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Mondee (MOND) investor relations material
Mondee Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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%+.
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