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Significant Accounting Policies and Restatement of Previously Issued Financial Statements (As Restated) (Tables)

3 Months Ended

Mar. 31, 2022

Significant Accounting Policies and Restatement of Previously Issued Financial Statements (As Restated)

Schedule of restated financial statements.

Consolidated Balance Sheet


		March 31, 2022
		As			ASC 842				Property-related
		Previously			Lease				and Other Expense			As
		Reported			Adjustments				Adjustments			Restated

		(in thousands)
Accounts receivable, net		$	1,770		$	—		$	221		$	1,991
Total current assets			168,975			—			221			169,196
Right of use assets			190,223			24,579			—			214,802
Total assets			390,640			24,579			221			415,440
Accounts payable			31,504			(401)			564			31,667
Lease liability - current			61,984			7,223			—			69,207
Total current liabilities			284,832			6,822			564			292,218
Lease liability - noncurrent			134,794			17,802			—			152,596
Total liabilities			453,017			24,624			564			478,205
Accumulated deficit			(223,387)			(31)			(235)			(223,653)
Total equity excluding noncontrolling interest			14,058			(31)			(235)			13,792
Noncontrolling interests			(76,435)			(14)			(108)			(76,557)
Total equity			(62,377)			(45)			(343)			(62,765)
Total liabilities, temporary equity, and equity		$	390,640		$	24,579		$	221		$	415,440

Condensed Consolidated Statement of Operations and Comprehensive Loss


		Three Months Ended March 31, 2022
		As			ASC 842				Property-related
		Previously			Lease				and Other Expense			As
		Reported			Adjustments				Adjustments			Restated

		(in thousands)
Cost of revenue		$	46,921		$	45		$	343		$	47,309
Gross margin			35,152			(45)			(343)			34,764
Loss and comprehensive loss before income taxes			(23,634)			(45)			(343)			(24,022)
Net loss and comprehensive loss			(23,815)			(45)			(343)			(24,203)
Net loss and comprehensive loss attributable to noncontrolling interests			11,779			14			108			11,901
Net loss and comprehensive loss attributable to Inspirato Incorporated			(12,036)			(31)			(235)			(12,302)
Basic and diluted net loss attributable to Inspirato Incorporated per common unit and class A share		$	(0.28)		$	—		$	(0.01)		$	(0.29)

Condensed Consolidated Statement of Cash Flows


		Three Months Ended March 31, 2022
		As			ASC 842				Property-related
		Previously			Lease				and Other Expense			As
		Reported			Adjustments				Adjustments			Restated

		(in thousands)
Consolidated net loss		$	(23,815)		$	(45)		$	(343)		$	(24,203)
Non-cash lease expense			344			446			—			790
Accounts receivable, net			619			—			(221)			398
Accounts payable			(1,636)			(401)			564			(1,473)
Operating lease right-of-use assets exchanged for lease obligations		$	—		$	239,785		$	—		$	239,785

Condensed Consolidated Statement of Equity


		Three Months Ended March 31, 2022
		As			ASC 842				Property-related
		Previously			Lease				and Other Expense			As
		Reported			Adjustments				Adjustments			Restated

		(in thousands)
		Accumulated deficit
Consolidated net loss		$	(12,036)		$	(31)		$	(235)		$	(12,302)
Balance at March 31, 2022			(223,387)			(31)			(235)			(223,653)
		Noncontrolling interest
Consolidated net loss			(11,779)			(14)			(108)			(11,901)
Balance at March 31, 2022			(76,435)			(14)			(108)			(76,557)
		Total equity
Consolidated net loss			(23,815)			(45)			(343)			(24,203)
Balance at March 31, 2022		$	(62,377)		$	(45)		$	(343)		$	(62,765)

Schedule of cumulative effect of changes for the adoption of the new lease standard



		Balances at December 31,			Adjustments from Adoption of New Lease			Balances at January 1,
		2021			Standard			2022

		(in thousands)
Assets		(As Restated)
Prepaid expenses		$	11,101		$	(1,094)		$	10,007
Operating lease ROU assets			—			201,728			201,728
Liabilities
Current lease liabilities		$	—		$	63,415		$	63,415
Other current liabilities			457			(457)			—
Long-term lease liabilities			—			145,144			145,144
Other long-term liabilities			7,468			(7,468)			—