AUSTIN, TEXAS – Mondee Holdings, Inc., a leading travel marketplace and artificial intelligence (AI) technology company, announced financial results for the three-month period ended March 31, 2024.
“Mondee is pleased to announce a strong start to 2024, with another record first fiscal quarter in both net revenues and adjusted EBITDA terms, with net revenues growth of 16% year over year. Take rate continued to grow by 10% year over year as a result of further expansion in product and geography of our marketplace, driven by our innovative AI tech platform. This allows us to increase our net revenue guidance for the year. Looking into the next few quarters, we continue to enhance and deploy Mondee’s AI capabilities in every aspect of our business with exciting innovations in the pipeline,” said Founder, Chairman, and CEO Prasad Gundumogula.
“The company continues driving robust revenue and EBITDA growth, and generated positive free cash flow this quarter. Our cash reserves in Q1 2024 were almost $50 million, over 30% higher than Q4 2023. We remain committed to enhancing top-line growth, profitability, and cash flow generation,” said CFO Jesus Portillo.
First Quarter Financial Highlights
Gross bookings of $708.1 million for the quarter, an increase of 6% compared to $668.1 million in the first quarter of 2023 (“Q1 23”).
Net revenues of $58.0 million for the quarter, an increase of 16% compared to $49.9 million in Q1 23.
Net Loss of $19.5 million for the quarter, which included $20.7 million of non-cash and/or non-recurring items, such as $5.6 million of depreciation and amortization, $5.5 million of PIKed interest, $5.3 million of stock-based compensation, $1.9 million amortization of loan origination fees, $1.2 million change in fair value of earn-out liability and $1.2 million of acquisition and financing related costs, among others.
Adjusted EBITDA of $5.1 million for the quarter, an increase of 27% compared to $4.0 million in Q1 23.
Operating cash flow of $18.7 million for the quarter, compared to cash used of $10.0 million in Q1 23.
First Quarter 2024 Business Highlights and Subsequent Events
Maturity Extended for Term Loan. The Company amended its term loan agreement, extending the maturity to June 30, 2025, whilst it advances towards finalizing a long-term facility.
Post Acquisition Synergies. The Company continues to realize synergies and crossselling opportunities from the acquisitions completed in 2023. Indicatively, on May 2, 2024, Mondee Brazil started offering flights-only solutions in the country leveraging Mondee’s unique global content and technology.
2024 Financial Outlook
The company’s guidance for fiscal year 2024, is as follows:
Net revenues of approximately $250 million to $260 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 67% versus 2023 Adjusted EBITDA, measured at the midpoint.
The article Mondee Holdings announces record Q1 2024 financial results, highlighting AI-driven growth in the travel sector first appeared in TravelDailyNews International.