Mondee Holdings, Inc. (NASDAQ:MOND) Q1 2024 Earnings Conference Call May 10, 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
Darren Aftahi - Roth MKM
Mike Grondahl - Northland Securities

Operator

Good day, and welcome to the Mondee First Quarter 2024 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, operator and good morning, to everyone. Welcome to Mondee’s first quarter 2024 conference call. With me today is our 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 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 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. 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 caution to not 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 it over to Prasad.

Prasad Gundumogula

Thank you, Jeff. Good morning, good afternoon and good evening, everyone. And welcome to Mondee’s first quarter 2024 earnings call to discuss our results and significant developments.

We are pleased to have had a strong start to 2024 with a record first quarter exceeding net revenue and adjusted EBITDA market expectations. Despite some caution expressed in our latest earnings call, take rate continued to expand with a 10% increase year-over-year to 8.2%. For Q1 2024, this translated into net revenue of $58 million, representing growth of 16% year-over-year.