Mondee Holdings, Inc. · OTC:MOND
Mondee — Investor Presentation (April 2024)
36 slides from Mondee's investor presentation, April 2024
Slide 1: Investor Presentation
Investor Presentation April 2024
Slide 2: Safe Harbor Statement
Safe Harbor Statement (Under the Private Securities Litigation Reform Act of 1995) Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified b
Slide 3: We Have a Proven C-Suite Team Aligned to Execute Our Vision
We Have a Proven C-Suite Team Aligned to Execute Our Vision Executive team with 125+ years of combined experience in the travel and hospitality industry Prasad Gundumogula Orestes Fintiklis Jesus Portillo Chairman, Chief Executive Officer, and Founder Executive Vice Chairman Chief Financial Officer
Slide 4: Enabling the Modern Travel Ecosystem
Enabling the Modern Travel Ecosystem Content Suppliers Content Consumers Discounted Content Access to Curated Supply Long-Term Contracts Modern Tech Platform Real-Time Pricing Data SaaS Tools to Operate Efficiently RMS Integration Significant Cost Savings Software Fintech Experiential Airlines Hotel
Slide 5: We Are Disrupting the Massive Global Assisted / Affiliated Travel Market
We Are Disrupting the Massive Global Assisted / Affiliated Travel Market Mondee’s gross bookings total addressable market is primarily the $1T and growing assisted/affiliated travel market Global Travel Spending: ~$2.1T (2023E) Self Service Metasearch Travel Assisted/Affiliated Agencies • Good GUIs
Slide 6: A Leading B2B2C Tech Platform to Travel Ecosystem
A Leading B2B2C Tech Platform to Travel Ecosystem Suppliers Legacy Distribution Mondee’s Platform Affiliated Technology Platforms Agencies Airlines COMAND ... xxxx COMAND ... xxxx Travel Agents COMAND COMAND ... xxxx COMAND COMAND COMAND ... xxxx Hoteliers COMAND ... xxxx COMAND ... xxxx Corporation
Slide 7: Compelling, Diversified Economic Model
Compelling, Diversified Economic Model Take Rate Total Net Revenues Mix Other Net Revenues Mix No Inventory Risk Air-Only Other Packages FinTech No Supplier Concentration Hotel Only Other & SaaS No Affiliated Agency Concentration Pre-Covid 4-5% 100% — Strong Network Effects 2% 16% 2022 7.4% 91% 9% 8
Slide 8: Demonstrated Track Record of Recovery and Product Expansion
Demonstrated Track Record of Recovery and Product Expansion $223M1 $93M $25M Nasdaq: THIRD-WAVE OF MOND ACQUISITIONS FOUNDATIONAL LAUNCHED MODERN EXPANSION LAUNCHED CLOSED PUBLICLY LISTED DIVESTED ACQUISITIONS TECH PLATFORM ACQUISITIONS USER GROUP BRAND ON NASDAQ LBF CONTENT: AIR HOTELS & CAR RENTAL
Slide 9: The Gig Traveler is Setting the Pace for Social Commerce in Travel
The Gig Traveler is Setting the Pace for Social Commerce in Travel Pre-2000s 2010s 2020s 2025s Boomers Gen X Millennials Gen Z Shifting Influence Levels Gig Traveler Requirements Real-Time, Always On Needs and Aggregated Content Price Sensitive “Bleisure” Personalization FOMO Accessibility to Invent
Slide 10: Abhi – AI Travel Marketplace
Abhi, the First Fully Integrated Abhi – AI Travel Marketplace AI Travel Assistant Engages with users in meaningful conversations 20+ Understands complex questions Currencies and What is the trendiest beach club in Offers comprehensive responses Greece right now for someone in their languages 30s who
Slide 11: We Are Unlocking Multiple B2B2C Growth Drivers
We Are Unlocking Multiple B2B2C Growth Drivers Market New Content & Technology New Distribution Gain Market International Experiential Enhanced Additional Social Inorganic Share Travel Content Monetization Geographies Commerce Growth Recovery Content Air Cruises Fintech LATAM Local Experts Technolog
Slide 12: Proven Ability to Execute On Synergistic Acquisitions
Proven Ability to Execute On Synergistic Acquisitions Mondee has been successful in executing and maximizing the value of acquisitions, regardless of market conditions FOUNDATIONAL EXPANSION THIRD WAVE OF ACQUISITIONS ACQUISITIONS ACQUISITIONS 2011 2012 2013-18 2019 2020 2021-22 2023+ Skylink TransA
Slide 13: Mondee M&A Strategy with 2023 Content & Distribution Acquisitions
Mondee M&A Strategy with 2023 Content & Distribution Acquisitions M&A Strategy Acquisition Acquisition Acquisition Acquisition • Expanding presence in key markets ✓Expands luxury content and ✓Expands content and distribution in ✓Expands content and distribution in ✓Expands distribution to SMBs and •
Slide 14: Financial Overview
Financial Overview
Slide 15: Full Year 2023 Financial Highlights
Full Year 2023 Financial Highlights $2.6B | 19% $223M | 40% $20M | 64% Gross Bookings Net Revenue Adjusted EBITDA2,3 and Growth1 and Growth1 and Growth1 2.9M 8.7% 8.7% Transactions Take Rate Adjusted EBITDA Margin1,2,3 All figures as of and for the year ended December 31, 2023, unless otherwise note
Slide 16: 4Q 2023 Financial Highlights
4Q 2023 Financial Highlights $619M | 24% $62M | 81% $5.4M | 242% Gross Bookings Net Revenue Adjusted EBITDA2,3 and Growth1 and Growth1 and Growth1 830K 10.0% 8.7% Transactions Take Rate Adjusted EBITDA Margin1,2,3 All figures as of and for the year ended December 31, 2023, unless otherwise noted 1 4
Slide 17: Balance Sheet Summary
Balance Sheet Summary ($ millions, except share numbers) December 31, 2023 Cash, Cash Equivalents and Restricted Short-Term Investments $36.0M (includes $8.0M of restricted cash) Total Debt $161.5M Redeemable Preferred Stock $105.8M Shares Outstanding 83.3M 17
Slide 18: 2024 Guidance and Long-Term Model
2024 Guidance and Long-Term Model Guidance Long-Term ($ millions) 2022A 2023A 20241 Target2 Take Rate 7.4% 8.7% Mid-Teens Net Revenues $159 $223 ~$253 YoY Growth 71% 40% 13% 30%+ Adjusted EBITDA $12 $20 ~$33 YoY Growth 64% 65% % Margin 7% 9% 13% 30%+ 1 Midpoint of 2024 guidance 2 These long-term tar
Slide 19: Accelerated Growth Despite Slower Market Recovery in International Travel
Accelerated Growth Despite Slower Market Recovery in International Travel Annual Gross Bookings ($ millions) $2,577 CAGR: 79% $2,149 $1,658 $966 $450 2019 2020 2021 2022 2023 19
Slide 20: Driving Towards Growing Profitability
Driving Towards Growing Profitability Drivers of Margin Expansion Adjusted EBITDA and Margin ($ millions) Market Share Gain (37%) (6%) 7% 9%2 13%3 Take Rate Expansion $331 $20 Operating Leverage $12 Fintech & Subscription Products ($5) Disciplined, Accretive M&A ($24) 2020 2021 2022 2023 2024E 1 Mid
Slide 21: Improving Operating Leverage
Improving Operating Leverage $228 $161 Annual Cash Based Opex1 ($ millions) $112 $102 $86 2019 2020 2021 2022 2 2023 Personnel Sales & Marketing G&A Information Technology Other 1 Excludes stock-based compensation expense of $17K, $15K, $4M, $62M, and $14M in 2019, 2020, 2021, 2022, and 2023, respec
Slide 22: Key Investment Highlights
Key Investment Highlights Disrupting the Massive Global Travel Market Significant Barriers to Entry Next-Gen Travel Tech Platform Proven Leadership Team Multiple Levers of Growth Profitable Growth with Expanding Margins 22
Slide 23: Valuation Expansion Opportunity
Valuation Expansion Opportunity1 Despite a higher growth profile, Mondee trades at a discount to peers Average EV/Revenue 1.6x 12.3x 8.9x 7.1x 5.0x 8.3x EV/EBITDA 11.8x 24.5x 19.7x 46.8x 12.9x 29.6x Revenue Growth 16% 12% 12% 21% 13% 16% Implied Mondee Stock Price at Same $2.503 $19 $14 $11 $8 $13 R
Slide 24: Contact Mondee Investor Relations
Contact Mondee Investor Relations e email IR at [email protected] We would welcome the learn more at investors.Mondee.com opportunity to schedule a call to answer any questions you may have. 24
Slide 25: Appendix
VY Appendix
Slide 26: Chairman’s Message on Q4 2023 Results
Chairman’s Message on Q4 2023 Results Mondee’s fourth quarter 2023 (“Q4 23”) accomplishments in key areas were marked by… Delivered Strong Q4 23 Results • Net Revenues of $62.1M, up 81% from prior-year quarter. • Adjusted EBITDA of $5.4M, up 242% from prior-year quarter. • Take Rate of 10.0%, up 45%
Slide 27: Travel Industry Update
Travel Industry North America air sales back to 2019 Hotel demand remains strong, Update1,2,3 levels, with average fares moderating from prior post-COVID highs. supporting higher room rates. Alternative accommodation demand Industry infrastructure constraints, still strong, except vacation rentals.
Slide 28: Travel Industry Update
Travel Industry Update1,2,3 Global Travel Health Index Score by Region (Weighted Average) Hotel Occupancy vs ADR ARC Air Sales Asia Pacific Europe Latin America Middle East and Africa North America 8 120 ADR 7 110 6 100 2019 Occupancy Billions ($) 5 90 4 80 3 70 Post Covid 2 60 Growth vs 2019 levels
Slide 29: Post-Nasdaq-Listing Capital Structure Improvements
Post-Nasdaq-Listing Capital Structure Improvements Raised Use of proceeds $85M of Preferred Equity Enables Mondee to Cash on balance sheet Working capital and execute aggressive to support organic fintech optimization Growth Capital M&A strategy growth plans announced on 9/29/22 Purchased 100% of pu
Slide 30: Mondee Leverages its Content Flywheel and Tech Platform to Revolutionize Social Travel
Mondee Leverages its Content Flywheel and Tech Platform to Revolutionize Social Travel Expert-Based Ability to Customize Community Model One-Stop Shop Social Commerce Access to Experts Mobile First High Quality Experiences Enabling Gig Economy in Travel Pre-Curated Offering 30
Slide 31: Without Mondee, Booking a Curated Trip is a Neverending Headache
Without Mondee, Lodging Booking a Curated Air Trip is a Neverending Headache Car The average person Tickets Rental searches 20+ sites when planning a curated trip Tours/ Reservations Experiences 31
Slide 32: Net Revenue Growth
Net Revenue Growth 1 253 223 159 93 93 75 69 48 54 founded 25 2011 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014E 1 Midpoint of 2024 guidance 32
Slide 33: Board of Directors with Diverse Experience
Board of Directors with Diverse Experience Mondee’s Board of Directors with diverse and extensive experiences in public companies. Prasad Gundumogula Orestes Fintiklis Asi Ginio Mona Aboelnaga Kanaan Chairman, Chief Executive Executive Vice Chairman Co-Founder, Former CPO, COO, Managing Partner, Off
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures KEY METRICS 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 4Q23 FY23 Transactions 462,931 549,729 591,760 533,110 2,137,530 665,173 721,464 695,694 829,698 2,912,029 Take rate 8.5 % 7.5 % 6.9 % 6.9 % 7.4 % 7.5 % 8.4 % 9.1 % 9.8 % 8.7 % Gross bookings 45
Slide 35: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ADJUSTED EBITDA RECONCILIATION 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 4Q23 FY23 Net income (loss) (6,991) (2,113) (64,608) (16,526) (90,238) (12,915) (14,608) (20,099) (13,195) (60,817) Interest expense (net) 6,102 6,467 7,129 6,319 26,017 7,870
Slide 36: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ADJUSTED NET INCOME RECONCILIATION 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 4Q23 FY23 Net Income (loss) (6,991) (2,113) (64,608) (16,526) (90,238) (12,915) (14,608) (20,099) (13,195) (60,817) Stock-based compensation expense 80 81 55,236 6,645 62,