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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 Inc. (Nasdaq: MOND) has appointed Meredith Waters as its first General Counsel, based in Austin, Texas. Ms. Waters brings over 15 years of experience in corporate law, previously serving as Senior Legal Counsel at Apple. Her role will encompass overseeing all legal matters at Mondee. The company, established in 2011, operates a technology-driven travel marketplace with a significant global presence, processing over 50 million searches daily. Mondee is positioned to enhance its legal and compliance operations under Ms. Waters' guidance, aiming to navigate the travel industry’s complexities while expanding its reach. Mondee went public on July 19, 2022.
Mondee Holdings Inc. (Nasdaq: MOND) has appointed Jesus Portillo as its new Chief Financial Officer, effective immediately. With over 20 years of experience, Portillo previously held senior finance roles at WPP PLC and served as Global CFO at ThriveDX. He aims to strengthen Mondee's finance functions and support its growth and M&A strategies. Portillo succeeds Dan Figenshu, who was instrumental in the company’s transition to public life. Mondee operates in a $1 trillion travel market, managing over 50 million daily searches and partnering with 500+ airlines and over one million hotels. The company's growth and advancement in the travel technology sector are notable, with a significant focus on innovative solutions. The appointment marks a new phase of growth for the company.
Mondee Holdings Inc. (Nasdaq: MOND) announced a partnership with TISSINI, enhancing access to travel technology for a closed group of 55,000 Hispanic women in the U.S. This collaboration, part of Mondee's Influencer and Affiliate Network program, allows TISSINI's network to now sell travel services alongside their existing product lines. Mondee's CEO, Prasad Gundumogula, highlighted the significance of this partnership in connecting with a community that values travel. TISSINI, founded in 2015, focuses on empowering U.S. Hispanic women entrepreneurs. The partnership will provide TISSINI's members with access to Mondee's extensive travel inventory, including flights, hotels, and vacation packages, driving growth in the Hispanic market. Mondee continues to position itself as a leader in the travel technology sector, processing over 50 million searches daily.
Mondee Holdings, Inc. (Nasdaq: MOND) reported strong preliminary financial results for 2022, with gross revenue reaching $2.2 billion, a 130% increase over 2021. The net revenue for the year was $159 million, representing 171% of pre-COVID 2019 benchmarks. For Q4 2022, gross revenue was $512 million, up 42% year-over-year, while adjusted EBITDA improved to $6 million, a significant recovery from the previous year’s loss. Mondee has set its 2023 net revenue guidance at $240-250 million, indicating a 47% increase at the midpoint. Additionally, the acquisition of Brazilian travel company Orinter enhances Mondee's presence in Latin America.
Mondee Holdings, Inc. (Nasdaq: MOND) has announced its fourth quarter and full year 2022 earnings call, scheduled for February 28, 2023, at 5:30 a.m. PST. This call aims to discuss financial results for the period ending December 31, 2022. Investors can access the live webcast via the Mondee Investor Relations website, with a replay available until March 20, 2023. Founded in 2011, Mondee operates in the travel technology sector, processing over 50 million searches daily. The company leverages a robust network of over 55,000 travel advisors, 500 airlines, and more than one million hotel options, driving innovation in both leisure and corporate travel.
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