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Project Overview - Shebara Resort is a futuristic resort project in Saudi Arabia [1] - The resort features mirrored overwater villas [1] Location and Design - The resort is located in Saudi Arabia [1] - The villas are designed with a mirrored exterior and are situated over water [1]

Financial Data and Key Metrics Changes - The company reported total revenue of approximately $63.1 million for Q2 2025, a decline of 6% year over year, primarily due to a planned decline in past subscriptions [23] - Adjusted EBITDA for Q2 was negative $300,000, a significant improvement from negative $9.2 million in 2024, with positive trailing twelve-month adjusted EBITDA of $3.9 million [22][23] - Free cash flow for Q2 was approximately breakeven at $200,000, with year-to-date free cash flow remaining negative at $7.3 million, showing improvement from the prior year [26] Business Line Data and Key Metrics Changes - Subscription revenue decreased by 23% to $19.4 million due to a strategic decision to scale back the previous version of Pass, while travel revenue increased by roughly 1% to $39.4 million, driven by a 47% increase in experiential travel [23][24] - The company had approximately 11,000 active memberships at the end of Q2, with 9,900 active club members and 1,200 active Pass members, reflecting a strategic shift towards club growth [24] Market Data and Key Metrics Changes - The company achieved a 59% occupancy level in controlled accommodations, down from 71% in Q2 2024, while increasing average daily rate (ADR) by 24% [25] - The experiential travel business saw year-to-date growth of over double digits, indicating continued opportunity in this segment [24] Company Strategy and Development Direction - The company is focused on four key strategic pillars: operational efficiency, brand elevation, member experience, and digital platform [13] - A definitive agreement to combine with BioLink was announced, which is expected to enhance the company's technology-driven ecosystem and expand its market reach [9][12] - The combination is anticipated to be financially accretive, with BioLink contributing approximately $124 million in revenue and over $26 million in EBITDA for 2024 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and emphasized the importance of operational improvements and disciplined execution [27][28] - The company is tracking towards full-year 2025 targets, including adjusted EBITDA between breakeven and $5 million and total revenue between $235 million and $255 million [27] Other Important Information - The company plans to relaunch the new version of Inspirato Pass, which is expected to drive incremental revenue and better align with the evolved brand strategy [23] - The reimagined Inspirato Magazine is set to relaunch in Q3, aimed at enhancing brand visibility and member engagement [15][16] Q&A Session Summary Question: Could you walk through the pro forma balance sheet cash levels, debt levels, and address how you're thinking about Capital One and the BuyerLink debt? - Management acknowledged that both BuyerLink and Inspirato have senior secured notes and anticipate refinancing some of the secured notes as part of the agreement [31][32] Question: Are Capital One and Citi supportive of the transaction? - Management indicated that both senior secured lenders are positive about the transaction and anticipate refinancing the Capital One note at the close [33] Question: What are the CapEx requirements over the next six to eighteen months? - Management does not anticipate any meaningful change in CapEx for either business, focusing instead on leveraging resources and capabilities [35] Question: How much investment or modification will be needed for BuyerLink to drive leads for travel and leisure? - Management stated that the investment is primarily in resources and prioritization rather than increased CapEx [39] Question: What does BuyerLink's growth profile look like? - Management noted that growth in BuyerLink will come from adding marketplaces and new verticals, with a focus on increasing consumer demand [40][42]