$ISPO
Inspirato Inc

2022 Q4 Form 10-K Financial Statement

#000155837023003885 Filed on March 15, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $86.63M $345.5M $0.00
YoY Change
Cost Of Revenue $60.72M $229.3M $152.7M
YoY Change 50.11% 51.84%
Gross Profit $25.91M $116.2M $82.00M
YoY Change 41.76% 26.17%
Gross Profit Margin 29.91% 33.64%
Selling, General & Admin $25.40M $106.9M $5.308M
YoY Change 550.22% 1914.31% 2657.35%
% of Gross Profit 98.05% 91.98% 6.47%
Research & Development $4.153M $13.62M
YoY Change
% of Gross Profit 16.03% 11.71%
Depreciation & Amortization $1.881M $5.436M $4.275M
YoY Change 27.16% -7.71%
% of Gross Profit 7.26% 4.68% 5.21%
Operating Expenses $39.41M $106.9M $5.308M
YoY Change 908.65% 1914.31% 2657.35%
Operating Profit -$13.50M $9.320M $76.69M
YoY Change -87.85% 18.35%
Interest Expense $19.00K -$188.0K $429.8K
YoY Change -99.29% -143.74% -115.54%
% of Operating Profit -2.02% 0.56%
Other Income/Expense, Net $355.0K
YoY Change
Pretax Income -$14.38M -$50.28M -$4.878M
YoY Change 1082.08% 930.72% 64.89%
Income Tax $210.0K $799.0K
% Of Pretax Income
Net Earnings -$6.583M -$24.06M -$4.878M
YoY Change 441.14% 393.14% 64.89%
Net Earnings / Revenue -7.6% -6.96%
Basic Earnings Per Share -$0.46 -$0.21
Diluted Earnings Per Share -$0.11 -$0.46 -$226.2K
COMMON SHARES
Basic Shares Outstanding 52.31M 105.5M
Diluted Shares Outstanding 52.31M 105.5M

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.28M $80.28M $112.9K
YoY Change 71018.0% 71018.0% -90.91%
Cash & Equivalents $80.28M $80.28M $112.9K
Short-Term Investments
Other Short-Term Assets $302.0K $32.80M $158.9K
YoY Change -60.37% 20548.41% -68.81%
Inventory
Prepaid Expenses $10.92M
Receivables $3.140M $3.803M
Other Receivables $0.00 $0.00
Total Short-Term Assets $116.9M $116.9M $271.7K
YoY Change 1.84% 42913.65% -84.49%
LONG-TERM ASSETS
Property, Plant & Equipment $18.30M $290.0M
YoY Change 110.44%
Goodwill $21.23M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $176.0M
YoY Change 0.02%
Other Assets $2.253M $2.253M
YoY Change 110.96%
Total Long-Term Assets $313.5M $313.5M $176.0M
YoY Change 911.38% 78.12% 0.02%
TOTAL ASSETS
Total Short-Term Assets $116.9M $116.9M $271.7K
Total Long-Term Assets $313.5M $313.5M $176.0M
Total Assets $430.4M $430.4M $176.3M
YoY Change 195.24% 144.16% -0.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.61M $30.61M $2.971M
YoY Change -7.63% 930.26% 901.34%
Accrued Expenses $5.475M $79.77M $1.308M
YoY Change -9.28% 5999.86% 750.1%
Deferred Revenue $167.7M
YoY Change -5.14%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $278.1M $278.1M $4.279M
YoY Change 21.07% 6399.63% 849.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $227.2M $227.2M $22.38M
YoY Change 2942.84% 915.18% -1.7%
Total Long-Term Liabilities $227.2M $227.2M $22.38M
YoY Change 2942.84% 915.18% -1.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $278.1M $278.1M $4.279M
Total Long-Term Liabilities $227.2M $227.2M $22.38M
Total Liabilities $505.4M $418.6M $26.66M
YoY Change 100.4% 1470.09% 14.82%
SHAREHOLDERS EQUITY
Retained Earnings -$233.9M
YoY Change 10.78%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.73M $11.73M $149.6M
YoY Change
Total Liabilities & Shareholders Equity $430.4M $430.4M $176.3M
YoY Change 195.24% 144.16% -0.81%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income -$6.583M -$24.06M -$4.878M
YoY Change 441.14% 393.14% 64.89%
Depreciation, Depletion And Amortization $1.881M $5.436M $4.275M
YoY Change 27.16% -7.71%
Cash From Operating Activities $2.590M -$45.69M -$1.129M
YoY Change -1013.61% 3945.6% 110.07%
INVESTING ACTIVITIES
Capital Expenditures $4.405M $8.850M $2.964M
YoY Change 198.58% 83.19%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.405M -$14.27M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.00K 58.95M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 2.590M -45.69M -1.129M
Cash From Investing Activities -4.405M -14.27M 0.000
Cash From Financing Activities 12.00K 58.95M 0.000
Net Change In Cash -1.803M -1.014M -1.129M
YoY Change 536.0% -10.21% -190.91%
FREE CASH FLOW
Cash From Operating Activities $2.590M -$45.69M -$1.129M
Capital Expenditures $4.405M $8.850M $2.964M
Free Cash Flow -$1.815M -$54.54M -$4.093M
YoY Change 1232.38% 89.89%

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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">(1) Nature of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Inspirato Incorporated and its subsidiaries (the “Company”) is a subscription-based luxury travel company that provides unique solutions for (i) affluent travelers seeking superior service and certainty across a wide variety of accommodations and experiences and (ii) hospitality suppliers who want to solve pain points that include monetizing excess inventory and efficiently outsourcing the hassle involved in managing rental properties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Inspirato Incorporated was incorporated in Delaware on July 31, 2020 as Thayer Venture Acquisitions Corporation (“Thayer”); a special purpose acquisition company (“SPAC”) for the purpose of effecting a merger with one or more operating businesses. On February 11, 2022 (the “Closing Date”), Thayer and Inspirato LLC consummated the transaction contemplated in the Business Combination Agreement dated June 30, 2021 and as amended September 15, 2021 (the “Business Combination Agreement”) whereby amongst other transactions, a subsidiary of Thayer merged within and into Inspirato LLC with Inspirato LLC as the surviving company, resulting in Inspirato LLC becoming a subsidiary of Thayer. Thayer changed its name to “Inspirato Incorporated” upon closing of the Business Combination (the “Closing”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Business Combination was accounted for as a reverse recapitalization whereby Inspirato LLC acquired Thayer for accounting purposes. As such, the consolidated financial statements presented herein represent the operating results, assets and liabilities of Inspirato LLC before and after the Business Combination. See Note 3 – Reverse Recapitalization.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022, the Company’s only subsidiary is Inspirato LLC and Inspirato LLC had 28 subsidiaries, of which 16 are wholly owned domestic limited liability companies and one was a branch. The remaining 12 and the branch, which are owned through direct domestic subsidiaries, are as follows: (i) a wholly owned Mexican company with a foreign designation equivalent to a limited liability company (S.R.L.); (ii) a wholly owned Turks and Caicos Islands limited company; (iii) a wholly owned Cayman Islands exempted company; (iv) a wholly owned Costa Rican limited liability company; (v) a wholly owned Italian S.R.L.; (vi) a wholly owned Canadian unlimited liability company; (vii) a wholly owned Dominican Republic branch of a wholly owned domestic liability company; (viii) a wholly owned U.S. Virgin Islands limited liability company; (ix) a wholly owned Puerto Rican limited liability company; (x) a wholly owned Grenadian limited liability company; (xi) a wholly owned British Virgin Islands designated company; (xii) a wholly owned Anguillan non-public company; and (xiii) a second wholly owned Mexican company with a foreign designation equivalent to a limited liability company (S.R.L). These entities typically lease local properties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Since early 2020, the COVID-19 pandemic has severely restricted the level of economic activity around the world and is continuing to have an effect on the global hospitality and travel industries. The global spread of COVID-19 has been and continues to be a complex and evolving situation. The COVID-19 pandemic had a materially adverse impact on the Company’s results of operations and financial condition during years ended December 31, 2020 and 2021. Revenues declined as a result of reduced travel and management undertook cost reduction methods in response. No impairments were recorded during the periods presented directly related to the COVID-19 pandemic. While COVID-19 continues to impact the world, through December 31, 2022 as restrictions were lifted across travel destinations, revenues recovered to pre-pandemic levels. Management cannot estimate the length or impacts of the COVID-19 outbreak on the Company’s future operations, financial position and cash flows, particularly if there are significant impacts that occur in the future.</p>
CY2022Q4 ispo Number Of Subsidiaries
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28
CY2022Q4 ispo Number Of Wholly Owned Domestic Limited Liability Company Subsidiaries
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16
CY2022Q4 ispo Number Of Wholly Owned Non Domestic Company Subsidiaries
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12
CY2020 us-gaap Asset Impairment Charges
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CY2021 us-gaap Asset Impairment Charges
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CY2022 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">(c) Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Changes in facts and circumstances or discovery of new information may result in revised estimates, and actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The consolidated financial statements include amounts that are based on management’s best estimates and judgments. The most significant estimates relate to valuation and estimated economic lives of capitalized software and long-lived assets, contingencies, allowance accounts, expected length of certain subscription types, and fair value measurements related to stock-based compensation.</p>
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CY2021 us-gaap Tangible Asset Impairment Charges
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CY2022 us-gaap Tangible Asset Impairment Charges
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CY2022 us-gaap Goodwill Impairment Loss
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CY2022Q4 ispo Prepaid Subscriber Travel
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15664000
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19169000
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 ispo Percentage Of Expects To Benefit
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105513000
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17523000
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17788000
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20128000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
53507000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
62772000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
82901000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
2062000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
3797000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1555000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
87822000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
62361000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
49777000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
41455000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
27901000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
64274000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
333590000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
51132000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
282458000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
74299000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
208159000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
69329000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
58744000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
37850000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
28203000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
20345000
CY2021Q4 ispo Operating Leases Future Minimum Payments Due After Year Four
OperatingLeasesFutureMinimumPaymentsDueAfterYearFour
25716000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
240187000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0513
CY2022 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
8421190
CY2022 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.90
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06
CY2022 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
1
CY2022 ispo Defintedcontributionplanmaximumannualamountemployercontributesperemployee
Defintedcontributionplanmaximumannualamountemployercontributesperemployee
1500
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
900000
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1300000
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
8695000
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
290000000
CY2021Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
400000
CY2022Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
700000

Files In Submission

Name View Source Status
ispo-20221231_cal.xml Edgar Link unprocessable
ispo-20221231_lab.xml Edgar Link unprocessable
0001558370-23-003885-index-headers.html Edgar Link pending
0001558370-23-003885-index.html Edgar Link pending
0001558370-23-003885.txt Edgar Link pending
0001558370-23-003885-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
ispo-20221231.xsd Edgar Link pending
ispo-20221231x10k.htm Edgar Link pending
ispo-20221231x10k006.jpg Edgar Link pending
ispo-20221231xex21d1.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
ispo-20221231x10k_htm.xml Edgar Link completed
ispo-20221231xex23d1.htm Edgar Link pending
ispo-20221231xex31d1.htm Edgar Link pending
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