Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a
leading travel marketplace and artificial intelligence (AI)
technology company, today announced preliminary unaudited financial
results for the three-month period and full-year ended December 31,
2023.
“Mondee is pleased to report record net revenues
and Adjusted EBITDA in Q4 and full year 2023 ("FY 23"), exceeding
guidance. This strong year-over-year growth was fueled by product
and geographic expansion of our marketplace, industry-leading
technology advancements, and sustained leisure travel demand. We
are focused on marketplace expansion in both content, geography and
new-era distribution as well as widening our technology lead in AI
with investments in Abhi, the first AI-powered travel platform and
the acquisition of AI pioneer Purplegrids. These initiatives,
coupled with sustained transaction growth, take rate improvement,
and cost control are expected to enhance revenues and
profitability,” said Founder, Chairman, and CEO Prasad
Gundumogula.
“Mondee's record financial performance continues,
with gross bookings increasing by 24% in Q4 2023. The success of
our monetization strategies led to a take rate of nearly 10%,
double pre-pandemic levels, driving net revenue growth of 78%.
Turning to profitability, 2023 Adjusted EBITDA of $21.0 million
increased by 77% year-over-year. Looking forward, we remain
committed to top-line growth, profitability, and cash flow
generation,” said CFO Jesus Portillo.
Fourth-Quarter and Full-Year 2023
Preliminary Unaudited Financial
Highlights1
- Gross bookings of
$619 million expected for the quarter, an increase of 24% compared
to $500 million in the fourth quarter of 2022 (“Q4 22”). FY 23
gross bookings of $2.6 billion grew 19% compared to full year 2022
("FY 22").
- Net revenues of
$61.1 million expected for the quarter, an increase of 78% compared
to $34.2 million in Q4 22. FY 23 net revenue of $222.3 million grew
39% compared to FY 22 and exceeded guidance of $217 million.
- Net Loss of $(12.5)
million expected for the quarter, which included $11.3 million of
non-cash and/or non-recurring items, such as $3.4 million of
stock-based compensation and $2.8 million of intangible assets
amortization, among others. FY 23 net loss was $(60.1) million, a
year-over-year improvement of $30.1 million.
- Adjusted EBITDA of
$6.9 million expected for the quarter, an increase of 338% compared
to $1.6 million in Q4 22. FY 23 adjusted EBITDA of $21.0 million
nearly doubled from 2022 and exceeded guidance of $19.7
million.
- Operating cash flow
of $(10.6) million expected for the quarter, compared to $(9.9)
million in Q4 22. FY 23 operating cash flow was $(24.0) million
versus FY 22's $(10.6) million. This lower cash flow was primarily
driven by a higher interest payment of $5.7 million (mainly due to
conversion from PIK to cash interest), a change in net working
capital of $6.3 million, and payments related to the LBF
divestiture of $7.7 million. Adjusting for these, Operating Cash
Flow would have improved from 2022's level by $6.3 million.
Financial Summary and Operating
Results 1,2 (unaudited)
|
For the three months ended December 31 |
|
Year-Over-Year Change |
|
2023 |
|
2022 |
|
|
|
% |
Transactions |
829,698 |
|
533,110 |
|
296,588 |
|
56% |
Gross Bookings |
$619,284 |
|
$499,847 |
|
$119,437 |
|
24% |
Net Revenues |
$61,053 |
|
$34,248 |
|
$26,805 |
|
78% |
Net Loss 3 |
$(12,526) |
|
$(16,526) |
|
$4,000 |
|
NA |
Loss per share (EPS) |
$(0.21) |
|
$(0.20) |
|
$(0.01) |
|
NA |
Adjusted EBITDA |
$6,947 |
|
$1,585 |
|
$5,362 |
|
338% |
Adjusted Net Loss |
$(6,383) |
|
$(6,288) |
|
$(95) |
|
NA |
Adjusted Loss per Share 5 |
$(0.13) |
|
$(0.10) |
|
$(0.03) |
|
NA |
Net cash from (used in) operating activities |
$(10,593) |
|
$(9,922) |
|
$(671) |
|
NA |
|
For the twelve months ended December 31 |
|
Year-Over-Year Change |
|
2023 |
|
2022 |
|
|
|
% |
Transactions |
2,912,029 |
|
2,137,530 |
|
774,499 |
|
36% |
Gross Bookings |
$2,564,058 |
|
$2,148,801 |
|
$415,257 |
|
19% |
Net Revenues |
$222,285 |
|
$159,484 |
|
$62,801 |
|
39% |
Net Loss 3,4 |
$(60,148) |
|
$(90,238) |
|
$30,090 |
|
NA |
Loss per share (EPS) |
$(0.93) |
|
$(1.34) |
|
$0.41 |
|
NA |
Adjusted EBITDA |
$21,043 |
|
$11,881 |
|
$9,162 |
|
77% |
Adjusted Net Loss |
$(20,384) |
|
$(20,080) |
|
$(304) |
|
NA |
Adjusted Loss per Share |
$(0.41) |
|
$(0.32) |
|
$(0.09) |
|
NA |
Net cash from (used in) operating activities5 |
$(23,993) |
|
$(10,612) |
|
$(13,381) |
|
NA |
1 Note that results are
preliminary unaudited. Mondee’s first and second quarters of 2022
financial results were prior to the Company's listing on the
NASDAQ. 2 In $ thousands except for
EPS.3 4Q 2023 Net Loss included included $11.3
million of non-cash and/or non-recurring items, such as $3.4
million of stock-based compensation and $2.8 million of intangible
assets amortization, among others.4 2022 included
a one-time stock-based compensation of $55.2 million related to
Mondee's business combination and NASDAQ listing.
5 2023 net cash used in operating activities
includes higher interest payment of $5.7 million (mainly due to
conversion from PIK to cash interest), a change in net working
capital of $6.3 million, and payments related to the LBF
divestiture of $7.7 million.
Fourth Quarter 2023 Business Highlights
and Subsequent Events
- Maturity Extended for Term
Loan. The Company amended its term loan agreement,
extending the maturity to March 31, 2025, whilst it works to
finalize a long-term facility.
- Acquired Purplegrids, a
leading AI-platform and team. Founded in 2017 by Joseph
Vijay Raj John, after a successful 12-year career at Apple,
Purplegrids boasts a team with AI professionals from Google, Apple,
Meta, PayPal and Oracle. Purplegrids’ platform offers a humanized
AI-driven user experience combining the benefits of large language
and generative models with business intelligence and robotic
processing automation (RPA) to automate user experiences. It is
expected that the integration of Mondee’s AI capabilities with
Purplegrids will not only expand the AI travel platform but also
speed up our roadmap to bring AI to more, and ultimately all,
aspects of Mondee’s business.
- Share Repurchase and Preferred
Financing: During Q4 2023, the company raised $11.3
million in preferred financing, $10 million of which was used in
share buybacks as part of our inaugural share buyback program
approved by our Board of Directors.
2024 Financial Outlook
The Company's guidance for fiscal year 2024, is
as follows:
- Net revenues of approximately $250
million to $255 million, representing an increase of 14% versus
2023 net revenues, measured at the midpoint.
- Adjusted EBITDA of approximately
$30 million to $35 million, representing an increase of 24% versus
2023 Adjusted EBITDA, measured at the midpoint.
Conference Call Information
Mondee will host a conference call Thursday, March
14 at 5:30 a.m. (PT) / 7:30 a.m. (CT) / 8:30 a.m. (ET) to discuss
its preliminary unaudited 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 941315.
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 918609, until midnight (ET) April 4, 2024.
About Mondee
Established in 2011, Mondee is a leading travel
marketplace and artificial intelligence (AI) technology company
with its headquarters 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.
Mondee Marketplace includes access to Abhi, the most powerful and
only fully-integrated AI travel planning assistant in the market.
Its network and marketplace include approximately 65,000 travel
experts, 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 our global distribution. On July 19, 2022, Mondee became
publicly traded on the Nasdaq under the ticker symbol MOND. 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 non-GAAP adjusted EBITDA and non-GAAP
EPS, EBITDA, Adjusted Net Loss, and Adjusted Net Loss per
share.
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,
and one-time expenses. Mondee defines adjusted EBITDA as net loss
before depreciation and amortization, provision for income taxes,
interest expense (net), other expense (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 adjusted 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 and/or non-cash
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 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 number of travel
reservations that were processed on Mondee’s platform during the
period. A single transaction could include an airline ticket, a
hotel or hospitality accommodation, and any number of ancillaries
offered on the platform. Gross bookings are defined as the total
dollar value, generally inclusive of taxes and fees, of all travel
reservations through our platform between a third-party seller or
service provider and the traveler, net of cancellations. Take rate
is defined as revenues as a percentage of gross bookings. 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
the expansion in Mondee's distribution 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 our distribution network 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.
The preliminary unaudited financial results for
the fourth quarter and full year ended December 31, 2023 are
unaudited, reflect our estimated financial results and are based on
information available to management as of the date of this release
and are subject to potential further changes upon completion of the
Company’s standard year-end closing procedures. In preparing this
information, management made complex and subjective judgments and
estimates about the appropriateness of certain reported amounts and
disclosures. Our actual financial results for the year ended
December 31, 2023 are subject to completion of the audit by our
auditors. These preliminary unaudited results do not represent a
comprehensive statement of all financial results for the three
months and year ended December 31, 2023.
|
MONDEE HOLDINGS, INC. |
Condensed Consolidated Balance Sheets |
(In $ thousands, except stock and par value
data) |
(unaudited) |
|
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
26,171 |
|
|
|
78,841 |
|
Restricted cash and short-term investments |
|
7,993 |
|
|
|
8,639 |
|
Accounts receivable, net of allowance of expected credit losses of
$5,185, and $4,861 as of December 31, 2023 and 2022,
respectively |
|
116,716 |
|
|
|
21,733 |
|
Contract assets, net of allowance of expected credit losses of $7
and $750 as of December 31, 2023 and 2022, respectively |
|
13,228 |
|
|
|
5,794 |
|
Prepaid expenses and other current assets |
|
6,765 |
|
|
|
4,673 |
|
Total current assets |
|
170,873 |
|
|
|
119,680 |
|
Property and equipment, net |
|
17,311 |
|
|
|
11,332 |
|
Goodwill |
|
88,348 |
|
|
|
66,420 |
|
Intangible assets, net |
|
102,029 |
|
|
|
57,370 |
|
Amounts receivable from related parties |
|
43 |
|
|
|
— |
|
Operating lease right-of-use assets |
|
3,232 |
|
|
|
1,384 |
|
Deferred income taxes |
|
635 |
|
|
|
237 |
|
Other non-current assets |
$ |
15,519 |
|
|
$ |
1,674 |
|
TOTAL ASSETS |
|
397,990 |
|
|
|
258,097 |
|
Liabilities, Redeemable Preferred Stock and Stockholders’
Deficit |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
|
114,989 |
|
|
|
33,749 |
|
Deferred underwriting fee |
|
— |
|
|
|
500 |
|
Amounts payable to related parties |
|
42 |
|
|
|
13 |
|
Government loans, current portion |
|
51 |
|
|
|
72 |
|
Accrued expenses and other current liabilities |
|
23,133 |
|
|
|
9,319 |
|
Earn-out liability, net, current portion |
|
4,843 |
|
|
|
— |
|
Deferred revenue, current portion |
|
5,686 |
|
|
|
5,828 |
|
Long-term debt, current portion |
|
10,828 |
|
|
|
7,514 |
|
Total current liabilities |
|
159,572 |
|
|
|
56,995 |
|
Deferred income taxes |
|
12,482 |
|
|
|
307 |
|
Note payable to related party |
|
201 |
|
|
|
197 |
|
Government loans, excluding current portion |
|
142 |
|
|
|
159 |
|
Earn-out liability, net, excluding current portion |
|
4,322 |
|
|
|
— |
|
Warrant liability |
|
137 |
|
|
|
1,293 |
|
Long-term debt, excluding current portion |
|
150,873 |
|
|
|
126,882 |
|
Deferred revenue, excluding current portion |
|
11,797 |
|
|
|
14,656 |
|
Operating lease liabilities, excluding current portion |
|
2,561 |
|
|
|
1,620 |
|
Other long-term liabilities |
|
14,591 |
|
|
|
2,713 |
|
Total liabilities |
|
356,678 |
|
|
|
204,822 |
|
Commitments and contingencies (Note 14) |
|
|
|
|
|
|
|
Redeemable Preferred Stock |
|
|
|
Series A Preferred stock - 250,000,000 authorized, $0.0001 par
value, 96,300 and 85,000 shares issued and outstanding as of
December 31, 2023 and 2022, respectively (liquidation
preference $110,180 and $87,323 as of December 31, 2023 and
2022, respectively) |
|
105,804 |
|
|
|
82,597 |
|
|
|
|
|
|
|
|
|
Stockholders' deficit: |
|
|
|
Common stock – 500,000,000 Class A and 250,000,000 Class C shares
authorized, $0.0001 par value, 83,252,040 and 82,266,160 Class A
shares issued and outstanding as of December 31, 2023 and
2022, respectively |
|
8 |
|
|
|
7 |
|
Treasury stock - 4,623,532 and 0 shares of Class A Common Stock as
of December 31, 2023 and 2022, respectively |
|
(32,088 |
) |
|
|
— |
|
Shareholder receivable |
|
— |
|
|
|
(20,336 |
) |
Additional paid-in capital |
|
306,326 |
|
|
|
271,883 |
|
Accumulated other comprehensive losses |
|
1,665 |
|
|
|
(621 |
) |
Accumulated deficit |
|
(340,403 |
) |
|
|
(280,255 |
) |
Total stockholders’ deficit |
|
(64,492 |
) |
|
|
(29,322 |
) |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND
STOCKHOLDERS’ DEFICIT |
|
397,990 |
|
|
|
258,097 |
|
|
MONDEE HOLDINGS, INC. |
Condensed Consolidated Statements of
Operations |
(In $ thousands, except stock and per share data) |
(unaudited) |
|
|
Year EndedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
Revenues, net |
$ |
222,285 |
|
|
$ |
159,484 |
|
Operating expenses |
|
|
|
Sales and marketing expenses |
|
151,202 |
|
|
|
114,111 |
|
Personnel expenses, including stock-based compensation of $12,438
and $61,690, respectively |
|
42,977 |
|
|
|
82,057 |
|
General and administrative expenses, including non-employee
stock-based compensation of $1,349 and $352, respectively |
|
22,764 |
|
|
|
9,662 |
|
Information technology expenses |
|
5,491 |
|
|
|
5,333 |
|
Provision for credit losses, net |
|
393 |
|
|
|
312 |
|
Depreciation and amortization |
|
16,068 |
|
|
|
11,770 |
|
Restructuring expense, net |
|
2,371 |
|
|
|
2,542 |
|
Total operating expenses |
|
241,266 |
|
|
|
225,787 |
|
Loss from operations |
|
(18,981 |
) |
|
|
(66,303 |
) |
Other income (expense) |
|
|
|
Interest income |
|
1,053 |
|
|
|
637 |
|
Interest expense |
|
(34,894 |
) |
|
|
(26,654 |
) |
Gain on extinguishment of PPP loan |
|
— |
|
|
|
2,009 |
|
Changes in fair value of warrant liability |
|
1,156 |
|
|
|
(108 |
) |
Other income (expense), net |
|
(10,553 |
) |
|
|
308 |
|
Total other expense, net |
|
(43,238 |
) |
|
|
(23,808 |
) |
Loss before income taxes |
|
(62,219 |
) |
|
|
(90,111 |
) |
Benefit (provision) for income taxes |
|
2,071 |
|
|
|
(127 |
) |
Net loss |
|
(60,148 |
) |
|
|
(90,238 |
) |
Cumulative dividends allocated to preferred stockholders |
|
(11,557 |
) |
|
|
(2,323 |
) |
Net loss attributable to common stockholders |
|
(71,705 |
) |
|
|
(92,561 |
) |
Net loss attributable per share to common stockholders |
|
|
|
Basic and diluted |
|
(0.93 |
) |
|
|
(1.34 |
) |
Weighted-average shares used to compute net loss attributable per
share to common stockholders |
|
|
|
Basic and diluted |
|
77,214 |
|
|
|
67,369 |
|
Net loss |
|
(60,148 |
) |
|
|
(90,238 |
) |
Other comprehensive loss, net of tax |
|
|
|
Gain (loss) on currency translation adjustment |
|
2,286 |
|
|
|
(348 |
) |
Comprehensive loss |
|
(57,862 |
) |
|
|
(90,586 |
) |
|
MONDEE HOLDINGS, INC. |
Condensed Consolidated Statements of Cash
Flows |
(In $ thousands) |
(unaudited) |
|
|
Year EndedDecember 31, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
Net loss |
$ |
(60,148 |
) |
|
$ |
(90,238 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities |
|
|
|
Depreciation and amortization |
|
16,068 |
|
|
|
11,770 |
|
Non-cash gain on LBF US divestiture, net |
|
(862 |
) |
|
|
— |
|
Deferred taxes |
|
(3,104 |
) |
|
|
(437 |
) |
Provision for credit losses, net |
|
393 |
|
|
|
312 |
|
Stock-based compensation |
|
13,787 |
|
|
|
62,042 |
|
Non-cash lease expense and lease impairment charges |
|
1,037 |
|
|
|
— |
|
Amortization of loan origination fees |
|
9,040 |
|
|
|
6,563 |
|
Payment in kind interest expense |
|
9,363 |
|
|
|
9,036 |
|
Gain on forgiveness of PPP Loan |
|
— |
|
|
|
(2,009 |
) |
Gain on termination of lease |
|
(337 |
) |
|
|
— |
|
Unrealized gain on foreign currency exchange derivatives |
|
(127 |
) |
|
|
— |
|
Change in the estimated fair value of earn-out consideration and
warrants |
|
1,551 |
|
|
|
(489 |
) |
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
|
(23,512 |
) |
|
|
(11,867 |
) |
Accounts receivable from related parties |
|
(43 |
) |
|
|
— |
|
Contract assets |
|
(7,020 |
) |
|
|
(1,859 |
) |
Prepaid expenses and other current assets |
|
1,804 |
|
|
|
(2,085 |
) |
Operating lease right-of-use assets |
|
— |
|
|
|
1,846 |
|
Other non-current assets |
|
(2,375 |
) |
|
|
(373 |
) |
Amounts payable to related parties |
|
(18 |
) |
|
|
(689 |
) |
Accounts payable |
|
24,657 |
|
|
|
10,554 |
|
Accrued expenses and other liabilities |
|
(290 |
) |
|
|
(742 |
) |
Deferred revenue |
|
(2,588 |
) |
|
|
(254 |
) |
Operating lease liabilities |
|
(1,269 |
) |
|
|
(1,693 |
) |
Net cash used in operating activities |
|
(23,993 |
) |
|
|
(10,612 |
) |
Cash flows from
investing activities |
|
|
|
Capital expenditures |
|
(11,747 |
) |
|
|
(7,267 |
) |
Purchase of restricted short-term investments |
|
— |
|
|
|
(417 |
) |
Sale of restricted short-term investments |
|
— |
|
|
|
262 |
|
Purchase of short-term investments |
|
(1,145 |
) |
|
|
— |
|
Maturity of short-term
investments |
|
2,281 |
|
|
|
— |
|
Cash paid for acquisitions, net of cash acquired |
|
(23,276 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(33,887 |
) |
|
|
(7,422 |
) |
Cash flows from financing activities |
|
|
|
Repayment of debt |
|
(6,583 |
) |
|
|
(45,338 |
) |
Loan origination fee |
|
(2,302 |
) |
|
|
— |
|
Proceeds from issuance of preferred stock |
|
11,300 |
|
|
|
85,000 |
|
Payment of preferred stock issuance cost |
|
— |
|
|
|
(1,418 |
) |
Proceeds from exercise of common stock warrants |
|
— |
|
|
|
1,368 |
|
Proceeds from Business Combination and issuance of PIPE shares |
|
— |
|
|
|
78,548 |
|
Payment of offering costs for Business Combination |
|
(4,462 |
) |
|
|
(23,704 |
) |
Payment made on behalf of Mondee Holdings LLC |
|
— |
|
|
|
(5,241 |
) |
Repurchase of public warrants |
|
— |
|
|
|
(7,481 |
) |
Proceeds from borrowings |
|
17,568 |
|
|
|
— |
|
Stock repurchases |
|
(9,970 |
) |
|
|
— |
|
Proceeds from issuance of common stock |
|
96 |
|
|
|
— |
|
Net cash provided by financing activities |
|
5,647 |
|
|
|
81,734 |
|
Effect of exchange rate changes on cash and cash equivalents and
restricted cash and cash equivalents |
|
30 |
|
|
|
(365 |
) |
Net (decrease) increase in cash and cash equivalents and restricted
cash |
|
(52,203 |
) |
|
|
63,335 |
|
Cash and cash equivalents and restricted cash at beginning of
year |
|
78,841 |
|
|
|
15,506 |
|
Reclassification of restricted short term investments into
restricted cash |
|
6,363 |
|
|
|
— |
|
Cash and cash equivalents and restricted cash at end of
year |
|
33,001 |
|
|
|
78,841 |
|
|
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 |
3Q23 |
4Q23 |
FY23 |
Transactions |
462,931 |
549,729 |
591,760 |
533,110 |
2,137,530 |
665,173 |
721,464 |
695,694 |
829,698 |
2,912,029 |
Take rate |
8.5% |
7.5% |
6.9% |
6.9% |
7.4% |
7.5% |
8.4% |
9.1% |
9.9% |
8.7% |
Gross bookings |
459,091 |
606,475 |
583,388 |
499,847 |
2,148,801 |
668,079 |
679,244 |
597,451 |
619,284 |
2,564,058 |
Net revenues |
39,067 |
45,656 |
40,513 |
34,248 |
159,484 |
49,929 |
56,771 |
54,532 |
61,053 |
222,285 |
YoY Growth |
190% |
94% |
77% |
3% |
71% |
28% |
24% |
35% |
78% |
39% |
QoQ Growth |
17% |
17% |
(11)% |
(15)% |
|
46% |
14% |
(4)% |
12% |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA RECONCILIATION |
1Q22 |
2Q22 |
3Q22 |
4Q22 |
FY22 |
1Q23 |
2Q23 |
3Q23 |
4Q23 |
FY23 |
Net income (loss) |
(6,991) |
(2,113) |
(64,608) |
(16,526) |
(90,238) |
(12,915) |
(14,608) |
(20,099) |
(12,526) |
(60,148) |
Interest expense (net) |
6,102 |
6,467 |
7,129 |
6,319 |
26,017 |
7,870 |
8,125 |
8,497 |
9,349 |
33,841 |
Stock-based compensation expense |
80 |
81 |
55,236 |
6,645 |
62,042 |
2,561 |
4,804 |
2,974 |
3,448 |
13,787 |
Payroll tax expense related to stock-based compensation |
— |
— |
— |
— |
— |
— |
86 |
140 |
(12) |
214 |
Depreciation & amortization |
2,817 |
2,769 |
2,963 |
3,221 |
11,770 |
3,386 |
3,803 |
4,165 |
4,714 |
16,068 |
Restructuring expense |
— |
— |
2,130 |
412 |
2,542 |
1,529 |
(168) |
239 |
771 |
2,371 |
Changes in fair value of Warrant liability |
— |
— |
(683) |
791 |
108 |
21 |
(393) |
(744) |
(40) |
(1,156) |
Legal expense |
— |
— |
— |
744 |
744 |
662 |
577 |
785 |
663 |
2,687 |
Income tax provision |
54 |
236 |
321 |
(484) |
127 |
699 |
2,008 |
381 |
(5,159) |
(2,071) |
Gain on forgiveness of PPP loan |
— |
(2,009) |
— |
— |
(2,009) |
— |
— |
— |
— |
— |
Warrant transaction expense |
— |
— |
— |
326 |
326 |
— |
— |
— |
— |
— |
M&A costs |
— |
— |
— |
— |
— |
279 |
264 |
545 |
150 |
1,238 |
LBF US divestiture and transition service expense |
— |
— |
— |
— |
— |
— |
— |
9,327 |
383 |
9,710 |
Other expenses (income), net |
(14) |
(155) |
1,060 |
(603) |
288 |
(322) |
(984) |
(138) |
2,287 |
843 |
Change in fair value of acquisition earn-out liability |
165 |
(760) |
19 |
(20) |
(596) |
171 |
530 |
(593) |
2,599 |
2,707 |
Other non-recurring expenses |
— |
— |
— |
— |
— |
— |
394 |
22 |
536 |
952 |
Sale of export incentives |
— |
— |
— |
760 |
760 |
216 |
— |
— |
(216) |
— |
Adjusted EBITDA |
2,213 |
4,516 |
3,567 |
1,585 |
11,881 |
4,157 |
4,438 |
5,501 |
6,947 |
21,043 |
Adjusted EBITDA margin |
5.7% |
9.9% |
8.8% |
4.6% |
7.4% |
8.3% |
7.8% |
10.1% |
11.4% |
9.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME RECONCILIATION |
1Q22 |
2Q22 |
3Q22 |
4Q22 |
FY22 |
1Q23 |
2Q23 |
3Q23 |
4Q23 |
FY23 |
Net Income (loss) |
(6,991) |
(2,113) |
(64,608) |
(16,526) |
(90,238) |
(12,915) |
(14,608) |
(20,099) |
(12,526) |
(60,148) |
Stock-based compensation expense |
80 |
81 |
55,236 |
6,645 |
62,042 |
2,561 |
4,804 |
2,974 |
3,448 |
13,787 |
Amortization - intangibles |
1,585 |
1,584 |
1,584 |
1,585 |
6,338 |
1,960 |
2,329 |
2,458 |
2,792 |
9,539 |
Income tax provision |
54 |
236 |
321 |
(484) |
127 |
699 |
2,008 |
381 |
(5,159) |
(2,071) |
Certain other operating expenses1 |
168 |
(2,683) |
1,675 |
2,492 |
1,651 |
2,878 |
1,204 |
9,581 |
5,062 |
18,509 |
Adjusted Net Income (Loss) |
(5,104) |
(2,895) |
(5,792) |
(6,288) |
(20,080) |
(4,817) |
(4,263) |
(4,705) |
(6,383) |
(20,384) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EPS RECONCILIATION |
1Q22 |
2Q22 |
3Q22 |
4Q22 |
FY22 |
1Q23 |
2Q23 |
3Q23 |
4Q23 |
FY23 |
Net loss attributable to common stockholders |
(6,991) |
(2,113) |
(64,655) |
(18,802) |
(92,561) |
(15,393) |
(17,294) |
(22,958) |
(16,061) |
(71,705) |
Common shares outstanding |
60,800 |
60,800 |
72,463 |
82,266 |
67,369 |
83,749 |
77,198 |
77,926 |
77,214 |
77,214 |
Net loss per share (EPS)2 |
(0.11) |
(0.03) |
(0.99) |
(0.20) |
(1.34) |
(0.18) |
(0.22) |
(0.29) |
(0.21) |
(0.93) |
Adjusted net income (loss) attributable to common stockholders |
(5,104) |
(2,895) |
(5,839) |
(8,564) |
(22,403) |
(7,295) |
(6,949) |
(7,564) |
(9,917) |
(31,941) |
Diluted shares outstanding |
60,800 |
60,800 |
72,463 |
82,266 |
69,082 |
83,749 |
77,198 |
77,926 |
77,214 |
77,214 |
Adjusted EPS |
(0.08) |
(0.05) |
(0.08) |
(0.10) |
(0.32) |
(0.09) |
(0.09) |
(0.10) |
(0.13) |
(0.41) |
1 Includes LBF US divestiture and transition
service expense, changes in fair value of earn-out liabilities,
legal expenses pertaining to acquisitions, restructuring expense,
acquisition costs, transaction filing fees and related expenses,
and changes in fair value of warrant liabilities, which are not
ordinary and outside the course of our business.
2 Net loss per share (EPS) for 2023 includes
cumulative dividends allocated to preferred stock holders.
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