Inspirato Financial Projections and Business Highlights slide image

Inspirato Financial Projections and Business Highlights

INSPIRATO ($ in thousands) 2018 Financial projections 2019 2020 Optimizing for Growth 2021E 2022E 2023E 2024E 2025E Total Revenue 178,652 217,079 165,590 222,373 366,265 507,058 684,661 884,752 Revenue Growth 9% 22% (24%) 34% 65% 38% 35% 29% Cost of Revenue¹ 112,855 137,132 98,864 153,766 256,313 355,216 477,385 605,441 Gross Profit 65,797 79,947 66,726 68,607 109,952 151,842 207,276 279,311 Gross Margin 37% 37% 40% 31% 30% 30% 30% 32% Sales & Marketing² 23,569 26,300 15,525 36,069 52,983 64,669 74,508 83,483 % of Revenue 13% 12% 9% 16% 14% 13% 11% 9% Technology & Development² 11,951 13,756 12,943 16,757 19,617 19,925 22,603 25,679 % of Revenue 7% 6% 8% 8% 5% 4% 3% 3% General & Administrative2,3 % of Revenue 31,629 18% 38,534 30,440 30,858 46,888 53,308 59,806 18% 18% 14% 13% 11% 9% 67,312 8% Total Operating Expense² 67,149 78,590 58,908 83,684 119,488 % of Revenue 38% 36% Adjusted EBITDA4 Adjusted EBITDA Margin (1,352) (1%) 137,902 156,917 176,474 36% 38% 33% 27% 23% 20% 1,358 1% 7,817 5% (15,077) (7%) (9,536) (3%) 13,940 50,359 102,837 3% 7% 12% Source: Company financial model as of 05/07/2021 Notes: 1. Cost of Revenue excludes depreciation and amortization 2. 3. 4. Total operating expenses presented in this presentation are consistent with our audited financial statements, however, we have reclassified certain expenses as follows:: (i) costs related to providing member services included in general and administrative and sales and marketing in this presentation are reported as Operations in our audited financial statements and (ii) corporate technology costs reported in technology and development costs in this presentation are reported in general and administrative costs in our audited financial statements General & Administrative expense excludes equity-based compensation and pandemic-related severance costs Adjusted EBITDA is a non-GAAP financial measure that we define as net income (loss) before interest expense, interest income, taxes, depreciation and amortization, equity-based compensation expense, warrant fair value gains and losses, losses on sale of assets, pandemic related severance costs, public company readiness expenses, and gain on forgiveness of debt. CONFIDENTIAL 48 5. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue
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