Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”),
the high-growth, travel technology company and marketplace, with a
portfolio of globally recognized platforms in the leisure and
corporate travel sectors, today announced the acquisition of
Skypass Travel, Inc. (“Skypass”), a global full-service retail and
wholesale provider of corporate, leisure, and humanitarian travel,
based in the Dallas, Texas area.
The acquisition of Skypass supports Mondee's
ongoing expansion and diversification endeavors, encompassing
markets that serve both personnel and affiliates from international
corporations, small and midsize businesses (SMBs), as well as
humanitarian organizations. Skypass maintains domestic offices in
the Dallas, Texas area and Austin, Texas. Furthermore, it boasts a
global footprint through its international offices located in Latin
America (LATAM), Mexico, Canada, and India.
Skypass achieved a gross revenue of $45 million
and adjusted EBITDA of $4 million, representing a margin on net
revenue of approximately 60%, in 2022. At closing, Mondee paid a
consideration of approximately $15 million, comprised of cash and
Mondee common stock priced at $10 per share. Additionally, the
agreement allows for a potential future earn-out opportunity of
shares of Mondee common stock, contingent upon the achievement of
specified annual adjusted EBITDA growth targets.
With a 35-year operating history, Skypass enjoys
a leading position in the international corporate travel sector.
Its focus is directed toward providing travel services to sizable
international consulting firms and SMBs. In addition to air travel
and lodging, Skypass extends its services to encompass cruises,
vacation packages, and humanitarian travel, catering to the
personnel, associates, and the wider retail travel demographic.
Following the successful acquisitions of
Consolid, Orinter and Interep, Mondee is poised to strategically
advance the distribution of Skypass's travel-related offerings.
Skypass’s expansion may be facilitated through Mondee’s extensive
network, which comprises over 65,000 travel experts and a
membership of 125 million individuals within closed groups.
Furthermore, the acquisition increases Mondee’s reach of local,
regional and global content.
Mondee's strategic approach involves harnessing
its exclusive AI-Powered Travel Marketplace and cutting-edge
technology. Simultaneously, the Company intends to introduce
enhancements in services that may target Skypass’s clientele and
generate additional revenue, including FinTech solutions and
supplementary services. Moreover, Mondee is committed to
streamlining expenditures across its global operational framework,
with the aim of realizing substantial synergies in both top-line
and bottom-line performance.
Mondee’s Founder, Chairman, and CEO, Prasad
Gundumogula, stated, “We are thrilled to extend a warm welcome to
Victor Abraham, CEO of Skypass, and his experienced management team
as valued members of the Mondee family and look forward to helping
provide their customers with access to our AI-Powered Travel
Marketplace, as well as additional products and services. We have
every confidence they will continue to grow the business actively
within their served markets. This acquisition underscores our
commitment to diversifying our distribution to SMBs and
international corporate accounts along with geographical expansion
into India, Mexico, and LATAM.”
Skypass’s CEO Victor Abraham, shared, “The
entire Skypass team is excited to join the Mondee family and work
towards unlocking the global growth potential of our combined
offerings and capabilities. We look forward to leveraging Mondee's
cutting-edge AI-Powered Marketplace and industry-leading expertise
to enhance our customers' travel experiences. With our shared
commitment to innovation and customer satisfaction, we are
confident that together we can redefine the travel industry.”
About Mondee
Established in 2011, Mondee is a travel technology company and a
modern travel marketplace based in Austin, Texas. The Company
operates 17 offices across the United States and Canada and has
core operations in India, Thailand, and Greece. Mondee is driving
change in the leisure and corporate travel sectors through its
broad array of innovative solutions. Available both as an app and
through the web, the Company’s platform processes over 50 million
daily searches and generates a substantial transactional volume
annually. The Mondee Marketplace includes access to Abhi, the most
powerful and only fully-integrated AI travel planning assistant in
the market. Mondee’s network includes approximately 65,000 leisure
travel advisors, freelancers and influencers, 500+ airlines, and
over one million hotels and vacation rentals, 30K rental car pickup
locations, 50+ cruise lines. The Company also offers packaged
solutions and ancillary offerings that serve a global customer
base. For further information, visit: mondee.com.
Non-GAAP Measurements:
In addition to disclosing financial measures prepared in
accordance with generally accepted accounting principles in the
United States (GAAP), this press release includes adjusted EBITDA
non-GAAP net income, and non-GAAP EPS.
These non-GAAP financial measures are not calculated in
accordance with GAAP as they have been adjusted to exclude the
effects of stock-based compensation expenses, provision for income
taxes, and the impacts of depreciation and amortization. Mondee
defines adjusted EBITDA as net loss before depreciation and
amortization, provision for income taxes, interest expense (net),
other income net, stock-based compensation, and gain on forgiveness
of PPP loans. Non-GAAP net income (loss) is defined as net loss
before the impacts of amortization of intangibles, provision for
income taxes, stock-based compensation, and one-time items.
Non-GAAP net income (loss) per share is defined as non-GAAP net
income (loss) on a per share basis. See "Reconciliation of GAAP to
Non-GAAP Financial Measures" for a discussion of the applicable
weighted-average shares outstanding.
Mondee believes these non-GAAP financial measures provide
investors and other users of its financial information consistency
and comparability with its past financial performance and
facilitates period-to-period comparisons of its results of
operations. With respect to adjusted EBITDA and non-GAAP net loss/
income, Mondee believes these non-GAAP financial measures are
useful in evaluating the Company’s profitability relative to the
amount of revenue generated, excluding the impact of stock-based
compensation expense and other one-time expenses. Mondee also
believes non-GAAP financial measures are useful in evaluating its
operating performance compared to that of other companies in its
industry, as these metrics eliminate the effects of stock-based
compensation, which may vary for reasons unrelated to overall
operating performance.
Mondee uses these non-GAAP financial measures in conjunction
with traditional GAAP measures as part of its overall assessment of
the Company’s performance, including the preparation of its annual
operating budget and quarterly forecasts, and to evaluate the
effectiveness of its business strategies. Mondee’s definition may
differ from the definitions used by other companies and therefore
comparability may be limited. In addition, other companies may not
publish this or similar metrics. Thus, Mondee’s non-GAAP financial
measures should be considered in addition to, not as a substitute
for, nor superior to or in isolation from, measures prepared in
accordance with GAAP.
These non-GAAP financial measures may be limited in their
usefulness because they do not present the full economic effect of
Mondee’s use of stock-based compensation. The Company’s compensates
for these limitations by providing investors and other users of its
financial information a reconciliation of the non-GAAP financial
measure to the most closely related GAAP financial measures.
However, Mondee has have not reconciled the non-GAAP guidance
measures disclosed under "Financial Outlook" to their corresponding
GAAP measures because certain 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. Accordingly,
reconciliations to the non-GAAP guidance measures are not available
without unreasonable effort. Mondee encourages investors and others
to review its financial information in its entirety, not to rely on
any single financial measure and to view non-GAAP net loss/ income
and non-GAAP net loss/ income per share in conjunction with net
loss and net loss per share.
Operating Metrics:
This press release also includes certain operating metrics that
we believe are useful in providing additional information in
assessing the overall performance of Mondee’s business.
Transactions are defined as the aggregation of transactions
handled by Mondee’s platform between a third-party seller or
service provider and the ultimate consumer. A single transaction
could include an airline ticket, a hotel or hospitality
accommodation, and any number of ancillaries offered on the
platform. Mondee generates revenue from service fees earned on
these transactions and, accordingly its revenue increases or
decreases based on the increase or decrease in either or both the
number or value of transactions Mondee processes. Revenue will
increase as a result of an increase in the number of customers
using Mondee’s platform and/or as a result of an increase in
service fees from higher value services offered on the
platform.
Forward-Looking Statements and Unaudited
Financials:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements can be identified by
words such as: “believe,” “can”, “"may,” “expects,” “intends,”
“potential,” “plans,” “will” and similar references to future
periods. Examples of forward-looking statements include, among
others, statements we make regarding the Company’s future growth,
performance, business prospects and opportunities, strategies,
expectations, future plans and intentions or other future events
are forward looking statements. Such forward-looking statements are
subject to risks, uncertainties, and other factors, which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements.
Management believes that these forward-looking statements are
reasonable as and when made. However, the Company cautions you that
these forward-looking statements are subject to risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of the Company. Factors that may cause
actual results to differ materially from current expectations
include, but are not limited to, the ability to implement business
plans and forecasts, the outcome of any legal proceedings that may
be instituted against the Company or others and any definitive
agreements with respect thereto, the ability of the Company to grow
and manage growth profitably, maintain relationships with customers
and suppliers and retain its management and key employees, the
ability of the Company to maintain compliance with Nasdaq’s listing
standards, and other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Company’s Annual Report on Form
10-K for the year ended December 31, 2022 filed with the U.S.
Securities and Exchange Commission (the “SEC”) and in the Company’s
subsequent filings with the SEC. There may be additional risks that
the Company does not presently know of or that the Company
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. In
light of the significant uncertainties in these forward-looking
statements, you should not rely upon forward-looking statements as
predictions of future events. Except as required by law, Mondee
undertakes no obligation to update publicly any forward-looking
statements for any reason.
For Further Information,
Contact:
Public Relationspr@mondee.com
Investor Relationsir@mondee.com
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