Inspirato Inc (ISPO) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Inspirato's second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加 Inspirato 2025 年第二季財報電話會議。 （操作說明）提醒您，本次會議正在錄音。

And now I'd like to introduce your host for today's program, Bita Milanian, Senior Vice President of Marketing at Inspirato. Please go ahead. Bita, you may proceed. Bita, are you online, cannot hear you at this moment.

現在我來介紹我們今天的節目主持人，Inspirato公司行銷資深副總裁比塔·米拉尼安。請開始吧。比塔，你可以開始了。比塔，你在線嗎？我現在聽不到你的聲音。

Operator, can you hear me?

接線員，你聽得到我說話嗎？

Yes.

是的。

Okay. Wonderful. Not sure what happened there. Thank you, and good morning. Welcome to Inspirato's second quarter 2025 earnings conference call. Joining us for today's presentation are Inspirato's Chairman and CEO, Payam Zamani; and CFO, Michael Arthur.

好的。太好了。不太清楚剛才發生了什麼事。謝謝，早安。歡迎參加 Inspirato 2025 年第二季財報電話會議。今天出席會議的有 Inspirato 董事長兼執行長 Payam Zamani 和財務長 Michael Arthur。

At this time, all participants are in listen-only mode. Following management's remarks, we will open the call for questions. Before we begin, please note that today's call is being webcast live, and we will also be archived on the Investor Relations section of our website at Inspirato.com.

目前所有與會者均處於僅收聽模式。管理層發言結束後，我們將開放問答環節。請注意，本次電話會議將進行網路直播，同時也會在公司網站 Inspirato.com 的投資者關係頁面進行存檔。

You can also find our earnings press release and the supplemental materials currently available there for your reference. As a reminder, some of today's comments are forward-looking statements. These statements are based on assumptions and actual results could differ materially. For a discussion of these risks and uncertainties, please refer to our filings with the SEC, including our most recent annual report on Form 10-K and our subsequent Form 10-Q.

您也可以在此處找到我們目前的獲利新聞稿和補充資料，供您參考。請注意，今天發布的部分內容屬於前瞻性陳述。這些陳述是基於假設，實際結果可能與假設有重大差異。有關這些風險和不確定性的討論，請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表格年度報告和後續的 10-Q 表格季度報告。

In addition, during the call, management will discuss non-GAAP measures, which are useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. Reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings release.

此外，在電話會議中，管理階層將討論非GAAP指標，這些指標有助於評估公司的營運表現。這些指標不應被孤立地看待，也不應被視為取代我們根據GAAP編制的財務表現。這些指標與最直接可比較的GAAP指標的調節表已包含在我們的獲利報告中。

With that, I'd like to turn the call over to Inspirato's Chairman and CEO, Payam Zamani. Payam, please proceed.

接下來，我將把電話交給Inspirato的董事長兼執行長帕亞姆·札馬尼先生。帕亞姆，請開始吧。

Thank you, and good morning, everyone. Yesterday afternoon, we issued a press release announcing our financial and operational results for the second quarter. I encourage our listeners to review the press release, which has been posted to our Investor Relations website as it contains information relevant to today's call. Before we dive into the quarter and our financial performance, I want to take a moment to step back and look at the bigger picture.

謝謝大家，早安。昨天下午，我們發布了新聞稿，公佈了第二季度的財務和營運業績。我建議各位聽眾查閱這份新聞稿，它已發佈在我們的投資者關係網站上，其中包含與今天電話會議相關的資訊。在深入探討本季業績和財務表現之前，我想先花點時間回顧一下整體情況。

As our long-time customers and investors know, Inspirato has always been about reimagining luxury travel, giving our members seamless access to curate a portfolio of high-end homes, 5-star hotel partners and one-of-a-kind experiences around the world. From personalized trip planning to elevated service, our goal is simple, to make luxury travel effortless, memorable and repeatable.

正如我們的長期客戶和投資者所知，Inspirato始終致力於重新定義奢華旅行，為會員提供便捷的管道，讓他們能夠精心挑選遍布全球的高端住宅、五星級酒店合作夥伴以及獨一無二的體驗。從個人化的旅行規劃到卓越的服務，我們的目標很簡單：讓奢華旅行輕鬆、難忘且值得回味。

That mission hasn't changed, but how we achieve it and how far we can scale it is evolving. Today, Inspirato provides over 11,000 members access approximately 325 luxury homes and over 200 premium hotel partnerships across more than 170 destinations.

我們的使命始終未變，但實現使命的方式以及規模化程度卻在不斷發展。如今，Inspirato 為超過 11,000 名會員提供遍布 170 多個目的地的約 325 套豪華住宅和 200 多家高端酒店。

And with our recent agreement to combine with Buyerlink, a leader in building and operating online marketplaces, performance marketing and demand generation, we're now positioned to amplify that reach, enhance personalization and bring our curated travel experiences to a broader audience.

隨著我們最近與線上市場建立和營運、效果行銷和需求生成領域的領導者 Buyerlink 達成合併協議，我們現在能夠擴大覆蓋範圍，增強個性化，並將我們精心策劃的旅行體驗帶給更廣泛的受眾。

In Q2, we entered into a definitive agreement to combine with Buyerlink. This transaction represents an important milestone in our strategy to expand Inspirato's platform and long-term value by integrating into Buyerlink's technology-driven ecosystem to enhance how luxury travel and other verticals are discovered, marketed and monetized.

第二季度，我們與 Buyerlink 達成最終合併協議。這項交易是我們策略中的一個重要里程碑，旨在透過融入 Buyerlink 的技術驅動型生態系統，拓展 Inspirato 的平台並提升其長期價值，從而改善高端旅遊及其他垂直領域的發現、行銷和盈利方式。

For background, Buyerlink is a technology- first business with proven capabilities in building online marketplaces across industries such as automotive and home services. By combining forces, we will harness that technology to enhance discovery, personalization and monetization of luxury travel, unlocking new ways to reach untapped markets.

作為背景介紹，Buyerlink是一家以技術為先導的企業，在建立汽車、家居服務等行業的線上市場方面擁有成熟的經驗。透過雙方的強強聯合，我們將利用這些技術來提升高端旅遊的發現、個人化和獲利能力，從而開拓全新的市場。

This will also enable us to accelerate our efforts in enhancing the current member experience through improved trip personalization and a broader, more distinctive portfolio of upscale homes, hotels and experiences.

這將使我們能夠加快提升現有會員體驗的步伐，透過改善旅行個人化服務，以及提供更廣泛、更具特色的高端住宅、飯店和體驗組合。

The combination will result in the formation of One Planet platforms, a new entity that will operate a diversified platform for online marketplaces. From a business perspective, the combination immediately expands our verticals beyond luxury travel with additional potential in future categories where Buyerlink platform can be applied. This will significantly enhance our vectors for growth and revenue diversification. We expect the deal to close in the third quarter, and we are working closely with the Buyerlink team to ensure smooth integration.

此次合併將催生 One Planet Platforms，這是一個經營多元化線上市場平台的新實體。從商業角度來看，此次合併將立即擴大我們的業務範圍，使其不再局限於高端旅遊領域，並為我們未來拓展 Buyerlink 平台可應用的其他品類提供了更多潛力。這將顯著增強我們的成長動力和收入多元化。我們預計交易將於第三季完成，目前正與 Buyerlink 團隊緊密合作，確保順利整合。

From day one, we anticipate the combination to be financially accretive with Buyerlink bringing robust margins, meaningful cash flow and a proven playbook for scaling efficiently. The combination with Buyerlink also brings meaningful scale and strategic opportunity to Inspirato. In 2024, Buyerlink generated approximately $124 million in revenue and over $26 million in EBITDA with profitability metrics that are best-in-class across the industry. This performance is driven by disciplined operations and the differentiated advantage in marketing and technology capabilities, we intend to leverage across the broader Inspirato platform.

從一開始，我們就預期此次合併將為Inspirato帶來財務成長。 Buyerlink擁有穩健的利潤率、可觀的現金流以及一套行之有效的規模化擴張模式。同時，Buyerlink的合併也將為Inspirato帶來顯著的規模優勢和策略機會。 2024年，Buyerlink的營收約為1.24億美元，EBITDA超過2,600萬美元，其獲利能力指標在業界處於領先地位。這項業績得益於其嚴謹的營運以及在行銷和技術能力方面的差異化優勢，而這些優勢也將在更廣泛的Inspirato平台上得到充分利用。

The transaction increases our combined revenue to over $350 million and positions us to deliver approximately $30 million in adjusted EBITDA on a pro forma basis for 2025. With this scale, we can better optimize shared resources and overhead while also unlocking greater access to capital markets through an expanded market capitalization and stronger financial profile with enhanced access to capital, coupled with operational discipline, we're well positioned to make targeted investments that will drive sustained profitable growth for the Inspirato brand. In the meantime, we remain focused on execution across 4 key strategic pillars at Inspirato.

此次交易使我們的合併收入增加超過3.5億美元，並使我們能夠在2025年實現約3000萬美元的調整後EBITDA（按備考基準計算）。憑藉這一規模，我們可以更好地優化共享資源和營運成本，同時透過擴大市值和增強財務狀況，獲得更充足的資本市場融資管道。加之營運紀律，我們完全有能力進行有針對性的投資，從而推動Inspirato品牌的持續獲利成長。同時，我們將繼續專注於Inspirato四大關鍵策略支柱的執行。

As a reminder, these are operational efficiency, brand elevation, member experience and digital platform. First, we focused on driving operational efficiency. In Q2, we achieved a 96% or $8.8 million year-over-year improvement in adjusted EBITDA, demonstrating the tangible impact of our cost optimization initiatives even against a more difficult macro environment. The changes we've made are not just short-term wins. They are about building a stronger business model for Inspirato. We're building a more agile, efficient company with a clear path towards sustainable profitability.

再次提醒，這些面向包括營運效率、品牌提升、會員體驗和數位化平台。首先，我們專注於提升營運效率。第二季度，我們調整後的 EBITDA 年成長 96%，即 880 萬美元，這充分證明了即使在宏觀環境更加嚴峻的情況下，我們的成本優化措施也取得了顯著成效。我們所做的改變並非僅僅著眼於短期效益，而是為了建立一個更強大的 Inspirato 商業模式。我們正在打造一家更敏捷高效的公司，並為其實現永續獲利制定清晰的路徑。

Once combined with Buyerlink, we expect even greater margin expansion and operational synergies across the platform. We've been reviewing every detail of Inspirato and we'll do the same with Buyerlink. Operational excellence remains a core competency we're building into the DNA of the company. Second, brand elevation.

與 Buyerlink 合併後，我們預期平台利潤率將進一步提升，營運綜效也將更加顯著。我們一直在仔細審查 Inspirato 的每一個細節，對 Buyerlink 也將如此。卓越營運仍是我們致力於融入公司 DNA 的核心競爭力。其次，提升品牌形象。

As we look to the future, 1 of our key priorities is to further strengthen the Inspirato brand and enhance its appeal among discerning travelers. We believe a more vibrant visible and aspirational brand will not only reinforce member loyalty, but also expand our reach to new audiences.

展望未來，我們的首要任務之一是進一步強化 Inspirato 品牌，提升其對眼光獨到的旅客的吸引力。我們相信，一個更具活力、更引人注目、更令人嚮往的品牌不僅能增強會員忠誠度，還能幫助我們拓展新的受眾。

One example of our progress is the reimagination of the Inspirato magazine, one of our more powerful touch points with both members and prospective members. Relaunching in Q3, the new addition will debut a refreshed editorial vision, refined design and curated partnerships with iconic brands that embody the luxury lifestyle we represent.

我們進展的一個例子是《Inspirato》雜誌的重新設計，它是我們與現有會員和潛在會員溝通的重要管道之一。該雜誌將於第三季重新推出，全新版本將以煥然一新的編輯理念、精緻的設計以及與眾多標誌性品牌的精心合作為特色，這些品牌完美詮釋了我們所代表的奢華生活方式。

More than a publication, it will serve as a signature brand experience designed to capture the sophistication and exclusivity that is -- Inspirato. We also began to scale our digital and social media presence in a more intentional way. While early, we are already seeing encouraging signs of increased engagement and awareness especially among high-value audiences who are discovering or reconnecting with the brand.

它不僅僅是一份刊物，更將成為一種標誌性的品牌體驗，旨在展現 Inspirato 品牌獨有的精緻與尊貴。我們也開始更有針對性地拓展數位和社群媒體影響力。雖然目前還處於初期階段，但我們已經看到令人鼓舞的跡象，尤其是在那些正在發現或重新關注我們品牌的高價值受眾群體中，參與度和品牌知名度都在顯著提升。

On the property side, we continue to refine and elevate our luxury portfolio by adding highly curated homes in the world's most desirable destinations while also phasing out properties that no longer align with our brand standards. In Q2, we introduced new residences in the Mexican Riviera and along the coast of Spain. Destinations that enhance our offering and generate excitement among current and prospective members.

在房產方面，我們不斷優化和提升我們的豪華房產組合，在全球最令人嚮往的目的地新增精心挑選的住宅，同時逐步淘汰不再符合我們品牌標準的房產。第二季度，我們在墨西哥裡維埃拉和西班牙沿海地區推出了新的住宅項目。這些目的地豐富了我們的產品，並激發了現有會員和潛在會員的興趣。

As we look ahead, the combination of Inspirato's brand equity and Buyerlink's digital capabilities create a powerful foundation for growth. With additional scale and resources, we're well positioned to accelerate investments in brand storytelling, premium supply and strategic partnerships, building long-term value and deepening the halo around the Inspirato experience.

展望未來，Inspirato 的品牌價值與 Buyerlink 的數位化能力相結合，將為成長奠定堅實的基礎。憑藉更大的規模和更豐富的資源，我們能夠更好地加速對品牌故事、優質貨源和策略合作的投資，從而創造長期價值，並深化 Inspirato 的品牌光環。

Third, we continue to enhance the member experience. Every decision we make starts with our members, how we surprise and delight, how we earn loyalty and how we become indispensable to the most important moments. We remain focused on elevating our service and experiences to be more consistent, curated and unique, all through the lens of delivering truly one of the kind luxury travel. In Q2, we advanced initiatives to improve consistency and service quality with particular emphasis on enhancing the local concierge experience and embedding higher service standards into our daily operations.

第三，我們持續提升會員體驗。我們所做的每一個決定都以會員為中心，思考如何為會員帶來驚喜和愉悅，如何贏得會員忠誠，以及如何成為他們人生重要時刻不可或缺的伙伴。我們始終致力於提升服務和體驗，使其更加一致、精心策劃且獨具特色，力求打造真正獨一無二的奢華旅行體驗。第二季度，我們推動了多項舉措，旨在提升服務的一致性和質量，特別注重增強本地禮賓服務體驗，並將更高的服務標準融入日常營運。

In July, we launched our new loyalty program centered around access and premium experience for our members. We expect this newly designed program to continue to grow and provide ever more value as we form new partnerships with adjacent brands in the luxury travel industry.

今年7月，我們推出了全新的會員忠誠計劃，旨在為會員提供專屬的尊享服務和高端體驗。我們期待隨著與高端旅遊業其他品牌建立新的合作關係，這項全新設計的計劃能夠持續發展壯大，並為會員帶來更多價值。

We're also upgrading the past member experience with a new product launching later this month, designed to simplify travel planning so members spend less time searching and more time traveling. We've expanded availability across our resident portfolio and streamline trip options, making it easier for members to find and book the experiences they want.

我們還將升級以往的會員體驗，將於本月稍後推出一款新產品，旨在簡化旅行計劃，讓會員減少搜尋時間，把更多時間用於旅行。我們擴大了旗下所有住宿項目的選擇範圍，並優化了旅遊選項，讓會員更輕鬆地找到並預訂心儀的體驗。

Each of these initiatives keeps the member experience and profitable growth at the forefront. And finally, our digital platform. We're building a robust technology and digital marketing platform that will unlock massive new potential for Inspirato.

這些措施都以提升會員體驗和實現獲利成長為首要目標。最後，我們也要介紹我們的數位化平台。我們正在建立一個強大的技術和數位行銷平台，這將為 Inspirato 釋放巨大的新潛力。

We started in Q2 with foundational tech investments and have taken a major step forward with anticipated Buyerlink combination. As we integrate with them, we'll begin to roll out what will ultimately become a world-class platform, one that allows us to reach, target and convert high- value travelers at scale previously impossible for us to reach.

我們在第二季度進行了基礎技術投資，並隨著預期中的 Buyerlink 合併，向前邁出了重要一步。隨著整合的進行，我們將開始推出一個最終將成為世界級的平台，該平台使我們能夠大規模地觸達、定位並轉化高價值旅行者，而這在以前是無法實現的。

By combining the strength of our luxury brand with Buyerlink's data-driven digital platform, we're not just going to market more efficiently. We're going to expand our total addressable market. This is a meaningful growth catalyst and profitability accelerator that positions us to scale with precision and sustainability for years to come.

透過將我們自身的奢侈品牌優勢與 Buyerlink 的數據驅動型數位平台結合，我們不僅能夠更有效率地進行行銷，還能擴大我們的目標市場。這將成為重要的成長催化劑和獲利加速器，使我們能夠在未來幾年內精準且可持續地實現規模化發展。

In summary, we have made a transformational step forward, we have the right team and operations in place to reach new heights. I want to thank our team for their relentless focus and our members for the trust and loyalty.

總而言之，我們已經邁出了變革性的一步，我們擁有合適的團隊和營運體系，能夠攀登新的高峰。我要感謝我們團隊的不懈努力，以及我們會員的信任和忠誠。

I believe they're on the start of something extraordinary, and I can't wait to share more progress with you in the quarters ahead. With that, I'll turn it over to Michael to discuss our financial performance and outlook for the remainder of the year. Michael?

我相信他們正處於一個非凡的開端，我迫不及待地想在接下來的幾季與大家分享更多進展。接下來，我將把發言權交給邁克爾，讓他來談談我們今年的財務表現和展望。麥可？

Thank you, Payam, and good morning, everyone. As Payam outlined in Q2, we continue to make operational improvements to create a more efficient business. We're now positioned to scale and reach new heights with Buyerlink. Then turning to our Q2 results. The quarter was highlighted by negative adjusted EBITDA of $300,000, a meaningful turnaround from negative $9.2 million in Q2 2024. We also achieved positive trailing 12-month adjusted EBITDA of $3.9 million, reflecting the sustained impact of the cost efficiency measures implemented over the past year.

謝謝Payam，大家早安。正如Payam在第二季報告中所述，我們持續改善運營，以提升業務效率。現在，我們已做好準備，借助Buyerlink實現規模​​化發展，邁向新的高峰。接下來，我們來看看第二季的業績。本季最引人注目的是調整後EBITDA為負30萬美元，與2024年第二季的負920萬美元相比，實現了顯著的扭轉。此外，我們過去12個月的調整後EBITDA為正390萬美元，這反映了過去一年實施的成本效率措施的持續成效。

Total revenue for the quarter was approximately $63.1 million while revenue declined 6% year-over-year. This was primarily due to the planned decline in Pass subscriptions. Excluding the impacts from Pass, revenues were up 1% year-over-year. Subscription revenue was $19.4 million, down 23%, as expected due to our strategic decision to scale back the previous version of Pass earlier this year.

本季總營收約6,310萬美元，較去年同期下降6%。這主要是由於計劃中的Pass訂閱用戶減少所致。剔除Pass的影響，總營收年增1%。訂閱營收為1,940萬美元，年減23%，符合預期，因為我們今年稍早做出了縮減Pass舊版的策略決策。

With a new version of Inspirato Pass launching this month, we're positioning the subscription business for future growth through a simplified, more flexible offering. Importantly, club and legacy revenue remained flat year-over-year for the first time in several years, reflecting our success in attracting higher value members who are more engaged in driving greater yield per member.

隨著新版 Inspirato Pass 於本月上線，我們正透過簡化流程、提升靈活性的方式，為訂閱業務的未來成長做好準備。值得一提的是，俱樂部和傳統會員的收入多年來首次實現了同比持平，這反映出我們在吸引高價值會員方面取得了成功，這些會員更積極地參與，從而提高了每位會員的收益。

At the end of Q2, we had roughly 11,000 active memberships, including 9,900 active club members and 1,200 Active Pass members, consistent with the strategic shift we outlined last year. While Pass remains an important part of our offering, we intentionally shifted our emphasis towards club growth and overall profitability with Pass now representing approximately 10% of our total membership base. In the coming quarters, we'll continue to lap periods of higher Pass volume from prior years in establishing a more stable, sustainable baseline aligned with relaunch of our new Pass product.

第二季末，我們擁有約11,000名活躍會員，其中包括9,900名活躍俱樂部會員和1,200名活躍通行證會員，這與我們去年制定的策略轉型相符。雖然通行證仍然是我們產品的重要組成部分，但我們有意將重點轉向俱樂部發展和整體獲利能力，目前通行證會員約占我們總會員數的10%。在接下來的幾個季度中，我們將繼續逐步減少往年通行證會員數量較多的時期，以建立一個更穩定、可持續的基準，並配合我們新通行證產品的重新推出。

We're excited about the upcoming relaunch of Pass which we believe will drive incremental revenue to better align the product with our evolved brand and business strategy. Travel revenue was up roughly 1% to $39.4 million, driven by experiential travel business, up 47% year-over-year.

我們對即將推出的Pass重新上線感到非常興奮，相信這將帶來額外的收入，並使產品更好地契合我們不斷發展的品牌和業務策略。旅遊收入成長約1%，達到3,940萬美元，主要得益於體驗式旅遊業務的強勁成長，該業務較去年同期成長47%。

This was achieved both as a result of growth in our bespoke services and timing of some of our experiences versus this time last year. Year-to-date, experience for travel is up over double digits, an area we see continued opportunity. In our controlled accommodations, we delivered occupancy level of 59%, down from 71% in Q2 2024.

這得益於我們客製化服務的成長以及部分體驗活動的推出時機與去年同期相比有所調整。今年迄今為止，旅行體驗業務成長超過兩位數，我們認為該領域仍存在持續成長潛力。在我們控制的住宿方面，入住率為 59%，低於 2024 年第二季的 71%。

This is while increasing ADR by 24% in the quarter, supporting the gross margin and profitability goals we set for the year. And on the cost side, we saw continued benefits from our optimization efforts. Cost of revenue declined by $5.5 million or 11% year-over- year, largely due to our ongoing portfolio optimization efforts. Operating expenses were also marginally lower, down approximately $9 million, benefiting from reduced overhead and continued focus on streamlining operations across the organization.

同時，本季平均房價上漲了24%，實現了我們設定的年度毛利率和獲利目標。成本方面，我們持續受益於最佳化措施。營收成本年減550萬美元，降幅達11%，主要得益於我們持續推進的投資組合優化。營運費用也略有下降，減少了約900萬美元，這得益於管理費用的降低以及我們持續專注於精簡整個組織的營運流程。

Free cash flow in Q2 was approximately breakeven at roughly $200,000, reflecting the continued benefit of the cost reductions and operational efficiencies we've implemented. Year-to-date, free cash flow remains negative at $7.3 million, an improvement from the prior year.

第二季自由現金流約20萬美元，基本上達到損益平衡，這反映了我們實施的成本削減和營運效率提升措施的持續效益。年初至今，自由現金流仍為負730萬美元，較上年同期改善。

We're encouraged by the trajectory and continue to prioritize cash and liquidity as we work towards achieving consistent positive free cash flow, a critical milestone that will give us the flexibility and reinvest in key areas that drive long-term growth. Moving to our outlook.

我們對目前的進展勢頭感到鼓舞，並將繼續優先考慮現金流和流動性，並努力實現持續的正自由現金流。這是一個至關重要的里程碑，它將賦予我們靈活性，使我們能夠對推動長期成長的關鍵領域進行再投資。接下來談談我們的展望。

We remain pleased with our progress Inspirato has made year-to-date and continue to track towards the previously commuted full year 2025 targets, which include adjusted EBITDA between breakeven of $5 million, total revenue between $235 million and $255 million and cash operating expenses between $80 million and $90 million, a 15% year-over-year improvement.

我們對 Inspirato 今年迄今取得的進展感到滿意，並繼續朝著先前調整後的 2025 年全年目標穩步前進，其中包括調整後的 EBITDA 在盈虧平衡點 500 萬美元之間，總收入在 2.35 億美元至 2.55 億美元之間，現金營運支出在 8,000 萬美元至 900 萬美元之間，現金營運支出比 15%。

With the anticipated close of our transaction with Buyerlink, we recognize that these stand-alone Inspirato targets will become less relevant to how the business will report financial performance moving forward. As such, while we will continue to manage towards these targets at the end of the year, however, we do not plan to update stand-alone guidance going forward. In the meantime, Inspirato

隨著我們與 Buyerlink 的交易預計完成，我們意識到，這些獨立的 Inspirato 目標對於公司未來的財務表現報告將不再那麼重要。因此，儘管我們仍將在年底前繼續朝著這些目標努力，但我們不打算更新未來的獨立業績指引。同時，Inspirato

remains focused on disciplined execution while strengthening the foundation for scalable profitable growth under the new platform. Over the past year, the choices we made are showing up in our financial performance by sharpening our focus, instilling stronger discipline throughout the company and constantly refining how we deliver value to our members and become more agile and effective.

我們始終專注於嚴謹的執行，同時在新平台上夯實基礎，實現可擴展的獲利成長。過去一年，我們所做的選擇已體現在財務表現：我們更加專注於核心業務，在公司內部強化紀律，並不斷改進為會員創造價值的方式，從而變得更加敏捷和高效。

With anticipated combination of Buyerlink and Inspirato, we're focused on strengthening our business to deliver an even more exceptional experience to our customers. Together, we look forward to scaling profitably and achieving sustainable growth.

隨著 Buyerlink 和 Inspirato 的預期合併，我們將致力於強化業務，為客戶提供更卓越的體驗。我們期待攜手實現獲利成長和永續發展。

And with that, I'll turn it back to the operator for Q&A.

接下來，我將把問題交還給接線員進行問答。

(Operator Instructions)

（操作說明）

Mike Grondahl from Northland Capital.

來自 Northland Capital 的 Mike Grondahl。

Hey guys, Could you walk through the pro forma balance sheet, cash levels, debt levels and kind of address how you're thinking about Capital One and the Buyerlink debt? And then maybe kind of CapEx kind of thought -- how you're going to expand through CapEx sort of the next 6 to 18 months?

各位，能否詳細解讀預測資產負債表、現金水平、債務水平，並談談你們對 Capital One 和 Buyerlink 債務的看法？另外，能否談談資本支出方面的想法——你們未來 6 到 18 個月將如何透過資本支出進行擴張？

Hey Mike, this is Michael. Thanks for the question. We are -- as we're going through this process, we obviously acknowledge that Buyerlink and Inspirato both have senior secured notes. And as part of the agreement, we do anticipate refinancing some of the secured note and recapitalize the whole business on a go-forward basis. We're in the process of doing that now. And once we have a more definitive plan on kind of the refinancing and recapitalization, we'll certainly update you in the market.

嗨，麥克，我是麥可。感謝你的提問。我們目前正在進行相關流程，我們清楚知道Buyerlink和Inspirato都持有優先擔保票據。作為協議的一部分，我們計劃對部分擔保票據進行再融資，並在未來逐步為整個公司注入新的資本。我們目前正在進行這項工作。一旦我們制定出更明確的再融資和資本重組計劃，我們一定會及時向市場通報最新進展。

Got it. So I guess, specifically the Capital One debt, are they supportive? Or do you think you'll have that refinanced by the close? And then I think the Buyerlink debt is with Citi. And I think if I read right, like $8 million is due later this year, just kind of thinking is that pre or post-merger?

明白了。所以，具體來說，Capital One的債務，他們會提供支援嗎？還是您認為會在交易完成前完成再融資？然後，Buyerlink的債務好像是花旗銀行的。如果我沒理解錯的話，今年稍​​後會有800萬美元到期，我想問一下，這筆錢是合併前還是合併後到期的？

Yeah, again, on the Capital One note, I mean, I'd say both senior secured lenders are positive about the transaction and supportives and we anticipate that we likely will refinance the Capital One note at the close and so you will continue on with us at some level.

是的，再說一遍，關於 Capital One 的問題，我的意思是，我認為兩家高級擔保貸款機構都對這筆交易持積極態度並表示支持，我們預計在交易完成時可能會對 Capital One 的貸款進行再融資，因此您將在某種程度上繼續與我們合作。

As I mentioned, we are anticipating and looking towards a refinancing and recapitalization of the whole business, Citi with us, but also looking at incremental capital into the business, either in the form of additional debt, equity and cash flow from the business.

正如我之前提到的，我們正在期待並著手對整個業務進行再融資和資本重組，花旗銀行將與我們合作，同時也在考慮向業務注入額外的資本，無論是額外的債務、股權還是來自業務的現金流。

Got it. And then anything on the rough CapEx requirements do you think the business will see over the next 6 to 18 months?

明白了。那麼，您認為公司在未來6到18個月內大概需要多少資本支出？

Yeah, I wouldn't anticipate any change meaningfully in the CapEx of either business. They are, in many ways, different but also I think on Inspirato side, as Payam mentioned in his prepared remarks, we'll be able to leverage their resources and marketing resources and capability and marketing technology that Inspirato certainly over the last couple of years has been less invested in, but I wouldn't expect a meaningful change in overall CapEx due to any kind of increased investment.

是的，我預期兩家公司的資本支出都不會發生實質變化。它們在很多方面都不同，而且我認為，正如Payam在事先準備好的演講稿中提到的，Inspirato方面，我們將能夠利用他們的資源、市場營銷資源、能力以及市場營銷技術——Inspirato在過去幾年裡在這方面的投入確實較少。但我預計，由於任何形式的投資增加，整體資本支出不會發生實質變化。

Got it. And then, Payam, a question for you. Buyerlink is a lead gen business. It's done things in auto extensively. How much investment or modification? And what's sort of the time line that it can begin to work for Inspirato and really drive leads for travel and leisure.

明白了。 Payam，我有個問題想問你。 Buyerlink是一家線索生成公司，在汽車行業經驗豐富。需要多少投資或改造？它大概需要多久才能開始為Inspirato帶來效益，真正為旅遊休閒產業帶來線索？

Hi Mike, thank you for the question. So I think it's important to categorize Buyerlink as a company with deep expertise in building marketplaces and performance marketing. I think lead gen is a segment of that, but it is not the whole story. The lead gen just

嗨，Mike，謝謝你的提問。我認為應該把Buyerlink定位為一家在建立市場和效果行銷方面擁有深厚專業知識的公司。我認為線索生成是其中的一部分，但並非全部。線索生成只是…

represents one way that the consumer demand through the marketplaces that Buyerlink operates, monetized. As an example, lead gen is not something that Inspirato could benefit from, but rather the marketplace that Inspirato needs to have of curated homes and hotels all over the world, way beyond what we have today. So some of that work has begun.

這代表了Buyerlink營運的市場平台將消費者需求變現的一種方式。例如，Inspirato並不需要潛在客戶開發，它真正需要的是一個匯集全球精選房源和飯店的市場平台，遠遠超出我們目前的規模。目前，這方面的工作已經開始。

We have the team at Inspirato has been working on doing some of the work that can be done in the meantime. And so as I mentioned, in my remarks, in Q2, we had a good number of people focused on starting to build that foundation. It's a foundation and its presence that will never be done building but a good chunk of that will be done by, let's say, end of Q1 of 2026. And I certainly expect that at some point in 2026, we'll start benefiting from that foundation. That is an important vector of growth that we are quite focused on.

Inspirato團隊一直在努力推進一些目前可以完成的工作。正如我在第二季提到的，我們投入了大量人力物力來打好基礎。這個基礎及其建設永無止境，但到2026年第一季末，大部分工作將會完成。我預計在2026年的某個時候，我們將開始從這個基礎中受益。這是我們重點關注的重要成長方向。

And will that require much investment?

那需要大量投資嗎？

I mean the investment in that is primarily investment in resources, it's more about prioritization. What are the kind of stuff that we will not do in order to focus on what is important. And so I wouldn't say that there is -- you're going to see increased CapEx in a meaningful way, but you will see that we'll have resources dedicated to this effort.

我的意思是，這方面的投資主要是資源投資，更重要的是優先順序。為了集中精力做重要的事情，我們會放棄一些其他的事情。所以我不會說資本支出會有顯著增加，但你會看到我們會投入資源來推進這項工作。

Got it. And then one more on Buyerlink. I think you talked about roughly $120 million, $130 million in revenue last year. $26 million of adjusted EBITDA. What do you think Buyerlink's growth profile looks like? And what are the major drivers of that business?

明白了。還有一個關於Buyerlink的問題。我記得您提到他們去年的營收大約是1.2億美元到1.3億美元，調整後的EBITDA是2600萬美元。您認為Buyerlink的成長前景如何？推動其業務發展的主要因素是什麼？

Yes. I mean I think with any marketplace or an organization, a company that operates marketplaces, the business growth as a result of adding marketplaces, new vectors, new verticals and bringing more liquidity, more demand, more partners to that marketplace. So there's more trading, more engagement takes place within that marketplace.

是的。我的意思是，我認為對於任何市場平台或組織，尤其是營運市場平台的公司而言，業務成長都來自於增加市場、拓展新領域、引進新的垂直產業，以及為市場帶來更多流動性、更多需求和更多合作夥伴。這樣一來，市場內的交易量和用戶參與度都會提高。

So that is what drives Buyerlink. In the case of Buyerlink, for example, overwhelming majority of the carmakers are partners of Buyerlink today. So the growth in a number of carmakers is not something that's going to be realistic, but access to more consumer demand is what will drive that growth.

這就是Buyerlink的發展動力。以Buyerlink為例，目前絕大多數汽車製造商都是Buyerlink的合作夥伴。因此，增加汽車製造商的數量並不現實，但獲得更多消費者需求才是推動成長的關鍵。

And adding more verticals -- adding more verticals and home services is a small vertical today for Buyerlink and that can become a much, much bigger business. Used cars, Buyerlink owns usedcars.com and that is something that can become a very large business over time.

拓展更多垂直領域－目前家事服務對 Buyerlink 來說還是個小眾領域，但未來發展潛力大。二手車業務方面，Buyerlink 旗下擁有 usedcars.com，假以時日，這也能發展成非常龐大的業務。

Many of you know Auto Trader and that's a massive business, a marketplace for cars, and that's something that Buyerlink owns. So bringing more liquidity to the existing marketplaces that it owns will be a major vector for growth and adding new verticals.

很多人都知道Auto Trader，它是一家規模龐大的汽車交易平台，也是Buyerlink旗下的公司。因此，為Buyerlink旗下的現有交易平台注入更多流動性，將是其成長及拓展新業務領域的重要途徑。

And lastly, the way that Buyerlink is built and the patented technology that it operates based on, it is an ideal magnet for consolidation in a very large industry where there are many, in a sense, small orphan companies of $5 million to $20 million in revenue that they could become an important part of a bigger story.

最後，Buyerlink 的建構方式及其所依賴的專利技術，使其成為一個龐大產業中理想的整合磁石。在這個行業中，有許多收入在 500 萬美元到 2000 萬美元之間的小型孤兒公司，它們有可能成為更大故事的重要組成部分。

And I guess, growth profile, do you see Buyerlink is like a mid-high single-digit grower with some margin expansion? Or what kind of growth profile will this have over three to five years?

那麼，關於成長前景，您認為 Buyerlink 的成長速度會是中等偏高的個位數，利潤率會有所提升嗎？或者說，它在未來三到五年內會呈現怎樣的成長態勢？

That's a good question. I don't know if I have a great answer for you at this point. But I can tell you that if you look at CAGR for the last, I think, five years, the average growth, both organic and through acquisitions has been north of 20%.

這是一個很好的問題。目前我還沒有完美的答案。但我可以告訴你，如果你看過去五年（大概是五年）的複合年增長率，你會發現平均成長率（包括內生成長和併購成長）都超過了20%。

Okay thank you.

好的，謝謝。

(Operator Instructions) and this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Payam Zamani for any further remarks.

（操作說明）今天的問答環節到此結束。現在我把節目交還給帕亞姆·札馬尼，請她再補充一些內容。

Well, thank you again, everyone, for joining us today. I'd also like to thank our employees, partners and shareholders for their continued support. This concludes our call for today. And we look forward to reporting back in three months. Operator?

好的，再次感謝各位今天參加我們的電話會議。我也要感謝我們的員工、夥伴和股東們一直以來的支持。今天的電話會議到此結束。我們期待三個月後向大家報告工作。接線生？

Thank you. And thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

謝謝大家。也感謝各位女士、先生參加今天的會議。本次會議到此結束，您可以斷開連線了。祝您今天愉快。