Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”),
the high-growth, travel technology company and marketplace, with a
portfolio of globally recognized platforms in the leisure and
corporate travel sectors, today announced second quarter business
milestones and financial results for the period ended June 30,
2023.
“Mondee is once again disrupting the travel market
through innovation. We are thrilled that on the first anniversary
of our NASDAQ public listing, Mondee released the first fully
integrated AI Travel Marketplace, opening a world of new market
opportunities and solidifying our status as pioneers in the travel
industry. As trailblazers, we have broadened our target audience to
encompass the vibrant ecosystem of travel social influencers and
freelancers as well as the tech savvy Millennial and Gen Z
travelers. Mondee's strong financial performance in the second
quarter of 2023, amid the launch of this transformational tech
platform, exemplifies our commitment to growth with innovation and
excellence. Net revenue of $56.8 million was 124% of second quarter
2022 while our take rate increased to 8.0% from 7.2% over the same
period,” remarked Prasad Gundumogula, Founder, Chairman, and Chief
Executive Officer.
“With our next-generation AI platform and
marketplace in place, complemented by our expanding content and
distribution channels, we are now perfectly positioned to launch a
series of robust modern marketing campaigns with the help of our
enhanced world-class marketing team. This strategic push aims
to fully capitalize on our disruptive market position as we
approach 2024,” he continued.
Second-Quarter 2023
Financial Highlights1
- Gross revenue of
$708 million for the quarter was 112% of $635 million in the second
quarter of 2022 (“Q2 22”).
- Net revenue of
$56.8 million for the quarter was 124% of $45.7 million in Q2
22.
- Net Loss of $(14.6)
million for the quarter, after approximately $14.0 million of
non-cash and/ or non-recurring items2, including stock-based
compensation, amortization and tax provisions, and one-time
marketing costs associated with the launch of the AI platform,
compared with Q2 22's net loss of $(2.1) million.
- Adjusted EBITDA of
$4.4 million for the quarter was 118% of $3.8 million in Q2 22, a
strong improvement despite incurring approximately $1 million of
primarily one-time marketing costs associated with the launch of
Mondee's new AI Travel Marketplace.
Financial Summary and Operating
Results1,3
|
|
|
|
|
|
|
|
For the quarter ended June 30 |
|
Year-Over-Year Change |
|
2Q23 |
|
2Q22 |
|
$ |
% |
Transactions |
721,464 |
|
549,729 |
|
171,735 |
31% |
Revenue, Gross |
707,766 |
|
634,695 |
|
73,071 |
12% |
Revenue, Net |
56,771 |
|
45,656 |
|
11,115 |
24% |
Net Income (Loss) |
(14,608) |
|
(2,113) |
|
(12,495) |
NA |
Loss per share (EPS)4 |
(0.22) |
|
(0.03) |
|
(0.19) |
NA |
Adjusted EBITDA |
4,438 |
|
3,756 |
|
682 |
18% |
Adjusted Net Income (Loss) |
(4,657) |
|
(2,895) |
|
(1,762) |
NA |
Adjusted EPS |
(0.05) |
|
(0.03) |
|
(0.02) |
NA |
|
|
|
|
|
|
|
|
For the six month ended June 30 |
|
Year-Over-Year Change |
|
2023 |
|
2022 |
|
$ |
% |
Transactions |
1,387 |
|
1,013 |
|
373,977 |
37% |
Revenue, Gross |
1,407,002 |
|
1,114,289 |
|
292,713 |
26% |
Revenue, Net |
106,700 |
|
84,723 |
|
21,977 |
26% |
Net Income (Loss) |
(27,523) |
|
(9,104) |
|
(27,523) |
NA |
Loss per share (EPS)4 |
(0.43) |
|
(0.15) |
|
(0.28) |
NA |
Adjusted EBITDA |
8,595 |
|
6,134 |
|
2,461 |
40% |
Adjusted Net Income (Loss) |
(10,066) |
|
(6,586) |
|
(3,480) |
NA |
Adjusted EPS |
(0.11) |
|
(0.15) |
|
0.04 |
NA |
|
|
|
|
|
|
|
1 Note that Mondee’s first and
second quarter 2022 financial results were prior to the Company's
listing on the NASDAQ. 2 Net income (loss)
included approximately $14.0M of non-cash and/or non-recurring
items, such as $3.8M of depreciation and amortization, $4.8M of
stock compensation expense, $2.0 million of tax provisions, and
$0.5M of change in fair value of acquisitions, $0.3M of M&A
costs, non-cash finance cost of $1.5 million, and one-time
marketing costs associated with new AI platform launch of
approximately $1 million.3 In $ thousands except
for EPS 4Net loss per share (EPS) for 2023
excludes cumulative dividends allocated to preferred stock
holders
Financial Commentary
“We generated strong results in the second quarter
as Mondee continues to expand geographically, leverage our enhanced
technology, and capitalize on the international travel market
recovery. Net revenue of $56.8 million was 124% of the prior-year
quarter, on approximately $708 million of gross revenue. Our take
rate continued to expand, closing at 8.0%, up from 7.2% in the
prior-year quarter,” said Jesus Portillo, Chief Financial Officer
of Mondee.
“Equally important is Mondee's continued growth of
adjusted EBITDA, which increased to $4.4 million in the second
quarter of 2023, 118% over the same period last year. To support
the adoption of our AI Travel Marketplace launch, we accelerated
approximately $1 million of investments in the quarter that were
initially planned for 2024. We expect these investments to increase
our market share and enhance growth over time. Furthermore, our
balance sheet remains strong with approximately $58 million in cash
and $153 million debt,” continued Mr. Portillo.
Financial 2023 OutlookMondee is
increasing 2023 net revenue guidance by $5 million and expects to
continue delivering profitable growth. The Company is providing the
following guidance for its first full year as a public company,
ending December 31, 2023. These projections include both organic
and inorganic growth from Mondee's recent acquisitions.
- The Company projects that net
revenue for the 2023 fiscal year will be in the range of $245
million to $250 million, representing 155% of 2022 net revenue,
measured at the midpoint.
Mondee has recently launched an innovative AI
Travel Marketplace targeting a much wider audience of travel
experts including social media influencers and freelancers. The
Company believes its recent tech innovations will accelerate
Mondee’s revenue and market share in 2024 and extend its leadership
in the travel AI industry. To facilitate this adoption, one-time
marketing and personnel costs of approximately $20 million are
estimated to be required over the remaining year in order to
maximize and accelerate the adoption of this revolutionary
platform. Therefore, it is providing the following modified
adjusted EBITDA guidance:
- The Company projects that adjusted
EBITDA for the 2023 fiscal year will be in the range of $25 million
to $30 million, representing around 250% of 2022 adjusted EBITDA,
measured at the midpoint.
Second Quarter 2023 Business Highlights
and Subsequent Events
- Launched new Mondee
Marketplace featuring AI assistant Abhi. On its one-year
anniversary of trading on the Nasdaq, Mondee launched the
industry's first fully integrated and personalized AI Travel
Marketplace, which the Company believes will transform the travel
marketplace due to a range of innovative features. Mondee is
changing the travel industry by providing travel influencers, local
experts and advisors with unprecedented access to extensive travel
content in its unified travel marketplace. The new marketplace
features the latest cutting-edge technology, such as Abhi, the AI
travel planning assistant, to create and deliver personalized
travel experiences conveniently. For travelers, Mondee has crafted
immersive travel experiences using intuitive self-service
exploration tools driven by AI. In addition, the Company connects
travelers with on-demand local experts from around the world.
Through Mondee’s AI-driven marketplace, these experts tap into
global knowledge, adding a unique touch to travelers’
adventures.
- Added to the Russell 2000 as
the largest travel tech addition for 2023. The Company
believes this milestone underscores its strong fundamentals and
business performance, reaffirming Mondee’s role as a leader in the
travel technology industry. This recognition is expected to support
the Company’s endeavors in enhancing long-term shareholder value,
raising awareness of Mondee among the investment community,
bolstering stock volume and liquidity, and diversifying the
Company’s shareholder base.
- Acquired Skypass, a
prominent global travel company for corporations and small and
midsize businesses (SMBs). With a 35-year history of
operations, Skypass provides corporate, leisure, and humanitarian
travel services. Headquartered in the Dallas, Texas area, it also
has offices in Austin, Texas, along with international offices in
LATAM, Mexico, Canada, and India, serving both personnel and
affiliates from international corporations and SMBs. Skypass's
comprehensive range of services span air travel, lodging, cruises,
vacation packages, recreational travel, and humanitarian voyages,
addressing the needs of personnel, associates, and a broad spectrum
of retail travelers. Skypass achieved a gross revenue of $45
million and adjusted EBITDA of $4 million, representing a margin on
net revenue of approximately 60%, in 2022. At closing, Mondee paid
a consideration of approximately $15 million, comprised of cash and
Mondee common stock priced at $10 per share. There is a potential
future earn-out in Mondee common stock. Mondee's strategic vision
involves leveraging its expansive network and advanced technology,
while optimizing revenue generation, introducing FinTech solutions,
and streamlining global operations for enhanced top-line and
bottom-line performance.Mondee intends to continue its disciplined
M&A strategy in 2023 by adding valuable product and
geographical footprint.
- Completed successful secondary
offering of existing shares of $52.5 million. The secondary
offering was a step forward in
diversifying Mondee’s shareholder base with an additional 43
institutional investors and creating an environment that fosters
investor participation. Moreover, with management retaining over
40% ownership of shares, management’s interests remain truly
aligned with those of Mondee’s valued investors.
- Welcomed Deloitte & Touche
LLP ("Deloitte") as Mondee's audit firm. Effective July 6,
2023, Mondee has engaged Deloitte as the Company’s independent
registered public audit firm. The company is excited about this
partnership and the capabilities and experience that Deloitte will
contribute to Mondee.
- Expanded Marketing and
Business teams with seasoned talent from leading tech and travel
companies. Miten Mehta, previously a leader at Google,
joined Mondee's executive team to oversee AI strategic planning and
initiatives. With a professional background of over 25 years
including a wealth of experience in the AI field, Miten will play a
crucial role in the further development of Mondee's AI marketplace.
He brings a growth-focused approach that emphasizes client service,
revenue generation, and results-driven leadership.Furthermore,
former Accenture executive Geetika Gupta, who led a distributed
workforce of 22,000 individuals across geographies including the
United States, India, Singapore, and Malaysia, joined Mondee as
Chief People Officer. Geetika intends to apply her HR
transformation experience consulting for Fortune 100 projects to
aid in scaling Mondee's infrastructure.Under CMO Kymber Lowe's
leadership, the marketing team welcomed 14 new members, with the
intent to drive substantial growth of the Company over the coming
years. The team now includes marketing, brand, digital, and
social-media experts from companies such as Google, Amazon and
Microsoft, including Rachel Van Nortwick and Kristi Berg. The
marketing team has launched a set of marketing initiatives around
Abhi, Mondee’s fully integrated AI assistant, to promote Mondee’s
AI Travel Marketplace to customers and prospects including travel
experts, influencers, travelers, organizations and SMBs.
Conference Call Information
Mondee will host a conference call Tuesday, August
15 at 5:30 a.m. (PT) / 7:30 a.m. (CT) / 8:30 a.m. (ET) to discuss
its financial results with the investment community. A live webcast
of the event will be available on the Mondee Investor Relations
website at http://investors.mondee.com. A live dial-in is available
domestically at (833) 470-1428 and internationally at +1 (404)
975-4839, passcode 880245.
A replay will be available on Mondee’s Investor
Relations website and an audio replay will be available
domestically at (866) 813-9403 or internationally at +1 (929)
458-6194, passcode 629734, until midnight (ET) September 4,
2023.
About Mondee
Established in 2011, Mondee is a travel technology
company and a modern travel marketplace based in Austin, Texas. The
Company operates 17 offices across the United States and Canada and
has core operations in India, Thailand, and Greece. Mondee is
driving change in the leisure and corporate travel sectors through
its broad array of innovative solutions. Available both as an app
and through the web, the Company’s platform processes over 50
million daily searches and generates a substantial transactional
volume annually. The Mondee Marketplace includes access to Abhi,
the most powerful and only fully-integrated AI travel planning
assistant in the market. Mondee’s network includes approximately
65,000 leisure travel advisors, freelancers and influencers, 500+
airlines, and over one million hotels and vacation rentals, 30K
rental car pickup locations, 50+ cruise lines. The Company also
offers packaged solutions and ancillary offerings that serve a
global customer base. For further information, visit:
mondee.com.
Non-GAAP Measurements:
In addition to disclosing financial measures
prepared in accordance with generally accepted accounting
principles in the United States (GAAP), this press release and the
accompanying tables include adjusted EBITDA non-GAAP net income,
and non-GAAP EPS.
These non-GAAP financial measures are not
calculated in accordance with GAAP as they have been adjusted to
exclude the effects of stock-based compensation expenses, provision
for income taxes, and the impacts of depreciation and amortization.
Mondee defines adjusted EBITDA as net loss before depreciation and
amortization, provision for income taxes, interest expense (net),
other income net, stock-based compensation, and gain on forgiveness
of PPP loans. Non-GAAP net income (loss) is defined as net loss
before the impacts of amortization of intangibles, provision for
income taxes, stock-based compensation, and one-time items.
Non-GAAP net income (loss) per share is defined as non-GAAP net
income (loss) on a per share basis. See "Reconciliation of GAAP to
Non-GAAP Financial Measures" for a discussion of the applicable
weighted-average shares outstanding.
Mondee believes these non-GAAP financial
measures provide investors and other users of its financial
information consistency and comparability with its past financial
performance and facilitates period-to-period comparisons of its
results of operations. With respect to adjusted EBITDA and non-GAAP
net loss/ income, Mondee believes these non-GAAP financial measures
are useful in evaluating the Company’s profitability relative to
the amount of revenue generated, excluding the impact of
stock-based compensation expense and other one-time expenses.
Mondee also believes non-GAAP financial measures are useful in
evaluating its operating performance compared to that of other
companies in its industry, as these metrics eliminate the effects
of stock-based compensation, which may vary for reasons unrelated
to overall operating performance.
Mondee uses these non-GAAP financial measures in
conjunction with traditional GAAP measures as part of its overall
assessment of the Company’s performance, including the preparation
of its annual operating budget and quarterly forecasts, and to
evaluate the effectiveness of its business strategies. Mondee’s
definition may differ from the definitions used by other companies
and therefore comparability may be limited. In addition, other
companies may not publish this or similar metrics. Thus, Mondee’s
non-GAAP financial measures should be considered in addition to,
not as a substitute for, nor superior to or in isolation from,
measures prepared in accordance with GAAP.
These non-GAAP financial measures may be limited
in their usefulness because they do not present the full economic
effect of Mondee’s use of stock-based compensation. The Company
compensates for these limitations by providing investors and other
users of its financial information a reconciliation of the non-GAAP
financial measure to the most closely related GAAP financial
measures. However, Mondee has have not reconciled the non-GAAP
guidance measures disclosed under "Financial Outlook" to their
corresponding GAAP measures because certain reconciling items such
as stock-based compensation and the corresponding provision for
income taxes depend on factors such as the stock price at the time
of award of future grants and thus cannot be reasonably predicted.
Accordingly, reconciliations to the non-GAAP guidance measures are
not available without unreasonable effort. Mondee encourages
investors and others to review its financial information in its
entirety, not to rely on any single financial measure and to view
non-GAAP net loss/ income and non-GAAP net loss/ income per share
in conjunction with net loss and net loss per share.
Operating Metrics:
This press release also includes certain
operating metrics that we believe are useful in providing
additional information in assessing the overall performance of
Mondee’s business.
Transactions are defined as the aggregation of
transactions handled by Mondee’s platform between a third-party
seller or service provider and the ultimate consumer. A single
transaction could include an airline ticket, a hotel or hospitality
accommodation, and any number of ancillaries offered on the
platform. Mondee generates revenue from service fees earned on
these transactions and, accordingly its revenue increases or
decreases based on the increase or decrease in either or both the
number or value of transactions Mondee processes. Revenue will
increase as a result of an increase in the number of customers
using Mondee’s platform and/or as a result of an increase in
service fees from higher value services offered on the
platform.
Forward-Looking Statements and Unaudited
Financials:
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. Forward-looking statements can be
identified by words such as: “believe,” “can”, “"may,” “expects,”
“intends,” “potential,” “plans,” “will” and similar references to
future periods. Examples of forward-looking statements include,
among others, statements we make regarding the Company’s future
growth, performance, business prospects and opportunities,
strategies, expectations, future plans and intentions or other
future events are forward looking statements. Such forward-looking
statements are subject to risks, uncertainties, and other factors,
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements.
Management believes that these forward-looking
statements are reasonable as and when made. However, the Company
cautions you that these forward-looking statements are subject to
risks and uncertainties, most of which are difficult to predict and
many of which are beyond the control of the Company. Factors that
may cause actual results to differ materially from current
expectations include, but are not limited to, the ability to
implement business plans and forecasts, the outcome of any legal
proceedings that may be instituted against the Company or others
and any definitive agreements with respect thereto, the ability of
the Company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees, the ability of the Company to
maintain compliance with Nasdaq’s listing standards, and other
risks and uncertainties set forth in the sections entitled “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022 filed with the U.S. Securities and Exchange
Commission (the “SEC”) and in the Company’s subsequent filings with
the SEC. There may be additional risks that the Company does not
presently know of or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements.
Nothing in this press release should be regarded as
a representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. In
light of the significant uncertainties in these forward-looking
statements, you should not rely upon forward-looking statements as
predictions of future events. Except as required by law, Mondee
undertakes no obligation to update publicly any forward-looking
statements for any reason.
MONDEE HOLDINGS, INC. |
Condensed Consolidated Balance Sheets |
(In $ thousands, except stock and par value
data) |
(unaudited) |
|
|
June 30,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
48,989 |
|
|
$ |
78,841 |
|
Restricted short-term investments |
|
8,899 |
|
|
|
8,639 |
|
Accounts receivable, net of allowance of $6,063 and $4,861 as of
June 30, 2023 and December 31, 2022, respectively |
|
110,672 |
|
|
|
21,733 |
|
Contract assets, net of allowance of $0 and $750 as of
June 30, 2023 and December 31, 2022, respectively |
|
15,339 |
|
|
|
5,794 |
|
Prepaid expenses and other current assets |
|
7,674 |
|
|
|
4,673 |
|
Total current assets |
|
191,573 |
|
|
|
119,680 |
|
Property and equipment, net |
|
13,561 |
|
|
|
11,332 |
|
Goodwill |
|
76,030 |
|
|
|
66,420 |
|
Intangible assets, net |
|
92,760 |
|
|
|
57,370 |
|
Amounts receivable from related parties |
|
— |
|
|
|
— |
|
Operating lease right-of-use assets |
|
1,549 |
|
|
|
1,384 |
|
Deferred income taxes |
|
1,538 |
|
|
|
237 |
|
Other non-current assets |
|
2,102 |
|
|
|
1,674 |
|
TOTAL ASSETS |
$ |
379,113 |
|
|
$ |
258,097 |
|
Liabilities, Redeemable Preferred Stock and Stockholders’
Deficit |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
117,160 |
|
|
$ |
33,749 |
|
Deferred underwriting fee |
|
200 |
|
|
|
500 |
|
Amounts payable to related parties |
|
50 |
|
|
|
13 |
|
Government loans, current portion |
|
74 |
|
|
|
72 |
|
Accrued expenses and other current liabilities |
|
20,016 |
|
|
|
9,319 |
|
Earn-out liability, net, current portion |
|
3,189 |
|
|
|
— |
|
Deferred revenue |
|
5,942 |
|
|
|
5,828 |
|
Long-term debt, current portion |
|
8,250 |
|
|
|
7,514 |
|
Total current liabilities |
|
154,881 |
|
|
|
56,995 |
|
Deferred income taxes |
|
821 |
|
|
|
307 |
|
Note payable to related party |
|
199 |
|
|
|
197 |
|
Government loans, excluding current portion |
|
151 |
|
|
|
159 |
|
Earn-out liability, net, excluding current portion |
|
4,585 |
|
|
|
— |
|
Warrant liability |
|
921 |
|
|
|
1,293 |
|
Long-term debt, excluding current portion |
|
145,510 |
|
|
|
126,882 |
|
Deferred revenue, excluding current portion |
|
13,557 |
|
|
|
14,656 |
|
Operating lease liabilities, excluding current portion |
|
1,256 |
|
|
|
1,620 |
|
Other long-term liabilities |
|
3,091 |
|
|
|
2,713 |
|
Total liabilities |
|
324,972 |
|
|
|
204,822 |
|
Commitments and contingencies (Note 11) |
|
|
|
|
|
|
|
Redeemable preferred stock |
|
|
|
Series A preferred stock - 250,000,000 shares authorized, $0.0001
par value, 85,000 shares issued and outstanding as of June 30,
2023 and December 31, 2022 (liquidation preference $92,486 and
$87,323 as of June 30, 2023 and December 31, 2022,
respectively) |
|
88,960 |
|
|
|
82,597 |
|
|
|
|
|
Stockholders' deficit |
|
|
|
Class A Common Stock – 500,000,000 shares authorized, $0.0001 par
value, 84,242,767 and 82,266,160 shares issued and outstanding as
of June 30, 2023 and December 31, 2022, respectively |
|
8 |
|
|
|
7 |
|
Treasury stock - 2,033,578 and 0 shares of Class A Common Stock as
of June 30, 2023 and December 31, 2022, respectively |
|
(20,336 |
) |
|
|
— |
|
Shareholder receivable |
|
— |
|
|
|
(20,336 |
) |
Additional paid-in capital |
|
291,004 |
|
|
|
271,883 |
|
Accumulated other comprehensive gains (losses) |
|
2,283 |
|
|
|
(621 |
) |
Accumulated deficit |
|
(307,778 |
) |
|
|
(280,255 |
) |
Total stockholders’ deficit |
|
(34,819 |
) |
|
|
(29,322 |
) |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND
STOCKHOLDERS’ DEFICIT |
$ |
379,113 |
|
|
$ |
258,097 |
|
|
|
|
|
|
|
|
|
MONDEE
HOLDINGS, INC. |
Condensed
Consolidated Statements of Operations |
(In $
thousands, except stock and per share data) |
(unaudited) |
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues, net |
$ |
56,771 |
|
|
$ |
45,656 |
|
|
$ |
106,700 |
|
|
$ |
84,723 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing expenses |
|
40,060 |
|
|
|
32,407 |
|
|
|
77,505 |
|
|
|
59,816 |
|
Personnel expenses, including stock-based compensation of $4,467,
$81, $6,623, and $155, respectively |
|
12,359 |
|
|
|
5,752 |
|
|
|
19,825 |
|
|
|
11,324 |
|
General and administrative expenses, including non-employee
stock-based compensation of $337, $0, $742, and $6,
respectively |
|
5,227 |
|
|
|
2,025 |
|
|
|
9,721 |
|
|
|
4,465 |
|
Information technology expenses |
|
1,376 |
|
|
|
1,158 |
|
|
|
2,299 |
|
|
|
2,464 |
|
Provision for credit losses, net |
|
(34 |
) |
|
|
(121 |
) |
|
|
(701 |
) |
|
|
86 |
|
Depreciation and amortization |
|
3,803 |
|
|
|
2,769 |
|
|
|
7,189 |
|
|
|
5,586 |
|
Restructuring expense (income), net |
|
(168 |
) |
|
|
— |
|
|
|
1,361 |
|
|
|
— |
|
Total operating expenses |
|
62,623 |
|
|
|
43,990 |
|
|
|
117,199 |
|
|
|
83,741 |
|
Income (loss) from operations |
|
(5,852 |
) |
|
|
1,666 |
|
|
|
(10,499 |
) |
|
|
982 |
|
Other income (expense) |
|
|
|
|
|
|
|
Interest income |
|
290 |
|
|
|
134 |
|
|
|
637 |
|
|
|
261 |
|
Interest expense |
|
(8,415 |
) |
|
|
(6,601 |
) |
|
|
(16,632 |
) |
|
|
(12,830 |
) |
Gain on extinguishment of PPP loan |
|
— |
|
|
|
2,009 |
|
|
|
— |
|
|
|
2,009 |
|
Changes in fair value of warrant liability |
|
393 |
|
|
|
— |
|
|
|
372 |
|
|
|
— |
|
Other income, net |
|
984 |
|
|
|
915 |
|
|
|
1,306 |
|
|
|
764 |
|
Total other expense, net |
|
(6,748 |
) |
|
|
(3,543 |
) |
|
|
(14,317 |
) |
|
|
(9,796 |
) |
Loss before income taxes |
|
(12,600 |
) |
|
|
(1,877 |
) |
|
|
(24,816 |
) |
|
|
(8,814 |
) |
Provision for income taxes |
|
(2,008 |
) |
|
|
(236 |
) |
|
|
(2,707 |
) |
|
|
(290 |
) |
Net loss |
|
(14,608 |
) |
|
|
(2,113 |
) |
|
|
(27,523 |
) |
|
|
(9,104 |
) |
Cumulative dividends allocated to preferred stockholders |
|
(2,686 |
) |
|
|
— |
|
|
|
(5,164 |
) |
|
|
— |
|
Net loss attributable to common stockholders |
$ |
(17,294 |
) |
|
$ |
(2,113 |
) |
|
$ |
(32,687 |
) |
|
$ |
(9,104 |
) |
Net loss attributable per share to common stockholders |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.22 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.15 |
) |
Weighted-average shares used to compute net loss attributable per
share to common stockholders |
|
|
|
|
|
|
|
Basic and diluted |
|
77,197,805 |
|
|
|
60,800,000 |
|
|
|
76,774,455 |
|
|
|
60,800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONDEE
HOLDINGS, INC. |
Condensed
Consolidated Statements of Cash Flows |
(In $
thousands) |
(unaudited) |
|
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
Cash flows from operating activities |
|
|
|
Net loss |
$ |
(27,523 |
) |
|
$ |
(9,104 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities |
|
|
|
Depreciation and amortization |
|
7,189 |
|
|
|
5,586 |
|
Deferred taxes |
|
62 |
|
|
|
92 |
|
Provision for credit losses, net |
|
(701 |
) |
|
|
86 |
|
Stock-based compensation |
|
7,365 |
|
|
|
161 |
|
Non-cash lease expense and lease impairment charges |
|
457 |
|
|
|
(76 |
) |
Amortization of loan origination fees |
|
4,126 |
|
|
|
1,638 |
|
Payment in kind interest expense |
|
2,807 |
|
|
|
6,840 |
|
Gain on forgiveness of PPP Loan |
|
— |
|
|
|
(2,009 |
) |
Gain on termination of lease |
|
(337 |
) |
|
|
— |
|
Unrealized loss on foreign currency exchange derivatives |
|
129 |
|
|
|
— |
|
Change in the estimated fair value of earn-out considerations and
warrant liability |
|
329 |
|
|
|
(595 |
) |
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
|
(20,468 |
) |
|
|
(10,168 |
) |
Contract assets |
|
(8,795 |
) |
|
|
(4,175 |
) |
Prepaid expenses and other current assets |
|
494 |
|
|
|
(8,990 |
) |
Other non-current assets |
|
(377 |
) |
|
|
(662 |
) |
Amounts payable to related parties |
|
25 |
|
|
|
836 |
|
Accounts payable |
|
24,667 |
|
|
|
10,211 |
|
Accrued expenses and other liabilities |
|
(262 |
) |
|
|
11,224 |
|
Deferred revenue |
|
(985 |
) |
|
|
(857 |
) |
Operating lease liabilities |
|
(608 |
) |
|
|
121 |
|
Other long term liabilities |
|
— |
|
|
|
5 |
|
Net cash (used in) provided by operating
activities |
|
(12,406 |
) |
|
|
164 |
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
|
(4,474 |
) |
|
|
(3,472 |
) |
Cash paid for acquisitions, net of cash acquired |
|
(21,919 |
) |
|
|
— |
|
Purchase of restricted short term investments |
|
(231 |
) |
|
|
— |
|
Sale of restricted short term investments |
|
— |
|
|
|
— |
|
Sale of restricted short term investments |
|
|
|
Net cash used in investing activities |
|
(26,624 |
) |
|
|
(3,472 |
) |
Cash flows from financing activities |
|
|
|
Repayment of long term debt |
|
(2,063 |
) |
|
|
(259 |
) |
Loan origination fee for long term debt |
|
(615 |
) |
|
|
— |
|
Proceeds from long term debt |
|
15,000 |
|
|
|
— |
|
SPAC transaction costs reversed |
|
— |
|
|
|
— |
|
Payment of offering costs |
|
(3,672 |
) |
|
|
(835 |
) |
|
|
|
|
— |
|
Net cash provided by (used in) by financing
activities |
|
8,650 |
|
|
|
(1,094 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
528 |
|
|
|
(172 |
) |
Net decrease in cash and cash equivalents |
|
(29,852 |
) |
|
|
(4,574 |
) |
Cash and cash equivalents at beginning of period |
|
78,841 |
|
|
|
15,506 |
|
Cash and cash equivalents at end of period |
$ |
48,989 |
|
|
$ |
10,932 |
|
|
|
|
|
|
|
|
|
MONDEE
HOLDINGS, INC. |
GAAP to
Non-GAAP Reconciliations |
(In $
thousands, except Transactions and per share data) |
(unaudited) |
|
|
KEY METRICS |
1Q22 |
2Q22 |
3Q22 |
4Q22 |
FY22 |
1Q23 |
2Q23 |
Transactions |
462,931 |
|
549,729 |
|
591,760 |
|
533,110 |
|
2,137,530 |
|
665,173 |
|
721,464 |
Take rate |
8.1% |
|
7.2% |
|
6.6% |
|
6.9% |
|
7.2% |
|
7.1% |
|
8.0% |
Gross revenue |
479,595 |
|
634,695 |
|
600,500 |
|
508,062 |
|
2,222,851 |
|
699,237 |
|
707,766 |
Net revenue |
39,067 |
|
45,656 |
|
39,753 |
|
35,008 |
|
159,484 |
|
49,929 |
|
56,771 |
YoY Growth |
190% |
|
94% |
|
74% |
|
5% |
|
71% |
|
28% |
|
24% |
QoQ Growth |
17% |
|
17% |
|
(13)% |
|
(12)% |
|
|
43% |
|
14% |
|
|
|
|
|
|
|
|
ADJUSTED EBITDA RECONCILIATION |
1Q22 |
2Q22 |
3Q22 |
4Q22 |
FY22 |
1Q23 |
2Q23 |
Net income (loss) |
(5,577) |
|
(2,113) |
|
(64,321) |
|
(18,227) |
|
(90,238) |
|
(12,915) |
|
(14,608) |
Interest expense (net) |
6,102 |
|
6,467 |
|
7,129 |
|
6,319 |
|
26,017 |
|
7,870 |
|
8,125 |
Stock-based comp exp |
80 |
|
81 |
|
55,236 |
|
6,645 |
|
62,042 |
|
2,561 |
|
4,804 |
Payroll tax expense related to stock-based compensation |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
86 |
Depreciation & amortization |
2,817 |
|
2,769 |
|
2,963 |
|
3,221 |
|
11,770 |
|
3,386 |
|
3,803 |
Restructuring expense |
— |
|
— |
|
2,130 |
|
412 |
|
2,542 |
|
1,529 |
|
(168) |
Changes in fair value of Warrant liability |
— |
|
— |
|
(683) |
|
791 |
|
108 |
|
21 |
|
(393) |
Legal expense |
— |
|
— |
|
— |
|
744 |
|
744 |
|
662 |
|
577 |
Income tax provision |
54 |
|
236 |
|
321 |
|
(484) |
|
127 |
|
699 |
|
2,008 |
Gain on forgiveness of PPP loan |
— |
|
(2,009) |
|
— |
|
— |
|
(2,009) |
|
— |
|
— |
Warrant transaction expense |
— |
|
— |
|
— |
|
326 |
|
326 |
|
— |
|
— |
M&A costs |
— |
|
— |
|
— |
|
— |
|
— |
|
279 |
|
264 |
Other expenses (income), net |
151 |
|
(915) |
|
1,080 |
|
(624) |
|
(308) |
|
(322) |
|
(984) |
Change in FV of acquisition earnout |
|
(760) |
|
|
|
(760) |
|
171 |
|
530 |
Other non-recurring expenses |
|
|
|
|
|
|
394 |
Sale of export incentives |
— |
|
— |
|
— |
|
760 |
|
760 |
|
216 |
|
— |
Adjusted EBITDA |
3,627 |
|
3,756 |
|
3,855 |
|
(117) |
|
11,121 |
|
4,157 |
|
4,438 |
Adjusted EBITDA margin |
9.3% |
|
8.2% |
|
9.7% |
|
(0.3)% |
|
7.0% |
|
8.3% |
|
7.8% |
Deferred items |
|
|
|
|
|
|
|
Supplier contract renegotiation2 |
|
|
|
2,768 |
|
2,768 |
|
|
|
Chargeback recoveries3 |
|
|
|
989 |
|
989 |
|
|
|
Total Adjusted EBITDA |
|
|
|
3,640 |
|
14,878 |
|
|
|
Total Adjusted EBITDA margin |
|
|
|
10.4% |
|
9.3% |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME RECONCILIATION |
1Q22 |
2Q22 |
3Q22 |
4Q22 |
FY22 |
1Q23 |
2Q23 |
Net Income (loss) |
(5,577) |
|
(2,113) |
|
(64,321) |
|
(18,227) |
|
(90,238) |
|
(12,915) |
|
(14,608) |
Stock-based comp exp |
80 |
|
81 |
|
55,236 |
|
6,645 |
|
62,042 |
|
2,561 |
|
4,804 |
Amortization - intangibles |
1,584 |
|
1,584 |
|
1,584 |
|
1,586 |
|
6,338 |
|
1,584 |
|
2,329 |
Income tax provision |
54 |
|
236 |
|
321 |
|
(484) |
|
127 |
|
699 |
|
2,008 |
One-time expenses |
168 |
|
(2,683) |
|
1,675 |
|
2,492 |
|
1,651 |
|
2,662 |
|
810 |
Adjusted Net Income (Loss) |
(3,691) |
|
(2,895) |
|
(5,505) |
|
(7,988) |
|
(20,080) |
|
(5,409) |
|
(4,657) |
Deferred items |
|
|
|
|
|
|
|
Supplier contract renegotiation2 |
|
|
|
2,768 |
|
2,768 |
|
|
|
Chargeback recoveries3 |
|
|
|
989 |
|
989 |
|
|
|
Total Adjusted Net Income (Loss) |
|
|
|
(4,231) |
|
(16,323) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EPS RECONCILIATION |
1Q22 |
2Q22 |
3Q22 |
4Q22 |
FY22 |
1Q23 |
2Q23 |
Net income (loss) |
(5,577) |
|
(2,113) |
|
(64,321) |
|
(18,227) |
|
(90,238) |
|
(12,915) |
|
(14,608) |
Common shares outstanding |
60,800 |
|
60,800 |
|
72,463 |
|
82,266 |
|
69,082 |
|
83,749 |
|
77,198 |
Net loss per share (EPS)1 |
(0.09) |
|
(0.03) |
|
(0.89) |
|
(0.22) |
|
(1.31) |
|
(0.15) |
|
(0.22) |
Adjusted net income (loss) |
(3,691) |
|
(2,895) |
|
(5,505) |
|
(7,988) |
|
(20,080) |
|
(5,409) |
|
(4,657) |
Diluted shares outstanding |
94,600 |
|
94,600 |
|
94,600 |
|
83,866 |
|
91,917 |
|
83,749 |
|
84,685 |
Adjusted EPS |
(0.04) |
|
(0.03) |
|
(0.06) |
|
(0.10) |
|
(0.22) |
|
(0.06) |
|
(0.05) |
Total adjusted net income (loss) |
|
|
|
(4,231) |
|
(16,323) |
|
|
|
Diluted shares outstanding |
|
|
|
83,866 |
|
91,917 |
|
|
|
Total adjusted EPS |
|
|
|
(0.05) |
|
(0.18) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1Net loss per share (EPS) for 2023 excludes
cumulative dividends allocated to preferred stock holders.Note that
Mondee's definition of adjusted EBITDA, adjusted net income (loss),
and adjusted EPS have been modified. Please see the 10-Q filing for
more information.
For Further Information,
Contact:
Public Relationspr@mondee.com
Investor Relationsir@mondee.com
Mondee (NASDAQ:MOND)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Mondee (NASDAQ:MOND)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024