Mondee Holdings, Inc. · OTC:MOND
Mondee — Q1 2024 Earnings Presentation
37 slides from Mondee's earnings presentation, May 2024
Slide 1: Investor Presentation May 2024
Investor Presentation May 2024
Slide 2: Safe Harbor Statement
Safe Harbor Statement (Under the Private Securities Litigation Reform Act of 1995) Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified b
Slide 3: First Quarter 2024 Highlights
First Quarter 2024 Highlights
Slide 4: Chairman's Message on First Quarter 2024 Results
Chairman’s Message on First Quarter 2024 Results Mondee’s first quarter 2024 (“Q1 24”) accomplishments in key areas were marked by… Delivering Strong Q1 24 Results • Net Revenues of $58M, up 16% from prior-year quarter. • Adjusted EBITDA of $5.1M, up 27% from prior-year quarter. • Take Rate up 10% f
Slide 5: Travel Industry Update
Travel Industry Update1,2,3,4,5,6,7 Market - Travel Spend Still Growing • Growth trend continued through Q1 ’24, expected for rest of the year • Significantly led by Asia Pacific air passenger traffic growth • Longer term tourism GDP trend stays above general economic growth Mondee is well positione
Slide 6: Marketplace Update
Marketplace Update Delivering on Broader Content • Focused in Q1 ‘24 on packages, hotels, ancillaries • Adding NDC connections with more airline and distribution partners Showing Positive Results - non-air in Q1 24 at 51% of total net revenue (28% packages, 13% hotel, 6% fintech, 5% other) Broadenin
Slide 7: 1Q 2024 Financial Highlights
1Q 2024 Financial Highlights $708M | 6% $58M | 16% $5.1M | 27% Gross Bookings Net Revenues Adjusted EBITDA2,3 and Growth1 and Growth1 and Growth1 1.1M 8.2% 8.7% Transactions Take Rate Adjusted EBITDA Margin1,2,3 All figures as of and for the quarter ended March 31, 2024, unless otherwise noted 1 1Q
Slide 8: Balance Sheet Summary
Balance Sheet Summary ($ millions, except share numbers) March 31, 2024 Cash, Cash Equivalents and Restricted Short-Term Investments $47.4M (includes $8.5M of restricted cash) Total Debt $166.4M Redeemable Preferred Stock $110.8M Shares Outstanding 85.2M 8
Slide 9: 2024 Guidance and Long-Term Model
2024 Guidance and Long-Term Model Guidance Long-Term ($ millions) 2022A 2023A 20241 Target2 Take Rate 7.4% 8.7% Mid-Teens Net Revenues $159 $223 ~$255 YoY Growth 71% 40% 14% 30%+ Adjusted EBITDA $12 $20 ~$33 YoY Growth 64% 67% % Margin 7% 9% 13% 30%+ 1 Midpoint of 2024 guidance 2 These long-term tar
Slide 10: Full Presentation
NV Full Presentation
Slide 11: We Have a Proven C-Suite Team Aligned to Execute Our Vision
We Have a Proven C-Suite Team Aligned to Execute Our Vision Executive team with 125+ years of combined experience in the travel and hospitality industry Prasad Gundumogula Orestes Fintiklis Jesus Portillo Chairman, Chief Executive Officer, and Founder Executive Vice Chairman Chief Financial Officer
Slide 12: Enabling the Modern Travel Ecosystem
Enabling the Modern Travel Ecosystem Content Suppliers Content Consumers Discounted Content Access to Curated Supply Long-Term Contracts Modern Tech Platform Real-Time Pricing Data SaaS Tools to Operate Efficiently RMS Integration Significant Cost Savings Software Fintech Experiential Airlines Hotel
Slide 13: We Are Disrupting the Massive Global Assisted / Affiliated Travel Market
We Are Disrupting the Massive Global Assisted / Affiliated Travel Market Mondee’s gross bookings total addressable market is primarily the $1T and growing assisted/affiliated travel market Global Travel Spending: ~$2.1T (2023E) Self Service Metasearch Travel Assisted/Affiliated Agencies • Good GUIs
Slide 14: A Leading B2B2C Tech Platform to Travel Ecosystem
A Leading B2B2C Tech Platform to Travel Ecosystem Suppliers Legacy Distribution Mondee’s Platform Affiliated Technology Platforms Agencies Airlines COMAND ... xxxx COMAND ... xxxx Travel Agents COMAND COMAND ... xxxx COMAND COMAND COMAND ... xxxx Hoteliers COMAND ... xxxx COMAND ... xxxx Corporation
Slide 15: Compelling, Diversified Economic Model
Compelling, Diversified Economic Model Take Rate Total Net Revenues Mix Other Net Revenues Mix No Inventory Risk Air-Only Other Packages FinTech No Supplier Concentration Hotel Only Other & SaaS No Affiliated Agency Concentration Pre-Covid 4-5% 100% — Strong Network Effects 2% 16% 2022 7.4% 91% 9% 8
Slide 16: Demonstrated Track Record of Recovery and Product Expansion
Demonstrated Track Record of Recovery and Product Expansion $223M1 $93M $25M Nasdaq: THIRD-WAVE OF MOND ACQUISITIONS FOUNDATIONAL LAUNCHED MODERN EXPANSION LAUNCHED CLOSED PUBLICLY LISTED DIVESTED ACQUISITIONS TECH PLATFORM ACQUISITIONS USER GROUP BRAND ON NASDAQ LBF CONTENT: AIR HOTELS & CAR RENTAL
Slide 17: The Gig Traveler is Setting the Pace for Social Commerce in Travel
The Gig Traveler is Setting the Pace for Social Commerce in Travel Pre-2000s 2010s 2020s 2025s Boomers Gen X Millennials Gen Z Shifting Influence Levels Gig Traveler Requirements Real-Time, Always On Needs and Aggregated Content Price Sensitive “Bleisure” Personalization FOMO Accessibility to Invent
Slide 18: Abhi – AI Travel Marketplace
Abhi, the First Fully Integrated Abhi – AI Travel Marketplace AI Travel Assistant Engages with users in meaningful conversations 20+ Understands complex questions Currencies and What is the trendiest beach club in Offers comprehensive responses Greece right now for someone in their languages 30s who
Slide 19: We Are Unlocking Multiple B2B2C Growth Drivers
We Are Unlocking Multiple B2B2C Growth Drivers Market New Content & Technology New Distribution Gain Market International Experiential Enhanced Additional Social Inorganic Share Travel Content Monetization Geographies Commerce Growth Recovery Content Air Cruises Fintech LATAM Local Experts Technolog
Slide 20: Proven Ability to Execute On Synergistic Acquisitions
Proven Ability to Execute On Synergistic Acquisitions Mondee has been successful in executing and maximizing the value of acquisitions, regardless of market conditions FOUNDATIONAL EXPANSION THIRD WAVE OF ACQUISITIONS ACQUISITIONS ACQUISITIONS 2011 2012 2013-18 2019 2020 2021-22 2023+ Skylink TransA
Slide 21: Mondee M&A Strategy with 2023 Content & Distribution Acquisitions
Mondee M&A Strategy with 2023 Content & Distribution Acquisitions M&A Strategy Acquisition Acquisition Acquisition Acquisition • Expanding presence in key markets ✓Expands luxury content and ✓Expands content and distribution in ✓Expands content and distribution in ✓Expands distribution to SMBs and •
Slide 22: Financial Overview
Financial Overview
Slide 23: Full Year 2023 Financial Highlights
Full Year 2023 Financial Highlights $2.6B | 19% $223M | 40% $20M | 64% Gross Bookings Net Revenue Adjusted EBITDA2,3 and Growth1 and Growth1 and Growth1 2.9M 8.7% 8.7% Transactions Take Rate Adjusted EBITDA Margin1,2,3 All figures as of and for the year ended December 31, 2023, unless otherwise note
Slide 24: Accelerated Growth Despite Slower Market Recovery in International Travel
Accelerated Growth Despite Slower Market Recovery in International Travel Annual Gross Bookings ($ millions) $2,577 CAGR: 79% $2,149 $1,658 $966 $450 2019 2020 2021 2022 2023 24
Slide 25: Driving Towards Growing Profitability
Driving Towards Growing Profitability Drivers of Margin Expansion Adjusted EBITDA and Margin ($ millions) Market Share Gain (37%) (6%) 7% 9% 13%1 Take Rate Expansion $331 $20 Operating Leverage $12 Fintech & Subscription Products ($5) Disciplined, Accretive M&A ($24) 2020 2021 2022 2023 2024E 1 Midp
Slide 26: Improving Operating Leverage
Improving Operating Leverage Annual Cash Based Opex1 ($ millions) $203 $147 $93 $98 2 2020 2021 2022 2023 Personnel Sales & Marketing G&A Information Technology Other 1 Net revenue less adjusted EBITDA 26
Slide 27: Key Investment Highlights
Key Investment Highlights Disrupting the Massive Global Travel Market Significant Barriers to Entry Next-Gen Travel Tech Platform Proven Leadership Team Multiple Levers of Growth Profitable Growth with Expanding Margins 27
Slide 28: Valuation Expansion Opportunity
Valuation Expansion Opportunity1 Despite a higher growth profile, Mondee trades at a discount to peers Average EV/Revenue 1.7x 13.9x 8.3x 8.2x 5.2x 8.9x EV/EBITDA 13.4x 38.4x 22.9x 56.2x 13.5x 32.8x Revenue Growth 13% 6% 13% 20% 12% 13% Implied Mondee Stock Price at Same $2.293 $18 $11 $11 $7 $12 Re
Slide 29: Contact Mondee Investor Relations
Contact Mondee Investor Relations e email IR at ir@mondee.com We would welcome the learn more at investors.Mondee.com opportunity to schedule a call to answer any questions you may have. 29
Slide 30: Appendix
VY Appendix
Slide 31: Travel Industry Update
Travel Industry Update1,2,3 Global Travel Health Index Score by Region (Weighted Average) Hotel Occupancy vs ADR ARC Air Sales Asia Pacific Europe Latin America Middle East and Africa North America 8 120 ADR 7 110 6 100 2019 Occupancy Billions ($) 5 90 4 80 3 70 Post Covid 2 60 Growth vs 2019 levels
Slide 32: Post-Nasdaq-Listing Capital Structure Improvements
Post-Nasdaq-Listing Capital Structure Improvements Raised Use of proceeds $85M of Preferred Equity Enables Mondee to Cash on balance sheet Working capital and execute aggressive to support organic fintech optimization Growth Capital M&A strategy growth plans announced on 9/29/22 Purchased 100% of pu
Slide 33: Mondee Leverages its Content Flywheel and Tech Platform to Revolutionize Social Travel
Mondee Leverages its Content Flywheel and Tech Platform to Revolutionize Social Travel Expert-Based Ability to Customize Community Model One-Stop Shop Social Commerce Access to Experts Mobile First High Quality Experiences Enabling Gig Economy in Travel Pre-Curated Offering 33
Slide 34: Without Mondee, Booking a Curated Trip is a Neverending Headache
Without Mondee, Lodging Booking a Curated Air Trip is a Neverending Headache Car The average person Tickets Rental searches 20+ sites when planning a curated trip Tours/ Reservations Experiences 34
Slide 35: Net Revenue Growth
Net Revenue Growth 1 255 223 159 93 93 75 69 48 54 founded 25 2011 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014E 1 Midpoint of 2024 guidance 35
Slide 36: Board of Directors with Diverse Experience
Board of Directors with Diverse Experience Mondee’s Board of Directors with diverse and extensive experiences in public companies. Prasad Gundumogula Orestes Fintiklis Asi Ginio Mona Aboelnaga Kanaan Chairman, Chief Executive Executive Vice Chairman Co-Founder, Former CPO, COO, Managing Partner, Off
Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures