Mondee
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Mondee Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary14 Aug, 2024

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 growth.

  • 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, enhancing financial flexibility and supporting growth.

  • Net loss widened to $25.5M, including $19.1M in non-cash or non-recurring items; adjusted loss per share was $(0.17).

Financial highlights

  • Gross bookings for Q2 2024 were $678M, flat year-over-year, with take rate improving to 8.6%.

  • Adjusted EBITDA margin increased to 10.5% from 7.8% in Q2 2023.

  • Sales and marketing expenses declined to 65% of net revenue, aided by AI-driven optimization.

  • Operating cash flow was -$7.6M for Q2, but year-to-date operating cash flow was $11.1M and free cash flow $3.3M.

  • Cash and equivalents at June 30, 2024, were $23.3M; total debt was $169.3M.

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%.

  • Expectation of ARPT stabilizing at $50–$55 in 2024, with growth to $60–mid-$60s in 2025.

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

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

How will new working capital specifically boost fintech?
How does Mondee's model leverage market softness?
Strategy to improve average transaction value?
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Frequently asked questions

Mondee Holdings Inc. is a technology-driven travel services company that operates a marketplace platform for travel agents, gig economy workers, and other travel intermediaries. The company's platform provides access to a wide range of travel products, including flights, hotels, and rental cars, with a focus on delivering cost-effective solutions for both leisure and corporate travelers. Mondee leverages AI, machine learning, and data analytics to offer dynamic pricing and personalized travel experiences, aiming to modernize and streamline the travel booking process. The company is headquartered in Austin, Texas, and its shares are listed on the Nasdaq.

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