Overview Key strengths Key risks Forward bookings provide some visibility around customer demand and future revenue. Weak credit measures through 2022 due to pandemic-related debt and gradual recovery in operations. Can target multiple price points and customer segments. A recession could lead to lower ticket prices, slowing deleveraging, especially if fuel and other costs remain high. Potential for market growth given cruise remains an underpenetrated form of leisure travel globally. Chance of future operating disruptions due to regulatory and health and safety risks. High capex for new ships and their delivery magnifies the effects of adverse events and economic downturns. The company resumed guest operations on approximately 95% of its capacity as of Sept. 30, 2022 and expected eight of
