The earliest days of the pandemic were disastrous for (NYSE: CCL) (NYSE: CUK). Halted cruising operations led to a loss and ballooning debt -- and prompted many investors to jump ship. The stock has dropped more than 60% from its pre-covid level.

Since, the situation has greatly improved. Carnival restarted cruising, and demand has soared. The world's biggest cruise ship operator even reported record bookings and customer deposits during the most recent quarter. Still, debt looms large, topping $30 billion. That's kept some investors away from the stock -- and kept the stock from returning to its pre-pandemic price. But there's one number from Carnival's recent earnings report that, if you're wary about the cruise giant, could completely change your opinion. Let's check it out.

Before getting to the number, let's talk a little more about Carnival's debt. Because this number has to do with that subject. Carnival took on the borrowings to help it stay afloat (excuse the pun) as the pandemic halted sailings. The move served its purpose -- but left the cruise giant in a very difficult situation. One with a widening loss and an outflow of cash. And that left investors wondering how Carnival would pay off the wall of debt.

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Source Fool.com