Inspirato Incorporated

Thank you for standing by and welcome to the Inspirato first quarter 2022 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1 on your telephone. As a reminder, today's program may be recorded. And now I'd like to introduce your host for today's program, Kyle Stork, Investor Relations. Please go ahead.

Thank you and good morning. On today's call, we have co-founder and CEO Brent Handler and CFO Webb Naber. Yesterday afternoon, we issued a press release announcing our first quarter results, which is available on the investor relations page of our website at investor.inspirato.com. We've also filed our Form 10-Q. On today's call, we will reference both forward-looking statements and non-U.S. GAAP financial measures. The appropriate disclosures and reconciliations can be found in our press release. With that, I'll turn the call over to our CEO, Brent Handler.

Thank you, Kyle, and good morning, everyone. Before reviewing our first quarter results, I'd like to begin the call with a sincere thank you to our more than 800 Inspirato team members whose hard work, dedication, and commitment to delivering best-in-class experiences to our subscribers has are the true engine that drives the company. In terms of the first quarter, we continue to benefit from our unique subscription-based platform for luxury travel and robust travel demand in general, as we generated approximately $82 million in total revenue, a 67% increase year over year. Our subscription revenue of $32 million for the quarter was the result of growing our active subscriptions to nearly 15,300, an 18 percent increase from the first quarter of last year. Further, our Inspirato Pass subscriptions increased more than 80 percent between periods to approximately 3,300. From a travel standpoint, we generated 50 million of revenue in the first quarter compared to 28 million in the first quarter of 2021. This increase of nearly 80 percent is primarily driven by two factors. First, the easing of pandemic-related travel restrictions and pent-up travel demand are clearly driving a sustained increase in usage for our subscribers. Second is our ability to proactively manage average daily rates through our portfolio. We're able to not only capitalize on periods of high demand, but maximize occupancy and revenue in our off-season locations through our innovative and proprietary technology. In terms of supply to meet the growing demand, we successfully increased our total controlled accommodations to a record 653 as of March 31. This not only represents an increase of more than 60% from a year ago, but remarkably, more than 20% since year end 2021. On our last call, I highlighted our new Inspirato real estate platform, as well as our growing team and infrastructure aimed at large-scale strategic acquisitions. It's clear these initiatives have been extremely successful early on, as the increase of 115 controlled accommodations in the first quarter represent more than 80 percent of what we accomplished all of 2021. Our accomplishments in the first quarter have us firmly on track to meet all of our 2022 goals and objectives. While the team is extremely focused on executing our plan, we also have several opportunities ahead of us. Earlier this quarter, we announced the tremendous success of our Inspirato-only luxury cruise program, including record-breaking bookings resulting in more than $3 million of reservations in the first 24 hours. We've also alluded to early success of adjacent subscription offerings, such as a corporate incentive travel platform. We believe that continuing to successfully innovate around our past platform, specifically as it relates to the shareability of travel with employees, could lead to significant upside to our near and long-term revenue growth. With that, I'll turn the call over to Webb to discuss our results in more detail.