ISPO - Earnings call 4 2023 | Inspirato Incorporated

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Operator

Good day, and thank you for standing by. Welcome to the Inspirato Fourth Quarter 2023 Earnings Conference Call. [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. Please go ahead.

Kyle Sourk

morning. good and you, Thank On today's Robert Grosse CFO, CEO, we have Kaiden. Eric and call, we release available Yesterday quarter our website issued afternoon, press year Relations of results at Investor investor.inspirato.com. and announcing XXXX which the is on page our full fourth our

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

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

that, With the to over CEO, Grosse. turn call Eric our I'll

Eric Grosse

call, Thanks, reinforcing everyone. morning, and our spent value On time Kyle, of much the the last Inspirato's good of pillars we proposition.

of and strategic ensure of portfolio our our from XXXX. residences each world-class successes memorable. as luxury service I'll for to first-class priorities some review Our as trip and and we provide the Today, is remarkable plans XXXX well

to in more detail. Before cover XXXX guidance over XXXX turning our it to results Robert and

revenue range. internal XXXX results to fourth expectations in our highlight with in, that guidance want year we quarter Before our jumping and full within reporting I line do are

shareholders. credibility you'll is level has a to first-class it we earn same service guidance a trust of range. EBITDA, in that property. and you the trust. travel consecutive plan, world-class quarter amongst of and shareholders. at clear you in track our results with value always excited will second for to priorities with to through QX our our doing our opportunity a execution delivering can communication. adjusted that our real XXXX, are with favorable members both trust you XXXX significant we're for our When In unlock For transparent of get been and us, line build the name slightly Inspirato We believe marks so and highest record

This the was leases. travel. with largely improve is back, emphasis defined a member of portfolio on largest Looking steps for took unit operating in leisure and We and our our accelerating at standpoint, engagement, new streamline job and growth. path aimed a cost post-pandemic detailed included tremendous to and our the regional half an XXXX on to with level profitability property future positioning The economics, the focus normal satisfaction. a each heightened our item efficiencies. analysis by of of aligning structure member our our us second has execution done meaningful scale expense P&L and member base portfolio From our team sustainable an

our reducing expenses. cash in also We operating successful were

of year-over-year For stripped the approximately a $XX reduction we than full year, million more out of XX%. expenses,

processes and right As people based that the growth XXXX you'll we when the on to in the time hear moment, continue expect future feel realize in took have the incremental to a comes. handle we in to we XXXX actions importantly, savings in most right we

to our discuss taken the want experience. to I Next, we've improve steps member

member best-in-class of base. recently engagement our ourselves pride NPS satisfaction, and and our member emphasis we've by XX, reenergizing documented we placed more highlighted member approximately scores on in Although as increasing our

they trends the focus past, where delivered were booked on who booking monitor with would of in we nights positive was periods less nights and During total and going. in growth rapid total

X took we So to actions. through address midway XXXX, decisive this

around we serving team success to member and First, them travel. helping reorganized members dedicated book

Next, but loyalty properties. our were per Each and accretive per a recently, we These paid our our nightly launched increasing member the nights And controlled our the most are for these managed asking night of nights most aimed prices member, portfolio. not at program. rates. we lowered only at are in

This has approach our series a of that has we item. to few small led trends recent and wins a have

its a nearly status XXXX Rewards our on Inspirato their launch based have members has First, been gained hit. August, half reward Since spend. in

is $XX,XXX of reminder, a of member tier status and lowest As This proof loyal our annual our at base. starts spend. engaged

This make multiyear sales bar raising improve less selling to with It and more the we're a fewer engagement. to and of our and should a retention by renewals. aligns desire in our better member on and product. of focusing has memberships Inspirato Second, to but continue entry Inspirato resulted exit from club

For new reference, for XX% than were XXXX, year XX% in of or sales least Club for more. at over our more and were X years X

booked Finally, number end of XXXX. to begin per saw member uptick the XXXX to nights we an and reservations and in

this data and levels. February, trends small However, in below is or have to set reverting XXXX slightly normalized, a those even

this, and sharp our as Our we trends large. at on travel team both this our information, as has on very well for Look throughout eye recent year. strategy analyze the a updates engagement

an although this confident outcomes, As profitability. of our our months about prioritizing range results slightly I'm our in and as last analyze are caused we our over potential organization react time, plans a recognize, has I'm have X again it XXXX a and led ability significant us. progress has ahead pertains XXXX, the to to we excited expected real in made to the improvement X once of to to that path in wider

of EBITDA XXXX related $XXX loss revenue million. of are decrease remain adjusted on million primarily subscriptions. a in $X $XX and the we of we year, our to expecting reaching full expect to income and between continued million breakeven Pass million, total compared Meanwhile, $XXX due focused a to headwinds and decreases For between

in in XXXX first customer plan but acquisition of right operating focus Are Are Inspirato few a strategic true that core XXXX, would be our large and a the product in efficiencies other? turnaround the story. initiatives each shifting right structure the cost to brand Are strategy. XXXX our we I'll they to are we position details us our offering let with the appropriately? are Robert I priced they cover we After improving rightsizing a some deeply to offerings a targeting complementary highlight to of has moments, products. our traveler? resonates our And and that rooted audience. like

few and last portfolio the member success. our years, several varying of We've degrees launched grown our Over with substantially. new products we've base

prospective to our roots simplify continuing both want vacations. operate We deliver return a members club in XXXX goal for members as community Inspirato importantly, to reinstilling to well. is of Our to amongst as and true and sense our exceptional travel members a current and while

Inspirato example great is area Pass an we of can a refine.

trips Ultimately, nights. Club? targeted including is same XX% designed as And time, Today, towards? in we macro Over announced to last the XXXX, it's with simply our What function while XX% of Pass many affordable to Pass positioning. has to Inspirato been for options, focus amazing environment, Pass. will profitable. Pass's [ and the the won't and holders, it rates to bookings. their not were changes, improve What as it a is to prospective work, result, of great our delivered means it the luxury number At unparalleled ensuring fit of approximately it and of were past quantity value frequent travel do? on and coexist the of how as trip does month, apparent of for a Just churn meaningful changes need and perhaps that value a Pass nearly for new year, premium offering the for an reasons, we life flexible for opposed Club nights access members proper member. traveler members we've math numbers seen ] that sales of our The that our last-minute member smaller Pass

We've have improving Since nights we've changes embraced mid-February, to functionality XXX may implementing bookings. Flex properties and in approximately that Pass's and otherwise flexibility trips spoiled. at booked these X,XXX by access short-term

of Inspirato stays for days the Importantly, Pass And XX finally, within removed costly of time number members. will to at features infrequently simplify by planning XX% and our more of improve reservations and for profitable noncore placement. Pass, the experience changes make engagement inventory that and with Inspirato. were We've overall booking. These in of for the market these memberships also manage we're to conjunction Pass members were Pass used and ultimately

strategic Next, with we lasting deliver the we exceptional value while inspire priorities to order memories members offerings solid from sure and to position true that need consumers brand do by operational our delivers its be to to drive driven core good way courage, fully enriching day, for Inspirato world. will curiosity. engagement the members. the any experience value shareholders, tremendous our value, and what so value best, care, In providing relationships strength the the foundation. at a creates end and values, staying and to efficacy. our its by team also our look by fresh a is do our confident ability align of success future our member will that mission to do take to current they with our to At I'm collaboration, Like other and a make service of

achieve that just in XXXX. will We

believe thank incredible XXXX. our With focus Before over much their turning execution, to like call turn up over I call XXXX. in continued I'd I'll are we that, the with set the And to on a to for improved Robert, employees work for Robert.

Robert Kaiden

Eric. Thanks,

In excluding quarter, color revenue $XX of we quarter cover million, more a million, giving on like $XX results. gross the to a plan, generated XXXX fourth and $XX our of fourth I'd margin gross our XXXX impact the total impairments. quickly asset of margin million and year of full Before

Although revenue. line is fourth to note revenue a expectations. in to and our it quarter in internal with important both subscription XX% year-over-year that The was decrease year-over-year it's due travel in decrease revenue decreased

of revenue From a decline number we've standpoint, in a seen both Pass the Club and subscriptions. subscription

However, had Club contracted which price Keep included our not and subscriptions At the approximately approximately Pass subscriptions. in subscriptions X,XXX due in last of higher $XX Inspirato of million XXXX. our consisting in of to active been This for significant XX,XXX Inspirato driver year compares for to counts. XX,XXX Pass invested subscriptions, we active mind, memberships revenue. XX,XXX of sales the we've resources subscription, and subscription X,XXX than in travel decrease year-end subscription sales Pass Good Further, our platforms, in Club that consisting generated of point primary and Inspirato XX,XXX Pass has the at for more X,XXX sold XXXX. Business combined are Good year-end,

prequalified experience Inspirato membership and are the introduce is hope from we prospects time. there to convert that over revenue we're a a strong they sales, these to no full While feel excited to to recurring

due our primarily delivered nights well $X,XXX our paid we decrease fourth part approximately of number quarter a In in lowering compared XX,XXX is the XXXX with far decrease of resident Club nights nights and through delivered, in the decrease quarter delivered us XX% the in year-over-year total in XX% quarter to the approximately total quarter, to revenue were decline specifically the total in due approximately midway experiences XXXX. the nights to fourth occupancy as the As fourth a fourth timing XXXX, as accounting revenue, of of $X,XXX to rewards subscriptions XX,XXX our due the of to compared travel as for the of and in ADRs deferral with the some the residence treatment the of occupancy year-over-year with of number programs. large to due ADRs XXXX.

the year Meanwhile, $X,XXX, XXXX due increased our flat and XX% total residents time, relatively in availability. when same to performance XXXX approximately in of and primarily number XXXX, XX% each residents to ADRs similar nights year-over-year we of at full occupancy At were a decreased delivered in XXXX. comparing from

that in before increased As to to a XXXX. leases was availability reminder, were added committed new in due XXXX or

our optimization impact help and our find will and portfolio to us improve demand start efforts efficiencies. more we In the rates available to supply XXXX XXXX, fewer While moving of proper balance the have lower nights operating believe nightly significant forward. in will a combination

in year, $XX subscription generated the is subscription revenue was of of paid of X% around impacted we majority our approximately For traveling while and of due number travel of year-over-year million to our in midpoint which due to million. delivered decrease The in range fewer revenue Club the of and The was total each $XXX the fewer Pass by $XXX to a decreased $XXX or million reduced subscriptions product subscriptions, full revenue, was both a of decreases mostly million guidance of more travel. hotel revenue residences, nights revenue.

P&L. the down Moving

million quarter $XX would impact revenue. was margin XXXX quarter XXXX. gross Absent million XX% or fourth quarter XX% have asset of gross of fourth of in of $XX fourth Our $XX to impairments, the or million or of revenue revenue the been compared XX% margin

million asset $XX impairments associated million gross these full for revenue or $XXX our million the would of note, gross XX% For one year, XXXX. Absent year, million to in margin impact of or revenue compared revenue. of or was Of been geographic in of full $XX predominantly the impairments of approximately have were $XX our XX% leases the location. XX% with margin

small level manage consistent one lease a in This XXXX. cost our of also revenue booking our of XX% of to to cost compared approximately our million, savings. deeper, quarter Cutting of fourth and fees includes quarter expense decrease a the is revenue efforts it $XX amount better was with fourth

we XXXX. fourth continue of minute, expenses million approximately in compared XXXX operating of XXXX. quarter to a cash million were quarter in in $XX the expect trend on touch Total positive I'll to approximately the in fourth this $XX As

the include favorable rate proud million XXXX While related can that of reach of I'm $X.X quarter run intra-year confident we the sustainable and fourth progress adjustment XXXX. made, I'm operations, a we've did for period to of

our million full $XXX operating year, approximately totaled XXXX. million $XXX to For expenses cash the compared in

As associated range our $XXX not XXXX severance changes force, third include reminder, reduction did payments. and our to million for $XXX a of million quarter executive in guidance management

in guided Finally, a loss to XXXX range proud report year as to loss previous respectively. million that favorable loss Eric EBITDA of the $XX our $XX compares between adjusted how losses compared EBITDA million adjusted mentioned, EBITDA important, EBITDA ended for adjusted X million, improved a we This million, proud our cash of which past with $XX represents results million, performed and team XXXX. internal XXXX $XX slightly slightly Equally as quarter expectations are to XXXX of I'm incredibly the million. compared slowdown ended these adjusted and beginning ahead year changes our past of XXXX $XX our efforts made. Overall, a of of $X.X in with approximately specifically of I our where to and fourth the in million a $X.X to feel year, rest the cash I'm balance and and the quarterly months, reflect burn was the we've such of

improvement. to I XXXX. continued Turning expect

total a million full between of expect breakeven adjusted $X EBITDA $XXX income million the $XXX approaching For revenue we specifically year, $XX more loss and between and and million of million.

adjusted priority financial #X basis. is XXXX Our in reaching breakeven an EBITDA on

an believe While it plan total merely of very reasonable what a revenue is on important, we is is assumptions. obviously achievable output grounded

in lower subscription As and I'll fewer our be the residents in decrease minute, decreased expect revenue. we a Pass to revenue, drivers our main members the ADRs cover in of total

number expected to member year-over-year, Club subscriptions similar a while a as relatively we're by From standpoint, absolute in subscriptions assuming be are Pass flat XXXX. in did decrease to they XXXX

will and overall of the changes are improve we that member mentioned, to functionality Pass. Pass recent Eric As confident experience

on the to as foundation increased sales is ultimately true However, our also most focused enables our expect membership Club increasing future. and be of of the Inspirato memberships Pass Club in we

plan Club to targeting stickier continue For longer-term itself, sales. we

alone declining expect in again Club be a $XX our increase member which The nearly member to a once will a We expected of natural revenue XXXX Pass be result with in an result expected attrition the in create headwind our this is net million. offset to subscription legacy decrease base, by members. in of base to

nights. expecting of mix nights a nights the and delivered paid fewer accrete total and occupancy total improvements hotel standpoint, well Pass However, travel nights terms nights as between fewer in residence as members we're From to and

have lower mentioned, perspective member seen a despite Eric pricing, Rewards results we team. success Inspirato mixed from a booking and As

range As a result, plus current paid our members per or assumed XXXX minus similar travel behavior X%.

slightly For residences, per average below we're year, for XXXX. rates assuming which to on above compares per night $X,XXX in night the received slightly currently $X,XXX

our nights. approximately total for is account of expect decrease revenue, XX%. XXXX, revenue Pass attributable we compared travel this than expect less XXXX, currently a total delivered Overall, be account XX% hotel XXXX we to whereas expected much to in to side, for though the in in of On to nights fewer

structure, outlining to million the excited quarters beginning past approximately terms to we In realize gross cost in to few plans on the our XXXX, Coupled begin the our emphasis quarter. our of I've lease realizing and our $XX first of margin with portfolio fees, expect In benefits. much expansion I'm of we expect meaningful optimization expense compared savings seen XXXX. booking reducing

serving rate Finally, run XXXX I good alluded forward. fourth a to quarter moving expenses, operating our as

million expenses represents to adjusted XXXX by to which range year improvement X% compared in, $XXX improved between All of $XXX focus operating a year-over-year is XX% meaningful driven a cash drive in full in EBITDA, to we Our XXXX. million efficiencies. our improvement on and an expect of

efficiencies and expenses cost operating focused and fixed expenses, and expect operating and variable more expect efforts. We sales travel our we in mix in our efficiencies leases, costs, booking

I'm with track and our hitting believe continue Overall, provide intention improve Though don't plan for quarterly again we've put financial deliver to call, of we range, time is periods plan building ultimately guidance, of our this this and our positive record on strength we've the together long-term. referenced the pleased adjusted and EBITDA in execution we a will guidance XXXX.

the operator that, me for With over let turn Q&A. it to

Operator

Securities. [Operator Instructions] Our Mike from Grondahl first comes question with Northland

Mike Grondahl

a making quite great. -- like that subscriptions. look amount do going it you for does you've like or in XXXX that, It from you a you profit answer would I by think new or And breakeven like? that Pass like And could units retooled path X,XXX about if it's to be a the like to to gotten What you you X,XXX sounds fell X,XXX, bit. it heard and membership if sounds the fall right, to

Eric Grosse

it. is I do then from question. a bit and a walk to XXXX little it pass for that This the over -- like we've what Terrific. of Pass the through means about your how can What Thanks, I Eric. perspective. implications to is Mike, changes looks what can made talk to Robert And

unsold. high-value otherwise travel this And Pass the and enable up that likely terms the are we're a go to wanted more inventory what Flex towards holders otherwise good so calling we've XX the to of which really with we've that that looks would because we of forward that piece like what a our In going is trips more of benefit close-in provide changes, really with that really, sold Flex last-minute that under is Pass about it to big concept made XX% opens we we since change, do Pass to as which us noted, sign significantly spoil. days trips drive shows can might demand really for departure, much

And to to also benefit what addition the doing to the providing Pass it also holders streamline we're this in simpler. to product is significant benefit, and make

holders, expensive Pass operate travel of within as sunsetted us like that frankly cruises. beyond why well An that's to would for So as we this pretty were unpopular Pass inefficient pretty were example be capabilities and and with Pass

to product kind the So in that product so that net, what the niche whole. that simpler right to really in a the strong Inspirato's proposition simpler spontaneous, it's really, as I is much last-minute to a a much is overall profitable service and contribute that the we've that communicate is of product one can got Pass a very, valuable also really value portfolio holder, a our one is, success flexible, provides for think, very open has travel one and and

Robert Kaiden

be house bit XXXX is for in the financial on just a -- take just little us Great. it this Mike, and yes, Pass Robert. I'll very clear, that. the there. was, before unprofitable to further of side I'll

XX% well. the of Pass. hotels, before, said nights them of towards a only had going with as our booking Pass a costs our members associated members of moreover, Eric a were And third-party As of lot with XX% was of booking lot which lot

and a nonprofitable taking foil. minute opportunity at great inventory. inventory -- at members financial combination passes are able the in give a get of between for to some It's price, noncore that's Pass, are that and see would to and inventory that They're that's them some great a nonprofitable of position great a able forward. areas those of a Those much benefits to who members our great otherwise some last so better So use inventory and out we're we in really of a getting price, of areas XXXX win-win. Pass

Mike Grondahl

the Got worry leases, gross XQ, cleaned it about Would it. XQ a to $XX we it. then you and Got about up million in I in 'XX. that's said And was second related impairments say just $X XQ? on to question, those margin million you think now. Do have the

Robert Kaiden

We the arrangements over have in rolling impairments now. time them Thanks of We've again, for feel the quarter-over-quarter in Mike, good some about been group absolutely. been question, for a because we reason in Yes. is these like now. they've time. for under of number we've we're this known place rolling properties certain And a

time And them. in the time from so on rolled accounting first every is perspective impairment we've charge them take an could we an

So those on at not any of our go-forward large portfolio. impairment Those all expecting could here rolled it impairments but sort one-off a basis. or into all small any value, be there, we're are a fair now company, like are

Mike Grondahl

then that it. 'XX? second and look And it starts Capital kind update it think lastly, half, have I any One? what on in How of like you can like And Got would Got partnership they maybe? out. it. to roll that maybe over sounds the 'XX into that bake

Eric Grosse

at is respective tremendously managing Mike. player world-class been demand what I a of very our amongst think another. Cap And first-class focused us. really other are clear Look, they're because world-class Capital well for in a very pretty pretty suited they becoming Thanks, high-end pretty travel. travel and our And finding when experience good giving I on is so we're excited things, Sure. residences One, we're major portfolio aggregator. members partnership, our a with a one and strengths we're about -- very mean we've One mainly that

was creates excited for both So win-win in which fall. last Capital us, so the invested partnership and I why that of One why situation our think, is they about dynamic, a

we're what in the to expect working the So on operational second phase hard be of this the all of Hopper. their and One And technology doing Capital really is year. right integration ourselves first between in half work partnership partner technical very we and our now

In terms always it's of bring. forecast, new predict a to difficult large what will partnership

And to out we've the commitment say probably pretty the will at be size, over this more how near-term, little relative And to of that grow our cautious blocks. look at you perform us. But One's so think look in it been I'd I the for and game Capital a definitely changer always partnership then bit travel in when you a and breadth. to size, clear can a it's medium- longer-term, take

Mike Grondahl

discovered, may make maybe looks too, they them which It like would bigger. Sure. even get

Eric Grosse

Good Point.

Mike Grondahl

sense like it's or of feel? it June a Like get, a what better the when don't before I Do know, looks you when you you July you'll think think better roughly year. have Is September? do it during

Eric Grosse

I QX -- that we're when say would I mean, is Well, launching it.

we'll data sort -- a seasonal should us, tends initial quarter, So fourth idea. better the typically to be stronger which have points we then going period a of for into have

confidence think say to year. that So over will increase of course the fair it's our the I

Operator

from Evercore Shweta comes ISI. Khajuria question next Our with

Unknown Analyst

Shweta. This is on for Luke

us we about just 'XX? to think your go just side you and where seasonality I can that? of the the operating throughout how could. Just help should over Could drive kind expense on of fruit you low-hanging you X EBITDA efficiencies. And model any Could think how about if revenue then questions,

Eric Grosse

to done. expense Sure. to respect this give team efficiency, is With one where credit what I the to we've want on

streamline X lot course months, last can to us be to we the efficient wider done of on business that work to a of profitability outcomes. more to have basically get we make Over X a and range operationally so the of our successful

risk well. line really able that rightsize towards really demand with portfolio, our meaningful make part that real be as our estate effort a shipping we'll business. our to led improvements also Robert's of our to -- our on a result we're portfolio. to of COGS And starts property, So able as tremendous

you of operationally $XX just of the personnel in swing at terms a when excess as And made more as that OpEx improvements becoming looking well both of with we've terms you're in year-over-year process, in combine million. efficient,

to I'll to of your is to hand seasonality. that really important shot, and around it over handle a sight Maybe us get able we Robert being to have say answer we So line question to to to breakeven. that have

Robert Kaiden

maybe, things And Yes. on few contextualize When these done XXXX, about just are of last XXXX in done things about. comes dusted. calls, think we've like in to that's a costs, overall just Luke, we'll we've talking that we Eric the some and bit our more to talked and been of about are that things are there that have savings already, and much the that it

are months. in savings So there of approximately savings for instance, terminated we of of we've XXXX, $XX -- pass those have just lot some talked Those that will fully months million. a and to agreements lot leases. XX about which was our A portfolio year-over-year optimization, them where those of that were X before were time needed of we period a out were

of of of gradual operating rest And a the see or When year. throughout of expenses, the taken to then coming QX, in additional off biggest we're months actions the comes of quarterly be -- impact the number in already. X rolling the terms that decline to leases And starting lot really will we've the leases. ones that off decline there'll then see the the So be in an our books. we'll of the dollar it

force get So And into full a reduction second XXXX. we'll first know, of the force year last in we when had in of benefit in as last reduction you January in year. year July we that move of and then

we planning could was Moreover, looked in spend. that about. as a our fall, more little we're the amounted we savings cycle how Lots at operating our other software in that total back expenses, lot were areas of be going in things we and of efficient the through there talking to up in piled

million We like in to a to million. in million is now this X-year we're approximately XXX and to and $XXX part XXXX $XXX from $XXX see approximately trend. You'll million down coming $XXX XXXX went -- of

I expense So what an from optimized kind do on operating we've think savings of perspective. we can

and As question on your are it with our seasonality most line it somewhat really costs and of relates because straight had EBITDA, starts revenue fairly consistent revenue we've seasonality across the the on year. to over fairly time,

there's our EBITDA revenue subscription as a goes so the revenue, so down travel When for then our into well. particular X at you look quarter, revenue goes break I our and it And revenue. as pieces,

fairly although we'll As about generally as it straight in of see as past year. relates the through a well, to go as line subscription we decline before, revenue, number subscriptions a that we talked our is

So a in subscription there decline over will be revenue. time

could travel, the year. When more. to book have more, travel fairly have of traveling and straight periods comes actually across that our have people folks where periods You we we where think we it line

And so to that typically, there's timeframe, for QX, start travel you in bookings prepare are for QX April QX. to prepare travel more season to where either as see to periods time generally heavier again. a year-end or is the just QX to ready much relative summer don't and QX it's June also even but getting

a we'd the X, the trips for there's follow it's even when of that will overall, QX between see because But when we revenues take revenue. within X something seasonality along So X, little expect that's recognize people -- bit those that Pass those. travel, revenue we the we'll say higher and

Operator

time. Eric would Grosse, I to further no it now like at back showing remarks. closing I'm for questions CEO, turn to you. this Thank

Eric Grosse

May. the to Look, everyone, call communication participating meantime, committed talk be will listening quarter, in for earnings thanks, quarter much first our open Terrific. call. to in which and our lines and Well, keeping look for our thanks and In very forward soon. the we're of next fourth

Operator

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

You may now disconnect.

Inspirato (ISPO) 6 Mar 242023 Q4 Earnings call transcript