力於為客人提供難忘的體驗。這種平衡是我們長期成功和永續成長的關鍵。

With this, I conclude our prepared remarks. I'll now turn it back to the operator to take questions.

我的準備好的發言到此結束。我現在將話題轉回給接線員來回答問題。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示） 摩根大通 (JPMorgan) 的 Matthew Boss。

Great. Thanks, and congrats on another nice quarter. So Tor, maybe to kick off, any notable changes in forward demand indicators or the consumer backdrop today? And if you could just elaborate on the shift that you cited in focus for 2025 to capitalizing on your well-defined product?

偉大的。謝謝，恭喜你又度過了一個美好的季度。那麼 Tor，也許可以先看看今天的遠期需求指標或消費者背景是否有任何顯著的變化？您能否詳細說明您在 2025 年重點提到的轉變，即如何利用您明確定義的產品？

I think we don't see any surprises. I think we have had a solid long-term plan. And so far, we're coming in according to our plans is really what I can say. And the second part of your -- I'm not sure I got that entirely, so please repeat.

我認為我們不會看到任何意外。我認為我們已經有一個完善的長期計劃。到目前為止，我可以說我們正在按照計劃進行。至於您的第二部分——我不確定我是否完全理解了，所以請重複一遍。

So for 2025, in the release, you talked about capitalizing on your well-defined product and shifting your focus to that. So maybe just as we think about the '25 booking curves, how you're thinking about things.

因此，對於 2025 年，在發表會上，您談到如何利用明確定義的產品並將重點轉移到該產品上。所以也許正如我們思考 25 條預訂曲線一樣，您是如何思考這些事情的。

Well, I think the way we started Viking, we said we think there is an unserved market for elderly people who have lots of experiences and would like to be on nice ships. And I think that's what we continue to deliver on. As you know, many of our guests have been on other cruise ships and found that nice. But as we have a few key points in our product offering, we are proud we don't allow children on board, and I think that's a very strong point.

嗯，我認為我們創辦維京遊輪的方式，我們說過，我們認為對於擁有豐富經驗並且願意乘坐舒適船隻的老年人來說，存在一個尚未開發的市場。我認為這就是我們將繼續實現的目標。如您所知，我們的許多客人都曾乘坐過其他遊輪並覺得這很不錯。但由於我們提供的產品有幾個關鍵點，我們很自豪我們不允許兒童登機，我認為這是一個非常強大的點。

We don't have a casino, so we don't have the noise that goes with that, and we don't like to nickel and dime people. I think those are very strong points when it comes to even experienced cruisers who can be on great ships, which produce lots of profits and lots of noise. But when they come in a Viking ship, they can really relax. And I think that's the product we are working on. We also -- for new-generation ships, we are looking at hydrogen fuel cells and so forth, so we can be as environmentally friendly as we can. And that will happen two ships from now.

我們沒有賭場，因此不會有賭場帶來的噪音，我們也不喜歡向人們收取小額費用。我認為，對於經驗豐富的巡洋艦來說，這些都是非常強大的優勢，他們可以乘坐大型船隻，產生大量的利潤和噪音。但當他們乘坐維京船時，他們真的可以放鬆了。我認為這就是我們正在研發的產品。對於新一代船舶，我們也正在研究氫燃料電池等，以便盡可能環保。從現在起兩艘船就會實現這一目標。

Great. And then maybe, Leah, if you could just elaborate on the composition of 2025 pricing, maybe specifically how trends are relative to your plan. Or how best to think about river up mid-single digits on high single-digit capacity versus ocean up low double digits on high teens capacity.

偉大的。然後也許，利亞，如果你可以詳細說明 2025 年定價的組成，特別是趨勢與你的計劃有何關係。或者如何最好地思考河流中個位數的高個位數容量與海洋低兩位數的、高十幾歲的容量。

Yes. I think we've said it before. As the booking curve evolves, we do -- we have been able to achieve mid- to high single digits. I think from a full-year basis, that remains our expectation is that as the year continues to sell, that would be where we would kind of expect things to land.

是的。我想我們之前已經說過了。隨著預訂曲線的變化，我們確實已經能夠實現中高個位數的成長。我認為，從全年來看，我們的預期是，隨著全年銷售的持續，我們預計銷售量將達到這個水平。

Great, best of luck.

太好了，祝你好運。

Thank you.

謝謝。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

Hey, guys, good morning and congrats on a very solid quarter. So as we look at your booking curve into '25 and with you guys now being almost 70% sold for next year, just trying to understand how you view your -- what we would call kind of your optimal booked position. And I guess what I'm trying to understand is maybe how that 70% booked position would look more on a historical basis? And are you guys getting to the point where you're maybe booking too much, too far in advance? And I hope that makes sense.

嘿，大家早上好，恭喜您本季業績表現穩健。因此，當我們查看您 25 年的預訂曲線時，發現您明年的預訂量已接近 70%，我們只是想了解您如何看待您的——我們稱之為最佳預訂位置。我想了解的是，從歷史角度來看，70% 的預訂率看起來會是什麼樣子？你們是否已經到了預訂過多、提前太久的地步？我希望這是有意義的。

Yes. That makes sense, Steve. And I think that was what we had started to introduce in the last quarter -- in last quarter's call is that given that this year was an election year and there is some short-term volatility as it relates to that, we had started to kind of accelerate the booking curve. But having said that, it is quite accelerated. We are more accelerated this year than what we had been prior to COVID. And I think you will start to see some normalization of that moving forward.

是的。這很有道理，史蒂夫。我認為這就是我們在上個季度開始推出的——上個季度的呼籲是，鑑於今年是選舉年，並且與此相關的一些短期波動，我們已經開始加速預訂曲線。不過話說回來，速度還挺快的。與新冠疫情之前相比，我們今年的進展更快。我認為你將開始看到這種狀況在未來逐漸正常化。

So asking that a little bit differently, if we're sitting here a year from now, I would assume 70% -- you probably wouldn't be 70% booked for '26. Is that fair to think about it that way?

因此，換個角度問這個問題，如果我們從現在起一年後坐在這裡，我假設 70％——您可能不會有 70％ 的 26 年預訂率。這樣想公平嗎？

Yes, it's a balance between what yield you would like to achieve and also how further out you want to be booked as well. So for -- looking forward a year from now, we could be a little bit less sold. But again, that really depends on how we see things playing out. And those are one of the leverages that we have in terms of -- that's the benefit of our strong bookings, right? Because you can start to see where -- how demand is shaping. And then we also -- since we are a marketing company as well, we are able to throttle up or throttle down demand based on how we market.

是的，這是一個您想要獲得的收益與您想要的預訂時間之間的平衡。所以展望一年後，我們的銷售量可能會稍微少一點。但話說回來，這確實取決於我們如何看待事態的發展。這些就是我們所擁有的優勢之一——這就是我們強勁的預訂量帶來的好處，對吧？因為你可以開始看到需求是如何形成的。而且，由於我們也是一家行銷公司，所以我們能夠根據行銷方式來增加或減少需求。

Okay. Got you. And then second question, if I could. And I'm not sure you're going to answer this. But obviously, for '25, you're very well booked out at this point. And if we started to think more about 2026 -- I guess what I'm trying to understand is, have you basically gotten your customer base to essentially now book further out to capture the best itineraries, cabins, whatever you want to think about it? So I guess what I'm trying to understand is, if we think about where you're booked today for 2026, is it stronger than where you would have been booked historically at this point in time?

好的。明白了。然後是第二個問題，如果可以的話。我不確定你是否會回答這個問題。但顯然，對於 25 來說，您現在已經預訂了。如果我們開始更多地考慮 2026 年——我想我試圖了解的是，您是否基本上已經讓您的客戶群從現在開始預訂，以獲得最佳的行程、客艙，無論您想考慮什麼？所以我想我試圖了解的是，如果我們考慮一下您今天在 2026 年的預訂情況，它是否比您此時的歷史預訂情況更強？

So our focus remains on finishing 2024 strongly and also making sure that 2025 is in good shape. Having said that, our guests do -- they're older. They do like to plan. They do know that we sell out. And so there are going to be certain segments of them that are more keen to book early to make sure that they either have the itinerary they want, the cabin that they want. And also, our pricing reflects that we like to make sure that the people who book early also have the best deal. So it's a combination of many factors. But again, our focus is in closing out 2024 strongly and then also making sure that '25 is in good shape.

因此，我們的重點仍然是強勢結束 2024 年，並確保 2025 年取得良好進展。話雖如此，我們的客人確實如此——他們年紀較大。他們確實喜歡計劃。他們確實知道我們已經賣光了。因此，其中一部分人會更熱衷於提前預訂，以確保他們能獲得自己想要的行程和艙等。此外，我們的定價也反映出我們希望確保提前預訂的人也能享受到最優惠的價格。所以這是多種因素共同作用的結果。但同樣，我們的重點是強勢結束 2024 年，然後確保 2025 年狀況良好。

Okay, got you. Thanks, guys. Appreciate it.

好的，明白了。謝謝大家。非常感謝。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

Great. Thank you. Just looking at your booked revenue per cruise day for next year and a quarter ago, that had been at a 10% growth rate. Now it's at a 7% growth rate. And I think you guys have been very clear that that 10% growth rate would move down. I'm curious. Now that we're at this point and where the year is booked at that 70% rate, should that 7% growth rate move up? Or should we still expect it to potentially move down slightly from that plus 7%? Or since you are booked further in advance than you typically are, is there a chance that 7% moves up? How should we think about that number? Thanks.

偉大的。謝謝。只要看一下明年和一個季度前每個郵輪日的預訂收入，就會發現成長率為 10%。現在成長率為7%。我想你們已經非常清楚，10%的成長率將會下降。我很好奇。現在我們已經到了這個地步，今年的成長率已經達到了 70%，那麼 7% 的成長率是否應該上升呢？或者我們仍應預期它會從 7% 的增幅略有下降嗎？或者由於您的預訂比平常提前了，是否有可能增加 7%？我們該如何看待這個數字？謝謝。

Hi, Robin. I mean, I think at the end of the day, our goal, as Leah just mentioned, is to continue to grow capacity, which you can see our order book, and also, from a yield perspective, grow in the mid- to high single digits. And we can see that for '24 and '25, we've been able to achieve that thus far. So that remains our goal. Obviously, as you know, we don't give guidance. But where we stand today with 70% booked for 2025 at rates that are 7% higher with a 12% capacity increase, we feel pretty good about that.

你好，羅賓。我的意思是，我認為最終我們的目標是，正如 Leah 剛才提到的，繼續擴大產能，從我們的訂單量就可以看出，而且從收益率的角度來看，增長率將達到中高個位數。我們可以看到，對於 24 年和 25 年，我們迄今為止已經實現了這一目標。所以這仍然是我們的目標。顯然，如你所知，我們不提供指導。但就目前情況來看，2025 年的預訂率已達 70%，運價上漲 7%，運力增加 12%，我們對此感到非常滿意。

Okay, thanks. And then maybe I'd ask with Egypt, which, given how far you book in advance, that a lot of this year maybe would have been booked already before October of last year. And so maybe actually the year ahead becomes a tougher year in terms of comparisons there in terms of what ends up being on the books for '25.

好的，謝謝。然後我可能會問一下埃及，考慮到你們提前預訂的時間，今年的許多航班可能在去年 10 月之前就已經被預訂了。因此，從 25 年的最終成果來看，未來的一年可能實際上會變得更加艱難。

Is there anything that you would quantify since your Nile River ships are probably at lower than what would be a normal occupancy rate? Is there anything you'd quantify to sort of say the impact of Egypt on 2025 could be X percent in yield, the typical definition including occupancy? Thanks.

由於您的尼羅河船舶的載客率可能低於正常水平，您是否可以量化一些數據？您能否量化一些數據來表明埃及對 2025 年的影響可能是收益的 X%，典型的定義包括入住率？謝謝。

That is actually a great question. Egypt, we feel very good about that product. It's a great experience. It's actually one of our highest-rated NPS scores. That being said, as a percentage of capacity, Egypt is a couple of percentage points. So although it is a great itinerary with great yields, some small movements there won't move the needle that much. But that being said, your point is very well taken. We do agree. Egypt generally sells out very quickly.

這確實是一個很好的問題。埃及，我們對該產品感覺非常好。這是一次很棒的經驗。這實際上是我們評級最高的 NPS 分數之一。話雖如此，從產能百分比來看，埃及只佔了幾個百分點。因此，儘管這是一個收益豐富的偉大計劃，但其中的一些小動作並不會產生太大的作用。但話雖如此，你的觀點非常正確。我們確實同意。埃及的商品通常很快就會銷售一空。

Thank you very much.

非常感謝。

And if I may add, when we were there about a month ago -- and I mean, the ships we have in Egypt are by far the best on the river. So we are continuing to build. And I think everybody is very impressed with the product, and we will continue to build. There are very good economics. So it's small, but very interesting.

我可以補充一下，大約一個月前我們去那裡的時候——我的意思是，我們在埃及的船是河上最好的。因此我們正在繼續建設。我認為每個人都對該產品印象深刻，我們將繼續打造該產品。有非常好的經濟學。雖然它很小，但是非常有趣。

Thank you.

謝謝。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

Hi. Good morning, everyone. Tor, I think you mentioned in your prepared remarks that you've seen a little bit of a slowdown due to the conflict in the Middle East. Can we dig into that a little bit more? Is this -- do you see this mostly in Egypt? Is this what drove some of the '24 cancellations? Or were you seeing it in 2025 bookings? Just curious if you've seen any sort of recovery to trend or if you're still seeing weakness there.

你好。大家早安。托爾，我想你在準備好的發言中提到過，由於中東的衝突，你看到經濟出現了一些放緩。我們能進一步深入探討一下嗎？這是──你在埃及主要見到的嗎？這是導致部分『24』航班取消的原因嗎？或是您看到 2025 年的預訂量了？只是好奇您是否看到了任何形式的復甦趨勢或是否仍然看到了疲軟趨勢。

We've seen the booking curves for the rivers, and you see it's a slowdown around this time a year ago. But I don't think it has been -- it has recovered quite well since then, I would say. So it's a concern, but I would say that people who travel there are not worried about security or anything like that. You feel very safe in Egypt. I was there, and I think we're all set. So I think this will be a good product for the long term.

我們看到了河流的預訂曲線，你會發現去年這個時候預訂量有所放緩。但我不認為如此——我想說，自那時以來它已經恢復得相當好了。所以這是一個令人擔憂的問題，但我想說，去那裡旅遊的人們並不擔心安全問題或類似的事情。在埃及你會感到非常安全。我當時就在那兒，我想我們已經準備好了。所以我認為從長遠來看這會是一個好產品。

Okay, got it. And then I guess we've seen and heard some pretty positive commentary from airlines just about the health of the transatlantic business. I guess how many customers book their airfare with you? And should we expect any potential cost pressure from this as we think about the bridge going from gross revenues to net revenues for you in 2025? Thank you.

好的，明白了。我想我們已經看到和聽到一些航空公司對跨大西洋業務健康狀況的非常積極的評價。我猜有多少顧客透過您這裡預訂機票？當我們考慮在 2025 年從總收入過渡到淨收入時，我們是否應該預期這會帶來潛在的成本壓力？謝謝。

As you can imagine, I mean, I think given our demographic, a good amount of our guests do book air through us. I think the ability to have a package travel itinerary with one place, it speaks to our core consumer base. That being said, I mean, I think you can see that in our yields. Our yields will, of course, reflect the cost. I know our curves only show revenue. But as you look through our financials, and you can see that for Q3, our yields are up for the third quarter by 11%. So the team is managing through this. And from our perspective, we're managing through this well, which is reflected in the yields.

你可以想像，我的意思是，我認為考慮到我們的人口統計數據，很多客人確實透過我們預訂機票。我認為，能夠制定一個包含一個地方的套餐旅行行程，這反映了我們針對核心消費者群體的能力。話雖如此，我的意思是，我想您可以從我們的收益中看到這一點。我們的收益當然會反映成本。我知道我們的曲線只顯示收入。但當您查看我們的財務報表時，您會發現第三季的收益率上升了 11%。因此團隊正在解決這個問題。從我們的角度來看，我們正在很好地管理這個問題，這在收益率上有所體現。

Got it. Thanks, Linh.

知道了。謝謝，Linh。

Thank you.

謝謝。

Patrick Scholes, Truist Securities.

Truist Securities 的 Patrick Scholes。

Thank you. Good morning, everyone. I want to ask a very similar question to the one I asked last quarter. And this is -- relates to, I would call, a high-class and enviable problem that being you're quickly improving in your arguably soon-to-be underlevered balance sheet. Tor, do you have any further thoughts or updates on the eventual perhaps return of capital from that balance sheet? Thank you.

謝謝。大家早安。我想問一個與上個季度提出的問題非常類似的問題。而這與我所說的一個高級且令人羨慕的問題有關，即你正在迅速改善你即將陷入槓桿率過低的資產負債表。Tor，你對於最終可能從資產負債表中獲得的資本回報還有什麼進一步的想法或更新嗎？謝謝。

So I think -- go ahead, Leah.

所以我認為－－繼續吧，利亞。

Yes, so this was directed at Tor, but this is a question that comes up fairly often for us. And overall, we're committed to a balanced capital allocation framework. As you know and as we've said before, maintaining a large cash reserve on the balance sheet acts as a buffer, particularly against unpredictability in today's economic environment. So a big cash reserve provides us a strong financial safety net that ensures that we have stability and flexibility.

是的，這是針對 Tor 的，但這個問題對我們來說經常出現。總的來說，我們致力於建立平衡的資本配置架構。如您所知，正如我們之前所說，在資產負債表上保留大量現金儲備可以起到緩衝的作用，特別是針對當今經濟環境中的不可預測性。因此，充足的現金儲備為我們提供了強大的財務安全網，確保了我們的穩定性和靈活性。

One of our top priorities is to reinvest the cash in the business so that we can generate strong returns. Also, a strong cash balance makes sure that we are ready for an acquisition if the right opportunity presents itself. And as we've said before, our guiding principles when it comes to investing in the business or any future acquisitions is that it's scalable, it is margin accretive, and then it's also complementary to the brand and is within the brand ethos.

我們的首要任務之一是將現金重新投資於業務，以便獲得豐厚的回報。此外，充足的現金餘額確保我們在適當的機會出現時能夠做好收購準備。正如我們之前所說，我們在投資業務或任何未來收購時的指導原則是，它具有可擴展性，可以增加利潤，並且還可以與品牌相輔相成並符合品牌精神。

So we believe that this strategy reflects our long-term perspective. We are not currently contemplating a dividend or share buybacks, but they could be an option in the future to return capital to shareholders.

因此我們相信這項策略反映了我們的長期觀點。我們目前沒有考慮派發股息或回購股票，但它們可能是未來向股東返還資本的一種選擇。

Okay. Can I ask a follow-up question?

好的。我可以問一個後續問題嗎？

Sure.

當然。

From hearing your response, is it fair to assume that over the long term, you would like to take a more conservative stance? And this is kind of what I heard from your answer than your public competitors. When I think about public competitors sort of targeting during normal times, steady-state time, sort of 2 to 3.5 times net debt to EBITDA. But certainly, this has been an industry that has seen periods of extreme volatility. Is it fair to assume that you would like to take a more conservative stance than sort of those historical ranges from your peers? And not to put words in your mouth, but just curious. Thank you.

從您的回答來看，是否可以合理地認為，從長遠來看，您希望採取更保守的立場？這就是我從您的回答中聽到的，而不是您的公開競爭對手的回答。當我想到上市公司的競爭對手在正常時期、穩定時期的目標時，他們的淨債務與 EBITDA 比率大約是 2 到 3.5 倍。但可以肯定的是，這個行業曾經經歷過極端動盪的時期。是否可以假設您希望採取比您的同行的歷史範圍更保守的立場？我並不是想要強迫您說話，只是好奇而已。謝謝。

I think what we have not really -- we haven't provided any targets for ourselves as we are in a period of growth. As we take advantage of opportunities, our leverage could go up and down. And I think our focus is really to make sure that the cash is reinvested within the business to generate shareholder returns.

我認為我們實際上並沒有為自己設定任何目標，因為我們正處於成長時期。隨著我們抓住機遇，我們的槓桿率可能會上升或下降。我認為我們的重點是確保現金重新投資於業務以產生股東回報。

Okay, fair enough. Thank you

好吧，夠公平。謝謝

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi, everyone. Thank you. Maybe just following up on that question specifically. So you exercised some options for ocean cruises. Is the opportunity still much better at ocean and river than it is outside of your core business? Just trying to understand, we talked a lot about during the IPO process of beyond the Viking core. Just curious on where things stand in terms of evaluating opportunities outside of cruising in general. Thank you.

大家好。謝謝。也許只是具體地跟進這個問題。因此，您選擇了一些海上巡遊的選擇。與核心業務之外相比，海洋和河流領域的機會是否仍然更好？只是想了解一下，我們在 IPO 過程中討論了很多關於超越 Viking 核心的事情。只是好奇在評估巡航之外的機會方面情況如何。謝謝。

Sure, so our primary focus is taking delivery of our ships on order between now and 2030. You can see that we have a pretty attractive growth profile when you look at our committed ship. But given the growing addressable market and demand for cruising more broadly, we do see significant white space to continue sourcing and increasing penetration from our primary markets. That's the English-speaking North American as well as the UK and Australian and New Zealand.

當然，所以我們的主要重點是從現在到 2030 年交付我們訂購的船舶。當您查看我們承諾的船舶時，您會發現我們擁有相當有吸引力的成長概況。但考慮到不斷增長的潛在市場和更廣泛的巡航需求，我們確實看到了繼續從主要市場採購和增加滲透率的巨大空白。其中包括講英語的北美國家以及英國、澳洲和紐西蘭。

As we know, cruise penetration in the US is only 4%. Having said that, Tor did speak about what we are expanding upon in China. So we are back in China with English-speaking guests. And in addition to that, we also see opportunity to expand our appeal to other Asian markets. So those are our current priorities, but we do know that we have a strong brand, and that brand is a trusted brand that our past guests would be quite happy to support any meaningful new products that we enter into the market and as well as we are able to attract new to brand quite well as well.

眾所周知，美國的郵輪普及率僅4%。話雖如此，Tor 確實談到了我們正在中國擴展的業務。因此我們和講英語的客人一起回到了中國。除此之外，我們也看到了擴大對其他亞洲市場的吸引力的機會。這些是我們目前的首要任務，但我們確實知道我們擁有一個強大的品牌，這個品牌是一個值得信賴的品牌，我們過去的客人會非常樂意支持我們進入市場的任何有意義的新產品，而且我們也能夠很好地吸引新品牌。

Okay. That's helpful. And then maybe a bit of a hypothetical. I think you have six vessels in Russia and one in Ukraine that obviously have been impacted by the conflict there. Can you just talk about if that war were to end, how quickly you could bring that back online, what you would think that would look like? And maybe any contribution that that market had pre the conflict in general? Thank you.

好的。這很有幫助。然後可能有點假設。我認為，在俄羅斯有六艘船隻，在烏克蘭有一艘船隻明顯受到了那裡衝突的影響。你能不能談談，如果那場戰爭結束了，你能多快讓戰爭重新恢復，你認為戰爭會是什麼樣子？那個市場在衝突之前整體有什麼貢獻嗎？謝謝。

I think with this one, Tor would say one of his favorite cruises of all times is in Russia. So it is unfortunate that we aren't able to operate there. That being said, we have five ships that operate in Russia, plus one that operated in Ukraine. I think if we were to be able to operate again, which is our hope, I think we would be able to put those ships back into operation relatively quickly.

我想，托爾會說，他最喜歡的遊輪目的地之一是俄羅斯。因此很遺憾我們無法在那裡開展業務。話雖如此，我們有五艘船在俄羅斯運營，另有一艘在烏克蘭運營。我認為，如果我們能夠再次運營，這也是我們的希望，我認為我們能夠相對快速地讓這些船隻恢復運營。

That being said, these are not longships. These are ships that we have refurbished over the years. I think they were built some many decades ago. They do contribute to EBITDA pre the conflict, of course, but it is not at the same margins as our longship. That being said, there's definitely upside there if we're able to operate in that area again.

話雖如此，這些都不是長船。這些都是我們多年來翻新的船隻。我認為它們是幾十年前建造的。當然，他們確實為衝突前的 EBITDA 做出了貢獻，但其利潤率與我們的長船不同。話雖如此，如果我們能夠再次在該地區開展業務，那麼肯定會帶來好處。

Appreciate it. Thank you.

非常感謝。謝謝。

Dan Politzer, Wells Fargo.

富國銀行的 Dan Politzer。

Hey, good morning, everyone. Thanks for taking my question. First, I want to touch on ocean. Specifically for 2025, you're sitting at 74% booked. Your gross pricing is tracking up around 11%. Now this is pretty much similar to where your pricing was tracking when you were 33% booked eight months ago. So I'm just trying to better understand. This strength in pricing relative to 2024, what exactly is driving that? Is it mix or specific itineraries you'd highlight? Or alternatively, is there just an implicit expectation that this does end up reverting kind of back to the 2024 levels?

嘿，大家早安。感謝您回答我的問題。首先，我想談談海洋。具體到 2025 年，預訂率已達 74%。您的毛定價預計將上漲約 11%。現在，這與您八個月前 33％ 預訂量時的價格追蹤情況非常相似。所以我只是想更好地理解。相對於 2024 年而言，這種定價優勢究竟是什麼推動了這個趨勢？您要重點介紹混合行程還是特定行程？或者說，是否只是隱含地預期這最終會恢復到 2024 年的水準？

So for Oceans, I think one of the things that we have to keep in mind, and we discussed this last quarter, is for 2024, given where we were with deployment, we had one World Cruise. It sold out really quickly. So we did decide to add a second World Cruise. That did impact our '24 yields, which is what we see thus far, and you can see that in the curves.

因此，對於 Oceans 而言，我認為我們必須牢記的事情之一，我們在上個季度也討論過這個問題，那就是對於 2024 年，考慮到我們的部署情況，我們將進行一次環球航行。它很快就賣光了。因此我們決定增加第二次環球航行。這確實影響了我們的24年殖利率，這是我們目前看到的，您可以在曲線中看到這一點。

For 2025, though, we have -- we looked at deployment again, and we decided to do one World Cruise. So some of that difference in yield increases or price increases is related to how we set our deployment at the end of the day. Obviously, we are quite happy with where we are for oceans being that far sold for 2025, 74% sold at pricing, up 11%. So we're in a good spot.

然而，對於 2025 年，我們再次審視了部署，並決定進行環球航行。因此，收益成長或價格成長的差異與我們最終如何設定部署有關。顯然，我們對目前的情況感到非常滿意，因為到 2025 年，遠洋海運的售價為 74%，按定價售出，成長 11%。因此我們處於一個很好的位置。

Got it, thanks. And I wanted to ask the capital allocation question maybe a bit differently. Obviously, there was a secondary offering in September. I recognize you want to have some dry powder. But as it relates to the sponsors, they still own about 40% of the stock. When you think about that coming to market at some point, do you maybe think about returning capital to shareholders within that same vein relative to the secondary offering or sponsorship versus open market purchases? Or do you view those two things separately?

明白了，謝謝。我想以稍微不同的方式問一下資本配置問題。顯然，9 月有一次二次發行。我知道你想要一些乾粉。但就發起人而言，他們仍擁有約 40% 的股份。當您考慮在某個時候將其推向市場時，您是否會考慮以相同的方式向股東返還資本，相對於二次發行或贊助而不是公開市場購買？還是您是分別看待這兩件事的？

I think we are at a place where are -- we do feel that there are opportunities for both organic and inorganic growth. So at this time, there are no contemplated share buybacks in either option. And I think that we do have an attractive growth profile. We do have pretty strong growth plans, and we remain committed to deploying our cash to make sure that there is a return to the business.

我認為我們正處於這樣一個階段——我們確實感覺到存在有機成長和無機成長的機會。因此目前，兩個選項都沒有考慮股票回購。我認為我們的成長前景確實很吸引人。我們確實有相當強勁的成長計劃，並且我們仍然致力於部署現金以確保業務回報。

Got it. Thanks so much.

知道了。非常感謝。

(Operator Instructions) Stephen Grambling, Morgan Stanley.

（操作員指示） 摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling)。

Hi, thanks. I want to clarify some of your comments on the -- I think, it's gross margin earlier. If we think about the commissions line specifically, is that something that we should be anticipating that you'll see some leverage on or helping to drive overall gross margin expansion? Is there other mix shifts that we should be thinking through as we look longer term?

嗨，謝謝。我想澄清一下你之前的關於毛利率的評論。如果我們具體考慮佣金，我們是否應該預期它會產生一些槓桿作用或有助於推動整體毛利率的擴大？從長遠來看，我們還應該考慮其他的組合轉變嗎？

Yes, so the line item in our financials is commissions and transportation. So it's both commissions plus for the most part, air cost. I think as we grow our business, our focus is yield. As we've discussed in the past, we are all-inclusive. Our pricing is meant to be one number that our guests are aware of when they book the cruise with us. We don't believe in nickel and diming, et cetera.

是的，我們的財務報表中的項目是佣金和運輸。因此，這主要是佣金加上大部分的空運費用。我認為，隨著我們業務的成長，我們的重點是收益。正如我們過去討論過的，我們是包羅萬象的。我們的定價是客人預訂遊輪時就知道的數字。我們不相信斤斤計較等等。

Of course, we do have ancillary revenue, which we've been able to improve upon over the years. From what we've seen thus far, our guests do want to add pre and post. They do want to add optional shore excursions. And that, of course, helps with yields as well. So some of our margin expansion will definitely come from those areas. But I think purely from looking at one line item, that's difficult to see. The other areas that we can see margin expansion, of course, is in SG&A. So as we continue to grow the business, that is one area that we can see that we can leverage our marketing as we continue to grow capacity.

當然，我們確實有輔助收入，這些年來我們已經有所提升。從我們目前看到的情況來看，我們的客人確實想添加前置和後置。他們確實想增加可選的岸上觀光項目。當然，這也有助於提高收益。因此，我們的利潤率成長肯定部分來自於這些領域。但我認為，僅從一項來看，很難看出這一點。當然，我們可以看到利潤率擴大的其他領域是銷售、一般及行政開支。因此，隨著我們業務的不斷發展，我們可以看到，這是我們可以利用行銷來不斷提高產能的一個領域。

Fair enough. And maybe one other quick follow up. You mentioned having cash available potentially for M&A, and you gave your strategic framework there a little bit. But are there any business models tangentially that you would outright shy away from for any reason, whether it's volatility or other frameworks that you have in place? Thanks.

很公平。也許還有另一個快速的後續行動。您提到了可能用於併購的現金，並且給出了一些策略框架。但是，是否存在一些商業模式是您會完全迴避的，無論是由於波動性還是您現有的其他框架？謝謝。

I don't know, Tor, if you have any perspective on that. I think that we feel that it's back to what can the brand support and what's complementary to the brand. Because at the end of the day, whatever we may acquire or whatever we may expand our products to has to be within the brand framework. But Tor, I don't know if you have any particular --

我不知道 Tor，你對此有何看法。我認為，我們感覺問題又回到了品牌能夠支持什麼以及什麼對品牌有補充作用的問題。因為歸根究底，無論我們收購什麼或擴展我們的產品，都必須在品牌框架內。但是 Tor，我不知道你有什麼特別的--

I think that's -- of course, one may look at a thing or two. But we are so sure that the one brand that we have is one of the reasons for our success. So it will take a lot of effort to go outside that. And I'd also say we also have -- we are not that wide on management. We are well enough for what we're doing. But the moment you start to diversify, you tend to catch your energies. So we should be very careful about that. And sometimes, we'll do it, but I think we'll be very careful.

我認為那是——當然，人們可能會看一兩件事。但我們非常確信，我們擁有的品牌是我們成功的原因之一。因此，要走出這一步需要付出很多努力。而且我還要說的是，我們的管理範圍還沒有那麼廣。對於我們正在做的事情，我們已經做得足夠好了。但當你開始多樣化時，你往往會失去自己的精力。因此我們應該對此非常小心。有時我們會這樣做，但我認為我們會非常小心。

Fair enough. Thanks so much.

很公平。非常感謝。

Meredith Jensen, HSBC.

匯豐銀行的梅雷迪斯‧詹森 (Meredith Jensen)。

Thanks. Good morning. I was hoping you might speak a little bit more, you touched on the excursion opportunity, and just discuss a little bit the purchasing trends that you're seeing versus the past and sort of how it's varying by product and geography. And maybe as a second part, if you could talk to the partners on the ground you work with and how that may evolve over time to help support growth of the excursion business. Thanks.

謝謝。早安.我希望您能多講一點，您提到了旅行機會，並稍微討論一下與過去相比您所看到的購買趨勢以及它是如何因產品和地域而異的。也許作為第二部分，如果您可以與您在當地合作的合作夥伴談談，以及這將如何隨著時間的推移而發展，以幫助支持短途旅行業務的成長。謝謝。

Sure. So I think from an optional shore excursion perspective, we've been able to grow there. Our guests definitely, if they've been to Venice before, they've done the walking tour. They've seen the city. They may want to augment their experience and do something different. We see that in many cities across the world. And the trend has continued to stand.

當然。因此我認為，從可選的岸上遊覽的角度來看，我們已經能夠在那裡發展。如果我們的客人以前去過威尼斯，他們肯定會參加過徒步旅行。他們已經看過這座城市。他們可能想要增強經驗並做一些不同的事情。我們在世界各地的許多城市都看到這種情況。而且這趨勢一直持續。

And another area where we see potential is pre- and post-land excursions. So this is adding a pre or post before or after your cruise, so two or three nights in Paris, for example, or in Prague. And so we do see our guests offer those excursions as well with us. So the trends continue to hold.

我們看到的另一個有潛力的領域是前後陸地遊覽。因此，這是在您的遊輪旅行之前或之後添加的預或後活動，例如在巴黎或布拉格停留兩三晚。因此，我們確實看到我們的客人也與我們一起提供這些短途旅行。所以這個趨勢將會持續下去。

And I think as we look forward, our operations team combined with our marketing team is looking at ways to provide even a better experience. So how else we can package our cruises, offer pres and posts, offer optional shore excursion that will augment the experience? Because from our quality scores, we do see that guests that purchase those items with us do generally rate us slightly higher, and we're already rated quite high.

我認為，展望未來，我們的營運團隊和行銷團隊正在尋找提供更好體驗的方法。那麼我們還能怎樣包裝我們的遊輪、提供前後服務以及提供可選的岸上觀光以豐富體驗呢？因為從我們的品質分數來看，我們確實看到，向我們購買這些商品的客人總體上對我們的評價略高一些，而且我們的評價已經相當高了。

Great. Thanks, Linh. One quick addition. I know in the past, the ocean cruise total ticket price would be higher given it's, on average, more days than river. And I know you don't vary itinerary all that dramatically. Maybe excluding the world cruise, is that sort of the same pattern of 11 days for cruise and eight days for river? Or is there some variation we might look to? Thanks.

偉大的。謝謝，Linh。快速補充一點。我知道過去，由於海上巡遊的平均天數比河川巡遊多，所以海上巡遊的總票價會更高。我知道你不會大幅改變行程。也許除了環球巡航之外，郵輪旅行 11 天、河流旅行 8 天的模式是否也類似？或者我們可能要考慮一些變化嗎？謝謝。

That's pretty consistent. I think as we look forward, ocean cruises is about 10 to 11 nights on average, and for rivers, it's seven to eight. So that stayed pretty consistent.

這非常一致。我認為，展望未來，遠洋航行平均需要 10 至 11 晚，江河航行則需要 7 至 8 晚。因此，這保持相當一致。

Great, thanks.

太好了，謝謝。

Thank you. There are no other questions at this time. I would now like to hand the call back to Tor Hagen, Chairman and CEO at Viking Cruises, for closing remarks.

謝謝。目前沒有其他問題。現在，我想將發言權交還給維京郵輪公司董事長兼執行長托爾‧哈根 (Tor Hagen)，請他作最後發言。

Well, I want to thank everyone for joining in today's call. Of course, we have been quite pleased with the results, and I hope you will share in them, and we're also pleased with the outlook. So it's -- I appreciate all the attendance here, and we look forward to many good calls like this. I thank you for your support and the interest in Viking. And I wish you a great day. Thank you.

好吧，我要感謝大家參加今天的電話會議。當然，我們對結果非常滿意，我希望你們也能分享我們的成果，我們對前景也感到滿意。所以—我感謝大家的出席，我們期待更多像這樣的好通話。感謝您對 Viking 的支持與關注。祝您有個愉快的一天。謝謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路。感謝您的參與。