Texas Ventures Acquisition III Corp (TVACU) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Inspirato third quarter 2023 conference call. (Operator instructions) I would now like to hand the conference call over to your first speaker today, Kyle Sourk, Investor Relations.

美好的一天，感謝您的支持。歡迎參加 Inspirato 2023 年第三季電話會議。 （操作員指示）我現在想將電話會議交給今天的第一位發言者，投資者關係部的凱爾·蘇克（Kyle Sourk）。

Please go ahead.

請繼續。

Thank you, and good morning. On today's call we have CEO, Eric Grosse, and CFO Robert Kaiden. Yesterday afternoon, we issued our press release announcing our third quarter 2023 results, which is available on the Investor Relations page of our website at investor.inspirato.com.

謝謝你，早安。出席今天的電話會議的有執行長 Eric Grosse 和財務長羅伯特凱登 (Robert Kaiden)。昨天下午，我們發布了新聞稿，宣布 2023 年第三季業績，新聞稿可在我們網站 Investor.inspirato.com 的投資者關係頁面上查看。

Before we begin our formal remarks, we remind everyone that some of today's comments are forward-looking statements, including but not limited to our expectations of future operating results and financial position, guidance and growth prospects, business strategy and plans and market position and potential market opportunities. These statements are based on assumptions and we assume no obligation to update them. Actual results could differ materially. We refer you to our SEC filings for a more detailed discussion of additional .

在我們開始正式發言之前，我們提醒大家，今天的一些評論屬於前瞻性陳述，包括但不限於我們對未來經營業績和財務狀況的預期、指導和增長前景、業務戰略和計劃以及市場地位和潛力市場機會。這些陳述是基於假設，我們不承擔更新它們的義務。實際結果可能存在重大差異。我們建議您參閱我們向 SEC 提交的文件，以更詳細地討論其他 .

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 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，在電話會議期間，管理階層將討論非公認會計準則衡量標準，這些衡量標準有助於評估公司的營運績效。這些措施不應被孤立地考慮或取代我們根據公認會計準則編制的財務表現。這些指標與最直接可比較的 GAAP 指標的對帳已包含在我們的收益發布中。

With that, I'll turn the call over to our CEO, Eric Grosse.

接下來，我會將電話轉給我們的執行長 Eric Grosse。

Thanks, Kyle, and good morning, everyone. It's a privilege to speak with you for the first time as CEO. I have spent the past several months deeply engaging with employees, shareholders, and members about our financial and operating plans. I've been a member of Inspirato for two years, so familiar with our product successes as well as challenges.

謝謝凱爾，大家早安。很榮幸第一次以執行長的身份與您交談。在過去的幾個月裡，我與員工、股東和成員深入討論了我們的財務和營運計劃。我加入 Inspirato 已經兩年了，非常熟悉我們產品的成功和挑戰。

I spent a lot of time in the online travel space namely we have Co-Founder Popwire President but it could your worldwide. I've seen firsthand was become a market leader and household name in the travel space has developed a deep appreciation for creating exceptional and truly differentiated travel experiences. And in throttle, I see a strong customer value proposition, supported by a world-class luxury residence portfolio and a passionate team dedicated to delivering members with certainty, service and value that creates the magical travel experiences Inspirato is known for.

我花了很多時間在線上旅遊領域，也就是我們的共同創辦人 Popwire 總裁，但它可以覆蓋全球。我親眼目睹了成為市場領導者和旅遊領域家喻戶曉的品牌對創造卓越和真正差異化的旅行體驗的深刻認識。在Threat 中，我看到了強大的客戶價值主張，並得到了世界一流的豪華住宅組合和充滿激情的團隊的支持，該團隊致力於為會員提供確定性、服務和價值，從而創造Inspirato 聞名的神奇旅行體驗。

In short, we have a compelling possibility and as we move forward, our decisions will be based on continuing to deliver wonderful member experiences while also becoming operationally markets. We deliver certainty to our portfolio of world-class homes. Our amazing relative to enable family and friends to travel together in a more natural and familiar way to create lasting memories, while we also offer our members fantastic cruises, safaris in custom travel experiences. It's the Ski in Ski Out Mountain Home, Colorado, the Rustic fill of the Rolling Hills talking.

簡而言之，我們擁有令人信服的可能性，隨著我們的前進，我們的決策將基於繼續提供精彩的會員體驗，同時也成為可經營的市場。我們為我們的世界級住宅組合提供確定性。我們令人驚嘆的親戚讓家人和朋友能夠以更自然和熟悉的方式一起旅行，創造持久的回憶，同時我們也為會員提供美妙的遊輪、狩獵定制旅行體驗。這是科羅拉多州 Ski Out Mountain Home 的滑雪場，起伏的丘陵充滿鄉村氣息。

A 100 developers each with their own special touch that are Inspirato (front of true costs). Currently, we continue to innovate on our portfolio to make sure we are providing our members with the highest quality properties at the most desirable and popular destinations. While we've been trimming our portfolio in recent months when the time comes in the future to once again, grow our portfolio. My commitment is to do so thoughtfully, but member feedback, top of mind.

100 名開發人員每個人都有自己獨特的風格，即 Inspirato（在真實成本面前）。目前，我們繼續對我們的產品組合進行創新，以確保我們在最令人嚮往和最受歡迎的目的地為會員提供最優質的房產。雖然近幾個月來我們一直在削減我們的投資組合，但未來時機成熟時，我們將再次擴大我們的投資組合。我的承諾是深思熟慮地這樣做，但最重要的是會員的回饋。

On the service side, our peacher planners that are dedicated to ensuring travellers experience a remarkable vacation, while our on-site concierge staff or local experts uniquely capable of putting the finishing touches on a great fit. Well, we excel in handling expected request what big dinner reservations, best restaurants, arranging for private chef, booking five treatments and teatime. We also pride ourselves on delighting our members by delivering services that are more unique against product.

在服務方面，我們的桃子策劃師致力於確保旅客體驗非凡的假期，而我們的現場禮賓人員或當地專家則擁有獨特的能力，能夠為完美的合身進行最後的修飾。嗯，我們擅長處理預期的要求，例如大型晚餐預訂、最好的餐廳、安排私人廚師、預訂五種護理和下午茶時間。我們也為透過提供比產品更獨特的服務來取悅我們的會員而感到自豪。

Examples include stocking residence, configurator of groceries requested by members ahead of travel, as well as ensuring our on-site concierge services are available across our resident portfolio to make sure member trips are truly personalized and unique.

例如，儲備住所、配置會員在旅行前要求的雜貨，以及確保我們的住戶組合提供現場禮賓服務，以確保會員旅行真正個性化和獨特。

Beyond delivering certainty of service associated with our residences and travel experiences, we've also redoubled our efforts to provide greater value to our members. In June, we rolled out weight reductions across the board and in August, we launched our rewards program that provides up to 25% to our most frequent travellers and loyal members. These recent initiatives when combined with existing programs like Jive provide great value to our members across the Inspirato portfolio.

除了提供與我們的住宿和旅行體驗相關的確定性服務之外，我們還加倍努力為我們的會員提供更大的價值。 6 月，我們全面推出減重計劃；8 月，我們推出了獎勵計劃，為最常出行的旅客和忠實會員提供高達 25% 的獎勵。這些最近的舉措與 Jive 等現有計劃相結合，為 Inspirato 產品組合中的會員提供了巨大的價值。

Over the years, we've worked tirelessly to build a loyal group of members that absolutely love and throttle. This is demonstrated through our Net Promoter Score, which is consistently been at industry-leading levels. While it had some turnover in parts of our subscriber base, our core group remained strong as evidenced by resiliency in our nice book per subscriber. We have a strong action plan to address churn, which includes assets evaluating each of our travel offerings and subscriber cohorts with the end goal of improving what we deliver and how we deliver.

多年來，我們孜孜不倦地努力建立了一個忠誠的會員群體，他們絕對熱愛和節制。我們的淨推薦值證明了這一點，該分數始終處於行業領先水平。雖然我們的部分訂戶群出現了一些流動，但我們的核心群體仍然強大，這一點可以從我們每個訂戶的好書的彈性證明。我們有一個強而有力的行動計畫來解決客戶流失問題，其中包括評估我們每項旅行產品和訂戶群體的資產，最終目標是改善我們提供的服務和提供的方式。

While the weather tremendous change and a variety of challenges over the past few years, we've never waver in our member-centric approach, which is built on a foundation of world-class properties and Five Star services. We will continue to invest in our members and our strategic partnerships, including our recently signed agreements with Capital One through partnerships like Capital One and others that we haven't developed, we expect to increase Inspirato awareness with the luxury travel, which is an important initial step as we look ahead to grow into broader.

儘管過去幾年天氣發生巨大變化並面臨各種挑戰，但我們從未動搖以會員為中心的方針，這一方針建立在世界一流的酒店和五星級服務的基礎上。我們將繼續投資於我們的會員和我們的策略合作夥伴關係，包括我們最近透過第一資本和其他我們尚未發展的合作夥伴關係與第一資本簽署的協議，我們希望透過豪華旅行提高Inspirato 的知名度，這是一個重要的因素踏出第一步，展望未來，我們將邁向更廣闊的領域。

I'm confident we can make these investments and we build our long term revenue momentum. We must first have an intentional focus on the short term by strengthening our fundamental and improving our operating efficiency and financial position by controlling costs, improving margin, and strengthening our liquidity. These efforts are well underway and we expect to begin realizing some of the benefits in the fourth quarter.

我相信我們能夠進行這些投資，並建立我們的長期收入動力。我們必須先有意識地著眼於短期，透過控製成本、提高利潤率和增強流動性來鞏固我們的基本面並提高我們的營運效率和財務狀況。這些努力正在順利進行，我們預計將在第四季度開始實現一些效益。

During the past few quarters on these calls, we've articulated our plan to optimize our portfolio, primarily from a cost standpoint to help reach their profitability levels. I'm pleased to announce that these actions are progressing very well with a large portion of impact of leases rolling off at the end of the year. In addition, we've also further reduced our workforce earlier in the third quarter to help make us more nimble and better positioned for approved results.

在過去幾季的電話會議中，我們闡明了優化投資組合的計劃，主要從成本角度出發，以幫助他們達到獲利水準。我很高興地宣布，這些行動進展順利，租賃的大部分影響將在年底結束。此外，我們還在第三季早些時候進一步減少了員工數量，以幫助我們更靈活、更好地實現批准的結果。

From a liquidity standpoint, our strategic partnership with Capital One included a $25 million investment in its product. As a result, we have greater resources and liquidity to better serve our members both today and over the long term.

從流動性的角度來看，我們與第一資本的策略合作夥伴關係包括對其產品投資 2,500 萬美元。因此，我們擁有更多的資源和流動性，可以更好地為我們的會員提供當前和長期的服務。

In closing, our near-term plan is centred around improving our operating efficiencies and liquidity, which in turn positions us for a much stronger 2024. As we look ahead, it is important to note that we are not starting from scratch. We have our three-piece portfolio, people, and partnerships in place to act as a foundation to achieve our goals. In future calls, I look forward to more specifically updating you on our plans to rebuild our revenue momentum, starting with our core products and partnerships.

最後，我們的近期計劃以提高營運效率和流動性為中心，這反過來又使我們能夠在 2024 年實現更強勁的目標。展望未來，需要注意的是，我們並不是從頭開始。我們擁有由三部分組成的產品組合、人員和合作夥伴關係，作為實現我們目標的基礎。在未來的電話會議中，我期待更具體地向您介紹我們重建收入動能的計劃，從我們的核心產品和合作夥伴關係開始。

Before turning the call over to Robert to discuss our third quarter financial results, I'd like to personally thank our loyal members and homeowners for their support as well as pass along an aesthetic and heartfelt thank you to our employees for their continued passion, hard work and dedication to making this product a magical destination for member travellers and one type of experience they can live with now. With that, I'll turn the call over to Robert.

在將電話轉接給羅伯特討論我們第三季度的財務業績之前，我想親自感謝我們忠實的會員和房主的支持，並向我們的員工表示衷心的感謝，感謝他們持續的熱情、努力我們的努力和奉獻精神使該產品成為會員旅行者的神奇目的地以及他們現在可以享受的一種體驗。這樣，我就把電話轉給羅伯特。

Thanks Eric. In the third quarter, we generated $83 million of total revenue, which was comprised of $33 million of subscription revenue and $49 million of travel revenue. While each of these metrics decreased on an annual basis, travel revenue was up sequentially, and we're encouraged by some early signs of success related to our travel revenue.

謝謝埃里克。第三季度，我們的總收入為 8,300 萬美元，其中包括 3,300 萬美元的訂閱收入和 4,900 萬美元的旅行收入。雖然這些指標逐年下降，但旅行收入卻持續成長，與旅行收入相關的一些早期成功跡象令我們感到鼓舞。

As you recall on our year-end 2022 call in March, we highlighted travel behaviour that was negatively impacting our travel revenue and gross margin, namely the mix between paid and past nite, residents and hotel nights and then recognized in our leased hotel versus hotels with net rate agreements. We have focused on optimizing our travel mix to improve margins. Though it's early, we have begun to see signs of progress.

正如您在3 月的2022 年底電話會議上所回憶的那樣，我們強調了對我們的旅行收入和毛利率產生負面影響的旅行行為，即付費和過夜、居民和酒店住宿之間的混合，然後在我們租賃的飯店與飯店中進行確認與淨利率協議。我們專注於優化旅行組合以提高利潤率。儘管現在還為時過早，但我們已經開始看到進展的跡象。

In the third quarter, we delivered approximately 46,400 total nights and from a mixed perspective, 57% of total nights delivered were paid nights, our highest level since the second quarter of 2022. 54% of total nights delivered were in our residences, our highest level since the first quarter of 2022.

第三季度，我們交付的總過夜數約為46,400 晚，從混合的角度來看，交付的總過夜數中有57% 是付費住宿，這是我們自2022 年第二季度以來的最高水平。交付的總過夜數中有54% 是在我們的住宅中，這是我們的最高水平自 2022 年第一季以來的水平。

Finally, our resident ADR in the third quarter was approximately $1600, while resident occupancy was 73% compared to 81% in the third quarter of 2022 and up 1% from the second quarter of this year. We also believed earlier this year that average daily rate was elevated and negatively impacting the value proposition for our members. We thought they show up in our numbers, but a more than 10% decline in the number of paid bookings for residences in Q2 2023 compared to the prior year.

最後，我們第三季的居民 ADR 約為 1,600 美元，居民入住率為 73%，而 2022 年第三季為 81%，比今年第二季成長 1%。今年早些時候，我們也認為日均費率有所上升，並對我們會員的價值主張產生了負面影響。我們認為它們出現在我們的數據中，但 2023 年第二季度的住宅付費預訂數量與前一年相比下降了 10% 以上。

However, in June, we lowered our ADRs and we've seen this approach paying off as the number of nights booked in our residences in the third quarter remained consistent with the prior year, despite the decrease in the number of subscribers. As Eric mentioned, our residents have always been the flagship of our portfolio and deliver the highest economics, and we are pleased with the reengagement in paid residences booked bookings by our members in Q3.

然而，在 6 月份，我們降低了 ADR，並且我們看到這種方法得到了回報，儘管訂戶數量有所減少，但第三季度在我們的公寓預訂的夜數仍與上一年保持一致。正如艾瑞克（Eric）所提到的，我們的住戶一直是我們投資組合的旗艦，並提供最高的經濟效益，我們對第三季會員預訂的付費住宅的重新參與感到高興。

Again, it's early time for these data points are encouraging and helped contribute to an annual sequential increase in travel revenue per subscriber. Unfortunately, solid travel performance was not enough to offset year over year and quarterly decreases in subscription revenue up 14% and 7%, respectively. We ended the quarter with 14,500 active subscriptions, comprised of approximately 11,800 cloud subscription and 2700 past subscriptions.

同樣，這些數據點令人鼓舞，並有助於推動每位訂閱者的旅行收入逐年連續增長，現在還為時過早。不幸的是，穩健的旅遊業績不足以抵消訂閱收入同比和季度分別增長 14% 和 7% 的下降。本季結束時，我們有 14,500 個活躍訂閱，其中約 11,800 個雲端訂閱和 2700 個過去訂閱。

In each of the past four quarters, we have now seen past subscriptions consistently decrease, resulting in a $5 million year-over-year decrease in our subscription revenue attributable to path. We're keeping a close eye on this trend and evaluating future actions to take regarding past subscription sales.

在過去的四個季度中，我們發現過去的訂閱量持續下降，導致我們的訂閱收入比去年同期減少了 500 萬美元。我們正在密切關注這一趨勢，並評估未來針對過去的訂閱銷售採取的行動。

From a club perspective, we believe the macroeconomic environment and the perceived challenges of the business contributed to fewer than anticipated new valve while these factors plus elevated ADRs in 2022 and the first half of 2023 led to increased resignations. Importantly, an emphasis on multiyear subscriptions has led to approximately 80% of new club sales in 2023 being for two or more years which has help drive improved club retention.

從俱樂部的角度來看，我們認為宏觀經濟環境和業務面臨的挑戰導致新閥門數量少於預期，而這些因素加上 2022 年和 2023 年上半年 ADR 的上升導致辭職人數增加。重要的是，對多年訂閱的重視導致 2023 年新俱樂部銷售中約 80% 的訂閱期限為兩年或更長，這有助於提高俱樂部保留率。

In the third quarter, our cost of revenue was $58 million versus $63 million in the third quarter of 2022. The decrease in cost of revenue was in part due to reduced hotel booking fees between periods a time that another key initiative of better leveraging our leased hotel has begun to take hold. Strategically, net rate hotel continued to be a valuable lever at our disposal as we were able to both satisfy member demand and test new markets.

第三季度，我們的收入成本為5,800 萬美元，而2022 年第三季為6,300 萬美元。收入成本下降的部分原因是不同時期之間飯店預訂費用的降低，這是更好地利用我們的租賃的另一項關鍵舉措酒店已經開始佔據主導地位。從策略上講，淨價酒店仍然是我們可以利用的寶貴槓桿，因為我們能夠滿足會員需求並測試新市場。

Another factor contributing to the decrease in cost of revenue was our portfolio optimization efforts that Eric touched on previously. As a reminder, due to the lag between when we entered to lease terminations and the expiration of those leases, those savings were planned to be modest in the third and fourth quarters of 2023, followed by a more significant reduction in the first quarter of 2024. Consistent with our communications in the prior quarter, we anticipate at least $25 million of annualized lease expense savings in 2024.

導致收入成本下降的另一個因素是埃里克之前提到的我們的投資組合優化工作。提醒一下，由於我們終止租約與租約到期之間存在時間差，計劃在 2023 年第三季度和第四季度節省的資金較少，隨後在 2024 年第一季度大幅減少與我們上一季的溝通一致，我們預計2024 年年化租賃費用將節省至少2,500 萬美元。

From an expense standpoint, the third quarter included several nonrecurring charges, primarily related to severance payments associated with the July reduction of force and changes in executive leadership that occurred in the quarter. This is part of our payroll reduction plan, and we also discussed on our earnings call last quarter, targeting approximately $20 million of annual payroll savings.

從費用的角度來看，第三季包括幾項非經常性費用，主要與 7 月裁員和本季發生的行政領導層變動相關的遣散費有關。這是我們削減工資計劃的一部分，我們也在上季度的財報電話會議上進行了討論，目標是每年節省約 2000 萬美元的工資。

As such, total operating expenses were $43 million in the third quarter or 52% of revenue compared to $41 million or 43% of total revenue in the third quarter of last year. Excluding severance related expenses and stock-based compensation, our cash operating expenses were just under $33 million compared to $38 million in the third quarter last year. From an adjusted EBITDA standpoint, we had a loss of $9 million in the quarter compared to approximately $7 million in the third quarter of 2022.

因此，第三季的總營運費用為 4,300 萬美元，佔營收的 52%，而去年第三季的總營運費用為 4,100 萬美元，佔總收入的 43%。不包括與遣散費相關的費用和股票補償，我們的現金營運費用略低於 3,300 萬美元，而去年第三季為 3,800 萬美元。從調整後 EBITDA 的角度來看，我們本季虧損 900 萬美元，而 2022 年第三季虧損約 700 萬美元。

Importantly, adjusted EBITDA loss in the third quarter would have been approximately $4 million, if not for the severance expense I just mentioned as well as a $2 million reduction to revenue due to revenue recognition accounting for recently launched Inspirato voice program. This is meaningfully better than our internal projects. In terms of cash and liquidity, in late September, we received a $25 million investment from Capital One ventures contributing to a cash balance of over $50 million at the end of the third quarter. We anticipate a free cash flow deficit in the fourth quarter before more significant big hold in 2024.

重要的是，如果不是我剛才提到的遣散費以及最近推出的 Inspirato 語音計劃的收入確認會計導致收入減少 200 萬美元，第三季度調整後 EBITDA 損失約為 400 萬美元。這比我們的內部專案好得多。在現金和流動性方面，9月下旬，我們從第一資本創投公司獲得了2,500萬美元的投資，第三季末現金餘額超過5,000萬美元。我們預計第四季會出現自由現金流赤字，然後在 2024 年會出現更嚴重的大額持有。

The combination of the investment with Capital One and meaningful savings anticipated in 2024 through the actions we've taken to improve our free cash flow profile give us confidence in our liquidity position moving forward.

與第一資本的投資以及我們為改善自由現金流狀況而採取的行動預計在 2024 年實現的有意義的節省相結合，使我們對未來的流動性狀況充滿信心。

In closing, the past few months have brought about change at a time to uncertainty for employee, homeowners, members and shareholders is my firm belief that through our cost savings initiatives and overall execution, we've put ourselves on a solid path towards certainty, stability and profitability. Along those lines, we are reaffirming our 2023 full year guidance of $320 to $340 million of total revenue and an adjusted EBITDA loss between $30 and $45 million. We are hard at work finalizing our 2024 budget and look forward to communicating with you at the appropriate time.

最後，過去幾個月給員工、房主、會員和股東帶來了不確定性的變化，我堅信，透過我們的成本節約舉措和整體執行，我們已經走上了通往確定性的堅實道路，穩定性和盈利能力。為此，我們重申 2023 年全年總收入指引為 3.2 億至 3.4 億美元，調整後 EBITDA 損失為 3,000 至 4,500 萬美元。我們正在努力敲定 2024 年預算，並期待在適當的時候與您溝通。

With that, I'd like to turn the call over to the operator for Q&A.

這樣，我想將電話轉給接線生進行問答。

Thank you. At this time, we will conduct a question-and-answer session. (Operator instructions)

謝謝。這時候，我們將進行問答環節。 （操作員說明）

Shweta Khajuria, Evercore ISI.

Shweta Khajuria，Evercore ISI。

Okay. Thanks for taking my questions. Let me try two please. First one is Eric, could you perhaps at a high-level talk about your early observations of being at the Company as now, the CEO and some of the areas that you will be focused on most in the next call at 6 to12 months and areas that you're excited about the most. And then the second question I have is on your cash burn rate versus the cash balance that you have, including the convert. So, it looks like you may have approximately $50 million-plus in cash and given the cash burn that you have, how should we think about potential capital raise needs versus a path to becoming positive free cash flow? Thank you.

好的。感謝您回答我的問題。請讓我嘗試兩個。第一個是埃里克（Eric），您能否在高層談談您對現在在公司的早期觀察、首席執行官以及您在6 至12 個月的下一次電話會議中最關注的一些領域和領域你最興奮的事。我的第二個問題是關於你的現金消耗率與你擁有的現金餘額（包括轉換者）的比較。因此，看起來您可能擁有大約 5000 萬美元以上的現金，考慮到您所擁有的現金消耗，我們應該如何考慮潛在的融資需求以及成為正自由現金流的途徑？謝謝。

Well, thanks Shweta. We appreciate the question. With respect to initial observations, one thing that I've really been impressed with as I stepped into my CEO role here is just how our team in the near term has just worked and executed very, very quickly to deliver some material near term operating efficiencies, which is important because my initial and most important near-term priority is just rarely put Inspirato on a path towards a profitability. We've taken a lot of steps on our lease optimization, our personnel reductions, software, fading, other expense savings. If you add it all up on an annualized basis, it's over $50 million. And now we've done in a very, very short period of time.

嗯，謝謝舒維塔。我們感謝這個問題。就初步觀察而言，當我擔任執行長時，令我印象深刻的一件事是我們的團隊在短期內如何非常快速地工作和執行，以提供一些實質性的近期營運效率，這很重要，因為我最初也是最重要的近期優先事項很少是讓Inspirato 走上獲利之路。我們在租賃優化、人員削減、軟體、褪色和其他費用節省方面採取了許多措施。如果按年化計算將其全部加起來，則超過 5000 萬美元。現在我們在非常非常短的時間內完成了。

So that's -- I've been really impressed with. You asked about a longer-term view over that next 6 to 12 months. And as I spend more time with the team and spend more time, understanding that the unique role that it's brought of have in the luxury category. I will really get more excited about the growth opportunities in front of us for us. Your partnerships is one area and one opportunity that we buy where we can really efficiently tap into demand sources that where we really deliver on our unique residence portfolio and Capital One is a great example of that and I think there are others and there will be others that we look more into it.

所以這給我留下了深刻的印象。您詢問了對未來 6 到 12 個月的長期看法。隨著我花更多的時間與團隊在一起，並花更多的時間，了解它在奢侈品類別中所帶來的獨特作用。我真的會對我們面前的成長機會感到更加興奮。您的合作關係是我們購買的一個領域和一個機會，我們可以真正有效地利用需求來源，真正提供我們獨特的住宅組合，第一資本就是一個很好的例子，我認為還有其他的，也會有其他的讓我們更深入地研究它。

The opportunity to revisit and we've rationalized and revitalized our current product offering around club and path. It is definitely an opportunity as well as new business lines like IC&IC that are still very much in the early stages of their development and have encouraging growth prospects to come in front of us. But I guess when I look at it more broadly and I look at the opportunity more broadly and when I spend more time with members and with our team, I think we have a pretty unique opportunity to reinhill the magic of what delivers a great, great experience at Inspirato. The delivering great travel experiences at the core of what we do and we're travel club and a great one that delivers pretty exceptional experiences and value to members. And I believe the more time I spend you that the market opportunity for what we do is just a lot bigger than where it's broad-based.

有機會重新審視，我們已經圍繞俱樂部和路徑合理化並振興了我們當前的產品供應。這絕對是一個機會，對於 IC&IC 等新業務線來說，它們仍處於發展的早期階段，並且有著令人鼓舞的成長前景。但我想，當我更廣泛地看待它，更廣泛地看待機會，當我花更多時間與成員和我們的團隊相處時，我認為我們有一個非常獨特的機會來重新發揮帶來偉大、偉大的魔力。 Inspirato 的經驗。提供出色的旅行體驗是我們工作的核心，我們是旅行俱樂部，也是一家出色的俱樂部，為會員提供非常出色的體驗和價值。我相信，我花在你們身上的時間越多，我們所做的事情的市場機會就會比基礎廣泛的市場機會大得多。

Yes sure, this is Robert. Let me take the question you had about the cash burn. For sure, you're correct. We have been burning cash at a rate of about $15 million a quarter consistently for a bunch of quarters now. And that's one of the reasons that we took the actions that Eric mentioned on our path to profitability of reducing our costs.

是的，當然，這是羅伯特。讓我回答你關於現金消耗的問題。當然，你是對的。連續幾個季度以來，我們一直以每季約 1500 萬美元的速度燒錢。這就是我們在實現盈利的道路上採取埃里克提到的降低成本行動的原因之一。

We've taken action that will eliminate at least $25 million of lease costs as we've gone through our portfolio optimization. And as I've mentioned in the past call, while we've taken those actions already, the end of the leases haven't happened yet because those the end of the leases are 6 to 12 months after we've taken the termination actions. A lot of those will start to see by Q1 of next year, but for now, we'll have another quarter, we'll have some cash burn around that. We also took actions around staffing, headcounts as well with a reduction in force in Q3 and that didn't show up from a cash perspective yet either because of it was done during the quarter and then there was obviously a certain severance costs around that. So, we'll start seeing some benefit around that.

我們已採取行動，透過投資組合優化，消除至少 2,500 萬美元的租賃成本。正如我在過去的電話中提到的，雖然我們已經採取了這些行動，但租約尚未結束，因為租約的結束是在我們採取終止行動後 6 到 12 個月。其中許多將在明年第一季開始出現，但就目前而言，我們將再有一個季度，我們將在這方面消耗一些現金。我們也就人員配置、員工人數以及第三季的裁員採取了行動，但從現金角度來看，這還沒有顯現出來，因為這是在本季度完成的，而且顯然存在一定的遣散費。因此，我們將開始看到一些與之相關的好處。

Finally, as part of our 2024 planning process, we've really dug deep to identify other areas where there may be cash savings opportunities. For instance, we went and we scrub through all of our software programs and technology that we have and identified a significant amount of savings there. So when you add all those pieces up, we're planning on a $50-million plus of savings that will be annualized in 2024 a very similar number to the kind of cash burn that we're seeing in 2023.

最後，作為 2024 年規劃流程的一部分，我們確實進行了深入挖掘，以確定可能存在現金節省機會的其他領域。例如，我們仔細檢查了我們擁有的所有軟體程式和技術，並發現其中存在大量節省。因此，當你把所有這些部分加起來時，我們計劃在 2024 年節省 5000 萬美元以上的資金，這一數字與我們在 2023 年看到的現金消耗非常相似。

So while we certainly have our work and our opportunity around what revenue will look like in 2024 as we firm up our 2024 plan, we feel that we've taken out sufficient cost that will really be able to temper that cash burn starting with Q1 of 2024. And because of that, we don't foresee a need where we absolutely need to raise capital, which you asked about.

因此，雖然隨著我們確定 2024 年計劃，我們確實有圍繞 2024 年收入的工作和機會，但我們認為我們已經支出了足夠的成本，這將真正能夠緩和從第一季度開始的現金消耗。2024 年。正因為如此，我們預計不會出現您所詢問的絕對需要籌集資金的情況。

But certainly we're always up. We're always as many companies are open to the possibility of raising capital for the right rate and the right structure, but it -- I think we have the best in your own hands in terms of cash moving forward.

但我們肯定會一直起床。我們總是像許多公司一樣對以正確的利率和正確的結構籌集資金的可能性持開放態度，但我認為在未來的現金方面，我們擁有最好的資金。

Okay. Thank you, Eric. Thanks, Robert.

好的。謝謝你，埃里克。謝謝，羅伯特。

Thank you. One moment for our next question. Mike Grundle of Northland. Mike, your lines are open.

謝謝。請稍等一下我們的下一個問題。北國的麥克·格倫德爾。麥克，您的線路已開通。

Hey, thanks, guys. First question is just on past subscribers. What do you think that weakness is ? Is it macro related? Is it something you need to do to tweak the offering? Just looking for a little insight there?

嘿，謝謝，夥計們。第一個問題僅針對過去的訂閱者。你認為弱點是什麼？與宏觀有關嗎？您需要做些什麼來調整產品嗎？只是在那裡尋找一點見解嗎？

Sure, thanks, Mike. Yes, you've noticed that our past subscriptions are declining and like any trends there's a number of factors behind it. I think one macro trends you asked for that is that our tracking of travel trends overall historic are normalizing in the COVID era of remote work is moving into the past and that's dissipating. And the path obviously was a great product offering for that type of lifestyle.

當然，謝謝，麥克。是的，您已經注意到我們過去的訂閱量正在下降，就像任何趨勢一樣，背後有許多因素。我認為您所要求的一個宏觀趨勢是，我們對總體歷史旅行趨勢的追蹤在遠距工作的新冠疫情時代正在正常化，這種趨勢正在成為過去，並且正在消失。這條道路顯然是為這種生活方式提供的絕佳產品。

But this is a thing as Robert and I and the team have looked into past more deeply, which we definitely have, particularly over the course of one month is how there's a core group of users that just really love it. And so, what we're doing is evaluating -- what are the elements around path that a good segment of our subscribers are really, really drawn to, but we can proverbially double down on that and deliver even more value. But at the same time, I'm poor if for whatever reason if people travel needs and lifestyle change and then we meet them where they are.

但這是羅伯特和我以及團隊更深入研究過去的事情，我們確實有這一點，特別是在一個月的過程中，有一群真正喜歡它的核心用戶。因此，我們正在做的是評估——我們的大部分訂閱者真正非常喜歡的路徑周圍的元素是什麼，但眾所周知，我們可以加倍努力並提供更多價值。但同時，如果出於某種原因人們的旅行需求和生活方式發生變化，然後我們在他們所在的地方滿足他們，我就會很窮。

And the good news is that a club of another product offered within the portfolio could be good Atlantic spots in the event that the peoples travel needs and preferences shift. And that's one area of opportunity. I think we can do a better job of more proactively shifting our members from the -- to the sort of product that's best for them.

好消息是，如果人們的旅行需求和偏好發生變化，該產品組合中提供的另一種產品可能會成為大西洋上的好去處。這是一個充滿機會的領域。我認為我們可以做得更好，更主動地將我們的會員從 - 轉向最適合他們的產品。

Got it. And then, Eric, you know, you've talked well, I'll say it this way. You've done a lot on the cost side of the business. But you said you're also working on some things to kind of refill the revenue bucket and what not. Can you just give us a sense of a couple of things there we should be watching or listening for kind of to reinvigorate the revenue growth?

知道了。然後，艾瑞克，你知道，你說得很好，我會這樣說。您在業務成本方面做了很多工作。但你說你也在做一些事情來補充收入，等等。您能否讓我們了解一些我們應該關注或傾聽的事情，以重振收入成長？

Sure, sure. Great question. And you're right to point out that you're really the first, 36,200 days have really been focused on just the operational efficiency piece. But I just want to emphasize that like because when we do grow again and I'm confident that we will. I wanted to make sure that we're doing it from a position of just core operational efficiency and strength so that, that growth will more directly translate to profitable growth and controlling our own destiny as we get to the march toward profitability.

一定一定。很好的問題。您正確地指出，您確實是第一個，36,200 天真正專注於營運效率部分。但我只是想強調這一點，因為當我們再次成長時，我相信我們會的。我想確保我們只是從核心營運效率和實力的角度來做這件事，這樣，當我們邁向盈利能力時，這種增長將更直接地轉化為盈利增長並控制我們自己的命運。

And so I mentioned partnerships at the outset, and that's one area that I believe it is a real opportunity for us because there is a lot of travel demand that's out there. And there's a lot of travel demand, I think, out there through partnerships that we can tap into really, really efficient. And when you have the net promoter score that we do when people take it both trips and love them as much, I'm effectively an on-ramp to membership.

因此，我一開始就提到了合作夥伴關係，我認為這對我們來說是一個真正的機會，因為那裡有很多旅行需求。我認為，透過我們可以非常有效率地利用的合作夥伴關係，存在著大量的旅行需求。當你獲得像我們這樣的淨推薦值時，人們會兩次旅行並同樣喜歡它們，那麼我實際上就成為了會員資格的入口。

So that's why I think partnerships can be really attractive for us because it's basically gets people travelling in Inspirato and again given sort of our net promoter scores on that leads to good fit. We've also gone through a pretty explosive internal area of growth around the different product lines across its products.

這就是為什麼我認為合作關係對我們來說非常有吸引力，因為它基本上可以讓人們在 Inspirato 中旅行，並且再次考慮到我們的淨推薦值會帶來良好的契合度。我們也圍繞著其產品的不同產品線經歷了相當爆炸性的內部成長。

I think taking a fresh look at that around how club and path that together, I mean really mapping that against the personas that are members. There's been an awful lot of innovation. I think there can be an awful lot of different kind of innovation, really focused on rationalization. And definitely that way, our members have a better idea of what products and services across the product portfolio are best suited for that.

我認為重新審視俱樂部和道路如何結合在一起，我的意思是真正將其與會員角色進行映射。有很多創新。我認為可能會有許多不同類型的創新，真正關注的是合理化。毫無疑問，透過這種方式，我們的會員可以更了解產品組合中的哪些產品和服務最適合這一目標。

So I think that is a really big opportunity. And as I dig into it more, as I mentioned at the outset, I really do believe that when you-- when you're delivering a kind of travel experience that is both known for and when you take a look at sort of the macro growth rates in luxury travel, which from what I've seen has been in kind of mid to high single digits. I do think that there's a lot of opportunity for Inspirato once we're more efficient and can grow along the lines of what I mentioned.

所以我認為這是一個非常大的機會。當我更深入地研究它時，正如我在一開始提到的，我確實相信，當你提供一種眾所周知的旅行體驗時，當你審視宏觀時豪華旅遊的增長率，據我所知一直處於中高個位數。我確實認為，一旦我們變得更有效率並且可以按照我提到的方式發展，Inspirato 就會有很多機會。

Got it. Got it. Hey, I appreciate it. Thank you.

知道了。知道了。嘿，我很感激。謝謝。

Sure, thanks, Mike.

當然，謝謝，麥克。

Thank you. ( Operator instructions) At this time, I'm seeing no further questions. I would now like to turn it back to CEO Eric Grosse for closing remarks.

謝謝。 （操作員說明）目前，我沒有看到更多問題。現在我想請執行長 Eric Grosse 發表結束語。

I apologize. Jed has just popped in. Bear with me one moment. Jed Kelly, your line is now open.

我道歉。傑德剛出現。請耐心等待。傑德凱利，您的電話現已開通。

Hey great. Thanks for taking my question. Just when you look at, the way you want to transform the business, can you talk about your supply road map? And talking to owners? And are they happy with the current value you're bringing in and then can you just talk to how we should think about sales force productivity going forward? Thank you.

嘿，太棒了。感謝您提出我的問題。當你看到你想要改變業務的方式時，你能談談你的供應路線圖嗎？並與業主交談？他們對您目前帶來的價值是否滿意？您能否談談我們應該如何考慮未來銷售人員的生產力？謝謝。

Sure we'll be effective to supply and our inventory. I'm glad you brought it up yet. It's a really, really important part of our overall experience. And it's also one that is we have a dedicated team and that really is focused on ensuring that our homeowner as the exact kind of experience on the supply side is our members of the one when they're traveling. I think one benefit, one big benefit right here. I've heard that even just in my first week in my new role is how much residents, owners and homeowners really appreciate sort of the closed ecosystem and the managed ecosystem that is brought out.

當然，我們會有效地供應和庫存。我很高興你還提出來了。這是我們整體體驗中非常非常重要的一部分。這也是我們擁有一支專門的團隊，並且真正專注於確保我們的房主作為供應方的確切體驗是我們的成員在旅行時的體驗。我認為這裡有一個好處，一個很大的好處。我聽說，即使在我擔任新角色的第一周，居民、業主和房主也非常欣賞所帶來的封閉生態系統和託管生態系統。

It's not the wild left that you see out there with other travel services and having a much more curated membership group. I think give homeowners a lot more a lot more confident, especially also when you overlay on top of that, just the points of contact and the support infrastructure that we have to manage the portfolio that I'm really exceptionally high rate. We really manage our portfolio as if they were of our own resident because that's a critical part of delivering the kind of experience that we're known for.

這不是您在其他旅遊服務中看到的狂野左派，並且擁有更精心策劃的會員群體。我認為給房主更多的信心，特別是當你疊加在上面時，我們必須管理投資組合的接觸點和支援基礎設施，我的評價非常高。我們確實像管理我們自己的居民一樣管理我們的投資組合，因為這是提供我們聞名的體驗的關鍵部分。

So what I can say is that so far satisfaction rate for our members, particularly for a home or the bulk of it really high because of that, you have curated a client base that we invite into their homes, which is, again, much more a managed that we see from other alternatives as well as the high attention to detail we play and we place our management each and every call to ensure that the great experience that are travels here.

所以我能說的是，到目前為止，我們的會員的滿意度，特別是對於房屋或大部分房屋的滿意度非常高，因此，您已經策劃了我們邀請進入他們家的客戶群，這又要多得多我們從其他選擇中看到了管理，以及我們對細節的高度關注，我們每次打電話都給我們的管理層打電話，以確保在這裡提供良好的體驗。

Thank you.

謝謝。

Thank you very much. This concludes our question-and-answer session. I would now like to turn it back to CEO, Eric Grosse for closing remarks.

非常感謝。我們的問答環節到此結束。現在我想請執行長 Eric Grosse 發表結束語。

Perfect, well I really appreciate the questions and thanks very much for participating in my first earnings call here at Inspirato. Look forward to developing more relationships with all of you and participating in these calls going forward. Thanks very much.

完美，我真的很感謝您提出的問題，也非常感謝您參加 Inspirato 的第一次財報電話會議。期待與大家建立更多的關係並參與未來的這些電話會議。非常感謝。

Thank you for your participation in today's conference call. This does conclude the program. You may now disconnect.

感謝您參加今天的電話會議。這確實結束了該程式。您現在可以斷開連線。