Inspirato Financial Projections and Business Highlights slide image

Inspirato Financial Projections and Business Highlights

INSPIRATO Inspirato is priced at a compelling valuation for PIPE investors Consumer Platform Supply / Subscription Leaders: bumble chewy TEV / FY22E Revenue Median Multiples Traditional hims hers matchgroup NETFLIX Spotify PELOTON Online Travel: Vacation Rental: bluegreenvacations Hilton Grand Vacations MARRIOTT VACATIONS WORLDWIDE TRAVEL+ LEISURE airbnb Expedia® INSPIRATO BOOKING HOLDINGS Tripadvisor Trip.com Implied (Disc.) / Prem. Revenue Multiple Recent Travel & Prop Tech SPACS/IPOs: Membership MCGood Collective Group Sonder Traditional Hospitality: ACCOR HOTELS Hilton HYATT vacasa 3.0x- Inspirato Transaction 5.3x 4.4x 4.3x All Peer Median: 3.7x -3.2x 2.5x Consumer Online Travel Platform Supply/ Traditional Hospitality Recent Travel & Subscription Leaders Prop Tech SPACS/IPOS 2 Traditional Vacation Rental (43.1%) (30.3%) (30.1%) (3.8%) 22.1% '21E - '23E Revenue CAGR 51.0% 19.8% 31.9% 29.9% 49.9% 12.8% Growth-Adjusted Revenue Multiple¹ 0.06x 0.27x 0.14x 0.14x 0.06x 0.19x Marriott Implied (Disc.) / Prem. On Growth- Adj. Basis (77.9%) (56.4%) (59.0%) (5.9%) (69.4%) INTERCONTINENTAL. HOTELS & RESORTS pebblebrook Source: FactSet as of 10/26/2021 and company financial model as of 05/07/2021 Notes: 1. 2. Calculated as TEV/FY22E revenue multiple divided by FY21-FY23 revenue CAGR Total Enterprise Value based on valuation and implied transaction multiple for Vacasa and Sonder as these transactions are still pending Transaction is priced below most peer multiples CONFIDENTIAL 45
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