Pursuit Attractions and Hospitality, Inc. (PRSU)

Pretax margin

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Earnings before tax but after interest (EBT)	US$ in thousands	-45,435	27,278	506	-95,081	-360,859
Revenue	US$ in thousands	366,488	350,285	299,327	507,340	415,435
Pretax margin		-12.40%	7.79%	0.17%	-18.74%	-86.86%

December 31, 2024 calculation

Pretax margin = EBT ÷ Revenue
= $-45,435K ÷ $366,488K
= -12.40%

The pretax margin of Pursuit Attractions and Hospitality, Inc. has exhibited significant fluctuations over the analyzed period from December 31, 2020, to December 31, 2024. In 2020, the company reported a markedly negative pretax margin of -86.86%, indicating substantial pre-tax losses relative to revenue and reflecting operational or extraordinary challenges during that year.

By the end of 2021, the pretax margin improved considerably to -18.74%, suggesting progress in reducing losses, although the company still experienced enterprise-wide expenses exceeding its earnings before taxes. The positive trend continued into 2022, when the pretax margin turned slightly positive at 0.17%, signaling that the company reached a breakeven point at the pretax level, which could denote effective cost control or revenue growth.

In 2023, a notable improvement was observed, with the pretax margin rising to 7.79%, reflecting an environment of profitability before taxes and possibly indicating operational efficiencies, favorable market conditions, or increased revenue streams. However, the subsequent year, 2024, saw a reversal of this trend, with the pretax margin declining to -12.40%, implying that the company experienced a shift back to losses at the pretax level, potentially due to increased expenses, market pressures, or other operational setbacks.

Overall, the trajectory demonstrates a period of initial severe losses, gradual recovery towards profitability, and a subsequent decline, underscoring the company's ongoing challenges and volatility in its pre-tax earnings performance over recent years.