Pursuit Attractions and Hospitality, Inc. (PRSU)

Receivables 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
Revenue (ttm)	US$ in thousands	130,570	366,488	1,399,418	1,309,613	1,251,386	1,238,680	1,195,028	1,211,850	1,210,742	1,127,311	1,062,857	913,735	655,765	507,340	349,339	178,547	147,381	413,104	708,866	999,802
Receivables	US$ in thousands	10,735	18,083	175,522	186,970	151,775	8,882	135,274	147,655	134,111	122,695	150,802	160,862	96,920	93,867	76,338	32,771	19,377	18,174	21,316	36,786
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

March 31, 2025 calculation

Receivables turnover = Revenue (ttm) ÷ Receivables
= $130,570K ÷ $10,735K
= 12.16

The receivables turnover ratios of Pursuit Attractions and Hospitality, Inc. from June 30, 2020, through March 31, 2025, exhibit a dynamic pattern. Initially, the ratio was relatively high at 27.18 on June 30, 2020, indicating efficient collection of receivables during that period. Following this, the ratio increased significantly to a peak of 33.26 in September 2020, suggesting improved or more aggressive collection efforts.

Subsequently, the ratio experienced a decline to 22.73 by December 31, 2020, and then sharply dropped to 7.61 by March 31, 2021, reflecting a significant deterioration in receivables collection efficiency during that period. This downward trend persisted into June 2021 and September 2021, with ratios decreasing further to 5.45 and 4.58 respectively, which implies increased receivables relative to sales and potentially slower collection or higher credit sales.

Beginning December 2021, the ratio stabilized somewhat, fluctuating between 5.40 and 9.19 through March 2023. These lower levels indicate a period of relatively slower collection speeds compared to earlier years. Notably, the ratio on December 31, 2023, spiked dramatically to 139.46, which is an extreme anomaly compared to prior periods and suggests a significant change in the receivables base or a potential accounting anomaly, such as a large one-time adjustment or sale of receivables.

Following this anomaly, the ratio decreased again to around 8.25 in March 2024, and fluctuated between approximately 7 and 8.83 through mid-2024. By December 31, 2024, the ratio increased again to 20.27 before declining to 12.16 in March 2025, indicative of a moderation but still comparatively lower efficiency in receivables collection relative to the earlier high.

Overall, the receivables turnover has exhibited significant variability over this period, with notable peaks and troughs. The exceptionally high ratio at the end of 2023 warrants further investigation to understand the underlying factors, such as changes in credit policy, large receivables adjustments, or potential accounting anomalies. The general trend suggests that the company's collection efficiency has experienced periods of deterioration, particularly from late 2020 to 2022, with some recovery and stabilization thereafter, punctuated by the extraordinary spike at year-end 2023.