Pursuit Attractions and Hospitality, Inc. (PRSU)

Short-term

Turnover ratios

The activity ratios of Pursuit Attractions and Hospitality, Inc. provide insight into the company's efficiency in managing its assets and liabilities over the examined periods.

Inventory Turnover:
The inventory turnover rate has demonstrated notable fluctuations throughout the period. It peaked significantly towards the end of 2023 and into early 2024, reaching 119.32 and 109.61 times respectively, indicating a highly efficient inventory management with rapid inventory sales or utilization. Prior to these peaks, the ratio exhibited some variability, with a downward trend around mid-2021, reaching as low as 27.03 in June 2021, suggestive of periods with slower inventory turnover. A sharp decline to 32.65 was observed at the end of 2024, followed by a further decline to 4.10 in March 2025, signaling potential stock accumulation or reduced sales activity during this period.

Receivables Turnover:
The receivables turnover ratio shows some volatility, but maintains generally moderate to high levels. Before a dramatic spike at the end of 2023, with a surge to 139.46, the ratio fluctuated between approximately 4.58 and 33.26. The spike at December 2023 indicates an exceptionally rapid collection period owing to either improved collection efforts or anomalous accounting entries. During the earlier periods, ratios ranged from approximately 4.58 to 33.26, indicative of standard receivable collection efficiency. Post-spike, the ratio normalizes back to approximately 7.00–20.27, suggesting more typical collection cycles.

Payables Turnover:
The payables turnover ratio displayed considerable variation. It was relatively moderate from mid-2020 through mid-2022, fluctuating roughly between 7.27 and 35.10. Notably, there was an extraordinary surge to 76.71 in December 2023, implying an outstanding delay or reduction in payments to suppliers, possibly linked to liquidity considerations or restructuring. By March 2025, the ratio fell sharply to 2.23, indicating very prolonged payment periods, potentially reflecting cash flow constraints or strategic payment deferrals.

Working Capital Turnover:
This ratio exhibits significant volatility and stages of dramatic change. Early in the period, data are limited, but notable spikes occur in late 2022 and during early 2023, reaching values of 340.00 and 380.20 respectively, implying extremely efficient utilization of working capital during these phases. Conversely, some periods, such as June 2024 (59.64) and September 2024 (725.09), show even higher efficiencies, whereas the ratio plummets to 8.94 by December 2024, reflecting possible asset underutilization or liquidity concerns. The data also reveal periods with missing values, indicating inconsistent reporting or strategic adjustments in working capital management.

Summary:
Overall, Pursuit Attractions and Hospitality, Inc. has experienced periods of remarkable operational efficiency, particularly evident during late 2023 and early 2024, characterized by elevated inventory turnover and working capital turnover ratios. These periods suggest streamlined operations, possibly driven by seasonal factors, strategic initiatives, or improved management practices. Conversely, episodes of markedly reduced activity ratios or extraordinary fluctuations, especially in receivables and payables turnover, point to fluctuations in operational efficiency, liquidity management challenges, or shifts in business operations. The wide swings imply a dynamic operational environment with strategic or external factors influencing asset management effectiveness.

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Average number of days

The analysis of Pursuit Attractions and Hospitality, Inc.'s activity ratios over the specified period reveals noteworthy trends in inventory management, receivables collection, and payment practices.

Days of Inventory on Hand (DOH):
The company's inventory levels demonstrated relative stability with some fluctuations throughout the period. Initially, the DOH was approximately 6.94 days as of June 30, 2020, rising modestly to 7.68 days by September 30, 2020. A decrease was observed at the end of 2020, with DOH dropping to 6.02 days. During 2021, there was an increasing trend, peaking at 13.50 days in June 2021, indicating a buildup of inventory. Subsequently, a downward trend commenced, reaching as low as 3.06 days by December 2023, suggesting efficient inventory turnover. However, a substantial anomaly appears in March 2025, with a dramatic increase to 88.97 days, which could signify significant inventory accumulation, potential obsolescence, or operational disruptions.

Days of Sales Outstanding (DSO):
The receivables collection period exhibited considerable variation. Initially, DSO ranged between approximately 10.98 days (September 2020) and 16.06 days (December 2020). A substantial lengthening was observed in 2021, with DSO peaking around 79.76 days in September, indicating a period of extended collection times, possibly reflecting credit policy changes or payment delays. After 2021, there is a downward trend toward more manageable levels, with DSO reducing to around 2.62 days in December 2023, signaling a significant improvement in receivables management. However, a slight uptick appears thereafter, with DSO returning to over 30 days by March 2025, which may denote increased credit extended or collection challenges.

Number of Days of Payables:
The company's trade payables period displayed fluctuations over time. In early periods, payables amounted to approximately 11.61 days (June 2020), gradually increasing to around 50.23 days in September 2021, and peaking at 45.87 days in December 2021, reflecting extended credit terms or delayed payments to suppliers. Following this, a decreasing trend resumed, with payables declining to approximately 4.76 days in December 2023, indicative of faster payable turnover or tighter payment policies. A drastic increase is evident in March 2025, where the payables period sharply jumps to 163.71 days, which could suggest overdue payments, supplier renegotiations, or financial distress affecting the company's ability to meet liabilities promptly.

Summary:
Overall, the activity ratios suggest periods of operational efficiency interspersed with episodes of extended inventory holding, receivables collection, or payables deferrals. Significant volatility exists in the later years, notably the extraordinary increases in inventory, receivables, and payables in early 2025, potentially signaling operational or financial distress. The periods of lower DOH, DSO, and payables generally indicate improved operational efficiency, while spikes, especially in March 2025, warrant further investigation to understand underlying causes.

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Long-term

The analysis of Pursuit Attractions and Hospitality, Inc.'s long-term activity ratios reveals notable trends and periods of activity relative to its assets. The data indicates that the Fixed Asset Turnover ratio was consistently unavailable throughout the reporting periods, suggesting either non-utilization or insufficient data regarding fixed assets in the company's operational accounting during this timeframe.

Conversely, the Total Asset Turnover ratio demonstrates significant fluctuations over the observed period. At the start of the period in June 2020, the ratio was recorded at 1.00, indicating that the company generated approximately one dollar of revenue for every dollar of total assets. This ratio decreased sharply in the subsequent quarter to 0.82 and continued to decline to a low of 0.48 by the end of December 2020. A steep decline persisted into early 2021, with the ratio reaching 0.16 in March 2021, implying diminished efficiency in utilizing its assets to generate sales during this phase.

From mid-2021 onward, the ratio showed signs of recovery and stabilization. It increased gradually from 0.19 in June 2021 to 0.33 in September 2021, then further to 0.49 in December 2021. The upward trend persisted into 2022, reaching 0.62 by March and 0.80 by June, then exceeding the one-to-one threshold to 0.93 in September and 1.03 by the end of 2022, indicating an improved efficiency in asset utilization.

Throughout 2023, the ratio remained relatively stable, fluctuating slightly around the 1.00 mark, with a value of 1.10 in March and settling at 1.09 by the end of December. In 2024, the ratio maintained similar levels, with a slight increase to 1.17 in September before a notable decline to 0.43 in December, which could suggest seasonal effects, strategic shifts, or anomalies affecting asset productivity.

By March 2025, the ratio further decreased to 0.16, indicating a significant decline in the company's ability to generate revenue from its assets. Overall, Pursuit Attractions and Hospitality's asset turnover ratios reflect periods of consolidation following a pronounced dip in late 2020 and early 2021, with subsequent recovery and stabilization that appears to have been disrupted towards the end of 2024 and into early 2025. These movements may correspond with operational, strategic, or external economic factors affecting asset efficiency over the analyzed period.