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Mondee Holdings, Inc. (NASDAQ: MOND) is a prominent travel technology company and marketplace that operates globally, focusing on the leisure and corporate travel sectors. Founded in 2011 and headquartered in Austin, Texas, Mondee has revolutionized the way travel transactions are conducted through its advanced AI platforms, technologies, and services. The company operates in two main segments: Travel Marketplace and SAAS Platform.
The Travel Marketplace segment is the cornerstone of Mondee's business, primarily dealing with the sale of airline tickets via its sophisticated proprietary platform. This segment generates the majority of the company's revenues, with a significant portion coming from the United States. The SAAS Platform segment offers innovative, cost-saving solutions for corporate travel through a robust technology platform.
Mondee's recent milestones reflect its commitment to growth and technological innovation. The company's third quarter of 2023 saw record-high metrics, including Take Rate, Adjusted EBITDA, and cash flow. This success is attributed to the expansion of Mondee's global content hub, which includes privately negotiated content from airlines, hotels, car rental companies, and cruise lines. Moreover, the divestment of its underperforming B2C air business unit, LBF US, has further streamlined its operations and boosted profitability.
In a strategic move to enhance its AI capabilities, Mondee acquired Purplegrids, a pioneering AI company. This acquisition is set to accelerate Mondee's disruption of the travel industry by integrating advanced AI technologies across all business functions. Mondee's AI-powered marketplace includes Abhi, a fully-integrated travel planning assistant that serves as a powerful tool for approximately 65,000 leisure travel advisors and influencers.
Mondee has also initiated a $30 million share repurchase program to demonstrate its strong financial position and commitment to delivering value to its shareholders. This program allows for flexible repurchases of shares in the open market or through privately negotiated transactions, with no expiration date and no self-imposed trading restrictions.
The company's innovative approach and strategic decisions have garnered attention from leading investment banks, including Morgan Stanley, JMP Securities, Roth Capital Partners, Cantor Fitzgerald, and Northland Securities, all of which provide institutional research coverage on Mondee.
For more information, visit mondee.com.
Mondee Holdings (OTC: MOND), a travel marketplace and AI technology company, has announced a strategic restructuring plan including voluntary Chapter 11 proceedings. The company has entered into a restructuring support agreement featuring the sale of substantially all assets to a new entity owned by TCW Asset Management Company and Wingspire Capital affiliates.
The company's secured lenders have committed an additional $27.5 million in operating capital, supplementing their recent $21.5 million financing. Under the TCW bid, former executive Prasad Gundumogula will maintain a 75% equity stake and CEO position in the new entity. The Chapter 11 process, expected to conclude in early Q2 2025, will not affect Mondee's operations in Brazil, Mexico, India, and Canada.
The company will continue normal operations throughout the court-supervised process, maintaining customer and partner support without disruption. First-day motions are being filed to ensure smooth transition and maintain normal operations, including employee wages and benefits.
Mondee Holdings (NASDAQ: MOND) received a non-compliance notice from Nasdaq due to delayed filing of its Q3 2024 Form 10-Q. While the notice doesn't immediately affect stock listing, the company has decided not to submit a compliance plan or appeal the subsequent delisting. Additionally, CEO Prasad Gundumogula has taken a leave of absence effective November 25, 2024, while maintaining his position as board chairman. Jesus Portillo has been appointed as the new CEO while retaining his CFO duties.
Mondee Holdings (Nasdaq: MOND), a travel marketplace and AI technology company, has announced the cancellation of its webcast for the third quarter 2024 financial results covering the period ended September 30, 2024. The company directed stakeholders to their investor relations website for additional information.
Mondee Holdings (Nasdaq: MOND), a travel marketplace and AI technology company, has rescheduled its third quarter 2024 financial results webcast from November 12 to November 18, 2024. The webcast will take place at 5:30 a.m. PT/7:30 a.m. CT/8:30 a.m. ET and will be accessible through the company's Investor Relations website. A live dial-in option is available for domestic and international participants, with replay access available until November 25, 2024.
Mondee Holdings (Nasdaq: MOND) has rescheduled its third quarter 2024 financial results webcast from November 8 to November 12, 2024. The webcast will take place at 5:30 a.m. PT / 7:30 a.m. CT / 8:30 a.m. ET. The company will present its financial results for the period ended September 30, 2024, to the investment community.
Investors can access the webcast through Mondee's Investor Relations website or via phone using domestic (+1.833.470.1428) or international (+1.404.975.4839) dial-in numbers with access code 694084. A replay will be available until November 19, 2024.
Mondee Holdings (Nasdaq: MOND), a travel marketplace and AI technology company, has scheduled its third quarter 2024 financial results webcast for November 8, 2024. The event will begin at 5:30 a.m. PT/8:30 a.m. ET and will include a discussion of financial results for the period ended September 30, 2024. The one-hour webcast will be accessible via Mondee's Investor Relations website, with domestic dial-in at +1.833.470.1428 and international at +1.404.975.4839. A replay will be available until November 15, 2024.
Mondee Holdings (Nasdaq: MOND), a leading travel marketplace and AI technology company, has secured a $15 million letter of credit from Morgan Stanley. This achievement finalizes long-term extensions for Mondee's term loan and preferred equity. Key outcomes include:
1. Term loan maturity extended to June 30, 2028
2. Preferred equity put option extended to December 31, 2028
3. Unlocks at least $20 million in additional growth working capital
This development strengthens Mondee's financial position, providing the company with increased resources to sustain and accelerate its growth trajectory in the travel sector.
Mondee Holdings (Nasdaq: MOND) reported Q2 2024 financial results with net revenues of $58.3M, up 3% year-over-year, and adjusted EBITDA of $6.1M, up 38%. The company achieved a take rate of 8.6%, up 20 basis points. Gross bookings were $678M, with a 57% increase in transactions. Mondee announced a comprehensive refinancing of its capital structure, extending its term loan to June 2028 and preferred equity to December 2028. The company revised its 2024 outlook, projecting net revenues of $240-250M (10% increase) and adjusted EBITDA of $25-30M (42% increase). Mondee's CEO highlighted strong growth in non-air components and AI leadership in travel.
Mondee Holdings, Inc. (Nasdaq: MOND), a leading travel marketplace and AI technology company, has announced a webcast for its Q2 2024 financial results and anticipated new financing on August 14, 2024. The webcast, rescheduled due to an agreement on principle terms with lenders for refinancing, will be held at 5:30 a.m. PT / 7:30 a.m. CT / 8:30 a.m. ET. Investors can access the live audio webcast via Mondee's Investor Relations website or through domestic (+1.833.470.1428) and international (+1.404.975.4839) dial-in numbers. A replay will be available until September 4, 2024.
Mondee Holdings, Inc. (Nasdaq: MOND), a leading travel marketplace and AI technology company, has announced it will report its second quarter 2024 financial results on August 8, 2024. The company will host a live audio webcast at 5:30 a.m. PT / 7:30 a.m. CT / 8:30 a.m. ET on the same day to discuss the results with investors. The webcast, expected to last about an hour, can be accessed via Mondee's Investor Relations website. A live dial-in is available domestically and internationally. A replay of the webcast and an audio replay will be available until August 29, 2024.
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