I'm sure that they have thought out the problem of the seasonal nature of the biz and balance that with the North and South hemispheres.
I'm sure that they have pitched the price of the beer in the bar at the right level.
I'm sure that they have calculated how much junk students carry along with the higher pax loading.
I'm sure that they will have considered freight.
I'm sure that they will have thought about the fact that their customer base will need refreshing every year. As folks graduate, they will want to have more leg room and lower density and carriers that are more welcoming of children.
I'm sure that they have considered the costs of constantly acquiring new pax, against retaining existing. They will be seeking a category of pax, rather than individuals and hope for word of mouth to do much of the work for them?
I'm sure that they have thought of it all ...