Royal Caribbean Cruises Ltd (RCL)

Total asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	12,414,050	11,585,330	10,405,410	9,125,500	7,401,090	5,987,446	3,376,651	1,548,055	808,989	152,491	93,378	136,469	1,919,945	4,403,217	7,502,405	10,106,000	10,634,430	10,449,320	10,180,010	9,820,010
Total assets	US$ in thousands	35,131,000	32,768,700	32,923,300	32,870,500	33,776,000	33,464,200	33,943,200	32,940,000	32,258,400	32,665,600	33,692,000	34,347,100	32,465,200	31,828,800	33,306,500	33,445,100	30,320,300	29,825,500	29,809,000	28,720,000
Total asset turnover		0.35	0.35	0.32	0.28	0.22	0.18	0.10	0.05	0.03	0.00	0.00	0.00	0.06	0.14	0.23	0.30	0.35	0.35	0.34	0.34

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $12,414,050K ÷ $35,131,000K
= 0.35

Royal Caribbean Group's total asset turnover has shown a fluctuating trend over the past eight quarters. The ratio started at 0.08 in Q1 2022, gradually increased to 0.40 in Q4 2022 and maintained the same level in Q3 2023. This indicates that, on average, the company generated $0.40 in revenue for every dollar of assets in its possession during these periods.

However, in Q2 2023 and Q1 2023, the total asset turnover ratio decreased to 0.36 and 0.32, respectively, suggesting a decline in efficiency in generating sales from its assets. In Q2 2023, there was a further drop to 0.26, indicating that the company may be facing challenges in utilizing its assets effectively to drive revenue.

It is important for Royal Caribbean Group to closely monitor and analyze the factors contributing to these fluctuations in total asset turnover to ensure optimal utilization of its assets and maximize its financial performance.