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Jun 30, 2023
Mondee Q2 2023 Earnings Report
Reported strong financial results and launched a fully integrated AI Travel Marketplace.
Key Takeaways
Mondee Holdings, Inc. announced strong second quarter 2023 results, with net revenue of $56.8 million, a 124% increase compared to Q2 2022. The company launched its AI Travel Marketplace and increased its 2023 net revenue guidance to $245-$250 million.
Gross revenue of $708 million for the quarter, 112% of Q2 2022.
Net revenue of $56.8 million for the quarter, 124% of Q2 2022.
Adjusted EBITDA of $4.4 million for the quarter, 118% of Q2 2022.
Increased 2023 net revenue guidance to $245-$250 million, representing 155% of 2022 at midpoint.
Mondee
Mondee
Forward Guidance
Mondee is increasing 2023 net revenue guidance by $5 million and expects to continue delivering profitable growth. The Company projects that net revenue for the 2023 fiscal year will be in the range of $245 million to $250 million and adjusted EBITDA for the 2023 fiscal year will be in the range of $25 million to $30 million.
Positive Outlook
- Net revenue for the 2023 fiscal year will be in the range of $245 million to $250 million.
- Represents 155% of 2022 net revenue, measured at the midpoint.
- Adjusted EBITDA for the 2023 fiscal year will be in the range of $25 million to $30 million.
- Represents around 250% of 2022 adjusted EBITDA, measured at the midpoint.
- Company believes its recent tech innovations will accelerate Mondee’s revenue and market share in 2024 and extend its leadership in the travel AI industry.
Challenges Ahead
- One-time marketing and personnel costs of approximately $20 million are estimated to be required over the remaining year.
- Aims to maximize and accelerate the adoption of this revolutionary platform.
- Projections include both organic and inorganic growth from Mondee's recent acquisitions.
- Guidance has not been reconciled to GAAP measures.
- Reconciling items such as stock-based compensation and the corresponding provision for income taxes depend on factors such as the stock price at the time of award of future grants and thus cannot be reasonably predicted.