Form: 6-K

Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

May 29, 2024

Exhibit 99.1

 

LOGO

Viking Reports First Quarter 2024 Financial Results

LOS ANGELES, May 29, 2024, Business Wire—Viking Holdings Ltd (the “Company” or “Viking”) (NYSE: VIK) today reported financial results for the first quarter ended March 31, 2024.

Key Highlights

 

  •  

Adjusted Gross Margin for the first quarter of 2024 increased 19.1% compared to the same period in 2023, resulting in a Net Yield of $508.

 

  •  

Adjusted EBITDA increased by $46.1 million compared to the first quarter of 2023.

 

  •  

Net Leverage declined from 3.8x as of December 31, 2023 to 3.4x as of March 31, 2024.

 

  •  

As of May 19, 2024, for the 2024 and 2025 seasons, Viking had sold 91% and 39%, respectively, of its Capacity Passenger Cruise Days for its Core Products.

“We are pleased with our performance in the first quarter, during which we reported a Net Yield of $508, and our strong Advanced Bookings for 2024 and 2025 are equally encouraging,” said Torstein Hagen, Chairman and CEO of Viking. “At Viking, we remain committed to prioritizing our guests and treating our employees as integral members of our family. We embrace a contrarian approach and steadfastly maintain a long-term perspective when managing our business. Leveraging our momentum, we are dedicated to shaping Viking’s next era to deliver value for all of our stakeholders.”

First Quarter 2024 Consolidated Results

During the first quarter of 2024, Capacity PCDs increased by 14.5% over the same period in 2023 and Occupancy was 94.0%, compared to 92.8% for the same period in 2023.

Total revenue for the first quarter of 2024 was $718.2 million, an increase of $89.2 million, or 14.2%, over the same period in 2023 mainly due to an increase in the size of the Company’s fleet and higher Occupancy in 2024 compared to 2023.

Gross margin for the first quarter of 2024 was $160.1 million, an increase of $62.0 million, or 63.2%, over the same period in 2023 and Adjusted Gross Margin for the first quarter of 2024 was $495.3 million, an increase of $79.6 million, or 19.1%, over the first quarter of 2023. Net Yield was $508 for the first quarter.

Vessel operating expenses and vessel operating expenses excluding fuel for the first quarter of 2024 were $281.1 million and $239.0 million, respectively. Compared to the same period in 2023, vessel operating expenses increased $17.9 million, or 6.8%, and vessel operating expenses excluding fuel increased $17.2 million, or 7.8%.

Net loss was $493.9 million compared to $214.4 million for the same period in the prior year. The 2024 first quarter net loss includes a loss of $330.5 million and the 2023 first quarter includes a gain of $15.5 million related to the net impact of the Private Placement derivative (loss) gain and interest expense related to the Company’s Series C Preference Shares. The Company’s Series C Preference Shares converted into ordinary shares immediately prior to the consummation of the Company’s initial public offering (“IPO”), which was subsequent to the first quarter of 2024.


Adjusted EBITDA increased by $46.1 million over the first quarter of 2023. The increase in Adjusted EBITDA was mainly due to higher Capacity PCDs and higher Net Yield.

Our first quarter results reflect the seasonality of our business. While our ocean, expedition and Mississippi products operate year-round, the primary cruising season for our river product is from April to October, although some of our river cruises run longer seasons. Additionally, our highest Occupancy occurs during the Northern Hemisphere’s summer months. We recognize cruise-related revenue over the duration of the cruise and expense our marketing and employee costs when the related costs are incurred. As a result, the majority of our revenue and profits have historically been earned in the second and third quarters of each year.

Update on Operating Capacity and Bookings

For our Core Products, operating capacity is 5% higher for the 2024 season in comparison to the 2023 season and 12% higher for the 2025 season in comparison to the 2024 season.

For our Core Products, as of May 19, 2024, for the 2024 and 2025 seasons, we had sold 91% and 39%, respectively, of our Capacity PCDs and had $4,573 million and $2,481 million, respectively, of Advance Bookings. Advance Bookings were 15% and 27% higher in comparison to the 2023 and 2024 seasons, respectively, at the same point in time. Advance Bookings per PCD for the 2024 season was $742, 9% higher than the 2023 season at the same point in time, and Advance Bookings per PCD for the 2025 season was $852, 12% higher than the 2024 season at the same point in time.

Balance Sheet and Liquidity

On May 3, 2024, Viking closed its $1.8 billion initial public offering, with net proceeds of approximately $245.5 million to Viking and approximately $1.4 billion to certain selling shareholders.

As of March 31, 2024:

 

  •  

The Company had $1.7 billion in cash and cash equivalents, which does not include the proceeds of the IPO.

 

  •  

The scheduled principal payments for the remainder of 2024 and 2025 were $196.4 million and $489.0 million, respectively.

 

  •  

Deferred revenue was $4.1 billion.

In May 2024, S&P upgraded Viking Cruises Ltd’s corporate rating to BB- from B+.

“We are excited to share strong first-quarter financial results, which are a testament to the great demand for our products and brand,” said Leah Talactac, CFO of Viking. “Also, strengthening our balance sheet continues to be a priority as evidenced by our cash balance and reduction in Net Leverage. We are also very pleased by the S&P credit rating upgrade. These achievements underscore our dedication to financial prudence and our pursuit of sustainable growth.”

New Build Update

Based on the committed orderbook, the Company expects to take delivery of two river vessels and one ocean ship this year.

Conference Call Information

The Company has scheduled a conference call for Wednesday, May 29, 2024, at 8 a.m. Eastern Time to discuss first quarter 2024 results and provide a business update. A link to the live webcast can be found on the Company’s Investor Relations website at https://ir.viking.com/. A replay of the conference call will also be available on the same website for 30 days after the call.


About Viking

Viking was founded in 1997 and provides destination-focused journeys on rivers, oceans and lakes around the world. Designed for curious travelers with interests in science, history, culture and cuisine, Viking offers experiences for The Thinking Person™. Viking has more than 450 awards to its name, including being rated #1 for Rivers, #1 for Oceans and #1 for Expeditions by Condé Nast Traveler in the 2023 Readers’ Choice Awards. Viking is also rated at the top of its categories for rivers, oceans and expeditions by Travel + Leisure. No other travel company has simultaneously received the same honors by both publications. For additional information, visit www.viking.com.

Definitions

“Adjusted EBITDA” is EBITDA (consolidated net income (loss) adjusted for interest income, interest expense, income tax benefit (expense) and depreciation, amortization and impairment) as further adjusted for non-cash Private Placement derivative gains and losses, loss on Private Placement refinancing, currency gains or losses, stock-based compensation expense and other financial income (loss) (which includes forward gains and losses, gain or loss on disposition of assets, certain non-cash fair value adjustments, restructuring charges and non-recurring items).

“Adjusted Gross Margin” is gross margin adjusted for vessel operating expenses and ship depreciation and impairment. Gross margin is calculated pursuant to IFRS as total revenue less total cruise operating expenses and ship depreciation and impairment.

“Advance Bookings” is the aggregate ticketed amount for guest bookings for our voyages at a specific point in time, and include bookings for cruises, land extensions and air.

“Capacity PCDs” is, with respect to any given period, a measurement of capacity that represents, for each ship operating during the relevant period, the number of berths multiplied by the number of Ship Operating Days, determined on an aggregated basis for all ships in operation during the relevant period.

“Core Products” are Viking River, Viking Ocean, Viking Expedition and Viking Mississippi, which are marketed to North America, the United Kingdom, Australia and New Zealand.

“Net Debt” is Total Debt plus lease liabilities net of cash and cash equivalents.

“Net Leverage” is Net Debt divided by trailing four quarter Adjusted EBITDA.

“Net Yield” is Adjusted Gross Margin divided by PCDs.

“Occupancy” is the ratio, expressed as a percentage, of PCDs to Capacity PCDs with respect to any given period. We do not allow more than two passengers to occupy a two-berth stateroom. Additionally, we have guests who choose to travel alone and are willing to pay higher prices for single occupancy in a two-berth stateroom. As a result, our Occupancy cannot exceed 100%, and may be less than 100%, even if all our staterooms are booked.

“Passenger Cruise Days” or “PCDs” is the number of passengers carried for each cruise, with respect to any given period and for each ship operating during the relevant period, multiplied by the number of Ship Operating Days.


“Ship Operating Days” is the number of days within any given period that a ship is in service and carrying cruise passengers, determined on an aggregated basis for all ships in operation during the relevant period.

“Total Debt” is indebtedness outstanding, gross of loan fees, excluding lease liabilities, Private Placement liabilities and Private Placement derivatives.

Non-IFRS Financial Measures

We use certain non-IFRS financial measures, such as Adjusted Gross Margin, Net Yield and Adjusted EBITDA, to analyze our performance. We present Adjusted EBITDA as a performance measure because we believe it facilitates a comparison of our consolidated operating performance on a consistent basis from period-to-period and provides for a more complete understanding of factors and trends affecting our business than measures under IFRS can provide alone. We also believe that Adjusted EBITDA is useful to investors in evaluating our operating performance because it provides a means to evaluate the operating performance of our business on an ongoing basis using criteria that our management uses for evaluation and planning purposes. Because Adjusted EBITDA facilitates internal comparisons of our historical financial position and consolidated operating performance on a more consistent basis, our management also uses Adjusted EBITDA in measuring our performance relative to that of our competitors, assessing our ability to incur and service our indebtedness and in communications with our board of directors concerning our operating performance. We utilize Adjusted Gross Margin and Net Yield to manage our business because these measures reflect revenue earned net of certain direct variable costs.

We also present certain non-IFRS financial measures because we believe that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Our non-IFRS financial measures have limitations as analytical tools, may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS.

See “Definitions” for additional information about our non-IFRS financial measures and “Non-IFRS Reconciling Information” for a reconciliation for each non-IFRS financial measure to the most directly comparable IFRS financial measure.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including among others, statements relating to our future financial performance, our business prospects and strategy, our expected fleet additions, our anticipated financial position, liquidity and capital needs and other similar matters. In some cases, we have identified forward-looking statements in this press release by using words such as “anticipates,” “estimates,” “expects,” “intends,” “plans” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.” These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict or which are beyond our control. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, including the factors described in the sections titled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in our final prospectus filed on May 2, 2024 with the U.S. Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, relating to our Registration Statement on Form F-1.


Forward-looking statements speak only as of the date of this press release. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

Contact

Investor Relations

Email: investorrelations@viking.com

Public Relations

Email: vikingpr@edelman.com


VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in USD and thousands, except per share data, unaudited)

 

     Three Months Ended
March 31,
 
     2024     2023  

Revenue

    

Cruise and land

   $ 665,284     $ 583,877  

Onboard and other

     52,871       45,117  
  

 

 

   

 

 

 

Total revenue

     718,155       628,994  

Cruise operating expenses

    

Commissions and transportation costs

     (137,408     (138,523

Direct costs of cruise, land and onboard

     (85,427     (74,755

Vessel operating

     (281,090     (263,209
  

 

 

   

 

 

 

Total cruise operating expenses

     (503,925     (476,487

Other operating expenses

    

Selling and administration

     (219,818     (205,670

Depreciation and amortization

     (64,911     (62,699
  

 

 

   

 

 

 

Total other operating expenses

     (284,729     (268,369
  

 

 

   

 

 

 

Operating loss

     (70,499     (115,862

Non-operating income (expense)

    

Interest income

     18,469       8,804  

Interest expense

     (117,489     (123,593

Currency gain (loss)

     8,798       (3,441

Private Placement derivative (loss) gain

     (306,646     39,159  

Other financial loss

     (24,955     (16,566
  

 

 

   

 

 

 

Loss before income taxes

     (492,322     (211,499

Income tax expense

     (1,606     (2,868
  

 

 

   

 

 

 

Net loss

   $ (493,928   $ (214,367
  

 

 

   

 

 

 
    

Net loss attributable to Viking Holdings Ltd

   $ (494,224   $ (214,228

Net income (loss) attributable to non-controlling interests

   $ 296     $ (139
    

Weighted-average ordinary and special shares outstanding (in thousands)

    
  

 

 

   

 

 

 

Basic

     221,936       221,936  
  

 

 

   

 

 

 

Diluted

     221,936       406,203  
  

 

 

   

 

 

 

Net loss per share attributable to ordinary and special shares

    

Basic

   $ (1.21   $ (0.52
  

 

 

   

 

 

 

Diluted

   $ (1.21   $ (0.56
  

 

 

   

 

 

 


VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS)

(in USD and thousands, unaudited)

 

     Three Months Ended
March 31,
 
     2024     2023  

Net loss

   $ (493,928   $ (214,367
  

 

 

   

 

 

 

Other comprehensive income (loss)

    

Other comprehensive income (loss) to be reclassified to net income (loss) in subsequent periods:

    

Exchange differences on translation of foreign operations

     2,664       241  

Net change in cash flow hedges

     (13,267     1,701  
  

 

 

   

 

 

 

Net other comprehensive (loss) income to be reclassified to net income (loss) in subsequent periods

     (10,603     1,942  
  

 

 

   

 

 

 

Other comprehensive (loss) income, net of tax

     (10,603     1,942  
  

 

 

   

 

 

 

Total comprehensive loss

   $ (504,531   $ (212,425
  

 

 

   

 

 

 
    

Total comprehensive loss attributable to Viking Holdings Ltd

   $ (504,819   $ (212,289

Total comprehensive income (loss) attributable to non-controlling interests

   $ 288     $ (136


VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in USD and thousands, unaudited)

 

     March 31, 2024     December 31, 2023  
           (audited)  

Assets

    

Non-current assets

    

Property, plant and equipment and intangible assets

   $ 5,717,855     $ 5,684,315  

Right-of-use assets

     264,559       268,834  

Investments in associated companies

     9,780       10,473  

Deferred tax assets

     52,145       42,853  

Other non-current assets

     136,826       136,855  
  

 

 

   

 

 

 

Total non-current assets

     6,181,165       6,143,330  

Current assets

    

Cash and cash equivalents

     1,673,594       1,513,713  

Accounts and other receivables

     352,108       344,754  

Inventories

     54,173       54,602  

Prepaid expenses and other current assets

     513,718       427,202  

Current receivables due from related parties

     7,893       12,316  
  

 

 

   

 

 

 

Total current assets

     2,601,486       2,352,587  
  

 

 

   

 

 

 

Total assets

   $ 8,782,651     $ 8,495,917  
  

 

 

   

 

 

 

Shareholders’ equity and liabilities

    

Shareholders’ equity

   $ (5,842,786   $ (5,349,879

Non-current liabilities

    

Long-term portion of bank loans and financial liabilities

     1,666,795       1,757,372  

Secured Notes

     1,016,108       1,015,657  

Unsecured Notes

     2,271,557       2,270,246  

Private Placement liability

     1,397,101       1,394,552  

Private Placement derivative

     2,947,405       2,640,759  

Long-term portion of lease liabilities

     221,248       227,956  

Deferred tax liabilities

     3,627       4,082  

Other non-current liabilities

     201,338       171,281  
  

 

 

   

 

 

 

Total non-current liabilities

     9,725,179       9,481,905  

Current liabilities

    

Accounts payables

     187,772       244,581  

Short-term portion of bank loans and financial liabilities

     259,823       253,020  

Short-term portion of lease liabilities

     24,433       24,670  

Deferred revenue

     4,068,117       3,486,579  

Accrued expenses and other current liabilities

     360,113       355,041  
  

 

 

   

 

 

 

Total current liabilities

     4,900,258       4,363,891  
  

 

 

   

 

 

 

Total shareholders’ equity and liabilities

   $ 8,782,651     $ 8,495,917  
  

 

 

   

 

 

 


VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in USD and thousands, unaudited)

 

     Three Months Ended
March 31,
 
     2024     2023  

Cash flows from operating activities

    

Net loss

   $ (493,928   $ (214,367

Adjustments to reconcile net loss to net cash flows

    

Depreciation and amortization

     64,911       62,699  

Amortization of debt transaction costs

     9,075       9,248  

Private Placement derivative loss (gain)

     306,646       (39,159

Foreign currency (gain) loss on loans

     (15,579     5,648  

Non-cash financial loss

     23,054       12,492  

Stock based compensation expense

     3,518       6,793  

Interest income

     (18,469     (8,804

Interest expense

     108,414       114,345  

Dividend income

     (421     (918

Changes in working capital:

    

Increase in deferred revenue

     581,538       453,229  

Changes in other liabilities and assets

     (120,292     (194,240

Decrease (increase) in inventories

     429       (5,960

Changes in deferred tax assets and liabilities

     (921     (1,472

Changes in other non-current assets and other non-current liabilities

     12,255       16,080  

Changes in related party receivables and payables

     4,423       10,841  

Income taxes paid

     (1,622     (1,334
  

 

 

   

 

 

 

Net cash flow from operating activities

     463,031       225,121  
  

 

 

   

 

 

 

Cash flows from investing activities

    

Investments in property, plant and equipment and intangible assets

     (95,413     (125,741

Capital contribution to associated company

     (4,000     (5,000

Prepayment for vessel charter

     (604     —   

Dividends received

     421       918  

Interest received

     18,064       8,804  
  

 

 

   

 

 

 

Net cash flow used in investing activities

     (81,532     (121,019
  

 

 

   

 

 

 

Cash flows from financing activities

    

Repayment of borrowings

     (72,959     (86,538

Dividend distribution by subsidiary

     (720     —   

Principal payments for lease liabilities

     (6,280     (6,916

Interest payments for lease liabilities

     (5,368     (5,974

Interest paid

     (133,920     (99,260
  

 

 

   

 

 

 

Net cash flow used in financing activities

     (219,247     (198,688
  

 

 

   

 

 

 

Change in cash and cash equivalents

     162,252       (94,586

Effect of exchange rate changes on cash and cash equivalents

     (2,371     1,744  
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

   $ 159,881     $ (92,842
  

 

 

   

 

 

 

Cash and cash equivalents

    

Cash and cash equivalents at January 1

   $ 1,513,713     $ 1,253,140  

Cash and cash equivalents at March 31

     1,673,594       1,160,298  
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

   $ 159,881     $ (92,842
  

 

 

   

 

 

 


The following table sets forth selected statistical and operating data (1) on a consolidated basis, (2) for Viking River and (3) for Viking Ocean.

 

Statistical and Operating Data    Three Months Ended March 31,  
     2024     2023  
     (unaudited)  

Consolidated

    

Vessels operated

     75       71  

Passengers

     90,449       79,630  

PCDs

     974,977       841,263  

Capacity PCDs

     1,037,624       906,606  

Occupancy

     94.0     92.8

Adjusted Gross Margin (in thousands)

   $ 495,320     $ 415,716  

Net Yield

   $ 508     $ 494  

Vessel operating expenses (in thousands)

   $ 281,090     $ 263,209  

Vessel operating expenses excluding fuel (in thousands)

   $ 239,037     $ 221,806  

Vessel operating expenses per Capacity PCD

   $ 271     $ 290  

Vessel operating expenses excluding fuel per Capacity PCD

   $ 230     $ 245  

Viking River

    

Vessels operated

     63       60  

Passengers

     26,896       23,254  

PCDs

     177,519       136,407  

Capacity PCDs

     192,806       145,964  

Occupancy

     92.1     93.5

Adjusted Gross Margin (in thousands)

   $ 108,170     $ 80,938  

Net Yield

   $ 609     $ 593  

Viking Ocean

    

Vessels operated

     9       8  

Passengers

     56,467       48,978  

PCDs

     718,188       627,707  

Capacity PCDs

     759,810       668,670  

Occupancy

     94.5     93.9

Adjusted Gross Margin (in thousands)

   $ 315,591     $ 266,783  

Net Yield

   $ 439     $ 425  


Non-IFRS Reconciling Information

The following tables reconcile gross margin, the most directly comparable IFRS measure, to Adjusted Gross Margin for the three months ended March 31, 2024 and 2023 (1) on a consolidated basis, (2) for Viking River and (3) for Viking Ocean:

 

Consolidated    Three Months Ended
March 31,
 
     2024      2023  
     (unaudited)  

(in thousands)

     

Total revenue

   $ 718,155      $ 628,994  

Total cruise operating expenses

     (503,925      (476,487

Ship depreciation

     (54,096      (54,390
  

 

 

    

 

 

 

Gross margin

     160,134        98,117  
  

 

 

    

 

 

 

Ship depreciation

     54,096        54,390  

Vessel operating

     281,090        263,209  
  

 

 

    

 

 

 

Adjusted Gross Margin

   $ 495,320      $ 415,716  
  

 

 

    

 

 

 
Viking River    Three Months Ended
March 31,
 
     2024      2023  
     (unaudited)  

(in thousands)

     

Total revenue

   $ 165,431      $ 130,286  

Total cruise operating expenses

     (162,251      (147,518

Ship depreciation

     (20,517      (23,409
  

 

 

    

 

 

 

Gross margin

     (17,337      (40,641
  

 

 

    

 

 

 

Ship depreciation

     20,517        23,409  

Vessel operating

     104,990        98,170  
  

 

 

    

 

 

 

Adjusted Gross Margin

   $ 108,170      $ 80,938  
  

 

 

    

 

 

 
Viking Ocean    Three Months Ended
March 31,
 
     2024      2023  
     (unaudited)  

(in thousands)

     

Total revenue

   $ 447,680      $ 397,632  

Total cruise operating expenses

     (267,409      (259,271

Ship depreciation

     (24,914      (22,806
  

 

 

    

 

 

 

Gross margin

     155,357        115,555  
  

 

 

    

 

 

 

Ship depreciation

     24,914        22,806  

Vessel operating

     135,320        128,422  
  

 

 

    

 

 

 

Adjusted Gross Margin

   $ 315,591      $ 266,783  
  

 

 

    

 

 

 

The following table reconciles vessel operating expenses excluding fuel to vessel operating expenses, the most directly comparable IFRS measure, for the three months ended March 31, 2024 and 2023:

 

     Three Months Ended
March 31,
 
     2024      2023  
     (unaudited)  

(in thousands)

     

Vessel operating expenses

   $ 281,090      $ 263,209  

Fuel expense

     (42,053      (41,403
  

 

 

    

 

 

 

Vessel operating expenses excluding fuel

   $ 239,037      $ 221,806  
  

 

 

    

 

 

 


The following table reconciles net loss, the most directly comparable IFRS measure, to Adjusted EBITDA for the three months ended March 31, 2024 and 2023:

 

     Three Months Ended
March 31,
 
     2024      2023  
     (unaudited)  

(in thousands)

     

Net loss

   $ (493,928    $ (214,367

Interest income

     (18,469      (8,804

Interest expense

     117,489        123,593  

Income tax expense

     1,606        2,868  

Depreciation and amortization

     64,911        62,699  
  

 

 

    

 

 

 

EBITDA

     (328,391      (34,011
  

 

 

    

 

 

 

Private Placement derivatives loss (gain)

     306,646        (39,159

Other financial loss

     22,604        12,375  

Currency (gain) loss

     (8,798      3,441  

Stock based compensation expense

     3,518        6,793  
  

 

 

    

 

 

 

Adjusted EBITDA

   $ (4,421    $ (50,561
  

 

 

    

 

 

 

The following table calculates Net Leverage for the twelve months ended March 31, 2024 and December 31, 2023:

 

     March 31, 2024      December 31, 2023  
     (unaudited)  

(in thousands, except Net Leverage)

     

Long-term debt (1)

   $ 5,061,200      $ 5,155,673  

Current portion of long-term debt (1)

     276,826        270,888  

Long-term portion of lease liabilities

     221,248        227,956  

Short-term portion of lease liabilities

     24,433        24,670  
  

 

 

    

 

 

 

Total

     5,583,707        5,679,187  

Less: Cash and cash equivalents

     (1,673,594      (1,513,713
  

 

 

    

 

 

 

Net Debt

   $ 3,910,113      $ 4,165,474  
  

 

 

    

 

 

 
     

Adjusted EBITDA

   $ 1,136,462      $ 1,090,322  

Net Leverage

     3.4        3.8  

 

(1) 

All amounts are gross of fees.