What Changed In Carnival's Story?

Carnival Corporation (CCL) stock is priced at 11.6 times earnings, against 22.5 for the S&P 500. Even at that valuation, investors must watch how the cruise operator uses its cash. Executive priorities are shifting. During the fiscal Q4 2024 call, management stressed paying down debt to rebuild the company's finances. Now it emphasizes something else. So what is it.