Inspirato Financial Projections and Business Highlights
INSPIRATO
Financial projections (cont.)
Optimizing for Growth
($ in thousands)
2021E
2022E
2023E
2024E
2025E
Optimized
Margin³
2025E
Stabilized
Projection³
Maturity
1
Subscription Revenue
95,808
161,619
226,128
303,126
381,493
366,612
562,500
Usage Revenue
126,565
204,646
280,930
381,535
503,259
466,332
687,500
Total Revenue
222,373
366,265
507,058
684,661
884,752
1
822,945
1
1,250,000
Revenue Growth
35%
65%
38%
35%
29%
20%
10%
Cost of Revenue
153,766
256,313
355,216
477,385
605,441
510,271
737,500
2
Gross Profit
68,607
109,953
151,842
207,277
279,311
2
312,673
2
512,500
Gross Margin
31%
30%
30%
30%
32%
38%
41%
Sales & Marketing
36,069
52,983
64,669
74,508
83,483
75,135
110,000
% of Revenue
16%
14%
13%
11%
9%
9%
9%
Technology & Development
16,757
19,617
19,925
22,603
25,679
25,679
30,000
% of Revenue
8%
5%
4%
3%
3%
3%
2%
3
General & Administrative
30,858
46,888
53,308
59,806
67,312
57,215
% of Revenue
14%
13%
11%
9%
8%
80,000
7%
6%
Total Operating Expense
83,683
119,489
137,902
156,917
176,474
158,029
% of Revenue
38%
33%
27%
23%
20%
19%
220,000
18%
Adjusted EBITDA¹
Adjusted EBITDA Margin²
(15,077)
(7%)
(9,536)
(3%)
13,940
50,359
102,837
3
154,645
3
3%
7%
12%
19%
292,500
23%
Source: Company financial model as of 05/07/2021. Please refer to "Risk Factors Summary" in Appendix
Notes:
1.
2.
3.
Moderating sales growth in the long term is a lever to
reduce growth-oriented portfolio acquisition and
operating spend
Revenue Growth
29% 10%
Projected Gross Margin enhancement driven by
optimizing composition of residence portfolio,
economies of scale, and in-destination critical mass
Gross Margin
32% ⇒ 41%
Adjusted EBITDA margin of ~23% as a result of
Gross Margin expansion and reduction in Operating
Expense, leveraging investments in platform across
substantial Active Subscriber and ARR base
Adj. EBITDA Margin
12% → 23%
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.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue
The information presented under "Optimizing for Margin" and "Stabilized Projection Maturity" are presented for illustrative purposes only. Inspirato may not choose to prioritize or optimize for margin during the projected years to target achievement of such projections
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