Earnings call transcript Q2 2023

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Operator

Good day and thank you for standing by. Welcome to the Inspirato Second Quarter 2023 Earnings Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised today's conference is being recorded.

to Sourk, conference Investor like speaker to now Kyle today, Relations. would hand over the your I

Kyle Sourk

Thank you Robert investor.inspirato.com. website and our on have we Co-Founder the good our second morning. On CEO, issued page which Handler; today's quarter Brent Investor XXXX and is release Relations at CFO, press Kaiden. results, afternoon, and Yesterday announcing call, available we our of

limited that growth statements, position, begin we our not our Before market including of forward-looking and comments are guidance strategy opportunities. we future everyone formal of potential plans today's some remind financial but position operating prospects, to, expectations and and market and remarks, results business and

materially. for we discussion no assumptions These statements risks. update on a of are to additional obligation assume based our SEC refer more We you could detailed filings them. and differ to Actual results

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

our I'll CEO, With over Handler. call turn that, the Brent to

Brent Handler

Thank few Inspirato. a pivotal everyone. you, time The and morning months Kyle, for good past have been

deliver Capital investment a investment we're to from note strategic our definitive agreement covering our a want I seeing, million to we new One trends partnership recent us will second Ventures. talking enable announced $XX convertible spend One. booking about Yesterday Before quarter few into and well results the and with Ventures find of for the evolving This investment travel entry a moments Capital a some to Capital and with similar to experiences are its the new infrastructure. to vision unprecedented One's to travel and integrate companies travel customers meet we passionate service potential experiences and harness our luxury with looks of Capital and that travelers. needs ways can certainty. about share innovative enhancing business continue the luxury of One

Over are encourages premier further and a we've We accommodations the portfolio approach the to several service pride In value we our controlled of have our communicated in we of book down destinations members, years, nightly member summer this tirelessly and on market worked of early brand. value exceptional to rental sacrifice in advanced value hospitality delivering and this significant response build giving members members, delivering the recently a to have members or XX with not that advance, including will and broad-based reductions rate at managed that take doubled we to centric discount peace current luxury flexibility. past to to launched initiatives. ensure booking preferred across vacation our booking mind luxury dynamics

status levels, to nightly offers and addition value launched low first this our through everyday our each Rewards most earlier unique matching Inspirato In club ever additional week, tiered we rates bookings increasing added Inspirato on benefits. loyalty our program. with member members savings needs, benefits members engaged valuable travel with our Rewards,

nights, new controlling portfolio, into programs optimizing at sustainable we profitability. costs, well total and excited generating initiative our X% really Jumping and more a are on year-over-year We aimed as delivered these progress the our XX,XXX than about ultimately as offerings QX, increase.

slight nights each has increase was in seasonality, looking company's in When a while expense often XXXX year quarter have the have to occupancy ADRs our portfolio been approximately residents compared increase representing second as lower considering rates metric of per to highest our the hotels, on ADR the they average a history. margins closer, at in is delivered rates, levels among with the nightly year-over-year. been $X,XXX in opposed largely and Yet night, lower XX% the And of average XX% While ago. increased, residents.

market OTA behavior vacation quarter short-term broad our rental as travel shared Overall, characteristics market. similar the and second

residences solid to travel U.S. European the We and nights to urban seen an resorts towards travel. ADRs, delivered have at and our in hotel destinations, a largely continued uptick expense opposed as bias of and

our in towards lower comes length these constitutes members urban-based Europe travel, our smaller property and of While ADRs urban-based were types travel alone not and typically a and of stay. proportion with shifting portfolio, average

expected As to travel for remainder an impact travel second revenues results and behavior a in had on this the of further shift result, XXXX. our quarter impact is

important months. XX the second that over strength results our as also of six travel of to remember to to the the and the year. quarter and a to opposed It's both perspective, XX% to XXXX first months compared XX booked second next past representative booking XX% consumer to last behavior quarter are of of quarter quarter the more orders second six From decreased

slight success of the bookings. which member uptick is led part However, has members, engage our formation a team, recent to in in to further designed

of improve controlled taken believe ADRs booking efficacy in summer be discount More portfolio. Rewards overall launching for enhancers the managed lowering advanced members the this our our our importantly, and we value and actions will Inspirato instituting important and

between note $XXX our importance of through primarily lower bookings plan a reducing lowering and optimization also efforts, any million, guidance benefits highlighting dynamics, our reduced Capital at and million. do adjusted our our we available Inspirato our from Inspirato Similarly, while the are the booking to As not EBITDA these revised Business million slightly due revenue have Recent $XX for the and contemplate and million our partnerships midpoint Ventures $XX partnership. Of for Good $XXX the Rewards Inspirato capacity portfolio guidance by $XX offset in strengthened loss strategic our One to of continued travel success EBITDA million expectations anticipated platforms. we or offering expenses. of XXXX to further trends and result revenue revenue adjusted conviction monetizing to are by

of in membership of In for $X.X the $X.X Inspirato forward. terms for second XXXX. quarter only Inspirato driver moving believe recognized though and in sales. and Good quarter predictable solid will small We QX of platforms sold million of Inspirato but million, for Business have million revenue in quarter to only of serve results Inspirato for in has sales It's the $X.X fourth as as and a $XX.X revenue. million cannot approximately packages Inspirato that $X.X important trip note a for compared also in with had growth million Good, these to the been first cumulative XXth, portion Business provide we approximately stable, future, generated the material stream as June of

the our new our tireless of initiative their to thank for to member satisfaction. work and I want Finally, employees ensuring and dedication success

turn Robert more provide to I'll over call a results. our that, With quarterly the bit to detail on

Robert Kaiden

Brent. Thanks,

path the quarter reviewing these today I'd like our savings taking around in drive to to second In Before specifics we've us our alluded minute to to goals discussing profitability. XXXX. a like take in more to our past sense, initiatives profitability provide more of actions quarters, results, achieve cost a but I'd help qualitative we're and

decisive payroll, have savings focusing significant main been in and categories, lease drive plan executing to expenses, our We by non-payroll. three on

through and of portfolio than expense actions This at have largely lease early giving properties. non-renewal First, occurred notice million poor generating our $XX identified we aimed and review, savings. of termination annualized performing after more has a detailed taken

payroll. Next

support our headcount the were On projections. and cost our XX% an service. and by future a structure July, rely that provide temporarily to X% members role decisions taking our and easy, outside actions in revenue the the hiring additional to we While made to headcount we're never reduction January current top of more on reduced of appropriately decision

We expect these savings actions approximately to result million. $XX in annualized of

be services. above below on EBITDA booking we to but not in non-payroll Finally, savings expect only professional the portfolio taken fees critical in and and achieving that XXXX. more renegotiations, adjusted cost decrease both have identified cover a have savings, we vendor management in and cost annualized line positive million be than of these initiatives $XX action delivering through Cumulatively, reduce will

dynamics, Pivoting back million the second of and revenue we covered of business subscription revenue $XX recognized of quarter, good was million Inspirato to of $XX portion the was revenue. total in so Brent quarter, travel increases subscription sales year-over-year in subscription and in by travel subscription revenue. compared some of as to offset the subscription QX decrease Inspirato X% subscription saw $XX and the revenue club of XXXX in revenue an dynamics and comprised increase flat shifting past to million of the already revenue

attributable to sales increase fewer increase decrease terms partially ended second of The to in of decrease entirely as reduced of primarily net in activity, was compared XXX is approximately offset of XXXX. past subscriptions. in active In new we subscriber an to resignation. due subscriptions year-over-year club by to past opposed subscriptions the with subscriptions subscriptions end quarter XX,XXX year-over-year quarter The of the XX,XXX the at

our we past are nicely counts year manner we ultimately club more While subscription end, and recent in do which between deliver occupancy, proportionate our decrease us paid primarily revenue. at expect members, increased increasing lost revenue with our aimed to initiatives, a will travel subscription replacing past through help believe

trial qualified packages have of more not bundled calendar, growing the totals one Look decrease include in compares approximately travel included Good future. the for active a inception sold a started conversions and This we quarter and subscription exposing approximately of for and quarter, but number These subscriptions, benefits since Pass X,XXX the Club offset our in in small highly the has are members and year to Further an profits for a of to fall be to Inspirato the or first this we of packages the begun XXXX. in membership. in Inspirato, as of XXXX approximately it on and Good to our offerings. six-month these delivering Inspirato Inspirato which so XXX in trip XXXX

in quarter, commenced last we increase an cost to and leases was to to $XX quarter due over year booking of that lease the our revenue experience travel The of the was primarily Bespoke a incurred million second expenses to a compared year. $X.X which revenue increase for of XX% past primarily have program. Cost and of approximately or the related XX% related XX% fees increase million increase in in

shift identified our we hotel to hotel fees X% moving we decrease call, in our hotel nights quarter, the this increased reduce resulted as rate least area a cost year-over-year and of our of fees Of XX% second in booking hotels portion residences. booking In last focus sequentially hope and note a to forward. net the on on

Gross primarily one due non-cash group single a margin properties negative the million underperforming location. $XX in to $XX geographic of impairment million for quarter was to related

million the both revenue, have as is Excluding in of our an revenue. due XXXX. of $XX impairment, of XX% decrease approximately margin, revenue The quarter been margin of compared XX% to to of second cost in or the in XX% or the revenue gross would absolute $XX million increase

due which expenses, $XX operating Importantly, this we our increase of focus improvement between XX% a expenses. revenue from improvement year, in a percent a $XX primarily place declined took second and compared offset year reducing million million to as This with ago. in that was a XX% XX% in periods. reduction force decrease the quarter, to expenses in Operating heightened January to of this corporate is on

All $XX an of in this of to quarters loss adjusted XXXX of and second million approximately EBITDA the XXXX. equated each

new a have the we the at ending a sales, quarter on hotels. million in $XX million $XX As slowdown of cash trends to to delivered, end compared contributed have the These of and nights paid from to QX. seen reduced shift hand residence articulated balance today, residents we've to the subscription

have we our to costs, Similar controlled responded changes. with around several efforts

windows improve reward to certainty subscriptions discounts booking multi-year members, ever around to stood a stabilize member at our subscription portfolio, launched up and success implemented incentivized team lowered our early engage have person and and ADRs encourage our with across to proactively revenue, retention XXX our booking more loyalty We revenue, future longer program. a first

the our position With cash in time. realize year-end the at the the we anticipated we months, in unable closing to position, our this are of provide anticipate and guidance and anticipate savings, year financing cost on next moving confident cash forward, our several in to remainder current balance XXXX liquidity we but

the to in the our past our In and extremely stride positioned and in of improve year in are execute few operating back efficiencies adapt confident is external into control our to the incredible half forces. summary, in to months We extremely made well XXXX. heading ability what I'm

With the I'll to Q&A. the call for that, over moderator turn

Operator

now session. We'll question-and-answer Shweta question Evercore ISI [Operator And first from comes conduct Thank from [ph]. Khajuria our Instructions] you. the

Shweta Khajuria

thank taking question. for Okay, you my

you high – have travel saw mentioned you European there you travel So that understood European the and supply to in as is compared the is that not strength is U.S. the as

leverage demand are you about and how you Europe, how international travel? So could you of talk growth positioned in supply can there

you they What And that to talk So not loyalty how then the sustainable Thank have impact that see work, the second is targeting the how about you you potential but a are only also question work? does basis? you. I you. could on rewards Thank program? with expect

Brent Handler

this Shweta, thanks, Brent. Great, is

we're of positioned. a guess anomaly an terms We post-COVID. we don’t forward the unprecedented travel, right-sized many demand year last a portfolio, push, having we actually of I our to kind which I feel Europe that somewhat as well bookings travelling of anticipate monitored In European believe We we how final grew was of is next of couple over basis, European and on booking actually people were also like and of years I actually think, the had. in year last that U.S. to the view terms relative type

members our our and vacation about properties. rental also our have thoughtful domestic listening really to of We pricing been

back segment much there when inflated pricing changing to and just that two our our a in for there I get XXXX, actually in in was level, pricing, now structure. more demand of late were the think probably been XXXX to realistic so with kind a to able luxury address in we’ve really that was in inflated started in price little bookings we changes particular, bit

answer question your first, something Inspirato launched we advanced called to discount, about yesterday. our want I about to So Rewards, talk booking also which next just

into advanced lot to Very from the booking a purchasing launched the booking response positive credit lot and people future. were Rewards So yesterday discount bookings yesterday. yesterday, be travel of a of members,

they essentially doing we’re we’re rates there further members what advance. trying offer if better for to is book our in And

book most with now a our inventory provided and airlines, with for advance. bit advance four, obviously We’ve price Here at that then the members our flexibility with farther because flipped possible and priced we in to incentive highest further the availability. to would an planning, also in members little have

seeing after one And change some very behavior. positive getting in even we’re day, and response we’re

getting a upon It’s spend they’re spend then reward our a versus essentially website a program year, how us and a many on It’s top our XXX% they in loyalty it’s X% In in There’s tiers. inspirato.com, their their and total terms the in of based achieved three in with spend. they The member’s are year, at of rewards Rewards. years. tiers of program, which now under point-based is a dollars get credit previous program.

and that XX,XXX end status stay. travel reward a their become end the yesterday, program on stay credit, it’s member. a whether from club hadn’t so they’re an of shorter are $XX,XXX tiers so give real top range the able or an on called could since XXXX, XX% The one low seven The based level, discounts just through kind the upon wanted at achieve Avanti the simplistic what’s XX,XXX, to to and they their upon night paid had XX% to based high of had XX,XXX, member paid we and example, to get you unengaged actually who to dues, the traveled but status with and

time, given activity at comment from that, of book. early kind years creating asking the discounts, other have about single benefits, types to books this so. itself booking a of exciting program, there’s a together into We’ve our future before, but we lot XX been the all members of our that have that all things half on shared more In any put a addition upon members or our don’t very and really We’ve for, for great rewards to members velocity of and anticipate for travel. more reservation cascading than

occupancy and as engaged we target right the have help to prices, have lower in efficacy And the into up have our and they end move [indiscernible] that and us we So this as to so and we’re RevPAR get back because the again. can get traveling to for to of is should our ability a the long and be club, year we XXXX. very great overall optimistic especially we members our opportunity

Shweta Khajuria

you, Thank Okay. Brent.

Operator

Brett comes Cantor from next from Fitzgerald. question Knoblauch Our

Brett Knoblauch

partnership, thanks question. One on I create? Perfect. type could elaborate guess you Capital guess revenue opportunities can capital that Ventures, first, of my that the partnership from I for Hi guys, the what taking raise

Brent Handler

Sure.

kind Capital say excited innovative followed I cardholders. business. innovative, attacking done to you’ve that’s really first, including in – of And they’ve the an travel remarkably a job guess about from them, if impact of I would a extremely They’re a disruptive really seen One First off, you’ve highly their with founder-led just we’re that cloud-based, business, partnering a space. new great businesses, and making mobile

And extremely They’re very the small to Inspirato They heavily which invested kind Hopper. beyond of has going think card be issuers, XXX have one a has than in travel. growing fast One Capital for in then been business really more very XXX is fastest customers. big our really of million business – also the growing. platform. card, positive investor travel grown. become they’ve really They’ve Hopper we

They’ve invested recently really mobile invested into with in is lounges. dining which rooms, in homes high-end a first, and also a concierge access purchased is Inspirato, to They service seven And uncertainty. looking investment very our Velocity platform. Black, airport their They now they’re able be luxury which our to platform.

we to a our really closing, terms share is can Inspirato of we in don’t shareholder what being the in we the the that upon an partnership. but getting same say we of demand table sheet, the final I And luxury definitive what done them agreement the have our and outstanding extremely can are term generator the signed about are for we as vote timeframe platform. optimistic to bring But definitive working details and today that on have ability

partner for me would stretch say you not a for to me the who be could Inspirato, best it Capital ask One. be if So thought, I

for is changer perfect And game think that marriage, we we are this a getting about think I going. a extremely excited us. and it’s

Brett Knoblauch

I that raising should the rate that, maybe guys quarter, I for interest million know assume finalized or are we haven’t being? out from the any the and perspective, of terms on you idea been in what guess $XX be cash it of modeling deal yet. time third just maybe would we I a guess of should leave

Brent Handler

– can to to there. and to excuse you’ll the that direct the able X-K details you the released yesterday was investment I or that believe I find K-X be the think me, X-K, that I on just to sorry

Brett Knoblauch

update there Got it. progressing? then is any Saks? And that is How with your on partnership

Brent Handler

been as an into We season the So as the extremely Saks. The investment. can to seen view has partnership. little expect we the more we season of be move Saks a important from retail we with kind returns slower that completed there. have some summer some And good progress for training see but bit further

to the But partners with can their for terms Saks, brand, that for Inspirato we think view different it with they’re the of can has innovative us top us that good that as travel leveraging invested the to that the good, to generators you business to lot that in and addition technology of leaders starting for notice we've in for us. demand becoming in to very Inspirato a and classifications Capital do be partnership tier ways and and so become grow, that you’re Inspirato built, we platform the about into very when we've One And luxury in friendly. plus Inspirato partner bringing is, scale terms probably what consumer which is

Brett Knoblauch

XX% back on ask expect No, portfolio And with the portfolio in Are industry are I strategy, above where as do now? on XX% half guys continued adjusted of completed, be to And what more to optimization we rate, we one maybe optimization at that we guess, get positive you is occupancy business I rate are the just standards. year? the the you I Awesome. should the targeting? if EBITDA that need well then makes know, still occupancy sense. or

Robert Kaiden

probably a on to close have of to Yes. as portfolio going strides locked We've in – the all Thanks for we're it XX% made on. optimization. deals that the question, Brett. the lot We're of relates

Sometimes have in date right there's ones a a we the termination don't future. that until certain

But why difference us that's the XX-month this between agreement – all six-month those not they're there’s for at when a date to usually the an done we termination, in the that, time. period. so say and of into or entering And terminate point actual

is yet start So seeing – real in group XXXX. these wind when really any of there'll start We'll first to and start of we the through bleed as we're not see start to through be will the we'll in, terminations. benefits this more really to to QX go then

As lowest a if XX% rate, it rate the be look this relates low rate different the we've us for had. would occupancy you to years the is historically, across

through plus, We XX% expect efforts we increasing with in been which that past. that the consistent occupancy the we'll we've at where the be take, is rates

Brent Handler

terms One It's as occupancy, as Brent, Pass of out on relative but well. to Club other And other ADR. is reservations product great balance Club. a many for of in the Club Pass great ratio – Club this available of higher the important is are for is terms one are product many member, available. how is to how considerably the a are reservations note mix you in extremely Pass reservations know,

increasing Pass in Club revenue addition between will back to travel bookings So a occupancy, revenue. state favorable subscription also mix revenue, and more versus get paid we to

Brett Knoblauch

it Thank Very guys. Perfect. you. appreciate

Operator

Mike from from Grondahl question comes Northland. next Our

Mike Grondahl

what's that those? Hey for? to those [indiscernible] are years new subscriptions release how Is long guys, or you. press The are average that the years thank three duration two going in

Brent Handler

if going is that's out okay. this in Brent. I Mike, cut beginning. question repeat very to the I'm the

help the to subscriptions. two question right? duration it's Did I three think of question seems understand years. the get like I average It is, me your about the

Mike Grondahl

XX% the add, multiple release press says just been I'll sales that of years. year-to-date have Yes.

the XX% they? of are how multiple have just on I'm year a you that to long used years sell one So average, curious, been plan

Robert Kaiden

for Yes. Mike, question. the thanks

– up years we've the five about common. those in average, arrangements. multi-year three subscriptions is gave to Two years sell So ballpark seen towards two and length. we've to shift on is you We think definitely The years right. very had I a do

in it that, had see of lot kind we of year three to range more you than every but though two that in there's past. – phase range, the a definitely there's So

Brent Handler

so it’s that were month just also we were selling had I subscriptions lot as think Mike, quite note fact to well, month-to-month. the subscribers in not but year, a last year, last year we important, that a a few of

was going under benefits that so And start really that from plus retention, last norm forward. year And just one where well the terms of to average two XXXX. the the in years, that's in year of moving we'll see

Mike Grondahl

Got it. putting or behind forward? Got think about should kind IFG it. of steadily how they salespeople IFB are those And mean, how going I and attention efforts we you are ramping up. more getting? much Are those

Brent Handler

a those of the It's just corporate of and in company have groups Both great impacted question. G&A. overhead been like terms entire

to both, but of old. lot they're say, mean, relatively a to I than IFG talk those businesses are a like great I'd they first. less hard it's improvements. smaller We've So I'd about believe, where to were. made year

a the space so learn starting ago. really a from go ground And non-profit about we market up in had the into and year to

very think, us. the we've around who non-profits around book XX% we event it's what exact out to are a we right our right messaging? turn correct do believe the be We repeat event to How packages? with do What's don't to of XX% is, and with is going So of knowledge, bookings subsequent an the now us, marketing? but have Our numbers, book we what high. figured best the

these $XX,XXX to offering well to available have we're packages with now over We are packages. that are started amount market. $X,XXX we that that And $X,XXX and We non-profits. the dollar increasing

getting So better. think we we're do that

Our and brand getting anticipate strong good. Inspirato growth recognition stronger for we is within

had XX on for working is We the strong now a Inspirato It's very much we're month, employer the with are spot all a bonus Amazon customers getting. memo with gift or satisfaction. a very happy. sent are side And opportunity. who on extremely that business an more larger are are day card. typically it high they're gift bringing who given an super for Their tell big clear that business employees bonuses. employers the travel of is me customers, is this company Inspirato. say they leaders the become the rather out no is These nearly I to very, have out that than Every they what thrilled are opportunity they sent a spot – new that company. business pretty other said,

give can't benefit. only travel you a spot bonus, You can Inspirato give

goal Inspirato terms sales the does line. an well us to make platform. – area So We'll across terms new for to for that sense It payback share is of that of profitability and larger the business period question the makeup that quarters, we in be really business good across of is have a Inspirato on is that analysis because also the are where some investing in there that will also for and bringing doing and growing it now. these It's how just more salespeople that core a in in strong in we just growth. is business of really information coming it by efficient but believe get to

see I reasonable momentum excited think it's to So both you'll very about those segments. in some and we're continued that positive expect

Mike Grondahl

great, thank Okay. Hey, you.

Operator

from Sander. Piper question Champion Tom comes our And from next

Unidentified Analyst

is this question. Thanks Tom. for taking on Hi, the Jim

first what to through, sort with business guess assuming step for of regards Inspirato of Capital going the one I Brent, everything sort drive an One can goes one that partnership, forward? operational can do standpoint that the from

Brent Handler

question, Yes. Tom. Great

you the and way we of when and the exclusively this way think travel – that's manage has partnership I built that consider unmatched, homes service of that especially a portfolio luxury for think certainty to platform control. Inspirato the about that is

years inventory the that Over and had One. engine much we in into grew growth, sizing too our where XX% we the time partner we we're at too demand inventory. fast, that nearly We're as a it's incredible two an had now bringing been well business Capital now documented right same

Capital new bring be Inspirato more subscribers, So will into platform. is our what demand travel help us that that to benefit One I would the will say

We also Black that see just opportunities purchased. with Velocity Capital One

a think for there there's We incremental opportunity demand. great

the look platform, Business. side very, Inspirato the all card corporate player of a are that really very, with do there. really size. really on the partnership demand in gen well helpful the They from the side our very know extremely lead business and And getting we we also lens help on of for at be levels at We space big but will

marketplace partner So being us great and us about is announced. that's Capital a in unattainable when really travel and One is really details agreement service certainty I providing luxury think and it the and definitive forthcoming the demand for them

Unidentified Analyst

great. That more And Robert. you. guess for I Thank then was one

sequentially the looked again like down in should continue cadence it balance to through was subscription of XXXX? So revenue that XQ, expect we

Robert Kaiden

breakout Yes. real to XXX plus really, at the story. is the this of – Pass is up. down look you a the Thanks subscriptions, Pass and when we're of revenue rest is flat Tom. The it subscription

So around it's That questions do year Pass said, members being Pass that we least see holders. we who the have of at path, and for some of that a remainder aggressively further we loyal will and tremendously consistently. our of around deterioration expect group the the very really Pass number use very

error them, people revenge back club year, in post people proposition Pass more we that quarters who consistent for to expect being It of for kind now, chips – person dropped few than there lot a will for going becomes before do be to mentioned seen have a a the able to other down really decline works all on the being last of traveling. because to continue more we've members, a so – three tremendous other start well Fred out spend while would where level with the our a to a kind of do per point it which travel where value really – while of the As expect times far want member. that they're is we because product to

Brent Handler

about and going of are that, One did Pass better quickly that pre-COVID I'm I'm affluent travel. pretty in we're commit $XX,XXX add can I year we to we're guess little amount an to with that a spend who going there what attract learn thing to to to their is we learning post-COVID very dollars excited a post-COVID, and is than able brain, just going put and traveler I'm that

you incredibly you where the you budget, to of being have the we rewards, flexible, Pass or could can are kind but with instead it or of limited spend be Inspirato and it's where algorithm with $XX,XXX $XX,XXX $XX,XXX valuable. go you Now have similar in but

Now you benefits feeling to Inspirato amount but the want you're to of great instead spring first you're the you're and but money, couldn't rewards, you now maybe and make travel value you getting to you're break, spend a about you're getting have [indiscernible]. travel and that same able exactly trip when March the maybe to Inspirato you of Pass, through break on with commitment great over spring to Europe week go versus with of that you're going travel instead and going

a the we flexible, travels different as platforms value that with value to it getting super be that now drive just lot of who they types comfortable they're two is want when feel sure consumer. have that want to centric bookings that So two going make are what person both they really confident families well getting The as who great club. they're their they can the want, and and typically in

Unidentified Analyst

you. thank Great,

Operator

would like time further [Operator Instructions] now closing back conference I turn the At questions. to Brent to for showing remarks. I'm this Handler no

Brent Handler

out the our of that loyal talking are of forward for executing Well, the we our We're and call discount. set have booking Rewards you. profitability extremely at a look Thank very wanted to we One, of today. advanced employees and of ahead thank on there excited roadmap about year. Thank to We're Fantastic. next the fronts. next We're joining and us excited and we're for you. Capital everybody excited call. opportunity for excited we've variety our launch kind everybody for the And I to just Inspirato we about

Operator

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

disconnect. You may now

Inspirato (ISPO) 9 Aug 232023 Q2 Earnings call transcript