Pursuit Attractions and Hospitality, Inc. (PRSU)

Payables 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
Payables	US$ in thousands	20,748	22,494	120,355	110,551	100,180	14,734	81,494	106,059	93,623	73,020	99,428	100,978	74,933	69,657	59,543	31,763	20,559	21,037	22,069	31,927
Payables turnover		2.23	14.49	10.45	10.71	11.44	76.71	13.59	10.69	12.06	14.56	10.02	8.65	9.17	7.96	7.27	9.72	14.22	25.16	35.10	31.45

March 31, 2025 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $46,260K ÷ $20,748K
= 2.23

The payables turnover ratio of Pursuit Attractions and Hospitality, Inc. reflects notable fluctuations over the analyzed period from June 2020 through March 2025. Initially, the ratio was relatively high, with values such as 31.45 in June 2020 and peaking at 35.10 in September 2020, indicating a prompt payment cycle to suppliers during this early phase. Subsequently, a declining trend is evident, reaching a low of 7.27 in September 2021, suggesting an extension in the duration the company took to settle its payables, possibly due to liquidity challenges or shifts in supplier payment terms.

From late 2021 onward, fluctuations continue, with some recovery stages such as 14.56 in December 2022, but overall, the ratio remained relatively low, indicating slower payment cycles compared to the initial period. An anomaly occurs in December 2023, where the ratio dramatically spikes to 76.71, implying an exceptionally rapid turnover or a possible change in accounting or payment practices. Following this, the ratio sharply declines again, reaching 2.23 in March 2025, which signifies a significant slowdown in paying suppliers, perhaps pointing toward cash flow issues or strategic withholding of payments.

Overall, the trend demonstrates a period of initial high turnover, followed by a sustained decrease, with sporadic increases and notable outliers. These variations imply the company’s evolving approach to managing its payables, possibly influenced by liquidity constraints, operational changes, or alterations in credit policies. Such fluctuations in payables turnover could impact supplier relationships and suggest periods of financial tightening or strategic payment management.