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.
