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Mar 31, 2024
Mondee Q1 2024 Earnings Report
Mondee's Q1 2024 net revenues reached $58 million, a 16% increase year-over-year, with an adjusted EBITDA of $5.1 million, up 27% from the prior year, and the company raised its 2024 net revenue guidance.
Key Takeaways
Mondee reported a strong start to 2024 with record first-quarter net revenues and adjusted EBITDA. Net revenues grew by 16% year-over-year, driven by expansion in product and geography, and the company generated positive free cash flow. Cash reserves increased by over 30% compared to Q4 2023.
Gross bookings increased by 6% to $708.1 million compared to Q1 2023.
Net revenues grew by 16% to $58.0 million compared to Q1 2023.
Adjusted EBITDA increased by 27% to $5.1 million compared to Q1 2023.
Operating cash flow was $18.7 million, compared to cash used of $10.0 million in Q1 2023.
Mondee
Mondee
Forward Guidance
The Company's guidance for fiscal year 2024 includes net revenues of approximately $250 million to $260 million, representing an increase of 14% versus 2023 net revenues, measured at the midpoint, and Adjusted EBITDA of approximately $30 million to $35 million, representing an increase of 67% versus 2023 Adjusted EBITDA, measured at the midpoint.