Good morning, everyone. Our next presenting company is Inspirato Incorporated, which is traded on the NASDAQ under the ticker symbol ISPO. Inspirato is a luxury vacation club and a property technology company that provides access to a portfolio of curated vacation options. In June, Inspirato announced a definitive agreement to combine through a reverse merger with Buyerlink, a leader in building and operating online marketplaces. The proposed combination is designed to create a diversified, consumer-focused marketplace platform and is expected to close in the next several weeks. Here to tell you more about the company and their proposed combination is CEO Payam Zamani. [audio distortion] Good morning, and thank you, Tom, for inviting us to the conference, so just to tell you a little bit about myself, I've been in the consumer technology space for a long time. Years ago, in the '90s, I co-founded a company called Autoweb.com, which we took public in 1999, and I stayed in the space, and last year, I got involved with Inspirato, the first company that I'm running that I did not start myself, and I did that because I felt that a company of the size of Inspirato and the brand that it has should have prospered, and I thought the company was at the crossroads. I felt that even though I did not come from the hospitality industry, I felt that I was in a position to help the company both financially by investing my own money, but also by helping the company become a lot more efficient in the way it operates. I'll walk you through the presentation, and then hopefully we'll have some time for Q&A at the end. The presentation is divided up into two sections. The first one is about Inspirato for those of you who don't know what the company does. The second portion is a little bit about the reverse merger that is about to take place. Inspirato is a luxury vacation club, and a luxury vacation club that we intend to transform into a luxury travel marketplace for luxury travel and experiences. Today, the company has about 325 luxury, stunning, beautiful homes, primarily in North America, Caribbean, Mexico, and Europe, and these are homes that we lease, and then we make them available to our members. The homes are in over 170 different destinations. We have a Net Promoter Score of over 70, better than Four Seasons, and we have about 230 hotels on our platform. We could definitely sign up a lot more. The membership base of 11,000 basically has appetite for the number of homes and the hotels that we have, and as we have more members, we can definitely add to that supply. On average, our members spend about $1,800 per night when they travel within Inspirato, and we have guided to $235-$255 million in revenue this year and basically break even, which is a significant improvement from historically where the company has been. In percentages, to give you a sense for where the revenue comes from, about 40% of the revenue comes from our residences. Almost as much comes from subscription, the annual dues that our members pay to be a part of our platform, and then we have about 13% from hotels and about 10% from bespoke experiences that we offer, and I'll talk about that a little bit more. Now, why join Inspirato, so you think about if you're a luxury, you're a wealthy human being, and you want to buy a second home. You want to buy a $7 million home, 40% down, $2.8 million, and then you have to carry the debt, and you end up spending probably about $428,000 or more per year to maintain that home and pay for the expenses and the mortgage and so on. A similar home on Inspirato would cost you about $44,000 a year if you were to travel three weeks out of the year. And so from a cost perspective, there's not even a comparison. And the certainty that comes with it, that when you show up, the home is in great shape always. It's beautiful. There's a concierge that has stocked the kitchen and so on and so forth. It is better than owning your own home because you also don't have to go back to the same destination over and over and over again. And it's better than, of course, Airbnb and so on because there's certainty. You always know that when you open the door, the home will look better than the pictures you saw before you got there, where with Airbnb it's always like a box of chocolate. You don't know what you're going to get. So there are three kinds of memberships that we have. One that we just introduced, we revamped and reintroduced, which is Pass. And basically, for $40,000 a year, you get access to our unmonetized nights. We know both through machine learning and through our own technology what nights are not going to be monetized. And we make those nights available to you that you can almost travel as much as you want. No other fees, no per-night taxes, or so on. You just travel as much as you want. You pay $40,000 a year. And then Club, which is our primary product, you pay $15,000 to join and $6,000 a year in dues. And then you pay as you go, the $1,800 a night that on average people pay. And the third one is Invited. You pay $195,000 to join, and that also pays for 10 years of membership. But then you get further access. The calendar for the homes will open up earlier for you. When experiences are being released that we know they're going to sell out, you'll have access to them first before they sell out and so on. So again, the reason that people join Inspirato is because they get access to stunning, unbelievable homes in many, many amazing destinations from Tuscany to Costa Rica to South of France to Santa Barbara, beautiful homes. There's a certainty of experience every time that you travel with us. You feel like you're going to your own home, the quality of the home and the quality of the experience. And these homes are very well taken care of, from furniture to just the experience that you will have when you enter that house. We also have personalization at scale that our members benefit from. On the left-hand side, you see our bespoke travel that we basically design any travel that you want for you. So you want to go and take your wife for your 50th anniversary to Dublin, Ireland. We'll design that for you and whatever you want to see included as part of that travel. For the first half of the year, only $137, but $55,000 per trip. And people are willing to spend money. They are the wealthiest travelers in the world that they join Inspirato. And on the right-hand side, you'll see that we've had 12 experiences for the first half of the year. And it could be Formula 1. It could be we have World Cup coming up next year. We have cruises, National Geographic cruise that we just had to Alaska or a fishing trip to Alaska. On average, we earn about $850,000 per experience. That's also another profitable way for us to scale. Since I arrived at the company, I've been very focused on making, in a sense, operational efficiencies our core competency. I wanted to make sure that as a company, we would view every dollar as our last dollar to spend. We made the company significantly more efficient. We reduced our overhead by over $40 million within a couple of months that I arrived. Then since then, we've been busy basically doing bottoms-up efficiency projects to basically make the company lighter, more profitable, and more scalable in the long term. That has definitely paid off, given that the company, from having major losses, it got to a point that at the end of Q2, we had trailing 12 months of positive EBITDA. So the transformation that we're working on now, and we hope to get there by the middle of next year, is to go beyond 11,000 members. If you think about Inspirato so far, it's been very much of a country club model that you join, you get access, but it's very much of a, I would say, an analog experience that we have. We have to have a sales force that signs up one person, but then two people may cancel in the meantime and so on and so forth. We want to open that up to the global luxury traveler market. To do that, we need to have the right online asset. We need to have the right marketplace to be able to accomplish that, but then also employ online marketing. At this point, we spend only about $30,000 a month in online marketing. That should be tens of millions of dollars a year for this company. And if done in a profitable way, that could massively grow this business. And that's really what the new platform that we are launching will allow us to accomplish. So the business, the marketplace, will be open to the global reach that we will have. People come to the platform. They choose a travel that they're interested in. But when they want to check out, we'll give them a reason to become a member. They get more access. They get better prices and so on. So even if a smaller percentage of those people become members because of the reach that we will bring to the marketplace, that could still grow numbers in aggregate in a significant way. But whether or not they join as a member, they can travel within the platform. So this leads into why we are doing the reverse merger that we have announced. We want to build a platform, One Planet Platforms. That will be the new name as of next month when we close the transaction. And One Planet Platforms will be the owner of many different platforms online, Inspirato being our travel platform. So it's a marketplace for travel, for luxury travel. But we have others. And if you look at, I'll go to this. I'll come back. So if you look at the fact that Buyerlink, which is a company that the reverse merger is happening with, currently owns a presence in the automotive space and the home services space, big, significant presence in those categories. Within the automotive space, Buyerlink's consumer demand represents about 10% of all new cars sold in the U.S. So all OEMs, for example, work with Buyerlink. On the home services side, significant presence and access to consumer spend. Inspirato being a luxury travel company, again, same thing. It will be a vertical, a marketplace that will live under One Planet Platforms. This collection will allow us to have many, many vectors of growth. You can think about adjacent verticals within luxury travel that we can grow into. Private travel is an example, yacht, catamarans, and so on. Each one of them could become adjacent verticals that we can easily add. Going back to One Planet Platforms being this vertically agnostic technology platform for operating any kind of marketplace online, that gives us significant opportunities for scale and many vectors for growth as we grow within our existing verticals, grow into adjacent verticals, and also launch additional ones. The rationale for this transaction, frankly, there are many of them. One is Inspirato needs access to capital. The company's market cap, you can just look online, is about, I think, $37-$38 million today. If you want to raise $25 million, the dilution is heavy, so we're basically buying a company, probably just a little bit more dilution than we would get from $25 million of investment. But the company comes with $30 million of EBITDA. The company comes with 100 engineers. The company comes with a patented technology that will allow us to build a marketplace that we want to build very quickly and give us many, many other vectors for growth. The company adds $120-$130 million to our revenue in a very profitable way. The day after the transaction, we're solidly profitable, and that is by far better than raising $25 million of cash. The expansion of the business model that comes out of this is probably the most valuable thing, the vectors for growth that will come out of this. We believe this will unlock shareholder value in a meaningful way. Some of you are familiar with Booking Holdings. I like that company. I like the way that they built it. I like how they have scaled that business. They own brands like Kayak and OpenTable. I think that the marketplaces as a space on the internet has an opportunity to become a significant business also. There are examples of companies like Booking Holdings that have done that within other spaces online. The union of Inspirato and Buyerlink, we think, will unleash significant opportunities for us. Making Inspirato digital marketing enabled and turning it into a marketplace for luxury travel and experiences will take us beyond 11,000 members and will give us a global reach that will really allow us to grow this company in a way that adding 100 members at a time will never get us there. And it will also give us a platform that we will use for acquiring businesses that are adjacent to us or will open up new verticals for us. That's something that Buyerlink has done very successfully, using its technology platform, taking companies that have been underperformers, making them very profitable. And that's something that, as one combined entity under One Planet Platforms, we'll continue to pursue. Immediately post-combination, we'll have north of $350 million in revenue and more than $30 million in EBITDA, again, with significant vectors for growth that they will include the marketplace for Inspirato that will be digital marketing enabled and can grow rapidly, Buyerlink's existing business that can continue to grow, adjacent verticals that we'll get into, as well as acquisition opportunities that we will pursue. I'm happy to answer any questions. I think I went through this a little bit maybe too fast, but. We got plenty of time for questions. If you do have a question, I'll just bring the mic over and speak into it. It'd be helpful. I can kick it off just to get it started. Thinking about the Inspirato side of the business, you'd mentioned having luxurious locations, wealthy spenders, folks using the platform in that way. Do you have any additional data you can provide on the customer metrics that you have that might have you a bit more insulated than just the broader travel market as we think about macro influences and who the Inspirato customer s? Yeah. I mean, we're the Louis Vuitton of luxury travel. So there are people who go to Priceline. They go to Hotels.com or Expedia. And we represent probably a traveler who would otherwise, let's say, stay at Four Seasons. But they're traveling a family of six. They can stay at Four Seasons, three different rooms. If during festive season you want to do that, that's probably $4,000 a room for three rooms. Multiply that by a week. You get the math. And whereas we talk about creating memories together, that a lot of that is accomplished much better when you are under one umbrella in one beautiful home, that there's a chef present. There are other services that will make that experience very, very unique. And that is why our NPS score at the end of the day is greater than Four Seasons. But they're the wealthiest travelers. Exactly how much they have in assets and so on, I couldn't give you that. But you would say there's less price sensitivity or if you see consumer slowdowns in certain markets, you guys are a bit more well-insulated in that type of situation. Yeah. I mean, if you think about our average now, keep in mind, this is average. And this includes hotels and residences across the board during the festive season, low season, and so on. $1,800 a night is the average that they spend on top of their membership dues. As you remember, on the residences piece, half of our revenue comes from membership dues, but on top of that, $1,800 a night. They're wealthy travelers that they're willing to spend a lot of money. An example, I think somebody is in this room. I was using the example that to just how this segment of the market is willing to spend money on travel. We had gorilla trekking as an experience in Rwanda. And it was $88,000 per package for two people. Many people knew that this will sell out. It will never make it to the broader group of members. We allow our Invited members to get access to these experiences often first. Somebody joined $195,000 to buy two gorilla trekking before they become available to others. That's $370,000 almost in expenditure. But this is a segment of the market that they have the money they want to experience. Hi. Could you talk a little bit about you talked like you were going to go to a freemium model? Can you explain a little bit how that's going to work? Yeah. So So today, you need to be a member to travel within the network. So if, let's say, we want to grow our revenue by 10%, we have to have more members. And I've been in the business of building networks in the past. They're great because they have a very stable form of revenue associated with them. But the problem is that once you reach scale, every month, there's an attrition. Even though the attrition may be low, there's an attrition. You have to sign up so many to just make up for the attrition and remain flat. Scaling business beyond that analog kind of a relationship will allow you to address that problem. That's exactly what I think you're referring to here, that by opening up the marketplace to the global value of luxury travelers, we're able to employ online marketing. As a result of online marketing, we're able to bring millions of people to our platform way beyond just 11,000 members that we have and allow them to travel within the network without becoming a member. They still have to pay. In fact, they pay a premium relative to members. They can choose to become a member and get the same deal, the same access, and so on. It will be available whether or not you're a member. You will be able to travel within the platform. Just so people don't want to be asking the thing. Can you talk about the reverse merger, what ownership will current shareholders have of the new entity? Yes. So Inspirato is valued at. It's basically market cap. But today, the stock price is about $3. It is pegged at $361, so about 20% premium compared to where it is today was the valuation of Inspirato. And Buyerlink is valued at $326 million in an all-stock deal. Post-combination, do you have any wishlist items that you're giving investors guideposts for the next couple of quarters that we should be looking for in terms of operational changes or updates across Inspirato or even integrating Buyerlink into the combined company? So yeah. I mean, we will be very focused and busy on continuing the path we are on for operational efficiencies and making Inspirato even more efficient. Because again, I fundamentally believe that a $250 million company can and should be very profitable, and that is something that we are, whether or not we do this transaction, we are very focused on delivering for Inspirato, and we have. I mean, you think about the tens of millions of dollars of improvement that we have delivered over the last 12 months, so that path will continue, but then on top of that, the immediate combination will allow us to gain more efficiencies, some redundancies that we are able to take advantage from, but the biggest value will come from the fact that Inspirato today has 25 people involved within its technology team. 100 people will be added and will be able to expedite the work on the technology platform that we think is an absolute requirement to build the kind of business that we want to build. That will happen almost immediately and we'll get a lot more people focused on.