Core Viewpoint - Mondee Holdings, Inc. has been acquired by Tabhi, exiting Chapter 11 restructuring, which has strengthened its financial position through significant debt reduction and new equity investment [1][2][3]. Group 1: Acquisition and Financial Restructuring - Tabhi acquired substantially all assets of Mondee Holdings, significantly reducing its debt and other obligations [1]. - Prasad Gundumogula, the Co-Founder and Chairman, made a substantial personal cash investment, resulting in him holding a majority equity stake and assuming the role of CEO [2]. - The company has cut its debt roughly in half and raised new cash equity, partnering with leading financial institutions [3]. Group 2: Company Operations and Market Position - Mondee operates as a leading travel marketplace and AI technology company, servicing over 125 million global travelers through a network of approximately 65,000 travel experts [3][4]. - The company processes over 50 million daily searches and has a marketplace that includes over 500 airlines, more than one million hotels, and 30,000 rental car pickup locations [4]. - Mondee is recognized for introducing cutting-edge AI in travel and aims to continue innovating within the industry [3].

Company Overview - Mondee Holdings Inc is a leading travel marketplace and AI technology company headquartered in Austin Texas with 21 global offices across the US Canada Brazil Mexico India and Greece [7] - The company operates a platform processing over 50 million daily searches and generating substantial annual transactional volume through its app and web interface [7] - Mondee Marketplace includes Abhi a powerful AI travel planning assistant and connects approximately 65000 travel experts 500+ airlines over 1 million hotels and vacation rentals 30000 rental car locations and 50+ cruise lines [7] Restructuring Process - The company has entered into a restructuring support agreement and initiated Chapter 11 proceedings to sell substantially all assets to a newly formed entity potentially owned by TCW Asset Management and Wingspire Capital affiliates [5][9] - Existing secured lenders have committed an additional $275 million in operating capital financing on top of the recent $215 million financing to support the company during Chapter 11 [9] - The company aims to emerge from Chapter 11 by the beginning of Q2 2025 maintaining normal operations and commitments to customers partners and employees throughout the process [2][9] Leadership and Advisory - Jesus Portillo is the newly appointed CEO emphasizing the company's sustainable capital structure and structured sales process to enhance leadership in the travel market [1] - Prasad Gundumogula is set to hold a 75% equity stake and serve as CEO of the newly formed entity if the TCW Bid succeeds [5] - Mondee is represented by Fried Frank Harris Shriver & Jacobson LLP and Young Conway Stargatt & Taylor LLP as legal counsel with M3 Advisory Partners and Piper Sandler & Co as restructuring advisors [3] Business Operations - The Chapter 11 proceedings do not impact Mondee entities in Brazil Mexico India and Canada [9] - The company continues to operate its business as usual supporting customers and partners without disruption during the court-supervised process [9]

AUSTIN, Texas, Dec. 01, 2024 (GLOBE NEWSWIRE) -- Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a leading travel marketplace and artificial intelligence (AI) technology company, announced today that the Company received a letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) issuing a Staff determination (the “Staff Determination”) on November 27, 2024 after the Company informed the Staff that it would not contest a delisting of its Comm ...

Core Viewpoint - Mondee Holdings, Inc. has received a notification from Nasdaq regarding non-compliance with listing rules due to a delay in filing its Quarterly Report on Form 10-Q for the period ending September 30, 2024 [1][3] Group 1: Compliance and Regulatory Issues - The notification letter from Nasdaq was dated November 20, 2024, indicating that Mondee is not in compliance with Nasdaq Listing Rule 5250(c)(1) [1] - Mondee has 60 days from the notice date to submit a plan to regain compliance, with the possibility of being granted up to 180 days to achieve compliance if the plan is accepted [3] - The Company’s Board has decided not to submit a compliance plan or appeal Nasdaq's potential delisting of its Common Stock [4] Group 2: Leadership Changes - Prasad Gundumogula has taken a leave of absence as CEO effective November 25, 2024, but will remain a director and chairman of the Board [5] - Jesus Portillo has been appointed as the new CEO and will also continue his role as Chief Financial Officer [6] Group 3: Company Overview - Mondee Holdings, Inc. is a travel marketplace and AI technology company established in 2011, headquartered in Austin, Texas, with 21 offices globally [7] - The Company processes over 50 million daily searches and has a network that includes approximately 65,000 travel experts, over 500 airlines, and more than one million hotels and vacation rentals [7]

Core Viewpoint - Mondee Holdings, Inc. will hold a webcast to present its third quarter 2024 financial results on November 18, 2024, instead of the previously scheduled date of November 12, 2024 [1][2]. Group 1: Webcast Details - The audio webcast will take place at 5:30 a.m. (PT) / 7:30 a.m. (CT) / 8:30 a.m. (ET) on November 18, 2024 [2]. - The webcast can be accessed via the Mondee Investor Relations website, with a live dial-in option available for both domestic and international participants [2]. - A replay of the webcast will be available until November 25, 2024, at 11:59 p.m. ET [3]. Group 2: Company Overview - Mondee Holdings, Inc. is a leading travel marketplace and AI technology company, established in 2011 and headquartered in Austin, Texas [4]. - The company operates 21 offices globally, including locations in the United States, Canada, Brazil, Mexico, India, and Greece [4]. - Mondee's platform processes over 50 million daily searches and has a substantial annual transactional volume [4]. - The company's marketplace includes access to approximately 65,000 travel experts, over 500 airlines, more than one million hotels and vacation rentals, 30,000 rental car pickup locations, and over 50 cruise lines [4]. - Mondee became publicly traded on the Nasdaq Global Market under the ticker symbol MOND on July 19, 2022 [4].

Company Overview - Mondee Holdings, Inc. is a leading travel marketplace and artificial intelligence (AI) technology company headquartered in Austin, Texas, established in 2011 [4] - The company operates 21 offices globally across the United States, Canada, Brazil, Mexico, India, and Greece [4] - Mondee's platform processes over 50 million daily searches and generates substantial annual transactional volume [4] - The company offers access to approximately 65,000 travel experts, over 500 airlines, more than one million hotels and vacation rentals, 30,000 rental car pickup locations, and over 50 cruise lines [4] Financial Results Announcement - Mondee will hold a webcast to present its third quarter 2024 financial results for the period ended September 30, 2024, on November 12, 2024, instead of November 8, 2024 [1] - The audio webcast will take place at 5:30 a.m. (PT) / 7:30 a.m. (CT) / 8:30 a.m. (ET) [2] - A replay of the webcast will be available until November 19, 2024, at 11:59 p.m. ET [3]

AUSTIN, Texas, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a leading travel marketplace and artificial intelligence (AI) technology company, announced today that it will hold its webcast on the third quarter 2024 financial results for the period ended September 30, 2024, on Friday, November 8, 2024. A release shall accompany the webcast. The Company will host the live audio webcast at 5:30 a.m. (PT) / 7:30 a.m. (CT) / 8:30 a.m. (ET) on Friday, November ...

- Term Loan Maturity Extended to June 30, 2028 - Preferred Equity Put Option Extended to December 31, 2028 - Unlocks at least $20M of combined, additional growth working capital AUSTIN, Texas, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Mondee Holdings, Inc. (Nasdaq: MOND) ("Mondee" or the "Company"), a leading travel marketplace and artificial intelligence (AI) technology company, announced today that it obtained a $15 million letter of credit from Morgan Stanley, which was a condition to the Company's previously a ...

Financial Performance - The company achieved nearly $3 billion in annual gross bookings, primarily in the leisure travel market segment originating in North America [138]. - For the three months ended June 30, 2024, the company processed 1,134 transactions, compared to 721 transactions in the same period of 2023, representing a 57.3% increase [149]. - Gross bookings for the three months ended June 30, 2024, were $677,957 thousand, slightly down from $679,244 thousand in the same period of 2023 [149]. - Revenues for the three months ended June 30, 2024, increased by $1.6 million or 3% compared to the same period in 2023, primarily driven by acquisitions [165]. - Revenue from the Travel Marketplace segment increased by $1.4 million or 2% due to higher commission revenues from travel products and services, despite working capital constraints [166]. - Revenues for the six months ended June 30, 2024, increased by $9.6 million or 9% compared to the same period in 2023, primarily driven by acquisitions [180]. - Revenue growth in the Travel Marketplace segment was supported by a 3% increase in gross bookings value and a 59% increase in the number of transactions processed [181]. Expenses and Losses - Personnel expenses increased by $9.7 million or 79% due to stock-based compensation and additional headcount from recent acquisitions [169]. - Sales and marketing expenses decreased by $2.0 million or 5% due to reduced marketing spend following the divestiture of LBF [168]. - Total operating expenses for the three months ended June 30, 2024, increased by $6.0 million or 9.6% compared to the same period in 2023 [163]. - Net loss for the three months ended June 30, 2024, was $25.5 million, an increase of $10.9 million or 74.6% compared to the same period in 2023 [163]. - The company recorded a provision for credit losses, net, of $0.4 million, an increase of 1126% compared to the same period in 2023 [172]. - Personnel expenses increased by $15.5 million or 78% for the six months ended June 30, 2024, mainly due to stock-based compensation and increased headcount from acquisitions [183]. - Sales and marketing expenses rose by $0.9 million or 1%, driven by a 12% increase in affiliate marketing expenses [182]. - Interest expense increased by $4.4 million or 52% primarily due to market increases in the SOFR benchmark and additional debt amendment fees [175]. - Interest expense for the three months ended June 30, 2024, was $12,618 thousand, up 55.3% from $8,125 thousand in the same period of 2023 [198]. - Adjusted Net Loss for the three months ended June 30, 2024, was $(10,030) thousand, a 135.3% increase from $(4,263) thousand in the same period of 2023 [201]. Cash Flow and Liquidity - As of June 30, 2024, the company had $32.3 million in cash and cash equivalents, restricted cash, and short-term investments available for working capital [207]. - For the six months ended June 30, 2024, cash provided by operating activities was $11.1 million, despite a net loss of $45.0 million, offset by non-cash charges of $36.7 million [221]. - Cash used in investing activities for the six months ended June 30, 2024, was $7.9 million, primarily for the purchase of property, equipment, and software [223]. - Cash used in financing activities during the same period was $5.3 million, due to payments related to earn-out consideration and debt repayment [226]. - The company was in breach of the liquidity financial covenant on the Term Loan as of June 30, 2024, but this breach was waived by the Twenty-first Amendment [220]. Strategic Initiatives - The company plans to expand its international footprint by acquiring distributors and platforms beyond North America and Latin America [141]. - The company is focused on expanding its penetration of the "gig economy" segment of the travel market, aiming to serve gig workers seeking more flexibility [140]. - The company has successfully integrated twenty travel companies into its technology-enabled ecosystem, enhancing its competitive position [138]. Economic and Market Factors - Macroeconomic factors such as rising interest rates and inflation may negatively impact the company's results of operations [143]. - The company has operations exposed to interest rate risk and foreign currency risk, particularly with fluctuations in the Brazilian real [229]. - A hypothetical 10% adverse change in the U.S. dollar against the Brazilian real would have resulted in an increase of $5.1 million to revenues and an increase of $0.4 million to net profit for the six months ended June 30, 2024 [232]. Internal Controls and Compliance - Management's remediation efforts to address material weaknesses in internal control over financial reporting are ongoing and have not yet been completed [236]. - Management concluded that as of June 30, 2024, disclosure controls and procedures were not effective due to previously identified material weaknesses [235]. - There were no changes in internal control over financial reporting that materially affected the Company during the quarter ended June 30, 2024 [237]. - None of the pending legal proceedings are expected to have a material adverse effect on the Company's financial condition or results of operations [239].

Financial Data and Key Metrics Changes - The company reported a net revenue of $58 million, an increase of 3% year-over-year, and an adjusted EBITDA of $6.1 million, up 38% from $4.4 million [15][16] - The take rate improved by 20 basis points to 8.6%, driven by higher-margin hotel and package products [15][16] - Gross bookings remained flat at $678 million compared to the previous year [15][16] Business Line Data and Key Metrics Changes - The non-air net revenue mix increased to 47% from 42% year-over-year, reflecting a shift in product offerings [6] - Transactions increased by 57% year-over-year, although average transaction values declined due to growth in lower-priced international markets [9][10] Market Data and Key Metrics Changes - The company noted a softening in the travel industry by the end of Q2 2024, with reduced airfares and declining lodging rates [7][8] - Certain regions faced disruptions, such as flooding in South America and conflicts in the Middle East, impacting travel demand [8] Company Strategy and Development Direction - Mondee is focusing on expanding its non-air product offerings and enhancing its AI capabilities to drive growth [6][12] - The company is refinancing its capital structure to improve financial flexibility and support long-term growth initiatives [7][17] - The strategy includes enhancing content, expanding the travel marketplace, and improving operational efficiencies [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market softness and capitalize on opportunities in the B2B marketplace [9][31] - The company anticipates that the completion of refinancing will allow it to take advantage of favorable market dynamics [31][43] - Future guidance projects net revenue between $240 million and $250 million, representing a 10% increase from 2023 [18] Other Important Information - The company experienced negative operating cash flow of $7.6 million for the quarter, attributed to working capital constraints [17] - The company plans to ramp up the use of Fintech tools to enhance customer engagement and revenue [11][20] Q&A Session Summary Question: How much working capital will the refinancing free up and what are the priorities for spending it? - The refinancing will provide approximately $20 million in working capital, primarily to enhance Fintech solutions which carry the highest take rate [20] Question: Can you provide more detail on hotel penetration success? - The company has improved agreements with hotels and added direct connections with major chains, contributing to higher take rates [22][23] Question: What traction has been seen with AI-related products? - AI-related products are generating traction, although they currently represent less than 2% of the business, with ongoing improvements expected [26][27] Question: What is the outlook for average revenue per transaction (ARPT)? - The company expects ARPT to stabilize and recover as international travel expands, despite current softness in pricing [29][30] Question: How is the competitive landscape evolving? - The company believes its strategy is effective in the current market, leveraging AI for differentiation and capturing market share [38][39]