Pursuit Attractions and Hospitality, Inc. (PRSU)

Operating profit margin

		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
Operating income (ttm)	US$ in thousands	2,016	20,392	120,863	108,535	90,453	94,666	73,959	64,084	67,403	50,632	52,956	27,394	-43,856	-58,621	-94,228	-140,664	-154,886	-124,862	-74,732	-13,180
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
Operating profit margin		1.54%	5.56%	8.64%	8.29%	7.23%	7.64%	6.19%	5.29%	5.57%	4.49%	4.98%	3.00%	-6.69%	-11.55%	-26.97%	-78.78%	-105.09%	-30.23%	-10.54%	-1.32%

March 31, 2025 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $2,016K ÷ $130,570K
= 1.54%

The operating profit margin for Pursuit Attractions and Hospitality, Inc. demonstrates a significant initial decline followed by a sustained period of recovery and improvement over the analyzed timeframe. Starting from a negative margin of -1.32% as of June 30, 2020, the margin deteriorated sharply to -10.54% by September 30, 2020, and further declined to -30.23% at the end of 2020. This downward trend persisted into March 2021, with an exceptionally negative margin of -105.09%, indicating operational losses exceeding total revenue; the subsequent periods show some gradual improvement.

From June 30, 2021, the operating profit margin remained negative but showed signs of amelioration, moving to -78.78%, and by September 2021, it narrowed to -26.97%. As of December 31, 2021, the margin further improved to -11.55%. The positive trajectory continued into 2022, with negativity decreasing to -6.69% in March, ultimately turning positive at 3.00% in June 2022. The margins sustained this positive trend through September (4.98%) and December 2022 (4.49%), indicating a transition toward profitability.

In 2023, the operating profit margin stabilized and grew, reaching 5.57% in March and maintaining a similar level of 5.29% in June, with further incremental increases to 6.19% in September and 7.64% in December. The first quarter of 2024 reflects continued positive performance with a margin of 7.23%, followed by further growth to 8.29% in June and 8.64% in September. Although a slight contraction occurred in December 2024 to 5.56%, the margin remained positive overall. By March 2025, the margin declined further to 1.54%, indicating a narrowing of profitability yet remaining above zero.

Overall, the operating profit margin experienced a transition from significant losses during 2020 and early 2021 to steady positive profitability beginning mid-2022, demonstrating operational recovery and improving efficiency over time. The recent upward trend suggests an increasingly favorable operating environment, though fluctuations in early 2025 point to potential challenges or shifts in operational costs and revenue streams.