Pursuit Attractions and Hospitality, Inc. (PRSU)

Days of sales outstanding (DSO)

		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Receivables turnover		12.16	20.27	7.97	7.00	8.25	139.46	8.83	8.21	9.03	9.19	7.05	5.68	6.77	5.40	4.58	5.45	7.61	22.73	33.26	27.18
DSO	days	30.01	18.01	45.78	52.11	44.27	2.62	41.32	44.47	40.43	39.73	51.79	64.26	53.95	67.53	79.76	66.99	47.99	16.06	10.98	13.43

March 31, 2025 calculation

DSO = 365 ÷ Receivables turnover
= 365 ÷ 12.16
= 30.01

The analysis of Pursuit Attractions and Hospitality, Inc.'s days of sales outstanding (DSO) over the period from June 30, 2020, to March 31, 2025, reveals significant fluctuations indicative of varying accounts receivable collection efficiencies.

Initially, the DSO demonstrated a relatively low and stable pattern, averaging approximately 12 to 17 days in the latter half of 2020, with the metric peaking slightly at 16.06 days on December 31, 2020. A notable increase commenced in early 2021, with DSO surging to nearly 48 days as of March 31, 2021, and escalating further to 67 days by the end of 2021 and reaching an apex of approximately 80 days in September 2021. This trend suggests a period of deteriorating collection performance, potentially due to extended credit terms, operational challenges, or shifting credit policies.

Throughout 2022, the DSO displayed signs of gradual improvement, decreasing from the high of around 80 days to the low 50s by September 2022, and further declining to approximately 39.73 days at the end of December 2022. A similar downward trend is observed in the first quarter of 2023, with the DSO stabilizing around 40 days. However, in subsequent periods, the DSO experienced some volatility; it increased again to over 52 days in June 2024 and remained elevated relative to pre-2021 levels, with values consistently above 40 days.

A remarkable anomaly appears at the end of 2023, where the DSO dramatically drops to 2.62 days—an unprecedented and likely data entry or reporting irregularity—before resuming a more typical range in the following months. Earlier, the DSO had decreased to approximately 18 days in December 2024, illustrating a significant short-term improvement in receivables collections.

In summary, Pursuit Attractions and Hospitality, Inc. experienced a notable escalation in DSO from mid-2021 through 2022, indicating longer collection periods that could imply extended credit terms, collection difficulties, or changes in customer base. The subsequent partial recovery towards lower DSO levels in late 2022 and 2023 suggests some operational adjustments or improved collection efforts. Nonetheless, the pronounced fluctuations, including the anomalous dip at the end of 2023, highlight variability in receivables management, warranting further investigation to interpret underlying causes and assess potential impacts on liquidity and cash flow management.