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| | | | | 129 | | | |
| | | | | F-1 | | |
| | |
For the year ended December 31,
|
| |
Amount of
increase (decrease) |
| |
Percent change
favorable (unfavorable) |
| |
Amount of
increase (decrease) |
| |
Percent change
favorable (unfavorable) |
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2020 to 2021
|
| |
2021 to 2022
|
| |||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Revenue
|
| | | $ | 165,590 | | | | | $ | 234,747 | | | | | $ | 345,530 | | | | | $ | 69,157 | | | | | | 42% | | | | | $ | 110,783 | | | | | | 47% | | |
Cost of revenue
|
| | | | 100,599 | | | | | | 152,747 | | | | | | 229,287 | | | | | | 52,148 | | | | | | (52)% | | | | | | 76,540 | | | | | | (50)% | | |
Gross margin
|
| | | | 64,991 | | | | | | 82,000 | | | | | | 116,243 | | | | | | 17,009 | | | | | | 26% | | | | | | 34,243 | | | | | | 42% | | |
Gross margin percent
|
| | | | 39% | | | | | | 35% | | | | | | 34% | | | | | |
(4) pp |
| | | | | (11)% | | | | | |
(1) pp |
| | | | | (4)% | | |
General and administrative (including
equity-based compensation of $2,790, $3,258 and $8,802 in 2020, 2021 and 2022, respectively) |
| | | | 25,940 | | | | | | 50,477 | | | | | | 68,383 | | | | | | 24,537 | | | | | | (95)% | | | | | | 17,906 | | | | | | (35)% | | |
Sales and marketing
|
| | | | 14,764 | | | | | | 27,821 | | | | | | 38,540 | | | | | | 13,057 | | | | | | (88)% | | | | | | 10,719 | | | | | | (39)% | | |
Operations
|
| | | | 18,814 | | | | | | 26,814 | | | | | | 41,267 | | | | | | 8,000 | | | | | | (43)% | | | | | | 14,453 | | | | | | (54)% | | |
Technology and development
|
| | | | 2,787 | | | | | | 4,914 | | | | | | 13,615 | | | | | | 2,127 | | | | | | (76)% | | | | | | 8,701 | | | | | | (177)% | | |
Depreciation and amortization
|
| | | | 2,898 | | | | | | 2,619 | | | | | | 3,191 | | | | | | (279) | | | | | | 10% | | | | | | 572 | | | | | | (22)% | | |
Interest, net
|
| | | | 542 | | | | | | 635 | | | | | | 188 | | | | | | 93 | | | | | | (17)% | | | | | | (447) | | | | | | 70% | | |
Warrant fair value (gains) losses
|
| | | | (214) | | | | | | 456 | | | | | | 1,696 | | | | | | 670 | | | | | | (313)% | | | | | | 1,240 | | | | | | (272)% | | |
Gain on forgiveness of debt
|
| | | | — | | | | | | (9,518) | | | | | | — | | | | | | (9,518) | | | | | | n/m | | | | | | 9,518 | | | | | | (100)% | | |
Other income, net
|
| | | | — | | | | | | — | | | | | | (355) | | | | | | — | | | | | | n/m | | | | | | (355) | | | | | | n/m | | |
Loss and comprehensive loss before income taxes
|
| | | | (540) | | | | | | (22,218) | | | | | | (50,282) | | | | | | (21,678) | | | | | | n/m% | | | | | | (28,064) | | | | | | (126)% | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | 799 | | | | | | — | | | | | | n/m | | | | | | 799 | | | | | | n/m | | |
Net loss and comprehensive loss
|
| | | $ | (540) | | | | | $ | (22,218) | | | | | $ | (51,081) | | | | | $ | (21,678) | | | | |
|
n/m%
|
| | | | | (28,863) | | | | |
|
(130)%
|
| |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Net cash provided by (used in) operating activities
|
| | | $ | 11,579 | | | | | $ | 28,755 | | | | | $ | (45,689) | | |
Net cash used in investing activities
|
| | | | (3,892) | | | | | | (4,016) | | | | | | (14,270) | | |
Net cash provided by (used in) financing activities
|
| | | | 16,550 | | | | | | (8,787) | | | | | | 58,945 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 24,237 | | | | | $ | 15,952 | | | | | $ | (1,014) | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | | | | | | | |
(in thousands)
|
| |||||||||
Net loss and comprehensive loss
|
| | | $ | (540) | | | | | $ | (22,218) | | | | | $ | (51,081) | | |
Warrant fair value (gains) losses
|
| | | | (214) | | | | | | 456 | | | | | | 1,696 | | |
Gain on forgiveness of debt
|
| | | | — | | | | | | (9,518) | | | | | | — | | |
Adjusted Net Loss
|
| | | $ | (754) | | | | | $ | (31,280) | | | | | $ | (49,385) | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Net loss and comprehensive loss
|
| | | $ | (540) | | | | | $ | (22,218) | | | | | $ | (51,081) | | |
Public company readiness costs
|
| | | | — | | | | | | 7,511 | | | | | | 1,092 | | |
Equity-based compensation
|
| | | | 2,790 | | | | | | 3,258 | | | | | | 8,802 | | |
Depreciation and amortization
|
| | | | 4,632 | | | | | | 4,275 | | | | | | 5,436 | | |
Interest, net
|
| | | | 542 | | | | | | 635 | | | | | | 188 | | |
Warrant fair value (gains) losses
|
| | | | (214) | | | | | | 456 | | | | | | 1,696 | | |
Asset impairment
|
| | | | — | | | | | | — | | | | | | 925 | | |
Gain on forgiveness of debt
|
| | | | — | | | | | | (9,518) | | | | | | — | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | 799 | | |
Adjusted EBITDA
|
| | | $ | 7,210 | | | | | $ | (15,601) | | | | | $ | (32,143) | | |
Adjusted EBITDA Margin(1)
|
| | | | 4.4% | | | | | | (6.6)% | | | | | | (9.3)% | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Net cash provided by (used in) operating activities
|
| | | $ | 11,579 | | | | | $ | 28,755 | | | | | $ | (45,689) | | |
Development of internal-use software
|
| | | | (2,274) | | | | | | (1,052) | | | | | | (5,420) | | |
Purchase of property and equipment
|
| | | | (1,618) | | | | | | (2,964) | | | | | | (8,850) | | |
Free Cash Flow (Deficit)
|
| | | $ | 7,687 | | | | | $ | 24,739 | | | | | $ | (59,959) | | |
Year Ending December 31,
|
| |
Operating Leases
|
| |||
| | |
(in thousands)
|
| |||
2023
|
| | | $ | 87,822 | | |
2024
|
| | | | 62,361 | | |
2025
|
| | | | 49,777 | | |
2026
|
| | | | 41,455 | | |
2027
|
| | | | 27,901 | | |
Thereafter
|
| | | | 64,274 | | |
Total minimum lease payments
|
| | | $ | 333,590 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Brent Handler | | | 54 | | | Chief Executive Officer and Director | |
Brad Handler | | | 55 | | | Executive Chairman and Director | |
David Kallery | | | 58 | | | President | |
Robert Kaiden | | | 55 | | | Chief Financial Officer* | |
Non-Employee Directors | | | | | | | |
Michael Armstrong(1)(2) | | | 50 | | | Director | |
Scott Berman(3) | | | 60 | | | Director | |
Eric Grosse(1)(2)(3) | | | 54 | | | Director | |
Ann Payne(1)(3) | | | 63 | | | Director | |
Scot Sellers(2) | | | 66 | | | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)
|
| |
Stock
Awards ($)(1) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| ||||||||||||||||||
Brent Handler
|
| | | | 2022 | | | | | | 515,000 | | | | | | 238,316 | | | | | | 10,591,000 | | | | | | 52,589(2) | | | | | | 11,396,905 | | |
Chief Executive Officer
|
| | | | 2021 | | | | | | 460,000 | | | | | | 500,000 | | | | | | — | | | | | | 31,040(3) | | | | | | 991,040 | | |
David Kallery
|
| | | | 2022 | | | | | | 475,000 | | | | | | 146,538 | | | | | | 981,225 | | | | | | 38,303(4) | | | | | | 1,641,066 | | |
President
|
| | | | 2021 | | | | | | 440,000 | | | | | | 500,000 | | | | | | — | | | | | | 37,500(5) | | | | | | 977,500 | | |
Web Neighbor
|
| | | | 2022 | | | | | | 450,000 | | | | | | 138,825 | | | | | | 981,225 | | | | | | 54,202(6) | | | | | | 1,624,252 | | |
Chief Financial Officer
|
| | | | 2021 | | | | | | 400,000 | | | | | | 200,000 | | | | | | — | | | | | | 18,320(7) | | | | | | 618,320 | | |
Name
|
| |
Grant Date
|
| |
Number of
Shares or Units That Have Not Vested (#) |
| |
Market Value
of Shares or Units That Have Not Vested ($)(1) |
| ||||||
Brent Handler
|
| |
8/11/2020
|
| | | | 279,674(2) | | | | | | 332,812 | | |
| | |
4/15/2022
|
| | | | 1,700,000(3) | | | | | | 2,023,000 | | |
Web Neighbor
|
| |
12/01/2020
|
| | | | 1,379,199(4) | | | | | | 1,641,247 | | |
| | |
4/15/2022
|
| | | | 157,500(3) | | | | | | 187,425 | | |
David Kallery
|
| |
4/15/2022
|
| | | | 157,500(3) | | | | | | 187,425 | | |
Name
|
| |
Fees Paid
or Earned in Cash ($) |
| |
Stock
Awards ($) |
| |
All Other
Compensation ($)(1) |
| |
Total ($)
|
| ||||||||||||
Michael Armstrong
|
| | | | 40,000 | | | | | | 150,000 | | | | | | 26,400 | | | | | | 216,400 | | |
Scott Berman(2)
|
| | | | 16,196 | | | | | | 117,944 | | | | | | — | | | | | | 134,140 | | |
Eric Grosse
|
| | | | 40,000 | | | | | | 150,000 | | | | | | 26,400 | | | | | | 216,400 | | |
Ann Payne
|
| | | | 40,000 | | | | | | 150,000 | | | | | | 26,400 | | | | | | 216,400 | | |
Scot Sellers
|
| | | | 40,000 | | | | | | 150,000 | | | | | | 26,400 | | | | | | 216,400 | | |
| | |
Class A Common Stock
|
| |
Class V Common Stock
|
| |
Total Shares
|
| |||||||||||||||||||||||||||
| | |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5% or More Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Entities affiliated with Revolution Portico Holdings LLC(2)
|
| | | | 500,000 | | | | | | * | | | | | | 18,893,491 | | | | | | 31.9% | | | | | | 19,393,491 | | | | | | 15.6% | | |
Entities affiliated with KPCB XIV Associates, LLC(3)
|
| | | | 11,890,097 | | | | | | 18.2% | | | | | | — | | | | | | — | | | | | | 11,890,097 | | | | | | 9.6% | | |
Entities affiliated with Institutional Venture
Partners XIII, L.P.(4) |
| | | | 10,716,458 | | | | | | 16.4% | | | | | | — | | | | | | — | | | | | | 10,716,458 | | | | | | 8.6% | | |
W Capital Partners III, L.P.(5)
|
| | | | 7,291,435 | | | | | | 11.2% | | | | | | — | | | | | | — | | | | | | 7,291,435 | | | | | | 5.9% | | |
Entities affiliated with Millennium TVP II (UGP), LLC(6)
|
| | | | 5,769,239 | | | | | | 8.8% | | | | | | — | | | | | | — | | | | | | 5,769,239 | | | | | | 4.6% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brent Handler(7)
|
| | | | 1,269,370 | | | | | | 1.9% | | | | | | 27,766,065 | | | | | | 46.9% | | | | | | 29,035,435 | | | | | | 23.2% | | |
Brad Handler(8)
|
| | | | 560,858 | | | | | | * | | | | | | 902,646 | | | | | | 1.5% | | | | | | 1,463,504 | | | | | | 1.2% | | |
David Kallery(9)
|
| | | | 64,375 | | | | | | * | | | | | | 5,782,001 | | | | | | 9.8% | | | | | | 5,846,376 | | | | | | 4.7% | | |
Robert Kaiden(10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Web Neighbor(11)
|
| | | | 39,375 | | | | | | * | | | | | | 2,206,711 | | | | | | 3.7% | | | | | | 2,246,086 | | | | | | 1.8% | | |
Michael Armstrong(12)
|
| | | | 24,077 | | | | | | * | | | | | | — | | | | | | — | | | | | | 24,077 | | | | | | * | | |
Scott Berman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Scot Sellers(13)
|
| | | | 564,916 | | | | | | * | | | | | | 1,534,703 | | | | | | 2.6% | | | | | | 2,009,619 | | | | | | 1.7% | | |
Ann Payne(12)
|
| | | | 24,077 | | | | | | * | | | | | | — | | | | | | — | | | | | | 24,077 | | | | | | * | | |
Eric Grosse(12)
|
| | | | 24,077 | | | | | | * | | | | | | — | | | | | | — | | | | | | 24,077 | | | | | | * | | |
All executive officers and directors as a group (10 persons)
|
| | | | 2,571,125 | | | | | | 3.9% | | | | | | 38,192,126 | | | | | | 64.5% | | | | | | 40,763,251 | | | | | | 32.5% | | |
Name of Selling Securityholder
|
| |
Class A
Common Stock Beneficially Owned Prior to the Offering |
| |
Offered Shares
|
| |
Class A Common Stock
Beneficially Owned After This Offering |
| |||||||||||||||
|
Number
|
| |
Percent
|
| ||||||||||||||||||||
Securityholders affiliated with Brent Handler(1)
|
| | | | 28,699,780 | | | | | | 27,766,065 | | | | | | 933,715 | | | | | | * | | |
Revolution Portico Holdings LLC(2)
|
| | | | 19,292,962 | | | | | | 18,893,491 | | | | | | 399,471 | | | | | | * | | |
KPCB Holdings, Inc., as nominee(3)
|
| | | | 11,890,097 | | | | | | 11,278,847 | | | | | | 611,250 | | | | | | * | | |
Institutional Venture Partners XIII, L.P.(4)
|
| | | | 10,716,458 | | | | | | 10,146,458 | | | | | | 570,000 | | | | | | * | | |
W Capital Partners III, LP(5)
|
| | | | 7,291,435 | | | | | | 7,291,435 | | | | | | 0 | | | | | | — | | |
Securityholders affiliated with David Kallery(6)
|
| | | | 5,807,001 | | | | | | 5,782,001 | | | | | | 25,000 | | | | | | * | | |
Securityholders affiliated with Millennium Technology Value Partners(7)
|
| | | | 5,769,239 | | | | | | 5,513,289 | | | | | | 255,950 | | | | | | * | | |
Thayer Ventures Acquisition Holdings LLC(8)
|
| | | | 3,112,697 | | | | | | 3,112,697 | | | | | | 0 | | | | | | — | | |
Web Neighbor(9)
|
| | | | 2,206,711 | | | | | | 2,206,711 | | | | | | 0 | | | | | | — | | |
Securityholders affiliated with Scot Sellers(10)
|
| | | | 2,402,547 | | | | | | 1,534,703 | | | | | | 867,844 | | | | | | * | | |
Securityholders affiliated with Brad Handler(11)
|
| | | | 1,266,004 | | | | | | 902,646 | | | | | | 363,358 | | | | | | * | | |
Name of Selling Securityholder
|
| |
Class A
Common Stock Beneficially Owned Prior to the Offering |
| |
Offered Shares
|
| |
Class A Common Stock
Beneficially Owned After This Offering |
| |||||||||||||||
|
Number
|
| |
Percent
|
| ||||||||||||||||||||
H. Charles Floyd(12)
|
| | | | 25,000 | | | | | | 25,000 | | | | | | 0 | | | | | | — | | |
R. David Edelman(12)
|
| | | | 25,000 | | | | | | 25,000 | | | | | | 0 | | | | | | — | | |
Lawrence M. Kutscher(12)
|
| | | | 25,000 | | | | | | 25,000 | | | | | | 0 | | | | | | — | | |
Ren Riley(12)
|
| | | | 25,000 | | | | | | 25,000 | | | | | | 0 | | | | | | — | | |
Caroline Shin(12)
|
| | | | 25,000 | | | | | | 25,000 | | | | | | 0 | | | | | | — | | |
| | |
Fair Market Value of Class A Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Date (period to expiration of
warrants) |
| |
10.00
|
| |
11.00
|
| |
12.00
|
| |
13.00
|
| |
14.00
|
| |
15.00
|
| |
16.00
|
| |
17.00
|
| |
>18.00
|
| |||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | |
Page
|
| |||
INSPIRATO INCORPORATED CONSOLIDATED FINANCIAL STATEMENTS | | | | | | | |
| | | | F-2 | | | |
Consolidated Financial Statements
|
| | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 80,233 | | | | | $ | 80,278 | | |
Restricted cash
|
| | | | 2,720 | | | | | | 1,661 | | |
Accounts receivable, net
|
| | | | 2,389 | | | | | | 3,140 | | |
Accounts receivable, net – related parties
|
| | | | 386 | | | | | | 663 | | |
Prepaid subscriber travel
|
| | | | 17,183 | | | | | | 19,915 | | |
Prepaid expenses
|
| | | | 11,101 | | | | | | 10,922 | | |
Other current assets
|
| | | | 762 | | | | | | 302 | | |
Total current assets
|
| | | | 114,774 | | | | | | 116,881 | | |
Property & equipment, net
|
| | | | 8,695 | | | | | | 18,298 | | |
Goodwill
|
| | | | 21,233 | | | | | | 21,233 | | |
Right-of-use assets
|
| | | | — | | | | | | 271,702 | | |
Other noncurrent assets
|
| | | | 1,068 | | | | | | 2,253 | | |
Total assets
|
| | | $ | 145,770 | | | | | $ | 430,367 | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 33,140 | | | | | $ | 30,611 | | |
Accrued liabilities
|
| | | | 6,035 | | | | | | 5,475 | | |
Deferred revenue, current
|
| | | | 176,813 | | | | | | 167,733 | | |
Deferred rent, current
|
| | | | 457 | | | | | | — | | |
Debt
|
| | | | 13,267 | | | | | | — | | |
Lease liabilities, current
|
| | | | — | | | | | | 74,299 | | |
Total current liabilities
|
| | | | 229,712 | | | | | | 278,118 | | |
Deferred revenue, noncurrent
|
| | | | 14,450 | | | | | | 18,321 | | |
Deferred rent, noncurrent
|
| | | | 7,468 | | | | | | — | | |
Lease liabilities, noncurrent
|
| | | | — | | | | | | 208,159 | | |
Warrants
|
| | | | 547 | | | | | | 759 | | |
Total liabilities
|
| | | | 252,177 | | | | | | 505,357 | | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | |
Temporary equity (Note 3) | | | | | | | | | | | | | |
Series A-1; 222 authorized and 217 issued and outstanding at December 31, 2021; none at December 31,
2022 |
| | | | 12,809 | | | | | | — | | |
Series A-2; 130 authorized, issued, and outstanding at December 31, 2021; none at December 31, 2022
|
| | | | 5,489 | | | | | | — | | |
Series B; 193 authorized, issued, and outstanding at December 31, 2021; none at December 31, 2022
|
| | | | 19,860 | | | | | | — | | |
Series B-1; 128 authorized and 124 issued and outstanding at December 31, 2021; none at December 31,
2022 |
| | | | 15,282 | | | | | | — | | |
Series D; 158 authorized, issued, and outstanding at December 31, 2021; none at December 31, 2022
|
| | | | 20,125 | | | | | | — | | |
Series E; 132 authorized and 96 issued and outstanding at December 31, 2021; none at December 31, 2022
|
| | | | 9,719 | | | | | | — | | |
Total temporary equity
|
| | | | 83,284 | | | | | | — | | |
Equity | | | | | | | | | | | | | |
Series C; 491 authorized, issued, and outstanding at December 31, 2021; none at December 31, 2022
(Note 3) |
| | | | 21,477 | | | | | | — | | |
Common units 4,470 authorized; 1,149 issued and outstanding at December 31, 2021; none at December 31,
2022 (Note 3) |
| | | | — | | | | | | — | | |
Class A common stock, par value $0.0001 per share, 1,000,000 shares authorized, 62,716 shares issued and outstanding as of December 31, 2022
|
| | | | — | | | | | | 6 | | |
Class V common stock, $0.0001 par value, 500,000 shares authorized, 61,360 shares issued and outstanding as of December 31, 2022
|
| | | | — | | | | | | 6 | | |
Additional paid-in capital
|
| | | | — | | | | | | 245,652 | | |
Accumulated deficit
|
| | | | (211,168) | | | | | | (233,931) | | |
Total equity excluding noncontrolling interest
|
| | | | (189,691) | | | | | | 11,733 | | |
Noncontrolling interests (Note 16)
|
| | | | — | | | | | | (86,723) | | |
Total equity
|
| | | | (189,691) | | | | | | (74,990) | | |
Total liabilities, temporary equity, and equity
|
| | | $ | 145,770 | | | | | $ | 430,367 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
Revenue
|
| | | $ | 165,590 | | | | | $ | 234,747 | | | | | $ | 345,530 | | |
Cost of revenue (including depreciation of $1,734, $1,656 and $2,245 in
2020, 2021 and 2022 respectively) |
| | | | 100,599 | | | | | | 152,747 | | | | | | 229,287 | | |
Gross margin
|
| | | | 64,991 | | | | | | 82,000 | | | | | | 116,243 | | |
General and administrative (including equity-based compensation of $2,790, $3,258 and $8,802 in 2020, 2021 and 2022, respectively)
|
| | | | 25,940 | | | | | | 50,477 | | | | | | 68,383 | | |
Sales and marketing
|
| | | | 14,764 | | | | | | 27,821 | | | | | | 38,540 | | |
Operations
|
| | | | 18,814 | | | | | | 26,814 | | | | | | 41,267 | | |
Technology and development
|
| | | | 2,787 | | | | | | 4,914 | | | | | | 13,615 | | |
Depreciation and amortization
|
| | | | 2,898 | | | | | | 2,619 | | | | | | 3,191 | | |
Interest, net
|
| | | | 542 | | | | | | 635 | | | | | | 188 | | |
Warrant fair value (gains) losses
|
| | | | (214) | | | | | | 456 | | | | | | 1,696 | | |
Gain on forgiveness of debt
|
| | | | — | | | | | | (9,518) | | | | | | — | | |
Other income, net
|
| | | | — | | | | | | — | | | | | | (355) | | |
Loss and comprehensive loss before income taxes
|
| | | | (540) | | | | | | (22,218) | | | | | | (50,282) | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | 799 | | |
Net loss and comprehensive loss
|
| | | | (540) | | | | | | (22,218) | | | | | | (51,081) | | |
Net loss and comprehensive loss attributable to noncontrolling interests
(Note 16) |
| | | | — | | | | | | — | | | | | | 27,024 | | |
Net loss and comprehensive loss attributable to Inspirato
Incorporated |
| | | $ | (540) | | | | | $ | (22,218) | | | | | $ | (24,057) | | |
Basic and diluted weighted average common units and Class A shares outstanding
|
| | | | 105,543 | | | | | | 105,513 | | | | | | 52,310 | | |
Basic and diluted net loss attributable to Inspirato Incorporated per common unit and Class A share, respectively
|
| | | $ | (0.01) | | | | | $ | (0.21) | | | | | $ | (0.46) | | |
| | |
Common Units
|
| |
Series C
|
| |
Class A
Common Stock |
| |
Class V
Common Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Noncontrolling
Interests |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Units
|
| |
Value
|
| |
Units
|
| |
Value
|
| |
Shares
|
| |
Value
|
| |
Shares
|
| |
Value
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 (as previously reported)
|
| | | | 1,166 | | | | |
$
|
—
|
| | | | | 491 | | | | |
$
|
21,477
|
| | | | | — | | | | |
$
|
—
|
| | | | | — | | | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
(186,932)
|
| | | |
$
|
—
|
| | | |
$
|
(165,455)
|
| |
Reverse recapitalization, net (Note 3)
|
| | | | 104,377 | | | | | | — | | | | | | (491) | | | | | | (21,477) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,477 | | | | | | — | | | | |
|
—
|
| | | | | — | | |
Balance at January 1, 2020, after effect of reverse
recapitalization |
| | |
|
105,543
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
21,477
|
| | | |
|
(186,932)
|
| | | |
|
—
|
| | | | | (165,455) | | |
Consolidated net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (540) | | | | | | — | | | | | | (540) | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,790 | | | | | | — | | | | | | — | | | | | | 2,790 | | |
Balance at December 31, 2020
|
| | | | 105,543 | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 24,267 | | | | | $ | (187,472) | | | | | $ | — | | | | | $ | (163,205) | | |
Consolidated net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (22,218) | | | | | | — | | | | |
|
(22,218)
|
| |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,258 | | | | | | — | | | | | | — | | | | |
|
3,258
|
| |
Redeemed united
|
| | | | (712) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,258) | | | | | | — | | | | | | — | | | | |
|
(7,258)
|
| |
Issuance of common units upon exercise of stock option awards,
net of shares withheld for income taxes |
| | | | 27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (148) | | | | | | — | | | | | | — | | | | |
|
(148)
|
| |
Distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (120) | | | | | | — | | | | | | — | | | | |
|
(120)
|
| |
Balance at December 31, 2021
|
| | | | 104,858 | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 19,999 | | | | | $ | (209,690) | | | | | $ | — | | | | | $ | (189,691) | | |
Consolidated net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,057) | | | | | | (27,024) | | | | | | (51,081) | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,802 | | | | | | — | | | | | | — | | | | | | 8,802 | | |
Issuance of common stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 490 | | | | | | — | | | | | | | | | | | | — | | | | | | 5,000 | | | | | | | | | | | | — | | | | | | 5,000 | | |
Issuance of common stock and common stock warrants upon the
reverse recapitalization, net of issuance costs |
| | | | (104,858) | | | | | | — | | | | | | — | | | | | | — | | | | | | 46,832 | | | | | | 4 | | | | | | 69,781 | | | | | | 7 | | | | | | 206,253 | | | | | | — | | | | | | (64,656) | | | | | | 141,608 | | |
Issuance of common stock upon exercise of warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,079 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 9,330 | | | | | | — | | | | | | — | | | | | | 9,331 | | |
Issuance of common stock upon exercise of stock option awards,
net of shares withheld for income taxes |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,894 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,225 | | | | | | — | | | | | | — | | | | | | 1,225 | | |
Issuance of Class A shares upon conversion of Class V shares
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,421 | | | | | | 1 | | | | | | (8,421) | | | | | | (1) | | | | | | (4,957) | | | | | | | | | | | | 4,957 | | | | | | — | | |
Distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (184) | | | | | | — | | | | | | (184) | | |
Balance at December 31, 2022
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 62,716 | | | | | $ | 6 | | | | | | 61,360 | | | | | $ | 6 | | | | | $ | 245,652 | | | | | $ | (233,931) | | | | | $ | (86,723) | | | | | $ | (74,990) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Consolidated net loss
|
| | | $ | (540) | | | | | $ | (22,218) | | | | | $ | (51,081) | | |
Adjustments to reconcile consolidated net loss to net cash provided by (used in) operating activities
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 4,632 | | | | | | 4,275 | | | | | | 5,436 | | |
Loss on disposal of fixed assets
|
| | | | — | | | | | | — | | | | | | 207 | | |
Warrant fair value losses
|
| | | | (214) | | | | | | 456 | | | | | | 1,696 | | |
Equity-based compensation
|
| | | | 2,790 | | | | | | 3,258 | | | | | | 8,802 | | |
Gain on forgiveness of debt
|
| | | | — | | | | | | (9,518) | | | | | | — | | |
Asset impairment
|
| | | | — | | | | | | — | | | | | | 925 | | |
Amortization of right-of-use asset
|
| | | | — | | | | | | — | | | | | | 88,098 | | |
Changes in operating assets and liabilities, net of reverse recapitalization:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 7,782 | | | | | | 589 | | | | | | (751) | | |
Accounts receivable, net – related parties
|
| | | | 216 | | | | | | 118 | | | | | | (277) | | |
Prepaid member travel
|
| | | | 2,355 | | | | | | (5,379) | | | | | | 930 | | |
Prepaid expenses
|
| | | | 348 | | | | | | (4,990) | | | | | | (4,577) | | |
Other assets
|
| | | | 7 | | | | | | 191 | | | | | | (725) | | |
Accounts payable
|
| | | | (5,907) | | | | | | 17,085 | | | | | | (3,518) | | |
Accrued liabilities
|
| | | | (963) | | | | | | 2,957 | | | | | | (560) | | |
Lease liability
|
| | | | — | | | | | | — | | | | | | (85,085) | | |
Deferred revenue
|
| | | | 765 | | | | | | 42,301 | | | | | | (5,209) | | |
Deferred rent
|
| | | | 308 | | | | | | (370) | | | | | | — | | |
Net cash provided by (used in) operating activities
|
| | | | 11,579 | | | | | | 28,755 | | | | | | (45,689) | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Development of internal-use software
|
| | | | (2,274) | | | | | | (1,052) | | | | | | (5,420) | | |
Purchase of property and equipment
|
| | | | (1,618) | | | | | | (2,964) | | | | | | (8,850) | | |
Net cash used in investing activities
|
| | | | (3,892) | | | | | | (4,016) | | | | | | (14,270) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Repayments of debt
|
| | | | (21,000) | | | | | | (765) | | | | | | (27,267) | | |
Proceeds from debt
|
| | | | 37,550 | | | | | | — | | | | | | 14,000 | | |
Common unit redemptions
|
| | | | — | | | | | | (7,258) | | | | | | — | | |
Preferred unit redemptions
|
| | | | — | | | | | | (496) | | | | | | — | | |
Proceeds from reverse recapitalization (Note 3)
|
| | | | — | | | | | | — | | | | | | 90,070 | | |
Payments of reverse recapitalization costs (Note 3)
|
| | | | — | | | | | | — | | | | | | (23,899) | | |
Proceeds from issuance of Class A common stock
|
| | | | — | | | | | | — | | | | | | 5,000 | | |
Payments of employee taxes for unit option exercises
|
| | | | — | | | | | | (148) | | | | | | (669) | | |
Proceeds from unit option exercises
|
| | | | — | | | | | | — | | | | | | 1,894 | | |
Distributions
|
| | | | — | | | | | | (120) | | | | | | (184) | | |
Net cash provided by (used in) financing activities
|
| | | | 16,550 | | | | | | (8,787) | | | | | | 58,945 | | |
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
| | | | 24,237 | | | | | | 15,952 | | | | | | (1,014) | | |
Cash, cash equivalents, and restricted cash – beginning of year
|
| | | | 42,764 | | | | | | 67,001 | | | | | | 82,953 | | |
Cash, cash equivalents, and restricted cash – end of year
|
| | | $ | 67,001 | | | | | $ | 82,953 | | | | | $ | 81,939 | | |
Supplemental cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 584 | | | | | $ | 609 | | | | | $ | 288 | | |
Cash paid for income taxes
|
| | | | — | | | | | | — | | | | | | 81 | | |
Significant noncash transactions: | | | | | | | | | | | | | | | | | | | |
Gain on forgiveness of debt
|
| | | | — | | | | | | 9,518 | | | | | | — | | |
Conversion of Class V to Class A stock
|
| | | | — | | | | | | — | | | | | | 4,957 | | |
Conversion of preferred stock in connection with reverse recapitalization
|
| | | | — | | | | | | — | | | | | | 104,761 | | |
Warrants acquired at fair value
|
| | | | — | | | | | | — | | | | | | 9,874 | | |
Warrants exercised
|
| | | | — | | | | | | — | | | | | | 8,390 | | |
Fixed assets purchased but unpaid, included in accounts payable at period end
|
| | | | — | | | | | | — | | | | | | 989 | | |
Operating lease right-of-use assets exchanged for lease obligations
|
| | | | — | | | | | | — | | | | | | 355,214 | | |
Conversion of deferred rent and prepaid rent to right-of-use assets
|
| | | | — | | | | | | — | | | | | | 6,831 | | |
| | |
Balances at
December 31, 2021 |
| |
Adjustments
from Adoption of New Lease Standard |
| |
Balances at
January 1, 2022 |
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Assets | | | | | |||||||||||||||
Prepaid expenses
|
| | | $ | 11,101 | | | | | $ | (1,094) | | | | | $ | 10,007 | | |
Operating lease ROU assets
|
| | | | — | | | | | | 201,728 | | | | | | 201,728 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Current lease liabilities
|
| | | $ | — | | | | | $ | 63,415 | | | | | $ | 63,415 | | |
Other current liabilities
|
| | | | 457 | | | | | | (457) | | | | | | — | | |
Noncurrent lease liabilities
|
| | | | — | | | | | | 145,144 | | | | | | 145,144 | | |
Other noncurrent liabilities
|
| | | | 7,468 | | | | | | (7,468) | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Travel
|
| | | $ | 73,660 | | | | | $ | 134,373 | | | | | $ | 198,925 | | |
Subscription
|
| | | | 91,548 | | | | | | 100,024 | | | | | | 145,651 | | |
Other
|
| | | | 382 | | | | | | 350 | | | | | | 954 | | |
Total
|
| | | $ | 165,590 | | | | | $ | 234,747 | | | | | $ | 345,530 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
(in thousands)
|
| |||||||||
Assets: | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | $ | 2,389 | | | | | $ | 3,140 | | |
Liabilities: | | | | | | | | | | | | | |
Deferred revenue, current and noncurrent
|
| | | $ | 191,263 | | | | | $ | 186,054 | | |
Years Ending December 31,
|
| |
Amount
|
| |||
| | |
(in thousands)
|
| |||
2023
|
| | | $ | 167,733 | | |
2024
|
| | | | 10,303 | | |
2025
|
| | | | 4,424 | | |
2026
|
| | | | 2,151 | | |
2027
|
| | | | 792 | | |
Thereafter
|
| | | | 650 | | |
Total
|
| | | $ | 186,054 | | |
| | |
December 31,
2021 |
| |
December 31,
2022 |
| ||||||
| | |
(in thousands)
|
| |||||||||
Property operations
|
| | | $ | 5,136 | | | | | $ | 4,299 | | |
Software
|
| | | | 2,979 | | | | | | 3,601 | | |
Rent
|
| | | | 1,094 | | | | | | — | | |
Operating supplies
|
| | | | 1,372 | | | | | | 1,441 | | |
Insurance
|
| | | | 520 | | | | | | 1,581 | | |
Total
|
| | | $ | 11,101 | | | | | $ | 10,922 | | |
| | |
Useful life
(years) |
| |
December 31,
2021 |
| |
December 31,
2022 |
| |||||||||
| | | | | | | | |
(in thousands)
|
| |||||||||
Residence leasehold improvements
|
| | | | 3 | | | | | $ | 8,322 | | | | | $ | 15,302 | | |
Internal-use software
|
| | | | 3 | | | | | | 7,947 | | | | | | 13,559 | | |
Corporate office leasehold improvements
|
| | | | 3 | | | | | | 5,156 | | | | | | 5,156 | | |
Computer equipment
|
| | | | 3 | | | | | | 1,265 | | | | | | 1,436 | | |
Furniture, fixtures, and equipment
|
| | | | 5 | | | | | | 1,354 | | | | | | 1,208 | | |
Residence vehicles
|
| | | | 5 | | | | | | 315 | | | | | | 806 | | |
Total cost
|
| | | | | | | | | | 24,359 | | | | | | 37,467 | | |
Accumulated depreciation and amortization
|
| | | | | | | | | | 15,664 | | | | | | 19,169 | | |
Property and equipment, net
|
| | | | | | | | | $ | 8,695 | | | | | $ | 18,298 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Domestic
|
| | | $ | (2,936) | | | | | $ | (24,299) | | | | | $ | (53,885) | | |
Foreign
|
| | | | 2,396 | | | | | | 2,081 | | | | | | 3,603 | | |
Loss before income tax expense
|
| | | $ | (540) | | | | | $ | (22,218) | | | | | $ | (50,282) | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Current: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | 799 | | |
Total current
|
| | | $ | — | | | | | $ | — | | | | | $ | 799 | | |
Deferred: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total deferred
|
| | | | — | | | | | | — | | | | | | — | | |
Total income tax expense
|
| | | $ | — | | | | | $ | — | | | | | $ | 799 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
U.S. federal tax (expense) benefit at statutory rate
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 21.0% | | |
State tax, net of federal benefit
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.8% | | |
Foreign rate differential
|
| | | | 0.0% | | | | | | 0.0% | | | | | | (1.6)% | | |
Net impact of noncontrolling interest and non-partnership operations on partnership outside basis
|
| | | | 0.0% | | | | | | 0.0% | | | | | | (11.2)% | | |
Change in valuation allowance
|
| | | | 0.0% | | | | | | 0.0% | | | | | | (10.6)% | | |
Total income tax expense
|
| | | | 0.0% | | | | | | 0.0% | | | | | | (1.6)% | | |
| | |
For the year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
(in thousands)
|
| |||||||||
Deferred tax assets: | | | | ||||||||||
Net operating loss carryforwards
|
| | | $ | — | | | | | $ | 24,501 | | |
Investment in Inspirato LLC
|
| | | | — | | | | | | 7,514 | | |
Start-up Costs
|
| | | | — | | | | | | 1,161 | | |
Total Deferred tax assets
|
| | | $ | — | | | | | $ | 33,176 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Investment in Inspirato LLC
|
| | | $ | — | | | | | $ | — | | |
Total deferred tax liabilities
|
| | | $ | — | | | | | $ | — | | |
Valuation allowance
|
| | | | — | | | | | | (33,176) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands except per share amounts)
|
| |||||||||||||||
Numerator | | | | | | | | | | | | | | | | | | | |
Net loss attributable to Inspirato Incorporated
|
| | | $ | (540) | | | | | $ | (22,218) | | | | | $ | (24,057) | | |
Denominator | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average common units and Class A
shares outstanding |
| | | | 105,543 | | | | | | 105,513 | | | | | | 52,310 | | |
Basic and diluted net loss attributable to Inspirato Incorporated per common unit and Class A share
|
| | | $ | (0.01) | | | | | $ | (0.21) | | | | | $ | (0.46) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Restricted stock units
|
| | | | — | | | | | | — | | | | | | 3,876 | | |
Stock options
|
| | | | 10,727 | | | | | | 7,999 | | | | | | 6,883 | | |
Preferred warrants
|
| | | | 509 | | | | | | 509 | | | | | | 59 | | |
Common stock warrants
|
| | | | — | | | | | | — | | | | | | 8,242 | | |
Profit interests
|
| | | | 6,287 | | | | | | 9,280 | | | | | | 1,068 | | |
Anti-dilutive securities
|
| | | | 17,523 | | | | | | 17,788 | | | | | | 20,128 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Operating lease expense
|
| | | $ | 53,507 | | | | | $ | 62,772 | | | | | $ | 82,901 | | |
Variable lease expense
|
| | | | 2,062 | | | | | | 3,797 | | | | | | 1,555 | | |
| | |
Operating leases
|
| |||
| | |
(in thousands)
|
| |||
Year ending December 31, 2023
|
| | | $ | 87,822 | | |
Year ending December 31, 2024
|
| | | | 62,361 | | |
Year ending December 31, 2025
|
| | | | 49,777 | | |
Year ending December 31, 2026
|
| | | | 41,455 | | |
Year ending December 31, 2027
|
| | | | 27,901 | | |
Thereafter
|
| | | | 64,274 | | |
Total minimum lease payments
|
| | | | 333,590 | | |
Less: interest expense
|
| | | | (51,132) | | |
Present value of lease obligations
|
| | | | 282,458 | | |
Less: current lease obligations
|
| | | | (74,299) | | |
Long-term lease obligations
|
| | | $ | 208,159 | | |
Years ending December 31,
|
| |
Amount
|
| |||
| | |
(in thousands)
|
| |||
2022
|
| | | $ | 69,329 | | |
2023
|
| | | | 58,744 | | |
2024
|
| | | | 37,850 | | |
2025
|
| | | | 28,203 | | |
2026
|
| | | | 20,345 | | |
Thereafter
|
| | | | 25,716 | | |
Total
|
| | | $ | 240,187 | | |
| | |
As of
December 31, 2022 |
| |||
Weighted-average remaining lease term (in years): | | | | | | | |
Operating leases
|
| | | | 5.6 | | |
Weighted-average discount rate: | | | | | | | |
Operating leases
|
| | | | 5.13% | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
Approximate risk-free rate
|
| | | | 0.33% | | | | | | 0.49% | | |
Average expected life
|
| |
6 years
|
| |
6 years
|
| ||||||
Volatility
|
| | | | 65.2% | | | | | | 47.6% | | |
Estimated per share fair value of options granted
|
| | | $ | 16.67 | | | | | $ | 12.89 | | |
| | |
Number
of shares |
| |
Weighted
average exercise per share |
| |
Weighted-average
remaining contractual term (in years) |
| |
Aggregate
intrinsic value (in thousands) |
| ||||||||||||
Outstanding at December 31, 2020
|
| | | | 8,548 | | | | | $ | 0.78 | | | | | | 7.12 | | | | | $ | 598 | | |
Granted
|
| | | | 30 | | | | | | 0.78 | | | | | | | | | | | | | | |
Exercised
|
| | | | (47) | | | | | | 0.78 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (703) | | | | | | 0.78 | | | | | | | | | | | | | | |
Outstanding at December 31, 2021
|
| | | | 7,828 | | | | | $ | 0.78 | | | | | | 6.05 | | | | | $ | 72,956 | | |
Exercised/Released
|
| | | | (1,844) | | | | | | 0.78 | | | | | | | | | | | | | | |
Cancelled/Forfeited
|
| | | | (422) | | | | | | 0.78 | | | | | | | | | | | | | | |
Expired
|
| | | | (112) | | | | | | 0.78 | | | | | | | | | | | | | | |
Outstanding at December 31, 2022
|
| | | | 5,450 | | | | | $ | 0.78 | | | | | | 5.72 | | | | | $ | 2,235 | | |
| | |
Number
of shares |
| |
Weighted
average exercise per share |
| |
Weighted-average
remaining contractual term (in years) |
| |
Aggregate
intrinsic value (in thousands) |
| ||||||||||||
Outstanding at December 31, 2021
|
| | | | — | | | | | | — | | | | | | — | | | | |
$
|
—
|
| |
Granted
|
| | | | 5,770 | | | | | | 6.06 | | | | | | | | | | | | | | |
Exercised/Released
|
| | | | (100) | | | | | | 3.09 | | | | | | | | | | | | | | |
Cancelled/Forfeited
|
| | | | (166) | | | | | | 3.52 | | | | | | | | | | | | | | |
Outstanding at December 31, 2022
|
| | | | 5,504 | | | | | $ | 6.23 | | | | | | 3.0 | | | | | $ | 6,549 | | |
| | |
New Common Units
|
| |||||||||||||||||||||
| | |
Inspirato
Incorporated |
| |
Continuing
Inspirato Members |
| |
Continuing
Inspirato Members subject to vesting |
| |
Total
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Recapitalization
|
| | | | 46,832 | | | | | | 66,945 | | | | | | 2,836 | | | | | | 116,613 | | |
Conversion of Class V to Class A
|
| | | | 8,421 | | | | | | (8,421) | | | | | | — | | | | | | — | | |
Vesting of profits interests
|
| | | | — | | | | | | 1,129 | | | | | | (1,129) | | | | | | — | | |
End of period
|
| | | | 55,253 | | | | | | 59,653 | | | | | | 1,707 | | | | | | 116,613 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
(in thousands)
|
| |||||||||
United States
|
| | | $ | 7,507 | | | | | $ | 205,469 | | |
Rest of world
|
| | | | 1,188 | | | | | | 84,531 | | |
Total
|
| | | $ | 8,695 | | | | | $ | 290,000 | | |