Mondee (MOND) investor relations material

Executive summary

• Q2 2024 net revenues reached $58.3M, up 3% year-over-year, with adjusted EBITDA rising 38% to $6.1M and margin expanding to 10.5%.

• Transactions grew 57% year-over-year to over 1.1 million, driven by international expansion and non-air product diversification.

• Non-air revenue mix increased to 47% of net revenue, up from 42% year-over-year, reflecting successful diversification.

• Comprehensive refinancing extended term loan and preferred equity maturities, enhancing financial flexibility and supporting growth.

• AI and fintech initiatives contributed to operational efficiencies, improved profitability, and enhanced customer engagement.

Financial highlights

• Net revenues for Q2 2024 were $58.3M, up 3% year-over-year; gross bookings were $678M, flat year-over-year.

• Adjusted EBITDA increased to $6.1M from $4.4M, with margin rising from 7.8% to 10.5%.

• Take rate improved by 20 basis points to 8.6%, driven by higher-margin hotel and package products.

• Net loss for Q2 2024 was $25.5M, including $19.1M in non-cash/non-recurring items; adjusted net loss per share was $(0.17).

• Free cash flow year-to-date was $3.3M, a significant improvement from prior year.

Outlook and guidance

• FY 2024 net revenues are expected between $240M and $250M, up 10% at midpoint versus 2023.

• Adjusted EBITDA guidance for 2024 is $25M–$30M, a 42% increase at midpoint, with margin targeted at 11%.

• Long-term targets include mid-teens take rate and adjusted EBITDA margin of 30%+.

• Guidance reflects impact of working capital and fintech credit constraints due to refinancing delays.

• Management expects continued revenue growth from acquisitions and ongoing expansion of the travel marketplace.