Pursuit Attractions and Hospitality, Inc. (PRSU)

Inventory turnover

		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
Cost of revenue (ttm)	US$ in thousands	46,260	325,929	1,257,362	1,184,063	1,145,829	1,130,178	1,107,277	1,133,785	1,129,429	1,063,261	996,435	873,550	687,264	554,272	432,678	308,770	292,364	529,279	774,626	1,003,975
Inventory	US$ in thousands	11,276	9,983	11,246	15,112	10,454	9,472	10,697	15,844	11,703	10,785	11,212	14,940	9,191	8,581	8,751	11,424	8,406	8,727	16,296	19,101
Inventory turnover		4.10	32.65	111.81	78.35	109.61	119.32	103.51	71.56	96.51	98.59	88.87	58.47	74.78	64.59	49.44	27.03	34.78	60.65	47.53	52.56

March 31, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $46,260K ÷ $11,276K
= 4.10

The inventory turnover rates of Pursuit Attractions and Hospitality, Inc. exhibit significant fluctuations over the analyzed period. Starting from a relatively high rate of 52.56 times as of June 30, 2020, there is a noticeable decline, reaching a low of 27.03 during June 2021. This downturn may reflect either an increase in inventory levels or challenges in inventory liquidation during that timeframe.

Subsequently, the rate improves markedly, surpassing previous levels and reaching 64.59 by December 31, 2021. This upward trend continues through 2022, with the inventory turnover peaking at 98.59 in December 2022 and maintaining high levels into the first part of 2023, hitting 96.51 by March 31, 2023. The subsequent quarters show some variability, with a temporary decrease to 71.56 in June 2023 but then rising again to 111.81 on September 30, 2023, and reaching a record high of 119.32 at year-end (December 31, 2023).

The ascent in inventory turnover indicates an improved efficiency in inventory management, possibly due to better sales performance or more effective inventory control practices during the latter part of 2022 and the first three quarters of 2023. However, a sharp decline is observed in March 2024, with the ratio dropping to 109.61, followed by fluctuations and a notable drop to 32.65 on December 31, 2024. Finally, a dramatic decrease is evident in March 2025, where the ratio falls sharply to 4.10.

Overall, the data reveals periods of strong inventory efficiency interspersed with notable declines, culminating in an extremely low turnover rate at the end of the provided timeline. Such volatility suggests potential issues in inventory management, sales cycles, or other operational factors that warrant further investigation to understand underlying causes and implications for the company's operational health.