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Investor Presentation

INSPIRATO (S in thousands) 1H 2021 Financial Update Q1'21A Q2'21A 1H'21A 2021E (Forecasted) Total Revenue Cost of Revenue¹ Gross Profit Gross Margin Sales & Marketing² % of Revenue $49,280 $52,286 $101,566 $222,373 31,617 35,215 66,832 153,766 17,663 17,071 34,734 68,607 36% 33% 34% 31% 5,432 6,159 11,591 36,069 11% 12% 11% 16% Technology & Development² 3,511 3,879 7,390 % of Revenue 7% 7% 7% 16,757 8% General & Administrative²,3 % of Revenue Total Operating Expense² % of Revenue Adjusted EBITDA4 Adjusted EBITDA Margin Source: Company financial model as of 05/07/2021 10,033 11,907 21,939 30,858 20% 23% 22% 14% 18,976 21,945 40,921 39% 42% 40% 83,683 38% (1,313) (3%) (4,874) (9%) (6,187) (15,077) (6%) (7%) Notes: 1. Cost of Revenue excludes depreciation and amortization 2 3 4 Total operating expenses presented in this presentation e 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, pandemic-related severance costs and public company readiness 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. We have not reconciled the non-GAAP measures for the future periods to their corresponding GAAP measures because certain reconciling items such as stock-based compensation depend on factors such as stock price and thus cannot be reasonably predicted. Accordingly, reconciliation to the non-GAAP projected measures are not available. The GAAP measures may vary significantly 5. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue CONFIDENTIAL 40
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