- Earnings call transcript Q3 2022

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Operator

Good day and thank you for standing by. Welcome to the Inspirato Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Kyle Sourk, Investor Relations. ahead. go Please

Kyle Sourk

quarter good the and and Yesterday today's we Web which investor.inspirato.com. our call, we Investor at an Thank both site Relations Presentation Brent morning. page Handler Co-Founder of third announcing release CEO, our available Neighbor. and and have posted issued updated on you are press On results Investor CFO, afternoon our Web of

but no differ filings for are potential not remind we you to Before and opportunities. expenses additional assumptions are we our and forward-looking that strategy SEC of future statements, These obligation growth, materially. to today's formal them. our anticipated business detailed statements more assume including financial risks. and of begin expectations everyone on to results comments Actual and position, limited We some our position remarks, plans future results update growth investments, market our refer could operating and and of discussion guidance market based a we market prospects, and

CEO, for during the In evaluating most GAAP. Handler. these measures, financial Reconciliations our in in are prepared or with accordance GAAP measures non-GAAP which management in should directly a discuss be will to measures in isolation as substitute call, These results earnings considered operating With Brent useful of not call that, to the performance. company's over the the release. comparable our included are measures I'll our addition, turn

Brent Handler

short-term base Today, we spite a interest ability morning, and of records in travel net our and uncertainty, new expressed to highlighted worth number company high a resilient of you, execute plan, macro everyone. and milestones. business and our establish rising have we the rates growing to in of company Kyle, continue subscription thanks enthusiast. On long-term Thank and previous good calls, confidence new to

confident in a with objectives. will revenue entered We and our that extremely XXXX than see from multiyear completing several are growth, We we month XX% approximately are outlook. less away key a year

supply First an of Inspirato. our and foremost, year, much the to hotels and identified growing growing very the for this we of Throughout have that residents meet our is risk base. opportunity key the subscriber with an emphasis successfully demonstrated often on demands

As accommodations, we year-over-year, and nearly had XXX XX, of increase of September year-to-date. an controlled XX% XX%

in Importantly, we key to but have also existing potential to only our for strategically our presence entered better effort markets serve not an subscribers. grow new subscribers,

in the example Our a Hamptons approach. this partnership of Place with Canoe perfect is

Park increased successfully also scale [indiscernible], high Costa and existing as our We Rica. areas City in such demand

year $XXX a the anticipate guidance, full XXXX are adjusted million. of These $XX revisions product now of we revenue an downward approximately few contributing EBITDA of terms of In million loss and approximately factors.

sales internal and and of reallocation markets, new expanded marketing and target philanthropy. business resources a First, to

fourth the sales total the festive to fourth Pass in occupancy Inspirato lower-than-anticipated and season. third, demand subscription during than less due Second, quarter peak lower-than-expected quarter; anticipated travel

We are guidance. keeping appropriate risk eye the trends in XXXX we built have these our into and close of believe a level on

on In expand we acquisition marketing these strong new Inspirato lower key of and In are Business Inspirato served in further revenue highly our our pipeline years long-term driver increasing including We significantly the for prospects investment subscription flagship subscription focus past as for believe offerings. streams of digital our past, and to universe of reallocating number club our believe stable and terms customer qualified diversify of products recurring there subscribers. benefits growth. of and will internal resources, potential Good, a and growing, for revenue a internal costs,

to new simultaneously Now words, be combination In actually subscriber should and channels are to of our generation marketing Good, This generating we growth. CAC paid the and with and reduced relates us to improve the customer as meaningfully other for for it success expenses potential while LTV are something early revenue, that increased new and accelerate to of has our has for to Inspirato revenue path Business lead money. cost beginning have driving Inspirato ultimately that we acquisition historically profitability.

As over it and Good, $X travel a is which of a months have portion JauntLiving, early differentiated we new over was will of year-end, be for recognized start. important, week ago, revenue a XXXX as incremental and extended our trip Inspirato charities launched far unique our is X of revenue, and benefit packages, expect offering results, which XXX $X trip. their small than tremendous to a launched is amounting just split revenue to more in Equally at to members. sold choice. time the only Last new time that as By we for off stay million to subscription subscribers for subscription donated we between Inspirato have of Good a believe million

that accommodations service Our personalized JauntLiving hallmark reservation with from and with trip Inspirato list travelling weeks the features stays year including to Inspirato. Select extended X of is each X ranging

we on our XXXX head below improve made cost the into our As primary is to our the both infrastructure structure, existing focus investments throughout line. and XXXX, and leveraging above

well-positioned grow our supply than to opportunistically in optimization portfolio are XXXX, growth. portfolio focused on we we're While more

as cost to Much OpEx In next anticipate materially acquisition to and we incremental percent just thoughtful improvement cost our customer to year. fundamental the is revenue equation terms regarding projected being of I committed this additional a Inspirato referenced. change savings, in attributable over of the of improve are investments,

XXXX. positive prioritizing are achieve of revenue to our than of EBITDA greater and goal now We full $XXX million to returning expect stated adjusted for year

for talented look in and the been a With Web want by a turn of the forward and accomplishments. to has hard throughout to XXXX in I year. all growth year to tremendous We of of of the the of change, highlighted outstanding Finally, our detail. dedicated the number course XXXX. their discuss I'll work quarter team thank more more call over same that, to

Web Neighbor

invested Since the thanks of lot your and year implementing new to at in going earlier sentiment or and personnel statements accounting restatements well-positioned has to beyond. results period has all ones, aimed very this operations, income to us the processes flows cash public no Thanks, the and improving existing the revenues, throughout we The our year, echo of our financial material prior employees. hard Brent. been either of company's for groups. and which quarters. had impacted a work impact balance in sheets operating have There on I'd like for XXXX of of

and procedures We implemented moving that improved more the are accurate confident will timely and ensure forward. reporting processes newly

third subscriptions, results quarter quarter results, revenue our of year-over-year, our XX% delivered key controlled setting aspects again record multiple deliver accommodations. an Total nights and the to $XX in Moving million, and business, of want we was for revenue, active sequentially. total to increase XX% namely

increase accounted XX% of XX% for XX% total of which of a million year period at of XX% XXXX, compared at revenue of ended to just ended Inspirato X,XXX of active our $XX and quarter quarter quarter XX,XXX. total now increase the for a primarily compares which up active by driven of of subscription represents third year-over-year to the $XX million just the ago. the subscriptions subscriptions approximately This quarter the Our adoption XXXX. an third Pass, represents the it's from Pass subscriptions. $XX million over continued revenue subscriptions, Travel

ADR XX,XXX of a XX% a in revenue, the nights our in XX% residence approximately we of night. growth to nights Travel terms drivers and growth achieved year-over-year In $X,XXX record total delivered,

of we've strong off XX% last the we to year, $XX levels, the well compression. needed peak or or the experienced ADR was revenue resulted staffing million, strong albeit booking to XXXX. was million calendar Over historically fill all in our for increases. in short-term of margin of as XX% past the delivered Gross as time the $XX peaks quarter revenue, the of integration typically quarter the in Similar occupancy by from XXXX properties that quarter, as margin onboarding, outfitting, of impacted new to margin gross third and compared

shift Brent to gross portfolio we focus intend and XXXX to optimization from As in over expansion delivering improved we portfolio time. highlighted, anticipate margins our

improved a second in operating XX% year XXXX. first quarters total quarter, XX% of compared XX% the and percent expense of to revenue a of each ago to and This as

look of the million a net we an and sheet, We $X.X leverage a as to on on we balance achieve costs losses respectively, our of to well increased million, to the as hand. near-term. $X.X renewed focus million to $XX loss of compared with the adjusted positive had in Shifting million in loss EBITDA and forward, Moving quarter the scale $X.X XXXX. deliver exited approximately $X.X third adjusted cash EBITDA quarter on of of million

anticipate in highlighted debt. outstanding release, $XX the balance approximately of we we a year-end million press no with As cash

aimed to the With for team to Our and that, the driving very achievable accomplish ready turn at and goals clear over is call for long-term shareholder moderator Q&A. value. excited I'll XXXX

Operator

with Grondahl Mike of line the from comes Capital question first Our Instructions] [Operator Markets. Northland

Your line now open. is

Mike Grondahl

you're roughly about first increasing Good, guys. it of is Hey, Inspirato really areas. those for just, My your like on focus Business for two Thank have question you. you and sounds Inspirato focused [indiscernible] on the X%

Brent Handler

both It's really those to new Mike, is two see Thus relatively Thanks, in market adopts have now as flux them how going little bit exactly this been of a we the initiatives. well. Brent. far,

become plan changing as as those the initiatives think and of and As we've into you Good, much can the imagine, put think acquire transactions. more of you in ways the But has what longer initial Inspirato sales a shorter our put watching customers cycle, them has a but over larger as fair sales I for force cycle, year about third, both as year, for smaller things the and some a if will but expectations. somewhere Inspirato understand are we to I estimate. transactions for Business outperforming year and see kind would a two about to next think could two marketing, they total kind the new together, allocated say they would be next those being kind better sales of our ultimately in those But time. I of about efficacy progresses we we're we neighborhood And conservatism optimistically of roughly,

Mike Grondahl

kind Got product, And I think extended it then for it. pretty are be the as? Yes, Jaunt they marketing Living of you how sound characterized could stay exciting.

Brent Handler

-- about Inspirato have has the certainty for have question. who been part This is really already and paying job platform because going we of Jaunt are I now Brent they're great well where of to a to with really is really around service Good subscribers money some for worked decade. again. those people about the been part loyal that and marketing nothing travel has is having be the of able mean, a franchise

had appeal JauntLiving email for be also sent able highly our great Mountain we've way a and just for to occasions of how optimistic the stay of kind by normal allowed particularly o'clock a JauntLiving tight, [indiscernible] in other we've our sense only with and Jaunt really actually been to the work and very becomes because members longer of than that so in couple so a want now of Historically, lot X putting of that family, of member we're make a inventory of weeks. base. one than What residential on to not anywhere out kind And Inspirato residences to JauntLiving And special with another version at lot Time new there's the save. from world, that people gets will have realized post-pandemic, still an experience accommodations. of

right? little a think But there other People One time available of it an couple that of for world is people about that up purchase, inventory our with bit might have or that rental about and of kind And the been are or for for been have team avenue considered a It's JauntLiving, response is part the universally whole been opportunity. are throughout before. no has also incremental members very for required a and they members they We a it's stay them high going where some to about we opportunity could to for never our of working to possible portfolio -- where do short-term months. marketing incremental that of have are there's positive. inventory. of incremental able important expectations very of something us about to delighted the positive, that really take sales they've ways art essentially, cost JauntLiving experience restrictions. our There's talking the new opens lot a a in

otherwise opportunity day a for So be stay even in not participate length those certain jurisdictions may to where for in at participate without, you're an of example, us able provides JauntLiving XX able allowed not been to to we and to have now operate all. example, markets

that So we're opportunity. very excited about new

Mike Grondahl

Great. Maybe update any retention Club Pass just lastly, on subscribers? for and

Web Neighbor

Mike, Hey, is Sure. this Web.

internally closely the in past, we we all product across types. that discussed something when retention know, you is of As monitor different our

for non-impacted numbers have of stabilized the of a get full numbers order We haven't months since XX clean sort published baseline wanting to in pandemic, to a analysis.

we're hopeful, looks in to end calendar of So come in to the that able we'll robust quarter the the and Mike, that'll it XXXX. this first work sometime it year, on retention and we're like for year, approaching is year market be out some share be that the with full you with the

Mike Grondahl

it. Got

you. Hey, thank Okay.

Operator

comes with question next Our Oppenheimer. from Jed line Kelly of the

now open. is line Your

Jed Kelly

Thanks my Hey, great. for taking questions.

impacting Just Pass the your all your impacted can equity has Club that's circling impact subscriptions? Pass How on that of the downturn to pipeline seen? sort any back and sales your like you of subscribers, members -- in the market how in touch we've and sort

Brent Handler

Brent. This Great is question. Sure.

best the I less when the fair to the product uncertainty there's does that in market. think it's say Pass

well seen was that some see do right diversified. it's didn't disclosed this going able now over revenue knowing sustainable of their being in not Pass not on situation, to you'll coming Pass. and we've [indiscernible] to term Inspirato economic going a really and their is focused essentially impacts because be we're Pass is we Pass quarters people And impacted. longer much stream about into as as for time, about pandemic, commitments, of certainty way because that durable the is now or obvious in hear potentially inventory. not wanting that exact different the have what more around this more somewhat to more reasons, over we you'll about make malaise Travel QX, what having during kind with So job

and and So channels able think inventory, a that provide today, to economics absorb channel. with talking new being portfolio as our are channel Club great operated about for And if that about you our a think unit continue we're about great fixed RevPAR three expense and being really residences, Inspirato. Pass to a

would one for portfolio. level like portfolio in Business, have growth We said, feel RevPAR, the that be enough our things Good, Pass focusing very, into where them Inspirato and not of So on well. expenses moving have would we That it we would be fill for and of have another in forward diversified very the the we as a still complete really had those to XXXX. being at be good JauntLiving, can all XXXX another to do Inspirato run opportunities Inspirato field the at expect reservations

homes to into able essentially to as lot is greater be really be margin have growth see portfolio for way diversified name should more year us all yet which because well released that as in provides you maximize more game. the So gross and the in we that next a of of absorbing still to opportunity a the have demand RevPAR,

Jed Kelly

be the we any should between million travel Is and between very thinking breakdown I just on revenue That's there on how like a year's revenue? XXXX. difference think said And it. Got $XXX could you helpful. then provide revenue way subscription next for guidance you in the

Web Neighbor

this is Web. Yes, Jed,

that of subscriber robust level would being place given of have count I that or say, beginning the out, at at it a be was embedded in so we today count. in off of some course, we base more think starting growth than the revenue put level higher haven't X% that the our of and granularity. of We we'll year, do subscriber

change. mix now, So between for to material I roughly that because to expect [indiscernible], it of travel I wouldn't revenue there where mix be that would look that subscription the and be is

Jed Kelly

Got it. And … then

Brent Handler

Brent. is This

of talk of with both coming one just prepared to revenue, Inspirato is and revenue a coming attractions we're come quite Business sorry, quarters, to state travel. as detail, be combination component today but Inspirato that's it a as about the going preview in for for contain [indiscernible] interestingly because not Good, memberships bundled -- other in Another and important subscription well they

that in is Club, going our new type So a Pass future consumer but than there's different revenue of subscription subscription quarters from subscription talking to about be we'll nonetheless. revenue be subscription that essentially of and a component

quarters start And works get in some we of that have year. the breakdown more plan future to so for that reporting in next as how we'll sophisticated

Jed Kelly

of should how we How's how your And sort should But then next and supply? think is guess think you into just that sweet about the is about about supply it. of sort your talk year? -- how you've that sort supply? of the how roadmap can I roadmap? occupancy guess Got I approaching is that procuring environment how talked XX% you're we spot about?

Web Neighbor

It's for that's something guess, stood infrastructure, of ago on butter, and a supply as new months, we years have XX sort solid up back X high net Jed, -- channel going platform and channels. I as and that as and we hotel you really we we acquiring now, call That almost know a that bread we across pipeline dedicated institutional what the built. retail muscular our well worth focus

You the posted contractually it in coming investor still and coming slated XX committed saw year. for last have in months residences night. delivery We our deck the

on that priority. has on number delivering and it So one been delivering pipeline, a building

I targeting [indiscernible] occupancy, the think lower until in right, you're of in historically, before pandemic, XXs of we terms sort ran times. at even the

running supplies alternatives. and all balance set the able little It the travel in broad to XXs, up strikes with deep XX, somewhere diverse well. to to a a work getting of being our subscribers really new right what able diverse being around seems hot, and of grow offer our inventory, So was of high and and

the look same. So be around forward I to

opportunities Brent to been selective, markets given good But the come as the feel about seen we our in actually way. supply market. You've bit the pipeline uncertainty the a narrow really mentioned capital unlocking we've

Jed Kelly

you. it. Got Thank

Operator

line with Cantor comes Brett Knoblauch question next from the of Fitzgerald. Our

open. now Your line is

Brett Knoblauch

question. Thanks Hi, my for guys.

cadence the for you year. Just, I can help me next guess growth frame

pretty deceleration is progress from quarter. similar levels kind year? of of throughout of deceleration the growth Or we kind year? of Should throughout kind we a steep of implied [indiscernible] this next XQ You expect as guide maybe kind

Web Neighbor

Yes, first Could missed hey, part repeat Brett. This is the that? I I apologize. you of the Web. question,

Brett Knoblauch

model there how just that year-over-year quarter. big for from next kind on of the any, of any to I'm looking a on aware pretty guess growth decelerate of? on seasonal kind basis end on fourth factors Or year. kind continue going to revenue point basis of for the we into be for growth There's deceleration of help that to is a a sorry be next expect Should sequential I revenue we to should year? for

Web Neighbor

Yes, That's question. a good

And we're subscription So there year, is the XX% highest thing of you're occupancy little mix of been positive delivering the And seasonality, good while look, broadcast of Subscription in, right. terms that about it's given biggest a number earlier, for year. varies and typically We EBITDA. forecasting actually we the pretty not we environment the the quarter growth a the see first volumes, shy asked it's to some and travel the by lot. adjusted we've able being the its quarter felt we see both rate. in [indiscernible] also of that nature is very question In between revenue, course, by steady our of was predictable. think

last second travel we lower rates. it course, lot a a Then, that occupancy and So quarter, we growth. the into lot whole this less leverages of see revenue of typically year, lower travel, in saw

$XXX two between hitting XX%. is, of overall on but Brett, quarter, said, like below get to for focused, couple mix million, be just of target I'd the that points which the I a a So sort each growth

Brett Knoblauch

about to basis should term helping of Got side the business, actions year-over-year more improve of it. the And the we be gross then is immediate versus the optimization gross expecting XXXX? I margins And a what in cost margin, you on on long-term? guess, impact these portfolio talked Understood.

Web Neighbor

question. good a it's Yes,

mismatch you're significant expense experiencing do significant sort been a highlight degree, natural that growth, does on properties. onboarding So and a during we some volume delivered operating of when of that you're margins periods and portfolio to right, of new we've like revenue impact that

earlier, year-over-year we actually margin terms I the our would the saw company of of I gross level in margin I highlight XXXX think the a peak think in the we that in set all maybe into first out. and the bled that the of quarter quarter, it detail that's of forecasts, peaks, you put of in remarks call XXXX, year. of the record history beginning in first a gross not

on That’s perspective was the modeling perspective, think The on way or solid being top. gross we My numbers we to is growth success from can is margins, not investor this that. subscriber and deliver XX% deliver year a hunch to low we last that the it'll a about XXs So tough XXs, the predicated long-term basis. that the and be both business, we're the in our get XXs percentage in in never of and that the high trajectory from occupancy.

Brett Knoblauch

are then Got would take of comment the in a a at supposed to less it. than or expense you of or just kind percentage XXXX, Understood. reduction. sales, just Am you decline? operating as that, And expect I to we be a your expenses guess on will I operating total referring

Web Neighbor

we're a something focused it's good question. on. It's Yes, really

in have in that last our do years with it And growing much that's expense been obviously public. reduction well. basis for loss. as XXXX so actually We grown in be infrastructure will much a dollar really total two dollars in going We operating corporate XXXX to broadcasting it our a But foresee percentage number has on now. was in than of less the or total the

Brett Knoblauch

Inspirato It's perspectives? Inspirato travel kind product? subscription with Inspirato this included for do talked a the -- and guess [Indiscernible]. Business, of about from for embedded more an in component that you the -- model. quarters this And ARR treat and a [indiscernible] component the in the subscription just you on that the coming get How for ARR in briefly we'll kind Good I of on Select guys both

Brent Handler

revenue to of give and for when in it's is on the as Business more we'll actually Inspirato Brent. us the as in example, for for employees for access revenue I employees, Like well. and this subscription Good, Yes, membership reward is delivered, revenue lot recognized color is But the said, purchases both when new well this as the their example because of contract. between the travel quarters travel for period Inspirato the a come their split company a to over

of a those of are years. And contracts some contracts some are those year, X

dissimilar corporate or And example, with a model subscription, reup where Similarly, to a SaaS not is you'd so Inspirato transaction the company for is at subscription purchaser the bundle end membership to that revenue when making. and the would Good, of for the actual resell term, go and a the term over. be have is included in the

up were that very again, to logical about back Just the where at X,XXX second, if an for would donor to in they us this -- with very pay illustratively, it giving actual event, $X,XXX nonprofit a Good, would Inspirato in travel be we're percentage example, at that excited be pays, and the Inspirato, year would come of would a to subscription, place. go until that X that to a of the the the directly towards would X,XXX, go Inspirato. when actually deferred a X,XXX revenue Of nonprofit. comes takes to an delivered percentage

purchasing. that introducing How all, who we a that's TAM lens different So that us how think Inspirato to what kind of right the very on in, optimistic those that travel have segment of with markets for two we're first potentially people have more it gives tuned on they're is quarter, also revenue, works. our subscription sustainable allow the and it stay large want long-term we to not going our what's very consumer expands are way to until And that of it, but a Inspirato might reasons. of us different participated word massively. report the Those of of very, sort we're of kind to to next that are, that makeup

As example, for JauntLiving for we're getting quick the one of actually business. large coming lead from that gen one Inspirato is

the lead well able they and is actually We Wealth services example able reward as a for particular parts only transaction other on but inexpensive for large to at firm turned which to world. very an that their as That's well. to membership, lot in a them with JauntLiving, an are want being to were for be a of we part of it providing of lot where in both paid to Inspirato but do the of Business, have travel be Inspirato into Advisors, those be come for able people JauntLiving financial travel not to a us age that flexibility, living as lead have flow

we're to way ecosystem and middle as you difficulty] the So individual all philanthropy, saying consume Pass, travel where larger. pay different an trying which a more of of our able platform making TAM really to build to a is in [technical portfolio, Select, fantastic luxury be ways is go, of we're the

Brett Knoblauch

Got That the if Maybe a know, end I you lot. last like one was it. Thank question, you. guess $XX year cash. at ask I just million in

result closer cap. of the cash This had, burn? this in into you quarter I free it a kind of breakeven? expect -- and And working expect be was, be flow Is going should or year free terms kind deferred we positive to of I bottom think that which flow the of revenue to seems cash pretty, to guys largest that guess you kind of would cash this burn

Web Neighbor

Web. this Brett, Yes, is

I the the typically largest, quarter, vacation. have booking demands. are beach August next booking the the again, not vacation, logistical historically third booking cash of this third whole on the was in we the cash. that or reality, mean, people any case don't and on in think year, quarter we in of the We we deliver I yes, quarter is a in largest the consume travel events significant amount in the which [indiscernible] which lot

as bottom our expect that of We the that So quarters up quarter history. we've of seen typical cash. do terms dynamic the consumption that's that of will in said largest a you through seasonal the be trough

Brett Knoblauch

Thanks, right. it. Really guys. All appreciate Perfect.

Operator

from Sandler. line with Our Champion Thomas next question comes of the Piper

line open. Your is now

Unidentified Analyst

for taking question. [indiscernible]. Thanks Hi, the this Jim is

that I be So in the what about kind this done prevent guess a resulted and to accounting on can going the you Can issue talk delayed forward? of bit filing. controls first internal little your

Web Neighbor

terms in it's staffing my of as adding transition of I the being made and Jim, remarks, as in to to Yes, team, been public. the said ours a focus we've up

has type -- audit control have company head the of light kind on We the our the delivering ever of character. on first a internal for would with Brent environment with you expect is a public tasked of that time of brought out that

operating any environment So issues of focused the initial sense ensure some and additional why my done were, revenue, steps medium look, And won't experience of we're we've any that our remarks of gets material the business. in to that brought a control found and that we control on taken, they plan term that place to passion. putting on the that in confident of new didn't the we and timely But course, the results were issues. that that that's place. We that [indiscernible] in headcount noted affect weren't we on getting in

Unidentified Analyst

properties then properties there is guys round better Great. And to to being sort get I just an talk based less you in portfolio optimization, guess, of talked, certain on we've on have that of that geography. opportunity get respect, rid the maybe I year know the utilization?

Web Neighbor

different of availability when logical that be calendar a you part margins, optimization and it. margin through our part of doing highlighted mix big operate Yes, of it, the over fine the is geographies you different we'll at think properties. dramatically exactly tuning time, of that sort

for we and -- will portfolio, to for also both will continue prune the customer we satisfaction So margin. are and

Unidentified Analyst

you. all Great. That's me. for That Thank helps.

Operator

of Hung line ISI. Jocelyn with Evercore comes Our next from question the

now Your line open. is

Jocelyn Hung

elaboration for be mean XXXX you Hi. were [indiscernible]. on questions asking Thank how to focusing my plan Wondering that like? reach if positive I'm you what Any in do does EBITDA macro optimization on will portfolio appreciated? like, versus question. taking

Brent Handler

Sure. Web. its Jocelyn, Hey,

to really of higher level that levers the number. our forecast. in on we pretty think embedded at calendar. have we made one And significant forward growth, couple now that of at both a otherwise count, rates starting larger point references side, than look higher activity robust And would subscribers, and meaningful and other visibility fairly earlier, booking have we a we are I I year see already I at looking high then into the have we're that off subscriber sort a the paying

for in with will combined actually earlier a us referenced path EBITDA. two, those the to net that positive reduction are only lead corporate Those expenses, containing dollar not was delivering of operating the combination delivering year. corporate what operating but down around, the the adjusted So levers expenses

Jocelyn Hung

an guys things came across but for owners halt, probably saying, on you for additional have some people that. I like, in short to some right income saw or general, I reasons focus a look then know apply of the like you. as rental, I And Thank luxury recently bookings article vacation rental coming because their seen

heard? you seeing So if low data just wondering as or anything you're

Brent Handler

almost It's Hey, been really this strange, a good years now, a X -- think I question. would X It's is say, almost years. such Brent. I

of at into then slowly, I'll way demand. out kind some in wanted are example, for it domestic there your Eventually, members It's for QX. QX lot have not QX been where summer, been bit people be Pass Going travel that seeing the to softness, got was last portfolio something People sure. of wanted of of a that, there worked again, seen be in its remarkable. revenge to travel. domestic Everybody just travel, But back have everybody back. peak, enough our started there's just in of just QX, a of And 'XX, to little then travel not much And moved just very we reached there 'XX, people to overall Toronto and to maybe that's That kind jarring. pandemic, down. system. anticipating shut where we It's last be beginning not very comfortable maybe everything year, difference And of just fatigue feel in going the a their to coming was maybe we're the supply. rates. is this lower year travelling, which out a that was Europe, because that

a important lot houses I year, in turned the about amount kind very of it's portfolio think XXXX. tremendous late portfolio continually growing. XX%, turned that's us, meaning fast the on that a the to of get calendars on have is operating how on, grew just year, Last growth, be last for boarded think of cycle. to That's

opening. be in released has be in already has that going in there's a opening go to regulated be vacation, weeks XXXX that's going somebody to actually going lot XXXX, inventory to to a book, much nice by of that's a So to advance, be month or Inspirato. more And make going been less to decision that's much X inventory

with a at total growth, roughly able and of be for diversified, plan. bats So a really plays through growth. for were base more the less three Business, way going of allows that have On larger are larger be starting a combination not a lot Good less gives the lot XXXX. acquiring with a in robust, Those and to JauntLiving. seeing subscription confidence Inspirato are playbook us that people importantly, at coming And our for stay Inspirato combining cost. way of and much more in to a top XX% just world, to said, more any more us sustainable kind just number, occupancy a home being at of in That out customers. difference the reaches and in this in are our because tam at All confidence that definitely just in will travel sure, we call

those and have portfolio and at profitability. days more work be more to think I creative we and run build harder over innovative a and are and to

Jocelyn Hung

many to just Web one, guess my your exclusive last small you I have curious [indiscernible]. Thank are your I guess on you how or you. question, site just having properties a inventory

Brent Handler

is different for the put buckets. exact couple think finished number known XXX the of of exclusive we what We We in we're over And I Jocelyn, of XXX. them terms I in were our a have which biggest think quarter the exclusive just property. residences.

balance number exclusive. the do and the additional the point as are that are XXX. specific with XXX to actually to than those control respect unit. have this I'd We ones those of exclusive more accommodations And So total

the in instance, into the For that case Grey Shades gets of define something exclusivity. star resort. what around of might we of a five But on premises luxury

Jocelyn Hung

you. Thank

Operator

question-and-answer today. everybody's holiday. questions I and today's appreciate out happy Thank thoughtful turn Wonderful. you. you a That quarter. be Thank talk for session. hopefully to to management to like remarks. Well to we'll the closing back concludes back call We'll wish this you. think then. I I'd everybody story next listening want to And our

Operator

concludes participating. for you today's This call. conference Thank

disconnect. may now You

Inspirato (ISPO) 20 Dec 222022 Q3 Earnings call transcript