Pursuit Attractions and Hospitality, Inc. (PRSU)

Working capital 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
Total current assets	US$ in thousands	100,048	117,384	309,589	330,859	283,520	235,777	318,350	269,192	249,377	239,555	297,638	274,053	205,652	197,616	229,853	108,310	88,821	91,257	117,747	235,052
Total current liabilities	US$ in thousands	91,721	76,394	307,659	308,902	292,271	232,519	266,931	257,086	245,816	211,117	266,391	268,022	214,334	175,126	176,529	135,319	99,347	97,733	99,653	119,267
Working capital turnover		15.68	8.94	725.09	59.64	—	380.20	23.24	100.10	340.00	39.64	34.01	151.51	—	22.56	6.55	—	—	—	39.18	8.63

March 31, 2025 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $130,570K ÷ ($100,048K – $91,721K)
= 15.68

The working capital turnover ratios for Pursuit Attractions and Hospitality, Inc. exhibit considerable variability over the analyzed period.

Starting from June 30, 2020, the ratio was relatively low at 8.63, indicating that the company utilized its working capital to generate sales efficiently during that quarter. However, by September 30, 2020, there was a significant increase to 39.18, suggesting a noteworthy improvement in operational efficiency or a reduction in working capital relative to sales.

Data points for subsequent quarters (December 31, 2020; March 31, 2021; June 30, 2021) are not available, making it difficult to assess consecutive trends during that period. The ratio declined again to 6.55 by September 30, 2021, signaling a potential decrease in efficiency or an increase in working capital relative to sales. Yet, it then increased substantially to 22.56 by the end of 2021, illustrating some recovery.

The ratio then experienced dramatic fluctuations. It soared to an extremely high level of 151.51 on June 30, 2022, which may reflect a significant reduction in working capital or a surge in sales relative to working capital. Although it decreased to 34.01 in September 2022, it remained elevated. By December 2022, the ratio stabilized at 39.64, maintaining a relatively high level.

A notable spike occurred on March 31, 2023, with the ratio reaching 340.00, indicating an extraordinary increase in working capital turnover. Subsequently, the ratio decreased markedly to 100.10 by June 30, 2023, then further declined to 23.24 on September 30, 2023. Interestingly, the ratio again surged to 380.20 at the end of 2023, implying profound changes in working capital management or sales efficiency.

In the first quarter of 2024, data is unavailable; however, it then declined significantly to 59.64 on June 30, 2024, before spiking sharply to 725.09 in September 2024, highlighting a potential anomaly or rapid operational shift. The ratio decreased again to 8.94 at the end of 2024, and then rose slightly to 15.68 in March 2025.

Overall, the working capital turnover ratios show extreme volatility, with abrupt and large fluctuations that could reflect periods of operational efficiency, strategic or financial restructurings, or irregularities in working capital management. The extremely high ratios suggest periods where working capital was minimized relative to sales, while the low ratios indicate times where working capital levels were relatively higher or sales were lower. The inconsistency across periods precludes a straightforward interpretation but underscores the need for further context to fully understand the underlying causes of these movements.