Mondee Holdings, Inc. (NASDAQ:MOND) Q4 2023 Earnings Conference Call March 14, 2024 8:30 AM ET

Company Participants

Jeff Houston - Senior Vice President

Prasad Gundumogula - Founder, Chairman and Chief Executive Officer

James Dullum - Chief Operating Officer

Orestes Fintiklis - Executive Vice Chairman

Jesus Portillo - Chief Financial Officer

Conference Call Participants

Nick Jones - JMP Securities

Brett Knoblauch - Cantor Fitzgerald

Mike Grondahl - Northland Securities

Operator

Good day, and welcome to the Mondee Fourth Quarter 2023 Earnings Conference Call. Please note this event is being recorded.

I would now like to turn the conference call over to Jeff Houston, Senior Vice President. Jeff, please go ahead.

Jeff Houston

Thank you, Elliot and good morning to everyone. Welcome to Mondee’s fourth quarter and full year 2023 conference call. With me today is Founder, Chairman and CEO, Prasad Gundumogula; and Chief Financial Officer, Jesus Portillo, Executive Vice Chairman, Orestes Fintiklis; and Chief Operating Officer, Jim Dullum will present our preliminary unaudited results and be available for questions-and-answers.

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements, including statements about revenue, growth of our business, our management and governance plans and other non-historical statements as further described in our press release. These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those related to Mondee’s growth, the evolution of our industry, our product development and success, our management performance and general economic and business conditions. I would also like to point out that the fourth quarter and full year 2023 results are preliminary and subject to final audit.

We undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of these and other risks that could cause actual results to have a material difference from these forward-looking statements are discussed in our reports filed with the Securities and Exchange Commission and in our earnings press release that was issued this morning. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. Listeners are cautioned not to place undue reliance on any forward-looking statements.

During the call we also refer to non-GAAP financial measures. Reconciliations of the most comparable GAAP measures are also available in the press release, which is available at investors.mondee.com.

With that, it's my pleasure to turn the call over to Prasad.

Prasad Gundumogula

Thank you, Jeff. Good morning, good afternoon and good evening everyone, and welcome to Mondee's fourth quarter and full year 2023 earnings call to discuss our results and significant developments. We are pleased to report that net revenues and adjusted EBITDA for 2023 surpassed full year guidance with Q4 and full year 2023, the highest on record in the 13 year history of Mondee for both metrics. 2023 gross bookings of $2.6 billion grew 19%. Net revenues of $222.3 million grew 39%. 2023 adjusted EBITDA was $21 million, another record and almost double 2022's level.