Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a
leading travel marketplace and artificial intelligence (AI)
technology company, today announced financial results for the
three-month period ended June 30, 2024.
“Mondee delivered a strong second quarter, with
net revenue, take rate, and adjusted EBITDA up year over year—the
latter by 38%. Our non-air component surged to 47% of net revenue
and take rate grew 20 basis points to 8.6%,” said Founder,
Chairman, and CEO Prasad Gundumogula.
“We are also successfully refinancing our term
loan and preferred equity, securing favorable terms that position
Mondee for long-term growth. This new capital structure is expected
to fuel our expansion, improve profitability, and solidify our AI
leadership in travel,” Gundumogula continued.
“We delivered net revenue of $58 million—up 3%
year over year, or 11.5% adjusted for acquisitions and
disposals—and maintained healthy adjusted EBITDA. Our
much-anticipated refinancing is expected to provide Mondee with
financial flexibility, and additional working capital, enabling the
Company to resume and accelerate its growth trajectory,” said CFO
Jesus Portillo.
Second Quarter Financial
Highlights
- Gross bookings of
$678.0 million for the quarter, approximately in line with the
second quarter of 2023 (“Q2 23”). Our strategy of rapid growth in
non-air and platform-driven international air expansion led to a
strong 57% transaction growth with reduced average transaction
price. This resulted in lower revenue growth and higher adjusted
EBITDA.
- Net revenues of
$58.3 million for the quarter, an increase of 3% compared to $56.8
million in Q2 23. Delays in completing the refinancing caused a
reduction in FinTech credit limits and working capital, materially
limiting net revenue growth.
- Net Loss of $25.5
million for the quarter, including $19.1 million of non-cash and/or
non-recurring items, such as $3.7 million of depreciation and
amortization, $1.0 million of PIKed interest, $12.0 million of
stock-based compensation, and $2.3 million amortization of loan
origination fees, among others.
- Adjusted EBITDA of
$6.1 million for the quarter, an increase of 38% compared to $4.4
million in Q2 23.
- Operating
cash flow used of $7.6 million for the quarter,
compared to cash used of $2.4 million in Q2 23. In this quarter,
the Company used over $10 million of cash reserves as working
capital to offset for credit limit reductions by certain FinTech
partners in the face of delays in refinancing of its term loan. The
Company anticipates some of these credit limits to be reinstated as
the refinancing is being completed. Year-to-date, both operating
cash flow and free cash flow were positive, $11.1 million and $3.3
million, respectively.
Financial Summary and Operating
Results 1,2
|
For the three months ended June 30, |
|
Year-Over-Year Change |
|
2024 |
|
2023 |
|
|
|
% |
Transactions |
1,133,997 |
|
721,464 |
|
412,533 |
|
57% |
Gross Bookings |
$677,957 |
|
$679,244 |
|
$(1,287) |
|
—% |
Net Revenues |
$58,326 |
|
$56,771 |
|
$1,555 |
|
3% |
Net Loss |
$(25,512) |
|
$(14,608) |
|
$(10,904) |
|
75% |
Loss per share (EPS) |
$(0.36) |
|
$(0.22) |
|
$(0.14) |
|
63% |
Adjusted EBITDA3 |
$6,111 |
|
$4,438 |
|
$1,673 |
|
38% |
Adjusted Loss per Share3 |
$(0.17) |
|
$(0.09) |
|
$(0.08) |
|
92% |
Net cash used in operating activities |
$(7,599) |
|
$(2,427) |
|
$(5,172) |
|
(213)% |
|
For the six months ended June 30, |
|
Year-Over-Year Change |
|
2024 |
|
2023 |
|
|
|
% |
Transactions |
2,209,434 |
|
1,386,637 |
|
822,797 |
|
59% |
Gross Bookings |
$1,386,033 |
|
$1,347,323 |
|
$38,710 |
|
3% |
Net Revenues |
$116,347 |
|
$106,700 |
|
$9,647 |
|
9% |
Net Loss |
$(44,970) |
|
$(27,523) |
|
$(17,447) |
|
63% |
Loss per share (EPS) |
$(0.66) |
|
$(0.43) |
|
$(0.23) |
|
54% |
Adjusted EBITDA3 |
$11,167 |
|
$8,595 |
|
$2,572 |
|
30% |
Adjusted Loss per Share3 |
$(0.32) |
|
$(0.18) |
|
$(0.14) |
|
74% |
Net cash from (used in) operating activities |
$11,062 |
|
$(12,406) |
|
$23,468 |
|
(189)% |
1 In $ thousands, except for
Transactions and Loss per Share.2 2Q 2024 Net Loss
included $19.1 million of non-cash and/or non-recurring items, such
as $3.7 million of depreciation and amortization, $1.0 million of
PIKed interest, $12.0 million of stock-based compensation and
related payroll expense, and $2.3 million amortization of loan
origination fees, and $0.1 million change in fair value of earn-out
liabilities, among others. 3 Refer to section
entitled “Use of Non-GAAP Measures” for a reconciliation of
non-GAAP financial measures.
Second Quarter 2024 Business Highlights
and Subsequent Events
- Long-Term
Refinancing. The Company announced today a comprehensive
refinancing of its capital structure with TCW and funds affiliated
with Morgan Stanley Investment Management, that is expected to
extend its term loan to June 30, 2028, and its preferred equity to
December 31, 2028. The extended timing for the term loan beyond
August 31, 2025 and the preferred equity beyond September 30, 2026,
are both subject to securing a $15 million letter of credit that
the Company anticipates finalizing shortly and which would provide
additional working capital.
Revised 2024 Financial
Outlook
Our fiscal year 2024 guidance, as a result of
the impact of working capital and FinTech credit limit constraints
caused by delays in completing the refinancing, is adjusted as
follows:
- Net revenues of approximately $240
million to $250 million, representing an increase of 10% versus
2023 net revenues, measured at the midpoint.
- Adjusted EBITDA of approximately
$25 million to $30 million, representing an increase of 42% versus
2023 Adjusted EBITDA, measured at the midpoint.
Conference Call Information
Mondee will host a conference call Wednesday,
August 14th 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 985518.
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 968920, until midnight (ET) September 4,
2024.
About Mondee Holdings, Inc. and
SubsidiariesEstablished in 2011, Mondee is a leading
travel marketplace and artificial intelligence (“AI”) technology
company with its headquarters based in Austin, Texas. The company
operates 22 offices across the United States and Canada and has
core operations in Brazil, Mexico, 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.
Mondee’s network and marketplace include approximately 65,000
travel experts, 500+ airlines, and over one million hotels and
vacation rentals, 30,000 rental car pickup locations, and 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: www.mondee.com.
Forward-Looking Statements: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,” “could,” “may,” “expect,” “intend,” “potential,”
“plan,” “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. 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, retain management
and key employees, and maintain relationships with our distribution
network and suppliers, the ability of the Company to maintain
compliance with Nasdaq’s listing standards, the expected changes to
the Company’s capital structure, 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, 2023 and
Quarterly Report of Form 10-Q for the three months ended March 31,
2024 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 par
value) (unaudited) |
|
|
June 30,2024 |
|
December 31,2023 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
23,337 |
|
|
$ |
27,994 |
|
Restricted cash and short-term investments |
|
8,951 |
|
|
|
7,993 |
|
Accounts receivable, net of allowance |
|
94,347 |
|
|
|
116,632 |
|
Contract assets, net of allowance |
|
15,459 |
|
|
|
13,228 |
|
Amounts receivable from related parties, current portion |
|
59 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
6,732 |
|
|
|
7,250 |
|
Total current assets |
|
148,885 |
|
|
|
173,097 |
|
Property and equipment, net |
|
23,831 |
|
|
|
17,311 |
|
Goodwill |
|
82,758 |
|
|
|
88,056 |
|
Intangible assets, net |
|
92,288 |
|
|
|
102,029 |
|
Amounts receivable from related parties, excluding current
portion |
|
— |
|
|
|
43 |
|
Operating lease right-of-use assets |
|
4,024 |
|
|
|
3,232 |
|
Deferred income taxes |
|
752 |
|
|
|
752 |
|
Other non-current assets |
|
10,266 |
|
|
|
7,871 |
|
TOTAL ASSETS |
$ |
362,804 |
|
|
$ |
392,391 |
|
|
|
|
|
Liabilities, Redeemable Preferred Stock and Stockholders’
Deficit |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
121,838 |
|
|
$ |
114,989 |
|
Amounts payable to related parties |
|
41 |
|
|
|
42 |
|
Government loans, current portion |
|
20 |
|
|
|
66 |
|
Accrued expenses and other current liabilities |
|
25,853 |
|
|
|
25,115 |
|
Earn-out liability, net, current portion |
|
4,013 |
|
|
|
4,843 |
|
Deferred revenue, current portion |
|
5,213 |
|
|
|
5,686 |
|
Long-term debt, current portion |
|
5,182 |
|
|
|
10,828 |
|
Total current liabilities |
|
162,160 |
|
|
|
161,569 |
|
Deferred income taxes |
|
8,473 |
|
|
|
12,334 |
|
Note payable to related party |
|
203 |
|
|
|
201 |
|
Government loans, excluding current portion |
|
127 |
|
|
|
142 |
|
Warrant liability |
|
102 |
|
|
|
137 |
|
Earn-out liability, net, excluding current portion |
|
2,116 |
|
|
|
4,322 |
|
Long-term debt, excluding current portion |
|
164,104 |
|
|
|
150,679 |
|
Deferred revenue, excluding current portion |
|
10,490 |
|
|
|
11,797 |
|
Operating lease liabilities, excluding current portion |
|
2,825 |
|
|
|
2,561 |
|
Other long-term liabilities |
|
8,088 |
|
|
|
8,073 |
|
Total liabilities |
|
358,688 |
|
|
|
351,815 |
|
|
|
|
|
Redeemable preferred stock |
|
|
|
Series A preferred stock - $0.0001 par value |
|
115,734 |
|
|
|
105,804 |
|
|
|
|
|
Stockholders’ deficit |
|
|
|
Common stock – $0.0001 par value |
|
9 |
|
|
|
8 |
|
Treasury Stock |
|
(32,088 |
) |
|
|
(32,088 |
) |
Additional paid-in capital |
|
312,770 |
|
|
|
306,326 |
|
Accumulated other comprehensive (losses) gains |
|
(6,267 |
) |
|
|
1,598 |
|
Accumulated deficit |
|
(386,042 |
) |
|
|
(341,072 |
) |
Total stockholders’ deficit |
|
(111,618 |
) |
|
|
(65,228 |
) |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND
STOCKHOLDERS’ DEFICIT |
$ |
362,804 |
|
|
$ |
392,391 |
|
|
MONDEE HOLDINGS, INC.Condensed
Consolidated Statements of Operations(In thousands, except
weighted-average shares and net loss per share data)
(unaudited) |
|
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues, net |
$ |
58,326 |
|
|
$ |
56,771 |
|
|
$ |
116,347 |
|
|
$ |
106,700 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing expenses |
|
38,107 |
|
|
|
40,060 |
|
|
|
78,374 |
|
|
|
77,505 |
|
Personnel expenses, including stock-based compensation of $10,922,
$4,467, $16,168, and $6,623, respectively |
|
22,072 |
|
|
|
12,359 |
|
|
|
35,288 |
|
|
|
19,825 |
|
General and administrative expenses, including non-employee
stock-based compensation of $590, $337, $645, and $742,
respectively |
|
4,020 |
|
|
|
5,227 |
|
|
|
9,805 |
|
|
|
9,721 |
|
Information technology expenses |
|
268 |
|
|
|
1,376 |
|
|
|
2,337 |
|
|
|
2,299 |
|
Provision for credit losses, net |
|
349 |
|
|
|
(34 |
) |
|
|
(54 |
) |
|
|
(701 |
) |
Depreciation and amortization |
|
3,653 |
|
|
|
3,803 |
|
|
|
9,216 |
|
|
|
7,189 |
|
Restructuring expense, net |
|
158 |
|
|
|
(168 |
) |
|
|
(131 |
) |
|
|
1,361 |
|
Total operating expenses |
|
68,627 |
|
|
|
62,623 |
|
|
|
134,835 |
|
|
|
117,199 |
|
Loss from operations |
|
(10,301 |
) |
|
|
(5,852 |
) |
|
|
(18,488 |
) |
|
|
(10,499 |
) |
Other (expense) income |
|
|
|
|
|
|
|
Interest income |
|
200 |
|
|
|
290 |
|
|
|
369 |
|
|
|
637 |
|
Interest expense |
|
(12,818 |
) |
|
|
(8,415 |
) |
|
|
(22,750 |
) |
|
|
(16,632 |
) |
Changes in fair value of warrant liability |
|
(7 |
) |
|
|
393 |
|
|
|
35 |
|
|
|
372 |
|
Other (expense) income, net |
|
(2,590 |
) |
|
|
984 |
|
|
|
(3,495 |
) |
|
|
1,306 |
|
Total other expense, net |
|
(15,215 |
) |
|
|
(6,748 |
) |
|
|
(25,841 |
) |
|
|
(14,317 |
) |
Loss before income taxes |
|
(25,516 |
) |
|
|
(12,600 |
) |
|
|
(44,329 |
) |
|
|
(24,816 |
) |
Benefit (provision) for income taxes |
|
4 |
|
|
|
(2,008 |
) |
|
|
(641 |
) |
|
|
(2,707 |
) |
Net loss |
|
(25,512 |
) |
|
|
(14,608 |
) |
|
|
(44,970 |
) |
|
|
(27,523 |
) |
Cumulative dividends allocated to preferred stockholders |
|
(3,937 |
) |
|
|
(2,686 |
) |
|
|
(7,742 |
) |
|
|
(5,164 |
) |
Net loss attributable to common stockholders |
$ |
(29,449 |
) |
|
$ |
(17,294 |
) |
|
$ |
(52,712 |
) |
|
$ |
(32,687 |
) |
Net loss attributable per share to common stockholders |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.36 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.43 |
) |
Weighted-average shares used to compute net loss attributable per
share to common stockholders |
|
|
|
|
|
|
|
Basic and diluted |
|
80,722,160 |
|
|
|
77,197,805 |
|
|
|
79,595,320 |
|
|
|
76,774,455 |
|
|
MONDEE HOLDINGS, INC.Condensed
Consolidated Statements of Cash Flows(In thousands)
(unaudited) |
|
|
Six Months EndedJune 30, |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
Net loss |
$ |
(44,970 |
) |
|
$ |
(27,523 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities |
|
|
|
Depreciation and amortization |
|
9,216 |
|
|
|
7,189 |
|
Deferred taxes |
|
427 |
|
|
|
62 |
|
Provision for credit losses, net |
|
(54 |
) |
|
|
(701 |
) |
Stock-based compensation |
|
16,813 |
|
|
|
7,365 |
|
Non-cash lease expense and lease impairment charges |
|
914 |
|
|
|
457 |
|
Amortization of loan origination fees |
|
4,183 |
|
|
|
4,126 |
|
Payment in kind interest expense |
|
6,498 |
|
|
|
2,807 |
|
Gain on termination of lease |
|
(458 |
) |
|
|
(337 |
) |
Unrealized (gain) loss on foreign currency exchange
derivatives |
|
(570 |
) |
|
|
129 |
|
Change in the estimated fair value of earn-out consideration and
warrants |
|
1,262 |
|
|
|
329 |
|
Payment of earn-out consideration in excess of acquisition date
fair value |
|
(1,873 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
12,189 |
|
|
|
(20,468 |
) |
Amounts receivable from related parties |
|
(16 |
) |
|
|
— |
|
Contract assets |
|
(4,871 |
) |
|
|
(8,795 |
) |
Prepaid expenses and other current assets |
|
787 |
|
|
|
494 |
|
Other non-current assets |
|
(419 |
) |
|
|
(377 |
) |
Amounts payable to related parties |
|
— |
|
|
|
25 |
|
Accounts payable |
|
13,280 |
|
|
|
24,667 |
|
Accrued expenses and other liabilities |
|
1,357 |
|
|
|
(262 |
) |
Deferred revenue |
|
(1,780 |
) |
|
|
(985 |
) |
Operating lease liabilities |
|
(853 |
) |
|
|
(608 |
) |
Net cash provided by (used in) operating
activities |
|
11,062 |
|
|
|
(12,406 |
) |
Cash flows from investing activities |
|
|
|
Capital expenditures |
|
(7,785 |
) |
|
|
(4,474 |
) |
Cash paid for acquisitions, net of cash acquired |
|
(139 |
) |
|
|
(21,919 |
) |
Purchase of restricted short term investments |
|
— |
|
|
|
(231 |
) |
Net cash used in investing activities |
|
(7,924 |
) |
|
|
(26,624 |
) |
Cash flows from financing activities |
|
|
|
Repayment of debt |
|
(1,900 |
) |
|
|
(2,063 |
) |
Payment of preferred stock offering costs |
|
(28 |
) |
|
|
— |
|
Loan origination fee for long term debt |
|
(79 |
) |
|
|
(615 |
) |
Payments of tax on vested restricted stock units |
|
(793 |
) |
|
|
— |
|
Proceeds from common stock issued in connection with employee stock
purchase plan |
|
84 |
|
|
|
— |
|
Payment of earn-out consideration up to acquisition date fair
value |
|
(2,460 |
) |
|
|
— |
|
Payment of deferred consideration for Interep acquisition |
|
(120 |
) |
|
|
— |
|
Payment of offering costs |
|
— |
|
|
|
(3,672 |
) |
Proceeds from long term debt |
|
— |
|
|
|
15,000 |
|
Net cash (used in) provided by financing
activities |
|
(5,296 |
) |
|
|
8,650 |
|
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
(1,523 |
) |
|
|
528 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(3,681 |
) |
|
|
(29,852 |
) |
Cash, cash equivalents, and restricted cash at beginning of
period |
|
34,666 |
|
|
|
78,841 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
30,985 |
|
|
$ |
48,989 |
|
|
Operating MetricsThis press
release also includes certain operating metrics that the Company
believes 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.
Use of Non-GAAP MeasuresIn
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
the following non-GAAP measures: adjusted EBITDA, adjusted net
loss, and adjusted net loss per share.
Adjusted EBITDA is defined as
net loss before 1) interest expense, net; 2) benefit (provision)
for income taxes; 3) depreciation and amortization; 4) stock-based
compensation expense; and 5) certain other expenses. The most
directly comparable GAAP measure is net loss.
Adjusted net loss is defined as
net loss before 1) stock-based compensation and related payroll tax
expense; 2) amortization of intangibles; 3) income tax benefit
(provision); and 4) and certain other expenses. The most directly
comparable GAAP measure is net loss.
Adjusted net loss per share is
defined as adjusted net loss plus cumulative dividends allocated to
preferred stockholders divided by the average number of basic or
diluted (whichever is applicable) shares of common stock
outstanding during the period.
Mondee believes these non-GAAP financial
measures provide investors and other users of this 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 adjusted
net loss, 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 certain other expenses 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.
The following tables provides key metrics and a
detailed reconciliation (unaudited) of adjusted
EBITDA:
($ in thousands) |
|
|
|
KEY METRICS |
Q2 24 |
Q1 24 |
Q2 23 |
Transactions |
1,133,997 |
1,075,437 |
721,464 |
Take rate |
8.6% |
8.2% |
8.4% |
Gross bookings |
$677,957 |
$708,076 |
$679,244 |
Net revenues |
$58,326 |
$58,021 |
$56,771 |
YoY Growth |
2.7% |
16.2% |
24.3% |
QoQ Growth |
0.5% |
(6.6)% |
13.7% |
|
|
|
|
ADJUSTED EBITDA RECONCILIATION |
Q2 24 |
Q1 24 |
Q2 23 |
Net income (loss) |
$(25,512) |
$(19,458) |
$(14,608) |
Interest expense (net) |
12,618 |
9,763 |
8,125 |
Stock-based compensation expense |
11,512 |
5,307 |
4,804 |
Payroll tax expense related to stock-based compensation |
479 |
— |
86 |
Depreciation & amortization |
3,653 |
5,563 |
3,803 |
Restructuring expense |
158 |
(289) |
(168) |
Changes in fair value of Warrant liability |
7 |
(42) |
(393) |
Benefit (provision) for income taxes |
(4) |
645 |
2,008 |
M&A costs |
15 |
618 |
365 |
Financing and refinancing related costs |
9 |
625 |
139 |
US divestiture and transition service expense |
— |
240 |
— |
Foreign currency losses (gains) |
2,612 |
665 |
(984) |
Change in fair value of acquisition earn-out liability |
58 |
1,239 |
530 |
Certain other expenses |
506 |
180 |
731 |
Adjusted EBITDA1 |
$6,111 |
$5,056 |
$4,438 |
Adjusted EBITDA margin |
10.5% |
8.7% |
7.8% |
1Adjusted EBITDA has been conformed to the
current period presentation for period over period
comparability.
The following table reconciles net loss to
Adjusted EBITDA for the six months ended June 30, 2024 and 2023,
respectively:
|
Six Months EndedJune 30, |
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(44,970 |
) |
|
$ |
(27,523 |
) |
Interest expense, (net) |
|
22,381 |
|
|
|
15,995 |
|
Stock-based compensation and related payroll tax expense |
|
17,298 |
|
|
|
7,451 |
|
Depreciation and amortization |
|
9,216 |
|
|
|
7,189 |
|
Restructuring expense, net |
|
(131 |
) |
|
|
1,361 |
|
(Benefit) provision for income taxes |
|
641 |
|
|
|
2,707 |
|
Changes in fair value of warrant liabilities |
|
(35 |
) |
|
|
(372 |
) |
Changes in fair value of earn-out liabilities |
|
1,297 |
|
|
|
701 |
|
Acquisition and integration related costs |
|
633 |
|
|
|
644 |
|
Financing and refinancing related costs |
|
634 |
|
|
|
545 |
|
Certain other expenses |
|
926 |
|
|
|
1,203 |
|
Foreign currency losses (gains) |
|
3,277 |
|
|
|
(1,306 |
) |
Adjusted EBITDA1 |
$ |
11,167 |
|
|
$ |
8,595 |
|
1Adjusted EBITDA has been conformed to the
current period presentation for period over period
comparability.
The following table (unaudited) reconciles net
loss to Adjusted Net Loss for the three and six months ended
June 30, 2024 and 2023, respectively:
Adjusted Net Loss
|
Three Months EndedJune 30, |
Six Months EndedJune 30, |
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(25,512 |
) |
|
$ |
(14,608 |
) |
|
$ |
(44,970 |
) |
|
$ |
(27,523 |
) |
Stock-based compensation and related payroll tax expense |
|
11,991 |
|
|
|
4,804 |
|
|
|
17,298 |
|
|
|
7,451 |
|
Amortization of intangibles |
|
2,742 |
|
|
|
2,329 |
|
|
|
5,851 |
|
|
|
4,290 |
|
Benefit (provision) for income taxes |
|
(4 |
) |
|
|
2,008 |
|
|
|
641 |
|
|
|
2,707 |
|
Certain other expenses1 |
|
753 |
|
|
|
1,204 |
|
|
|
3,324 |
|
|
|
4,082 |
|
Adjusted net loss |
$ |
(10,030 |
) |
|
$ |
(4,263 |
) |
|
$ |
(17,856 |
) |
|
$ |
(8,993 |
) |
1 Includes changes in fair value of earn-out
liabilities, change in fair value of warrant liabilities,
restructuring expense, acquisition and integration related costs,
and certain other expenses.
The following table reconciles net loss per
share to Adjusted Net Loss per share for the three and six months
ended June 30, 2024 and 2023, respectively:
Adjusted Net Loss Per Share
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
$ in thousands, except loss per share |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(25,512 |
) |
|
$ |
(14,608 |
) |
|
$ |
(44,970 |
) |
|
$ |
(27,523 |
) |
Cumulative dividends allocated to preferred stockholders |
|
(3,937 |
) |
|
|
(2,686 |
) |
|
|
(7,742 |
) |
|
|
(5,164 |
) |
Net loss attributable to common stockholders, basic and
diluted |
$ |
(29,449 |
) |
|
$ |
(17,294 |
) |
|
$ |
(52,712 |
) |
|
$ |
(32,687 |
) |
Weighted average shares outstanding, basic and diluted |
|
80,722,160 |
|
|
|
77,197,805 |
|
|
|
79,595,320 |
|
|
|
76,774,455 |
|
Basic and diluted net loss per share |
$ |
(0.36 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
Adjusted net loss |
$ |
(10,030 |
) |
|
$ |
(4,263 |
) |
|
|
(17,856 |
) |
|
$ |
(8,993 |
) |
Cumulative dividends allocated to preferred stockholders |
|
(3,937 |
) |
|
|
(2,686 |
) |
|
|
(7,742 |
) |
|
|
(5,164 |
) |
Adjusted net loss attributable to common stockholders, basic and
diluted |
$ |
(13,967 |
) |
|
$ |
(6,949 |
) |
|
$ |
(25,598 |
) |
|
$ |
(14,157 |
) |
Weighted average shares outstanding, basic and diluted |
|
80,722,160 |
|
|
|
77,197,805 |
|
|
|
79,595,320 |
|
|
|
76,774,455 |
|
Adjusted net loss per share |
$ |
(0.17 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.18 |
) |
|
For Further Information,
Contact:
Public Relationspr@mondee.com
Investor Relationsir@mondee.com
Mondee (NASDAQ:MOND)
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Mondee (NASDAQ:MOND)
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