CCL has first-quarter revenue of $4.4 billion (95% of 2019 levels) and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $382 million. However, it has $32.7 billion in long-term debt.
The positive adjusted EBITDA looks great on paper, but it doesn't even defray the $539 million paid out in interest expense that quarter and other outflows like debt principle pay-down or capital expenditures -- expected to total a whopping $3.2 billion in 2023 before jumping $4.1 billion in 2024.