Mondee Holdings Inc · Q1 2024 earnings

Briefing

Mondee's Q1 2024 net revenues reached $58 million, a 16% increase year-over-year, with an adjusted EBITDA of $5.1 million, up 27% from the prior year, and the company raised its 2024 net revenue guidance.

Mondee reported a strong start to 2024 with record first-quarter net revenues and adjusted EBITDA. Net revenues grew by 16% year-over-year, driven by expansion in product and geography, and the company generated positive free cash flow. Cash reserves increased by over 30% compared to Q4 2023.

• Gross bookings increased by 6% to $708.1 million compared to Q1 2023.
• Net revenues grew by 16% to $58.0 million compared to Q1 2023.
• Adjusted EBITDA increased by 27% to $5.1 million compared to Q1 2023.
• Operating cash flow was $18.7 million, compared to cash used of $10.0 million in Q1 2023.

Headline financials

Revenue & EPS history

The Company's guidance for fiscal year 2024 includes net revenues of approximately $250 million to $260 million, representing an increase of 14% versus 2023 net revenues, measured at the midpoint, and Adjusted EBITDA of approximately $30 million to $35 million, representing an increase of 67% versus 2023 Adjusted EBITDA, measured at the midpoint.