Pursuit Attractions and Hospitality, Inc. Financial Ratios — PRSU

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	-139.65	2.26	43.53	24.31	- -	- -	259.43	115.44	73.54	39.39	14.36	- -	- -	- -	- -
Return on Assets (%)	-15.64	0.07	1.49	0.93	3.56	8.2	3.79	5.42	6.45	5.34	1.97	-34.45	-9.8	2.18	1.44
Return on Capital (%)	- -	1.04	27.57	15.19	102.84	63.11	18.75	19.21	19.07	15.36	6.13	- -	- -	10.92	9.42
Return on Invested Capital (%)	- -	0.67	3.17	1.12	5.51	10.52	6.75	9.38	7.22	8.34	8.46	- -	- -	5.81	7.5
Gross Margin (%)	0.52	1.75	2.69	3.79	3.9	5.62	5.01	7.15	7.34	7.11	6.92	-27.96	-9.25	6.12	8.76
EBITDA Margin (%)	3.33	4.33	4.97	5.85	6.12	7.17	7.35	9.9	10.61	10.82	10.61	-16.44	-0.96	9.59	11.75
Operating Margin (%)	-0.18	0.99	1.88	2.86	3.19	4.27	4.12	6.35	6.39	6.22	6.09	-30.06	-11.55	4.93	7.63
Incremental Operating Margin (%)	- -	25.04	9.59	17.25	-3	13.56	-2.72	27.31	6.92	9.46	3.54	- -	- -	18.42	34.9
Pretax Margin (%)	-16.56	0.3	1.4	2.3	2.9	3.88	3.48	5.37	7.98	5.25	2	-86.86	-18.74	3.07	3.48
Profit Margin (%)	-12.99	0.05	0.98	0.59	2.26	4.92	2.44	3.51	4.42	3.97	1.69	-90.05	-18.26	2.06	1.29
Net Income to Common Margin (%)	-12.99	0.05	0.98	0.59	2.26	4.92	2.44	3.51	4.42	3.97	1.69	-90.77	-19.78	1.37	0.66
Effective Tax Rate (%)	- -	68.07	29.5	84.64	30.08	0.26	27.66	32.83	43.98	26.3	9.6	- -	- -	28.81	43.64
Dvd Payout Ratio (%)	-3.16	225.4	32.99	105.07	302.88	86.47	28.82	18.43	13.85	16.94	32.26	-0.28	3.78	- -	- -
Sustainable Growth Rate (%)	-144.07	-2.84	29.17	-1.23	- -	- -	184.66	94.16	63.36	32.72	9.73	- -	- -	- -	- -

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	13	9	3	2	12	141	127	249	209	230	446	380	565	585	576
ST Debt	4	7	2	1	11	28	35	175	153	229	28	24	25	27	26
LT Debt	8	2	1	1	1	113	93	74	57	1	418	356	540	558	550
Total Debt/EBITDA	0.48	0.25	0.07	0.04	0.2	1.85	1.59	2.09	1.51	1.72	3.22	-5.56	-116.04	5.41	3.96
Net Debt/EBITDA	-3.86	-3.74	-2.07	-1.91	-0.59	1.1	0.88	1.91	1.12	1.38	2.01	-3.72	-81.66	3.8	2.75
Total Debt/EBIT	-9.01	1.09	0.18	0.08	0.38	3.1	2.84	3.26	2.5	2.99	5.62	-3.04	-9.64	10.52	6.1
Net Debt/EBIT	72.98	-16.41	-5.49	-3.92	-1.12	1.85	1.58	2.98	1.86	2.41	3.51	-2.04	-6.79	7.38	4.23
EBITDA to Interest Expense	15.89	19.94	30.99	45.22	47.28	37.87	17.66	20.22	16.7	13.88	9.74	-3.82	-0.17	3.1	3.03
EBITDA-CapEx/Interest Expense	15.89	19.94	30.99	45.22	47.28	37.87	17.66	20.22	16.7	13.88	9.74	-3.82	-0.17	3.1	3.03
EBIT to Interest Expense	-0.84	4.54	11.71	22.09	24.62	22.59	9.89	12.97	10.06	7.99	5.59	-6.98	-2.07	1.59	1.97
Interest Expense	2	2	2	1	1	2	5	6	8	10	14	18	28	35	48
Common Equity/Total Assets	3.45	2.95	3.91	3.75	-2.31	0.14	2.83	6.17	11.22	15.87	12.16	-25.29	-30.1	-27.23	-25.38
Long-Term Debt/Equity (%)	2.21	0.63	0.32	0.22	0.21	32.55	27.69	20.03	12.59	0.15	75.54	198.25	555.07	548.2	400.73
Long-Term Debt/Capital (%)	20.75	6.97	3.42	2.47	9.83	73.34	58.14	23.48	17	0.18	60.42	94.57	113.32	148.78	144.33
Long-Term Debt/Total Assets (%)	1.39	0.4	0.2	0.14	0.14	15.83	13.44	8.54	6.15	0.08	31.7	41.67	52.04	51.18	48.4
Total Debt/Equity (%)	3.32	2.35	0.84	0.56	3.27	40.56	37.99	67.24	46.53	50.41	80.51	211.65	581.03	574.39	419.44
Total Debt/Capital (%)	31.27	25.93	9.08	6.26	149.99	91.39	79.78	78.82	62.84	57.99	64.4	100.96	118.62	155.89	151.07
Total Debt/Total Assets (%)	2.1	1.47	0.52	0.34	2.08	19.72	18.44	28.65	22.74	24.94	33.79	44.48	54.47	53.63	50.66
Net Debt to Equity	-26.92	-35.37	-25.15	-28.42	-9.58	24.17	21.13	61.6	34.58	40.58	50.32	141.72	408.89	402.99	291.2
Net Debt/Capital (%)	137.26	123.39	150.12	143.53	89.78	86.34	68.7	77.32	55.69	52.63	44.22	75.56	95.87	130.08	121.7
EBITDA	27	37	47	59	58	76	80	119	139	134	138	-68	-5	108	146
EBITDA-CapEx	27	37	47	59	58	76	80	119	139	134	138	-68	-5	108	146
Operating Income (Loss)	-1	8	18	29	30	46	45	77	84	77	79	-125	-59	56	94

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.89	0.96	0.67	0.68	0.37	0.33	0.3	0.06	0.16	0.12	0.26	0.4	0.35	0.28	0.23
Current Ratio	2	1.79	1.58	1.52	1.38	1.08	1.05	0.51	0.63	0.55	1.1	0.93	1.13	1.13	1.03
Quick Ratio	1.23	1.28	1.09	1.06	0.87	0.8	0.84	0.37	0.49	0.42	0.85	0.59	0.89	0.86	0.79
CFO/Avg Current Liab	-0.04	0.31	0.23	0.44	0.04	0.39	0.34	0.38	0.33	0.25	0.34	-0.48	-0.28	0.38	0.47
Common Equity/Total Assets	3.45	2.95	3.91	3.75	-2.31	0.14	2.83	6.17	11.22	15.87	12.16	-25.29	-30.1	-27.23	-25.38
Long-Term Debt/Equity (%)	2.21	0.63	0.32	0.22	0.21	32.55	27.69	20.03	12.59	0.15	75.54	198.25	555.07	548.2	400.73
Long-Term Debt/Capital (%)	20.75	6.97	3.42	2.47	9.83	73.34	58.14	23.48	17	0.18	60.42	94.57	113.32	148.78	144.33
Long-Term Debt/Total Assets (%)	1.39	0.4	0.2	0.14	0.14	15.83	13.44	8.54	6.15	0.08	31.7	41.67	52.04	51.18	48.4
Total Debt/Equity (%)	3.32	2.35	0.84	0.56	3.27	40.56	37.99	67.24	46.53	50.41	80.51	211.65	581.03	574.39	419.44
Total Debt/Capital (%)	31.27	25.93	9.08	6.26	149.99	91.39	79.78	78.82	62.84	57.99	64.4	100.96	118.62	155.89	151.07
Total Debt/Total Assets (%)	2.1	1.47	0.52	0.34	2.08	19.72	18.44	28.65	22.74	24.94	33.79	44.48	54.47	53.63	50.66
CFO/Total Liabilities	-2.78	18.84	15	27.29	2.95	15.82	16.96	20.1	23.86	19.44	14.13	-11.91	-4.03	7.43	10.47
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.94	2.03	2.26	2.33	2.43	2.47	2.59	2.35	2.6	2.35	1.88	-0.53	-0.17	0.96	1.15

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	16.39	18.37	17.01	15.94	15.38	15.29	12.67	12.14	12.48	11.58	11.08	5.77	9.24	10.52	9.89
Days Sales Outstanding	22.26	19.87	21.45	22.9	23.73	23.87	28.81	30.06	29.25	31.53	32.95	63.3	39.5	34.7	36.89
Inventory Turnover	16.51	19.88	24.62	27.1	28.79	33.29	34.52	37.96	49.46	67.25	71.54	40.9	64.05	109.29	107.95
Days Inventory Outstanding	22.11	18.36	14.83	13.47	12.68	10.97	10.57	9.62	7.38	5.43	5.1	8.92	5.7	3.34	3.38
Accounts Payable Turnover	16.01	18.42	18.4	17.69	18.37	19.65	16.18	16.87	16.51	15.38	15.3	9.71	12.22	14.87	15.02
Accounts Payable Turnover Days	22.8	19.81	19.84	20.63	19.87	18.57	22.56	21.63	22.1	23.73	23.86	37.58	29.87	24.55	24.3
Cash Conversion Cycle	21.58	18.41	16.44	15.75	16.53	16.27	16.82	18.04	14.53	13.23	14.19	34.64	15.33	13.49	15.97
Inventory to Cash Days	0.15	1.51	6.63	9.43	11.05	12.91	18.24	20.44	21.87	26.1	27.84	54.37	33.8	31.36	33.51
Inventories	45	39	36	36	28	32	28	31	18	17	17	9	9	11	10
Raw Materials	23	18	18	16	15	17	14	17	18	12	12	3	2	1	1
Work In Process	22	20	18	19	13	16	13	15	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	5	5	6	9	9
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	116	146	100	114	46	57	57	21	54	45	62	40	62	60	53
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	129	133	- -	- -
+ Minority/Non Controlling Interest	7	8	8	9	9	12	13	13	20	20	86	83	91	87	94
+ Total Debt	13	9	3	2	12	141	127	249	209	230	446	380	565	585	576
Enterprise Value	-96	-129	-89	-103	-25	96	84	242	176	205	469	552	727	612	617
Total Capital	41	35	36	36	8	154	160	316	333	397	692	376	477	375	381
Total Debt/Capital (%)	31.27	25.93	9.08	6.26	149.99	91.39	79.78	78.82	62.84	57.99	64.4	100.96	118.62	155.89	151.07
Total Debt / EV	-0.13	-0.07	-0.04	-0.02	-0.47	1.46	1.52	1.03	1.19	1.12	0.95	0.69	0.78	0.96	0.93
EV/Sales	- -	- -	- -	- -	- -	0.09	0.08	0.2	0.13	0.17	0.36	1.33	1.43	0.54	0.5
EV/EBITDA	- -	- -	- -	- -	- -	1.26	1.04	2.03	1.27	1.54	3.4	- -	- -	5.67	4.24
EV/EBIT	- -	- -	- -	- -	- -	2.12	1.86	3.16	2.1	2.67	5.92	- -	- -	11.01	6.54
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	1.6	1.32	2.32	1.51	2.1	3.88	- -	- -	6.23	4.69
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	1.6	1.32	2.32	1.51	2.1	3.88	- -	- -	6.23	4.69
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-96	-129	-89	-103	-25	96	84	242	176	205	469	552	727	612	617
EV per Share	- -	- -	- -	- -	- -	4.86	4.22	12.09	8.73	10.19	23.3	27.23	35.63	29.74	29.6
TTM Sales	806	845	942	1,007	953	1,065	1,089	1,205	1,307	1,237	1,303	415	507	1,127	1,239
TTM EBITDA	27	37	47	59	58	76	80	119	139	134	138	-68	-5	108	146
TTM Operating Income	-1	8	18	29	30	46	45	77	84	77	79	-125	-59	56	94
TTM Cash Flow to Firm	-5	44	36	69	7	60	64	104	117	98	121	-62	-10	98	132
TTM Free Cash Flow to Firm	-5	44	36	69	7	60	64	104	117	98	121	-62	-10	98	132

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y

Pursuit Attractions and Hospitality, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples